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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2018 0 · FY2019 0 · FY2020 0
Resort and hotel complex operator on Georgia's Black Sea coast (Chakvi/Adjara region).
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Margins | |||||
| Gross Margin | 49.6% | 51.4% | 57.3% | 49.4% | 56.7% |
| EBITDA Margin | 39.3% | 24.4% | 33.5% | 26.7% | 39.3% |
| EBITDAR | 6,463 | 3,803 | 6,961 | 4,234 | 14,609 |
| EBITDAR Margin | 39.3% | 24.4% | 33.5% | 26.7% | 39.3% |
| EBIT Margin | 31.5% | 14.4% | 25.0% | 14.5% | 30.6% |
| Net Profit Margin | -67.1% | -5.2% | -5.5% | -35.4% | 108.0% |
| Operating Expense % of Sales | 10.3% | 27.0% | 23.7% | 22.7% | 17.4% |
| Returns | |||||
| Return on Assets (ROA) | -15.3% | -0.9% | -1.0% | -4.3% | 30.0% |
| Return on Equity (ROE) | -287.5% | -6.2% | -9.6% | -90.3% | 86.6% |
| ROIC [EBIT / Invested Capital] | 8.5% | 2.5% | 5.1% | 2.0% | 9.1% |
| Leverage & debt balances | |||||
| Debt-to-Assets | 79.6% | 82.8% | 84.4% | 92.4% | 59.9% |
| Debt-to-Equity | 14.93x | 5.81x | 7.75x | 19.34x | 1.73x |
| Debt-to-EBITDA | 8.88x | 19.82x | 13.18x | 28.42x | 5.50x |
| Equity-to-Assets | 5.3% | 14.3% | 10.9% | 4.8% | 34.6% |
| Net Debt | 57,053 | 74,947 | 89,043 | 110,272 | 79,157 |
| Cash & Equivalents | 359 | 416 | 2,697 | 10,056 | 1,131 |
| Total Debt | 57,412 | 75,362 | 91,740 | 120,328 | 80,289 |
| Liquidity & working capital | |||||
| Current Ratio | 1.52x | 12.88x | 3.23x | 22.90x | 23.27x |
| Quick Ratio | 0.11x | 2.18x | 0.62x | 7.98x | 5.42x |
| Cash Ratio | 0.03x | 0.25x | 0.27x | 5.64x | 0.73x |
| Total Current Assets | 16,534 | 21,169 | 32,334 | 40,857 | 36,024 |
| Total Current Liabilities | 10,899 | 1,643 | 9,996 | 1,784 | 1,548 |
| Inventory | 15,356 | 17,591 | 26,123 | 26,621 | 27,632 |
| Trade Receivables | 244 | 619 | 731 | 1,130 | 2,027 |
| Trade Payables | 530 | 346 | 505 | 345 | 362 |
| Net Working Capital | 5,635 | 19,525 | 22,339 | 39,073 | 34,476 |
| Net Working Capital % of Revenue | 34.2% | 125.0% | 107.6% | 246.2% | 92.7% |
| Trade Working Capital | 15,070 | 17,864 | 26,349 | 27,407 | 29,298 |
| Trade Working Capital % of Revenue | 91.5% | 114.4% | 127.0% | 172.7% | 78.8% |
| Change in Trade Working Capital | N/A | 2,794 | 8,485 | 1,058 | 1,891 |
| Turnover & efficiency | |||||
| Inventory Turnover | 0.54x | 0.43x | 0.34x | 0.30x | 0.58x |
| Days Inventory Outstanding (DIO) | 675.4 | 845.8 | 1074.8 | 1210.6 | 625.8 |
| Receivables Turnover | 67.50x | 25.24x | 28.38x | 14.04x | 18.34x |
| Days Sales Outstanding (DSO) | 5.4 | 14.5 | 12.9 | 26.0 | 19.9 |
| Payables Turnover | 15.65x | 21.95x | 17.56x | 23.28x | 44.55x |
| Days Payable Outstanding (DPO) | 23.3 | 16.6 | 20.8 | 15.7 | 8.2 |
| Cash Conversion Cycle | 657.5 days | 843.7 days | 1066.9 days | 1220.9 days | 637.5 days |
| Asset Turnover | 0.23x | 0.17x | 0.19x | 0.12x | 0.28x |
| Cash flow & dividends | |||||
| Operating Cash Flow | -4,729 | -2,465 | 6,131 | 1,218 | 19,189 |
| Free Cash Flow (OCF − Capex proxy) | -4,729 | -14,789 | -5,617 | -10,538 | 6,735 |
| Cash Conversion (OCF / EBITDA) | -73.2% | -64.8% | 88.1% | 28.8% | 131.3% |
| Dividends Declared | 0 | 0 | 0 | 0 | N/A |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | N/A |
Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.
Shareholders, directors and group links from the companyinfo.ge public register — as filed, so stakes need not sum to 100% where a holding is undisclosed.
Ownership & directors from companyinfo.ge (public corporate registry).
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