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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Real Estate — Residential Development. Per the activity note to the FY2024 annual report, the group develops residential apartment blocks; subsidiaries manage construction projects. Focuses on development near Bakuriani in Kokhta area.
Subsidiary of Shezghuduli Pasukhismgeblobis Sazogadoeba GRDC B.V. (100.0%)
| Ratio | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 0.4% | 36.4% | 78.0% | 64.5% | -209.2% | -44.2% |
| EBITDA Margin | -42.1% | 9.4% | 65.6% | 4.1% | -275.9% | -89.4% |
| EBITDAR | -2,753 | 813 | 13,154 | 315 | -1,259 | -1,095 |
| EBITDAR Margin | -42.1% | 9.4% | 65.6% | 4.1% | -275.9% | -89.4% |
| EBIT Margin | -42.2% | 9.0% | 65.4% | 3.7% | -275.9% | -89.7% |
| Net Profit Margin | -70.3% | -46.0% | -28.5% | 14.1% | -4634.6% | -559.8% |
| Operating Expense % of Sales | 42.5% | 27.0% | 12.4% | 60.4% | 66.7% | 45.2% |
| Returns | ||||||
| Return on Assets (ROA) | -8.1% | -9.7% | -12.4% | 2.2% | -97.4% | -28.1% |
| Return on Equity (ROE) | N/A | N/A | N/A | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | -5.6% | 2.4% | 29.9% | 0.6% | -5.8% | -5.2% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 203.3% | 247.3% | 259.6% | 240.8% | 118.1% | 130.9% |
| Debt-to-Equity | -1.80x | -1.49x | -1.62x | -1.61x | -6.53x | -2.96x |
| Debt-to-EBITDA | N/A | 125.07x | 9.10x | 373.03x | N/A | N/A |
| Equity-to-Assets | -112.8% | -166.0% | -160.4% | -149.6% | -18.1% | -44.2% |
| Net Debt | 113,944 | 101,170 | 117,886 | 117,214 | 25,622 | 31,851 |
| Cash & Equivalents | 1,870 | 504 | 1,811 | 119 | 16 | 47 |
| Total Debt | 115,814 | 101,674 | 119,697 | 117,332 | 25,638 | 31,897 |
| Liquidity & working capital | ||||||
| Current Ratio | 1.37x | 1.06x | 4.26x | 0.23x | 0.09x | 0.89x |
| Quick Ratio | 1.37x | 0.22x | 0.36x | 0.03x | 0.09x | 0.89x |
| Cash Ratio | 0.09x | 0.02x | 0.31x | 0.00x | 0.00x | 0.03x |
| Total Current Assets | 28,848 | 22,918 | 24,941 | 28,628 | 2,025 | 1,514 |
| Total Current Liabilities | 21,075 | 21,706 | 5,853 | 124,561 | 23,273 | 1,694 |
| Inventory | N/A | 18,061 | 22,813 | 24,667 | N/A | N/A |
| Trade Receivables | 4,214 | 3,216 | 317 | 1,210 | N/A | 487 |
| Trade Payables | 20 | 9 | N/A | N/A | N/A | N/A |
| Net Working Capital | 7,773 | 1,212 | 19,088 | -95,932 | -21,248 | -180 |
| Net Working Capital % of Revenue | 118.8% | 14.0% | 95.2% | -1259.2% | -4654.7% | -14.7% |
| Trade Working Capital | 4,194 | 21,268 | 23,130 | 25,877 | N/A | 487 |
| Trade Working Capital % of Revenue | 64.1% | 245.7% | 115.3% | 339.7% | N/A | 39.8% |
| Change in Trade Working Capital | N/A | 17,074 | 1,862 | 2,747 | N/A | 487 |
| Turnover & efficiency | ||||||
| Inventory Turnover | N/A | 0.30x | 0.19x | 0.11x | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 1198.3 | 1883.7 | 3329.0 | N/A | N/A |
| Receivables Turnover | 1.55x | 2.69x | 63.23x | 6.30x | N/A | 2.52x |
| Days Sales Outstanding (DSO) | 235.0 | 135.6 | 5.8 | 58.0 | N/A | 145.1 |
| Payables Turnover | 325.36x | 586.69x | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | 1.1 | 0.6 | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | 233.9 days | 1333.3 days | 1889.5 days | 3387.0 days | N/A | 145.1 days |
| Asset Turnover | 0.11x | 0.21x | 0.43x | 0.16x | 0.02x | 0.05x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 2,165 | 423 | -12,883 | 2,959 | 16 | -688 |
| Free Cash Flow (OCF − Capex proxy) | -51 | 423 | -12,883 | 2,795 | 16 | -688 |
| Cash Conversion (OCF / EBITDA) | N/A | 52.1% | -97.9% | 940.8% | N/A | N/A |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | 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.
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Ownership & directors from companyinfo.ge (public corporate registry).
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