Loading…
* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 93,777 · FY2023 171,868 · FY2024 180,138 — 3-yr total 445,783
TAV Urban Georgia LLC is the long-term concessionaire (until 2027, with extension under negotiation) operating Tbilisi International Airport and Batumi International Airport. Wholly-owned subsidiary of Turkish airport-operator TAV Airports.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 99.8% | 99.8% | 99.8% | 99.5% | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | 73.1% | 81.9% | 80.7% | 38.8% | 67.9% | 71.8% | 72.7% | 75.4% |
| EBITDAR | 192,061 | 205,534 | 210,313 | 25,144 | 108,503 | 168,189 | 189,501 | 257,281 |
| EBITDAR Margin | 73.1% | 81.9% | 80.7% | 38.8% | 67.9% | 71.8% | 72.7% | 75.4% |
| EBIT Margin | 65.5% | 73.7% | 72.7% | 26.1% | 57.5% | 60.4% | 58.5% | 61.8% |
| Net Profit Margin | 59.6% | 65.4% | 62.8% | 26.6% | 47.2% | 50.0% | 46.4% | 54.0% |
| Operating Expense % of Sales | 26.7% | 17.9% | 19.1% | 60.7% | 32.1% | 28.2% | 27.3% | 24.6% |
| Returns | ||||||||
| Return on Assets (ROA) | 57.6% | 61.8% | 65.5% | 7.3% | 32.8% | 46.0% | 59.9% | 87.7% |
| Return on Equity (ROE) | 60.3% | 65.9% | 71.6% | 8.0% | 35.2% | 49.3% | 64.7% | 96.5% |
| ROIC [EBIT / Invested Capital] | 75.5% | 86.2% | 91.9% | 8.5% | 46.3% | 80.8% | 94.1% | 158.2% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Debt-to-Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Debt-to-EBITDA | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Equity-to-Assets | 95.5% | 93.7% | 91.6% | 91.6% | 93.0% | 93.2% | 92.5% | 90.9% |
| Net Debt | -31,808 | -34,313 | -22,538 | -16,620 | -15,911 | -62,482 | -24,754 | -57,608 |
| Cash & Equivalents | 31,808 | 34,313 | 22,538 | 16,620 | 15,911 | 62,482 | 24,754 | 57,608 |
| Total Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Liquidity & working capital | ||||||||
| Current Ratio | 4.16x | 5.08x | 3.74x | 2.32x | 2.98x | 5.58x | 3.84x | 5.20x |
| Quick Ratio | 3.98x | 4.90x | 3.57x | 2.19x | 2.77x | 5.37x | 3.59x | 5.00x |
| Cash Ratio | 2.61x | 2.87x | 1.75x | 1.10x | 1.22x | 3.85x | 1.66x | 3.02x |
| Total Current Assets | 50,644 | 60,802 | 48,118 | 35,065 | 38,879 | 90,606 | 57,185 | 99,115 |
| Total Current Liabilities | 12,172 | 11,974 | 12,874 | 15,143 | 13,063 | 16,229 | 14,884 | 19,069 |
| Inventory | 2,241 | 2,178 | 2,202 | 1,970 | 2,745 | 3,532 | 3,703 | 3,778 |
| Trade Receivables | 16,010 | 23,281 | 19,668 | 15,650 | 19,161 | 22,403 | 27,413 | 36,213 |
| Trade Payables | 8,599 | 7,263 | 9,585 | 13,756 | 10,220 | 12,270 | 9,895 | 13,679 |
| Net Working Capital | 38,472 | 48,828 | 35,244 | 19,922 | 25,816 | 74,377 | 42,301 | 80,046 |
| Net Working Capital % of Revenue | 14.6% | 19.5% | 13.5% | 30.7% | 16.2% | 31.7% | 16.2% | 23.4% |
| Trade Working Capital | 9,652 | 18,196 | 12,285 | 3,864 | 11,686 | 13,665 | 21,221 | 26,312 |
| Trade Working Capital % of Revenue | 3.7% | 7.3% | 4.7% | 6.0% | 7.3% | 5.8% | 8.1% | 7.7% |
| Change in Trade Working Capital | N/A | 8,544 | -5,911 | -8,421 | 7,822 | 1,979 | 7,556 | 5,091 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 0.23x | 0.27x | 0.28x | 0.16x | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 1555.1 | 1363.6 | 1315.4 | 2247.0 | N/A | N/A | N/A | N/A |
| Receivables Turnover | 16.41x | 10.78x | 13.25x | 4.14x | 8.34x | 10.46x | 9.51x | 9.43x |
| Days Sales Outstanding (DSO) | 22.2 | 33.9 | 27.5 | 88.1 | 43.8 | 34.9 | 38.4 | 38.7 |
| Payables Turnover | 0.06x | 0.08x | 0.06x | 0.02x | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | 5967.0 | 4547.2 | 5725.9 | 15690.4 | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | -4389.7 days | -3149.7 days | -4382.9 days | -13355.3 days | 43.8 days | 34.9 days | 38.4 days | 38.7 days |
| Asset Turnover | 0.97x | 0.94x | 1.04x | 0.27x | 0.69x | 0.92x | 1.29x | 1.63x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 169,396 | 177,780 | 177,874 | 30,752 | 82,362 | 147,728 | 153,982 | 221,816 |
| Free Cash Flow (OCF − Capex proxy) | 169,396 | 176,382 | 168,863 | 31,067 | 78,392 | 146,595 | 137,462 | 211,904 |
| Cash Conversion (OCF / EBITDA) | 88.2% | 86.5% | 84.6% | 122.3% | 75.9% | 87.8% | 81.3% | 86.2% |
| Dividends Declared | 129,900 | 174,992 | 183,900 | 29,780 | 77,285 | 93,777 | 171,868 | 180,138 |
| Dividend Payout Ratio | 82.9% | 106.6% | 112.4% | 172.4% | 102.4% | 80.0% | 142.1% | 97.8% |
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).
Ranked by how close each latest revenue is to this one — not a curated comp set. Open this set in Compare →