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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 11,104 · FY2023 22,818 · FY2024 29,985 — 3-yr total 63,907
Operator of Batumi International Airport, run by TAV Airports under concession; a public-interest entity in Georgian transport infrastructure.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 99.7% | 99.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | 84.3% | 77.2% | 71.3% | -47.9% | 74.1% | 70.0% | 61.1% | 71.4% |
| EBITDAR | 19,868 | 21,762 | 20,263 | -1,523 | 23,310 | 24,999 | 21,070 | 38,864 |
| EBITDAR Margin | 88.6% | 79.1% | 71.5% | -46.4% | 74.3% | 70.3% | 61.3% | 71.5% |
| EBIT Margin | 82.5% | 75.2% | 67.6% | -84.8% | 48.5% | 40.7% | 28.7% | 49.4% |
| Net Profit Margin | 71.5% | 74.7% | 73.9% | 0.8% | 46.3% | 36.0% | 28.0% | 50.6% |
| Operating Expense % of Sales | 15.4% | 22.6% | 28.7% | 147.9% | 25.9% | 30.0% | 38.9% | 28.6% |
| Returns | ||||||||
| Return on Assets (ROA) | 88.9% | 90.2% | 45.1% | 0.0% | 21.7% | 20.2% | 19.3% | 58.1% |
| Return on Equity (ROE) | 95.0% | 96.0% | 49.5% | 0.1% | 25.6% | 21.9% | 21.3% | 64.2% |
| ROIC [EBIT / Invested Capital] | 673.8% | 368.8% | 144.2% | -5.2% | 26.2% | 28.5% | 23.6% | 76.9% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 0.0% | 0.0% | 0.0% | 21.4% | 12.2% | 4.6% | 4.7% | 3.4% |
| Debt-to-Equity | 0.00x | 0.00x | 0.00x | 0.33x | 0.14x | 0.05x | 0.05x | 0.04x |
| Debt-to-EBITDA | 0.00x | 0.00x | 0.00x | N/A | 0.35x | 0.12x | 0.11x | 0.04x |
| Equity-to-Assets | 93.6% | 94.0% | 91.1% | 65.6% | 84.7% | 92.0% | 90.8% | 90.4% |
| Net Debt | -14,137 | -15,795 | -29,079 | 11,427 | 1,358 | -7,686 | -3,444 | -7,928 |
| Cash & Equivalents | 14,137 | 15,795 | 29,079 | 2,361 | 6,827 | 10,610 | 5,806 | 9,537 |
| Total Debt | N/A | N/A | N/A | 13,788 | 8,185 | 2,924 | 2,362 | 1,609 |
| Liquidity & working capital | ||||||||
| Current Ratio | 12.90x | 13.03x | 14.61x | 0.50x | 3.86x | 5.11x | 3.12x | 4.31x |
| Quick Ratio | 12.73x | 12.75x | 14.44x | 0.46x | 3.65x | 4.89x | 3.02x | 4.17x |
| Cash Ratio | 12.22x | 11.50x | 13.79x | 0.27x | 2.65x | 3.87x | 2.05x | 2.68x |
| Total Current Assets | 14,923 | 17,909 | 30,823 | 4,459 | 9,940 | 14,019 | 8,821 | 15,325 |
| Total Current Liabilities | 1,157 | 1,374 | 2,109 | 8,873 | 2,573 | 2,745 | 2,827 | 3,553 |
| Inventory | 198 | 386 | 379 | 419 | 554 | 609 | 271 | 518 |
| Trade Receivables | 420 | 1,541 | 1,286 | 701 | 2,377 | 2,634 | 2,533 | 5,034 |
| Trade Payables | 649 | 967 | 1,219 | 8,337 | 1,566 | 1,724 | 1,543 | 1,846 |
| Net Working Capital | 13,766 | 16,535 | 28,714 | -4,414 | 7,367 | 11,274 | 5,994 | 11,772 |
| Net Working Capital % of Revenue | 61.4% | 60.1% | 101.3% | -134.6% | 23.5% | 31.7% | 17.4% | 21.7% |
| Trade Working Capital | -31 | 960 | 446 | -7,217 | 1,365 | 1,519 | 1,261 | 3,706 |
| Trade Working Capital % of Revenue | -0.1% | 3.5% | 1.6% | -220.1% | 4.4% | 4.3% | 3.7% | 6.8% |
| Change in Trade Working Capital | N/A | 991 | -514 | -7,663 | 8,582 | 154 | -258 | 2,445 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 0.31x | 0.16x | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 1184.8 | 2236.3 | N/A | N/A | N/A | N/A | N/A | N/A |
| Receivables Turnover | 53.38x | 17.86x | 22.03x | 4.68x | 13.20x | 13.50x | 13.58x | 10.79x |
| Days Sales Outstanding (DSO) | 6.8 | 20.4 | 16.6 | 78.0 | 27.7 | 27.0 | 26.9 | 33.8 |
| Payables Turnover | 0.09x | 0.07x | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | 3883.4 | 5602.5 | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | -2691.8 days | -3345.7 days | 16.6 days | 78.0 days | 27.7 days | 27.0 days | 26.9 days | 33.8 days |
| Asset Turnover | 1.24x | 1.21x | 0.61x | 0.05x | 0.47x | 0.56x | 0.69x | 1.15x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 15,786 | 18,291 | 20,900 | -2,394 | 15,329 | 23,869 | 21,541 | 36,880 |
| Free Cash Flow (OCF − Capex proxy) | 15,786 | 16,862 | 12,669 | -38,986 | 10,395 | 21,360 | 19,211 | 34,465 |
| Cash Conversion (OCF / EBITDA) | 83.5% | 86.1% | 103.4% | N/A | 65.9% | 95.8% | 102.6% | 95.0% |
| Dividends Declared | 6,393 | 16,035 | 0 | 0 | 0 | 11,104 | 22,818 | 29,985 |
| Dividend Payout Ratio | 39.9% | 78.0% | 0.0% | 0.0% | 0.0% | 86.6% | 236.6% | 109.0% |
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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