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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2020 229 · FY2021 2,142 · FY2022 6,816 — 3-yr total 9,187
Part of the Orbi Group, a major Georgian real estate developer focused on resort and residential projects, notably in Batumi and Bakuriani.
Group parent — controls 1 company · ownership
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 62.6% | 71.6% | 52.6% | 28.5% | 4.2% | 0.3% |
| EBITDA Margin | 52.7% | 66.8% | 42.3% | -55.9% | -63.7% | -11.6% |
| EBITDAR | 9,487 | 33,439 | 21,035 | -3,517 | -4,310 | -1,587 |
| EBITDAR Margin | 52.7% | 66.8% | 42.3% | -55.9% | -63.7% | -11.6% |
| EBIT Margin | 52.7% | 66.6% | 40.1% | -64.1% | -71.3% | -17.9% |
| Net Profit Margin | 61.3% | 58.2% | 27.7% | -244.6% | -138.8% | -27.3% |
| Operating Expense % of Sales | 9.9% | 4.8% | 11.3% | 132.8% | 75.9% | 15.4% |
| Returns | ||||||
| Return on Assets (ROA) | 7.2% | 19.4% | 9.5% | -9.8% | -8.1% | -3.0% |
| Return on Equity (ROE) | 34.3% | 91.2% | 29.5% | -48.9% | -37.1% | -25.3% |
| ROIC [EBIT / Invested Capital] | 23.8% | 48.0% | 16.5% | -3.0% | -7.3% | -3.6% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 10.2% | 28.6% | 52.7% | 65.9% | 35.6% | 42.2% |
| Debt-to-Equity | 0.49x | 1.34x | 1.64x | 3.30x | 1.64x | 3.57x |
| Debt-to-EBITDA | 1.65x | 1.29x | 3.66x | N/A | N/A | N/A |
| Equity-to-Assets | 21.0% | 21.3% | 32.1% | 20.0% | 21.8% | 11.8% |
| Net Debt | 7,612 | 37,500 | 74,124 | 103,209 | 40,661 | 52,162 |
| Cash & Equivalents | 8,022 | 5,487 | 2,848 | 398 | 720 | 398 |
| Total Debt | 15,634 | 42,987 | 76,972 | 103,607 | 41,381 | 52,560 |
| Liquidity & working capital | ||||||
| Current Ratio | 0.23x | 1.69x | 1.37x | 1.37x | 1.83x | 1.27x |
| Quick Ratio | 0.23x | 0.57x | 1.13x | 1.15x | 1.42x | 1.19x |
| Cash Ratio | 0.07x | 0.08x | 0.03x | 0.00x | 0.02x | 0.01x |
| Total Current Assets | 27,768 | 116,915 | 113,445 | 121,538 | 81,735 | 84,673 |
| Total Current Liabilities | 120,914 | 69,338 | 82,888 | 88,970 | 44,742 | 66,738 |
| Inventory | N/A | 77,284 | 19,803 | 19,375 | 18,228 | 5,213 |
| Trade Receivables | 16,276 | 4,155 | 8,289 | 11,639 | 13,490 | 10,309 |
| Trade Payables | 15,794 | 10,255 | 5,262 | 6,905 | 2,625 | 12,543 |
| Net Working Capital | -93,146 | 47,577 | 30,557 | 32,568 | 36,993 | 17,935 |
| Net Working Capital % of Revenue | -517.5% | 95.1% | 61.4% | 517.9% | 546.7% | 131.4% |
| Trade Working Capital | 482 | 71,184 | 22,830 | 24,109 | 29,093 | 2,979 |
| Trade Working Capital % of Revenue | 2.7% | 142.2% | 45.9% | 383.4% | 429.9% | 21.8% |
| Change in Trade Working Capital | N/A | 70,702 | -48,354 | 1,279 | 4,984 | -26,114 |
| Turnover & efficiency | ||||||
| Inventory Turnover | N/A | 0.18x | 1.19x | 0.23x | 0.36x | 2.61x |
| Days Inventory Outstanding (DIO) | N/A | 1986.1 | 306.7 | 1572.2 | 1026.7 | 139.8 |
| Receivables Turnover | 1.11x | 12.05x | 6.00x | 0.54x | 0.50x | 1.32x |
| Days Sales Outstanding (DSO) | 330.1 | 30.3 | 60.8 | 675.6 | 727.6 | 275.6 |
| Payables Turnover | 0.43x | 1.38x | 4.48x | 0.65x | 2.47x | 1.09x |
| Days Payable Outstanding (DPO) | 857.5 | 263.5 | 81.5 | 560.3 | 147.9 | 336.4 |
| Cash Conversion Cycle | -527.4 days | 1752.9 days | 286.0 days | 1687.5 days | 1606.5 days | 79.1 days |
| Asset Turnover | 0.12x | 0.33x | 0.34x | 0.04x | 0.06x | 0.11x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | -11,816 | -16,857 | -27,081 | -9,152 | -8,817 | -13,463 |
| Free Cash Flow (OCF − Capex proxy) | -11,816 | -16,857 | -28,345 | -10,090 | -8,374 | -14,152 |
| Cash Conversion (OCF / EBITDA) | -124.5% | -50.4% | -128.7% | N/A | N/A | N/A |
| Dividends Declared | 2,093 | 2,849 | 1,967 | 229 | 2,142 | 6,816 |
| Dividend Payout Ratio | 19.0% | 9.8% | 14.2% | 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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