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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Hospitality — Accommodation. Per the activity note to the FY2024 annual report, the company operates a hotel restaurant and constructs residential and non-residential buildings. Seasonally operates a hotel in Batumi and builds residential assets in Tbilisi.
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 21.8% | 26.7% | 78.6% | 87.2% | 95.5% | 80.2% |
| EBITDA Margin | -8.3% | -504.2% | 24.3% | 27.4% | 55.9% | -1.7% |
| EBITDAR | -23 | -82 | 105 | 265 | 461 | -14 |
| EBITDAR Margin | -8.3% | -504.2% | 24.3% | 27.4% | 55.9% | -1.7% |
| EBIT Margin | -8.8% | -1990.7% | -8.6% | 1.6% | 25.6% | -33.5% |
| Net Profit Margin | -0.8% | -2166.7% | -12.3% | 22.5% | 63.3% | -1.2% |
| Operating Expense % of Sales | 30.1% | 530.9% | 54.2% | 59.8% | 39.6% | 81.8% |
| Returns | ||||||
| Return on Assets (ROA) | -0.0% | -5.8% | -0.5% | 1.9% | 4.3% | -0.1% |
| Return on Equity (ROE) | -0.1% | -8.7% | -0.5% | 2.1% | 4.3% | -0.1% |
| ROIC [EBIT / Invested Capital] | -0.5% | -5.6% | -0.4% | 0.2% | 1.7% | -2.0% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 40.7% | 32.5% | 0.0% | 0.0% | 0.0% | 0.0% |
| Debt-to-Equity | 0.70x | 0.49x | 0.00x | 0.00x | 0.00x | 0.00x |
| Debt-to-EBITDA | N/A | N/A | 0.00x | 0.00x | 0.00x | N/A |
| Equity-to-Assets | 58.2% | 66.4% | 99.5% | 90.4% | 99.7% | 99.2% |
| Net Debt | 1,837 | 1,714 | -517 | -545 | -55 | -26 |
| Cash & Equivalents | 163 | 286 | 517 | 545 | 55 | 26 |
| Total Debt | 2,000 | 2,000 | N/A | N/A | N/A | N/A |
| Liquidity & working capital | ||||||
| Current Ratio | 24.20x | 10.08x | 15.23x | 1.07x | 16.62x | 9.14x |
| Quick Ratio | 12.72x | 7.42x | 15.23x | 1.07x | 16.62x | 9.14x |
| Cash Ratio | 3.19x | 4.31x | 10.03x | 0.49x | 1.48x | 0.23x |
| Total Current Assets | 1,233 | 667 | 785 | 1,190 | 624 | 1,034 |
| Total Current Liabilities | 51 | 66 | 52 | 1,112 | 38 | 113 |
| Inventory | 585 | 176 | N/A | N/A | N/A | N/A |
| Trade Receivables | 322 | 48 | 10 | 171 | 15 | 27 |
| Trade Payables | 15 | 6 | 1 | 2 | 1 | 0 |
| Net Working Capital | 1,182 | 601 | 733 | 78 | 586 | 921 |
| Net Working Capital % of Revenue | 419.6% | 3675.8% | 169.3% | 8.1% | 71.1% | 113.7% |
| Trade Working Capital | 892 | 218 | 8 | 170 | 14 | 27 |
| Trade Working Capital % of Revenue | 316.7% | 1332.0% | 1.9% | 17.5% | 1.7% | 3.4% |
| Change in Trade Working Capital | N/A | -674 | -210 | 161 | -156 | 13 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 0.38x | 0.07x | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 969.3 | 5369.1 | N/A | N/A | N/A | N/A |
| Receivables Turnover | 0.87x | 0.34x | 44.09x | 5.66x | 56.86x | 29.77x |
| Days Sales Outstanding (DSO) | 417.2 | 1073.6 | 8.3 | 64.5 | 6.4 | 12.3 |
| Payables Turnover | 14.66x | 1.84x | 62.99x | 79.58x | 62.71x | 32144.40x |
| Days Payable Outstanding (DPO) | 24.9 | 197.9 | 5.8 | 4.6 | 5.8 | 0.0 |
| Cash Conversion Cycle | 1361.6 days | 6244.8 days | 2.5 days | 59.9 days | 0.6 days | 12.2 days |
| Asset Turnover | 0.06x | 0.00x | 0.04x | 0.08x | 0.07x | 0.06x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | N/A | N/A | -3,799 | 46 | -1,549 | -1,207 |
| Free Cash Flow (OCF − Capex proxy) | N/A | N/A | -5,799 | 46 | -1,549 | -1,207 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | -3605.4% | 17.4% | -336.0% | 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.
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.