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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 0 · FY2023 90 · FY2024 100 — 3-yr total 190
Holding company operating private schools and educational institutions in Georgia, including the British-Georgian Academy network. One of the larger private-sector education groups in the country.
Subsidiary of Georgia Capital (100.0%)
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | 25.5% | 33.9% | 33.8% | 33.3% | 26.0% | 24.4% |
| EBITDAR | 2,927 | 8,737 | 10,536 | 14,178 | 14,439 | 16,615 |
| EBITDAR Margin | 25.5% | 33.9% | 33.8% | 33.3% | 26.0% | 24.4% |
| EBIT Margin | 17.9% | 26.1% | 27.0% | 27.8% | 19.7% | 18.0% |
| Net Profit Margin | 14.5% | 12.2% | 36.8% | 26.6% | 23.9% | 18.6% |
| Operating Expense % of Sales | 74.5% | 66.1% | 66.2% | 66.7% | 74.0% | 75.6% |
| Returns | ||||||
| Return on Assets (ROA) | 1.6% | 2.8% | 8.3% | 7.3% | 6.9% | 5.8% |
| Return on Equity (ROE) | 2.9% | 5.5% | 13.3% | 10.9% | 10.2% | 8.8% |
| ROIC [EBIT / Invested Capital] | 2.8% | 8.8% | 8.1% | 9.8% | 7.3% | 7.4% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 19.5% | 23.3% | 19.1% | 14.5% | 15.0% | 15.8% |
| Debt-to-Equity | 0.36x | 0.45x | 0.31x | 0.22x | 0.22x | 0.24x |
| Debt-to-EBITDA | 7.01x | 2.94x | 2.51x | 1.59x | 1.99x | 2.07x |
| Equity-to-Assets | 54.0% | 51.7% | 62.5% | 66.6% | 67.6% | 66.7% |
| Net Debt | 15,396 | 19,306 | 17,300 | 16,898 | 21,181 | 22,271 |
| Cash & Equivalents | 5,133 | 6,399 | 9,096 | 5,709 | 7,535 | 12,081 |
| Total Debt | 20,529 | 25,705 | 26,396 | 22,607 | 28,716 | 34,352 |
| Liquidity & working capital | ||||||
| Current Ratio | 0.33x | 0.35x | 0.49x | 0.33x | 0.40x | 0.65x |
| Quick Ratio | 0.33x | 0.34x | 0.48x | 0.31x | 0.37x | 0.62x |
| Cash Ratio | 0.25x | 0.30x | 0.41x | 0.22x | 0.24x | 0.31x |
| Total Current Assets | 6,695 | 7,573 | 10,904 | 8,726 | 12,517 | 25,258 |
| Total Current Liabilities | 20,141 | 21,540 | 22,145 | 26,207 | 31,115 | 39,154 |
| Inventory | 99 | 204 | 287 | 662 | 1,009 | 854 |
| Trade Receivables | 532 | 601 | 914 | 1,208 | 2,076 | 2,083 |
| Trade Payables | 4,244 | 2,318 | 747 | 1,537 | 1,708 | 1,155 |
| Net Working Capital | -13,446 | -13,967 | -11,241 | -17,481 | -18,598 | -13,896 |
| Net Working Capital % of Revenue | -117.2% | -54.1% | -36.0% | -41.1% | -33.5% | -20.4% |
| Trade Working Capital | -3,613 | -1,513 | 454 | 333 | 1,377 | 1,782 |
| Trade Working Capital % of Revenue | -31.5% | -5.9% | 1.5% | 0.8% | 2.5% | 2.6% |
| Change in Trade Working Capital | N/A | 2,100 | 1,967 | -121 | 1,044 | 405 |
| Turnover & efficiency | ||||||
| Inventory Turnover | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A | N/A | N/A |
| Receivables Turnover | 21.56x | 42.92x | 34.13x | 35.25x | 26.73x | 32.73x |
| Days Sales Outstanding (DSO) | 16.9 | 8.5 | 10.7 | 10.4 | 13.7 | 11.2 |
| Payables Turnover | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | 16.9 days | 8.5 days | 10.7 days | 10.4 days | 13.7 days | 11.2 days |
| Asset Turnover | 0.11x | 0.23x | 0.23x | 0.27x | 0.29x | 0.31x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 3,166 | 7,878 | 11,881 | 16,454 | 17,363 | 22,496 |
| Free Cash Flow (OCF − Capex proxy) | 5,020 | 748 | -11,075 | -7,625 | -13,891 | 129 |
| Cash Conversion (OCF / EBITDA) | 108.2% | 90.2% | 112.8% | 116.1% | 120.3% | 135.4% |
| Dividends Declared | 0 | 0 | 0 | 0 | 90 | 100 |
| Dividend Payout Ratio | 0.0% | 0.0% | 0.0% | 0.0% | 0.7% | 0.8% |
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.
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Ownership & directors from companyinfo.ge (public corporate registry).
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