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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 450 · FY2024 500 — 3-yr total 950
Tbilisi Green School (მწვანე სკოლა) campus — part of Green School, the affordable-segment K-12 school network in Georgia Capital PLC's (LSE: CGEO) education business (~80-90%, acquired 2019 and expanded in 2023).
Subsidiary of Georgian Education Group (88.5%)
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 98.5% | 99.4% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | 28.3% | 27.3% | 35.1% | 33.3% | 32.7% | 29.4% | 30.6% |
| EBITDAR | 860 | 1,055 | 1,329 | 1,555 | 1,995 | 2,285 | 2,792 |
| EBITDAR Margin | 28.3% | 27.3% | 35.1% | 33.3% | 32.7% | 29.4% | 30.6% |
| EBIT Margin | 26.0% | 24.9% | 31.6% | 29.9% | 28.8% | 25.8% | 27.0% |
| Net Profit Margin | 14.2% | 9.2% | -5.0% | 38.6% | 39.1% | 20.3% | 24.9% |
| Operating Expense % of Sales | 70.2% | 72.0% | 64.9% | 66.7% | 67.3% | 70.6% | 69.4% |
| Returns | |||||||
| Return on Assets (ROA) | 15.1% | 8.7% | -4.1% | 24.9% | 28.3% | 17.5% | 20.9% |
| Return on Equity (ROE) | N/A | N/A | N/A | 402.9% | 84.2% | 46.3% | 43.9% |
| ROIC [EBIT / Invested Capital] | 71.4% | 45.9% | 51.8% | 28.7% | 30.1% | 33.2% | 41.2% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 122.4% | 106.2% | 114.9% | 76.8% | 50.5% | 43.6% | 31.3% |
| Debt-to-Equity | -1.74x | -2.52x | -2.79x | 12.45x | 1.50x | 1.15x | 0.66x |
| Debt-to-EBITDA | 4.05x | 4.10x | 4.01x | 3.59x | 2.13x | 1.72x | 1.22x |
| Equity-to-Assets | -70.2% | -42.2% | -41.2% | 6.2% | 33.6% | 37.8% | 47.6% |
| Net Debt | 3,106 | 3,806 | 4,215 | 4,423 | 3,002 | 2,641 | 807 |
| Cash & Equivalents | 381 | 517 | 1,108 | 1,155 | 1,242 | 1,291 | 2,598 |
| Total Debt | 3,487 | 4,323 | 5,323 | 5,578 | 4,244 | 3,932 | 3,405 |
| Liquidity & working capital | |||||||
| Current Ratio | 0.42x | 0.47x | 0.89x | 0.93x | 1.10x | 1.02x | 1.28x |
| Quick Ratio | 0.41x | 0.47x | 0.89x | 0.93x | 1.10x | 1.02x | 1.28x |
| Cash Ratio | 0.34x | 0.37x | 0.81x | 0.75x | 0.76x | 0.64x | 0.96x |
| Total Current Assets | 468 | 660 | 1,225 | 1,441 | 1,793 | 2,051 | 3,460 |
| Total Current Liabilities | 1,125 | 1,407 | 1,374 | 1,545 | 1,635 | 2,016 | 2,695 |
| Inventory | 9 | N/A | N/A | N/A | N/A | N/A | N/A |
| Trade Receivables | 70 | 115 | 95 | 233 | 408 | 679 | 800 |
| Trade Payables | 32 | 109 | 66 | 78 | 53 | 6 | 15 |
| Net Working Capital | -657 | -747 | -149 | -104 | 158 | 35 | 765 |
| Net Working Capital % of Revenue | -21.6% | -19.4% | -3.9% | -2.2% | 2.6% | 0.5% | 8.4% |
| Trade Working Capital | 47 | 6 | 29 | 155 | 355 | 673 | 785 |
| Trade Working Capital % of Revenue | 1.5% | 0.2% | 0.8% | 3.3% | 5.8% | 8.7% | 8.6% |
| Change in Trade Working Capital | N/A | -41 | 23 | 126 | 200 | 318 | 112 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 5.00x | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 73.0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Receivables Turnover | 43.40x | 33.55x | 39.86x | 20.05x | 14.94x | 11.45x | 11.41x |
| Days Sales Outstanding (DSO) | 8.4 | 10.9 | 9.2 | 18.2 | 24.4 | 31.9 | 32.0 |
| Payables Turnover | 1.41x | 0.23x | N/A | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | 259.6 | 1591.4 | N/A | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | -178.1 days | -1580.5 days | 9.2 days | 18.2 days | 24.4 days | 31.9 days | 32.0 days |
| Asset Turnover | 1.07x | 0.95x | 0.82x | 0.64x | 0.72x | 0.86x | 0.84x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 944 | 976 | 1,033 | 1,381 | 1,797 | 2,529 | 3,296 |
| Free Cash Flow (OCF − Capex proxy) | 689 | -149 | 895 | -1,180 | 763 | 1,820 | 2,627 |
| Cash Conversion (OCF / EBITDA) | 109.8% | 92.5% | 77.7% | 88.8% | 90.1% | 110.7% | 118.1% |
| Dividends Declared | 188 | 73 | 0 | 0 | 0 | 450 | 500 |
| Dividend Payout Ratio | 43.7% | 20.6% | N/A | 0.0% | 0.0% | 28.5% | 22.0% |
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.
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