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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 0 · FY2024 0
State-affiliated investment vehicle (Partnership Fund / development fund) financing strategic projects in Georgia.
Group parent — controls 4 companies · ownership
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | 44.3% | 28.4% | 19.7% | 25.8% | 21.0% | 50.6% | 50.4% | 10.1% |
| EBITDAR | 760,200 | 499,835 | 254,869 | 385,864 | 355,693 | 33,334 | 31,351 | 4,393 |
| EBITDAR Margin | 44.3% | 28.4% | 19.7% | 25.8% | 21.0% | 50.6% | 50.4% | 10.1% |
| EBIT Margin | -4.8% | -25.0% | 8.7% | 15.9% | 10.1% | -51.4% | 60.2% | -22.0% |
| Net Profit Margin | -28.1% | -33.3% | 6.8% | -13.1% | 8.0% | 765.4% | 53.2% | -23.9% |
| Operating Expense % of Sales | 55.7% | 71.6% | 80.3% | 74.2% | 79.0% | 49.4% | 49.6% | 89.9% |
| Returns | ||||||||
| Return on Assets (ROA) | -7.6% | -10.0% | 1.4% | -4.3% | 3.0% | 148.0% | 6.1% | -2.1% |
| Return on Equity (ROE) | -21.0% | -32.0% | 4.5% | -13.7% | 8.5% | 245.7% | 8.5% | -2.7% |
| ROIC [EBIT / Invested Capital] | -1.7% | -9.9% | 2.3% | 6.3% | 4.5% | -14.7% | 9.9% | -2.6% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 56.1% | 58.0% | 57.9% | 61.7% | 55.8% | 17.7% | 10.4% | 10.7% |
| Debt-to-Equity | 1.55x | 1.85x | 1.80x | 1.99x | 1.58x | 0.29x | 0.15x | 0.14x |
| Debt-to-EBITDA | 4.67x | 6.77x | 13.71x | 7.36x | 7.09x | 1.81x | 1.81x | 12.18x |
| Equity-to-Assets | 36.2% | 31.3% | 32.1% | 31.0% | 35.2% | 60.2% | 71.7% | 77.1% |
| Net Debt | 2,455,463 | 2,605,224 | 2,980,384 | 2,372,853 | 2,220,391 | 24,687 | -10,882 | -14,849 |
| Cash & Equivalents | 1,097,599 | 780,150 | 514,747 | 466,887 | 301,144 | 35,528 | 67,506 | 68,359 |
| Total Debt | 3,553,062 | 3,385,374 | 3,495,131 | 2,839,740 | 2,521,535 | 60,215 | 56,624 | 53,510 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.74x | 0.90x | 1.57x | 0.70x | 0.73x | 1.59x | 14.86x | 5.79x |
| Quick Ratio | 1.68x | 0.86x | 1.48x | 0.65x | 0.68x | 1.47x | 14.40x | 5.39x |
| Cash Ratio | 1.13x | 0.59x | 0.74x | 0.36x | 0.26x | 0.52x | 3.32x | 1.52x |
| Total Current Assets | 1,692,425 | 1,188,421 | 1,093,342 | 915,478 | 852,857 | 109,326 | 302,278 | 260,361 |
| Total Current Liabilities | 974,859 | 1,320,404 | 697,521 | 1,314,413 | 1,167,276 | 68,560 | 20,340 | 44,999 |
| Inventory | 56,583 | 54,792 | 63,486 | 61,861 | 62,318 | 8,261 | 9,391 | 17,750 |
| Trade Receivables | 287,043 | 272,218 | 401,658 | 289,562 | 386,666 | 60,779 | 210,436 | 152,797 |
| Trade Payables | 69,480 | 94,366 | 141,776 | 128,267 | 164,944 | N/A | N/A | N/A |
| Net Working Capital | 717,566 | -131,983 | 395,821 | -398,935 | -314,419 | 40,766 | 281,938 | 215,362 |
| Net Working Capital % of Revenue | 41.9% | -7.5% | 30.6% | -26.7% | -18.5% | 61.8% | 452.8% | 495.8% |
| Trade Working Capital | 274,146 | 232,644 | 323,368 | 223,156 | 284,040 | 69,040 | 219,827 | 170,547 |
| Trade Working Capital % of Revenue | 16.0% | 13.2% | 25.0% | 14.9% | 16.7% | 104.7% | 353.1% | 392.6% |
| Change in Trade Working Capital | N/A | -41,502 | 90,724 | -100,212 | 60,884 | -215,000 | 150,787 | -49,280 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | N/A | N/A | 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 | N/A | N/A |
| Receivables Turnover | 5.97x | 6.46x | 3.22x | 5.17x | 4.39x | 1.08x | 0.30x | 0.28x |
| Days Sales Outstanding (DSO) | 61.1 | 56.5 | 113.3 | 70.6 | 83.2 | 336.5 | 1233.6 | 1283.9 |
| Payables Turnover | N/A | N/A | 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 | N/A | N/A |
| Cash Conversion Cycle | 61.1 days | 56.5 days | 113.3 days | 70.6 days | 83.2 days | 336.5 days | 1233.6 days | 1283.9 days |
| Asset Turnover | 0.27x | 0.30x | 0.21x | 0.33x | 0.38x | 0.19x | 0.11x | 0.09x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 290,328 | 335,657 | 173,968 | 136,795 | 82,503 | 262,535 | 3,322 | 11,860 |
| Free Cash Flow (OCF − Capex proxy) | 290,328 | -108,472 | -156,522 | -43,769 | -4,657 | -195,701 | 36,029 | 6,279 |
| Cash Conversion (OCF / EBITDA) | 38.2% | 67.2% | 68.3% | 35.5% | 23.2% | 787.6% | 10.6% | 270.0% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | N/A | 0.0% | N/A | 0.0% | 0.0% | 0.0% | 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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