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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 0 · FY2022 0 · FY2023 0
m2 Group is the parent holding of m2 Real Estate, one of Georgia's largest residential real estate developers (part of Georgia Capital).
Subsidiary of LLC Trast Holding (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 9.3% | 12.9% | 13.0% | 15.9% | 6.9% | 15.4% | 7.5% |
| EBITDA Margin | 4.9% | 8.3% | -4.6% | -17.1% | -0.2% | 6.7% | 1.2% |
| EBITDAR | 3,219 | 4,935 | -1,508 | -12,485 | -157 | 12,252 | 2,920 |
| EBITDAR Margin | 4.9% | 8.3% | -4.6% | -17.1% | -0.2% | 6.7% | 1.2% |
| EBIT Margin | 4.9% | 8.3% | -5.0% | -17.5% | -0.5% | 6.2% | -0.3% |
| Net Profit Margin | 17.9% | 18.9% | -12.2% | -16.4% | 1.8% | 0.3% | -5.1% |
| Operating Expense % of Sales | 4.4% | 4.6% | 17.5% | 33.0% | 7.1% | 8.9% | 6.3% |
| Returns | |||||||
| Return on Assets (ROA) | 5.5% | 5.8% | -1.7% | -3.1% | 0.6% | 0.1% | -3.5% |
| Return on Equity (ROE) | 8.8% | 8.0% | -2.9% | -11.8% | 15.5% | 0.5% | -10.6% |
| ROIC [EBIT / Invested Capital] | 1.9% | 2.7% | -0.9% | -7.7% | -0.5% | 9.7% | -0.5% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 20.6% | 23.7% | 26.7% | 21.4% | 29.8% | 9.2% | 10.6% |
| Debt-to-Equity | 0.33x | 0.33x | 0.46x | 0.81x | 7.64x | 0.31x | 0.32x |
| Debt-to-EBITDA | 13.74x | 9.34x | N/A | N/A | N/A | 2.54x | 12.30x |
| Equity-to-Assets | 62.3% | 71.8% | 58.2% | 26.5% | 3.9% | 29.7% | 33.3% |
| Net Debt | 33,106 | 44,311 | 51,642 | 65,522 | 72,113 | 15,667 | 26,080 |
| Cash & Equivalents | 11,137 | 1,758 | 11,942 | 16,459 | 7,713 | 15,407 | 9,834 |
| Total Debt | 44,243 | 46,069 | 63,584 | 81,981 | 79,826 | 31,074 | 35,914 |
| Liquidity & working capital | |||||||
| Current Ratio | 1.23x | 3.27x | 2.19x | 1.59x | 0.92x | 1.38x | 1.44x |
| Quick Ratio | 0.66x | 2.18x | 1.69x | 1.44x | 0.74x | 1.10x | 1.01x |
| Cash Ratio | 0.22x | 0.13x | 0.34x | 0.14x | 0.14x | 0.19x | 0.06x |
| Total Current Assets | 63,474 | 45,899 | 76,100 | 184,371 | 49,058 | 111,491 | 224,411 |
| Total Current Liabilities | 51,611 | 14,035 | 34,773 | 116,104 | 53,505 | 80,513 | 155,677 |
| Inventory | 29,199 | 15,242 | 17,413 | 17,742 | 9,577 | 23,146 | 67,773 |
| Trade Receivables | N/A | 488 | 7,076 | 8,260 | 378 | 2,025 | 837 |
| Trade Payables | 3,809 | 667 | 5,832 | 36,197 | 20,262 | 22,548 | 30,404 |
| Net Working Capital | 11,863 | 31,864 | 41,327 | 68,267 | -4,447 | 30,978 | 68,734 |
| Net Working Capital % of Revenue | 18.0% | 53.4% | 124.9% | 93.7% | -4.9% | 16.9% | 29.0% |
| Trade Working Capital | 25,390 | 15,063 | 18,657 | -10,195 | -10,307 | 2,623 | 38,206 |
| Trade Working Capital % of Revenue | 38.6% | 25.3% | 56.4% | -14.0% | -11.4% | 1.4% | 16.1% |
| Change in Trade Working Capital | N/A | -10,327 | 3,594 | -28,852 | -112 | 12,930 | 35,583 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 2.04x | 3.41x | 1.65x | 3.46x | 8.77x | 6.69x | 3.23x |
| Days Inventory Outstanding (DIO) | 178.8 | 107.1 | 220.7 | 105.6 | 41.6 | 54.5 | 113.0 |
| Receivables Turnover | N/A | 122.17x | 4.68x | 8.82x | 238.63x | 90.41x | 282.90x |
| Days Sales Outstanding (DSO) | N/A | 3.0 | 78.0 | 41.4 | 1.5 | 4.0 | 1.3 |
| Payables Turnover | 15.65x | 77.85x | 4.94x | 1.69x | 4.14x | 6.87x | 7.20x |
| Days Payable Outstanding (DPO) | 23.3 | 4.7 | 73.9 | 215.4 | 88.1 | 53.1 | 50.7 |
| Cash Conversion Cycle | 155.5 days | 105.4 days | 224.8 days | -68.5 days | -44.9 days | 5.4 days | 63.6 days |
| Asset Turnover | 0.31x | 0.31x | 0.14x | 0.19x | 0.34x | 0.54x | 0.70x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 20,660 | -4,144 | 4,349 | 91,691 | 5,541 | -6,003 | -40,989 |
| Free Cash Flow (OCF − Capex proxy) | 20,660 | 7,853 | 27,336 | 31,113 | -16,963 | -26,450 | -34,334 |
| Cash Conversion (OCF / EBITDA) | 641.8% | -84.0% | N/A | N/A | N/A | -49.0% | -1403.7% |
| Dividends Declared | 34,384 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 292.9% | 0.0% | N/A | N/A | 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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