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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
Operates in Real Estate — Services & Brokerage. Per the activity note to the FY2023 annual report, the group manages investment real estate and provides rental services. Founded 2015; operates as a group with subsidiaries.
Subsidiary of Georgian Real Estate (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 5.7% | 6.9% | 15.6% | 40.4% | 63.9% | 48.3% | 45.2% |
| EBITDA Margin | 0.2% | 2.3% | 4.6% | -5.9% | 19.8% | -17.5% | -33.4% |
| EBITDAR | 44 | 717 | 1,644 | -1,151 | 2,124 | -565 | -808 |
| EBITDAR Margin | 0.2% | 2.3% | 4.6% | -5.9% | 19.8% | -17.5% | -33.4% |
| EBIT Margin | 0.2% | 2.3% | 4.5% | -9.5% | 19.2% | -18.7% | -33.9% |
| Net Profit Margin | 60.4% | 35.1% | 21.6% | -790.4% | 34.5% | -2173.9% | -560.2% |
| Operating Expense % of Sales | 5.4% | 4.6% | 11.0% | 46.3% | 44.1% | 73.0% | 85.6% |
| Returns | |||||||
| Return on Assets (ROA) | 9.0% | 4.7% | 1.7% | -38.3% | 1.4% | -43.3% | -25.4% |
| Return on Equity (ROE) | 14.9% | 9.8% | 3.3% | -116.4% | 2.7% | -84.9% | -49.9% |
| ROIC [EBIT / Invested Capital] | 0.1% | 0.4% | 0.4% | -0.5% | 0.9% | -0.4% | -1.6% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 20.5% | 40.5% | 45.1% | 62.5% | 46.1% | 46.7% | 43.0% |
| Debt-to-Equity | 0.34x | 0.83x | 0.87x | 1.90x | 0.90x | 0.91x | 0.84x |
| Debt-to-EBITDA | 587.98x | 128.73x | 125.02x | N/A | 57.01x | N/A | N/A |
| Equity-to-Assets | 60.5% | 48.7% | 51.9% | 32.9% | 51.3% | 51.0% | 50.9% |
| Net Debt | 9,312 | 83,008 | 188,998 | 249,666 | 105,656 | 70,421 | 22,825 |
| Cash & Equivalents | 16,559 | 9,294 | 16,536 | 2,358 | 15,431 | 5,048 | 86 |
| Total Debt | 25,871 | 92,302 | 205,534 | 252,024 | 121,087 | 75,469 | 22,911 |
| Liquidity & working capital | |||||||
| Current Ratio | 1.55x | 2.26x | 0.90x | 0.19x | 0.65x | 0.38x | 0.31x |
| Quick Ratio | 1.12x | 1.66x | 0.78x | 0.19x | 0.64x | 0.37x | 0.29x |
| Cash Ratio | 0.46x | 0.35x | 0.38x | 0.01x | 0.41x | 0.17x | 0.01x |
| Total Current Assets | 55,841 | 60,660 | 39,259 | 33,463 | 24,755 | 11,613 | 2,005 |
| Total Current Liabilities | 35,998 | 26,858 | 43,468 | 172,461 | 38,078 | 30,298 | 6,546 |
| Inventory | 15,434 | 15,955 | 5,168 | 686 | 260 | 503 | 97 |
| Trade Receivables | 1,076 | 163 | 2,716 | 3,679 | 1,712 | 305 | 313 |
| Trade Payables | 5,550 | 6,615 | 10,705 | 11,612 | 3,008 | 1,890 | 742 |
| Net Working Capital | 19,843 | 33,802 | -4,209 | -138,998 | -13,323 | -18,685 | -4,541 |
| Net Working Capital % of Revenue | 105.5% | 109.4% | -11.6% | -710.7% | -124.4% | -579.6% | -188.0% |
| Trade Working Capital | 10,960 | 9,503 | -2,821 | -7,247 | -1,036 | -1,082 | -332 |
| Trade Working Capital % of Revenue | 58.3% | 30.8% | -7.8% | -37.1% | -9.7% | -33.6% | -13.7% |
| Change in Trade Working Capital | N/A | -1,457 | -12,324 | -4,426 | 6,211 | -46 | 750 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 1.15x | 1.80x | 5.90x | 17.00x | 14.85x | 3.32x | 13.65x |
| Days Inventory Outstanding (DIO) | 317.6 | 202.6 | 61.9 | 21.5 | 24.6 | 110.1 | 26.7 |
| Receivables Turnover | 17.48x | 189.49x | 13.30x | 5.32x | 6.26x | 10.57x | 7.72x |
| Days Sales Outstanding (DSO) | 20.9 | 1.9 | 27.4 | 68.7 | 58.3 | 34.5 | 47.3 |
| Payables Turnover | 3.20x | 4.35x | 2.85x | 1.00x | 1.28x | 0.88x | 1.78x |
| Days Payable Outstanding (DPO) | 114.2 | 84.0 | 128.1 | 363.5 | 284.3 | 413.6 | 204.6 |
| Cash Conversion Cycle | 224.3 days | 120.5 days | -38.8 days | -273.4 days | -201.4 days | -269.0 days | -130.5 days |
| Asset Turnover | 0.15x | 0.14x | 0.08x | 0.05x | 0.04x | 0.02x | 0.05x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | -2,118 | 1,060 | -4,040 | 17,622 | 4,082 | -598 | -201 |
| Free Cash Flow (OCF − Capex proxy) | -2,118 | -60,215 | -53,716 | -24,292 | 135,408 | 2,964 | 64,883 |
| Cash Conversion (OCF / EBITDA) | -4813.6% | 147.8% | -245.7% | N/A | 192.2% | N/A | N/A |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | 0.0% | 0.0% | N/A | 0.0% | 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.
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Ownership & directors from companyinfo.ge (public corporate registry).
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