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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 3,705 · FY2023 0 · FY2024 0 — 3-yr total 3,705
SRG Real Estate LLC is the real-estate-development arm of Silk Road Group, focused on commercial and mixed-use property in Tbilisi. Projects within the SRG portfolio include Radisson Blu Iveria-adjacent assets and several Tbilisi office / hospitality developments.
Subsidiary of Silk Road Group Holding (95.0%)
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 69.2% | 63.5% | 70.3% | 73.4% | 70.9% | 64.6% |
| EBITDA Margin | 24.6% | 47.4% | 28.7% | 36.0% | 27.2% | 17.7% |
| EBITDAR | 53,968 | 29,761 | 44,714 | 91,611 | 71,727 | 50,882 |
| EBITDAR Margin | 28.0% | 51.0% | 30.9% | 37.2% | 29.0% | 19.7% |
| EBIT Margin | 10.1% | 2.0% | 8.4% | 25.0% | 16.1% | 1.7% |
| Net Profit Margin | 4.8% | -1.5% | 1.7% | 18.3% | 5.1% | -5.2% |
| Operating Expense % of Sales | 49.0% | 82.7% | 47.0% | 44.4% | 50.5% | 53.4% |
| Returns | ||||||
| Return on Assets (ROA) | 1.1% | -0.1% | 0.3% | 5.1% | 1.7% | -1.5% |
| Return on Equity (ROE) | 1.7% | -0.2% | 0.5% | 8.1% | 2.7% | -2.5% |
| ROIC [EBIT / Invested Capital] | 2.5% | 0.1% | 1.5% | 8.0% | 6.0% | 0.6% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 30.4% | 33.9% | 34.1% | 29.8% | 33.4% | 37.1% |
| Debt-to-Equity | 0.48x | 0.56x | 0.58x | 0.47x | 0.52x | 0.61x |
| Debt-to-EBITDA | 5.55x | 10.97x | 7.54x | 2.98x | 3.59x | 7.17x |
| Equity-to-Assets | 64.0% | 60.2% | 59.0% | 63.4% | 63.8% | 60.6% |
| Net Debt | 232,306 | 287,402 | 278,380 | 209,749 | 200,764 | 229,142 |
| Cash & Equivalents | 30,600 | 16,221 | 34,413 | 53,912 | 40,779 | 98,453 |
| Total Debt | 262,906 | 303,623 | 312,793 | 263,661 | 241,543 | 327,595 |
| Liquidity & working capital | ||||||
| Current Ratio | 0.95x | 0.98x | 1.39x | 1.64x | 1.96x | 3.10x |
| Quick Ratio | 0.86x | 0.90x | 1.32x | 1.51x | 1.75x | 2.98x |
| Cash Ratio | 0.50x | 0.35x | 0.49x | 1.07x | 1.07x | 1.56x |
| Total Current Assets | 58,259 | 46,113 | 96,709 | 82,866 | 74,384 | 196,123 |
| Total Current Liabilities | 61,252 | 46,909 | 69,629 | 50,494 | 37,959 | 63,200 |
| Inventory | 5,410 | 3,739 | 4,873 | 6,483 | 7,802 | 7,480 |
| Trade Receivables | 10,583 | 16,445 | 8,966 | 11,523 | 9,106 | 8,525 |
| Trade Payables | 16,452 | 11,062 | 20,333 | 17,207 | 20,145 | 20,466 |
| Net Working Capital | -2,993 | -796 | 27,080 | 32,372 | 36,425 | 132,923 |
| Net Working Capital % of Revenue | -1.6% | -1.4% | 18.7% | 13.2% | 14.7% | 51.4% |
| Trade Working Capital | -459 | 9,122 | -6,494 | 799 | -3,237 | -4,461 |
| Trade Working Capital % of Revenue | -0.2% | 15.6% | -4.5% | 0.3% | -1.3% | -1.7% |
| Change in Trade Working Capital | N/A | 9,581 | -15,616 | 7,293 | -4,036 | -1,224 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 10.96x | 5.70x | 8.82x | 10.08x | 9.23x | 12.23x |
| Days Inventory Outstanding (DIO) | 33.3 | 64.0 | 41.4 | 36.2 | 39.6 | 29.8 |
| Receivables Turnover | 18.20x | 3.55x | 16.14x | 21.35x | 27.12x | 30.34x |
| Days Sales Outstanding (DSO) | 20.1 | 102.9 | 22.6 | 17.1 | 13.5 | 12.0 |
| Payables Turnover | 3.60x | 1.93x | 2.11x | 3.80x | 3.57x | 4.47x |
| Days Payable Outstanding (DPO) | 101.3 | 189.3 | 172.7 | 96.1 | 102.2 | 81.7 |
| Cash Conversion Cycle | -47.9 days | -22.5 days | -108.7 days | -42.8 days | -49.1 days | -39.8 days |
| Asset Turnover | 0.22x | 0.07x | 0.16x | 0.28x | 0.34x | 0.29x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 11,831 | -11,474 | 8,080 | 53,438 | 34,161 | 5,450 |
| Free Cash Flow (OCF − Capex proxy) | -1,267 | -9,488 | -13,882 | 33,754 | -92,782 | -120,187 |
| Cash Conversion (OCF / EBITDA) | 25.0% | -41.5% | 19.5% | 60.3% | 50.8% | 11.9% |
| Dividends Declared | 4,248 | 3,120 | 0 | 3,705 | 0 | 0 |
| Dividend Payout Ratio | 46.2% | N/A | 0.0% | 8.2% | 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.
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Ownership & directors from companyinfo.ge (public corporate registry).
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