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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Hospitality — Accommodation. Per the activity note to the FY2024 annual report, the company operates a hotel and resort business providing hospitality services year-round. Based in Tbilisi, Mtatsminday district, Rustaveli Avenue, N37.
Subsidiary of SRG Real Estate (100.0%)
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 66.7% | 43.0% | 79.4% | 77.5% | 82.4% | 81.7% |
| EBITDA Margin | 22.9% | -10.7% | 18.0% | 16.3% | 18.3% | 20.6% |
| EBITDAR | 277 | -154 | 519 | 553 | 680 | 764 |
| EBITDAR Margin | 22.9% | -10.7% | 18.0% | 16.3% | 18.3% | 20.6% |
| EBIT Margin | 8.0% | -46.6% | -0.0% | 4.1% | 7.8% | 9.6% |
| Net Profit Margin | -44.3% | -123.2% | -4.7% | -11.4% | -10.0% | -13.1% |
| Operating Expense % of Sales | 43.8% | 53.8% | 61.3% | 61.3% | 64.1% | 61.0% |
| Returns | ||||||
| Return on Assets (ROA) | -5.2% | -18.4% | -1.4% | -4.1% | -4.2% | -5.6% |
| Return on Equity (ROE) | -14.1% | -87.1% | -7.1% | -26.0% | -15.7% | -25.7% |
| ROIC [EBIT / Invested Capital] | 1.0% | -7.5% | -0.0% | 1.7% | 3.5% | 4.3% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 57.0% | 71.5% | 76.1% | 76.2% | 69.1% | 75.1% |
| Debt-to-Equity | 1.56x | 3.38x | 3.80x | 4.78x | 2.58x | 3.47x |
| Debt-to-EBITDA | 21.39x | N/A | 13.76x | 12.89x | 8.99x | 8.56x |
| Equity-to-Assets | 36.5% | 21.1% | 20.1% | 15.9% | 26.8% | 21.6% |
| Net Debt | 5,794 | 6,855 | 7,038 | 6,869 | 5,990 | 6,276 |
| Cash & Equivalents | 132 | 9 | 97 | 266 | 122 | 271 |
| Total Debt | 5,926 | 6,864 | 7,135 | 7,135 | 6,112 | 6,547 |
| Liquidity & working capital | ||||||
| Current Ratio | 0.56x | 0.14x | 0.67x | 0.74x | 0.99x | 0.88x |
| Quick Ratio | 0.49x | 0.09x | 0.67x | 0.74x | 0.99x | 0.88x |
| Cash Ratio | 0.18x | 0.01x | 0.27x | 0.36x | 0.34x | 0.48x |
| Total Current Assets | 401 | 117 | 243 | 545 | 356 | 502 |
| Total Current Liabilities | 721 | 852 | 361 | 741 | 360 | 567 |
| Inventory | 45 | 39 | N/A | N/A | N/A | N/A |
| Trade Receivables | 16 | 8 | 61 | 187 | 70 | 68 |
| Trade Payables | 115 | 120 | 321 | 741 | 360 | 289 |
| Net Working Capital | -320 | -735 | -118 | -196 | -4 | -65 |
| Net Working Capital % of Revenue | -26.5% | -51.2% | -4.1% | -5.8% | -0.1% | -1.8% |
| Trade Working Capital | -54 | -73 | -260 | -553 | -290 | -221 |
| Trade Working Capital % of Revenue | -4.4% | -5.1% | -9.0% | -16.3% | -7.8% | -6.0% |
| Change in Trade Working Capital | N/A | -19 | -187 | -294 | 263 | 69 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 8.92x | 20.73x | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 40.9 | 17.6 | N/A | N/A | N/A | N/A |
| Receivables Turnover | 75.94x | 186.63x | 47.25x | 18.13x | 53.02x | 54.52x |
| Days Sales Outstanding (DSO) | 4.8 | 2.0 | 7.7 | 20.1 | 6.9 | 6.7 |
| Payables Turnover | 3.51x | 6.82x | 1.85x | 1.03x | 1.82x | 2.35x |
| Days Payable Outstanding (DPO) | 103.9 | 53.5 | 197.1 | 354.4 | 200.8 | 155.2 |
| Cash Conversion Cycle | -58.1 days | -34.0 days | -189.4 days | -334.3 days | -193.9 days | -148.5 days |
| Asset Turnover | 0.12x | 0.15x | 0.31x | 0.36x | 0.42x | 0.42x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | -124 | -123 | 88 | 273 | -318 | N/A |
| Free Cash Flow (OCF − Capex proxy) | -124 | -123 | 88 | 170 | -368 | N/A |
| Cash Conversion (OCF / EBITDA) | -44.6% | N/A | 17.0% | 49.3% | -46.8% | N/A |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | 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.
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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