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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Real Estate — Residential Development. Per the activity note to the FY2023 annual report, the company constructs and sells residential and non-residential buildings.
| Ratio | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Margins | ||||
| Gross Margin | 100.0% | 92.1% | 59.8% | 98.5% |
| EBITDA Margin | -22224.9% | -879.9% | -221.9% | 64.5% |
| EBITDAR | -2,193 | -3,425 | -2,513 | 8,810 |
| EBITDAR Margin | -20781.5% | -839.8% | -221.9% | 64.9% |
| EBIT Margin | -22851.6% | -919.9% | -281.8% | 62.1% |
| Net Profit Margin | -28600.6% | -686.6% | -492.8% | 65.1% |
| Operating Expense % of Sales | 22324.9% | 972.0% | 281.8% | 34.0% |
| Returns | ||||
| Return on Assets (ROA) | -10.8% | -4.7% | -5.7% | 7.9% |
| Return on Equity (ROE) | N/A | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | N/A | -32.6% | -31.3% | 79.5% |
| Leverage & debt balances | ||||
| Debt-to-Assets | 17.0% | 31.5% | 26.0% | 14.6% |
| Debt-to-Equity | -1.17x | -2.72x | -2.04x | -3.17x |
| Debt-to-EBITDA | N/A | N/A | N/A | 1.86x |
| Equity-to-Assets | -14.5% | -11.6% | -12.7% | -4.6% |
| Net Debt | 1,756 | 18,365 | 22,638 | 15,741 |
| Cash & Equivalents | 2,989 | 251 | 2,785 | 541 |
| Total Debt | 4,745 | 18,616 | 25,424 | 16,283 |
| Liquidity & working capital | ||||
| Current Ratio | 1.01x | 1.20x | 0.86x | 1.10x |
| Quick Ratio | 0.29x | 1.20x | 0.86x | 1.10x |
| Cash Ratio | 0.11x | 0.01x | 0.03x | 0.01x |
| Total Current Assets | 27,544 | 57,059 | 72,794 | 111,127 |
| Total Current Liabilities | 27,241 | 47,392 | 84,829 | 100,645 |
| Inventory | 19,672 | N/A | N/A | N/A |
| Trade Receivables | 22 | 196 | 5,746 | 413 |
| Trade Payables | 10,319 | 5,942 | 84,829 | 6,310 |
| Net Working Capital | 302 | 9,667 | -12,035 | 10,482 |
| Net Working Capital % of Revenue | 2866.5% | 2370.3% | -1062.9% | 77.2% |
| Trade Working Capital | 9,375 | -5,747 | -79,083 | -5,897 |
| Trade Working Capital % of Revenue | 88845.1% | -1409.0% | -6984.9% | -43.4% |
| Change in Trade Working Capital | N/A | -15,121 | -73,337 | 73,186 |
| Turnover & efficiency | ||||
| Inventory Turnover | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A |
| Receivables Turnover | 0.49x | 2.08x | 0.20x | 32.92x |
| Days Sales Outstanding (DSO) | 747.2 | 175.1 | 1852.3 | 11.1 |
| Payables Turnover | N/A | 0.01x | 0.01x | 0.03x |
| Days Payable Outstanding (DPO) | N/A | 67420.1 | 68057.1 | 11195.0 |
| Cash Conversion Cycle | 747.2 days | -67245.0 days | -66204.8 days | -11183.9 days |
| Asset Turnover | 0.00x | 0.01x | 0.01x | 0.12x |
| Cash flow & dividends | ||||
| Operating Cash Flow | 1,718 | -14,024 | N/A | 4,826 |
| Free Cash Flow (OCF − Capex proxy) | 1,607 | -14,726 | N/A | 5,099 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | N/A | 55.1% |
| Dividends Declared | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | 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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