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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 5,750 · FY2023 2,895 · FY2024 4,211 — 3-yr total 12,855
Georgian real-estate developer. Limited public information available beyond the Reportal filing.
Subsidiary of Utskhouri Satsarmo IG international LLC (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | 86.2% | 81.7% | 81.1% | 74.9% | 75.1% | 79.2% | 71.2% | 72.4% |
| EBITDAR | 14,078 | 15,775 | 21,475 | 30,267 | 45,962 | 63,545 | 62,688 | 72,893 |
| EBITDAR Margin | 86.2% | 81.7% | 81.1% | 74.9% | 75.1% | 79.2% | 71.2% | 72.4% |
| EBIT Margin | 76.5% | 73.0% | 72.6% | 66.2% | 67.5% | 73.0% | 65.2% | 67.0% |
| Net Profit Margin | 34.7% | 25.2% | 24.3% | -29.2% | 68.7% | 70.5% | 55.9% | 53.9% |
| Operating Expense % of Sales | 13.8% | 18.3% | 18.9% | 25.1% | 24.9% | 20.8% | 28.8% | 36.1% |
| Returns | ||||||||
| Return on Assets (ROA) | 6.5% | 4.4% | 3.0% | -5.2% | 13.5% | 17.1% | 12.5% | 9.5% |
| Return on Equity (ROE) | 55.6% | 36.7% | 32.6% | -148.3% | 84.1% | 56.1% | 33.4% | 27.5% |
| ROIC [EBIT / Invested Capital] | 14.7% | 13.2% | 9.3% | 12.2% | 17.1% | 19.4% | 20.6% | 18.3% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 86.8% | 84.7% | 87.2% | 93.8% | 61.5% | 63.7% | 41.8% | 38.1% |
| Debt-to-Equity | 7.38x | 7.05x | 9.47x | 26.68x | 3.84x | 2.09x | 1.12x | 1.10x |
| Debt-to-EBITDA | 5.34x | 5.94x | 8.70x | 7.00x | 4.17x | 3.31x | 2.63x | 2.97x |
| Equity-to-Assets | 11.8% | 12.0% | 9.2% | 3.5% | 16.0% | 30.5% | 37.3% | 34.6% |
| Net Debt | 74,836 | 93,600 | 186,843 | 211,521 | 191,059 | 201,143 | 131,402 | 171,678 |
| Cash & Equivalents | 323 | 65 | 82 | 474 | 708 | 9,440 | 33,400 | 44,953 |
| Total Debt | 75,159 | 93,665 | 186,925 | 211,996 | 191,768 | 210,583 | 164,802 | 216,632 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.19x | 0.25x | 0.51x | 0.53x | 0.09x | 2.13x | 1.64x | 1.08x |
| Quick Ratio | 0.19x | 0.25x | 0.51x | 0.52x | 0.09x | 2.12x | 1.64x | 1.08x |
| Cash Ratio | 0.03x | 0.01x | 0.00x | 0.03x | 0.00x | 0.19x | 0.34x | 0.21x |
| Total Current Assets | 2,117 | 2,917 | 13,679 | 9,972 | 14,203 | 106,807 | 162,321 | 235,735 |
| Total Current Liabilities | 11,263 | 11,600 | 26,941 | 18,805 | 154,267 | 50,168 | 99,018 | 218,526 |
| Inventory | 5 | 7 | 5 | 267 | 389 | 422 | 321 | 536 |
| Trade Receivables | 1,727 | 1,748 | 4,000 | 7,528 | 7,242 | 10,225 | 16,844 | 28,567 |
| Trade Payables | 109 | 139 | 6,969 | 3,182 | 65,302 | 5,357 | 6,036 | 12,491 |
| Net Working Capital | -9,146 | -8,683 | -13,262 | -8,833 | -140,065 | 56,639 | 63,303 | 17,210 |
| Net Working Capital % of Revenue | -56.0% | -45.0% | -50.1% | -21.9% | -229.0% | 70.6% | 71.9% | 17.1% |
| Trade Working Capital | 1,623 | 1,616 | -2,964 | 4,612 | -57,672 | 5,290 | 11,129 | 16,612 |
| Trade Working Capital % of Revenue | 9.9% | 8.4% | -11.2% | 11.4% | -94.3% | 6.6% | 12.6% | 16.5% |
| Change in Trade Working Capital | N/A | -7 | -4,580 | 7,577 | -62,284 | 62,962 | 5,839 | 5,483 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Receivables Turnover | 9.46x | 11.05x | 6.62x | 5.37x | 8.45x | 7.84x | 5.22x | 3.52x |
| Days Sales Outstanding (DSO) | 38.6 | 33.0 | 55.1 | 68.0 | 43.2 | 46.5 | 69.9 | 103.6 |
| Payables Turnover | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | 38.6 days | 33.0 days | 55.1 days | 68.0 days | 43.2 days | 46.5 days | 69.9 days | 103.6 days |
| Asset Turnover | 0.19x | 0.17x | 0.12x | 0.18x | 0.20x | 0.24x | 0.22x | 0.18x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 8,044 | 8,502 | -17,532 | 24,474 | 42,846 | 58,030 | 82,491 | 68,167 |
| Free Cash Flow (OCF − Capex proxy) | 8,044 | -14,974 | -84,611 | 4,191 | 3,577 | -27,033 | 68,227 | -31,896 |
| Cash Conversion (OCF / EBITDA) | 57.1% | 53.9% | -81.6% | 80.9% | 93.2% | 91.3% | 131.6% | 93.5% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 5,750 | 2,895 | 4,211 |
| Dividend Payout Ratio | 0.0% | 0.0% | 0.0% | N/A | 0.0% | 10.2% | 5.9% | 7.8% |
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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