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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 10,100 · FY2023 9,017 · FY2024 0 — 3-yr total 19,117
Georgian real-estate developer building the Lisi Lake residential/mixed-use district on the outskirts of Tbilisi.
Group parent — controls 3 companies · ownership
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 47.6% | 53.7% | 55.3% | 28.2% | 15.1% | -1.9% | 29.9% |
| EBITDA Margin | 19.4% | 11.0% | 23.8% | 17.9% | -7.6% | -63.1% | 15.7% |
| EBITDAR | 6,144 | 2,909 | 8,841 | 17,052 | -3,489 | -27,379 | 12,000 |
| EBITDAR Margin | 19.4% | 11.0% | 23.8% | 17.9% | -7.6% | -63.1% | 15.7% |
| EBIT Margin | 19.4% | 11.0% | 23.8% | 16.7% | -8.5% | -64.1% | 15.0% |
| Net Profit Margin | 98.4% | 142.4% | 238.3% | 41.4% | 74.0% | 45.3% | 52.6% |
| Operating Expense % of Sales | 28.2% | 42.7% | 31.6% | 10.2% | 22.7% | 62.7% | 14.5% |
| Returns | |||||||
| Return on Assets (ROA) | 6.5% | 7.4% | 14.6% | 5.8% | 4.7% | 2.7% | 5.4% |
| Return on Equity (ROE) | 7.5% | 8.4% | 17.0% | 6.6% | 5.5% | 3.1% | 6.0% |
| ROIC [EBIT / Invested Capital] | 1.4% | 0.6% | 1.6% | 2.5% | -0.6% | -4.0% | 1.6% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 8.2% | 9.2% | 8.7% | 8.3% | 12.4% | 10.4% | 7.7% |
| Debt-to-Equity | 0.09x | 0.11x | 0.10x | 0.10x | 0.14x | 0.12x | 0.09x |
| Debt-to-EBITDA | 6.40x | 16.19x | 5.98x | 3.32x | N/A | N/A | 4.78x |
| Equity-to-Assets | 87.2% | 87.1% | 85.5% | 87.5% | 85.6% | 86.3% | 90.1% |
| Net Debt | 12,291 | 40,063 | 40,439 | 48,465 | 59,832 | 69,552 | 48,458 |
| Cash & Equivalents | 27,050 | 7,030 | 12,443 | 8,195 | 29,541 | 5,964 | 8,875 |
| Total Debt | 39,341 | 47,093 | 52,882 | 56,660 | 89,373 | 75,516 | 57,333 |
| Liquidity & working capital | |||||||
| Current Ratio | 4.72x | 5.49x | 4.55x | 4.78x | 2.93x | 1.01x | 1.13x |
| Quick Ratio | 2.52x | 2.84x | 3.49x | 2.97x | 1.79x | 0.37x | 0.48x |
| Cash Ratio | 0.84x | 0.25x | 0.35x | 0.23x | 0.67x | 0.06x | 0.13x |
| Total Current Assets | 151,260 | 151,429 | 163,762 | 173,562 | 129,136 | 97,339 | 75,620 |
| Total Current Liabilities | 32,051 | 27,587 | 36,017 | 36,275 | 44,090 | 96,058 | 66,893 |
| Inventory | 70,376 | 73,037 | 38,075 | 65,863 | 50,370 | 61,804 | 43,339 |
| Trade Receivables | 950 | 5,693 | 27,122 | 25,323 | 4,507 | 5,891 | 6,486 |
| Trade Payables | 11,764 | 5,576 | 4,632 | 8,223 | 7,188 | 4,909 | 5,607 |
| Net Working Capital | 119,209 | 123,842 | 127,745 | 137,287 | 85,046 | 1,281 | 8,727 |
| Net Working Capital % of Revenue | 376.5% | 466.5% | 343.3% | 144.4% | 186.4% | 3.0% | 11.4% |
| Trade Working Capital | 59,562 | 73,154 | 60,565 | 82,963 | 47,689 | 62,786 | 44,218 |
| Trade Working Capital % of Revenue | 188.1% | 275.6% | 162.8% | 87.3% | 104.5% | 144.8% | 57.8% |
| Change in Trade Working Capital | N/A | 13,592 | -12,589 | 22,398 | -35,274 | 15,097 | -18,568 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 0.24x | 0.17x | 0.44x | 1.04x | 0.77x | 0.72x | 1.24x |
| Days Inventory Outstanding (DIO) | 1548.6 | 2167.2 | 836.2 | 352.0 | 474.5 | 510.4 | 294.8 |
| Receivables Turnover | 33.33x | 4.66x | 1.37x | 3.75x | 10.13x | 7.36x | 11.80x |
| Days Sales Outstanding (DSO) | 11.0 | 78.3 | 266.0 | 97.2 | 36.0 | 49.6 | 30.9 |
| Payables Turnover | 1.41x | 2.21x | 3.59x | 8.30x | 5.39x | 9.00x | 9.57x |
| Days Payable Outstanding (DPO) | 258.9 | 165.5 | 101.7 | 44.0 | 67.7 | 40.5 | 38.1 |
| Cash Conversion Cycle | 1300.7 days | 2080.0 days | 1000.5 days | 405.3 days | 442.8 days | 519.4 days | 287.6 days |
| Asset Turnover | 0.07x | 0.05x | 0.06x | 0.14x | 0.06x | 0.06x | 0.10x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 8,650 | -5,087 | 5,772 | 3,921 | 8,548 | -2,259 | 16,062 |
| Free Cash Flow (OCF − Capex proxy) | -4,245 | -16,401 | 6,400 | -1 | -737 | -477 | 24,749 |
| Cash Conversion (OCF / EBITDA) | 140.8% | -174.9% | 65.3% | 23.0% | N/A | N/A | 133.8% |
| Dividends Declared | 0 | 0 | 0 | 13,114 | 10,100 | 9,017 | 0 |
| Dividend Payout Ratio | 0.0% | 0.0% | 0.0% | 33.3% | 29.9% | 45.9% | 0.0% |
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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