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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 0 · FY2023 0 · FY2024 0
In-patient & out-patient services in ვაკის რაიონი, ქ. თბილისი. Address: საქართველო, თბილისი, ვაკის რაიონი, პ. ქავთარაძის ქ., №23.
GCAP internal — Sectors and enrichment.xlsx (2026-06-10)
Subsidiary of Viani (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 35.9% | 27.2% | 31.8% | 25.8% | 28.5% | 28.3% | 29.3% | 27.6% |
| EBITDA Margin | 28.3% | 6.9% | 19.8% | 11.9% | 19.7% | 18.2% | 17.7% | 17.2% |
| EBITDAR | 1,127 | 1,482 | 7,741 | 4,854 | 11,520 | 11,046 | 12,046 | 12,896 |
| EBITDAR Margin | 28.3% | 6.9% | 19.8% | 11.9% | 19.7% | 18.2% | 17.7% | 17.2% |
| EBIT Margin | 23.1% | -3.3% | 12.4% | 2.1% | 11.1% | 9.5% | 9.7% | 8.9% |
| Net Profit Margin | -23.2% | -33.2% | -4.0% | -5.6% | 8.8% | 7.2% | 7.6% | 4.9% |
| Operating Expense % of Sales | 7.7% | 20.3% | 12.0% | 13.9% | 9.6% | 11.3% | 12.8% | 13.5% |
| Returns | ||||||||
| Return on Assets (ROA) | -1.5% | -7.1% | -1.7% | -2.5% | 5.6% | 4.9% | 5.4% | 3.6% |
| Return on Equity (ROE) | -1.9% | -18.3% | -4.2% | -5.5% | 11.0% | 8.5% | 9.1% | 6.1% |
| ROIC [EBIT / Invested Capital] | 1.5% | -0.7% | 5.8% | 1.3% | 9.4% | 8.4% | 8.1% | 7.6% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 22.4% | 57.5% | 50.1% | 29.3% | 25.7% | 21.8% | 27.5% | 28.4% |
| Debt-to-Equity | 0.29x | 1.48x | 1.27x | 0.64x | 0.51x | 0.38x | 0.46x | 0.47x |
| Debt-to-EBITDA | 12.39x | 38.91x | 6.09x | 5.47x | 2.06x | 1.78x | 2.17x | 2.22x |
| Equity-to-Assets | 77.2% | 38.8% | 39.5% | 45.7% | 50.6% | 57.0% | 59.4% | 59.8% |
| Net Debt | 13,902 | 57,381 | 46,936 | 26,100 | 22,251 | 17,983 | 25,178 | 27,682 |
| Cash & Equivalents | 62 | 286 | 187 | 475 | 1,472 | 1,675 | 1,009 | 921 |
| Total Debt | 13,964 | 57,667 | 47,123 | 26,575 | 23,723 | 19,658 | 26,187 | 28,603 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.84x | 0.94x | 0.73x | 0.41x | 0.63x | 0.66x | 1.56x | 1.57x |
| Quick Ratio | 1.23x | 0.73x | 0.62x | 0.32x | 0.53x | 0.57x | 1.36x | 1.29x |
| Cash Ratio | 0.02x | 0.02x | 0.01x | 0.01x | 0.05x | 0.06x | 0.07x | 0.07x |
| Total Current Assets | 5,144 | 11,807 | 16,627 | 15,707 | 20,240 | 19,905 | 22,921 | 22,082 |
| Total Current Liabilities | 2,794 | 12,518 | 22,679 | 38,552 | 32,146 | 30,204 | 14,686 | 14,104 |
| Inventory | 1,700 | 2,659 | 2,610 | 3,527 | 3,264 | 2,818 | 2,969 | 3,911 |
| Trade Receivables | 1,290 | 8,385 | 13,503 | 11,319 | 14,774 | 14,653 | 19,097 | 16,782 |
| Trade Payables | 238 | 964 | 6,965 | 18,715 | 17,445 | 14,392 | 6,506 | 4,975 |
| Net Working Capital | 2,350 | -711 | -6,052 | -22,845 | -11,906 | -10,299 | 8,235 | 7,978 |
| Net Working Capital % of Revenue | 59.0% | -3.3% | -15.5% | -56.2% | -20.4% | -17.0% | 12.1% | 10.7% |
| Trade Working Capital | 2,752 | 10,080 | 9,148 | -3,869 | 593 | 3,079 | 15,560 | 15,718 |
| Trade Working Capital % of Revenue | 69.0% | 47.0% | 23.5% | -9.5% | 1.0% | 5.1% | 22.9% | 21.0% |
| Change in Trade Working Capital | N/A | 7,328 | -932 | -13,017 | 4,462 | 2,486 | 12,481 | 158 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 1.50x | 5.88x | 10.19x | 8.55x | 12.79x | 15.43x | 16.16x | 13.86x |
| Days Inventory Outstanding (DIO) | 243.0 | 62.1 | 35.8 | 42.7 | 28.5 | 23.7 | 22.6 | 26.3 |
| Receivables Turnover | 3.09x | 2.56x | 2.89x | 3.59x | 3.95x | 4.14x | 3.55x | 4.46x |
| Days Sales Outstanding (DSO) | 118.1 | 142.6 | 126.3 | 101.6 | 92.4 | 88.1 | 102.7 | 81.8 |
| Payables Turnover | 10.73x | 16.21x | 3.82x | 1.61x | 2.39x | 3.02x | 7.38x | 10.90x |
| Days Payable Outstanding (DPO) | 34.0 | 22.5 | 95.6 | 226.5 | 152.5 | 120.8 | 49.5 | 33.5 |
| Cash Conversion Cycle | 327.1 days | 182.2 days | 66.6 days | -82.2 days | -31.6 days | -9.0 days | 75.8 days | 74.6 days |
| Asset Turnover | 0.06x | 0.21x | 0.41x | 0.45x | 0.63x | 0.67x | 0.71x | 0.74x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -2,515 | 1,154 | 8,334 | 2,393 | 7,395 | 8,650 | 6,317 | 14,467 |
| Free Cash Flow (OCF − Capex proxy) | -2,515 | -39,170 | 6,580 | 412 | 4,919 | 5,704 | 3,919 | 406 |
| Cash Conversion (OCF / EBITDA) | -223.2% | 77.9% | 107.7% | 49.3% | 64.2% | 78.3% | 52.4% | 112.2% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | 0.0% | 0.0% | 0.0% | 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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