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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 0 · FY2022 0 · FY2023 0
Georgian education sector company.
Subsidiary of Fund Investment (75.0%)
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 97.3% | 96.4% | 96.4% | 97.2% | 60.5% | 59.6% |
| EBITDA Margin | 16.7% | 0.3% | 4.3% | 26.7% | 24.0% | 29.1% |
| EBITDAR | 1,075 | 17 | 305 | 2,328 | 2,654 | 3,696 |
| EBITDAR Margin | 16.7% | 0.3% | 4.3% | 26.7% | 24.0% | 29.1% |
| EBIT Margin | 16.7% | 0.3% | 4.3% | 26.7% | 24.0% | 29.1% |
| Net Profit Margin | 17.5% | 1.4% | 1.6% | 33.7% | 23.0% | 25.3% |
| Operating Expense % of Sales | 80.7% | 96.1% | 92.1% | 70.4% | 36.5% | 30.5% |
| Returns | ||||||
| Return on Assets (ROA) | 28.6% | 1.4% | 0.6% | 11.9% | 10.4% | 12.1% |
| Return on Equity (ROE) | 31.4% | 1.5% | 0.8% | 15.5% | 11.1% | 12.5% |
| ROIC [EBIT / Invested Capital] | 50.0% | 0.5% | 1.7% | 9.8% | 11.1% | 14.8% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 3.7% | 0.0% | 25.7% | 23.1% | 5.9% | 3.8% |
| Debt-to-Equity | 0.04x | 0.00x | 0.36x | 0.30x | 0.06x | 0.04x |
| Debt-to-EBITDA | 0.14x | 0.00x | 16.64x | 2.45x | 0.54x | 0.27x |
| Equity-to-Assets | 90.9% | 88.8% | 70.7% | 76.7% | 94.1% | 96.2% |
| Net Debt | -1,451 | -2,186 | 4,501 | 4,874 | 950 | -709 |
| Cash & Equivalents | 1,597 | 2,186 | 578 | 832 | 489 | 1,723 |
| Total Debt | 146 | N/A | 5,078 | 5,706 | 1,440 | 1,014 |
| Liquidity & working capital | ||||||
| Current Ratio | 5.62x | 40.56x | 1.69x | 4.31x | 4.34x | 5.52x |
| Quick Ratio | 5.62x | 39.59x | 1.62x | 4.04x | 4.12x | 4.63x |
| Cash Ratio | 4.45x | 39.15x | 0.39x | 0.77x | 0.34x | 1.69x |
| Total Current Assets | 2,017 | 2,265 | 2,519 | 4,636 | 6,263 | 5,626 |
| Total Current Liabilities | 359 | 56 | 1,494 | 1,075 | 1,444 | 1,019 |
| Inventory | N/A | 54 | 94 | 289 | 315 | 904 |
| Trade Receivables | 331 | 12 | 1,279 | 1,348 | 1,197 | 1,637 |
| Trade Payables | 189 | 26 | 352 | 48 | N/A | N/A |
| Net Working Capital | 1,658 | 2,209 | 1,025 | 3,561 | 4,819 | 4,607 |
| Net Working Capital % of Revenue | 25.7% | 37.3% | 14.4% | 40.9% | 43.5% | 36.2% |
| Trade Working Capital | 142 | 40 | 1,021 | 1,589 | 1,512 | 2,541 |
| Trade Working Capital % of Revenue | 2.2% | 0.7% | 14.3% | 18.3% | 13.7% | 20.0% |
| Change in Trade Working Capital | N/A | -102 | 982 | 568 | -78 | 1,030 |
| Turnover & efficiency | ||||||
| Inventory Turnover | N/A | 3.95x | 2.74x | 0.84x | 13.90x | 5.68x |
| Days Inventory Outstanding (DIO) | N/A | 92.5 | 133.1 | 432.3 | 26.3 | 64.2 |
| Receivables Turnover | 19.53x | 504.60x | 5.57x | 6.46x | 9.25x | 7.77x |
| Days Sales Outstanding (DSO) | 18.7 | 0.7 | 65.5 | 56.5 | 39.5 | 47.0 |
| Payables Turnover | 0.91x | 8.13x | 0.73x | 5.11x | N/A | N/A |
| Days Payable Outstanding (DPO) | 399.7 | 44.9 | 498.7 | 71.4 | N/A | N/A |
| Cash Conversion Cycle | -381.0 days | 48.3 days | -300.0 days | 417.4 days | 65.7 days | 111.2 days |
| Asset Turnover | 1.63x | 1.00x | 0.36x | 0.35x | 0.45x | 0.48x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 724 | 589 | -1,348 | 987 | 1,532 | 6,945 |
| Free Cash Flow (OCF − Capex proxy) | 724 | 589 | -14,953 | -2,395 | -446 | 2,655 |
| Cash Conversion (OCF / EBITDA) | 67.3% | 3537.2% | -441.8% | 42.4% | 57.7% | 187.9% |
| Dividends Declared | N/A | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | 0.0% | 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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