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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 6,404 · FY2023 768 · FY2024 342 — 3-yr total 7,514
Georgian real estate development company.
Group parent — controls 1 company · ownership
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 86.8% | 50.2% | 96.9% | 96.8% | 94.4% | 94.0% | 94.8% |
| EBITDA Margin | 41.7% | 33.6% | -54.2% | 50.4% | 37.7% | 30.3% | 31.9% |
| EBITDAR | 1,494 | 3,556 | -692 | 1,041 | 1,165 | 905 | 957 |
| EBITDAR Margin | 41.7% | 33.8% | -54.2% | 50.4% | 38.9% | 31.6% | 33.1% |
| EBIT Margin | 20.2% | 26.2% | -106.1% | 2.2% | 28.3% | 24.0% | 25.9% |
| Net Profit Margin | 24.7% | 69.5% | -104.2% | 3.4% | 206.1% | -0.5% | 18.6% |
| Operating Expense % of Sales | 45.1% | 16.5% | 151.1% | 46.4% | 56.7% | 63.7% | 62.9% |
| Returns | |||||||
| Return on Assets (ROA) | 5.0% | 42.4% | -8.0% | 0.4% | 47.9% | -0.1% | 4.4% |
| Return on Equity (ROE) | 16.7% | 58.0% | -11.8% | 0.5% | 48.8% | -0.1% | 4.4% |
| ROIC [EBIT / Invested Capital] | 4.4% | 16.1% | -8.2% | 0.3% | 7.0% | 6.0% | 6.7% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 68.8% | 26.8% | 32.0% | 24.6% | 0.0% | 0.0% | 0.0% |
| Debt-to-Equity | 2.29x | 0.37x | 0.47x | 0.33x | 0.00x | 0.00x | 0.00x |
| Debt-to-EBITDA | 8.12x | 1.31x | N/A | 4.10x | 0.00x | 0.00x | 0.00x |
| Equity-to-Assets | 30.1% | 73.2% | 68.0% | 74.4% | 98.2% | 97.8% | 98.6% |
| Net Debt | 11,327 | 4,463 | 5,225 | 4,102 | -508 | -386 | -830 |
| Cash & Equivalents | 803 | 149 | 81 | 167 | 508 | 386 | 830 |
| Total Debt | 12,130 | 4,612 | 5,306 | 4,269 | N/A | N/A | N/A |
| Liquidity & working capital | |||||||
| Current Ratio | 23.70x | 10.07x | 0.56x | 0.19x | 3.28x | 2.46x | 5.64x |
| Quick Ratio | 2.27x | 1.04x | 0.42x | 0.14x | 2.62x | 2.12x | 5.38x |
| Cash Ratio | 1.91x | 0.32x | 0.09x | 0.06x | 2.37x | 1.65x | 4.76x |
| Total Current Assets | 9,970 | 4,739 | 508 | 501 | 705 | 576 | 984 |
| Total Current Liabilities | 421 | 471 | 914 | 2,596 | 215 | 234 | 174 |
| Inventory | 9,014 | 4,251 | 120 | 150 | 142 | 81 | 45 |
| Trade Receivables | 153 | 339 | 307 | 184 | 54 | 109 | 107 |
| Trade Payables | 166 | N/A | N/A | 69 | 95 | 73 | 71 |
| Net Working Capital | 9,549 | 4,268 | -406 | -2,095 | 490 | 342 | 809 |
| Net Working Capital % of Revenue | 266.5% | 40.6% | -31.8% | -101.5% | 16.4% | 12.0% | 28.0% |
| Trade Working Capital | 9,001 | 4,590 | 427 | 265 | 102 | 117 | 82 |
| Trade Working Capital % of Revenue | 251.2% | 43.7% | 33.5% | 12.9% | 3.4% | 4.1% | 2.8% |
| Change in Trade Working Capital | N/A | -4,411 | -4,163 | -162 | -163 | 15 | -35 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 0.05x | 1.23x | 0.33x | 0.44x | 1.18x | 2.12x | 3.33x |
| Days Inventory Outstanding (DIO) | 6973.6 | 296.0 | 1103.6 | 829.7 | 308.8 | 171.9 | 109.6 |
| Receivables Turnover | 23.48x | 30.98x | 4.16x | 11.21x | 55.04x | 26.31x | 26.98x |
| Days Sales Outstanding (DSO) | 15.5 | 11.8 | 87.8 | 32.6 | 6.6 | 13.9 | 13.5 |
| Payables Turnover | 2.85x | N/A | N/A | 0.96x | 1.78x | 2.37x | 2.15x |
| Days Payable Outstanding (DPO) | 128.2 | N/A | N/A | 381.2 | 205.5 | 154.2 | 170.1 |
| Cash Conversion Cycle | 6860.9 days | 307.8 days | 1191.5 days | 481.0 days | 109.9 days | 31.5 days | -47.0 days |
| Asset Turnover | 0.20x | 0.61x | 0.08x | 0.12x | 0.23x | 0.24x | 0.24x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | -2,239 | 7,997 | 352 | 1,010 | -714 | 669 | 785 |
| Free Cash Flow (OCF − Capex proxy) | -2,395 | 7,943 | -60 | 779 | 9,702 | 647 | 779 |
| Cash Conversion (OCF / EBITDA) | -149.8% | 226.3% | N/A | 97.0% | -63.2% | 77.1% | 85.3% |
| Dividends Declared | 108 | 0 | 0 | 0 | 6,404 | 768 | 342 |
| Dividend Payout Ratio | 12.2% | 0.0% | N/A | 0.0% | 103.6% | N/A | 63.7% |
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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