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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Hospitality — Accommodation. Per the activity note to the FY2023 annual report, the company operates a hotel with an integrated restaurant. Operates under the trade name Citrus; located in Tbilisi.
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 91.2% | 90.2% | 84.1% | 91.9% | 91.7% | 90.3% |
| EBITDA Margin | 35.8% | 34.4% | -7.9% | 34.5% | 24.0% | 7.5% |
| EBITDAR | 920 | 853 | 33 | 349 | 331 | 110 |
| EBITDAR Margin | 39.7% | 38.7% | 11.6% | 42.2% | 24.1% | 7.5% |
| EBIT Margin | 24.7% | 24.4% | -69.0% | 34.5% | 24.0% | 7.5% |
| Net Profit Margin | 17.9% | 19.0% | -82.0% | 8.2% | 19.6% | 4.0% |
| Operating Expense % of Sales | 55.4% | 55.8% | 92.0% | 57.4% | 67.7% | 82.8% |
| Returns | ||||||
| Return on Assets (ROA) | 14.0% | 14.1% | -8.7% | 2.6% | 10.1% | 2.3% |
| Return on Equity (ROE) | 22.9% | 21.0% | -13.2% | 3.7% | 13.2% | 2.8% |
| ROIC [EBIT / Invested Capital] | 22.5% | 21.9% | -8.3% | 12.0% | 13.2% | 4.6% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 28.6% | 20.7% | 24.2% | 28.1% | 19.3% | 13.8% |
| Debt-to-Equity | 0.47x | 0.31x | 0.37x | 0.41x | 0.25x | 0.17x |
| Debt-to-EBITDA | 1.02x | 0.81x | N/A | 2.61x | 1.56x | 3.25x |
| Equity-to-Assets | 61.3% | 67.0% | 65.8% | 68.7% | 76.7% | 81.5% |
| Net Debt | 738 | 453 | 600 | 551 | 448 | 287 |
| Cash & Equivalents | 108 | 163 | 46 | 194 | 68 | 70 |
| Total Debt | 846 | 616 | 646 | 745 | 516 | 358 |
| Liquidity & working capital | ||||||
| Current Ratio | 0.32x | 0.55x | 0.40x | 0.43x | 0.27x | 0.34x |
| Quick Ratio | 0.32x | 0.47x | 0.28x | 0.43x | 0.27x | 0.34x |
| Cash Ratio | 0.17x | 0.34x | 0.16x | 0.32x | 0.11x | 0.15x |
| Total Current Assets | 199 | 263 | 117 | 255 | 169 | 164 |
| Total Current Liabilities | 625 | 482 | 293 | 599 | 622 | 480 |
| Inventory | N/A | 37 | 34 | N/A | N/A | N/A |
| Trade Receivables | 23 | 41 | 32 | 33 | 65 | 68 |
| Trade Payables | 123 | 159 | 152 | 61 | 76 | 91 |
| Net Working Capital | -426 | -219 | -176 | -344 | -453 | -316 |
| Net Working Capital % of Revenue | -18.4% | -9.9% | -62.0% | -41.6% | -32.9% | -21.5% |
| Trade Working Capital | -100 | -81 | -85 | -28 | -11 | -22 |
| Trade Working Capital % of Revenue | -4.3% | -3.7% | -30.2% | -3.4% | -0.8% | -1.5% |
| Change in Trade Working Capital | N/A | 19 | -4 | 57 | 17 | -11 |
| Turnover & efficiency | ||||||
| Inventory Turnover | N/A | 5.83x | 1.32x | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 62.7 | 276.4 | N/A | N/A | N/A |
| Receivables Turnover | 102.48x | 54.03x | 8.83x | 24.86x | 21.28x | 21.50x |
| Days Sales Outstanding (DSO) | 3.6 | 6.8 | 41.3 | 14.7 | 17.2 | 17.0 |
| Payables Turnover | 1.66x | 1.35x | 0.30x | 1.09x | 1.51x | 1.57x |
| Days Payable Outstanding (DPO) | 219.3 | 270.3 | 1227.0 | 334.2 | 242.0 | 231.9 |
| Cash Conversion Cycle | -215.7 days | -200.9 days | -909.3 days | -319.6 days | -224.8 days | -214.9 days |
| Asset Turnover | 0.78x | 0.74x | 0.11x | 0.31x | 0.51x | 0.57x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 568 | 613 | -65 | 165 | 430 | 272 |
| Free Cash Flow (OCF − Capex proxy) | 547 | 434 | -71 | 124 | 198 | 188 |
| Cash Conversion (OCF / EBITDA) | 68.6% | 80.8% | N/A | 57.8% | 130.2% | 247.5% |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | N/A | N/A |
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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