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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
Hospitality operator on Georgia's Black Sea coast, developing and running resort properties.
Subsidiary of Georgia Tourism Development Fund (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | -138.2% | 61.1% | 18.0% | -25.7% | 25.7% | 23.6% | 27.7% | 33.8% |
| EBITDA Margin | -349.8% | -18.5% | -14.9% | -71.0% | 0.1% | -5.0% | 0.0% | 7.0% |
| EBITDAR | -7,226 | -3,918 | -4,012 | -9,776 | 24 | -1,866 | 4 | 3,027 |
| EBITDAR Margin | -349.8% | -18.5% | -14.9% | -71.0% | 0.1% | -5.0% | 0.0% | 7.0% |
| EBIT Margin | -597.6% | 16.1% | -14.9% | -84.6% | -0.2% | -4.1% | 0.0% | 10.9% |
| Net Profit Margin | -723.8% | 15.4% | -15.6% | -83.9% | 2.4% | -11.1% | 1.4% | 12.2% |
| Operating Expense % of Sales | 211.5% | 79.6% | 32.9% | 45.4% | 25.6% | 28.5% | 27.7% | 26.8% |
| Returns | ||||||||
| Return on Assets (ROA) | -20.0% | 5.0% | -6.2% | -19.0% | 1.5% | -6.7% | 0.7% | 10.1% |
| Return on Equity (ROE) | -34.6% | 6.1% | -6.7% | -20.6% | 1.6% | -7.4% | 0.8% | 11.1% |
| ROIC [EBIT / Invested Capital] | -28.6% | 6.8% | -7.2% | -22.1% | -0.2% | -3.0% | 0.0% | 10.5% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 0.0% | 0.4% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Debt-to-Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Debt-to-EBITDA | N/A | N/A | N/A | N/A | 0.00x | N/A | 0.00x | 0.00x |
| Equity-to-Assets | 57.8% | 81.4% | 91.3% | 92.4% | 90.9% | 90.9% | 91.3% | 91.5% |
| Net Debt | -68 | -3,381 | -6,393 | -3,248 | -2,211 | -6,017 | -7,708 | -2,603 |
| Cash & Equivalents | 68 | 3,618 | 6,647 | 3,248 | 2,211 | 6,017 | 7,708 | 2,603 |
| Total Debt | N/A | 237 | 254 | N/A | N/A | N/A | N/A | N/A |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.86x | 1.60x | 3.87x | 2.87x | 2.41x | 2.39x | 5.58x | 2.95x |
| Quick Ratio | 0.78x | 1.49x | 3.46x | 2.34x | 1.79x | 1.75x | 4.86x | 1.11x |
| Cash Ratio | 0.00x | 0.30x | 1.13x | 0.71x | 0.42x | 1.06x | 1.22x | 0.59x |
| Total Current Assets | 27,100 | 19,498 | 22,787 | 13,210 | 12,799 | 13,594 | 35,252 | 13,053 |
| Total Current Liabilities | 31,512 | 12,206 | 5,892 | 4,603 | 5,306 | 5,678 | 6,316 | 4,425 |
| Inventory | 2,395 | 1,300 | 2,393 | 2,422 | 3,280 | 3,639 | 4,529 | 8,151 |
| Trade Receivables | 20,328 | 1,963 | 1,916 | 885 | 1,022 | 847 | 23,015 | 1,307 |
| Trade Payables | 31,512 | 11,890 | 4,809 | 4,319 | 5,059 | 4,978 | 2,881 | 3,583 |
| Net Working Capital | -4,412 | 7,292 | 16,895 | 8,607 | 7,493 | 7,916 | 28,936 | 8,628 |
| Net Working Capital % of Revenue | -213.6% | 34.4% | 62.7% | 62.5% | 21.4% | 21.0% | 79.2% | 19.9% |
| Trade Working Capital | -8,789 | -8,627 | -500 | -1,012 | -757 | -492 | 24,663 | 5,875 |
| Trade Working Capital % of Revenue | -425.4% | -40.7% | -1.9% | -7.4% | -2.2% | -1.3% | 67.5% | 13.6% |
| Change in Trade Working Capital | N/A | 162 | 8,127 | -512 | 255 | 265 | 25,155 | -18,788 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 2.06x | 6.35x | 9.24x | 7.14x | 7.94x | 7.91x | 5.83x | 3.52x |
| Days Inventory Outstanding (DIO) | 177.6 | 57.5 | 39.5 | 51.1 | 46.0 | 46.1 | 62.7 | 103.7 |
| Receivables Turnover | 0.10x | 10.80x | 14.07x | 15.55x | 34.31x | 44.50x | 1.59x | 33.16x |
| Days Sales Outstanding (DSO) | 3591.3 | 33.8 | 25.9 | 23.5 | 10.6 | 8.2 | 230.1 | 11.0 |
| Payables Turnover | 0.16x | 0.69x | 4.60x | 4.00x | 5.15x | 5.79x | 9.16x | 8.00x |
| Days Payable Outstanding (DPO) | 2336.8 | 525.9 | 79.4 | 91.1 | 70.9 | 63.1 | 39.9 | 45.6 |
| Cash Conversion Cycle | 1432.1 days | -434.6 days | -13.9 days | -16.6 days | -14.3 days | -8.8 days | 252.9 days | 69.1 days |
| Asset Turnover | 0.03x | 0.32x | 0.40x | 0.23x | 0.60x | 0.60x | 0.51x | 0.83x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -8,575 | 17,631 | 1,902 | 1,483 | 6,915 | 6,268 | 1,766 | -595 |
| Free Cash Flow (OCF − Capex proxy) | -8,575 | -21,224 | -10,752 | -7,435 | -1,392 | -4,611 | -6,877 | 18,597 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | N/A | N/A | 28812.5% | N/A | 44150.0% | -19.7% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | 0.0% | N/A | N/A | 0.0% | N/A | 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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