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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
Real estate development project under the m2 brand (Georgia Capital portfolio).
Subsidiary of m2 Group (100.0%)
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Margins | |||||
| Gross Margin | 19.9% | 18.9% | 7.5% | 9.8% | 16.1% |
| EBITDA Margin | 14.7% | 2.4% | 4.8% | 9.1% | 14.3% |
| EBITDAR | 2,923 | 844 | 1,963 | 8,521 | 16,439 |
| EBITDAR Margin | 14.7% | 2.4% | 4.8% | 9.1% | 14.3% |
| EBIT Margin | 14.7% | 2.4% | 4.8% | 9.1% | 14.3% |
| Net Profit Margin | 14.7% | -5.1% | 17.2% | 6.1% | 9.5% |
| Operating Expense % of Sales | 5.3% | 16.4% | 2.8% | 0.7% | 1.8% |
| Returns | |||||
| Return on Assets (ROA) | 3.5% | -1.3% | 5.0% | 3.4% | 6.4% |
| Return on Equity (ROE) | 4.4% | -4.3% | 17.2% | 8.6% | 13.9% |
| ROIC [EBIT / Invested Capital] | 4.7% | 2.4% | 3.4% | 12.0% | 15.9% |
| Leverage & debt balances | |||||
| Debt-to-Assets | 0.7% | 4.6% | 14.1% | 5.9% | 17.6% |
| Debt-to-Equity | 0.01x | 0.15x | 0.48x | 0.15x | 0.38x |
| Debt-to-EBITDA | 0.20x | 7.29x | 10.20x | 1.17x | 1.84x |
| Equity-to-Assets | 77.7% | 30.8% | 29.0% | 39.7% | 45.8% |
| Net Debt | -4,216 | -6,657 | 16,868 | 4,499 | 24,503 |
| Cash & Equivalents | 4,814 | 12,807 | 3,164 | 5,445 | 5,815 |
| Total Debt | 598 | 6,150 | 20,032 | 9,944 | 30,318 |
| Liquidity & working capital | |||||
| Current Ratio | 1.56x | 0.90x | 1.13x | 1.11x | 2.00x |
| Quick Ratio | 1.56x | 0.82x | 1.00x | 1.11x | 1.29x |
| Cash Ratio | 0.54x | 0.28x | 0.10x | 0.17x | 0.09x |
| Total Current Assets | 14,008 | 40,496 | 35,655 | 35,223 | 134,068 |
| Total Current Liabilities | 8,979 | 45,142 | 31,482 | 31,825 | 66,962 |
| Inventory | N/A | 3,382 | 4,197 | N/A | 47,939 |
| Trade Receivables | N/A | N/A | N/A | N/A | 7,989 |
| Trade Payables | 2,185 | 6,887 | 6,868 | 19,038 | 11,682 |
| Net Working Capital | 5,029 | -4,646 | 4,173 | 3,398 | 67,106 |
| Net Working Capital % of Revenue | 25.3% | -13.3% | 10.1% | 3.6% | 58.3% |
| Trade Working Capital | -2,185 | -3,505 | -2,671 | -19,038 | 44,246 |
| Trade Working Capital % of Revenue | -11.0% | -10.0% | -6.5% | -20.4% | 38.4% |
| Change in Trade Working Capital | N/A | -1,320 | 834 | -16,367 | 63,284 |
| Turnover & efficiency | |||||
| Inventory Turnover | N/A | 8.39x | 9.10x | N/A | 2.01x |
| Days Inventory Outstanding (DIO) | N/A | 43.5 | 40.1 | N/A | 181.2 |
| Receivables Turnover | N/A | N/A | N/A | N/A | 14.41x |
| Days Sales Outstanding (DSO) | N/A | N/A | N/A | N/A | 25.3 |
| Payables Turnover | 7.29x | 4.12x | 5.56x | 4.43x | 8.27x |
| Days Payable Outstanding (DPO) | 50.1 | 88.6 | 65.6 | 82.4 | 44.1 |
| Cash Conversion Cycle | -50.1 days | -45.1 days | -25.5 days | -82.4 days | 162.3 days |
| Asset Turnover | 0.23x | 0.26x | 0.29x | 0.56x | 0.67x |
| Cash flow & dividends | |||||
| Operating Cash Flow | 10,337 | 56,108 | -1,212 | 226 | -27,351 |
| Free Cash Flow (OCF − Capex proxy) | 13,253 | 32,071 | -18,214 | -3,795 | -21,194 |
| Cash Conversion (OCF / EBITDA) | 353.6% | 6647.9% | -61.7% | 2.7% | -166.4% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | N/A | 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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