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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 4,364 · FY2023 0 · FY2024 0 — 3-yr total 4,364
Operates in Logistics & Transport. Per the activity note to the FY2024 annual report, the group operates charter flights using primarily its own aircraft.
Group parent — controls 1 company · ownership
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 4.6% | 34.3% | 24.8% | 27.4% | 6.9% | 33.1% |
| EBITDA Margin | 1.2% | 34.2% | 20.1% | 22.7% | -7.5% | 24.3% |
| EBITDAR | 289 | 11,910 | 9,941 | 15,219 | -1,343 | 9,380 |
| EBITDAR Margin | 1.4% | 34.4% | 20.5% | 23.0% | -6.5% | 24.9% |
| EBIT Margin | 1.2% | 33.9% | 19.2% | 22.4% | -7.8% | 24.2% |
| Net Profit Margin | 1.1% | 26.1% | 18.3% | 16.5% | 3.2% | 22.6% |
| Operating Expense % of Sales | 3.3% | 0.1% | 4.7% | 4.7% | 14.4% | 8.8% |
| Returns | ||||||
| Return on Assets (ROA) | 10.6% | 77.5% | 40.3% | 41.5% | 1.9% | 20.6% |
| Return on Equity (ROE) | 13.8% | 84.2% | 47.5% | 43.2% | 2.6% | 24.7% |
| ROIC [EBIT / Invested Capital] | 21.4% | 130.0% | 185.5% | 604.5% | -5.4% | 29.4% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 0.0% | 0.6% | 0.0% | 0.0% | 22.4% | 9.4% |
| Debt-to-Equity | 0.00x | 0.01x | 0.00x | 0.00x | 0.30x | 0.11x |
| Debt-to-EBITDA | 0.00x | 0.01x | 0.00x | 0.00x | N/A | 0.43x |
| Equity-to-Assets | 77.0% | 92.1% | 84.9% | 96.1% | 74.7% | 83.4% |
| Net Debt | -460 | -1,706 | -13,709 | -22,835 | 4,026 | -3,542 |
| Cash & Equivalents | 460 | 1,781 | 13,718 | 22,844 | 3,762 | 7,432 |
| Total Debt | N/A | 74 | 9 | 9 | 7,788 | 3,890 |
| Liquidity & working capital | ||||||
| Current Ratio | 4.31x | 2.50x | 4.26x | 23.17x | 1.11x | 1.39x |
| Quick Ratio | 4.22x | 2.39x | 4.20x | 22.94x | 1.08x | 1.28x |
| Cash Ratio | 0.99x | 2.07x | 4.11x | 22.18x | 0.87x | 1.20x |
| Total Current Assets | 2,001 | 2,147 | 14,238 | 23,862 | 4,808 | 8,593 |
| Total Current Liabilities | 465 | 860 | 3,341 | 1,030 | 4,314 | 6,176 |
| Inventory | 39 | 92 | 190 | 236 | 157 | 684 |
| Trade Receivables | 1,462 | 274 | 330 | 653 | 788 | 410 |
| Trade Payables | 469 | 847 | 3,308 | 883 | 1,001 | 2,972 |
| Net Working Capital | 1,536 | 1,288 | 10,897 | 22,832 | 494 | 2,417 |
| Net Working Capital % of Revenue | 7.5% | 3.7% | 22.5% | 34.5% | 2.4% | 6.4% |
| Trade Working Capital | 1,033 | -481 | -2,788 | 7 | -56 | -1,878 |
| Trade Working Capital % of Revenue | 5.0% | -1.4% | -5.8% | 0.0% | -0.3% | -5.0% |
| Change in Trade Working Capital | N/A | -1,513 | -2,307 | 2,795 | -62 | -1,823 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 498.22x | 246.24x | 191.42x | 202.98x | 123.65x | 36.82x |
| Days Inventory Outstanding (DIO) | 0.7 | 1.5 | 1.9 | 1.8 | 3.0 | 9.9 |
| Receivables Turnover | 14.04x | 126.23x | 146.96x | 101.18x | 26.39x | 91.87x |
| Days Sales Outstanding (DSO) | 26.0 | 2.9 | 2.5 | 3.6 | 13.8 | 4.0 |
| Payables Turnover | 41.77x | 26.86x | 11.01x | 54.32x | 19.35x | 8.47x |
| Days Payable Outstanding (DPO) | 8.7 | 13.6 | 33.2 | 6.7 | 18.9 | 43.1 |
| Cash Conversion Cycle | 18.0 days | -9.2 days | -28.8 days | -1.3 days | -2.1 days | -29.2 days |
| Asset Turnover | 10.08x | 2.97x | 2.20x | 2.51x | 0.60x | 0.91x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 413 | 11,657 | 16,725 | 17,521 | -1,154 | 16,084 |
| Free Cash Flow (OCF − Capex proxy) | 413 | 607 | 13,274 | 16,783 | -26,600 | 7,580 |
| Cash Conversion (OCF / EBITDA) | 161.2% | 98.5% | 171.4% | 116.6% | N/A | 175.8% |
| Dividends Declared | 0 | 148 | 616 | 4,364 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | 1.6% | 6.9% | 39.9% | 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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