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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
Operates in Construction — Specialty Trades & Maintenance. Per the activity note to the FY2024 annual report, the company provides construction and refurbishment services in Georgia.
Subsidiary of Georgia Tourism Development Fund (100.0%)
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 3.6% | -2.1% | 17.8% | 18.4% | 5.7% | 4.8% | 7.4% |
| EBITDA Margin | -3.4% | -15.9% | 12.0% | 11.9% | -4.0% | -3.9% | -2.6% |
| EBITDAR | -284 | -1,111 | 1,890 | 1,912 | -301 | -364 | -264 |
| EBITDAR Margin | -3.4% | -15.9% | 12.0% | 11.9% | -4.0% | -3.9% | -2.6% |
| EBIT Margin | -3.8% | -16.3% | 11.7% | 11.5% | -4.5% | -4.0% | -3.0% |
| Net Profit Margin | -3.7% | -16.5% | 11.6% | 11.5% | -4.4% | -4.4% | -2.9% |
| Operating Expense % of Sales | 7.0% | 13.8% | 5.9% | 6.5% | 9.7% | 8.7% | 10.0% |
| Returns | |||||||
| Return on Assets (ROA) | -14.5% | -85.2% | 49.9% | 41.1% | -9.1% | -12.5% | -9.9% |
| Return on Equity (ROE) | -36.7% | N/A | 114.1% | 53.3% | -10.7% | -15.4% | -12.1% |
| ROIC [EBIT / Invested Capital] | -38.1% | N/A | 122.0% | 61.2% | -12.1% | -15.3% | -13.2% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 0.0% | 0.0% | 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 |
| Debt-to-EBITDA | N/A | N/A | 0.00x | 0.00x | N/A | N/A | N/A |
| Equity-to-Assets | 39.4% | -22.6% | 43.7% | 77.1% | 84.4% | 81.3% | 82.2% |
| Net Debt | -23 | -38 | -95 | -441 | -294 | -229 | -111 |
| Cash & Equivalents | 23 | 38 | 95 | 441 | 294 | 229 | 111 |
| Total Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Liquidity & working capital | |||||||
| Current Ratio | 1.03x | 0.38x | 1.37x | 3.73x | 5.63x | 4.91x | 5.40x |
| Quick Ratio | 0.41x | 0.08x | 0.98x | 3.32x | 5.08x | 4.35x | 4.39x |
| Cash Ratio | 0.02x | 0.02x | 0.05x | 0.43x | 0.51x | 0.37x | 0.21x |
| Total Current Assets | 1,336 | 620 | 2,847 | 3,822 | 3,261 | 3,054 | 2,812 |
| Total Current Liabilities | 1,298 | 1,652 | 2,076 | 1,026 | 579 | 622 | 521 |
| Inventory | 803 | 490 | 816 | 416 | 322 | 348 | 527 |
| Trade Receivables | 483 | 92 | 1,936 | 2,965 | 2,645 | 2,477 | 2,174 |
| Trade Payables | 1,055 | 1,084 | 1,108 | 404 | 373 | 75 | 60 |
| Net Working Capital | 38 | -1,032 | 771 | 2,796 | 2,682 | 2,432 | 2,291 |
| Net Working Capital % of Revenue | 0.5% | -14.8% | 4.9% | 17.4% | 35.4% | 26.0% | 22.6% |
| Trade Working Capital | 231 | -502 | 1,644 | 2,977 | 2,594 | 2,750 | 2,641 |
| Trade Working Capital % of Revenue | 2.8% | -7.2% | 10.4% | 18.5% | 34.2% | 29.4% | 26.1% |
| Change in Trade Working Capital | N/A | -733 | 2,146 | 1,333 | -383 | 156 | -109 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 9.94x | 14.54x | 15.92x | 31.57x | 22.21x | 25.63x | 17.81x |
| Days Inventory Outstanding (DIO) | 36.7 | 25.1 | 22.9 | 11.6 | 16.4 | 14.2 | 20.5 |
| Receivables Turnover | 17.13x | 75.87x | 8.16x | 5.42x | 2.87x | 3.78x | 4.66x |
| Days Sales Outstanding (DSO) | 21.3 | 4.8 | 44.7 | 67.3 | 127.3 | 96.5 | 78.3 |
| Payables Turnover | 7.57x | 6.57x | 11.72x | 32.50x | 19.17x | 118.93x | 156.40x |
| Days Payable Outstanding (DPO) | 48.2 | 55.5 | 31.1 | 11.2 | 19.0 | 3.1 | 2.3 |
| Cash Conversion Cycle | 9.8 days | -25.6 days | 36.5 days | 67.6 days | 124.7 days | 107.7 days | 96.5 days |
| Asset Turnover | 3.86x | 5.18x | 4.28x | 3.59x | 2.05x | 2.82x | 3.45x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | -43 | 88 | 285 | 391 | -141 | -45 | -108 |
| Free Cash Flow (OCF − Capex proxy) | -605 | 18 | -17 | 347 | -145 | -65 | -116 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | 15.1% | 20.4% | N/A | N/A | N/A |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | N/A | 0.0% | 0.0% | 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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