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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 4,499 — 3-yr total 4,499
Paragraph-brand luxury resort hotel in Shekvetili on the Black Sea, operated within the Adjara Group / Silk Hospitality family.
Subsidiary of Black Sea Resorts (100.0%)
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 32.9% | -11.1% | 31.7% | 26.5% | 19.7% | 21.0% |
| EBITDA Margin | 6.7% | -46.7% | 9.7% | 8.2% | 0.3% | 0.6% |
| EBITDAR | 1,622 | -6,434 | 3,391 | 3,097 | 114 | 267 |
| EBITDAR Margin | 6.7% | -46.7% | 9.7% | 8.2% | 0.3% | 0.6% |
| EBIT Margin | 6.7% | -46.7% | 9.7% | 8.2% | 0.3% | 0.6% |
| Net Profit Margin | 2.3% | -59.6% | 5.1% | 2.8% | -4.3% | 30.9% |
| Operating Expense % of Sales | 26.1% | 35.6% | 22.0% | 18.2% | 19.4% | 20.4% |
| Returns | ||||||
| Return on Assets (ROA) | 2.0% | -38.6% | 10.1% | 5.8% | -10.4% | 149.2% |
| Return on Equity (ROE) | 15.9% | N/A | N/A | N/A | N/A | 271.6% |
| ROIC [EBIT / Invested Capital] | N/A | N/A | N/A | N/A | N/A | 11.3% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 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 |
| Debt-to-EBITDA | 0.00x | N/A | 0.00x | 0.00x | 0.00x | 0.00x |
| Equity-to-Assets | 12.4% | -3.3% | -19.3% | -12.9% | -26.1% | 55.0% |
| Net Debt | -6,344 | -3,170 | -1,912 | -5,868 | -5,957 | -2,564 |
| Cash & Equivalents | 6,344 | 3,170 | 1,912 | 5,868 | 5,957 | 2,564 |
| Total Debt | N/A | N/A | N/A | N/A | N/A | N/A |
| Liquidity & working capital | ||||||
| Current Ratio | 2.83x | 1.73x | 1.53x | 2.73x | 4.10x | 2.22x |
| Quick Ratio | 2.20x | 1.06x | 0.71x | 1.78x | 2.48x | 1.08x |
| Cash Ratio | 1.95x | 1.05x | 0.48x | 1.54x | 2.22x | 0.63x |
| Total Current Assets | 9,194 | 5,210 | 6,080 | 10,399 | 10,971 | 8,968 |
| Total Current Liabilities | 3,253 | 3,005 | 3,975 | 3,816 | 2,679 | 4,040 |
| Inventory | 2,042 | 2,034 | 3,261 | 3,612 | 4,331 | 4,613 |
| Trade Receivables | 808 | 6 | 907 | 703 | 437 | 1,157 |
| Trade Payables | 1,969 | 1,941 | 3,332 | 2,712 | 1,761 | 3,198 |
| Net Working Capital | 5,941 | 2,205 | 2,105 | 6,583 | 8,292 | 4,928 |
| Net Working Capital % of Revenue | 24.7% | 16.0% | 6.0% | 17.5% | 22.7% | 11.4% |
| Trade Working Capital | 881 | 99 | 836 | 1,603 | 3,007 | 2,572 |
| Trade Working Capital % of Revenue | 3.7% | 0.7% | 2.4% | 4.3% | 8.2% | 5.9% |
| Change in Trade Working Capital | N/A | -782 | 737 | 767 | 1,404 | -435 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 7.92x | 7.52x | 7.34x | 7.67x | 6.77x | 7.42x |
| Days Inventory Outstanding (DIO) | 46.1 | 48.5 | 49.7 | 47.6 | 53.9 | 49.2 |
| Receivables Turnover | 29.82x | 2293.83x | 38.65x | 53.62x | 83.56x | 37.45x |
| Days Sales Outstanding (DSO) | 12.2 | 0.2 | 9.4 | 6.8 | 4.4 | 9.7 |
| Payables Turnover | 8.21x | 7.88x | 7.18x | 10.22x | 16.64x | 10.71x |
| Days Payable Outstanding (DPO) | 44.4 | 46.3 | 50.8 | 35.7 | 21.9 | 34.1 |
| Cash Conversion Cycle | 13.9 days | 2.4 days | 8.4 days | 18.7 days | 36.4 days | 24.8 days |
| Asset Turnover | 0.85x | 0.65x | 1.96x | 2.05x | 2.41x | 4.83x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 4,166 | -2,339 | 5,330 | 4,761 | 943 | 1,160 |
| Free Cash Flow (OCF − Capex proxy) | 4,166 | -2,339 | 830 | 4,761 | 943 | 1,160 |
| Cash Conversion (OCF / EBITDA) | 256.8% | N/A | 157.2% | 153.7% | 827.2% | 434.5% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 4,499 |
| Dividend Payout Ratio | 0.0% | N/A | 0.0% | 0.0% | N/A | 33.6% |
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.
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Ownership & directors from companyinfo.ge (public corporate registry).
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