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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
Georgia-registered cargo/charter airline.
Subsidiary of Camex International (51.0%)
| Ratio | 2022 | 2023 | 2024 |
|---|---|---|---|
| Margins | |||
| Gross Margin | -4.9% | -7.0% | -18.1% |
| EBITDA Margin | -37.3% | -14.6% | -28.5% |
| EBITDAR | -4,385 | -6,235 | -12,666 |
| EBITDAR Margin | -35.8% | -14.1% | -28.0% |
| EBIT Margin | -37.8% | -14.9% | -28.9% |
| Net Profit Margin | -14.4% | -41.8% | -70.8% |
| Operating Expense % of Sales | 32.5% | 9.6% | 11.2% |
| Returns | |||
| Return on Assets (ROA) | -4.7% | -26.5% | -27.3% |
| Return on Equity (ROE) | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | -141.3% | N/A | N/A |
| Leverage & debt balances | |||
| Debt-to-Assets | 20.6% | 17.4% | 12.0% |
| Debt-to-Equity | -1.76x | -0.53x | -0.26x |
| Debt-to-EBITDA | N/A | N/A | N/A |
| Equity-to-Assets | -11.7% | -32.7% | -46.7% |
| Net Debt | 7,653 | 12,037 | 12,972 |
| Cash & Equivalents | 56 | 84 | 1,133 |
| Total Debt | 7,709 | 12,121 | 14,105 |
| Liquidity & working capital | |||
| Current Ratio | 0.66x | 0.32x | 0.34x |
| Quick Ratio | 0.58x | 0.31x | 0.32x |
| Cash Ratio | 0.03x | 0.00x | 0.03x |
| Total Current Assets | 1,442 | 8,078 | 13,349 |
| Total Current Liabilities | 2,200 | 25,109 | 39,078 |
| Inventory | 176 | 183 | 713 |
| Trade Receivables | 46 | 7,036 | 8,801 |
| Trade Payables | 2,113 | 15,306 | 23,339 |
| Net Working Capital | -759 | -17,031 | -25,729 |
| Net Working Capital % of Revenue | -6.2% | -38.6% | -56.8% |
| Trade Working Capital | -1,891 | -8,087 | -13,826 |
| Trade Working Capital % of Revenue | -15.4% | -18.3% | -30.5% |
| Change in Trade Working Capital | N/A | -6,196 | -5,739 |
| Turnover & efficiency | |||
| Inventory Turnover | 73.05x | 257.80x | 74.99x |
| Days Inventory Outstanding (DIO) | 5.0 | 1.4 | 4.9 |
| Receivables Turnover | 265.65x | 6.28x | 5.14x |
| Days Sales Outstanding (DSO) | 1.4 | 58.1 | 71.0 |
| Payables Turnover | 6.08x | 3.09x | 2.29x |
| Days Payable Outstanding (DPO) | 60.0 | 118.2 | 159.4 |
| Cash Conversion Cycle | -53.7 days | -58.6 days | -83.5 days |
| Asset Turnover | 0.33x | 0.64x | 0.39x |
| Cash flow & dividends | |||
| Operating Cash Flow | -7,639 | 6,959 | 5,867 |
| Free Cash Flow (OCF − Capex proxy) | -7,155 | 2,814 | 4,847 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | N/A |
| Dividends Declared | 0 | 0 | 0 |
| Dividend Payout Ratio | 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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