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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
Georgian airline based in Tbilisi operating scheduled and charter passenger services.
Subsidiary of Flus Aviation Investment Co (100.0%)
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | -34.5% | 56.9% | 69.7% | 69.0% | 62.0% | 15.4% | 35.5% |
| EBITDA Margin | -120.2% | 19.6% | -15.9% | 42.9% | 33.6% | -34.8% | 16.5% |
| EBITDAR | -16,757 | 8,591 | -4,520 | 22,563 | 20,738 | -5,585 | 10,882 |
| EBITDAR Margin | -118.0% | 20.3% | -15.7% | 43.4% | 34.1% | -34.0% | 16.8% |
| EBIT Margin | -192.6% | -1.9% | -47.6% | 25.4% | 11.9% | -88.2% | 5.0% |
| Net Profit Margin | -287.9% | -41.6% | -133.8% | 20.8% | 41.7% | -100.4% | 10.7% |
| Operating Expense % of Sales | 85.7% | 37.4% | 85.6% | 26.1% | 28.4% | 50.1% | 19.0% |
| Returns | |||||||
| Return on Assets (ROA) | -31.0% | -14.5% | -37.2% | 7.1% | 17.9% | -17.6% | 5.4% |
| Return on Equity (ROE) | N/A | N/A | N/A | N/A | 148.1% | -2650.0% | 91.8% |
| ROIC [EBIT / Invested Capital] | -79.2% | -2.9% | -49.0% | 44.6% | 15.9% | -73.3% | 12.6% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 58.9% | 42.3% | 45.6% | 24.9% | 20.0% | 20.6% | 17.6% |
| Debt-to-Equity | -2.45x | -3.31x | -2.47x | -4.62x | 1.66x | 30.92x | 2.98x |
| Debt-to-EBITDA | N/A | 6.22x | N/A | 1.71x | 1.39x | N/A | 2.11x |
| Equity-to-Assets | -24.1% | -12.8% | -18.4% | -5.4% | 12.1% | 0.7% | 5.9% |
| Net Debt | 66,301 | 43,268 | 46,973 | 37,777 | 28,270 | 19,119 | 18,034 |
| Cash & Equivalents | 11,504 | 8,286 | 167 | 389 | 70 | 105 | 4,494 |
| Total Debt | 77,805 | 51,554 | 47,141 | 38,166 | 28,340 | 19,224 | 22,528 |
| Liquidity & working capital | |||||||
| Current Ratio | 0.14x | 0.17x | 0.08x | 0.09x | 0.13x | 0.14x | 0.42x |
| Quick Ratio | 0.14x | 0.17x | 0.08x | 0.09x | 0.13x | 0.14x | 0.42x |
| Cash Ratio | 0.11x | 0.11x | 0.00x | 0.01x | 0.00x | 0.00x | 0.11x |
| Total Current Assets | 14,752 | 13,296 | 4,080 | 5,256 | 6,999 | 6,779 | 17,663 |
| Total Current Liabilities | 106,950 | 76,453 | 53,522 | 57,542 | 53,705 | 47,096 | 42,179 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trade Receivables | 37 | 1,496 | 961 | 610 | 1,283 | 776 | 537 |
| Trade Payables | 1,487 | 1,103 | 1,667 | 8,865 | 15,039 | 11,161 | 17,531 |
| Net Working Capital | -92,198 | -63,156 | -49,442 | -52,286 | -46,707 | -40,316 | -24,516 |
| Net Working Capital % of Revenue | -649.5% | -149.0% | -172.0% | -100.6% | -76.9% | -245.6% | -37.8% |
| Trade Working Capital | -1,449 | 394 | -706 | -8,255 | -13,756 | -10,385 | -16,994 |
| Trade Working Capital % of Revenue | -10.2% | 0.9% | -2.5% | -15.9% | -22.7% | -63.3% | -26.2% |
| Change in Trade Working Capital | N/A | 1,843 | -1,100 | -7,549 | -5,501 | 3,371 | -6,609 |
| Turnover & efficiency | |||||||
| Inventory Turnover | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Receivables Turnover | 379.41x | 28.32x | 29.91x | 85.20x | 47.33x | 21.15x | 120.76x |
| Days Sales Outstanding (DSO) | 1.0 | 12.9 | 12.2 | 4.3 | 7.7 | 17.3 | 3.0 |
| Payables Turnover | 12.84x | 16.55x | 5.23x | 1.82x | 1.54x | 1.24x | 2.39x |
| Days Payable Outstanding (DPO) | 28.4 | 22.1 | 69.8 | 201.1 | 237.6 | 293.2 | 153.0 |
| Cash Conversion Cycle | -27.5 days | -9.2 days | -57.6 days | -196.8 days | -229.9 days | -276.0 days | -150.0 days |
| Asset Turnover | 0.11x | 0.35x | 0.28x | 0.34x | 0.43x | 0.18x | 0.51x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | -40,719 | -3,732 | -5,946 | 11,321 | 7,210 | -8,324 | -2,269 |
| Free Cash Flow (OCF − Capex proxy) | -40,628 | -3,614 | -5,967 | 11,136 | 7,001 | 10,020 | 20,746 |
| Cash Conversion (OCF / EBITDA) | N/A | -45.0% | N/A | 50.8% | 35.3% | N/A | -21.2% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | N/A | N/A | 0.0% | 0.0% | N/A | 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.
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