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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 1,815 · FY2022 0 · FY2023 0 — 3-yr total 1,815
Georgian cargo airline based in Tbilisi, operating freighter aircraft for international cargo services.
Group parent — controls 2 companies · ownership
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 88.1% | 92.5% | 93.4% | 42.5% | 35.5% | 50.5% |
| EBITDA Margin | 4.3% | 6.8% | 8.6% | 4.0% | 4.3% | -3.9% |
| EBITDAR | 8,983 | 20,926 | 36,953 | 52,497 | 58,875 | 11,724 |
| EBITDAR Margin | 59.5% | 67.9% | 39.3% | 19.5% | 16.4% | 8.0% |
| EBIT Margin | 4.2% | 6.6% | 8.4% | 1.9% | 1.0% | -10.5% |
| Net Profit Margin | 3.9% | 7.0% | 10.8% | 1.9% | 3.1% | -10.8% |
| Operating Expense % of Sales | 83.8% | 85.7% | 84.8% | 38.5% | 31.2% | 54.4% |
| Returns | ||||||
| Return on Assets (ROA) | 22.3% | 31.2% | 45.5% | 7.2% | 7.0% | -14.6% |
| Return on Equity (ROE) | 91.2% | 76.8% | 90.7% | 35.9% | 43.2% | -159.1% |
| ROIC [EBIT / Invested Capital] | 108.2% | 76.4% | 91.5% | 26.7% | 3.8% | -25.4% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 0.0% | 0.0% | 8.2% | 14.9% | 44.4% | 47.5% |
| Debt-to-Equity | 0.00x | 0.00x | 0.16x | 0.74x | 2.74x | 5.16x |
| Debt-to-EBITDA | 0.00x | 0.00x | 0.23x | 1.01x | 4.58x | N/A |
| Equity-to-Assets | 24.5% | 40.6% | 50.2% | 20.1% | 16.2% | 9.2% |
| Net Debt | -58 | -155 | -2,589 | 4,807 | 69,215 | 50,485 |
| Cash & Equivalents | 58 | 155 | 4,421 | 6,029 | 1,224 | 713 |
| Total Debt | N/A | N/A | 1,832 | 10,836 | 70,439 | 51,197 |
| Liquidity & working capital | ||||||
| Current Ratio | 1.29x | 1.03x | 1.43x | 1.14x | 0.67x | 0.49x |
| Quick Ratio | 1.29x | 0.79x | 1.17x | 1.03x | 0.57x | 0.36x |
| Cash Ratio | 0.03x | 0.04x | 0.43x | 0.12x | 0.02x | 0.01x |
| Total Current Assets | 2,583 | 4,234 | 14,693 | 57,935 | 52,931 | 31,575 |
| Total Current Liabilities | 2,002 | 4,101 | 10,290 | 50,714 | 79,292 | 64,610 |
| Inventory | 3 | 987 | 2,675 | 5,646 | 7,994 | 8,284 |
| Trade Receivables | 2,150 | 2,820 | 5,132 | 21,405 | 12,177 | 3,190 |
| Trade Payables | 1,993 | 4,076 | 5,777 | 23,553 | 42,589 | 37,096 |
| Net Working Capital | 580 | 133 | 4,403 | 7,221 | -26,361 | -33,034 |
| Net Working Capital % of Revenue | 3.8% | 0.4% | 4.7% | 2.7% | -7.3% | -22.7% |
| Trade Working Capital | 160 | -268 | 2,029 | 3,498 | -22,418 | -25,622 |
| Trade Working Capital % of Revenue | 1.1% | -0.9% | 2.2% | 1.3% | -6.2% | -17.6% |
| Change in Trade Working Capital | N/A | -428 | 2,298 | 1,469 | -25,916 | -3,204 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 669.65x | 2.35x | 2.32x | 27.36x | 29.01x | 8.71x |
| Days Inventory Outstanding (DIO) | 0.5 | 155.4 | 157.0 | 13.3 | 12.6 | 41.9 |
| Receivables Turnover | 7.02x | 10.93x | 18.30x | 12.56x | 29.52x | 45.70x |
| Days Sales Outstanding (DSO) | 52.0 | 33.4 | 19.9 | 29.1 | 12.4 | 8.0 |
| Payables Turnover | 0.90x | 0.57x | 1.08x | 6.56x | 5.45x | 1.95x |
| Days Payable Outstanding (DPO) | 404.8 | 641.8 | 339.1 | 55.6 | 67.0 | 187.7 |
| Cash Conversion Cycle | -352.2 days | -453.0 days | -162.2 days | -13.2 days | -42.1 days | -137.8 days |
| Asset Turnover | 5.69x | 4.47x | 4.22x | 3.71x | 2.27x | 1.35x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 11 | 2,895 | 11,104 | 10,630 | 37,858 | 1,633 |
| Free Cash Flow (OCF − Capex proxy) | -36 | 228 | 4,709 | -4,406 | -34,279 | 12,079 |
| Cash Conversion (OCF / EBITDA) | 1.7% | 138.6% | 138.0% | 99.5% | 246.4% | N/A |
| Dividends Declared | 0 | 0 | 1,627 | 1,815 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | 0.0% | 16.1% | 34.7% | 0.0% | 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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