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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
Aviation investment vehicle registered in Georgia.
Group parent — controls 1 company · ownership
| Ratio | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Margins | ||||
| Gross Margin | 69.0% | 62.0% | 15.4% | 35.5% |
| EBITDA Margin | 42.9% | 33.6% | -34.8% | 16.6% |
| EBITDAR | 22,563 | 20,737 | -5,585 | 10,956 |
| EBITDAR Margin | 43.4% | 34.1% | -34.0% | 16.9% |
| EBIT Margin | 25.4% | 11.9% | -88.2% | 5.1% |
| Net Profit Margin | 20.5% | 42.4% | -102.7% | 10.8% |
| Operating Expense % of Sales | 26.1% | 28.4% | 50.1% | 18.9% |
| Returns | ||||
| Return on Assets (ROA) | 7.0% | 18.2% | -18.1% | 5.5% |
| Return on Equity (ROE) | N/A | 236.7% | N/A | 686.9% |
| ROIC [EBIT / Invested Capital] | 57.6% | 18.4% | -110.2% | 17.3% |
| Leverage & debt balances | ||||
| Debt-to-Assets | 24.9% | 20.0% | 20.6% | 17.6% |
| Debt-to-Equity | -2.56x | 2.60x | -3.21x | 22.09x |
| Debt-to-EBITDA | 1.71x | 1.39x | N/A | 2.09x |
| Equity-to-Assets | -9.7% | 7.7% | -6.4% | 0.8% |
| Net Debt | 37,776 | 28,270 | 19,119 | 18,034 |
| Cash & Equivalents | 390 | 70 | 105 | 4,494 |
| Total Debt | 38,166 | 28,340 | 19,224 | 22,528 |
| Liquidity & working capital | ||||
| Current Ratio | 0.09x | 0.13x | 0.14x | 0.42x |
| Quick Ratio | 0.09x | 0.13x | 0.14x | 0.42x |
| Cash Ratio | 0.01x | 0.00x | 0.00x | 0.11x |
| Total Current Assets | 5,258 | 6,999 | 6,779 | 17,664 |
| Total Current Liabilities | 57,542 | 54,211 | 47,096 | 42,105 |
| Inventory | N/A | N/A | N/A | N/A |
| Trade Receivables | 610 | 1,283 | 776 | 537 |
| Trade Payables | 8,865 | 15,039 | 11,161 | 17,458 |
| Net Working Capital | -52,285 | -47,212 | -40,316 | -24,442 |
| Net Working Capital % of Revenue | -100.6% | -77.7% | -245.6% | -37.7% |
| Trade Working Capital | -8,255 | -13,756 | -10,385 | -16,921 |
| Trade Working Capital % of Revenue | -15.9% | -22.7% | -63.3% | -26.1% |
| Change in Trade Working Capital | N/A | -5,501 | 3,371 | -6,536 |
| Turnover & efficiency | ||||
| Inventory Turnover | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A |
| Receivables Turnover | 85.20x | 47.33x | 21.15x | 120.76x |
| Days Sales Outstanding (DSO) | 4.3 | 7.7 | 17.3 | 3.0 |
| Payables Turnover | 1.82x | 1.54x | 1.24x | 2.40x |
| Days Payable Outstanding (DPO) | 201.1 | 237.6 | 293.2 | 152.4 |
| Cash Conversion Cycle | -196.8 days | -229.9 days | -276.0 days | -149.3 days |
| Asset Turnover | 0.34x | 0.43x | 0.18x | 0.51x |
| Cash flow & dividends | ||||
| Operating Cash Flow | 11,321 | 7,208 | -8,324 | -2,269 |
| Free Cash Flow (OCF − Capex proxy) | 11,136 | 6,999 | 10,020 | 20,746 |
| Cash Conversion (OCF / EBITDA) | 50.8% | 35.3% | N/A | -21.1% |
| Dividends Declared | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 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.
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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