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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Logistics & Transport — Passenger Transport. Per the activity note to the FY2024 annual report, the company provides air transport services for passengers and freight.
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 418.3% | 618.8% | 44.0% | 30.2% | 20.2% | 13.2% | 20.3% |
| EBITDA Margin | 369.2% | 574.4% | 1.4% | -5.8% | -8.9% | -99.6% | 7.8% |
| EBITDAR | 7,553 | 9,976 | 129 | -382 | -766 | -7,533 | 589 |
| EBITDAR Margin | 369.2% | 574.4% | 2.6% | -5.3% | -8.7% | -99.3% | 8.0% |
| EBIT Margin | 369.2% | 551.4% | -13.0% | -11.2% | -13.8% | -109.0% | -1.1% |
| Net Profit Margin | 38.9% | 11.5% | -21.0% | -1.5% | -6.1% | -13.3% | -0.6% |
| Operating Expense % of Sales | 49.2% | 44.4% | 42.6% | 36.0% | 29.2% | 112.8% | 12.5% |
| Returns | |||||||
| Return on Assets (ROA) | 16.1% | 2.6% | -14.5% | -1.5% | -7.1% | -15.0% | -0.7% |
| Return on Equity (ROE) | 93.2% | 5.7% | -41.1% | -4.7% | -29.0% | -121.6% | -5.7% |
| ROIC [EBIT / Invested Capital] | 172.7% | 159.7% | -11.9% | -13.5% | -20.8% | -176.8% | -1.8% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 72.6% | 36.6% | 43.6% | 50.0% | 54.4% | 59.0% | 61.3% |
| Debt-to-Equity | 4.20x | 0.81x | 1.24x | 1.56x | 2.22x | 4.79x | 4.90x |
| Debt-to-EBITDA | 0.48x | 0.29x | 44.81x | N/A | N/A | N/A | 6.78x |
| Equity-to-Assets | 17.3% | 45.1% | 35.1% | 32.1% | 24.5% | 12.3% | 12.5% |
| Net Debt | 3,520 | 2,486 | 2,828 | 3,621 | 4,043 | 3,843 | 3,809 |
| Cash & Equivalents | 69 | 363 | 259 | 77 | 45 | 137 | 46 |
| Total Debt | 3,589 | 2,849 | 3,088 | 3,698 | 4,088 | 3,980 | 3,854 |
| Liquidity & working capital | |||||||
| Current Ratio | 1.37x | 1.49x | 1.27x | 2.05x | 0.92x | 0.73x | 1.03x |
| Quick Ratio | 1.37x | 1.31x | 1.26x | 1.65x | 0.92x | 0.73x | 1.03x |
| Cash Ratio | 0.04x | 0.17x | 0.12x | 0.06x | 0.02x | 0.04x | 0.02x |
| Total Current Assets | 2,404 | 3,145 | 2,802 | 2,784 | 2,569 | 2,476 | 2,310 |
| Total Current Liabilities | 1,757 | 2,107 | 2,207 | 1,355 | 2,805 | 3,374 | 2,249 |
| Inventory | N/A | 385 | 32 | 553 | N/A | N/A | N/A |
| Trade Receivables | 1,997 | 2,259 | 2,510 | 2,154 | 1,991 | 1,852 | 1,746 |
| Trade Payables | 458 | 1,416 | 1,484 | 1,308 | 1,493 | 1,493 | 1,352 |
| Net Working Capital | 646 | 1,038 | 595 | 1,429 | -235 | -898 | 61 |
| Net Working Capital % of Revenue | 31.6% | 59.8% | 12.2% | 19.8% | -2.7% | -11.8% | 0.8% |
| Trade Working Capital | 1,539 | 1,228 | 1,059 | 1,399 | 498 | 359 | 395 |
| Trade Working Capital % of Revenue | 75.2% | 70.7% | 21.7% | 19.4% | 5.6% | 4.7% | 5.4% |
| Change in Trade Working Capital | N/A | -311 | -170 | 341 | -902 | -138 | 35 |
| Turnover & efficiency | |||||||
| Inventory Turnover | N/A | 23.41x | 85.09x | 9.10x | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 15.6 | 4.3 | 40.1 | N/A | N/A | N/A |
| Receivables Turnover | 1.02x | 0.77x | 1.94x | 3.34x | 4.43x | 4.09x | 4.19x |
| Days Sales Outstanding (DSO) | 356.3 | 474.7 | 188.2 | 109.1 | 82.3 | 89.2 | 87.1 |
| Payables Turnover | 14.21x | 6.36x | 1.84x | 3.84x | 4.72x | 4.41x | 4.32x |
| Days Payable Outstanding (DPO) | 25.7 | 57.4 | 198.8 | 94.9 | 77.4 | 82.8 | 84.6 |
| Cash Conversion Cycle | 330.6 days | 433.0 days | -6.3 days | 54.3 days | 4.9 days | 6.4 days | 2.5 days |
| Asset Turnover | 0.41x | 0.22x | 0.69x | 0.97x | 1.17x | 1.12x | 1.16x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 935 | 294 | 824 | 7,086 | 378 | 120 | 245 |
| Free Cash Flow (OCF − Capex proxy) | -1,600 | 294 | 489 | 199 | -383 | 42 | 232 |
| Cash Conversion (OCF / EBITDA) | 12.4% | 2.9% | 1196.3% | N/A | N/A | N/A | 43.1% |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | 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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