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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
Real estate / hospitality SPV in Batumi.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 28.8% | 40.2% | 64.7% | 76.9% | 65.7% | 45.1% | 36.1% | 39.7% |
| EBITDA Margin | 15.1% | -4.4% | 24.6% | -32.8% | 38.8% | 43.1% | 27.4% | 31.4% |
| EBITDAR | 1,398 | -427 | 2,628 | -751 | 3,655 | 4,717 | 2,694 | 3,782 |
| EBITDAR Margin | 16.6% | -3.8% | 25.3% | -29.8% | 39.3% | 43.7% | 28.1% | 32.0% |
| EBIT Margin | -4.9% | -20.7% | 5.4% | -117.7% | 15.8% | 25.1% | 7.1% | 16.5% |
| Net Profit Margin | -79.0% | -91.6% | -117.2% | -1124.6% | 69.2% | 122.6% | -79.2% | -52.9% |
| Operating Expense % of Sales | 13.7% | 44.6% | 40.1% | 109.7% | 26.9% | 16.4% | 27.3% | 24.9% |
| Returns | ||||||||
| Return on Assets (ROA) | -9.4% | -15.2% | -16.3% | -39.3% | 9.0% | 19.3% | -11.1% | -9.3% |
| Return on Equity (ROE) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | -1.3% | -5.8% | 0.9% | -4.4% | 2.2% | 4.2% | 1.0% | 3.1% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 75.5% | 105.7% | 143.3% | 192.8% | 186.6% | 171.0% | 181.9% | 192.3% |
| Debt-to-Equity | -2.57x | -2.30x | -2.46x | -1.94x | -2.03x | -2.25x | -2.09x | -1.97x |
| Debt-to-EBITDA | 42.16x | N/A | 41.84x | N/A | 36.76x | 25.21x | 47.51x | 34.97x |
| Equity-to-Assets | -29.4% | -45.9% | -58.3% | -99.5% | -92.0% | -76.1% | -87.1% | -97.8% |
| Net Debt | 53,628 | 71,650 | 106,548 | 138,851 | 131,881 | 116,946 | 124,457 | 129,622 |
| Cash & Equivalents | 53 | 282 | 54 | 83 | 652 | 69 | 103 | 37 |
| Total Debt | 53,681 | 71,932 | 106,601 | 138,934 | 132,533 | 117,014 | 124,560 | 129,658 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.03x | 0.07x | 0.08x | 0.07x | 0.11x | 0.07x | 0.05x | 0.04x |
| Quick Ratio | 0.02x | 0.04x | 0.04x | 0.03x | 0.07x | 0.03x | 0.02x | 0.02x |
| Cash Ratio | 0.00x | 0.01x | 0.00x | 0.00x | 0.03x | 0.00x | 0.00x | 0.00x |
| Total Current Assets | 1,512 | 2,662 | 1,892 | 1,666 | 2,731 | 1,757 | 1,509 | 1,576 |
| Total Current Liabilities | 44,780 | 37,282 | 24,890 | 23,836 | 24,902 | 25,609 | 28,603 | 37,317 |
| Inventory | 533 | 1,113 | 938 | 906 | 967 | 874 | 996 | 811 |
| Trade Receivables | 542 | 1,134 | 738 | 468 | 631 | 551 | 394 | 723 |
| Trade Payables | 37,579 | 25,840 | 10,030 | 3,775 | 3,355 | 3,034 | 3,082 | 3,192 |
| Net Working Capital | -43,268 | -34,620 | -22,998 | -22,170 | -22,171 | -23,852 | -27,094 | -35,741 |
| Net Working Capital % of Revenue | -512.4% | -306.3% | -221.7% | -880.5% | -238.6% | -221.2% | -282.9% | -302.3% |
| Trade Working Capital | -36,504 | -23,593 | -8,354 | -2,401 | -1,756 | -1,609 | -1,692 | -1,658 |
| Trade Working Capital % of Revenue | -432.3% | -208.7% | -80.5% | -95.3% | -18.9% | -14.9% | -17.7% | -14.0% |
| Change in Trade Working Capital | N/A | 12,912 | 15,239 | 5,954 | 644 | 147 | -83 | 34 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 11.29x | 6.08x | 3.91x | 0.64x | 3.29x | 6.77x | 6.15x | 8.79x |
| Days Inventory Outstanding (DIO) | 32.3 | 60.1 | 93.4 | 568.1 | 110.9 | 53.9 | 59.3 | 41.5 |
| Receivables Turnover | 15.59x | 9.96x | 14.07x | 5.38x | 14.72x | 19.55x | 24.29x | 16.36x |
| Days Sales Outstanding (DSO) | 23.4 | 36.6 | 25.9 | 67.9 | 24.8 | 18.7 | 15.0 | 22.3 |
| Payables Turnover | 0.16x | 0.26x | 0.37x | 0.15x | 0.95x | 1.95x | 1.99x | 2.23x |
| Days Payable Outstanding (DPO) | 2281.7 | 1394.5 | 998.8 | 2366.2 | 384.5 | 187.2 | 183.7 | 163.4 |
| Cash Conversion Cycle | -2226.0 days | -1297.8 days | -879.4 days | -1730.2 days | -248.9 days | -114.6 days | -109.3 days | -99.6 days |
| Asset Turnover | 0.12x | 0.17x | 0.14x | 0.03x | 0.13x | 0.16x | 0.14x | 0.18x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -4,142 | -8,191 | -14,443 | -26,900 | 9,055 | 4,748 | 2,976 | 3,667 |
| Free Cash Flow (OCF − Capex proxy) | -4,142 | -8,908 | -23,910 | -26,916 | 9,029 | 4,198 | 1,036 | 3,200 |
| Cash Conversion (OCF / EBITDA) | -325.4% | N/A | -566.9% | N/A | 251.2% | 102.3% | 113.5% | 98.9% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | 0.0% | 0.0% | 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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