Financial model case study2024 · Portfolio
Isani District — Tbilisi
Beri Gabriel Salosi:
a development modeled cash-first
The brief

"Cash flow is king."

Every figure in this deck is extracted programmatically from the workbook itself — nothing re-typed, nothing asserted.

Giorgi Zazadze · Group CFO, Fulcrum Holding
Built for Omnia Georgia LLC · O M N Real Estate LLC, Dubai

Excel · VBA · Python

Six lots · one masterplan

Six lots on the edge of Isani

Phase 1 · road-side — lots 6 · 5 · 2 · 1
Phase 2 · inner — lots 4 · 3
Hover a marker for the lot's brief
Built in two phases, road-side first
Fourteen buildings and a kindergarten, opened in the order the site and the market allow — each start a separate financing decision. Lots 5–6 are planned bottom-up; lots 1–4 stay parametric until their architecture is fixed.
Every price has a reason
Residential tranches, US$ / m² VAT-incl. Each lot is priced by where it sits in the build sequence — and by what it is.
Launch trancheFinal tranche
Five revenue engines, one number that matters — priced tranche by tranche, never as a flat average.
$0M
Gross development value · VAT-incl
What a square metre costs — and keeps
Per sellable square metre, ex-VAT: from the average sale price down to what the project keeps. Land at $260 per m² of plot — a price the Tbilisi market no longer offers — is the structural edge; everything else is execution.
Sales don't pay for construction on time
Cash flow is king
LeveredUnlevered
Financed the way it's built
Two kinds of capital, each used for what it does best — and no single lender able to stop the programme.
Where the money came from — and went
What could go wrong — and what it costs
Net cash flow under the four shocks that matter: a market-wide price cut, the late premium never materialising, construction inflation, and a year lost to slow absorption.
The result
One hundred and eight months, six lots, two lenders and a buffer — reduced to the number a shareholder asks for first.
$0M
Project net cash flow · after land, build, interest and VAT
How it was built
A 24-sheet workbook where market evidence enters at one end and a monthly cash position leaves at the other — every step traceable.
Tools and know-how
What this model was built with, and what it took to know. Named plainly, because the craft is the point.
Revenue by segment
Quantities, blended tranche prices and totals — VAT-inclusive and ex-VAT, as carried in the model.
Residential tranches by lot
Sellable m² per tranche, its sales window and its US$ / m² price (VAT-incl) — the raw inputs behind the pricing and timing slides.
Financing terms and sensitivities
Facilities as modeled, and the net cash flow under each scenario.
Financial model case studyGiorgi Zazadze · 2024
Cash flow
is king.
Giorgi Zazadze
Group CFO, Fulcrum Holding · financial modeling, project finance, real-estate development
⌂ giorgizazadze.com