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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 18,000 — 3-yr total 18,000
JSC Telasi is the regulated electricity-distribution utility for the city of Tbilisi (~520K customers), majority-owned by Russia's Inter RAO. Operates ~7,500km of urban distribution network and the metering / billing infrastructure for the capital.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 26.7% | 26.8% | 20.1% | 85.2% | 90.4% | 81.6% | 84.5% | 81.6% |
| EBITDA Margin | 22.5% | 10.9% | 9.0% | 42.8% | 60.0% | 53.4% | 56.7% | 54.0% |
| EBITDAR | 98,823 | 52,205 | 40,914 | 53,314 | 109,159 | 112,449 | 125,775 | 122,981 |
| EBITDAR Margin | 22.5% | 10.9% | 9.0% | 42.8% | 60.0% | 53.4% | 56.7% | 54.0% |
| EBIT Margin | 19.8% | 8.1% | 5.9% | 30.7% | 50.7% | 44.9% | 48.0% | 44.6% |
| Net Profit Margin | 5.1% | 5.8% | 3.1% | -58.6% | 30.7% | 37.4% | 47.4% | 41.0% |
| Operating Expense % of Sales | 4.2% | 16.0% | 17.7% | 59.3% | 43.5% | 44.2% | 46.5% | 48.1% |
| Returns | ||||||||
| Return on Assets (ROA) | 6.9% | 8.1% | 3.9% | -19.9% | 14.3% | 19.1% | 22.6% | 15.4% |
| Return on Equity (ROE) | 14.5% | 15.3% | 7.2% | -59.8% | 31.4% | 30.6% | 29.0% | 21.3% |
| ROIC [EBIT / Invested Capital] | 46.3% | 17.5% | 11.1% | 21.6% | 38.6% | 30.0% | 28.5% | 21.0% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 16.0% | 14.8% | 13.9% | 15.7% | 16.0% | 14.3% | 5.2% | 7.7% |
| Debt-to-Equity | 0.34x | 0.28x | 0.26x | 0.47x | 0.35x | 0.23x | 0.07x | 0.11x |
| Debt-to-EBITDA | 0.52x | 0.96x | 1.23x | 1.08x | 0.57x | 0.53x | 0.19x | 0.38x |
| Equity-to-Assets | 47.8% | 53.0% | 54.0% | 33.3% | 45.6% | 62.4% | 78.0% | 72.3% |
| Net Debt | 34,487 | 42,388 | 44,835 | 55,076 | 61,111 | 58,425 | 10,583 | 45,472 |
| Cash & Equivalents | 16,919 | 7,941 | 5,453 | 2,339 | 1,173 | 623 | 13,425 | 1,194 |
| Total Debt | 51,406 | 50,329 | 50,288 | 57,415 | 62,284 | 59,048 | 24,008 | 46,666 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.69x | 0.63x | 0.50x | 0.27x | 0.33x | 0.42x | 0.89x | 0.56x |
| Quick Ratio | 0.62x | 0.56x | 0.44x | 0.24x | 0.29x | 0.36x | 0.79x | 0.50x |
| Cash Ratio | 0.14x | 0.07x | 0.04x | 0.01x | 0.01x | 0.01x | 0.19x | 0.01x |
| Total Current Assets | 83,855 | 75,279 | 69,230 | 60,932 | 57,356 | 48,583 | 62,858 | 65,543 |
| Total Current Liabilities | 121,309 | 118,928 | 139,295 | 226,177 | 172,780 | 116,262 | 70,468 | 116,120 |
| Inventory | 8,710 | 8,894 | 8,127 | 7,032 | 6,488 | 6,311 | 6,937 | 7,450 |
| Trade Receivables | 55,028 | 56,138 | 54,493 | 49,902 | 47,217 | 31,875 | 28,897 | 31,306 |
| Trade Payables | 77,174 | 69,389 | 79,300 | 137,777 | 97,319 | 67,066 | 24,366 | 57,375 |
| Net Working Capital | -37,454 | -43,649 | -70,065 | -165,245 | -115,424 | -67,679 | -7,610 | -50,577 |
| Net Working Capital % of Revenue | -8.5% | -9.1% | -15.5% | -132.7% | -63.4% | -32.1% | -3.4% | -22.2% |
| Trade Working Capital | -13,436 | -4,357 | -16,680 | -80,843 | -43,614 | -28,880 | 11,468 | -18,619 |
| Trade Working Capital % of Revenue | -3.1% | -0.9% | -3.7% | -64.9% | -24.0% | -13.7% | 5.2% | -8.2% |
| Change in Trade Working Capital | N/A | 9,079 | -12,323 | -64,163 | 37,229 | 14,734 | 40,348 | -30,087 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 36.95x | 39.47x | 44.53x | 2.61x | 2.69x | 6.13x | 4.97x | 5.63x |
| Days Inventory Outstanding (DIO) | 9.9 | 9.2 | 8.2 | 139.7 | 135.5 | 59.5 | 73.4 | 64.8 |
| Receivables Turnover | 7.98x | 8.55x | 8.31x | 2.50x | 3.85x | 6.61x | 7.68x | 7.28x |
| Days Sales Outstanding (DSO) | 45.8 | 42.7 | 43.9 | 146.3 | 94.7 | 55.2 | 47.5 | 50.2 |
| Payables Turnover | 4.17x | 5.06x | 4.56x | 0.13x | 0.18x | 0.58x | 1.42x | 0.73x |
| Days Payable Outstanding (DPO) | 87.5 | 72.1 | 80.0 | 2737.7 | 2032.6 | 632.6 | 257.8 | 499.4 |
| Cash Conversion Cycle | -31.9 days | -20.2 days | -27.9 days | -2451.7 days | -1802.3 days | -517.9 days | -136.9 days | -384.4 days |
| Asset Turnover | 1.37x | 1.41x | 1.26x | 0.34x | 0.47x | 0.51x | 0.48x | 0.38x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 34,249 | 63,655 | 72,716 | 36,383 | 58,858 | 94,639 | 116,740 | 143,711 |
| Free Cash Flow (OCF − Capex proxy) | 34,249 | 21,092 | 28,815 | 2,413 | 18,106 | 25,461 | 55,304 | -10,414 |
| Cash Conversion (OCF / EBITDA) | 34.7% | 121.9% | 177.7% | 68.2% | 53.9% | 84.2% | 92.8% | 116.9% |
| Dividends Declared | 20,000 | 0 | 0 | 0 | 0 | 0 | 0 | 18,000 |
| Dividend Payout Ratio | 89.9% | 0.0% | 0.0% | N/A | 0.0% | 0.0% | 0.0% | 19.3% |
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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