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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
Tbilisi Transport Company LLC is the wholly-municipal operator of public transport in Tbilisi — runs the two-line Tbilisi Metro (23 stations), city bus and minibus network, four aerial cable cars and one funicular. Flat 1 GEL fare; consolidated under SARAS as a state-owned PIE.
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 78.4% | 77.8% | 69.2% | 70.7% | 77.3% | 82.3% | 80.9% |
| EBITDA Margin | -16.7% | -22.3% | -98.6% | -79.8% | -6.7% | 4.6% | -9.6% |
| EBITDAR | -23,377 | -34,020 | -84,732 | -86,747 | -16,806 | 13,696 | -28,084 |
| EBITDAR Margin | -16.7% | -22.3% | -98.6% | -79.8% | -6.7% | 4.6% | -9.6% |
| EBIT Margin | -28.5% | -36.1% | -167.6% | -145.5% | -40.2% | -30.9% | -33.0% |
| Net Profit Margin | -39.8% | -46.6% | -174.4% | -159.0% | -38.5% | -32.1% | -30.0% |
| Operating Expense % of Sales | 95.1% | 100.0% | 167.8% | 150.5% | 83.9% | 77.7% | 90.5% |
| Returns | |||||||
| Return on Assets (ROA) | -13.1% | -17.6% | -28.2% | -24.0% | -14.7% | -14.0% | -10.2% |
| Return on Equity (ROE) | -14.6% | -20.7% | -30.5% | -28.1% | -15.9% | -15.1% | -11.9% |
| ROIC [EBIT / Invested Capital] | -19.5% | -20.0% | -31.5% | -29.0% | -18.1% | -17.0% | -14.4% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Debt-to-Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Debt-to-EBITDA | N/A | N/A | N/A | N/A | N/A | 0.00x | N/A |
| Equity-to-Assets | 90.2% | 84.8% | 92.4% | 85.5% | 92.7% | 93.2% | 85.9% |
| Net Debt | -178,006 | -68,419 | -33,252 | -69,451 | -48,633 | -91,339 | -68,421 |
| Cash & Equivalents | 178,006 | 68,419 | 33,252 | 69,451 | 48,633 | 91,339 | 68,421 |
| Total Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Liquidity & working capital | |||||||
| Current Ratio | 11.66x | 2.78x | 4.94x | 1.23x | 4.31x | 6.07x | 1.22x |
| Quick Ratio | 10.96x | 2.41x | 3.96x | 1.04x | 3.33x | 5.29x | 0.94x |
| Cash Ratio | 9.39x | 2.22x | 2.71x | 0.93x | 2.30x | 4.20x | 0.69x |
| Total Current Assets | 221,099 | 85,726 | 60,658 | 91,867 | 91,251 | 131,984 | 120,471 |
| Total Current Liabilities | 18,957 | 30,851 | 12,269 | 74,881 | 21,149 | 21,740 | 98,950 |
| Inventory | 13,359 | 11,237 | 12,134 | 13,829 | 20,761 | 17,026 | 27,000 |
| Trade Receivables | 802 | 744 | 14,210 | 8,587 | 21,857 | 23,619 | 25,050 |
| Trade Payables | N/A | N/A | N/A | N/A | 13,605 | 18,599 | 95,955 |
| Net Working Capital | 202,142 | 54,875 | 48,389 | 16,986 | 70,102 | 110,244 | 21,521 |
| Net Working Capital % of Revenue | 144.3% | 35.9% | 56.3% | 15.6% | 27.8% | 37.1% | 7.4% |
| Trade Working Capital | 14,161 | 11,981 | 26,344 | 22,416 | 29,013 | 22,046 | -43,905 |
| Trade Working Capital % of Revenue | 10.1% | 7.8% | 30.7% | 20.6% | 11.5% | 7.4% | -15.0% |
| Change in Trade Working Capital | N/A | -2,180 | 14,363 | -3,928 | 6,597 | -6,967 | -65,951 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 2.27x | 3.02x | 2.18x | 2.31x | 2.76x | 3.10x | 2.07x |
| Days Inventory Outstanding (DIO) | 160.9 | 120.8 | 167.4 | 158.3 | 132.0 | 117.8 | 176.4 |
| Receivables Turnover | 174.67x | 205.48x | 6.04x | 12.66x | 11.54x | 12.59x | 11.66x |
| Days Sales Outstanding (DSO) | 2.1 | 1.8 | 60.4 | 28.8 | 31.6 | 29.0 | 31.3 |
| Payables Turnover | N/A | N/A | N/A | N/A | 4.22x | 2.84x | 0.58x |
| Days Payable Outstanding (DPO) | N/A | N/A | N/A | N/A | 86.5 | 128.7 | 627.1 |
| Cash Conversion Cycle | 163.0 days | 122.6 days | 227.7 days | 187.1 days | 77.1 days | 18.1 days | -419.3 days |
| Asset Turnover | 0.33x | 0.38x | 0.16x | 0.15x | 0.38x | 0.44x | 0.34x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | -9,026 | -4,910 | -111,701 | -36,054 | -87,856 | 22,064 | 46,454 |
| Free Cash Flow (OCF − Capex proxy) | -61,384 | -140,654 | -324,536 | -257,054 | -112,164 | -67,756 | -210,748 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | N/A | N/A | N/A | 161.1% | N/A |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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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