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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
Georgian Water and Power LLC (GWP) is the regulated water-supply and wastewater utility for greater Tbilisi (~1.4m people, plus Rustavi and Mtskheta) and also runs small-hydro generation. It is the operating subsidiary of Georgia Global Utilities (GGU). Georgia Capital fully exited the water business, selling it to Spain's FCC Aqualia (majority in 2022; remaining stake completed July 2025), so GWP is now owned by FCC Aqualia — no longer a Georgia Capital company.
Subsidiary of Georgia Global Utilities (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 95.2% | 96.8% | 97.1% | 97.5% | 98.6% | 98.4% | 98.6% | 98.8% |
| EBITDA Margin | 70.3% | 52.9% | 56.2% | 50.5% | 64.8% | 66.4% | 57.0% | 64.1% |
| EBITDAR | 83,415 | 68,424 | 81,425 | 58,580 | 115,616 | 129,837 | 118,837 | 185,923 |
| EBITDAR Margin | 70.3% | 52.9% | 56.2% | 50.5% | 64.8% | 66.4% | 57.0% | 64.1% |
| EBIT Margin | 55.3% | 36.4% | 38.4% | 19.7% | 44.7% | 47.0% | 36.1% | 43.1% |
| Net Profit Margin | 29.3% | 22.5% | 24.3% | -42.2% | 33.6% | 54.2% | 23.2% | 24.2% |
| Operating Expense % of Sales | 24.9% | 43.9% | 40.9% | 47.0% | 33.8% | 32.1% | 41.6% | 34.7% |
| Returns | ||||||||
| Return on Assets (ROA) | 8.5% | 6.3% | 6.5% | -8.8% | 10.4% | 15.8% | 5.7% | 7.0% |
| Return on Equity (ROE) | 29.5% | 21.8% | 23.3% | -51.4% | 38.3% | 40.2% | 15.6% | 18.8% |
| ROIC [EBIT / Invested Capital] | 20.3% | 11.7% | 12.0% | 5.1% | 16.4% | 16.7% | 10.5% | 14.5% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 59.5% | 60.5% | 62.0% | 71.3% | 58.6% | 47.9% | 49.6% | 51.2% |
| Debt-to-Equity | 2.07x | 2.09x | 2.23x | 4.19x | 2.15x | 1.22x | 1.35x | 1.38x |
| Debt-to-EBITDA | 2.92x | 4.07x | 4.13x | 6.81x | 2.91x | 2.48x | 3.53x | 2.77x |
| Equity-to-Assets | 28.8% | 29.0% | 27.8% | 17.0% | 27.3% | 39.2% | 36.6% | 37.2% |
| Net Debt | 206,311 | 269,422 | 314,102 | 350,757 | 328,016 | 286,291 | 412,025 | 487,633 |
| Cash & Equivalents | 37,049 | 9,363 | 22,388 | 48,204 | 8,562 | 35,243 | 6,910 | 27,027 |
| Total Debt | 243,360 | 278,785 | 336,490 | 398,961 | 336,578 | 321,534 | 418,935 | 514,660 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.21x | 0.70x | 0.97x | 1.53x | 0.68x | 1.05x | 0.33x | 0.75x |
| Quick Ratio | 1.14x | 0.63x | 0.92x | 1.45x | 0.61x | 0.97x | 0.28x | 0.67x |
| Cash Ratio | 0.76x | 0.19x | 0.40x | 1.07x | 0.16x | 0.61x | 0.06x | 0.31x |
| Total Current Assets | 58,540 | 34,419 | 54,714 | 68,708 | 37,405 | 60,927 | 41,369 | 64,996 |
| Total Current Liabilities | 48,478 | 49,353 | 56,210 | 44,898 | 55,094 | 57,879 | 125,292 | 86,501 |
| Inventory | 3,033 | 3,218 | 3,069 | 3,663 | 3,827 | 4,502 | 6,633 | 7,430 |
| Trade Receivables | 17,108 | 19,156 | 22,529 | 14,901 | 21,560 | 20,039 | 22,794 | 27,180 |
| Trade Payables | 18,292 | 16,375 | 16,903 | 13,238 | 26,111 | 33,012 | 45,544 | 29,136 |
| Net Working Capital | 10,062 | -14,934 | -1,496 | 23,810 | -17,689 | 3,048 | -83,923 | -21,505 |
| Net Working Capital % of Revenue | 8.5% | -11.5% | -1.0% | 20.5% | -9.9% | 1.6% | -40.2% | -7.4% |
| Trade Working Capital | 1,849 | 5,999 | 8,695 | 5,326 | -724 | -8,471 | -16,117 | 5,474 |
| Trade Working Capital % of Revenue | 1.6% | 4.6% | 6.0% | 4.6% | -0.4% | -4.3% | -7.7% | 1.9% |
| Change in Trade Working Capital | N/A | 4,150 | 2,696 | -3,369 | -6,050 | -7,747 | -7,646 | 21,591 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 1.88x | 1.29x | 1.39x | 0.79x | 0.65x | 0.68x | 0.45x | 0.46x |
| Days Inventory Outstanding (DIO) | 194.0 | 283.3 | 263.2 | 463.4 | 559.4 | 533.3 | 803.5 | 789.3 |
| Receivables Turnover | 6.94x | 6.76x | 6.43x | 7.79x | 8.28x | 9.76x | 9.15x | 10.68x |
| Days Sales Outstanding (DSO) | 52.6 | 54.0 | 56.8 | 46.9 | 44.1 | 37.4 | 39.9 | 34.2 |
| Payables Turnover | 0.31x | 0.25x | 0.25x | 0.22x | 0.10x | 0.09x | 0.07x | 0.12x |
| Days Payable Outstanding (DPO) | 1170.1 | 1441.6 | 1449.6 | 1674.8 | 3816.8 | 3910.9 | 5517.3 | 3095.1 |
| Cash Conversion Cycle | -923.5 days | -1104.3 days | -1129.7 days | -1164.5 days | -3213.3 days | -3340.1 days | -4673.8 days | -2271.6 days |
| Asset Turnover | 0.29x | 0.28x | 0.27x | 0.21x | 0.31x | 0.29x | 0.25x | 0.29x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 47,495 | 68,552 | 83,020 | 59,533 | 102,215 | 129,564 | 116,038 | 174,557 |
| Free Cash Flow (OCF − Capex proxy) | 47,495 | -40,492 | 14,085 | 48,929 | 39,448 | 29,420 | -57,806 | -13,745 |
| Cash Conversion (OCF / EBITDA) | 56.9% | 100.2% | 102.0% | 101.6% | 88.4% | 99.8% | 97.6% | 93.9% |
| Dividends Declared | 466 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 1.3% | 0.0% | 0.0% | N/A | 0.0% | 0.0% | 0.0% | 0.0% |
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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