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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 2,181 · FY2023 4,267 · FY2024 3,703 — 3-yr total 10,151
Operates in Power & Utilities — Hydropower. Per the activity note to the FY2024 annual report, the group generates, plans and supplies electricity.
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 100.0% | 71.1% | 68.8% | 69.9% | 64.8% | 67.6% | 66.7% |
| EBITDA Margin | 19.4% | 58.9% | 56.1% | 60.1% | 51.2% | 59.3% | 56.9% |
| EBITDAR | 937 | 4,473 | 4,222 | 4,959 | 4,313 | 5,572 | 5,052 |
| EBITDAR Margin | 19.9% | 59.2% | 56.3% | 60.2% | 51.3% | 59.4% | 57.0% |
| EBIT Margin | -13.2% | 58.9% | 56.1% | 60.1% | 51.2% | 59.3% | 56.9% |
| Net Profit Margin | 14.2% | 34.8% | -7.9% | 70.9% | 60.4% | 46.4% | 50.0% |
| Operating Expense % of Sales | 80.6% | 12.2% | 12.7% | 9.8% | 13.8% | 8.4% | 9.8% |
| Returns | |||||||
| Return on Assets (ROA) | 2.5% | 10.0% | -2.5% | 25.8% | 25.6% | 23.0% | 26.0% |
| Return on Equity (ROE) | 10.6% | 35.0% | -12.8% | 71.4% | 50.6% | 42.9% | 40.7% |
| ROIC [EBIT / Invested Capital] | -2.7% | 18.8% | 19.4% | 25.9% | 23.2% | 35.8% | 34.2% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 73.6% | 70.0% | 80.2% | 62.6% | 49.0% | 43.4% | 35.8% |
| Debt-to-Equity | 3.07x | 2.46x | 4.09x | 1.74x | 0.97x | 0.81x | 0.56x |
| Debt-to-EBITDA | 21.24x | 4.16x | 4.53x | 2.87x | 2.26x | 1.48x | 1.21x |
| Equity-to-Assets | 24.0% | 28.4% | 19.6% | 36.1% | 50.5% | 53.5% | 63.9% |
| Net Debt | 17,034 | 16,176 | 17,020 | 10,911 | 8,501 | 5,382 | 3,871 |
| Cash & Equivalents | 2,361 | 2,315 | 2,043 | 3,283 | 1,218 | 2,838 | 2,223 |
| Total Debt | 19,395 | 18,491 | 19,063 | 14,194 | 9,719 | 8,220 | 6,095 |
| Liquidity & working capital | |||||||
| Current Ratio | 2.20x | 1.82x | 2.05x | 2.09x | 1.34x | 1.40x | 1.87x |
| Quick Ratio | 2.18x | 1.80x | 2.04x | 2.08x | 1.32x | 1.39x | 1.86x |
| Cash Ratio | 1.50x | 1.18x | 1.42x | 1.68x | 0.66x | 1.08x | 1.04x |
| Total Current Assets | 3,450 | 3,576 | 2,956 | 4,083 | 2,474 | 3,686 | 4,003 |
| Total Current Liabilities | 1,570 | 1,962 | 1,441 | 1,950 | 1,840 | 2,627 | 2,144 |
| Inventory | 34 | 49 | 23 | 27 | 44 | 35 | 23 |
| Trade Receivables | 318 | 566 | 535 | 628 | 527 | 600 | 1,258 |
| Trade Payables | 638 | 399 | 52 | 310 | 91 | 595 | 53 |
| Net Working Capital | 1,880 | 1,614 | 1,515 | 2,133 | 634 | 1,059 | 1,860 |
| Net Working Capital % of Revenue | 39.8% | 21.4% | 20.2% | 25.9% | 7.5% | 11.3% | 21.0% |
| Trade Working Capital | -286 | 217 | 505 | 344 | 480 | 41 | 1,228 |
| Trade Working Capital % of Revenue | -6.1% | 2.9% | 6.7% | 4.2% | 5.7% | 0.4% | 13.9% |
| Change in Trade Working Capital | N/A | 503 | 288 | -161 | 135 | -439 | 1,188 |
| Turnover & efficiency | |||||||
| Inventory Turnover | N/A | 44.55x | 103.18x | 91.21x | 67.36x | 86.67x | 126.40x |
| Days Inventory Outstanding (DIO) | N/A | 8.2 | 3.5 | 4.0 | 5.4 | 4.2 | 2.9 |
| Receivables Turnover | 14.84x | 13.34x | 14.03x | 13.14x | 15.95x | 15.62x | 7.04x |
| Days Sales Outstanding (DSO) | 24.6 | 27.4 | 26.0 | 27.8 | 22.9 | 23.4 | 51.8 |
| Payables Turnover | N/A | 5.48x | 44.93x | 8.00x | 32.45x | 5.11x | 55.32x |
| Days Payable Outstanding (DPO) | N/A | 66.6 | 8.1 | 45.6 | 11.2 | 71.5 | 6.6 |
| Cash Conversion Cycle | 24.6 days | -31.0 days | 21.4 days | -13.9 days | 17.1 days | -43.9 days | 48.1 days |
| Asset Turnover | 0.18x | 0.29x | 0.32x | 0.36x | 0.42x | 0.49x | 0.52x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 2,946 | 5,577 | 4,758 | 6,490 | 5,313 | 7,490 | 6,075 |
| Free Cash Flow (OCF − Capex proxy) | -3,613 | 3,671 | 4,573 | 6,469 | 4,774 | 7,705 | 5,685 |
| Cash Conversion (OCF / EBITDA) | 322.7% | 125.4% | 113.1% | 131.1% | 123.4% | 134.6% | 120.4% |
| Dividends Declared | 0 | 0 | 0 | 0 | 2,181 | 4,267 | 3,703 |
| Dividend Payout Ratio | 0.0% | 0.0% | N/A | 0.0% | 43.0% | 98.0% | 83.7% |
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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