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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
Operator of the Georgian section of the Baku-Tbilisi-Kars railway, the strategic freight corridor linking Azerbaijan and Turkey via Georgia.
Subsidiary of Sakhelmtsipo (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBITDA Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBITDAR | -584 | -4,500 | -4,871 | -4,785 | -5,388 | -4,904 | -4,393 | -4,538 |
| EBITDAR Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Profit Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Expense % of Sales | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Returns | ||||||||
| Return on Assets (ROA) | 1.0% | -7.0% | -11.9% | -22.8% | 6.7% | 17.8% | -1.4% | -8.1% |
| Return on Equity (ROE) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | -0.2% | -0.4% | -0.4% | -0.4% | -0.4% | -0.3% | -0.3% | -0.3% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 139.6% | 144.2% | 153.6% | 171.6% | 158.2% | 138.3% | 137.9% | 145.0% |
| Debt-to-Equity | -3.44x | -3.17x | -2.79x | -2.34x | -2.65x | -3.51x | -3.49x | -3.13x |
| Debt-to-EBITDA | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity-to-Assets | -40.6% | -45.5% | -55.1% | -73.2% | -59.7% | -39.4% | -39.5% | -46.2% |
| Net Debt | 1,941,859 | 2,103,485 | 2,353,736 | 2,877,698 | 2,922,287 | 2,668,036 | 2,748,780 | 2,993,756 |
| Cash & Equivalents | 3,317 | 3,224 | 5,478 | 2,964 | 3,431 | 7,379 | 7,124 | 5,950 |
| Total Debt | 1,945,176 | 2,106,709 | 2,359,214 | 2,880,662 | 2,925,718 | 2,675,415 | 2,755,904 | 2,999,706 |
| Liquidity & working capital | ||||||||
| Current Ratio | 53.12x | 5.92x | 4.49x | 3.62x | 3.51x | 4.60x | 2.41x | 2.41x |
| Quick Ratio | 53.12x | 5.92x | 4.49x | 3.62x | 3.50x | 4.60x | 2.41x | 2.41x |
| Cash Ratio | 1.06x | 0.17x | 0.24x | 0.11x | 0.12x | 0.36x | 0.22x | 0.22x |
| Total Current Assets | 165,742 | 111,878 | 103,405 | 100,377 | 102,261 | 93,244 | 77,835 | 63,676 |
| Total Current Liabilities | 3,120 | 18,886 | 23,006 | 27,750 | 29,173 | 20,273 | 32,342 | 26,458 |
| Inventory | 10 | 10 | 10 | 13 | 14 | 11 | 14 | 12 |
| Trade Receivables | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trade Payables | 3,120 | 7,496 | 10,787 | 14,338 | 14,200 | 3,987 | 15,143 | 8,326 |
| Net Working Capital | 162,622 | 92,992 | 80,399 | 72,627 | 73,088 | 72,971 | 45,493 | 37,218 |
| Net Working Capital % of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trade Working Capital | -3,110 | -7,486 | -10,777 | -14,325 | -14,186 | -3,976 | -15,129 | -8,314 |
| Trade Working Capital % of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Change in Trade Working Capital | N/A | -4,376 | -3,291 | -3,548 | 139 | 10,210 | -11,153 | 6,815 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Receivables Turnover | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Sales Outstanding (DSO) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Payables Turnover | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Asset Turnover | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -22,383 | -19,732 | -5,435 | -16,211 | -20,995 | -15,830 | 9,492 | 191 |
| Free Cash Flow (OCF − Capex proxy) | -22,383 | -56,114 | -27,996 | -99,290 | -119,445 | -43,482 | -13,420 | -38,524 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | N/A | N/A | N/A | 0.0% | 0.0% | 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).
Ranked by how close each latest revenue is to this one — not a curated comp set.