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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 128,200 · FY2024 171,000 — 3-yr total 299,200
JSC Silknet is Georgia's largest fixed-line telecom and second-largest mobile operator. Provides FTTH broadband, IPTV and fixed voice nationwide, plus mobile services after the 2018 acquisition of Geocell. Controlled by Silk Road Group / Ramishvili family.
Group parent — controls 3 companies · ownership
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 76.2% | 77.5% | 82.1% | 81.6% | 82.6% | 85.1% | 86.9% | 87.4% |
| EBITDA Margin | 61.2% | 53.2% | 54.7% | 54.9% | 55.5% | 59.8% | 57.8% | 61.5% |
| EBITDAR | 109,904 | 201,621 | 221,098 | 216,978 | 235,691 | 289,279 | 316,677 | 365,380 |
| EBITDAR Margin | 63.7% | 58.6% | 57.1% | 56.8% | 57.0% | 61.2% | 59.0% | 62.8% |
| EBIT Margin | 38.9% | 24.6% | 25.9% | 23.1% | 27.1% | 34.4% | 35.5% | 41.5% |
| Net Profit Margin | 10.1% | -3.0% | -11.9% | -22.8% | 10.0% | 28.4% | 28.7% | 33.3% |
| Operating Expense % of Sales | 15.0% | 24.2% | 27.4% | 26.7% | 27.1% | 25.4% | 29.1% | 26.0% |
| Returns | ||||||||
| Return on Assets (ROA) | 6.8% | -1.5% | -5.5% | -9.9% | 4.9% | 16.4% | 17.9% | 22.2% |
| Return on Equity (ROE) | 17.3% | -13.8% | -165.5% | N/A | N/A | 157.0% | 138.1% | 144.1% |
| ROIC [EBIT / Invested Capital] | 38.4% | 17.7% | 15.5% | 13.9% | 19.4% | 27.7% | 34.9% | 42.8% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 29.7% | 59.2% | 82.7% | 87.9% | 82.6% | 71.5% | 67.5% | 67.7% |
| Debt-to-Equity | 0.76x | 5.54x | 24.86x | -13.06x | -14.34x | 6.84x | 5.20x | 4.39x |
| Debt-to-EBITDA | 0.72x | 2.25x | 3.27x | 3.69x | 3.05x | 2.07x | 1.87x | 1.65x |
| Equity-to-Assets | 39.2% | 10.7% | 3.3% | -6.7% | -5.8% | 10.4% | 13.0% | 15.4% |
| Net Debt | 74,005 | 403,598 | 617,542 | 696,953 | 628,513 | 501,602 | 435,152 | 430,746 |
| Cash & Equivalents | 2,521 | 9,262 | 74,862 | 77,791 | 71,539 | 84,908 | 144,614 | 160,784 |
| Total Debt | 76,526 | 412,860 | 692,404 | 774,744 | 700,052 | 586,510 | 579,766 | 591,530 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.66x | 0.49x | 1.06x | 0.65x | 0.57x | 0.92x | 1.31x | 1.78x |
| Quick Ratio | 0.48x | 0.34x | 0.97x | 0.59x | 0.52x | 0.85x | 1.23x | 1.70x |
| Cash Ratio | 0.05x | 0.06x | 0.63x | 0.42x | 0.33x | 0.61x | 0.97x | 1.23x |
| Total Current Assets | 31,236 | 71,594 | 125,496 | 120,958 | 122,720 | 128,532 | 195,822 | 232,762 |
| Total Current Liabilities | 47,355 | 146,846 | 118,497 | 186,300 | 216,797 | 138,968 | 149,744 | 131,025 |
| Inventory | 8,424 | 22,283 | 10,980 | 10,645 | 10,675 | 9,878 | 11,470 | 9,843 |
| Trade Receivables | 20,291 | 37,876 | 37,481 | 30,349 | 31,750 | 31,573 | 37,565 | 38,926 |
| Trade Payables | 32,664 | 105,354 | 79,316 | 128,349 | 127,157 | 106,917 | 129,023 | 108,860 |
| Net Working Capital | -16,119 | -75,252 | 6,999 | -65,342 | -94,077 | -10,436 | 46,078 | 101,737 |
| Net Working Capital % of Revenue | -9.3% | -21.9% | 1.8% | -17.1% | -22.8% | -2.2% | 8.6% | 17.5% |
| Trade Working Capital | -3,949 | -45,195 | -30,855 | -87,355 | -84,732 | -65,466 | -79,988 | -60,091 |
| Trade Working Capital % of Revenue | -2.3% | -13.1% | -8.0% | -22.9% | -20.5% | -13.8% | -14.9% | -10.3% |
| Change in Trade Working Capital | N/A | -41,246 | 14,340 | -56,500 | 2,623 | 19,266 | -14,522 | 19,897 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 4.88x | 3.48x | 6.30x | 6.59x | 6.74x | 7.11x | 6.14x | 7.42x |
| Days Inventory Outstanding (DIO) | 74.8 | 104.8 | 57.9 | 55.4 | 54.2 | 51.3 | 59.4 | 49.2 |
| Receivables Turnover | 8.51x | 9.09x | 10.33x | 12.59x | 13.02x | 14.98x | 14.28x | 14.95x |
| Days Sales Outstanding (DSO) | 42.9 | 40.2 | 35.3 | 29.0 | 28.0 | 24.4 | 25.6 | 24.4 |
| Payables Turnover | 1.26x | 0.74x | 0.87x | 0.55x | 0.57x | 0.66x | 0.55x | 0.67x |
| Days Payable Outstanding (DPO) | 290.2 | 495.7 | 418.5 | 668.0 | 645.4 | 555.4 | 668.3 | 543.7 |
| Cash Conversion Cycle | -172.4 days | -350.7 days | -325.2 days | -583.6 days | -563.1 days | -479.7 days | -583.4 days | -470.1 days |
| Asset Turnover | 0.67x | 0.49x | 0.46x | 0.43x | 0.49x | 0.58x | 0.62x | 0.67x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 81,362 | 146,732 | 202,231 | 226,773 | 229,384 | 283,736 | 335,627 | 357,377 |
| Free Cash Flow (OCF − Capex proxy) | 81,362 | -280,396 | 49,072 | 90,858 | 127,605 | 187,199 | 254,977 | 250,738 |
| Cash Conversion (OCF / EBITDA) | 77.0% | 80.0% | 95.4% | 108.0% | 99.9% | 100.3% | 108.3% | 99.9% |
| Dividends Declared | 11,703 | 39,863 | 0 | 0 | 31,000 | 0 | 128,200 | 171,000 |
| Dividend Payout Ratio | 66.9% | N/A | N/A | N/A | 74.7% | 0.0% | 83.2% | 88.1% |
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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