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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
JSC Georgian State Electrosystem (GSE) is the state-owned national electricity transmission system operator (TSO). Owns and operates Georgia's high-voltage grid (500/400/220/110 kV lines) and the country's cross-border interconnections to Russia, Turkey, Armenia and Azerbaijan.
Group parent — controls 1 company · ownership
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 94.8% | 90.5% | 87.4% | 79.7% | 84.6% | 86.3% | 87.8% | 87.8% |
| EBITDA Margin | 86.2% | 68.4% | 64.9% | 51.3% | 65.5% | 71.3% | 59.3% | 59.4% |
| EBITDAR | 127,076 | 162,036 | 152,147 | 93,370 | 194,639 | 246,919 | 201,275 | 210,650 |
| EBITDAR Margin | 86.2% | 68.4% | 64.9% | 51.3% | 65.5% | 71.3% | 59.3% | 59.4% |
| EBIT Margin | -121.5% | 30.6% | 43.5% | 117.7% | 43.8% | 50.8% | 38.0% | 37.8% |
| Net Profit Margin | -217.3% | 19.8% | 19.0% | -26.3% | 79.0% | 87.9% | 25.0% | 31.9% |
| Operating Expense % of Sales | 8.6% | 22.1% | 25.7% | 36.4% | 22.7% | 17.3% | 29.6% | 30.6% |
| Returns | ||||||||
| Return on Assets (ROA) | -29.1% | 4.0% | 3.7% | -3.4% | 15.8% | 17.9% | 4.6% | 5.8% |
| Return on Equity (ROE) | N/A | N/A | N/A | N/A | 154.8% | 60.6% | 14.2% | 15.4% |
| ROIC [EBIT / Invested Capital] | -21.6% | 8.4% | 11.4% | 20.4% | 10.0% | 13.1% | 8.7% | 8.5% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 95.8% | 85.9% | 82.9% | 88.1% | 78.8% | 59.6% | 55.1% | 49.8% |
| Debt-to-Equity | -5.94x | -16.04x | -289.62x | -13.14x | 7.74x | 2.02x | 1.71x | 1.32x |
| Debt-to-EBITDA | 8.30x | 6.13x | 6.59x | 13.09x | 6.03x | 4.11x | 5.11x | 4.59x |
| Equity-to-Assets | -16.1% | -5.4% | -0.3% | -6.7% | 10.2% | 29.6% | 32.2% | 37.9% |
| Net Debt | 1,006,988 | 922,228 | 900,931 | 1,142,752 | 1,152,760 | 835,392 | 883,475 | 833,028 |
| Cash & Equivalents | 47,295 | 71,016 | 101,157 | 79,685 | 21,382 | 178,429 | 144,407 | 134,516 |
| Total Debt | 1,054,283 | 993,244 | 1,002,088 | 1,222,437 | 1,174,142 | 1,013,821 | 1,027,882 | 967,544 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.15x | 0.22x | 1.09x | 0.48x | 0.32x | 0.98x | 0.58x | 0.54x |
| Quick Ratio | 0.15x | 0.21x | 1.03x | 0.45x | 0.26x | 0.94x | 0.56x | 0.51x |
| Cash Ratio | 0.09x | 0.11x | 0.63x | 0.26x | 0.10x | 0.78x | 0.40x | 0.37x |
| Total Current Assets | 75,541 | 136,598 | 175,583 | 150,139 | 66,710 | 224,292 | 208,127 | 193,838 |
| Total Current Liabilities | 506,950 | 626,245 | 161,539 | 311,501 | 210,880 | 230,025 | 356,611 | 361,177 |
| Inventory | N/A | 7,155 | 8,840 | 8,718 | 11,483 | 8,366 | 9,396 | 10,450 |
| Trade Receivables | 13,569 | 24,244 | 23,468 | 29,333 | 32,217 | 34,813 | 52,433 | 43,427 |
| Trade Payables | 47,669 | 54,493 | 58,696 | 146,665 | 46,667 | 61,707 | 124,200 | 125,677 |
| Net Working Capital | -431,409 | -489,647 | 14,044 | -161,362 | -144,170 | -5,733 | -148,484 | -167,339 |
| Net Working Capital % of Revenue | -292.7% | -206.8% | 6.0% | -88.7% | -48.5% | -1.7% | -43.8% | -47.2% |
| Trade Working Capital | -34,100 | -23,094 | -26,388 | -108,614 | -2,967 | -18,528 | -62,371 | -71,800 |
| Trade Working Capital % of Revenue | -23.1% | -9.8% | -11.3% | -59.7% | -1.0% | -5.4% | -18.4% | -20.2% |
| Change in Trade Working Capital | N/A | 11,006 | -3,294 | -82,226 | 105,647 | -15,561 | -43,843 | -9,429 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | N/A | 3.13x | 3.34x | 4.24x | 3.99x | 5.67x | 4.42x | 4.13x |
| Days Inventory Outstanding (DIO) | N/A | 116.5 | 109.2 | 86.0 | 91.6 | 64.4 | 82.6 | 88.4 |
| Receivables Turnover | 10.86x | 9.77x | 9.98x | 6.20x | 9.23x | 9.94x | 6.47x | 8.17x |
| Days Sales Outstanding (DSO) | 33.6 | 37.4 | 36.6 | 58.9 | 39.6 | 36.7 | 56.4 | 44.7 |
| Payables Turnover | 0.16x | 0.41x | 0.50x | 0.25x | 0.98x | 0.77x | 0.33x | 0.34x |
| Days Payable Outstanding (DPO) | 2261.1 | 887.6 | 724.7 | 1447.2 | 372.1 | 475.0 | 1091.2 | 1062.6 |
| Cash Conversion Cycle | -2227.5 days | -733.7 days | -579.0 days | -1302.3 days | -241.0 days | -373.9 days | -952.3 days | -929.6 days |
| Asset Turnover | 0.13x | 0.20x | 0.19x | 0.13x | 0.20x | 0.20x | 0.18x | 0.18x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 96,754 | 138,770 | 123,566 | 69,819 | 144,745 | 183,502 | 158,136 | 129,738 |
| Free Cash Flow (OCF − Capex proxy) | 96,754 | 56,948 | 73,138 | 29,485 | 52,726 | 101,357 | -32,374 | 28,115 |
| Cash Conversion (OCF / EBITDA) | 76.1% | 85.6% | 81.2% | 74.8% | 74.4% | 74.3% | 78.6% | 61.6% |
| Dividends Declared | 0 | 0 | 0 | 58,647 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | 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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