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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 1,684 · FY2024 1,684 — 3-yr total 3,368
Tbilisi Energy LLC is the sole natural-gas distribution operator for the city of Tbilisi (former KazTransGas-Tbilisi, sold to Georgian-owned Wartbay/Waltbay in 2019). Serves ~1.5m residents and ~18K commercial customers with ~1,300 employees.
georgiatoday.gege.linkedin.com
Subsidiary of Shezghuduli Pasukhismgeblobis Sazogadoeba Voltbei (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 9.5% | 14.2% | 19.4% | 24.7% | 32.7% | 40.8% | 36.4% | 35.0% |
| EBITDA Margin | 4.6% | 0.6% | 4.4% | 8.5% | 19.1% | 27.2% | 21.2% | 20.1% |
| EBITDAR | 13,113 | 1,628 | 13,711 | 25,526 | 69,228 | 119,304 | 93,580 | 97,552 |
| EBITDAR Margin | 4.6% | 0.6% | 4.4% | 8.5% | 19.1% | 27.2% | 21.2% | 20.1% |
| EBIT Margin | 2.9% | -1.3% | 4.3% | 5.5% | 15.8% | 24.7% | 18.0% | 16.3% |
| Net Profit Margin | -4.1% | -6.3% | 26.3% | 4.5% | 17.8% | 21.9% | 15.5% | 14.1% |
| Operating Expense % of Sales | 4.9% | 13.6% | 15.1% | 16.5% | 13.7% | 13.8% | 15.3% | 15.1% |
| Returns | ||||||||
| Return on Assets (ROA) | -9.1% | -13.1% | 50.3% | 7.5% | 29.7% | 36.6% | 23.5% | 19.7% |
| Return on Equity (ROE) | N/A | N/A | 116.0% | 22.8% | N/A | 196.7% | 70.1% | 49.6% |
| ROIC [EBIT / Invested Capital] | N/A | N/A | 19.4% | 28.0% | N/A | 251.0% | 83.4% | 57.8% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 264.8% | 264.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Debt-to-Equity | -0.92x | -0.92x | 0.00x | 0.00x | -0.00x | 0.00x | 0.00x | 0.00x |
| Debt-to-EBITDA | 26.19x | 221.52x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Equity-to-Assets | -288.7% | -287.2% | 43.3% | 32.9% | -16.6% | 18.6% | 33.5% | 39.7% |
| Net Debt | 339,466 | 360,070 | -851 | -276 | -658 | -5,680 | -2,583 | -1,189 |
| Cash & Equivalents | 3,961 | 634 | 851 | 276 | 658 | 5,680 | 2,583 | 1,189 |
| Total Debt | 343,427 | 360,704 | N/A | N/A | N/A | N/A | N/A | N/A |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.11x | 0.10x | 0.58x | 0.39x | 0.38x | 0.78x | 0.69x | 0.64x |
| Quick Ratio | 0.10x | 0.10x | 0.56x | 0.38x | 0.37x | 0.78x | 0.68x | 0.63x |
| Cash Ratio | 0.01x | 0.00x | 0.01x | 0.00x | 0.00x | 0.05x | 0.02x | 0.01x |
| Total Current Assets | 52,405 | 51,644 | 52,071 | 46,206 | 65,599 | 86,230 | 75,952 | 92,640 |
| Total Current Liabilities | 498,914 | 528,847 | 89,571 | 118,688 | 173,486 | 109,943 | 109,490 | 144,581 |
| Inventory | 1,190 | 1,221 | 2,211 | 1,110 | 980 | 880 | 1,274 | 1,657 |
| Trade Receivables | 47,102 | 49,540 | 48,777 | 44,112 | 63,795 | 79,147 | 71,662 | 88,772 |
| Trade Payables | 150,694 | 160,916 | 78,011 | 82,997 | 98,083 | 70,069 | 70,196 | 101,044 |
| Net Working Capital | -446,509 | -477,203 | -37,500 | -72,482 | -107,887 | -23,713 | -33,538 | -51,941 |
| Net Working Capital % of Revenue | -156.2% | -168.1% | -12.2% | -24.1% | -29.7% | -5.4% | -7.6% | -10.7% |
| Trade Working Capital | -102,402 | -110,155 | -27,023 | -37,775 | -33,308 | 9,958 | 2,740 | -10,615 |
| Trade Working Capital % of Revenue | -35.8% | -38.8% | -8.8% | -12.5% | -9.2% | 2.3% | 0.6% | -2.2% |
| Change in Trade Working Capital | N/A | -7,753 | 83,132 | -10,752 | 4,467 | 43,266 | -7,218 | -13,355 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 217.57x | 199.44x | 112.53x | 204.29x | 249.27x | 294.44x | 220.25x | 190.42x |
| Days Inventory Outstanding (DIO) | 1.7 | 1.8 | 3.2 | 1.8 | 1.5 | 1.2 | 1.7 | 1.9 |
| Receivables Turnover | 6.07x | 5.73x | 6.33x | 6.83x | 5.69x | 5.53x | 6.15x | 5.47x |
| Days Sales Outstanding (DSO) | 60.1 | 63.7 | 57.7 | 53.4 | 64.2 | 66.0 | 59.3 | 66.7 |
| Payables Turnover | 1.72x | 1.51x | 3.19x | 2.73x | 2.49x | 3.70x | 4.00x | 3.12x |
| Days Payable Outstanding (DPO) | 212.5 | 241.2 | 114.4 | 133.6 | 146.6 | 98.7 | 91.3 | 116.9 |
| Cash Conversion Cycle | -150.7 days | -175.7 days | -53.5 days | -78.4 days | -80.9 days | -31.5 days | -30.3 days | -48.3 days |
| Asset Turnover | 2.20x | 2.08x | 1.91x | 1.68x | 1.67x | 1.67x | 1.52x | 1.40x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 10,630 | 9,177 | 31,247 | 54,761 | 55,868 | 72,289 | 90,168 | 96,279 |
| Free Cash Flow (OCF − Capex proxy) | 10,630 | -3,326 | 9,851 | 24,076 | 25,834 | 39,426 | 41,825 | 51,611 |
| Cash Conversion (OCF / EBITDA) | 81.1% | 563.6% | 227.9% | 214.5% | 80.7% | 60.6% | 96.4% | 98.7% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 1,684 | 1,684 |
| Dividend Payout Ratio | N/A | N/A | 0.0% | 0.0% | 0.0% | 0.0% | 2.5% | 2.5% |
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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