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Dividends declared (per SOCE filings): FY2022 0 · FY2023 0 · FY2024 0
JSC Electricity System Commercial Operator (ESCO) is Georgia's state-owned electricity-market operator, founded 2006. Acts as the central counterparty for the wholesale electricity market — balancing, settlements, cross-border trade — and operates the guaranteed-buyer scheme for renewable-energy PPAs.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 1.5% | 1.3% | 1.0% | 0.7% | 0.8% | 0.9% | 1.4% | 0.8% |
| EBITDA Margin | 1.8% | -0.4% | -0.0% | 0.9% | 0.8% | -0.1% | 0.6% | -0.0% |
| EBITDAR | 9,847 | -1,280 | -104 | 5,938 | 5,839 | -1,025 | 3,314 | -261 |
| EBITDAR Margin | 2.0% | -0.2% | -0.0% | 0.9% | 0.8% | -0.1% | 0.6% | -0.0% |
| EBIT Margin | 1.7% | -0.5% | -0.2% | 0.8% | 0.7% | -0.2% | 0.5% | -0.1% |
| Net Profit Margin | 2.0% | 0.0% | 0.1% | 0.6% | 1.0% | 0.2% | 1.3% | 0.2% |
| Operating Expense % of Sales | 0.3% | 1.7% | 1.0% | 0.6% | 0.0% | 1.0% | 1.1% | 0.8% |
| Returns | ||||||||
| Return on Assets (ROA) | 19.2% | 0.1% | 0.7% | 4.1% | 4.6% | 1.6% | 5.4% | 1.0% |
| Return on Equity (ROE) | 59.6% | 0.4% | 4.1% | 23.1% | 28.6% | 6.4% | 19.8% | 5.3% |
| ROIC [EBIT / Invested Capital] | 251.0% | -255.9% | -10.2% | 42.1% | N/A | N/A | 33.1% | -17.1% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 0.0% | 0.0% | 1.2% | 0.3% | 2.5% | 3.3% | 2.6% | 1.6% |
| Debt-to-Equity | 0.00x | 0.00x | 0.07x | 0.02x | 0.15x | 0.13x | 0.10x | 0.08x |
| Debt-to-EBITDA | 0.00x | N/A | N/A | 0.05x | 0.63x | N/A | 0.97x | N/A |
| Equity-to-Assets | 32.2% | 15.8% | 17.6% | 17.7% | 16.2% | 25.0% | 27.2% | 19.5% |
| Net Debt | -13,414 | -12,828 | -3,062 | -5,333 | -28,005 | -38,422 | -24,844 | -30,123 |
| Cash & Equivalents | 13,414 | 12,828 | 3,963 | 5,634 | 31,698 | 41,887 | 28,052 | 33,042 |
| Total Debt | N/A | N/A | 901 | 301 | 3,693 | 3,465 | 3,208 | 2,919 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.36x | 1.01x | 1.16x | 1.16x | 0.97x | 0.81x | 1.05x | 0.96x |
| Quick Ratio | 1.36x | 1.01x | 1.16x | 1.16x | 0.97x | 0.81x | 1.05x | 0.96x |
| Cash Ratio | 0.38x | 0.18x | 0.07x | 0.07x | 0.27x | 0.57x | 0.33x | 0.23x |
| Total Current Assets | 48,533 | 73,481 | 70,080 | 91,161 | 114,221 | 60,065 | 89,551 | 135,385 |
| Total Current Liabilities | 35,572 | 73,097 | 60,543 | 78,593 | 117,785 | 73,866 | 85,023 | 140,975 |
| Inventory | 1 | 0 | 2 | 3 | 3 | 4 | 3 | 2 |
| Trade Receivables | 35,117 | 73,481 | 70,080 | 91,161 | 114,221 | 60,065 | 89,551 | 135,385 |
| Trade Payables | 35,572 | 73,097 | 60,543 | 78,593 | 117,785 | 73,866 | 85,023 | 140,975 |
| Net Working Capital | 12,960 | 384 | 9,537 | 12,568 | -3,564 | -13,801 | 4,529 | -5,590 |
| Net Working Capital % of Revenue | 2.6% | 0.1% | 1.7% | 1.9% | -0.5% | -2.0% | 0.9% | -0.7% |
| Trade Working Capital | -454 | 385 | 9,539 | 12,571 | -3,561 | -13,798 | 4,531 | -5,588 |
| Trade Working Capital % of Revenue | -0.1% | 0.1% | 1.7% | 1.9% | -0.5% | -2.0% | 0.9% | -0.7% |
| Change in Trade Working Capital | N/A | 838 | 9,154 | 3,032 | -16,132 | -10,237 | 18,329 | -10,120 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 357407.02x | 1174337.58x | 226650.41x | 216455.46x | 236557.34x | 178901.78x | 181362.24x | 459713.01x |
| Days Inventory Outstanding (DIO) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Receivables Turnover | 14.29x | 7.09x | 8.07x | 7.12x | 6.40x | 11.48x | 5.74x | 5.90x |
| Days Sales Outstanding (DSO) | 25.5 | 51.5 | 45.2 | 51.3 | 57.1 | 31.8 | 63.6 | 61.8 |
| Payables Turnover | 13.90x | 7.04x | 9.25x | 8.20x | 6.16x | 9.25x | 5.96x | 5.63x |
| Days Payable Outstanding (DPO) | 26.3 | 51.9 | 39.4 | 44.5 | 59.3 | 39.5 | 61.2 | 64.9 |
| Cash Conversion Cycle | -0.7 days | -0.4 days | 5.8 days | 6.7 days | -2.2 days | -7.6 days | 2.4 days | -3.1 days |
| Asset Turnover | 9.56x | 6.00x | 7.46x | 6.63x | 4.88x | 6.49x | 4.22x | 4.46x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 1,493 | -2,136 | -7,725 | 1,577 | 24,162 | 7,140 | -17,901 | 719 |
| Free Cash Flow (OCF − Capex proxy) | 1,493 | -455 | -6,931 | 2,264 | 26,504 | 11,006 | -13,595 | 5,252 |
| Cash Conversion (OCF / EBITDA) | 16.9% | N/A | N/A | 26.6% | 413.8% | N/A | -540.2% | N/A |
| Dividends Declared | 24 | 3,235 | 1,000 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 0.2% | 6514.3% | 184.0% | 0.0% | 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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