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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 1,402 · FY2023 186 · FY2024 0 — 3-yr total 1,588
Georgian cement producer historically associated with HeidelbergCement Caucasus / Cement Invest. Operates plants in Kaspi and Rustavi and is part of the country's leading cement and clinker production complex.
kavkazcement.geheidelbergcement.ge
Group parent — controls 1 company · ownership
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 27.1% | 21.3% | 22.7% | 22.0% | 20.3% | 24.7% | 28.5% | 30.1% |
| EBITDA Margin | 9.4% | -2.1% | 3.9% | 5.6% | 4.6% | 8.1% | 15.1% | -49.9% |
| EBITDAR | 3,198 | -608 | 1,870 | 3,071 | 2,558 | 5,218 | 13,515 | -4,322 |
| EBITDAR Margin | 9.4% | -2.1% | 3.9% | 5.6% | 4.6% | 8.1% | 15.1% | -49.9% |
| EBIT Margin | 9.4% | -2.1% | 2.3% | 3.6% | 2.7% | 6.4% | 12.8% | -59.0% |
| Net Profit Margin | 7.7% | -13.5% | -11.8% | -9.3% | 0.6% | 9.1% | 11.3% | 145.1% |
| Operating Expense % of Sales | 17.7% | 23.4% | 18.7% | 16.3% | 15.7% | 16.6% | 13.5% | 80.0% |
| Returns | ||||||||
| Return on Assets (ROA) | 9.6% | -11.4% | -13.3% | -13.0% | 1.0% | 17.0% | 24.4% | 64.2% |
| Return on Equity (ROE) | N/A | N/A | N/A | N/A | N/A | 1380.6% | 97.7% | 150.5% |
| ROIC [EBIT / Invested Capital] | 14.9% | -2.3% | 3.4% | 7.4% | 6.2% | 19.9% | 46.6% | -36.1% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 177.4% | 175.3% | 82.0% | 94.4% | 96.2% | 68.4% | 56.7% | 43.0% |
| Debt-to-Equity | -1.83x | -1.81x | -24.75x | -4.80x | -3.66x | 55.70x | 2.27x | 1.01x |
| Debt-to-EBITDA | 15.16x | N/A | 18.61x | 11.95x | 13.45x | 4.51x | 1.75x | N/A |
| Equity-to-Assets | -96.8% | -96.7% | -3.3% | -19.7% | -26.3% | 1.2% | 25.0% | 42.7% |
| Net Debt | 47,888 | 59,846 | 33,538 | 34,546 | 33,546 | 20,435 | 14,154 | 5,803 |
| Cash & Equivalents | 580 | 1,199 | 1,262 | 2,159 | 865 | 3,124 | 9,451 | 2,618 |
| Total Debt | 48,468 | 61,045 | 34,800 | 36,705 | 34,411 | 23,559 | 23,605 | 8,421 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.13x | 0.82x | 1.04x | 0.82x | 0.71x | 1.07x | 2.45x | 4.62x |
| Quick Ratio | 0.07x | 0.48x | 0.86x | 0.66x | 0.56x | 0.80x | 2.03x | 4.41x |
| Cash Ratio | 0.02x | 0.14x | 0.11x | 0.16x | 0.06x | 0.29x | 1.24x | 0.94x |
| Total Current Assets | 4,231 | 7,091 | 11,924 | 10,896 | 10,134 | 11,312 | 18,712 | 12,920 |
| Total Current Liabilities | 33,114 | 8,699 | 11,447 | 13,368 | 14,242 | 10,600 | 7,629 | 2,798 |
| Inventory | 2,055 | 2,951 | 2,118 | 2,117 | 2,215 | 2,870 | 3,195 | 586 |
| Trade Receivables | 1,443 | 1,557 | 7,553 | 6,369 | 6,768 | 5,050 | 5,496 | 8,819 |
| Trade Payables | 2,782 | 5,208 | 7,328 | 8,180 | 7,843 | 6,964 | 6,261 | 2,454 |
| Net Working Capital | -28,883 | -1,608 | 477 | -2,472 | -4,108 | 712 | 11,083 | 10,122 |
| Net Working Capital % of Revenue | -85.1% | -5.5% | 1.0% | -4.5% | -7.3% | 1.1% | 12.4% | 116.9% |
| Trade Working Capital | 716 | -700 | 2,343 | 306 | 1,140 | 956 | 2,430 | 6,951 |
| Trade Working Capital % of Revenue | 2.1% | -2.4% | 4.9% | 0.6% | 2.0% | 1.5% | 2.7% | 80.3% |
| Change in Trade Working Capital | N/A | -1,416 | 3,043 | -2,037 | 834 | -184 | 1,474 | 4,521 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 12.04x | 7.81x | 17.37x | 20.06x | 20.14x | 16.90x | 20.07x | 10.33x |
| Days Inventory Outstanding (DIO) | 30.3 | 46.7 | 21.0 | 18.2 | 18.1 | 21.6 | 18.2 | 35.3 |
| Receivables Turnover | 23.52x | 18.80x | 6.30x | 8.54x | 8.27x | 12.76x | 16.32x | 0.98x |
| Days Sales Outstanding (DSO) | 15.5 | 19.4 | 58.0 | 42.7 | 44.1 | 28.6 | 22.4 | 371.7 |
| Payables Turnover | 8.90x | 4.43x | 5.02x | 5.19x | 5.69x | 6.96x | 10.24x | 2.47x |
| Days Payable Outstanding (DPO) | 41.0 | 82.5 | 72.7 | 70.3 | 64.2 | 52.4 | 35.6 | 148.0 |
| Cash Conversion Cycle | 4.8 days | -16.3 days | 6.3 days | -9.4 days | -1.9 days | -2.2 days | 4.9 days | 259.1 days |
| Asset Turnover | 1.24x | 0.84x | 1.12x | 1.40x | 1.57x | 1.87x | 2.16x | 0.44x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 739 | -5,154 | -961 | 4,740 | 3,894 | 8,542 | 9,133 | -8,651 |
| Free Cash Flow (OCF − Capex proxy) | 739 | -5,087 | -636 | 4,710 | 3,575 | 8,556 | 7,187 | 10,654 |
| Cash Conversion (OCF / EBITDA) | 23.1% | N/A | -51.4% | 154.3% | 152.2% | 163.7% | 67.6% | N/A |
| Dividends Declared | 1,535 | 0 | 1,078 | 260 | 2,121 | 1,402 | 186 | 0 |
| Dividend Payout Ratio | 58.5% | N/A | N/A | N/A | 590.8% | 24.0% | 1.8% | 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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