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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 23.2% | 20.2% | 19.5% | 26.3% | 38.2% | 13.9% | 13.4% |
| EBITDA Margin | 3.4% | 1.0% | 0.8% | 9.1% | 21.7% | -4.9% | -4.1% |
| EBITDAR | 263 | 100 | 83 | 862 | 2,332 | -391 | -341 |
| EBITDAR Margin | 3.7% | 1.3% | 1.0% | 9.4% | 22.0% | -4.0% | -3.0% |
| EBIT Margin | 3.3% | 0.9% | 0.7% | 9.0% | 21.5% | -5.0% | -4.2% |
| Net Profit Margin | 2.7% | 1.3% | 0.3% | 8.4% | 23.4% | -5.1% | 55.0% |
| Operating Expense % of Sales | 19.8% | 19.1% | 18.7% | 17.3% | 16.5% | 18.8% | 17.5% |
| Returns | |||||||
| Return on Assets (ROA) | 5.3% | 2.4% | 0.5% | 16.3% | 41.3% | -9.8% | 45.1% |
| Return on Equity (ROE) | 12.2% | 5.8% | 1.3% | 31.0% | 54.8% | -17.1% | 68.2% |
| ROIC [EBIT / Invested Capital] | 10.7% | 2.8% | 20.5% | 27.6% | 60.8% | -16.2% | -5.2% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 17.8% | 21.5% | 6.8% | 13.6% | 0.0% | 6.2% | 0.0% |
| Debt-to-Equity | 0.41x | 0.51x | 0.19x | 0.26x | 0.00x | 0.11x | 0.00x |
| Debt-to-EBITDA | 2.67x | 10.89x | 5.36x | 0.77x | 0.00x | N/A | N/A |
| Equity-to-Assets | 43.8% | 42.1% | 35.2% | 52.5% | 75.3% | 57.4% | 66.2% |
| Net Debt | 595 | 704 | -1,439 | 507 | -770 | 103 | -23 |
| Cash & Equivalents | 55 | 164 | 1,772 | 138 | 770 | 214 | 23 |
| Total Debt | 650 | 868 | 333 | 645 | N/A | 317 | N/A |
| Liquidity & working capital | |||||||
| Current Ratio | 1.22x | 0.87x | 0.82x | 1.06x | 2.33x | 1.16x | 0.49x |
| Quick Ratio | 1.22x | 0.87x | 0.82x | 1.06x | 2.33x | 1.16x | 0.49x |
| Cash Ratio | 0.04x | 0.08x | 0.60x | 0.06x | 0.52x | 0.10x | 0.01x |
| Total Current Assets | 1,713 | 1,745 | 2,416 | 2,296 | 3,464 | 2,543 | 2,121 |
| Total Current Liabilities | 1,403 | 2,014 | 2,950 | 2,161 | 1,486 | 2,187 | 4,361 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trade Receivables | 1,424 | 1,337 | 283 | 1,659 | 2,122 | 1,912 | 2,048 |
| Trade Payables | 1,157 | 1,177 | 1,571 | 1,391 | 1,282 | 1,619 | 2,675 |
| Net Working Capital | 309 | -269 | -534 | 135 | 1,978 | 357 | -2,240 |
| Net Working Capital % of Revenue | 4.3% | -3.5% | -6.7% | 1.5% | 18.6% | 3.6% | -19.5% |
| Trade Working Capital | 267 | 159 | -1,288 | 268 | 839 | 293 | -627 |
| Trade Working Capital % of Revenue | 3.7% | 2.1% | -16.3% | 2.9% | 7.9% | 3.0% | -5.5% |
| Change in Trade Working Capital | N/A | -107 | -1,447 | 1,555 | 572 | -546 | -921 |
| Turnover & efficiency | |||||||
| Inventory Turnover | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Receivables Turnover | 5.00x | 5.77x | 27.95x | 5.54x | 5.01x | 5.15x | 5.60x |
| Days Sales Outstanding (DSO) | 73.0 | 63.2 | 13.1 | 65.9 | 72.9 | 70.8 | 65.1 |
| Payables Turnover | 4.72x | 5.23x | 4.06x | 4.86x | 5.12x | 5.24x | 3.71x |
| Days Payable Outstanding (DPO) | 77.3 | 69.8 | 89.9 | 75.1 | 71.3 | 69.6 | 98.3 |
| Cash Conversion Cycle | -4.3 days | -6.5 days | -76.8 days | -9.1 days | 1.6 days | 1.2 days | -33.2 days |
| Asset Turnover | 1.95x | 1.91x | 1.62x | 1.93x | 1.76x | 1.92x | 0.82x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 338 | 350 | 2,445 | -1,807 | 2,062 | 343 | 295 |
| Free Cash Flow (OCF − Capex proxy) | 24 | -109 | 2,143 | -1,946 | 1,725 | 215 | 126 |
| Cash Conversion (OCF / EBITDA) | 139.0% | 439.4% | 3927.7% | -216.7% | 89.6% | N/A | N/A |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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.
Subsidiary of Tbilisi Energy (100.0%)
Ownership & directors from companyinfo.ge (public corporate registry).