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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2019 0 · FY2020 0 · FY2021 0
Caucasus Online is a major Georgian fixed-line telecom and internet provider, owner of a strategic Black Sea fiber cable.
Subsidiary of Utskhouri Satsarmo LLC "Interneishenelonlain Netvorks" (63.8%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Margins | |||||
| Gross Margin | 74.9% | 65.3% | 60.1% | 49.7% | 57.8% |
| EBITDA Margin | 67.0% | 44.2% | 42.8% | 24.3% | 34.2% |
| EBITDAR | 43,280 | 22,563 | 21,753 | 10,572 | 13,423 |
| EBITDAR Margin | 67.0% | 44.2% | 42.8% | 24.3% | 34.2% |
| EBIT Margin | 48.6% | 16.2% | 6.1% | -16.1% | -8.1% |
| Net Profit Margin | 28.1% | 0.2% | -16.4% | -55.9% | -31.2% |
| Operating Expense % of Sales | 7.9% | 21.1% | 17.4% | 25.9% | 23.7% |
| Returns | |||||
| Return on Assets (ROA) | 12.0% | 0.1% | -5.8% | -16.0% | -9.6% |
| Return on Equity (ROE) | 40.9% | 0.3% | -30.1% | -157.1% | -183.5% |
| ROIC [EBIT / Invested Capital] | 54.6% | 11.9% | 5.2% | -13.6% | -9.9% |
| Leverage & debt balances | |||||
| Debt-to-Assets | 13.2% | 18.0% | 25.6% | 26.4% | 23.9% |
| Debt-to-Equity | 0.45x | 0.62x | 1.32x | 2.59x | 4.56x |
| Debt-to-EBITDA | 0.46x | 1.21x | 1.69x | 3.79x | 2.27x |
| Equity-to-Assets | 29.2% | 29.2% | 19.3% | 10.2% | 5.2% |
| Net Debt | 13,136 | 25,303 | 32,097 | 35,866 | 25,406 |
| Cash & Equivalents | 6,948 | 1,978 | 4,589 | 4,204 | 5,067 |
| Total Debt | 20,084 | 27,281 | 36,686 | 40,070 | 30,473 |
| Liquidity & working capital | |||||
| Current Ratio | 1.00x | 0.75x | 0.77x | 0.54x | 0.64x |
| Quick Ratio | 0.99x | 0.73x | 0.75x | 0.53x | 0.63x |
| Cash Ratio | 0.19x | 0.04x | 0.12x | 0.05x | 0.10x |
| Total Current Assets | 37,266 | 33,317 | 30,249 | 44,173 | 33,366 |
| Total Current Liabilities | 37,178 | 44,697 | 39,471 | 81,927 | 52,299 |
| Inventory | 522 | 532 | 532 | 516 | 530 |
| Trade Receivables | 16,128 | 18,277 | 16,287 | 27,731 | 17,318 |
| Trade Payables | 17,761 | 20,050 | 21,505 | 35,680 | 13,905 |
| Net Working Capital | 88 | -11,380 | -9,222 | -37,754 | -18,933 |
| Net Working Capital % of Revenue | 0.1% | -22.3% | -18.1% | -86.6% | -48.2% |
| Trade Working Capital | -1,111 | -1,241 | -4,686 | -7,433 | 3,943 |
| Trade Working Capital % of Revenue | -1.7% | -2.4% | -9.2% | -17.1% | 10.0% |
| Change in Trade Working Capital | N/A | -130 | -3,445 | -2,747 | 11,376 |
| Turnover & efficiency | |||||
| Inventory Turnover | 31.02x | 33.25x | 38.11x | 42.51x | 31.27x |
| Days Inventory Outstanding (DIO) | 11.8 | 11.0 | 9.6 | 8.6 | 11.7 |
| Receivables Turnover | 4.00x | 2.79x | 3.12x | 1.57x | 2.27x |
| Days Sales Outstanding (DSO) | 91.1 | 130.8 | 116.8 | 232.2 | 160.9 |
| Payables Turnover | 0.91x | 0.88x | 0.94x | 0.61x | 1.19x |
| Days Payable Outstanding (DPO) | 400.4 | 413.7 | 387.1 | 593.7 | 306.3 |
| Cash Conversion Cycle | -297.5 days | -271.9 days | -260.7 days | -352.9 days | -133.7 days |
| Asset Turnover | 0.42x | 0.34x | 0.35x | 0.29x | 0.31x |
| Cash flow & dividends | |||||
| Operating Cash Flow | 15,772 | 20,015 | 16,735 | 3,324 | 8,473 |
| Free Cash Flow (OCF − Capex proxy) | 15,772 | -8,777 | 14,063 | -916 | 6,954 |
| Cash Conversion (OCF / EBITDA) | 36.4% | 88.7% | 76.9% | 31.4% | 63.1% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | 0.0% | 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.
Ownership & directors from companyinfo.ge (public corporate registry).
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