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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 52 · FY2023 105 · FY2024 109 — 3-yr total 266
Georgian electricity / energy trading and investment company involved in power generation and cross-border electricity trade.
Subsidiary of Holding Georgian Industrial Group (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 29.4% | 32.4% | 21.2% | 24.6% | 37.5% | 31.8% | 26.5% | 25.2% |
| EBITDA Margin | 18.9% | 16.3% | 5.0% | 10.4% | 14.3% | 19.4% | 6.3% | 4.5% |
| EBITDAR | 24,725 | 20,709 | 7,470 | 14,746 | 13,457 | 17,544 | 5,507 | 4,029 |
| EBITDAR Margin | 18.9% | 16.3% | 5.0% | 10.4% | 14.3% | 19.4% | 6.3% | 4.5% |
| EBIT Margin | 16.9% | 14.3% | -78.4% | 7.3% | 9.9% | 16.1% | 3.1% | -24.8% |
| Net Profit Margin | 10.3% | 16.8% | -73.4% | -0.4% | -5.1% | 16.0% | -2.8% | -29.9% |
| Operating Expense % of Sales | 10.5% | 16.0% | 16.1% | 14.2% | 23.2% | 12.4% | 20.9% | 21.3% |
| Returns | ||||||||
| Return on Assets (ROA) | 3.8% | 5.6% | -40.4% | -0.2% | -1.8% | 5.2% | -1.0% | -13.4% |
| Return on Equity (ROE) | 5.7% | 8.5% | -85.0% | -0.5% | -4.4% | 10.2% | -1.8% | -28.7% |
| ROIC [EBIT / Invested Capital] | 6.7% | 5.1% | -50.9% | 4.5% | 4.1% | 6.1% | 1.2% | -12.3% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 27.4% | 27.5% | 41.5% | 46.8% | 54.5% | 40.3% | 37.7% | 45.2% |
| Debt-to-Equity | 0.42x | 0.41x | 0.87x | 1.03x | 1.32x | 0.79x | 0.64x | 0.97x |
| Debt-to-EBITDA | 3.96x | 5.04x | 14.94x | 7.97x | 10.66x | 6.39x | 16.14x | 22.33x |
| Equity-to-Assets | 66.0% | 66.5% | 47.6% | 45.3% | 41.4% | 51.0% | 59.3% | 46.6% |
| Net Debt | 95,330 | 103,069 | 100,314 | 115,352 | 120,172 | 97,416 | 80,123 | 87,518 |
| Cash & Equivalents | 2,652 | 1,211 | 11,276 | 2,198 | 23,231 | 14,719 | 8,751 | 2,434 |
| Total Debt | 97,982 | 104,280 | 111,590 | 117,550 | 143,403 | 112,135 | 88,874 | 89,952 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.53x | 1.46x | 0.90x | 0.82x | 2.22x | 1.42x | 1.88x | 1.36x |
| Quick Ratio | 0.40x | 1.36x | 0.82x | 0.75x | 2.07x | 1.34x | 1.75x | 1.25x |
| Cash Ratio | 0.04x | 0.01x | 0.11x | 0.02x | 0.47x | 0.16x | 0.17x | 0.04x |
| Total Current Assets | 32,747 | 118,655 | 92,388 | 89,818 | 109,117 | 129,308 | 97,223 | 82,516 |
| Total Current Liabilities | 61,338 | 81,239 | 103,071 | 109,076 | 49,066 | 91,147 | 51,697 | 60,748 |
| Inventory | 7,963 | 8,199 | 7,993 | 7,557 | 7,533 | 6,755 | 6,590 | 6,840 |
| Trade Receivables | 20,037 | 14,545 | 24,841 | 18,938 | 8,314 | 40,199 | 21,475 | 26,382 |
| Trade Payables | 21,778 | 19,409 | 24,985 | 16,591 | 9,536 | 22,169 | 3,317 | 14,018 |
| Net Working Capital | -28,591 | 37,416 | -10,683 | -19,258 | 60,051 | 38,161 | 45,526 | 21,768 |
| Net Working Capital % of Revenue | -21.9% | 29.5% | -7.2% | -13.6% | 63.9% | 42.1% | 51.9% | 24.5% |
| Trade Working Capital | 6,222 | 3,335 | 7,849 | 9,904 | 6,311 | 24,785 | 24,748 | 19,204 |
| Trade Working Capital % of Revenue | 4.8% | 2.6% | 5.3% | 7.0% | 6.7% | 27.4% | 28.2% | 21.6% |
| Change in Trade Working Capital | N/A | -2,887 | 4,514 | 2,055 | -3,593 | 18,474 | -37 | -5,544 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 11.60x | 10.45x | 14.62x | 14.09x | 7.79x | 9.15x | 9.78x | 9.73x |
| Days Inventory Outstanding (DIO) | 31.5 | 34.9 | 25.0 | 25.9 | 46.8 | 39.9 | 37.3 | 37.5 |
| Receivables Turnover | 6.53x | 8.71x | 5.97x | 7.46x | 11.31x | 2.25x | 4.08x | 3.37x |
| Days Sales Outstanding (DSO) | 55.9 | 41.9 | 61.2 | 48.9 | 32.3 | 162.0 | 89.4 | 108.2 |
| Payables Turnover | 4.24x | 4.42x | 4.68x | 6.42x | 6.16x | 2.79x | 19.43x | 4.75x |
| Days Payable Outstanding (DPO) | 86.1 | 82.7 | 78.1 | 56.9 | 59.3 | 130.9 | 18.8 | 76.9 |
| Cash Conversion Cycle | 1.3 days | -5.8 days | 8.1 days | 18.0 days | 19.8 days | 71.0 days | 108.0 days | 68.9 days |
| Asset Turnover | 0.37x | 0.33x | 0.55x | 0.56x | 0.36x | 0.33x | 0.37x | 0.45x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 16,330 | 12,793 | 290 | 8,732 | 10,887 | 7,781 | 9,775 | 148 |
| Free Cash Flow (OCF − Capex proxy) | 16,330 | -1,140 | 14,320 | 11,951 | -10,704 | 10,169 | 15,524 | -1,061 |
| Cash Conversion (OCF / EBITDA) | 66.0% | 61.8% | 3.9% | 59.2% | 80.9% | 44.4% | 177.5% | 3.7% |
| Dividends Declared | 4,657 | 4,558 | 4,057 | 13,647 | 71 | 52 | 105 | 109 |
| Dividend Payout Ratio | 34.7% | 21.4% | N/A | N/A | N/A | 0.4% | 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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