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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Construction — Infrastructure & Roads. Per the activity note to the FY2024 annual report, the company designs and constructs bridges and tunnels, performs road rehabilitation work, and leases machinery.
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 93.0% | 93.2% | 38.8% | 51.7% | 30.3% | 13.7% | 29.8% |
| EBITDA Margin | 5.2% | 5.6% | 4.4% | 15.2% | 2.8% | -2.9% | 7.3% |
| EBITDAR | 137 | 212 | 141 | 553 | 116 | -265 | 674 |
| EBITDAR Margin | 5.2% | 5.6% | 4.4% | 15.2% | 2.8% | -2.9% | 7.3% |
| EBIT Margin | -1.9% | 1.3% | -1.8% | 11.2% | 0.1% | -4.0% | 6.0% |
| Net Profit Margin | -2.3% | 1.0% | -1.8% | 9.6% | -0.3% | -3.4% | 4.8% |
| Operating Expense % of Sales | 87.9% | 87.6% | 34.5% | 36.5% | 27.5% | 16.6% | 22.5% |
| Returns | |||||||
| Return on Assets (ROA) | -3.5% | 2.5% | -3.7% | 27.6% | -0.5% | -16.5% | 20.2% |
| Return on Equity (ROE) | -5.2% | 6.0% | -28.7% | 56.5% | -2.8% | -1043.6% | 93.6% |
| ROIC [EBIT / Invested Capital] | -3.9% | 7.7% | -16.1% | 50.6% | 0.6% | -233.8% | 144.6% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 5.5% | 0.0% | 16.0% | 16.3% | 6.3% | 6.6% | 13.6% |
| Debt-to-Equity | 0.08x | 0.00x | 1.23x | 0.33x | 0.37x | 4.16x | 0.63x |
| Debt-to-EBITDA | 0.73x | 0.00x | 1.77x | 0.37x | 1.29x | N/A | 0.45x |
| Equity-to-Assets | 65.8% | 42.0% | 13.0% | 48.9% | 17.2% | 1.6% | 21.5% |
| Net Debt | 81 | -0 | 161 | 187 | 59 | 126 | -92 |
| Cash & Equivalents | 19 | 0 | 89 | 18 | 91 | N/A | 392 |
| Total Debt | 100 | N/A | 250 | 206 | 150 | 126 | 300 |
| Liquidity & working capital | |||||||
| Current Ratio | 1.67x | 0.92x | 0.58x | 0.96x | 0.81x | 0.67x | 0.89x |
| Quick Ratio | 1.67x | 0.90x | 0.57x | 0.96x | 0.81x | 0.67x | 0.89x |
| Cash Ratio | 0.03x | 0.00x | 0.07x | 0.03x | 0.05x | 0.00x | 0.36x |
| Total Current Assets | 1,033 | 828 | 783 | 618 | 1,608 | 1,130 | 978 |
| Total Current Liabilities | 618 | 903 | 1,358 | 646 | 1,973 | 1,685 | 1,100 |
| Inventory | N/A | 15 | 7 | N/A | N/A | N/A | N/A |
| Trade Receivables | 759 | 533 | 528 | 394 | 1,299 | 1,035 | 978 |
| Trade Payables | 154 | 770 | 878 | 358 | 903 | 1,047 | 1,089 |
| Net Working Capital | 415 | -75 | -575 | -28 | -366 | -555 | -122 |
| Net Working Capital % of Revenue | 15.6% | -2.0% | -17.8% | -0.8% | -8.8% | -6.1% | -1.3% |
| Trade Working Capital | 604 | -222 | -343 | 36 | 396 | -12 | -111 |
| Trade Working Capital % of Revenue | 22.7% | -5.9% | -10.6% | 1.0% | 9.5% | -0.1% | -1.2% |
| Change in Trade Working Capital | N/A | -827 | -121 | 379 | 360 | -407 | -99 |
| Turnover & efficiency | |||||||
| Inventory Turnover | N/A | 17.04x | 297.77x | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 21.4 | 1.2 | N/A | N/A | N/A | N/A |
| Receivables Turnover | 3.51x | 7.05x | 6.12x | 9.26x | 3.21x | 8.85x | 9.49x |
| Days Sales Outstanding (DSO) | 104.1 | 51.8 | 59.6 | 39.4 | 113.6 | 41.2 | 38.5 |
| Payables Turnover | 1.20x | 0.33x | 2.25x | 4.93x | 3.22x | 7.55x | 5.98x |
| Days Payable Outstanding (DPO) | 303.6 | 1107.6 | 162.2 | 74.1 | 113.2 | 48.3 | 61.0 |
| Cash Conversion Cycle | -199.5 days | -1034.4 days | -101.3 days | -34.7 days | 0.3 days | -7.1 days | -22.5 days |
| Asset Turnover | 1.47x | 2.41x | 2.07x | 2.89x | 1.75x | 4.78x | 4.19x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 21 | 517 | -101 | 11 | 260 | N/A | N/A |
| Free Cash Flow (OCF − Capex proxy) | -5 | 344 | -179 | 8 | 156 | N/A | N/A |
| Cash Conversion (OCF / EBITDA) | 14.9% | 243.7% | -71.2% | 1.9% | 224.1% | 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.
Ownership & directors from companyinfo.ge (public corporate registry).
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