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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 0 · FY2023 0 · FY2024 0
Municipal water and sewerage utility serving Batumi and the Adjara region.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 79.3% | 82.9% | 77.8% | 89.4% | 87.9% | 93.6% | 93.2% | 93.9% |
| EBITDA Margin | 58.5% | 62.3% | 7.9% | 9.5% | -2.5% | 22.5% | 24.3% | 22.2% |
| EBITDAR | 7,740 | 9,861 | 1,334 | 1,315 | -397 | 5,109 | 6,576 | 6,719 |
| EBITDAR Margin | 58.5% | 62.3% | 7.9% | 9.5% | -2.5% | 22.5% | 24.3% | 22.2% |
| EBIT Margin | 25.4% | 34.6% | -23.5% | -2.6% | -14.0% | 14.2% | 16.4% | 11.3% |
| Net Profit Margin | 19.9% | 90.4% | -20.3% | 0.0% | -10.3% | -15.1% | 1.8% | -38.2% |
| Operating Expense % of Sales | 20.8% | 20.6% | 70.0% | 80.0% | 90.4% | 71.1% | 68.9% | 71.8% |
| Returns | ||||||||
| Return on Assets (ROA) | 1.5% | 7.8% | -11.1% | 0.0% | -5.0% | -3.2% | 0.4% | -7.8% |
| Return on Equity (ROE) | 1.6% | 7.8% | -11.7% | 0.0% | -5.2% | -5.3% | 0.6% | -11.0% |
| ROIC [EBIT / Invested Capital] | 2.1% | 3.1% | -14.2% | -1.3% | -8.6% | 5.5% | 6.1% | 3.7% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 0.0% | 0.0% | 4.6% | 3.6% | 5.0% | 1.6% | 1.8% | 3.3% |
| Debt-to-Equity | 0.00x | 0.00x | 0.05x | 0.04x | 0.05x | 0.03x | 0.03x | 0.05x |
| Debt-to-EBITDA | 0.00x | 0.00x | 1.07x | 0.89x | N/A | 0.33x | 0.34x | 0.73x |
| Equity-to-Assets | 96.7% | 99.2% | 95.4% | 96.4% | 95.0% | 61.2% | 66.5% | 70.6% |
| Net Debt | -2,959 | -3,852 | -1,415 | -3,846 | -5,396 | -6,279 | -8,751 | -12,791 |
| Cash & Equivalents | 2,959 | 3,852 | 2,846 | 5,011 | 7,042 | 7,990 | 10,969 | 17,664 |
| Total Debt | N/A | N/A | 1,431 | 1,165 | 1,646 | 1,711 | 2,218 | 4,873 |
| Liquidity & working capital | ||||||||
| Current Ratio | 2.46x | 12.43x | 12.89x | 16.80x | 11.95x | 14.40x | 17.92x | 14.50x |
| Quick Ratio | 2.46x | 7.08x | 4.00x | 6.81x | 5.60x | 7.86x | 12.51x | 11.88x |
| Cash Ratio | 0.53x | 2.70x | 1.99x | 4.30x | 4.28x | 5.00x | 5.28x | 4.21x |
| Total Current Assets | 13,794 | 17,744 | 18,446 | 19,567 | 19,666 | 23,003 | 37,219 | 60,808 |
| Total Current Liabilities | 5,613 | 1,427 | 1,431 | 1,165 | 1,646 | 1,597 | 2,077 | 4,194 |
| Inventory | N/A | 7,641 | 12,715 | 11,638 | 10,442 | 10,445 | 11,234 | 10,993 |
| Trade Receivables | 4,785 | 6,208 | 2,717 | 2,026 | 1,753 | 2,648 | 2,202 | 2,421 |
| Trade Payables | 280 | 174 | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Working Capital | 8,181 | 16,317 | 17,015 | 18,402 | 18,020 | 21,406 | 35,142 | 56,614 |
| Net Working Capital % of Revenue | 61.8% | 103.0% | 100.1% | 132.3% | 114.8% | 94.5% | 129.8% | 186.7% |
| Trade Working Capital | 4,505 | 13,675 | 15,432 | 13,664 | 12,195 | 13,093 | 13,436 | 13,414 |
| Trade Working Capital % of Revenue | 34.0% | 86.3% | 90.8% | 98.3% | 77.7% | 57.8% | 49.6% | 44.2% |
| Change in Trade Working Capital | N/A | 9,170 | 1,757 | -1,768 | -1,469 | 898 | 343 | -22 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | N/A | 0.36x | 0.30x | 0.13x | 0.18x | 0.14x | 0.16x | 0.17x |
| Days Inventory Outstanding (DIO) | N/A | 1027.6 | 1230.7 | 2891.7 | 2008.1 | 2647.5 | 2216.4 | 2185.4 |
| Receivables Turnover | 2.77x | 2.55x | 6.25x | 6.86x | 8.96x | 8.56x | 12.29x | 12.52x |
| Days Sales Outstanding (DSO) | 131.9 | 143.1 | 58.4 | 53.2 | 40.7 | 42.7 | 29.7 | 29.1 |
| Payables Turnover | 9.81x | 15.60x | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | 37.2 | 23.4 | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | 94.7 days | 1147.3 days | 1289.1 days | 2944.8 days | 2048.8 days | 2690.2 days | 2246.1 days | 2214.6 days |
| Asset Turnover | 0.08x | 0.09x | 0.55x | 0.43x | 0.48x | 0.22x | 0.22x | 0.20x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -1,277 | 598 | -169 | 3,226 | 3,548 | 1,893 | 6,735 | 10,532 |
| Free Cash Flow (OCF − Capex proxy) | -1,277 | 598 | -1,254 | 2,165 | 2,031 | -3,628 | -222 | -6,887 |
| Cash Conversion (OCF / EBITDA) | -16.5% | 6.1% | -12.7% | 245.3% | N/A | 37.1% | 102.4% | 156.7% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | 0.0% | N/A | 0.0% | N/A | N/A | 0.0% | 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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