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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
Permanent Georgian branch of the Chinese state-owned construction contractor China Railway 23rd Bureau Group, executing infrastructure (road, rail, tunnel) construction projects in Georgia.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 8.8% | 46.2% | -50.0% | -255.9% | -141.3% | -90.6% | -46.3% | 3.3% |
| EBITDA Margin | 7.8% | 69.1% | -17.2% | -288.7% | -148.5% | -99.5% | -53.9% | 0.5% |
| EBITDAR | 10,088 | 90,012 | -4,344 | -17,266 | -46,784 | -53,094 | -35,948 | 642 |
| EBITDAR Margin | 7.8% | 69.1% | -17.2% | -288.7% | -148.5% | -99.5% | -53.9% | 0.5% |
| EBIT Margin | 6.4% | 68.5% | -19.5% | -291.9% | -149.3% | -100.6% | -53.9% | 0.5% |
| Net Profit Margin | 8.0% | 73.0% | -30.6% | -250.6% | -137.8% | -94.7% | -28.2% | 1.9% |
| Operating Expense % of Sales | 1.1% | 23.0% | 32.8% | 32.8% | 7.1% | 8.9% | 9.7% | 3.0% |
| Returns | ||||||||
| Return on Assets (ROA) | 7.8% | 53.4% | -3.7% | -7.7% | -24.6% | -33.0% | -12.1% | 1.5% |
| Return on Equity (ROE) | 62.6% | 98.7% | -13.7% | -37.1% | -202.9% | N/A | -150.9% | 4.5% |
| ROIC [EBIT / Invested Capital] | 82.1% | 98.9% | -31.5% | -57.6% | -372.3% | N/A | -438.9% | 1.5% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Debt-to-Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -0.00x | 0.00x | 0.00x |
| Debt-to-EBITDA | 0.00x | 0.00x | N/A | N/A | N/A | N/A | N/A | 0.00x |
| Equity-to-Assets | 12.4% | 54.1% | 26.8% | 20.8% | 12.1% | -3.3% | 8.0% | 34.0% |
| Net Debt | -6,463 | -6,237 | -40,488 | -10,133 | -8,771 | -12,791 | -4,279 | -15,482 |
| Cash & Equivalents | 6,463 | 6,237 | 40,488 | 10,133 | 8,771 | 12,791 | 4,279 | 15,482 |
| Total Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.94x | 0.91x | 0.69x | 0.39x | 0.31x | 0.26x | 0.33x | 0.60x |
| Quick Ratio | 0.85x | 0.80x | 0.66x | 0.35x | 0.26x | 0.23x | 0.30x | 0.52x |
| Cash Ratio | 0.06x | 0.08x | 0.27x | 0.07x | 0.06x | 0.08x | 0.03x | 0.14x |
| Total Current Assets | 104,478 | 69,402 | 102,946 | 59,996 | 47,900 | 40,439 | 47,364 | 67,425 |
| Total Current Liabilities | 111,659 | 76,332 | 148,162 | 153,788 | 155,099 | 158,081 | 142,764 | 112,094 |
| Inventory | 9,251 | 8,162 | 4,994 | 5,928 | 7,398 | 4,477 | 4,852 | 8,952 |
| Trade Receivables | 79,877 | 137,320 | 98,702 | 94,472 | 102,531 | 87,232 | 100,374 | 104,723 |
| Trade Payables | 13,798 | 4,404 | 6,939 | 7,662 | 15,684 | 25,046 | 28,602 | 33,172 |
| Net Working Capital | -7,181 | -6,930 | -45,216 | -93,792 | -107,199 | -117,642 | -95,399 | -44,668 |
| Net Working Capital % of Revenue | -5.5% | -5.3% | -179.2% | -1568.4% | -340.2% | -220.5% | -143.1% | -32.5% |
| Trade Working Capital | 75,331 | 141,078 | 96,757 | 92,738 | 94,245 | 66,663 | 76,624 | 80,503 |
| Trade Working Capital % of Revenue | 58.0% | 108.4% | 383.5% | 1550.8% | 299.1% | 125.0% | 115.0% | 58.6% |
| Change in Trade Working Capital | N/A | 65,747 | -44,321 | -4,020 | 1,507 | -27,582 | 9,961 | 3,879 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 12.79x | 8.58x | 7.58x | 3.59x | 10.28x | 22.71x | 20.10x | 14.82x |
| Days Inventory Outstanding (DIO) | 28.5 | 42.5 | 48.2 | 101.7 | 35.5 | 16.1 | 18.2 | 24.6 |
| Receivables Turnover | 1.63x | 0.95x | 0.26x | 0.06x | 0.31x | 0.61x | 0.66x | 1.31x |
| Days Sales Outstanding (DSO) | 224.5 | 385.0 | 1427.8 | 5766.2 | 1187.7 | 596.9 | 549.7 | 278.4 |
| Payables Turnover | 8.58x | 15.91x | 5.45x | 2.78x | 4.85x | 4.06x | 3.41x | 4.00x |
| Days Payable Outstanding (DPO) | 42.5 | 22.9 | 66.9 | 131.4 | 75.3 | 89.9 | 107.0 | 91.2 |
| Cash Conversion Cycle | 210.5 days | 404.6 days | 1409.0 days | 5736.4 days | 1147.9 days | 523.0 days | 460.8 days | 211.8 days |
| Asset Turnover | 0.97x | 0.73x | 0.12x | 0.03x | 0.18x | 0.35x | 0.43x | 0.81x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -17,269 | 10,455 | 68,782 | -11,014 | -20,363 | -16,085 | -44,291 | -30,625 |
| Free Cash Flow (OCF − Capex proxy) | -17,269 | 14,931 | 67,921 | -32,170 | -25,335 | -18,896 | -44,290 | -31,681 |
| Cash Conversion (OCF / EBITDA) | -171.2% | 11.6% | N/A | N/A | N/A | N/A | N/A | -4769.9% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | 0.0% | N/A | N/A | N/A | N/A | N/A | 0.0% |
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.
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Ownership & directors from companyinfo.ge (public corporate registry).
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