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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
Operator of the Shuakhevi HPP cascade on the Adjaristsqali River in Adjara, a major hydropower project developed by Clean Energy Invest, Tata Power and IFC.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | N/A | N/A | N/A | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | N/A | N/A | N/A | -75.5% | 151.1% | 64.8% | 56.8% | 60.1% |
| EBITDAR | -9,963 | 25,001 | 144,382 | -27,799 | 73,558 | 61,342 | 42,270 | 44,817 |
| EBITDAR Margin | N/A | N/A | N/A | -75.5% | 151.1% | 64.8% | 56.8% | 60.1% |
| EBIT Margin | N/A | N/A | N/A | -111.5% | 4.6% | 54.1% | 172.9% | -5.2% |
| Net Profit Margin | N/A | N/A | N/A | -253.6% | -59.6% | 23.8% | 132.1% | -49.9% |
| Operating Expense % of Sales | N/A | N/A | N/A | 175.5% | 66.3% | 35.8% | 43.9% | 39.9% |
| Returns | ||||||||
| Return on Assets (ROA) | 0.2% | -98.9% | 8.9% | -12.2% | -4.4% | 3.8% | 14.4% | -5.6% |
| Return on Equity (ROE) | 0.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | -1.1% | -104.6% | 20.9% | -5.6% | 0.3% | 8.8% | 19.1% | -0.6% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 66.7% | 136.0% | 107.6% | 113.1% | 121.0% | 117.3% | 100.2% | 105.8% |
| Debt-to-Equity | 2.19x | -3.21x | -10.00x | -6.99x | -5.65x | -6.74x | -289.36x | -18.03x |
| Debt-to-EBITDA | N/A | 28.85x | 5.38x | N/A | 10.88x | 11.27x | 16.14x | 15.73x |
| Equity-to-Assets | 30.5% | -42.4% | -10.8% | -16.2% | -21.4% | -17.4% | -0.3% | -5.9% |
| Net Debt | 619,600 | 717,920 | 769,700 | 858,625 | 790,604 | 683,537 | 677,170 | 701,338 |
| Cash & Equivalents | 2,889 | 3,364 | 7,332 | 3,400 | 9,381 | 7,904 | 4,861 | 3,494 |
| Total Debt | 622,489 | 721,284 | 777,032 | 862,025 | 799,985 | 691,441 | 682,031 | 704,832 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.00x | 0.02x | 0.35x | 0.01x | 1.93x | 2.19x | 1.97x | 1.66x |
| Quick Ratio | 0.00x | 0.02x | -52.30x | 0.01x | 1.47x | 1.69x | 1.39x | 1.04x |
| Cash Ratio | 0.00x | 4.45x | 186.31x | 0.00x | 0.87x | 0.84x | 0.47x | 0.34x |
| Total Current Assets | 2,889 | 13 | 14 | 11,381 | 20,919 | 20,623 | 20,157 | 17,284 |
| Total Current Liabilities | 648,067 | 756 | 39 | 885,365 | 10,845 | 9,416 | 10,248 | 10,411 |
| Inventory | N/A | N/A | 2,072 | 5,011 | 5,029 | 4,724 | 5,926 | 6,476 |
| Trade Receivables | N/A | N/A | N/A | 613 | 3,428 | 3,742 | 6,492 | 4,659 |
| Trade Payables | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Working Capital | -645,178 | -743 | -26 | -873,984 | 10,074 | 11,207 | 9,909 | 6,873 |
| Net Working Capital % of Revenue | N/A | N/A | N/A | -2375.1% | 20.7% | 11.8% | 13.3% | 9.2% |
| Trade Working Capital | N/A | N/A | 2,072 | 5,624 | 8,457 | 8,466 | 12,418 | 11,135 |
| Trade Working Capital % of Revenue | N/A | N/A | N/A | 15.3% | 17.4% | 8.9% | 16.7% | 14.9% |
| Change in Trade Working Capital | N/A | N/A | 2,072 | 3,552 | 2,833 | 9 | 3,952 | -1,283 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | N/A | N/A | 0.30x | N/A | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | 1217.8 | N/A | N/A | N/A | N/A | N/A |
| Receivables Turnover | N/A | N/A | N/A | 60.03x | 14.20x | 25.29x | 11.46x | 16.02x |
| Days Sales Outstanding (DSO) | N/A | N/A | N/A | 6.1 | 25.7 | 14.4 | 31.8 | 22.8 |
| Payables Turnover | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | N/A | N/A | 1217.8 days | 6.1 days | 25.7 days | 14.4 days | 31.8 days | 22.8 days |
| Asset Turnover | 0.00x | 0.00x | 0.00x | 0.05x | 0.07x | 0.16x | 0.11x | 0.11x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 28,879 | 21,784 | 131,235 | -30,762 | 12,638 | 28,911 | 8,442 | 11,296 |
| Free Cash Flow (OCF − Capex proxy) | 28,879 | -44,740 | -48,709 | -55,580 | 12,244 | 8,786 | 4,083 | 4,284 |
| Cash Conversion (OCF / EBITDA) | N/A | 87.1% | 90.9% | N/A | 17.2% | 47.1% | 20.0% | 25.2% |
| Dividends Declared | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | N/A | 0.0% | N/A | N/A | 0.0% | 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.
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Ownership & directors from companyinfo.ge (public corporate registry).
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