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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2020 0 · FY2021 0 · FY2022 0
Major Georgian steel producer based at the historic Rustavi Metallurgical Plant, manufacturing rebar and rolled steel products.
Subsidiary of Shezghuduli Pasukhismgeblobissazogadoeba Tolanius Biheer Bi.vi. (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 28.4% | 22.9% | 17.3% | 19.4% | 26.5% | 12.1% |
| EBITDA Margin | 22.4% | 14.0% | 12.3% | 13.6% | 21.1% | 4.9% |
| EBITDAR | 36,794 | 28,961 | 27,196 | 30,289 | 71,178 | 15,637 |
| EBITDAR Margin | 22.4% | 14.0% | 12.3% | 13.6% | 21.1% | 4.9% |
| EBIT Margin | 21.9% | 13.1% | 11.2% | 11.9% | 20.6% | 4.2% |
| Net Profit Margin | 11.5% | 4.3% | -0.3% | -1.8% | 20.4% | 6.4% |
| Operating Expense % of Sales | 6.1% | 9.0% | 5.1% | 5.8% | 5.5% | 7.2% |
| Returns | ||||||
| Return on Assets (ROA) | 15.5% | 5.8% | -0.3% | -1.6% | 23.4% | 6.6% |
| Return on Equity (ROE) | N/A | N/A | N/A | N/A | 4212.7% | 92.6% |
| ROIC [EBIT / Invested Capital] | 38.4% | 22.2% | 17.1% | 13.4% | 27.5% | 5.3% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 136.8% | 124.8% | 112.4% | 105.6% | 86.9% | 76.0% |
| Debt-to-Equity | -2.32x | -3.02x | -3.41x | -3.98x | 156.30x | 10.73x |
| Debt-to-EBITDA | 4.53x | 6.52x | 7.92x | 8.84x | 3.59x | 15.24x |
| Equity-to-Assets | -59.0% | -41.3% | -32.9% | -26.5% | 0.6% | 7.1% |
| Net Debt | 165,669 | 185,174 | 208,578 | 264,891 | 251,426 | 235,024 |
| Cash & Equivalents | 1,178 | 3,736 | 6,916 | 2,731 | 3,819 | 3,331 |
| Total Debt | 166,847 | 188,910 | 215,494 | 267,622 | 255,245 | 238,355 |
| Liquidity & working capital | ||||||
| Current Ratio | 0.50x | 0.53x | 0.53x | 0.71x | 0.91x | 1.12x |
| Quick Ratio | 0.18x | 0.12x | 0.11x | 0.12x | 0.16x | 0.14x |
| Cash Ratio | 0.01x | 0.02x | 0.03x | 0.02x | 0.02x | 0.02x |
| Total Current Assets | 82,820 | 98,726 | 104,872 | 127,814 | 147,802 | 163,543 |
| Total Current Liabilities | 166,231 | 185,064 | 197,916 | 179,708 | 162,542 | 145,610 |
| Inventory | 52,721 | 77,052 | 83,554 | 106,938 | 121,816 | 142,570 |
| Trade Receivables | 10,656 | 10,657 | 9,912 | 14,969 | 16,375 | 15,251 |
| Trade Payables | 27,066 | 23,769 | 39,253 | 51,147 | 36,892 | 52,988 |
| Net Working Capital | -83,411 | -86,338 | -93,044 | -51,894 | -14,740 | 17,933 |
| Net Working Capital % of Revenue | -50.7% | -41.7% | -42.0% | -23.3% | -4.4% | 5.6% |
| Trade Working Capital | 36,311 | 63,941 | 54,213 | 70,760 | 101,299 | 104,833 |
| Trade Working Capital % of Revenue | 22.1% | 30.9% | 24.5% | 31.8% | 30.0% | 32.5% |
| Change in Trade Working Capital | N/A | 27,629 | -9,728 | 16,547 | 30,539 | 3,534 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 2.23x | 2.07x | 2.19x | 1.68x | 2.04x | 1.99x |
| Days Inventory Outstanding (DIO) | 163.5 | 176.2 | 166.4 | 217.3 | 179.2 | 183.6 |
| Receivables Turnover | 15.43x | 19.43x | 22.36x | 14.89x | 20.63x | 21.14x |
| Days Sales Outstanding (DSO) | 23.7 | 18.8 | 16.3 | 24.5 | 17.7 | 17.3 |
| Payables Turnover | 4.35x | 6.71x | 4.67x | 3.51x | 6.73x | 5.35x |
| Days Payable Outstanding (DPO) | 83.9 | 54.4 | 78.2 | 103.9 | 54.3 | 68.3 |
| Cash Conversion Cycle | 103.2 days | 140.7 days | 104.6 days | 137.9 days | 142.6 days | 132.7 days |
| Asset Turnover | 1.35x | 1.37x | 1.16x | 0.88x | 1.15x | 1.03x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 10,165 | 7,204 | 32,124 | 4,540 | 57,491 | 29,863 |
| Free Cash Flow (OCF − Capex proxy) | 10,165 | -5,462 | -3,661 | -25,303 | 37,409 | 23,978 |
| Cash Conversion (OCF / EBITDA) | 27.6% | 24.9% | 118.1% | 15.0% | 80.8% | 191.0% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | 0.0% | N/A | N/A | 0.0% | 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.
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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