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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 24,143 · FY2023 58,457 · FY2024 0 — 3-yr total 82,600
Gardabani Thermal Power Plant LLC operates the Gardabani-1 (230 MW) and Gardabani-2 (272 MW) combined-cycle gas-turbine plants near Tbilisi — Georgia's largest base-load thermal capacity. Wholly owned by state operator GOGC.
Subsidiary of Georgian Oil and Gas Corporation (78.3%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 55.9% | 55.5% | 50.7% | 50.6% | 57.3% | 53.8% | 56.4% | 44.4% |
| EBITDA Margin | 51.8% | 48.2% | 42.2% | 43.8% | 51.4% | 44.8% | 46.8% | 35.3% |
| EBITDAR | 103,428 | 100,740 | 95,027 | 101,669 | 108,057 | 95,491 | 90,117 | 85,696 |
| EBITDAR Margin | 51.8% | 48.2% | 42.2% | 43.8% | 51.4% | 44.8% | 46.8% | 35.3% |
| EBIT Margin | 43.1% | 39.9% | 33.4% | 34.8% | 39.0% | 32.3% | 33.7% | 24.2% |
| Net Profit Margin | 28.8% | 21.6% | 11.4% | 8.1% | 35.8% | 37.9% | 37.1% | 27.4% |
| Operating Expense % of Sales | 4.1% | 7.3% | 8.6% | 7.5% | 9.2% | 9.6% | 10.0% | 9.7% |
| Returns | ||||||||
| Return on Assets (ROA) | 12.4% | 9.7% | 5.6% | 4.2% | 17.0% | 19.7% | 18.0% | 15.8% |
| Return on Equity (ROE) | 45.1% | 28.0% | 13.9% | 11.4% | 31.2% | 27.1% | 23.0% | 17.6% |
| ROIC [EBIT / Invested Capital] | 20.7% | 19.2% | 17.7% | 20.5% | 21.0% | 20.2% | 21.5% | 17.6% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 69.8% | 61.7% | 55.9% | 50.8% | 33.9% | 14.7% | 0.0% | 0.0% |
| Debt-to-Equity | 2.53x | 1.79x | 1.38x | 1.39x | 0.62x | 0.20x | 0.00x | 0.00x |
| Debt-to-EBITDA | 3.12x | 2.86x | 2.69x | 2.26x | 1.39x | 0.63x | 0.00x | 0.00x |
| Equity-to-Assets | 27.6% | 34.5% | 40.4% | 36.7% | 54.5% | 72.6% | 78.5% | 89.8% |
| Net Debt | 287,533 | 272,877 | 240,621 | 229,815 | 149,471 | 43,593 | -8,303 | -43,730 |
| Cash & Equivalents | 34,989 | 15,208 | 15,133 | 106 | 434 | 16,792 | 8,303 | 43,730 |
| Total Debt | 322,522 | 288,085 | 255,754 | 229,921 | 149,905 | 60,385 | N/A | N/A |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.83x | 0.74x | 0.61x | 0.56x | 0.59x | 0.46x | 0.61x | 2.14x |
| Quick Ratio | 0.74x | 0.71x | 0.57x | 0.53x | 0.57x | 0.43x | 0.57x | 1.98x |
| Cash Ratio | 0.54x | 0.23x | 0.20x | 0.00x | 0.00x | 0.15x | 0.10x | 1.02x |
| Total Current Assets | 53,603 | 49,974 | 45,425 | 54,747 | 63,259 | 51,848 | 52,153 | 91,482 |
| Total Current Liabilities | 64,751 | 67,085 | 74,552 | 97,334 | 106,360 | 112,321 | 85,240 | 42,755 |
| Inventory | 5,737 | 2,359 | 2,672 | 3,418 | 2,895 | 3,358 | 3,343 | 7,037 |
| Trade Receivables | 12,677 | 25,533 | 26,756 | 49,947 | 58,819 | 31,273 | 40,497 | 40,039 |
| Trade Payables | 11,965 | 17,324 | 16,507 | 17,564 | 17,534 | 14,039 | 17,341 | 27,063 |
| Net Working Capital | -11,148 | -17,111 | -29,127 | -42,587 | -43,101 | -60,473 | -33,087 | 48,727 |
| Net Working Capital % of Revenue | -5.6% | -8.2% | -12.9% | -18.3% | -20.5% | -28.4% | -17.2% | 20.1% |
| Trade Working Capital | 6,449 | 10,568 | 12,921 | 35,801 | 44,180 | 20,592 | 26,499 | 20,013 |
| Trade Working Capital % of Revenue | 3.2% | 5.1% | 5.7% | 15.4% | 21.0% | 9.7% | 13.8% | 8.2% |
| Change in Trade Working Capital | N/A | 4,119 | 2,353 | 22,880 | 8,379 | -23,588 | 5,907 | -6,486 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 15.35x | 39.44x | 41.54x | 33.61x | 31.04x | 29.34x | 25.13x | 19.18x |
| Days Inventory Outstanding (DIO) | 23.8 | 9.3 | 8.8 | 10.9 | 11.8 | 12.4 | 14.5 | 19.0 |
| Receivables Turnover | 15.76x | 8.19x | 8.41x | 4.65x | 3.57x | 6.81x | 4.75x | 6.07x |
| Days Sales Outstanding (DSO) | 23.2 | 44.6 | 43.4 | 78.5 | 102.1 | 53.6 | 76.8 | 60.2 |
| Payables Turnover | 7.36x | 5.37x | 6.72x | 6.54x | 5.12x | 7.02x | 4.84x | 4.99x |
| Days Payable Outstanding (DPO) | 49.6 | 68.0 | 54.3 | 55.8 | 71.2 | 52.0 | 75.3 | 73.2 |
| Cash Conversion Cycle | -2.6 days | -14.1 days | -2.1 days | 33.5 days | 42.6 days | 14.0 days | 16.0 days | 6.0 days |
| Asset Turnover | 0.43x | 0.45x | 0.49x | 0.51x | 0.48x | 0.52x | 0.49x | 0.58x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 108,727 | 59,710 | 89,159 | 78,091 | 95,493 | 112,790 | 82,408 | 87,944 |
| Free Cash Flow (OCF − Capex proxy) | 108,727 | 36,090 | 80,539 | 70,676 | 89,543 | 111,451 | 76,988 | 82,383 |
| Cash Conversion (OCF / EBITDA) | 105.1% | 59.3% | 93.8% | 76.8% | 88.4% | 118.1% | 91.4% | 102.6% |
| Dividends Declared | 0 | 277 | 2,000 | 0 | 0 | 24,143 | 58,457 | 0 |
| Dividend Payout Ratio | 0.0% | 0.6% | 7.8% | 0.0% | 0.0% | 29.9% | 81.9% | 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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