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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2018 0 · FY2019 0 · FY2020 0
Rustavi Azot is a major Georgian fertilizer and nitrogen chemicals producer, historically one of the largest industrial plants in the Caucasus.
| Ratio | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|
| Margins | ||||
| Gross Margin | 35.0% | 30.7% | 31.4% | 27.6% |
| EBITDA Margin | 7.2% | 12.2% | 18.7% | 13.6% |
| EBITDAR | 41,429 | 61,037 | 68,319 | 46,584 |
| EBITDAR Margin | 19.1% | 18.5% | 18.7% | 13.6% |
| EBIT Margin | 7.1% | 12.2% | 13.8% | 7.0% |
| Net Profit Margin | -25.5% | 11.1% | 9.2% | 0.2% |
| Operating Expense % of Sales | 27.8% | 18.5% | 13.2% | 14.5% |
| Returns | ||||
| Return on Assets (ROA) | -59.2% | 28.4% | 16.7% | 0.2% |
| Return on Equity (ROE) | N/A | 261.9% | 149.1% | 2.7% |
| ROIC [EBIT / Invested Capital] | N/A | 295.0% | 93.3% | 16.9% |
| Leverage & debt balances | ||||
| Debt-to-Assets | 0.0% | 0.0% | 17.1% | 42.6% |
| Debt-to-Equity | -0.00x | 0.00x | 1.53x | 5.53x |
| Debt-to-EBITDA | 0.00x | 0.00x | 0.50x | 2.74x |
| Equity-to-Assets | -46.5% | 10.9% | 11.2% | 7.7% |
| Net Debt | -7,213 | -350 | 31,495 | 118,726 |
| Cash & Equivalents | 7,213 | 350 | 2,894 | 8,970 |
| Total Debt | N/A | N/A | 34,389 | 127,696 |
| Liquidity & working capital | ||||
| Current Ratio | 0.72x | 0.72x | 0.47x | 0.57x |
| Quick Ratio | 0.20x | 0.25x | 0.07x | 0.23x |
| Cash Ratio | 0.06x | 3.05x | 0.02x | 0.04x |
| Total Current Assets | 79,716 | 83 | 67,899 | 114,097 |
| Total Current Liabilities | 111,292 | 115 | 144,150 | 200,032 |
| Inventory | 57,431 | 54 | 57,502 | 67,993 |
| Trade Receivables | 2,049 | 117 | 260 | 425 |
| Trade Payables | 23,623 | 16,280 | 42,102 | 17,449 |
| Net Working Capital | -31,576 | -32 | -76,251 | -85,935 |
| Net Working Capital % of Revenue | -14.5% | -0.0% | -20.9% | -25.0% |
| Trade Working Capital | 35,857 | -16,109 | 15,660 | 50,969 |
| Trade Working Capital % of Revenue | 16.5% | -4.9% | 4.3% | 14.8% |
| Change in Trade Working Capital | N/A | -51,966 | 31,769 | 35,309 |
| Turnover & efficiency | ||||
| Inventory Turnover | 2.46x | 4270.67x | 4.36x | 3.66x |
| Days Inventory Outstanding (DIO) | 148.4 | 0.1 | 83.8 | 99.7 |
| Receivables Turnover | 106.03x | 2821.62x | 1403.63x | 808.78x |
| Days Sales Outstanding (DSO) | 3.4 | 0.1 | 0.3 | 0.5 |
| Payables Turnover | 5.98x | 14.04x | 5.95x | 14.26x |
| Days Payable Outstanding (DPO) | 61.0 | 26.0 | 61.4 | 25.6 |
| Cash Conversion Cycle | 90.8 days | -25.8 days | 22.7 days | 74.6 days |
| Asset Turnover | 2.32x | 2.56x | 1.82x | 1.15x |
| Cash flow & dividends | ||||
| Operating Cash Flow | 17,772 | 3,915 | 53,014 | 67,677 |
| Free Cash Flow (OCF − Capex proxy) | 17,772 | -7,099 | 39,693 | 4,822 |
| Cash Conversion (OCF / EBITDA) | 114.3% | 9.7% | 77.6% | 145.3% |
| Dividends Declared | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | 0.0% | 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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