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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
Silk Road Group Holding LLC is one of Georgia's largest privately-held diversified investment groups (founded 1997 by George Ramishvili), with cumulative investments of ~USD 1bn and 5,000+ employees. Sub-sectors: telecom (historical Silknet and Geocell stakes), hospitality (Radisson Blu Tbilisi / Batumi / Tsinandali, Park Hotel), real estate (Silk Real Estate), logistics (Caspian rail and Black Sea cargo), hydropower, banking (Silk Bank) and media franchises.
silkroadgroup.neten.wikipedia.org
Group parent — controls 3 companies · ownership
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | 42.1% | 45.6% | 47.7% | 51.2% | 48.0% | 48.1% |
| EBITDAR | 245,203 | 201,403 | 267,044 | 369,905 | 377,972 | 404,575 |
| EBITDAR Margin | 42.1% | 45.6% | 47.7% | 51.2% | 48.0% | 48.1% |
| EBIT Margin | 18.0% | 12.8% | 21.5% | 30.8% | 29.4% | 31.1% |
| Net Profit Margin | -7.3% | -30.2% | 9.2% | 25.2% | 20.0% | 20.6% |
| Operating Expense % of Sales | 57.9% | 56.7% | 53.8% | 51.2% | 54.3% | 53.9% |
| Returns | ||||||
| Return on Assets (ROA) | -2.5% | -7.5% | 2.9% | 10.7% | 9.8% | 9.9% |
| Return on Equity (ROE) | -7.6% | -32.0% | 11.7% | 31.3% | 31.3% | 30.2% |
| ROIC [EBIT / Invested Capital] | 7.2% | 3.9% | 8.6% | 17.0% | 20.1% | 21.3% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 58.0% | 64.0% | 60.4% | 51.2% | 53.9% | 52.7% |
| Debt-to-Equity | 1.79x | 2.71x | 2.41x | 1.50x | 1.72x | 1.60x |
| Debt-to-EBITDA | 4.09x | 5.61x | 3.98x | 2.35x | 2.28x | 2.27x |
| Equity-to-Assets | 32.4% | 23.6% | 25.0% | 34.2% | 31.3% | 32.9% |
| Net Debt | 894,676 | 1,034,848 | 955,613 | 730,364 | 646,350 | 655,715 |
| Cash & Equivalents | 108,635 | 95,751 | 108,333 | 139,793 | 216,255 | 263,862 |
| Total Debt | 1,003,311 | 1,130,599 | 1,063,946 | 870,157 | 862,605 | 919,577 |
| Liquidity & working capital | ||||||
| Current Ratio | 1.03x | 0.68x | 0.86x | 1.12x | 1.60x | 2.06x |
| Quick Ratio | 0.94x | 0.62x | 0.80x | 1.03x | 1.49x | 1.72x |
| Cash Ratio | 0.60x | 0.38x | 0.39x | 0.74x | 1.15x | 1.24x |
| Total Current Assets | 188,734 | 169,199 | 237,139 | 211,832 | 301,359 | 436,889 |
| Total Current Liabilities | 182,464 | 248,708 | 276,489 | 189,353 | 188,849 | 212,594 |
| Inventory | 17,795 | 14,796 | 16,301 | 16,783 | 19,714 | 70,421 |
| Trade Receivables | 35,363 | 41,045 | 35,242 | 40,750 | 43,984 | 43,863 |
| Trade Payables | 97,241 | 140,966 | 148,608 | 123,836 | 148,345 | 146,146 |
| Net Working Capital | 6,270 | -79,509 | -39,350 | 22,479 | 112,510 | 224,295 |
| Net Working Capital % of Revenue | 1.1% | -18.0% | -7.0% | 3.1% | 14.3% | 26.7% |
| Trade Working Capital | -44,083 | -85,125 | -97,065 | -66,303 | -84,647 | -31,862 |
| Trade Working Capital % of Revenue | -7.6% | -19.3% | -17.3% | -9.2% | -10.8% | -3.8% |
| Change in Trade Working Capital | N/A | -41,042 | -11,940 | 30,762 | -18,344 | 52,785 |
| Turnover & efficiency | ||||||
| Inventory Turnover | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A | N/A | N/A |
| Receivables Turnover | 16.49x | 10.77x | 15.89x | 17.74x | 17.89x | 19.18x |
| Days Sales Outstanding (DSO) | 22.1 | 33.9 | 23.0 | 20.6 | 20.4 | 19.0 |
| Payables Turnover | 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 |
| Cash Conversion Cycle | 22.1 days | 33.9 days | 23.0 days | 20.6 days | 20.4 days | 19.0 days |
| Asset Turnover | 0.34x | 0.25x | 0.32x | 0.43x | 0.49x | 0.48x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 245,902 | 227,451 | 283,585 | 366,492 | 406,281 | 391,025 |
| Free Cash Flow (OCF − Capex proxy) | 78,750 | 93,284 | 156,446 | 239,227 | 236,247 | 159,880 |
| Cash Conversion (OCF / EBITDA) | 100.3% | 112.9% | 106.2% | 99.1% | 107.5% | 96.7% |
| Dividends Declared | 231 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | N/A | N/A | 0.0% | 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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