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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Power & Utilities — Hydropower. Per the activity note to the FY2024 annual report, the group owns and operates hydroelectric power stations.
Subsidiary of Silk Road Group Holding (100.0%)
| Ratio | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Margins | ||||
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | 61.9% | 68.1% | 71.9% | 64.7% |
| EBITDAR | 3,704 | 5,063 | 5,672 | 4,266 |
| EBITDAR Margin | 62.2% | 68.4% | 72.2% | 65.1% |
| EBIT Margin | 47.9% | 56.1% | 60.3% | 50.8% |
| Net Profit Margin | 43.8% | 61.5% | 46.7% | 35.8% |
| Operating Expense % of Sales | 38.1% | 31.9% | 28.1% | 35.3% |
| Returns | ||||
| Return on Assets (ROA) | 10.0% | 19.1% | 13.7% | 9.2% |
| Return on Equity (ROE) | 30.8% | 35.0% | 22.0% | 12.3% |
| ROIC [EBIT / Invested Capital] | 13.3% | 18.7% | 21.8% | 15.7% |
| Leverage & debt balances | ||||
| Debt-to-Assets | 58.6% | 42.3% | 35.2% | 23.0% |
| Debt-to-Equity | 1.81x | 0.78x | 0.56x | 0.31x |
| Debt-to-EBITDA | 4.16x | 2.00x | 1.67x | 1.37x |
| Equity-to-Assets | 32.3% | 54.6% | 62.4% | 75.0% |
| Net Debt | 12,950 | 9,157 | 5,109 | 2,119 |
| Cash & Equivalents | 2,357 | 926 | 4,302 | 3,699 |
| Total Debt | 15,307 | 10,083 | 9,411 | 5,818 |
| Liquidity & working capital | ||||
| Current Ratio | 0.97x | 1.05x | 4.17x | 6.38x |
| Quick Ratio | 0.76x | 1.05x | 4.17x | 6.38x |
| Cash Ratio | 0.63x | 0.56x | 3.26x | 4.74x |
| Total Current Assets | 3,621 | 1,719 | 5,510 | 4,980 |
| Total Current Liabilities | 3,751 | 1,641 | 1,320 | 781 |
| Inventory | 753 | N/A | N/A | N/A |
| Trade Receivables | 511 | 365 | 681 | 603 |
| Trade Payables | 2,371 | 733 | 648 | 510 |
| Net Working Capital | -130 | 78 | 4,190 | 4,199 |
| Net Working Capital % of Revenue | -2.2% | 1.1% | 53.3% | 64.1% |
| Trade Working Capital | -1,107 | -368 | 33 | 93 |
| Trade Working Capital % of Revenue | -18.6% | -5.0% | 0.4% | 1.4% |
| Change in Trade Working Capital | N/A | 739 | 401 | 60 |
| Turnover & efficiency | ||||
| Inventory Turnover | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A |
| Receivables Turnover | 11.65x | 20.27x | 11.53x | 10.86x |
| Days Sales Outstanding (DSO) | 31.3 | 18.0 | 31.6 | 33.6 |
| Payables Turnover | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | 31.3 days | 18.0 days | 31.6 days | 33.6 days |
| Asset Turnover | 0.23x | 0.31x | 0.29x | 0.26x |
| Cash flow & dividends | ||||
| Operating Cash Flow | 4,082 | 5,161 | 5,301 | N/A |
| Free Cash Flow (OCF − Capex proxy) | 3,713 | 3,801 | 5,000 | N/A |
| Cash Conversion (OCF / EBITDA) | 110.9% | 102.4% | 93.8% | N/A |
| Dividends Declared | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | N/A | N/A | 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.
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).
Ranked by how close each latest revenue is to this one — not a curated comp set.