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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
Holding company for Georgia Capital's renewable-energy (hydro and wind) assets, parent of the Georgian Renewable Power operating business (~71 MW: hydropower plants plus the 21 MW Qartli wind farm). Ultimately owned by Georgia Capital PLC (LSE: CGEO).
| Ratio | 2022 | 2023 | 2024 |
|---|---|---|---|
| Margins | |||
| Gross Margin | 98.7% | 95.3% | 94.7% |
| EBITDA Margin | 81.7% | 71.9% | 75.0% |
| EBITDAR | 34,514 | 27,356 | 33,002 |
| EBITDAR Margin | 81.7% | 71.9% | 75.0% |
| EBIT Margin | 55.6% | 45.7% | 52.2% |
| Net Profit Margin | 6.7% | -4.5% | -8.0% |
| Operating Expense % of Sales | 17.2% | 23.6% | 19.6% |
| Returns | |||
| Return on Assets (ROA) | 0.9% | -0.5% | -1.1% |
| Return on Equity (ROE) | 2.7% | -1.6% | -3.3% |
| ROIC [EBIT / Invested Capital] | 7.9% | 5.9% | 7.7% |
| Leverage & debt balances | |||
| Debt-to-Assets | 66.3% | 66.6% | 63.9% |
| Debt-to-Equity | 2.11x | 2.11x | 1.98x |
| Debt-to-EBITDA | 6.35x | 8.01x | 6.31x |
| Equity-to-Assets | 31.4% | 31.6% | 32.3% |
| Net Debt | 193,525 | 190,762 | 191,661 |
| Cash & Equivalents | 25,574 | 28,307 | 16,493 |
| Total Debt | 219,099 | 219,069 | 208,154 |
| Liquidity & working capital | |||
| Current Ratio | 2.74x | 3.82x | 1.28x |
| Quick Ratio | 2.71x | 3.80x | 1.26x |
| Cash Ratio | 2.27x | 3.19x | 1.04x |
| Total Current Assets | 30,855 | 33,869 | 20,341 |
| Total Current Liabilities | 11,259 | 8,862 | 15,909 |
| Inventory | 337 | 193 | 342 |
| Trade Receivables | 1,735 | 2,492 | 2,059 |
| Trade Payables | 6,589 | 5,099 | 12,048 |
| Net Working Capital | 19,596 | 25,007 | 4,432 |
| Net Working Capital % of Revenue | 46.4% | 65.7% | 10.1% |
| Trade Working Capital | -4,517 | -2,414 | -9,647 |
| Trade Working Capital % of Revenue | -10.7% | -6.3% | -21.9% |
| Change in Trade Working Capital | N/A | 2,103 | -7,233 |
| Turnover & efficiency | |||
| Inventory Turnover | 1.63x | 9.25x | 6.87x |
| Days Inventory Outstanding (DIO) | 224.5 | 39.5 | 53.2 |
| Receivables Turnover | 24.33x | 15.27x | 21.36x |
| Days Sales Outstanding (DSO) | 15.0 | 23.9 | 17.1 |
| Payables Turnover | 0.08x | 0.35x | 0.19x |
| Days Payable Outstanding (DPO) | 4388.7 | 1042.7 | 1872.9 |
| Cash Conversion Cycle | -4149.2 days | -979.3 days | -1802.6 days |
| Asset Turnover | 0.13x | 0.12x | 0.13x |
| Cash flow & dividends | |||
| Operating Cash Flow | 36,266 | 22,886 | 33,360 |
| Free Cash Flow (OCF − Capex proxy) | 39,479 | 16,466 | 23,928 |
| Cash Conversion (OCF / EBITDA) | 105.1% | 83.7% | 101.1% |
| Dividends Declared | 0 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | 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).
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