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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 4,449 · FY2022 6,872 · FY2023 0 — 3-yr total 11,321
Georgian fuel/petroleum trading and retail company.
Subsidiary of P3 (100.0%)
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Margins | |||||
| Gross Margin | 1.6% | 3.4% | 2.5% | 3.6% | 1.7% |
| EBITDA Margin | 1.0% | 2.7% | 2.0% | 2.9% | -1.8% |
| EBITDAR | 1,019 | 5,300 | 7,316 | 11,773 | -3,345 |
| EBITDAR Margin | 1.5% | 3.3% | 2.4% | 3.2% | -1.4% |
| EBIT Margin | 1.0% | 2.7% | 1.9% | 2.9% | -1.8% |
| Net Profit Margin | 0.4% | 1.3% | 1.3% | 2.3% | -2.9% |
| Operating Expense % of Sales | 0.6% | 0.7% | 0.6% | 0.7% | 3.4% |
| Returns | |||||
| Return on Assets (ROA) | 1.2% | 12.4% | 21.4% | 16.3% | -30.0% |
| Return on Equity (ROE) | 288.5% | 778.2% | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | 3.9% | 29.6% | 41.3% | 35.8% | -25.5% |
| Leverage & debt balances | |||||
| Debt-to-Assets | 79.7% | 89.6% | 74.7% | 58.6% | 103.7% |
| Debt-to-Equity | 187.31x | 56.06x | N/A | N/A | -3.36x |
| Debt-to-EBITDA | 25.76x | 3.33x | 2.41x | 2.84x | N/A |
| Equity-to-Assets | 0.4% | 1.6% | 0.0% | 0.0% | -30.9% |
| Net Debt | 17,751 | 14,634 | 14,619 | 29,559 | 24,608 |
| Cash & Equivalents | 231 | 53 | 12 | 684 | 43 |
| Total Debt | 17,982 | 14,687 | 14,631 | 30,243 | 24,651 |
| Liquidity & working capital | |||||
| Current Ratio | 1.00x | 1.01x | 0.96x | 0.99x | 0.76x |
| Quick Ratio | 0.44x | 0.61x | 0.40x | 0.68x | 0.65x |
| Cash Ratio | 0.01x | 0.00x | 0.00x | 0.01x | 0.00x |
| Total Current Assets | 22,543 | 16,339 | 18,887 | 51,163 | 23,612 |
| Total Current Liabilities | 22,453 | 16,138 | 19,581 | 51,628 | 31,124 |
| Inventory | 12,569 | 6,479 | 11,051 | 16,295 | 3,362 |
| Trade Receivables | 5,580 | 9,384 | 5,092 | 18,426 | 8,287 |
| Trade Payables | 3,334 | 57 | 3,899 | 15,600 | 5,875 |
| Net Working Capital | 90 | 201 | -694 | -465 | -7,512 |
| Net Working Capital % of Revenue | 0.1% | 0.1% | -0.2% | -0.1% | -3.0% |
| Trade Working Capital | 14,815 | 15,806 | 12,244 | 19,121 | 5,774 |
| Trade Working Capital % of Revenue | 21.6% | 9.8% | 3.9% | 5.2% | 2.3% |
| Change in Trade Working Capital | N/A | 991 | -3,562 | 6,877 | -13,347 |
| Turnover & efficiency | |||||
| Inventory Turnover | 5.37x | 24.00x | 27.37x | 21.85x | 72.25x |
| Days Inventory Outstanding (DIO) | 68.0 | 15.2 | 13.3 | 16.7 | 5.1 |
| Receivables Turnover | 12.30x | 17.16x | 60.93x | 20.04x | 29.81x |
| Days Sales Outstanding (DSO) | 29.7 | 21.3 | 6.0 | 18.2 | 12.2 |
| Payables Turnover | 20.25x | 2728.44x | 77.57x | 22.82x | 41.35x |
| Days Payable Outstanding (DPO) | 18.0 | 0.1 | 4.7 | 16.0 | 8.8 |
| Cash Conversion Cycle | 79.6 days | 36.3 days | 14.6 days | 18.9 days | 8.5 days |
| Asset Turnover | 3.04x | 9.82x | 15.84x | 7.15x | 10.39x |
| Cash flow & dividends | |||||
| Operating Cash Flow | -17,561 | 5,620 | 5,520 | 3,480 | 2,998 |
| Free Cash Flow (OCF − Capex proxy) | -17,567 | 5,563 | 4,610 | -6,137 | -1,101 |
| Cash Conversion (OCF / EBITDA) | -2515.9% | 127.5% | 90.8% | 32.6% | N/A |
| Dividends Declared | 181 | 1,873 | 4,449 | 6,872 | 0 |
| Dividend Payout Ratio | 65.3% | 91.9% | 106.3% | 81.5% | 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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