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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 6,456 · FY2023 2,833 · FY2024 0 — 3-yr total 9,288
Grain storage and handling terminal at the Black Sea port of Poti, serving agricultural imports/exports.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 29.9% | 33.7% | 18.2% | 10.5% | 12.3% | 7.6% | 4.3% | 6.7% |
| EBITDA Margin | 24.3% | 8.3% | 12.8% | 7.9% | 7.8% | 2.0% | -1.1% | 2.1% |
| EBITDAR | 1,688 | 249 | 4,527 | 8,106 | 9,850 | 3,812 | -1,528 | 2,924 |
| EBITDAR Margin | 24.3% | 8.3% | 12.8% | 7.9% | 7.8% | 2.0% | -1.1% | 2.1% |
| EBIT Margin | 20.4% | -0.4% | 11.9% | 7.4% | 7.5% | 1.4% | -1.8% | 0.9% |
| Net Profit Margin | 6.6% | -13.6% | 11.9% | 5.3% | 5.8% | 1.4% | -4.5% | -1.7% |
| Operating Expense % of Sales | 5.6% | 25.3% | 5.4% | 2.6% | 4.5% | 5.6% | 5.3% | 4.6% |
| Returns | ||||||||
| Return on Assets (ROA) | 6.7% | -6.1% | 18.3% | 11.2% | 12.1% | 5.5% | -12.5% | -4.9% |
| Return on Equity (ROE) | 10.9% | N/A | 104.9% | 88.3% | 68.0% | 37.4% | N/A | N/A |
| ROIC [EBIT / Invested Capital] | 24.5% | -0.9% | 34.9% | 21.3% | 19.0% | 6.6% | -6.0% | 2.8% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 22.9% | 25.1% | 38.0% | 71.2% | 65.8% | 74.3% | 95.4% | 98.5% |
| Debt-to-Equity | 0.37x | -8.58x | 2.17x | 5.62x | 3.70x | 5.07x | -21.35x | -30.80x |
| Debt-to-EBITDA | 0.93x | 6.71x | 1.93x | 4.27x | 4.07x | 9.28x | N/A | 16.53x |
| Equity-to-Assets | 61.7% | -2.9% | 17.5% | 12.7% | 17.8% | 14.7% | -4.5% | -3.2% |
| Net Debt | 1,561 | 1,573 | 8,021 | 29,924 | 38,996 | 33,462 | 46,056 | 47,928 |
| Cash & Equivalents | 1 | 102 | 724 | 4,705 | 1,120 | 1,927 | 3,357 | 401 |
| Total Debt | 1,562 | 1,675 | 8,745 | 34,629 | 40,116 | 35,389 | 49,413 | 48,329 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.15x | 1.25x | 0.96x | 1.05x | 1.15x | 1.00x | 0.81x | 0.61x |
| Quick Ratio | 1.13x | 1.23x | 0.10x | 0.60x | 0.65x | 0.44x | 0.49x | 0.40x |
| Cash Ratio | 0.00x | 0.08x | 0.04x | 0.12x | 0.03x | 0.06x | 0.08x | 0.01x |
| Total Current Assets | 1,536 | 1,644 | 16,619 | 42,406 | 48,840 | 32,627 | 35,155 | 22,118 |
| Total Current Liabilities | 1,331 | 1,312 | 17,327 | 40,375 | 42,434 | 32,514 | 43,469 | 36,554 |
| Inventory | 37 | 36 | 14,882 | 18,354 | 21,212 | 18,247 | 13,975 | 7,344 |
| Trade Receivables | 73 | 77 | 916 | 4,372 | 12,612 | 8,546 | 12,255 | 4,265 |
| Trade Payables | 28 | 131 | 3,133 | 1,326 | 5,161 | 1,757 | 1,389 | 1,594 |
| Net Working Capital | 204 | 332 | -708 | 2,031 | 6,406 | 113 | -8,315 | -14,436 |
| Net Working Capital % of Revenue | 2.9% | 11.1% | -2.0% | 2.0% | 5.1% | 0.1% | -5.7% | -10.2% |
| Trade Working Capital | 81 | -18 | 12,665 | 21,400 | 28,662 | 25,036 | 24,841 | 10,016 |
| Trade Working Capital % of Revenue | 1.2% | -0.6% | 35.8% | 20.8% | 22.7% | 13.2% | 17.2% | 7.0% |
| Change in Trade Working Capital | N/A | -99 | 12,682 | 8,735 | 7,263 | -3,626 | -195 | -14,825 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 131.15x | 55.11x | 1.94x | 5.03x | 5.22x | 9.57x | 9.91x | 18.06x |
| Days Inventory Outstanding (DIO) | 2.8 | 6.6 | 187.7 | 72.6 | 70.0 | 38.1 | 36.8 | 20.2 |
| Receivables Turnover | 95.71x | 38.72x | 38.60x | 23.58x | 10.00x | 22.13x | 11.80x | 33.33x |
| Days Sales Outstanding (DSO) | 3.8 | 9.4 | 9.5 | 15.5 | 36.5 | 16.5 | 30.9 | 11.0 |
| Payables Turnover | 172.32x | 15.16x | 9.23x | 69.59x | 21.44x | 99.44x | 99.68x | 83.23x |
| Days Payable Outstanding (DPO) | 2.1 | 24.1 | 39.5 | 5.2 | 17.0 | 3.7 | 3.7 | 4.4 |
| Cash Conversion Cycle | 4.5 days | -8.0 days | 157.7 days | 82.8 days | 89.4 days | 50.9 days | 64.1 days | 26.8 days |
| Asset Turnover | 1.02x | 0.45x | 1.54x | 2.12x | 2.07x | 3.97x | 2.79x | 2.90x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -62 | 279 | -4,374 | -15,493 | 777 | 15,195 | 6,211 | 12,285 |
| Free Cash Flow (OCF − Capex proxy) | -62 | 269 | -5,066 | -16,199 | -5,294 | 10,293 | 3,320 | 2,960 |
| Cash Conversion (OCF / EBITDA) | -3.7% | 111.7% | -96.6% | -191.1% | 7.9% | 398.6% | N/A | 420.2% |
| Dividends Declared | 0 | 4,000 | 0 | 3,301 | 2,689 | 6,456 | 2,833 | 0 |
| Dividend Payout Ratio | 0.0% | N/A | 0.0% | 60.7% | 36.5% | 247.2% | 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.
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