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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 7,776 · FY2022 7,631 · FY2023 351 — 3-yr total 15,758
Operates in Mining & Metals. Per the activity note to the FY2023 annual report, the company sells manganese concentrate.
Group parent — controls 1 company · ownership
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 27.8% | 31.2% | 20.2% | 7.0% | 6.0% | 12.1% |
| EBITDA Margin | 19.1% | 26.5% | 14.4% | 14.2% | 22.3% | 40.5% |
| EBITDAR | 14,310 | 26,215 | 13,635 | 56,873 | 36,639 | 14,625 |
| EBITDAR Margin | 19.1% | 26.5% | 14.4% | 14.2% | 22.3% | 40.5% |
| EBIT Margin | 19.1% | 26.5% | 14.4% | 14.2% | 22.3% | 40.5% |
| Net Profit Margin | 20.5% | 27.6% | 22.7% | 24.7% | 15.3% | 99.6% |
| Operating Expense % of Sales | 8.8% | 4.6% | 5.8% | 1.4% | 2.6% | 10.5% |
| Returns | ||||||
| Return on Assets (ROA) | 40.7% | 37.6% | 22.0% | 23.8% | 7.1% | 7.3% |
| Return on Equity (ROE) | 70.0% | 66.6% | 40.0% | 104.3% | 22.4% | 24.1% |
| ROIC [EBIT / Invested Capital] | 66.3% | 60.5% | 23.9% | 24.3% | 13.4% | 5.1% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 0.0% | 3.5% | 3.4% | 34.7% | 45.3% | 28.6% |
| Debt-to-Equity | 0.00x | 0.06x | 0.06x | 1.52x | 1.44x | 0.95x |
| Debt-to-EBITDA | 0.00x | 0.10x | 0.25x | 2.53x | 4.40x | 9.69x |
| Equity-to-Assets | 58.2% | 56.5% | 55.1% | 22.8% | 31.4% | 30.1% |
| Net Debt | -415 | 2,323 | 3,052 | 139,910 | 160,826 | 140,335 |
| Cash & Equivalents | 415 | 191 | 323 | 3,700 | 494 | 1,391 |
| Total Debt | N/A | 2,514 | 3,374 | 143,610 | 161,320 | 141,726 |
| Liquidity & working capital | ||||||
| Current Ratio | 1.19x | 1.37x | 1.11x | 0.69x | 0.47x | 1.66x |
| Quick Ratio | 1.17x | 1.34x | 1.09x | 0.68x | 0.45x | 1.65x |
| Cash Ratio | 0.03x | 0.01x | 0.01x | 0.02x | 0.00x | 0.02x |
| Total Current Assets | 18,901 | 39,866 | 46,054 | 161,027 | 65,770 | 146,677 |
| Total Current Liabilities | 15,820 | 29,073 | 41,408 | 233,822 | 141,196 | 88,483 |
| Inventory | 356 | 1,050 | 1,026 | 2,040 | 1,905 | 910 |
| Trade Receivables | 18,127 | 38,394 | 44,024 | 117,260 | 60,361 | 35,880 |
| Trade Payables | 15,563 | 28,361 | 40,408 | 173,153 | 80,218 | 204,794 |
| Net Working Capital | 3,082 | 10,793 | 4,646 | -72,795 | -75,426 | 58,194 |
| Net Working Capital % of Revenue | 4.1% | 10.9% | 4.9% | -18.2% | -46.0% | 161.0% |
| Trade Working Capital | 2,920 | 11,083 | 4,642 | -53,853 | -17,952 | -168,004 |
| Trade Working Capital % of Revenue | 3.9% | 11.2% | 4.9% | -13.5% | -10.9% | -464.9% |
| Change in Trade Working Capital | N/A | 8,163 | -6,441 | -58,495 | 35,901 | -150,052 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 152.15x | 64.80x | 73.85x | 181.91x | 80.88x | 34.92x |
| Days Inventory Outstanding (DIO) | 2.4 | 5.6 | 4.9 | 2.0 | 4.5 | 10.5 |
| Receivables Turnover | 4.14x | 2.57x | 2.16x | 3.40x | 2.72x | 1.01x |
| Days Sales Outstanding (DSO) | 88.2 | 141.8 | 169.3 | 107.2 | 134.3 | 362.4 |
| Payables Turnover | 3.48x | 2.40x | 1.88x | 2.14x | 1.92x | 0.16x |
| Days Payable Outstanding (DPO) | 104.9 | 152.2 | 194.6 | 170.3 | 190.0 | 2352.1 |
| Cash Conversion Cycle | -14.3 days | -4.7 days | -20.4 days | -61.0 days | -51.2 days | -1979.3 days |
| Asset Turnover | 1.98x | 1.36x | 0.97x | 0.97x | 0.46x | 0.07x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 15,860 | 21,560 | 30,688 | 138,915 | 50,549 | 28,907 |
| Free Cash Flow (OCF − Capex proxy) | 1,891 | 5,925 | 8,128 | -80,598 | 50,494 | 23,128 |
| Cash Conversion (OCF / EBITDA) | 110.8% | 82.2% | 225.1% | 244.3% | 138.0% | 197.7% |
| Dividends Declared | 3,103 | 8,318 | 9,120 | 7,776 | 7,631 | 351 |
| Dividend Payout Ratio | 20.1% | 30.5% | 42.3% | 7.9% | 30.4% | 1.0% |
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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