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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 10,020 · FY2022 8,364 · FY2023 13,896 — 3-yr total 32,280
Georgian road construction/infrastructure company.
Group parent — controls 2 companies · ownership
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 12.7% | 20.1% | 16.0% | 20.9% | 17.9% | 16.8% | 12.4% |
| EBITDA Margin | 10.6% | 15.7% | 14.4% | 16.8% | 14.1% | 14.4% | 10.7% |
| EBITDAR | 2,240 | 3,894 | 12,947 | 10,635 | 10,025 | 22,311 | 19,469 |
| EBITDAR Margin | 10.7% | 15.9% | 14.4% | 16.8% | 14.1% | 14.4% | 10.7% |
| EBIT Margin | 10.4% | 15.4% | 14.3% | 16.7% | 14.0% | 14.3% | 10.6% |
| Net Profit Margin | 7.1% | 11.2% | 13.3% | 9.6% | 12.5% | 14.0% | 8.1% |
| Operating Expense % of Sales | 2.1% | 4.4% | 1.6% | 4.1% | 3.7% | 2.4% | 1.7% |
| Returns | |||||||
| Return on Assets (ROA) | 26.0% | 15.5% | 45.4% | 17.3% | 15.8% | 32.8% | 16.8% |
| Return on Equity (ROE) | 84.4% | 104.2% | 130.2% | 68.3% | 115.0% | 101.4% | 62.8% |
| ROIC [EBIT / Invested Capital] | 121.8% | 37.3% | 71.8% | 38.5% | 43.4% | 71.8% | 63.0% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 8.5% | 53.2% | 40.5% | 53.7% | 27.6% | 23.3% | 14.3% |
| Debt-to-Equity | 0.28x | 3.57x | 1.16x | 2.13x | 2.01x | 0.72x | 0.53x |
| Debt-to-EBITDA | 0.22x | 2.44x | 0.83x | 1.77x | 1.54x | 0.69x | 0.64x |
| Equity-to-Assets | 30.8% | 14.9% | 34.9% | 25.3% | 13.7% | 32.3% | 26.8% |
| Net Debt | 21 | 7,495 | 8,718 | 18,546 | 15,148 | 9,481 | 7,313 |
| Cash & Equivalents | 470 | 1,888 | 1,973 | 318 | 326 | 5,967 | 5,190 |
| Total Debt | 491 | 9,383 | 10,692 | 18,864 | 15,474 | 15,449 | 12,503 |
| Liquidity & working capital | |||||||
| Current Ratio | 1.44x | 0.99x | 1.22x | 1.39x | 0.82x | 1.05x | 1.30x |
| Quick Ratio | 1.39x | 0.95x | 1.09x | 1.26x | 0.79x | 1.02x | 1.26x |
| Cash Ratio | 0.31x | 0.31x | 0.38x | 0.05x | 0.01x | 0.17x | 0.13x |
| Total Current Assets | 2,179 | 6,077 | 6,280 | 8,401 | 29,268 | 36,659 | 52,563 |
| Total Current Liabilities | 1,516 | 6,164 | 5,139 | 6,054 | 35,754 | 34,963 | 40,477 |
| Inventory | 71 | 208 | 660 | 783 | 1,063 | 1,135 | 1,489 |
| Trade Receivables | 1,568 | 2,593 | 4,118 | 7,285 | 14,630 | 16,368 | 31,658 |
| Trade Payables | 1,501 | 5,068 | 5,133 | 6,012 | 31,314 | 28,992 | 34,136 |
| Net Working Capital | 663 | -87 | 1,141 | 2,347 | -6,486 | 1,696 | 12,086 |
| Net Working Capital % of Revenue | 3.2% | -0.4% | 1.3% | 3.7% | -9.1% | 1.1% | 6.6% |
| Trade Working Capital | 137 | -2,267 | -355 | 2,056 | -15,621 | -11,488 | -989 |
| Trade Working Capital % of Revenue | 0.7% | -9.2% | -0.4% | 3.2% | -22.0% | -7.4% | -0.5% |
| Change in Trade Working Capital | N/A | -2,404 | 1,912 | 2,410 | -17,676 | 4,132 | 10,499 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 258.64x | 94.44x | 114.68x | 63.99x | 54.84x | 113.46x | 107.14x |
| Days Inventory Outstanding (DIO) | 1.4 | 3.9 | 3.2 | 5.7 | 6.7 | 3.2 | 3.4 |
| Receivables Turnover | 13.36x | 9.47x | 21.88x | 8.70x | 4.85x | 9.46x | 5.75x |
| Days Sales Outstanding (DSO) | 27.3 | 38.6 | 16.7 | 42.0 | 75.2 | 38.6 | 63.4 |
| Payables Turnover | 12.18x | 3.87x | 14.75x | 8.33x | 1.86x | 4.44x | 4.67x |
| Days Payable Outstanding (DPO) | 30.0 | 94.3 | 24.7 | 43.8 | 196.0 | 82.1 | 78.1 |
| Cash Conversion Cycle | -1.2 days | -51.9 days | -4.9 days | 3.9 days | -114.1 days | -40.3 days | -11.3 days |
| Asset Turnover | 3.64x | 1.39x | 3.41x | 1.80x | 1.27x | 2.34x | 2.08x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | 1,551 | 5,057 | 15,020 | 6,117 | 17,015 | 20,653 | 19,210 |
| Free Cash Flow (OCF − Capex proxy) | 1,551 | 4,974 | 13,662 | -308 | 16,527 | 12,990 | 16,275 |
| Cash Conversion (OCF / EBITDA) | 69.6% | 131.6% | 116.2% | 57.5% | 169.7% | 92.6% | 98.7% |
| Dividends Declared | 300 | 1,879 | 5,415 | 6,405 | 10,020 | 8,364 | 13,896 |
| Dividend Payout Ratio | 20.1% | 68.5% | 45.1% | 105.7% | 113.1% | 38.6% | 94.5% |
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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