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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Power & Utilities — Hydropower. Per the activity note to the FY2024 annual report, the company builds and operates hydroelectric power plants.
Subsidiary of Akvaenerji (80.0%)
| Ratio | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Margins | |||||
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | -186.7% | 15.4% | 53.5% | 68.8% | 68.2% |
| EBITDAR | -4,485 | 626 | 4,420 | 6,397 | 5,316 |
| EBITDAR Margin | -186.7% | 17.3% | 53.5% | 68.8% | 68.2% |
| EBIT Margin | -186.7% | -2.1% | 38.8% | 52.4% | 48.2% |
| Net Profit Margin | -312.4% | -32.3% | 70.7% | -4.0% | -52.0% |
| Operating Expense % of Sales | 286.7% | 84.6% | 46.5% | 31.2% | 31.8% |
| Returns | |||||
| Return on Assets (ROA) | -14.6% | -2.3% | 11.0% | -0.5% | -8.1% |
| Return on Equity (ROE) | N/A | N/A | 183.4% | -9.7% | N/A |
| ROIC [EBIT / Invested Capital] | -9.6% | -0.1% | 6.4% | 9.5% | 7.6% |
| Leverage & debt balances | |||||
| Debt-to-Assets | 96.4% | 104.3% | 90.8% | 93.7% | 99.0% |
| Debt-to-Equity | -138.61x | -16.54x | 15.16x | 17.29x | -280.60x |
| Debt-to-EBITDA | N/A | 97.12x | 10.93x | 10.37x | 9.34x |
| Equity-to-Assets | -0.7% | -6.3% | 6.0% | 5.4% | -0.4% |
| Net Debt | 46,981 | 53,944 | 47,336 | 47,386 | 49,659 |
| Cash & Equivalents | 2,577 | 17 | 989 | 18,927 | N/A |
| Total Debt | 49,559 | 53,962 | 48,325 | 66,313 | 49,659 |
| Liquidity & working capital | |||||
| Current Ratio | 34.79x | 1.13x | 0.13x | 0.90x | 0.64x |
| Quick Ratio | 34.79x | 1.13x | 0.13x | 0.90x | 0.64x |
| Cash Ratio | 2.38x | 0.00x | 0.08x | 0.74x | 0.00x |
| Total Current Assets | 37,626 | 4,228 | 1,548 | 23,075 | 3,709 |
| Total Current Liabilities | 1,082 | 3,745 | 11,812 | 25,745 | 5,810 |
| Inventory | N/A | N/A | N/A | N/A | N/A |
| Trade Receivables | 35,025 | 3,966 | 486 | 790 | 527 |
| Trade Payables | 704 | 663 | 1,731 | 609 | 697 |
| Net Working Capital | 36,544 | 484 | -10,264 | -2,670 | -2,101 |
| Net Working Capital % of Revenue | 1521.1% | 13.4% | -124.2% | -28.7% | -27.0% |
| Trade Working Capital | 34,320 | 3,303 | -1,245 | 180 | -171 |
| Trade Working Capital % of Revenue | 1428.5% | 91.4% | -15.1% | 1.9% | -2.2% |
| Change in Trade Working Capital | N/A | -31,017 | -4,548 | 1,425 | -351 |
| Turnover & efficiency | |||||
| Inventory Turnover | N/A | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A | N/A |
| Receivables Turnover | 0.07x | 0.91x | 17.01x | 11.77x | 14.80x |
| Days Sales Outstanding (DSO) | 5321.2 | 400.4 | 21.5 | 31.0 | 24.7 |
| Payables Turnover | N/A | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | N/A | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | 5321.2 days | 400.4 days | 21.5 days | 31.0 days | 24.7 days |
| Asset Turnover | 0.05x | 0.07x | 0.16x | 0.13x | 0.16x |
| Cash flow & dividends | |||||
| Operating Cash Flow | -8,664 | -7,495 | 4,369 | 591 | -81 |
| Free Cash Flow (OCF − Capex proxy) | -8,664 | -7,495 | 229 | -132 | -386 |
| Cash Conversion (OCF / EBITDA) | N/A | -1349.0% | 98.8% | 9.2% | -1.5% |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | N/A | N/A | 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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