Ratings and Performance Highlights

Operating Indicators 2019 2020 2021 2022 9M 2022 9M 2023
Freight turnover, mln. tones-kilometers 2 909 2 895 3 291 4 164 3 105 2 888
Passenger turnover, mln. passenger-kilometers 677 247 273 483 357 537

Financial Highlights 2019 2020 2021 2022 9M 2022 9M 2023
Revenue '000 Gel 491 038 489 370 547 868 674 773 491 155 481 204
Adjusted EBITDA 223 179 218 962 226 576 284 162 218 364 162 314
Adjusted EBITDA margin 45,45% 44,74% 41,36% 42,11% 44,46% 33,73%

Credit Ratings

First issued LT Outlook ST Last issued LT Outlook ST
Standard & Poor's 2010 B+ Stable B 2022 BB- Stable B
Fitch Ratings 2010 B+ Stable B 2023 BB- Positive B

Standard and Poor`s Fitch
Date LT Outlook ST Date LT Outlook ST
Dec-22 BB- Stable B Feb-23 BB- Positive B
Mar-22 B+ Positive B Dec-22 BB- Stable B
May-21 B+ Negative B Dec-21 BB- Stable B
Dec-21 B+ Stable B Aug-21 BB- Stable B
Jun-20 B+ Negative B May-20 BB- Negative B
Apr-19 B+ Positive B Mar-19 BB- Stable B
Sep-17 B+ Stable B Nov-18 B+ Positive B
Sep-16 B+ Negative B Jan-17 B+ Stable B
Sep-16 B+ Stable B Sep-16 BB- Negative B
Mar-12 BB- Stable B Dec-14 BB- Stable B
Jun-10 B+ Stable B Nov-13 BB- Negative B
Dec-11 BB- Stable B
Mar-11 B+ Positive B
May-10 B+ Stable B