Ratings and Performance Highlights

Operating Indicators 2018 2019 2020 2021 9M 2021 9M 2022
Freight turnover, mln. tones-kilometers 2,571 2.909 2 895 3 291 2 455 3 105
Passenger turnover, mln. passenger-kilometers 634 677 247 273 125 168

Financial Highlights 2018 2019 2020 2021 9M 2021 9M 2022
Revenue mln. Gel 424,614 491,038 489 370 547 868 408 951 491 155
Adjusted EBITDA 172,322 223,179 218 962 226 576 179 503 218 364
Adjusted EBITDA margin 40,58% 45,45% 44,74% 41,36% 43,89% 44,46%

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