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Ratio	2019	2020	2021
Margins
Gross Margin	13.0%	13.2%	6.6%
EBITDA Margin	1.3%	1.7%	1.6%
EBITDAR	54	76	64
EBITDAR Margin	1.3%	1.7%	1.6%
EBIT Margin	1.1%	1.5%	1.4%
Net Profit Margin	1.1%	1.5%	1.4%
Operating Expense % of Sales	11.7%	11.4%	5.0%
Returns
Return on Assets (ROA)	7.1%	9.9%	7.7%
Return on Equity (ROE)	7.1%	9.9%	7.7%
ROIC [EBIT / Invested Capital]	7.2%	10.1%	7.8%
Leverage & liquidity
Debt-to-Assets	0.0%	0.0%	0.0%
Debt-to-Equity	0.00x	0.00x	0.00x
Debt-to-EBITDA	0.00x	0.00x	0.00x
Equity-to-Assets	100.0%	100.0%	100.0%
Net Debt	-2	-11	-6
Cash & Equivalents	2	11	6
Total Debt	N/A	N/A	N/A
Liquidity & working capital
Current Ratio	N/A	N/A	N/A
Quick Ratio	N/A	N/A	N/A
Cash Ratio	N/A	N/A	N/A
Total Current Assets	379	463	622
Total Current Liabilities	N/A	N/A	N/A
Inventory	379	463	622
Trade Receivables	N/A	N/A	N/A
Trade Payables	N/A	N/A	N/A
Net Working Capital	379	463	622
Net Working Capital % of Revenue	9.4%	10.6%	15.0%
Trade Working Capital	379	463	622
Trade Working Capital % of Revenue	9.4%	10.6%	15.0%
Change in Trade Working Capital	N/A	84	159
Turnover & efficiency
Inventory Turnover	9.30x	8.22x	6.21x
Days Inventory Outstanding (DIO)	39.2	44.4	58.7
Receivables Turnover	N/A	N/A	N/A
Days Sales Outstanding (DSO)	N/A	N/A	N/A
Payables Turnover	N/A	N/A	N/A
Days Payable Outstanding (DPO)	N/A	N/A	N/A
Cash Conversion Cycle	39.2 days	44.4 days	58.7 days
Asset Turnover	6.60x	6.42x	5.60x
Cash flow & dividends
Operating Cash Flow	4,054	4,381	4,138
Free Cash Flow (OCF − Capex proxy)	-2	10	-5
Cash Conversion (OCF / EBITDA)	7462.6%	5794.4%	6439.7%
Dividends Declared	N/A	N/A	N/A
Dividend Payout Ratio	N/A	N/A	N/A

Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in ₾ '000. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.