Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	25.3%	23.5%	21.8%	25.3%	26.3%	47.8%	44.6%
EBITDA Margin	0.8%	2.8%	-6.1%	3.7%	1.8%	19.3%	11.3%
EBITDAR	42	182	-329	210	127	1,409	822
EBITDAR Margin	0.8%	2.8%	-6.1%	3.7%	1.8%	19.3%	11.3%
EBIT Margin	0.4%	2.5%	-6.6%	3.3%	1.5%	19.1%	11.1%
Net Profit Margin	-0.2%	1.9%	-6.9%	4.2%	2.6%	18.9%	10.9%
Operating Expense % of Sales	24.4%	20.7%	27.9%	21.6%	24.6%	28.4%	33.3%
Returns
Return on Assets (ROA)	-0.8%	9.6%	-24.7%	19.4%	15.4%	63.4%	27.7%
Return on Equity (ROE)	-1.2%	14.9%	-55.1%	45.0%	25.9%	73.5%	29.8%
ROIC [EBIT / Invested Capital]	2.4%	15.2%	-36.8%	17.4%	10.6%	81.5%	57.7%
Leverage & liquidity
Debt-to-Assets	24.0%	26.2%	48.3%	48.3%	29.2%	6.1%	0.0%
Debt-to-Equity	0.36x	0.41x	1.08x	1.12x	0.49x	0.07x	0.00x
Debt-to-EBITDA	5.96x	1.81x	N/A	2.82x	2.79x	0.09x	0.00x
Equity-to-Assets	66.5%	64.5%	44.8%	43.1%	59.7%	86.4%	93.0%
Net Debt	106	232	294	545	288	-169	-1,268
Cash & Equivalents	146	97	426	48	66	302	1,268
Total Debt	251	329	720	593	354	133	N/A
Efficiency & working capital
Inventory Turnover	N/A	15.09x	14.04x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	24.2	26.0	N/A	N/A	N/A	N/A
Receivables Turnover	34.86x	21.87x	20.52x	13.75x	18.33x	14.13x	8.84x
Days Sales Outstanding (DSO)	10.5	16.7	17.8	26.5	19.9	25.8	41.3
Payables Turnover	54.18x	61.20x	78.55x	84.01x	75.11x	59.45x	33.65x
Days Payable Outstanding (DPO)	6.7	6.0	4.6	4.3	4.9	6.1	10.8
Cash Conversion Cycle	3.7 days	34.9 days	39.1 days	22.2 days	15.1 days	19.7 days	30.4 days
Asset Turnover	4.75x	5.10x	3.59x	4.63x	5.92x	3.36x	2.54x
Cash flow & dividends
Operating Cash Flow	2	-110	-230	-240	328	1,044	754
Free Cash Flow (OCF − Capex proxy)	2	-110	0	-240	238	824	754
Cash Conversion (OCF / EBITDA)	4.6%	-60.1%	N/A	-114.1%	257.9%	74.1%	91.8%
Dividends Declared	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividend Payout Ratio	N/A	N/A	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 ₾ '000. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.

Ownership & group structure

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.

companyinfo.ge · fetched 2026-07-15