Ratio	2018	2019	2020	2021	2024
Margins
Gross Margin	57.8%	60.0%	79.3%	42.3%	49.9%
EBITDA Margin	5.6%	5.9%	58.6%	11.7%	2.6%
EBITDAR	120	144	2,090	427	188
EBITDAR Margin	5.6%	5.9%	58.6%	11.7%	2.6%
EBIT Margin	2.5%	3.5%	58.6%	8.4%	-1.6%
Net Profit Margin	4.5%	5.1%	52.0%	12.6%	-0.5%
Operating Expense % of Sales	52.2%	54.1%	20.7%	30.6%	47.3%
Returns
Return on Assets (ROA)	6.2%	7.7%	99.7%	19.7%	-0.8%
Return on Equity (ROE)	19.6%	20.2%	186.7%	34.2%	-2.1%
ROIC [EBIT / Invested Capital]	4.6%	6.6%	135.7%	17.9%	-2.9%
Leverage & debt balances
Debt-to-Assets	54.3%	45.2%	33.3%	28.0%	53.3%
Debt-to-Equity	1.72x	1.19x	0.62x	0.49x	1.32x
Debt-to-EBITDA	7.08x	5.06x	0.30x	1.54x	12.82x
Equity-to-Assets	31.6%	37.9%	53.4%	57.4%	40.4%
Net Debt	673	663	547	364	2,288
Cash & Equivalents	167	61	73	295	66
Total Debt	840	724	620	659	2,354
Liquidity & working capital
Current Ratio	1.27x	1.22x	1.68x	3.24x	3.55x
Quick Ratio	1.27x	1.05x	1.44x	3.24x	3.55x
Cash Ratio	0.40x	0.14x	0.17x	0.86x	0.13x
Total Current Assets	525	526	713	1,111	1,784
Total Current Liabilities	415	430	424	343	503
Inventory	N/A	73	101	N/A	N/A
Trade Receivables	296	392	550	712	1,561
Trade Payables	176	221	198	296	173
Net Working Capital	110	96	289	769	1,281
Net Working Capital % of Revenue	5.2%	4.0%	8.1%	21.0%	18.1%
Trade Working Capital	120	244	453	416	1,389
Trade Working Capital % of Revenue	5.6%	10.1%	12.7%	11.4%	19.6%
Change in Trade Working Capital	N/A	124	209	-37	N/A
Turnover & efficiency
Inventory Turnover	N/A	13.32x	7.29x	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	27.4	50.0	N/A	N/A
Receivables Turnover	7.19x	6.18x	6.50x	5.13x	4.54x
Days Sales Outstanding (DSO)	50.7	59.1	56.2	71.1	80.4
Payables Turnover	5.11x	4.38x	3.74x	7.13x	20.57x
Days Payable Outstanding (DPO)	71.4	83.2	97.6	51.2	17.7
Cash Conversion Cycle	-20.7 days	3.2 days	8.6 days	19.9 days	62.6 days
Asset Turnover	1.38x	1.51x	1.92x	1.55x	1.61x
Cash flow & dividends
Operating Cash Flow	83	-106	N/A	N/A	N/A
Free Cash Flow (OCF − Capex proxy)	83	-106	N/A	N/A	N/A
Cash Conversion (OCF / EBITDA)	70.3%	-74.3%	N/A	N/A	N/A
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 ₾ '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