Ratio	2018	2019	2020	2021
Margins
Gross Margin	170.9%	57.8%	N/A	100.0%
EBITDA Margin	71.1%	11.6%	N/A	78.8%
EBITDAR	1,357	275	-639	1,282
EBITDAR Margin	72.9%	12.6%	N/A	79.0%
EBIT Margin	71.1%	11.6%	N/A	77.9%
Net Profit Margin	0.2%	11.6%	N/A	66.7%
Operating Expense % of Sales	99.8%	46.2%	N/A	21.2%
Returns
Return on Assets (ROA)	0.6%	67.2%	-51.0%	86.5%
Return on Equity (ROE)	N/A	216.4%	N/A	195.8%
ROIC [EBIT / Invested Capital]	N/A	137.0%	N/A	201.6%
Leverage & liquidity
Debt-to-Assets	30.7%	20.3%	18.6%	10.1%
Debt-to-Equity	-1.84x	0.65x	-0.45x	0.23x
Debt-to-EBITDA	0.19x	0.30x	N/A	0.10x
Equity-to-Assets	-16.7%	31.1%	-41.8%	44.2%
Net Debt	96	68	199	74
Cash & Equivalents	154	9	37	52
Total Debt	250	76	236	126
Efficiency & working capital
Inventory Turnover	N/A	25.59x	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	14.3	N/A	N/A
Receivables Turnover	67.02x	64.03x	N/A	11.41x
Days Sales Outstanding (DSO)	5.4	5.7	N/A	32.0
Payables Turnover	1.99x	48.50x	N/A	N/A
Days Payable Outstanding (DPO)	183.6	7.5	N/A	N/A
Cash Conversion Cycle	-178.2 days	12.4 days	N/A	32.0 days
Asset Turnover	2.28x	5.80x	0.00x	1.30x
Cash flow & dividends
Operating Cash Flow	3,504	25	29	15
Free Cash Flow (OCF − Capex proxy)	-679	25	29	15
Cash Conversion (OCF / EBITDA)	264.6%	9.9%	N/A	1.2%
Dividends Declared	N/A	N/A	N/A	N/A
Dividend Payout Ratio	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