Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	54.5%	56.8%	53.5%	46.8%	56.9%	66.1%	67.1%
EBITDA Margin	33.0%	40.1%	37.6%	29.3%	37.8%	43.7%	35.0%
EBITDAR	2,933	5,558	6,180	5,186	6,499	7,211	5,459
EBITDAR Margin	34.4%	40.7%	38.2%	29.5%	38.9%	46.8%	42.2%
EBIT Margin	20.1%	31.3%	31.2%	22.4%	28.4%	35.2%	29.9%
Net Profit Margin	19.3%	30.1%	30.9%	14.3%	26.1%	31.6%	25.3%
Operating Expense % of Sales	21.6%	16.8%	15.9%	17.5%	19.1%	22.4%	32.1%
Returns
Return on Assets (ROA)	9.5%	16.5%	23.8%	12.7%	17.1%	19.0%	13.5%
Return on Equity (ROE)	17.6%	27.3%	35.1%	18.6%	28.8%	28.5%	16.4%
ROIC [EBIT / Invested Capital]	18.6%	28.9%	35.6%	26.2%	21.4%	23.3%	16.7%
Leverage & liquidity
Debt-to-Assets	6.6%	3.1%	1.6%	11.1%	28.1%	25.9%	13.8%
Debt-to-Equity	0.12x	0.05x	0.02x	0.16x	0.47x	0.39x	0.17x
Debt-to-EBITDA	0.41x	0.14x	0.06x	0.43x	1.14x	0.99x	0.74x
Equity-to-Assets	53.8%	60.3%	67.7%	68.1%	59.5%	66.6%	82.5%
Net Debt	-65	-238	-38	1,512	6,987	6,249	3,216
Cash & Equivalents	1,206	1,011	383	680	180	388	140
Total Debt	1,141	773	345	2,191	7,167	6,637	3,357
Efficiency & working capital
Inventory Turnover	N/A	1.91x	2.58x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	191.3	141.5	N/A	N/A	N/A	N/A
Receivables Turnover	21.89x	1.16x	17.09x	12.73x	21.80x	11.18x	16.59x
Days Sales Outstanding (DSO)	16.7	315.5	21.4	28.7	16.7	32.6	22.0
Payables Turnover	1.16x	1.12x	3.39x	445.28x	7.65x	5.14x	7.70x
Days Payable Outstanding (DPO)	314.0	325.7	107.8	0.8	47.7	71.1	47.4
Cash Conversion Cycle	-297.3 days	181.1 days	55.0 days	27.9 days	-30.9 days	-38.4 days	-25.4 days
Asset Turnover	0.49x	0.55x	0.77x	0.89x	0.65x	0.60x	0.53x
Cash flow & dividends
Operating Cash Flow	6,216	434	6,541	2,807	4,146	3,065	3,937
Free Cash Flow (OCF − Capex proxy)	6,197	385	3,937	1,973	-944	2,899	3,793
Cash Conversion (OCF / EBITDA)	221.4%	7.9%	107.3%	54.6%	65.8%	45.6%	86.8%
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