Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	36.6%	51.7%	33.2%	36.0%	28.6%	41.4%	40.0%
EBITDA Margin	3.9%	11.8%	7.9%	11.1%	3.6%	16.8%	15.6%
EBITDAR	379	961	643	937	338	1,304	1,155
EBITDAR Margin	5.7%	13.1%	8.9%	12.0%	4.7%	18.0%	16.9%
EBIT Margin	-10.8%	0.3%	6.5%	1.9%	-4.4%	9.2%	9.0%
Net Profit Margin	5.9%	10.3%	2.3%	15.1%	12.2%	15.5%	15.5%
Operating Expense % of Sales	32.7%	40.0%	25.3%	24.9%	25.0%	24.6%	24.4%
Returns
Return on Assets (ROA)	9.4%	18.1%	4.3%	17.4%	14.2%	20.0%	20.0%
Return on Equity (ROE)	31.3%	58.3%	12.4%	59.8%	33.5%	53.4%	60.1%
ROIC [EBIT / Invested Capital]	-18.6%	0.6%	14.1%	3.5%	-5.6%	12.9%	13.0%
Leverage & debt balances
Debt-to-Assets	63.7%	59.1%	53.7%	43.8%	53.4%	57.8%	60.2%
Debt-to-Equity	2.12x	1.91x	1.55x	1.51x	1.26x	1.55x	1.81x
Debt-to-EBITDA	10.29x	2.87x	3.61x	3.42x	12.83x	2.68x	2.99x
Equity-to-Assets	30.0%	31.0%	34.7%	29.1%	42.5%	37.4%	33.3%
Net Debt	2,620	2,468	2,016	2,237	3,082	3,066	2,982
Cash & Equivalents	22	5	42	728	245	198	210
Total Debt	2,642	2,473	2,058	2,965	3,327	3,264	3,192
Liquidity & working capital
Current Ratio	0.59x	0.69x	0.80x	0.97x	1.59x	2.41x	4.02x
Quick Ratio	0.59x	0.45x	0.53x	0.97x	1.59x	2.41x	4.02x
Cash Ratio	0.01x	0.00x	0.02x	0.27x	0.19x	0.24x	0.44x
Total Current Assets	1,532	1,982	1,996	2,568	2,059	1,962	1,901
Total Current Liabilities	2,587	2,885	2,504	2,659	1,291	815	472
Inventory	N/A	680	660	N/A	N/A	N/A	N/A
Trade Receivables	496	485	480	447	456	489	431
Trade Payables	148	210	144	1,750	230	236	316
Net Working Capital	-1,055	-903	-508	-91	768	1,147	1,428
Net Working Capital % of Revenue	-15.9%	-12.3%	-7.0%	-1.2%	10.6%	15.8%	20.9%
Trade Working Capital	348	955	996	-1,303	226	252	115
Trade Working Capital % of Revenue	5.2%	13.0%	13.7%	-16.7%	3.1%	3.5%	1.7%
Change in Trade Working Capital	N/A	607	41	-2,299	1,529	27	-138
Turnover & efficiency
Inventory Turnover	N/A	5.19x	7.33x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	70.3	49.8	N/A	N/A	N/A	N/A
Receivables Turnover	13.39x	15.11x	15.10x	17.48x	15.87x	14.86x	15.87x
Days Sales Outstanding (DSO)	27.3	24.2	24.2	20.9	23.0	24.6	23.0
Payables Turnover	28.48x	16.81x	33.69x	2.86x	22.43x	18.02x	12.99x
Days Payable Outstanding (DPO)	12.8	21.7	10.8	127.8	16.3	20.3	28.1
Cash Conversion Cycle	14.4 days	72.7 days	63.1 days	-107.0 days	6.7 days	4.3 days	-5.1 days
Asset Turnover	1.60x	1.75x	1.89x	1.16x	1.16x	1.29x	1.29x
Cash flow & dividends
Operating Cash Flow	1,444	2,053	1,647	1,182	847	1,901	1,874
Free Cash Flow (OCF − Capex proxy)	874	1,718	1,167	26	544	1,878	392
Cash Conversion (OCF / EBITDA)	562.5%	238.5%	289.1%	136.4%	326.6%	156.3%	175.5%
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