Ratio	2020	2021	2022
Margins
Gross Margin	45.9%	100.0%	19.6%
EBITDA Margin	7.1%	-0.3%	-2.3%
EBITDAR	72	9	-14
EBITDAR Margin	8.1%	2.5%	-1.3%
EBIT Margin	0.5%	-19.8%	-5.1%
Net Profit Margin	-2.5%	5.4%	-9.5%
Operating Expense % of Sales	38.8%	100.3%	22.0%
Returns
Return on Assets (ROA)	-1.8%	1.6%	-19.6%
Return on Equity (ROE)	-22.7%	16.3%	-438.7%
ROIC [EBIT / Invested Capital]	0.4%	-6.5%	-11.4%
Leverage & liquidity
Debt-to-Assets	87.3%	86.7%	94.2%
Debt-to-Equity	11.28x	8.78x	21.03x
Debt-to-EBITDA	17.64x	N/A	N/A
Equity-to-Assets	7.7%	9.9%	4.5%
Net Debt	1,040	969	438
Cash & Equivalents	76	69	23
Total Debt	1,115	1,038	461
Efficiency & working capital
Inventory Turnover	13.67x	N/A	N/A
Days Inventory Outstanding (DIO)	26.7	N/A	N/A
Receivables Turnover	7.99x	4.86x	27.15x
Days Sales Outstanding (DSO)	45.7	75.1	13.4
Payables Turnover	506.35x	N/A	2616.31x
Days Payable Outstanding (DPO)	0.7	N/A	0.1
Cash Conversion Cycle	71.7 days	75.1 days	13.3 days
Asset Turnover	0.70x	0.30x	2.07x
Cash flow & dividends
Operating Cash Flow	262	105	1,730
Free Cash Flow (OCF − Capex proxy)	262	105	1,730
Cash Conversion (OCF / EBITDA)	414.8%	N/A	N/A
Dividends Declared	N/A	N/A	N/A
Dividend Payout Ratio	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