Ratio	2021	2022	2023	2024
Margins
Gross Margin	12.6%	12.1%	14.1%	13.9%
EBITDA Margin	-5.1%	2.1%	1.3%	1.7%
EBITDAR	-154	83	44	60
EBITDAR Margin	-5.1%	2.1%	1.3%	1.7%
EBIT Margin	-7.4%	0.8%	-0.7%	-0.7%
Net Profit Margin	-9.5%	3.5%	-1.0%	-1.1%
Operating Expense % of Sales	17.7%	10.0%	12.8%	12.2%
Returns
Return on Assets (ROA)	-17.9%	9.4%	-2.5%	-2.9%
Return on Equity (ROE)	-25.3%	13.8%	-3.3%	-4.2%
ROIC [EBIT / Invested Capital]	-17.5%	2.7%	-2.1%	-2.1%
Leverage & liquidity
Debt-to-Assets	16.0%	18.3%	12.7%	19.4%
Debt-to-Equity	0.23x	0.27x	0.17x	0.28x
Debt-to-EBITDA	N/A	3.30x	3.78x	4.36x
Equity-to-Assets	70.8%	68.1%	75.7%	69.1%
Net Debt	149	240	118	174
Cash & Equivalents	105	33	46	85
Total Debt	253	273	165	260
Efficiency & working capital
Inventory Turnover	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A	N/A
Receivables Turnover	1927.77x	1022.56x	329.70x	458.38x
Days Sales Outstanding (DSO)	0.2	0.4	1.1	0.8
Payables Turnover	12.54x	18.60x	21.42x	21.23x
Days Payable Outstanding (DPO)	29.1	19.6	17.0	17.2
Cash Conversion Cycle	-28.9 days	-19.3 days	-15.9 days	-16.4 days
Asset Turnover	1.89x	2.65x	2.61x	2.61x
Cash flow & dividends
Operating Cash Flow	-32	374	178	118
Free Cash Flow (OCF − Capex proxy)	-264	157	122	-41
Cash Conversion (OCF / EBITDA)	N/A	452.0%	408.3%	198.6%
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