Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	37.0%	30.4%	5.8%	38.8%	30.2%	26.2%	26.7%
EBITDA Margin	32.5%	18.2%	-12.8%	12.1%	18.4%	-11.3%	4.7%
EBITDAR	2,600	1,575	-757	769	627	-251	167
EBITDAR Margin	33.0%	18.8%	-12.0%	12.9%	19.7%	-10.0%	5.7%
EBIT Margin	32.2%	18.0%	-13.0%	11.9%	18.4%	-11.4%	4.5%
Net Profit Margin	33.0%	20.4%	-0.3%	4.0%	4.1%	-39.3%	4.0%
Operating Expense % of Sales	4.6%	12.2%	18.6%	26.7%	11.8%	37.5%	22.0%
Returns
Return on Assets (ROA)	43.7%	19.4%	-0.2%	2.3%	1.9%	-34.0%	5.0%
Return on Equity (ROE)	68.9%	31.1%	-0.4%	4.2%	2.2%	-460.0%	35.0%
ROIC [EBIT / Invested Capital]	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Leverage & liquidity
Debt-to-Assets	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Debt-to-Equity	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Debt-to-EBITDA	0.00x	0.00x	N/A	0.00x	0.00x	N/A	0.00x
Equity-to-Assets	63.4%	62.3%	60.1%	54.2%	83.1%	7.4%	14.4%
Net Debt	-4,295	-6,898	-8,120	-9,928	-6,829	-2,554	-2,034
Cash & Equivalents	4,295	6,898	8,120	9,928	6,829	2,554	2,034
Total Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Efficiency & working capital
Inventory Turnover	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Receivables Turnover	6.25x	4.49x	6.70x	10.33x	17.09x	8.42x	13.29x
Days Sales Outstanding (DSO)	58.4	81.3	54.5	35.3	21.4	43.3	27.5
Payables Turnover	27.77x	26.63x	22.08x	0.76x	1.88x	0.94x	1.10x
Days Payable Outstanding (DPO)	13.1	13.7	16.5	481.3	194.6	387.0	332.6
Cash Conversion Cycle	45.2 days	67.6 days	37.9 days	-445.9 days	-173.3 days	-343.7 days	-305.1 days
Asset Turnover	1.32x	0.95x	0.69x	0.57x	0.45x	0.87x	1.27x
Cash flow & dividends
Operating Cash Flow	2,815	2,596	200	2,293	-1,942	241	-579
Free Cash Flow (OCF − Capex proxy)	2,814	2,602	200	2,293	-1,942	196	-579
Cash Conversion (OCF / EBITDA)	110.0%	170.8%	N/A	317.8%	-331.0%	N/A	-421.5%
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.