Ratio	2017	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	N/A	12.8%	12.1%	8.5%	12.1%	11.4%	16.1%	11.6%
EBITDA Margin	N/A	5.7%	2.6%	-1.6%	3.0%	-4.7%	4.0%	0.5%
EBITDAR	-441	362	160	18	209	-109	225	108
EBITDAR Margin	N/A	7.4%	4.5%	0.6%	4.5%	-2.9%	5.9%	3.0%
EBIT Margin	N/A	5.6%	2.4%	-1.8%	1.7%	-7.3%	1.4%	-2.3%
Net Profit Margin	N/A	5.5%	2.4%	-2.4%	1.6%	-3.8%	1.1%	-2.9%
Operating Expense % of Sales	N/A	7.1%	9.5%	10.1%	9.1%	16.1%	12.1%	11.1%
Returns
Return on Assets (ROA)	43.3%	17.5%	7.7%	-6.9%	4.8%	-9.3%	2.9%	-6.7%
Return on Equity (ROE)	57.7%	28.9%	8.2%	-8.8%	8.3%	-20.1%	5.7%	-18.5%
ROIC [EBIT / Invested Capital]	-79.6%	42.6%	10.1%	-8.9%	7.8%	-42.7%	11.5%	-16.0%
Leverage & liquidity
Debt-to-Assets	9.7%	25.2%	0.0%	0.0%	17.5%	11.0%	3.3%	6.8%
Debt-to-Equity	0.13x	0.42x	0.00x	0.00x	0.30x	0.24x	0.06x	0.19x
Debt-to-EBITDA	N/A	1.39x	0.00x	N/A	1.97x	N/A	0.32x	6.07x
Equity-to-Assets	75.1%	60.6%	92.9%	78.6%	57.5%	46.4%	51.2%	36.4%
Net Debt	-211	-298	-181	-222	92	-68	-287	-55
Cash & Equivalents	309	688	181	222	186	235	335	160
Total Debt	99	389	N/A	N/A	279	167	48	105
Efficiency & working capital
Inventory Turnover	N/A	N/A	5.19x	4.70x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	70.4	77.7	N/A	N/A	N/A	N/A
Receivables Turnover	N/A	17.87x	14.06x	14.66x	9.03x	14.13x	16.55x	9.45x
Days Sales Outstanding (DSO)	N/A	20.4	26.0	24.9	40.4	25.8	22.0	38.6
Payables Turnover	3.06x	19.40x	40.46x	12.28x	10.30x	5.34x	4.78x	3.63x
Days Payable Outstanding (DPO)	119.4	18.8	9.0	29.7	35.5	68.3	76.3	100.5
Cash Conversion Cycle	-119.4 days	1.6 days	87.3 days	72.9 days	5.0 days	-42.5 days	-54.3 days	-61.9 days
Asset Turnover	0.00x	3.16x	3.26x	2.87x	2.93x	2.45x	2.58x	2.32x
Cash flow & dividends
Operating Cash Flow	N/A	375	-506	41	-47	13	99	-167
Free Cash Flow (OCF − Capex proxy)	N/A	375	-506	41	-47	13	99	-167
Cash Conversion (OCF / EBITDA)	N/A	134.2%	-544.4%	N/A	-33.2%	N/A	65.3%	-966.0%
Dividends Declared	N/A	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	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