Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	97.5%	50.9%	54.2%	60.0%	61.4%	55.4%	59.6%
EBITDA Margin	0.5%	20.0%	18.4%	23.3%	18.3%	13.3%	6.5%
EBITDAR	168	600	565	770	634	511	291
EBITDAR Margin	9.9%	28.3%	25.7%	27.0%	21.3%	13.9%	6.8%
EBIT Margin	-1.0%	18.3%	16.1%	21.2%	15.4%	10.4%	1.4%
Net Profit Margin	5.6%	17.5%	16.4%	55.7%	13.2%	9.4%	8.7%
Operating Expense % of Sales	97.0%	30.9%	35.8%	36.7%	43.1%	42.2%	53.2%
Returns
Return on Assets (ROA)	5.9%	20.7%	17.7%	38.2%	9.9%	7.4%	8.7%
Return on Equity (ROE)	N/A	103.6%	50.1%	122.5%	44.3%	28.0%	23.8%
ROIC [EBIT / Invested Capital]	-1.9%	35.7%	31.6%	21.7%	18.9%	14.5%	2.1%
Leverage & liquidity
Debt-to-Assets	63.5%	44.9%	22.5%	49.0%	41.3%	31.8%	29.8%
Debt-to-Equity	-88.92x	2.25x	0.63x	1.57x	1.85x	1.21x	0.82x
Debt-to-EBITDA	113.87x	1.90x	1.13x	3.07x	3.02x	3.05x	4.64x
Equity-to-Assets	-0.7%	20.0%	35.4%	31.2%	22.3%	26.3%	36.5%
Net Debt	924	730	399	1,488	1,530	1,409	1,222
Cash & Equivalents	97	74	56	551	112	77	58
Total Debt	1,021	804	455	2,038	1,641	1,485	1,280
Efficiency & working capital
Inventory Turnover	N/A	7.17x	5.71x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	50.9	63.9	N/A	N/A	N/A	N/A
Receivables Turnover	5.81x	13.07x	7.30x	2.41x	5.99x	4.13x	5.86x
Days Sales Outstanding (DSO)	62.8	27.9	50.0	151.6	61.0	88.5	62.2
Payables Turnover	0.08x	1.81x	14.66x	3793.87x	5.78x	0.90x	1.38x
Days Payable Outstanding (DPO)	4580.4	202.2	24.9	0.1	63.2	404.7	263.7
Cash Conversion Cycle	-4517.6 days	-123.3 days	89.0 days	151.5 days	-2.2 days	-316.3 days	-201.4 days
Asset Turnover	1.06x	1.18x	1.08x	0.69x	0.75x	0.78x	0.99x
Cash flow & dividends
Operating Cash Flow	-47	222	N/A	N/A	-439	-35	256
Free Cash Flow (OCF − Capex proxy)	-47	222	N/A	N/A	-439	-35	256
Cash Conversion (OCF / EBITDA)	-524.9%	52.4%	N/A	N/A	-80.9%	-7.2%	92.8%
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