Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	47.6%	43.7%	35.2%	42.3%	44.5%	53.4%	57.3%
EBITDA Margin	22.3%	22.1%	13.8%	19.9%	10.7%	4.1%	-0.2%
EBITDAR	306	455	329	597	406	225	4
EBITDAR Margin	22.9%	22.4%	14.0%	20.1%	10.9%	4.3%	0.1%
EBIT Margin	21.2%	21.0%	12.6%	18.7%	9.3%	3.0%	-1.3%
Net Profit Margin	21.1%	21.2%	13.0%	17.8%	9.1%	2.4%	-2.0%
Operating Expense % of Sales	25.3%	21.6%	21.5%	22.4%	33.8%	49.3%	57.4%
Returns
Return on Assets (ROA)	20.4%	36.5%	23.2%	28.2%	14.2%	4.4%	-3.8%
Return on Equity (ROE)	20.9%	44.7%	32.6%	34.0%	19.0%	6.7%	-6.2%
ROIC [EBIT / Invested Capital]	46.1%	52.6%	26.8%	35.0%	23.3%	8.6%	-3.5%
Leverage & liquidity
Debt-to-Assets	0.0%	0.0%	19.9%	5.0%	0.4%	0.3%	10.2%
Debt-to-Equity	0.00x	0.00x	0.28x	0.06x	0.01x	0.01x	0.16x
Debt-to-EBITDA	0.00x	0.00x	0.81x	0.16x	0.02x	0.05x	N/A
Equity-to-Assets	97.3%	81.6%	71.2%	82.9%	74.5%	65.8%	61.8%
Net Debt	-731	-152	167	36	-286	-2	174
Cash & Equivalents	731	152	96	59	296	12	126
Total Debt	N/A	N/A	263	94	10	10	300
Efficiency & working capital
Inventory Turnover	N/A	2.03x	2.45x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	180.1	149.1	N/A	N/A	N/A	N/A
Receivables Turnover	11.87x	7.86x	13.27x	6.50x	11.42x	5.50x	13.20x
Days Sales Outstanding (DSO)	30.7	46.4	27.5	56.2	32.0	66.4	27.7
Payables Turnover	23.73x	5.26x	12.97x	7.58x	3.46x	2.71x	3.03x
Days Payable Outstanding (DPO)	15.4	69.4	28.1	48.2	105.6	134.8	120.4
Cash Conversion Cycle	15.4 days	157.2 days	148.4 days	8.0 days	-73.7 days	-68.4 days	-92.8 days
Asset Turnover	0.97x	1.72x	1.78x	1.58x	1.56x	1.87x	1.88x
Cash flow & dividends
Operating Cash Flow	130	-188	-56	-38	238	-284	N/A
Free Cash Flow (OCF − Capex proxy)	130	-188	-56	-38	238	-284	N/A
Cash Conversion (OCF / EBITDA)	43.7%	-41.9%	-17.2%	-6.4%	59.5%	-130.5%	N/A
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