Ratio	2018	2019	2020
Margins
Gross Margin	82.4%	52.8%	100.0%
EBITDA Margin	31.6%	-6.2%	82.6%
EBITDAR	48	-7	150
EBITDAR Margin	31.6%	-6.2%	82.6%
EBIT Margin	-10.2%	-56.7%	52.2%
Net Profit Margin	-16.8%	-65.6%	45.2%
Operating Expense % of Sales	50.8%	59.0%	17.4%
Returns
Return on Assets (ROA)	-1.4%	-4.5%	4.7%
Return on Equity (ROE)	-1.5%	-4.7%	4.8%
ROIC [EBIT / Invested Capital]	-0.9%	-3.9%	5.5%
Leverage & liquidity
Debt-to-Assets	3.0%	3.1%	2.7%
Debt-to-Equity	0.03x	0.03x	0.03x
Debt-to-EBITDA	1.12x	N/A	0.32x
Equity-to-Assets	96.4%	96.2%	97.1%
Net Debt	53	51	37
Cash & Equivalents	0	0	10
Total Debt	54	52	48
Efficiency & working capital
Inventory Turnover	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A
Receivables Turnover	10.54x	7.33x	1.39x
Days Sales Outstanding (DSO)	34.6	49.8	262.9
Payables Turnover	2.56x	4.63x	N/A
Days Payable Outstanding (DPO)	142.8	78.8	N/A
Cash Conversion Cycle	-108.1 days	-29.0 days	262.9 days
Asset Turnover	0.09x	0.07x	0.10x
Cash flow & dividends
Operating Cash Flow	19	16	18
Free Cash Flow (OCF − Capex proxy)	19	16	18
Cash Conversion (OCF / EBITDA)	40.1%	N/A	12.3%
Dividends Declared	N/A	N/A	N/A
Dividend Payout Ratio	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