Ratio	2022	2023	2024
Margins
Gross Margin	25.0%	17.1%	20.9%
EBITDA Margin	22.3%	8.2%	6.9%
EBITDAR	1,194	392	1,091
EBITDAR Margin	22.3%	8.2%	6.9%
EBIT Margin	22.3%	8.2%	6.9%
Net Profit Margin	20.2%	8.1%	6.5%
Operating Expense % of Sales	2.7%	8.8%	13.9%
Returns
Return on Assets (ROA)	49.1%	10.0%	7.8%
Return on Equity (ROE)	192.6%	85.1%	69.1%
ROIC [EBIT / Invested Capital]	N/A	88.2%	N/A
Leverage & liquidity
Debt-to-Assets	0.0%	0.0%	0.0%
Debt-to-Equity	0.00x	0.00x	0.00x
Debt-to-EBITDA	0.00x	0.00x	0.00x
Equity-to-Assets	25.5%	11.8%	11.4%
Net Debt	-813	-6	-4,315
Cash & Equivalents	813	6	4,315
Total Debt	N/A	N/A	N/A
Efficiency & working capital
Inventory Turnover	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A
Receivables Turnover	5.05x	1.64x	2.21x
Days Sales Outstanding (DSO)	72.2	223.1	165.1
Payables Turnover	2.45x	1.17x	1.08x
Days Payable Outstanding (DPO)	148.8	311.0	339.0
Cash Conversion Cycle	-76.6 days	-87.9 days	-173.9 days
Asset Turnover	2.43x	1.25x	1.20x
Cash flow & dividends
Operating Cash Flow	1,630	-564	4,329
Free Cash Flow (OCF − Capex proxy)	1,630	-608	4,329
Cash Conversion (OCF / EBITDA)	136.5%	-143.6%	397.0%
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.