Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	43.2%	26.5%	43.0%	54.1%	46.5%	38.2%	22.8%
EBITDA Margin	15.3%	9.1%	21.3%	18.7%	17.7%	7.0%	-17.4%
EBITDAR	1,485	1,233	2,508	1,360	1,832	908	-1,721
EBITDAR Margin	15.3%	9.1%	21.3%	18.7%	17.7%	7.0%	-17.4%
EBIT Margin	12.7%	6.5%	19.5%	15.3%	15.2%	5.0%	-20.6%
Net Profit Margin	14.0%	5.2%	18.7%	15.1%	14.8%	6.2%	-22.2%
Operating Expense % of Sales	27.9%	17.4%	21.8%	35.3%	28.7%	31.2%	40.2%
Returns
Return on Assets (ROA)	22.9%	9.9%	31.0%	12.8%	15.9%	9.3%	-35.1%
Return on Equity (ROE)	29.8%	15.4%	35.5%	15.6%	18.6%	10.9%	-118.4%
ROIC [EBIT / Invested Capital]	25.7%	18.4%	36.1%	13.5%	18.2%	8.6%	-51.0%
Leverage & liquidity
Debt-to-Assets	10.2%	6.0%	3.0%	15.0%	5.0%	2.4%	35.5%
Debt-to-Equity	0.13x	0.09x	0.03x	0.18x	0.06x	0.03x	1.20x
Debt-to-EBITDA	0.41x	0.34x	0.09x	0.95x	0.26x	0.23x	N/A
Equity-to-Assets	76.8%	64.3%	87.2%	81.8%	85.3%	85.2%	29.7%
Net Debt	253	254	166	1,179	383	179	2,151
Cash & Equivalents	351	172	48	107	98	31	65
Total Debt	603	425	214	1,286	482	210	2,216
Efficiency & working capital
Inventory Turnover	N/A	3.99x	2.36x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	91.6	154.9	N/A	N/A	N/A	N/A
Receivables Turnover	7.81x	5.75x	5.68x	3.59x	4.03x	9.58x	7.87x
Days Sales Outstanding (DSO)	46.8	63.5	64.3	101.8	90.6	38.1	46.4
Payables Turnover	9.10x	5.11x	18.48x	24.14x	10.68x	22.14x	4.41x
Days Payable Outstanding (DPO)	40.1	71.4	19.7	15.1	34.2	16.5	82.8
Cash Conversion Cycle	6.6 days	83.6 days	199.4 days	86.7 days	56.5 days	21.6 days	-36.5 days
Asset Turnover	1.64x	1.90x	1.65x	0.85x	1.07x	1.50x	1.59x
Cash flow & dividends
Operating Cash Flow	411	883	687	-218	1,507	2,380	N/A
Free Cash Flow (OCF − Capex proxy)	-288	731	687	-663	1,055	1,535	N/A
Cash Conversion (OCF / EBITDA)	27.7%	71.6%	27.4%	-16.0%	82.3%	262.2%	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