Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	15.8%	37.2%	33.6%	100.0%	100.0%	48.4%	32.7%
EBITDA Margin	-25.2%	-57.1%	-59.5%	-2.7%	22.7%	8.8%	5.4%
EBITDAR	-1,086	-4,215	-4,803	-96	729	352	478
EBITDAR Margin	-25.2%	-57.1%	-59.5%	-2.7%	22.7%	8.8%	5.4%
EBIT Margin	-25.2%	-58.3%	-60.9%	-5.3%	19.9%	6.5%	4.5%
Net Profit Margin	-26.0%	-57.1%	-59.5%	-2.7%	22.7%	10.7%	4.6%
Operating Expense % of Sales	41.0%	94.3%	93.1%	102.7%	77.3%	39.6%	27.3%
Returns
Return on Assets (ROA)	-10.8%	-49.9%	-102.6%	-1.2%	6.5%	3.6%	3.4%
Return on Equity (ROE)	-18.1%	-106.8%	-3695.0%	N/A	114.3%	40.2%	27.7%
ROIC [EBIT / Invested Capital]	-22.0%	-141.0%	N/A	N/A	N/A	N/A	N/A
Leverage & debt balances
Debt-to-Assets	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Debt-to-Equity	0.00x	0.00x	0.00x	-0.00x	0.00x	0.00x	0.00x
Debt-to-EBITDA	N/A	N/A	N/A	N/A	0.00x	0.00x	0.00x
Equity-to-Assets	60.0%	46.7%	2.8%	-1.2%	5.7%	9.0%	12.2%
Net Debt	-1,267	-894	-1,162	-4,088	-2,899	-2,274	-5,142
Cash & Equivalents	1,267	894	1,162	4,088	2,899	2,274	5,142
Total Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Liquidity & working capital
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Quick Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Current Assets	8,060	6,197	2,376	1,520	5,501	6,638	3,412
Total Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	6,197	2,376	N/A	N/A	N/A	N/A
Trade Receivables	178	483	371	1,550	2,041	2,053	2,292
Trade Payables	4,135	4,510	4,538	7,835	10,500	10,839	10,625
Net Working Capital	8,060	6,197	2,376	1,520	5,501	6,638	3,412
Net Working Capital % of Revenue	187.2%	84.0%	29.4%	43.3%	171.3%	165.3%	38.8%
Trade Working Capital	-3,956	2,171	-1,791	-6,286	-8,459	-8,786	-8,333
Trade Working Capital % of Revenue	-91.9%	29.4%	-22.2%	-178.8%	-263.3%	-218.8%	-94.6%
Change in Trade Working Capital	N/A	6,127	-3,961	-4,495	-2,173	-328	453
Turnover & efficiency
Inventory Turnover	N/A	0.75x	2.26x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	488.2	161.9	N/A	N/A	N/A	N/A
Receivables Turnover	24.15x	15.27x	21.77x	2.27x	1.57x	1.96x	3.84x
Days Sales Outstanding (DSO)	15.1	23.9	16.8	160.9	232.0	186.6	95.0
Payables Turnover	0.88x	1.03x	1.18x	N/A	N/A	0.19x	0.56x
Days Payable Outstanding (DPO)	416.3	355.2	309.1	N/A	N/A	1910.0	654.9
Cash Conversion Cycle	-401.2 days	156.8 days	-130.4 days	160.9 days	232.0 days	-1723.4 days	-559.9 days
Asset Turnover	0.42x	0.87x	1.72x	0.45x	0.29x	0.34x	0.73x
Cash flow & dividends
Operating Cash Flow	-523	-372	268	2,926	-1,190	-593	2,757
Free Cash Flow (OCF − Capex proxy)	-523	-372	268	2,926	-1,190	-593	2,757
Cash Conversion (OCF / EBITDA)	N/A	N/A	N/A	N/A	-163.2%	-168.2%	577.0%
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