Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	20.8%	22.4%	23.3%	20.7%	23.3%	26.9%	26.3%
EBITDA Margin	10.0%	10.5%	11.1%	8.8%	7.9%	10.3%	9.9%
EBITDAR	435	455	522	500	408	525	572
EBITDAR Margin	11.3%	11.9%	12.5%	10.1%	9.2%	11.8%	11.5%
EBIT Margin	9.5%	9.9%	10.5%	8.0%	7.1%	9.9%	9.4%
Net Profit Margin	8.7%	8.9%	9.5%	5.4%	5.7%	7.4%	6.8%
Operating Expense % of Sales	10.8%	11.9%	12.2%	11.9%	15.5%	16.6%	16.4%
Returns
Return on Assets (ROA)	39.6%	45.1%	41.1%	26.9%	23.2%	28.4%	22.5%
Return on Equity (ROE)	59.6%	96.1%	69.6%	54.3%	37.6%	37.4%	28.5%
ROIC [EBIT / Invested Capital]	53.9%	60.7%	58.6%	41.2%	33.4%	39.0%	31.2%
Leverage & liquidity
Debt-to-Assets	23.3%	53.0%	41.1%	48.4%	36.4%	21.3%	21.0%
Debt-to-Equity	0.35x	1.13x	0.70x	0.98x	0.59x	0.28x	0.27x
Debt-to-EBITDA	0.51x	1.00x	0.86x	1.11x	1.14x	0.54x	0.64x
Equity-to-Assets	66.4%	47.0%	58.9%	49.5%	61.8%	75.8%	78.8%
Net Debt	113	266	178	471	275	241	309
Cash & Equivalents	85	135	219	13	120	9	8
Total Debt	198	401	397	484	395	250	317
Efficiency & working capital
Inventory Turnover	N/A	7.10x	6.41x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	51.4	56.9	N/A	N/A	N/A	N/A
Receivables Turnover	29.00x	32.95x	34.33x	34.98x	26.70x	19.49x	21.25x
Days Sales Outstanding (DSO)	12.6	11.1	10.6	10.4	13.7	18.7	17.2
Payables Turnover	35.13x	N/A	N/A	197.05x	N/A	1087.00x	919.75x
Days Payable Outstanding (DPO)	10.4	N/A	N/A	1.9	N/A	0.3	0.4
Cash Conversion Cycle	2.2 days	62.5 days	67.6 days	8.6 days	13.7 days	18.4 days	16.8 days
Asset Turnover	4.54x	5.06x	4.33x	4.97x	4.08x	3.81x	3.30x
Cash flow & dividends
Operating Cash Flow	166	505	325	171	267	6	9
Free Cash Flow (OCF − Capex proxy)	146	474	293	124	260	17	-27
Cash Conversion (OCF / EBITDA)	43.1%	126.2%	70.0%	39.3%	76.7%	1.3%	1.8%
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