Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	15.3%	16.2%	11.0%	12.4%	11.6%	26.3%	22.5%
EBITDA Margin	5.1%	6.5%	4.6%	1.6%	2.8%	16.2%	11.0%
EBITDAR	135	202	241	88	160	1,027	783
EBITDAR Margin	5.2%	6.7%	4.6%	1.7%	2.9%	16.3%	11.1%
EBIT Margin	4.3%	5.4%	3.9%	0.6%	2.0%	15.1%	9.8%
Net Profit Margin	5.1%	6.5%	4.6%	1.5%	2.8%	19.0%	9.7%
Operating Expense % of Sales	10.2%	9.7%	6.5%	10.8%	8.8%	10.1%	11.4%
Returns
Return on Assets (ROA)	16.8%	17.2%	17.8%	3.6%	7.0%	33.5%	15.6%
Return on Equity (ROE)	42.8%	38.7%	33.6%	10.7%	20.5%	65.6%	32.8%
ROIC [EBIT / Invested Capital]	17.9%	19.3%	19.5%	1.6%	5.6%	29.9%	16.6%
Leverage & debt balances
Debt-to-Assets	49.3%	34.9%	27.2%	50.2%	57.6%	42.7%	48.6%
Debt-to-Equity	1.26x	0.79x	0.51x	1.50x	1.69x	0.84x	1.03x
Debt-to-EBITDA	2.94x	2.04x	1.52x	12.86x	8.17x	1.50x	2.76x
Equity-to-Assets	39.3%	44.3%	53.2%	33.3%	34.0%	51.1%	47.3%
Net Debt	321	339	329	1,077	1,201	1,346	2,068
Cash & Equivalents	71	62	34	33	78	189	82
Total Debt	391	402	363	1,110	1,279	1,536	2,149
Liquidity & working capital
Current Ratio	4.32x	2.97x	3.31x	4.18x	8.20x	9.98x	10.89x
Quick Ratio	4.32x	1.35x	1.42x	1.78x	8.20x	9.98x	10.89x
Cash Ratio	0.78x	0.26x	0.13x	0.09x	0.41x	1.07x	0.46x
Total Current Assets	391	707	865	1,526	1,539	1,773	1,937
Total Current Liabilities	91	238	261	365	188	178	178
Inventory	N/A	385	495	878	N/A	N/A	N/A
Trade Receivables	110	244	336	608	962	1,070	1,453
Trade Payables	90	219	207	248	129	176	174
Net Working Capital	300	469	604	1,161	1,351	1,595	1,759
Net Working Capital % of Revenue	11.5%	15.5%	11.6%	22.0%	24.4%	25.3%	24.9%
Trade Working Capital	19	411	624	1,238	833	894	1,279
Trade Working Capital % of Revenue	0.7%	13.5%	11.9%	23.5%	15.0%	14.2%	18.1%
Change in Trade Working Capital	N/A	391	213	614	-405	61	385
Turnover & efficiency
Inventory Turnover	N/A	6.60x	9.39x	5.26x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	55.3	38.9	69.4	N/A	N/A	N/A
Receivables Turnover	23.77x	12.41x	15.54x	8.67x	5.76x	5.91x	4.86x
Days Sales Outstanding (DSO)	15.4	29.4	23.5	42.1	63.3	61.8	75.1
Payables Turnover	24.46x	11.61x	22.45x	18.63x	37.91x	26.51x	31.42x
Days Payable Outstanding (DPO)	14.9	31.4	16.3	19.6	9.6	13.8	11.6
Cash Conversion Cycle	0.4 days	53.3 days	46.1 days	91.9 days	53.7 days	48.0 days	63.5 days
Asset Turnover	3.28x	2.64x	3.92x	2.38x	2.50x	1.76x	1.60x
Cash flow & dividends
Operating Cash Flow	3,226	3,300	5,249	-567	24	906	495
Free Cash Flow (OCF − Capex proxy)	3,226	3,300	5,287	-569	-76	-229	-298
Cash Conversion (OCF / EBITDA)	2420.7%	1673.2%	2204.7%	-656.6%	15.3%	88.6%	63.6%
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