Ratio	2018	2019	2020	2021	2022
Margins
Gross Margin	12.1%	7.1%	9.1%	10.1%	8.6%
EBITDA Margin	7.4%	1.8%	3.0%	-6.1%	-2.2%
EBITDAR	155	40	76	-159	-45
EBITDAR Margin	7.4%	1.8%	3.0%	-6.1%	-2.2%
EBIT Margin	6.5%	1.2%	2.3%	-6.7%	-2.9%
Net Profit Margin	5.8%	0.7%	3.0%	-7.0%	-3.4%
Operating Expense % of Sales	4.8%	5.2%	6.1%	16.3%	10.8%
Returns
Return on Assets (ROA)	17.6%	2.4%	10.2%	-27.3%	-14.0%
Return on Equity (ROE)	30.0%	3.7%	13.4%	-47.7%	-21.7%
ROIC [EBIT / Invested Capital]	27.3%	6.0%	8.5%	-34.8%	-14.4%
Leverage & liquidity
Debt-to-Assets	15.0%	4.2%	18.9%	17.3%	19.0%
Debt-to-Equity	0.26x	0.06x	0.25x	0.30x	0.29x
Debt-to-EBITDA	0.67x	0.63x	1.85x	N/A	N/A
Equity-to-Assets	58.9%	66.6%	76.3%	57.3%	64.3%
Net Debt	95	18	129	114	89
Cash & Equivalents	9	8	11	2	4
Total Debt	104	25	140	116	93
Efficiency & working capital
Inventory Turnover	N/A	9.32x	11.58x	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	39.2	31.5	N/A	N/A
Receivables Turnover	N/A	N/A	N/A	N/A	199.25x
Days Sales Outstanding (DSO)	N/A	N/A	N/A	N/A	1.8
Payables Turnover	10.22x	11.49x	64.14x	13.72x	22.63x
Days Payable Outstanding (DPO)	35.7	31.8	5.7	26.6	16.1
Cash Conversion Cycle	-35.7 days	7.4 days	25.8 days	-26.6 days	-14.3 days
Asset Turnover	3.04x	3.61x	3.42x	3.88x	4.13x
Cash flow & dividends
Operating Cash Flow	4	-2	3	N/A	N/A
Free Cash Flow (OCF − Capex proxy)	4	-2	3	N/A	N/A
Cash Conversion (OCF / EBITDA)	2.7%	-4.2%	3.8%	N/A	N/A
Dividends Declared	N/A	N/A	N/A	N/A	N/A
Dividend Payout Ratio	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