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as filed · GEL, thousands

financial ratiosXLSX

Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	23.8%	23.4%	14.4%	20.0%	20.1%	-12.2%	9.5%
EBITDA Margin	13.5%	18.3%	8.0%	12.8%	9.9%	-105.2%	-66.3%
EBITDAR	428	1,580	745	1,365	709	-953	-832
EBITDAR Margin	13.5%	18.3%	8.0%	13.1%	10.2%	-102.2%	-62.7%
EBIT Margin	13.5%	18.2%	7.9%	12.5%	9.4%	-109.2%	-70.7%
Net Profit Margin	13.2%	17.1%	3.0%	12.5%	9.0%	-151.6%	-82.1%
Operating Expense % of Sales	10.3%	5.0%	6.4%	7.2%	10.2%	93.0%	75.8%
Returns
Return on Assets (ROA)	15.0%	19.4%	3.4%	14.2%	5.5%	-12.5%	-8.1%
Return on Equity (ROE)	39.9%	62.8%	11.0%	34.6%	14.8%	-52.6%	-68.3%
ROIC [EBIT / Invested Capital]	24.9%	53.3%	18.3%	21.7%	7.2%	-13.1%	-19.1%
Leverage & debt balances
Debt-to-Assets	35.3%	21.0%	36.3%	28.5%	50.6%	46.2%	30.4%
Debt-to-Equity	0.94x	0.68x	1.20x	0.69x	1.37x	1.94x	2.57x
Debt-to-EBITDA	2.30x	1.01x	3.99x	1.94x	8.39x	N/A	N/A
Equity-to-Assets	37.5%	30.9%	30.4%	41.2%	36.9%	23.8%	11.8%
Net Debt	667	609	1,496	2,269	4,866	5,090	3,320
Cash & Equivalents	318	982	1,476	324	906	116	789
Total Debt	985	1,591	2,972	2,593	5,772	5,206	4,110
Liquidity & working capital
Current Ratio	1.29x	1.25x	1.15x	1.35x	1.20x	0.87x	0.88x
Quick Ratio	1.29x	0.94x	0.90x	1.35x	1.20x	0.87x	0.88x
Cash Ratio	0.20x	0.34x	0.41x	0.06x	0.13x	0.01x	0.07x
Total Current Assets	2,044	3,572	4,159	6,953	8,641	7,473	10,476
Total Current Liabilities	1,591	2,866	3,605	5,147	7,201	8,585	11,912
Inventory	N/A	880	898	N/A	N/A	N/A	N/A
Trade Receivables	784	568	841	2,590	2,514	2,267	2,470
Trade Payables	697	376	419	845	512	434	403
Net Working Capital	454	707	554	1,806	1,440	-1,113	-1,436
Net Working Capital % of Revenue	14.3%	8.2%	6.0%	17.3%	20.8%	-119.3%	-108.1%
Trade Working Capital	87	1,073	1,321	1,746	2,003	1,833	2,067
Trade Working Capital % of Revenue	2.7%	12.5%	14.2%	16.8%	28.9%	196.5%	155.6%
Change in Trade Working Capital	N/A	986	248	425	257	-170	234
Turnover & efficiency
Inventory Turnover	N/A	7.50x	8.84x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	48.7	41.3	N/A	N/A	N/A	N/A
Receivables Turnover	4.04x	15.15x	11.02x	4.02x	2.75x	0.41x	0.54x
Days Sales Outstanding (DSO)	90.4	24.1	33.1	90.7	132.5	887.1	678.6
Payables Turnover	3.46x	17.57x	18.96x	9.87x	10.81x	2.41x	2.98x
Days Payable Outstanding (DPO)	105.5	20.8	19.3	37.0	33.8	151.3	122.4
Cash Conversion Cycle	-15.1 days	52.0 days	55.2 days	53.7 days	98.8 days	735.9 days	556.3 days
Asset Turnover	1.14x	1.14x	1.13x	1.14x	0.61x	0.08x	0.10x
Cash flow & dividends
Operating Cash Flow	-360	1,970	770	903	-1,331	47	1,615
Free Cash Flow (OCF − Capex proxy)	-373	922	661	-676	-2,098	-79	1,945
Cash Conversion (OCF / EBITDA)	-84.0%	124.7%	103.4%	67.6%	-193.5%	N/A	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 GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.

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