Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	40.8%	31.3%	32.5%	17.2%	34.3%	28.1%	35.6%
EBITDA Margin	33.0%	18.5%	8.1%	-27.4%	0.7%	9.4%	13.6%
EBITDAR	2,730	998	316	-692	32	442	959
EBITDAR Margin	33.0%	18.5%	8.1%	-27.4%	0.7%	9.4%	13.6%
EBIT Margin	32.8%	18.1%	7.5%	-28.4%	-0.5%	8.1%	12.6%
Net Profit Margin	33.2%	19.1%	20.6%	-41.7%	-3.9%	7.6%	11.2%
Operating Expense % of Sales	7.8%	12.8%	24.4%	44.6%	33.6%	18.7%	22.0%
Returns
Return on Assets (ROA)	49.1%	17.6%	13.4%	-18.5%	-4.2%	5.2%	9.6%
Return on Equity (ROE)	54.3%	18.3%	13.5%	-21.5%	-4.3%	8.3%	16.8%
ROIC [EBIT / Invested Capital]	54.0%	18.1%	5.3%	-13.5%	-0.6%	7.0%	13.5%
Leverage & debt balances
Debt-to-Assets	0.0%	0.0%	0.0%	8.5%	0.0%	22.5%	24.0%
Debt-to-Equity	0.00x	0.00x	0.00x	0.10x	0.00x	0.36x	0.42x
Debt-to-EBITDA	0.00x	0.00x	0.00x	N/A	0.00x	3.48x	2.05x
Equity-to-Assets	90.3%	96.0%	99.4%	86.1%	96.9%	62.7%	57.5%
Net Debt	-29	-200	-499	411	-456	1,112	1,904
Cash & Equivalents	29	200	499	69	456	428	63
Total Debt	N/A	N/A	N/A	480	N/A	1,540	1,966
Liquidity & working capital
Current Ratio	4.59x	11.40x	49.19x	5.17x	19.88x	1.74x	2.19x
Quick Ratio	4.65x	4.34x	19.20x	5.14x	19.87x	1.74x	2.19x
Cash Ratio	0.05x	0.85x	14.64x	0.09x	3.37x	0.17x	0.03x
Total Current Assets	2,480	2,689	1,675	4,074	2,691	4,455	4,297
Total Current Liabilities	541	236	34	788	135	2,562	1,965
Inventory	-33	1,665	1,021	24	1	N/A	N/A
Trade Receivables	2,589	3,009	2,863	2,878	160	1,726	1,437
Trade Payables	505	208	34	161	114	814	1,449
Net Working Capital	1,940	2,453	1,641	3,286	2,556	1,893	2,331
Net Working Capital % of Revenue	23.4%	45.4%	41.8%	130.3%	55.9%	40.2%	33.0%
Trade Working Capital	2,051	4,466	3,850	2,742	48	912	-13
Trade Working Capital % of Revenue	24.8%	82.7%	98.1%	108.7%	1.0%	19.4%	-0.2%
Change in Trade Working Capital	N/A	2,415	-616	-1,108	-2,694	864	-925
Turnover & efficiency
Inventory Turnover	-149.20x	2.23x	2.59x	85.97x	2440.64x	N/A	N/A
Days Inventory Outstanding (DIO)	-2.4	163.7	140.7	4.2	0.1	N/A	N/A
Receivables Turnover	3.20x	1.79x	1.37x	0.88x	28.56x	2.73x	4.92x
Days Sales Outstanding (DSO)	114.1	203.4	266.4	416.5	12.8	133.8	74.2
Payables Turnover	9.71x	17.86x	77.78x	13.00x	26.46x	4.16x	3.14x
Days Payable Outstanding (DPO)	37.6	20.4	4.7	28.1	13.8	87.7	116.1
Cash Conversion Cycle	74.1 days	346.7 days	402.4 days	392.7 days	-0.9 days	46.0 days	-41.9 days
Asset Turnover	1.48x	0.92x	0.65x	0.44x	1.06x	0.69x	0.86x
Cash flow & dividends
Operating Cash Flow	N/A	791	1,439	-653	1,029	1,070	1,553
Free Cash Flow (OCF − Capex proxy)	N/A	640	733	-734	902	190	-53
Cash Conversion (OCF / EBITDA)	N/A	79.3%	454.9%	N/A	3258.7%	241.9%	162.0%
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

Shareholders

ზურაბი კაპანაძე100.0%

ზურაბი კაპანაძეPartner / Shareholder100.0%

Directors & board

ზურაბი კაპანაძეDirector

Ownership & directors from companyinfo.ge (public corporate registry).