Ratio	2018	2020	2021	2022	2023
Margins
Gross Margin	67.5%	66.9%	56.6%	70.9%	67.6%
EBITDA Margin	62.6%	58.3%	20.6%	53.3%	37.8%
EBITDAR	2,639	1,625	335	1,438	353
EBITDAR Margin	62.6%	58.3%	20.6%	53.3%	37.8%
EBIT Margin	62.6%	57.8%	18.6%	52.9%	36.5%
Net Profit Margin	44.8%	49.5%	17.5%	52.8%	32.0%
Operating Expense % of Sales	4.9%	8.7%	36.0%	17.6%	29.8%
Returns
Return on Assets (ROA)	50.6%	32.8%	7.0%	30.1%	5.1%
Return on Equity (ROE)	141.1%	50.3%	11.2%	45.2%	9.1%
ROIC [EBIT / Invested Capital]	85.9%	92.3%	13.0%	58.2%	7.9%
Leverage & liquidity
Debt-to-Assets	46.5%	0.0%	0.0%	0.0%	17.8%
Debt-to-Equity	1.30x	0.00x	0.00x	0.00x	0.32x
Debt-to-EBITDA	0.66x	0.00x	0.00x	0.00x	2.98x
Equity-to-Assets	35.9%	65.1%	62.1%	66.5%	55.8%
Net Debt	1,731	-1,000	-216	-703	1,008
Cash & Equivalents	6	1,000	216	703	43
Total Debt	1,736	N/A	N/A	N/A	1,052
Efficiency & working capital
Inventory Turnover	N/A	0.47x	0.21x	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	780.7	1766.3	N/A	N/A
Receivables Turnover	N/A	14.73x	69.29x	N/A	N/A
Days Sales Outstanding (DSO)	N/A	24.8	5.3	N/A	N/A
Payables Turnover	5.61x	65.97x	18.29x	55.69x	11.80x
Days Payable Outstanding (DPO)	65.0	5.5	20.0	6.6	30.9
Cash Conversion Cycle	-65.0 days	799.9 days	1751.7 days	-6.6 days	-30.9 days
Asset Turnover	1.13x	0.66x	0.40x	0.57x	0.16x
Cash flow & dividends
Operating Cash Flow	586	1,471	2,777	N/A	N/A
Free Cash Flow (OCF − Capex proxy)	635	1,492	2,777	N/A	N/A
Cash Conversion (OCF / EBITDA)	22.2%	90.5%	829.1%	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