Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	79.0%	71.8%	64.9%	69.2%	51.2%	61.8%	68.9%
EBITDA Margin	2.5%	9.5%	1.0%	7.7%	10.3%	8.6%	9.1%
EBITDAR	161	417	209	299	859	539	477
EBITDAR Margin	2.6%	9.7%	1.3%	7.9%	10.6%	9.1%	9.8%
EBIT Margin	1.3%	7.9%	0.6%	7.7%	8.8%	6.6%	6.9%
Net Profit Margin	2.5%	3.1%	1.0%	3.6%	2.3%	7.8%	6.8%
Operating Expense % of Sales	76.5%	62.3%	63.9%	61.4%	40.9%	53.3%	59.7%
Returns
Return on Assets (ROA)	3.5%	1.6%	1.5%	1.2%	3.2%	8.2%	4.1%
Return on Equity (ROE)	7.1%	5.7%	6.4%	4.7%	6.2%	13.2%	8.6%
ROIC [EBIT / Invested Capital]	3.5%	11.8%	2.5%	10.6%	22.7%	11.4%	10.9%
Leverage & liquidity
Debt-to-Assets	18.0%	32.7%	18.7%	2.2%	11.6%	0.0%	0.0%
Debt-to-Equity	0.37x	1.16x	0.81x	0.09x	0.22x	0.00x	0.00x
Debt-to-EBITDA	5.14x	6.54x	12.60x	0.85x	0.81x	0.00x	0.00x
Equity-to-Assets	49.1%	28.1%	23.1%	25.5%	51.6%	62.1%	47.2%
Net Debt	105	565	1,160	-94	118	-71	-732
Cash & Equivalents	687	2,102	810	343	561	71	732
Total Debt	792	2,667	1,970	249	679	N/A	N/A
Efficiency & working capital
Inventory Turnover	N/A	0.95x	5.23x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	383.8	69.8	N/A	N/A	N/A	N/A
Receivables Turnover	7.60x	2.89x	2.19x	0.53x	4.29x	2.76x	2.17x
Days Sales Outstanding (DSO)	48.0	126.2	166.6	683.2	85.1	132.3	168.3
Payables Turnover	0.90x	0.42x	8.25x	0.30x	2.09x	1.14x	0.38x
Days Payable Outstanding (DPO)	407.8	861.3	44.2	1227.3	174.5	319.2	971.9
Cash Conversion Cycle	-359.8 days	-351.3 days	192.1 days	-544.1 days	-89.4 days	-186.9 days	-803.5 days
Asset Turnover	1.40x	0.53x	1.48x	0.34x	1.38x	1.06x	0.60x
Cash flow & dividends
Operating Cash Flow	11,229	9,507	14,374	10,077	8,313	7,050	9,273
Free Cash Flow (OCF − Capex proxy)	605	9,507	14,374	10,077	8,313	7,050	9,273
Cash Conversion (OCF / EBITDA)	7285.2%	2332.6%	9193.1%	3456.2%	991.6%	1383.2%	2079.0%
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