Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	4.0%	1.1%	2.8%	1.0%	5.4%	9.8%	5.4%
EBITDA Margin	1.7%	3.2%	6.4%	5.0%	4.9%	8.8%	4.8%
EBITDAR	156	253	528	493	591	586	637
EBITDAR Margin	1.7%	3.2%	6.5%	5.0%	4.9%	8.8%	4.8%
EBIT Margin	1.5%	3.1%	6.2%	4.8%	4.7%	8.5%	4.6%
Net Profit Margin	0.7%	2.0%	2.0%	4.1%	3.1%	7.6%	3.6%
Operating Expense % of Sales	2.3%	2.1%	1.4%	4.0%	0.5%	1.0%	0.6%
Returns
Return on Assets (ROA)	4.3%	7.1%	4.4%	11.6%	11.8%	14.9%	12.9%
Return on Equity (ROE)	11.4%	15.9%	13.7%	28.3%	20.7%	22.8%	18.2%
ROIC [EBIT / Invested Capital]	11.8%	12.1%	13.5%	14.5%	19.0%	18.3%	16.9%
Leverage & liquidity
Debt-to-Assets	61.8%	55.2%	67.9%	53.2%	39.5%	29.9%	28.1%
Debt-to-Equity	1.65x	1.24x	2.13x	1.30x	0.70x	0.46x	0.40x
Debt-to-EBITDA	5.94x	4.87x	4.90x	3.72x	2.10x	1.74x	1.61x
Equity-to-Assets	37.5%	44.4%	31.9%	41.1%	56.8%	65.3%	70.9%
Net Debt	663	1,003	2,515	1,816	1,216	883	950
Cash & Equivalents	262	223	38	18	24	137	78
Total Debt	925	1,226	2,553	1,834	1,241	1,019	1,027
Efficiency & working capital
Inventory Turnover	N/A	516.77x	143.83x	102.29x	264.24x	164.08x	N/A
Days Inventory Outstanding (DIO)	N/A	0.7	2.5	3.6	1.4	2.2	N/A
Receivables Turnover	17.22x	11.27x	10.44x	19.60x	49.90x	16.48x	16.74x
Days Sales Outstanding (DSO)	21.2	32.4	35.0	18.6	7.3	22.1	21.8
Payables Turnover	2301.97x	1862.86x	2943.46x	53.33x	146.11x	45.65x	2963.11x
Days Payable Outstanding (DPO)	0.2	0.2	0.1	6.8	2.5	8.0	0.1
Cash Conversion Cycle	21.0 days	32.9 days	37.4 days	15.3 days	6.2 days	16.4 days	21.7 days
Asset Turnover	6.25x	3.50x	2.16x	2.85x	3.83x	1.95x	3.60x
Cash flow & dividends
Operating Cash Flow	N/A	91	-860	1,019	642	-41	-210
Free Cash Flow (OCF − Capex proxy)	N/A	-254	-897	1,101	642	-38	-57
Cash Conversion (OCF / EBITDA)	N/A	36.1%	-165.1%	206.8%	108.7%	-6.9%	-33.0%
Dividends Declared	0	0	274	207	160	0	0
Dividend Payout Ratio	0.0%	0.0%	166.9%	51.6%	43.4%	0.0%	0.0%

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