Ratio	2018	2019	2020	2021
Margins
Gross Margin	55.5%	135.0%	55.4%	61.8%
EBITDA Margin	109.5%	59.8%	27.3%	41.0%
EBITDAR	1,598	1,111	217	236
EBITDAR Margin	113.6%	59.8%	27.3%	41.0%
EBIT Margin	123.8%	50.3%	8.0%	18.5%
Net Profit Margin	198.5%	24.8%	7.8%	18.2%
Operating Expense % of Sales	54.0%	75.2%	28.1%	20.7%
Returns
Return on Assets (ROA)	79.5%	12.2%	1.6%	2.8%
Return on Equity (ROE)	100.3%	14.2%	1.9%	3.1%
ROIC [EBIT / Invested Capital]	58.8%	30.5%	2.2%	3.4%
Leverage & liquidity
Debt-to-Assets	15.0%	11.2%	9.2%	6.0%
Debt-to-Equity	0.19x	0.13x	0.11x	0.06x
Debt-to-EBITDA	0.34x	0.38x	1.60x	0.93x
Equity-to-Assets	79.2%	86.1%	87.3%	93.0%
Net Debt	178	-177	-392	-264
Cash & Equivalents	349	601	739	485
Total Debt	527	423	347	221
Efficiency & working capital
Inventory Turnover	N/A	0.47x	0.27x	0.18x
Days Inventory Outstanding (DIO)	N/A	780.4	1342.0	1997.0
Receivables Turnover	4.98x	5.54x	2.16x	1.15x
Days Sales Outstanding (DSO)	73.4	65.9	169.2	318.0
Payables Turnover	3.09x	6.40x	2.62x	6.09x
Days Payable Outstanding (DPO)	118.0	57.1	139.4	60.0
Cash Conversion Cycle	-44.6 days	789.3 days	1371.8 days	2255.0 days
Asset Turnover	0.40x	0.49x	0.21x	0.16x
Cash flow & dividends
Operating Cash Flow	N/A	N/A	N/A	N/A
Free Cash Flow (OCF − Capex proxy)	N/A	N/A	N/A	N/A
Cash Conversion (OCF / EBITDA)	N/A	N/A	N/A	N/A
Dividends Declared	N/A	N/A	N/A	N/A
Dividend Payout Ratio	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