Ratio	2021	2022	2023
Margins
Gross Margin	57.4%	32.2%	41.8%
EBITDA Margin	16.6%	0.7%	5.0%
EBITDAR	463	85	166
EBITDAR Margin	16.7%	3.1%	7.2%
EBIT Margin	11.9%	-8.0%	-6.1%
Net Profit Margin	11.4%	-7.3%	-8.2%
Operating Expense % of Sales	40.8%	31.5%	36.8%
Returns
Return on Assets (ROA)	19.7%	-16.7%	-26.2%
Return on Equity (ROE)	43.7%	-37.7%	-55.8%
ROIC [EBIT / Invested Capital]	26.1%	-23.2%	-22.5%
Leverage & liquidity
Debt-to-Assets	45.8%	35.1%	42.9%
Debt-to-Equity	1.02x	0.79x	0.91x
Debt-to-EBITDA	1.61x	21.66x	2.68x
Equity-to-Assets	45.0%	44.2%	47.0%
Net Debt	540	406	282
Cash & Equivalents	197	11	26
Total Debt	737	417	308
Efficiency & working capital
Inventory Turnover	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A
Receivables Turnover	8.34x	12.75x	26.59x
Days Sales Outstanding (DSO)	43.8	28.6	13.7
Payables Turnover	7.99x	7.44x	18.62x
Days Payable Outstanding (DPO)	45.7	49.1	19.6
Cash Conversion Cycle	-1.9 days	-20.5 days	-5.9 days
Asset Turnover	1.72x	2.27x	3.21x
Cash flow & dividends
Operating Cash Flow	1,009	259	125
Free Cash Flow (OCF − Capex proxy)	485	162	122
Cash Conversion (OCF / EBITDA)	220.0%	1348.9%	108.9%
Dividends Declared	N/A	N/A	N/A
Dividend Payout Ratio	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