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Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	16.7%	16.1%	18.3%	18.1%	19.3%	19.0%	18.1%
EBITDA Margin	-1.2%	-0.7%	-0.8%	1.6%	6.7%	5.8%	3.2%
EBITDAR	113	142	102	200	550	550	356
EBITDAR Margin	3.4%	4.1%	4.4%	5.5%	9.1%	8.1%	6.1%
EBIT Margin	-1.5%	-0.9%	-1.5%	1.1%	6.5%	5.5%	2.8%
Net Profit Margin	-1.2%	-0.7%	-0.2%	1.9%	6.8%	6.1%	3.4%
Operating Expense % of Sales	17.9%	16.8%	19.1%	16.5%	12.6%	13.2%	14.9%
Returns
Return on Assets (ROA)	-6.1%	-3.1%	-0.6%	7.4%	28.1%	24.8%	11.9%
Return on Equity (ROE)	-31.3%	-23.2%	-5.4%	52.2%	90.5%	51.9%	20.2%
ROIC [EBIT / Invested Capital]	-18.8%	-6.7%	-8.1%	7.2%	51.8%	38.4%	14.9%
Leverage & debt balances
Debt-to-Assets	23.3%	62.0%	63.7%	52.3%	25.6%	15.1%	12.0%
Debt-to-Equity	1.19x	4.61x	5.50x	3.67x	0.82x	0.32x	0.20x
Debt-to-EBITDA	N/A	N/A	N/A	8.31x	0.93x	0.64x	1.06x
Equity-to-Assets	19.6%	13.4%	11.6%	14.2%	31.0%	47.8%	58.8%
Net Debt	142	377	346	435	300	174	117
Cash & Equivalents	8	84	177	41	77	78	80
Total Debt	150	462	523	476	377	251	198
Liquidity & working capital
Current Ratio	1.70x	4.35x	3.56x	1.31x	1.39x	1.79x	0.98x
Quick Ratio	1.70x	0.85x	1.23x	1.31x	1.39x	1.79x	0.98x
Cash Ratio	0.02x	0.52x	0.83x	0.06x	0.08x	0.09x	0.05x
Total Current Assets	610	708	759	841	1,368	1,484	1,487
Total Current Liabilities	360	163	213	643	986	828	1,512
Inventory	N/A	570	496	N/A	N/A	N/A	N/A
Trade Receivables	17	35	48	14	37	72	39
Trade Payables	360	163	201	266	633	576	473
Net Working Capital	250	545	546	198	383	656	-26
Net Working Capital % of Revenue	7.5%	15.9%	23.4%	5.5%	6.3%	9.7%	-0.4%
Trade Working Capital	-343	442	342	-252	-596	-504	-433
Trade Working Capital % of Revenue	-10.2%	12.9%	14.7%	-7.0%	-9.8%	-7.4%	-7.5%
Change in Trade Working Capital	N/A	785	-100	-594	-344	92	71
Turnover & efficiency
Inventory Turnover	N/A	5.06x	3.84x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	72.1	95.1	N/A	N/A	N/A	N/A
Receivables Turnover	201.23x	98.90x	48.64x	249.00x	162.68x	94.08x	147.96x
Days Sales Outstanding (DSO)	1.8	3.7	7.5	1.5	2.2	3.9	2.5
Payables Turnover	7.76x	17.74x	9.45x	11.10x	7.71x	9.53x	10.05x
Days Payable Outstanding (DPO)	47.0	20.6	38.6	32.9	47.3	38.3	36.3
Cash Conversion Cycle	-45.2 days	55.2 days	64.0 days	-31.4 days	-45.1 days	-34.4 days	-33.9 days
Asset Turnover	5.18x	4.61x	2.84x	3.96x	4.10x	4.07x	3.51x
Cash flow & dividends
Operating Cash Flow	-50	76	93	-136	330	241	99
Free Cash Flow (OCF − Capex proxy)	-50	76	93	-136	258	181	79
Cash Conversion (OCF / EBITDA)	N/A	N/A	N/A	-236.9%	81.7%	61.3%	52.9%
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