Ratio	2018	2019	2020	2021	2022	2023
Margins
Gross Margin	28.7%	28.7%	29.9%	30.9%	33.0%	36.1%
EBITDA Margin	14.9%	12.1%	11.4%	12.2%	14.9%	19.1%
EBITDAR	373	389	346	548	746	1,066
EBITDAR Margin	14.9%	13.9%	13.4%	13.7%	16.2%	20.3%
EBIT Margin	14.2%	11.4%	10.4%	11.3%	13.9%	18.2%
Net Profit Margin	13.4%	7.4%	0.4%	14.1%	15.0%	15.8%
Operating Expense % of Sales	13.9%	16.6%	18.5%	18.7%	18.2%	17.1%
Returns
Return on Assets (ROA)	23.2%	8.9%	0.4%	19.8%	23.9%	26.8%
Return on Equity (ROE)	32.7%	18.3%	0.8%	36.0%	38.3%	42.2%
ROIC [EBIT / Invested Capital]	29.9%	15.5%	10.6%	17.2%	24.7%	35.8%
Leverage & liquidity
Debt-to-Assets	15.7%	44.7%	50.3%	38.1%	30.7%	26.0%
Debt-to-Equity	0.22x	0.92x	1.10x	0.69x	0.49x	0.41x
Debt-to-EBITDA	0.61x	3.08x	4.61x	2.23x	1.29x	0.80x
Equity-to-Assets	71.2%	48.4%	45.8%	54.9%	62.5%	63.6%
Net Debt	160	929	1,287	1,048	801	704
Cash & Equivalents	68	113	69	41	83	101
Total Debt	227	1,042	1,356	1,088	885	805
Liquidity & working capital
Current Ratio	4.70x	4.42x	6.04x	3.36x	3.83x	3.30x
Quick Ratio	4.70x	0.96x	0.77x	3.36x	3.83x	3.30x
Cash Ratio	0.36x	0.50x	0.37x	0.11x	0.24x	0.21x
Total Current Assets	893	999	1,125	1,243	1,327	1,562
Total Current Liabilities	190	226	186	370	346	473
Inventory	N/A	782	981	N/A	N/A	N/A
Trade Receivables	72	56	65	75	78	71
Trade Payables	180	160	105	168	153	279
Net Working Capital	703	773	938	873	981	1,089
Net Working Capital % of Revenue	28.0%	27.6%	36.4%	21.8%	21.3%	20.8%
Trade Working Capital	-107	678	940	-93	-75	-207
Trade Working Capital % of Revenue	-4.3%	24.2%	36.5%	-2.3%	-1.6%	-4.0%
Change in Trade Working Capital	N/A	785	263	-1,034	18	-133
Turnover & efficiency
Inventory Turnover	N/A	2.55x	1.84x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	143.1	198.2	N/A	N/A	N/A
Receivables Turnover	34.76x	50.38x	39.68x	53.13x	58.97x	73.76x
Days Sales Outstanding (DSO)	10.5	7.2	9.2	6.9	6.2	4.9
Payables Turnover	9.97x	12.47x	17.17x	16.42x	20.21x	12.03x
Days Payable Outstanding (DPO)	36.6	29.3	21.3	22.2	18.1	30.3
Cash Conversion Cycle	-26.1 days	121.0 days	186.2 days	-15.4 days	-11.9 days	-25.4 days
Asset Turnover	1.73x	1.20x	0.96x	1.40x	1.60x	1.70x
Cash flow & dividends
Operating Cash Flow	N/A	234	97	471	578	851
Free Cash Flow (OCF − Capex proxy)	N/A	-563	-162	389	593	828
Cash Conversion (OCF / EBITDA)	N/A	69.3%	33.0%	96.5%	84.2%	85.0%
Dividends Declared	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

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