Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	8.1%	8.0%	7.6%	7.7%	7.6%	8.1%	8.8%
EBITDA Margin	1.5%	1.1%	0.9%	0.8%	0.4%	0.3%	0.5%
EBITDAR	111	112	107	107	87	73	96
EBITDAR Margin	1.9%	1.9%	1.7%	1.5%	1.1%	0.9%	1.1%
EBIT Margin	1.4%	1.0%	0.9%	0.7%	0.4%	0.2%	0.5%
Net Profit Margin	1.3%	0.9%	0.7%	0.6%	0.3%	0.2%	0.4%
Operating Expense % of Sales	6.6%	6.9%	6.7%	6.9%	7.2%	7.8%	8.3%
Returns
Return on Assets (ROA)	27.9%	13.5%	9.6%	10.0%	6.3%	3.7%	8.4%
Return on Equity (ROE)	43.7%	24.2%	17.1%	17.5%	15.7%	11.1%	30.0%
ROIC [EBIT / Invested Capital]	122.3%	68.1%	128.3%	56.1%	27.1%	N/A	160.7%
Leverage & debt balances
Debt-to-Assets	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Debt-to-Equity	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Debt-to-EBITDA	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Equity-to-Assets	63.7%	55.9%	56.1%	57.0%	40.2%	32.8%	28.1%
Net Debt	-103	-137	-234	-160	-55	-138	-82
Cash & Equivalents	103	137	234	160	55	138	82
Total Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Liquidity & working capital
Current Ratio	2.67x	2.19x	2.23x	2.29x	1.62x	1.45x	1.34x
Quick Ratio	1.29x	0.92x	1.26x	1.00x	0.32x	0.61x	0.32x
Cash Ratio	1.04x	0.76x	1.08x	0.84x	0.21x	0.51x	0.30x
Total Current Assets	264	395	482	435	415	391	367
Total Current Liabilities	99	181	216	190	256	269	275
Inventory	136	228	210	244	334	226	279
Trade Receivables	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Trade Payables	65	139	136	97	185	176	193
Net Working Capital	165	214	265	245	159	122	92
Net Working Capital % of Revenue	2.8%	3.6%	4.2%	3.4%	1.9%	1.4%	1.0%
Trade Working Capital	71	89	74	147	150	49	86
Trade Working Capital % of Revenue	1.2%	1.5%	1.2%	2.1%	1.8%	0.6%	1.0%
Change in Trade Working Capital	N/A	18	-15	73	3	-100	36
Turnover & efficiency
Inventory Turnover	40.53x	24.25x	27.77x	26.97x	22.62x	34.51x	28.74x
Days Inventory Outstanding (DIO)	9.0	15.0	13.1	13.5	16.1	10.6	12.7
Receivables Turnover	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Days Sales Outstanding (DSO)	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Payables Turnover	84.81x	39.85x	42.85x	67.60x	40.96x	44.17x	41.51x
Days Payable Outstanding (DPO)	4.3	9.2	8.5	5.4	8.9	8.3	8.8
Cash Conversion Cycle	4.7 days	5.9 days	4.6 days	8.1 days	7.2 days	2.3 days	3.9 days
Asset Turnover	21.94x	14.68x	12.81x	16.11x	19.11x	21.21x	23.00x
Cash flow & dividends
Operating Cash Flow	137	33	98	-10	-5	136	-3
Free Cash Flow (OCF − Capex proxy)	137	33	98	-10	-5	136	-3
Cash Conversion (OCF / EBITDA)	153.2%	49.9%	169.1%	-17.6%	-14.0%	629.8%	-7.2%
Dividends Declared	104	0	0	68	107	55	56
Dividend Payout Ratio	136.5%	0.0%	0.0%	155.3%	395.7%	374.6%	173.0%

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

Shareholders

ლევან მიქელაიშვილი100.0%

ლევან მიქელაიშვილიPartner / Shareholder100.0%

Directors & board

ლევან მიქელაიშვილიDirector

Ownership & directors from companyinfo.ge (public corporate registry).