Ratio	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	100.0%	100.0%	100.0%	91.1%	9.5%	8.1%
EBITDA Margin	26.6%	-3.4%	-9.5%	16.2%	-14.2%	-1.0%
EBITDAR	1,789	-335	-1,123	2,337	-1,869	-143
EBITDAR Margin	26.6%	-3.4%	-9.5%	16.2%	-14.2%	-1.0%
EBIT Margin	26.6%	-3.4%	-9.5%	16.2%	-14.2%	-1.0%
Net Profit Margin	26.6%	-3.4%	-9.5%	16.2%	-14.2%	-1.0%
Operating Expense % of Sales	73.4%	103.4%	109.5%	74.9%	23.7%	9.2%
Returns
Return on Assets (ROA)	94.7%	-13.2%	-29.3%	58.0%	-55.7%	-3.4%
Return on Equity (ROE)	100.0%	-23.0%	-340.1%	87.6%	-234.0%	-21.8%
ROIC [EBIT / Invested Capital]	94.7%	-13.2%	-239.8%	58.0%	-234.0%	-21.8%
Leverage & liquidity
Debt-to-Assets	5.3%	42.9%	24.6%	33.8%	0.0%	0.0%
Debt-to-Equity	0.06x	0.75x	2.86x	0.51x	0.00x	0.00x
Debt-to-EBITDA	0.06x	N/A	N/A	0.58x	N/A	N/A
Equity-to-Assets	94.7%	57.1%	8.6%	66.2%	23.8%	15.4%
Net Debt	100	1,093	138	1,362	N/A	N/A
Cash & Equivalents	N/A	N/A	805	N/A	N/A	N/A
Total Debt	100	1,093	944	1,362	N/A	N/A
Efficiency & working capital
Inventory Turnover	N/A	N/A	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A	N/A	N/A	N/A
Receivables Turnover	10.57x	16.73x	14.77x	16.36x	N/A	13.47x
Days Sales Outstanding (DSO)	34.5	21.8	24.7	22.3	N/A	27.1
Payables Turnover	N/A	N/A	N/A	N/A	9.10x	8.39x
Days Payable Outstanding (DPO)	N/A	N/A	N/A	N/A	40.1	43.5
Cash Conversion Cycle	34.5 days	21.8 days	24.7 days	22.3 days	-40.1 days	-16.4 days
Asset Turnover	3.56x	3.84x	3.10x	3.57x	3.92x	3.31x
Cash flow & dividends
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow (OCF − Capex proxy)	N/A	N/A	N/A	N/A	N/A	N/A
Cash Conversion (OCF / EBITDA)	N/A	N/A	N/A	N/A	N/A	N/A
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.