Ratio	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	14.2%	14.5%	15.0%	14.5%	16.1%	15.9%
EBITDA Margin	12.4%	12.5%	11.6%	11.4%	11.5%	11.7%
EBITDAR	310	284	248	242	256	325
EBITDAR Margin	12.4%	12.5%	11.6%	12.4%	12.2%	12.3%
EBIT Margin	12.4%	12.5%	11.6%	11.4%	11.5%	11.7%
Net Profit Margin	9.9%	10.0%	9.3%	9.1%	9.2%	9.3%
Operating Expense % of Sales	1.9%	2.0%	3.3%	3.1%	4.6%	4.2%
Returns
Return on Assets (ROA)	12.5%	10.1%	8.8%	7.0%	6.7%	6.8%
Return on Equity (ROE)	31.9%	22.6%	16.5%	9.5%	9.1%	9.8%
ROIC [EBIT / Invested Capital]	44.1%	42.3%	29.0%	15.9%	17.2%	14.0%
Leverage & liquidity
Debt-to-Assets	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
Debt-to-EBITDA	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Equity-to-Assets	39.1%	44.8%	53.1%	74.2%	74.2%	69.9%
Net Debt	-74	-334	-348	-473	-719	-320
Cash & Equivalents	74	334	348	473	719	320
Total Debt	N/A	N/A	N/A	N/A	N/A	N/A
Efficiency & working capital
Inventory Turnover	1.24x	1.02x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	294.9	358.8	N/A	N/A	N/A	N/A
Receivables Turnover	N/A	N/A	12.17x	171.36x	87.30x	19.98x
Days Sales Outstanding (DSO)	N/A	N/A	30.0	2.1	4.2	18.3
Payables Turnover	N/A	4.77x	9.70x	5.22x	4.63x	6.89x
Days Payable Outstanding (DPO)	N/A	76.5	37.6	69.9	78.9	53.0
Cash Conversion Cycle	294.9 days	282.3 days	-7.7 days	-67.8 days	-74.7 days	-34.7 days
Asset Turnover	1.26x	1.01x	0.94x	0.77x	0.73x	0.73x
Cash flow & dividends
Operating Cash Flow	-218	260	15	124	247	-399
Free Cash Flow (OCF − Capex proxy)	-218	260	15	124	247	-399
Cash Conversion (OCF / EBITDA)	-70.2%	91.6%	5.9%	56.0%	103.0%	-129.4%
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.