Ratio	2021	2022	2023
Margins
Gross Margin	15.3%	14.4%	15.7%
EBITDA Margin	13.7%	13.0%	7.3%
EBITDAR	324	370	151
EBITDAR Margin	14.3%	13.7%	7.9%
EBIT Margin	13.7%	13.0%	7.3%
Net Profit Margin	7.8%	10.0%	5.7%
Operating Expense % of Sales	1.6%	1.4%	8.4%
Returns
Return on Assets (ROA)	9.9%	14.6%	10.2%
Return on Equity (ROE)	17.8%	21.3%	10.2%
ROIC [EBIT / Invested Capital]	32.2%	27.7%	14.3%
Leverage & debt balances
Debt-to-Assets	0.0%	4.6%	0.0%
Debt-to-Equity	0.00x	0.07x	0.00x
Debt-to-EBITDA	0.00x	0.24x	0.00x
Equity-to-Assets	55.5%	68.5%	99.4%
Net Debt	-33	-1	-100
Cash & Equivalents	33	86	100
Total Debt	N/A	84	N/A
Liquidity & working capital
Current Ratio	2.25x	3.18x	177.76x
Quick Ratio	2.25x	3.18x	177.76x
Cash Ratio	0.04x	0.15x	16.28x
Total Current Assets	1,796	1,847	1,088
Total Current Liabilities	800	581	6
Inventory	N/A	N/A	N/A
Trade Receivables	8	140	137
Trade Payables	175	1	6
Net Working Capital	996	1,266	1,081
Net Working Capital % of Revenue	43.9%	46.9%	56.2%
Trade Working Capital	-167	139	131
Trade Working Capital % of Revenue	-7.4%	5.2%	6.8%
Change in Trade Working Capital	N/A	307	-9
Turnover & efficiency
Inventory Turnover	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A
Receivables Turnover	295.90x	19.23x	14.09x
Days Sales Outstanding (DSO)	1.2	19.0	25.9
Payables Turnover	10.98x	2309.75x	266.48x
Days Payable Outstanding (DPO)	33.2	0.2	1.4
Cash Conversion Cycle	-32.0 days	18.8 days	24.5 days
Asset Turnover	1.26x	1.46x	1.77x
Cash flow & dividends
Operating Cash Flow	N/A	N/A	N/A
Free Cash Flow (OCF − Capex proxy)	N/A	N/A	N/A
Cash Conversion (OCF / EBITDA)	N/A	N/A	N/A
Dividends Declared	N/A	N/A	N/A
Dividend Payout Ratio	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.