Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	45.7%	43.4%	57.1%	56.1%	64.1%	66.9%	74.9%
EBITDA Margin	9.4%	4.1%	-1.0%	-0.5%	17.2%	17.7%	13.2%
EBITDAR	227	94	-26	-17	708	877	807
EBITDAR Margin	9.6%	4.1%	-1.0%	-0.5%	17.2%	17.7%	13.2%
EBIT Margin	6.8%	1.7%	-5.3%	-5.0%	13.2%	13.4%	7.8%
Net Profit Margin	9.1%	3.8%	-1.0%	4.3%	19.4%	14.3%	14.8%
Operating Expense % of Sales	36.2%	39.4%	58.2%	56.7%	46.9%	49.2%	61.7%
Returns
Return on Assets (ROA)	16.4%	6.2%	-0.9%	4.9%	34.4%	15.2%	14.2%
Return on Equity (ROE)	31.4%	10.5%	-3.5%	19.2%	83.3%	45.4%	36.7%
ROIC [EBIT / Invested Capital]	22.5%	3.3%	-6.3%	-7.3%	27.5%	17.7%	9.8%
Leverage & debt balances
Debt-to-Assets	15.9%	39.6%	71.6%	71.7%	53.5%	64.4%	57.4%
Debt-to-Equity	0.30x	0.67x	2.74x	2.84x	1.30x	1.92x	1.49x
Debt-to-EBITDA	0.93x	5.99x	N/A	N/A	1.75x	3.41x	4.54x
Equity-to-Assets	52.4%	59.0%	26.2%	25.3%	41.3%	33.6%	38.6%
Net Debt	25	331	1,436	1,522	1,023	2,172	2,414
Cash & Equivalents	184	230	609	547	217	815	1,252
Total Debt	209	561	2,045	2,069	1,240	2,987	3,666
Liquidity & working capital
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Quick Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Current Assets	5	0	36	23	6	5	12
Total Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Trade Receivables	114	44	134	147	166	171	267
Trade Payables	297	16	44	53	73	40	32
Net Working Capital	5	0	36	23	6	5	12
Net Working Capital % of Revenue	0.2%	0.0%	1.4%	0.7%	0.2%	0.1%	0.2%
Trade Working Capital	-183	28	91	95	94	130	236
Trade Working Capital % of Revenue	-7.7%	1.2%	3.5%	2.9%	2.3%	2.6%	3.9%
Change in Trade Working Capital	N/A	211	63	4	-1	36	105
Turnover & efficiency
Inventory Turnover	N/A	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	N/A
Receivables Turnover	20.90x	52.31x	19.17x	22.06x	24.69x	28.95x	22.86x
Days Sales Outstanding (DSO)	17.5	7.0	19.0	16.5	14.8	12.6	16.0
Payables Turnover	4.35x	79.53x	25.29x	27.03x	20.34x	40.49x	48.56x
Days Payable Outstanding (DPO)	83.9	4.6	14.4	13.5	17.9	9.0	7.5
Cash Conversion Cycle	-66.5 days	2.4 days	4.6 days	3.0 days	-3.2 days	3.6 days	8.4 days
Asset Turnover	1.80x	1.62x	0.90x	1.13x	1.78x	1.07x	0.96x
Cash flow & dividends
Operating Cash Flow	338	75	-209	325	595	8,873	6,297
Free Cash Flow (OCF − Capex proxy)	347	-414	-209	104	354	2,756	-167
Cash Conversion (OCF / EBITDA)	151.0%	80.5%	N/A	N/A	84.1%	1012.1%	780.5%
Dividends Declared	N/A	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	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