Ratio	2020	2021	2022	2023
Margins
Gross Margin	20.1%	24.7%	17.2%	11.1%
EBITDA Margin	-1.7%	14.3%	3.8%	-1.2%
EBITDAR	-25	394	96	-19
EBITDAR Margin	-1.7%	14.3%	3.8%	-1.2%
EBIT Margin	-4.7%	12.3%	2.9%	-3.5%
Net Profit Margin	-2.7%	10.5%	11.0%	-10.1%
Operating Expense % of Sales	21.8%	10.4%	13.4%	12.4%
Returns
Return on Assets (ROA)	-3.7%	20.7%	15.8%	-13.1%
Return on Equity (ROE)	N/A	243.3%	82.0%	-85.4%
ROIC [EBIT / Invested Capital]	-8.5%	28.3%	4.4%	-5.2%
Leverage & liquidity
Debt-to-Assets	91.3%	86.4%	76.9%	72.8%
Debt-to-Equity	-9.02x	10.17x	4.00x	4.76x
Debt-to-EBITDA	N/A	3.09x	13.94x	N/A
Equity-to-Assets	-10.1%	8.5%	19.2%	15.3%
Net Debt	912	1,078	1,315	842
Cash & Equivalents	62	138	18	14
Total Debt	975	1,216	1,333	857
Efficiency & working capital
Inventory Turnover	10.22x	66.55x	37.90x	16.73x
Days Inventory Outstanding (DIO)	35.7	5.5	9.6	21.8
Receivables Turnover	4.19x	6.40x	3.20x	8.05x
Days Sales Outstanding (DSO)	87.2	57.0	114.0	45.4
Payables Turnover	6.15x	40.24x	132.79x	9.67x
Days Payable Outstanding (DPO)	59.4	9.1	2.7	37.7
Cash Conversion Cycle	63.5 days	53.4 days	120.8 days	29.5 days
Asset Turnover	1.36x	1.96x	1.44x	1.30x
Cash flow & dividends
Operating Cash Flow	N/A	N/A	N/A	N/A
Free Cash Flow (OCF − Capex proxy)	N/A	N/A	N/A	N/A
Cash Conversion (OCF / EBITDA)	N/A	N/A	N/A	N/A
Dividends Declared	N/A	0	60	0
Dividend Payout Ratio	N/A	0.0%	21.8%	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