Ratio	2020	2021	2022	2023
Margins
Gross Margin	14.7%	18.1%	19.6%	14.9%
EBITDA Margin	3.6%	1.6%	2.2%	-4.2%
EBITDAR	271	243	269	12
EBITDAR Margin	6.2%	6.6%	6.4%	0.9%
EBIT Margin	3.4%	1.4%	2.1%	-4.2%
Net Profit Margin	2.7%	0.9%	1.6%	-6.5%
Operating Expense % of Sales	11.1%	16.5%	17.4%	19.1%
Returns
Return on Assets (ROA)	18.9%	4.0%	12.7%	-37.3%
Return on Equity (ROE)	109.5%	23.8%	34.4%	-77.0%
ROIC [EBIT / Invested Capital]	46.1%	21.5%	31.1%	-44.5%
Leverage & liquidity
Debt-to-Assets	34.4%	17.5%	18.7%	5.8%
Debt-to-Equity	2.00x	1.05x	0.50x	0.12x
Debt-to-EBITDA	1.38x	2.54x	1.06x	N/A
Equity-to-Assets	17.2%	16.7%	37.0%	48.5%
Net Debt	216	98	87	13
Cash & Equivalents	3	53	13	0
Total Debt	219	151	100	13
Efficiency & working capital
Inventory Turnover	6.57x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	55.5	N/A	N/A	N/A
Receivables Turnover	191.55x	39.09x	83.68x	18.68x
Days Sales Outstanding (DSO)	1.9	9.3	4.4	19.5
Payables Turnover	12.65x	5.84x	18.53x	1290.98x
Days Payable Outstanding (DPO)	28.8	62.5	19.7	0.3
Cash Conversion Cycle	28.6 days	-53.2 days	-15.3 days	19.3 days
Asset Turnover	6.93x	4.28x	7.87x	5.70x
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	N/A	N/A	N/A
Dividend Payout Ratio	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