Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	15.5%	18.9%	26.2%	39.3%	40.9%	47.3%	47.0%
EBITDA Margin	3.0%	7.1%	9.9%	24.3%	21.2%	14.2%	16.2%
EBITDAR	231	599	965	2,628	2,351	1,515	1,763
EBITDAR Margin	8.6%	12.4%	14.6%	27.4%	24.3%	19.8%	21.1%
EBIT Margin	2.5%	6.5%	9.0%	23.3%	20.4%	14.2%	15.8%
Net Profit Margin	-6.4%	2.2%	9.9%	21.1%	20.4%	14.2%	14.2%
Operating Expense % of Sales	12.5%	11.8%	16.2%	14.9%	19.7%	33.1%	30.8%
Returns
Return on Assets (ROA)	-5.2%	2.2%	9.5%	29.3%	29.0%	16.7%	18.6%
Return on Equity (ROE)	N/A	N/A	101.5%	75.3%	41.9%	18.8%	19.1%
ROIC [EBIT / Invested Capital]	10.2%	13.0%	17.0%	52.7%	37.6%	20.4%	26.1%
Leverage & liquidity
Debt-to-Assets	31.4%	53.3%	50.0%	25.5%	16.4%	0.0%	0.0%
Debt-to-Equity	-6.01x	-247.07x	5.36x	0.65x	0.24x	0.00x	0.00x
Debt-to-EBITDA	12.72x	7.32x	5.28x	0.75x	0.54x	0.00x	0.00x
Equity-to-Assets	-5.2%	-0.2%	9.3%	38.9%	69.2%	88.9%	97.4%
Net Debt	832	2,418	2,866	1,550	541	-436	-1,173
Cash & Equivalents	203	106	599	206	569	436	1,173
Total Debt	1,035	2,524	3,465	1,756	1,110	N/A	N/A
Efficiency & working capital
Inventory Turnover	N/A	0.90x	1.01x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	406.8	361.4	N/A	N/A	N/A	N/A
Receivables Turnover	47.30x	186.08x	25.68x	57.26x	8.85x	6.36x	9.43x
Days Sales Outstanding (DSO)	7.7	2.0	14.2	6.4	41.2	57.4	38.7
Payables Turnover	1.87x	2.22x	4.13x	3.57x	N/A	N/A	N/A
Days Payable Outstanding (DPO)	195.6	164.1	88.4	102.2	N/A	N/A	N/A
Cash Conversion Cycle	-187.9 days	244.7 days	287.2 days	-95.8 days	41.2 days	57.4 days	38.7 days
Asset Turnover	0.81x	1.02x	0.96x	1.39x	1.42x	1.18x	1.31x
Cash flow & dividends
Operating Cash Flow	203	-97	503	-403	368	-133	N/A
Free Cash Flow (OCF − Capex proxy)	203	-97	503	-403	368	-133	N/A
Cash Conversion (OCF / EBITDA)	249.4%	-28.0%	76.6%	-17.2%	17.9%	-12.2%	N/A
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