Ratio	2021	2022	2023	2024
Margins
Gross Margin	14.2%	14.8%	19.3%	20.2%
EBITDA Margin	10.9%	11.3%	13.3%	12.8%
EBITDAR	432	753	1,100	1,229
EBITDAR Margin	10.9%	11.3%	13.3%	12.8%
EBIT Margin	10.5%	10.5%	11.5%	11.9%
Net Profit Margin	10.6%	10.9%	11.5%	11.7%
Operating Expense % of Sales	3.3%	3.4%	6.0%	7.4%
Returns
Return on Assets (ROA)	28.0%	44.4%	41.2%	30.8%
Return on Equity (ROE)	100.0%	63.3%	45.4%	35.8%
ROIC [EBIT / Invested Capital]	84.6%	67.5%	58.9%	32.4%
Leverage & liquidity
Debt-to-Assets	18.3%	0.0%	0.0%	10.9%
Debt-to-Equity	0.65x	0.00x	0.00x	0.13x
Debt-to-EBITDA	0.64x	0.00x	0.00x	0.32x
Equity-to-Assets	28.0%	70.1%	90.8%	86.1%
Net Debt	73	-110	-480	386
Cash & Equivalents	202	110	480	13
Total Debt	275	N/A	N/A	398
Efficiency & working capital
Inventory Turnover	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A	N/A
Receivables Turnover	29.16x	33.17x	64.86x	41.98x
Days Sales Outstanding (DSO)	12.5	11.0	5.6	8.7
Payables Turnover	18.26x	20.04x	39.12x	87.52x
Days Payable Outstanding (DPO)	20.0	18.2	9.3	4.2
Cash Conversion Cycle	-7.5 days	-7.2 days	-3.7 days	4.5 days
Asset Turnover	2.65x	4.06x	3.58x	2.63x
Cash flow & dividends
Operating Cash Flow	271	452	1,058	1,322
Free Cash Flow (OCF − Capex proxy)	-76	157	885	-70
Cash Conversion (OCF / EBITDA)	62.8%	59.9%	96.2%	107.6%
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.