Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	13.7%	17.8%	18.4%	18.1%	20.3%	18.0%	19.0%
EBITDA Margin	4.3%	9.1%	2.9%	5.5%	11.7%	5.7%	4.4%
EBITDAR	269	527	175	372	957	510	390
EBITDAR Margin	5.5%	10.2%	4.5%	7.1%	12.8%	7.5%	6.1%
EBIT Margin	4.1%	9.0%	2.7%	5.4%	11.4%	5.6%	4.2%
Net Profit Margin	3.4%	6.8%	2.9%	5.5%	8.7%	2.4%	3.6%
Operating Expense % of Sales	9.4%	8.7%	15.5%	12.6%	8.6%	12.3%	14.6%
Returns
Return on Assets (ROA)	12.6%	23.4%	6.8%	14.6%	22.5%	5.7%	8.2%
Return on Equity (ROE)	31.5%	75.0%	28.4%	48.4%	74.2%	22.4%	32.1%
ROIC [EBIT / Invested Capital]	27.3%	48.4%	9.6%	21.0%	54.9%	23.7%	17.6%
Leverage & liquidity
Debt-to-Assets	33.7%	44.0%	59.2%	46.2%	32.8%	38.9%	39.7%
Debt-to-Equity	0.84x	1.41x	2.49x	1.53x	1.08x	1.53x	1.56x
Debt-to-EBITDA	2.08x	1.40x	8.76x	3.17x	1.08x	2.86x	3.94x
Equity-to-Assets	39.9%	31.3%	23.8%	30.2%	30.3%	25.5%	25.5%
Net Debt	221	494	682	750	678	877	830
Cash & Equivalents	221	166	318	161	265	223	293
Total Debt	442	660	1,000	910	943	1,101	1,123
Efficiency & working capital
Inventory Turnover	N/A	8.93x	6.11x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	40.9	59.7	N/A	N/A	N/A	N/A
Receivables Turnover	7.55x	6.14x	4.63x	4.14x	4.83x	3.82x	3.49x
Days Sales Outstanding (DSO)	48.3	59.5	78.9	88.2	75.6	95.6	104.5
Payables Turnover	14.80x	13.73x	12.13x	11.65x	6.13x	6.04x	5.80x
Days Payable Outstanding (DPO)	24.7	26.6	30.1	31.3	59.5	60.4	62.9
Cash Conversion Cycle	23.7 days	73.7 days	108.5 days	56.9 days	16.1 days	35.1 days	41.6 days
Asset Turnover	3.75x	3.44x	2.29x	2.64x	2.60x	2.40x	2.27x
Cash flow & dividends
Operating Cash Flow	-21	74	150	N/A	N/A	N/A	N/A
Free Cash Flow (OCF − Capex proxy)	-21	74	150	N/A	N/A	N/A	N/A
Cash Conversion (OCF / EBITDA)	-9.8%	15.8%	131.3%	N/A	N/A	N/A	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