Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	41.8%	38.0%	35.2%	40.6%	37.2%	42.7%	41.3%
EBITDA Margin	2.5%	13.6%	14.2%	7.9%	11.1%	16.2%	14.9%
EBITDAR	559	1,592	2,089	1,059	2,203	2,972	3,316
EBITDAR Margin	7.1%	16.5%	16.7%	11.3%	12.9%	16.2%	15.4%
EBIT Margin	-2.3%	11.6%	12.8%	5.9%	8.8%	13.7%	12.7%
Net Profit Margin	0.8%	9.4%	-2.1%	15.9%	17.2%	12.8%	14.1%
Operating Expense % of Sales	39.3%	24.4%	21.0%	32.6%	26.1%	26.6%	26.4%
Returns
Return on Assets (ROA)	0.5%	6.1%	-1.8%	7.6%	12.8%	8.9%	11.1%
Return on Equity (ROE)	3.4%	39.9%	-18.6%	60.4%	58.1%	35.8%	33.6%
ROIC [EBIT / Invested Capital]	-2.3%	13.9%	18.4%	6.1%	13.1%	20.4%	17.9%
Leverage & debt balances
Debt-to-Assets	46.8%	41.0%	53.6%	34.8%	31.8%	25.7%	24.8%
Debt-to-Equity	3.06x	2.69x	5.44x	2.75x	1.44x	1.03x	0.75x
Debt-to-EBITDA	30.69x	4.66x	4.41x	9.13x	3.83x	2.29x	2.11x
Equity-to-Assets	15.3%	15.2%	9.8%	12.6%	22.1%	24.9%	33.1%
Net Debt	5,863	5,767	7,248	6,655	6,392	5,774	6,270
Cash & Equivalents	65	359	618	148	923	1,028	520
Total Debt	5,929	6,126	7,866	6,803	7,315	6,802	6,790
Liquidity & working capital
Current Ratio	1.34x	1.41x	1.40x	1.16x	1.30x	1.31x	1.58x
Quick Ratio	1.34x	0.31x	0.22x	1.16x	1.30x	1.31x	1.58x
Cash Ratio	0.01x	0.06x	0.12x	0.01x	0.09x	0.08x	0.05x
Total Current Assets	6,444	9,159	7,480	12,070	13,849	17,140	18,244
Total Current Liabilities	4,814	6,505	5,362	10,442	10,638	13,074	11,528
Inventory	N/A	7,145	6,315	N/A	N/A	N/A	N/A
Trade Receivables	282	539	564	1,298	907	2,472	1,133
Trade Payables	4,692	6,489	5,199	10,153	10,495	13,074	11,338
Net Working Capital	1,630	2,654	2,118	1,628	3,211	4,066	6,716
Net Working Capital % of Revenue	20.7%	27.4%	16.9%	17.3%	18.7%	22.1%	31.2%
Trade Working Capital	-4,410	1,194	1,680	-8,855	-9,588	-10,602	-10,205
Trade Working Capital % of Revenue	-56.1%	12.3%	13.4%	-94.2%	-55.9%	-57.6%	-47.3%
Change in Trade Working Capital	N/A	5,604	486	-10,536	-733	-1,014	397
Turnover & efficiency
Inventory Turnover	N/A	0.84x	1.29x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	434.8	283.7	N/A	N/A	N/A	N/A
Receivables Turnover	27.90x	17.94x	22.24x	7.24x	18.90x	7.44x	19.03x
Days Sales Outstanding (DSO)	13.1	20.3	16.4	50.4	19.3	49.1	19.2
Payables Turnover	0.98x	0.92x	1.56x	0.55x	1.03x	0.81x	1.12x
Days Payable Outstanding (DPO)	374.0	394.9	233.6	663.3	355.8	452.9	326.9
Cash Conversion Cycle	-360.9 days	60.2 days	66.6 days	-613.0 days	-336.5 days	-403.9 days	-307.7 days
Asset Turnover	0.62x	0.65x	0.85x	0.48x	0.74x	0.70x	0.79x
Cash flow & dividends
Operating Cash Flow	-1,758	1,729	N/A	N/A	N/A	N/A	N/A
Free Cash Flow (OCF − Capex proxy)	-540	893	N/A	N/A	N/A	N/A	N/A
Cash Conversion (OCF / EBITDA)	-910.0%	131.7%	N/A	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 GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.

companyinfo.ge · fetched 2026-07-15

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.

Shareholders

Giorgi Medulashvili50.0%
Davit Medulashvili50.0%

Giorgi Medulashviliგიორგი მედულაშვილიPartner / Shareholder50.0%Davit Medulashviliდავით მედულაშვილიPartner / Shareholder50.0%

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