Ratio	2018	2019	2020	2021	2022
Margins
Gross Margin	53.1%	60.9%	68.5%	68.1%	21.0%
EBITDA Margin	51.3%	55.1%	65.4%	67.3%	-4.3%
EBITDAR	4,293	1,790	1,609	2,744	-132
EBITDAR Margin	51.4%	55.5%	65.5%	67.3%	-4.3%
EBIT Margin	51.2%	54.8%	65.3%	67.3%	-4.3%
Net Profit Margin	51.6%	38.9%	67.9%	52.5%	-11.1%
Operating Expense % of Sales	1.8%	5.8%	3.1%	0.8%	25.3%
Returns
Return on Assets (ROA)	63.5%	27.5%	39.5%	67.9%	-36.1%
Return on Equity (ROE)	70.5%	28.1%	39.5%	67.9%	-47.0%
ROIC [EBIT / Invested Capital]	88.5%	41.3%	45.9%	91.7%	-26.2%
Leverage & liquidity
Debt-to-Assets	0.9%	0.0%	0.0%	0.0%	0.0%
Debt-to-Equity	0.01x	0.00x	0.00x	0.00x	0.00x
Debt-to-EBITDA	0.01x	0.00x	0.00x	0.00x	N/A
Equity-to-Assets	90.1%	97.8%	100.0%	100.0%	76.8%
Net Debt	-1,277	-171	-728	-158	-223
Cash & Equivalents	1,339	171	728	158	223
Total Debt	62	N/A	N/A	N/A	N/A
Liquidity & working capital
Current Ratio	1.36x	1.00x	1.00x	N/A	N/A
Quick Ratio	1.36x	-39.63x	-8866.43x	N/A	N/A
Cash Ratio	2.71x	1.70x	1862.34x	N/A	N/A
Total Current Assets	671	101	0	0	223
Total Current Liabilities	495	101	0	N/A	N/A
Inventory	N/A	4,091	3,467	N/A	N/A
Trade Receivables	236	235	8	4	N/A
Trade Payables	432	101	0	N/A	N/A
Net Working Capital	176	0	0	0	223
Net Working Capital % of Revenue	2.1%	0.0%	0.0%	0.0%	7.2%
Trade Working Capital	-196	4,226	3,475	4	N/A
Trade Working Capital % of Revenue	-2.3%	131.0%	141.5%	0.1%	N/A
Change in Trade Working Capital	N/A	4,422	-751	-3,471	-4
Turnover & efficiency
Inventory Turnover	N/A	0.31x	0.22x	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	1183.2	1633.5	N/A	N/A
Receivables Turnover	35.29x	13.70x	289.67x	1080.28x	N/A
Days Sales Outstanding (DSO)	10.3	26.6	1.3	0.3	N/A
Payables Turnover	9.05x	12.53x	1981.35x	N/A	N/A
Days Payable Outstanding (DPO)	40.3	29.1	0.2	N/A	N/A
Cash Conversion Cycle	-30.0 days	1180.7 days	1634.6 days	0.3 days	N/A
Asset Turnover	1.23x	0.71x	0.58x	1.29x	3.26x
Cash flow & dividends
Operating Cash Flow	5,371	1,380	2,563	4,072	3,092
Free Cash Flow (OCF − Capex proxy)	5,369	1,378	2,563	4,072	3,092
Cash Conversion (OCF / EBITDA)	125.5%	77.6%	159.7%	148.4%	N/A
Dividends Declared	N/A	N/A	N/A	N/A	N/A
Dividend Payout Ratio	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