Ratio	2017	2018	2019	2020	2021	2022	2023
Margins
Gross Margin	18.5%	13.0%	15.1%	15.2%	14.6%	21.4%	27.5%
EBITDA Margin	13.7%	10.7%	13.8%	13.0%	14.0%	20.4%	26.1%
EBITDAR	1,831	1,095	1,729	1,124	1,979	4,866	7,372
EBITDAR Margin	13.7%	10.7%	13.8%	13.0%	14.0%	20.5%	26.3%
EBIT Margin	13.4%	10.3%	13.4%	12.2%	13.5%	20.2%	26.0%
Net Profit Margin	13.7%	9.9%	12.7%	8.4%	12.8%	20.0%	24.3%
Operating Expense % of Sales	4.8%	2.3%	1.3%	2.2%	0.7%	1.0%	1.4%
Returns
Return on Assets (ROA)	87.1%	40.0%	43.1%	26.7%	44.2%	63.1%	62.3%
Return on Equity (ROE)	146.3%	59.2%	54.0%	34.2%	76.7%	77.5%	67.9%
ROIC [EBIT / Invested Capital]	93.7%	47.8%	51.0%	40.3%	67.9%	72.0%	74.8%
Leverage & liquidity
Debt-to-Assets	31.4%	23.1%	14.4%	21.1%	11.5%	8.6%	6.3%
Debt-to-Equity	0.53x	0.34x	0.18x	0.27x	0.20x	0.11x	0.07x
Debt-to-EBITDA	0.36x	0.53x	0.31x	0.51x	0.24x	0.13x	0.09x
Equity-to-Assets	59.6%	67.5%	79.9%	77.9%	57.7%	81.4%	91.8%
Net Debt	659	498	365	483	444	524	-286
Cash & Equivalents	2	85	165	93	26	125	970
Total Debt	661	583	530	576	470	649	683
Efficiency & working capital
Inventory Turnover	N/A	N/A	155.26x	33.79x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	2.4	10.8	N/A	N/A	N/A
Receivables Turnover	13.16x	7.29x	5.15x	5.90x	6.30x	4.95x	6.45x
Days Sales Outstanding (DSO)	27.7	50.1	70.8	61.9	57.9	73.8	56.6
Payables Turnover	82.07x	56.72x	2552.47x	373.67x	71.98x	51.18x	100.72x
Days Payable Outstanding (DPO)	4.4	6.4	0.1	1.0	5.1	7.1	3.6
Cash Conversion Cycle	23.3 days	43.6 days	73.0 days	71.7 days	52.8 days	66.7 days	53.0 days
Asset Turnover	6.38x	4.04x	3.41x	3.17x	3.45x	3.15x	2.57x
Cash flow & dividends
Operating Cash Flow	493	706	676	1,541	589	1,540	5,564
Free Cash Flow (OCF − Capex proxy)	493	659	494	1,541	589	1,804	1,008
Cash Conversion (OCF / EBITDA)	26.9%	64.5%	39.1%	137.1%	29.8%	31.9%	76.0%
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