Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	32.9%	38.8%	31.0%	37.8%	37.4%	41.0%	38.4%
EBITDA Margin	-9.0%	-4.0%	-10.4%	10.6%	14.0%	6.0%	2.1%
EBITDAR	-63	2	-194	442	671	503	479
EBITDAR Margin	-4.5%	0.1%	-7.5%	13.0%	16.2%	9.6%	6.7%
EBIT Margin	-11.5%	-4.9%	-15.0%	9.8%	13.1%	4.1%	-0.3%
Net Profit Margin	-8.4%	-10.1%	-14.7%	9.0%	15.3%	9.5%	3.7%
Operating Expense % of Sales	42.0%	42.9%	41.4%	27.2%	23.4%	35.0%	36.3%
Returns
Return on Assets (ROA)	-10.5%	-10.9%	-28.9%	19.7%	23.5%	16.9%	7.5%
Return on Equity (ROE)	-43.4%	-43.5%	N/A	115.7%	58.4%	32.6%	20.9%
ROIC [EBIT / Invested Capital]	-25.0%	-8.1%	-82.1%	40.4%	26.8%	8.9%	-0.7%
Leverage & debt balances
Debt-to-Assets	39.8%	41.8%	60.3%	44.4%	39.3%	31.0%	41.3%
Debt-to-Equity	1.64x	1.67x	-2.82x	2.61x	0.98x	0.60x	1.16x
Debt-to-EBITDA	N/A	N/A	N/A	1.91x	1.82x	2.89x	9.75x
Equity-to-Assets	24.3%	25.1%	-21.4%	17.0%	40.2%	51.9%	35.8%
Net Debt	368	748	755	562	936	885	1,449
Cash & Equivalents	75	26	40	126	127	29	31
Total Debt	443	774	795	688	1,064	913	1,480
Liquidity & working capital
Current Ratio	2.21x	20.86x	1.25x	1.45x	2.88x	1.65x	0.67x
Quick Ratio	2.21x	13.55x	0.80x	1.45x	2.88x	1.65x	0.67x
Cash Ratio	0.17x	0.43x	0.05x	0.20x	0.22x	0.07x	0.04x
Total Current Assets	980	1,280	1,110	929	1,644	692	494
Total Current Liabilities	443	61	887	639	571	419	737
Inventory	N/A	448	401	N/A	N/A	N/A	N/A
Trade Receivables	262	333	261	457	574	692	494
Trade Payables	397	613	756	567	498	419	737
Net Working Capital	537	1,218	223	290	1,073	273	-242
Net Working Capital % of Revenue	38.7%	60.9%	8.6%	8.5%	25.9%	5.2%	-3.4%
Trade Working Capital	-135	168	-95	-110	76	273	-242
Trade Working Capital % of Revenue	-9.7%	8.4%	-3.7%	-3.2%	1.8%	5.2%	-3.4%
Change in Trade Working Capital	N/A	302	-262	-15	186	197	-515
Turnover & efficiency
Inventory Turnover	N/A	2.73x	4.45x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	133.7	81.9	N/A	N/A	N/A	N/A
Receivables Turnover	5.30x	6.01x	9.91x	7.44x	7.23x	7.56x	14.50x
Days Sales Outstanding (DSO)	68.9	60.8	36.8	49.1	50.5	48.3	25.2
Payables Turnover	2.35x	1.99x	2.36x	3.73x	5.22x	7.38x	6.00x
Days Payable Outstanding (DPO)	155.5	183.0	154.7	97.8	69.9	49.5	60.9
Cash Conversion Cycle	-86.6 days	11.4 days	-35.9 days	-48.7 days	-19.4 days	-1.2 days	-35.7 days
Asset Turnover	1.25x	1.08x	1.96x	2.19x	1.53x	1.77x	2.00x
Cash flow & dividends
Operating Cash Flow	-89	-185	2,776	114	206	518	592
Free Cash Flow (OCF − Capex proxy)	-440	-776	2,702	-73	-568	21	-84
Cash Conversion (OCF / EBITDA)	N/A	N/A	N/A	31.8%	35.3%	163.6%	390.0%
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