Ratio	2021	2022	2023
Margins
Gross Margin	2.7%	4.4%	-3.5%
EBITDA Margin	0.8%	-0.2%	-27.5%
EBITDAR	23	-3	-242
EBITDAR Margin	0.8%	-0.1%	-27.1%
EBIT Margin	0.8%	-0.2%	-27.9%
Net Profit Margin	0.2%	-2.1%	-31.6%
Operating Expense % of Sales	1.8%	4.6%	24.0%
Returns
Return on Assets (ROA)	0.5%	-4.7%	-26.0%
Return on Equity (ROE)	8.6%	-5749.3%	N/A
ROIC [EBIT / Invested Capital]	5.3%	-0.8%	-205.4%
Leverage & liquidity
Debt-to-Assets	45.2%	53.1%	39.5%
Debt-to-Equity	7.60x	648.46x	-1.53x
Debt-to-EBITDA	21.99x	N/A	N/A
Equity-to-Assets	5.9%	0.1%	-25.9%
Net Debt	355	605	401
Cash & Equivalents	141	118	26
Total Debt	496	722	427
Efficiency & working capital
Inventory Turnover	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A
Receivables Turnover	2.96x	3.19x	0.90x
Days Sales Outstanding (DSO)	123.3	114.5	405.4
Payables Turnover	14.18x	7.61x	1.48x
Days Payable Outstanding (DPO)	25.7	48.0	247.3
Cash Conversion Cycle	97.6 days	66.5 days	158.1 days
Asset Turnover	2.47x	2.26x	0.82x
Cash flow & dividends
Operating Cash Flow	-359	-365	N/A
Free Cash Flow (OCF − Capex proxy)	-359	-188	N/A
Cash Conversion (OCF / EBITDA)	-1591.6%	N/A	N/A
Dividends Declared	N/A	N/A	N/A
Dividend Payout Ratio	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