Ratio	2021	2022	2023
Margins
Gross Margin	10.1%	12.8%	11.4%
EBITDA Margin	7.8%	10.3%	8.2%
EBITDAR	440	921	570
EBITDAR Margin	8.3%	10.9%	8.9%
EBIT Margin	7.7%	10.2%	8.1%
Net Profit Margin	8.1%	11.3%	8.9%
Operating Expense % of Sales	2.3%	2.4%	3.2%
Returns
Return on Assets (ROA)	42.1%	48.6%	18.7%
Return on Equity (ROE)	104.4%	70.0%	29.5%
ROIC [EBIT / Invested Capital]	48.9%	82.4%	31.1%
Leverage & liquidity
Debt-to-Assets	59.7%	30.1%	36.1%
Debt-to-Equity	1.48x	0.43x	0.57x
Debt-to-EBITDA	1.48x	0.68x	2.11x
Equity-to-Assets	40.3%	69.4%	63.4%
Net Debt	421	-318	-271
Cash & Equivalents	189	912	1,377
Total Debt	610	594	1,107
Efficiency & working capital
Inventory Turnover	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A
Receivables Turnover	22.89x	436.51x	435.64x
Days Sales Outstanding (DSO)	15.9	0.8	0.8
Payables Turnover	N/A	N/A	N/A
Days Payable Outstanding (DPO)	N/A	N/A	N/A
Cash Conversion Cycle	15.9 days	0.8 days	0.8 days
Asset Turnover	5.17x	4.29x	2.10x
Cash flow & dividends
Operating Cash Flow	276	723	465
Free Cash Flow (OCF − Capex proxy)	241	723	465
Cash Conversion (OCF / EBITDA)	67.1%	82.6%	88.5%
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