Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	100.0%	100.0%	100.0%	100.0%	68.1%	99.1%	73.5%
EBITDA Margin	31.8%	10.7%	29.9%	-28.8%	14.1%	15.8%	26.3%
EBITDAR	950	341	1,017	-743	694	399	1,071
EBITDAR Margin	33.0%	12.3%	30.5%	-27.9%	14.9%	16.5%	31.8%
EBIT Margin	29.5%	6.7%	25.1%	-35.6%	9.9%	3.5%	23.6%
Net Profit Margin	22.5%	4.7%	24.3%	-28.7%	9.0%	8.0%	21.1%
Operating Expense % of Sales	68.2%	89.3%	70.1%	128.8%	53.9%	83.3%	47.1%
Returns
Return on Assets (ROA)	26.6%	4.9%	17.1%	-18.8%	11.1%	4.0%	13.6%
Return on Equity (ROE)	70.3%	12.4%	43.8%	-82.2%	30.4%	10.9%	31.5%
ROIC [EBIT / Invested Capital]	75.1%	61.9%	42.9%	-120.9%	21.9%	2.7%	29.4%
Leverage & liquidity
Debt-to-Assets	30.5%	0.0%	3.1%	6.2%	20.5%	28.4%	10.6%
Debt-to-Equity	0.81x	0.00x	0.08x	0.27x	0.56x	0.77x	0.24x
Debt-to-EBITDA	0.81x	0.00x	0.15x	N/A	1.18x	3.56x	0.62x
Equity-to-Assets	37.8%	39.8%	38.9%	22.9%	36.6%	37.0%	43.3%
Net Debt	208	-752	99	-147	724	1,342	447
Cash & Equivalents	536	752	51	397	51	15	103
Total Debt	744	N/A	150	250	775	1,357	550
Efficiency & working capital
Inventory Turnover	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Receivables Turnover	9.38x	11.10x	3.47x	5.84x	5.05x	2.71x	2.59x
Days Sales Outstanding (DSO)	38.9	32.9	105.0	62.5	72.3	134.7	141.1
Payables Turnover	N/A	N/A	N/A	N/A	2.08x	0.02x	1.32x
Days Payable Outstanding (DPO)	N/A	N/A	N/A	N/A	175.4	15871.1	276.6
Cash Conversion Cycle	38.9 days	32.9 days	105.0 days	62.5 days	-103.2 days	-15736.4 days	-135.5 days
Asset Turnover	1.18x	1.05x	0.70x	0.66x	1.23x	0.51x	0.65x
Cash flow & dividends
Operating Cash Flow	527	216	-851	245	-859	-571	924
Free Cash Flow (OCF − Capex proxy)	527	216	-851	245	-859	-571	1,196
Cash Conversion (OCF / EBITDA)	57.5%	72.9%	-85.3%	N/A	-130.2%	-149.8%	104.3%
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