Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	29.3%	30.5%	33.7%	35.9%	37.7%	38.8%	40.4%
EBITDA Margin	3.4%	15.7%	8.6%	16.3%	23.1%	23.7%	26.7%
EBITDAR	621	1,724	973	2,122	3,548	4,049	4,745
EBITDAR Margin	6.5%	19.0%	11.0%	16.7%	23.5%	26.5%	29.4%
EBIT Margin	1.5%	13.9%	7.6%	15.7%	22.7%	23.2%	26.4%
Net Profit Margin	0.7%	-8.5%	-36.8%	31.0%	36.9%	18.6%	34.2%
Operating Expense % of Sales	25.8%	14.7%	25.1%	19.6%	14.6%	15.1%	13.7%
Returns
Return on Assets (ROA)	0.7%	-7.7%	-27.5%	26.6%	30.6%	12.7%	20.0%
Return on Equity (ROE)	N/A	N/A	N/A	N/A	N/A	942.7%	94.8%
ROIC [EBIT / Invested Capital]	2.1%	14.1%	9.0%	29.8%	31.4%	20.5%	17.9%
Leverage & liquidity
Debt-to-Assets	192.2%	186.6%	199.3%	151.3%	110.6%	97.6%	78.3%
Debt-to-Equity	-2.02x	-2.11x	-1.96x	-2.77x	-7.95x	72.30x	3.71x
Debt-to-EBITDA	49.38x	13.03x	31.09x	10.81x	5.77x	6.02x	5.01x
Equity-to-Assets	-95.2%	-88.4%	-101.9%	-54.6%	-13.9%	1.4%	21.1%
Net Debt	15,078	17,749	19,535	14,812	13,433	16,968	18,029
Cash & Equivalents	1,171	842	4,066	7,663	6,719	4,789	3,580
Total Debt	16,249	18,591	23,601	22,475	20,151	21,757	21,610
Efficiency & working capital
Inventory Turnover	N/A	0.80x	1.00x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	455.4	365.3	N/A	N/A	N/A	N/A
Receivables Turnover	67.64x	21.78x	18.61x	42.08x	36.09x	13.61x	8.88x
Days Sales Outstanding (DSO)	5.4	16.8	19.6	8.7	10.1	26.8	41.1
Payables Turnover	28.48x	56.71x	25.39x	106.50x	41.64x	133507.27x	N/A
Days Payable Outstanding (DPO)	12.8	6.4	14.4	3.4	8.8	0.0	N/A
Cash Conversion Cycle	-7.4 days	465.8 days	370.6 days	5.2 days	1.3 days	26.8 days	41.1 days
Asset Turnover	1.14x	0.91x	0.75x	0.86x	0.83x	0.68x	0.59x
Cash flow & dividends
Operating Cash Flow	488	-336	3,539	3,973	-90	-1,848	-1,245
Free Cash Flow (OCF − Capex proxy)	322	-333	3,513	3,939	-107	-1,848	-1,131
Cash Conversion (OCF / EBITDA)	148.3%	-23.6%	466.2%	191.1%	-2.6%	-51.1%	-28.9%
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