Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	34.3%	40.4%	64.8%	49.8%	35.4%	29.5%	54.5%
EBITDA Margin	-4.6%	17.5%	8.4%	23.8%	15.5%	11.3%	-54.9%
EBITDAR	104	1,952	188	2,087	3,495	3,868	-2,013
EBITDAR Margin	2.1%	17.6%	8.9%	24.0%	21.8%	14.7%	-40.2%
EBIT Margin	-4.6%	17.5%	8.4%	23.8%	15.5%	11.3%	-54.9%
Net Profit Margin	-4.6%	11.3%	-73.7%	-48.5%	23.2%	-4.4%	-105.2%
Operating Expense % of Sales	38.9%	22.9%	56.4%	26.0%	19.9%	18.2%	109.4%
Returns
Return on Assets (ROA)	-0.7%	3.1%	-2.4%	-6.1%	4.6%	-1.3%	-4.1%
Return on Equity (ROE)	N/A	11.6%	-13.5%	-62.7%	45.2%	-16.3%	-348.7%
ROIC [EBIT / Invested Capital]	-0.9%	6.9%	0.5%	5.1%	6.8%	8.0%	-6.0%
Leverage & debt balances
Debt-to-Assets	78.2%	43.9%	40.7%	51.9%	38.5%	35.4%	34.8%
Debt-to-Equity	-37.16x	1.67x	2.28x	5.38x	3.75x	4.31x	29.45x
Debt-to-EBITDA	N/A	9.27x	148.22x	17.45x	12.39x	10.23x	N/A
Equity-to-Assets	-2.1%	26.4%	17.9%	9.7%	10.3%	8.2%	1.2%
Net Debt	24,855	17,379	25,268	33,999	28,217	29,823	44,127
Cash & Equivalents	112	575	1,036	2,078	2,573	500	365
Total Debt	24,967	17,954	26,304	36,078	30,790	30,323	44,492
Liquidity & working capital
Current Ratio	1.41x	1.49x	1.51x	1.64x	1.41x	1.30x	1.27x
Quick Ratio	1.41x	0.72x	0.48x	0.50x	1.41x	1.30x	1.27x
Cash Ratio	0.01x	0.03x	0.03x	0.06x	0.05x	0.01x	0.00x
Total Current Assets	25,840	32,801	55,541	59,308	70,308	71,409	112,835
Total Current Liabilities	18,321	21,999	36,751	36,084	49,868	54,865	88,801
Inventory	N/A	17,002	37,876	41,383	N/A	N/A	N/A
Trade Receivables	783	1,807	3,171	2,193	6,356	3,182	7,109
Trade Payables	873	4,271	988	1,868	1,499	863	3,664
Net Working Capital	7,519	10,802	18,790	23,224	20,440	16,544	24,034
Net Working Capital % of Revenue	151.5%	97.5%	887.1%	267.4%	127.6%	63.1%	480.0%
Trade Working Capital	-90	14,538	40,059	41,709	4,857	2,319	3,445
Trade Working Capital % of Revenue	-1.8%	131.2%	1891.2%	480.3%	30.3%	8.8%	68.8%
Change in Trade Working Capital	N/A	14,629	25,520	1,651	-36,852	-2,538	1,126
Turnover & efficiency
Inventory Turnover	N/A	0.39x	0.02x	0.11x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	939.1	18532.4	3462.0	N/A	N/A	N/A
Receivables Turnover	6.34x	6.13x	0.67x	3.96x	2.52x	8.24x	0.70x
Days Sales Outstanding (DSO)	57.6	59.5	546.3	92.2	144.9	44.3	518.2
Payables Turnover	3.74x	1.55x	0.76x	2.34x	6.90x	21.43x	0.62x
Days Payable Outstanding (DPO)	97.7	235.9	483.3	156.2	52.9	17.0	587.2
Cash Conversion Cycle	-40.1 days	762.8 days	18595.5 days	3397.9 days	91.9 days	27.2 days	-69.0 days
Asset Turnover	0.16x	0.27x	0.03x	0.12x	0.20x	0.31x	0.04x
Cash flow & dividends
Operating Cash Flow	112	8,663	-8,124	-7,819	13,518	3,137	-10,740
Free Cash Flow (OCF − Capex proxy)	112	8,592	-8,553	-9,073	6,741	-1,273	-12,281
Cash Conversion (OCF / EBITDA)	N/A	447.3%	-4577.6%	-378.2%	544.0%	105.8%	N/A
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 GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.

companyinfo.ge · fetched 2026-07-15

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.

Shareholders

Vladimer Robakidze100.0%

Vladimer Robakidzeვლადიმერ რობაქიძეPartner / Shareholder100.0%

Group structure

Files separately from 2 subsidiaries

Apeks Groupშპს აპექს ჯგუფი100.0%GOLD CREDITშპს GOLD CREDIT75.0%

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Revenue & margins

Financial statements

Ownership & group structure

Shareholders

Group structure

Directors & board