Ratio	2021	2022	2023	2024
Margins
Gross Margin	26.6%	25.9%	39.5%	36.9%
EBITDA Margin	13.0%	13.9%	21.3%	18.2%
EBITDAR	280	549	761	694
EBITDAR Margin	13.0%	15.2%	22.1%	18.6%
EBIT Margin	12.5%	13.1%	20.8%	17.6%
Net Profit Margin	11.2%	13.3%	21.3%	13.5%
Operating Expense % of Sales	13.6%	12.0%	18.2%	18.7%
Returns
Return on Assets (ROA)	19.0%	29.4%	31.0%	11.9%
Return on Equity (ROE)	78.1%	57.7%	45.4%	24.4%
ROIC [EBIT / Invested Capital]	27.0%	32.6%	35.9%	17.0%
Leverage & liquidity
Debt-to-Assets	56.0%	39.2%	20.5%	49.1%
Debt-to-Equity	2.30x	0.77x	0.30x	1.01x
Debt-to-EBITDA	2.55x	1.27x	0.66x	3.08x
Equity-to-Assets	24.3%	51.0%	68.3%	48.6%
Net Debt	687	628	378	1,785
Cash & Equivalents	28	9	107	301
Total Debt	715	637	485	2,086
Efficiency & working capital
Inventory Turnover	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A	N/A
Receivables Turnover	65.38x	21.53x	18.81x	92.20x
Days Sales Outstanding (DSO)	5.6	17.0	19.4	4.0
Payables Turnover	8.81x	20.08x	9.93x	51.89x
Days Payable Outstanding (DPO)	41.4	18.2	36.8	7.0
Cash Conversion Cycle	-35.8 days	-1.2 days	-17.4 days	-3.1 days
Asset Turnover	1.69x	2.22x	1.45x	0.88x
Cash flow & dividends
Operating Cash Flow	2,429	4,077	3,592	4,514
Free Cash Flow (OCF − Capex proxy)	2,429	4,077	3,592	4,514
Cash Conversion (OCF / EBITDA)	865.9%	812.7%	488.2%	665.6%
Dividends Declared	N/A	N/A	N/A	N/A
Dividend Payout Ratio	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.