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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 33.2% | 42.1% | 13.2% | 34.7% | 100.0% | 100.0% |
| EBITDA Margin | 7.7% | 29.9% | -8.1% | 4.7% | 2.3% | 8.6% |
| EBITDAR | 94 | 408 | -81 | 63 | 40 | 108 |
| EBITDAR Margin | 13.0% | 33.4% | -6.9% | 4.7% | 2.3% | 8.6% |
| EBIT Margin | 5.6% | 28.7% | -10.0% | 3.4% | -0.5% | 4.8% |
| Net Profit Margin | -2.8% | 21.8% | -15.0% | -0.1% | -4.1% | 9.0% |
| Operating Expense % of Sales | 25.5% | 12.2% | 21.3% | 30.0% | 97.7% | 91.4% |
| Returns | ||||||
| Return on Assets (ROA) | -1.5% | 15.4% | -12.9% | -0.1% | -6.7% | 11.4% |
| Return on Equity (ROE) | -53.7% | 87.7% | -181.0% | -1.3% | -314.3% | 83.4% |
| ROIC [EBIT / Invested Capital] | 4.7% | 37.4% | -12.2% | 5.5% | -1.3% | 8.9% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 69.0% | 57.1% | 77.0% | 65.6% | 73.0% | 57.5% |
| Debt-to-Equity | 24.07x | 3.26x | 10.83x | 9.28x | 34.48x | 4.21x |
| Debt-to-EBITDA | 16.06x | 2.70x | N/A | 14.25x | 19.55x | 5.33x |
| Equity-to-Assets | 2.9% | 17.5% | 7.1% | 7.1% | 2.1% | 13.7% |
| Net Debt | 823 | 635 | 866 | 736 | 695 | 543 |
| Cash & Equivalents | 74 | 353 | 185 | 154 | 90 | 34 |
| Total Debt | 896 | 988 | 1,052 | 891 | 785 | 577 |
| Liquidity & working capital | ||||||
| Current Ratio | 2.80x | 3.40x | 1.31x | 0.81x | 0.60x | 0.46x |
| Quick Ratio | 2.80x | 3.40x | 1.31x | 0.81x | 0.60x | 0.46x |
| Cash Ratio | 0.17x | 0.82x | 0.59x | 0.32x | 0.34x | 0.12x |
| Total Current Assets | 1,207 | 1,473 | 413 | 390 | 160 | 132 |
| Total Current Liabilities | 431 | 433 | 315 | 483 | 268 | 290 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A |
| Trade Receivables | 5 | 77 | 76 | 207 | N/A | 0 |
| Trade Payables | 101 | 68 | 16 | 351 | 43 | 33 |
| Net Working Capital | 776 | 1,041 | 98 | -93 | -108 | -157 |
| Net Working Capital % of Revenue | 107.4% | 85.1% | 8.3% | -7.0% | -6.1% | -12.4% |
| Trade Working Capital | -96 | 9 | 60 | -144 | -43 | -33 |
| Trade Working Capital % of Revenue | -13.3% | 0.7% | 5.1% | -10.8% | -2.4% | -2.6% |
| Change in Trade Working Capital | N/A | 105 | 51 | -204 | 102 | 9 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 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 |
| Receivables Turnover | 144.44x | 15.91x | 15.41x | 6.44x | N/A | 13904.51x |
| Days Sales Outstanding (DSO) | 2.5 | 22.9 | 23.7 | 56.7 | N/A | 0.0 |
| Payables Turnover | 4.77x | 10.37x | 62.67x | 2.48x | N/A | N/A |
| Days Payable Outstanding (DPO) | 76.6 | 35.2 | 5.8 | 147.4 | N/A | N/A |
| Cash Conversion Cycle | -74.1 days | -12.3 days | 17.9 days | -90.7 days | N/A | 0.0 days |
| Asset Turnover | 0.56x | 0.71x | 0.86x | 0.98x | 1.63x | 1.26x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | -811 | 314 | -88 | 144 | N/A | N/A |
| Free Cash Flow (OCF − Capex proxy) | -858 | 247 | -123 | 149 | N/A | N/A |
| Cash Conversion (OCF / EBITDA) | -1453.0% | 86.0% | N/A | 230.2% | N/A | N/A |
| Dividends Declared | 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 |
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.
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.
Ownership & directors from companyinfo.ge (public corporate registry).
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