Ratio	2018	2019	2020	2021
Margins
Gross Margin	94.9%	95.1%	79.8%	95.2%
EBITDA Margin	10.7%	11.9%	-30.6%	54.2%
EBITDAR	126	140	-238	301
EBITDAR Margin	10.7%	11.9%	-30.6%	54.2%
EBIT Margin	7.6%	8.7%	-35.1%	48.1%
Net Profit Margin	10.7%	11.6%	-30.8%	58.1%
Operating Expense % of Sales	84.2%	83.3%	110.4%	41.1%
Returns
Return on Assets (ROA)	7.2%	7.2%	-13.5%	18.5%
Return on Equity (ROE)	8.5%	8.5%	-19.1%	23.8%
ROIC [EBIT / Invested Capital]	5.2%	5.5%	-16.0%	15.4%
Leverage & liquidity
Debt-to-Assets	14.9%	13.0%	26.2%	21.9%
Debt-to-Equity	0.18x	0.15x	0.37x	0.28x
Debt-to-EBITDA	2.07x	1.76x	N/A	1.27x
Equity-to-Assets	84.0%	85.1%	70.6%	77.4%
Net Debt	254	241	450	382
Cash & Equivalents	7	6	15	2
Total Debt	261	247	464	384
Efficiency & working capital
Inventory Turnover	N/A	4.26x	18.76x	N/A
Days Inventory Outstanding (DIO)	N/A	85.6	19.5	N/A
Receivables Turnover	9.57x	9.48x	N/A	N/A
Days Sales Outstanding (DSO)	38.1	38.5	N/A	N/A
Payables Turnover	3.16x	2.31x	10.47x	2.09x
Days Payable Outstanding (DPO)	115.3	158.1	34.9	174.6
Cash Conversion Cycle	-77.2 days	-34.0 days	-15.4 days	-174.6 days
Asset Turnover	0.67x	0.62x	0.44x	0.32x
Cash flow & dividends
Operating Cash Flow	N/A	N/A	9	-13
Free Cash Flow (OCF − Capex proxy)	N/A	N/A	9	-13
Cash Conversion (OCF / EBITDA)	N/A	N/A	N/A	-4.3%
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.

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