Ratio	2018	2019	2020	2021
Margins
Gross Margin	24.7%	18.4%	5.9%	19.6%
EBITDA Margin	17.1%	-13.6%	-7.4%	-54.4%
EBITDAR	423	-90	-148	-323
EBITDAR Margin	19.0%	-8.4%	-5.9%	-54.4%
EBIT Margin	17.1%	-13.6%	-7.4%	-54.5%
Net Profit Margin	16.3%	-3.7%	-8.4%	-10.7%
Operating Expense % of Sales	7.6%	32.0%	13.3%	74.0%
Returns
Return on Assets (ROA)	8.8%	-0.8%	-2.6%	-0.8%
Return on Equity (ROE)	26.2%	-2.9%	-16.5%	-5.7%
ROIC [EBIT / Invested Capital]	48.2%	N/A	-5.4%	-10.7%
Leverage & liquidity
Debt-to-Assets	0.0%	0.0%	27.2%	22.5%
Debt-to-Equity	0.00x	0.00x	1.74x	1.71x
Debt-to-EBITDA	0.00x	N/A	N/A	N/A
Equity-to-Assets	33.6%	26.5%	15.6%	13.2%
Net Debt	-598	-1,642	2,207	1,901
Cash & Equivalents	598	1,642	33	5
Total Debt	N/A	N/A	2,239	1,906
Efficiency & working capital
Inventory Turnover	N/A	2.92x	7.43x	1.14x
Days Inventory Outstanding (DIO)	N/A	125.1	49.1	320.2
Receivables Turnover	0.85x	0.40x	0.83x	0.13x
Days Sales Outstanding (DSO)	430.4	906.1	442.3	2760.4
Payables Turnover	0.61x	0.23x	2.43x	0.79x
Days Payable Outstanding (DPO)	594.1	1560.9	149.9	463.6
Cash Conversion Cycle	-163.7 days	-529.7 days	341.5 days	2616.9 days
Asset Turnover	0.54x	0.21x	0.31x	0.07x
Cash flow & dividends
Operating Cash Flow	N/A	N/A	N/A	N/A
Free Cash Flow (OCF − Capex proxy)	N/A	N/A	N/A	N/A
Cash Conversion (OCF / EBITDA)	N/A	N/A	N/A	N/A
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