Ratio	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	11.8%	12.7%	9.9%	11.1%	15.6%	12.1%
EBITDA Margin	6.6%	8.9%	7.1%	7.6%	8.0%	2.6%
EBITDAR	402	831	1,069	1,173	807	253
EBITDAR Margin	7.4%	9.3%	7.3%	7.9%	8.4%	3.0%
EBIT Margin	6.5%	8.9%	6.9%	7.5%	7.8%	2.3%
Net Profit Margin	4.9%	7.8%	6.2%	5.5%	7.5%	4.1%
Operating Expense % of Sales	5.2%	3.8%	2.9%	3.5%	7.6%	9.5%
Returns
Return on Assets (ROA)	24.6%	41.2%	60.3%	31.4%	22.8%	10.0%
Return on Equity (ROE)	N/A	127.4%	62.7%	36.0%	24.1%	10.3%
ROIC [EBIT / Invested Capital]	N/A	N/A	120.5%	98.0%	151.9%	13.6%
Leverage & debt balances
Debt-to-Assets	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Debt-to-Equity	-0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Debt-to-EBITDA	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Equity-to-Assets	-14.3%	32.3%	96.2%	87.3%	94.6%	96.5%
Net Debt	-256	-990	-618	-1,141	-2,511	-1,893
Cash & Equivalents	256	990	618	1,141	2,511	1,893
Total Debt	N/A	N/A	N/A	N/A	N/A	N/A
Liquidity & working capital
Current Ratio	0.88x	1.49x	52.04x	8.48x	21.95x	28.59x
Quick Ratio	0.88x	1.49x	52.04x	8.48x	21.95x	28.59x
Cash Ratio	0.21x	0.89x	22.38x	3.80x	17.63x	15.75x
Total Current Assets	1,067	1,663	1,437	2,548	3,126	3,436
Total Current Liabilities	1,212	1,115	28	300	142	120
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Trade Receivables	798	660	812	1,402	590	1,518
Trade Payables	1,199	1,103	22	273	139	92
Net Working Capital	-146	548	1,410	2,247	2,983	3,316
Net Working Capital % of Revenue	-2.7%	6.1%	9.6%	15.1%	30.9%	39.2%
Trade Working Capital	-401	-443	790	1,129	450	1,426
Trade Working Capital % of Revenue	-7.3%	-5.0%	5.4%	7.6%	4.7%	16.9%
Change in Trade Working Capital	N/A	-42	1,233	339	-679	975
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	6.84x	13.53x	18.07x	10.64x	16.38x	5.57x
Days Sales Outstanding (DSO)	53.3	27.0	20.2	34.3	22.3	65.6
Payables Turnover	4.02x	7.07x	609.08x	48.61x	58.47x	80.35x
Days Payable Outstanding (DPO)	90.8	51.7	0.6	7.5	6.2	4.5
Cash Conversion Cycle	-37.5 days	-24.7 days	19.6 days	26.8 days	16.0 days	61.0 days
Asset Turnover	5.02x	5.28x	9.65x	5.71x	3.04x	2.44x
Cash flow & dividends
Operating Cash Flow	N/A	N/A	-256	711	1,396	-654
Free Cash Flow (OCF − Capex proxy)	N/A	N/A	-256	711	1,396	-654
Cash Conversion (OCF / EBITDA)	N/A	N/A	-24.8%	62.5%	180.8%	-300.3%
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 ₾ '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