Ratio	2021	2022	2023	2024
Margins
Gross Margin	20.0%	51.5%	55.1%	35.5%
EBITDA Margin	-8.7%	16.3%	22.0%	3.8%
EBITDAR	-18	359	782	635
EBITDAR Margin	-8.7%	16.3%	22.0%	3.8%
EBIT Margin	-21.9%	-0.3%	10.8%	1.2%
Net Profit Margin	-35.1%	-0.3%	14.3%	-0.9%
Operating Expense % of Sales	28.7%	35.2%	33.1%	31.7%
Returns
Return on Assets (ROA)	-3.0%	-0.2%	12.8%	-2.5%
Return on Equity (ROE)	N/A	N/A	109.5%	-46.9%
ROIC [EBIT / Invested Capital]	-2.5%	-0.3%	13.7%	7.7%
Leverage & liquidity
Debt-to-Assets	76.3%	66.2%	58.8%	41.9%
Debt-to-Equity	-47.52x	-61.36x	5.04x	7.73x
Debt-to-EBITDA	N/A	7.51x	2.98x	3.83x
Equity-to-Assets	-1.6%	-1.1%	11.7%	5.4%
Net Debt	1,829	2,673	2,330	2,274
Cash & Equivalents	8	25	2	161
Total Debt	1,837	2,698	2,331	2,434
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	5.21x	28.47x	10.43x	64.22x
Days Sales Outstanding (DSO)	70.0	12.8	35.0	5.7
Payables Turnover	0.30x	0.96x	1.51x	3.66x
Days Payable Outstanding (DPO)	1224.0	380.1	241.5	99.7
Cash Conversion Cycle	-1154.0 days	-367.3 days	-206.5 days	-94.0 days
Asset Turnover	0.09x	0.54x	0.90x	2.88x
Cash flow & dividends
Operating Cash Flow	N/A	N/A	N/A	159
Free Cash Flow (OCF − Capex proxy)	N/A	N/A	N/A	159
Cash Conversion (OCF / EBITDA)	N/A	N/A	N/A	25.0%
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