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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
| Ratio | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Margins | |||||
| Gross Margin | 3.3% | 7.9% | 5.6% | 28.2% | 22.2% |
| EBITDA Margin | -28.5% | -25.1% | -17.3% | 11.4% | 3.3% |
| EBITDAR | -454 | -748 | -1,084 | 1,538 | 572 |
| EBITDAR Margin | -28.5% | -24.4% | -16.8% | 11.7% | 3.5% |
| EBIT Margin | -29.1% | -25.4% | -17.5% | 11.3% | 3.2% |
| Net Profit Margin | 8.7% | 6.9% | 11.5% | 10.4% | 2.4% |
| Operating Expense % of Sales | 31.9% | 32.9% | 22.9% | 16.8% | 18.9% |
| Returns | |||||
| Return on Assets (ROA) | 16.0% | 14.6% | 28.0% | 34.0% | 8.4% |
| Return on Equity (ROE) | 20.1% | 23.5% | 48.9% | 50.3% | 12.5% |
| ROIC [EBIT / Invested Capital] | -70.0% | -72.0% | -57.6% | 60.9% | 17.2% |
| Leverage & debt balances | |||||
| Debt-to-Assets | 9.0% | 27.7% | 27.7% | 13.7% | 10.0% |
| Debt-to-Equity | 0.11x | 0.45x | 0.48x | 0.20x | 0.15x |
| Debt-to-EBITDA | N/A | N/A | N/A | 0.37x | 0.87x |
| Equity-to-Assets | 79.6% | 62.3% | 57.3% | 67.6% | 67.1% |
| Net Debt | -25 | 182 | 443 | -281 | -97 |
| Cash & Equivalents | 103 | 221 | 290 | 830 | 559 |
| Total Debt | 78 | 402 | 733 | 549 | 461 |
| Liquidity & working capital | |||||
| Current Ratio | 4.90x | 2.65x | 2.34x | 3.09x | 3.04x |
| Quick Ratio | 2.98x | 2.65x | 2.34x | 3.09x | 3.04x |
| Cash Ratio | 0.58x | 0.40x | 0.26x | 0.64x | 0.37x |
| Total Current Assets | 863 | 1,450 | 2,645 | 4,013 | 4,624 |
| Total Current Liabilities | 176 | 547 | 1,129 | 1,299 | 1,523 |
| Inventory | 338 | N/A | N/A | N/A | N/A |
| Trade Receivables | 394 | 702 | 1,646 | 2,337 | 2,866 |
| Trade Payables | 32 | 18 | 260 | 501 | 790 |
| Net Working Capital | 687 | 903 | 1,515 | 2,714 | 3,101 |
| Net Working Capital % of Revenue | 43.2% | 29.4% | 23.5% | 20.7% | 19.2% |
| Trade Working Capital | 700 | 684 | 1,386 | 1,837 | 2,075 |
| Trade Working Capital % of Revenue | 44.0% | 22.3% | 21.5% | 14.0% | 12.8% |
| Change in Trade Working Capital | N/A | -16 | 703 | 450 | 239 |
| Turnover & efficiency | |||||
| Inventory Turnover | 4.55x | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 80.2 | N/A | N/A | N/A | N/A |
| Receivables Turnover | 4.04x | 4.37x | 3.92x | 5.61x | 5.64x |
| Days Sales Outstanding (DSO) | 90.4 | 83.4 | 93.2 | 65.1 | 64.7 |
| Payables Turnover | 47.70x | 160.50x | 23.44x | 18.79x | 15.92x |
| Days Payable Outstanding (DPO) | 7.7 | 2.3 | 15.6 | 19.4 | 22.9 |
| Cash Conversion Cycle | 163.0 days | 81.2 days | 77.6 days | 45.7 days | 41.8 days |
| Asset Turnover | 1.84x | 2.12x | 2.44x | 3.27x | 3.50x |
| Cash flow & dividends | |||||
| Operating Cash Flow | -9 | -122 | 26 | 1,099 | 159 |
| Free Cash Flow (OCF − Capex proxy) | -16 | -126 | 17 | 1,060 | 159 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | N/A | 73.4% | 29.9% |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | 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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