Ratio	2020	2021	2022	2023	2024
Margins
Gross Margin	100.0%	97.1%	53.5%	56.1%	43.4%
EBITDA Margin	21.5%	7.4%	1.0%	9.7%	4.7%
EBITDAR	370	290	268	674	502
EBITDAR Margin	21.5%	7.5%	4.3%	10.5%	5.5%
EBIT Margin	20.8%	2.9%	-4.4%	3.5%	-1.0%
Net Profit Margin	19.9%	7.3%	1.0%	9.7%	4.7%
Operating Expense % of Sales	78.5%	89.8%	52.5%	46.4%	38.6%
Returns
Return on Assets (ROA)	24.3%	14.3%	2.6%	19.3%	7.3%
Return on Equity (ROE)	108.2%	49.1%	9.5%	49.6%	25.4%
ROIC [EBIT / Invested Capital]	26.0%	6.5%	-13.1%	7.9%	-1.8%
Leverage & debt balances
Debt-to-Assets	77.6%	65.6%	62.2%	50.9%	53.8%
Debt-to-Equity	3.46x	2.25x	2.32x	1.31x	1.89x
Debt-to-EBITDA	2.96x	4.52x	24.33x	2.64x	7.42x
Equity-to-Assets	22.4%	29.2%	26.8%	38.9%	28.5%
Net Debt	1,061	1,163	1,462	1,583	3,096
Cash & Equivalents	33	125	8	58	86
Total Debt	1,094	1,288	1,471	1,640	3,182
Liquidity & working capital
Current Ratio	N/A	N/A	1.69x	2.64x	2.67x
Quick Ratio	N/A	N/A	1.69x	2.64x	2.67x
Cash Ratio	N/A	N/A	0.03x	0.17x	0.08x
Total Current Assets	637	432	439	870	2,792
Total Current Liabilities	N/A	N/A	260	330	1,046
Inventory	N/A	N/A	N/A	N/A	N/A
Trade Receivables	83	300	82	356	955
Trade Payables	N/A	18	93	95	768
Net Working Capital	637	432	180	540	1,746
Net Working Capital % of Revenue	37.0%	11.2%	2.9%	8.4%	19.3%
Trade Working Capital	83	282	-11	261	187
Trade Working Capital % of Revenue	4.8%	7.3%	-0.2%	4.1%	2.1%
Change in Trade Working Capital	N/A	199	-292	272	-74
Turnover & efficiency
Inventory Turnover	N/A	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A	N/A	N/A
Receivables Turnover	20.80x	12.87x	75.65x	18.03x	9.49x
Days Sales Outstanding (DSO)	17.5	28.4	4.8	20.2	38.5
Payables Turnover	N/A	6.09x	31.13x	29.58x	6.68x
Days Payable Outstanding (DPO)	N/A	60.0	11.7	12.3	54.6
Cash Conversion Cycle	17.5 days	-31.6 days	-6.9 days	7.9 days	-16.2 days
Asset Turnover	1.22x	1.97x	2.64x	1.99x	1.53x
Cash flow & dividends
Operating Cash Flow	N/A	N/A	11,394	892	536
Free Cash Flow (OCF − Capex proxy)	N/A	N/A	-116	49	-824
Cash Conversion (OCF / EBITDA)	N/A	N/A	18848.1%	143.4%	124.9%
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 ₾ '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