Ratio	2020	2021	2022	2023	2024
Margins
Gross Margin	23.2%	22.1%	21.2%	20.1%	19.0%
EBITDA Margin	15.6%	-0.3%	-3.4%	0.9%	-1.4%
EBITDAR	346	183	-16	455	250
EBITDAR Margin	15.6%	4.0%	-0.2%	3.9%	1.8%
EBIT Margin	14.2%	-1.6%	-4.4%	0.1%	-2.1%
Net Profit Margin	1.0%	1.6%	-2.2%	-0.2%	-1.1%
Operating Expense % of Sales	7.6%	22.4%	24.5%	19.2%	20.5%
Returns
Return on Assets (ROA)	3.0%	6.8%	-11.8%	-1.1%	-10.9%
Return on Equity (ROE)	9.3%	50.3%	N/A	N/A	N/A
ROIC [EBIT / Invested Capital]	154.0%	-45.9%	N/A	N/A	N/A
Leverage & liquidity
Debt-to-Assets	5.4%	11.1%	11.9%	11.5%	6.9%
Debt-to-Equity	0.17x	0.82x	-5.89x	-3.48x	-0.47x
Debt-to-EBITDA	0.11x	N/A	N/A	1.91x	N/A
Equity-to-Assets	31.6%	13.5%	-2.0%	-3.3%	-14.8%
Net Debt	-22	10	-69	-3	-27
Cash & Equivalents	61	113	236	200	127
Total Debt	39	123	167	197	100
Efficiency & working capital
Inventory Turnover	4.42x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	82.5	N/A	N/A	N/A	N/A
Receivables Turnover	52.88x	100.44x	56.68x	63.45x	70.79x
Days Sales Outstanding (DSO)	6.9	3.6	6.4	5.8	5.2
Payables Turnover	3.95x	4.49x	4.92x	6.23x	7.86x
Days Payable Outstanding (DPO)	92.5	81.4	74.2	58.6	46.4
Cash Conversion Cycle	-3.0 days	-77.7 days	-67.8 days	-52.9 days	-41.3 days
Asset Turnover	3.10x	4.14x	5.33x	6.76x	9.75x
Cash flow & dividends
Operating Cash Flow	27	52	124	-36	-73
Free Cash Flow (OCF − Capex proxy)	27	52	124	-36	-73
Cash Conversion (OCF / EBITDA)	7.9%	N/A	N/A	-35.2%	N/A
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