Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	46.3%	38.4%	36.9%	39.3%	40.2%	43.3%	40.5%
EBITDA Margin	17.0%	12.5%	9.4%	10.4%	8.0%	13.6%	13.1%
EBITDAR	714	580	426	472	471	842	830
EBITDAR Margin	17.9%	13.8%	10.8%	11.8%	8.8%	14.3%	13.8%
EBIT Margin	14.7%	9.2%	5.6%	6.8%	5.2%	11.2%	12.2%
Net Profit Margin	16.7%	10.6%	5.8%	10.6%	7.5%	12.2%	11.6%
Operating Expense % of Sales	29.2%	25.9%	27.4%	28.8%	32.2%	29.8%	27.4%
Returns
Return on Assets (ROA)	29.9%	18.6%	9.4%	16.7%	16.7%	28.5%	14.8%
Return on Equity (ROE)	46.1%	26.3%	14.1%	22.2%	20.9%	32.4%	31.0%
ROIC [EBIT / Invested Capital]	33.7%	20.5%	10.8%	13.1%	14.4%	34.2%	17.0%
Leverage & debt balances
Debt-to-Assets	25.2%	21.2%	25.4%	16.6%	9.0%	2.8%	46.6%
Debt-to-Equity	0.39x	0.30x	0.38x	0.22x	0.11x	0.03x	0.98x
Debt-to-EBITDA	0.83x	0.97x	1.66x	1.02x	0.51x	0.09x	2.80x
Equity-to-Assets	64.9%	70.8%	66.4%	75.3%	79.9%	88.1%	47.7%
Net Debt	299	195	447	157	20	-289	2,060
Cash & Equivalents	261	314	171	267	200	360	149
Total Debt	561	508	618	425	219	71	2,209
Liquidity & working capital
Current Ratio	2.14x	3.24x	2.51x	3.08x	2.83x	4.71x	2.44x
Quick Ratio	2.14x	2.27x	1.32x	1.68x	2.83x	4.71x	2.44x
Cash Ratio	0.69x	1.02x	0.47x	0.70x	0.48x	1.25x	0.28x
Total Current Assets	804	997	924	1,180	1,180	1,360	1,315
Total Current Liabilities	376	308	368	383	417	289	539
Inventory	N/A	299	440	537	N/A	N/A	N/A
Trade Receivables	231	278	309	337	402	499	472
Trade Payables	125	142	157	172	199	142	170
Net Working Capital	427	689	556	797	763	1,072	776
Net Working Capital % of Revenue	10.7%	16.4%	14.1%	19.8%	14.2%	18.3%	12.9%
Trade Working Capital	105	436	592	702	203	357	302
Trade Working Capital % of Revenue	2.6%	10.3%	15.0%	17.5%	3.8%	6.1%	5.0%
Change in Trade Working Capital	N/A	330	156	110	-499	154	-55
Turnover & efficiency
Inventory Turnover	N/A	8.68x	5.64x	4.54x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	42.0	64.7	80.3	N/A	N/A	N/A
Receivables Turnover	17.29x	15.12x	12.76x	11.92x	13.40x	11.77x	12.77x
Days Sales Outstanding (DSO)	21.1	24.1	28.6	30.6	27.2	31.0	28.6
Payables Turnover	17.11x	18.30x	15.83x	14.22x	16.18x	23.42x	21.11x
Days Payable Outstanding (DPO)	21.3	19.9	23.1	25.7	22.6	15.6	17.3
Cash Conversion Cycle	-0.2 days	46.2 days	70.3 days	85.3 days	4.7 days	15.4 days	11.3 days
Asset Turnover	1.79x	1.76x	1.62x	1.57x	2.22x	2.33x	1.27x
Cash flow & dividends
Operating Cash Flow	802	453	395	263	361	691	675
Free Cash Flow (OCF − Capex proxy)	592	333	138	383	494	753	-1,718
Cash Conversion (OCF / EBITDA)	118.1%	86.0%	106.3%	63.0%	83.7%	86.8%	85.4%
Dividends Declared	N/A	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	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