Ratio	2018	2019	2020	2021
Margins
Gross Margin	11.5%	13.7%	12.6%	16.5%
EBITDA Margin	6.5%	9.6%	2.3%	7.4%
EBITDAR	288	515	121	228
EBITDAR Margin	7.2%	10.2%	3.9%	9.3%
EBIT Margin	4.7%	8.2%	0.0%	4.5%
Net Profit Margin	3.9%	7.7%	-4.3%	4.6%
Operating Expense % of Sales	5.0%	4.2%	10.3%	9.1%
Returns
Return on Assets (ROA)	6.7%	22.1%	-9.2%	10.5%
Return on Equity (ROE)	11.8%	24.6%	-9.5%	10.7%
ROIC [EBIT / Invested Capital]	13.1%	25.6%	0.0%	11.9%
Leverage & liquidity
Debt-to-Assets	9.9%	5.8%	0.0%	0.0%
Debt-to-Equity	0.17x	0.06x	0.00x	0.00x
Debt-to-EBITDA	0.87x	0.21x	0.00x	0.00x
Equity-to-Assets	57.3%	89.9%	96.8%	97.6%
Net Debt	140	23	-71	-108
Cash & Equivalents	86	80	71	108
Total Debt	226	103	N/A	N/A
Efficiency & working capital
Inventory Turnover	N/A	10.74x	12.75x	9.89x
Days Inventory Outstanding (DIO)	N/A	34.0	28.6	36.9
Receivables Turnover	5.76x	4.83x	3.13x	3.83x
Days Sales Outstanding (DSO)	63.3	75.5	116.7	95.3
Payables Turnover	4.76x	61.04x	64.65x	84.82x
Days Payable Outstanding (DPO)	76.7	6.0	5.6	4.3
Cash Conversion Cycle	-13.3 days	103.6 days	139.7 days	127.9 days
Asset Turnover	1.75x	2.86x	2.15x	2.29x
Cash flow & dividends
Operating Cash Flow	20	-6	99	37
Free Cash Flow (OCF − Capex proxy)	20	-6	99	37
Cash Conversion (OCF / EBITDA)	7.9%	-1.3%	137.0%	20.8%
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