Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	25.1%	22.8%	26.0%	23.0%	28.9%	28.6%	30.9%
EBITDA Margin	14.3%	8.5%	5.9%	0.8%	5.4%	-18.8%	-7.9%
EBITDAR	664	545	419	249	523	-695	-67
EBITDAR Margin	17.0%	12.2%	10.3%	5.3%	9.9%	-14.0%	-1.7%
EBIT Margin	13.2%	7.6%	4.9%	-0.3%	4.2%	-19.5%	-8.4%
Net Profit Margin	12.4%	6.5%	5.9%	0.8%	3.4%	-21.3%	-21.9%
Operating Expense % of Sales	10.8%	14.3%	20.0%	22.2%	23.5%	47.4%	38.8%
Returns
Return on Assets (ROA)	30.4%	13.8%	11.6%	1.3%	5.6%	-24.6%	-16.9%
Return on Equity (ROE)	65.6%	31.9%	21.8%	3.7%	15.4%	-14068.6%	-251.9%
ROIC [EBIT / Invested Capital]	65.1%	70.4%	21.8%	-1.2%	14.9%	-33.1%	-9.1%
Leverage & liquidity
Debt-to-Assets	7.7%	0.9%	8.5%	23.5%	17.7%	74.1%	67.3%
Debt-to-Equity	0.17x	0.02x	0.16x	0.69x	0.49x	422.98x	10.02x
Debt-to-EBITDA	0.22x	0.05x	0.73x	18.78x	2.04x	N/A	N/A
Equity-to-Assets	46.3%	43.3%	52.9%	33.8%	36.3%	0.2%	6.7%
Net Debt	54	-428	-185	118	303	2,925	3,320
Cash & Equivalents	69	447	361	607	271	253	104
Total Debt	123	19	176	725	574	3,178	3,425
Efficiency & working capital
Inventory Turnover	N/A	2.33x	1.94x	2.38x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	156.9	188.0	153.7	N/A	N/A	N/A
Receivables Turnover	120.81x	133.52x	121.84x	115.46x	101.82x	194.36x	21.67x
Days Sales Outstanding (DSO)	3.0	2.7	3.0	3.2	3.6	1.9	16.8
Payables Turnover	4.23x	3.33x	4.15x	3.12x	2.91x	4.41x	2.14x
Days Payable Outstanding (DPO)	86.2	109.7	88.0	117.1	125.6	82.8	170.9
Cash Conversion Cycle	-83.2 days	50.0 days	102.9 days	39.7 days	-122.0 days	-80.9 days	-154.0 days
Asset Turnover	2.45x	2.13x	1.95x	1.53x	1.62x	1.16x	0.77x
Cash flow & dividends
Operating Cash Flow	13	5,273	5,619	6,273	8,385	5,833	-413
Free Cash Flow (OCF − Capex proxy)	13	378	-87	247	-336	-18	-501
Cash Conversion (OCF / EBITDA)	2.3%	1389.8%	2337.3%	16243.7%	2973.0%	N/A	N/A
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