Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	41.3%	50.2%	9.9%	7.5%	9.3%	14.5%	23.4%
EBITDA Margin	23.6%	32.1%	-0.2%	-6.7%	0.9%	3.5%	18.6%
EBITDAR	511	1,160	1	-182	55	111	1,020
EBITDAR Margin	23.6%	32.5%	0.0%	-6.2%	1.2%	4.0%	18.8%
EBIT Margin	18.1%	28.1%	-3.5%	-11.2%	-2.4%	-1.1%	16.3%
Net Profit Margin	17.0%	27.9%	-3.0%	-6.7%	-2.8%	-1.2%	15.1%
Operating Expense % of Sales	17.6%	18.0%	10.0%	14.2%	8.4%	11.0%	4.8%
Returns
Return on Assets (ROA)	33.1%	57.9%	-7.7%	-12.4%	-7.3%	-1.6%	32.8%
Return on Equity (ROE)	71.4%	73.0%	-12.2%	-19.2%	-16.0%	-4.6%	52.0%
ROIC [EBIT / Invested Capital]	111.5%	76.2%	-58.9%	-73.5%	N/A	-2.8%	71.9%
Leverage & liquidity
Debt-to-Assets	0.0%	0.0%	0.0%	0.0%	0.0%	34.1%	13.8%
Debt-to-Equity	0.00x	0.00x	0.00x	0.00x	0.00x	0.95x	0.22x
Debt-to-EBITDA	0.00x	0.00x	N/A	N/A	0.00x	7.32x	0.34x
Equity-to-Assets	46.4%	79.3%	62.6%	64.7%	45.7%	35.9%	63.1%
Net Debt	-163	-48	-923	-569	-854	367	-344
Cash & Equivalents	163	48	923	569	854	349	688
Total Debt	N/A	N/A	N/A	N/A	N/A	716	344
Efficiency & working capital
Inventory Turnover	N/A	6.01x	116.89x	73.08x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	60.7	3.1	5.0	N/A	N/A	N/A
Receivables Turnover	9.56x	9.41x	17.24x	15.59x	19.52x	10.89x	17.49x
Days Sales Outstanding (DSO)	38.2	38.8	21.2	23.4	18.7	33.5	20.9
Payables Turnover	3.64x	15.46x	6.93x	5.03x	4.43x	3.93x	7.88x
Days Payable Outstanding (DPO)	100.3	23.6	52.7	72.6	82.4	92.8	46.3
Cash Conversion Cycle	-62.2 days	75.9 days	-28.4 days	-44.2 days	-63.7 days	-59.2 days	-25.4 days
Asset Turnover	1.95x	2.07x	2.53x	1.87x	2.64x	1.33x	2.18x
Cash flow & dividends
Operating Cash Flow	67	-115	875	-354	285	-505	339
Free Cash Flow (OCF − Capex proxy)	67	-115	875	-354	285	-505	339
Cash Conversion (OCF / EBITDA)	13.1%	-10.0%	N/A	N/A	683.0%	-516.0%	33.6%
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