Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	17.4%	19.8%	19.6%	19.0%	19.3%	16.5%	22.2%
EBITDA Margin	2.2%	5.6%	7.7%	5.6%	5.9%	1.7%	0.8%
EBITDAR	239	367	584	466	528	109	34
EBITDAR Margin	3.9%	6.0%	7.7%	5.6%	5.9%	1.7%	0.8%
EBIT Margin	1.5%	4.3%	6.2%	4.0%	4.5%	-0.3%	-1.0%
Net Profit Margin	0.9%	3.6%	5.6%	3.6%	3.8%	-1.5%	-2.3%
Operating Expense % of Sales	15.1%	14.2%	11.9%	13.4%	13.4%	14.8%	21.5%
Returns
Return on Assets (ROA)	7.0%	11.8%	17.8%	12.9%	12.7%	-3.9%	-5.3%
Return on Equity (ROE)	15.9%	45.5%	47.1%	25.0%	21.7%	-7.5%	-11.7%
ROIC [EBIT / Invested Capital]	24.4%	54.1%	25.9%	17.7%	16.7%	-1.0%	-3.6%
Leverage & liquidity
Debt-to-Assets	14.3%	11.1%	46.0%	39.9%	35.3%	27.2%	23.1%
Debt-to-Equity	0.33x	0.43x	1.22x	0.77x	0.60x	0.52x	0.51x
Debt-to-EBITDA	0.81x	0.61x	1.89x	2.01x	1.76x	6.16x	13.18x
Equity-to-Assets	43.9%	25.9%	37.8%	51.7%	58.8%	52.1%	45.3%
Net Debt	35	-1	901	661	828	617	448
Cash & Equivalents	75	210	203	274	99	52	3
Total Debt	110	209	1,104	935	927	670	451
Efficiency & working capital
Inventory Turnover	N/A	19.33x	17.82x	16.71x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	18.9	20.5	21.8	N/A	N/A	N/A
Receivables Turnover	20.71x	11.48x	11.63x	10.81x	9.68x	8.07x	12.07x
Days Sales Outstanding (DSO)	17.6	31.8	31.4	33.8	37.7	45.2	30.2
Payables Turnover	18.25x	4.26x	21.58x	129.88x	69.79x	11.44x	6.44x
Days Payable Outstanding (DPO)	20.0	85.7	16.9	2.8	5.2	31.9	56.7
Cash Conversion Cycle	-2.4 days	-35.1 days	35.0 days	52.8 days	32.5 days	13.3 days	-26.4 days
Asset Turnover	7.89x	3.24x	3.16x	3.57x	3.39x	2.62x	2.32x
Cash flow & dividends
Operating Cash Flow	291	1,104	-816	409	N/A	N/A	N/A
Free Cash Flow (OCF − Capex proxy)	201	319	-877	320	N/A	N/A	N/A
Cash Conversion (OCF / EBITDA)	214.7%	321.2%	-139.7%	87.8%	N/A	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