Ratio	2020	2021	2022	2023
Margins
Gross Margin	36.0%	24.0%	28.6%	20.7%
EBITDA Margin	22.6%	11.0%	12.5%	7.0%
EBITDAR	595	401	537	240
EBITDAR Margin	23.3%	11.7%	13.0%	7.5%
EBIT Margin	12.5%	-0.7%	2.4%	-1.4%
Net Profit Margin	-2.8%	10.4%	8.2%	-0.9%
Operating Expense % of Sales	13.4%	13.0%	16.1%	13.6%
Returns
Return on Assets (ROA)	-3.1%	14.4%	9.6%	-1.0%
Return on Equity (ROE)	N/A	258.6%	71.1%	-21.6%
ROIC [EBIT / Invested Capital]	408.0%	-5.6%	N/A	N/A
Leverage & liquidity
Debt-to-Assets	24.0%	19.1%	11.1%	13.4%
Debt-to-Equity	-2.49x	3.43x	0.82x	2.94x
Debt-to-EBITDA	0.94x	1.25x	0.75x	1.79x
Equity-to-Assets	-9.7%	5.6%	13.5%	4.6%
Net Debt	297	299	-556	-799
Cash & Equivalents	246	174	946	1,202
Total Debt	543	473	390	403
Liquidity & working capital
Current Ratio	0.64x	0.79x	1.08x	0.87x
Quick Ratio	0.22x	0.22x	1.08x	0.87x
Cash Ratio	0.13x	0.09x	0.36x	0.42x
Total Current Assets	1,240	1,481	2,873	2,501
Total Current Liabilities	1,934	1,866	2,657	2,863
Inventory	805	1,072	N/A	N/A
Trade Receivables	189	235	240	165
Trade Payables	1,928	1,866	2,653	2,456
Net Working Capital	-694	-385	215	-362
Net Working Capital % of Revenue	-27.2%	-11.2%	5.2%	-11.3%
Trade Working Capital	-934	-559	-2,412	-2,291
Trade Working Capital % of Revenue	-36.6%	-16.3%	-58.3%	-71.5%
Change in Trade Working Capital	N/A	375	-1,854	121
Turnover & efficiency
Inventory Turnover	2.03x	2.43x	N/A	N/A
Days Inventory Outstanding (DIO)	180.0	149.9	N/A	N/A
Receivables Turnover	13.50x	14.61x	17.20x	19.38x
Days Sales Outstanding (DSO)	27.0	25.0	21.2	18.8
Payables Turnover	0.85x	1.40x	1.11x	1.03x
Days Payable Outstanding (DPO)	431.2	260.9	327.8	352.9
Cash Conversion Cycle	-224.1 days	-86.0 days	-306.6 days	-334.0 days
Asset Turnover	1.13x	1.39x	1.17x	1.07x
Cash flow & dividends
Operating Cash Flow	-178	-428	N/A	N/A
Free Cash Flow (OCF − Capex proxy)	65	-2	N/A	N/A
Cash Conversion (OCF / EBITDA)	-31.0%	-113.2%	N/A	N/A
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