Ratio	2020	2021	2022	2023	2024
Margins
Gross Margin	15.0%	15.3%	25.2%	10.1%	40.2%
EBITDA Margin	4.0%	5.5%	14.6%	-9.4%	19.5%
EBITDAR	217	459	2,542	-1,071	1,432
EBITDAR Margin	4.0%	5.5%	14.6%	-9.4%	19.5%
EBIT Margin	3.8%	5.4%	14.5%	-9.6%	19.3%
Net Profit Margin	1.5%	3.2%	11.9%	-10.4%	17.2%
Operating Expense % of Sales	11.0%	9.8%	10.6%	19.6%	20.7%
Returns
Return on Assets (ROA)	7.5%	25.1%	14.8%	-43.8%	65.7%
Return on Equity (ROE)	N/A	168.0%	103.4%	-251.9%	149.9%
ROIC [EBIT / Invested Capital]	25.5%	63.7%	113.3%	-263.3%	188.5%
Leverage & debt balances
Debt-to-Assets	80.3%	56.6%	1.6%	4.0%	0.0%
Debt-to-Equity	N/A	3.79x	0.11x	0.23x	0.00x
Debt-to-EBITDA	3.87x	1.30x	0.09x	N/A	0.00x
Equity-to-Assets	0.0%	14.9%	14.3%	17.4%	43.8%
Net Debt	816	557	221	-54	-88
Cash & Equivalents	22	43	0	161	88
Total Debt	839	599	221	107	N/A
Liquidity & working capital
Current Ratio	1.01x	1.49x	0.26x	1.07x	1.33x
Quick Ratio	1.00x	1.48x	0.26x	1.07x	1.33x
Cash Ratio	0.03x	0.08x	0.00x	0.07x	0.08x
Total Current Assets	748	756	3,034	2,380	1,431
Total Current Liabilities	741	508	11,749	2,214	1,076
Inventory	4	6	N/A	N/A	N/A
Trade Receivables	437	385	2,541	2,142	1,270
Trade Payables	N/A	276	9,962	2,100	1,069
Net Working Capital	6	249	-8,714	166	355
Net Working Capital % of Revenue	0.1%	3.0%	-50.1%	1.5%	4.8%
Trade Working Capital	441	115	-7,420	42	202
Trade Working Capital % of Revenue	8.1%	1.4%	-42.7%	0.4%	2.8%
Change in Trade Working Capital	N/A	-326	-7,535	7,463	159
Turnover & efficiency
Inventory Turnover	1163.50x	1144.87x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	0.3	0.3	N/A	N/A	N/A
Receivables Turnover	12.38x	21.86x	6.84x	5.29x	5.77x
Days Sales Outstanding (DSO)	29.5	16.7	53.3	69.0	63.3
Payables Turnover	N/A	25.80x	1.31x	4.85x	4.10x
Days Payable Outstanding (DPO)	N/A	14.1	279.5	75.2	89.0
Cash Conversion Cycle	29.8 days	2.9 days	-226.2 days	-6.3 days	-25.8 days
Asset Turnover	5.19x	7.96x	1.25x	4.23x	3.83x
Cash flow & dividends
Operating Cash Flow	349	223	1,351	1,113	1,155
Free Cash Flow (OCF − Capex proxy)	262	151	695	1,026	921
Cash Conversion (OCF / EBITDA)	161.1%	48.6%	53.1%	N/A	80.7%
Dividends Declared	N/A	N/A	N/A	N/A	N/A
Dividend Payout Ratio	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