Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	49.9%	54.6%	27.9%	27.9%	18.0%	17.0%	10.2%
EBITDA Margin	12.2%	21.1%	9.4%	-9.0%	0.5%	10.0%	7.6%
EBITDAR	412	1,063	449	-323	31	957	1,275
EBITDAR Margin	12.3%	21.1%	9.5%	-8.7%	0.7%	10.0%	7.7%
EBIT Margin	11.3%	19.7%	8.1%	-10.1%	-0.1%	9.9%	7.5%
Net Profit Margin	11.3%	19.7%	9.4%	-8.2%	2.5%	9.9%	7.8%
Operating Expense % of Sales	37.7%	33.5%	18.5%	36.9%	17.6%	6.9%	2.6%
Returns
Return on Assets (ROA)	28.1%	64.2%	22.2%	-18.1%	7.3%	25.9%	38.4%
Return on Equity (ROE)	31.8%	66.6%	26.8%	-29.5%	10.2%	56.4%	51.4%
ROIC [EBIT / Invested Capital]	42.0%	87.2%	29.8%	-36.8%	-0.3%	N/A	89.8%
Leverage & liquidity
Debt-to-Assets	0.0%	0.0%	0.0%	0.9%	0.0%	0.0%	0.0%
Debt-to-Equity	0.00x	0.00x	0.00x	0.01x	0.00x	0.00x	0.00x
Debt-to-EBITDA	0.00x	0.00x	0.00x	N/A	0.00x	0.00x	0.00x
Equity-to-Assets	88.5%	96.4%	82.9%	61.2%	71.4%	45.8%	74.8%
Net Debt	-291	-348	-371	-8	-191	-1,760	-1,130
Cash & Equivalents	291	348	371	23	191	1,760	1,130
Total Debt	N/A	N/A	N/A	15	N/A	N/A	N/A
Efficiency & working capital
Inventory Turnover	N/A	28.63x	27.48x	10.18x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	12.7	13.3	35.9	N/A	N/A	N/A
Receivables Turnover	4.87x	6.30x	3.74x	3.16x	4.59x	5.58x	12.83x
Days Sales Outstanding (DSO)	75.0	58.0	97.5	115.3	79.5	65.4	28.5
Payables Turnover	15.60x	41.55x	13.19x	8.37x	25.27x	7.61x	18.91x
Days Payable Outstanding (DPO)	23.4	8.8	27.7	43.6	14.4	48.0	19.3
Cash Conversion Cycle	51.6 days	61.9 days	83.2 days	107.6 days	65.0 days	17.4 days	9.2 days
Asset Turnover	2.48x	3.26x	2.37x	2.20x	2.92x	2.60x	4.93x
Cash flow & dividends
Operating Cash Flow	-664	60	23	-347	167	1,570	-630
Free Cash Flow (OCF − Capex proxy)	-664	60	23	-347	167	1,570	-630
Cash Conversion (OCF / EBITDA)	-162.1%	5.6%	5.1%	N/A	771.9%	164.1%	-50.3%
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