Ratio	2018	2019	2020	2021
Margins
Gross Margin	15.1%	14.3%	14.4%	8.6%
EBITDA Margin	11.7%	11.7%	11.8%	-19.2%
EBITDAR	318	506	548	-30
EBITDAR Margin	12.2%	11.9%	12.0%	-19.2%
EBIT Margin	11.5%	11.6%	11.7%	-20.6%
Net Profit Margin	10.6%	10.6%	11.5%	-28.4%
Operating Expense % of Sales	3.4%	2.5%	2.6%	27.8%
Returns
Return on Assets (ROA)	26.2%	36.9%	27.7%	-3.6%
Return on Equity (ROE)	40.7%	58.2%	42.4%	-3.9%
ROIC [EBIT / Invested Capital]	36.0%	54.7%	31.6%	-5.7%
Leverage & liquidity
Debt-to-Assets	14.5%	14.1%	24.0%	0.0%
Debt-to-Equity	0.23x	0.22x	0.37x	0.00x
Debt-to-EBITDA	0.50x	0.34x	0.84x	N/A
Equity-to-Assets	64.4%	63.5%	65.3%	90.9%
Net Debt	153	127	449	-552
Cash & Equivalents	1	43	3	552
Total Debt	154	170	452	N/A
Efficiency & working capital
Inventory Turnover	N/A	5.86x	22.83x	4.82x
Days Inventory Outstanding (DIO)	N/A	62.3	16.0	75.8
Receivables Turnover	4.82x	8.17x	2.68x	0.24x
Days Sales Outstanding (DSO)	75.7	44.7	136.2	1502.6
Payables Turnover	10.01x	13.92x	22.98x	1.30x
Days Payable Outstanding (DPO)	36.5	26.2	15.9	279.7
Cash Conversion Cycle	39.2 days	80.7 days	136.3 days	1298.7 days
Asset Turnover	2.46x	3.49x	2.41x	0.13x
Cash flow & dividends
Operating Cash Flow	-98	408	-261	1,093
Free Cash Flow (OCF − Capex proxy)	-113	407	-248	1,097
Cash Conversion (OCF / EBITDA)	-31.9%	82.1%	-48.6%	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