Ratio	2017	2018	2019	2020
Margins
Gross Margin	25.2%	23.4%	20.5%	12.4%
EBITDA Margin	14.8%	11.9%	9.7%	-2.4%
EBITDAR	423	313	178	-4
EBITDAR Margin	16.1%	13.3%	11.0%	-0.5%
EBIT Margin	14.3%	11.4%	8.8%	-4.1%
Net Profit Margin	11.8%	10.9%	5.4%	-1.1%
Operating Expense % of Sales	10.4%	11.5%	10.8%	14.8%
Returns
Return on Assets (ROA)	22.3%	17.8%	6.5%	-0.6%
Return on Equity (ROE)	80.7%	61.5%	27.7%	-2.6%
ROIC [EBIT / Invested Capital]	58.6%	42.1%	23.2%	-5.3%
Leverage & liquidity
Debt-to-Assets	25.0%	25.6%	33.4%	31.0%
Debt-to-Equity	0.90x	0.88x	1.43x	1.39x
Debt-to-EBITDA	0.89x	1.31x	2.87x	N/A
Equity-to-Assets	27.7%	29.0%	23.4%	22.3%
Net Debt	256	222	296	250
Cash & Equivalents	89	148	156	179
Total Debt	346	370	452	430
Efficiency & working capital
Inventory Turnover	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A	N/A
Receivables Turnover	7.31x	6.48x	7.19x	3.32x
Days Sales Outstanding (DSO)	49.9	56.3	50.7	110.0
Payables Turnover	8.19x	10.46x	15.22x	6.33x
Days Payable Outstanding (DPO)	44.6	34.9	24.0	57.7
Cash Conversion Cycle	5.4 days	21.4 days	26.8 days	52.3 days
Asset Turnover	1.90x	1.63x	1.20x	0.53x
Cash flow & dividends
Operating Cash Flow	281	275	259	89
Free Cash Flow (OCF − Capex proxy)	281	277	113	111
Cash Conversion (OCF / EBITDA)	72.5%	97.8%	164.5%	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