Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	48.5%	36.9%	33.7%	40.6%	31.4%	37.0%	45.6%
EBITDA Margin	39.5%	29.9%	14.2%	12.1%	-1.4%	3.9%	7.3%
EBITDAR	2,628	1,748	664	1,620	945	1,313	1,799
EBITDAR Margin	41.5%	29.9%	14.2%	23.9%	12.9%	19.4%	19.4%
EBIT Margin	38.1%	27.8%	12.8%	9.4%	-2.5%	2.7%	5.2%
Net Profit Margin	38.4%	24.5%	21.6%	10.2%	-3.4%	3.2%	-0.6%
Operating Expense % of Sales	9.0%	7.1%	19.5%	28.5%	32.8%	33.2%	38.3%
Returns
Return on Assets (ROA)	29.0%	15.4%	9.7%	5.8%	-2.2%	1.8%	-0.5%
Return on Equity (ROE)	37.1%	20.1%	12.5%	8.2%	-3.2%	2.8%	-0.8%
ROIC [EBIT / Invested Capital]	32.2%	19.8%	6.2%	5.9%	-1.8%	1.9%	4.9%
Leverage & liquidity
Debt-to-Assets	12.1%	18.4%	16.3%	18.7%	19.4%	22.1%	21.1%
Debt-to-Equity	0.15x	0.24x	0.21x	0.26x	0.29x	0.34x	0.33x
Debt-to-EBITDA	0.41x	0.98x	2.55x	2.70x	N/A	10.24x	3.68x
Equity-to-Assets	78.3%	76.4%	77.7%	71.6%	66.8%	64.1%	64.1%
Net Debt	925	1,064	1,624	2,212	2,271	2,042	2,445
Cash & Equivalents	88	657	72	13	11	633	40
Total Debt	1,013	1,721	1,696	2,225	2,282	2,675	2,485
Efficiency & working capital
Inventory Turnover	N/A	0.81x	0.57x	0.78x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	452.5	637.8	469.1	N/A	N/A	N/A
Receivables Turnover	3.35x	3.33x	1.41x	1.86x	1.86x	1.82x	2.63x
Days Sales Outstanding (DSO)	108.9	109.8	258.0	196.6	196.2	200.2	138.9
Payables Turnover	4.44x	7.73x	5.05x	3.59x	3.64x	2.58x	2.91x
Days Payable Outstanding (DPO)	82.1	47.2	72.3	101.7	100.4	141.4	125.5
Cash Conversion Cycle	26.8 days	515.0 days	823.5 days	564.0 days	95.9 days	58.9 days	13.4 days
Asset Turnover	0.75x	0.63x	0.45x	0.57x	0.63x	0.56x	0.79x
Cash flow & dividends
Operating Cash Flow	179	839	-194	-59	-2	622	-593
Free Cash Flow (OCF − Capex proxy)	-506	54	-430	-59	-2	622	-593
Cash Conversion (OCF / EBITDA)	7.2%	48.0%	-29.2%	-7.2%	N/A	238.1%	-87.9%
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