Ratio	2018	2019	2020	2021	2023	2024
Margins
Gross Margin	32.3%	64.1%	38.6%	16.4%	25.4%	-2.2%
EBITDA Margin	18.3%	53.4%	14.3%	-29.0%	0.7%	-27.6%
EBITDAR	423	1,074	359	-271	95	-1,600
EBITDAR Margin	18.4%	53.4%	14.3%	-29.0%	1.8%	-27.6%
EBIT Margin	18.2%	53.3%	14.2%	-29.1%	-0.2%	-28.4%
Net Profit Margin	18.3%	53.4%	14.3%	-14.9%	-4.8%	-29.9%
Operating Expense % of Sales	14.0%	10.7%	24.3%	45.4%	24.7%	25.4%
Returns
Return on Assets (ROA)	13.7%	28.9%	7.5%	-3.4%	-6.1%	-31.1%
Return on Equity (ROE)	16.6%	38.4%	11.4%	-4.6%	-31.8%	N/A
ROIC [EBIT / Invested Capital]	14.2%	32.4%	11.4%	-9.1%	-0.5%	-93.2%
Leverage & debt balances
Debt-to-Assets	14.0%	16.1%	4.3%	0.0%	32.9%	49.8%
Debt-to-Equity	0.17x	0.21x	0.06x	0.00x	1.72x	-2.87x
Debt-to-EBITDA	1.02x	0.56x	0.57x	N/A	35.90x	N/A
Equity-to-Assets	82.4%	75.1%	65.8%	73.0%	19.1%	-17.3%
Net Debt	404	515	-11	-23	1,312	2,731
Cash & Equivalents	25	86	216	23	8	39
Total Debt	430	601	204	N/A	1,320	2,769
Liquidity & working capital
Current Ratio	5.00x	3.85x	19.78x	N/A	N/A	0.63x
Quick Ratio	5.00x	0.13x	0.07x	N/A	N/A	0.63x
Cash Ratio	0.06x	0.14x	1.06x	N/A	N/A	0.01x
Total Current Assets	2,146	2,313	4,043	4,122	2,985	4,139
Total Current Liabilities	430	601	204	N/A	N/A	6,522
Inventory	N/A	2,236	4,029	3,693	N/A	N/A
Trade Receivables	394	539	504	405	618	2,366
Trade Payables	110	165	929	725	801	N/A
Net Working Capital	1,716	1,712	3,839	4,122	2,985	-2,382
Net Working Capital % of Revenue	74.9%	85.2%	152.6%	441.0%	58.3%	-41.1%
Trade Working Capital	284	2,610	3,603	3,373	-183	2,366
Trade Working Capital % of Revenue	12.4%	129.8%	143.2%	360.9%	-3.6%	40.9%
Change in Trade Working Capital	N/A	2,326	994	-230	N/A	2,548
Turnover & efficiency
Inventory Turnover	N/A	0.32x	0.38x	0.21x	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	1131.8	952.2	1724.6	N/A	N/A
Receivables Turnover	5.82x	3.73x	5.00x	2.31x	8.28x	2.45x
Days Sales Outstanding (DSO)	62.7	97.8	73.1	158.3	44.1	149.2
Payables Turnover	14.08x	4.37x	1.66x	1.08x	4.76x	N/A
Days Payable Outstanding (DPO)	25.9	83.5	219.6	338.5	76.6	N/A
Cash Conversion Cycle	36.8 days	1146.1 days	805.7 days	1544.4 days	-32.5 days	149.2 days
Asset Turnover	0.75x	0.54x	0.52x	0.23x	1.27x	1.04x
Cash flow & dividends
Operating Cash Flow	-28	61	130	-193	-654	1,253
Free Cash Flow (OCF − Capex proxy)	-28	61	130	-193	-135	193
Cash Conversion (OCF / EBITDA)	-6.8%	5.6%	36.2%	N/A	-1779.3%	N/A
Dividends Declared	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

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