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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Margins | |||||
| Gross Margin | 41.0% | 57.3% | 48.7% | 46.5% | 47.4% |
| EBITDA Margin | 26.2% | 45.0% | 43.3% | 44.4% | 22.1% |
| EBITDAR | 61 | 186 | 656 | 1,257 | 125 |
| EBITDAR Margin | 26.9% | 45.2% | 43.3% | 44.4% | 22.1% |
| EBIT Margin | 26.0% | 44.5% | 42.7% | 43.9% | 15.0% |
| Net Profit Margin | 18.8% | 26.7% | 35.9% | 35.9% | 7.1% |
| Operating Expense % of Sales | 14.8% | 12.3% | 5.4% | 2.0% | 25.2% |
| Returns | |||||
| Return on Assets (ROA) | 2.4% | 3.6% | 13.8% | 22.7% | 1.3% |
| Return on Equity (ROE) | 5.1% | 11.4% | 38.1% | 41.6% | 2.1% |
| ROIC [EBIT / Invested Capital] | 5.1% | 16.3% | 42.0% | 148.3% | 4.0% |
| Leverage & debt balances | |||||
| Debt-to-Assets | 18.1% | 12.0% | 15.2% | 11.7% | 8.3% |
| Debt-to-Equity | 0.38x | 0.39x | 0.42x | 0.21x | 0.14x |
| Debt-to-EBITDA | 5.40x | 2.00x | 0.91x | 0.41x | 2.10x |
| Equity-to-Assets | 47.6% | 31.2% | 36.3% | 54.7% | 59.6% |
| Net Debt | 306 | 161 | 109 | -1,606 | 246 |
| Cash & Equivalents | 18 | 209 | 488 | 2,127 | 17 |
| Total Debt | 324 | 370 | 598 | 521 | 263 |
| Liquidity & working capital | |||||
| Current Ratio | 2.90x | 1.73x | 2.04x | 2.91x | 2.97x |
| Quick Ratio | 0.32x | 0.40x | 0.43x | 2.91x | 2.97x |
| Cash Ratio | 0.03x | 0.12x | 0.26x | 1.66x | 0.02x |
| Total Current Assets | 1,777 | 3,017 | 3,890 | 3,722 | 2,458 |
| Total Current Liabilities | 612 | 1,744 | 1,911 | 1,280 | 829 |
| Inventory | 1,583 | 2,313 | 3,071 | N/A | N/A |
| Trade Receivables | N/A | 0 | 3 | 60 | 65 |
| Trade Payables | 4 | 7 | 6 | 11 | 3 |
| Net Working Capital | 1,165 | 1,273 | 1,978 | 2,442 | 1,629 |
| Net Working Capital % of Revenue | 509.3% | 309.6% | 130.7% | 86.3% | 288.8% |
| Trade Working Capital | 1,579 | 2,306 | 3,068 | 50 | 62 |
| Trade Working Capital % of Revenue | 690.4% | 560.6% | 202.6% | 1.8% | 11.0% |
| Change in Trade Working Capital | N/A | 727 | 762 | -3,019 | 13 |
| Turnover & efficiency | |||||
| Inventory Turnover | 0.09x | 0.08x | 0.25x | N/A | N/A |
| Days Inventory Outstanding (DIO) | 4282.7 | 4806.8 | 1442.4 | N/A | N/A |
| Receivables Turnover | N/A | 4329.44x | 467.78x | 47.08x | 8.72x |
| Days Sales Outstanding (DSO) | N/A | 0.1 | 0.8 | 7.8 | 41.9 |
| Payables Turnover | 31.11x | 24.22x | 129.61x | 143.39x | 118.22x |
| Days Payable Outstanding (DPO) | 11.7 | 15.1 | 2.8 | 2.5 | 3.1 |
| Cash Conversion Cycle | 4270.9 days | 4791.8 days | 1440.3 days | 5.2 days | 38.8 days |
| Asset Turnover | 0.13x | 0.13x | 0.38x | 0.63x | 0.18x |
| Cash flow & dividends | |||||
| Operating Cash Flow | 18 | 192 | 279 | 1,639 | N/A |
| Free Cash Flow (OCF − Capex proxy) | 18 | 192 | 279 | 1,639 | N/A |
| Cash Conversion (OCF / EBITDA) | 29.3% | 103.7% | 42.6% | 130.3% | N/A |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A |
| Dividend Payout Ratio | 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 GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.
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.
Ownership & directors from companyinfo.ge (public corporate registry).
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