Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	27.7%	27.5%	33.5%	26.8%	32.7%	32.4%	36.6%
EBITDA Margin	20.5%	21.9%	26.9%	22.0%	25.3%	26.7%	36.3%
EBITDAR	504	709	645	857	944	1,279	1,298
EBITDAR Margin	20.5%	21.9%	26.9%	22.0%	25.3%	26.7%	36.3%
EBIT Margin	19.3%	21.0%	26.9%	22.0%	25.3%	26.7%	36.3%
Net Profit Margin	19.9%	20.1%	28.6%	21.1%	22.2%	23.0%	32.1%
Operating Expense % of Sales	7.1%	5.6%	6.7%	4.8%	7.4%	5.7%	0.3%
Returns
Return on Assets (ROA)	31.9%	30.8%	28.8%	28.6%	24.7%	34.2%	33.9%
Return on Equity (ROE)	46.2%	38.0%	31.5%	30.5%	29.1%	37.7%	34.1%
ROIC [EBIT / Invested Capital]	38.7%	38.6%	31.9%	37.0%	42.9%	65.1%	62.1%
Leverage & liquidity
Debt-to-Assets	11.0%	8.9%	0.0%	0.0%	0.0%	0.0%	0.0%
Debt-to-Equity	0.16x	0.11x	0.00x	0.00x	0.00x	0.00x	0.00x
Debt-to-EBITDA	0.33x	0.26x	0.00x	0.00x	0.00x	0.00x	0.00x
Equity-to-Assets	69.1%	81.0%	91.5%	93.9%	84.9%	90.7%	99.6%
Net Debt	167	49	-159	-381	-640	-957	-1,272
Cash & Equivalents	2	138	159	381	640	957	1,272
Total Debt	169	187	N/A	N/A	N/A	N/A	N/A
Efficiency & working capital
Inventory Turnover	1.89x	1.35x	0.89x	1.36x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	193.2	269.7	409.6	268.2	N/A	N/A	N/A
Receivables Turnover	5.30x	21.53x	6.51x	12.57x	52.04x	5.91x	5.28x
Days Sales Outstanding (DSO)	68.8	17.0	56.0	29.0	7.0	61.8	69.2
Payables Turnover	5.83x	11.03x	7.87x	16.25x	5.11x	11.62x	150.87x
Days Payable Outstanding (DPO)	62.6	33.1	46.4	22.5	71.5	31.4	2.4
Cash Conversion Cycle	199.4 days	253.5 days	419.3 days	274.8 days	-64.5 days	30.4 days	66.7 days
Asset Turnover	1.60x	1.53x	1.01x	1.36x	1.11x	1.48x	1.06x
Cash flow & dividends
Operating Cash Flow	-54	162	370	546	939	1,450	5,945
Free Cash Flow (OCF − Capex proxy)	-56	157	370	546	939	1,277	5,943
Cash Conversion (OCF / EBITDA)	-10.6%	22.8%	57.4%	63.8%	99.5%	113.4%	457.8%
Dividends Declared	0	0	239	N/A	N/A	N/A	N/A
Dividend Payout Ratio	0.0%	0.0%	34.9%	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