Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	24.7%	26.8%	33.1%	28.2%	26.2%	30.5%	35.5%
EBITDA Margin	15.3%	12.9%	13.9%	11.8%	7.0%	11.6%	14.4%
EBITDAR	806	619	743	482	538	715	1,143
EBITDAR Margin	17.4%	15.2%	22.3%	14.5%	10.6%	14.8%	17.7%
EBIT Margin	14.9%	12.4%	13.7%	11.1%	6.5%	11.1%	13.7%
Net Profit Margin	15.1%	12.9%	13.9%	2.4%	4.7%	7.2%	12.5%
Operating Expense % of Sales	9.4%	14.0%	19.2%	16.5%	19.2%	18.9%	21.1%
Returns
Return on Assets (ROA)	32.1%	20.0%	14.3%	1.6%	3.8%	5.5%	12.9%
Return on Equity (ROE)	44.3%	25.0%	18.1%	3.0%	8.2%	10.7%	21.8%
ROIC [EBIT / Invested Capital]	39.1%	26.4%	17.9%	8.4%	6.3%	9.7%	17.4%
Leverage & debt balances
Debt-to-Assets	15.9%	9.0%	6.3%	37.7%	40.4%	37.0%	26.5%
Debt-to-Equity	0.22x	0.11x	0.08x	0.69x	0.88x	0.73x	0.45x
Debt-to-EBITDA	0.49x	0.45x	0.44x	4.69x	7.16x	4.18x	1.79x
Equity-to-Assets	72.6%	79.7%	78.9%	54.4%	46.0%	50.9%	59.1%
Net Debt	184	-191	4	1,746	2,394	2,312	1,389
Cash & Equivalents	162	428	201	84	138	34	275
Total Debt	346	238	205	1,830	2,532	2,346	1,664
Liquidity & working capital
Current Ratio	N/A	N/A	15.09x	13.51x	16.45x	4.96x	8.58x
Quick Ratio	N/A	N/A	2.02x	1.95x	16.45x	4.96x	8.58x
Cash Ratio	N/A	N/A	1.10x	0.34x	0.52x	0.04x	0.52x
Total Current Assets	2,020	2,564	2,739	3,385	4,369	4,166	4,582
Total Current Liabilities	N/A	N/A	182	251	266	840	534
Inventory	N/A	1,899	2,373	2,896	N/A	N/A	N/A
Trade Receivables	289	237	166	403	705	608	713
Trade Payables	240	279	472	374	755	652	829
Net Working Capital	2,020	2,564	2,558	3,135	4,103	3,325	4,048
Net Working Capital % of Revenue	43.7%	62.8%	76.7%	94.4%	80.9%	68.7%	62.6%
Trade Working Capital	49	1,857	2,067	2,925	-50	-44	-117
Trade Working Capital % of Revenue	1.1%	45.4%	61.9%	88.1%	-1.0%	-0.9%	-1.8%
Change in Trade Working Capital	N/A	1,807	210	858	-2,974	6	-73
Turnover & efficiency
Inventory Turnover	N/A	1.57x	0.94x	0.82x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	231.8	388.0	443.5	N/A	N/A	N/A
Receivables Turnover	15.99x	17.24x	20.14x	8.24x	7.19x	7.95x	9.08x
Days Sales Outstanding (DSO)	22.8	21.2	18.1	44.3	50.7	45.9	40.2
Payables Turnover	14.51x	10.72x	4.73x	6.37x	4.96x	5.16x	5.03x
Days Payable Outstanding (DPO)	25.2	34.1	77.2	57.3	73.6	70.8	72.6
Cash Conversion Cycle	-2.3 days	218.9 days	328.9 days	430.5 days	-22.8 days	-24.9 days	-32.4 days
Asset Turnover	2.13x	1.55x	1.03x	0.68x	0.81x	0.76x	1.03x
Cash flow & dividends
Operating Cash Flow	93	267	-228	-117	54	-104	242
Free Cash Flow (OCF − Capex proxy)	93	267	-228	-117	54	-104	242
Cash Conversion (OCF / EBITDA)	13.2%	50.7%	-49.0%	-29.9%	15.2%	-18.5%	26.0%
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

Shareholders

ნოდარ თავდგირიძე100.0%

ნოდარ თავდგირიძეind. entrepreneurPartner / Shareholder100.0%

Directors & board

ნოდარ თავდგირიძეind. entrepreneurDirector