Ratio	2018	2019	2020	2021
Margins
Gross Margin	42.6%	52.1%	50.8%	64.5%
EBITDA Margin	34.2%	22.5%	23.6%	53.0%
EBITDAR	2,065	314	245	946
EBITDAR Margin	34.2%	22.5%	23.6%	53.0%
EBIT Margin	33.9%	22.5%	23.6%	53.0%
Net Profit Margin	28.9%	21.6%	23.6%	43.0%
Operating Expense % of Sales	8.4%	29.6%	27.2%	11.5%
Returns
Return on Assets (ROA)	8.9%	1.5%	1.3%	4.1%
Return on Equity (ROE)	10.6%	1.8%	1.4%	4.3%
ROIC [EBIT / Invested Capital]	10.8%	1.6%	1.3%	5.3%
Leverage & debt balances
Debt-to-Assets	15.6%	14.0%	9.6%	5.5%
Debt-to-Equity	0.19x	0.17x	0.11x	0.06x
Debt-to-EBITDA	1.48x	8.86x	7.48x	1.10x
Equity-to-Assets	84.1%	84.5%	89.3%	94.4%
Net Debt	2,492	2,777	1,714	190
Cash & Equivalents	561	4	121	853
Total Debt	3,053	2,781	1,834	1,043
Liquidity & working capital
Current Ratio	6.41x	7.13x	10.38x	18.04x
Quick Ratio	6.41x	4.29x	6.34x	11.54x
Cash Ratio	0.18x	0.00x	0.07x	0.82x
Total Current Assets	19,581	19,838	19,039	18,826
Total Current Liabilities	3,053	2,781	1,834	1,043
Inventory	N/A	7,915	7,412	6,786
Trade Receivables	9,017	9,575	9,182	9,065
Trade Payables	N/A	N/A	N/A	N/A
Net Working Capital	16,528	17,057	17,205	17,782
Net Working Capital % of Revenue	273.9%	1224.4%	1657.6%	995.0%
Trade Working Capital	9,017	17,490	16,593	15,851
Trade Working Capital % of Revenue	149.4%	1255.5%	1598.7%	887.0%
Change in Trade Working Capital	N/A	8,474	-897	-742
Turnover & efficiency
Inventory Turnover	N/A	0.08x	0.07x	0.09x
Days Inventory Outstanding (DIO)	N/A	4331.6	5301.0	3901.2
Receivables Turnover	0.67x	0.15x	0.11x	0.20x
Days Sales Outstanding (DSO)	545.5	2508.7	3228.9	1851.5
Payables Turnover	N/A	N/A	N/A	N/A
Days Payable Outstanding (DPO)	N/A	N/A	N/A	N/A
Cash Conversion Cycle	545.5 days	6840.3 days	8529.9 days	5752.7 days
Asset Turnover	0.31x	0.07x	0.05x	0.09x
Cash flow & dividends
Operating Cash Flow	879	-877	1,333	1,060
Free Cash Flow (OCF − Capex proxy)	879	-877	1,333	1,060
Cash Conversion (OCF / EBITDA)	42.6%	-279.5%	543.7%	112.0%
Dividends Declared	N/A	N/A	N/A	N/A
Dividend Payout Ratio	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.