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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 0 · FY2023 0 · FY2024 0
Sakaeronavigatsia LLC is Georgia's state-owned air navigation service provider (ANSP), founded 1999 — responsible for all air traffic control across Georgian airspace and the approach zones of Tbilisi, Kutaisi, Batumi and Mestia airports. Overflight traffic doubled between 2019 and 2023.
Subsidiary of Sakhelmtsipo (100.0%)
| Line item | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Net Cash from Operating Activities | 29,932 | 33,426 | 16,946 | 6,500 | 8,000 | 51,171 | 53,599 | 63,653 | +11.4% |
| Net Cash used in Investing Activities | 0 | 27,012 | 27,842 | 2,751 | 6,052 | 10,542 | 6,434 | 52,680 | +11.8% |
| Free Cash Flow (OCF − Capex proxy) | 29,932 | 6,414 | 10,896 | 9,251 | 1,948 | 40,629 | 47,165 | 10,973 | -13.4% |
| Net Cash from Financing Activities | 0 | 1,161 | 1,236 | 36,598 | 19,128 | 15,629 | 1,102 | 1,167 | +0.1% |
| Net Change in Cash (before FX) | 29,932 | 5,253 | 12,132 | 27,347 | 17,180 | 25,000 | 46,063 | 9,806 | -14.7% |
| Effect of FX on Cash | 0 | 267 | 335 | 2,080 | 3,917 | 526 | 2,707 | 1,181 | nmf |
| Net Change in Cash (incl. FX) | 29,932 | 5,520 | 11,797 | 29,427 | 21,097 | 24,474 | 48,770 | 8,625 | -16.3% |
| Cash at Beginning of Year | 0 | 14,882 | 20,401 | 8,604 | 38,031 | 16,934 | 41,408 | 90,178 | +35.0% |
| Cash at End of Year | 0 | 20,402 | 8,604 | 38,031 | 16,934 | 41,408 | 90,178 | 98,803 | +30.1% |
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Ownership & directors from companyinfo.ge (public corporate registry).
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