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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2020 130,000 · FY2021 151,000 · FY2022 103,500 — 3-yr total 384,500
Atlas LLC (ატლას) is the original operating company of Adjarabet, Georgia's largest online betting and gaming brand (casino, sports, poker and peer-to-peer games; adjarabet.com). Paddy Power Betfair, now Flutter Entertainment, bought 51% from City Loft LLC, Temur Ugulava's Adjara Group holding (404909934), on 1 February 2019 for £101m through Atlas Holdings LLC (404572789), and the remaining 49% on 1 July 2022 for $251m (£204m). FY2018 revenue ₾215m and EBITDA ₾68m per the deal announcement; FY2022 revenue ₾706m. Filings stop after FY2022, when reporting moved to the consolidated Atlas Holdings LLC. The register extract here still shows the 2019 51/49 split between Atlas Holdings and City Loft; the 2022 buy-out settled at the Atlas Holdings level.
Subsidiary of Atlas Holdings (51.0%)
| Ratio | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Margins | ||||
| Gross Margin | 67.3% | 66.5% | 65.2% | 62.5% |
| EBITDA Margin | 28.9% | 28.5% | 35.1% | 29.1% |
| EBITDAR | 81,994 | 115,691 | 224,497 | 205,701 |
| EBITDAR Margin | 28.9% | 28.5% | 35.1% | 29.1% |
| EBIT Margin | 26.3% | 25.6% | 33.1% | 26.2% |
| Net Profit Margin | 26.4% | 25.0% | 31.0% | 22.8% |
| Operating Expense % of Sales | 38.6% | 38.3% | 30.9% | 33.6% |
| Returns | ||||
| Return on Assets (ROA) | 65.6% | 83.9% | 105.2% | 63.0% |
| Return on Equity (ROE) | 99.2% | 195.1% | 197.8% | 99.6% |
| ROIC [EBIT / Invested Capital] | 543.7% | 413.4% | 459.2% | 498.2% |
| Leverage & debt balances | ||||
| Debt-to-Assets | 4.6% | 9.2% | 5.1% | 2.5% |
| Debt-to-Equity | 0.07x | 0.21x | 0.10x | 0.04x |
| Debt-to-EBITDA | 0.06x | 0.10x | 0.04x | 0.03x |
| Equity-to-Assets | 66.1% | 43.0% | 53.2% | 63.2% |
| Net Debt | -61,929 | -26,919 | -54,309 | -124,755 |
| Cash & Equivalents | 67,196 | 38,080 | 63,924 | 131,183 |
| Total Debt | 5,267 | 11,161 | 9,615 | 6,428 |
| Liquidity & working capital | ||||
| Current Ratio | 2.48x | 1.33x | 1.60x | 2.19x |
| Quick Ratio | 2.46x | 1.33x | 1.59x | 2.18x |
| Cash Ratio | 1.89x | 0.62x | 0.79x | 1.47x |
| Total Current Assets | 88,099 | 81,433 | 128,837 | 195,156 |
| Total Current Liabilities | 35,595 | 61,033 | 80,610 | 89,244 |
| Inventory | 655 | 479 | 503 | 723 |
| Trade Receivables | 10,303 | 31,496 | 52,416 | 50,278 |
| Trade Payables | 22,976 | 40,306 | 50,093 | 51,182 |
| Net Working Capital | 52,504 | 20,400 | 48,227 | 105,912 |
| Net Working Capital % of Revenue | 18.5% | 5.0% | 7.5% | 15.0% |
| Trade Working Capital | -12,018 | -8,331 | 2,826 | -181 |
| Trade Working Capital % of Revenue | -4.2% | -2.1% | 0.4% | -0.0% |
| Change in Trade Working Capital | N/A | 3,687 | 11,157 | -3,007 |
| Turnover & efficiency | ||||
| Inventory Turnover | 141.61x | 284.14x | 442.74x | 366.59x |
| Days Inventory Outstanding (DIO) | 2.6 | 1.3 | 0.8 | 1.0 |
| Receivables Turnover | 27.57x | 12.89x | 12.20x | 14.05x |
| Days Sales Outstanding (DSO) | 13.2 | 28.3 | 29.9 | 26.0 |
| Payables Turnover | 4.04x | 3.38x | 4.45x | 5.18x |
| Days Payable Outstanding (DPO) | 90.4 | 108.1 | 82.1 | 70.5 |
| Cash Conversion Cycle | -74.6 days | -78.5 days | -51.4 days | -43.5 days |
| Asset Turnover | 2.48x | 3.35x | 3.39x | 2.76x |
| Cash flow & dividends | ||||
| Operating Cash Flow | 77,027 | 116,040 | 212,166 | 198,210 |
| Free Cash Flow (OCF − Capex proxy) | 61,884 | 102,538 | 181,110 | 176,811 |
| Cash Conversion (OCF / EBITDA) | 93.9% | 100.3% | 94.5% | 96.4% |
| Dividends Declared | 2,519 | 130,000 | 151,000 | 103,500 |
| Dividend Payout Ratio | 3.4% | 128.0% | 76.1% | 64.2% |
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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