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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 22,050 · FY2023 4,597 · FY2024 0 — 3-yr total 26,647
Atlas Holdings LLC (ატლას ჰოლდინგსი) is the Georgian holding company for Adjarabet, the country's largest online betting and gaming operator (casino, sports, poker and peer-to-peer games; ~40% of online revenues at the time of the 2019 deal). It is the vehicle through which Paddy Power Betfair, now Flutter Entertainment, bought 51% of Atlas LLC from City Loft LLC (Adjara Group, 404909934) on 1 February 2019 for £101m and the remaining 49% on 1 July 2022 for $251m (£204m); the register shows it 100% owned by Flutter's TSE Holdings Limited since 30 December 2022. Consolidated FY2024 revenue ₾884m. Subsidiaries on the register: Atlas LLC (404569944, 51% since 2019), AdjaraPay (404984978, 100% since April 2023), Aviator LLC (405076304) and Advanced Systems (405425936), both 100% since January 2024. Declared NACE 64200 (holding activities) describes the legal shell, not the consolidated business.
Subsidiary of Shezghuduli Pasukhismgeblobis Sazogadoeba TSE Holdings Limited (100.0%)
| Line item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | CAGR |
|---|---|---|---|---|---|---|---|
| Net Cash from Operating Activities | 81,768 | 116,043 | 212,609 | 198,207 | 206,889 | 209,653 | +20.7% |
| Net Cash used in Investing Activities | 11,064 | 13,508 | 31,056 | 21,399 | 26,635 | 13,494 | +4.1% |
| Free Cash Flow (OCF − Capex proxy) | 70,704 | 102,535 | 181,553 | 176,808 | 180,254 | 196,159 | +22.6% |
| Net Cash from Financing Activities | 3,304 | 132,078 | 152,153 | 105,221 | 150,556 | 230,034 | +133.6% |
| Net Change in Cash (before FX) | 67,400 | 29,543 | 29,400 | 71,587 | 29,698 | 33,875 | nmf |
| Effect of FX on Cash | 204 | 427 | 3,556 | 4,328 | 874 | 1,062 | +39.1% |
| Net Change in Cash (incl. FX) | 67,196 | 29,116 | 25,844 | 67,259 | 28,824 | 34,937 | nmf |
| Cash at Beginning of Year | 0 | 67,196 | 38,080 | 63,924 | 131,183 | 160,007 | +24.2% |
| Cash at End of Year | 67,196 | 38,080 | 63,924 | 131,183 | 160,007 | 125,070 | +13.2% |
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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