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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%)
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 67.8% | 66.5% | 65.2% | 62.5% | 60.7% | 56.5% |
| EBITDA Margin | 30.2% | 28.5% | 35.1% | 29.1% | 26.4% | 22.7% |
| EBITDAR | 81,356 | 115,614 | 224,385 | 205,589 | 198,396 | 200,576 |
| EBITDAR Margin | 30.2% | 28.5% | 35.1% | 29.1% | 26.4% | 22.7% |
| EBIT Margin | 9.1% | 15.4% | 28.1% | 22.5% | 20.1% | 17.2% |
| Net Profit Margin | 7.4% | 12.7% | 24.8% | 16.7% | 9.5% | 9.1% |
| Operating Expense % of Sales | 37.7% | 38.3% | 30.9% | 33.6% | 34.5% | 34.2% |
| Returns | ||||||
| Return on Assets (ROA) | 3.7% | 10.1% | 29.0% | 20.1% | 11.9% | 14.9% |
| Return on Equity (ROE) | 16.9% | 119.3% | 106.0% | N/A | N/A | N/A |
| ROIC [EBIT / Invested Capital] | 5.5% | 15.1% | 44.5% | 43.0% | 47.4% | 59.4% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 72.2% | 80.2% | 58.2% | 145.1% | 133.1% | 119.7% |
| Debt-to-Equity | 3.34x | 9.51x | 2.12x | -2.42x | -2.50x | -2.45x |
| Debt-to-EBITDA | 4.84x | 3.54x | 1.42x | 4.15x | 4.03x | 3.21x |
| Equity-to-Assets | 21.6% | 8.4% | 27.4% | -60.1% | -53.3% | -48.9% |
| Net Debt | 326,592 | 371,603 | 254,095 | 722,288 | 638,546 | 518,683 |
| Cash & Equivalents | 67,196 | 38,080 | 63,924 | 131,183 | 160,007 | 125,070 |
| Total Debt | 393,788 | 409,683 | 318,019 | 853,471 | 798,553 | 643,753 |
| Liquidity & working capital | ||||||
| Current Ratio | 0.21x | 0.18x | 0.33x | 0.21x | 1.78x | 1.14x |
| Quick Ratio | 0.21x | 0.18x | 0.33x | 0.21x | 1.78x | 1.14x |
| Cash Ratio | 0.16x | 0.08x | 0.16x | 0.14x | 1.30x | 0.79x |
| Total Current Assets | 88,099 | 81,433 | 128,837 | 195,154 | 218,598 | 181,546 |
| Total Current Liabilities | 424,269 | 459,817 | 389,161 | 936,507 | 122,775 | 158,957 |
| Inventory | 655 | 479 | 503 | 723 | 632 | 418 |
| Trade Receivables | 10,304 | 31,496 | 52,416 | 50,276 | 43,665 | 36,646 |
| Trade Payables | 23,129 | 40,569 | 50,240 | 51,402 | 81,415 | 91,691 |
| Net Working Capital | -336,170 | -378,384 | -260,324 | -741,353 | 95,823 | 22,589 |
| Net Working Capital % of Revenue | -124.7% | -93.2% | -40.7% | -105.0% | 12.8% | 2.6% |
| Trade Working Capital | -12,170 | -8,594 | 2,679 | -403 | -37,118 | -54,627 |
| Trade Working Capital % of Revenue | -4.5% | -2.1% | 0.4% | -0.1% | -4.9% | -6.2% |
| Change in Trade Working Capital | N/A | 3,576 | 11,273 | -3,082 | -36,715 | -17,509 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 132.43x | 284.14x | 442.74x | 366.59x | 466.77x | 919.80x |
| Days Inventory Outstanding (DIO) | 2.8 | 1.3 | 0.8 | 1.0 | 0.8 | 0.4 |
| Receivables Turnover | 26.16x | 12.89x | 12.20x | 14.05x | 17.20x | 24.13x |
| Days Sales Outstanding (DSO) | 14.0 | 28.3 | 29.9 | 26.0 | 21.2 | 15.1 |
| Payables Turnover | 3.75x | 3.35x | 4.43x | 5.16x | 3.62x | 4.19x |
| Days Payable Outstanding (DPO) | 97.3 | 108.8 | 82.3 | 70.8 | 100.7 | 87.0 |
| Cash Conversion Cycle | -80.6 days | -79.2 days | -51.6 days | -43.8 days | -78.7 days | -71.5 days |
| Asset Turnover | 0.49x | 0.79x | 1.17x | 1.20x | 1.25x | 1.65x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 81,768 | 116,043 | 212,609 | 198,207 | 206,889 | 209,653 |
| Free Cash Flow (OCF − Capex proxy) | 70,704 | 102,535 | 181,553 | 176,808 | 180,254 | 196,159 |
| Cash Conversion (OCF / EBITDA) | 100.5% | 100.4% | 94.8% | 96.4% | 104.3% | 104.5% |
| Dividends Declared | 0 | 63,700 | 73,990 | 22,050 | 4,597 | 0 |
| Dividend Payout Ratio | 0.0% | 123.9% | 46.6% | 18.7% | 6.4% | 0.0% |
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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