Cabify closed fiscal year 2022 Nails on Consolidated global losses of €60 million. This represents a decrease compared to the previous period, which was more affected by the crisis caused by the Corona virus. The Spanish carrier had a related negative working capital, which required compensation through refinancing or increased capitalization. Subsequently, the Technology Fund of the Institute of Official Credit (ICO) joined forces with Francisco Riberas (Gestamp) to contribute to a round worth more than $40 million that added to the European Investment Bank’s debt for fleet electrification.
As shown in the annual accounts of Spanish venture capital fund Seaya Ventures, recently provided and consulted by La Información, the startup run by Madrid-based Juan de Antonio ended that year with this number of combined losses, both its operations in Spain and in the rest of Latin American markets. These consolidated numbers are not provided in Spain by the company, since the parent company (Cabify Inc) is the provider of these global figures. These “red numbers” are relevant however It represents a decline from more than 73 million in 2021.
The number the company shared last year relates to its operating result (Ebitda). In total, he claimed to have deposited €624 million ($688 million) and received a total score of €79 million. Company sources confirm this “Accounting values Reflects adjustments of an accounting nature that cannot be compared to business performance They also have no relevant impact on the company’s cash flow.” Nor in the Spanish investor’s accounts, nor does the company itself specify what those adjustments are such that the net result ultimately results in relevant losses.
Beyond the income statement, the company also struggled on the balance sheet side. According to the same report, Accumulated negative working capital of €103 million. This is the volume that links current assets and liabilities and reflects the company’s ability to meet its payment obligations in the short term. The venture capital manager noted that “the group’s activity was significantly affected by the pandemic,” and insisted that the Spanish group’s ability to continue as a going concern depends on several specific factors.
It was one of those factors Ongoing negotiations with relevant companies and financial entities in order to “release” obligations Of compliance and Postponing due dates For the following twelve months. It should be taken into account that in the case of Vector Ronda, it has accumulated liabilities of $52 million, for which a refinancing agreement was reached in 2021 – and this figure will not be counted in this ratio. More than $36 million in debt with Rakuten, which Gestamp CEO Francisco Riberas bought back and converted into securities in the middle of last year, also did not affect the balance sheet. Other agreements must be added to extend payment terms.
“Ábalos Decree” and recapitalization
The other factor had to do with the allegations against the Palos Decree and the rest of the legislative changes linked to the so-called 1-30 ratio – among others, the Catalan Regulation -. Company It has thousands of licenses required from the administration without being finally resolved yet. Well, we are waiting Supreme Court ruling Which will review the jurisprudence on granting VTC licenses again.
It includes recapitalization after the end of 2022 Enter ICO’s Next Tech public investment fund and Francisco Riberas -Through its holding company, Orella Asset Management-. They both broke into contributing In March of last year 2023 as part of a broader tour. The first entity put 20 million on the table, while the businessman injected another portion. To this we must add the further debt it raised from BBVA Spark at the beginning of this year: a total of 15 million. In 2022, as shown in investor accounts, there was a company that purchased the issued share capital – everything indicates that it was Mutua Madrileña, which acquired 1.26%.
the evaluation Which Seaya developed for the company is 669 million euros (compared to 760 million the previous year). At the end of 2022, before the 2023 transactions, the fund controlled 11.5% of the startup – a percentage that remained practically unchanged compared to the previous period. The value of this participation is estimated at 77.5 million. This means, although a low “price” and far from that specified in recent transactions, 13.4 times what the Spanish fund invested ($5.7 million).
The Spanish company with a capital of more than 439 million euros is now It hangs on two important fronts. One is The departure of Rakuten as a significant shareholder. The Japanese technology group hired an investment bank months ago to find a buyer for its stake — less than the 47% it owned before the coronavirus pandemic. The deal has not been completed yet. On the other hand, it is Fighting with Oro To hold exclusivity. Today, the fleet of more than 2,000 cars also works with Uber. The case is now before the Constitutional Court, although there are many judicial ramifications.
