It posted a loss in its third fiscal year 2021 following its transformation in 2019 into a limited liability company (from the Greek subsidiary of Taxibeat Ltd) Beat, which offers transport services in Greece and Latin America. Specifically, Beat Mobility Services shows an accumulated loss of €45.8 million and it remains to be seen if the introduction of a €1.20 rental fee from the end of June will improve the company’s financial performance. in 2017, he acquired Mytaxi, a subsidiary of the German Daimler, for a price of around 40 million euros. Moreover, in order to scale up in 2021, Beat Mobility Services outsourced its purely commercial operations in Greece to Free Now Greece (formerly Mytaxi). At the same time, he maintained as a goal the provision of services centrally in all markets (Greece, Peru, Chile, Colombia, Mexico, Argentina) where the Beat application operates.

But what do the 2021 numbers show for Beat, founded in 2011 by Nikos Drandakis, who left the company about two years ago? That expenses – excluding financial expenses – more than double (42.8 million euros) in relation to income from contracts with customers (motorists who enter into contracts with the company), which increased by 15% last year compared to 2020, at 20.8 million euros. The latter correspond to €5.5 million in commission revenue in Greece that the company receives from drivers using its app. As well as the recovery of 17.8 million euros from transfer pricing for services to affiliated companies, a practice adopted by multinational companies.

In 2021, the company generated revenue of 20.8 million euros and expenses of 42.8 million euros.

The €42.8 million increase in cost of sales is attributable to €12.4 million in employee benefits, which reached 183 at the end of 2021. And also with a total third party remuneration of 27 million euros. Of these, EUR 8.2 million and EUR 17.9 million are related to IT system fees and intra-group transactions (mainly related to Beat Research BV, the company’s research center in Amsterdam), respectively. The remaining expense relates to depreciation (€1.5 million) and other operating expenses of €1.9 million.

In 2021, Beat increased its loss before interest, taxes, depreciation and amortization (EBITDA) by 5.7% to €19.5m, with a net loss from continuing operations of €21.4m. Beat’s total capital (€13.8m) is less than half of its share capital (€60.2m) and the company will therefore have to call a general meeting to raise capital. More than 8,000 motorists are registered on the Greek taxi search platform Beat, and this number rises to 600,000 when activities abroad are taken into account. Compared to 2019 and 2021, demand for its services is up 61% and 64% respectively, according to Beat Today. In addition, the increase in demand for taxi rides due to the pandemic has also encouraged drivers to pick up customers who are not using the app to avoid paying a 9.7% (plus VAT) fee on the final cost of each route. According to Beet, the recent introduction of rents has balanced supply and demand.