News and Announcements
LatAm Autos Receives $6.75m Subscription Funds & Reports Record Cash Receipts & Revenue in Mexico & Ecuador
- Published August 11, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
LatAm Autos Limited (ASX:LAA) has recently announce its cash flow report for the period ended June 30 2017.
KEY TAKEAWAYS:
- Path to breakeven on track: operational cash burn reduction of 46% vs PCP
- Record 2Q cash receipts and revenue in Mexico and Ecuador
- Successful launch of MotorCredit in Mexico – strong uptake in the first months
- Landmark alliance and contract with global insurance provider MAPFRE
- Fully underwritten (by NEDs Mike Fitzpatrick and Simon Clausen) convertible note of A$10m approved by over 99% of voting shareholders.
- Market leadership consolidation in Mexico with: organic traffic growth of +70% vs PCP in Mexico
- Signing of two of the largest national dealer associations in Mexico as customers
- Successful restructure of operations complete
- C-Level remuneration: reduction of salaries by 25%, zero STIs awarded for 2016
LatAm Autos (‘LAA’) owns the leading automotive classifieds websites in Argentina, Mexico, Bolivia, Ecuador, Peru and Panama; and automotive magazines in Argentina, Mexico, Ecuador, Peru and Panama as well as a regional content website. LAA has heavily invested in technology and innovation, having launched one of the first live communication technologies in the classifieds industry. In turn, this has increased its competitive advantage and relevance over domestic competitors.
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