ICar Asia : Appendix 4C - Quarterly

For personal use only

Rule 4.7B

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity

iCar Asia Limited
ABN	Quarter ended ("current quarter")
157710846	31 December 2021

Consolidated statement of cash flows	Current quarter	Year to date
			$A'000	(12 months)
				$A'000
1.	Cash flows from operating activities
1.1	Receipts from customers	5,540	18,625
1.2	Payments for
	(a)	research and development	-	-
	(b)	product manufacturing and operating	-	-
		costs
	(c)	advertising and marketing	(951)	(2,959)
	(d)	leased assets	(207)	(970)
	(e)	staff costs	(2,486)	(10,634)
	(f)	administration and corporate costs	(2,343)	(5,850)
1.3	Dividends received (see note 3)
1.4	Interest received	1	4
1.5	Interest and other costs of finance paid	(32)	(32)
1.6	Income taxes paid	(24)	(101)
1.7	Government grants and tax incentives

1.8 Other (provide details if material)

(a)	Direct purchase payments	(1,922)	(5,096)
(b)	Net receipts of the auction business	(20)	3
1.9 Net cash from / (used in) operating	(2,444)	(7,010)
activities

ASX Listing Rules Appendix 4C (01/12/19)	Page 1
+ See chapter 19 of the ASX Listing Rules for defined terms.

For personal use only

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Current quarter	Year to date
			$A'000	(12 months)
				$A'000
2.	Cash flows from investing activities
2.1	Payments to acquire:
	(a)	entities	-	-
	(b)	businesses	-	-
	(c)	property, plant and equipment	(16)	(53)
	(d)	investments	-	-
	(e)	intellectual property	-	-
	(f)	other non-current assets	(229)	(896)
2.2	Proceeds from disposal of:
	(a)	entities	-	-
	(b)	businesses	-	-
	(c)	property, plant and equipment	-	-
	(d)	investments	-	-
	(e)	intellectual property	-	-
	(f)	other non-current assets	-	-
2.3	Cash flows from loans to other entities
2.4	Dividends received (see note 3)	-	-
2.5	Other (provide details if material)	-	-
2.6	Net cash from / (used in) investing	(245)	(949)
	activities

3. Cash flows from financing activities

3.1 Proceeds from issues of equity securities

	(excluding convertible debt securities)	-	1,511
3.2	Proceeds from issue of convertible debt	-	-
	securities
3.3	Proceeds from exercise of options	-	-
3.4	Transaction costs related to issues of	(9)	(9)
	equity securities or convertible debt
	securities
3.5	Proceeds from borrowings	4,430	8,430
3.6	Repayment of borrowings	(1,000)	(2,000)
3.7	Transaction costs related to loans and	-	-
	borrowings
3.8	Dividends paid	-	-
3.9	Other (provide details if material)	-	-
3.10	Net cash from / (used in) financing	3,421	7,932
	activities

ASX Listing Rules Appendix 4C (01/12/19)	Page 2
+ See chapter 19 of the ASX Listing Rules for defined terms.

Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

For personal use only

Consolidated statement of cash flows	Current quarter	Year to date
	$A'000	(12 months)
		$A'000

4. Net increase / (decrease) in cash and cash equivalents for the period

4.1 Cash and cash equivalents at beginning of

	period	1,240	2,166
4.2	Net cash from / (used in) operating	(2,444)	(7,010)
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	(245)	(949)
	(item 2.6 above)
4.4	Net cash from / (used in) financing activities	3,421	7,932
	(item 3.10 above)
4.5	Effect of movement in exchange rates on	(115)	(282)
	cash held
4.6	Cash and cash equivalents at end of	1,857	1,857
	period

5.	Reconciliation of cash and cash	Current quarter	Previous quarter
	equivalents	$A'000	$A'000
	at the end of the quarter (as shown in the
	consolidated statement of cash flows) to the
	related items in the accounts
5.1	Bank balances	1,857	1,240
5.2	Call deposits	-	-
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end of	1,857	1,240
	quarter (should equal item 4.6 above)

6.	Payments to related parties of the entity and their	Current quarter
	associates	$A'000
6.1	Aggregate amount of payments to related parties and their	-
	associates included in item 1
6.2	Aggregate amount of payments to related parties and their	-
	associates included in item 2

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments

-

ASX Listing Rules Appendix 4C (01/12/19)	Page 3
+ See chapter 19 of the ASX Listing Rules for defined terms.

Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

only

7. Financing facilities

Note: the term "facility' includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

1. (a) Loan facilities- Catcha Group Pte Ltd
   (b) Loan facilities- Carsome Group Pte Ltd
2. Credit standby arrangements
3. Other (please specify)
4. Total financing facilities

Total facility	Amount drawn at
amount at quarter	quarter end
end	$A'000
$A'000
13,000	5,000
16,534	3,430
-	-
-	-
29,534	8,430

For personal use

7.5

Unused financing facilities available at quarter end

21,104

7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

The Group entered into a $5.0 million loan facility ('Facility') with Catcha Group Pte Ltd in November 2017. The Facility is secured by a first ranking security over all the assets of the Company Group in favour of Catcha Group Pte Ltd under a General Security Agreement. Key terms of the Facility include:

• An interest rate of 12% per annum with a maturity date due of 30 June 2021.
• A commitment fee of 3% on the $5.0 million loan amount, payable upon commencement and a commitment fee of 2% per annum on the undrawn balance of the loan, which starts accruing once the Company draws on the loan.
• Draw down subject to shareholder approval (obtained at the Company's 2018 annual general meeting) of the issue of unlisted options over shares to be granted to Catcha Group Pte Ltd (at exercise price of $0.20 per option).
• Customary financial and operational undertakings by the Company, including relating to reporting and maintenance of assets and profitability.

On 16 February 2021 and 25 February 2021 the Group entered into amendment deeds with Catcha Group Pte Ltd to increase the limit of the Facility by $10 million to $15 million, to extend the maturity of the facility from June 2021 to June 2023 and to amend certain financial covenants with effect from 1 April 2021. The key terms of the amended facility, in addition to those disclosed above include:

• An interest rate of 12% per annum on the additional facility of $10 million, with the remaining $5 million under the facility being interest free.
• Draw-downsunder the Catcha Loan Facility are capped at $1m in any one particular month unless this limit is amended by mutual agreement.
• As at the date of delivery of funding the cash balance of the Group must be below $1m

On 23 November 2021, The Group entered into US$12 million (approximately A$16.5) loan facility with Carsome Group Pte Ltd. Key terms of the Facility include:

• An interest rate of 6% per annum.
• The Carsome Loan is unsecured, and no commitment fee is payable.
• Loan drawndown must be repaid in full on 23 November 2023 (being the date that is 24 months after the date of the agreement) but iCar Asia Pte Limited may prepay or cancel the loan prior to the Termination Date, subject to certain conditions.

As at 31 December 2021,

• Cumulatively $7m of Catcha Facility had been drawn down, out of which $2m had been repaid and not available to be redrawn. Undrawn amount for Catcha Facility is $8m
• $3.4m of Carsome Facility had been drawn down and undrawn amount for Carsome Facility is $13.1m.

ASX Listing Rules Appendix 4C (01/12/19)	Page 4
+ See chapter 19 of the ASX Listing Rules for defined terms.

For personal use only

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

8.	Estimated cash available for future operating activities	$A'000
8.1	Net cash from / (used in) operating activities (Item 1.9)	(2,444)
8.2	Cash and cash equivalents at quarter end (Item 4.6)	1,857
8.3	Unused finance facilities available at quarter end (Item 7.5)	21,104
8.4	Total available funding (Item 8.2 + Item 8.3)	22,961
8.5	Estimated quarters of funding available (Item 8.4 divided by	Greater than 9
	Item 8.1)

8.6 If Item 8.5 is less than 2 quarters, please provide answers to the following questions:

1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

Answer: N/A

2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer: N/A

3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: N/A

ASX Listing Rules Appendix 4C (01/12/19)	Page 5
+ See chapter 19 of the ASX Listing Rules for defined terms.