For personal use only

Rule 4.7B

Appendix 4C

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

Name of entity

WELLARD LIMITED

ABN

Quarter ended ("current quarter")

53 607 708 190

31 December 2021

Consolidated statement of cash flows

Current quarter

Year to date (6

$US'000

months)

$US'000

1.

Cash flows from operating activities

1.1

Receipts from customers

7,393

20,747

1.2

Payments for

(a)

research and development

-

-

(b) product manufacturing and operating

(7,783)

(16,637)

costs

(c)

advertising and marketing

-

-

(d)

leased assets

-

-

(e)

staff costs

(641)

(1,329)

(f) administration and corporate costs

(305)

(714)

1.3

Dividends received (see note 3)

-

-

1.4

Interest received

6

6

1.5

Interest and other costs of finance paid

(203)

(451)

1.6

Income taxes received/(paid)

(3)

(3)

1.7

Government grants and tax incentives

2

7

1.8

Other (provide details if material)

1.9

Net cash from / (used in) operating

(1,534)

1,626

activities

2.

Cash flows from investing activities

2.1

Payments to acquire or for:

(a)

entities

-

-

(b)

businesses

-

-

(c) property, plant and equipment

(303)

(549)

(d)

investments

-

-

(e)

intellectual property

-

-

(f)

other non-current assets

-

-

ASX Listing Rules Appendix 4C (17/07/20)

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 (6

$US'000

months)

$US'000

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

(303)

(549)

activities

3.

Cash flows from financing activities

3.1

Proceeds from issues of equity securities

-

-

(excluding convertible debt securities)

3.2

Proceeds from issue of convertible debt

-

-

securities

3.3

Proceeds from exercise of options

-

-

3.4

Transaction costs related to issues of

-

-

equity securities or convertible debt

securities

3.5

Proceeds from borrowings

4,596

8,629

3.6

Repayment of borrowings

(6,171)

(10,691)

3.7

Transaction costs related to loans and

-

-

borrowings

3.8

Dividends paid

-

-

3.9

Other (Principal repayment of lease

(641)

(1,282)

liabilities)

3.10

Net cash from / (used in) financing

(2,216)

(3,344)

activities

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

4.1

Cash and cash equivalents at beginning of

8,498

6,736

period

4.2

Net cash from / (used in) operating

(1,534)

1,626

activities (item 1.9 above)

4.3

Net cash from / (used in) investing activities

(303)

(549)

(item 2.6 above)

ASX Listing Rules Appendix 4C (17/07/20)

Page 2

+ 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 (6

$US'000

months)

$US'000

4.4

Net cash from / (used in) financing activities

(2,216)

(3,344)

(item 3.10 above)

4.5

Effect of movement in exchange rates on

1

(23)

cash held

4.6

Cash and cash equivalents at end of

4,446

4,446

period

5.

Reconciliation of cash and cash

Current quarter

Previous quarter

equivalents

$US'000

$US'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

4,446

8,498

5.2

Call deposits

-

-

5.3

Bank overdrafts

-

-

5.4

Other (provide details)

-

-

5.5

Cash and cash equivalents at end of

4,446

8,498

quarter (should equal item 4.6 above)

6.

Payments to related parties of the entity and their

Current quarter

associates

$US'000

6.1

Aggregate amount of payments to related parties and their

179

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 (17/07/20)

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.

7.1 Loan facilities

7.2 Credit standby arrangements

7.3 Others (Lease liabilities)

7.4 Total financing facilities

Total facility

Amount drawn at

amount at quarter

quarter end

end

$US'000

$US'000

8,916

6,565

-

-

4,251

4,251

13,167

10,816

For personal use

7.5

Unused financing facilities available at quarter-end

2,351

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.

7.1 Loan facilities:

  • Unsecured US$4 million of bunker trust receipt financing facility with United Overseas Bank Limited, with 60 days payment term at 2.5% over LIBOR interests per annum. At quarter ended 31 December 2021, US$1.649 million was utilised.
  • Secured borrowings from Ruchira Ships Limited for M/V Ocean Drover through a bareboat charter lease arrangement which expires on 16 December 2022 with an effective interest rate implicit in the agreement of about 6.88% per annum. In- principal agreement has been reached to bring forward the expiry date to 30 June 2022 with the same interest rate. Refer to Appendix 4C - Quarterly Activity Report dated 25 January 2022 for details.
  • Secured borrowings from Ruchira Ships Limited for M/V Ocean Ute through a bareboat charter lease arrangement with an effective interest rate implicit in the agreement of about 6.89% per annum. In-principal agreement has been reached to extend the original expiry date of this arrangement from 25 December 2021 to 30 June 2022 at the same interest rate. Refer to Appendix 4C - Quarterly Activity Report dated 25 January 2022 for details.

7.3 Others - Lease liabilities

The Company has the following finance arrangements that it does not consider financing facilities, as funds are not able to be drawn upon for working capital. The details of the arrangements are set out below.

  • A bareboat charter lease arrangement for M/V Ocean Swagman from Heytesbury Singapore Pte Ltd which expires on 30 June 2023, at an average interest rate implicit in the contract of 9% per annum.
  • Australian office lease from Silverleaf Investments Pty Ltd which expires on 30 June 2023, at an average interest rate implicit in the contract of 6% per annum.
  • Motor vehicle leases from Leaseplan Australia Ltd that expire from September to November 2022 at an average interest rate implicit in the contracts of 4.18% to 5.96% per annum.
  • Singapore office lease from Yuong Lee Industries Pte Ltd which expires on 31 December 2023, at an average interest rate implicit in the contract of 6% per annum.
  • Copier lease from Ethoz Capital Ltd which expires 30 March 2024, at an average interest rate implicit in the contract of 6% per annum.

ASX Listing Rules Appendix 4C (17/07/20)

Page 4

+ 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

8. Estimated cash available for future operating activities

8.1 Net cash from / (used in) operating activities (item 1.9)

8.2 Cash and cash equivalents at quarter end (item 4.6)

8.3 Unused finance facilities available at quarter end (item 7.5)

8.4 Total available funding (item 8.2 + item 8.3)

8.5 Estimated quarters of funding available (item 8.4 divided by item 8.1)

$US'000

(1,534)

4,446

2,351

6,797

4.4

For personal use

Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5.

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

8.6.1 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

8.6.2 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

8.6.3 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

Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.

ASX Listing Rules Appendix 4C (17/07/20)

Page 5

+ See chapter 19 of the ASX Listing Rules for defined terms.

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Wellard Ltd. published this content on 25 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2022 05:56:05 UTC.