February 25th, 2015
iCar Asia Limited (ASX:ICQ), the owner of ASEAN’s number 1 network of automotive portals today released its accounts for the year ended 31 December 2014. Revenue grew by 95% year on year while costs grew by 92%. The Company ended the year with an EBITDA loss of ($13.2m) as it continued to invest in driving dominant market leadership across the core metrics of listings, audience and leads. The closing cash and cash equivalent were $15.4m.
A series of one off costs during 2014 resulted in a total loss after income tax expense for the year of ($16.7m), most notably an impairment of the Company’s Indonesian asset of approximately $3.0m, based on iCar Asia’s intention to continue investing in its leadership position in the Indonesia market.
At a group level, all core metrics demonstrated strong growth throughout the year:
Malaysia – Number 1 Automotive Site
iCar Asia’s Malaysia business, Carlist.my had a very strong year, achieving many key milestones. Highlights include:
Thailand – Number 1 Automotive Site
After acquiring Thailand’s number 2 automotive classifieds website, Thaicar.com in March 2013 in a bid to apply pressure to the clear market leader, One2Car.com, the Company successfully completed the acquisition of One2Car.com in December 2014. The result is ownership of the two leading automotive classifieds websites in Thailand and a clearly dominant position in the market. iCar Asia also owns Thailand’s number one automotive content site, Autospinn.com, which continues to deliver strong numbers across its core metrics.
The combined business has extremely strong operating metrics. Highlights include:
Indonesia - Number 1 Automotive Site
iCar Asia’s Indonesia site, Mobil123.com continues to consolidate its leadership position. The business strategy remains to focus on the Greater Jakarta/Western Java region, and Mobil123.com has seen strong growth in all core metrics. Key highlights include:
Mr. Damon Rielly, CEO of iCar Asia, commented, “2014 was an exceptionally strong year for the Company and we achieved all the goals we had set at the beginning of the year. We have delivered significant growth in all our core metrics across all three of our operating markets. This has resulted in the establishment of clear market-leadership positions in the three largest automotive markets in the region. The successful launch and strong Dealer engagement with the RMS in both Malaysia and Indonesia has also been a highlight, and has allowed us to commence monetising car sellers.
Mr. Rielly continued, “We are very excited about 2015. We have a tremendously strong platform, clear leadership positions in all markets, strong adoption of our market-leading products and exceptional engagement with consumers in all markets. I very much look forward to working with our amazing team to take the business to new heights in the year ahead.”
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About iCar Asia Limited (www.icarasia.com)Listed on the Australia Securities Exchange, iCar Asia (ASX: ICQ) owns and operates ASEAN’s No.1 network of automotive portals. Headquartered in Kuala Lumpur, Malaysia, the company is focused on developing and operating leading automotive portals in Malaysia, Indonesia and Thailand. iCar Asia is continuously working to capitalise on its market-leading positions, with its online properties currently reaching approximately 12million car buyers and sellers in the region every month.
iCar Asia Network of websites: