Posted on October 6th, 2015
October, 2015 ‐ iCar Asia Limited (ICQ or the ‘company’), owner of ASEAN’s number 1 network of automotive portals today released its latest quarterly Appendix 4C. Cash receipts for Q3 2015 increased by 146% over the prior corresponding period to a record A$1.63m, bringing the 2015 year‐to‐date cash receipts total to A$4.36m. This represents an increase of 140% over the equivalent period in 2014. Quarter on quarter growth in cash receipts was 25%.
Net operating cash outflow for the quarter was $2.93m, $0.60m lower than Q3 of 2014.
Strong balance sheet ‐ Driving to break‐even
During Q3 2015, carsales.com Limited topped up their holding in the Company to 20.2%, resulting in the investment of an additional A$3.80m into the company. The company finished the period with A$21.51m in cash and cash equivalents. These funds are expected to be sufficient to take the company to break‐even by Q4 2017.
Ahead of expectations, the Company’s Thailand operations were EBITDA profitable in Q3, a key milestone on the path to group profitability. Revenue in the Company’s Malaysian operations also grew very strongly, resulting in lower than expected losses during the period. As a result, the Company now expects Malaysia to have its first EBITDA profitable month before the end of 2015.
Country Operating Update:
Malaysia – Number 1: Increasing revenue and moving closer to profitability
The Company’s Malaysian business, Carlist.my delivered another strong quarter, extending its market leadership position. Key highlights were:
Damon Rielly, CEO of iCar Asia said, “Carlist.my is continuing to perform very strongly. This is evident in the continued growth in paying accounts and rapid revenue growth we are demonstrating. Malaysia is firmly on the path to profitability.”
Thailand – Number 1: Profitable quarter and growing revenue
The Company’s Thailand business delivered an exceptional quarter, extending its market leadership position. Key highlights were:
Mr Rielly said, “We have successfully integrated One2car.com into the iCar Asia group, consolidated its leadership position and demonstrated EBITDA profitability for a full quarter. With depth product take‐up increasing strongly and regional expansion underway for the fourth quarter, we are expecting to see continuing improvements in operating performance.”
Indonesia – Number 1: Clear market leadership and commencing monetisation
The Company’s Indonesian business, Mobil123.com delivered another strong quarter, extending its market leadership position. Key highlights were:
Mr Rielly said, “We are extremely happy with the strength of our leadership position and the engagement of car dealers with our market‐leading RMS system in Indonesia. We have now commenced monetizing this engagement and look forward to the results over the next quarter.”
Mr Rielly continued, “We have had an enormously successful quarter which has resulted in the achievement of many milestones in advance of our expectations. I expect we will have a very strong finish to 2015 and I am confident that iCar Asia is on track to realise the massive potential that awaits the clear leading online automotive market place in ASEAN.”
Sources: Google Analytics and internal
A Note On Lead Measurement
With the commencement of its Pay‐Per‐Lead (PPL) trial, the Company has moved to a deeper level of lead measurement. The objective is to better understand how effectively the Company’s websites and apps are converting its audience to leads that a car seller will pay for. As part of the PPL model work, the company recently upgraded to Google Analytics Premium which allows greater insights into consumer on‐site behavior and lead measurement. As a result, from 1 October on Carlist.my, One2car.com and Mobil123.com a ‘lead’ will be defined as: a unique visitor that enquires on a vehicle at a dealership. Multiple ‘leads’ from the sameunique visitor within a 30 day period will not be counted. This methodology aligns to the PPL monetisation model and how a dealer will be charged.
For more information please contact:
Chief Executive Officer
iCar Asia Ltd
Mobile: +60 17 473 3778
iCar Asia Ltd
Tel: +613 8689 9997
Listed on the Australian 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 capitalize on its market-leading positions, with its online properties currently reaching over 4.8 million car buyers and sellers in the region every month.