Country for PR: Malaysia
Contributor: Bernama News Agency
Wednesday, January 16 2019 - 15:32
iCar Asia's Q4 cash receipts grows 36%, Thailand is EBITDA and cashflow positive
KUALA LUMPUR, Malaysia, Jan. 16, 2019/Bernama-AsiaNet/ --

• Thailand operations became EBITDA and cash flow positive in December.
• Malaysia records its first quarterly positive EBITDA and net cashflow 
• Cash receipts from customers in Q4 grew 36% year on year to A$3.0 million
• Operational metrics continue to grow strongly with group audience increasing 
17% year on year

iCar Asia Limited (‘iCar Asia’, the ‘Group’ or the ‘Company’), ASEAN's number 1 
network of automotive portals, has published its Appendix 4C for the final 
quarter of 2018. 

iCar Asia’s Thailand operations are EBITDA and cashflow positive from December
In December, iCar Asia’s Thailand operation became EBITDA and cashflow 
positive.  This is expected to continue on a quarterly basis and is in line 
with iCar Asia’s original guidance. iCar Asia’s Malaysian business also had its 
first full quarter of positive EBITDA and cashflow in Q4 following its move to 
breakeven in September.  As a result the Group remains on track to reach 
breakeven by the end of 2019. 

Cash receipts for Q4 of A$3.0 million growing at 36% year on year 
Cash receipts for Q4 delivered growth of 36% over Q4 last year to slightly 
above A$3.0 million This represents a fourth consecutive quarterly cash 
collections of over A$3 million. 

The Auction business, launched in 2H 2018, continues to gather momentum. The 
gross market value of cars sold through the platform has now reached A$2.3 
million since its inception.  The process of auction sales is now fully 
optimized and includes the escrow payments from buyer to seller. As a result 
cash receipts and payments is impacted by this new business operations as the 
business holds cash in escrow from the buyer whilst the transaction is 
completed with the seller. As this is now a significant business, net receipts 
from the auction business will be separately disclosed from Q4 2018 onwards in 
quarterly cash results. 

Net operating cash improved 19% over Q4 2017
Net cash used in operating activities decreased for a third quarter in a row 
strongly. It is down 19% over Q4 2017. With iCar Asia’s two largest markets now 
becoming positive cash contributors, with a stable expense base the coming 
quarters are expected to show continued reductions of net operating cash flow 
setting the Company up well for 2019. 

The Company closed Q4 with A$9.5 million in cash and cash equivalents. Whilst 
the group has access to additional funds of up to A$16.5 million consisting of 
a A$5 million debt facility and proceeds of share options of A$11.5 million 
contingent on the prevailing share price on or before the option expiry date, 
the company is not factoring them into their current capital plans.

iCar Asia continues its operational progress 
The company grew its audience by 17% versus the corresponding quarter in 2017 
with an average audience of approximately 12 million per month. Overall 
listings saw a 7% drop to 430,000, driven by initiatives to improve the quality 
of listings.  Lead generation also decreased 7% YoY with a further push towards 
quality of traffic and leads.   

Malaysia continued its strong performance throughout Q4 2018 as it continued to 
deliver a positive EBITDA margin. On average for Q4 2018 audience saw an 
increase of 30%, and leads generated were 36% higher than the same period in 
2017. The strategy to continue towards listing quality resulting in deletion of 
low quality or sold listings resulted in a small decrease in listings quarter 
on quarter for Q4 of 2%. The number of paid accounts improved in Q4 2018 and 
was up 12% versus Q3 2018 with the continued growth and win back of accounts 
after the price increases in May 2018.

Thailand became the second country after Malaysia to achieve EBITDA breakeven 
in December 2018. In addition to this the business remains focused on growing 
paid accounts which were up by 17% versus the equivalent quarter in 2017.  
Strong increases were also delivered in listings and audience (14% and 11% 
respectively) and these results helped ensure that the positive EBITDA result 
was achievable.

Indonesia took its next steps in its monetization strategy for used car. Used 
Car subscriptions and restrictions on free listing were introduced in 
September. The focus since then has been on driving adoption with existing 
paying accounts to these new subscription products. So far take-up has been 
good with the average number of paid accounts in Q4 2018 per month remaining 
flat versus Q3 2018, even at this higher level of monetization.  Other 
operational metrics also showed positive growth versus the equivalent quarter 
in 2017 with listings increasing by 5%, and audience by 16%.

“iCar Asia had a very strong finish to 2018 with both its Malaysian and 
Thailand businesses becoming EBITDA positive, and its Indonesia business taking 
a big step forward in monetization. This momentum is being carried into 2019 
and as a Group we are well positioned to achieve breakeven by the end of 2019.  
We remain committed to our vision of driving the digital transformation in the 
automotive industry in the ASEAN region and see 2019 as a year to confirm iCar 
Asia’s position in the region as the catalyst for this change,” said Hamish 
Stone, CEO of iCar Asia.

About iCar Asia Limited (
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 12 
million car buyers and sellers in the region every month.

iCar Asia Network of websites
o Malaysia:
o Malaysia:
o Malaysia: CarlistBid (
o Indonesia:
o Indonesia:
o Indonesia: Mobil123Bid (
o Thailand:
o Thailand:
o Thailand:
o Thailand: One2CarBid (
o Group: iCarData (

Name : Hamish Stone						
Chief Executive Officer				
iCar Asia Ltd						
Mobile : +6017 473 3778				
Email :        		

Name : Yee Chin Beng 
Chief Financial Officer 
iCar Asia Ltd 
Mobile : +6012 655 8333
Email : 

SOURCE : iCar Asia Limited

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