ADSLOT LIMITED Appendix 4C - Quarterly report
Commentary for the quarter ending 31 March 2017
Cash receipts from customers for the March 2017 quarter were $2.93m, slightly down on the previous quarter's receipts of $3.16m. The March quarter is seasonally impacted by a very low January, which we observed again this year. We were also affected by quarter end timing, as we received $0.44m from customers in the US on 1 April which is not included in this Appendix 4C. If this had been received one day earlier, Receipts from Customers would have been up on last quarter.
Payments during the quarter at $5.90m were higher than the previous quarter of $4.59m. This is in line with our ramping of expenditure in staff and R&D product development as outlined in our Use of Funds disclosed as part of our capital raising late last year.
Payments of $5.90m during the quarter were lower than forecasted payments of $6.26m as a result of lower payments to publishers and lower than forecast ramp in staff and R&D costs.
As anticipated, during the quarter the Company received $2.36m from R&D Tax Incentive relating to its R&D activities for the year ended June 2016.
As a result net cash used in operating activities for the quarter was $0.455m.
In the nine months to March 2017 the business has used $3.99m of cash in operating activities.
The Company is forecasting $6.31m of outflows for the June 2017 quarter compared to $5.90m paid in the March quarter. Whilst staff and R&D expenditure is forecast to increase next quarter, we forecast lower publisher payments.
Cash at the end of the March 2017 quarter was $17.41m.
Lastly, based on R&D expenditure incurred between July 2016 and March 2017, an additional
$2.0m will be collected later this year.
More information on the Company's progress is available via the Company's Trading Update also released today.
Appendix 4C Quarterly report for entities subject to Listing Rule 4.7B Name of entity ADSLOT LTD ABN Quarter ended ("current quarter") 70 001 287 51031 March 2017
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
1. Cash flows from operating activities | 2,934 | 8,432 |
1.1 Receipts from customers | ||
1.2 Payments for | ||
(a) staff costs | (2,174) | (5,655) |
(b) research and development | (1,160) | (3,219) |
(c) publishers | (1,429) | (2,667) |
(d) other cost of sales | (205) | (751) |
(e) advertising and marketing | (27) | (102) |
(f) leased assets | (1) | (3) |
(g) other working capital/overheads | (903) | (2,584) |
1.3 Dividends received (see note 3) | - | - |
1.4 Interest received | 152 | 200 |
1.5 Interest and other costs of finance paid | 0 | 0 |
1.6 Income taxes paid | - | - |
1.7 Government grants and tax incentives | 2,358 | 2,358 |
1.8 Other (provide details if material) | - | - |
1.9 Net cash from / (used in) operating | (455) | (3,991) |
activities |
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
2. Cash flows from investing activities | - | - |
2.1 Payments to acquire: | ||
(a) property, plant and equipment | ||
(b) businesses (see item 10) | - | - |
(c) investments | - | - |
(d) intellectual property | - | - |
(e) other non-current assets | (67) | (149) |
2.2 Proceeds from disposal of: | ||
(a) property, plant and equipment | - | - |
(b) businesses (see item 10) | - | - |
(c) investments | - | - |
(d) intellectual property | - | - |
(e) 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 | (67) | (149) |
activities |
3.10 Net cash from / (used in) financing activities | - - - - - - - - - | 18,055 - - (1,219) - - - - - |
- | 16,836 |
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
4. Net increase / (decrease) in cash and | 17,977 | 4,746 |
cash equivalents for the period | ||
4.1 Cash and cash equivalents at beginning of | ||
quarter/year to date | ||
4.2 Net cash from / (used in) operating | (455) | (3,991) |
activities (item 1.9 above) | ||
4.3 Net cash from / (used in) investing activities | (67) | (149) |
(item 2.6 above) | ||
4.4 Net cash from / (used in) financing activities | - | 16,836 |
(item 3.10 above) | ||
4.5 Effect of movement in exchange rates on | 45 | (32) |
cash held | ||
4.6 Cash and cash equivalents at end of | 17,410 | 17,410 |
quarter |
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $A'000 | Previous quarter $A'000 | |
5.1 | Bank balances | 2,917 | 1,399 |
5.2 | Call deposits | 14,493 | 16,578 |
5.3 | Bank overdrafts | - | - |
5.4 | Other (provide details) | - | - |
5.5 | Cash and cash equivalents at end of | 17,410 | 17,977 |
quarter (should equal item 4.6 above) | |||
Current quarter $A'000 |
47 |
- |
-
Payments to directors of the entity and their associates
Aggregate amount of payments to these parties included in item 1.2
Aggregate amount of cash flow from loans to these parties included in item 2.3
Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
Directors Fees
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