Wellard : Appendix 4C - Quarterly Cash Flow Q3

Rule 4.7B

Appendix 4C

For personal use only

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

Name of entity

WELLARD LIMITED

ABN

53 607 708 190

Quarter ended ("current quarter")

31 March 2022

2. 2.1

Cash flows from investing activities Payments to acquire or for:

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

For personal use only

4.

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

4.1

Cash and cash equivalents at beginning of period

4.2

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

4.3

Net cash from / (used in) investing activities (item 2.6 above)

4,446 14,471

6,736 16,097

(5)

(554)

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

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

For personal use only

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

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

• 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.

  For personal use only

• 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

  7,902 - 3,605 11,507

  5,700 - 3,605 9,305

• 7.5 Unused financing facilities available at quarter-end

  2,202

• 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 March 2022, US$1.798 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. By mutual agreement in March 2022, this arrangement was brought forward to 28 June 2022 at the same interest rate.

  • • 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. By mutual agreement in March 2022, this arrangement was extended to 28 June 2022 at the same interest rate.

  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)

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

For personal use only

N/A

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)

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

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