BUTN LIMITED — Interim / Quarterly Report 2022

Oct 27, 2021

Rule 4.7B

Appendix 4C

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

Name of entity

Butn	Limited
ABN		Quarter ended (“current	quarter”)
42 644 182 883		30 September 2021
Consolidated statement of cash flows		Current quarter	Year to date
		$A’000	(3 months)
			$A’000
1.	Cash flows from operating activities
1.1	Receipts from customers	1,269	1,269
1.2	Payments for
	(a) research and development
	(b) product manufacturing and operating	(301)	(301)
	costs
	(c) advertising and marketing
	(d) leased assets
	(e) staff costs	(881)	(881)
	(f) administration and corporate costs	(1,115)	(1,115)
1.3	Dividends received (see note 3)
1.4	Interest received	3	3
1.5	Interest and other costs of finance paid	(801)	(801)
1.6	Taxes paid	(173)	(173)
1.7	Government grants and tax incentives
1.8	Other (provide details if material)
1.9	Net cash from / (used in) operating	(1,999)	(1,999)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire or for:
	(a) entities
	(b) businesses
	(c) property, plant and equipment
	(d) investments
	(e) intellectual property	(1,144)	(1,144)
	(f) other non-current assets

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date
		$A’000	(3 months)
			$A’000
2.2	Proceeds from disposal of:
	(a) entities
	(b) businesses
	(c) property, plant and equipment
	(d) investments
	(e) intellectual property
	(f) other non-current assets
2.3	Cash flows from loans to other entities
2.4	Dividends received (see note 3)
2.5	Net payment for receivables	(4,913)	(4,913)
2.6	Net cash from / (used in) investing	(6,057)	(6,057)
	activities
3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities
	(excluding convertible debt securities)	20,000	20,000
3.2	Proceeds from issue of convertible debt
	securities
3.3	Proceeds from exercise of options
3.4	Transaction costs related to issues of	(1,509)	(1,509)
	equity securities or convertible debt
	securities
3.5	Proceeds from borrowings
3.6	Repayment of borrowings	(3,762)	(3,762)
3.7	Transaction costs related borrowings	(140)	(140)
3.8	Dividends paid
3.9	Other (provide details if material)
3.10	Net cash from / (used in) financing	14,589	14,589
	activities
4.	Net increase / (decrease) in cash and
	cash equivalents for the period
4.1	Cash and cash equivalents at beginning of
	period	15,508	15,508
4.2	Net cash from / (used in) operating	(1,999)	(1,999)
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	(6,057)	(6,057)
	(item 2.6 above)
4.4	Net cash from / (used in) financing activities	14,589	14,589
	(item 3.10 above)

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

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Consolidated statement of cash flows Current quarter Year to date
$A’000 (3 months)
$A’000
4.5 Effect of movement in exchange rates on
cash held
4.6 Cash and cash equivalents at end of 22,041 22,041
period
5. Reconciliation of cash and cash Current quarter Previous quarter
equivalents $A’000 $A’000
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
5.1 Bank balances 6,109 15,508
5.2 Call deposits 15,932 -
5.3 Bank overdrafts
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of 22,041 15,508
quarter (should equal item 4.6 above)
6. Payments to related parties of the entity and their Current quarter
associates $A'000
6.1 Aggregate amount of payments to related parties and their 206
associates included in item 1
6.2 Aggregate amount of payments to related parties and their
associates included in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an
explanation for, such payments.
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ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

7.	Financing facilities Total facility Amount drawn at
	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. amount at quarter end $A’000 quarter end $A’000
7.1	Loan facilities 38,821 38,821
7.2	Credit standby arrangements
7.3	Other (please specify)
7.4	Total financing facilities 38,821 38,821
7.5	Unused financing facilities available at quarter end -
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.
	Loan facilities comprise:
	(a) $38.0 million of corporate bonds with AMAL Trustees Pty Ltd across two special
	purpose vehicles in the AFC 2018-1 Trust and AFC 2019-1 Trust. AFC 2018-1 Trust
	consists of Class A and Class B Notes amounting to $12.75 million and $1.50
	million respectively, with a maturity in October 2022. AFC 2019-1 Trust consists of
	Class A and Class B Notes amounting to $21.25 million and $2.50 million
	respectively, with a maturity in July 2023. Class A and Class B Notes carry interest
	of 8% and 12% respectively. The AFC 2018-1 Trust and AFC 2019-1 Trust are
	secured against the funded receivables.
	In September 2021, Noteholders agreed to amend key AFC 2018-1 Trust terms
	including from the effective date (29 October 2021) interest on Class A Notes would
	be 6.2%, the maturity date would be extended to October 2023, additional Notes
	could be issued on the same terms and Class B Notes would be redeemed.
	(b) An unsecured loan from Action Funding (Aust) Pty Ltd, a related party, amounting
	to $0.82 million, maturing after July 2023 and which does not accrue interest.

8.	Estimated cash available for future operating activities	$A’000
8.1	Net cash from / (used in) operating activities (item 1.9)	(1,999)
8.2	Cash and cash equivalents at quarter end (item 4.6)	22,041
8.3	Unused finance facilities available at quarter end (item 7.5)	-
8.4	Total available funding (item 8.2 + item 8.3)	22,041
8.5	Estimated quarters of funding available (item 8.4 divided by item 8.1)	11
	Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a
	figure for the estimated quarters of funding available must be included in item 8.5.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: ........28 October 2021..................................................

Authorised by: .........By the Board.......................................................

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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