SEC Form 20-IS - iRemit Global Remittance

- 54 -
2009
North Adjustments
Philippines Asia Pacific Europe America and eliminations Total
Financial Performance
Revenue P=473,446 P=119,824 P=73,103 P=112,284 P=– P=778,657
Cost of services (198,769) (2,502) (17,047) (12,619) – (230,937)
Gross income 274,677 117,322 56,056 99,665 – 547,720
Operating expenses (179,005) (69,321) (73,965) (90,068) – (412,359)
Other income (expense) 60,933 53,687 2,167 517 (79,592) 37,712
Income before income tax 156,605 101,688 (15,742) 10,114 (79,592) 173,073
Provision for income tax (27,198) (9,060) (278) (3,389) – (39,925)
Net income 129,407 92,628 (16,020) 6,725 (79,592) 133,148
Noncontrolling interest
Net income attributable to equity
– – – – 3,231 3,231
holders of the Parent Company P=129,407 P=92,628 (P=16,020) P=6,725 (P=76,361) P=136,379
Financial Position
Total assets P=2,404,902 P=248,228 P=73,889 P=81,580 (P=320,488) P=2,488,111
Total liabilities P=1,160,025 P=103,799 P=21,373 P=60,602 (P=110,115) P=1,235,684
Other Segment Information
Capital expenditures P=1,914 P=1,192 P=729 P=5,548 P=– P=9,383
Depreciation and amortization P=8,615 P=1,755 P=1,574 P=2,276 P=– P=14,220
The Group has no intersegment revenues and costs of services in 2011 and 2010.
The Group has no significant customers which contributes 10% or more of the consolidated
revenues.
Segment assets as of December 31, 2011 and 2010 do not include investments in subsidiaries
amounting to P=279.16 million and P=228.98 million, respectively and inter-segment receivables
amounting to P=291.98 million and P=211.64, respectively, which are eliminated on consolidation.
Capital expenditures, which pertain to property, plant and equipment acquired, are disclosed
according to the asset’s physical location.
The Group’s share in net income of associates amounting to P=2.05 million, P=2.50 million and
P=6.15 million in 2011, 2010 and 2009, respectively, are included under Asia Pacific.
28. Discontinued Operations
In February 2010, IRCGmbH (formerly IERCAG) started its remittance business in Italy. On
April 28, 2011, IRCGmbH stopped its money remittance operations in Rome and Milan in Italy in
accordance with Article 75 of the Transitional and Final Provisions of Austrian Payment Services
Act, which stipulated that credit institutions that have held authorizations pursuant to Article 1
paragraph 1 no 23 BWG, as amended by the Federal Act Federal Law Gazette No. 35/2003, prior
to December 25, 2009, have only until April 30, 2011 to carry out their money remittance
operations.
In December 2011, IRCGmbH sold assets relating to its operations in Italy to a third party. These
assets, with an aggregate carrying amount of P=7.29 million, were sold for a consideration of
P=72.43 million thereby resulting to a gain on sale of P=65.14 million.
*SGVMC116502*