SEC Form 20-IS - iRemit Global Remittance

- 55 -
The results of IRCGmbH’s operation in Italy follow:
2011 2010
Delivery fees P=5,289,202 P=7,486,658
Realized foreign exchange gains - net 1,006,867 673,204
6,296,069 8,159,862
Cost of services 596,703 3,749,195
Gross income 5,699,366 4,410,667
Other income - net 615,909 38,935
Operating expenses (45,024,921) (34,754,501)
Loss from operations (P=38,709,646) (P=30,304,899)
Gain on sale of assets 65,139,395 −
Income (Loss) from discontinued operations P=26,429,749 (P=30,304,899)
The net cash flows incurred by IRCGmbH in its Italy operations are as follows:
2011 2010
Operating P=27,911,882 (P=29,509,273)
Financing (27,911,882) 30,152,409
P= − P=643,136
29. Contingencies
The Group has various contingencies arising in the ordinary conduct of business which have
pending decision with the courts or are being contested, the outcome of which are not presently
determinable.
In the opinion of management and its legal counsel, the eventual liability under these lawsuits or
claims, if any, will not have a material or adverse effect on the Group’s financial position and
results of operations. The information usually required by PAS 37 is not disclosed on the grounds
that it can be expected to prejudice the outcome of these lawsuits, claims and assessments.
30. Approval of the Release of the Financial Statements
The accompanying consolidated financial statements were approved and authorized for issue by
the Parent Company’s BOD on March 23, 2012.
*SGVMC116502*