SEC Form 20-IS - iRemit Global Remittance
SEC Form 20-IS - iRemit Global Remittance SEC Form 20-IS - iRemit Global Remittance
- 35 - In 2009 and 2008, the Parent Company purchased 130,900 shares (P=0.13 million) and 548,500 shares (P=0.55 million), respectively, under the SSPP. The 808,100 shares (including 128,700 shares purchased in 2007) purchased under the SSPP, were subsequently transferred on September 2009 to the retirement fund of the Parent Company (see Notes 16 and 17). On September 16, 2011, the Board of Directors of the Parent Company adopted a resolution authorizing the buy-back of up to ten million (10,000,000) of its shares from the market. The Parent Company purchased 4,873,000 shares (P=11.35 million) under the buy-back program. In 2011, the Parent Company also purchased 671,000 shares (P=1.52 million) under the buy-back program approved in August 15, 2008 as discussed above. Capital Management The Parent Company’s capital is composed of its equity, which amounts to P=1.20 billion and P=1.16 billion as of December 31, 2011 and 2010, respectively. The Parent Company’s capital management activities seek to ensure that it maintains a healthy capital ratio in order to support its businesses and maximize shareholder value by optimizing the level and mix of its capital resources. Decisions on the allocation of capital resources are being performed as part of the strategic planning review. The Parent Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Parent Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended December 31, 2011 and 2010. The Parent Company’s objective is to ensure that there are no known events that may trigger direct or contingent financial obligation that is material to the Company, including default or acceleration of an obligation. The Parent Company is not subject to externally imposed capital requirements. 16. Retirement Plan The Parent Company has a noncontributory defined benefit retirement plan covering substantially all of its regular employees. Under this retirement plan, all qualified employees are entitled to cash benefits after satisfying age and service requirements. Provisions for pension obligations are established for benefits payable in the form of retirement pensions. Benefits are dependent on years of service and the respective employee’s latest monthly salary. The Parent Company determined its transitional liability for defined benefit retirement plan merely as the present value of the obligation since the Parent Company had no plan assets at the date of the adoption. Transitional liability is amortized prospectively over five (5) years starting on January 1, 2005. The latest actuarial valuation report on the retirement plan is dated December 31, 2011. *SGVMC116501*
- 36 - The principal actuarial assumptions used in determining the retirement liability of the Parent Company as of January 1, 2011 and 2010 follow: 2011 2010 Discount rate 9.69% 11.25% Future salary increases 8.00% 9.00% Expected return on plan assets 6.00% 6.00% Average remaining working life (in years) 32.10 31.8 The discount rates used to arrive at the present value of the obligation as of December 31, 2011 and 2010 are 6.70% and 9.69%, respectively. The amounts recognized in the parent company balance sheets follow: 2011 2010 Present value of obligation P=22,524,680 P=21,847,360 Fair value of plan assets 21,816,324 15,196,930 Deficit (surplus) 708,356 6,650,430 Unrecognized actuarial losses (1,076,750) (5,872,169) Retirement (asset) liability (P=368,394) P=778,261 The movements in the fair value of plan assets in 2011 and 2010 are as follows: 2011 2010 Balance at beginning of year P=15,196,930 P=12,421,022 Contributions 6,895,233 5,229,490 Expected return on plan assets 1,118,673 738,073 Benefits paid from plan assets – (548,626) Actuarial (loss) gain (1,394,512) (2,643,029) Balance at end of year P=21,816,324 P=15,196,930 The actual return on the plan assets of the Parent Company in 2011 and 2010 amounted to a loss of P=1.90 million and a gain of P=4.45 million, respectively. The Parent Company expects to contribute P=6.53 million to its retirement fund in 2012. The movements in the present value of obligation are as follows: 2011 2010 Balance at beginning of year P=21,847,360 P=10,080,516 Current service cost 4,618,548 2,143,246 Interest cost 2,117,009 1,134,058 Benefits paid from plan assets – (548,626) Actuarial loss (6,058,237) 9,038,166 Balance at end of year P=22,524,680 P=21,847,360 *SGVMC116501*
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- Page 160 and 161: - 17 - d. Contingencies The Parent
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- Page 168 and 169: 6. Cash and Cash Equivalents This a
- Page 170 and 171: 10. Investments in Subsidiaries and
- Page 172 and 173: - 29 - IRCL On October 1, 2004, the
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- Page 192 and 193: I-REMIT, INC. 26/F Discovery Centre
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- Page 201 and 202: Item 1. Financial Statements PART I
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- Page 207 and 208: million as of March 31, 2012, a dec
- Page 209 and 210: Lucky Star Management Limited Perfo
- Page 211 and 212: Power Star Asia Group Limited Perfo
- Page 213 and 214: Summary of Significant Accounting P
- Page 215 and 216: Day 1 difference Where the transact
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- Page 222 and 223: MINUTES OF THE ANNUAL STOCKHOLDERS
- Page 224 and 225: RELEVANT RESOLUTIONS APPROVED BY TH
- Page 226: February 17, 2012 March 23, 2012 Ma
- 36 -<br />
The principal actuarial assumptions used in determining the retirement liability of the Parent<br />
Company as of January 1, <strong>20</strong>11 and <strong>20</strong>10 follow:<br />
<strong>20</strong>11 <strong>20</strong>10<br />
Discount rate 9.69% 11.25%<br />
Future salary increases 8.00% 9.00%<br />
Expected return on plan assets 6.00% 6.00%<br />
Average remaining working life (in years) 32.10 31.8<br />
The discount rates used to arrive at the present value of the obligation as of December 31, <strong>20</strong>11<br />
and <strong>20</strong>10 are 6.70% and 9.69%, respectively.<br />
The amounts recognized in the parent company balance sheets follow:<br />
<strong>20</strong>11 <strong>20</strong>10<br />
Present value of obligation P=22,524,680 P=21,847,360<br />
Fair value of plan assets 21,816,324 15,196,930<br />
Deficit (surplus) 708,356 6,650,430<br />
Unrecognized actuarial losses (1,076,750) (5,872,169)<br />
Retirement (asset) liability (P=368,394) P=778,261<br />
The movements in the fair value of plan assets in <strong>20</strong>11 and <strong>20</strong>10 are as follows:<br />
<strong>20</strong>11 <strong>20</strong>10<br />
Balance at beginning of year P=15,196,930 P=12,421,022<br />
Contributions 6,895,233 5,229,490<br />
Expected return on plan assets 1,118,673 738,073<br />
Benefits paid from plan assets – (548,626)<br />
Actuarial (loss) gain (1,394,512) (2,643,029)<br />
Balance at end of year P=21,816,324 P=15,196,930<br />
The actual return on the plan assets of the Parent Company in <strong>20</strong>11 and <strong>20</strong>10 amounted to a loss<br />
of P=1.90 million and a gain of P=4.45 million, respectively.<br />
The Parent Company expects to contribute P=6.53 million to its retirement fund in <strong>20</strong>12.<br />
The movements in the present value of obligation are as follows:<br />
<strong>20</strong>11 <strong>20</strong>10<br />
Balance at beginning of year P=21,847,360 P=10,080,516<br />
Current service cost 4,618,548 2,143,246<br />
Interest cost 2,117,009 1,134,058<br />
Benefits paid from plan assets – (548,626)<br />
Actuarial loss (6,058,237) 9,038,166<br />
Balance at end of year P=22,524,680 P=21,847,360<br />
*SGVMC116501*
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