SEC Form 20-IS - iRemit Global Remittance

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- 37 - The amounts of retirement expense included in ‘Salaries, wages and employee benefits’ in the parent company statements of income are as follows: 2011 2010 2009 Current service cost P=4,618,548 P=2,143,246 P=1,819,273 Interest cost 2,117,009 1,134,058 999,326 Expected return on plan assets (1,118,673) (738,073) – Actuarial (gains) loss recognized 131,694 (163,104) (53,418) Amortization of transitional liability – – 252,228 P=5,748,578 P=2,376,127 P=3,017,409 The movements in the retirement (asset) liability recognized in the parent company balance sheets are as follows: 2011 2010 Balance at beginning of year P=778,261 P=3,631,624 Retirement expense 5,748,578 2,376,127 Contributions (6,895,233) (5,229,490) Balance at end of year (P=368,394) P=778,261 Movements in the unrecognized actuarial (gains) losses are as follows: 2011 2010 Balance at beginning of year 5,872,169 (P=5,972,130) Actuarial loss (gain) during the year (4,663,725) 11,681,195 Actuarial (loss) gain recognized (131,694) 163,104 Balance at end of year P=1,076,750 P=5,872,169 The major categories of plan assets follow: 2011 2010 Private equity securities* P=9,245,139 P=10,249,745 Deposits in banks 7,613,374 2,047,387 Government debt securities 4,763,467 2,760,719 Interest receivable 215,615 162,126 Trust fee payable (21,271) (23,047) P=21,816,324 P=15,196,930 *This includes P=0.81 million of the Parent Company’s own equity securities bought under the SSPP (see Note 17). The amounts of experience adjustments relating to the plan liabilities of the Parent Company follow: 2011 2010 2009 2008 2007 Present value of obligation 22,524,680 P=21,847,360 P=10,080,516 P=6,574,511 P=7,770,113 Fair value of plan assets 21,816,324 15,196,930 12,421,022 3,168,050 − Deficit (surplus) 708,356 6,650,430 (2,340,506) 3,406,461 7,770,113 Changes in actuarial assumptions (498,493) 9,932,542 1,070,082 (3,766,312) (9,785,892) Experience adjustments on plan liabilities (5,559,744) (894,376) (382,676) (206,448) 4,176,250 Experience adjustments on plan assets (1,394,512) (2,643,029) 4,452,972 – − *SGVMC116501*
17. Special Stock Purchase Program (SSPP) - 38 - On July 20, 2007, the Parent Company’s BOD approved the proposal to set up an SSPP totaling 15,000,000 shares for the employees of the Parent Company who have been in the service for at least one (1) calendar year as of June 30, 2007, as well as its BOD members, resource persons and consultants (collectively referred to as “the Participants”). A Notice of Exemption under Section 10.2 of the Securities Regulations Code had been approved by the SEC on September 13, 2007. Notwithstanding the aforesaid confirmation by the SEC of the exempt status of the SSPP shares, the SEC nonetheless required the Parent Company to include the SSPP shares among the shares of the Parent Company which were registered with the SEC prior to the conduct of its Initial Public Offering in October 2007. The registration of the Parent Company shares, together with the SSPP shares, was rendered effective on October 5, 2007. All 15,000,000 shares were exercised. The shares subject to the SSPP were sold at par value or P=1.00 per share. Total shares amounting to P=11.74 million were paid in full, while the difference totaling P=3.26 million were paid by way of salary loan. Shares acquired through SSPP are subject to a lock-up period of 2 years from date of issue, which ended on September 19, 2009. The sale is further subject to the condition that should the officer or employee resign from the Parent Company prior to the expiration of the lock-up period, the shares purchased by such resigning employee or officer shall be purchased at cost by the Parent Company as Treasury stock. As of December 31, 2009, 24 employees resigned (9 in 2009, 13 in 2008 and 2 in 2007) and their shares totaling 808,100 (130,900 in 2009, 548,500 in 2008 and 128,700 in 2007) were bought back by the Parent Company. As approved by the Parent Company’s BOD, the fair value of the shares issued under the SSPP was measured at the grant date using the price-earnings multiple model taking into account the terms and conditions upon which the shares were granted. The fair value at grant date was P=1.33 per share. This transaction also resulted in an increase in equity by P=1.53 million, P=2.16 million and P=1.00 million recognized as ‘Share-based payment’ under equity in 2009, 2008 and 2007, respectively. On September 19, 2009, which is the end of the lock up period, the 808,100 shares bought back at cost was transferred to the Parent Company’s retirement fund upon reimbursement of the P=0.81 million paid by the Parent Company for those shares (see Note 16). The expense arising from the share-based payment plan is recognized over the two-year lock-up period. The expense recognized under ‘Salaries, wages and employee benefits’ in the parent company statements of income amounted to P=1.53 million in 2009. 18. Operating Lease Commitments The Parent Company has entered into the following lease agreements for its office spaces: (a) On September 30, 2008, a lease agreement with Sta. Elena Divisoria Condo was made for a period of 60 months commencing on October 1, 2008 to September 30, 2013 with a 10.00% escalation rate effective on the second year up to the fifth year of the lease term. The contract was cancelled in May 2009. *SGVMC116501*
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• 1!I~lJllr June 25, 2012 THE PHI
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IRE:lftlr I-Remit, Inc. TO: ALL STO
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GENERAL INFORMATION Date, time and
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Note: The PCD Nominee Corporation (
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Harris Edsel D. Jacildo Mr. Jacildo
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Mr. Tan has also been the Corporate
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Ronald A. Benito Mr. Benito joined
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Involvement in Certain Legal Procee
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The compensation of the key managem
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Compensation Plans As described abo
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SIGNATURES After reasonable inquiry
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I-Remit Australia Pty Ltd, a wholly
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Properties I-Remit, Inc. and its su
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Company’s shareholders. Any stock
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Committees of the Board of Director
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Plan of Operation MANAGEMENT’S DI
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Full Years 2011 compared to 2010 I-
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Total liabilities declined by PHP 1
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2010 compared to 2009 I-Remit reali
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IREMIT EUROPE Remittance Consulting
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I-Remit New Zealand Limited Perform
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Below are the comparative key perfo
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Goodwill decreased by PHP 1.5 milli
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IREMIT Remittance Consulting GmbH M
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I-REMIT, INC. AND SUBSIDIARIES NOTE
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- 3 - Statement of Compliance The a
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- 5 - Changes in Accounting Policie
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- 7 - deferred cumulative amount pr
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- 9 - For all other financial instr
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- 11 - Estimates of changes in futu
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- 13 - Gains or losses arising from
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- 15 - Once a financial asset or a
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- 17 - Income Taxes Current tax Cur
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- 19 - Related party relationships
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- 21 - PFRS 13, Fair Value Measurem
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- 23 - d. Discontinued Operations M
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- 25 - As of December 31, 2011 and
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- 27 - The following methods and as
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- 29 - As at December 31, 2011, the
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- 31 - Change in nominal 2010 Chang
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6. Cash and Cash Equivalents This a
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10. Other Current Assets This accou
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Office and Communication Equipment
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- 39 - value of the additional inte
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16. Interest-Bearing Loans - 41 - T
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- 43 - The Group’s objective is t
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The major categories of plan assets
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- 47 - (f) On July 1, 2011, the Par
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- 49 - In the ordinary course of bu
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- 51 - The table below shows the in
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- 53 - Segment information as of an
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- 55 - The results of IRCGmbH’s o
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- 1 - I-REMIT, INC. SCHEDULE OF RET
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- 3 - Schedule II Page 2 of 5 PFRSs
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- 5 - Schedule II Page 4 of 5 Impor
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- 7 - I-REMIT, INC. AND SUBSIDIARIE
Page 129 and 130: Name of Debtor - 9 - I-Remit, Inc.
Page 131 and 132: - 11 - I-Remit, Inc. and Subsidiari
Page 133 and 134: - 13 - I-Remit, Inc. and Subsidiari
Page 135 and 136: Title of Issue (i) Number of shares
Page 144 and 145: I-REMIT, INC. NOTES TO PARENT COMPA
Page 146 and 147: - 3 - The adoption of the following
Page 148 and 149: - 5 - After initial measurement, ot
Page 150 and 151: - 7 - If the Parent Company determi
Page 152 and 153: - 9 - assets or groups of assets, i
Page 154 and 155: - 11 - actuarial gains and losses a
Page 156 and 157: - 13 - A change in the ownership in
Page 158 and 159: - 15 - PFRS 11, Joint Arrangements
Page 160 and 161: - 17 - d. Contingencies The Parent
Page 162 and 163: - 19 - As of December 31, 2011 the
Page 164 and 165: - 21 - The main risks arising from
Page 166 and 167: - 23 - The following tables set for
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
Page 174 and 175: - 31 - 2009 Balance Sheets Statemen
Page 176 and 177: 13. Beneficiaries and Other Payable
Page 178 and 179: - 35 - In 2009 and 2008, the Parent
Page 182 and 183: - 39 - (b) A lease agreement with W
Page 184 and 185: 22. Related Party Transactions - 41
Page 186 and 187: - 43 - The amounts payable to PSAGL
Page 188 and 189: - 45 - In the opinion of management
Page 190 and 191: - 47 - Taxes and licenses Other tax
Page 192 and 193: I-REMIT, INC. 26/F Discovery Centre
Page 194: I-REMIT, INC. AND SUBSIDIARIES (Com
Page 197 and 198: I-REMIT, INC. AND SUBSIDIARIES Cons
Page 199 and 200: I-REMIT, INC. AND SUBSIDIARIES Cons
Page 201 and 202: Item 1. Financial Statements PART I
Page 203 and 204: Below are the comparative key perfo
Page 205 and 206: Worldwide Exchange Pty Ltd Performa
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
Page 217 and 218: Historical loss experience is adjus
Page 219 and 220: Foreign Currency Risk Foreign curre
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
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SEC Form 20-IS - iRemit Global Remittance

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