SEC Form 20-IS - iRemit Global Remittance
SEC Form 20-IS - iRemit Global Remittance SEC Form 20-IS - iRemit Global Remittance
I-REMIT, INC. AND SUBSIDIARIES Aging of Consolidated Receivables Unaudited March 31, 2012 Total Current 2-30 Days 31-60 Days Over 60 Days Agents 775,789,070 775,789,070 - - - Couriers 9,928,743 - 9,928,743 - - Related Parties 25,131,100 - - - 25,131,100 Others 53,725,950 - - - 53,725,950 864,574,863 775,789,070 9,928,743 - 78,857,050 5
Item 1. Financial Statements PART I – FINANCIAL INFORMATION The following financial statements are submitted as part of this report: a. Consolidated Balance Sheets as of March 31, 2012 (unaudited) and December 31, 2011 (audited); b. Unaudited Comparative Consolidated Statements of Income for the three (3) months ended March 31, 2012 and March 31, 2011; c. Unaudited Comparative Consolidated Statements of Changes in Equity for the three (3) months ended March 31, 2012 and March 31, 2011; d. Unaudited Comparative Consolidated Statements of Cash Flows for the three (3) months ended March 31, 2012 and March 31, 2011; e. Unaudited Aging of Consolidated Receivables as of March 31, 2012. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations March 31, 2012 vs. December 31, 2011 The total assets of the Company increased by PHP 51.4 million or 2.3% to PHP 2.325 billion as of March 31, 2012 against PHP 2.273 billion as of December 31, 2011. Cash and cash equivalents increased by PHP 260.6 million or 29.2% from PHP 891.2 million as of December 31, 2011 to PHP 1.151 billion as of March 31, 2012. Financial assets at FVPL, which consist of investments in private debt securities (listed overseas) held for trading, decreased by PHP 16.2 million or -12.9% from PHP 125.2 million as of December 31, 2011 to PHP 109.0 million as of March 31, 2012. Accounts receivable decreased by PHP 151.8 million or -16.3% from PHP 933.5 million as of December 31, 2011 to PHP 781.8 million as of March 31, 2012. Other receivables decreased by PHP 31.6 million or -27.7% from PHP 114.4 million as of December 31, 2011 to PHP 82.8 million as of March 31, 2012. Other current assets decreased by PHP 13.8 million or -47.5% from PHP 28.9 million as of December 31, 2011 to PHP 15.2 million as of March 31, 2012. Investments in associates decreased by PHP 4.4 million or -19.1% from PHP 23.0 million as of December 31, 2011 to PHP 18.6 million as of March 31, 2012. Property and equipment-net increased by PHP 4.1 million or 21.5% from PHP 19.2 million as of December 31, 2011 to PHP 23.3 million as of March 31, 2012. Goodwill increased by PHP 0.3 million or 0.3% from PHP 92.7 million as of December 31, 2011 to PHP 93.0 million as of March 31, 2012 due to foreign exchange adjustment. Deferred tax asset increased by PHP 2.2 million or 44.3% from PHP 5.0 million as of December 31, 2011 to PHP 7.2 million as of March 31, 2012. Software costs–net increased by PHP 0.1 million or 9.7% from PHP 1.4 million as of December 31, 2011 to PHP 1.6 million as of March 31, 2012. Other noncurrent assets increased by PHP 1.8 million or 4.7% from PHP 38.9 million as of December 31, 2011 to PHP 40.8 million as of March 31, 2012. 6
- 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 180 and 181: - 37 - The amounts of retirement ex
- 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: I-REMIT, INC. AND SUBSIDIARIES Cons
- 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
I-REMIT, INC. AND SUBSIDIARIES<br />
Aging of Consolidated Receivables<br />
Unaudited<br />
March 31, <strong>20</strong>12<br />
Total Current 2-30 Days 31-60 Days Over 60 Days<br />
Agents 775,789,070 775,789,070<br />
-<br />
-<br />
-<br />
Couriers 9,928,743 - 9,928,743<br />
-<br />
-<br />
Related Parties 25,131,100 -<br />
-<br />
- 25,131,100<br />
Others 53,725,950 -<br />
-<br />
- 53,725,950<br />
864,574,863 775,789,070 9,928,743 - 78,857,050<br />
5
Change language