SEC Form 20-IS - iRemit Global Remittance

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.
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