SEC Form 20-IS - iRemit Global Remittance

Total liabilities declined by PHP 171.6 million or 15.8% from PHP 1.084 billion at end-2010 to PHP 912.7
million at end-2011 mainly due to lower level of current liabilities. Total liabilities in 2011 and 2010 are 40.1%
and 46.0% of the total liabilities and equity in 2011 and 2010, respectively. Current liabilities decreased by
PHP 170.8 million or 15.7% from PHP 1.083 billion in 2010 to PHP 912.6 million in 2011. Total current
liabilities in 2011 and 2010 are 40.1% and 46.0% of the total liabilities and equity in 2011 and 2010,
respectively. Beneficiaries and other payables increased by PHP 40.6 million or 20.3% from PHP 199.5
million in 2010 to PHP 240.1 million in 2011. Beneficiaries and other payables in 2011 and 2010 are 10.6%
and 8.5% of the total liabilities and equity in 2011 and 2010, respectively. These are mainly due to additional
channels opened in 2011 for the delivery of remittances to beneficiaries. Interest-bearing loans decreased by
PHP 211 million or 24.1% from PHP 877 million in end-2010 to PHP 666 million in end-2011. Interest-bearing
loans in end-2011 and end-2010 are 29.3% and 37.2% of the total liabilities and equity in end-2011 and end-
2010, respectively. These are mainly due to lesser loan exposure at end-2011 mainly brought about by
improved collection of accounts receivable.
The Company’s stockholders’ equity as of December 31, 2011 stood at PHP 1.361 billion, higher by PHP 89.4
million or 7.0% against the end-2010 level of PHP 1.271 billion. Total equity in 2011 and 2010 are 59.9% and
54.0% of the total liabilities and equity in 2011 and 2010, respectively. Capital stock increased by PHP 55.3
million or 9.8% from PHP 562.4 million in 2010 to PHP 617.7 million in 2011. Capital stock in 2011 and 2010
are 27.2% and 23.9% of the total liabilities and equity in 2011 and 2010, respectively. These are mainly due to
the distribution of stock dividend to stockholders on September 8, 2011. Capital paid-in excess of par value
decreased by PHP 38.3 million or 8.9% from PHP 429.5 million in 2010 to PHP 391.2 million in 2011. Capital
paid-in excess of par value in 2011 and 2010 are 17.2% and 18.2% of the total liabilities and equity in 2011
and 2010, respectively. The decrease in capital paid-in excess of par value in 2011 represents excess of
acquisition cost over the carrying value of the non-controlling interests acquired in 2011 (IREMIT Remittance
Consulting GmbH and Worldwide Exchange Pty Ltd). Treasury stock increased by PHP 12.9 million or 32.1%
from -PHP 40.1 million in 2010 to -PHP 53.0 million in 2011. Treasury stock in 2011 and 2010 are -2.3% and -
1.7% of the total liabilities and equity in 2011 and 2010, respectively. The increase in Treasury stock in 2011
represents buy-back of 5,544,000 shares.
Below are the comparative key performance indicators of the Company (Parent Company and subsidiaries):
Performance Indicator Definition December 31, 2011 December 31, 2010
Return on Equity (ROE)
Net income* over average stockholders’ equity during the
period
10% 5%
Return on Assets (ROA) Net income* over average total assets during the period 5% 3%
Earnings per Share (EPS) Net income* over average number of outstanding shares PHP 0.22 PHP 0.11
Sales Growth
Total transaction value in USD in present period over the
previous year
17% 10%
Gross Income Revenue less total cost of services (PHP millions) 588.4 557.6
* Net Income attributable to equity holders of the Parent Company and Minority Interest. EPS computed using Net Income
attributable to equity holders of the Parent Company for the year ended December 31, 2011 and for the year ended
December 31, 2010 are PHP 0.23 and PHP 0.13, respectively.
Below are the comparative key performance indicators of the Company’s subsidiaries:
International Remittance (Canada) Ltd.
Performance Indicator Definition December 31, 2011 December 31, 2010
Return on Equity (ROE)
Net income over average stockholders’ equity during the
period
56% 3%
Return on Assets (ROA) Net income over average total assets during the period 22% 1%
Earnings per Share (EPS) Net income over average number of outstanding shares PHP 43.64 PHP 1.80
Sales Growth
Total transaction value in USD in present period over the
previous year
2% 3%
Gross Income Revenue less total cost of services (PHP millions) 92.6 97.5
Lucky Star Management Limited
Performance Indicator Definition December 31, 2011 December 31, 2010
Return on Equity (ROE)
Net income over average stockholders’ equity during the
period
-3% 89%
Return on Assets (ROA) Net income over average total assets during the period -1% 26%
Earnings per Share (EPS) Net income over average number of outstanding shares (PHP 1.33) PHP 30.53
Sales Growth
Total transaction value in USD in present period over the
previous year
-25% 8%
Gross Income Revenue less total cost of services (PHP millions) 17.0 25.6
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