SEC Form 20-IS - iRemit Global Remittance

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IRemit Global Remittance Limited Performance Indicator Definition December 31, 2011 December 31, 2010 Return on Equity (ROE) Net income over average stockholders’ equity during the period -767% 39% Return on Assets (ROA) Net income over average total assets during the period -33% 6% Earnings per Share (EPS) Net income over average number of outstanding shares (PHP 108,090.79) PHP 10,191.13 Sales Growth Total transaction value in USD in present period over the previous year 28% 1% Gross Income Revenue less total cost of services (PHP millions) 50.7 43.8 I-Remit Australia Pty Ltd Performance Indicator Definition December 31, 2011 December 31, 2010 Return on Equity (ROE) Net income over average stockholders’ equity during the period 0.4% 1% Return on Assets (ROA) Net income over average total assets during the period 0.2% 0.2% Earnings per Share (EPS) Net income over average number of outstanding shares PHP 7,306.00 PHP 14,435.50 Sales Growth Total transaction value in USD in present period over the previous year - - Gross Income Revenue less total cost of services (PHP millions) 0.6 0.3 Worldwide Exchange Pty Ltd Performance Indicator Definition December 31, 2011 December 31, 2010 Return on Equity (ROE) Net income over average stockholders’ equity during the period 6% 5% Return on Assets (ROA) Net income over average total assets during the period 1% 1% Earnings per Share (EPS) Net income over average number of outstanding shares PHP 3.02 PHP 2.00 Sales Growth Total transaction value in USD in present period over the previous year 11% 20% Gross Income Revenue less total cost of services (PHP millions) 34.6 29.2 I-Remit New Zealand Limited Performance Indicator Definition December 31, 2011 December 31, 2010 Return on Equity (ROE) Net income over average stockholders’ equity during the period 40% 20% Return on Assets (ROA) Net income over average total assets during the period -24% -9% Earnings per Share (EPS) Net income over average number of outstanding shares (PHP 3,046.61) (PHP 1,129.10) Sales Growth Total transaction value in USD in present period over the previous year 23% 38% Gross Income Revenue less total cost of services (PHP millions) 5.3 8.8 IREMIT Remittance Consulting GmbH Performance Indicator Definition December 31, 2011 December 31, 2010 Return on Equity (ROE) Net income over average stockholders’ equity during the period 194% -193% Return on Assets (ROA) Net income over average total assets during the period 14% -74% Earnings per Share (EPS) Net income over average number of outstanding shares PHP 141.86 (PHP 666.31) Sales Growth Total transaction value in USD in present period over the previous year -19% 94% Gross Income Revenue less total cost of services (PHP millions) 0.5 11.7 Power Star Asia Group Limited Performance Indicator Definition December 31, 2011 December 31, 2010 Return on Equity (ROE) Net income over average stockholders’ equity during the period 30% 38% Return on Assets (ROA) Net income over average total assets during the period 29% 36% Earnings per Share (EPS) Net income over average number of outstanding shares PHP 66.53 PHP 63.27 Sales Growth Total transaction value in USD in present period over the previous year - - Gross Income Revenue less total cost of services (PHP millions) 70.4 62.4 6
2010 compared to 2009 I-Remit realized a consolidated net income of PHP 65.9 million in 2010, a decrease of PHP 67.2 million or 50.5% over the consolidated net income of PHP 133.1 million in 2009. Revenues decreased by 1.1% or PHP 8.7 million from PHP 778.7 million in 2009 to PHP 769.9 million in 2010 mainly due to the decline in realized foreign exchange gains. Foreign exchange gains dropped by 8.6% or PHP24.9 million from PHP287.7 million in 2009 to PHP262.8 million in 2010. The value of transactions grew by 9.9% or USD109.5 million from USD1.103 billion in 2009 to USD1.213 billion in 2010. The Company’s revenue from delivery fees grew by only 3.2% or PHP15.9 million from PHP490.4 million in 2009 to PHP506.2 million in 2010 largely because of the appreciation of the Philippine peso against the U.S. dollar. The Company’s fees are largely settled in U.S. dollars. The average peso-dollar exchange rate was PHP47.63 in 2009 against PHP45.08 in 2010, a gain of 5.3% or PHP2.55 per dollar. In December 2010, the average pesodollar exchange rate was PHP43.95 per dollar. The number of transactions processed by the Company grew by only 2% from 2.683 million in 2009 to 2.737 million in 2010. Total operating expenses was higher by PHP58.3 million (14.1%) from PHP412.4 million in 2009 to PHP470.7 million in 2010 mainly on account of higher rental, marketing, and professional fee expenses. Rental expenses increased by 28.1% from PHP39.3 million in 2009 to PHP50.4 million in 2010. Marketing expenses increased by 32.0% from PHP33.0 million in 2009 to PHP43.5 million in 2010. Professional fees increased by 46.9% from PHP29.7 million in 2009 to PHP43.6 in 2010. The increase in these expense items are related mainly to the Company’s expansion as it opened new offices in Canada and Italy. Other income decreased by 62.8% or PHP54.3 million from PHP86.4 million in 2009 to PHP32.1 million in 2010 mainly due to the decline in net trading gains on debt securities (listed overseas) held for trading and lower other income consisting of interest income, rebates, and unrealized foreign exchange gain. Net trading gains declined by PHP30.3 million or 92.4% from PHP32.8 million in 2009 to PHP2.5 million in 2010. The total assets of the Company decreased by PHP131.9 million or 5.3% to PHP2.356 billion as of December 31, 2010 against PHP2.488 billion as of December 31, 2009. Cash and cash equivalents decreased by PHP79.0 million or 8.2% from PHP962.8 million in 2009 to PHP883.8 million in 2010. Financial assets at fair value through profit or loss amounted to PHP102.9 million at end-2010 against PHP65.8 million at end-2009, increasing by PHP37.1 million or 56.4%. These assets consist of investments in debt securities (listed overseas) held for trading. Receivables declined by PHP80.2 million or 7.0% from PHP1.139 billion in 2009 to PHP1.059 billion in 2010. The Company’s non-current assets declined by PHP300,928 or 0.2% from PHP190,039,196 at end-2009 to PHP190,340,124 at end-2010. Total liabilities declined by PHP151.4 million or 12.2% from PHP1.235 billion at end-2009 to PHP1.084 billion in 2010 mainly due to a lower level of current liabilities. Current liabilities decreased by PHP148.6 million or 12.1% from PHP1.232 billion in 2009 to PHP 1.083 billion in 2010. The Company’s stockholders’ equity as of December 31, 2010 stood at PHP 1.271 billion, higher by PHP19.5 million or 1.6% against the end-2009 level of PHP 1.252 billion. Below are the comparative key performance indicators of the Company (Parent Company and subsidiaries): Performance Indicator Definition December 31, 2010 December 31, 2009 Return on Equity (ROE) Net income* over average stockholders’ equity during the period 5% 11% Return on Assets (ROA) Net income* over average total assets during the period 3% 6% Earnings per Share (EPS) Net income* over average number of outstanding shares PHP 0.11 PHP 0.24 Sales Growth Total transaction value in USD in present period over the previous year 10% 2% Gross Income Revenue less total cost of services (PHP millions) 557.6 547.7 * 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, 2010 and for the year ended December 31, 2009 are PHP 0.13 and PHP 0.25, respectively. 7
Page 1 and 2: • 1!I~lJllr June 25, 2012 THE PHI
Page 3 and 4: IRE:lftlr I-Remit, Inc. TO: ALL STO
Page 5 and 6: GENERAL INFORMATION Date, time and
Page 7 and 8: Note: The PCD Nominee Corporation (
Page 9 and 10: Harris Edsel D. Jacildo Mr. Jacildo
Page 11 and 12: Mr. Tan has also been the Corporate
Page 13 and 14: Ronald A. Benito Mr. Benito joined
Page 15 and 16: Involvement in Certain Legal Procee
Page 17 and 18: The compensation of the key managem
Page 19 and 20: Compensation Plans As described abo
Page 21 and 22: SIGNATURES After reasonable inquiry
Page 23 and 24: I-Remit Australia Pty Ltd, a wholly
Page 25 and 26: Properties I-Remit, Inc. and its su
Page 27 and 28: Company’s shareholders. Any stock
Page 29 and 30: Committees of the Board of Director
Page 31 and 32: Plan of Operation MANAGEMENT’S DI
Page 33 and 34: Full Years 2011 compared to 2010 I-
Page 35: Total liabilities declined by PHP 1
Page 39 and 40: IREMIT EUROPE Remittance Consulting
Page 41 and 42: I-Remit New Zealand Limited Perform
Page 43 and 44: Below are the comparative key perfo
Page 45 and 46: Goodwill decreased by PHP 1.5 milli
Page 47: IREMIT Remittance Consulting GmbH M
Page 64 and 65: I-REMIT, INC. AND SUBSIDIARIES NOTE
Page 66 and 67: - 3 - Statement of Compliance The a
Page 68 and 69: - 5 - Changes in Accounting Policie
Page 70 and 71: - 7 - deferred cumulative amount pr
Page 72 and 73: - 9 - For all other financial instr
Page 74 and 75: - 11 - Estimates of changes in futu
Page 76 and 77: - 13 - Gains or losses arising from
Page 78 and 79: - 15 - Once a financial asset or a
Page 80 and 81: - 17 - Income Taxes Current tax Cur
Page 82 and 83: - 19 - Related party relationships
Page 84 and 85: - 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
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Name of Debtor - 9 - I-Remit, Inc.
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- 11 - I-Remit, Inc. and Subsidiari
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- 13 - I-Remit, Inc. and Subsidiari
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Title of Issue (i) Number of shares
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I-REMIT, INC. NOTES TO PARENT COMPA
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- 3 - The adoption of the following
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- 5 - After initial measurement, ot
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- 7 - If the Parent Company determi
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- 9 - assets or groups of assets, i
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- 11 - actuarial gains and losses a
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- 13 - A change in the ownership in
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- 15 - PFRS 11, Joint Arrangements
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- 17 - d. Contingencies The Parent
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- 19 - As of December 31, 2011 the
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- 21 - The main risks arising from
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- 23 - The following tables set for
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6. Cash and Cash Equivalents This a
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10. Investments in Subsidiaries and
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- 29 - IRCL On October 1, 2004, the
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- 31 - 2009 Balance Sheets Statemen
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13. Beneficiaries and Other Payable
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- 35 - In 2009 and 2008, the Parent
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- 37 - The amounts of retirement ex
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- 39 - (b) A lease agreement with W
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22. Related Party Transactions - 41
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- 43 - The amounts payable to PSAGL
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- 45 - In the opinion of management
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- 47 - Taxes and licenses Other tax
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I-REMIT, INC. 26/F Discovery Centre
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I-REMIT, INC. AND SUBSIDIARIES (Com
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I-REMIT, INC. AND SUBSIDIARIES Cons
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I-REMIT, INC. AND SUBSIDIARIES Cons
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Item 1. Financial Statements PART I
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Below are the comparative key perfo
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Worldwide Exchange Pty Ltd Performa
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million as of March 31, 2012, a dec
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Lucky Star Management Limited Perfo
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Power Star Asia Group Limited Perfo
Page 213 and 214:
Summary of Significant Accounting P
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Day 1 difference Where the transact
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Historical loss experience is adjus
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Foreign Currency Risk Foreign curre
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MINUTES OF THE ANNUAL STOCKHOLDERS
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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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