SEC Form 20-IS - iRemit Global Remittance

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Total liabilities increased by PHP 25.2 million or 2.8% from PHP 912.7 million as of December 31, 2011 to PHP 937.9 million as of March 31, 2012. Total liabilities as of March 31, 2012 and December 31, 2011 are 40.3% and 40.1% of the total liabilities and equity as of March 31, 2012 and December 31, 2011, respectively. Current liabilities increased by PHP 25.2 million or 2.8% from PHP 912.6 million as of December 31, 2011 to PHP 937.8 million as of March 31, 2012 mainly due to the increase in Beneficiaries and other payables by PHP 63.3 million or 26.4% from PHP 240.0 million as of December 31, 2011 to PHP 303.4 million as of March 31, 2012. Interest-bearing loans decreased by PHP 48.0 million or -7.2% from PHP 666.0 million as of December 31, 2011 to PHP 618.0 million as of March 31, 2012. Interest-bearing loans consist of unsecured, short-term peso-denominated loans from various local financial institutions with interest rates ranging from 5.0% to 6.75% per annum in First Quarter 2012 and 5.0% to 7.0% in 2011. Total current liabilities as of March 31, 2012 and December 31, 2011 are 40.3% and 40.1% of the total liabilities and equity as of March 31, 2012 and December 31, 2011, respectively. Accounts payable and other liabilities increased by PHP 73.2 million or 29.7% to PHP 319.8 million as of March 31, 2012 compared with PHP 246.6 million as of December 31, 2011. Accounts payable and other liabilities as of March 31, 2012 and December 31, 2011 are 13.8% and 10.8% of the total liabilities and equity as of March 31, 2012 and December 31, 2011, respectively. Comprising Accounts payable and other liabilities are payables to beneficiaries of PHP 232.9 million, payables to agents, couriers and trading clients of PHP 34.6 million, accrued expenses of PHP 17.2 million, withholding tax payable of PHP 2.2 million, advances from related parties of PHP 12.2 million, income tax payable of PHP 16.4 million, payables to government agencies of PHP 1.4 million, and other non-trade payables of PHP 2.9 million. Noncurrent liabilities amounting to PHP 0.12 million as of March 31, 2012 consist of retirement liability of PHP 0.09 million and deferred tax liability of PHP 0.03 million. The Company’s stockholders’ equity as of March 31, 2012 stood at PHP 1.387 billion, higher by PHP 26.2 million or 1.9% against the year-end 2011 level of PHP 1.361 billion due to higher net income. Total stockholders’ equity as of March 31, 2012 and December 31, 2011 are 59.7% and 59.9% of the total liabilities and equity as of March 31, 2012 and December 31, 2011, respectively. The Bangko Sentral ng Pilipinas reported last month that money transfers by overseas Filipinos grew by 5.8% to USD1.587 billion in February 2012 from USD1.5 billion a year earlier. On a year-to-date basis, the total remittance inflows amounted to USD3.144 billion in January to February of 2012, growing by 5.6% against the inflows of USD2.977 billion in the first two (2) months of 2011. The continued inflow of remittances is supported by the sustained demand for Filipino manpower in various foreign labor markets. The Philippine Overseas Employment Administration (POEA) recently announced that it expects over a million highly skilled Filipino workers would be hired abroad this year. The latest data from the POEA showed that for the period January-March 2012, job orders for professional and technical, service and production workers increased 24.6% to 200,010 compared with the same period last year. These are mainly intended for employment opportunities in Saudi Arabia, United Arab Emirates, Qatar, Taiwan, Kuwait, Singapore and Hong Kong, among others. Below are the comparative key performance indicators of the Company and its subsidiaries: Mar. 31, 2012 Dec. 31, 2011 Performance Indicator Definition (Three Months) (Full Year) Return on Equity (ROE) Net income* over average stockholders’ equity during the period 2% 10% Return on Assets (ROA) Net income* over average total assets during the period 1% 5% Earnings per Share (EPS) Net income* over average number of outstanding shares PHP 0.06 PHP 0.22 Sales Growth Total transaction value in USD in present period over the previous year 47% 17% Gross Income Revenue less total cost of services (PHP millions) 148.2 588.4 * 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 period ended March 31, 2012 and for the year ended December 31, 2011 are PHP 0.06 and PHP 0.23, respectively. 12
Below are the comparative key performance indicators of the Company’s subsidiaries: International Remittance (Canada) Ltd. Mar. 31, 2012 Dec. 31, 2011 Performance Indicator Definition (Three Months) (Full Year) Return on Equity (ROE) Net income over average stockholders’ equity during the period 0.5% 56% Return on Assets (ROA) Net income over average total assets during the period 0.2% 22% Earnings per Share (EPS) Net income over average number of outstanding shares PHP 0.46 PHP 43.64 Sales Growth Total transaction value in USD in present period over the previous year -5% 2% Gross Income Revenue less total cost of services (PHP millions) 21.9 92.6 Lucky Star Management Limited Mar. 31, 2012 Dec. 31, 2011 Performance Indicator Definition (Three Months) (Full Year) Return on Equity (ROE) Net income over average stockholders’ equity during the period -7% -3% Return on Assets (ROA) Net income over average total assets during the period -2% -1% Earnings per Share (EPS) Net income over average number of outstanding shares (PHP 3.08) (PHP 1.33) Sales Growth Total transaction value in USD in present period over the previous year -14% -25% Gross Income Revenue less total cost of services (PHP millions) 3.5 17.0 IRemit Global Remittance Limited Mar. 31, 2012 Dec. 31, 2011 Performance Indicator Definition (Three Months) (Full Year) Return on Equity (ROE) Net income over average stockholders’ equity during the period -96% -767% Return on Assets (ROA) Net income over average total assets during the period -3% -33% Earnings per Share (EPS) Net income over average number of outstanding shares (PHP 20,881.96) (PHP 108,090.79) Sales Growth Total transaction value in USD in present period over the previous year 61% 28% Gross Income Revenue less total cost of services (PHP millions) 18.4 50.7 I-Remit Australia Pty Ltd Mar. 31, 2012 Dec. 31, 2011 Performance Indicator Definition (Three Months) (Full Year) Return on Equity (ROE) Net income over average stockholders’ equity during the period 0.1% 0.4% Return on Assets (ROA) Net income over average total assets during the period 0.04% 0.2% Earnings per Share (EPS) Net income over average number of outstanding shares PHP 2,225.00 PHP 7,306.00 Sales Growth Total transaction value in USD in present period over the previous year - - Gross Income Revenue less total cost of services (PHP millions) 0.05 0.6 Worldwide Exchange Pty Ltd Mar. 31, 2012 Dec. 31, 2011 Performance Indicator Definition (Three Months) (Full Year) Return on Equity (ROE) Net income over average stockholders’ equity during the period 0.3% 6% Return on Assets (ROA) Net income over average total assets during the period 0.04% 1% Earnings per Share (EPS) Net income over average number of outstanding shares PHP 0.13 PHP 3.02 Sales Growth Total transaction value in USD in present period over the previous year 32% 11% Gross Income Revenue less total cost of services (PHP millions) 9.2 34.6 I-Remit New Zealand Limited Mar. 31, 2012 Dec. 31, 2011 Performance Indicator Definition (Three Months) (Full Year) Return on Equity (ROE) Net income over average stockholders’ equity during the period 19% 40% Return on Assets (ROA) Net income over average total assets during the period -14% -24% Earnings per Share (EPS) Net income over average number of outstanding shares (PHP 1,908.51) (PHP3,046.61) Sales Growth Total transaction value in USD in present period over the previous year 39% 23% Gross Income Revenue less total cost of services (PHP millions) -0.7 5.3 13
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 and 36: Total liabilities declined by PHP 1
Page 37 and 38: 2010 compared to 2009 I-Remit reali
Page 39 and 40: IREMIT EUROPE Remittance Consulting
Page 41: I-Remit New Zealand Limited Perform
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
Page 86 and 87: - 23 - d. Discontinued Operations M
Page 88 and 89: - 25 - As of December 31, 2011 and
Page 90 and 91: - 27 - The following methods and as
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- 29 - As at December 31, 2011, the
Page 94 and 95:
- 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
Page 118:
- 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
Page 174 and 175:
- 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
Page 222 and 223:
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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