SEC Form 20-IS - iRemit Global Remittance
SEC Form 20-IS - iRemit Global Remittance SEC Form 20-IS - iRemit Global Remittance
6. Cash and Cash Equivalents This account consists of: - 33 - 2011 2010 Cash on hand P=47,998,476 P=52,322,332 Cash in banks (Note 24) 806,000,555 821,315,584 Short-term deposits 37,236,592 10,180,031 P=891,235,623 P=883,817,947 Cash in banks earn interest at the respective bank deposit rates. Short-term deposits are made for varying periods of up to three months and earn interest at the respective short-term deposit rates. In 2011, 2010 and 2009, interest income amounted to P=3.14 million, P=3.47 million and P=7.90 million, respectively. The Group’s cash and cash equivalents denominated in foreign currency, with corresponding Philippine peso (PHP) equivalent, are as follows: December 31, 2011 December 31, 2010 Amount PHP equivalent Amount PHP equivalent CAD 1,774,317 P=75,958,092 1,109,576 P=48,629,219 HKD 12,609,757 71,222,227 5,410,983 30,482,448 EUR 1,079,751 61,253,141 1,303,292 75,557,071 USD 1,263,619 55,397,074 1,026,855 45,017,323 AUD 792,392 35,051,104 470,898 20,999,248 SGD 440,811 14,890,037 89,587 3,037,917 GBP 166,587 11,285,606 153,415 10,425,529 NZD 128,013 4,315,137 128,277 4,296,479 QAR 275 3,311 275 3,312 P=329,375,729 P=238,448,546 Cash in banks earn interest rates in 2011, 2010 and 2009 ranging as follows for: PHP-Denominated 0.50% to 2.00% Foreign Currency-Denominated 0.25% to 0.50% 7. Financial Assets at Fair Value Through Profit or Loss This account consists of: 2011 2010 Debt securities P=112,624,807 P=102,905,294 Equity securities 12,601,457 – P=125,226,264 P=102,905,294 Debt securities are bonds issued by various foreign private corporations and foreign government and are listed overseas. As of December 31, 2011 and 2010, the carrying amount includes net unrealized gain of P=0.01 million and P=0.57 million, respectively. Interest income earned in 2011, 2010 and 2009 amounted to P=10.72 million, P=9.04 million and P=7.28 million, respectively. *SGVMC116502*
- 34 - Equity securities are common shares of various foreign corporations. As of December 31, 2011, the carrying amount includes net unrealized loss of P=3.37 million. Gains and losses from fair value changes of financial assets at FVPL are included in ‘Net trading gains’ in the consolidated statements of income. 8. Accounts Receivable This account consists of receivables from: 2011 2010 Agents P=930,022,937 P=1,025,016,072 Couriers 3,523,052 34,283,201 P=933,545,989 P=1,059,299,273 Receivables from agents pertain to advances made to fund the remittance transactions to beneficiaries. These are settled within 1 to 5 days from transaction date. Receivables from couriers pertain to advances made to the courier companies to ease up the doorto-door delivery of the remittances to the beneficiaries. These are settled within 30 to 60 days from transaction date. 9. Other Receivables Other receivables consist of: 2011 2010 Nontrade receivable P=72,432,683 P=– Related parties (Note 24) 25,020,726 26,992,977 Officers and employees 9,514,306 9,686,457 Interest receivable 3,624,850 3,512,291 Noncontrolling shareholders – 39,981,243 Others 3,838,694 3,267,906 P=114,431,259 P=83,440,874 Nontrade receivable pertains to the receivable from the sale of various assets of IRCGmbH related to the discontinued operations in Italy (see Note 28). The receivable was subsequently collected in March 2012. The amounts due from noncontrolling shareholders pertain to the noncontrolling shareholders of IRCGmbH and WEPL. In 2011, the Parent Company acquired additional interest in IRCGmbH and WEPL and the receivables amounting to P=12.30 million and P=25.01 million, respectively, were applied against the acquisition costs (see Note 1). The remaining balance of P=2.67 million, was subsequently collected in July 2011. Advances to officers and employees are non-interest bearing and are due on demand. *SGVMC116502*
- 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
- Page 92 and 93: - 29 - As at December 31, 2011, the
- Page 94 and 95: - 31 - Change in nominal 2010 Chang
- Page 98 and 99: 10. Other Current Assets This accou
- Page 100 and 101: Office and Communication Equipment
- Page 102 and 103: - 39 - value of the additional inte
- Page 104 and 105: 16. Interest-Bearing Loans - 41 - T
- Page 106 and 107: - 43 - The Group’s objective is t
- Page 108 and 109: The major categories of plan assets
- Page 110 and 111: - 47 - (f) On July 1, 2011, the Par
- Page 112 and 113: - 49 - In the ordinary course of bu
- Page 114 and 115: - 51 - The table below shows the in
- Page 116 and 117: - 53 - Segment information as of an
- Page 118: - 55 - The results of IRCGmbH’s o
- Page 121 and 122: - 1 - I-REMIT, INC. SCHEDULE OF RET
- Page 123 and 124: - 3 - Schedule II Page 2 of 5 PFRSs
- Page 125 and 126: - 5 - Schedule II Page 4 of 5 Impor
- Page 127 and 128: - 7 - I-REMIT, INC. AND SUBSIDIARIE
- Page 129 and 130: Name of Debtor - 9 - I-Remit, Inc.
- Page 131 and 132: - 11 - I-Remit, Inc. and Subsidiari
- Page 133 and 134: - 13 - I-Remit, Inc. and Subsidiari
- Page 135 and 136: Title of Issue (i) Number of shares
- Page 144 and 145: I-REMIT, INC. NOTES TO PARENT COMPA
6. Cash and Cash Equivalents<br />
This account consists of:<br />
- 33 -<br />
<strong>20</strong>11 <strong>20</strong>10<br />
Cash on hand P=47,998,476 P=52,322,332<br />
Cash in banks (Note 24) 806,000,555 821,315,584<br />
Short-term deposits 37,236,592 10,180,031<br />
P=891,235,623 P=883,817,947<br />
Cash in banks earn interest at the respective bank deposit rates. Short-term deposits are made for<br />
varying periods of up to three months and earn interest at the respective short-term deposit rates.<br />
In <strong>20</strong>11, <strong>20</strong>10 and <strong>20</strong>09, interest income amounted to P=3.14 million, P=3.47 million and<br />
P=7.90 million, respectively.<br />
The Group’s cash and cash equivalents denominated in foreign currency, with corresponding<br />
Philippine peso (PHP) equivalent, are as follows:<br />
December 31, <strong>20</strong>11 December 31, <strong>20</strong>10<br />
Amount PHP equivalent Amount PHP equivalent<br />
CAD 1,774,317 P=75,958,092 1,109,576 P=48,629,219<br />
HKD 12,609,757 71,222,227 5,410,983 30,482,448<br />
EUR 1,079,751 61,253,141 1,303,292 75,557,071<br />
USD 1,263,619 55,397,074 1,026,855 45,017,323<br />
AUD 792,392 35,051,104 470,898 <strong>20</strong>,999,248<br />
SGD 440,811 14,890,037 89,587 3,037,917<br />
GBP 166,587 11,285,606 153,415 10,425,529<br />
NZD 128,013 4,315,137 128,277 4,296,479<br />
QAR 275 3,311 275 3,312<br />
P=329,375,729 P=238,448,546<br />
Cash in banks earn interest rates in <strong>20</strong>11, <strong>20</strong>10 and <strong>20</strong>09 ranging as follows for:<br />
PHP-Denominated 0.50% to 2.00%<br />
Foreign Currency-Denominated 0.25% to 0.50%<br />
7. Financial Assets at Fair Value Through Profit or Loss<br />
This account consists of:<br />
<strong>20</strong>11 <strong>20</strong>10<br />
Debt securities P=112,624,807 P=102,905,294<br />
Equity securities 12,601,457 –<br />
P=125,226,264 P=102,905,294<br />
Debt securities are bonds issued by various foreign private corporations and foreign government<br />
and are listed overseas. As of December 31, <strong>20</strong>11 and <strong>20</strong>10, the carrying amount includes net<br />
unrealized gain of P=0.01 million and P=0.57 million, respectively. Interest income earned in <strong>20</strong>11,<br />
<strong>20</strong>10 and <strong>20</strong>09 amounted to P=10.72 million, P=9.04 million and P=7.28 million, respectively.<br />
*SGVMC116502*
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