SEC Form 20-IS - iRemit Global Remittance

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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*