SEC Form 20-IS - iRemit Global Remittance
SEC Form 20-IS - iRemit Global Remittance
SEC Form 20-IS - iRemit Global Remittance
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- 36 -<br />
<strong>IS</strong>PL<br />
On June 29, <strong>20</strong>07, the Parent Company acquired 49.00% ownership interest in <strong>IS</strong>PL through the<br />
execution of a deed of assignment by the previous stockholders (who are also stockholders of the<br />
Parent Company) of the entity for a consideration of P=12.60 million. <strong>IS</strong>PL is a remittance<br />
business based in Singapore.<br />
The following tables present the summarized financial information of the Parent Company’s<br />
associates as of and for the years ended December 31, <strong>20</strong>11 and <strong>20</strong>10:<br />
<strong>20</strong>11<br />
Balance Sheets Statements of Income<br />
Total Total<br />
Gross<br />
Assets Liabilities Revenue<br />
(In thousands)<br />
Income Net Income<br />
HKHCL P=26,875 P=23,906 P=19,340 P=13,151 P=1,223<br />
<strong>IS</strong>PL 73,254 49,703 55,924 31,894 3,127<br />
P=100,129 P=73,609 P=75,264 P=45,045 P=4,350<br />
<strong>20</strong>10<br />
Balance Sheets Statements of Income<br />
Total<br />
Gross<br />
Assets Total Liabilities Revenue<br />
(In thousands)<br />
Income Net Income<br />
HKHCL P=24,398 P=22,561 P=21,010 P=14,287 P=359<br />
<strong>IS</strong>PL 61,<strong>20</strong>9 40,638 56,130 33,198 4,754<br />
P=85,607 P=63,199 P=77,140 P=47,485 P=5,113<br />
<strong>20</strong>09<br />
Balance Sheets Statements of Income<br />
Total<br />
Gross Net Income<br />
Assets Total Liabilities Revenue<br />
(In thousands)<br />
Income (Loss)<br />
HKHCL P=74,159 P=42,914 P=38,046 P=37,708 P=13,027<br />
<strong>IS</strong>PL 31,970 30,572 21,096 14,295 (966)<br />
P=106,129 P=73,486 P=59,142 P=52,003 P=12,061<br />
12. Property and Equipment<br />
The composition of and movements in this account follow:<br />
Office and<br />
Communication<br />
Equipment<br />
Transportation<br />
and Deliver<br />
Equipment<br />
<strong>20</strong>11<br />
Furniture<br />
and Fixtures<br />
Leasehold<br />
Improvements Total<br />
Cost<br />
Balance at beginning of year P=43,553,651 P=7,002,071 P=10,147,352 P=30,636,325 P=91,339,399<br />
Additions 5,425,325 35,315 473,849 1,175,690 7,110,179<br />
Disposals (2,711,355) – (1,518,214) (1,984,214) (6,213,783)<br />
Exchange adjustments 194,442 1,073 (23,832) (132,178) 39,505<br />
Balance at end of year 46,462,063 7,038,459 9,079,155 29,695,623 92,275,300<br />
Accumulated Depreciation and<br />
Amortization<br />
Balance at beginning of year 33,075,135 3,046,690 6,497,396 21,706,870 64,326,091<br />
Depreciation and amortization 5,889,913 1,329,460 962,326 3,079,596 11,261,295<br />
Disposals (738,675) – (776,847) (628,335) (2,143,857)<br />
Exchange adjustments (131,317) 74 (16,230) (228,214) (375,687)<br />
Balance at the end of the year 38,095,056 4,376,224 6,666,645 23,929,917 73,067,842<br />
Net Book Value at End of Year 8,367,007 2,662,235 2,412,510 5,765,706 19,<strong>20</strong>7,458<br />
*SGVMC116502*
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