SEC Form 20-IS - iRemit Global Remittance

IREMIT Remittance Consulting GmbH
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
-22% 194%
Return on Assets (ROA) Net income over average total assets during the period -4% 14%
Earnings per Share (EPS) Net income over average number of outstanding shares (PHP 35.28) PHP 141.86
Sales Growth
Total transaction value in USD in present period over the
previous year
-99% -19%
Gross Income Revenue less total cost of services (PHP millions) 0.03 0.5
Power Star Asia Group 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
8% 30%
Return on Assets (ROA) Net income over average total assets during the period 8% 29%
Earnings per Share (EPS) Net income over average number of outstanding shares PHP 22.46 PHP 66.53
Sales Growth
Total transaction value in USD in present period over the
previous year
- -
Gross Income Revenue less total cost of services (PHP millions) 17.2 70.4
March 31, 2012 vs. March 31, 2011
I-Remit realized a consolidated net income of PHP 33.4 million in First Quarter 2012, an increase of PHP 5.0
million or 17.6% over the consolidated net income of PHP 28.4 million in First Quarter 2011. The consolidated
net income in First Quarter 2012 and First Quarter 2011 are 16.7% and 13.2% of the First Quarter 2012 and
First Quarter 2011 revenue, respectively.
Revenues decreased by PHP 15.0 million or -7.0% to PHP 199.3 million in First Quarter 2012 from PHP 214.3
million in First Quarter 2011. Accordingly, the Company’s gross income decreased by PHP 17.3 million or -
10.4% from PHP 165.5 million in First Quarter 2011 to PHP 148.2 million in First Quarter 2012. The gross
income in First Quarter 2012 and First Quarter 2011 are 74.4% and 77.2% of the First Quarter 2012 and First
Quarter 2011 revenue, respectively.
Transaction count increased by 4.4% from 698,007 in First Quarter 2011 to 728,465 in First Quarter 2012).
USD remittance volume increased by 47.3% from USD 320.4 million in First Quarter 2011 to USD 471.8
million in First Quarter 2012). Of the total transaction count in First Quarter 2012, the percentage contributions
per region are as follows: Asia-Pacific, 43%; Middle East, 29%; North America, 13%; and Europe, 12%. In
terms of USD remittance volume, the regional contributions are as follows: Asia-Pacific, 26%; Middle East,
13%, North America, 10%, and Europe, 9%.
Other operating income increased by PHP 12.7 million from a net loss of PHP 3.8 million in First Quarter 2011
to an income of PHP 8.9 million in First Quarter 2012.
Total operating expenses was lower by PHP 8.5 million or -7.0% from PHP 120.7 million in First Quarter 2011
to PHP 112.2 million in First Quarter 2012 mainly on account of lower professional fees, salaries, wages and
employee benefits, transportation and travel, and marketing expenses. Total operating expenses in First
Quarter 2012 and First Quarter 2011 are 56.30% and 56.32% of the First Quarter 2012 and First Quarter 2011
revenue, respectively. Interest expense was lower by PHP 2.6 million from PHP 8.3 million in First Quarter
2011 to PHP 5.8 million in First Quarter 2012.
The total assets of the Company decreased by PHP 212.4 million or -8.4% to PHP 2.325 billion as of March
31, 2012 against PHP 2.537 billion as of March 31, 2011. Cash and cash equivalents increased by PHP 190.4
million or 19.8% from PHP 961.4 million as of March 31, 2011 to PHP 1.151 billion as of March 31, 2012.
Cash and cash equivalents as of March 31, 2012 and March 31, 2011 are 49.5% and 37.9% of the total assets
as of March 31, 2012 and March 31, 2011, respectively. Financial assets at FVPL, which consist of
investments in private debt securities (listed overseas) held for trading, stood at PHP 109.0 million as of March
31, 2012, a decrease of PHP 2.0 million or -1.8% against PHP 111.0 million as of March 31, 2011.
Receivables decreased by PHP 387.8 million or -31.0% from PHP 1.252 billion as of March 31, 2011 to PHP
864.6 million as of March 31, 2012. Receivables as of March 31, 2012 and March 31, 2011 are 37.2% and
49.3% of the total assets as of March 31, 2012 and March 31, 2011, respectively. Other current assets
decreased by PHP 2.7 million or -15.1% from PHP 17.9 million as of March 31, 2011 to PHP 15.2 million as of
March 31, 2012. Investments in associates decreased by PHP 2.9 million or -13.6% from PHP 21.6 million as
of March 31, 2011 to PHP 18.6 million as of March 31, 2012. Property and equipment-net decreased by PHP
4.8 million or -17.0% from PHP 28.1 million as of March 31, 2011 to PHP 23.3 million as of March 31, 2012.
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