Slide 1: Financial Statement and Related Announcement
FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT Page 1 of 1 Print this page Third Quarter Results * Financial Statement And Related Announcement * Asterisks denote mandatory information Name of Announcer * IFS CAPITAL LIMITED Company Registration No. 198700827C Announcement submitted on behalf of IFS C
Slide 2: Table of Contents
(Registration no: 198700827C) Third Quarter and Nine Months Unaudited Financial Statements and Dividend Announcement for the Period Ended 30 September 2011 TABLE OF CONTENTS Item Description Page No. No. 1(a)(i) Consolidated Income Statement and Statement of Comprehensive 2-3 Income 1(a)(ii) Explana
Slide 3: Consolidated Income Statement for Third Quarter and Nine Months
(Registration no: 198700827C) Third Quarter and Nine Months Unaudited Financial Statements and Dividend Announcement for the Period Ended 30 September 2011 1(a)(i) Consolidated Income Statement for the Third Quarter And Nine Months Ended 30 September Note 3rd Qtr 3rd Qtr 9 months 9 months 1(a) 2011
Slide 4: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income for the Third Quarter and Nine Months Ended 30 September Note 3rd Qtr 3rd Qtr 9 months 9 months 1(a) 2011 2010 +/(-) 2011 2010 +/(-) (ii) S$’000 S$’000 % S$’000 S$’000 % Profit for the period 1,276 1,857 (31.3) 5,567 5,316 4.7 Other comprehensive income
Slide 5: Explanatory Notes to Consolidated Income Statement
1(a)(ii) Explanatory Notes to Consolidated Income Statement The following items have been included in arriving at Group net profit for the period: 3rd Qtr 3rd Qtr 9 months 9 months 2011 2010 +/(-) 2011 2010 +/(-) S$’000 S$’000 % S$’000 S$’000 % Investment income - dividend, fee and interest income 3
Slide 6: Explanatory Notes to Consolidated Income Statement (cont'd)
1(a)(ii) Explanatory Notes to Consolidated Income Statement (cont’d) Comments on Major Consolidated Income Statement Variances (a) Net interest income for the nine months of 2011 (”9M 2011”) decreased 21% to $12.1 million as compared to $15.2 million for the corresponding period last year due mainly
Slide 7: Explanatory Notes and Earnings Per Ordinary Share
1(a)(ii) Explanatory Notes to Consolidated Income Statement (cont’d) Comments on Major Consolidated Income Statement Variances (cont’d) (h) For 3Q 2011, there was a gain on the foreign currency translation differences of foreign operations due to the strengthening of currencies of the regional subsi
Slide 8: Balance Sheets
1(b)(i) Balance Sheets Group Company 30/09/2011 31/12/2010 30/09/2011 31/12/2010 Note S$’000 S$’000 S$’000 S$’000 Non-current assets Property, plant and equipment 19,489 20,167 16,819 17,274 Intangible assets 2,369 2,943 320 463 Subsidiaries (a) - - 75,679 60,928 Other investments (b) 27,490 37,874
Slide 9: Comments on Major Balance Sheet Variances
Comments on Major Balance Sheet Variances (a) The increase in investment in subsidiaries by $14.8 million was due to the Company’s subscription of the increased share capital of the Indonesia and Malaysia subsidiaries in 2011. (b) The decrease in other investments under non-current assets of the Gro
Slide 10: Group's Borrowings and Net Asset Value
1(b)(ii) Group’s Borrowings As at 30/09/2011 As at 31/12/2010 S$’000 S$’000 (Unsecured) (Unsecured) Amount repayable in one year or less, or on demand 165,545 129,041 Amount payable after one year 29,366 16,938 194,911 145,979 Details of any collateral Nil. 1(b)(iii) Net Asset Value Group Company 30
Slide 11: Consolidated Statement of Cash Flows
1(c) Consolidated Statement of Cash Flows for the Third Quarter and Nine Months Ended 30 September 3rd Qtr 3rd Qtr 9 months 9 months 2011 2010 2011 2010 Note S$’000 S$’000 S$’000 S$’000 Cash flows from operating activities Profit for the period 1,276 1,857 5,567 5,316 Adjustments for: Amortisation o
Slide 12: Consolidated Statement of Cash Flows (cont'd)
1(c) Consolidated Statement of Cash Flows for the Third Quarter and Nine Months Ended 30 September (cont’d) 3rd Qtr 3rd Qtr 9 months 9 months 2011 2010 2011 2010 Note S$’000 S$’000 S$’000 S$’000 Cash flows from investing activities Proceeds from sale of property, plant and equipment 1 - 37 2 Purchas
Slide 13: Explanatory Notes to Statement of Cash Flows
Explanatory Notes to Statement of Cash Flows (a) Net cash (used in)/from operating activities The net cash used in operating activities in 3Q 2011 and 9M 2011 was mainly due to higher drawdown of loan and advances and factoring receivables as compared to the same periods last year. The net cash from
Slide 14: Statement of Changes in Equity
1(d)(i) Statement of Changes in Equity Attributable to owners of the Company Fair Non- Share Capital value Translation Accumulated controlling capital reserve reserve reserve profits Total interests Total Group S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 2010 At 1 January 2010 88,032 529
Slide 15: Statement of Changes in Equity and Share Capital
1(d)(i) Statement of Changes in Equity (cont’d) Share Fair value Accumulated capital reserve profits Total Company S$’000 S$’000 S$’000 S$’000 2010 At 1 January 2010 88,032 101 15,332 103,465 Total comprehensive (loss)/income for first half Profit for first half - - 3,193 3,193 Other comprehensive l
Slide 16: Audit and Accounting Policies
2 Audit The figures have not been audited or reviewed by the Company’s auditors. 3 Auditors’ Report Not applicable. 4 Accounting Policies Except as disclosed in paragraph 5, the Group has applied the same accounting policies and methods of computation in the financial statements for the current fina
Slide 17: 9M 2011 versus 9M 2010
9M 2011 versus 9M 2010 For 9M 2011, Group net profit after tax increased 5% from a year ago to $5.6 million. The increase in net profit was achieved by higher fees and commission income as well as higher investment income helped by lower allowances for loan losses and impairment of investments. Howe
Slide 18: Liquidity and Prospects
Liquidity of the Group remains healthy. Gearing of the Group, adjusted for cash balances, remains very low at 1.3 times and the further organic growth of the Group should not be affected. The Group has continued to expand its business across its various units. As at the end of the quarter, the Group
Slide 19: Dividend and Interested Person Transactions Mandate
10 If no dividend has been declared (recommended), a statement to that effect No dividend is declared for the period ended 30 September 2011 (30 September 2010: Nil). 11 Interested Person Transactions Mandate There is no general mandate obtained from shareholders on Interested Person Transactions. B
Slide 20: Confirmation by the Board Pursuant to Rule 705(4)
© IFS Capital Limited (Registration no: 198700827C) Confirmation By The Board Pursuant to Rule 705(4) of the Listing Manual On behalf of the Board of Directors of IFS Capital Limited (“the Company”), we, the undersigned, hereby confirm to the best of our knowledge that nothing has come to the attent
Slide 21: Third Quarter and Nine Months 2011 Unaudited Results Presentation
IFS Capital Limited IFS Capital Limited Third Quarter and Nine Months 2011 Unaudited Results Presentation 14 November 2011 1
Slide 22: Contents and Disclaimer
IFS Capital Limited Contents 1. Highlights 2. Group Performance Review 3. Group Income Statement / Operating Expenses 4. Key Financial Ratios 5. Results of Subsidiaries - Regional Operations - ECICS 6. Prospects 7. Net Interest Margins 8. Gearing Disclaimer The following presentation may contain for
Slide 23: Highlights 3Q 2011 vs 3Q 2010
IFS Capital Limited Highlights 3Q 2011 vs 3Q 2010 • Underlying pre-tax profit rose by a substantial 108% to $1.8 million as compared to $874,000 in 3Q 2010. Business volumes up substantially. • Lower allowances for loan losses and impairment of investments in 3Q 2011 partly offset by lower non-inter
Slide 24: Highlights (cont'd) 9M 2011 vs 9M 2010
IFS Capital Limited Highlights (cont’d) 9M 2011 vs 9M 2010 y Group net profit after tax up 5% to $5.6 million. y Higher fees and commission and higher investment income. y Lower allowances for loan losses and impairment of investments. Partly offset by: y Lower net interest income and net earned pre
Slide 25: Group Performance Review
IFS Capital Limited Group Performance Review Higher 9M 2011 profit due to: y Underlying improvement in financing income achieved from increased new business volumes. y High net interest margin comparable to last year. y Higher fee and commission income from higher factoring service fees and receipt
Slide 26: Group Performance Review (cont'd)
IFS Capital Limited Group Performance Review (cont’d) Higher 9M 2011 profit due to (cont’d): Partly offset by: y Lower net interest income of $12.1 million mainly due to lower recoveries of suspended interest (9M 2010 included significant recoveries of interest from non-performing loans and from rep
Slide 27: Group Income Statement
IFS Capital Limited Group Income Statement 9 months 9 months +/(-) (S$’000) 2011 2010 % Net Interest Income 12,060 15,206 (20.7) Net Earned Premium Revenue 1,900 2,892 (34.3) Non-Interest Income 8,817 7,077 24.6 Total Income 22,777 25,175 (9.5) Operating Expenses (14,255) (13,710) 4.0 Operating Prof
Slide 28: Group Operating Expenses
IFS Capital Limited Group Operating Expenses 9 months 9 months +/(-) (S$’000) % % 2011 2010 % Commission 200 1.4 548 4.0 (63.5) Business Development 697 4.9 622 4.5 12.1 Staff Costs 8,400 58.9 7,444 54.3 12.8 Depreciation & Amortisation 1,445 10.1 1,644 12.0 (12.1) General Administration 3,513 24.7
Slide 29: Key Financial Ratios
IFS Capital Limited 9 months 9 months Key Financial Ratios 2011 2010 +/(-)% Return on Ave Equity – After Tax (%) 3.7 4.0 (7.5) Return on Total Assets (%) 1.5 1.5 - Earnings per Share (cts) 3.3 3.4 (2.9) Net Asset Value per Share (cts) 89.2 87.1 2.4 Leverage (times) 1.6 1.5 6.7 Gearing (times) 1.5 1.
Slide 30: Regional Operations – Indonesia, Malaysia & Thailand
IFS Capital Limited Regional Operations – Indonesia, Malaysia & Thailand 9 months 9 months +/(-) (S$’000) 2011 2010 % Net Interest Income 5,559 5,871 (5.3) Non-Interest Income 3,519 2,697 30.5 Operating Expenses (4,923) (4,650) 5.9 Operating Profit before Allowances 4,155 3,918 6.1 Allowances (409)
Slide 31: Regional Operations (cont'd)
IFS Capital Limited Regional Operations (cont’d) - Indonesia, Malaysia & Thailand y All overseas subsidiaries were profitable and contributed a total net profit after tax and after non-controlling interests of $1.8 million, up 10% from a year ago. y Improvement in contribution arose from higher fees
Slide 32: ECICS Limited
IFS Capital Limited ECICS Limited 9 months 9 months (S$’000) +/(-) % 2011 2010 Gross Written Premiums 6,267 7,784 (19.5) Net Earned Premium Revenue 2,008 3,005 (33.2) Fee and Investment Income 2,345 3,224 (27.3) Claims Incurred (7) (402) (98.3) Operating Expenses (2,976) (3,130) (4.9) Operating Prof
Slide 33: ECICS Limited
IFS Capital Limited ECICS Limited y Lower profit for 9M 2011 mainly due to: - lower net earned premium revenue due to lower credit insurance business volume and lower bonds and guarantees premium rate, - lower fee commission and investment income, - a tax expense, mitigated by - lower operating expe
Slide 34: Prospects
IFS Capital Limited Prospects Business volumes continued to increase across all business units. y Impact of recent global market volatility on the Group remains uncertain. While the Group has no direct exposure to the European markets, the Group will be indirectly affected as financial stresses are
Slide 35: Prospects (cont'd)
IFS Capital Limited Prospects (cont’d) y Indonesia has expanded further with loan assets and new clients increasing. y Flood disaster in Thailand has yet to stabilize. The Group does not foresee major impact on its operations. The Group will continue to monitor the situation closely. y Bond and guar
Slide 36: Net Interest Margins
IFS Capital Limited Net Interest Margins… Net Interest Margins Net interest margins have 7 increased since 2007 and maintained in 2011. 6 High margins maintained 5 in pipeline. % p.a. 4 3 2 1 0 2007 2008 2009 2010 2011 Year 16
Slide 37: Gearing
IFS Capital Limited Gearing … • Sharp drop in gearing since 2005. • Note that decrease in gearing came despite consolidation of Thailand and further capitalisation of Indonesia and Malaysia. Times • Recent increase in gearing reflective of recent increase in business volumes. • Note gearing calculat