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 IFS CAPI
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 2010 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
(Registration no: 198700827C) Third Quarter And Nine Months Unaudited Financial Statements And Dividend Announcement for the Period Ended 30 September 2010 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) 2010
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) 2010 2009 +/(-) 2010 2009 +/(-) (ii) S$’000 S$’000 % S$’000 S$’000 % Profit for the period 1,857 1,715 8.3 5,316 4,635 14.7 Other comprehensive income N
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 2010 2009 +/(-) 2010 2009 +/(-) S$’000 S$’000 % S$’000 S$’000 % Investment income - dividend, fee and interest income 4
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) The increase in net interest income for 3rd Quarter 2010 (“3Q 2010”) was mainly due to higher average net interest margin, higher recoveries of interest previously suspe
Slide 7: Earnings Per Ordinary Share
1(a)(iii) Earnings Per Ordinary Share Group 3rd Qtr 3rd Qtr 9 months 9 months 2010 2009 2010 2009 Earnings per share - on weighted average number of ordinary shares in issue 1.1 cents 1.1 cents 3.4 cents 3.1 cents - on fully diluted basis 1.1 cents 1.1 cents 3.4 cents 3.1 cents The comparative figur
Slide 8: Balance Sheets
1(b)(i) Balance Sheets Group Company 30/09/2010 31/12/2009 30/09/2010 31/12/2009 Note S$’000 S$’000 S$’000 S$’000 Non-current assets Property, plant and equipment 20,269 20,579 17,426 17,915 Intangible assets (a) 3,084 1,998 504 114 Subsidiaries - - 60,928 55,927 Other investments (b) 36,130 40,250
Slide 9: Comments on Major Balance Sheet Variances
Comments on Major Balance Sheet Variances (a) The increase in intangible assets was due to an investment of $1.2 million in copyright of a film production made by the Group’s newly incorporated subsidiary, IFS Capital Intellectual Property Private Limited. (b) The decrease in other investments under
Slide 10: Group's Borrowings and Net Asset Value
1(b)(ii) Group’s Borrowings As at 30/09/2010 As at 31/12/2009 S$’000 S$’000 (Unsecured) (Unsecured) Amount repayable in one year or less, or on demand 139,181 136,455 Amount payable after one year 26,260 45,361 165,441 181,816 Details of any collateral Nil. 1(b)(iii) Net Asset Value Group Company 30
Slide 11: Consolidated Statement of Cash Flows
1(c) Consolidated Statement of Cash Flows for the Third Quarter and Nine Months Ended 30 September 3rd Qtr 3rd Qtr 9 months 9 months 2010 2009 2010 2009 Note S$’000 S$’000 S$’000 S$’000 Cash flows from operating activities Profit for the period 1,857 1,715 5,316 4,635 Adjustments for: Share of after
Slide 12: Consolidated Statement of Cash Flows (cont'd)
1(c) Consolidated Statement of Cash Flows for the Third Quarter and Nine Months Ended 30 September (cont’d) 3rd Qtr 3rd Qtr 9 months 9 months 2010 2009 2010 2009 Note S$’000 S$’000 S$’000 S$’000 Cash flows from investing activities Net cash outflow on acquisition of subsidiaries - - - (5,645) Procee
Slide 13: Explanatory Notes to Statement of Cash Flows
Explanatory Notes to Statement of Cash Flows (a) Net cash from operating activities The lower net cash from operating activities for 3Q 2010 and nine months ended 30 September 2010 was mainly due to lower repayments from factoring receivables and loans, advances, hire purchase and leasing receivable
Slide 14: Statement of Changes in Equity
1(d)(i) Statement of Changes in Equity Attributable to equity holders of the Company Currency Non- Share Other Capital Fair value translation Accumulated controlling capital equity reserve reserve reserve profits Total interests Total Group S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’
Slide 15: Statement of Changes in Equity (cont'd)
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 2009 At 1 January 2009 88,032 (28) 13,259 101,263 Total comprehensive income for the period - (3) 559 556 Final one-tier tax exempt dividend of 1.00 cent per
Slide 16: Changes in Company's Share Capital
1(d)(ii) Changes in Company’s Share Capital Changes in the Share Capital of the Company for the period ended 30/09/2010 31/12/2009 Number of ordinary shares as at the beginning of period 136,716,262 124,287,522 Issue of Bonus Shares 13,671,604 12,428,740 Number of ordinary shares as at end of period
Slide 17: Changes in Accounting Policies and Review of Group Performance
5 Changes in Accounting Policies The financial statements are prepared in accordance with Singapore Financial Reporting Standards (FRSs). For the current financial period, the Group adopted the new/revised FRSs that are effective for annual periods beginning on or after 1 January 2010. The following
Slide 18: Review of Group Performance: Loan Assets and Insurance
Loan assets including factoring receivables as at 30 September 2010 stood at $283.9 million as compared to $310.4 million as at 30 September 2009. Notwithstanding a decline in the loan assets, net interest income grew substantially by 63% to $15.2 million due partly to higher net interest margin and
Slide 19: Prospects and Dividend
The listing of the Thailand subsidiary on the Stock Exchange of Thailand will enable it to tap into the Thai capital market to expand its business. Barring unforeseen circumstances, the Group will remain profitable in FY 2010. 9 Dividend (a) Current financial period reported on Nil. (b) Correspondin
Slide 20: Confirmation by the Board Pursuant to Rule 705(4)
© IFS Capital Limited (Registration no: 198700827) 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 attenti
Slide 21: IFS Capital Limited Third Quarter 2010 Results Presentation
IFS Capital Limited Third Quarter 2010 Results Presentation 9 November 2010 1
Slide 22: Contents and Disclaimer
IFS Capital Limited Contents • Highlights • Performance Review • Group Income Statement / Operating Expenses • Key Financial Ratios • Results of Subsidiaries - Regional Operations - ECICS • Prospects • Group’s Borrowings, Equity and Gearing Disclaimer The following presentation may contain forward l
Slide 23: Highlights: 3Q 2010 vs 3Q 2009
IFS Capital Limited Highlights 3Q 2010 vs 3Q 2009 • 3Q 2010 profit before allowance up 32% y-o-y to $3.4 million. • Higher net interest income, non interest income and net earned premium revenue, partly offset by higher operating expenses. • After allowances, PBT down 55% to $874,000 due to higher i
Slide 24: Highlights: 9M 2010 vs 9M 2009
IFS Capital Limited Highlights 9M 2010 vs 9M 2009 • Attributable profit up 12% y-o-y to $5.1 million. Excluding negative goodwill in 2009, up 37%, compared to $3.8 million last year. • Total comprehensive income up 35% y-o-y to $7.8 million due to improvement in fair value of AFS investments and str
Slide 25: Performance Review
IFS Capital Limited Performance Review Higher 9M 2010 profit due to: • Higher net interest income due to higher net interest margin, higher recoveries of interest previously suspended and recognition of current and prior years’ interest repayments and full consolidation of Thailand income. • Higher
Slide 26: Group Income Statement
IFS Capital Limited Group Income Statement 9 months 9 months +/(-) (S$’000) 2010 2009 % Net Interest Income 15,206 9,339 62.8 Net Earned Premium Revenue 2,892 4,137 (30.1) Fee and Commission Income 5,813 4,717 23.2 Investment & Other Income 1,264 2,047 (38.3) Total Income 25,175 20,240 24.4 Operatin
Slide 27: Group Operating Expenses
IFS Capital Limited Group Operating Expenses 9 months 9 months +/(-) (S$’000) 2010 % 2009 % % Commission 548 4.0 251 2.3 118.3 Business Development 622 4.5 503 4.6 23.7 Staff Costs 7,444 54.3 6,336 57.8 17.5 General Administration 5,096 37.2 3,871 35.3 31.6 Total 13,710 100.0 10,961 100.0 25.1 Cost-
Slide 28: Key Financial Ratios
IFS Capital Limited Key Financial Ratios 9 months 9 months +/(-) 2010 2009 % Return on Ave Equity – After Tax (%) 4.0 3.7 8.1 Return on Total Assets (%) 1.5 1.3 15.4 Earnings per Share (cts) * 3.4 3.1 9.7 Net Asset Value per Share (cts) * 87.1 83.4 4.4 Leverage (times) 1.5 1.8 (16.7) Gearing (times)
Slide 29: Regional Operations – Indonesia, Malaysia & Thailand
IFS Capital Limited Regional Operations – Indonesia, Malaysia & Thailand 9 months 9 months +/(-) (S$’000) 2010 2009 % Net Interest Income 5,871 3,790 54.9 Non-Interest Income 2,697 1,617 66.8 Operating Expenses (4,644) (2,768) 67.8 Operating Profit before Allowances 3,924 2,639 48.7 Allowances for L
Slide 30: Regional Operations (cont'd): Indonesia and Malaysia
IFS Capital Limited Regional Operations (cont’d) - Indonesia, Malaysia & Thailand Indonesia • Reported higher operating revenue for 9M 2010 due to higher business volume and better margin. However, lower net profit was due mainly to higher allowances for loans and factoring receivables. Malaysia • R
Slide 31: Regional Operations (cont'd): Thailand
IFS Capital Limited Regional Operations (cont’d) - Indonesia, Malaysia & Thailand Thailand • Achieved higher 9M 2010 operating income due to higher factoring volume and better interest margin. However, due to higher operating expenses and allowances for loan losses as compared to reversal of allowan
Slide 32: ECICS Limited
IFS Capital Limited ECICS Limited 9 months 9 months +/(-) (S$’000) 2010 2009 % Net Earned Premium Revenue 3,005 4,272 (29.7) Fee and Investment Income 3,224 2,431 32.6 Claims Incurred (402) (810) (50.4) Operating Expenses (3,130) (2,552) 22.7 Operating Profit before Allowances 2,697 3,341 (19.3) All
Slide 33: ECICS Limited
IFS Capital Limited ECICS Limited • Higher profit for 9M 2010 mainly due to: - tax credit resulting from tax refund; - higher commission and investment income; - lower net claims incurred; partly offset by - lower net earned premium due to a charge on the change in provision for unexpired risks; and
Slide 34: Prospects
IFS Capital Limited Prospects • After a strong recovery, global economy has entered a phase of greater uncertainties and risks. Economic growth will slow in the Group’s major markets while the prospect of huge capital inflows could precipitate policy and other risks for the Group. • Group is mindful
Slide 35: Group Borrowings, Equity and Gearing (Incl. IFST)
IFS Capital Limited IFS Group Borrowings, Equity and Gearing [ Incl. IFST as at 30 Sep 10 ] (net of cash held for IFS excl. ECICS) S$’ mil 350 5 293.3 300 258.6 4 Total 244.8 Bor r owi ngs 246.6 250 229.0 Total Equi ty 3 200 194.3 171.9 173.1 178.0 Net Gear i ng 165.4 (ti mes) 2.7 2.6 2.6 150 gearin
Slide 36: Group Borrowings, Equity and Gearing (Excl. IFST)
IFS Capital Limited IFS Group Borrowings, Equity and Gearing [ Excl. IFST as at 30 Sep 10 ] (net of cash held for IFS excl. ECICS) S$’ mil 350 8 7 300 Total 293.3 Borrowings 258.6 244.8 6 Total Equity 250 246.6 Net Gearing 229.0 5 (times) 200 194.3 4 150 126.2 129.4 129.3 130.5 2.7 115.9 123.9 121.0