Ifs Capital Ltd. · SGX:I49
Ifs Capital — Q1 2015 Earnings Presentation
36 slides from Ifs Capital's earnings presentation, May 11, 2015
Slide 1: SGX Financial Statements and Related Announcement: First Quarter Results
Financial Statements and Related Announcement::First Quarter Results Page 1 of 1 Financial Statements and Related Announcement::First Quarter Results Issuer & Securities Issuer/ Manager IFS CAPITAL LIMITED Securities IFS CAPITAL LIMITED - SG1A35000706 - I49 Stapled Security No Announcement Details A
Slide 2: Table of Contents
(Registration no: 198700827C) First Quarter Unaudited Financial Statements and Dividend Announcement for the Period Ended 31 March 2015 TABLE OF CONTENTS Item Description Page No. No. 1(a)(i) Consolidated Statement of Profit or Loss and Statement of 2-3 Comprehensive Income 1(a)(ii) Explanatory Note
Slide 3: Consolidated Statement of Profit or Loss
(Registration no: 198700827C) First Quarter Unaudited Financial Statements and Dividend Announcement for the Period Ended 31 March 2015 1(a)(i) Consolidated Statement of Profit or Loss for the Three Months Ended 31 March Note 1st Quarter 1(a) 2015 2014 +/(-) (ii) S$’000 S$’000 % Interest income 6,47
Slide 4: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income for the Three Months Ended 31 March Note 1st Quarter 1(a) 2015 2014 +/(-) (ii) S$’000 S$’000 % Profit for the period 629 1,173 (46.4) Other comprehensive income Items that are or may be reclassified subsequently to profit or loss Net change in fair valu
Slide 5: Explanatory Notes to Consolidated Statement of Profit or Loss
1(a)(ii) Explanatory Notes to Consolidated Statement of Profit or Loss The following items have been included in arriving at Group net profit for the period: 1st Quarter 2015 2014 +/(-) S$’000 S$’000 % Investment income - dividend, fee and interest income 359 358 0.3 - gain/(loss) on disposal of equ
Slide 6: Explanatory Notes to Profit or Loss (cont'd)
1(a)(ii) Explanatory Notes to Consolidated Statement of Profit or Loss (cont’d) Comments on Major Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income Variances (a) The increase in net interest income for 1st Quarter 2015 (“1Q 2015”) was mainly driven by the gr
Slide 7: Earnings Per Ordinary Share
1(a)(iii) Earnings Per Ordinary Share Group 1st Quarter 2015 2014 Earnings per share - on weighted average number of ordinary shares in issue 0.21 cents 0.58 cents - on fully diluted basis 0.21 cents 0.58 cents Earnings per ordinary share on existing issued share capital is computed based on the wei
Slide 8: Statement of Financial Position
1(b)(i) Statement of Financial Position Group Company 31/03/2015 31/12/2014 31/03/2015 31/12/2014 Note S$’000 S$’000 S$’000 S$’000 Non-current assets Property, plant and equipment (a) 19,789 17,231 14,954 15,111 Intangible assets 888 642 164 184 Subsidiaries - - 75,845 75,845 Other investments (b) 5
Slide 9: Comments on Major Statement of Financial Position Variances
Comments on Major Statement of Financial Position Variances (a) The increase was mainly due to the purchase of a new office unit for business use by the Thailand subsidiary. (b) The increase in other investments under non-current assets was mainly due to ECICS’ purchase of debt securities and the Co
Slide 10: Group's Borrowings and Net Asset Value
1(b)(ii) Group’s Borrowings Unsecured As at 31/03/2015 As at 31/12/2014 $’000 S$’000 Amount repayable in one year or less, or on demand 198,619 182,419 Amount repayable after one year 42,204 46,683 240,823 229,102 Details of any collateral Nil. 1(b)(iii) Net Asset Value Group Company 31/03/2015 31/1
Slide 11: Consolidated Statement of Cash Flows
1(c) Consolidated Statement of Cash Flows for the Three Months Ended 31 March 1st Quarter 2015 2014 Note S$’000 S$’000 Cash flows from operating activities Profit for the period 629 1,173 Adjustments for: Amortisation of intangible assets and held-to-maturity debt securities 110 100 Net foreign exch
Slide 12: Consolidated Statement of Cash Flows (cont'd)
1(c) Consolidated Statement of Cash Flows for the Three Months Ended 31 March (cont’d) 1st Quarter 2015 2014 Note S$’000 S$’000 Cash flows from investing activities Proceeds from sale of property, plant and equipment - 6 Purchase of property, plant and equipment (2,775) (215) Purchase of intangible
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 1Q 2015 was mainly due to drawdown of factoring receivables, partly offset by repayments of loans, advances, hire purchase and leasing receivables. The net cash
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 Total capital reserve reserve reserve profits Total interests equity Group S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 2014 At 1 January 2014 88,
Slide 15: Changes in Company's Share Capital
1(d)(ii) Changes in Company’s Share Capital Since 31 December 2014, there was no change in the issued share capital of the Company. The share capital of the Company as at 31 March 2015 was 150,387,866 ordinary shares. There were no outstanding convertibles as at 31 March 2015 (31 March 2014: Nil). 1
Slide 16: Review of Group Performance
The adoption of the above amended FRS does not have any significant impact on the financial statements for the financial period under review. 6 Review of Group Performance 1st Quarter 2015 (“1Q 2015”) versus 1st Quarter 2014 (“1Q 2014”) The Group’s operating income increased 5% to $8.9 million, supp
Slide 17: Prospects and Dividend
8 Prospects Trends in the operating businesses in Singapore and Thailand are encouraging. Loan volumes for Singapore have increased by 8% in the first quarter of 2015 and the pipeline of deals suggests that this growth can continue. In Thailand, our subsidiary is expected to maintain its profitabili
Slide 18: Interested Person Transactions Mandate
11 Interested Person Transactions Mandate There is no general mandate obtained from shareholders on Interested Person Transactions. By Order of the Board Chionh Yi Chian Company Secretary 8 May 2015 17
Slide 19: 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 20: First Quarter 2015 Unaudited Results Presentation
IFS Capital Limited IFS Capital Limited First Quarter 2015 Unaudited Results Presentation 11 May 2015 1
Slide 21: Contents and Disclaimer
IFS Capital Limited Contents Slide 1. Highlights 3-4 2. (a) Group Statement of Profit or Loss 5 (b) Group Statement of Comprehensive Income 6 (c) Group Operating Expenses 7 3. Key Financial Ratios 8 4. Group Performance Review 9 - 11 5. Results of Subsidiaries - Regional Operations 12 - 13 - ECICS 1
Slide 22: Highlights
IFS Capital Limited Highlights Group’s operating income for 1Q 2015 of $8.9m was 5% higher compared to 1Q 2014. Higher net earned premium revenue of $1.1m (1Q 2014: $0.9m). Lower non-interest income of $3.1m (1Q 2014: $3.3m). Higher operating expenses of $5.5m (1Q 2014: $5.3m). Net claims
Slide 23: Highlights (cont'd)
IFS Capital Limited Highlights (cont’d) Regional operations posted higher net profit after NCI of $763,000 (1Q 2014: $592,000). Improvement in other comprehensive income to $2.0m (1Q 2014: $389,000) due to higher translation gain from the strengthening of Thai Baht for translation against S$.
Slide 24: Group Statement of Profit or Loss
IFS Capital Limited Group Statement of Profit or Loss 1Q 1Q +/(-) ($’000) 2015 2014 % Net Interest Income 4,735 4,417 7.2 Net Earned Premium Revenue ^ 1,109 881 25.9 Non-Interest Income 3,089 3,252 (5.0) Total Income 8,933 8,550 4.5 Operating Expenses (5,453) (5,311) 2.7 Operating Profit before Net
Slide 25: Group Statement of Comprehensive Income
IFS Capital Limited Group Statement of Comprehensive Income 1Q 1Q +/(-) ($’000) 2015 2014 % Profit for the period 629 1,173 (46.4) Other comprehensive income Items that are or may be reclassified subsequently to profit or loss Net change in fair value of available-for-sale financial assets 165 176 (
Slide 26: Group Operating Expenses
IFS Capital Limited Group Operating Expenses 1Q 1Q +/(-) ($’000) % % 2015 2014 % Commission 189 3.5 146 2.8 29.5 Business Development 146 2.7 198 3.7 (26.3) Staff Costs 3,505 64.3 3,411 64.2 2.8 Depreciation & Amortisation 356 6.5 343 6.5 3.8 General Administration 1,257 23.0 1,213 22.8 3.6 Total 5,
Slide 27: Key Financial Ratios
IFS Capital Limited 1Q 1Q +/(-) Key Financial Ratios 2015 2014 % Return on Ave Equity – After Tax (%) 0.3 0.7 (57.1) Earnings per Share (cts) 0.21 0.58 (63.8) Net Asset Value per Share (cts) 81.3 85.6 (5.0) Leverage (times) 2.36 2.02 16.8 Gross Gearing (times) 1.97 1.71 15.2 8
Slide 28: Group Performance Review – 1Q 2015 vs 1Q 2014
IFS Capital Limited Group Performance Review – 1Q 2015 vs 1Q 2014 Group’s operating income increased 5% to $8.9m due to: - higher net interest income mainly driven by growth in financing activities; - higher fee and commission mainly due to higher reinsurance commission received and higher factori
Slide 29: Group Performance Review (cont'd)
IFS Capital Limited Group Performance Review – 1Q 2015 vs 1Q 2014 (cont’d) Group’s operating expenses up 3% or $142,000 to $5.5m mainly on commission expenses related to broker-referred insurance business and staff costs linked to increased headcount. After taking into account net claims reversa
Slide 30: Group Performance Review (cont'd)
IFS Capital Limited Group Performance Review – 1Q 2015 vs 1Q 2014 (cont’d) Group’s loan assets including factoring receivables outstanding of $358.7m increased 4% and 7% against the bases of $345.5m as at 31 December 2014 and $334.8m as at 31 March 2014 respectively due to higher factoring receiva
Slide 31: Regional Operations – Indonesia, Malaysia & Thailand
IFS Capital Limited Regional Operations – Indonesia, Malaysia & Thailand 1Q 1Q +/(-) ($’000) 2015 2014 % Net Interest Income 2,845 2,618 8.7 Non-Interest Income 1,515 1,454 4.2 Operating Expenses (1,855) (1,955) (5.1) Operating Profit before Allowances 2,505 2,117 18.3 Allowances (1,160) (962) 20.6
Slide 32: Regional Operations (cont'd)
IFS Capital Limited Regional Operations (cont’d) - Indonesia, Malaysia & Thailand Thailand subsidiary reported a 4% drop in net profit after NCI, in its home currency, mainly due to higher allowances for loan losses. With the strengthening of Thai Baht for translation against the S$, net profit af
Slide 33: ECICS Limited
IFS Capital Limited ECICS Limited 1Q 1Q +/(-) ($’000) 2015 2014 % Gross Written Premiums 2,306 2,727 (15.4) Net Earned Premium Revenue 1,116 894 24.8 Fee and Investment Income 1,079 492 119.3 Claims Reversal/(Incurred) 108 (141) NM Operating Expenses (1,566) (1,164) 34.5 Operating Profit before Allo
Slide 34: ECICS Limited
IFS Capital Limited ECICS Limited Net profit after tax higher at $731,000 as compared to $130,000 for 1Q 2014 due to higher net earned premium revenue, higher fee and investment income and net claims reversal. Gross written premiums declined 15% to $2.3m largely due to lower bonds and guarantee
Slide 35: Prospects
IFS Capital Limited Prospects Trends in the operating businesses in Singapore and Thailand are encouraging. Loan volumes for Singapore have increased by 8% in 1Q 2015 and the pipeline of deals suggests that this growth can continue. In Thailand, our subsidiary is expected to maintain its profita
Slide 36: The End – Thank You
IFS Capital Limited THE END THANK YOU 17