Ifs Capital Ltd. · SGX:I49
Ifs Capital — Q1 2013 Earnings Presentation
35 slides from Ifs Capital's earnings presentation, May 13, 2013
Slide 1: SGX Financial Statement and Related Announcement
FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT Page 1 of 1 Print this page First 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
(Registra ation no: 198700 0827C) Firstt Quarter Unaudited U F Financial Sta atements an nd Dividend d Announce ement for tthe Period Ended 31 March h 2013 TAB BLE OF CO ONTENTS Ite em Description n P Page No. Noo. 1(a a)(i) Consoolidated Inco ome Stateme ent and Statement of Com mprehensive 2-3 Inc
Slide 3: Consolidated Income Statement for the Three Months Ended 31 March
(Regisstration no: 1987 700827C) F First Quarter Unaudited d Financial S Statements a and Dividend d Announce ement for the Period En nded 31 Marc ch 2 2013 1 1(a)(i) Consolidated Incom me Statement for the Three e Months Ended 31 March Note e 1st Q Quarter 1st Quarte er 1(a) 20013 2012 +/(-) (ii) S
Slide 4: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income for the Three Months Ended 31 March Note 1st Quarter 1st Quarter 1(a) 2013 2012 +/(-) (ii) S$’000 S$’000 % Profit for the period 1,780 1,704 4.5 Other comprehensive income/(loss) Net change in fair value of available-for-sale financial assets 509 272 87
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: 1st Quarter 1st Quarter 2013 2012 +/(-) S$’000 S$’000 % Investment income - dividend, fee and interest income 295 352 (16.2) - gain on disposal of equity
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 1st Quarter 2013 (“1Q 2013”) was mainly due to higher business volume. (b) Gross written premiums of the insurance subsidiary, EC
Slide 7: Earnings Per Ordinary Share
1(a)(iii) Earnings Per Ordinary Share Group 31/03/2013 31/03/2012 Earnings per share - on weighted average number of ordinary shares in issue 0.93 cents 0.93 cents - on fully diluted basis 0.93 cents 0.93 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 31/03/2013 31/12/2012 31/03/2013 31/12/2012 Note S$’000 S$’000 S$’000 S$’000 Non-current assets Property, plant and equipment 18,401 18,572 16,062 16,202 Intangible assets 556 680 198 250 Subsidiaries - - 63,679 63,679 Other investments 25,514 25
Slide 9: Comments on Major Statement of Financial Position Variances
Comments on Major Statement of Financial Position Variances (a) The decrease in loans, advances, hire purchase and leasing receivables under non-current assets was mainly due to reclassification of portfolio maturing within the next twelve months to current assets – trade and other receivables. (b)
Slide 10: Group's Borrowings and Net Asset Value
1(b)(ii) Group’s Borrowings As at 31/03/2013 As at 31/12/2012 S$’000 S$’000 (Unsecured) (Unsecured) Amount repayable in one year or less, or on demand 211,570 206,794 Amount payable after one year 39,599 43,132 251,169 249,926 Details of any collateral Nil. 1(b)(iii) Net Asset Value Group Company 31
Slide 11: Consolidated Statement of Cash Flows
1(c) Consolidated Statement of Cash Flows for the Three Months Ended 31 March 1st Quarter 1st Quarter 2013 2012 Note S$’000 S$’000 Cash flows from operating activities Profit for the period 1,780 1,704 Adjustments for: Amortisation of intangible assets and held-to-maturity debt securities 132 250 Ne
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 1st Quarter 2013 2012 Note S$’000 S$’000 Cash flows from investing activities Proceeds from sale of property, plant and equipment 41 62 Purchase of property, plant and equipment (32) (281) Purchase of
Slide 13: Explanatory Notes to Statement of Cash Flows
Explanatory Notes to Statement of Cash Flows (a) Net cash from/(used in) operating activities The net cash from operating activities in 1Q 2013 was mainly due to lower drawdown of factoring receivables and repayment of loans, advances, hire purchase and leasing receivables as compared to the same qu
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 2012 At 1 January 2012 88,
Slide 15: Changes in Company's Share Capital
1(d)(ii) Changes in Company’s Share Capital Since 31 December 2012, there was no change in the issued share capital of the Company. The share capital of the Company as at 31 March 2013 was 150,387,866 ordinary shares. There were no outstanding convertibles as at 31 March 2013 (31 March 2012: 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 2013 (“1Q 2013”) versus 1st Quarter 2012 (“1Q 2012”) Group’s operating income rose 12% to $8.7 million for 1Q 2013 u
Slide 17: Prospects
8 Prospects The Group continued to expand its business during the 1st quarter of 2013 as reflected in the growth in factoring business and insurance activities. Business momentum remains strong within the region, in particular Thailand. In Malaysia, with the general election over, we expect an accel
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 10 May 2013 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 !FS 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 2013 Unaudited Results Presentation
IFS Capital Limited IFS Capital Limited First Quarter 2013 Unaudited Results Presentation 13 May 2013 1
Slide 21: Contents and Disclaimer
IFS Capital Limited Contents 1. Highlights 2. Group Income Statement/Group Statement of Comprehensive Income/ Operating Expenses 3. Key Financial Ratios 4. Group Performance Review 5. Results of Subsidiaries - Regional Operations - ECICS 6. Prospects 7. Group Net Gearing Disclaimer The following pre
Slide 22: Highlights
IFS Capital Limited Highlights Group’s operating income rose 12% to $8.7 million underpinned by robust growth in the major revenue drivers: net interest income (5%), net earned premium revenue (40%) and non-interest income (22%). Higher factoring volume, higher bonds and guarantee insurance b
Slide 23: Highlights
IFS Capital Limited Highlights All companies in the Group reported profits. Thailand subsidiary continued its business momentum with record high factoring volume and strong performance. EPS (cents) : 0.93 (1Q 2012: 0.93) NAV per Share (cents) : 95.0 (FY 2012: 92.6) 1Q 2013 net interest margi
Slide 24: Group Income Statement
IFS Capital Limited Group Income Statement 1Q 1Q +/(-) (S$’000) 2013 2012 % Net Interest Income 5,154 4,922 4.7 Net Earned Premium Revenue * 590 422 39.8 Non-Interest Income 2,965 2,427 22.2 Total Income 8,709 7,771 12.1 Operating Expenses (4,976) (5,212) (4.5) Operating Profit before Net Claims & A
Slide 25: Group Statement of Comprehensive Income
IFS Capital Limited Group Statement of Comprehensive Income 1Q 1Q +/(-) (S$’000) 2013 2012 % Profit for the period 1,780 1,704 4.5 Other comprehensive income/(loss) Net change in fair value of available-for-sale 509 272 87.1 financial assets Net change in fair value of available-for-sale (150) 192 N
Slide 26: Group Operating Expenses
IFS Capital Limited Group Operating Expenses 1Q 1Q +/(-) (S$’000) % % 2013 2012 % Commission 155 3.1 21 0.4 NM Business Development 171 3.4 166 3.2 3.0 Staff Costs 3,038 61.1 3,222 61.8 (5.7) Depreciation & Amortisation 402 8.1 535 10.3 (24.9) General Administration 1,210 24.3 1,268 24.3 (4.6) Total
Slide 27: Key Financial Ratios
IFS Capital Limited 1Q 1Q Key Financial Ratios 2013 2012 +/(-)% Return on Ave Equity – After Tax (%) 1.0 1.0 - Earnings per Share (cts) 0.93 0.93 - Net Asset Value per Share (cts) 95.0 90.0 5.6 Leverage (times) 1.94 1.90 2.1 Gross Gearing (times) 1.76 1.72 2.3 8
Slide 28: Group Performance Review - 1Q 2013 vs 1Q 2012
IFS Capital Limited Group Performance Review - 1Q 2013 vs 1Q 2012 Despite growth in operating income and lower operating expenses, pre-tax profit declined 7% to $2.2 million on higher collective and specific allowances for loan losses and impairment of other assets of $1.4 million as compared to $
Slide 29: Regional Operations - Indonesia, Malaysia & Thailand
IFS Capital Limited Regional Operations – Indonesia, Malaysia & Thailand 1Q 1Q +/(-) (S$’000) 2013 2012 % Net Interest Income 2,842 2,510 13.2 Non-Interest Income 1,430 1,361 5.1 Operating Expenses (1,938) (1,966) (1.4) Operating Profit before Allowances 2,334 1,905 22.5 Allowances (335) (73) NM Pro
Slide 30: Regional Operations (cont'd)
IFS Capital Limited Regional Operations (cont’d) - Indonesia, Malaysia & Thailand All overseas subsidiaries were profitable. Contributed total net profit after tax and after NCI - $1.2 million, up 19% from $1.0 million for 1Q 2012. Thailand subsidiary continued to achieve record high net profit
Slide 31: ECICS Limited
IFS Capital Limited ECICS Limited 1Q 1Q (S$’000) +/(-) % 2013 2012 Gross Written Premiums 3,172 2,075 52.9 Net Earned Premium Revenue 600 443 35.4 Fee and Investment Income 864 676 27.8 Claims Incurred (65) (35) 85.7 Operating Expenses (1,041) (912) 14.1 Operating Profit before Allowances 358 172 10
Slide 32: ECICS Limited (cont'd)
IFS Capital Limited ECICS Limited (cont’d) Net profit after tax increased 53% to $277,000 from $181,000 a year ago mainly due to higher net earned premium and higher underwriting commission. Gross written premiums up 53% to $3.2 million due to higher business volume written for bonds, guarantee
Slide 33: Prospects
IFS Capital Limited Prospects The Group continued to expand its business during 1Q 2013 as reflected in the growth in factoring business and insurance activities. Business momentum remains strong within the region, in particular Thailand. With GE in Malaysia over, we expect an acceleration in bu
Slide 34: Group Net Gearing
IFS Capital Limited Group Net Gearing … Net Gearing (Net of cash held in IFS excluding ECICS) • Sharp drop in gearing 3.00 since 2005. Global • Decrease in gearing came financial despite consolidation of 2.50 crisis - drop Thailand and further in Gearing capitalisation of 2.00 Reversal Indonesia and
Slide 35: The End - Thank You
IFS Capital Limited THE END THANK YOU 16