TIDMASAI
RNS Number : 9267Z
ASA International Group PLC
20 September 2022
ASA International Group plc August 2022 business update
Amsterdam, The Netherlands, 20 September 2022 - ASA
International, ('ASA International', the 'Company' or the 'Group'),
one of the world's largest international microfinance institutions,
today provides the following update on its business operations as
at 31 August 2022.
-- Liquidity remains high with approximately USD 106 million of
unrestricted cash and cash equivalents across the Group.
-- The pipeline of funding deals under negotiation totalled approximately USD 197 million.
-- With the exception of India, Sri Lanka, and Myanmar, all
other operating subsidiaries continued to achieve collection
efficiency of more than 90% with 9 countries achieving more than
95%.
-- India collections slightly improved from 83% in May to 84% in
August, despite the substantial overdue collections. Collection
efficiency, including regular and overdue collections as well as
advance payments, was at 101% as a percentage of the regular,
realisable collections, including advance payments.
-- PAR>30 for the Group, including off-book loans and
excluding loans overdue more than 365 days, increased from 6.0% in
May to 6.5% in August, primarily due to the end of moratoriums in
India as of June.
-- The PAR>30 for the Group's operating subsidiaries,
excluding India and Myanmar, remained broadly stable at 1.9% in
August.
-- Excluding all loans which have been overdue for more than 180
days and, as a result, have been fully provided for, PAR>30
remained stable at 4.2% in August.
-- Disbursements as percentage of collections exceeded 100% in 8
countries. The decreasing percentage in India was due to the
ongoing strategic decision to reduce disbursements while elections
in Kenya, and currency redenomination in Sierra Leone led to the
country operations curtailing disbursements as a precaution.
-- With the number of clients broadly stable at 2.4 million, the
continuing strategic focus in India on primarily collections, and
the impact of currency depreciation in major markets, the Gross OLP
decreased to USD 370 million (10% lower than in May 2022 and 16%
lower than in August 2021).
-- The moratorium amount decreased from USD 18 million in May to
USD 0.02 million in August. Whereas moratoriums in May and June
were composed of the restructured loans of certain distressed
clients in India as per the RBI guidelines, moratoriums in July
were provided only to clients in Sri Lanka and those in August were
only to clients in Sierra Leone.
Funding
-- Unrestricted cash and cash equivalents remained high at approximately USD 106 million.
-- The Company secured approximately USD 40 million of new loans
from local and international lenders between June and August
2022.
-- The majority of the Company's USD 197 million pipeline of
future wholesale loans are supported by agreed term sheets and/or
draft loan documentation. The terms and conditions of the remaining
loans are being negotiated with lenders.
Collection efficiency until 31 August 2022 (1)
Countries Mar/22 Apr/22 May/22 Jun/22 Jul/22 Aug/22
---------- ---------- ---------- --------- ---------
India 81% 83% 83% 85% 86% 84%
Pakistan 100% 100% 100% 100% 100% 99%
Sri Lanka 94% 93% 92% 89% 89% 88%
The Philippines 99% 99% 99% 100% 100% 100%
Myanmar 72%(2) 72%(2) 73%(2) 78%(2) 80%(2) 84%(2)
Ghana 100% 100% 100% 100% 100% 100%
Nigeria 96% 95% 95% 96% 96% 96%
Sierra Leone 94% 94% 96% 96% 96% 94%
Tanzania 100% 100% 100% 100% 100% 100%
Kenya 100% 100% 100% 100% 100% 100%
Uganda 100% 100% 100% 100% 100% 100%
Rwanda 97% 97% 97% 97% 97% 97%
Zambia 98% 98% 98% 98% 98% 98%
----------------------- ---------- ---------- ---------- --------- --------- ---------
(1) Collection efficiency refers to actual collections from clients
divided by realizable collections for the period. It is calculated
as follows: the sum of actual regular collections, actual overdue collections
and actual advance payments divided by the sum of realizable regular
collections, actual overdue collections
and actual advance payments. Under this definition collection efficiency
cannot exceed 100%.
(2) Collections are impacted by the ongoing lockdowns and civil unrest
in some areas of our operations.
-- Collection efficiency across the Group increased or remained
broadly stable compared to the previous month in all countries
.
-- Collections in India slightly improved since May to 84% in
August, despite the substantial overdue collections.
-- Collection efficiency in India, including regular and overdue
collections as well as advance payments, was at 101% as a
percentage of the regular, realisable collections, including
advance payments. The substantial difference is due to the Group's
policy that any loan instalment paid is first credited against the
oldest outstanding amount overdue. This has an adverse impact on
India's monthly collection efficiency, which is further aggravated
by the relatively long duration of the loans disbursed in India.
This adjusted collection efficiency metric illustrates that most
clients in India continue to make payments on their loans due.
Loan portfolio quality up to and including August 2022 (3, 4,
5)
Gross OLP (in
USDm) Non-overdue loans PAR>30 less PAR>180
------------------------- ------------------------- ----------------------------
Jun/22 Jul/22 Aug/22 Jun/22 Jul/22 Aug/22 Jun/22 Jul/22 Aug/22
India
(total) 80 73 66 75.1% 65.9% 62.5% 8.1% 13.8% 16.1%
Pakistan 80 71 77 99.7% 99.7% 98.6% 0.1% 0.2% 0.2%
Sri Lanka 4 4 4 77.5% 74.2% 76.8% 6.0% 9.0% 8.9%
Philippines 47 47 47 97.1% 96.9% 97.1% 1.0% 0.7% 0.5%
Myanmar 20 19 17 62.5% 68.0% 68.6% 31.2% 21.1% 12.5%
Ghana 43 40 34 99.6% 99.6% 99.5% 0.2% 0.1% 0.1%
Nigeria 41 41 41 92.0% 91.3% 91.0% 3.7% 3.8% 3.6%
Sierra
Leone 6 6 5 88.6% 87.1% 84.4% 4.6% 4.2% 4.3%
Tanzania 42 43 44 99.5% 99.5% 99.4% 0.2% 0.2% 0.2%
Kenya 19 20 19 99.0% 99.0% 98.9% 0.4% 0.4% 0.4%
Uganda 10 10 10 98.4% 98.6% 98.6% 0.1% 0.2% 0.2%
Rwanda 4 4 4 78.2% 93.8% 94.1% 2.8% 2.8% 2.5%
Zambia 3 3 3 95.8% 95.8% 95.2% 2.6% 2.7% 2.6%
Group 399 379 370 91.1% 89.7% 89.5% 3.9% 4.5% 4.2%
PAR>30 PAR>90 PAR>180
------------------------- ------------------------- -------------------------
Jun/22 Jul/22 Aug/22 Jun/22 Jul/22 Aug/22 Jun/22 Jul/22 Aug/22
India
(total) 13.3% 18.5% 20.5% 6.9% 8.7% 6.0% 5.1% 4.7% 4.4%
Pakistan 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0%
Sri Lanka 8.8% 12.0% 12.1% 5.3% 6.1% 6.3% 2.7% 3.0% 3.2%
Philippines 2.7% 2.6% 2.2% 2.5% 2.4% 2.1% 1.7% 1.8% 1.7%
Myanmar 31.5% 31.5% 30.8% 26.9% 28.9% 29.4% 0.4% 10.4% 18.3%
Ghana 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.1% 0.2% 0.2%
Nigeria 6.0% 6.2% 6.3% 4.3% 4.6% 4.7% 2.3% 2.5% 2.7%
Sierra
Leone 10.1% 10.9% 9.9% 8.8% 9.5% 7.8% 5.5% 6.6% 5.6%
Tanzania 0.4% 0.4% 0.4% 0.3% 0.2% 0.2% 0.2% 0.1% 0.1%
Kenya 0.8% 0.8% 0.9% 0.7% 0.7% 0.7% 0.5% 0.5% 0.5%
Uganda 1.5% 1.2% 0.8% 1.4% 1.1% 0.7% 1.4% 1.0% 0.6%
Rwanda 4.6% 4.7% 4.6% 3.3% 3.3% 3.3% 1.8% 1.9% 2.0%
Zambia 2.9% 3.2% 3.4% 1.4% 2.1% 2.4% 0.3% 0.5% 0.8%
Group 5.6% 6.7% 6.5% 3.8% 4.3% 3.5% 1.7% 2.2% 2.3%
(3) Gross OLP includes the off-book BC and DA model, excluding interest
receivable and before deducting ECL provisions and modification loss.
(4) PAR>x is the percentage of outstanding customer loans with at
least one instalment payment overdue x days, excluding loans more
than 365 days overdue, to Gross OLP including off-book loans. Loans
overdue more than 365 days now comprise 2% of the Gross OLP.
(5) The table "PAR>30 less PAR>180" shows the percentage of outstanding
client loans with a PAR greater than 30 days, less those loans which
have been fully provided for.
-- PAR>30 for the Group increased from 6.0% in May to 6.5% in
August as portfolio quality in India decreased due to the end of
moratoriums in June, while currency devaluations substantially
reduced the size of OLP from countries with high portfolio quality
such as Ghana and Pakistan.
-- Credit exposure of the India off-book BC portfolio of USD
25.8m is capped at 5%. The included off-book DA portfolio of USD
1.1 million has no credit exposure.
Disbursements vs collections of loans until 31 August 2022
(6)
Countries Mar/22 Apr/22 May/22 Jun/22 Jul/22 Aug/22
--------- --------- --------- --------- ---------
India 62% 52% 72% 42% 22% 25%
Pakistan 100% 117% 118% 119% 113% 112%
Sri Lanka 122% 55% 42% 61% 11% 93%
The Philippines 104% 112% 105% 104% 104% 104%
Myanmar 116% 77% 106% 85% 84% 95%
Ghana 115% 118% 112% 110% 91% 100%
Nigeria 98% 110% 120% 117% 100% 104%
Sierra Leone 113% 105% 93% 99% 84% 81%
Tanzania 110% 130% 120% 109% 106% 111%
Kenya 113% 125% 112% 92% 105% 87%
Uganda 118% 122% 112% 97% 97% 100%
Rwanda 107% 112% 129% 119% 113% 116%
Zambia 109% 116% 125% 133% 109% 110%
---------------------- --------- --------- --------- --------- --------- ---------
(6) Disbursements vs collections refers to actual loan disbursements made
to clients divided by total amounts collected from clients in the period.
-- Disbursements as percentage of collections exceeded 100% in 8
countries. The decreasing percentage in India was due to the
ongoing strategic decision to reduce disbursements while elections
in Kenya, and currency redenomination in Sierra Leone led to the
country operations curtailing disbursements as a precaution.
Development of Clients and Outstanding Loan Portfolio until 31
August 2022
Gross OLP (in
Clients (in thousands) Delta USDm) Delta
Aug/21-Aug/22 Aug/21-Aug/22 July/22-Aug/22
Countries Aug/21 Jul/22 Aug/22 Aug/21-Aug/22 July/22-Aug/22 Aug/21 Jul/22 Aug/22 USD CC(7) USD
India 675 435 417 -38% -4% 139 73 66 -53% -49% -10%
Pakistan 486 583 590 21% 1% 74 71 77 4% 38% 10%
Sri Lanka 53 46 45 -15% -2% 8 4 4 -56% -21% -2%
The
Philippines 341 317 321 -6% 1% 55 47 47 -14% -2% 0%
Myanmar 118 103 104 -12% 1% 23 19 17 -26% -5% -12%
Ghana 151 168 170 13% 1% 44 40 34 -23% 27% -15%
Nigeria 259 240 242 -7% 1% 34 41 41 21% 24% -1%
Sierra Leone 42 38 37 -12% -4% 7 6 5 -22% 7% -11%
Tanzania 155 202 204 31% 1% 28 43 44 57% 58% 3%
Kenya 118 136 134 14% -1% 18 20 19 4% 14% -5%
Uganda 83 105 105 27% 0% 8 10 10 26% 36% 2%
Rwanda 17 19 20 15% 3% 3 4 4 40% 45% 3%
Zambia 11 19 20 85% 5% 1 3 3 126% 126% 6%
Total 2,509 2,411 2,409 -4% -0.1% 441 379 370 -16% 0% -2.3%
(7) Constant currency ('CC') implies conversion of local
currency results to USD with the exchange rate from the beginning
of the period.
-- With the number of clients broadly stable at 2.4 million, the
continuing strategic focus in India on primarily collections, and
the impact of currency depreciation in major markets, the Gross OLP
decreased to USD 370 million (10% lower than in May 2022 and 16%
lower than in August 2021).
Selected moratoriums (8) on loan repayments until 31 August
2022
Clients under moratorium (in
thousands)
As % of Total
Countries Jun/22 Jul/22 Aug/22 Clients
India 95 0 0 0%
Sri Lanka 0 0.6 0 0%
Sierra Leone 0 0 1.2 3%
Group 95 0.6 1.2 0.1%
Moratorium amounts (USD thousands)
August Moratoriums As % of Total
Countries Jun/22 Jul/22 Aug/22 as % of OLP Moratoriums
India 16,044 0 0 0% 0%
Sri Lanka 0 3 0 0% 0%
Sierra Leone 0 0 0.02 0.0% 100%
Group 16,044 3 0.02 0% 100%
(8) Moratoriums relate to clients who have received an extension
for the payment of one or more loan instalments during the
month.
-- Moratoriums on loan repayments relate to approximately 3% of
clients in Sierra Leone in August. The moratoriums in May and June
are composed of the restructured loans of clients in India who
accepted to benefit from the one-time debt restructuring scheme
established by the RBI and confirmed in September 2021, which ended
in June 2022. See RBI Covid-19 Restructuring Guidelines .
Moratoriums in July were provided to clients in Sri Lanka while
those in August were only to clients in Sierra Leone.
-- The moratorium amount across the Group decreased to USD 0.02
million, which represents 0.004 % of the Group's Gross OLP.
Key events in September 2022
-- Other than the existing partial curfews in Myanmar, the
Company is not aware of any further restrictions implemented in its
operating countries up until 19 September 2022.
-- Record flooding occurred in Pakistan submerging large parts
of the country and displacing millions of people. The Punjab region
where ASA Pakistan has most of its operations, was not badly
affected, while the Sind region saw significant flooding which
affected some of ASA Pakistan's clients and operations. The local
team has halted operations in areas that were badly affected, while
maintaining contact with clients to provide assistance until
clients can recover and return to their regular livelihoods.
Enquiries:
ASA International Group plc
Investor Relations +31 6 2030 0139
Véronique Schyns vschyns@asa-international.com
About ASA International Group plc
ASA International Group plc (ASAI: LN) is one of the world's
largest international microfinance institutions, with a strong
commitment to financial inclusion and socioeconomic progress. The
company provides small, socially responsible loans to low-income,
financially underserved entrepreneurs, predominantly women, across
South Asia, South East Asia, West and East Africa.
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