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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Asa International Group Plc | LSE:ASAI | London | Ordinary Share | GB00BDFXHW57 | ORD GBP1 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
3.25 | 5.24% | 65.25 | 63.50 | 67.00 | 67.00 | 64.50 | 64.50 | 57,784 | 16:35:10 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMASAI
RNS Number : 7880Z
ASA International Group PLC
26 May 2021
ASA International Group plc April 2021 business update
Amsterdam, The Netherlands, 26 May 2021 - ASA International, ('ASA International', the 'Company' or the 'Group'), one of the world's largest international microfinance institutions, today provides the following update of the impact of COVID-19 on its business operations as at 30 April 2021.
-- Liquidity remained high with approximately USD 109m of unrestricted cash and cash equivalents across the Group on 30 April 2021.
-- The pipeline of funding deals under negotiation totalled approximately USD 164m.
-- With the exception of India, the Philippines, and Myanmar, all other operating companies achieved collection efficiency of more than 90% and 9 out of 13 countries achieved collection efficiency of more than 95%.
-- India collections remained broadly stable at 87% due to ongoing challenges of the operating environment in Assam and the second wave of COVID-19 affecting the whole country.
-- The Philippines collections decreased to 83% due to the implementation of various, regional lockdowns.
-- Collections in Myanmar remained broadly stable at 65% due to the ongoing disruption following the military's takeover of the Government and the ongoing nation-wide protests.
-- Portfolio quality remained challenging, particularly in India and the Philippines with benchmark PAR>30 for the Group, including off-book loans and excluding loans overdue more than 365 days, slightly improving to 13.3% from 14.3% in March 2021, and PAR>90 slightly increasing to 10.6% from 9.3% in March 2021. The Group's operating subsidiaries, excluding India, the Philippines and Myanmar, collectively have been able to maintain PAR>30 at 3.8%.
-- Disbursements as percentage of collections exceeded 100% in 7 countries with much lower percentages seen in India, Sri Lanka, and Myanmar.
-- The number of clients continued to increase more than 2.5m, while Gross OLP slightly decreased to USD 482m (7% higher than in April 2020 and 0.4% lower compared to March 2021), across the Group.
-- The moratoriums granted in April amounted to USD 1.4 m, primarily related to ongoing disruption of the operations in Myanmar .
Health impact of COVID-19 on staff and clients
-- The immediate health impact of COVID-19 on the Company's operations remained low with only 149 of over 12,500 staff members confirmed as infected since March 2020 , but with no deaths . Since March 2020, confirmed infections amongst 2.5m clients increased from 1,700 to 2,107 as at 30 April 2021, resulting in 38 deaths since the start of the pandemic.
Funding
-- Unrestricted cash and cash equivalents remained high at approximately USD 109m.
-- The Company secured approximately USD 6m of new loans from local and international lenders in April 2021.
-- The majority of the Company's USD 164m pipeline of future wholesale loans are supported by (agreed) term sheets and/or draft loan documentations. The terms and conditions of the remaining loans are being negotiated with lenders.
Collection efficiency until 30 April 2021 (1, 2)
Countries 01-15 16-28 01-15 16-31 01-15 16-30 Feb Feb Mar Mar Apr Apr ------ ------ ------ ------ ------ India 84% 84% 86% 88% 86% 87% Pakistan 99% 99% 99% 99% 99% 99% Sri Lanka 86% 93% 90% 91% 93% 94% The Philippines 77% 82% 83% 88% 85% 83% Myanmar 80% 76% 52% 66% 45% 65% Nigeria 96% 97% 95% 96% 93% 96% Ghana 100% 100% 100% 100% 100% 100% Sierra Leone 84% 94% 92% 99% 90% 96% Kenya 98% 99% 100% 100% 100% 99% Tanzania 99% 100% 100% 100% 100% 100% Uganda 91% 94% 98% 99% 100% 100% Rwanda 89% 93% 94% 97% 95% 95% Zambia 99% 100% 100% 100% 100% 100% ----------------- ------ ------ ------ ------ ------ ------ (1) Collection efficiency refers to actual collections from clients divided by expected collections for the period; since any moratorium on the repayment of loans are only granted to clients after the end of the month, the collection efficiency is not affected by the grant of such moratorium. (2) As of December 2020, the definition of collection efficiency has been amended in view of the increased amount of overdue collection and advance payments in various countries to: the sum of actual regular collections, actual overdue collections and actual advance payments divided by the sum of expected regular collections, actual overdue collections and actual advance payments. This also means that collections efficiency no longer can exceed 100%.
-- Collection efficiency across the Group increased or remained broadly stable compared to the previous month in all countries, with the exception of the Philippines and Sierra Leone .
-- Collections in India remained broadly stable at 87 % compared to the previous month, due to the challenging political environment in Assam (approximately 13% of ASA India's loan portfolio) following the recent elections and increased disruptions to operations as result of the severe second wave of COVID-19 .
-- Collections decreased to 83% in the Philippines due to the imposition of various local and regional lockdowns following a recent spike in COVID-19 cases.
-- Collections in Myanmar remained broadly stable at 65% compared to the previous month, due to disruptions to the ordinary life of citizens caused by the military's takeover of the Government and ongoing nation-wide protests.
Loan portfolio quality up to and including April 2021 (3, 4)
Gross OLP (in USDm) Non-overdue loans PAR>30 ----------------------------------- ------------------------- ------------------------- Feb/21 Mar/21 Apr/21 Feb/21 Mar/21 Apr/21 Feb/21 Mar/21 Apr/21 India (total) 168 182 177 64.5% 69.4% 70.0% 29.6% 27.9% 24.3% Pakistan 69 74 76 96.2% 96.7% 96.9% 3.1% 2.8% 2.3% Sri Lanka 9 9 9 90.6% 89.4% 89.0% 5.9% 4.9% 6.0% Philippines 51 53 54 73.8% 76.2% 75.7% 23.3% 22.5% 21.7% Myanmar 30 31 26 84.1% 48.9% 48.8% 0.6% 4.4% 3.1% Ghana 45 47 47 99.4% 99.5% 99.4% 0.4% 0.3% 0.3% Nigeria 32 33 34 91.5% 91.5% 91.3% 5.5% 5.3% 5.3% Sierra Leone 5 5 5 91.3% 92.1% 91.9% 4.6% 4.6% 4.6% Kenya 14 15 16 82.9% 84.9% 86.0% 16.4% 14.0% 13.0% Uganda 8 8 9 76.5% 81.1% 84.9% 23.3% 18.7% 14.9% Tanzania 22 24 25 97.4% 97.7% 97.9% 2.3% 2.1% 1.9% Rwanda 3 3 3 83.1% 85.8% 87.4% 10.7% 10.3% 9.7% Zambia 1 1 1 95.6% 98.4% 98.6% 4.3% 1.6% 1.4% Group 457 484 482 80.3% 80.3% 81.1% 15.7% 14.3% 13.3% PAR>90 PAR>180 ----------------------------------- ------------------------- Feb/21 Mar/21 Apr/21 Feb/21 Mar/21 Apr/21 India (total) 18.9% 20.0% 18.4% 1.5% 6.4% 8.4% Pakistan 2.7% 2.6% 2.1% 2.0% 2.1% 1.8% Sri Lanka 5.2% 3.9% 3.6% 2.8% 2.9% 3.0% Philippines 3.8% 3.9% 19.1% 1.6% 1.8% 2.2% Myanmar 0.4% 3.4% 2.3% 0.3% 1.9% 1.7% Ghana 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% Nigeria 4.5% 4.2% 3.9% 2.9% 3.2% 3.1% Sierra Leone 3.1% 3.2% 3.2% 2.0% 2.0% 1.9% Kenya 15.9% 13.8% 12.7% 7.1% 13.5% 11.5% Uganda 20.8% 18.4% 14.9% 0.6% 2.8% 7.3% Tanzania 2.1% 1.9% 1.7% 1.3% 1.5% 1.5% Rwanda 8.8% 8.4% 7.8% 0.8% 3.2% 5.0% Zambia 4.2% 1.5% 1.3% 3.4% 0.7% 1.0% Group 9.3% 9.3% 10.6% 1.7% 3.7% 4.6% (3) 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 outstanding loan portfolio including off-book loans. (4) Gross loan portfolio includes the off-book BC and DA model, excluding interest receivable and before deducting ECL provisions and modification loss.
-- PAR>30 improved to 13.3% primarily due to the improvements in collections seen across the Group
-- PAR>90 increased to 10.6% for the Group primarily due to the large amount of long-term overdue in India and the Philippines in the absence of the granting of any further moratoriums .
-- Credit exposure of the India off-book BC portfolio of USD 44.7m is capped at 5%. The included off-book DA portfolio of USD 2.5m has no credit exposure.
Disbursements vs collections of loans until 30 April 2021 (5)
Countries 01-15 16-28 01-15 16-31 01-15 16-30 Feb Feb Mar Mar Apr Apr -------- -------- -------- -------- -------- India 92% 116% 118% 143% 63% 79% Pakistan 99% 99% 99% 99% 99% 104% Sri Lanka 88% 145% 98% 86% 35% 51% The Philippines 94% 107% 100% 93% 80% 97% Myanmar 32% 78% 80% 61% 30% 29% Nigeria 106% 104% 106% 112% 107% 111% Ghana 108% 116% 112% 123% 101% 97% Sierra Leone 103% 114% 113% 107% 85% 105% Kenya 109% 117% 102% 112% 87% 113% Tanzania 94% 101% 94% 109% 100% 113% Uganda 93% 105% 92% 105% 104% 106% Rwanda 62% 83% 81% 91% 84% 106% Zambia 142% 137% 103% 126% 123% 91% ----------------------- -------- -------- -------- -------- -------- -------- (5) Disbursements vs collections refers to actual loan disbursements made to clients divided by total loans collected from clients in the period.
-- With the business environment continuing to gradually improve in many countries, disbursements of new loans continued to stabilise or increase in amount and as a percentage of weekly collections, with the exception of India, Sri Lanka and Myanmar.
Development of Clients and Outstanding Loan Portfolio until 30 April 2021
Gross OLP (in Clients (in thousands) Delta USDm) Delta Apr/20- Apr/20- Apr/21 Mar/21- Apr/20- Mar/21- Apr/21 CC Apr/21 Countries Apr/20 Mar/21 Apr/21 Apr/21 Apr/21 Apr/20 Mar/21 Apr/21 USD (6) USD India 741 748 747 1% 0% 181 182 177 -2% -2% -3% Pakistan 433 442 454 5% 3% 62 74 76 23% 17% 2% Sri Lanka 61 58 56 -7% -2% 10 9 9 -7% -4% -3% The Philippines 341 319 325 -5% 2% 53 53 54 2% -2% 2% Myanmar 150 131 125 -16% -4% 34 31 26 -22% -14% -14% Nigeria 252 258 257 2% 0% 28 33 34 21% 19% 3% Ghana 147 155 158 8% 2% 36 47 47 33% 33% 1% Sierra Leone 33 39 39 18% 1% 3 5 5 71% 81% 3% Kenya 100 102 105 5% 3% 15 15 16 8% 8% 5% Tanzania 118 133 137 15% 3% 18 24 25 37% 37% 7% Uganda 98 83 85 -13% 2% 9 8 9 -5% -11% 9% Rwanda 21 18 18 -14% -1% 3 3 3 -2% 3% 2% Zambia 4 7 8 116% 14% 0 1 1 151% 200% 10% Total 2,498 2,492 2,514 1% 1% 451 484 482 7% 6% -0.4%
(6) Constant currency ('CC') implies conversion of local currency results to USD with the exchange rate from the beginning of the period.
-- With disbursements significantly decreasing in India , Gross OLP decreased 0.4% to USD 482m in April 2021 compared to the previous month, but ended up 7% higher than April 2020 in USD with strong growth in Pakistan, Nigeria, Ghana and Tanzania of our more established operating countries.
Selected moratoriums (7) on loan repayments until 30 April 2021
Clients under moratorium As % of Total Countries Feb/21 Mar/21 Apr/21 Clients India 0 0 0 0% Pakistan 0 0 0 0% Sri Lanka 5,114 0 1,321 2% The Philippines 835 793 0 0% Myanmar 38,597 63,074 60,156 48% Nigeria 0 0 0 0% Ghana 0 0 0 0% Sierra Leone 0 0 0 0% Kenya 0 0 0 0% Tanzania 0 0 0 0% Uganda 0 0 0 0% Rwanda 0 0 0 0% Zambia 0 0 0 0% Total 44,546 63,867 61,477 2.4% Moratorium amounts (USD thousands) Total April moratoriums since as % of As % of Countries Feb/21 Mar/21 Apr/21 Mar/20 OLP Total Moratoriums India 0 0 0 14,836 0% 22% Pakistan 0 0 0 0 0% 0% Sri Lanka 97 0 16 2,058 0.2% 3% The Philippines 21 16 0 26,729 0% 40% Myanmar 872 1,439 1,396 11,752 5% 18% Nigeria 0 0 0 1,034 0% 2% Ghana 0 0 0 0 0% 0% Sierra Leone 0 0 0 50 0% 0% Kenya 0 0 0 4,833 0% 7% Tanzania 0 0 0 266 0% 0% Uganda 0 0 0 4,828 0% 7% Rwanda 0 0 0 576 0% 1% Zambia 0 0 0 0 0% 0% Total 990 1,455 1,412 66,963 0.3% 100.0%
(7) 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 were granted primarily to clients in Myanmar, and a few clients in Sri Lanka and amounted to USD 1.4m in total, which represents 0.3 % of the Group's Gross OLP.
-- Moratoriums granted in Myanmar remained around USD 1.4m, due to disruption in operations following the military's takeover of the Government and ongoing nation-wide protests.
Please note that, while the Company's operational performance appears to gradually normalize in most countries, the risk of further challenges to our operations should not be underestimated due to (i) the still relatively high infection rates, (ii) the current lack of available vaccines in most of our operating countries, (iii) the risk of the introduction of more infectious COVID-19 variants in our operating countries as have been observed in the United Kingdom, South Africa, Brazil, and, most recently, the Philippines, and (iv) the associated disruption this may cause to the businesses of our clients.
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Enquiries:
ASA International Group plc
Investor Relations +31 6 2030 0139
Véronique Schyns vschyns@asa-international.com
About ASA International Group plc
ASA International 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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