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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.50 | -0.77% | 64.75 | 62.00 | 67.50 | 66.00 | 66.00 | 66.00 | 25,225 | 16:35:07 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMASAI
RNS Number : 9310I
ASA International Group PLC
17 December 2020
ASA International Group plc November 2020 business update
Amsterdam, The Netherlands, 17 December 2020 - 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 November 2020.
-- The immediate health impact of COVID-19 on the Company's operations remains low.
-- Liquidity continues to remain high with approximately USD 100m of unrestricted cash and cash equivalents across the Group on 30 November 2020.
-- The pipeline of funding deals under negotiation totalled approximately USD 230m.
-- 9 out of 13 operating countries showed collections percentage rates in the mid to high nineties.
-- India continues to struggle with collections remaining in the high seventies.
-- The Philippines continued to gradually improve collections in November despite a difficult business environment amongst others due to the damage caused by the three recent typhoons hitting Luzon Island and the 60-days grace period for the repayment of loan instalments instituted by the government until the end of December.
-- Collections were not possible in 56 branches based in Yangon and Bago division in Myanmar, due to lockdowns instituted by the Government in these regions until the end of December. In other regions of Myanmar collections were close to 90%.
-- Collection efficiency continued to improve in Kenya and Uganda.
-- Disbursements as percentage of collections exceeded 100% in many countries with the exception of India, Pakistan, Sri Lanka and Tanzania.
-- As a result, the number of clients and Gross OLP continued to gradually increase reaching approximately 2.4m and USD 439m, respectively, across the Group.
-- The Moratoriums granted for November amounted to USD 5.5m and stemmed from the operations in the Philippines and Myanmar.
Health impact of COVID-19 on our communities
-- The immediate health impact of COVID-19 on the Company's operations remain ed low with 91 of our over 12,500 staff members confirmed as infected since March 2020 , but with no deaths . Since March 2020, confirmed infections amongst our 2.4m clients increased from 1,192 at end of October to 1,383 as at 30 November 2020, resulting in 23 deaths.
Funding
-- Unrestricted cash and cash equivalents remained high at approximately USD 100m.
-- The Company secured approximately USD 7.1m of new loans from local and international lenders in November 2020.
-- The majority of the Company's USD 232.2m 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 30 November 2020 (1, 2)
Country 01-07 08-14 15-22 23-29 30 Aug-05 06-12 13-19 20-30 01-15 16-31 01-15 16-30 Aug Aug Aug Aug Sep Sep Sep Sep Oct Oct Nov Nov ------ ------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ India 41% 49% 53% 58% 60% 68% 78% 74% 77% 76% 78% 77% Pakistan 96% 96% 96% 94% 96% 96% 96% 97% 97% 97% 97% 97% Sri Lanka 93% 92% 95% 95% 94% 91% 96% 99% 90% 83% 79% 96% The Philippines 70% 65% 65% 67% 67% 68% 69% 74% 65% 68% 69% 75% Myanmar 96% 96% 97% 97% 95% 93% 91% 78% 65% 75% 86% 88% Nigeria 90% 94% 90% 90% 91% 91% 91% 93% 93% 94% 94% 95% Ghana 101% 100% 99% 99% 99% 99% 99% 100% 99% 100% 100% 100% Sierra Leone 94% 96% 96% 97% 94% 97% 96% 99% 99% 99% 93% 96% Kenya 69% 73% 70% 74% 76% 76% 77% 81% 84% 91% 95% 110% Tanzania 100% 98% 98% 98% 98% 98% 99% 99% 99% 99% 99% 100% Uganda 57% 63% 63% 63% 65% 67% 72% 73% 72% 78% 82% 90% Rwanda 88% 89% 86% 82% 85% 84% 88% 87% 86% 91% 93% 96% Zambia 99% 99% 99% 99% 100% 100% 100% 100% 99% 99% 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) Collection efficiency in Myanmar excludes the branches in Yangon and Bago Region, which are under strict lockdowns in November and December.
-- Collection efficiency across the Group remained high with 9 out of 13 operating countries showing percentage rates in the mid to high nineties.
-- In India, collections remained stable with many clients still struggling to pay instalments on time due to the disruption caused by COVID-19, the long duration of the lockdown and subsequent moratoriums, and natural calamities (cyclone Amphan and flooding in Assam).
-- In the Philippines, the government imposed a 60-day grace period for the repayment of loans until the end of December 2020. In addition, there is ongoing disruption caused by limited, regional lockdowns in certain parts of the country. The Philippines is recovering from three typhoons which hit Luzon Island in quick succession recently and which caused substantial disruption to our clients' businesses on top of the existing disruption already caused by COVID-19.
-- Collections were not possible in Yangon and Bago divisions in Myanmar due to the institution of a two-months lockdown starting November. In other regions of Myanmar collections were close to 90%.
-- Kenya and Uganda significantly improved collections reaching 110% and 90%, respectively.
Disbursements vs collections of loans until 30 November 2020 (3)
Country 01-07 08-14 15-22 23-29 30 Aug-05 06-12 13-19 20-30 01-15 16-31 01-15 16-30 Aug Aug Aug Aug Sep Sep Sep Sep Oct Oct Nov Nov ------ ------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ India 54% 70% 78% 74% 75% 79% 78% 91% 91% 68% 81% 72% Pakistan 72% 85% 90% 91% 95% 89% 93% 99% 99% 99% 99% 99% Sri Lanka 8% 74% 128% 145% 64% 118% 122% 144% 17% 135% 45% 89% The Philippines 57% 51% 70% 79% 77% 80% 90% 111% 74% 96% 55% 107% Myanmar 73% 101% 114% 122% 97% 104% 103% 63% 24% 44% 88% 132% Nigeria 67% 96% 104% 104% 87% 115% 129% 139% 152% 136% 172% 162% Ghana 120% 120% 112% 117% 113% 115% 123% 119% 116% 95% 118% 112% Sierra Leone 110% 131% 139% 97% 105% 117% 115% 123% 123% 116% 100% 101% Kenya 85% 87% 99% 101% 93% 95% 101% 108% 92% 103% 91% 110% Tanzania 104% 121% 116% 112% 97% 107% 111% 119% 101% 106% 93% 90% Uganda 42% 75% 78% 69% 65% 68% 69% 66% 88% 95% 95% 100% Rwanda 88% 93% 79% 87% 81% 79% 84% 81% 83% 87% 102% 112% Zambia 136% 184% 181% 188% 129% 178% 151% 85% 93% 86% 85% 109% ----------------- ------ ------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ (3) 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 improving in many countries, disbursements of fresh loans continued to increase in amount and as a percentage of weekly collections.
Development of Clients and Outstanding Loan Portfolio (4) until 30 November 2020
Gross OLP (in Clients (in thousands) Delta USDm) Delta Dec- Dec- Nov Nov Oct-Nov Countries Dec/19 Oct/20 Nov/20 Dec-Nov Oct-Nov Dec/19 Oct/20 Nov/20 USD CC USD India 732 713 713 -3% 0% 183.0 166.3 165.6 -9% -6% 0% Pakistan 439 409 416 -5% 2% 62.9 58.4 62.3 -1% 2% 7% Sri Lanka 63 56 55 -12% -2% 10.1 9.0 8.8 -13% -11% -3% The Philippines 340 278 292 -14% 5% 53.2 47.2 48.5 -9% -13% 3%
Myanmar 152 128 128 -16% 0% 31.7 30.4 30.1 -5% -16% -1% Nigeria 260 228 253 -3% 11% 33.5 28.1 32.8 -2% 3% 17% Ghana 165 151 158 -4% 5% 41.7 40.6 40.4 -3% -1% 0% Sierra Leone 34 35 37 8% 5% 2.9 4.2 4.5 53% 57% 6% Kenya 101 86 90 -11% 5% 17.7 12.8 13.1 -26% -20% 2% Tanzania 123 108 116 -5% 8% 20.5 20.5 21.1 3% 4% 3% Uganda 101 81 82 -19% 1% 10.4 7.9 8.3 -20% -19% 5% Rwanda 21 19 19 -9% 2% 3.0 2.6 2.7 -9% -5% 5% Zambia 2 5 5 172% 11% 0.2 0.4 0.4 121% 228% 2% Total 2,533 2,297 2,364 -7% 3% 471 428 439 -7% -5% 2%
(4) Loan portfolio including the off-book BC and DA model, excluding interest receivable and before deducting the ECL provision and modification loss.
-- Disbursements as percentage of collections exceeded 100% in many countries with the exception of India, Pakistan, Sri Lanka and Tanzania.
-- With disbursements gradually increasing in many operating countries , Gross OLP increased to USD 439m (up 2%) in November 2020 compared to the previous month.
Selected moratorium (5) on loan repayments until 30 November 2020
As % Clients under moratorium of Total Countries Mar Apr May Jun Jul Aug Sep Oct Nov Clients India 0 0 0 182,318 181,878 165,618 0 0 0 0% Pakistan 0 0 0 0 0 0 0 0 0 0% Sri Lanka 0 0 0 37,891 9,002 78 116 23,430 0 0% The Philippines 1,297 0 57,130 145,086 65,405 59,626 100,427 95,241 98,337 34% Myanmar 2,307 2,101 35,056 12,394 7,876 15,308 32,118 64,501 11,461 9% Nigeria 0 0 4,042 10,523 9,763 0 0 0 0 0% Ghana 0 0 0 0 0 0 0 0 0 0% Sierra Leone 0 91 1,225 1,336 1,178 0 0 0 0 0% Kenya 20,453 17,366 9,660 7,778 26,697 0 0 0 0 0% Tanzania 0 194 5,323 4,162 0 0 0 0 0 0% Uganda 8,269 0 0 75,360 59,563 49,897 3,557 0 0 0% Rwanda 436 0 7,746 7,886 4,703 2,800 0 0 0 0% Zambia 0 0 0 0 0 0 0 0 0 0% Total 32,762 19,752 120,182 484,734 366,065 293,327 136,218 183,172 109,798 4.6% Moratorium amounts (in USD thousands) November moratoriums As % of as % of Total Countries Mar Apr May Jun Jul Aug Sep Oct Nov Total OLP Moratoriums India 0 0 0 5,831 5,368 3,658 0 0 0 14,857 0% 25% Pakistan 0 0 0 0 0 0 0 0 0 0 0% 0% Sri Lanka 0 0 0 1,153 248 2 24 262 0 1,688 0% 3% The Philippines 16 0 935 6,300 2,128 2,272 3,961 4,943 5,165 25,719 11% 44% Myanmar 42 43 719 341 249 401 862 1,938 306 4,900 1% 8% Nigeria 0 0 137 466 431 0 0 0 0 1,034 0% 2% Ghana 0 0 0 0 0 0 0 0 0 0 0% 0% Sierra Leone 0 1 10 19 20 0 0 0 0 51 0% 0% Kenya 667 427 2,122 722 797 0 0 0 0 4,735 0% 8% Tanzania 0 5 147 115 0 0 0 0 0 267 0% 0% Uganda 77 0 0 1,718 1,553 1,169 156 0 0 4,673 0% 8% Rwanda 4 0 159 216 124 74 0 0 0 577 0% 1% Zambia 0 0 0 0 0 0 0 0 0 0 0% 0% Total 806 476 4,229 16,879 10,918 7,577 5,003 7,143 5,471 58,501 1.2% 100.0%
(5) Moratoriums relate to clients who have received an extension for the payment of one or more loan instalments during the month.
-- The moratorium on loan repayments were granted to clients in the Philippines and Myanmar and amounted to USD 5.5m, which represents 1.2 % of the Group's Gross OLP.
---
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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