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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 62.25 | 59.50 | 65.00 | 1,589 | 08:00:10 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2022 to Apr 2024
TIDMASAI
RNS Number : 8344G
ASA International Group PLC
18 November 2022
ASA International Group plc October 2022 business update
Amsterdam, The Netherlands, 18 November 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 October 2022 compared to 31 August 2022.
-- Liquidity remains high with approximately USD 71 million of unrestricted cash and cash equivalents across the Group, decreasing from USD 106 million in August, primarily due to loan repayments in September and October.
-- The pipeline of funding deals under negotiation totalled approximately USD 197 million.
-- With the exception of India, all other operating subsidiaries achieved collection efficiency of more than 90% with 9 countries achieving more than 95%.
-- India collections remained broadly stable at 83%. Collection efficiency, including regular and overdue collections as well as advance payments, as a percentage of the regular, realisable collections, including advance payments, decreased from 101% in August to 98% in October.
-- PAR>30 for the Group, including off-book loans and excluding loans overdue more than 365 days, increased from 6.5% in August to 6.7% in October, 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 stable at 1.9%.
-- Excluding all loans which have been overdue for more than 180 days and, as a result, have been fully provided for, PAR>30 remained broadly stable at 4.3%.
-- Disbursements as percentage of collections exceeded 100% in 12 countries. The decreasing percentage in India was due to the ongoing strategic decision to reduce disbursements.
-- With the number of clients for the Group slightly decreasing, the continuing strategic focus in India on primarily collections and the impact of currency depreciation in almost all countries, the Group's Gross OLP decreased to USD 358 million (3% lower than in August 2022 and 18% lower than in October 2021).
-- There were no moratoriums granted to clients in September and October 2022.
Funding
-- Unrestricted cash and cash equivalents remained high at approximately USD 71 million.
-- The Company secured approximately USD 31 million of new loans from local and international lenders in September and October 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 October 2022 (1)
Hot Features
Premium
Countries May/22 Jun/22 Jul/22 Aug/22 Sep/22 Oct/22
---------- ---------- ---------- --------- ---------
India 83% 85% 86% 84% 86% 83%
Pakistan 100% 100% 100% 99% 99% 99%
Sri Lanka 92% 89% 89% 88% 90% 91%
The Philippines 99% 100% 100% 100% 100% 99%
Myanmar 73%(2) 78%(2) 80%(2) 84%(2) 88%(2) 92%(2)
Ghana 100% 100% 100% 100% 100% 100%
Nigeria 95% 96% 96% 96% 96% 96%
Sierra Leone 96% 96% 96% 94% 94% 93%
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 realisable 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 realisable 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 increased or remained broadly stable in all countries.
-- ASA India was closed for two weeks in October due to festivals, which impacted collections.
-- Adjusted collection efficiency in India, including regular and overdue collections as well as advance payments, as a percentage of the regular, realisable collections, including advance payments, was at 98%.
The substantial difference of this adjusted collection efficiency metric is related 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.
-- The superfloods and unusual rains in Pakistan from July until September 2022 mostly affected Sindh and Baluchistan provinces including some parts of Punjab, and mainly impacted ASA Pakistan's collections in Sindh. Although market conditions in both Myanmar and Sri Lanka remained volatile, conditions slightly improved.
Loan portfolio quality up to and including October 2022 (3, 4, 5)
Gross OLP (in USDm) Non-overdue loans PAR>30 less PAR>180
Aug-22 Sep-22 Oct-22 Aug-22 Sep-22 Oct-22 Aug-22 Sep-22 Oct-22
India (total) 66 57 52 62.5% 60.1% 56.4% 16.1% 19.5% 21.9%
Pakistan 77 76 81 98.6% 98.4% 98.6% 0.2% 0.4% 0.6%
Sri Lanka 4 4 4 76.8% 80.4% 83.7% 8.9% 8.1% 7.0%
Philippines 47 46 46 97.1% 97.0% 96.7% 0.5% 0.5% 0.5%
Myanmar 17 17 17 68.6% 70.0% 70.8% 12.5% 7.8% 5.2%
Ghana 34 34 27 99.5% 99.5% 99.5% 0.1% 0.1% 0.1%
Nigeria 41 40 40 91.0% 89.7% 90.1% 3.6% 3.5% 3.6%
Sierra
Leone 5 5 5 84.4% 86.6% 86.7% 4.3% 5.1% 5.5%
Tanzania 44 45 47 99.4% 99.4% 99.4% 0.2% 0.2% 0.3%
Kenya 19 20 21 98.9% 98.9% 99.0% 0.4% 0.4% 0.4%
Uganda 10 11 11 98.6% 98.9% 98.4% 0.2% 0.3% 0.3%
Rwanda 4 4 4 94.1% 94.1% 94.1% 2.5% 2.4% 2.4%
Zambia 3 3 3 95.2% 94.7% 94.3% 2.6% 2.6% 2.3%
Group 370 361 358 89.5% 89.7% 89.7% 4.2% 4.3% 4.3%
PAR>30 PAR>90 PAR>180
Aug-22 Sep-22 Oct-22 Aug-22 Sep-22 Oct-22 Aug-22 Sep-22 Oct-22
India (total) 20.5% 23.7% 25.9% 6.0% 5.8% 17.0% 4.4% 4.2% 4.0%
Pakistan 0.2% 0.4% 0.6% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0%
Sri Lanka 12.1% 11.2% 10.2% 6.3% 6.3% 6.0% 3.2% 3.2% 3.2%
Philippines 2.2% 1.9% 1.7% 2.1% 1.8% 1.5% 1.7% 1.5% 1.2%
Myanmar 30.8% 29.5% 28.8% 29.4% 28.7% 28.3% 18.3% 21.7% 23.6%
Ghana 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1%
Nigeria 6.3% 6.4% 6.6% 4.7% 4.7% 4.7% 2.7% 2.9% 3.0%
Sierra
Leone 9.9% 10.1% 9.3% 7.8% 6.7% 5.6% 5.6% 5.0% 3.8%
Tanzania 0.4% 0.4% 0.4% 0.2% 0.3% 0.3% 0.1% 0.1% 0.1%
Kenya 0.9% 0.8% 0.8% 0.7% 0.6% 0.6% 0.5% 0.5% 0.4%
Uganda 0.8% 0.6% 0.4% 0.7% 0.4% 0.2% 0.6% 0.3% 0.1%
Rwanda 4.6% 4.4% 4.4% 3.3% 3.2% 3.2% 2.0% 2.0% 1.9%
Zambia 3.4% 3.7% 4.0% 2.4% 2.7% 2.9% 0.8% 1.2% 1.7%
Group 6.5% 6.7% 6.7% 3.5% 3.4% 4.9% 2.3% 2.4% 2.4%
(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.
-- Due to the continuing strategic focus in India on primarily collections, Gross OLP in India further reduced to USD 52 million (21 % lower than in August 2022 and 58% lower than in October 2021).
-- PAR>30 for the Group slightly increased from 6.5% in August to 6.7% in October as the portfolio quality in India decreased due to the end of moratoriums in June .
-- Credit exposure of the India off-book BC portfolio of USD 21.2m is capped at 5%. The included off-book DA portfolio of USD 1.0 million has no credit exposure.
Disbursements vs collections of loans until 31 October 2022 (6)
Countries May/22 Jun/22 Jul/22 Aug/22 Sep/22 Oct/22
--------- --------- --------- --------- ---------
India 72% 42% 22% 25% 21% 10%
Pakistan 118% 119% 113% 112% 115% 125%
Sri Lanka 42% 61% 11% 93% 125% 147%
The Philippines 105% 104% 104% 104% 103% 103%
Myanmar 106% 85% 84% 95% 113% 102%
Ghana 112% 110% 91% 100% 110% 122%
Nigeria 120% 117% 100% 104% 106% 107%
Sierra Leone 93% 99% 84% 80% 123% 128%
Tanzania 120% 109% 106% 111% 109% 114%
Kenya 112% 92% 105% 87% 120% 115%
Uganda 112% 97% 97% 100% 111% 112%
Rwanda 129% 119% 113% 116% 118% 113%
Zambia 125% 133% 109% 110% 112% 109%
---------------------- --------- --------- --------- --------- --------- ---------
(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 12 countries. The decreasing percentage in India was due to the ongoing strategic decision to reduce disbursements.
Development of Clients and Outstanding Loan Portfolio until 31 October 2022
Gross OLP (in
Clients (in thousands) Delta USDm) Delta
Oct/21-Oct/22 Oct/21-Oct/22 Aug/22-Oct/22
Countries Oct/21 Aug/22 Oct/22 Oct/21-Oct/22 Aug/22-Oct/22 Oct/21 Aug/22 Oct/22 USD CC(7) USD
India 630 417 337 -47% -19% 124 66 52 -58% -54% -21%
Pakistan 495 590 605 22% 3% 76 77 81 7% 38% 4%
Sri Lanka 53 45 47 -11% 5% 8 4 4 -51% -11% 10%
The
Philippines 345 321 327 -5% 2% 55 47 46 -15% -3% -1%
Myanmar 116 104 105 -9% 1% 20 17 17 -12% 3% 2%
Ghana 149 170 171 15% 1% 47 34 27 -44% 29% -21%
Nigeria 253 242 241 -5% -1% 37 41 40 9% 16% 0%
Sierra Leone 43 37 37 -14% 1% 7 5 5 -31% 9% -8%
Tanzania 161 204 211 31% 4% 31 44 47 51% 53% 6%
Kenya 121 134 140 16% 5% 19 19 21 10% 20% 10%
Uganda 84 105 108 28% 2% 10 10 11 16% 24% 8%
Rwanda 17 20 21 19% 4% 3 4 4 34% 42% 6%
Zambia 12 20 21 84% 6% 2 3 3 102% 89% 4%
Total 2,479 2,409 2,371 -4% -2% 438 370 358 -18% 1.2% -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 for the Group slightly decreasing, the continuing strategic focus in India on primarily collections and the impact of currency depreciation in almost all countries, the Group's Gross OLP decreased to USD 358 million (3% lower than in August 2022 and 18% lower than in October 2021).
Key events in November 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 17 November 2022.
---
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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END
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November 18, 2022 02:00 ET (07:00 GMT)
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