REG - ASA Intnl. Grp PLC - 2025 Interim Results
24/09/2025 07:00
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RNS Number : 5244A ASA International Group PLC 24 September 2025
ASA International Group plc - H1 2025 Results
Sustained growth, enhanced profitability and strengthened balance sheet
ASA International Group plc (LSE: ASAI), one of the world's largest
international microfinance institutions, is pleased to announce its unaudited
interim results for the six month period ended 30 June 2025.
Highlights
· Strong loan portfolio growth - Gross Outstanding Loan Portfolio rose
37% YoY to USD 540.9m, driven by Ghana (+USD 59m in Q2 alone), supported by
Pakistan, Tanzania, Uganda, and Myanmar
· Profitability surge - Reported net profit almost doubled to USD 26.8m
(H1 2024: USD 13.5m). Underlying net profit of USD 24.2m, which excludes the
impact of hyperinflation accounting, was up 73% (H1 2024: USD 14.0m). Return
on average equity increased to 46%. This means that there is no longer
material uncertainty in relation to the going concern in the interim financial
report
· Resilient portfolio quality - Group PAR>30 improved to 2.0% (H1
2024: 2.2%), with Ghana, Uganda, Kenya and Myanmar all below 0.5%
· Strengthened equity base - Total equity up 41% to USD 136.2m,
supported by profit growth and a USD 15.5m FX translation gain (vs. USD -4.3m
in FY 2024). This contributed to total comprehensive income growing to USD
43.5m in H1 2025 compared to USD 4.1m in H1 2024 (FY 2024: USD 22.1m)
· Stable funding position - Total funding rose to USD 597.3m, supported
by deposit growth and stable debt sourcing. A robust USD 229m funding pipeline
is in place for H2 2025 to support future growth
· Continued capital returns - Interim dividend declared of USD 0.048
per share (+60% YoY) on underlying net profit, maintaining the 20% payout
ratio in H1 2024
Rob Keijsers, ASA International Chief Executive Officer, said:
"ASA International's outstanding performance in the first half of 2025 is a
testament to the investment we have made in strengthening management, the
dedication of our teams and the trust and resilience of our clients across our
operating markets. Our strong operational growth, reflected by the significant
increase in OLP and sustained improvements in portfolio quality, demonstrates
our ability to deliver meaningful financial services to underserved female
entrepreneurs. This has naturally translated into significantly improved
profitability which has meant we can continue to make capital returns to our
shareholders.
"An important milestone during the first half of the year was the launch of an
innovative and groundbreaking partnership to offer microinsurance to our
clients across Africa. Following a successful soft launch of 'ASA LifeCare' in
Uganda in May, the product has now officially launched in Uganda, Kenya and
Nigeria with plans to expand across all of ASA International's African
markets. The partnership embeds Enhanced Credit Life into ASA International's
loan products, providing affordable protection for clients from just USD 0.30
per month, covering credit, life, and health-related risks. We expect that
will bolster client retention and generate additional non-interest income.
This product brings added value and protection to our clients as we seek to
deepen and broaden financial inclusion.
"Continuing the work undertaken throughout 2024, a core strategic focus for
the Board has been on continuing to strengthen our leadership team. Both the
Executive Committee at the Group-level and local leadership in Sri Lanka,
Pakistan and Nigeria have been further reinforced. The positive impact they
are already providing has been extremely encouraging in the form of fresh
perspectives alongside significant professional, banking and leadership
experience.
"We have also taken the important step of formally joining the Client
Protection Pathway (CPP Pathway), a global initiative that helps financial
institutions like ours demonstrate and continuously improve how we protect
clients. This builds on what we already do every day and reinforces that
client protection is at the heart of the ASA Model.
"Looking forward to the remainder of 2025, we expect to see the existing trend
of growing demand for loans continue. We will also see ever greater
productivity across the organisation as we drive efficiency in the branch
network and therefore reduce our cost-income ratio. The next stage of our
digital transformation effort is imminent as we roll-out the core banking
system and digital platform to Ghana and Tanzania. We remain confident that
our expanded reach and strengthened leadership will deliver increased
financial inclusion for the communities we serve and sustainable growth for
all stakeholders."
Key performance indicators
(Unaudited - USDm unless otherwise stated) H1 2025 H1 2024 Change (CC) Change
Net profit((1)) 26.8 13.5 51% 99%
Underlying net profit((2)) 24.2 14.0 27% 73%
PAR>30 days((3)) 2.0% 2.2% - (0.2ppt)
Number of clients (m) 2.6 2.4 - 9%
Number of branches 2,232 2,091 - 7%
Profit before tax((1)) 47.8 28.3 37% 68%
OLP((4)) 527.4 384.6 25% 37%
Gross OLP((4)) 540.9 394.9 25% 37%
Outlook
Building on the sustained momentum seen during H1, the outlook for the
remainder of 2025 remains positive with improved business and financial
performance expected with continued robust demand expected. Accordingly, the
expectation is that both underlying and reported net profit for 2025 is to
significantly exceed the current company compiled consensus for FY 2025 of USD
37.5m (as of the date of this announcement). For H2 2025, the IMF no longer
classifies Ghana and Sierra Leone as hyperinflationary, while Nigeria and
Myanmar are on the watchlist. In addition, the Group continues to monitor FX
and geopolitical risks.
Webcast
Management will be hosting a webcast and conference call, with Q&A, today
at 14:00 (UK).
To access the webcast and download the results presentation, please go to the
Investor section of the website: Investors | Asa (asa-international.com)
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or use the following link: ASA International - 2025 Interim Results |
SparkLive | LSEG
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The audio webcast will be available for playback on the Investors section of
the website after the event.
2025 Interim Financial Report
Today, ASA International published its Interim Financial Report for the 6
month period ended 30 June 2025 on Investors | Asa (asa-international.com).
(https://protect.checkpoint.com/v2/r06/___https:/www.asa-international.com/nsAjxytwxdknsfshnfq-hfqjsifwd___.ZXV3MjpuZXh0MTU6YzpvOjZiMTEwMzdhMDA5ODBiZjk2NDJlMzY5ZWE1OGFkODRlOjc6MzdmZTphNmJmOTRjMzY5OGMxZDMwMWViNzJkYWZjMGZhMTk1ZDZiY2Q0ODFjODM4ODJhZjJmYTUyZjZiMjBjZTg2NmUxOnA6RjpU)
Preliminary financial calendar
Dividend record date 3 October 2025
Q3 2025 Business Update 21 October 2025
Dividend payment date 31 October 2025
Q4 2025 Business Update 29 January 2026
Enquiries
ASA International Group plc
Investor Relations
Jonathan Berger
ir@asa-international.com (mailto:ir@asa-international.com)
CHIEF EXECUTIVE OFFICER'S H1 2025 REVIEW
Introduction
ASA International saw strong operational growth throughout H1 2025 as demand
for our products from clients remained robust. Total number of clients reached
2.6m and Gross OLP increased by 18% compared to the year end 2024 with Ghana,
Pakistan, Tanzania, Myanmar, Uganda, Kenya, and Nigeria being the main drivers
for this growth. Our proven, low risk model ensured that this loan growth was
not achieved at the expense of portfolio quality, with PAR>30 remaining low
at 2.0% for the whole company at the end of the June 2025. We also saw Gross
OLP per Client grow to USD 210 during the period as we seek to meet more of
our clients' working capital needs. Efficiency also increased with Clients per
Loan Officer increasing to 273 in H1 2025 from 265 in H1 2024. This
operational performance also translated into significantly improved
profitability with net profit almost doubling versus H1 2024 (H1 2025: USD
26.8m; H1 2024: USD 13.5m). This strong profitability enabled ASA
International to continue making capital returns to shareholders in the form
of an interim dividend.
From an operational footprint standpoint and in line with our strategy, the
number of branches increased to 2,232 as at 30 June 2025 from 2,091 as at 30
June 2024, which reflects the opening of 140 net new branches across the
various operating countries. Client numbers grew by 9% compared to H1 2024 as
demand for loans increased in most markets.
Gross OLP grew to USD 540.9m at the end of June 2025 from USD 458.6m at the
end of December 2024. This 18% growth was driven primarily by Ghana, where
Gross OLP rose by USD 59m during Q2 2025 alone, reflecting both strong
underlying portfolio expansion and also benefiting from a 32% appreciation of
the Ghanaian cedi. Additional notable contributions came from Pakistan,
Tanzania, Uganda and Myanmar. This growth in Gross OLP was not made at the
expense of portfolio quality with this improving in most markets. PAR>30
days improved to 2.0% as at 30 June 2025 compared to 2.2% in 30 December 2024.
Regional footprint
ASA International continues to operate across four main regions comprising 13
countries:
· East Africa comprises operations in five countries: Tanzania,
Kenya, Uganda, Rwanda and Zambia
· West Africa comprises operations in three countries: Ghana,
Nigeria, and Sierra Leone
· South East Asia comprises operations in two countries: The
Philippines and Myanmar
· South Asia comprises operations in three countries: Pakistan, India
and Sri Lanka
East Africa
East Africa's operational result improved with Gross OLP increasing 8% to USD
161.3m as at 30 June 2025 from USD 148.9m as at 31 December 2024, and the
number of branches increasing by 56 (YoY) to 612. This operational improvement
translated into a significant growth in the region's financial performance in
H1 2025, with net profit increasing by 37% to USD 9.1m from USD 6.6m. All
operating countries in East Africa contributed positively to the region's
operational and financial results, in particular, Tanzania and Kenya and
increasingly Uganda.
West Africa
West Africa's financial and operational results materially improved in H1
2025, compared to H1 2024, with net profit more than doubling to USD 17.2m
from USD 6.2m. Gross OLP significantly increased to USD 151.8m as at 30 June
2025 from USD 86.2m as at 31 December 2024, and PAR>30 significantly
improved from 1.5% to 0.9% driven by the excellent portfolio quality in Ghana
and a significant improvement of PAR>30 in Nigeria. Sierra Leone did
experience increased PAR levels given lower collection efficiency. The strong
operational and financial performance in the region was underpinned by Ghana
which benefited from underlying growth combined with an appreciating currency.
Both Nigeria and Sierra Leone made positive contributions following some more
difficult recent periods.
South East Asia
South East Asia's net profit increased to USD 2.7m in H1 2025 from USD 2.3m in
H1 2024 primarily supported by strong financial performance in Myanmar despite
a challenging environment with the ongoing internal conflict and the impact of
the earthquake that struck at the start of the year. As the loan demand
continued to grow, the region's Gross OLP increased by 10% from USD 86.2m as
at 31 December 2024 to USD 96.8m as at 30 June 2025, and PAR>30 improved to
6.3% to 6.8%. The number of branches increased by 7% from 489 to 524,
resulting in an increased client reach of 480k, up by 2%.
South Asia
South Asia delivered stronger financial performance in H1 2025, with net
profit increasing by 144% to USD 3.3m from USD 1.4m in H1 2024, supported by
improved portfolio quality in Pakistan and Sri Lanka, which helped reduce the
regional PAR>30 to 1.6% as at 30 June 2025 from 2.1% as at 31 December
2024. The branch network also expanded during the year, with number of
branches increase by 40 new branches to reach 625, with Pakistan and Sri Lanka
together contributing 57k new clients. However, the region's Gross OLP
declined slightly by 4% to USD 131.0m as at 30 June 2025 from USD 135.9m as at
31 December 2024, mainly due to the intentional shrinking of the operations in
India as the Group works to deconsolidate the business. This also affected the
region's client growth trends with total clients decreasing by 7k to 847k.
Leadership
Continuing the work undertaken throughout 2024, a core strategic focus for the
Board has been on continuing to strengthen our leadership team. In June 2025,
Steven van Zuylen was promoted to Chief Technology Officer and joined the
Executive Committee. In 2025, ASA International also welcomed Sivan Maron as
Chief Human Resources Officer and a member of the Executive Committee. We were
also delighted to welcome onboard new local CEOs for Sri Lanka and Pakistan in
2025 as well as CFOs in Nigeria and Sri Lanka. Furthermore, a number of other
senior managers have been appointed across our operating countries, further
strengthening the local finance teams.
Digital strategy and transformation
The digital strategy is focused on the implementation of a Core Banking System
and a digital financial services platform that meet the requirements for
running a modern micro banking institution. Alongside the digitalisation of
the client journey, the intention is to also further enhance business
administration processes which will drive efficiency and productivity gains.
The next stage of the digital transformation programme involves the roll-out
of the Temenos Core Banking System and digital financial services app in Ghana
and Tanzania and this is targeted to go-live later this year. Once this has
been completed, nearly 50% of our clients will have been transferred to this
new platform.
Competitive environment
The competitive landscape remains broadly unchanged with the strongest
competition being faced in India, The Philippines, Nigeria, Tanzania, and
Uganda. In most other markets, competition from traditional microfinance
institutions is less intense, particularly in Myanmar. Competition from pure
digital lenders has not had a meaningful impact thus far.
Sustainability
In the first half of 2025, we advanced our sustainability agenda by installing
71 solar systems, purchasing 28 electric motorbikes, planting 10,000 trees,
training more than 60,000 stakeholders in environmental awareness, and
removing over 100 kilos of plastic from the streets. Over the same period,
80,000 community members benefitted from initiatives in health, education,
environment, and disaster relief, including health camps, hospital and
maternal support, water tank donations, scholarships, and waste management
campaigns. Client protection remains a cornerstone of our operating model,
with policies and practices already aligned to the principles promoted by
Cerise+SPTF and to further reinforce this commitment, we have now joined the
Client Protection Pathway.
Interim dividend
In line with our commitment to make capital returns to shareholders, an
interim dividend of USD 0.048 per share (H1 24: USD 0.03) is being declared by
the Board, which is 60% higher than the 2024 interim dividend. The Board has
elected to declare the dividend over the underlying net profit of USD 24.2m,
which excludes the impact from hyperinflation accounting, therefore implying a
20% dividend payout ratio, equivalent to the 20% payout ratio for H1 24.
Climate Week NYC
ASA International is featured in the Climate Week NYC Interview Series on
CNBC.com with a segment titled Her Power. The video highlights how women
across Africa and Asia are driving change through financial inclusion,
supported by ASA International's unique lending approach, the ASA Model.
Rooted in trust, accountability, and community engagement, the model helps
women build businesses, strengthen families, and transform communities. An
accompanying article further explores ASA International's approach and impact.
View the video and associated content here - Climate Week NYC
(https://protect.checkpoint.com/v2/r06/___https:/www.cnbc.com/fiAjwytwnfqdfhzrjsd___.ZXV3MjpuZXh0MTU6YzpvOjZiMTEwMzdhMDA5ODBiZjk2NDJlMzY5ZWE1OGFkODRlOjc6NzhlODo0NGE4MzNjYmJjMzg0YmQ2YjdiNjEyYzE4NWRmODgyMTM0ZjEwYjdkNzJlODRiZGU4ZTY1ZTU4ZTRlZTg1YmRhOnA6RjpU#asa)
Looking ahead
I would like to pay tribute to my colleagues who have been instrumental in
delivering ASA International's successes in the first half of 2025. They will
also be key to delivering the growth we see for the rest of this year and
going forward.
Looking forward to the rest of 2025, we expect to see growing demand for loans
and ever greater productivity across the organisation as we drive efficiency
in the branch network and therefore reduce our cost-income ratio. From a
digital transformation standpoint, we will build on the successes of 2024 by
continuing the roll-out of the core banking system and digital platform to
Ghana and Tanzania. In addition, we are encouraged by the launch of our
microinsurance product 'ASA LifeCare', and look forward to expanding this
across all of ASA International's African markets. We also expect to further
strengthen the leadership teams at both the group and operating country level
during the remainder of 2025.
CHIEF FINANCIAL OFFICER'S H1 2025 REVIEW
Tanwir Rahman, ASA International Chief Financial Officer, said:
"ASA International delivered a significantly improved financial performance in
H1 2025 compared to the same period in 2024 both in terms of top-line growth
and bottom-line profit. Financial resilience has improved materially with
growth in the equity base.
"Robust profitability and enhanced equity levels were achieved in the first
half which aligned with the focus on growing our asset base in a sustainable
manner. Ghana and Pakistan were major contributors to this profitability and
asset base growth, with Ghana not only seeing a significant growth in its loan
book but also benefiting from the appreciation of its currency during the
period. The net profit of USD 26.8m in H1 2025 includes a net positive impact
from hyperinflation accounting for Ghana and Sierra Leone (USD 2.5m).
Excluding this one-off item, the underlying net profit amounted to USD 24.2m
which still represents an 73% increase compared to H1 2024. This robust
profitability has meant that there is no longer material uncertainty in
relation to the going concern in the financial statements. It is worth noting
that Ghana and Sierra Leone are currently no longer expected to be considered
hyperinflationary for the second half of 2025 as per the latest publication
from the IMF.
"During H1 2025, the local currencies remained stable in most of the countries
with the major exception being the significant appreciation of the Ghana cedi.
This resulted in a favourable outcome in the income statement in USD terms and
a net positive impact on the foreign currency translation reserve in equity
compared to H1 2024. Accordingly, we achieved a materially stronger total
comprehensive income in H1 2025 when compared to H1 2024.
"We also witnessed a strong growth in total equity at the end of H1 2025 even
after the payment of the final dividend. This is mainly driven by the profit
growth and positive translation impact from operating currency devaluation.
"From an efficiency standpoint, we also improved the cost to income ratio in
H1 2025 mainly through higher income generation which outpaced the growth in
operating costs. We are delighted by the momentum of the business and are
extremely confident in the outlook for continued growth for the remainder of
2025."
Summary income statement
(USDm unless otherwise stated) H1 2025 H1 2024 YoY Change
Interest and similar income 136.1 95.2 43%
Interest and similar expense (24.8) (20.1) 23%
Net interest income 111.3 75.1 48%
Other operating income 6.7 9.7 -31%
Credit loss expense (3.2) (2.4) 33%
Net operating income 114.8 82.4 39%
Personnel expenses (38.3) (30.3) 26%
Other operating expenses((5)) (26.5) (20.5) 29%
Total operating expenses (64.8) (50.8) 27%
Exchange rate result (0.5) (0.6) -16%
Gain/(loss) on the net monetary position (1.8) (2.6) -32%
Profit before tax 47.8 28.3 68%
Net profit 26.8 13.5 99%
Cost-income ratio 56.4% 61.7%
Net interest margin 39.6% 32.3%
Return on average equity 46.1% 34.2%
Net interest income
Net interest income increased by 48% to USD 111.3m in H1 2025 from USD 75.1m
in H1 2024. This is primarily driven by the YoY growth of 43% in interest and
similar income, which increased to USD 136.1m from USD 95.2m attributable to
the increased size of ASA International's loan portfolio, especially in Ghana,
Pakistan, Tanzania, Myanmar and Kenya. Interest and similar expense increased
to USD 24.8m in H1 2025 from USD 20.1m in H1 2024, due to an increase in
external debt to help fund the growth in the loan portfolio and relatively
higher cost of funding. Overall, net interest margin improved from 32.3% in H1
2024 to 39.6% in H1 2025.
Net operating income
Net operating income grew by 39% to USD 114.8m in H1 2025 from USD 82.4m
despite the impact of 33% higher credit loss expenses (USD 3.2m compared with
USD 2.4m YoY). The credit loss expenses tracked the growth in the loan
portfolio. Other operating income decreased by 31% to USD 6.7m from USD 9.7m
(YoY) with H1 2024 reflecting a one-off gain from a loan re-assignment in
Myanmar.
Total operating expenses
Total operating expenses increased by 27% from USD 50.8m in H1 2024 to USD
64.8m in H1 2025, primarily due to impact of Ghana cedi appreciation on
USD-denominated costs. There was also a 26% increase in personnel expenses
from USD 30.3m in H1 2024 to USD 38.3m, driven by staff expansion. Other
operating expenses also contributed to overall increase, with a 29% growth
from USD 20.5m in H1 2024 to USD 26.5m in H1 2025, driven by higher
administrative costs associated with ongoing business expansion. Overall, as a
result of enhanced operational efficiency, the cost-income ratio improved from
61.7% in H1 2024 to 56.4% in H1 2025.
Gain/loss on the net monetary position
The loss on the net monetary position, reflecting the impact of the
application of hyperinflation accounting for Ghana and Sierre Leone, reduced
to negative USD 1.8m in H1 2025 compared to negative USD 2.6m in H1 2024 given
the improving inflation and macroeconomic situation seen in Ghana towards the
end of 30 June 2025. The impact of CPI adjustment on other income statement
items resulted in a USD 4.3m gain, which meant that the total impact of IAS 29
on net profit amounted to USD 2.5m net gain.
Profitability
Profit before tax increased by 68% to USD 47.8m in H1 2025 from USD 28.3m in
H1 2024, given the improved income growth and cost dynamics outlined above.
Accordingly, net profit also increased from USD 13.5m in H1 2024 to USD 26.8m
in H1 2025, while benefiting from improvements in the effective tax rate.
Effective tax rate (ETR)
There was a favourable tax position in certain jurisdictions in H1 2025
compared to H1 2024. This, to some extent, contributed to the reduction in the
effective tax rate (excluding withholding taxes) to 38.7% in H1 2025 from
45.1% in H1 2024. Including withholding taxes, the effective tax rate
decreased to 43.9% in H1 2025 from 52.4% in H1 2024. This reduction is mainly
due to a favourable movement in the profit mix, with higher profit being
generated in countries having a lower ETR such as, Ghana, Kenya and the
Philippines, thereby reducing the total average tax rate for the Group as a
whole.
Summary balance sheet
(USDm unless otherwise stated) 30 Jun 2025 31 Dec 2024 YTD Change
Cash and cash equivalents 111.0 108.4 2%
Loans to customers 496.1 410.0 21%
Other assets 65.1 50.1 30%
Total assets 672.2 568.5 18%
Client deposits 119.6 90.1 33%
Interest-bearing debt 341.5 312.7 9%
Other liabilities((6)) 75.0 69.2 8%
Total liabilities 536.1 472.0 14%
Share capital and reserves 138.5 98.5 41%
Non-controlling interest (2.3) (2.0) 16%
Total equity 136.2 96.5 41%
Off-book Business Correspondence ('BC') and Direct Assignment Gross loan 29.7 38.0 -22%
portfolio
Gross OLP 540.9 458.6 18%
Less ECL reserves on loans and advances plus FV adjustments on loans under (13.5) (12.0) 12%
FVTPL
OLP 527.4 446.6 18%
PAR>30 days 2.0% 2.2%
Loans to customers
Loans to customers, a significant asset item on the balance sheet, increased
by 21% from USD 410.0m as at end of 31 December 2024 to USD 496.1m at the end
of 30 June 2025 due to higher demand from clients, especially in the countries
of the East African region, as well as in Pakistan and Ghana including the
favourable FX impact. Accordingly, the Group's total Outstanding Loan
Portfolio (Including off-book portfolio) also increased by 18% to USD 527.4m
as at 30 June 2025 from USD 446.6m as at 31 December 2024.
Total assets
Total assets increased by 18% to USD 672.2m as at 30 June 2025 (31 December
2024: USD 568.5m) primarily due to expansion of the loan portfolio. Cash and
cash equivalents (includes due from banks) increased by 2% from USD 108.4m as
at 31 December 2024 to USD 111.0m as at 30 June 2025 reflecting active
liquidity management. Additionally, other assets increased by 30% to USD 65.1m
as at 30 June 2025 (31 December 2024: USD 50.1m), mainly as a result of
increase in intangible assets as a part of the Group's digital transformation
initiatives.
Client deposits
Client deposits (excluding interest payables) levels improved by 33% to USD
119.6m as at 30 June 2025 from USD 90.1m as at 31 December 2024, mainly driven
by an increase in security deposits (USD 98.4m as at 30 June 2025 and USD
74.5m as at 31 December 2024) in line with the growing customer loan
portfolio. Additionally, voluntary savings increased to USD 21.1m as at 30
June 2025 compared to 31 December 2024 (USD 15.7m), reflecting a growing
customer appetite for savings.
Interest bearing debt
Third-party interest-bearing debt (excluding interest payables) increased by
9% as at 30 June 2025 to USD 341.5m from USD 312.7m as at 31 December 2024,
primarily at the operating subsidiary level, with significant new transactions
in Pakistan, Tanzania and Philippines, as well as at the holding, including
major financing arrangements with OeEb, FMO and Oikocredit.
Total equity
The equity position strengthened by 41% to USD 136.2m as at 30 June 2025 from
USD 96.5m as at 31 December 2024, supported by higher profitability (USD 26.8m
in H1 2025 and USD 28.5m in FY 2024) and a positive impact in foreign currency
translation reserve (USD 15.5m at the end of June 2025 and a negative impact
of USD 4.3m at the end of December 2024) compared to year-end 2024.
Equity movements
(USDm) 30 Jun 2025 31 Dec 2024
Balance at the beginning of period 96.5 76.6
Impact of reclassification at FVTPL - -
Net profit for the period 26.8 28.5
Change in FX translation reserve 15.5 (4.3)
Movement in hedge accounting reserve 1.6 (2.2)
Dividend (4.0) (3.0)
Others (0.2) 0.8
Balance at the end of period 136.2 96.5
Impact of foreign exchange rates
As a company with a reporting currency in US Dollars with operations in
thirteen different currencies, there may be currency movements that can have a
major impact on the consolidated USD financial performance and reporting.
The effect of this can be generally categorized in the equity section in two
ways: (i) existing and future local currency earnings translate into fewer US
Dollar earnings, and (ii) local currency capital of any of the operating
subsidiaries will translate into a lower US Dollar capital.
Countries 30 Jun 2025 30 Jun 2024 Δ YoY
Pakistan (PKR) 284.2 278.3 (2%)
India (INR) 85.7 83.4 (3%)
Sri Lanka (LKR) 299.9 306.0 2%
The Philippines (PHP) 56.4 58.4 3%
Myanmar (MMK) 2,098.9 2,488.7 16%
Ghana (GHS) 10.3 15.3 32%
Nigeria (NGN) 1,538.8 1,535.4 (0%)
Sierra Leone (SLE) 22.7 22.5 (1%)
Tanzania (TZS) 2,634.7 2,631.3 (0%)
Kenya (KES) 129.3 129.3 0%
Uganda (UGX) 3,594.7 3,710.0 3%
Rwanda (RWF) 1,439.0 1,315.7 (9%)
Zambia (ZMW) 23.8 24.0 1%
The Ghanaian cedi (GHS) appreciated by 32% YoY, which positively impacted the
USD earnings of the Group's subsidiaries and contributed to an improvement in
the foreign currency translation reserve. The total contribution to the
foreign currency translation reserve in H1 2025 amounted to USD 15.5m,
compared with a negative contribution of USD 8.7m in H1 2024. Of this, it is
mainly attributable to the appreciation of the GHS with positive contribution
of USD 16.8m, representing a significantly higher impact than the USD 3.3m
negative movement recorded in H1 2024.
Total comprehensive income
(USDm) H1 2025 H1 2024
Profit for the period 26.8 13.5
Change in FX translation reserve 15.5 (8.7)
Movement in hedge accounting reserve 1.6 (1.2)
Tax on OCI and other items (0.5) 0.4
Actuarial gain on defined benefit liabilities and gain on MFX investment 0.03 0.03
Other comprehensive income/(loss) 16.7 (9.4)
Total comprehensive income/(loss) for the period, net of tax 43.5 4.1
ASA International is prioritising the management of its other comprehensive
income movement which is significantly impacted by the foreign currency
exchange differences on translation of foreign operations. Comprehensive
income improved to USD 43.5m in H1 2025 from USD 4.1m in H1 2024. Increased
profit for H1 2025 and actual currency appreciation seen in H1 2025
specifically in Ghana contributed to this variance compared to H1 2024.
Upstreaming of dividends to the Group was also higher in H1 2025 than in H1
2024 and this remains a key point of focus particularly when local regulatory
approval is required.
The Group intends to minimize the impact of FX fluctuations by continuing with
frequent dividend declarations by its operating entities and to explore
potential equity hedging strategies. Hedging of operating entity equity has
historically been hugely expensive and not deemed to offer the required
cost-benefit dynamic. Furthermore, a strong focus on enhancing operational
productivity will support improved financial performance and resilience
against foreign currency volatilities.
Funding
Total funding increased to USD 597.3m as at 30 June 2025 from USD 499.3m at
the end of December 2024.
(USDm) 30 Jun 2025 31 Dec 2024
Local Deposits 119.6 90.1
Loans from Financial Institutions 294.3 259.8
Microfinance Loan Funds 9.8 11.0
Loans from Dev. Banks and Foundations 37.5 41.9
Equity 136.2 96.5
Total Funding 597.3 499.3
A favourable maturity profile has been maintained with the average tenor of
all funding from third parties being substantially longer than the average
tenor at issuance of customer loans which ranges from six to twelve months for
the majority of the loans. Local deposits have increased YoY in USD terms.
This increase was primarily due to significant increase in security deposits
mainly in Ghana. Equity increase was primarily due to operating currency
appreciation year-on-year (GHS: 32%, MMK: 16%) and higher profits. The Group
remains focussed on maintaining a healthy funding mix with a majority local
sourced and local currency funding. The cost of funding improved to 11.2% at
the end of June 2025 from 11.4% at the end of June 2024.
Lenders demonstrated their confidence in the Group and continued to provide
funding as the Group was able to raise USD 117.7m at the end of June 2025 (31
December 2024: USD 193.8m), and there is a substantial funding pipeline for H2
2025 amounting to USD 229m, with almost 92% having agreed terms and can be
accessed in the short to medium term. There are existing credit relationships
with more than 50 lenders across the world, which has provided reliable access
to competitively priced funding for the growth of the loan portfolio.
The Group has USD 85.8m (31 December 2024: USD 79.1m) of cash at bank and in
hand as at 30 June 2025 of which USD 58.0m (31 December 2024: USD 50.2m) is
unrestricted and can be utilized for operational and other working capital
needs.
Net debt at the holding company level increased slightly to USD 66.8m as at 30
June 2025, compared with USD 62.9m as at 30 June 2024. Despite this increase,
the Group remains committed to its strategy of gradually reducing the
proportion of debt funding sourced at the holding company level over time.
As of 30 June 2025, the balance for credit lines with breached covenants
amounts to USD 18.1m (excluding the USD 8.7m in ASA India NCDs purchased from
Symbiotics) and the Group has received waivers for USD 16.7m. The Group is
still under discussion to receive waivers for the remaining USD 1.4m.
The H1 2025 condensed consolidated financial statements have been prepared on
a going concern basis. It should be noted that in the 2024 Annual Report and
Accounts, approved on 24 April 2025, senior management and the Directors
concluded that there was a material uncertainty that may cast significant
doubt over the Group's ability to continue as a going concern relating to debt
covenant breaches, and reputational risks leading to potential debt recalls.
In performing the going concern assessment for the interim consolidated
financial statements for H1 2025, the Directors have reviewed these prior
concerns and considered current global economic challenges, while factoring
the Group's improved operating and financial position for the first half of
2025 and expectations for the period up to 30 September 2026 (the 'Assessment
Period'). The conclusion of this assessment reverses the previous view from
the 2024 Annual Report and Accounts. Senior management and the Directors now
conclude that there is no longer a material uncertainty that may cast
significant doubt over the Group's ability to continue as a going concern.
Expected credit losses
The Group increased its reserves in the balance sheet for expected credit
losses (ECL) from USD 10.1m as at end of June 2024 to USD 13.9m as at end of
June 2025, for its OLP, including the off-book BC portfolio in India and
interest receivables. The increase was primarily due to the growth of OLP.
Furthermore, the USD 13.9m of ECL reserves as at 30 June 2025 mainly relate to
overdue loans in India (26%), The Philippines (25%) and Myanmar (12%), with
the remainder spread across the other countries.
Hyperinflation accounting
The IFRS standard IAS 29 "Financial Reporting in Hyperinflationary Economies"
('IAS 29') requires the Group to adjust the H1 2025 financial information of
operating entities, which are hyperinflationary economies with the main
indicator being three-year cumulative inflation exceeding 100% in the period
2023-2025. All items are presented to reflect the current purchasing power at
the reporting date.
Based on this, hyperinflation accounting is applied in the interim financial
statements of the Group in relation to Ghana and Sierra Leone. The application
of IAS 29 results in non-cash adjustments in the presentation of the financial
information of the Group. In H1 2025, the net impact was an increase in net
profit of USD 2.5m, comprising a loss on net monetary position of USD 1.8m,
offset by the positive impact of CPI adjustments on other income statement
items of USD 4.3m.
Based on the latest IMF publication, the current assessment for the remainder
of 2025 is that both Ghana and Sierra Leone will not be subject to
hyperinflationary accounting. Should this be the case, it would mean that the
overall impact of hyperinflation accounting on the Group's accounts in 2025 is
expected to be materially reduced. Nigeria and Myanmar are on the watchlist.
Regulatory capital
Currently, twelve out of thirteen operating subsidiaries are subject to
minimum regulatory capital requirements. As of 30 June 2025, with the
exception of ASA India, there was full compliance with all relevant minimum
regulatory capital requirements.
REGIONAL PERFORMANCE
Regional snapshot
H1 2025 (in USDm) South Asia South East Asia West Africa East Africa
Net interest income 20.0 17.5 38.7 37.0
Credit loss expense (0.3) (1.6) (0.1) (1.1)
Net operating income 21.2 17.0 38.7 34.4
Total operating expenses* (14.0) (13.6) (12.7) (20.2)
Profit before tax 7.2 3.4 26.0 14.2
Net profit 3.3 2.7 17.2 9.1
H1 2024 (in USDm) South Asia South East Asia West Africa East Africa
Net interest income 16.1 15.0 20.5 26.2
Credit loss expense (0.8) (0.8) (0.3) (0.5)
Net operating income 16.8 15.6 20.2 25.1
Total operating expenses* (11.8) (12.4) (10.0) (14.3)
Profit before tax 5.0 3.2 10.2 10.8
Net profit 1.4 2.3 6.2 6.6
*Including gain/loss on net monetary position and exchange rate differences
Regional and country OLP and portfolio quality
OLP (in USDm) PAR>30 days
30 Jun 2025 31 Dec 2024 30 Jun 2025 31 Dec 2024
Pakistan 93.5 89.0 0.5% 0.5%
India 27.2 36.5 5.9% 5.4%
Sri Lanka 5.5 5.0 4.5% 4.9%
South Asia 126.2 130.5 1.6% 2.1%
Philippines 61.7 58.4 6.3% 6.8%
Myanmar 29.9 25.5 0.2% 0.3%
South East Asia 91.6 83.9 4.3% 4.8%
Ghana 129.4 67.5 0.2% 0.2%
Nigeria 14.3 11.0 2.7% 4.9%
Sierra Leone 6.8 6.3 9.5% 9.4%
West Africa 150.4 84.8 0.9% 1.5%
Tanzania 84.6 84.4 1.6% 1.3%
Kenya 39.6 36.3 0.3% 0.3%
Uganda 24.7 18.6 0.2% 0.2%
Rwanda 6.0 4.9 4.9% 5.1%
Zambia 4.2 3.1 3.2% 3.4%
East Africa 159.1 147.3 1.3% 1.1%
Group 527.4 446.6 2.0% 2.2%
South Asia
Net interest income
Net interest income increased by 24% reaching USD 20.0m in H1 2025 from USD
16.1m in H1 2024 despite the low contribution from India. South Asia's net
interest income is primarily driven by the strong operations of Pakistan where
both the loan portfolio and interest income showed an improvement. Meanwhile,
interest and similar expenses remained in line with the previous year (H1
2025: USD 5.6m, H1 2024: USD 5.6m), contributing to an overall improvement in
the net interest margin.
Net operating income
Net operating income also improved by 26% to USD 21.2m in H1 2025 from USD
16.8m in H1 2024 as a result of operational expansion and reduced credit loss
expenses.
Total operating expenses
Total operating expenses grown by 19% to USD 14.0m in H1 2025 from USD 11.8m
in H1 2024, which was driven primarily by the personnel expenses increase from
USD 8.3m in H1 2024 to USD 9.7m due to an expansion in the workforce to
support operations.
Profitability
Profit before tax grew by 44% to USD 7.2m in H1 2025, compared to USD 5.0m in
H1 2024, driven by improved income trends and better cost-to-income ratio
(65.5% in H1 2025, 70.3% in H1 2024). Net profit increased by 144% to USD 3.3m
in H1 2025, from USD 1.4m in H1 2024, supported by overall performance
improvements, with Sri Lanka turning profitable during the period.
Pakistan
ASA Pakistan grew its operations in the period with increased demand from
clients:
· Number of clients increased from 618k to 673k (up 9% YoY)
· Branch network increased to 405 branches from 345 (H1 2024),
supporting the increase in client reach
· As a result, OLP increased as result from USD 89.1m to USD 93.5m (up
5% YTD)
· Gross OLP/Client also increased from USD 136 to USD 140 (up 3% YTD)
· PAR>30 remained at 0.5% compared to 31 December 2024
India
ASA India intentionally shrank its operations in the period to 30 June 2025,
in line with the Group's decision to deconsolidate the business, including the
reassignment of loans as part of the deconsolidation process. Accordingly, the
focus in the period was on recovery of overdue loans while maintaining the
off-book portfolio:
· Number of clients decreased from 193k to 129k (down 33% YoY) due to
increase in new 'off book' loan disbursements
· Number of branches reduced from 176 to 157 (down 11% YoY)
· On-book portfolio decreased from USD 0.7m to USD 0.1m (down 86% YTD)
· Off-book portfolio decreased from USD 35.8m to USD 27.0m (down 24%
YTD)
· Gross OLP/Client increased from USD 235 to USD 238 (up 1% YTD)
· PAR>30 (including off-book) deteriorated from 5.4% as at December
2024 to 5.9% as at June 2025.
The Board continues to work towards a full deconsolidation of ASA India from
the Group by the end of December 2025.
Sri Lanka
Lak Jaya's operations improved in the period despite heightened competition in
the country:
· Number of clients increased from 42k to 45k (up 6% YoY)
· Number of branches reduced by 1 to 63, due to the merger of two
branches to improve efficiency and cost management
· OLP increased from USD 5.0m to USD 5.5m (up 10% YTD)
· Gross OLP/Client increased from USD 123 to USD 132 (up 7% YTD)
· PAR>30 improved from 4.9% to 4.5% as collection efficiency is
improved compared to year-end 2024
South East Asia
Net interest income
Net interest income increased by 17% reaching USD 17.5m in H1 2025 (H1 2024:
USD 15.0m) as Philippines demonstrated resilience of their operations despite
being affected from typhoons and increasing their interest income. Net
interest margin improved, as the interest expense remained stable (H1 2025:
USD 3.8m, H1 2024: USD 3.4m). Meanwhile, interest income grew from USD 18.3m
in H1 2024 to USD 21.4m in H1 2025.
Net operating income
Net operating income improved by 9% to USD 17.0m in H1 2025 from USD 15.6m in
H1 2024. However, it resulted in lower other operating income (H1 2025: USD
2.9m; H1 2024: USD 3.1m) and higher credit loss expenses (H1 2025: USD 1.6m;
H1 2024: USD 0.8m), driven by OLP growth in both countries and a decline in
portfolio quality in the Philippines.
Total operating expenses
Total operating expenses increased by 10% to USD 13.6m in H1 2025 from USD
12.4m in H1 2024, primarily driven by elevated personnel expenses in The
Philippines in efforts to improve employee retention.
Profitability
Profit before tax increased by 5% from USD 3.2m in H1 2024 to USD 3.4m in H1
2025, primarily due to higher personnel and credit loss expenses in the
Philippines. Net profit increased by 17% to USD 2.7m in H1 2025 from USD 2.3m
in H1 2024.
The Philippines
Pagasa Philippines' operations grew in the period, despite challenges created
in the country by typhoons:
· Number of clients remained stable at 352k
· Number of branches increased from 400 to 433 (up 8% YoY)
· OLP increased from USD 58.4m to USD 61.7m (up 6% YTD)
· Gross OLP/Client increased from USD 171 to USD 185 (up 8% YTD)
· PAR>30 improved compared to 31 December 2024 from 6.8% to 6.3%
Myanmar
ASA Myanmar's operations improved in the period despite the Group having to
contend with the military conscription law, the large earthquake occurrence
that hit the country in March 2025 and unstable political situation. With most
of the Group's operations located in relatively safer zones, ASA Myanmar
maintained effective monitoring, resulting in quality portfolio growth
· Number of clients increased from 118k to 128k (up 8% YoY)
· Number of branches increased from 89 to 91 (up 2% YoY)
· OLP increased from USD 25.6m to USD 29.9m (up 17% YTD)
· Gross OLP per client increased from USD 223 to USD 247 (up 11% YTD)
· PAR>30 slightly improved compared to 31 December 2024 from 0.3% at
0.2%
West Africa
Net interest income
Net interest income increased by 89%, totalling USD 38.7m in H1 2025, compared
to USD 20.5m in H1 2024. While interest income rose due to increased demand
from clients in Ghana and Nigeria. Additionally, significant currency
appreciation in Ghana had a positive impact on the overall results.
Net operating income
Net operating income improved by 92% to USD 38.7m in H1 2025 from USD 20.2m in
H1 2024, due to lower credit loss expenses (H1 2025: USD 0.1m, H1 2024: USD
0.3m), mainly driven by a portfolio quality improvement in Nigeria.
Total operating expenses
The total operating expenses slightly increased by 27%, standing at USD 12.7m
in H1 2025 compared to USD 10.0m, following an increase in personnel expenses
to support business growth (H1 2025: USD 6.7m, H1 2024: USD 4.0m) and other
operating expenses (H1 2025: USD 4.1m, H1 2024: USD 3.4m). Despite the
increase in expenses, the cost-to-income ratio improved to 28.4% in H1 2025
from 35.1% in H1 2024, reflecting strong income growth.
Profitability
Ghana underpinned the region's strong performance, supported by operational
growth and favourable FX movements. Profit before tax increased by 155% to USD
26.0m in H1 2025 from USD 10.2m in H1 2024. An improvement in tax position
further supports the net profit growth, which has increased by 177% reaching
USD 17.2m in H1 2025 (H1 2024: USD 6.2m) including a positive impact of
hyperinflation accounting of USD 2.5m in H1 2025 (H1 2024: Negative USD 3.5m).
Ghana
ASA Savings & Loans operations overcame the economic challenges within the
country and demonstrated tremendous performance with excellent portfolio
quality and appreciating currency:
· Number of clients increased from 192k to 237k (up 23% YoY)
· Number of branches increased from 150 to 153 (up 2% YoY)
· OLP increased from USD 67.5m to USD 129.3m (up 92% YTD) supported by
currency appreciation of the Ghanaian cedi versus the USD
· Gross OLP/Client increased from USD 304 to USD 547 (up 80% YTD)
· PAR>30 remained stable at 0.2% compared to 31 December 2024
Nigeria
ASA Nigeria saw an improved operational performance despite high inflation
levels and an unstable economy:
· Number of clients increased from 146k to 158k (up 8% YoY)
· Number of branches increased from 263 to 269 (up 2% YoY)
· OLP increased from USD 11.0 to USD 14.2m (up 29% YTD)
· Gross OLP/Client increased from USD 78 to USD 95 (up 21% YTD)
· PAR>30 significantly improved from 4.9% as at 31 December 2024 to
2.7% as a result of improved KYC and due diligence practices
Sierra Leone
ASA Sierra Leone saw an improved operational performance:
· Number of clients increased from 37k to 43k (up 15% YoY)
· Number of branches increased from 48 to 49 (up 2% YoY) supporting the
increase in client reach
· OLP increased from USD 6.3m to USD 6.8m (up 8% YTD)
· Gross OLP/Client increased from USD 155 to USD 172 (up 11% YTD)
· PAR>30 slightly increased compared to 31 December 2024 from 9.4%
to 9.5%
East Africa
Net interest income
Net interest income saw a significant improvement of 41%, reaching USD 37.0m
in H1 2025 (H1 2024: USD 26.2m) as a result of operational growth in all
countries, supported by an OLP growth of 30% YoY basis. The positive effect of
the increase in interest and similar income (H1 2025: USD 46.7m, H1 2024: USD
33.4m) is slightly offset by an increase in interest and similar expenses (H1
2025: USD 9.7m, H1 2024: USD 7.2m) reflecting the increased level of funding
deployed to support the region's ongoing expansion
Net operating income
Net operating income increased by 37% to USD 34.4m in H1 2025 from USD 25.1m
in H1 2024 mainly driven by higher interest income, partly offset by an
increase in credit loss expense in the region compared to last year (H1 2025:
USD 1.1m, H1 2024: USD 0.5m).
Total operating expenses
Total operating expenses increased by 41% during H1 2025 to USD 20.2m (H1
2024: 14.3m) primarily due to an increase in personnel expenses (H1 2025: USD
11.6m, H1 2024: USD 8.9m) to support the region expansion. Despite of the
increase in expenses, the operational efficiency improvement is proven by the
cost-to-income ratio remaining stable at 57.7% in H1 2025 from 57.2% at H1
2024.
Profitability
Profit before tax improved from USD 10.8m in H1 2024 to USD 14.2m in H1 2025
as a result of substantial interest income. Net profit increased from USD 6.6m
in H1 2024 to USD 9.1m in H1 2025.
Tanzania
ASA Tanzania expanded its operations in the period:
· Number of clients increased from 258k to 300k (up 17% YoY) as the
more favourable loan terms are attracting an increased number of clients
· Number of branches increased from 211 to 241 (up 14% YoY) supporting
the increased client reach
· OLP slightly increased from USD 84.4m to USD 84.6m (up 0.2% YTD)
· Gross OLP/Client decreased from USD 305 to USD 286 (down 6% YTD)
· PAR>30 increased slightly to 1.6% from 1.3% (31 Dec 2024) due to
operational challenges
Kenya
ASA Kenya also expanded its operations in the period overcoming stiff
competition in the market:
· Number of clients increased from 237k to 279k (up 18% YoY)
· Number of branches increased from 145 to 160 (up 10% YoY) in order to
respond to increased client demands
· As a result, OLP increased from USD 36.3m to USD 39.6m (up 9% YTD)
· Gross OLP/Client increased from USD 139 to USD 142 (up 2% YTD)
· PAR>30 remained stable at 0.3% compared to 31 December 2024
Uganda
ASA Uganda also saw a significant improvement in operations in the period:
· Number of clients increased from 131k to 179k (up 36% YoY)
· Number of branches increased from 125 to 133 (up 6% YoY)
· OLP increased from USD 18.6m to USD 24.7m (up 33% YTD).
· Gross OLP/Client increased from USD 124 to USD 139 (up 12% YTD)
· PAR>30 remained stable at 0.2% compared to 31 December 2024
Rwanda
ASA Rwanda saw a strong improvement in operations in the period:
· Number of clients increased from 21k to 24k (up 16% YoY)
· Number of branches remained at 37
· OLP increased from USD 4.9m to USD 6.0m (up 22% YTD).
· Gross OLP/Client increased from USD 228 to USD 263 (up 15% YTD).
There is an emphasis on branches located in urban areas to serve to clients
who have the capacity to take on higher loan sizes
· PAR>30 improved to 4.9% from 5.1% as at 31 December 2024
Zambia
ASA Zambia expanded its operations in the period:
· Number of clients increased from 27k to 30k (up 13% YoY)
· Number of branches increased from 38 to 41 (up 8% YoY)
· OLP increased from USD 3.1m to USD 4.2m (up 34% YTD)
· Gross OLP/Client increased from USD 114 to USD 145 (up 27% YTD)
· PAR>30 improved to 3.2% from 3.4% as at 31 December 2024
Forward-looking statement and disclaimers
This announcement does not constitute or form part of any offer or invitation
to purchase, otherwise acquire, issue, subscribe for, sell or otherwise
dispose of any securities, nor any solicitation of any offer to purchase,
otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any
securities. The release, publication or distribution of this announcement in
certain jurisdictions may be restricted by law and therefore, persons in such
jurisdictions into which this announcement is released, published or
distributed should inform themselves about and observe such restriction.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated by the Market Abuse Regulation
(EU) No.596/2014, as it forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement, this
inside information is now considered to be in the public domain.
The person responsible for the release of this announcement on behalf of the
Company for the purposes of MAR is Tanwir Rahman, Chief Financial Officer.
Notes
(1) Profit before tax and net profit for H1 2025 include an IAS 29
hyperinflation positive impact of USD 2.5m (negative impact of USD 3.5m in H1
2024) in the consolidated financial statements
(2) Underlying net profit excludes the IAS 29 hyperinflation positive impact
of USD 2.5m in H1 2025 (negative impact of USD 3.5m in H1 2024) and one-off
gain from loan re-assignment in Myanmar of USD 3.0m in H1 2024
(3) PAR refers to 'Portfolio at Risk'. PAR>30 is the percentage of
outstanding customer loans with at least one instalment payment overdue 30
days, excluding loans more than 365 days overdue, to Gross OLP including
off-book loans
(4) Outstanding loan portfolio ('OLP') includes off-book Business
Correspondence ('BC') loans and Direct Assignment loans, and loans valued at
fair value through profit and loss ('FVTPL'), excludes interest receivable,
unamortized loan processing fees, and deducts ECL reserves from Gross OLP
(5) Other operating expenses include depreciation and amortisation charges
(6) Other liabilities include the following liabilities: retirement benefit,
current tax, deferred tax, lease and derivative liabilities, any other
liabilities, provisions and interest payables
(7) 'ASA International', the 'Company', the 'Group' all refer to ASA
International Group plc and its subsidiaries
(8) 'Holdings', 'Holding companies' or 'Holding entities' all refer to ASA
International Holding and ASA International NV
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