環(huán)球資源公布2014年第二季度業(yè)績報告

GLOBAL SOURCES LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In U.S. Dollars Thousands, Except Number of Shares and Per Share Data)

As at June 30,

As at December 31,

2014

2013

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

87,026

$

137,359

Term deposits with banks

4,100

106

Financial assets, available-for-sale

1,377

6,367

Accounts receivables, net

2,781

3,122

Receivables from sales representatives

8,579

10,630

Inventories

293

266

Prepaid expenses and other current assets

18,271

18,544

122,427

176,394

Non-current assets

Property and equipment

63,882

49,701

Investment properties

86,639

89,615

Intangible assets

38,546

21,423

Long term investment

100

100

Deferred income tax assets

38

98

Other non-current assets

1,592

1,766

190,797

162,703

Total assets

$

313,224

$

339,097

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

Accounts payable

$

9,937

$

8,779

Deferred income and customer prepayments

93,540

84,704

Accrued liabilities

19,467

19,166

Income tax liabilities

4,221

2,635

127,165

115,284

Non-current liabilities

Accounts payable

864

-

Deferred income and customer prepayments

5,467

5,660

Deferred income tax liabilities

6,389

4,591

12,720

10,251

Total liabilities

139,885

125,535

Equity attributable to Company's shareholders

Common shares

528

525

Treasury shares

(200,089)

(150,089)

Other reserves

160,521

161,950

Retained earnings

198,726

191,594

Total Company shareholders' equity

159,686

203,980

Non-controlling interests

13,653

9,582

Total equity

$

173,339

$

213,562

Total liabilities and equity

$

313,224

$

339,097

GLOBAL SOURCES LTD. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(In U.S. Dollars Thousands, Except Number of Shares and Per Share Data)

Three months ended June 30,

Six months ended June 30,

2014

2013

2014

2013

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Revenue:

    Online and other media services (Note 1)

$

23,864

$

26,217

$

47,706

$

54,176

    Exhibitions

32,412

33,274

41,272

34,775

    Miscellaneous

2,061

1,948

3,829

3,740

58,337

61,439

92,807

92,691

Operating Expenses:

    Sales (Note 2)

19,244

19,272

28,290

30,265

    Event production

9,015

10,254

10,819

10,650

    Community and content (Note 2)

6,955

7,547

12,398

13,732

    General and administrative (Note 2 & 3)

13,825

13,364

27,953

23,156

    Information and technology (Note 2)

3,095

3,161

6,286

6,475

Total Operating Expenses

52,134

53,598

85,746

84,278

    Profit on sale of property

-

10,953

-

15,410

Profit from Operations

6,203

18,794

7,061

23,823

    Interest income

333

347

750

621

    Gain on sale of available-for-sale securities

-

-

10

-

    Interest expenses

(45)

-

(92)

-

Profit before Income Taxes                           

6,491

19,141

7,729

24,444

    Income tax expense

(411)

(2,643)

(766)

(2,669)

Net Profit

$

6,080

$

16,498

$

6,963

$

21,775

Net (profit) / loss attributable to non-controlling interests

907

276

169

620

Net profit attributable to the Company's
    shareholders

$

6,987

$

16,774

$

7,132

$

22,395

Diluted net profit per share attributable to the              
    Company's shareholders

$

0.20

$

0.46

$

0.20

$

0.62

Shares used in diluted net profit per share
    calculations

35,183,171

36,200,567

35,672,551

36,048,346

Note: 1. Online and other media services consists of:

Three months ended June 30,

Six months ended June 30,

2014

2013

2014

2013

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Online services

$

20,844

$

22,689

$

42,096

$

47,664

Print services

3,020

3,528

5,610

6,512

$

23,864

$

26,217

$

47,706

$

54,176

Note: 2. Non-cash compensation expenses associated with the several equity compensation plans and Global Sources Directors Share Grant Award Plan included under various categories of expenses are as follows:

Three months ended June 30,

Six months ended June 30,

2014

2013

2014

2013

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

    Sales

$

139

$

159

$

146

$

227

    Community and content

27

25

(32)

(16)

    General and administrative

347

374

530

603

    Information and technology

50

54

120

139

$

563

$

612

$

764

$

953

Three months ended June 30,

Six months ended June 30,

2014

2013

2014

2013

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

    General and administrative expenses before 
      amortization of intangible assets, impairment 
      charge on intangible assets and foreign 
      exchange losses (gains)

$

10,241

$

10,818

$

19,267

$

19,590

    Amortization of intangible assets

1,510

694

4,971

1,470

    Impairment charge on intangible assets

2,238

2,531

2,238

2,531

    Foreign exchange losses (gains)

(164)

(679)

1,477

(435)

$

13,825

$

13,364

$

27,953

$

23,156

GLOBAL SOURCES LTD. AND SUBSIDIARIES

ACTUAL IFRS to NON-IFRS RECONCILIATION

(In U.S. Dollars Thousands, Except Number of Shares and Per Share Data)

Three months ended June 30,

Six months ended June 30,

2014

2013

2014

2013

IFRS EPS

$

0.20

$

0.46

$

0.20

$

0.62

IFRS Net Profit

$

6,987

$

16,774

$

7,132

$

22,395

Non-cash stock based compensation expense (Note 1)

563

612

764

953

Amortization of intangibles (Note 2)

151

172

404

426

Impairment of goodwill and intangibles (Note 3)

1,678

2,531

1,678

2,531

Profit on sale of property, net of transaction costs & related tax expenses

-

(8,667)

-

(13,124)

Non-IFRS Net Profit

$

9,379

$

11,422

$

9,978

$

13,181

Non-IFRS diluted net profit per share

$

0.27

$

0.32

$

0.28

$

0.37

Total shares used in non-IFRS diluted net profit
  per share calculations

35,183,171

36,200,567

35,672,551

36,048,346

Notes:

(1) Actual SBC is calculated based on actual share price on date of the awards.

(2) Amortization of intangible assets relating to certain non-compete agreements.

(3) Impairment of intangibles are net of related taxes.

GLOBAL SOURCES LTD. AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION

(In U.S. Dollars Thousands)

Three months ended June 30,

Six months ended June 30,

2014

2013

2014

2013

IFRS profit from operations

$

6,203

$

18,794

$

7,061

$

23,823

Depreciation and amortization

2,819

2,179

7,665

4,449

EBITDA

9,022

20,973

14,726

28,272

Non-cash stock based compensation expense

563

612

764

953

Impairment of goodwill and intangibles

2,238

2,531

2,238

2,531

Profit on sale of property, net of transaction costs

-

(10,953)

-

(15,410)

Adjusted EBITDA

$

11,823

$

13,163

$

17,728

$

16,346

GLOBAL SOURCES LTD. AND SUBSIDIARIES

GUIDANCE IFRS to NON-IFRS RECONCILIATION

(In U.S. Dollars Million, Except Number of Shares and Per Share Data)

GUIDANCE

ACTUAL

ended December 31,

ended December 31,

2014

2013

Revenue

$102.0

to

$104.0

$104.8

IFRS EPS

$0.13

to

$0.17

$0.29

Non-cash stock based compensation expense (Note 1)

$0.04

$0.04

$0.03

Amortization of intangibles (Note 2)

$0.01

$0.01

$0.01

Impairment of goodwill and intangibles                                   

-

-

$0.14

Non-IFRS diluted net income per share

$0.18

to

$0.22

$0.47

Total shares used in non-IFRS diluted net income
  per share calculations

31,600,000

31,600,000

36,181,032

Notes:

(1) Actual SBC is calculated based on actual share price on date of the awards.

(2) Amortization of intangible assets relating to certain non-compete agreements.