環(huán)球資源公布2016年下半年度及全年業(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 December 31,

As at December 31,

2016

2015

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

88,749

$

70,356

Term deposits with banks

9,919

9,097

Financial assets, available-for-sale

11,234

-

Accounts receivables, net

838

849

Receivables from sales representatives

4,962

8,802

Inventories

111

176

Prepaid expenses and other current assets

14,129

16,268

129,942

105,548

Non-current assets

Property and equipment

71,604

59,064

Investment properties

47,955

69,726

Intangible assets

16,907

26,309

Financial assets, available-for-sale

257

-

Long term investment

-

100

Deferred income tax assets

2,669

389

Other non-current assets

2,118

951

141,510

156,539

Total assets

$

271,452

$

262,087

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Accounts payable

$

5,681

$

7,383

Deferred income and customer prepayments

77,450

75,265

Accrued liabilities

14,917

15,183

Income tax liabilities

934

2,990

98,982

100,821

Non-current liabilities

Accounts payable

-

289

Deferred income and customer prepayments

4,040

2,917

Deferred income tax liabilities

2,453

4,493

6,493

7,699

Total liabilities

$

105,475

$

108,520

Equity attributable to Company’s shareholders

Common shares

536

533

Treasury shares

(250,089)

(250,089)

Other reserves

153,181

157,562

Retained earnings

258,293

239,812

Total Company shareholders’ equity

161,921

147,818

Non-controlling interests

4,056

5,749

Total equity

$

165,977

$

153,567

Total liabilities and equity

$

271,452

$

262,087

GLOBAL SOURCES LTD. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

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

Six months ended December 31,

Year ended December 31,

2016

2015

2016

2015

(Unaudited)

(Unaudited)

(Unaudited)

Revenue:

    Exhibitions

$

44,968

$

45,683

$

92,381

$

91,854

    Online and other media services (Note 1)

27,646

34,512

58,340

70,242

    Miscellaneous

3,235

4,914

6,946

8,929

75,849

85,109

157,667

171,025

Operating Expenses:

    Sales (Note 2)

21,858

25,538

44,767

50,231

    Event production

12,018

12,309

25,084

24,533

    Community and content (Note 2)

8,152

10,332

17,163

20,535

    General and administrative (Note 2 & 3)

20,685

22,945

43,019

43,697

    Information and technology (Note 2)

5,541

6,896

11,315

13,348

Total Operating Expenses

68,254

78,020

141,348

152,344

Profit on sale of property

-

9,791

-

9,791

Profit from Operations

7,595

16,880

16,319

28,472

    Interest income

265

226

558

792

    Gain on sale of available-for-sale securities

26

52

93

188

 Profit on sale of long term investment

-

-

43

-

    Interest expenses

(7)

(24)

(23)

(83)

Profit before Income Taxes

7,879

17,134

16,990

29,369

Income tax credit / (expense)

752

(2,421)

1,328

(4,609)

Net Profit from continuing operations

$

8,631

$

14,713

$

18,318

$

24,760

Net Profit from discontinued operations, net of

  income tax (Note 4)

-

223

-

5,629

Net profit                                   

$

8,631

$

14,936

$

18,318

$

30,389

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

  Continuing operations                            

913

457

51

(765)

   Discontinued operations

-

-

-

264

   Total

913

457

51

(501)

Net profit attributable to the Company’s shareholders from:

  Continuing operations

$

9,544

$

15,170

$

18,369

$

23,995

  Discontinued operations

-

223

-

5,893

  Total

$

9,544

$

15,393

$

18,369

$

29,888

Diluted net profit per share attributable to the Company’s shareholders from:

  Continuing operations

$

0.38

$

0.58

$

0.73

$

0.83

  Discontinued operations

-

0.01

-

0.20

  Total

$

0.38

$

0.59

$

0.73

$

1.03

Shares used in diluted net profit per share calculations

25,397,702

26,249,657

25,305,261

28,820,976

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

Six months ended December 31,

Year ended December 31,

2016

2015

2016

2015

(Unaudited)

(Unaudited)

(Unaudited)

Online services                                                                                                

$

25,064

$

31,220

$

52,750

$

64,421

Print services

2,582

3,292

5,590

5,821

$

27,646

$

34,512

$

58,340

$

70,242

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:

Six months ended December 31,

Year ended December 31,

2016

2015

2016

2015

(Unaudited)

(Unaudited)

(Unaudited)

  Sales

$

206

$

240

$

279

$

418

  Community and content

44

47

62

88

  General and administrative

624

650

1,360

1,418

  Information and technology

85

92

204

225

$

959

$

1,029

$

1,905

$

2,149

Note: 3. General and administrative expenses consist of:

Six months ended December 31,

Year ended December 31,

2016

2015

2016

2015

(Unaudited)

(Unaudited)

(Unaudited)

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

$

15,331

$

18,984

$

33,310

$

37,289

   Amortization of intangible assets

1,639

2,207

3,681

4,314

   Impairment charge on intangible assets

2,889

-

4,791

-

   Foreign exchange losses

826

1,754

1,237

2,094

$

20,685

$

22,945

$

43,019

$

43,697

Note: 4. Net Profit from discontinued operations, net of income tax consist of:

Six months ended December 31,

Year ended December 31,

2016

2015

2016

2015

(Unaudited)

(Unaudited)

(Unaudited)

  Profit on sale of subsidiary

$

-

$

223

$

-

$

6,382

  Income tax expense

-

-

-

(361)

  Profit on sale of subsidiary, net of income tax

-

223

-

6,021

  Loss from discontinued operations, net of income tax

-

-

-

(392)

$

-

$

223

$

-

$

5,629

GLOBAL SOURCES LTD. AND SUBSIDIARIES

ACTUAL IFRS to NON-IFRS RECONCILIATION 

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

Six months ended December 31,

Year ended December 31,

2016

2015

2016

2015

IFRS diluted net profit per share from continuing operations

$

0.38

$

0.58

$

0.73

$

0.83

IFRS Net Profit from continuing operations

$

9,544

$

15,170

$

18,369

$

23,995

Non-cash stock based compensation expense (Note 1)

959

1,029

1,905

2,149

Amortization of intangibles (Note 2)

179

88

363

381

Profit on sale of long term investment

-

-

(43)

-

Impairment of goodwill and intangibles (Note 3)

2,167

-

3,593

-

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

-

(7,550)

-

(7,550)

Non-IFRS Net Profit continuing operations

$

12,849

$

8,737

$

24,187

$

18,975

Non-IFRS diluted net profit per share from continuing operations

$

0.51

$

0.33

$

0.96

$

0.66

Total shares used in non-IFRS diluted net profit

 per share calculations

25,397,702

26,249,657

25,305,261

28,820,976

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)

Six months ended December 31,

Year ended December 31,

2016

2015

2016

2015

IFRS profit from continuing operations

$

7,595

$

16,880

$

16,319

$

28,472

Depreciation and amortization from continuing operations

4,179

4,961

8,946

9,999

EBITDA

11,774

21,841

25,265

38,471

Non-cash stock based compensation expense

959

1,029

1,905

2,149

Impairment of goodwill and intangibles

2,889

-

4,791

-

Profit on sale of property, net of transaction costs

-

(9,791)

-

(9,791)

Adjusted EBITDA from continuing operations

$

15,622

$

13,079

$

31,961

$

30,829

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

Six months

Six months

ended June 30,

ended June 30,

2017

2016

Revenue

$76.0

to

$78.0

$81.8

IFRS EPS

$0.12

to

$0.16

$0.35

Non-cash stock based compensation expense (Note 1)

$0.04

$0.04

$0.04

Amortization of intangibles (Note 2)

$0.01

$0.01

$0.00

Impairment of goodwill and intangibles (Note 3)

$0.00

$0.00

$0.06

Non-IFRS diluted net income per share

$0.17

to

$0.21

$0.45

Total shares used in non-IFRS diluted net income

 per share calculations

25,600,000

25,600,000

25,358,358

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.

傳媒聯(lián)絡(luò)

環(huán)球資源Global Sources

蘇慧雯

電話：(852) 2555-5040

電子郵件： GSpress@globalsources.com

投資者聯(lián)絡(luò)

亞洲地區(qū)

美國

環(huán)球資源 Global Sources

LHA

賴秀琴

Cathy Mattison

電話：(852) 2555-4747

電話：(1-415) 433-3777

電子郵件：investor@globalsources.com

電子郵件：cmattison@lhai.com