环球资源公布2012年第三季度业绩报告

GLOBAL SOURCES LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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

As at September 30,

As at December 31,

2012

2011

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

100,134

$

81,903

Term deposits with banks

2,988

2,764

Financial assets, available-for-sale

7,651

13,250

Accounts receivables

4,197

4,711

Receivables from sales representatives

11,814

6,523

Inventories

297

230

Prepaid expenses and other current assets

25,573

20,895

152,654

130,276

Non-current assets

Property and equipment

54,064

55,761

Investment properties

74,321

75,370

Intangible assets

34,919

11,946

Long term investment

100

100

Deferred income tax assets

311

325

Other non-current assets

3,363

2,552

167,078

146,054

Total assets

$

319,732

$

276,330

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

Accounts payable

$

10,801

$

7,698

Deferred income and customer prepayments

103,589

101,841

Accrued liabilities

18,852

17,723

Income tax liabilities

2,559

714

135,801

127,976

Non-current liabilities

Deferred income and customer prepayments

11,819

8,290

Deferred income tax liabilities

6,232

1,510

18,051

9,800

Total liabilities

153,852

137,776

Equity attributable to Company's shareholders

Common shares

520

518

Treasury shares

(150,089)

(150,089)

Other reserves

155,061

152,591

Retained earnings

147,682

126,653

Total Company shareholders' equity

153,174

129,673

Non-controlling interests

12,706

8,881

Total equity

$

165,880

$

138,554

Total liabilities and equity

$

319,732

$

276,330

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

Three months ended September 30,

Nine months ended September 30,

2012

2011

2012

2011

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Revenue:

    Online and other media services (Note 1)

$

34,115

$

36,669

$

103,748

$

104,612

    Exhibitions

23,342

9,006

56,066

42,498

    Miscellaneous

1,646

1,305

4,984

3,948

$

59,103

$

46,980

$

164,798

$

151,058

Operating Expenses:

    Sales (Note 2)

18,686

17,249

57,252

55,058

    Event production

6,548

2,616

16,534

13,364

    Community and content (Note 2)

8,172

7,859

24,068

24,648

    General and administrative (Note 2)

10,647

10,315

32,225

28,939

    Information and technology (Note 2)

3,326

3,294

9,965

9,537

Total Operating Expenses

$

47,379

$

41,333

$

140,044

$

131,546

Profit from Operations

$

11,724

$

5,647

$

24,754

$

19,512

    Interest income

300

83

732

199

    Share of loss of associate

-

-

(24)

-

    Impairment loss on investment in associate

-

-

(302)

-

Profit before Income Taxes

$

12,024

$

5,730

$

25,160

$

19,711

Income tax expense

(1,514)

(633)

(2,050)

(1,157)

Net Profit

$

10,510

$

5,097

$

23,110

$

18,554

Net profit attributable to non-controlling interests

(2,305)

(1,134)

(2,081)

(967)

Net profit attributable to the Company's 
  shareholders

$

8,205

$

3,963

$

21,029

$

17,587

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

$

0.23

$

0.11

$

0.59

$

0.50

Shares used in diluted net profit per share
   calculations

35,862,759

35,482,592

35,718,965

35,387,418

Three months ended September 30,

Nine months ended September 30,

2012

2011

2012

2011

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Online services

$

29,975

$

30,378

$

90,897

$

87,480

Print services

4,140

6,291

12,851

17,132

$

34,115

$

36,669

$

103,748

$

104,612

Three months ended September 30,

Nine months ended September 30,

2012

2011

2012

2011

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

 Sales

$

175

$

186

$

412

$

530

 Community and content

23

56

39

173

 General and administrative

424

434

1,159

1,053

 Information and technology

61

64

197

207

$

683

$

740

$

1,807

$

1,963

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 September 30,

Nine months ended September 30,

2012

2011

2012

2011

IFRS EPS

$

0.23

$

0.11

$

0.59

$

0.50

IFRS Net Profit

$

8,205

$

3,963

$

21,029

$

17,587

Non-cash stock based compensation expense (Note 1)

683

740

1,807

1,963

Amortization of intangibles (Note 2)

221

191

604

572

Impairment loss on investment in associate                          

-

-

302

-

Non-IFRS Net Profit

$

9,109

$

4,894

$

23,742

$

20,122

Non-IFRS diluted net profit per share         

$

0.25

$

0.14

$

0.66

$

0.57

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

35,862,759

35,482,592

35,718,965

35,387,418

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.

GLOBAL SOURCES LTD. AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION 

(In U.S. Dollars Thousands)

Three months ended September 30,

Nine months ended September 30,

2012

2011

2012

2011

IFRS profit from operations

$

11,724

$

5,647

$

24,754

$

19,512

Depreciation and amortization                                     

2,875

1,984

6,928

5,321

EBITDA

14,599

7,631

31,682

24,833

Non-cash stock based compensation expense

683

740

1,807

1,963

Adjusted EBITDA

$

15,282

$

8,371

$

33,489

$

26,796

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 December 31,

 ended December 31,

2012

2011

Revenue

$124.0

to

$125.0

$121.0

IFRS EPS                                                                              

$0.45

to

$0.47

$0.45

Non-cash stock based compensation expense (Note 1) 

$0.04

$0.04

$0.04

Amortization of intangibles (Note 2)

$0.01

$0.01

$0.01

Impairment of goodwill and intangibles 

$0.02

$0.02

$0.02

Non-IFRS diluted net income per share                      

$0.52

to

$0.54

$0.52

35,875,000

35,875,000

35,385,218

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.