环球资源公布2013年第一季度业绩报告

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

As at March 31,

As at December 31,

2013

2012

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

86,321

$

104,631

Term deposits with banks

2,574

4,184

Financial assets, available-for-sale

7,535

7,472

Accounts receivables

3,743

4,242

Receivables from sales representatives

12,118

7,773

Inventories

360

410

Prepaid expenses and other current assets

33,119

18,396

145,770

147,108

Non-current assets

Property and equipment

49,723

30,442

Investment properties

96,994

97,377

Intangible assets

32,441

33,136

Long term investment

100

100

Deferred income tax assets

248

244

Other non-current assets

3,364

2,762

182,870

164,061

Total assets

$

328,640

$

311,169

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

Accounts payable

$

8,426

$

12,531

Deferred income and customer prepayments

99,413

84,540

Accrued liabilities

20,084

20,409

Income tax liabilities

865

1,225

128,788

118,705

Non-current liabilities

Deferred income and customer prepayments

10,570

9,062

Deferred income tax liabilities

5,970

6,090

16,540

15,152

Total liabilities

145,328

133,857

Equity attributable to Company's shareholders

Common shares

524

521

Treasury shares

(150,089)

(150,089)

Other reserves

157,328

156,629

Retained earnings

164,480

158,859

Total Company shareholders' equity

172,243

165,920

Non-controlling interests

11,069

11,392

Total equity

$

183,312

$

177,312

Total liabilities and equity

$

328,640

$

311,169

GLOBAL SOURCES LTD. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

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

Three months ended March 31,

2013

2012

(Unaudited)

(Unaudited)

Revenue

   Online and other media services (Note 1)

$

27,959

$

35,223

   Exhibitions

1,501

2,217

   Miscellaneous

1,792

1,477

31,252

38,917

Operating Expenses:

  Sales (Note 2)

10,993

15,034

  Event production

396

326

  Community and content (Note 2)

6,185

6,928

  General and administrative (Note 2)

9,792

10,174

  Information and technology (Note 2)

3,314

3,391

Total Operating Expenses

30,680

35,853

  Profit on sale of property

4,457

-

Profit from Operations

5,029

3,064

  Interest income

274

186

  Share of loss of associate

-

(14)

Profit before income taxes

5,303

3,236

Income tax expense

(26)

(163)

Net profit

$

5,277

$

3,073

Net loss attributable to non-controlling interests

344

32

Net profit attributable to the Company's shareholders

$

5,621

$

3,105

Diluted net profit per share attributable to the Company's

  shareholders

$

0.16

$

0.09

Shares used in diluted net profit per share calculations

35,914,192

35,573,189

Note:     1.

Online and other media services consists of:

Three months ended March 31,

2013

2012

(Unaudited)

(Unaudited)

   Online services

$

24,975

$

30,877

   Print services

2,984

4,346

$

27,959

$

35,223

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 March 31,

2013

2012

(Unaudited)

(Unaudited)

   Sales

$

68

$

62

   Community and content

(41)

(35)

   General and administrative

229

265

   Information and technology

85

72

$

341

$

364

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 March 31,

2013

2012

IFRS EPS

$

0.16

$

0.09

IFRS Net Profit

$

5,621

$

3,105

Non-cash stock based compensation expense (Note 1)

341

364

Amortization of intangibles (Note 2)

254

191

Profit on sale of property

(4,457)

-

Non-IFRS Net Profit

$

1,759

$

3,660

Non-IFRS diluted net profit per share

$

0.05

$

0.10

35,914,192

35,573,189

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 March 31,

2013

2012

IFRS profit from operations

$

5,029

$

3,064

Depreciation and amortization

2,270

1,964

EBITDA

7,299

5,028

Non-cash stock based compensation expense

341

364

Profit on sale of property

(4,457)

-

Adjusted EBITDA

$

3,183

$

5,392

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,

2013

2012

Revenue

$89.0

to

$91.0

$105.7

IFRS EPS

$0.59

to

$0.63

$0.36

Non-cash stock based compensation expense (Note 1)

$0.03

$0.03

$0.03

Amortization of intangibles (Note 2)

$0.01

$0.01

$0.01

Impairment loss on investment in associate

-

-

$0.01

Gain on sale of investment property, net of transaction costs

 & related tax expenses

($0.36)

($0.36)

-

Non-IFRS diluted net income per share

$0.27

to

$0.31

$0.41

Total shares used in non-IFRS diluted net income

 per share calculations

36,130,000

36,130,000

35,716,189

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.