環(huán)球資源公布2015年第四季度及全年業(yè)績(jī)報(bào)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,

2015

2014

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

70,356

$

90,223

Term deposits with banks

9,097

4,285

Financial assets, available-for-sale

-

3,952

Accounts receivables, net

849

2,269

Receivables from sales representatives

8,802

7,900

Inventories

176

154

Prepaid expenses and other current assets

16,268

17,027

105,548

125,810

Non-current assets

Property and equipment

59,064

63,519

Investment properties

69,726

85,546

Intangible assets

26,309

37,732

Long term investment

100

100

Deferred income tax assets

389

196

Other non-current assets

951

1,108

156,539

188,201

Total assets

$

262,087

$

314,011

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

Accounts payable

$

7,383

$

9,418

Deferred income and customer prepayments

75,265

84,869

Accrued liabilities

15,183

19,100

Income tax liabilities

2,990

3,848

100,821

117,235

Non-current liabilities

Accounts payable

289

889

Deferred income and customer prepayments

2,917

3,971

Deferred income tax liabilities

4,493

6,842

7,699

11,702

Total liabilities

108,520

128,937

Equity attributable to Company's shareholders

Common shares

533

529

Treasury shares

(250,089)

(200,089)

Other reserves

157,562

161,242

Retained earnings

239,812

209,924

Total Company shareholders' equity

147,818

171,606

Non-controlling interests

5,749

13,468

Total equity

$

153,567

$

185,074

Total liabilities and equity

$

262,087

$

314,011

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

Three months ended December 31,

Year ended December 31,

2015

2014

2015

2014

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Revenue:

Exhibitions

$

41,629

$

38,157

$

91,854

$

88,941

Online and other media services (Note 2)

17,295

19,738

70,242

82,430

Miscellaneous

2,693

2,210

8,929

7,911

61,617

60,105

171,025

179,282

Operating Expenses:

Sales (Note 3)

17,898

19,906

50,231

56,095

Event production

10,871

9,751

24,533

23,333

Community and content (Note 3)

5,879

6,753

20,535

22,267

General and administrative (Note 3 & 4)

11,625

11,603

43,697

48,004

Information and technology (Note 3)

3,495

3,075

13,348

12,126

Total Operating Expenses

49,768

51,088

152,344

161,825

Profit on sale of property

9,791

-

9,791

-

Profit from Operations

21,640

9,017

28,472

17,457

Interest income

103

244

792

1,223

Gain on sale of available-for-sale securities

39

-

188

11

Interest expenses

(12)

(47)

(83)

(186)

Profit before Income Taxes

21,770

9,214

29,369

18,505

Income tax expense

(2,187)

(534)

(4,609)

(1,646)

Net Profit from continuing operations

$

19,583

$

8,680

$

24,760

$

16,859

Net Profit / (loss) from discontinued operations, net of
income tax (Note 5)

-

(40)

5,629

1,982

Net profit

$

19,583

$

8,640

$

30,389

$

18,841

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

Continuing operations

434

499

(765)

548

Discontinued operations

-

142

264

(1,059)

Total

434

641

(501)

(511)

Net profit attributable to the Company's
shareholders from:

Continuing operations

$

20,017

$

9,179

$

23,995

$

17,407

Discontinued operations

-

102

5,893

923

Total

$

20,017

$

9,281

$

29,888

$

18,330

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

Continuing operations

$

0.79

$

0.29

$

0.83

$

0.52

Discontinued operations

-

*

0.20

0.03

Total

$

0.79

$

0.29

$

1.03

$

0.55

Shares used in diluted net profit per share
calculations

25,185,321

31,516,581

28,820,976

33,482,371

* Diluted net profit per share attributable to the Company's shareholders from discontinued operations is less than $0.01

Note: 1. Total revenue from both the continuing operations and discontinued operations during the three months and year ended December 31, 2015 and 2014 was as follows:

Three months ended December 31,

Year ended December 31,

2015

2014

2015

2014

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Continuing operations

$

61,617

$

60,105

$

171,025

$

179,282

Discontinued operations

-

2,762

4,776

18,930

$

61,617

$

62,867

$

175,801

$

198,212

Note: 2. Online and other media services consists of:

Three months ended December 31,

Year ended December 31,

2015

2014

2015

2014

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Online services

$

15,296

$

17,983

$

64,421

$

75,895

Print services

1,999

1,755

5,821

6,535

$

17,295

$

19,738

$

70,242

$

82,430

Note: 3. 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 December 31,

Year ended December 31,

2015

2014

2015

2014

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Sales

$

116

$

123

$

418

$

409

Community and content

23

21

88

16

General and administrative

316

319

1,418

1,215

Information and technology

44

45

225

217

$

499

$

508

$

2,149

$

1,857

Note: 4. General and administrative expenses consist of:

Three months ended December 31,

Year ended December 31,

2015

2014

2015

2014

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

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

$

9,890

$

9,345

$

37,290

$

36,343

Amortization of intangible assets

1,250

994

4,314

6,873

Impairment charge on intangible assets

-

4

-

2,242

Foreign exchange losses

485

1,260

2,093

2,546

$

11,625

$

11,603

$

43,697

$

48,004

Note: 5. Net Profit from discontinued operations, net of income tax consist of:

Three months ended December 31,

Year ended December 31,

2015

2014

2015

2014

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Profit on sale of subsidiary

$

-

$

-

$

6,382

$

-

Income tax expense

-

-

(361)

-

Profit on sale of subsidiary, net of income tax

-

-

6,021

-

Profit /(loss) from discontinued operations, net of income tax

-

(40)

(392)

1,982

$

-

$

(40)

$

5,629

$

1,982

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 December 31,

Year ended December 31,

2015

2014

2015

2014

IFRS diluted net profit per share

$

0.79

$

0.29

$

1.03

$

0.55

IFRS Net Profit

$

20,017

$

9,281

$

29,888

$

18,330

Non-cash stock based compensation expense (Note 1)

499

508

2,149

1,857

Amortization of intangibles (Note 2)

34

86

381

594

Impairment of goodwill and intangibles (Note 3)

-

4

-

1,682

Profit on sale of subsidiary (Note 4)

-

-

(6,021)

-

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

(7,550)

-

(7,550)

-

Non-IFRS Net Profit

$

13,000

$

9,879

$

18,847

$

22,463

Non-IFRS diluted net profit per share

$

0.52

$

0.31

$

0.65

$

0.67

Total shares used in non-IFRS diluted net profit

per share calculations

25,185,321

31,516,581

28,820,976

33,482,371

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.

(4) Profit on sale of subsidiary is net of related tax.

GLOBAL SOURCES LTD. AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION

(In U.S. Dollars Thousands)

Three months ended December 31,

Year ended December 31,

2015

2014

2015

2014

IFRS profit from operations including discontinued operations

$

21,640

$

9,044

$

27,804

$

20,170

Depreciation and amortization including discontinued operations

2,623

2,614

10,326

13,061

EBITDA

24,263

11,658

38,130

33,231

Non-cash stock based compensation expense

499

508

2,149

1,857

Impairment of goodwill and intangibles

-

4

-

2,242

Profit on sale of property, net of transaction costs

(9,791)

-

(9,791)

-

Adjusted EBITDA including discontinued operations

$

14,971

$

12,170

$

30,488

$

37,330

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,

2016

2015

Revenue from continuing operations

$78.0

to

$80.0

$85.9

IFRS EPS from continuing operations

$0.13

to

$0.17

$0.28

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

Non-IFRS diluted net income per share from continuing operations

$0.18

to

$0.22

$0.32

Total shares used in non-IFRS diluted net income

per share calculations

25,400,000

25,400,000

31,534,448

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.

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環(huán)球資源Global Sources

蘇慧雯

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電子郵件： GSpress@globalsources.com

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環(huán)球資源Global Sources

LHA

賴(lài)秀琴

Cathy Mattison

電話(huà)：(852) 2555-4747

電話(huà)：(1-415) 433-3777

電子郵件： investor@globalsources.com

電子郵件： cmattison@lhai.com