THINSOFT<08096> - Results Announcement (Final, 2002, Summary)
ThinSoft (Holdings) Inc announced on 21/03/2003
(stock codes: 08096)
Year end date :31/12/2002
Currency :HKD
Auditors' report :Unqualified
Review of Quarterly Report by :N/A
Important Note :
This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com
(Audited) (Audited)
Current Last Corresponding
Period Period
from 01/01/2002 from 01/01/2001
to 31/12/2002 to 31/12/2001
$'000 $'000
Turnover : 15,555 28,335
Profit/(Loss) from Operations : (9,243) 5,575
Finance cost : 452 (472)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : (8,247) 3,788
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : HKD (0.0172) HKD 0.0101
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (8,247) 3,788
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
For and on behalf of
ThinSoft (Holdings) Inc
Signature :
Name :Ngiam Mia Hai Bernard
Title :Executive Director
Responsibility statement
The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading. The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard
to the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.
Remarks:
1. Group Reorganisation
The Company was incorporated in the Cayman Islands as an exempted
company with limited liability under the Companies Law of the Cayman
Islands on 28 September 2001. Pursuant to a reorganisation scheme
(the "Group Reorganisation") to rationalise the structure of the Group
in preparation for the listing of the Company's shares on the Growth
Enterprise Market ("GEM") of The Stock Exchange of Hong Kong Limited
(the "Stock Exchange"), the Company became the holding company of the
companies now comprising the Group on 23 February 2002. Further
details of the Group Reorganisation and the subsidiaries acquired
pursuant thereto are set out in the notes to financial statements.
2. Basis of presentation and consolidation
The Group Reorganisation involved companies under common control. The
consolidated financial statements have been prepared using the merger
basis of accounting in accordance with SSAP 27 "Accounting for group
reconstructions". On this basis, the Company has been treated as the
holding company of its subsidiaries acquired through the Group
Reorganisation for the financial years presented, rather than from the
date of their acquisitions on 23 February 2002. Accordingly, the
consolidated results and cash flows of the Group for the period from
1 January 2001 to 31 December 2002 include the results and cash flows
of the Company and its subsidiaries with effect from 1 January 2001 or
since their respective dates of incorporation, where this is a shorter
period. In the opinion of the directors, the consolidated financial
statements prepared on the above basis present more fairly the results
and state of affairs of the Group as a whole, as the principal
activities of the Group were carried out by those subsidiaries
summarised in the note to financial statements prior to and after
the Group Reorganisation.
All significant transactions and balances within the Group are
eliminated on consolidation.
3. Turnover
Turnover represents the net invoiced sales and services rendered, less
discounts, returns, and applicable goods and services taxes.
4. Tax
Hong Kong profits tax has not been provided (2001: Nil) as the Group
did not generate any assessable profits in Hong Kong during the year.
ThinSoft Pte Ltd, a company incorporated in Singapore, is subject to
Singapore income tax. Singapore income tax has been provided at the
rate of 22% (2001: 24.5%) on the estimated assessable profits arising
in Singapore for the year ended 31 December 2002.
ThinSoft (USA) Inc, a company incorporated in the State of Delaware in
the United States of America and operating in the State of California
in the United States of America, is subject to the United States federal
income tax at progressive rates of between 15% to 39%, and California
state corporate tax at a rate of 8.84% (2001: 8%) for the year ended
31 December 2002, on its estimated assessable profits arising on a
world wide basis.
5. Dividend
No dividend has been paid or declared by the Company or any of the
companies comprising the Group since their respective dates of
incorporation.
6. Earnings/(Loss) per share
The basic earnings/(loss) per share for the year is calculated based on
the consolidated net loss from ordinary activities attributable to
shareholders of the Company for the year of HK$8,246,602 (2001: net
profit of HK$3,788,189) and 480,136,986 shares (2001: 375,000,000
shares) deemed to have been issued and issuable during the year on the
assumption that the Group Reorganisation and the subsequent
capitalisation issue of 372,000,000 shares of the Company had been
effective on 1 January 2000. The weighted average number of shares
used in the current year's loss per share calculation also includes the
125,000,000 shares issued on the public listing.
No diluted loss per share is presented for the year ended 31 December
2002 because the share options outstanding had an anti-dilutive effect
on the basic loss per share for the year.
The diluted earnings per share amount for the year ended 31 December
2001 has not been shown as there were no dilutive potential ordinary
shares issued for the year ended 31 December 2001.
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