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. |