THINSOFT<08096> - Results Announcement (Final, 2003, Summary)
ThinSoft (Holdings) Inc announced on 18/02/2004:
(stock code: 08096)
Year end date :31/12/2003
Currency :HKD
Auditors' report :Unqualified
Interim Report Reviewed 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 01/01/2003 from 01/01/2002
to 31/12/2003 to 31/12/2002
$'000 $'000
Turnover : 19,216 15,555
Profit/(Loss) from Operations : (11,796) (9,243)
Finance cost : 0 452
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : (11,564) (8,247)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0231) (HKD 0.0172)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (11,564) (8,247)
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. Basis of preparation
These financial statements have been prepared in accordance with
Hong Kong Statements of Standard Accounting Practice, accounting
principles generally accepted in Hong Kong and the disclosure
requirements of the Hong Kong Companies Ordinance. They have been
prepared under the historical cost convention.
The consolidated financial statements for the year ended
31 December 2002 have been prepared using the merger basis of
accounting in accordance with SSAP 27 "Accounting for group
reconstructions" as a result of the recognisation scheme (the
"Group Reorganisation") for the rationalisation of 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"). On this
basis, the Company has been treated as the holding company of its
subsidiaries acquired through the Group Reorganisation throughtout
the period from 1 January 2002, 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
2002 to 31 December 2002 include the results and cash flows of
the Company and its subsidiaries with effect from 1 January 2002
or since their respective dates of incorporation, where this is a
shorter period. In the opinion of the directors, the consolidated
financial statements for the year ended 31 December 2002 prepared
on the above basis present more fairly the results and state of
affairs of the Group as a whole.
2. Turnover
Turnover represents the net invoiced sales and services rendered,
less discounts, returns, and applicable goods and services taxes.
All significant transactions among the companies comprising the
Group have been eliminated on consolidation.
3. Tax
Hong Kong profits tax has not been provided (2002: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% (2002: 22%) on the estimated assessable profits
arising in Singapore for the year ended 31 December 2003.
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% for the years
ended 31 December 2002 and 2003, on its estimated assessable profits
arising on a world wide basis.
4. Dividends
No dividend has been paid or declared by the Company or any of the
companies comprising the Group during the year (2002: Nil).
5. Loss per share
The calculation of basic loss per share is based on the net loss
from ordinary activities attributable to shareholders for the year
of HK$11,564,364, and the weighted average of 500,925,480 ordinary
shares in issue during the year.
The calculation of basic loss per share for the year ended
31 December 2002 is based on the net loss from ordinary activities
attributable to shareholders of HK$8,246,602 and 480,136,986 ordinary
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 ordinary shares of the Company
had been effective on 1 January 2002. The weighted average number of
shares used also included the 125,000,000 ordinary shares issued on
the public listing.
Diluted loss per share amounts for the years ended 31 December 2003
and 2002 have not been presented, as the share options outstanding
during these years had an anti-dilutive effect on the basic loss per
share for these years.
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