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. |