Global Sources LTD /bermuda 6K Current report | SEC 24 Aug 12

EXHIBIT 2

GLOBAL SOURCES LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In U.S. Dollars Thousands, Except Number of Shares and Per Share Data)

	As at June 30,			As at December 31,
	2012			2011
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	98,696		$	81,903
Term deposits with banks		2,043			2,764
Financial assets, available-for-sale		5,255			13,250
Accounts receivables		4,362			4,711
Receivables from sales representatives		9,068			6,523
Inventories		263			230
Prepaid expenses and other current assets		22,759			20,895
		142,446			130,276
Non-current assets
Property and equipment		54,352			55,761
Investment properties		74,085			75,370
Intangible assets		36,040			11,946
Long term investment		100			100
Deferred income tax assets		307			325
Other non-current assets		2,854			2,552
		167,738			146,054
Total assets	$	310,184		$	276,330

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	10,994		$	7,698
Deferred income and customer prepayments		112,199			101,841
Accrued liabilities		16,645			17,723
Income tax liabilities		858			714
		140,696			127,976
Non-current liabilities
Deferred income and customer prepayments		9,129			8,290
Deferred income tax liabilities		4,906			1,510
		14,035			9,800
Total liabilities		154,731			137,776

Equity attributable to Company’s shareholders
Common shares		520			518
Treasury shares		(150,089	)		(150,089	)
Other reserves		153,097			152,591
Retained earnings		139,477			126,653
Total Company shareholders’ equity		143,005			129,673
Non-controlling interests		12,448			8,881
Total equity	$	155,453		$	138,554
Total liabilities and equity	$	310,184		$	276,330

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

	Three months ended June 30,						Six months ended June 30,
	2012			2011			2012			2011
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenue:
Online and other media services (Note 1)	$	34,410		$	35,961		$	69,633		$	67,943
Exhibitions		30,507			29,111			32,724			33,492
Miscellaneous		1,861			1,470			3,338			2,643
	$	66,778		$	66,542		$	105,695		$	104,078
Operating Expenses:
Sales (Note 2)		23,532			23,370			38,566			37,809
Event production		9,660			9,696			9,986			10,748
Community and content (Note 2)		8,968			9,767			15,896			16,789
General and administrative (Note 2)		11,404			10,381			21,578			18,624
Information and technology (Note 2)		3,248			3,070			6,639			6,243
Total Operating Expenses	$	56,812		$	56,284		$	92,665		$	90,213
Profit from Operations	$	9,966		$	10,258		$	13,030		$	13,865
Interest income		246			68			432			116
Share of loss of associate		(10	)		-			(24	)		-
Impairment loss on investment in associate		(302	)		-			(302	)		-
Profit before Income Taxes	$	9,900		$	10,326		$	13,136		$	13,981
Income tax expense		(373	)		(469	)		(536	)		(524	)
Net Profit	$	9,527		$	9,857		$	12,600		$	13,457
Net profit attributable to non-controlling interests		192			231			224			167
Net profit attributable to the Company’s shareholders	$	9,719		$	10,088		$	12,824		$	13,624
Basic net profit per share attributable to the Company’s shareholders	$	0.29		$	0.30		$	0.38		$	0.40
Shares used in basic net profit per share calculations		33,984,831			33,707,877			33,981,811			33,706,019
Diluted net profit per share attributable to the Company’s shareholders	$	0.27		$	0.28		$	0.36		$	0.38
Shares used in diluted net profit per share calculations		35,853,512			35,508,534			35,716,189			35,424,395

Note:	1.	Online and other media services consists of:

Note:	2.	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:

Global Sources LTD /bermuda Inactive 6-KCurrent report (foreign)