Global Sources LTD /bermuda 6-K Current report (foreign)

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 March 31,			As at December 31,
	2015			2014
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	92,802		$	90,223
Term deposits with banks		6,676			4,285
Financial assets, available-for-sale		4,155			3,952
Accounts receivables, net		1,868			2,269
Receivables from sales representatives		13,568			7,900
Inventories		180			154
Prepaid expenses and other current assets		25,597			17,027
		144,846			125,810
Non-current assets
Property and equipment		62,316			63,519
Investment properties		85,091			85,546
Intangible assets		36,750			37,732
Long term investment		100			100
Deferred income tax assets		253			196
Other non-current assets		1,611			1,108
		186,121			188,201
Total assets	$	330,967		$	314,011
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	9,373		$	9,418
Deferred income and customer prepayments		108,713			84,869
Accrued liabilities		16,262			19,100
Income tax liabilities		784			3,848
		135,132			117,235
Non-current liabilities
Accounts payable		290			889
Deferred income and customer prepayments		6,116			3,971
Deferred income tax liabilities		6,583			6,842
		12,989			11,702
Total liabilities		148,121			128,937
Equity attributable to Company’s shareholders
Common shares		532			529
Treasury shares		(200,089	)		(200,089	)
Other reserves		161,676			161,242
Retained earnings		207,797			209,924
Total Company shareholders’ equity		169,916			171,606
Non-controlling interests		12,930			13,468
Total equity	$	182,846		$	185,074
Total liabilities and equity	$	330,967		$	314,011

GLOBAL SOURCES LTD. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

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

	Three months ended March 31,
	2015			2014
	(Unaudited)			(Unaudited)
Revenue
Online and other media services (Note 1)	$	20,054		$	23,842
Exhibitions		260			8,860
Miscellaneous		1,889			1,768
		22,203			34,470
Operating Expenses:
Sales (Note 2)		6,456			9,046
Event production		98			1,804
Community and content (Note 2)		4,562			5,443
General and administrative (Note 2 & 3)		11,002			14,128
Information and technology (Note 2)		3,297			3,191
Total Operating Expenses		25,415			33,612
Profit / (loss) from Operations		(3,212	)		858
Interest income		312			417
Gain on sale of available-for-sale securities		188			10
Interest expenses		(46	)		(47	)
Profit / (loss) before income taxes		(2,758	)		1,238
Income tax credit / (expense)		171			(355	)
Net profit / (loss)	$	(2,587	)	$	883
Net (profit) / loss attributable to non-controlling interests		460			(738	)
Net profit / (loss) attributable to the Company’s shareholders	$	(2,127	)	$	145
Basic net profit / (loss) per share attributable to the Company’s shareholders	$	(0.07	)		*
Shares used in basic net profit / (loss) per share calculations		30,095,203			34,688,355
Diluted net profit / (loss) per share attributable to the Company’s shareholders	$	(0.07	)		*
Shares used in diluted net profit /(loss) per share calculations		31,361,130			36,174,507

* Basic and diluted net profit per share attributable to the Company’s shareholders is less than $0.01

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

	Three months ended March 31,
	2015		2014
	(Unaudited)		(Unaudited)
Online services	$	17,917	$	21,252
Print services		2,137		2,590
	$	20,054	$	23,842

GLOBAL SOURCES LTD. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

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

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:

	Three months ended March 31,
	2015		2014
	(Unaudited)		(Unaudited)
Sales	$	37	$	7
Community and content		10		(59	)
General and administrative		364		183
Information and technology		77		70
	$	488	$	201

Note: 3. General and administrative expenses consist of:

	Three months ended March 31,
	2015		2014
	(Unaudited)		(Unaudited)
General and administrative expenses before amortization of intangible assets and foreign exchange losses	$	9,412	$	9,026
Amortization of intangible assets		1,273		3,461
Foreign exchange losses		317		1,641
	$	11,002	$	14,128