2007'08.17.Fri
Xinhua Finance Adjusts Financial Forecasts
August 14, 2007
SHANGHAI, Aug. 14, /Xinhua-PRNewswire/ -- Xinhua
Finance (TSE Mothers: 9399, OTC ADR: XHFNY), China's
premier financial information and media provider, today
issued the following notice regarding the adjustment in its
financial forecasts:
(Logo: http://www.xprn.com/xprn/sa/200702151700.gif )
Xinhua Finance Limited (the Company) hereby announces
that, as described below, it has revised its financial
forecasts, which were made public on May 15, 2007, at the
time of the announcement of the Financial Results for the
quarter ended March 31, 2007.
I. Consolidated Financial Forecast
1. Adjustment in consolidated financial forecasts
(Japanese GAAP) for the
6 months ending June 30, 2007 (January 1, 2007 -
June 30, 2007)
(units: thousands of US dollars (millions of
JPY) except for %)
Operating
Ordinary Net
Turnover EBITDA Income/
Income/ Income/
(Loss *)
(Loss *) (Loss *)
Previous 101,891 7,311 *11,493
*29,943 33,497
Projections1 (A) (11,208) (804) (*1,264)
(*3,294) (3,685)
Revised 101,891 7,311 *11,493
*16,000 89,000
Projections2 (B) (11,208) (804) (*1,264)
(*1,760) (9,790)
Difference (B - A) -- -- --
13,943 55,503
(1,534) (6,105)
Percent Change (%) 0% 0% 0%
46.6% 165.7%
(for reference
only)
Previous Year's
Results(4) (6
months ended June 75,026 11,089 2,261
3,442 2,012
30, 2006) (8,646) (1,278) (261)
(397) (232)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for results of 6 months ended
June 30, 2006: USD1 =
JPY115.24, based on the foreign currency exchange
rate (middle rate)
from the Tokyo Foreign Exchange Market as of June
30, 2006.
2. There is no adjustment in consolidated financial
forecasts (Japanese
GAAP) for the fiscal year ending December 31, 2007
(January 1, 2007 -
December 31, 2007)
(units: thousands of US dollars (millions of
JPY) except for %)
Operating
Ordinary Net
Turnover EBITDA Income/
Income/ Income/
(Loss *)
(Loss *) (Loss *)
Previous 260,000 44,379 6,688
*13,447 31,999
Projections1 (A) (28,600) (4,882) (736)
(*1,479) (3,520)
Revised 260,000 44,379 6,688
*13,447 31,999
Projections2 (B) (28,600) (4,882) (736)
(*1,479) (3,520)
Difference (B - A) -- -- --
-- --
Percent Change (%) 0% 0% 0%
0% 0%
(for reference
only)
Previous Year's
Results(4)
(year ended Dec 174,963 24,672 1,134
63 10,760
31, 2006) (20,840) (2,939) (135)
(7) (1,282)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for previous year's results: USD1
= JPY119.11,
based on the foreign currency exchange rate (middle
rate) from the
Tokyo Foreign Exchange Market as of December 29,
2006.
Note: Performance estimates are determined based on
information currently
available. Due to various unforeseen factors,
actual performance
may differ from estimates.
3. Reasons for the adjustments
In the consolidated financial forecasts, which were
made public on May 15, 2007, the Company included a non
cash provision for possible impairment of intangible assets
of approximately US$40 million, for the 6 months ending June
30, 2007. The Company believes that such a provision is not
warranted at the present time. The Company continuously
reviews its intangible assets and business outlook to
determine if impairments are necessary in the future. In
addition, the Company has incurred a net of US$15 million
less of share issuance expenses, which is offset by the
lower deemed disposition gain than originally anticipated
in the consolidated financial forecasts, which were made
public on May 15, 2007.
The Company expects for the six months ended June 30,
2007, its ordinary loss to decrease by approximately US$14
million and net income to increase by approximately US$55
million. As a result, the Company has revised upward its
financial forecast for ordinary income and net income for
the 6 months ending June 30, 2007. There is no change in
financial forecast for the full year ended December 31,
2007. The Company continues to include a provision for
possible impairment of intangible assets in the forecast
for the full year.
II. Non-consolidated Financial Forecast
1. Adjustment in financial forecasts (Japanese GAAP)
for the 6 months
ending June 30, 2007 (January 1, 2007 - June 30,
2007)
(units: USD thousand (Yen
million) except for %)
Ordinary
Net Income/
Turnover Income/
(Loss *)
(Loss *)
Previous Projections1 (A) 2,261 *2,019
*2,019
(249) (*222)
(*222)
Revised Projections2 (B) 2,261 *3,496
*3,496
(249) (*385)
(*385)
Difference (B - A) -- *1,477
*1,477
(*163)
(*163)
Percent Change (%) 0% *73.2%
*73.2%
(for reference only)
Previous Year's Results(4) (6
months ended June 30, 6,067 *1,012
*1,012
2006) (699) (*117)
(*117)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for results of 6 months ended
June 30, 2006: USD1 =
JPY115.24, based on the foreign currency exchange
rate (middle rate)
from the Tokyo Foreign Exchange Market as of June
30, 2006.
2. Adjustment in financial forecasts (Japanese GAAP)
for the fiscal year
ending December 31, 2007 (January 1, 2007 - December
31, 2007)
(units: US thousand (Yen
million) except for %)
Ordinary
Net Income/
Turnover Income/
(Loss *)
(Loss *)
Previous Projections1 (A) 4,522 *10,750
*10,750
(497) (*1,182)
(*1,182)
Revised Projections2 (B) 4,522 *12,760
*12,760
(497) (*1,404)
(*1,404)
Difference (B - A) -- *2,010
*2,010
(*222)
(*222)
Percent Change (%) 0% *18.7%
*18.7%
(for reference only)
Previous Year's Results(4) 9,371 *6,019
*6,019
(year ended Dec 31, 2006) (1,116) (*717)
(*717)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for previous year's results: USD1
= JPY119.11,
based on the foreign currency exchange rate (middle
rate) from the
Tokyo Foreign Exchange Market as of December 29,
2006.
Note: Performance estimates are determined based on
information currently
available. Due to various unforeseen factors,
actual performance
may differ from estimates.
3. Reasons for the adjustments
The Company is adjusting its forecast for ordinary
income and net income for both the six months ended June
30, 2007 and the full year ended December 31, 2007. The
Company has incurred higher corporate overhead expenses
offset by lower audit fees than originally budgeted. As a
result, the Company is re-forecasting downwards its
ordinary income and net income.
<For Reference Only (IFRS)>
1. Adjustment in consolidated financial forecasts
(IFRS) for the 6 months
ending June 30, 2007 (January 1, 2007 - June 30,
2007)
(units: thousands of US dollars (millions of
JPY) except for %)
Turnover EBITDA
Net Income/
(Loss *)
Previous Projections1 (A) 101,891 8,568
49,274
(11,208) (942)
(5,420)
Revised Projections2 (B) 101,891 8,568
90,000
(11,208) (942)
(9,900)
Difference (B - A) -- --
40,726
(4,480)
Percent Change (%) 0% 0%
82.7%
(for reference only)
Previous Year's Results(4) 75,026 11,273
4,854
(6 months ended June 30, 2006) (8,646) (1,299)
(559)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for previous year's 6 month
results: USD1 =
JPY115.24, based on the foreign currency exchange
rate (middle rate)
from the Tokyo Foreign Exchange Market as of June
30, 2006.
There is no adjustment in consolidated financial
forecasts (IFRS) for the fiscal year ending December 31,
2007 (January 1, 2007 - December 31, 2007)
(units: thousands of US dollars (millions of
JPY) except for %)
Turnover EBITDA
Net Income/
(Loss *)
Previous Projections1 (A) 260,000 46,579
57,253
(28,600) (5,124)
(6,298)
Revised Projections2 (B) 260,000 46,579
57,253
(28,600) (5,124)
(6,298)
Difference (B - A) -- --
--
Percent Change (%) 0% 0%
0%
(for reference only) 174,963 23,331
18,731
Previous Year's Results(4)
(year ended Dec 31, 2006) (20,840) (2,781)
(2,233)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for previous year's results: USD1
= JPY119.11,
based on the foreign currency exchange rate (middle
rate) from the
Tokyo Foreign Exchange Market as of December 29,
2006.
Note: Performance estimates are determined based on
information currently
available. Due to various unforeseen factors,
actual performance
may differ from estimates.
Forward looking statements in this report are based on
information available to management at the time this report
was prepared. As such, they carry risks and uncertainties
and actual results and events may differ significantly from
the forecast. Investors are advised not to rely solely on
business forecasts in this report for making investment
decisions. Forecasts of business results will also be
revised as and when considered necessary, in accordance
with disclosure rules.
About Xinhua Finance Limited
Xinhua Finance Limited is China's premier financial
information and media service provider and is listed on the
Mothers Board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance's proprietary content platform,
comprising Indices, Ratings, Financial News, and Investor
Relations, serves financial institutions, corporations and
re-distributors worldwide. Through its subsidiary Xinhua
Finance Media Limited (Nasdaq: XFML), Xinhua Finance
leverages its content across multiple distribution channels
in China including television, radio, newspaper, magazine
and outdoor media. Founded in November 1999, Xinhua Finance
is headquartered in Shanghai, with offices and news bureaus
spanning 11 countries worldwide. For more information,
please visit http://www.xinhuafinance.com .
For more information, please contact:
Xinhua Finance
Ms. Joy Tsang
Hong Kong/Shanghai
Tel: +852 3196 3983
Tel: +852 9486 4364
Tel: +86-21-6113-5999
Email: joy.tsang@xinhuafinance.com
Taylor Rafferty (IR Contact)
For Japan
Mr. James Hawrylak
Tel: +81-3-5444-2730
Email: james.hawrylak@taylor-rafferty.com
For the United States
Mr. John Dudzinsky
Tel: +1 212 889 4350
Email: john.dudzinsky@taylor-rafferty.com
PR
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