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Material Partly-Owned Subsidiaries | 12 Months Ended
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Dec. 31, 2017
Text Block1 [Abstract] |
Material Partly-Owned Subsidiaries |
6. | MATERIAL PARTLY-OWNED SUBSIDIARIES
The Company has a subsidiary with material non-controlling interests (“NCI”). Information regarding the subsidiary is as follows: Proportion of equity interest held by NCI:
|  |  |  | As of December 31, |
Name |  | Country of incorporation and operation |  | 2017 |  |  | 2016 |
Charoong Thai and its subsidiaries (“CTW Consolidated”) |  | Thailand |  |  | 49.07% |  |  |  | 49.07% |
SYE |  | China |  | 31.25% |  |  |  | 33.65% |
From APWC group perspective, SYE is considered an entity with material non-controlling interests and should be separated from Charoong Thai group.
|  | As of December 31, |
|  | 2017 |  |  | 2016 |
|  | US$’000 |  |  | US$’000 |
Accumulated balances of material NCI: |  |  |  |  |  |  |  |
CTW Consolidated |  |  | 64,995 |  |  |  | 56,380 |
SYE |  |  | 1,758 |  |  |  | 1,450 |
|  | For the year ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | US$’000 |  |  | US$’000 |  |  | US$’000 |
Profit / (loss) of material NCI: |  |  |  |  |  |  |  |  |  |  |  |
CTW Consolidated |  |  | 4,896 |  |  |  | 3,812 |  |  |  | (789 | )
SYE |  |  | (15 | ) |  |  | (181 | ) |  |  | (364 | )
The summarized financial information of the subsidiaries is provided below. This information is based on amounts before inter-company eliminations: Summarized income statements for 2017:
|  | CTW consolidated |  |  | SYE |
|  | US$’000 |  |  | US$’000 |
Revenues |  |  | 207,529 |  |  |  | 33,533 |
Cost of sales |  |  | (187,342 | ) |  |  | (31,937 | )
Administrative expenses |  |  | (7,817 | ) |  |  | (1,559 | )
Finance costs |  |  | (711 | ) |  |  | (346 | )
Exchange gain/(loss) |  |  | 1,335 |  |  |  | 282 |
Others |  |  | (9 | ) |  |  | — |
Profit/(loss) before tax |  |  | 12,985 |  |  |  | (27 | )
Income tax expense |  |  | (2,727 | ) |  |  | — |
Profit/(loss) for the year |  |  | 10,258 |  |  |  | (27 | )
Total comprehensive income/(loss) |  |  | 20,440 |  |  |  | 318 |
Profit/(loss) attributable to non-controlling interests |  |  | 4,896 |  |  |  | (15 | )
Dividends paid to non-controlling interests |  |  | 1,943 |  |  |  | — |
6. | MATERIAL PARTLY-OWNED SUBSIDIARIES (continued)
Summarized income statements for 2016:
|  | CTW consolidated |  |  | SYE |
|  | US$’000 |  |  | US$’000 |
Revenues |  |  | 152,988 |  |  |  | 30,056 |
Cost of sales |  |  | (139,575 | ) |  |  | (28,247 | )
Administrative expenses |  |  | (7,264 | ) |  |  | (1,748 | )
Finance costs |  |  | (401 | ) |  |  | (377 | )
Gain on disposal of investment property |  |  | 4,466 |  |  |  | — |
Exchange gain/(loss) |  |  | 618 |  |  |  | (221 | )
Others |  |  | (55 | ) |  |  | — |
Profit/(loss) before tax |  |  | 10,777 |  |  |  | (537 | )
Income tax expense |  |  | (3,009 | ) |  |  | — |
Profit/(loss) for the year |  |  | 7,768 |  |  |  | (537 | )
Total comprehensive income/(loss) |  |  | 8,450 |  |  |  | (814 | )
Profit/(loss) attributable to non-controlling interests |  |  | 3,812 |  |  |  | (181 | )
Dividends paid to non-controlling interests |  |  | 1,142 |  |  |  | — |
Summarized income statements for 2015:
|  | CTW consolidated |  |  | SYE |
|  | US$’000 |  |  | US$’000 |
Revenues |  |  | 167,462 |  |  |  | 30,120 |
Cost of sales |  |  | (158,037 | ) |  |  | (29,171 | )
Administrative expenses |  |  | (6,776 | ) |  |  | (1,422 | )
Finance costs |  |  | (653 | ) |  |  | (555 | )
Gain on disposal of investment property |  |  | 32 |  |  |  | — |
Exchange loss |  |  | (3,027 | ) |  |  | (54 | )
Others |  |  | 46 |  |  |  | — |
Loss before tax |  |  | (953 | ) |  |  | (1,082 | )
Income tax expense |  |  | (655 | ) |  |  | — |
Loss for the year |  |  | (1,608 | ) |  |  | (1,082 | )
Total comprehensive loss |  |  | (11,461 | ) |  |  | (1,392 | )
Loss attributable to non-controlling interests |  |  | (789 | ) |  |  | (364 | )
Dividends paid to non-controlling interests |  |  | 2,035 |  |  |  | — |
Summarized balance sheets as of December 31, 2017:
|  | CTW consolidated |  |  | SYE |
|  | US$’000 |  |  | US$’000 |
Cash, inventory and other current assets |  |  | 149,875 |  |  |  | 15,063 |
Property, plant and equipment and other non-current assets |  |  | 41,983 |  |  |  | 1,920 |
Trade and other payable (current) |  |  | (47,451 | ) |  |  | (11,356 | )
Other non-current liabilities |  |  | (7,536 | ) |  |  | — |
Total equity |  |  | 136,871 |  |  |  | 5,627 |
Equity attributable to equity holders of the parent |  |  | 71,876 |  |  |  | 3,869 |
Non-controlling interests |  |  | 64,995 |  |  |  | 1,758 |
6. | MATERIAL PARTLY-OWNED SUBSIDIARIES (continued)
Summarized balance sheets as of December 31, 2016:
|  | CTW consolidated |  |  | SYE |
|  | US$’000 |  |  | US$’000 |
Cash, inventory and other current assets |  |  | 117,401 |  |  |  | 11,767 |
Property, plant and equipment and other non-current assets |  |  | 38,926 |  |  |  | 1,774 |
Trade and other payable (current) |  |  | (30,871 | ) |  |  | (9,232 | )
Other non-current liabilities |  |  | (6,096 | ) |  |  | — |
Total equity |  |  | 119,360 |  |  |  | 4,309 |
Equity attributable to equity holders of the parent |  |  | 62,980 |  |  |  | 2,859 |
Non-controlling interests |  |  | 56,380 |  |  |  | 1,450 |
Summarized cash flow information for the year ended December 31, 2017:
|  | CTW consolidated |  |  | SYE |
|  | US$’000 |  |  | US$’000 |
Operating |  |  | (24,018 | ) |  |  | 833 |
Investing |  |  | 6,589 |  |  |  | (252 | )
Financing |  |  | 12,836 |  |  |  | (563 | )
Effect of changes in exchange rate on cash |  |  | 1,678 |  |  |  | 65 |
Net (decrease) increase in cash and cash equivalents |  |  | (2,915 | ) |  |  | 83 |
Summarized cash flow information for the year ended December 31, 2016:
|  | CTW consolidated |  |  | SYE |
|  | US$’000 |  |  | US$’000 |
Operating |  |  | 7,319 |  |  |  | (716 | )
Investing |  |  | 443 |  |  |  | (341 | )
Financing |  |  | (10,586 | ) |  |  | 1,470 |
Effect of changes in exchange rate on cash |  |  | (404 | ) |  |  | (44 | )
Net (decrease) increase in cash and cash equivalents |  |  | (3,228 | ) |  |  | 369 |
Summarized cash flow information for the year ended December 31, 2015:
|  | CTW consolidated |  |  | SYE |
|  | US$’000 |  |  | US$’000 |
Operating |  |  | 907 |  |  |  | 2,046 |
Investing |  |  | 585 |  |  |  | (68 | )
Financing |  |  | (19,043 | ) |  |  | (2,619 | )
Effect of changes in exchange rate on cash |  |  | (3,384 | ) |  |  | (64 | )
Net decrease in cash and cash equivalents |  |  | (20,935 | ) |  |  | (705 | )

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