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

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	)