Material Partly-Owned Subsidiaries

12 Months Ended

Dec. 31, 2018

6.	MATERIAL PARTLY-OWNED SUBSIDIARIES

6(a)Material subsidiaries

The Company has subsidiaries with material non-controlling interests (“NCI”). Information regarding the subsidiaries is as follows:

Proportion of equity interest held by NCI:

	Country of incorporation	As of December 31,
Name	and operation	2018	2017
Charoong Thai and its subsidiaries (“CTW Consolidated”)	Thailand	49.07%	49.07%
SYE	China	31.25%	31.25%

From APWC group perspective, SYE is considered an entity with material non-controlling interests and should be separated from Charoong Thai group.

6(b)Summarized financial information about the subsidiaries

The summarized financial information of the subsidiaries is provided below. This information is based on amounts before inter-company eliminations:

Summarized income statements	CTW consolidated
	For the year ended December 31,
	2018			2017			2016
	US$’000			US$’000			US$’000
Revenue		213,424			207,529			152,988
Gain on disposal of investment property		—			—			4,466
Profit before tax		11,736			12,985			10,777
Income tax expense		(2,150	)		(2,727	)		(3,009	)
Profit for the year		9,586			10,258			7,768
Other comprehensive income		3,965			10,182			682
Total comprehensive income		13,551			20,440			8,450
Profit attributable to non-controlling interests		4,509			4,896			3,812
Dividends paid to non-controlling interests		2,181			1,943			1,142


Summarized income statements	SYE
	For the year ended December 31,
	2018			2017			2016
	US$’000			US$’000			US$’000
Revenue		33,790			33,533			30,056
Loss before tax		(837	)		(161,011	)		(537	)
Income tax expense		—			—			—
Loss for the year		(837	)		(161,011	)		(537	)
Other comprehensive income/(loss)		(255	)		345			(277	)
Total comprehensive loss		(1,092	)		(160,666	)		(814	)
Loss attributable to non-controlling interests		(262	)		(15	)		(181	)
Dividends paid to non-controlling interests		—			—			—

6.	MATERIAL PARTLY-OWNED SUBSIDIARIES (continued)

Summarized cash flow information	CTW consolidated
	For the year ended December 31,
	2018			2017			2016
	US$’000			US$’000			US$’000
Operating		38,784			(24,018	)		7,319
Investing		(9,137	)		6,589			443
Financing		(12,585	)		12,836			(10,586	)
Effect of changes in exchange rate on cash		(102	)		1,678			(404	)
Net (decrease) increase in cash and cash equivalents		16,960			(2,915	)		(3,228	)


Summarized cash flow information	SYE
	For the year ended December 31,
	2018			2017			2016
	US$’000			US$’000			US$’000
Operating		3,648			833			(716	)
Investing		(277	)		(252	)		(341	)
Financing		(4,005	)		(563	)		1,470
Effect of changes in exchange rate on cash		(34	)		65			(44	)
Net (decrease) increase in cash and cash equivalents		(668	)		83			369