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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2019
Disclosure Of Operating Segments [Abstract] |
Segment Information |
5. | SEGMENT INFORMATION
5(a)Basis of segments Each segment engages in business activities which generate revenues and incur expenses. Based upon the information provided to the Company’s chief operating decision maker (“CODM”) to make decisions on resource allocation and operating performance evaluation, the Company has determined that it has three reportable segments. The Company organizes its business segments along reporting lines and has three operating segments, consisting of the North Asia region, the Thailand region and the Rest of the World (“ROW”) region. The Company considers the economic characteristics similarity in determining the reportable segments. As the three operating segments exceed the quantitative thresholds, they are also reportable segments. The accounting policies for segment information, including transactions entered between segments are generally the same as those described in the summary of significant accounting policies. During 2018, CODM changed the measures of profitability by operating segments, replacing gross profit and gross profit margin with operating profit (loss) and operating profit (loss) margin. This change reflects a better explanation of the elements of performance. This change has been applied to comparative figures for 2017 presented in this document. Inter-segment revenues are eliminated upon consolidation and reflected in the “adjustments and eliminations” column. All other adjustments and eliminations are part of detailed reconciliations presented further below. 5(b)Information about reportable segments
Year ended December 31, 2019 | North Asia |  | Thailand |  | ROW |  | Total segments |  | Corporate expense adjustments and eliminations |  | Consolidated |
| US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  | 76,575 |  |  | 172,379 |  |  | 89,206 |  |  | 338,160 |  |  | — |  |  | 338,160 |
Inter-segment |  | — |  |  | 6 |  |  | — |  |  | 6 |  |  | (6 | ) |  | — |
Segment operating profit/(loss) |  | 1,237 |  |  | 3,042 |  |  | (1,659 | ) |  | 2,620 |  |  | (2,884 | ) |  | (264 | )
Depreciation and amortization |  | (811 | ) |  | (2,842 | ) |  | (1,613 | ) |  | (5,266 | ) |  | (58 | ) |  | (5,324 | )
Depreciation from right of use assets |  | (44 | ) |  | — |  |  | (441 | ) |  | (485 | ) |  | (22 | ) |  | (507 | )
Impairment of property, plant and equipment |  | (549 | ) |  | 3 |  |  | — |  |  | (546 | ) |  | — |  |  | (546 | )
Interest income |  | 57 |  |  | 403 |  |  | 45 |  |  | 505 |  |  | 1 |  |  | 506 |
Interest expense |  | (239 | ) |  | (481 | ) |  | (102 | ) |  | (822 | ) |  | (23 | ) |  | (845 | )
Income tax (expense)/benefit |  | (561 | ) |  | (1,235 | ) |  | 105 |  |  | (1,691 | ) |  | (366 | ) |  | (2,057 | )
Other disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditure |  | 552 |  |  | 4,590 |  |  | 242 |  |  | 5,384 |  |  | 78 |  |  | 5,462 |
5. | SEGMENT INFORMATION (continued)
5(b)Information about reportable segments (continued)
Year ended December 31, 2018 | North Asia |  | Thailand |  | ROW |  | Total segments |  | Corporate expense adjustments and eliminations |  | Consolidated |
| US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  | 103,647 |  |  | 213,424 |  |  | 108,869 |  |  | 425,940 |  |  | — |  |  | 425,940 |
Inter-segment |  | 4,076 |  |  | 392 |  |  | 6,308 |  |  | 10,776 |  |  | (10,776 | ) |  | — |
Segment operating profit/(loss) |  | 5,234 |  |  | 9,539 |  |  | (2,306 | ) |  | 12,467 |  |  | (3,143 | ) |  | 9,324 |
Depreciation and amortization |  | (829 | ) |  | (2,836 | ) |  | (1,333 | ) |  | (4,998 | ) |  | (20 | ) |  | (5,018 | )
Impairment of property, plant and equipment |  | — |  |  | (11 | ) |  | — |  |  | (11 | ) |  | — |  |  | (11 | )
Interest income |  | 117 |  |  | 611 |  |  | 42 |  |  | 770 |  |  | (288 | ) |  | 482 |
Interest expense |  | (397 | ) |  | (748 | ) |  | (34 | ) |  | (1,179 | ) |  | (21 | ) |  | (1,200 | )
Income tax (expense)/benefit |  | (1,212 | ) |  | (2,152 | ) |  | 384 |  |  | (2,980 | ) |  | (906 | ) |  | (3,886 | )
Other disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditure |  | 1,188 |  |  | 2,859 |  |  | 451 |  |  | 4,498 |  |  | 10 |  |  | 4,508 |
Year ended December 31, 2017 | North Asia |  | Thailand |  | ROW |  | Total segments |  | Corporate expense adjustments and eliminations |  | Consolidated |
| US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  | 101,533 |  |  | 206,485 |  |  | 117,197 |  |  | 425,215 |  | — |  |  | 425,215 |
Inter-segment |  | 890 |  |  | 1,044 |  | — |  |  | 1,934 |  |  | (1,934 | ) |  | — |
Segment operating profit/(loss) |  | 3,256 |  |  | 11,053 |  |  | 1,205 |  |  | 15,514 |  |  | (3,074 | ) |  | 12,440 |
Depreciation and amortization |  | (979 | ) |  | (2,760 | ) |  | (1,314 | ) |  | (5,053 | ) |  | (3 | ) |  | (5,056 | )
Impairment of property, plant and equipment |  | (213 | ) |  | (10 | ) | — |  |  | (223 | ) | — |  |  | (223 | )
Interest income |  | 51 |  |  | 845 |  |  | 61 |  |  | 957 |  |  | (81 | ) |  | 876 |
Interest expense |  | (428 | ) |  | (553 | ) |  | (52 | ) |  | (1,033 | ) |  | 67 |  |  | (966 | )
Income tax (expense)/benefit |  | (1,395 | ) |  | (2,727 | ) |  | (342 | ) |  | (4,464 | ) |  | (676 | ) |  | (5,140 | )
Other disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditure |  | 991 |  |  | 3,332 |  |  | 590 |  |  | 4,913 |  |  | — |  |  | 4,913 |
Adjustments and eliminations Corporate expenses, gain on disposal of investment, and share of gain (loss) of associates are not allocated to individual segments as the underlying instruments are managed on a group basis.
5. | SEGMENT INFORMATION (continued)
5(c)Reconciliation of segment operating profit (loss)
| For the year ended December 31, |
| 2019 |  | 2018 |  | 2017 |
| US$’000 |  | US$’000 |  | US$’000 |
Segment operating profit |  | 2,620 |  |  | 12,467 |  |  | 15,514 |
Corporate expenses adjustments and eliminations |  | (2,884 | ) |  | (3,143 | ) |  | (3,074 | )
|  | (264 | ) |  | 9,324 |  |  | 12,440 |
Other operating income |  | 385 |  |  | 805 |  |  | 5,084 |
Other operating expenses |  | (770 | ) |  | (1,445 | ) |  | (909 | )
Operating profit |  | (649 | ) |  | 8,684 |  |  | 16,615 |
Finance costs |  | (1,012 | ) |  | (1,378 | ) |  | (1,221 | )
Finance income |  | 506 |  |  | 482 |  |  | 876 |
Share of loss of associates |  | (3 | ) |  | (3 | ) |  | (3 | )
Loss on liquidation of subsidiary |  | — |  |  | — |  |  | (261 | )
Exchange gain |  | 1,550 |  |  | 1,741 |  |  | 2,784 |
Other income |  | 717 |  |  | 1,817 |  |  | 214 |
Other expense |  | (3 | ) |  | (11 | ) |  | (336 | )
Profit before tax |  | 1,106 |  |  | 11,332 |  |  | 18,668 |
5(d)Segment assets and liabilities
|  |  |  |  |  |  |  |  |  |  |  |  | Corporate |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | adjustments |  |  |  |
| North Asia |  | Thailand |  | ROW |  | Total segments |  | and eliminations |  | Consolidated |
| US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | 49,379 |  |  | 165,579 |  |  | 76,618 |  |  | 291,576 |  |  | 7,335 |  |  | 298,911 |
Total liabilities |  | 14,212 |  |  | 26,706 |  |  | 21,834 |  |  | 62,752 |  |  | 7,724 |  |  | 70,476 |
As of December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | 54,250 |  |  | 173,398 |  |  | 70,574 |  |  | 298,222 |  |  | 7,576 |  |  | 305,798 |
Total liabilities |  | 20,169 |  |  | 42,887 |  |  | 14,015 |  |  | 77,071 |  |  | 6,911 |  |  | 83,982 |
Reconciliation of assets:
| As of December 31, |
| 2019 |  | 2018 |
| US$’000 |  | US$’000 |
Segment operating assets |  | 291,576 |  |  | 298,222 |
Corporate and other assets |  | 2,466 |  |  | 2,869 |
Investment in associates |  | 935 |  |  | 864 |
Deferred tax assets |  | 3,939 |  |  | 3,919 |
Inter-segment elimination |  | (5 | ) |  | (76 | )
Total assets |  | 298,911 |  |  | 305,798 |
5. | SEGMENT INFORMATION (continued)
5(d)Segment assets and liabilities (continued) Reconciliation of liabilities:
| As of December 31, |
| 2019 |  | 2018 |
| US$’000 |  | US$’000 |
Segment operating liabilities |  | 62,752 |  |  | 77,071 |
Corporate liabilities |  | 3,591 |  |  | 3,019 |
Deferred tax liabilities |  | 4,139 |  |  | 3,925 |
Inter-segment elimination |  | (6 | ) |  | (33 | )
Total liabilities |  | 70,476 |  |  | 83,982 |
5(d-1)The application of IFRS 16 increased the segment assets and liabilities as below:
|  |  |  |  |  |  |  |  |  |  |  |  | Corporate |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | adjustments |  |  |  |
| North Asia |  | Thailand |  | ROW |  | Total segments |  | and eliminations |  | Consolidated |
| US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | — |  |  | — |  |  | 2,506 |  |  | 2,506 |  |  | 192 |  |  | 2,698 |
Liabilities |  | — |  |  | — |  |  | 2,552 |  |  | 2,552 |  |  | 205 |  |  | 2,757 |
5(e)Disaggregated revenues and geographical information The Company’s disaggregated revenues transitioned from reporting of Manufactured Products, Distributed Products and SDI segments in 2017 to reporting of Power, Enamel and Others product lines in 2018. The updated reporting of results best reflects the relevant information and granularity desired by all stakeholders to conduct decisions and operations. Reported results of Power, Enamel and Others product lines provide improved understanding and insight to the performance of the Company and its products and services. Revenue from external customers is summarized as the following major categories:
Year ended December 31, 2019 | North Asia |  | Thailand |  | ROW |  | Total segments |  | Corporate expense adjustments and eliminations |  | Consolidated |
| US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |
Revenue from external customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power |  | — |  |  | 49,493 |  |  | 78,686 |  |  | 128,179 |  |  | — |  |  | 128,179 |
Enamel |  | 76,575 |  |  | 102,997 |  |  | — |  |  | 179,572 |  |  | — |  |  | 179,572 |
Others* |  | — |  |  | 19,889 |  |  | 10,520 |  |  | 30,409 |  |  | — |  |  | 30,409 |
|  | 76,575 |  |  | 172,379 |  |  | 89,206 |  |  | 338,160 |  |  | — |  |  | 338,160 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At a point in time |  | 76,575 |  |  | 172,031 |  |  | 82,584 |  |  | 331,190 |  |  | — |  |  | 331,190 |
Over time |  | — |  |  | 348 |  |  | 6,622 |  |  | 6,970 |  |  | — |  |  | 6,970 |
|  | 76,575 |  |  | 172,379 |  |  | 89,206 |  |  | 338,160 |  |  | — |  |  | 338,160 |
* includes revenues from SDI service contracts, fabrication service contracts, and sale of other wires and cables products. |
5. | SEGMENT INFORMATION (continued)
5(e)Disaggregated revenues and geographical information (continued)
Year ended December 31, 2018 | North Asia |  | Thailand |  | ROW |  | Total segments |  | Corporate expense adjustments and eliminations |  | Consolidated |
| US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |
Revenue from external customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power |  | — |  |  | 64,771 |  |  | 92,130 |  |  | 156,901 |  |  | — |  |  | 156,901 |
Enamel |  | 103,647 |  |  | 114,247 |  |  | — |  |  | 217,894 |  |  | — |  |  | 217,894 |
Others* |  | — |  |  | 34,406 |  |  | 16,739 |  |  | 51,145 |  |  | — |  |  | 51,145 |
|  | 103,647 |  |  | 213,424 |  |  | 108,869 |  |  | 425,940 |  |  | — |  |  | 425,940 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At a point in time |  | 103,647 |  |  | 213,212 |  |  | 92,133 |  |  | 408,992 |  |  | — |  |  | 408,992 |
Over time |  | — |  |  | 212 |  |  | 16,736 |  |  | 16,948 |  |  | — |  |  | 16,948 |
|  | 103,647 |  |  | 213,424 |  |  | 108,869 |  |  | 425,940 |  |  | — |  |  | 425,940 |
* includes revenues from SDI service contracts, fabrication service contracts, and sale of other wires and cables products. |
The Company recognizes no revenues from performance obligations satisfied in previous years in 2019 and 2018.
| Year ended December 31, |
| 2017 |
| US$’000 |
Manufactured Products |  | 361,853 |
Distributed Products |  | 41,985 |
SDI |  | 21,377 |
Total Revenue |  | 425,215 |
Revenue from external customers is attributed to individual countries based on the customer’s country of domicile and is summarized as follows:
| For the year ended December 31, |
| 2019 |  | 2018 |  | 2017 |
| US$’000 |  | US$’000 |  | US$’000 |
Revenues from external customers |  |  |  |  |  |  |  |  |
Thailand |  | 116,160 |  |  | 154,207 |  |  | 158,565 |
Singapore |  | 46,218 |  |  | 63,781 |  |  | 76,453 |
Australia |  | 34,447 |  |  | 37,594 |  |  | 34,901 |
China |  | 81,813 |  |  | 111,917 |  |  | 108,561 |
India |  | 36,121 |  |  | 45,008 |  |  | 31,291 |
Southeast Asia |  | 23,390 |  |  | 13,339 |  |  | 15,394 |
Northeast Asia |  | 11 |  |  | 94 |  |  | 50 |
|  | 338,160 |  |  | 425,940 |  |  | 425,215 |
Countries in the Southeast Asia region include Cambodia, Vietnam, Indonesia, Brunei, Laos, Malaysia and Myanmar; countries in the Northeast Asia region include Japan and South Korea.
5. | SEGMENT INFORMATION (continued)
5(e)Disaggregated revenues and geographical information (continued) Major customer information Revenue from one customer in the Thailand region amounted to $23,118 represented 6.84% of 2019 consolidated revenue. Revenue from another customer in the ROW region amounted to $37,197 in 2018 and $36,518 in 2017 represented 8.73% and 8.59% of 2018 and 2017 consolidated revenue, respectively. Non-current assets information The total non-current assets other than financial instruments and deferred tax assets broken down by the country of domicile are summarized as follow:
| As of December 31, |
| 2019 |  | 2018 |
| US$’000 |  | US$’000 |
Non-current assets by country: |  |  |  |  |  |
Thailand |  | 32,723 |  |  | 28,407 |
Singapore |  | 7,869 |  |  | 5,868 |
China |  | 5,661 |  |  | 6,592 |
Australia |  | 2,661 |  |  | 2,684 |
Other |  | 290 |  |  | 54 |
Total non-current assets |  | 49,204 |  |  | 43,605 |

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