Material Partly-Owned Subsidiaries

12 Months Ended

Dec. 31, 2019

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	2019	2018
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,
	2019			2018			2017
	US$’000			US$’000			US$’000
Revenue		172,385			213,424			207,529
Profit before tax		4,352			11,736			12,985
Income tax expense		(1,235	)		(2,150	)		(2,727	)
Profit for the year		3,117			9,586			10,258
Other comprehensive income		9,194			3,965			10,182
Total comprehensive income		12,311			13,551			20,440
Profit attributable to non-controlling interests		1,378			4,509			4,896
Dividends paid to non-controlling interests		2,763			2,181			1,943


Summarized income statements	SYE
	For the year ended December 31,
	2019			2018			2017
	US$’000			US$’000			US$’000
Revenue		20,743			33,790			33,533
Loss before tax		(2,272	)		(837	)		(161,011	)
Income tax expense		—			—			—
Loss for the year		(2,272	)		(837	)		(161,011	)
Other comprehensive income/(loss)		(46	)		(255	)		345
Total comprehensive loss		(2,318	)		(1,092	)		(160,666	)
Loss attributable to non-controlling interests		(710	)		(262	)		(15	)
Dividends paid to non-controlling interests		—			—			—

6.	MATERIAL PARTLY-OWNED SUBSIDIARIES (continued)

Summarized cash flow information	CTW consolidated
	For the year ended December 31,
	2019			2018			2017
	US$’000			US$’000			US$’000
Operating		10,776			38,784			(24,018	)
Investing		2,319			(9,137	)		6,589
Financing		(20,260	)		(12,585	)		12,836
Effect of changes in exchange rate on cash		2,376			(102	)		1,678
Net (decrease) increase in cash and cash equivalents		(4,789	)		16,960			(2,915	)


Summarized cash flow information	SYE
	For the year ended December 31,
	2019			2018			2017
	US$’000			US$’000			US$’000
Operating		5,135			3,648			833
Investing		(165	)		(277	)		(252	)
Financing		(1,847	)		(4,005	)		(563	)
Effect of changes in exchange rate on cash		(28	)		(34	)		65
Net increase (decrease) in cash and cash equivalents		3,095			(668	)		83