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Material Partly-Owned Subsidiaries (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Statements [Line Items] |
Subsidiaries of the Company | The subsidiaries of the Company are set out below:
|  | Percentage of equity interest |
Place of incorporation and operations |  | 2020 |  |  | 2019 |
The British Virgin Islands |  |  |  |  |  |  |  |
APWC General Holdings Limited |  |  | 100 | % |  |  | 100 | %
PRC (APWC) Holding Ltd. |  |  | 100 | % |  |  | 100 | %
Samray Inc. |  |  | 100 | % |  |  | 100 | %
Siam (APWC) Holdings Ltd. |  |  | 100 | % |  |  | 100 | %
Moon View Ltd. |  |  | 100 | % |  |  | 100 | %
Trigent Investment Holdings Limited |  |  | 100 | % |  |  | 100 | %
Crown Century Holdings Ltd. |  |  | 100 | % |  |  | 100 | %
Singapore |  |  |  |  |  |  |  |
Sigma Cable Company (Private) Limited (“Sigma Cable”) |  |  | 98.30 | % |  |  | 98.30 | %
Epan Industries Pte Ltd. |  |  | 98.30 | % |  |  | 98.30 | %
Singvale Pte Ltd. |  |  | 100 | % |  |  | 100 | %
The People’s Republic of China (“PRC”) |  |  |  |  |  |  |  |
Ningbo Pacific Cable Co., Ltd. (“Ningbo Pacific”) |  |  | 97.93 | % |  |  | 97.93 | %
Shanghai Yayang Electric Co., Ltd. (“SYE”) |  |  | 68.75 | % |  |  | 68.75 | %
Pacific Electric Wire & Cable (Shenzhen) Co., Ltd. (“PEWS”) |  |  | 97.93 | % |  |  | 97.93 | %
Hong Kong |  |  |  |  |  |  |  |
Crown Century Holdings Limited (“CCH (HK)”) |  |  | 97.93 | % |  |  | 97.93 | %
Australia |  |  |  |  |  |  |  |
Australia Pacific Electric Cable Pty Limited (“APEC”) |  |  | 98.06 | % |  |  | 98.06 | %
Thailand |  |  |  |  |  |  |  |
Charoong Thai Wire and Cable Public Company Limited (“Charoong Thai”) (i) |  |  | 50.93 | % |  |  | 50.93 | %
Siam Pacific Electric Wire & Cable Company Limited (“Siam Pacific”) |  |  | 50.93 | % |  |  | 50.93 | %
Double D Cable Company Limited (“Double D”) |  |  | 50.93 | % |  |  | 50.93 | %
Hard Lek Limited. |  |  | 73.98 | % |  |  | 73.98 | %
APWC (Thailand) Co., Ltd. |  |  | 99.48 | % |  |  | 99.48 | %
PEWC (Thailand) Co., Ltd. |  |  | 99.48 | % |  |  | 99.48 | %
CTW Beta Co., Ltd. |  |  | 50.89 | % |  |  | 50.89 | %
Siam Fiber Optics Co., Ltd. (“SFO”) (ii) |  |  | 45.84 | % |  |  | 45.84 | %
Taiwan |  |  |  |  |  |  |  |
Asia Pacific New Energy Corporation Limited ("APNEC") (iii) |  |  | 100.00 | % |  |  | 100.00 | %
YASHIN Energy Corporation Limited ("YASHIN") (iii) |  |  | 100.00 | % |  |  | 100.00 | %
YADING Energy Corporation Limited ("YADING") (iii) |  |  | 100.00 | % |  |  | 100.00 | %
2. | BASIS OF PREPARATION (continued)
| 2.2 | Basis of consolidation (continued)
| (i) | Charoong Thai is listed on the Stock Exchange of Thailand and is engaged in the manufacturing of wire and cable products for the power and telecommunications industries in Thailand.
| (ii) | The directors have concluded that the Company controls SFO, even though it holds less than half of the voting rights of this subsidiary. This is because the Company is the largest shareholder with a 50.93% equity interest in Charoong Thai, which held a 90% equity interest of SFO.
On October 30, 2019, Charoong Thai acquired additional 30% interest in SFO for a total consideration of THB 9 million, thereby increasing the Company’s interest in SFO from 30.56% to 45.84%. The Company recorded the effect of change in shareholding of the subsidiaries, amounting to $40 under the caption of “Additional paid-in capital” in the consolidated statement of change in equity.
Subsidiaries with material non-controlling interests [Member] |
Statements [Line Items] |
Subsidiaries of the Company | Proportion of equity interest held by NCI:
| Country of incorporation | As of December 31, |
Name | and operation | 2020 |  | 2019 |
Charoong Thai and its subsidiaries (“CTW Consolidated”) | Thailand | 49.07% |  | 49.07% |
SYE | China | 31.25% |  | 31.25% |
Summarized Financial Information of Subsidiaries | 6(b)Summarized financial information about the subsidiaries The summarized financial information of the subsidiaries is provided below. This information is based on amounts before inter-company eliminations:
Summarized statements of comprehensive income | CTW consolidated |
| For the year ended December 31, |
| 2020 |  | 2019 |  | 2018 |
| US$’000 |  | US$’000 |  | US$’000 |
Revenue |  | 143,647 |  |  | 172,385 |  |  | 213,424 |
Profit before tax |  | 11,793 |  |  | 4,352 |  |  | 11,736 |
Income tax expense |  | (2,344 | ) |  | (1,235 | ) |  | (2,150 | )
Profit for the year |  | 9,449 |  |  | 3,117 |  |  | 9,586 |
Other comprehensive (loss)/income |  | (1,406 | ) |  | 9,194 |  |  | 3,965 |
Total comprehensive income |  | 8,043 |  |  | 12,311 |  |  | 13,551 |
Profit attributable to non-controlling interests |  | 4,631 |  |  | 1,378 |  |  | 4,509 |
Dividends paid to non-controlling interests |  | 1,228 |  |  | 2,763 |  |  | 2,181 |
Summarized statements of comprehensive income | SYE |
| For the year ended December 31, |
| 2020 |  | 2019 |  | 2018 |
| US$’000 |  | US$’000 |  | US$’000 |
Revenue |  | 6,291 |  |  | 20,743 |  |  | 33,790 |
Loss before tax |  | (1,161 | ) |  | (2,272 | ) |  | (837 | )
Income tax expense |  | — |  |  | — |  |  | — |
Loss for the year |  | (1,161 | ) |  | (2,272 | ) |  | (837 | )
Other comprehensive income/(loss) |  | 84 |  |  | (46 | ) |  | (255 | )
Total comprehensive loss |  | (1,077 | ) |  | (2,318 | ) |  | (1,092 | )
Loss attributable to non-controlling interests |  | (363 | ) |  | (710 | ) |  | (262 | )
Dividends paid to non-controlling interests |  | — |  |  | — |  |  | — |
6. | MATERIAL PARTLY-OWNED SUBSIDIARIES (continued)
6(b)Summarized financial information about the subsidiaries (continued)
Summarized balance sheets | CTW consolidated |  | SYE |
| As of December 31, |  | As of December 31, |
| 2020 |  | 2019 |  | 2020 |  | 2019 |
| US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |
Current assets |  | 128,534 |  |  | 127,539 |  |  | 3,336 |  |  | 9,038 |
Non-current assets |  | 56,596 |  |  | 49,009 |  |  | 1,406 |  |  | 1,385 |
Current liabilities |  | (18,815 | ) |  | (15,350 | ) |  | (3,635 | ) |  | (8,239 | )
Non-current liabilities |  | (11,097 | ) |  | (11,358 | ) |  | — |  |  | — |
Total equity |  | 155,218 |  |  | 149,840 |  |  | 1,107 |  |  | 2,184 |
Equity attributable to: |  |  |  |  |  |  |  |  |  |  |  |
Equity holders of the parent |  | 78,961 |  |  | 76,216 |  |  | 761 |  |  | 1,502 |
Non-controlling interests |  | 76,257 |  |  | 73,624 |  |  | 346 |  |  | 682 |
Summarized cash flow information | CTW consolidated |
| For the year ended December 31, |
| 2020 |  | 2019 |  | 2018 |
| US$’000 |  | US$’000 |  | US$’000 |
Operating |  | 19,713 |  |  | 10,776 |  |  | 38,784 |
Investing |  | (10,952 | ) |  | 2,319 |  |  | (9,137 | )
Financing |  | (5,118 | ) |  | (20,260 | ) |  | (12,585 | )
Effect of changes in exchange rate on cash |  | (87 | ) |  | 2,376 |  |  | (102 | )
Net increase (decrease) in cash and cash equivalents |  | 3,556 |  |  | (4,789 | ) |  | 16,960 |
Summarized cash flow information | SYE |
| For the year ended December 31, |
| 2020 |  | 2019 |  | 2018 |
| US$’000 |  | US$’000 |  | US$’000 |
Operating |  | (1,844 | ) |  | 5,135 |  |  | 3,648 |
Investing |  | 278 |  |  | (165 | ) |  | (277 | )
Financing |  | (769 | ) |  | (1,847 | ) |  | (4,005 | )
Effect of changes in exchange rate on cash |  | 98 |  |  | (28 | ) |  | (34 | )
Net (decrease) increase in cash and cash equivalents |  | (2,237 | ) |  | 3,095 |  |  | (668 | )

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