Material Partly-Owned Subsidiaries

12 Months Ended

Dec. 31, 2020

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	2020	2019
Charoong Thai and its subsidiaries (“CTW Consolidated”)	Thailand	49.07%	49.07%
SYE	China	31.25%	31.25%

From the Company perspective, SYE is considered an entity with material non-controlling interests and should be separated from CTW Consolidated.

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 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	)