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MATERIAL PARTLY-OWNED SUBSIDIARIES | 12 Months Ended
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Dec. 31, 2022
Disclosure of subsidiaries [abstract] |
MATERIAL PARTLY-OWNED SUBSIDIARIES | MATERIAL PARTLY-OWNED SUBSIDIARIES 6(a) Material subsidiaries Our 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 and operation | As of December 31,
Name | 2022 |  | 2021
Charoong Thai and its subsidiaries (“CTW Consolidated”) | Thailand | 49.07 | % |  | 49.07 | %
SYE | China | 31.25 | % |  | 31.25 | %
From our Company perspective, SYE is considered an entity with material non-controlling interests and should be separated from CTW Consolidated. SYE ceased production at the end of October of 2019 and has been restructured as a trading company in Shanghai that supplies mainly transformer, motor and coil manufacturers in the eastern part of China. 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,
| 2022 |  | 2021 |  | 2020
| US$’000 |  | US$’000 |  | US$’000
Revenue | 171,846 |  |  | 197,786 |  |  | 143,647 |
Profit/(loss) before tax | 2,063 |  |  | (16,038) |  |  | 11,793 |
Income tax expense | (420) |  |  | 4,223 |  |  | (2,344) |
Profit/(loss) for the year | 1,643 |  |  | (11,815) |  |  | 9,449 |
Other comprehensive loss | (3,696) |  |  | (12,699) |  |  | (1,406) |
Total comprehensive (loss)/income | (2,053) |  |  | (24,514) |  |  | 8,043 |
Profit/(loss) attributable to non-controlling interests | 806 |  |  | (5,815) |  |  | 4,631 |
Dividends paid to non-controlling interests | 563 |  |  | 2,815 |  |  | 1,228 |
Summarized statements of comprehensive income | SYE
| For the year ended December 31,
| 2022 |  | 2021 |  | 2020
| US$’000 |  | US$’000 |  | US$’000
Revenue | — |  |  | 530 |  |  | 6,291 |
Profit/(loss) before tax | 90 |  |  | (497) |  |  | (1,161) |
Income tax expense | — |  |  | — |  |  | — |
Profit/(loss) for the year | 90 |  |  | (497) |  |  | (1,161) |
Other comprehensive (loss)/income | (56) |  |  | 17 |  |  | 84 |
Total comprehensive loss | 34 |  |  | (480) |  |  | (1,077) |
Loss attributable to non-controlling interests | 28 |  |  | (155) |  |  | (363) |
Dividends paid to non-controlling interests | — |  |  | — |  |  | — |
Summarized balance sheets | CTW consolidated |  | SYE
| As of December 31, |  | As of December 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
| US$’000 |  | US$’000 |  | US$’000 |  | US$’000
Current assets | 127,855 |  |  | 141,282 |  |  | 375 |  |  | 565 |
Non-current assets | 54,899 |  |  | 59,547 |  |  | 1,058 |  |  | 1,266 |
Current liabilities | (45,909) |  |  | (68,142) |  |  | (772) |  |  | (1,204) |
Non-current liabilities | (16,677) |  |  | (8,477) |  |  | — |  |  | — |
Total equity | 120,168 |  |  | 124,210 |  |  | 661 |  |  | 627 |
Equity attributable to: |  |  |  |  |  |  |
Equity holders of the parent | 61,202 |  |  | 63,260 |  |  | 454 |  |  | 431 |
Non-controlling interests | 58,966 |  |  | 60,950 |  |  | 207 |  |  | 196 |
6(b) Summarized financial information about the subsidiaries (continued)
Summarized cash flow information | CTW consolidated
| For the year ended December 31,
| 2022 |  | 2021 |  | 2020
| US$’000 |  | US$’000 |  | US$’000
Operating | 7,657 |  |  | (37,392) |  |  | 19,713 |
Investing | (951) |  |  | (2,496) |  |  | (10,952) |
Financing | (7,726) |  |  | 42,981 |  |  | (5,118) |
Effect of changes in exchange rate on cash | (1,008) |  |  | (3,333) |  |  | (87) |
Net (decrease) increase in cash and cash equivalents | (2,028) |  |  | (240) |  |  | 3,556 |
Summarized cash flow information | SYE
| For the year ended December 31,
| 2022 |  | 2021 |  | 2020
| US$’000 |  | US$’000 |  | US$’000
Operating | (265) |  |  | 318 |  |  | (1,844) |
Investing | 230 |  |  | 65 |  |  | 278 |
Financing | — |  |  | (1,226) |  |  | (769) |
Effect of changes in exchange rate on cash | (36) |  |  | 16 |  |  | 98 |
Net decrease in cash and cash equivalents | (71) |  |  | (827) |  |  | (2,237) |

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