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MATERIAL PARTLY-OWNED SUBSIDIARIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of subsidiaries [abstract] |
Subsidiaries of the Company | The subsidiaries of our Company are set out below:
|  | Percentage of equity interest
Place of incorporation and operations |  | 2022 |  | 2021
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) |  | 50.93 | % |  | 50.93 | %
Taiwan |  |  |  |
Asia Pacific New Energy Corporation Limited ("APNEC") (iii) |  | 100.00 | % |  | 100.00 | %
Pacific Smart System Corporation Limited ("PSSC") (iii) (Formerly YASHIN Energy Corporation Limited) |  | 100.00 | % |  | 100.00 | %
YADING Energy Corporation Limited ("YADING") |  | 100.00 | % |  | 100.00 | %
(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)APWC holds 50.93% of the interests of Charoong Thai. Until June 30, 2021, Charoong Thai held 90% of the interests in SFO, giving APWC control over 45.84% of the voting power of SFO. On June 30, 2021, Charoong Thai acquired the other 10% interest in SFO (for a total consideration of THB 7.5 million), increasing its interests in SFO to 100% and APWC’s control of the voting power of SFO from 45.84% to 50.93%. Our Company recorded the effect of change in shareholding of the subsidiaries, amounting to $167 under the caption of “Additional paid-in capital” in the consolidated statement of change in equity. 2.2 Basis of consolidation (continued) (iii)On December 15, 2022, APWC contributed additional capital in APNEC in the form of a cash injection of $3.9 million (or NT$120 million). Following that, on December 16, 2022, APNEC increased the capital of its subsidiary PSSC by injecting US$2.3 million (or NT$70 million) in cash. Proportion of equity interest held by NCI:
| Country of incorporation and operation | As of December 31,
Name | 2022 |  | 2021
Charoong Thai and its subsidiaries (“CTW Consolidated”) | Thailand | 49.07 | % |  | 49.07 | %
SYE | China | 31.25 | % |  | 31.25 | %
Summarized Financial Information of Subsidiaries | This information is based on amounts before inter-company eliminations:
Summarized statements of comprehensive income | CTW consolidated
| For the year ended December 31,
| 2022 |  | 2021 |  | 2020
| US$’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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