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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2022
Disclosure of operating segments [abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
5(a)    Basis of segments
Each segment engages in business activities which generate revenues and incur expenses. Based upon the information provided to our Company’s chief operating decision maker (“CODM”) to make decisions on resource allocation and operating performance evaluation, our Company has determined that it has three reportable segments.
Our Company organizes its business segments along reporting lines and has three operating segments, consisting of the North Asia region, the Thailand region and the Rest of the World (“ROW”) region. Our Company considers the economic characteristics similarity in determining the reportable segments.
As the three operating segments exceed the quantitative thresholds, they are also reportable segments. The accounting policies for segment information, including transactions entered between segments are generally the same as those described in the summary of significant accounting policies.
Inter-segment revenues are eliminated upon consolidation and reflected in the “adjustments and eliminations” column. All other adjustments and eliminations are part of detailed reconciliations presented further below.
5(b)    Information about reportable segments
Year ended
December 31, 2022		North
Asia		Thailand ROW Total
segments		Corporate
expense
adjustments
and
eliminations		Consolidated
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Revenues
External customers77,329 171,841 184,723 433,893 — 433,893 
Inter-segment— (5)— (5)5 — 
Segment operating profit/(loss)241 2,636 7,768 10,645 (3,093)7,552 
Depreciation and amortization(including depreciation from right of use assets)(1,247)(3,058)(1,448)(5,753)(82)(5,835)
Interest income68 49 2 119 1 120 
Interest expense(91)(787)(608)(1,486)(2)(1,488)
Income tax expense(354)(420)(1,979)(2,753)(55)(2,808)
Other disclosures
Capital expenditure1,486 1,780 541 3,807 1 3,808 
5(b)    Information about reportable segments (continued)
Year ended
December 31, 2021		North
Asia		Thailand ROW Total
segments		Corporate
expense
adjustments
and
eliminations		Consolidated
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Revenues
External customers107,032 197,779 171,848 476,659 — 476,659 
Inter-segment— 7 — 7 (7)— 
Segment operating profit/(loss)4,523 (13,537)6,690 (2,324)(3,009)(5,333)
Depreciation and amortization(including depreciation from right of use assets)(1,074)(2,752)(1,566)(5,392)(102)(5,494)
Impairment of property, plant and equipment— (7)— (7)— (7)
Interest income43 76 3 122 1 123 
Interest expense(285)(380)(340)(1,005)(92)(1,097)
Income tax (expense)/benefit(2,104)4,223 (1,539)580 765 1,345 
Other disclosures
Capital expenditure11 5,585 2,018 7,614 937 8,551 
5(b)    Information about reportable segments (continued)
Year ended
December 31, 2020		North
Asia		Thailand ROW Total
segments		Corporate
expense
adjustments
and
eliminations		Consolidated
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Revenues
External customers73,199 143,647 96,718 313,564 — 313,564 
Inter-segment— — — — — — 
Segment operating profit/(loss)3,087 11,250 (4,492)9,845 (2,973)6,872 
Depreciation and amortization(including depreciation from right of use assets)(796)(2,773)(1,715)(5,284)(118)(5,402)
Impairment of property, plant and equipment— (4)(198)(202)— (202)
Interest income94 192 33 319 1 320 
Interest expense(178)(105)(257)(540)(75)(615)
Income tax (expense)/benefit(791)(2,344)(714)(3,849)(167)(4,016)
Other disclosures
Capital expenditure3,763 10,674 167 14,604 — 14,604 
Adjustments and eliminations
Corporate expenses, gain on disposal of investment, and share of gain (loss) of associates are not allocated to individual segments as the underlying instruments are managed on a group basis.
5(c)    Reconciliation of segment operating profit (loss)
For the year ended December 31,
202220212020
US$’000 US$’000 US$’000
Segment operating profit/(loss)10,645 (2,324)9,845 
Corporate expenses and others(3,093)(3,009)(2,973)
7,552 (5,333)6,872 
Other operating income1,027 587 814 
Other operating expenses(512)(227)(129)
Operating profit/(loss)8,067 (4,973)7,557 
Finance costs(1,650)(1,251)(744)
Finance income120 123 320 
Share of loss of associates(1)(1)(1)
Exchange gain/(loss)143 (4,425)(579)
Other income889 671 1,173 
Other expense(3)(1)(1)
Profit/(loss) before tax7,565 (9,857)7,725 
5(d)    Segment assets and liabilities
North
Asia		ThailandROWTotal
segments		Corporate
adjustments
and
eliminations		Consolidated
US$’000US$’000US$’000US$’000US$’000US$’000
As of December 31, 2022
Total assets54,534 168,423 133,516 356,473 14,546 371,019 
Total liabilities13,649 62,584 75,863 152,096 7,495 159,591 
As of December 31, 2021
Total assets56,629 186,405 136,145 379,179 10,249 389,428 
Total liabilities15,166 76,610 80,731 172,507 7,604 180,111 
5(d)    Segment assets and liabilities (continued)
Reconciliation of assets:
As of December 31,
20222021
US$’000US$’000
Segment operating assets356,473 379,179 
Corporate and other assets6,598 2,173 
Investment in associates805 835 
Deferred tax assets7,143 7,241 
Total assets371,019 389,428 
Reconciliation of liabilities:
As of December 31,
20222021
US$’000US$’000
Segment operating liabilities152,096 172,507 
Corporate liabilities3,298 3,499 
Deferred tax liabilities4,197 4,105 
Total liabilities159,591 180,111 
5(e)    Disaggregated revenues and geographical information
(i)Revenue from external customers is summarized as the following major categories:
Year ended
December 31, 2022		North
Asia		ThailandROWTotal
segments		Corporate
expense
adjustments
and
eliminations		Consolidated
US$’000US$’000US$’000US$’000US$’000US$’000
Revenue from external customers
Power92 46,340 135,739 182,171 — 182,171 
Enamel76,002 102,122 — 178,124 — 178,124 
SDI1,209 — 44,722 45,931 — 45,931 
Others*26 23,379 4,262 27,667 — 27,667 
77,329 171,841 184,723 433,893 — 433,893 
Timing of revenue recognition
At a point in time77,287 171,613 158,510 407,410 — 407,410 
Over time42 228 26,213 26,483 — 26,483 
77,329 171,841 184,723 433,893 — 433,893 
*include revenues from fabrication service contracts, and sale of other wires and cables products.
5(e)    Disaggregated revenues and geographical information (continued)
(i)Revenue from external customers is summarized as the following major categories (continued):
Year ended
December 31, 2021		North
Asia		ThailandROWTotal
segments		Corporate
expense
adjustments
and
eliminations		Consolidated
US$’000US$’000US$’000US$’000US$’000US$’000
Revenue from external customers
Power— 63,629 127,891 191,520 — 191,520 
Enamel107,027 105,749 — 212,776 — 212,776 
SDI— — 39,476 39,476 — 39,476 
Others*5 28,401 4,481 32,887 — 32,887 
107,032 197,779 171,848 476,659 — 476,659 
Timing of revenue recognition
At a point in time107,032 197,544 146,991 451,567 — 451,567 
Over time— 235 24,857 25,092 — 25,092 
107,032 197,779 171,848 476,659 — 476,659 
*include revenues from fabrication service contracts, and sale of other wires and cables products.
Year ended
December 31, 2020		North
Asia		ThailandROWTotal
segments		Corporate
expense
adjustments
and
eliminations		Consolidated
US$’000US$’000US$’000US$’000US$’000US$’000
Revenue from external customers
Power— 48,851 78,779 127,630 — 127,630 
Enamel73,179 57,971 — 131,150 — 131,150 
Fabrication— 33,101 — 33,101 — 33,101 
Others*20 3,724 17,939 21,683 — 21,683 
73,199 143,647 96,718 313,564 — 313,564 
Timing of revenue recognition
At a point in time73,199 143,463 86,050 302,712 — 302,712 
Over time— 184 10,668 10,852 — 10,852 
73,199 143,647 96,718 313,564 — 313,564 
*include revenues from SDI service contracts (which amounted to US$15.6 million in 2020), fabrication service contracts, and sale of other wires and cables products.
5(e)    Disaggregated revenues and geographical information (continued)
(ii)Revenue from external customers is attributed to individual countries based on the customer’s country of domicile and is summarized as follows:
For the year ended Current period end
202220212020
US$’000US$’000US$’000
Revenues from external customers
Thailand153,164 168,773 128,868 
Singapore118,789 95,116 44,477 
Australia60,299 67,652 45,161 
China, Hong Kong, and Taiwan82,187 118,219 77,411 
India779 1,248 2,860 
Southeast Asia18,663 25,643 14,774 
Northeast Asia12 8 13 
433,893 476,659 313,564 
Countries in the Southeast Asia region include Cambodia, Vietnam, Indonesia, Brunei, Laos, Malaysia and Myanmar; countries in the Northeast Asia region include Japan and South Korea.
(iii)Major customer information
Revenue from one customer in the ROW region amounted to $66,858 in 2022 represented 15.41% of 2022 consolidated revenue. Revenue from one customer in the ROW region amounted to $56,579 in 2021 represented 11.87% of 2021 consolidated revenue. Revenue from one customer in the Thailand region amounted to $33,494 in 2020 represented 10.68% of 2020 consolidated revenue.
5(f)    Non-current assets information
The total non-current assets other than financial instruments and deferred tax assets broken down by the country of domicile are summarized as follow:
As of December 31,
20222021
US$’000US$’000
Non-current assets by country:
Thailand37,653 40,423 
Singapore5,304 5,601 
China, Hong Kong, and Taiwan10,313 10,725 
Australia7,141 7,815 
Other207 71 
Total non-current assets60,618 64,635