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MATERIAL PARTLY-OWNED SUBSIDIARIES (Tables)
 12 Months Ended
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 operations20222021
The British Virgin Islands
APWC General Holdings Limited100 %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 Limited100 %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$70 million) in cash.
Proportion of equity interest held by NCI:
Country of incorporation and operationAs of December 31,
Name20222021
Charoong Thai and its subsidiaries (“CTW Consolidated”)Thailand49.07 %49.07 %
SYEChina31.25 %31.25 %
Summarized Financial Information of Subsidiaries This information is based on amounts before inter-company eliminations:
Summarized statements of comprehensive incomeCTW consolidated
For the year ended December 31,
202220212020
US$’000 US$’000US$’000
Revenue171,846 197,786 143,647 
Profit/(loss) before tax2,063 (16,038)11,793 
Income tax expense(420)4,223 (2,344)
Profit/(loss) for the year1,643 (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 interests806 (5,815)4,631 
Dividends paid to non-controlling interests563 2,815 1,228 
Summarized statements of comprehensive incomeSYE
For the year ended December 31,
202220212020
US$’000 US$’000US$’000
Revenue— 530 6,291 
Profit/(loss) before tax90 (497)(1,161)
Income tax expense— — — 
Profit/(loss) for the year90 (497)(1,161)
Other comprehensive (loss)/income(56)17 84 
Total comprehensive loss34 (480)(1,077)
Loss attributable to non-controlling interests28 (155)(363)
Dividends paid to non-controlling interests— — — 
Summarized balance sheetsCTW consolidated SYE
As of December 31,As of December 31,
2022202120222021
US$’000 US$’000 US$’000 US$’000
Current assets127,855 141,282 375 565 
Non-current assets54,899 59,547 1,058 1,266 
Current liabilities(45,909)(68,142)(772)(1,204)
Non-current liabilities(16,677)(8,477)— — 
Total equity120,168 124,210 661 627 
Equity attributable to:
Equity holders of the parent61,202 63,260 454 431 
Non-controlling interests58,966 60,950 207 196 
6(b)    Summarized financial information about the subsidiaries (continued)
Summarized cash flow informationCTW consolidated
For the year ended December 31,
202220212020
US$’000 US$’000 US$’000
Operating7,657 (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 informationSYE
For the year ended December 31,
202220212020
US$’000 US$’000 US$’000
Operating(265)318 (1,844)
Investing230 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)