<SEC-DOCUMENT>0001026980-24-000006.txt : 20240430
<SEC-HEADER>0001026980-24-000006.hdr.sgml : 20240430
<ACCEPTANCE-DATETIME>20240430102221
ACCESSION NUMBER:		0001026980-24-000006
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240430
DATE AS OF CHANGE:		20240430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASIA PACIFIC WIRE & CABLE CORP LTD
		CENTRAL INDEX KEY:			0001026980
		STANDARD INDUSTRIAL CLASSIFICATION:	DRAWING AND INSULATING NONFERROUS WIRE [3357]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14542
		FILM NUMBER:		24894649

	BUSINESS ADDRESS:	
		STREET 1:		ROOM B 7/FL., NO. 132, SEC. 3
		STREET 2:		MIN-SHENG EAST ROAD
		CITY:			TAIPEI, 105
		STATE:			F5
		ZIP:			105
		BUSINESS PHONE:		886-2-2712-2558

	MAIL ADDRESS:	
		STREET 1:		ROOM B 7/FL., NO. 132, SEC. 3
		STREET 2:		MIN-SHENG EAST ROAD
		CITY:			TAIPEI, 105
		STATE:			F5
		ZIP:			105
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>apwc-form6xkfor2023q4earni.htm
<DESCRIPTION>6-K
<TEXT>
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<title>Document</title></head><body><div id="i1b75bc6d944947a2ac5d17be1906c97b_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-right:-0.47pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:100%">UNITED STATES</font></div><div><font><br></font></div><div style="padding-right:-0.47pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:100%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="padding-right:-0.47pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:700;line-height:100%">Washington, D.C. 20549</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-right:-0.47pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:100%">FORM 6-K</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-right:-0.47pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:700;line-height:100%">REPORT OF FOREIGN PRIVATE ISSUER</font></div><div><font><br></font></div><div style="padding-right:-0.47pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:700;line-height:100%">PURSUANT TO RULE 13a-16 OR 15d-16</font></div><div style="padding-right:-0.47pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:700;line-height:100%">UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></div><div><font><br></font></div><div style="padding-right:-0.47pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">For the month of April, 2024</font></div><div><font><br></font></div><div style="padding-right:-0.47pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Commission File Number&#58; 1-14542</font></div><div><font><br></font></div><div style="padding-right:-0.47pt;text-align:center"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:104%">ASIA PACIFIC WIRE&#160;&#38; CABLE CORPORATION LIMITED</font></div><div><font><br></font></div><div style="padding-right:-0.47pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(Translation of registrant&#8217;s name into English)</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-right:-0.47pt;text-align:center"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">15&#47;Fl. B, No.&#160;77, Sec. 2, Dunhua South Road</font></div><div style="padding-right:-0.47pt;text-align:center"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Taipei, 106, Taiwan, Republic of China</font></div><div style="padding-right:-0.47pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"> (Address of principal executive office)</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</font></div><div><font><br></font></div><div style="text-align:center"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:111%">Form&#160;20-F&#160;&#160;</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:111%">&#9746;</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:111%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Form&#160;40-F&#160;&#160;</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:111%">&#9744;</font></div><div style="text-align:center"><font><br></font></div><div style="padding-right:1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">This Registrant issued a press release on April 30, 2024, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">Exhibit 99.1. </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%;text-decoration:underline"><a href="asiapacificwireq42023ernpr.htm" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%;text-decoration:underline">Press Release dated </a><a href="asiapacificwireq42023ernpr.htm" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%;text-decoration:underline">April </a><a href="asiapacificwireq42023ernpr.htm" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%;text-decoration:underline">30</a><a href="asiapacificwireq42023ernpr.htm" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%;text-decoration:underline">, 2024</a></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div><div><font><br></font></div></div></div><div id="i1b75bc6d944947a2ac5d17be1906c97b_4"></div><hr style="page-break-after:always"><div style="min-height:14.4pt;width:100%"><div><font><br></font></div></div><div style="padding-left:245pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">SIGNATURES</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div><div><font><br></font></div><div style="padding-left:285pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">ASIA PACIFIC WIRE &#38; CABLE</font></div><div style="padding-left:285pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">CORPORATION LIMITED</font></div><div><font><br></font></div><div style="padding-left:285pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(Registrant)</font></div><div><font><br></font></div><div style="padding-left:285pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">By&#58;&#160;&#160;&#160;&#160;&#47;s&#47; Ivan Hsia </font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:306pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Name&#58;&#160;&#160;&#160;&#160;Ivan Hsia</font></div><div><font><br></font></div><div style="padding-left:306pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Title&#58;&#160;&#160;&#160;&#160;Chief Financial Officer</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Date&#58; April 30, 2024</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>asiapacificwireq42023ernpr.htm
<DESCRIPTION>EX-99.1
<TEXT>
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<title>Document</title></head><body><div id="i9c278cf942074615a1d8bb3ee0a0a39a_1"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:0.1pt"><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:17pt;font-weight:700;line-height:145%">Asia Pacific Wire &#38; Cable Corporation Limited Announces Full Year 2023 Financial Results and Filing of Annual Report on Form 20-F for 2023</font></div><div style="margin-bottom:5pt;margin-top:12pt"><font><br></font></div><div style="margin-bottom:5pt;margin-top:12pt"><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">TAIPEI</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">, Taiwan, April 30,</font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%"> 2024 (GLOBE NEWSWIRE) -- Asia Pacific Wire &#38; Cable Corporation Limited (NASDAQ&#58; APWC) (&#34;APWC&#34; or the &#34;Company&#34;), a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in the Asia-Pacific region, today announced that </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">on April 29, 2024</font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">, it filed its annual report on Form 20-F (the &#34;Form 20-F&#34;) for the year ended </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">December&#160;31, 2023 with the U.S. Securities and Exchange Commission and reported its </font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">financial results </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">for the twelve months ended December&#160;31, 2023</font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">. Unless otherwise indicated, all data are reported in U.S. Dollars at the exchange rate prevailing on the date of the event or result reported.</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:34.164%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.117%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.754%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.117%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.423%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.625%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Full Year 2023 Financial Results (Ended December 31, 2023) and 2022 comparative results&#58;</font></td></tr><tr style="height:18pt"><td colspan="18" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Full Year 2023</font></td><td colspan="6" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Full Year 2022</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">CHANGE</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Revenues</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">$</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">425.8 million</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">$</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">433.9 million</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(1.9)%</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Operating Profit</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">$</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1.5 million</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">$</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">8.1 million</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(80.8)%</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Net Income</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">$</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">3.9 million</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">$</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">3.9 million</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(0.2)%</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:1.5pt;margin-top:2.65pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:145%">EPS</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7.8pt;font-weight:400;line-height:145%;position:relative;top:-4.2pt;vertical-align:baseline">  (1)</font></div></td><td colspan="6" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">$0.19</font></td><td colspan="6" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">$0.19</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8212;%</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="18" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:145%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:145%"> The calculation of the earnings per share is based on 20,616,227 and 20,020,364 basic and diluted weighted average common shares issued and outstanding for the twelve months ended December 31, 2023 and 2022, respectively.</font></div></td></tr></table></div><div style="margin-bottom:5pt;margin-top:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:202%">Full Year 2023 Results</font></div><div style="margin-bottom:5pt;margin-top:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%">Revenues for the twelve months ended December&#160;31, 2023 were $425.8 million, a decrease of 1.9% from $433.9 million for the twelve months ended December&#160;31, 2022. &#160;The decrease was primarily attributable to revenue decreases across the Company&#8217;s Thailand and North Asia regions. Net revenue in the Company&#8217;s Thailand region decreased by </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:186%">$4.9 million</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:186%">or </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%">2.9% from </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:186%">$171.8 million in 2022 to $166.9 million in 2023</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%">. The decrease was due to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:145%">1</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:0.1pt"><font><br></font></div></div><div style="margin-bottom:5pt;margin-top:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%">decrease in government spending on infrastructure and delay in government projects. Revenues in the Company's North Asia region decreased  by </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:186%">$18.7 million, or</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%"> 24.2%, from </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:186%">$77.3 million in 2022 to $58.6 million in 2023. </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%">The decrease was attributable to decreased sales volume primarily due to increased competition and the Sino-American trade war. These factors contributed to a sluggish market, resulting in a decline in sales compared with the previous period. Revenues in the Company's Rest of World (&#8220;ROW&#8221;) region increased by </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:186%">$15.5 million, or</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%"> 8.4%, from </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:186%">$184.7 million</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%"> in 2022 to </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:186%">$200.2 million</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%"> in 2023. The increase of $1.9 million, or 12%, was due to strong demand in the construction sector in Australia, and the increase of $13.6 million, or 88%, was attributable to the completion of public sector projects in Singapore. The Company's North Asia region includes China, Hong Kong and Taiwan&#59; the Thailand region consists of operations and sales within Thailand&#59; the ROW region includes Singapore, Australia and the other markets where APWC has operations or sales outside of the Thailand region and North Asia region.</font></div><div style="margin-bottom:5pt;margin-top:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%">Operating profit for the twelve months ended December&#160;31, 2023 was $1.5 million, a decrease of </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:186%">$6.5 million, or </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%">80.8% from operating profit of $8.1 million for the twelve months ended December&#160;31, 2022. &#160;Operating profit margin decreased from a profit of 1.86% in 2022 to a profit of 0.36% in 2023. &#160;In the Thailand region, the operating profit margin decreased from 1.53% in 2022 to (1.27)% in 2023. The decrease in operating profit was due to a decline in higher-margin Thai government projects, decreased sales volume in enameled wire as well as loss from onerous contracts. In the North Asia region, the operating profit margin increased from 0.31% in 2022 to 3.06% in 2023. The increase in operating profit was the result of the increase in the manufacturing productivity, or overall equipment effectiveness (&#34;OEE&#34;), which lowered the cost of our products. The ROW region&#8217;s operating profit margin increased from 4.21% in 2022 to 4.31% in 2023. The operating profit margin of 2023 remained consistent compared to that of 2022. The decrease in the operating profit is also attributable to the</font><font style="color:#ee2724;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%">impairment loss on financial and contract assets, which increased by $4.1 million, due to the increased loss allowance provided for the delinquent accounts.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:145%">2</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:0.1pt"><font><br></font></div></div><div style="margin-bottom:5pt;margin-top:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%">Selling, general and administrative, research and development expenses for the twelve months ended December&#160;31, 2023 were $24.5 million, compared to $25.0 million reported for the twelve months ended December&#160;31, 2022. &#160;Net profit attributable to APWC shareholders was $3.9 million for the twelve months ended December&#160;31, 2023, compared to a net profit of $3.9 million for the twelve months ended December&#160;31, 2022.&#160;The weighted average number of shares issued and outstanding was 20.62 million and 20.02 million for the twelve months ended December&#160;31, 2023 and 2022, respectively.</font></div><div style="margin-bottom:0.1pt"><font><br></font></div><div style="margin-bottom:5pt;margin-top:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:202%">Financial Condition</font></div><div style="margin-bottom:5pt;margin-top:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">APWC reported $38.0 million in cash and cash equivalents as of December&#160;31, 2023, compared to cash and cash equivalents of $54.0 million as of December&#160;31, 2022.</font></div><div style="margin-bottom:0.1pt;margin-top:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">Current assets totaled $295.0 million as of December&#160;31, 2023, compared to $299.5 million as of December&#160;31, 2022. &#160;Working capital was $154.4 million as of December&#160;31, 2023, compared to $165.9 million as of </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">December&#160;31, 2022</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">. Short-term bank loans were $53.7 million at December&#160;31, 2023, an increase of 17.9% from $45.6 million at December&#160;31, 2022. &#160;The Company had $</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%"> million in long-term debt outstanding at December&#160;31, 2023, compared to $</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:202%">12.2</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%"> million in long-term debt as of December&#160;31, 2022. The decrease was  due to the reclassification of the long-term back loan as a current portion. Shareholder's equity attributable to APWC was $157.1 million as of December&#160;31, 2023, compared to $151.6 million as of December&#160;31, 2022.</font></div><div style="margin-bottom:5pt;margin-top:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">APWC reported cash used in operating activities of $6.1 million during the twelve months ended December&#160;31, 2023, compared to cash provided by operating activities in the amount of $6.6 million in the same period in 2022.</font><font style="color:#ff0000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%"> The cash outflow from operating activities was primarily due to several factors, including decreased net profit, and increased trade receivables. The Company reported $4.9 million in cash outflows from investing activities during the twelve months ended December&#160;31, 2023, compared to $2.7 million in cash </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:145%">3</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:0.1pt"><font><br></font></div></div><div style="margin-bottom:5pt;margin-top:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">outflows in the same period of 2022. The increase in cash used in investing activities in the twelve months of 2023 was primarily attributable to the increase in purchases of property, plant in 2023. APWC reported $5.5 million in cash outflows from financing activities during the twelve months of 2023, compared to $9.6 million in cash inflows from financing activities in the same period of 2022. The cash used in 2023 was primarily attributable to the repayment of borrowings.</font></div><div style="margin-bottom:5pt;margin-top:20pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%">We encourage shareholders to review our Annual Report for the year ended </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%">December&#160;31, 2023, which has been filed with the </font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%">Securities and Exchange Commission, and to visit the Company's website for further information (</font><font style="background-color:#ffffff;color:#0000ff;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%;text-decoration:underline">www.apwcc.com</font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:186%">). Information on the Company's website or any other website does not constitute a portion of this release.</font></div><div style="margin-bottom:5pt;margin-top:20pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:202%">About Asia Pacific Wire &#38; Cable Corporation Limited</font></div><div style="margin-top:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">Asia Pacific Wire &#38; Cable Corporation Limited is a holding company incorporated in Bermuda with principal executive offices in Taiwan that operates its business through operating subsidiaries. Through its subsidiaries, the Company is principally engaged in the manufacture and distribution of enameled wire, power cable, and telecommunications products in Thailand, Singapore, Australia, the People&#8217;s Republic of China, Hong Kong and certain other markets in the Asia Pacific region. The Company also engages in the distribution of certain wire and cable products manufactured by its controlling shareholder, Pacific Electric Wire &#38; Cable Co., Ltd., and certain third parties. The Company also provides project engineering services in the supply, delivery and installation of power cable. The Company&#8217;s major customers include appliance component manufacturers, electrical contracting firms, state owned entities, and wire and cable dealers and factories.</font></div><div style="margin-bottom:5pt;margin-top:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:202%">Safe Harbor Statement</font></div><div style="margin-top:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">This release contains certain &#8220;forward-looking statements&#8221; relating to the Company, its business, and its subsidiary companies. These forward-looking statements are often </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:145%">4</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:0.1pt"><font><br></font></div></div><div style="margin-top:20pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:202%">identified by the use of forward-looking terminology such as &#8220;believes&#8221;, &#8220;anticipates&#8221;, &#8220;expects&#8221;, &#8220;estimates&#8221;, &#8220;intends&#8221;, &#8220;plans&#8221; or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as believed, anticipated, expected, estimated, intended or planned. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company&#8217;s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company&#8217;s reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.</font></div><div style="margin-bottom:0.1pt"><font><br></font></div><div style="padding-left:22.6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.211%"><tr><td style="width:1.0%"></td><td style="width:95.585%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.215%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:2.15pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:252%">Contact&#58;</font></div><div style="margin-bottom:0.05pt;margin-top:1pt;text-indent:4.5pt"><font style="color:#555555;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Investor Relations Contact&#58;<br></font></div><div style="margin-bottom:1pt;margin-top:1pt"><font style="color:#555555;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:139%">&#160;Pacific Holdings Group</font></div><div style="margin-bottom:1pt;margin-top:1pt;text-indent:4.5pt"><font style="color:#555555;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:139%">2901 Dallas Parkway, Suite 360</font></div><div style="margin-bottom:1pt;margin-top:1pt;text-indent:4.5pt"><font style="color:#555555;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:139%">Plano, TX 75093</font></div><div style="margin-bottom:1pt;margin-top:1pt;text-indent:4.5pt"><font style="color:#555555;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:139%">Attn&#58; Paul Weber</font></div><div style="margin-bottom:1pt;margin-top:1pt;text-indent:4.5pt"><font style="color:#555555;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:139%">Phone&#58; (469) 797-7191</font></div><div style="margin-bottom:1pt;margin-top:1pt;text-indent:4.5pt"><font style="color:#555555;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:139%">Email&#58; pweber&#64;pusa.com</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:0.1pt"><font><br></font></div><div style="margin-bottom:8pt"><font><br></font></div><div style="margin-bottom:8pt"><font><br></font></div><div style="margin-bottom:8pt"><font><br></font></div><div style="margin-bottom:8pt"><font><br></font></div><div style="margin-bottom:8pt"><font><br></font></div><div style="margin-bottom:8pt"><font><br></font></div><div style="margin-bottom:8pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:145%">5</font></div></div></div></body></html>
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