Material Partly-Owned Subsidiaries

12 Months Ended

Dec. 31, 2021

6.	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	As of December 31,
Name	and operation	2021	2020
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,
	2021			2020			2019
	US$’000			US$’000			US$’000
Revenue		197,786			143,647			172,385
(Loss)/profit before tax		(16,038	)		11,793			4,352
Income tax expense		4,223			(2,344	)		(1,235	)
(Loss)/profit for the year		(11,815	)		9,449			3,117
Other comprehensive (loss)/income		(12,699	)		(1,406	)		9,194
Total comprehensive (loss)/income		(24,514	)		8,043			12,311
(Loss)/profit attributable to non-controlling interests		(5,815	)		4,631			1,378
Dividends paid to non-controlling interests		2,815			1,228			2,763


Summarized statements of comprehensive income	SYE
	For the year ended December 31,
	2021			2020			2019
	US$’000			US$’000			US$’000
Revenue		530			6,291			20,743
Loss before tax		(497	)		(1,161	)		(2,272	)
Income tax expense		—			—			—
Loss for the year		(497	)		(1,161	)		(2,272	)
Other comprehensive income/(loss)		17			84			(46	)
Total comprehensive loss		(480	)		(1,077	)		(2,318	)
Loss attributable to non-controlling interests		(155	)		(363	)		(710	)
Dividends paid to non-controlling interests		—			—			—

6.	MATERIAL PARTLY-OWNED SUBSIDIARIES (continued)

6(b)Summarized financial information about the subsidiaries (continued)

Summarized balance sheets	CTW consolidated						SYE
	As of December 31,						As of December 31,
	2021			2020			2021			2020
	US$’000			US$’000			US$’000			US$’000
Current assets		141,282			128,534			565			3,336
Non-current assets		59,547			56,596			1,266			1,406
Current liabilities		(68,142	)		(18,815	)		(1,204	)		(3,635	)
Non-current liabilities		(8,477	)		(11,097	)		—			—
Total equity		124,210			155,218			627			1,107

Equity attributable to:
Equity holders of the parent		63,260			78,961			431			761
Non-controlling interests		60,950			76,257			196			346

Summarized cash flow information	CTW consolidated
	For the year ended December 31,
	2021			2020			2019
	US$’000			US$’000			US$’000
Operating		(37,392	)		19,713			10,776
Investing		(2,496	)		(10,952	)		2,319
Financing		42,981			(5,118	)		(20,260	)
Effect of changes in exchange rate on cash		(3,333	)		(87	)		2,376
Net (decrease) increase in cash and cash equivalents		(240	)		3,556			(4,789	)


Summarized cash flow information	SYE
	For the year ended December 31,
	2021			2020			2019
	US$’000			US$’000			US$’000
Operating		318			(1,844	)		5,135
Investing		65			278			(165	)
Financing		(1,226	)		(769	)		(1,847	)
Effect of changes in exchange rate on cash		16			98			(28	)
Net (decrease) increase in cash and cash equivalents		(827	)		(2,237	)		3,095