Material Partly-Owned Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2021

The subsidiaries of our Company are set out below:

	Percentage of equity interest
Place of incorporation and operations	2021			2020
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	%		45.84	%
Taiwan
Asia Pacific New Energy Corporation Limited ("APNEC") (iii)		100.00	%		100.00	%
YASHIN Energy Corporation Limited ("YASHIN") (iii)		100.00	%		100.00	%
YADING Energy Corporation Limited ("YADING") (iii)		100.00	%		100.00	%

2.	BASIS OF PREPARATION (continued)

2.2

Basis of consolidation (continued)

(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.

Subsidiaries with material non-controlling interests [Member]

Statements [Line Items]

Subsidiaries of the Company

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%

Summarized Financial Information of Subsidiaries

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