Asia Pacific Wire & Cable Corporation Limited Reports Second Quarter 2023 Financial Results
27 Septiembre 2023 - 4:48AM
Asia Pacific Wire & Cable Corporation Limited (NASDAQ: APWC)
("APWC" or the "Company"), a leading manufacturer of wire and cable
products for the telecommunications and electric-power industries
in the Asia-Pacific region, today announced the Company's financial
results for the six months ended June 30, 2023. 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.
First Six Months
2023 Financial Results (Ended June 30, 2023) and 2022 comparative
results. |
|
|
First 6 Months
2023 |
First 6 Months
2022 |
CHANGE |
Revenues |
$ |
193.5 million |
$ |
207.4 million |
(6.7)% |
|
Operating (Loss)/Profit |
$ |
(2.8) million |
$ |
1.8 million |
(255.6)% |
|
Net Income/(Loss) |
$ |
0.02 million |
$ |
(0.3) million |
106.7% |
|
EPS(1) |
$ |
0.001 |
$ |
(0.02) |
|
105.0% |
|
|
(1)The calculation
of the earnings per share is based on 20,616,227 and 20,022,364
basic and diluted weighted average common shares issued and
outstanding for the six months ended June 30, 2023 and 2022,
respectively |
|
Revenues for the six months ended June 30, 2023 were $193.5
million, a decrease of 6.7% from $207.4 million for the six months
ended June 30, 2022. The decrease was primarily attributable
to revenue decreases across the Company’s Thailand and North Asia
regions. Net revenue in the Company’s Thailand region decreased
15.0%, attributable to the global economic slowdown, public sector
budget decreases, the depreciation of the Thai Baht, which
depreciated 1.44% compared to 2022 and the 10.8% drop in the
average copper price. Revenues in the Company's North Asia region
decreased 28.5%, due to decreased sales volume, resulting primarily
from the ongoing Sino-American trade war, which has impacted the
global economy. Revenues in the Company's Rest of World (“ROW”)
region increased 14.7% due to strong construction activity in
Australia, and the completion of public sector projects in
Singapore. The Company's North Asia region includes China, Hong
Kong and Taiwan; the Thailand region consists of operations and
sales within Thailand; 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.
Operating loss for the six months ended June 30, 2023 was $(2.8
million), a decrease of 255.6% from an operating profit of $1.8
million for the six months ended June 30, 2022. Operating
profit margin decreased from a profit of 0.9% in 2022 to a loss of
(1.4%) in 2023. In the Thailand region, the operating profit
margin decreased from 1.19% in 2022 to (7.87%) in 2023. The
operating profit fell following a decline in higher-margin Thai
government projects and the fluctuation of copper prices. In
the North Asia region, the operating profit margin increased from
2.31% in 2022 to 7.08% in 2023, resulting from the reversal of the
provision for employee benefits and pension expenses. The ROW
region’s operating profit margin increased from 0.49% in 2022 to
2.11% in 2023 due to the increase in sales volumes.
Selling, general and administrative expenses for the six months
ended June 30, 2023 were $11 million, compared to $12.6 million
reported for the six months ended June 30, 2022. Net profit
attributable to APWC shareholders was $0.02 million for the first
half of 2023, compared to a net loss of $(0.3) million for the
first half of 2022. The increase in net profit was primarily
due to a decrease in selling, general and administrative expenses.
The weighted average number of shares issued and outstanding was
20.62 million and 20.02 million for the six months ended June 30,
2023 and 2022, respectively.
Financial Condition
APWC reported $39.0 million in cash and cash equivalents as of
June 30, 2023, compared to cash and cash equivalents of $54.0
million as of December 31, 2022.
Current assets totaled $274.2 million as of June 30, 2023,
compared to $299.5 million as of December 31, 2022. Working
capital was $148.8 million as of June 30, 2023. Short-term bank
loans were $46.8 million at June 30, 2023, an increase of 2.7% from
$45.6 million at December 31, 2022. The Company had $3.0
million in long-term debt outstanding at June 30, 2023, compared to
$12.2 million in long-term debt as of December 31, 2022.
Shareholder's equity attributable to APWC was $147.5 million as of
June 30, 2023, compared to $151.6 million as of December 31,
2022.
APWC reported $3.5 million in cash used in operating activities
during the six months ended June 30, 2023, compared to cash used in
operating activities of $2.9 million in the corresponding period in
2022. The increase in cash used in operating activities in the
first half of 2023 was primarily attributable to the decrease in
sales and the repayment of trade payables. The Company reported
$2.8 million in cash outflows from investing activities during the
six months ended June 30, 2023, compared to $0.7 million in cash
outflows in the same period of 2022. The increase in cash used in
investing activities in the first half of 2023 was attributable
primarily to the increase in purchases of property, plant and
equipment and short-term bank deposit in 2023. APWC reported $7.4
million in cash outflows from financing activities during the first
six months of 2023, compared to $8.7 million in cash inflows from
financing activities in the same period of 2022. The decrease in
cash inflows is due to a decrease in borrowings in 2023.
We encourage shareholders to visit the Company's website for
further information (www.apwcc.com). Information on the Company's
website or any other website does not constitute a portion of this
release.
About Asia Pacific Wire & Cable Corporation
Limited
Asia Pacific Wire & 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’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 & 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’s major customers include appliance
component manufacturers, electrical contracting firms, state owned
entities, and wire and cable dealers and factories.
Safe Harbor Statement
This release contains certain “forward-looking statements”
relating to the Company, its business, and its subsidiary
companies. These forward-looking statements are often identified by
the use of forward-looking terminology such as “believes”,
“anticipates”, “expects”, “estimates”, “intends”, “plans” 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’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’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.
Contact:Investor Relations Contact:Pacific
Holdings GroupAttn: Paul Weber2901 Dallas Parkway, Suite 360Plano,
TX 75093Phone: (469) 797-7191Email: pweber@pusa.com |
|
|
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND
SUBSIDIARIES |
CONSOLIDATED INCOME STATEMENTS |
(Non-Audited) |
(Amounts in thousands of US Dollars, except share data) |
|
|
|
|
For the six months |
|
|
|
ended June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
(Non-Audited) |
|
(Non-Audited) |
|
|
|
US$'000 |
|
US$'000 |
Revenue |
|
193,478 |
|
|
|
207,358 |
|
Cost of sales |
|
(185,501 |
) |
|
|
(193,865 |
) |
Gross profit |
|
7,977 |
|
|
|
13,493 |
|
|
|
|
|
Other operating
income |
|
243 |
|
|
|
880 |
|
Selling, general
and administrative expenses |
|
(10,990 |
) |
|
|
(12,550 |
) |
Other operating
expenses |
|
(9 |
) |
|
|
(4 |
) |
Operating
(loss)/profit |
|
(2,779 |
) |
|
|
1,819 |
|
|
|
|
|
Finance costs |
|
(1,194 |
) |
|
|
(662 |
) |
Finance
income |
|
87 |
|
|
|
52 |
|
Share of loss of
associates |
|
(1 |
) |
|
|
(2 |
) |
Exchange loss |
|
(66 |
) |
|
|
(663 |
) |
Other income |
|
571 |
|
|
|
530 |
|
Other expense |
|
— |
|
|
|
— |
|
(Loss)/profit
before tax |
|
(3,382 |
) |
|
|
1,074 |
|
Income tax
expense |
|
913 |
|
|
|
(1,213 |
) |
Loss for the
period |
|
(2,469 |
) |
|
|
(139 |
) |
|
|
|
|
Attributable
to: |
|
|
|
Equity holders of
the parent |
|
15 |
|
|
|
(336 |
) |
Non-controlling
interests |
|
(2,484 |
) |
|
|
197 |
|
Basic and diluted
profit/(loss) per share |
$ |
0.001 |
|
|
$ |
(0.02 |
) |
Basic and diluted
weighted average common shares outstanding |
|
20,616,227 |
|
|
|
20,020,364 |
|
|
|
|
|
|
|
|
|
|
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND
SUBSIDIARIES |
CONSOLIDATED INCOME STATEMENTS |
(Non-Audited) |
(Amounts in thousands of US Dollars, except share data) |
|
|
|
|
For the six months |
|
|
|
ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
(Non-Audited) |
|
(Non-Audited) |
|
|
|
US$'000 |
|
US$'000 |
Loss for
the period |
(2,469 |
) |
|
(139 |
) |
Other
comprehensive income |
|
|
|
Other
comprehensive income to be reclassified to profit or loss in
subsequent periods: |
|
|
|
Exchange differences on translation of foreign operations, net of
tax of nil |
(5,827 |
) |
|
(10,621 |
) |
|
(5,827 |
) |
|
(10,621 |
) |
Other
comprehensive income not to be reclassified to profit or loss in
subsequent periods: |
|
|
|
Changes in the fair value of equity instruments measured at
FVOCI |
667 |
|
|
(1,475 |
) |
Income tax effect |
(133 |
) |
|
295 |
|
|
534 |
|
|
(1,180 |
) |
Re-measuring losses on defined benefit plans |
69 |
|
|
177 |
|
Income tax effect |
(14 |
) |
|
(35 |
) |
|
55 |
|
|
142 |
|
|
|
|
|
Other
comprehensive loss for the year , net of tax |
(5,238 |
) |
|
(11,659 |
) |
Total
comprehensive loss for the period, net of tax |
(7,707 |
) |
|
(11,798 |
) |
Attributable
to: |
|
|
|
Equity holders of
the parent |
(4,063 |
) |
|
(8,336 |
) |
Non-controlling
interests |
(3,644 |
) |
|
(3,462 |
) |
|
(7,707 |
) |
|
(11,798 |
) |
|
|
|
|
|
|
|
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(In thousands of US Dollars, except share data) |
|
|
|
|
|
As ofJune 30,
2023(Non-audited) |
|
As ofDecember 31,
2022(Audited) |
|
US$'000 |
|
US$'000 |
|
|
|
|
Assets |
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
38,988 |
|
54,017 |
Financial assets at fair value through profit or loss |
516 |
|
39 |
Trade receivables |
74,454 |
|
81,982 |
Other receivables |
2,771 |
|
2,397 |
Contract assets |
9,669 |
|
12,450 |
Due from related parties |
11,613 |
|
11,018 |
Inventories |
126,775 |
|
130,608 |
Prepayments |
5,192 |
|
3,341 |
Other current assets |
4,249 |
|
3,673 |
|
274,227 |
|
299,525 |
Non-current
assets |
|
|
|
Financial assets at fair value through other comprehensive
income |
2,437 |
|
1,553 |
Property, plant and equipment |
48,305 |
|
50,713 |
Right of use assets |
2,992 |
|
3,432 |
Investment properties |
5,037 |
|
5,250 |
Intangible assets |
149 |
|
139 |
Investments in associates accounted from using equity method |
782 |
|
805 |
Deferred tax assets |
7,860 |
|
7,143 |
Other non-current assets |
3,026 |
|
2,459 |
|
70,588 |
|
71,494 |
Total
assets |
344,815 |
|
371,019 |
|
|
|
|
|
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(In thousands of US Dollars, except share data) |
|
|
|
|
|
As ofJune 30,
2023(Non-audited) |
|
As ofDecember 31,
2022(Audited) |
|
US$'000 |
|
US$'000 |
Liabilities |
|
|
|
Current liabilities |
|
|
|
Interest-bearing loans and borrowings |
46,791 |
|
|
45,576 |
|
Trade and other payables |
45,668 |
|
|
39,891 |
|
Due to related parties |
10,355 |
|
|
16,613 |
|
Financial liabilities at fair value through profit or loss |
— |
|
|
6 |
|
Accruals |
12,004 |
|
|
21,218 |
|
Current tax liabilities |
1,524 |
|
|
2,432 |
|
Employee benefit liabilities |
2,111 |
|
|
1,947 |
|
Financial lease liabilities |
601 |
|
|
627 |
|
Other current liabilities |
6,362 |
|
|
5,289 |
|
|
125,416 |
|
|
133,599 |
|
|
|
|
|
Non-current liabilities |
|
|
|
Interest-bearing loans and borrowings |
2,965 |
|
|
12,155 |
|
Employee benefit liabilities |
7,555 |
|
|
7,693 |
|
Lease liabilities |
1,608 |
|
|
1,947 |
|
Deferred tax liabilities |
3,835 |
|
|
4,197 |
|
|
15,963 |
|
|
25,992 |
|
Total liabilities |
141,379 |
|
|
159,591 |
|
|
|
|
|
Equity |
|
|
|
Issued capital |
206 |
|
|
206 |
|
Additional paid-in capital |
118,103 |
|
|
118,103 |
|
Treasury shares |
(38 |
) |
|
(38 |
) |
Retained earnings |
54,079 |
|
|
54,064 |
|
Other components of equity |
(24,818 |
) |
|
(20,740 |
) |
Equity attributable to equity holders of the
parent |
147,532 |
|
|
151,595 |
|
Non-controlling interests |
55,904 |
|
|
59,833 |
|
Total equity |
203,436 |
|
|
211,428 |
|
Total liabilities and equity |
344,815 |
|
|
371,019 |
|
|
|
|
|
|
|
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In thousands of U.S. Dollars) |
|
|
|
|
|
For the years |
|
ended June 30, |
|
2023 |
|
|
2022 |
|
|
(Non-Audited) |
|
(Non-Audited) |
|
US$'000 |
|
US$'000 |
Net
cash (used in)/provided by operating activities |
(3,518 |
) |
|
(2,865 |
) |
Net
cash used in investing activities |
(2,849 |
) |
|
(682 |
) |
Net
cash (used in)/provided by financing activities |
(7,389 |
) |
|
8,674 |
|
Effect of exchange rate on cash and cash equivalents |
(1,273 |
) |
|
(3,011 |
) |
Net
(decrease)/increase in cash and cash equivalents |
(15,029 |
) |
|
2,116 |
|
Cash
and cash equivalents at beginning of period |
54,017 |
|
|
42,512 |
|
Cash
and cash equivalents at end of period |
38,988 |
|
|
44,628 |
|
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