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, 2024. 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 2024 Financial Results (Ended June 30, 2024), and
2023 comparative results |
| |
| |
First 6 Months
2024 |
First 6 Months
2023 |
CHANGE |
|
Revenues |
$ |
214.3 million |
$ |
193.5 million |
10.8% |
|
| Operating Profit |
$ |
1.2 million |
$ |
-2.8 million |
144.7% |
|
| Net Income |
$ |
-0.5 million |
$ |
0.02 million |
(3500.0)% |
|
| EPS1 |
$ |
-0.02 |
$ |
0.001 |
(2100.0)% |
|
| |
Revenues for the six months ended June 30, 2024 were $214.3
million, a increase of 10.8% from $193.5 million for the six months
ended June 30, 2023. The increase was attributable to revenue
increases across the Company’s Thailand, North Asia and Rest of
World ("ROW") regions. Net revenue in the Company’s Thailand region
increased by 14.0%, mainly driven by higher sales of power cables
and fabrication services, fueled by economic expansion and
government efforts in infrastructure development, public utilities,
and the implementation of renewable energy, particularly solar
power. Revenues in the Company's North Asia region increased by
12.5% for several reasons, including a rise in copper prices,
growth in the number of new customers, and the commencement of
rectangular wire production. Although the sales volume of
rectangular wires was not large, their prices were relatively
higher. Revenues in the Company's ROW region increased by 7.5%, the
primary driver of this growth was the amplified sales of power
cables, spurred by the increased demand in 2024 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 profit for the six months ended June 30, 2024 was $1.2
million, a increase of 144.7% from operating profit of $-2.8
million for the six months ended June 30, 2023. Operating
profit margin increased from a loss of (1.44)% in 2023 to a profit
of 0.58% in 2024. In the Thailand region, the operating
profit margin increased from (7.87)% in 2023 to 1.41% in 2024. This
positive shift was largely due to enhanced profitability in the
public sector and the reversal of the inventory valuation
provision. In the North Asia region, the operating profit margin
decreased from 7.08% in 2023 to (1.52)% in 2024, this downturn was
primarily due to the reversal of previously provided provisions for
employee benefits and pensions in 2023, along with a rise in
research and development expenditures in 2024.The ROW region’s
operating profit margin decreased from 2.11% in 2023 to 1.66% in
2024 primarily due to an increased allowance for onerous contracts
in Singapore.
Selling, general and administrative expenses for the six months
ended June 30, 2024 were $12.5 million, compared to $11.0 million
reported for the six months ended June 30, 2023. Net profit
attributable to APWC equity shareholders of the parent was $-0.5
million for the six months ended June 30, 2024, compared to a net
profit of $0.02 million for the six months ended June 30,
2023. The weighted average number of shares issued and
outstanding was 20.62 million and 20.62 million for the six months
ended June 30, 2024 and 2023, respectively.
Financial Condition
APWC reported $33.7 million in cash and cash equivalents as of
June 30, 2024, compared to cash and cash equivalents of $39.0
million as of June 30, 2023.
Current assets totaled $282.5 million as of June 30, 2024,
compared to $295.0 million as of December 31, 2023. Working
capital was $154.6 million as of June 30, 2024. Short-term bank
loans were $53.665 million at June 30, 2024, a decrease of $72,000
from $53.737 million at December 31, 2023. The Company had
$6.2 million in long-term debt outstanding at June 30, 2024,
compared to no long-term debt outstanding as of December 31, 2023.
Shareholder's equity attributable to APWC was $149.9 million as of
June 30, 2024, compared to $157.1 million as of December 31,
2023.
APWC reported cash used in operating activities of $10.8 million
during the six months ended June 30, 2024, compared to cash used in
operating activities in the amount of $3.5 million in the
corresponding period in 2023. The cash outflow from operating
activities was primarily due to slower accounts receivable
collection. The Company reported $0.8 million in cash outflows from
investing activities during the six months ended June 30, 2024,
compared to $2.8 million in cash outflows in the same period of
2023. The decrease in cash used in investing activities in the six
months of 2024 was primarily attributable to the decrease in
purchases of property, plant and equipment in 2024. APWC reported
$9.1 million in cash inflows from financing activities during the
first six months of 2024, compared to $7.4 million in cash outflows
from financing activities in the same period of 2023. The increase
in cash inflows was due to an increase in borrowing in 2024.
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
SUBSIDIARIESCONSOLIDATED INCOME STATEMENTS(Non-Audited)(Amounts in
thousands of US Dollars, except share data) |
|
|
|
|
|
|
|
|
|
For the six months |
|
|
ended June 30, |
|
|
2024 |
|
2023 |
|
|
US$'000 |
|
US$'000 |
|
Revenue |
|
214,330 |
|
|
|
193,478 |
|
| Cost of
sales |
|
(200,848 |
) |
|
|
(185,501 |
) |
| Gross
profit |
|
13,482 |
|
|
|
7,977 |
|
| |
|
|
|
| Other operating
income |
|
981 |
|
|
|
243 |
|
| Selling, general
and administrative expenses |
|
(12,471 |
) |
|
|
(10,990 |
) |
| Other operating
expenses |
|
— |
|
|
|
(9 |
) |
| Operating
profit |
|
1,241 |
|
|
|
(2,779 |
) |
| |
|
|
|
| Finance costs |
|
(1,165 |
) |
|
|
(1,194 |
) |
| Finance
income |
|
97 |
|
|
|
87 |
|
| Share of loss of
associates |
|
(1 |
) |
|
|
(1 |
) |
| Exchange loss |
|
149 |
|
|
|
(66 |
) |
| Other income |
|
243 |
|
|
|
571 |
|
| Other expense |
|
(207 |
) |
|
|
— |
|
|
(Loss)/Profit before tax |
|
357 |
|
|
|
(3,382 |
) |
| Income tax
expense |
|
(397 |
) |
|
|
913 |
|
| Loss for
the period |
|
(40 |
) |
|
|
(2,469 |
) |
| |
|
|
|
| Attributable
to: |
|
|
|
| Equity holders of
the parent |
|
(510 |
) |
|
|
15 |
|
| Non-controlling
interests |
|
470 |
|
|
|
(2,484 |
) |
|
|
|
(40 |
) |
|
|
(2,469 |
) |
|
|
|
|
|
| Basic and diluted
profit per share |
$ |
(0.02 |
) |
|
$ |
0.001 |
|
| Basic and diluted
weighted average common shares outstanding |
|
20,616,227 |
|
|
|
20,616,227 |
|
| |
|
|
|
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME(Non-Audited)(Amounts in thousands of US Dollars, except
share data) |
|
|
| |
| |
For the six months |
| |
ended June 30, |
| |
2024 |
|
2023 |
| |
US$'000 |
|
US$'000 |
|
(Loss)/Profit for the period |
(40 |
) |
|
(2,469 |
) |
| Other
comprehensive income/(loss) |
|
|
|
| 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 |
(10,289 |
) |
|
(5,827 |
) |
| |
(10,289 |
) |
|
(5,827 |
) |
| 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 |
253 |
|
|
667 |
|
|
Income tax effect |
(51 |
) |
|
(133 |
) |
| |
202 |
|
|
534 |
|
|
Re-measuring losses on defined benefit plans |
41 |
|
|
69 |
|
|
Income tax effect |
(8 |
) |
|
(14 |
) |
| |
33 |
|
|
55 |
|
| |
|
|
|
| Other
comprehensive loss for the year , net of tax |
(10,054 |
) |
|
(5,238 |
) |
| Total
comprehensive loss for the period, net of tax |
(10,094 |
) |
|
(7,707 |
) |
| Attributable
to: |
|
|
|
| Equity holders of
the parent |
(7,113 |
) |
|
(4,063 |
) |
| Non-controlling
interests |
(2,981 |
) |
|
(3,644 |
) |
| |
(10,094 |
) |
|
(7,707 |
) |
| |
|
|
|
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND
SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands of US
Dollars) |
|
|
|
|
|
|
|
| |
As ofJune 30,
2024(Non-audited) |
|
As ofDecember 31,
2023(Audited) |
| |
US$'000 |
|
US$'000 |
| Assets |
|
|
|
| Current
assets |
|
|
|
|
Cash and cash equivalents |
33,653 |
|
37,970 |
|
Financial assets at fair value through profit or loss |
14 |
|
307 |
|
Trade receivables |
109,552 |
|
104,955 |
|
Other receivables |
1,218 |
|
1,670 |
|
Contract assets |
2,962 |
|
13,946 |
|
Due from related parties |
552 |
|
1,368 |
|
Inventories |
123,218 |
|
128,230 |
|
Prepayments |
5,542 |
|
2,595 |
|
Other current assets |
5,788 |
|
3,909 |
| |
282,499 |
|
294,950 |
| Non-current
assets |
|
|
|
|
Financial assets at fair value through other comprehensive
income |
3,350 |
|
2,902 |
|
Property, plant and equipment |
45,744 |
|
49,941 |
|
Right of use assets |
2,354 |
|
2,825 |
|
Investment properties |
4,862 |
|
5,112 |
|
Intangible assets |
128 |
|
124 |
|
Investments in associates |
753 |
|
810 |
|
Deferred tax assets |
7,502 |
|
7,799 |
|
Other non-current assets |
2,769 |
|
2,201 |
| |
67,462 |
|
71,714 |
| Total
assets |
349,961 |
|
366,664 |
| |
|
|
|
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND
SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands of US
Dollars) |
|
|
| |
|
|
|
| |
As ofJune 30,
2024(Non-audited) |
|
As ofDecember 31,
2023(Audited) |
| |
US$'000 |
|
US$'000 |
|
Liabilities |
|
|
|
| Current
liabilities |
|
|
|
|
Interest-bearing loans and borrowings |
53,665 |
|
|
53,737 |
|
|
Trade and other payables |
50,051 |
|
|
51,743 |
|
|
Due to related parties |
4,776 |
|
|
7,941 |
|
|
Financial liabilities at fair value through profit or loss |
— |
|
|
74 |
|
|
Accruals |
11,340 |
|
|
15,250 |
|
|
Current tax liabilities |
956 |
|
|
2,116 |
|
|
Employee benefit liabilities |
1,390 |
|
|
1,839 |
|
|
Financial lease liabilities |
482 |
|
|
638 |
|
|
Other current liabilities |
5,197 |
|
|
7,235 |
|
| |
127,857 |
|
|
140,573 |
|
| |
|
|
|
| Non-current
liabilities |
|
|
|
|
Interest-bearing loans and borrowings |
6,177 |
|
|
— |
|
|
Employee benefit liabilities |
6,146 |
|
|
5,997 |
|
|
Lease liabilities |
1,169 |
|
|
1,445 |
|
|
Other non-current liabilities |
183 |
|
|
188 |
|
| |
17,577 |
|
|
11,470 |
|
| Total
liabilities |
145,434 |
|
|
152,043 |
|
| |
|
|
|
| Equity |
|
|
|
| Issued capital |
206 |
|
|
206 |
|
| Additional paid-in
capital |
118,103 |
|
|
118,103 |
|
| Treasury shares |
(38 |
) |
|
(38 |
) |
| Retained earnings |
57,421 |
|
|
57,931 |
|
| Other components of
equity |
(25,746 |
) |
|
(19,143 |
) |
| Equity attributable to
equity holders of the parent |
149,946 |
|
|
157,059 |
|
| Non-controlling interests |
54,581 |
|
|
57,562 |
|
| Total
equity |
204,527 |
|
|
214,621 |
|
| Total liabilities and
equity |
349,961 |
|
|
366,664 |
|
| |
|
|
|
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Non-Audited)(In thousands of US Dollars) |
|
|
|
|
| |
|
|
|
| |
For the six months |
| |
ended June 30, |
| |
2024 |
|
2023 |
| |
US$'000 |
|
US$'000 |
|
Net cash (used in)/provided by operating activities |
(10,768 |
) |
|
(3,518 |
) |
| Net cash used in investing
activities |
(797 |
) |
|
(2,849 |
) |
| Net cash provided by financing
activities |
9,092 |
|
|
(7,389 |
) |
| Effect of exchange rate |
(1,844 |
) |
|
(1,273 |
) |
| Net
(decrease)/increase in cash and cash equivalents |
(4,317 |
) |
|
(15,029 |
) |
|
Cash and cash equivalents at beginning of period |
37,970 |
|
|
54,017 |
|
| Cash and cash
equivalents at end of period |
33,653 |
|
|
38,988 |
|
| |
_____________________________________1 The calculation of the
earnings per share is based on 20,616,227 and 20,616,227 basic and
diluted weighted average common shares issued and outstanding for
the six months ended June 30, 2024 and 2023, respectively. The
numerator uses the profit or loss attributable to the ordinary
equity holders of the parent.
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