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Asia Pacific Wire & Cable Corporation Ltd. Reports certain Financial Results for the First Six Months 2017

TAIPEI, Taiwan, Aug. 22, 2017 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited (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, 2017. Unless otherwise indicated, all data are reported in US dollars at the exchange rate prevailing on the date of the event or result reported.

 

 

First Six Months 2017 Financial Results (Ended June 30, 2017)
 
  First Six Months 2017 First Six Months 2016 CHANGE
Revenues $182.8 million $168.0 million 8.8%
Gross Profit $13.9 million $13.7 million 1.7%
Net Income $5.0 million $3.2 million 54.9%
EPS(1) $0.36 $0.23 56.5%
 
(1) The calculation of the earnings per share is based on 13,819,669 and 13,819,669 basic and diluted weighted common shares issued and outstanding for the six months ended June 30, 2016 and 2017, respectively.

 

 

First Six Months 2017 Results

Gross revenues for the six months ended June 30, 2017, were $182.8 million, an increase of 8.8% from $168.0 million in the prior year. The increase was primarily attributable to a 31.5% revenue increase in the Thailand region due to higher demand in the public sectors and increased export sales. Revenues in the Company’s North Asia region increased by 6.7%, primarily due to the increase in the price of copper. Revenues in the Company’s Rest of World region dropped by 10.9% due to increased market competition. The Company’s North Asia region includes China and Hong Kong; the Thailand region contains the operations and sales inside 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.

 

The gross profit for the six months ended June 30, 2017, increased by 1.7% to $13.9 million from $13.7 million in the same period last year. Gross margin decreased by 6.5% from 8.1% in 2016 to 7.6% this year. In the Thailand region, gross margin grew following an increase in our product sales to high margin government projects. In the North Asia and Rest of World regions, gross margins decreased slightly.

 

Selling, general and administrative expenses for 2017 were $12.1 million, compared to $12.7 million reported in 2016. Operating income was $7.2 million, compared to operating income of $5.6 million in 2016.

 

Net income attributable to APWC shareholders was $5.0 million for the six months ended June 30, 2017, compared to net income of $3.2 million for the first six months of 2016. Net income per share was $0.36 in the first six months of 2017, while net income per share was $0.23 for the comparable period in 2016. The weighted average number of shares issued and outstanding was 13.8 million for each of the six months ended June 30, 2017 and 2016.

 

 

Financial Condition

 

APWC reported $48.9 million in cash and cash equivalents as of June 30, 2017, compared to cash and cash equivalents of $48.2 million as of December 31, 2016.

 

Current assets totaled $266.5 million as of June 30, 2017, compared to $244.6 million as of December 31, 2016. Working capital was $170.5 million as of June 30, 2017. Short term bank loans were $42.7 million at June 30, 2017, an increase from $28.2 million at the end of 2016. The Company had no long-term debt outstanding at June 30, 2017. Shareholder's equity attributable to APWC was $147.6 million as of June 30, 2017, compared to $136.0 million as of December 31, 2016.

 

APWC reported $20.3 million in cash outflows from operations during the six months ended June 30, 2017, compared to cash outflows from operations of $4.9 million in the corresponding period in 2016. Cash used in operations was mainly caused by an increase of inventory and decrease of trade payables. The Company generated $7.1 million from investing activities during the six months ended June 30, 2017, compared to $2.4 million cash generated in the same period of 2016. The cash generated was attributable, in part, to the disposal of land use rights and buildings associated with its facilities at Ninbgo, China. APWC generated $11.2 million from financing activities during the six months ended June 30, 2017, compared to $6.0 million in outflows in the same period of 2016. The cash generated was mainly attributable to the increase in bank loans.

 

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


Asia Pacific Wire & Cable Corporation is principally engaged in the manufacture and distribution of telecommunications (copper and fiber optic) and power cable and enameled wire products in the Asia Pacific region, primarily in Thailand, China, Singapore and Australia. The Company manufactures and distributes its own wire and cable products and also distributes wire and cable products ("Distributed Products") manufactured by its principal shareholder, Pacific Electric Wire & Cable Company, a Taiwanese company ("PEWC"). The Company also provides project engineering services in the supply, delivery and installation ("SDI") of power cables to certain of its customers.

 


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" 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 anticipated, believed, estimated or expected. 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 periodic 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.

 

 

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
 
  For the six months
  ended June 30, (Unaudited)
  2017 2016
Sales of goods / services $182,793 $167,995
Cost of sales (168,900) (154,335)
Gross profit 13,893 13,660
     
Other operating income 5,520 4,797
Selling, general and administrative expenses (12,065) (12,660)
Other operating expenses (124) (164)
Operating income/(loss) 7,224 5,633
     
Finance costs (527) (556)
Finance income 669 658
Share of loss  of associates (1) (366)
Exchange (loss)/gain 1,644 352
Other expense (549) (203)
Profit/(loss) before tax 8,460 5,518
     
Income tax benefit/(expense) (2,089) 210
     
Profit/(loss) for the year $6,371 $5,728
     
Attributable to:    
Equity holders of the parent 5,000 3,227
Non-controlling interests 1,371 2,501
Basic and diluted earnings per share $0.36 $0.23
Basic and diluted weighted average common shares outstanding 13,819,669   13,819,669

 

 

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars, except share data)
 
  As of June 30,
2017
(Unaudited)
As of December 31,
2016 (Audited)
     
ASSETS    
Current assets:    
Cash and cash equivalents $48,871 $48,231
Other current financial assets – at fair value through profit or loss 0 187
Trade receivables 82,240 79,472
Other receivables 15,459 16,918
Due from related parties 14,048 12,573
Inventories 100,226 77,407
Gross amounts due from customers for contract work-in-progress 44 2,045
Prepayments 2,362 1,189
Assets classified as held for sale 0 3,368
Other current assets 3,255 3,238
  266,505 244,628
Non-current assets    
Other non-current financial assets-available for sale 3,365 2,765
Other non-current financial assets-held to maturity 325 309
Property, plant and requirement 39,915 39,637
Prepaid land lease payments 1,066 1,070
Investment properties 666 653
Intangible assets 154 173
Investments in associates 833 786
Other non-current assets 1,030 461
Deferred tax assets 3,002 3,114
  50,356 48,968
Total assets $316,861 $293,596

 

 

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars, except share data)
 
  As of June 30,
2017
(Unaudited)
As of December 31,
2016 (Audited)
     
Current liabilities:    
Interest-bearing loans and borrowings $42,740 $28,225
Trade and other payables 25,994 30,023
Due to related parties 2,768 3,096
Due to immediate holding company 1,537 1,537
Other current financial liabilities at fair value through profit or loss 364 0
Accruals 13,495 13,651
Current tax liabilities 3,878 3,473
Employee benefit liability 611 594
Financial lease liabilities 32 29
Provisions for employee benefit 443 422
Onerous contracts provisions 249 250
Dividend payable 503 440
Other current liabilities 3,401 5,876
  96,015 87,616
     
Non-current liabilities    
Employee benefit liability 6,672 6,058
Financial lease liabilities 41 54
Provisions for employee benefit 112 105
Other non-current liabilities 0 0
Deferred tax liabilities 2,704 2,588
  9,529 8,805
Total liabilities 105,544 96,421
     
Equity    
Issued capital 138 138
Additional paid-in capital 110,608 110,608
Treasury shares (38) (38)
Retained earnings 51,012 46,012
Other components of equity (14,156) (20,770)
Equity attributable to equity holders of the parent 147,564 135,950
Non-controlling interests 63,753 61,225
Total equity 211,317 197,175
Total liabilities and equity $316,861 $293,596

 

 

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands of U.S. Dollars)
 
  For the six months
  ended June 30, (Unaudited)
  2017 2016
Net cash used in operating activities ($20,297) ($4,918)
Net cash provided by investing activities 7,090 2,422
Net cash provided by/(used in ) financing activities 11,156 (6,037)
Effect of exchange rate changes on cash and cash  equivalents 2,691 833
Net increase/(decrease) in cash and cash equivalents 640 (7,700)
Cash and cash equivalents at beginning of period 48,231 51,303
Cash and cash equivalents at end of period $48,871 $43,603


 

 

 

Contact:

Investor Relations Contact:
MZ North America
Ted Haberfield, President
Phone: +1-760-755-2716
Email: thaberfield@mzgroup.us
Web:   http://www.mzgroup.us


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