Asia Pacific Wire & Cable Corporation Ltd. Reports Second Quarter 2020 Financial Results
03 Settembre 2020 - 2:00PM
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, 2020. 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 2020 Financial Results (Ended June 30, 2020),
and 2019 comparative results |
|
|
First 6 Months
2020 |
First 6 Months
2019 |
CHANGE |
Revenues |
$ |
127.6 million |
$ |
160.6 million |
(20.5)% |
Operating Profit/(Loss) |
$ |
0.3 million |
$ |
(3.5) million |
(1.09)% |
Net Income/(Loss) |
$ |
(0.8) million |
$ |
(1.7) million |
52.5% |
EPS(1) |
$ |
(0.06) |
$ |
(0.12) |
50.0% |
|
(1)The calculation
of the earnings per share is based on 13,819,669 and 13,819,669
basic and diluted weighted average common shares issued and
outstanding for the six months ended June 30, 2020 and 2019,
respectively. |
First Six Months 2020
Results
Revenues for the six months ended June 30, 2020, were $127.6
million, a decrease of 20.5% from $160.6 million for the six months
ended June 30, 2019. The decrease was primarily attributable
to revenue decreases in the Company’s Thailand, North Asia, and
Rest of World (“ROW”) regions. Net revenue in the Company’s
Thailand region decreased by 23.6%, primarily due to decreased
sales of low margin products due to COVID-19. Revenues in the
Company's North Asia region decreased by 23.1%, primarily due to
the cessation of manufacturing operations of Shanghai Asia Pacific
Electric Co., Ltd. (“Yayang”) , and due to depreciation of the
local currency. Revenues in the Company's Rest of World ("ROW")
region decreased by 12.1%, primarily due to Singapore’s lockdown
for reasons associated with COVID-19. The Company's North Asia
region includes China and Hong Kong; 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, 2020
increased to $0.3 million from a loss of $(3.5) million for the six
months ended June 30, 2019. Operating profit margin increased
from a loss of (2.2)% in 2019 to a profit of 0.2% in 2020. In
the Thailand region, operating profit margin increased from a loss
of (2.1)% to a profit of 3.7%, which was attributable primarily to
the increase in sales of higher profit margin products. In the
North Asia region, operating profit margin increased from 2.0% in
2019 to 3.0% for the same period in 2020, primarily attributable to
the decrease in corresponding operating expenses resulting from the
cessation of Yayang. The ROW region’s operating loss margin
increased from (3.6) % in 2019 to (4.1)% in 2020, primarily
attributable to higher average cost resulting from decreased sales
volume in Singapore for reasons associated with COVID-19.
Selling, general and administrative expenses for the six months
ended June 30, 2020 were $11.8 million, compared to $13.1 million
reported for the six months ended June 30, 2019. Net loss
attributable to APWC shareholders was $(0.8) million for the first
six months of 2020, compared to a net loss of $(1.7) million for
the same period in 2019. The decrease in net loss was
primarily due to an increase in operating profit. The weighted
average number of shares issued and outstanding was 13.82 million
for the six months ended June 30, 2020 and 2019.
Financial Condition
APWC reported $52.9 million in cash and cash equivalents as of
June 30, 2020, compared to cash and cash equivalents of $53.7
million as of December 31, 2019.
Current assets totaled $239.2 million as of June 30, 2020,
compared to $239.5 million as of December 31, 2019. Working
capital was $174.7 million as of June 30, 2020. Short term
bank loans were $14.9 million at June 30, 2020, an increase from
$11.4 million at the end of 2019. The Company had $3.3
million in long-term debt outstanding at June 30, 2020, compared to
$0.0 in long-term debt as of December 31, 2019. Shareholder's
equity attributable to APWC was $148.1 million as of June 30, 2020,
compared to $153.9 million as of December 31, 2019.
APWC reported $10.8 million in cash generated from operations
during the six months ended June 30, 2020, compared to cash used in
operations of $4.2 million in the corresponding period in 2019. The
increase in cash generated from operations in 2020 was primarily
attributable to the increased accounts receivable collection. The
Company reported $15.7 million in cash outflows from investing
activities during the six months ended June 30, 2020, compared to
$2.3 million in cash outflows in the same period of 2019. The
increase in cash used for investing activities in the first six
months of 2020 was attributable primarily to the increase in
purchases of property, plant and equipment in the Thailand region
and the purchase of investment properties in the ROW region.
APWC reported $5.6 million in cash inflows from financing
activities during the first six months of 2020, compared to $7.1
million in cash outflows from financing activities in the same
period of 2019. The increase in cash inflows in 2020 was primarily
attributable to an increase in the bank loan borrowing.
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
manufactured by its principal shareholder, Pacific Electric Wire
& Cable Company, a Taiwanese company. 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", “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
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.
Contact:Investor
Relations Contact: Asia Alpha Investor Relations Lisa A. GraySenior
Account Manager Phone: +1-212-989-9899 Email:
apwc@asiaalphair.com |
ASIA PACIFIC WIRE
& CABLE CORPORATION LIMITED AND SUBSIDIARIES |
CONSOLIDATED INCOME
STATEMENTS |
(Unaudited) |
(Amounts in
thousands of U.S. Dollars, except share data) |
|
|
|
|
|
For the six
months |
|
ended June
30, |
|
|
2020 |
|
|
|
2019 |
|
|
(Unaudited) |
|
(Unaudited) |
Revenue |
$ |
127,614 |
|
|
$ |
160,602 |
|
Cost of sales |
|
(115,544 |
) |
|
|
(151,434 |
) |
Gross profit |
|
12,070 |
|
|
|
9,168 |
|
|
|
|
|
Other operating income |
|
262 |
|
|
|
572 |
|
Selling, general and administrative expenses |
|
(11,844 |
) |
|
|
(13,131 |
) |
Other operating expenses |
|
(224 |
) |
|
|
(83 |
) |
Operating profit/(loss) |
|
264 |
|
|
|
(3,474 |
) |
|
|
|
|
Finance costs |
|
(370 |
) |
|
|
(562 |
) |
Finance income |
|
178 |
|
|
|
277 |
|
Share of loss of associates |
|
(1 |
) |
|
|
(1 |
) |
Exchange gain |
|
145 |
|
|
|
981 |
|
Other income |
|
584 |
|
|
|
384 |
|
Other expense |
|
- |
|
|
|
(82 |
) |
Profit before tax |
|
800 |
|
|
|
(2,477 |
) |
Income tax expense |
|
(772 |
) |
|
|
163 |
|
Profit/(Loss) for the period |
$ |
28 |
|
|
$ |
(2,314 |
) |
|
|
|
|
Attributable to: |
|
|
|
Equity holders of the parent |
$ |
(818 |
) |
|
$ |
(1,723 |
) |
Non-controlling interests |
$ |
846 |
|
|
$ |
(591 |
) |
Basic and diluted loss per share |
$ |
(0.06 |
) |
|
$ |
(0.12 |
) |
Basic and diluted weighted average common shares
outstanding |
|
13,819,669 |
|
|
|
13,819,669 |
|
ASIA PACIFIC WIRE
& CABLE CORPORATION LIMITED AND SUBSIDIARIES |
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME |
(Unaudited) |
(Amounts in
thousands of U.S. Dollars, except share data) |
|
|
|
|
|
For the six
months |
|
ended June
30, |
|
|
2020 |
|
|
|
2019 |
|
|
(Unaudited) |
|
(Unaudited) |
Profit/(Loss) for the period |
$ |
28 |
|
|
$ |
(2,314 |
) |
Other comprehensive income/(loss) |
|
|
|
Other comprehensive income/(loss) to be reclassified to profit
or loss in subsequent periods: |
|
|
|
Exchange differences on translation of foreign operations, net of
tax of nil |
|
(6,919 |
) |
|
|
7,123 |
|
|
|
(6,919 |
) |
|
|
7,123 |
|
Other comprehensive income/(loss) not to be reclassified to
profit or loss in subsequent periods: |
|
|
|
Changes in the fair value of equity instruments measured at
FVOCI |
|
(1,069 |
) |
|
|
227 |
|
Income tax effect |
|
214 |
|
|
|
(45 |
) |
|
|
(855 |
) |
|
|
182 |
|
Re-measuring income/(losses) on defined benefit plans |
|
134 |
|
|
|
(124 |
) |
Income tax effect |
|
(26 |
) |
|
|
24 |
|
|
|
108 |
|
|
|
(100 |
) |
|
|
|
|
Other comprehensive income/(loss) for the period, net of
tax |
|
(7,666 |
) |
|
|
7,205 |
|
Total comprehensive income /(loss) for the period, net of
tax |
|
(7,638 |
) |
|
|
4,891 |
|
Attributable to: |
|
|
|
Equity holders of the parent |
|
(5,734 |
) |
|
|
1,414 |
|
Non-controlling interests |
|
(1,904 |
) |
|
|
3,477 |
|
|
$ |
(7,638 |
) |
|
$ |
4,891 |
|
ASIA PACIFIC WIRE
& CABLE CORPORATION LIMITED AND SUBSIDIARIES |
CONSOLIDATED BALANCE
SHEETS |
(Amounts in
thousands of U.S. Dollars, except share data) |
|
|
|
|
|
As of June 30, 2020 (Unaudited) |
|
As of December 31, 2019 (Audited) |
|
|
|
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash
equivalents |
$ |
52,921 |
|
$ |
53,673 |
Trade receivables |
|
52,072 |
|
|
74,077 |
Other receivables |
|
9,636 |
|
|
6,868 |
Contract assets |
|
1,625 |
|
|
4,686 |
Due from related parties |
|
11,348 |
|
|
11,566 |
Inventories |
|
104,687 |
|
|
85,187 |
Prepayments |
|
4,615 |
|
|
1,926 |
Other current assets |
|
2,249 |
|
|
1,521 |
|
|
239,153 |
|
|
239,504 |
Non-current assets |
|
|
|
Financial assets at fair value through other comprehensive
income |
|
2,968 |
|
|
4,062 |
Property, plant and equipment |
|
42,916 |
|
|
41,747 |
Right of use assets |
|
3,348 |
|
|
3,735 |
Prepaid land lease payments |
|
- |
|
|
- |
Investment properties |
|
5,732 |
|
|
730 |
Intangible assets |
|
193 |
|
|
128 |
Investments in associates accounted for using equity
method |
|
903 |
|
|
935 |
Deferred tax assets |
|
4,451 |
|
|
3,939 |
Other non-current assets |
|
3,639 |
|
|
4,131 |
|
|
64,150 |
|
|
59,407 |
Total assets |
$ |
303,303 |
|
$ |
298,911 |
ASIA PACIFIC WIRE
& CABLE CORPORATION LIMITED AND SUBSIDIARIES |
CONSOLIDATED BALANCE
SHEETS |
(Amounts in
thousands of U.S. Dollars, except share data) |
|
|
|
|
|
As of June 30, 2020 (Unaudited) |
|
As of December 31, 2019 (Audited) |
|
|
|
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Interest-bearing loans and borrowings |
$ |
14,931 |
|
|
$ |
11,356 |
|
Trade and other payables |
|
25,727 |
|
|
|
16,879 |
|
Due to related parties |
|
3,945 |
|
|
|
3,284 |
|
Financial liabilities at fair value through profit or loss |
|
(23 |
) |
|
|
3 |
|
Accruals |
|
11,583 |
|
|
|
14,437 |
|
Current tax liabilities |
|
3,133 |
|
|
|
2,872 |
|
Employee benefit liabilities |
|
2,012 |
|
|
|
1,888 |
|
Financial lease liabilities |
|
570 |
|
|
|
574 |
|
Other current liabilities |
|
2,589 |
|
|
|
2,356 |
|
|
|
64,467 |
|
|
|
53,649 |
|
Non-current liabilities |
|
|
|
Interest-bearing loans and borrowings |
|
3,306 |
|
|
|
- |
|
Employee benefit liabilities |
|
10,154 |
|
|
|
10,434 |
|
Financial lease liabilities |
|
1,911 |
|
|
|
2,254 |
|
Deferred tax liabilities |
|
3,875 |
|
|
|
4,139 |
|
|
|
19,246 |
|
|
|
16,827 |
|
Total liabilities |
|
83,713 |
|
|
|
70,476 |
|
|
|
|
|
Equity |
|
|
|
Issued capital |
|
138 |
|
|
|
138 |
|
Additional paid-in capital |
|
110,416 |
|
|
|
110,416 |
|
Treasury shares |
|
(38 |
) |
|
|
(38 |
) |
Retained earnings |
|
52,566 |
|
|
|
53,384 |
|
Other components of equity |
|
(14,962 |
) |
|
|
(10,046 |
) |
Equity attributable to equity holders of the parent |
|
148,120 |
|
|
|
153,854 |
|
Non-controlling interests |
|
71,470 |
|
|
|
74,581 |
|
Total equity |
$ |
219,590 |
|
|
$ |
228,435 |
|
Total liabilities and equity |
$ |
303,303 |
|
|
$ |
298,911 |
|
ASIA PACIFIC WIRE
& CABLE CORPORATION LIMITED AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
(Amounts in
thousands of U.S. Dollars) |
|
|
|
|
|
For the six
months |
|
ended June
30, |
|
|
2020 |
|
|
|
2019 |
|
|
(Unaudited) |
|
(Unaudited) |
Net cash provided by/(used in) operating
activities |
$ |
10,847 |
|
|
$ |
(4,230 |
) |
Net cash provided by/(used in) investing
activities |
|
(15,740 |
) |
|
|
(2,305 |
) |
Net cash provided by/(used in) financing
activities |
|
5,562 |
|
|
|
(7,126 |
) |
Effect of exchange rate on cash and cash
equivalents |
|
(1,421 |
) |
|
|
1,978 |
|
Net increase/(decrease) in cash and cash
equivalents |
|
(752 |
) |
|
|
(11,683 |
) |
Cash and cash equivalents at beginning of
period |
|
53,673 |
|
|
|
60,778 |
|
Cash and cash equivalents at end of period |
$ |
52,921 |
|
|
$ |
49,095 |
|
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