Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document Informations [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Trading Symbol | APWC |
Entity Registrant Name | ASIA PACIFIC WIRE & CABLE CORP LTD |
Entity Central Index Key | 0001026980 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Title of 12(b) Security | Common Shares, par value 0.01 per share |
Security Exchange Name | NASDAQ |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 13,819,669 |
Entity Incorporation, State or Country Code | D0 |
Entity Address, Address Line One | 15/Fl. B, No. 77, Sec. 2 |
Entity Address, Address Line Two | Dunhua South Road |
Entity Address, City or Town | Taipei |
Entity Address, Postal Zip Code | 106 |
Entity Address, Country | TW |
Entity File Number | 1-14542 |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Business Contact [Member] | |
Document Informations [Line Items] | |
Entity Address, Address Line One | 15/Fl. B, No. 77, Sec. 2 |
Entity Address, Address Line Two | Dunhua South Road |
Entity Address, City or Town | Taipei |
Entity Address, Postal Zip Code | 106 |
Entity Address, Country | TW |
Contact Personnel Name | Ivan Hsia |
City Area Code | 886 |
Local Phone Number | 2-27122558 |
Contact Personnel Email Address | ivan.hsia@apwcc.com |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenue | $ 338,160 | $ 425,940 | $ 425,215 |
Cost of sales | (313,373) | (389,692) | (385,527) |
Gross profit | 24,787 | 36,248 | 39,688 |
Other operating income | 385 | 805 | 5,084 |
Selling, general and administrative expenses | (25,051) | (26,924) | (27,248) |
Other operating expenses | (770) | (1,445) | (909) |
Operating (loss) /profit | (649) | 8,684 | 16,615 |
Finance costs | (1,012) | (1,378) | (1,221) |
Finance income | 506 | 482 | 876 |
Share of loss of associates | (3) | (3) | (3) |
Loss on liquidation of a subsidiary | (261) | ||
Exchange gain | 1,550 | 1,741 | 2,784 |
Other income | 717 | 1,817 | 214 |
Other expense | (3) | (11) | (336) |
Profit before tax | 1,106 | 11,332 | 18,668 |
Income tax expense | (2,057) | (3,886) | (5,140) |
(Loss) /Profit for the year | (951) | 7,446 | 13,528 |
Attributable to: | |||
Equity holders of the parent | (1,632) | 2,928 | 8,720 |
Non-controlling interests | 681 | 4,518 | 4,808 |
(Loss) /Profit for the year | $ (951) | $ 7,446 | $ 13,528 |
(Loss) /earnings per share | |||
Basic and diluted (loss)/profit for the year attributable to equity holders of the parent | $ (0.12) | $ 0.21 | $ 0.63 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Comprehensive Income [Abstract] | |||
Profit /(loss) for the year | $ (951) | $ 7,446 | $ 13,528 |
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 $0 | 10,677 | (4,388) | 15,882 |
Cumulative translation differences reclassified to profit or loss on liquidation of a subsidiary | 248 | ||
Exchange differences, total | 10,677 | (4,388) | 16,130 |
Net gain/(loss) on available-for-sale financial assets | (80) | ||
Income tax effect | 16 | ||
Other comprehensive income from available-for-sale financial assets, net of tax | (64) | ||
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 fair value through other comprehensive income | 1,670 | (419) | |
Income tax effect | (334) | 84 | |
Other comprehensive income from equity instruments measured at fair value, net of tax | 1,336 | (335) | |
Re-measuring loss on defined benefit plans | (1,727) | (410) | (772) |
Income tax effect | 345 | 82 | 154 |
Defined benefit pension plan, net of tax | (1,382) | (328) | (618) |
Other comprehensive income/(loss) for the year, net of tax | 10,631 | (5,051) | 15,448 |
Total comprehensive income for the year, net of tax | 9,680 | 2,395 | 28,976 |
Attributable to: | |||
Equity holders of the parent | 3,786 | (2,038) | 18,992 |
Non-controlling interests | 5,894 | 4,433 | 9,984 |
Total comprehensive income for the year, net of tax | $ 9,680 | $ 2,395 | $ 28,976 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Comprehensive Income [Abstract] | |||
Income tax effect on exchange differences on translation of foreign operations | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 53,673 | $ 60,778 |
Trade receivables | 74,077 | 79,617 |
Other receivables | 6,868 | 12,422 |
Contract assets | 4,686 | 1,460 |
Due from related parties | 11,566 | 12,061 |
Inventories | 85,187 | 83,925 |
Prepayments | 1,926 | 1,140 |
Other current assets | 1,521 | 2,745 |
Total current assets | 239,504 | 254,148 |
Non-current assets | ||
Financial assets at fair value through other comprehensive income | 4,062 | 2,332 |
Property, plant and equipment | 41,747 | 41,418 |
Right-of-use assets | 3,735 | 0 |
Prepaid land lease payments | 978 | |
Investment properties | 730 | 720 |
Intangible assets | 128 | 157 |
Investments in associates | 935 | 864 |
Deferred tax assets | 3,939 | 3,919 |
Other non-current assets | 4,131 | 1,262 |
Total non-current assets | 59,407 | 51,650 |
Total assets | 298,911 | 305,798 |
Current liabilities | ||
Interest-bearing loans and borrowings | 11,356 | 24,814 |
Trade and other payables | 16,879 | 21,127 |
Due to related parties | 3,284 | 2,997 |
Financial liabilities at fair value through profit or loss | 3 | 142 |
Accruals | 14,437 | 14,197 |
Current tax liabilities | 2,872 | 3,863 |
Employee benefit liabilities | 1,888 | 1,282 |
Lease liabilities | 574 | 44 |
Other current liabilities | 2,356 | 3,272 |
Total current liabilities | 53,649 | 71,738 |
Non-current liabilities | ||
Employee benefit liabilities | 10,434 | 8,273 |
Lease liabilities | 2,254 | 46 |
Deferred tax liabilities | 4,139 | 3,925 |
Total non-current liabilities | 16,827 | 12,244 |
Total liabilities | 70,476 | 83,982 |
Equity | ||
Issued capital | 138 | 138 |
Additional paid-in capital | 110,416 | 110,376 |
Treasury shares | (38) | (38) |
Retained earnings | 53,384 | 55,016 |
Other components of equity | (10,046) | (15,464) |
Equity attributable to equity holders of the parent | 153,854 | 150,028 |
Non-controlling interests | 74,581 | 71,788 |
Total equity | 228,435 | 221,816 |
Total liabilities and equity | $ 298,911 | $ 305,798 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | IFRS 9 and IFRS 15 [Member] | Issued capital [Member] | Issued capital [Member]IFRS 9 and IFRS 15 [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member]IFRS 9 and IFRS 15 [Member] | Treasury shares [Member] | Treasury shares [Member]IFRS 9 and IFRS 15 [Member] | Retained earnings [Member] | Retained earnings [Member]IFRS 9 and IFRS 15 [Member] | Re-measurement of defined benefit plans [Member] | Re-measurement of defined benefit plans [Member]IFRS 9 and IFRS 15 [Member] | Available-for-sale reserve [Member] | Financial assets at FVOCI reserve [Member] | Financial assets at FVOCI reserve [Member]IFRS 9 and IFRS 15 [Member] | Foreign currency translation reserve [Member] | Foreign currency translation reserve [Member]IFRS 9 and IFRS 15 [Member] | Total attributable to the equity holders of the parent [Member] | Total attributable to the equity holders of the parent [Member]IFRS 9 and IFRS 15 [Member] | Non-controlling interests [Member] | Non-controlling interests [Member]IFRS 9 and IFRS 15 [Member] |
Beginning balance at Dec. 31, 2016 | $ 197,175 | $ 138 | $ 110,608 | $ (38) | $ 46,012 | $ (435) | $ 907 | $ (21,242) | $ 135,950 | $ 61,225 | |||||||||||
Profit /(loss) for the year | 13,528 | 8,720 | 8,720 | 4,808 | |||||||||||||||||
Other comprehensive income/(loss) | 15,448 | (315) | (33) | 10,620 | 10,272 | 5,176 | |||||||||||||||
Total comprehensive income for the year, net of tax | 28,976 | 8,720 | (315) | (33) | 10,620 | 18,992 | 9,984 | ||||||||||||||
Dividend paid | (3,325) | (1,382) | (1,382) | (1,943) | |||||||||||||||||
Effect from the changes in shareholding percentage in subsidiary | (232) | (232) | 232 | ||||||||||||||||||
Ending balance at Dec. 31, 2017 | 222,826 | $ 222,733 | 138 | $ 138 | 110,376 | $ 110,376 | (38) | $ (38) | 53,350 | $ 53,194 | (750) | $ (750) | 874 | $ 874 | (10,622) | $ (10,622) | 153,328 | $ 153,172 | 69,498 | $ 69,561 | |
Reclassification on adoption of IFRS 9 and IFRS 15 | (93) | (156) | $ (874) | $ 874 | (156) | 63 | |||||||||||||||
Profit /(loss) for the year | 7,446 | 2,928 | 2,928 | 4,518 | |||||||||||||||||
Other comprehensive income/(loss) | (5,051) | (167) | (170) | (4,629) | (4,966) | (85) | |||||||||||||||
Total comprehensive income for the year, net of tax | 2,395 | 2,928 | (167) | (170) | (4,629) | (2,038) | 4,433 | ||||||||||||||
Dividend paid | (3,312) | (1,106) | (1,106) | (2,206) | |||||||||||||||||
Ending balance at Dec. 31, 2018 | 221,816 | 138 | 110,376 | (38) | 55,016 | (917) | 704 | (15,251) | 150,028 | 71,788 | |||||||||||
Profit /(loss) for the year | (951) | (1,632) | (1,632) | 681 | |||||||||||||||||
Other comprehensive income/(loss) | 10,631 | (704) | 680 | 5,442 | 5,418 | 5,213 | |||||||||||||||
Total comprehensive income for the year, net of tax | 9,680 | (1,632) | (704) | 680 | 5,442 | 3,786 | 5,894 | ||||||||||||||
Dividend paid | (2,763) | (2,763) | |||||||||||||||||||
Effect from the changes in shareholding percentage in subsidiary | (298) | 40 | 40 | (338) | |||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 228,435 | $ 138 | $ 110,416 | $ (38) | $ 53,384 | $ (1,621) | $ 1,384 | $ (9,809) | $ 153,854 | $ 74,581 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||
Profit before tax | $ 1,106 | $ 11,332 | $ 18,668 |
Adjustments to reconcile profit before tax to net cash provided by operating activities: | |||
Depreciation | 5,274 | 4,936 | 4,972 |
Impairment of property, plant and equipment | 546 | 11 | 223 |
Amortization of prepaid land lease payments | 38 | 35 | |
Amortization of intangible assets | 50 | 44 | 49 |
Gain on disposal of property, plant and equipment | (88) | (93) | (99) |
Gain on disposal of assets classified as held for sale | (4,525) | ||
Adjustment for loss (gain) on fair value of derivatives | (146) | 2 | 332 |
Dividend income | (109) | (105) | (100) |
Finance income | (506) | (482) | (876) |
Finance costs | 1,012 | 1,378 | 1,221 |
Share of loss of associates | 3 | 3 | 3 |
Impairment (reversal of impairment) for trade receivables | (122) | 570 | 302 |
Impairment for trade receivables for related parties | 1 | 27 | |
Impairment of other receivable | 30 | 53 | |
Impairment (write-back of impairment) of inventories | (322) | 1,613 | 532 |
Unrealized foreign exchange difference, net | (503) | (742) | (1,771) |
Loss on liquidation of subsidiary | 261 | ||
Changes in operating assets and liabilities | |||
Trade and other receivable, net | 16,031 | 27,993 | (17,438) |
Contract assets | (3,160) | (1,317) | |
Inventories | 3,166 | 10,339 | (11,523) |
Prepayment and other current assets | 484 | 133 | 123 |
Amounts due to/from related parties | 1,177 | (1,422) | 2,733 |
Other non-current assets | (238) | (55) | 77 |
Trade and other payables, accruals, other current liabilities and other non-current liabilities | (5,527) | (8,518) | (6,778) |
Net cash flows (used in) provided by operating activities | 18,158 | 45,712 | (13,552) |
Dividend received | 109 | 105 | 100 |
Interest received | 457 | 405 | 858 |
Interest paid | (894) | (1,216) | (1,043) |
Income tax paid | (2,690) | (4,357) | (2,787) |
Net cash provided (used in) by operating activities | 15,140 | 40,649 | (16,424) |
Investing activities: | |||
Purchases of property, plant and equipment | (5,442) | (4,441) | (4,903) |
Purchases of intangible assets | (20) | (67) | (10) |
Purchases of investment properties | (84) | ||
Purchases of long-term bank deposits | (272) | (410) | (475) |
Purchases of short-term bank deposits | (835) | ||
Proceeds from disposal of held for sale assets | 8,011 | ||
Proceeds from disposal of property, plant and equipment | 171 | 100 | 510 |
Proceeds from disposal of other financial assets-held to maturity | 340 | ||
Net cash (used in) provided by investing activities | (6,398) | (4,818) | 3,389 |
Financing activities: | |||
Dividend paid to non-controlling shareholders of subsidiaries | (2,763) | (2,206) | (1,943) |
Dividend paid to company's shareholders | (1,106) | (1,382) | |
Repayments of borrowings | (19,811) | (25,737) | (17,306) |
Proceeds from borrowings | 5,349 | 9,517 | 27,714 |
Change in financial lease liabilities | (46) | (41) | |
Principal elements of lease payments | (426) | ||
Effect from the changes in shareholding percentage in subsidiary | (298) | ||
Net cash (used in) provided by financing activities | (17,949) | (19,578) | 7,042 |
Effect of exchange rate | 2,102 | (1,568) | 3,855 |
Net (decrease) increase in cash and cash equivalents | (7,105) | 14,685 | (2,138) |
Cash and cash equivalents at beginning of year | 60,778 | 46,093 | 48,231 |
Cash and cash equivalents at end of year | $ 53,673 | $ 60,778 | $ 46,093 |
Principal Activities and Corpor
Principal Activities and Corporate Information | 12 Months Ended |
Dec. 31, 2019 | |
Text Block1 [Abstract] | |
Principal Activities and Corporate Information | 1. Asia Pacific Wire & Cable Corporation Limited (“APWC” or the “Company”), which is a subsidiary of Pacific Electric Wire & Cable Co., Ltd. (“PEWC”), a Taiwanese company, was incorporated as an exempted company in Bermuda on September 19, 1996 under the Companies Act 1981 of Bermuda (as amended) for the purpose of acting as a holding company. The Company is principally engaged in owning operating companies engaged in the power cable, telecommunication cable, enameled wire and electronic cable industry. The Company’s registered office is located at Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda. The Company’s executive business office is presently located in Taipei, Taiwan. The Company’s operating subsidiaries (the “Operating Subsidiaries”) are engaged in the manufacturing and distribution of telecommunications, power cable and enameled wire products in Singapore, Thailand, Australia, the People’s Republic of China (“PRC”) and other markets in the Asia Pacific region. Major customers of the Operating Subsidiaries include government organizations, electric contracting firms, electrical dealers, and wire and cable factories. The Company’s Operating Subsidiaries also engage in the distribution of certain wire and cable products manufactured by PEWC and third parties. The Company also provides project engineering services in supply, delivery and installation (the “SDI”) of power cable to certain of its customers. Since 1997, the Company has been a U.S. public company with its common shares registered with the Securities and Exchange Commission (the “SEC” or the “Commission”). On April 29, 2011, the Company’s common shares commenced trading on Nasdaq Capital Market tier. On February 15, 2013, the Company’s common shares started trading on the Nasdaq Global Market tier. PEWC is currently holding 75.4% of the equity of the Company and is the Company’s ultimate parent company Share Capital Repurchase Program The Company’s Board of Directors authorized a share capital repurchase program on August 28, 2012. During 2012 and 2013, the Company repurchased 11,100 shares with total considerations of $38 until the Company suspended the share capital repurchase program as of June 30, 2013. The Company records the value of its common shares held in the treasury at cost. On August 13, 2014, the Company announced that its Board of Directors authorized the future implementation of a share repurchase program of up to $1 million worth of its Common Shares. The Company did not announce a commencement date for that future share repurchase program, and, to date, it has not yet been implemented, and no financial liability has been recognized. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Basis Of Preparation Of Financial Statements [Abstract] | |
Basis of Preparation | 2. 2.1 The financial statements have been prepared on a historical basis except where otherwise disclosed in the accounting policies. The v 2.2 The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of December 31, 2019 and 2018, and the results of operations of the Company and all subsidiaries for the years ended December 31, 2019, 2018 and 2017. Subsidiaries are fully consolidated from the date of acquisition (the date on which the Company obtains control), and continue to be consolidated until the date that such control ceases. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, transactions, unrealized gains and losses and dividends resulting from intra-group transactions are eliminated in full. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income statements, statements of comprehensive income, statements of changes in equity and balance sheets, respectively. Total comprehensive income (loss) within a subsidiary is attributed to the non-controlling interest even if it results in a deficit balance. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Company loses control over a subsidiary, it: ► Derecognizes the assets (including goodwill) and liabilities of the subsidiary ► Derecognizes the carrying amount of any non-controlling interest ► Derecognizes the cumulative transaction differences recorded in equity ► Recognizes the fair value of the consideration received ► Recognizes the fair value of any investment retained ► Recognizes any surplus or deficit in profit or loss ► Reclassifies the parent’s share of components previously recognized in other comprehensive income to profit or loss or retained earnings, as appropriate, as would be required if the Company had directly disposed of the related assets or liability. 2. BASIS OF PREPARATION (continued) 2.2 Basis of consolidation (continued) The subsidiaries of the Company are set out below: Percentage of equity interest Place of incorporation and operations 2019 2018 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) 45.84 % 30.56 % 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) The directors have concluded that the Company controls SFO, even though it holds less than half of the voting rights of this subsidiary. This is because the Company is the largest shareholder with a 50.93% equity interest in Charoong Thai, which held a 90% and 60% equity interest of SFO as of December 31. 2019 and 2018, respectively. On October 30, 2019, Charoong Thai acquired additional 30% interest in SFO for a total consideration of THB 9 million, thereby increasing the Company’s interest in SFO from 30.56% to 45.84%. The Company recorded the effect of change in shareholding of the subsidiaries, amounting to $40 under the caption of “Additional paid-in capital” in the consolidated statement of change in equity. (iii) On June 19, 2018, APWC’s Board of Directors approved to set up APNEC as the Company’s subsidiary with 100% held. APNEC registered its incorporation on October 26, 2018 with TWD 500 million registered capital and a paid-up capital of TWD 4 million. In December 2018, APNEC acquired 100% of interest both in YASHIN and YADING from a subsidiary of PEWC at cash consideration of TWD 0.5 million, respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | The Company has consistently applied the following accounting policies to all periods presented in these consolidated financial statements, except as mentioned otherwise (see also Note 4.1). 3.1 Current versus non-current classification The Company presents assets and liabilities in the balance sheets based on current and non-current classification. An asset is current when it is: Expected to be realized or intended to be sold or consumed in the normal operating cycle; ► Held primarily for the purpose of trading; ► Expected to be realized within twelve months after the reporting period; or ► Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: It is expected to be settled in a normal operating cycle; ► It is held primarily for the purpose of trading; ► It is due to be settled within twelve months after the reporting period; or ► There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Company classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. 3.2 Operating profit The operating profit is the profit earned from core business operations, and it does not include any profit earned from investment and the effects of interest and taxes. 3.3 Fair value measurement The Company measures financial instruments at fair value at each balance sheet date. In addition, fair values of financial instruments measured at amortized cost are disclosed in Note 11(d). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ► In the principal market for the asset or liability, or ► In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.3 Fair value measurement (continued) A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: ► Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities ► Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly or indirectly ► Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. 3.4 Cash and cash equivalents Cash and cash equivalents in the consolidated balance sheet comprise of cash at banks and highly liquid investments with purchased maturities of three months or less, which are subject to an insignificant risk of change in value. For the purpose of the consolidated statements of cash flows, cash and cash equivalents are net of outstanding bank overdrafts as they are considered an integral part of the Company’s cash management. The balance of bank overdraft was nil as of December 31, 2019 and 2018. 3.5 Inventories Inventories are stated at the lower of cost and net realizable value. Cost of manufactured goods is determined on the weighted average basis and, in the case of work in progress and finished goods, comprises direct materials, direct labor and an appropriate proportion of overheads based on the normal operating capacity. Cost of distributed goods is determined on the weighted average basis. Net realizable value is based on estimated selling prices less any estimated costs to be incurred to completion and the estimated cost necessary to make the sale. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.6 Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and any accumulated impairment losses. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to profit or loss in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalized in the carrying amount of the asset as a replacement. When significant parts of property, plant and equipment are required to be replaced at intervals, the Company recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Spare parts and servicing equipment are usually carried as inventory and recognized in profit or loss as consumed. However, major spare parts and stand-by equipment qualify as property, plant and equipment when an entity expects to use them for more than one year. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. A provision shall be recognized when: (a) an entity has a present obligation (legal or constructive) as a result of a past event; (b) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and (c) a reliable estimate can be made of the amount of the obligation. If these conditions are not met, no provision shall be recognized. Depreciation Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: ► Buildings 20-30 years ► Building improvement 3-20 years ► Machinery and equipment 4-20 years ► Motor vehicles 3-10 years ► Office equipment 2-20 years An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized. The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year end, and adjusted prospectively, if appropriate. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.6 Property, plant and equipment (continued) Impairment If circumstances arise which indicate assets might be impaired, a review should be undertaken of their cash generating abilities through either use or sales. This review will produce an amount, which should be compared with the asset’s carrying value, and if the carrying value is higher, the difference must be written off as an impairment adjustment in the income statement. Further detailed methodology used for an impairment test is given in Note 3.11 - Impairment of non-financial assets. 3.7 Leases From January 1, 2019 The Company assesses at contract inception whether a contract is, or contains, a lease. That is, the Company assesses whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company as a lessee The Company, as a lessee, applies a single accounting model to recognize assets and liabilities for all leases, except for the lease term is 12 months or less or the underlying asset has a low value. The Company recognizes lease liabilities to make lease payment and right-of-use assets representing the right to use the underlying assets. (i) Right-of-use assets The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payment made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: ► 2 to 37 years ► 2 to 3 years ► 1 to 3 years ► 5 years If the ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policies Note 3.11 impairment of non-financial assets. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3. 7 Leases (continued) (ii) Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payment to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payment) or a change in the assessment of an option to purchase the underlying asset. (iii) Short-term leases and leases of low-value assets The Company applies the short-term lease recognition exemption to its short-term leases. It also applies the lease of low-value assets recognition exemption to its leases that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. The Company as a lessor Leases for which the Company is a lessor are classified each of its leases as either an operating lease or finance lease. Finance lease Whenever the terms of the lease transfer substantially all the risks and rewards incidental to ownership of an underlying asset, the lease is classified as a finance lease. Amount due from lessees under finance lease are recognized as receivables at the amount of the Company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company’s net investment outstanding in respect of the leases. Operating lease Leases in which the Company does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the consolidated income statements due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they are earned. Property (land and/or a building, or part of a building) subject to an operating lease shall be recognized as an investment property. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3. 7 Leases (continued) Prior to January 1, 2019 The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date. The arrangement is assessed for whether fulfillment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement. Finance leases Finance leases that transfer substantially all the risks and benefits incidental to ownership of the leased item to the Company, are capitalized at the commencement of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in finance costs in the income statement. A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Company will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term. Operating leases Operating lease payments are recognized as an operating expense in the income statement on a straight-line basis over the lease term. Prepaid land lease payments under operating leases are initially stated at cost and subsequently recognized on the straight-line basis over the lease terms. The prepaid land lease payments are presented as current or non-current assets on the face of balance sheet, depending on the amount to be recognized less or more than twelve months after the reporting period. 3.8 Borrowing costs Borrowing costs are required to be capitalized as part of the cost of the asset if they are directly attributable to the acquisition, construction or productions of a qualifying asset (whether or not the funds have been borrowed specifically). All other borrowing costs are recognized as an expense in the period in which they are incurred. A qualifying asset is an asset that necessarily takes a substantial period to get ready for its intended use or sale. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.8 Borrowing costs (continued) Borrowing costs include: ► interest expense calculated using the effective interest method; ► finance charges in respect of finance leases; and ► exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs. Exchange differences are generally regarded as borrowing costs only to the extent that the combined borrowing costs, including exchange differences, approximate the amount of borrowing costs on functional currency equivalent borrowings. For specific borrowings, the borrowing costs eligible for capitalization are the actual borrowing costs incurred related to funds that are borrowed specifically to obtain a qualifying asset less any investment income earned on the temporary investment of those borrowings. For general borrowings, the capitalization rate applied to borrowing costs on the consolidation level will be based on cash management strategy, which might be the weighted average of the group borrowings outstanding during the period. 3.9 Investment properties Investment properties are properties held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are carried at historical cost less provisions for depreciation and impairment. Additional costs incurred subsequent to the acquisition of an asset increase the carrying amount of the asset or recognized as a separate asset if it is probable that future economic benefits associated with the assets will flow into the Company and the cost of an asset can be measured reliably. Routine maintenance and repairs are expensed as incurred. While land is not depreciated, all other investment property is depreciated based on the respective assets estimated useful lives ranging from 20 to 30 years using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in income or loss in the period in which the property is derecognized. International Accounting Standards (“IAS”) 40 requires disclosures about the fair value of any investment property recorded at cost. See Note 17 – Investment Properties. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments From January 1, 2018 A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Financial assets Classification and measurement Except for certain trade receivables, the company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of the financial asset. Financial instruments are subsequently measured at amortized cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVPL). The classification is based on two criteria: the objective of the company’s business model for managing the assets; and whether the instruments’ contractual cash flows represent ‘solely payments of principal and interest’ on the principal amount outstanding (the ‘SPPI criterion’). The classification and measurement of financial assets is as follows: ► Debt instruments at amortized cost Financial assets meeting both conditions: (i) held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and (ii) the contractual terms of the financial assets give arise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, are measured subsequent to initial recognition at amortized cost. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest rate (“EIR”) method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. Interest income, foreign exchange gains and losses, and any impairment charges for such instruments are recognized in profit or loss. The Company’s financial assets at amortized costs include cash and cash equivalents, trade receivables, other receivable, and the receivable from related party. ► Debt instruments at FVOCI with gains or losses recycled to profit or loss on derecognition Financial assets that are held within a business model whose objective is to hold financial assets in order to both collecting contractual cash flows and selling financial assets, and that the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Interest income, foreign exchange gains and losses, and any impairment charges on such instruments are recognized in profit or loss. All other fair value gains and losses are recognized in OCI. On disposal of these debt instruments, any related balance with FVOCI reserve is reclassified to profit or loss. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) (i) Financial assets (continued) ► Equity instruments designated at FVOCI with no recycling of gains or losses on derecognition These instruments are undertakings in which the Company does not have significant influence or control, generally evidenced by ownership of less than 20% of the voting rights. The Company designates these investments on an instrument by instrument basis as equity securities at FVOCI because they represent investments held for long term strategic purposes. Investments in equity instruments at FVOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in OCI. These investments are not subject to impairment testing and upon disposal, the cumulative gain or loss in OCI is not reclassified to profit or loss on disposal. Dividends from such investments continue to be recognized in profit or loss when the Company’s right to receive payments is established. The Company elected to classify irrevocably its non-listed equity investments under this category. ► Financial assets at fair value through profit or loss (FVPL) Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt instrument that is subsequently measured at FVPL is recognized in profit or loss in the period in which it arises. Even if an instrument meets the two requirements to be measured at amortized cost or FVOCI, the Company may, at initial recognition, irrevocably designate a financial asset as measured at FVPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency. Changes in the fair value of financial assets at FVPL are recognized in the statement of profit or loss as applicable. Reclassification When, and only, the Company changes its business model for managing financial assets it shall reclassify all affected financial assets according to the classification and measurement criteria discussed earlier. If the Company reclassifies financial assets, it shall apply the reclassification prospectively from the reclassification date and shall not restate any previously recognized gains, losses (including impairment gains or losses) or interest. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) (i) Financial assets (continued) Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e. removed from the Company’s consolidated balance sheet) when and only when: (a) the rights to receive cash flows from the asset have expired, or (b) the Company has transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to one or more recipients under a “pass-through” arrangement; and either (i) the Company has transferred substantially all the risks and rewards of the asset, or (ii) the Company has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates the extent to which, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset and has not transferred the control of the assets, the Company continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay (“the guarantee amount”). (ii) Financial liabilities Classification and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, net of directly attributable transaction costs in the case of loans and borrowings. The Company’s financial liabilities include trade and other payables, bank overdrafts and interest-being loans and borrowings. These financial liabilities represent liabilities for goods and services provided to the Company and refund liabilities arising from contracts with customers. Trade payable are non-interest bearing and are normally settled on 60-day terms. The refund liabilities are rebate and discounts for the sale of goods to external customers in the ordinary course of the Company’s activities. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at fair value and subsequently measured at amortized cost using the EIR method. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) (ii) Financial liabilities (continued) Classification and measurement (continued) Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the income statement. Derecognition A financial liability is derecognized when the obligation under the liability is discharged, cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the income statement. (iii) Foreign currency forward contracts Non-hedging derivatives are initially recognized at fair value on the date a derivative contract is entered into and recorded as financial assets or financial liabilities at fair value through profit or loss. They are subsequently re-measured at fair value, and the gains or losses are recognized in profit or loss. (iv) Impairment of financial instruments The following financial instruments are included within the scope of the impairment requirements in IFRS 9 Financial Instruments: (a) Financial assets measured at amortized cost; (b) Financial assets mandatorily measured at FVOCI; (c) Loan commitments when there is a present obligation to extend credit (except where these are measured at FVPL); (d) Financial guarantee contracts to which IFRS 9 is applied (except those measured at FVPL); (e) Lease receivables within the scope of IFRS 16 Leases from January 1, 2019 and IAS 17 prior to January 1, 2019. (f) Contract assets within the scope of IFRS 15 Revenue from Contracts with Customers. From January 1, 2018, the Company assesses on a forward looking basis the expected credit losses (ECLs) associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. With the exception of purchased or originated credit impaired financial assets, ECLs are required to be measured through a loss allowance at an amount equal to: (a) credit risk has not increased significantly since initial recognition – recognize 12-month ECLs , and recognize interest on a gross basis; or (b) credit risk has increased significantly since initial recognition – recognize lifetime ECL, and recognize interest on a gross basis. A loss allowance for full lifetime ECLs is required for contract assets or trade receivables that do not constitute a financing transaction in accordance with IFRS 15. The Company may select its accounting policy for contract assets and trade receivables, containing a significant financing component and lease receivables to measure the loss allowance at an amount equal to lifetime ECLs. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) For trade receivables and contract assets, the Company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables, see Note 12(c) for further details. The Company recognizes in profit or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. (v) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if when the following conditions are met: (i) there is a currently enforceable legal right to offset the recognized amounts; and (ii) there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. (vi) Fair value of financial instruments The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs. For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. Such techniques may include: ► Recent arm’s length market transactions ► Current fair value of another instrument that is substantially the same ► A discounted cash flow analysis or other valuation models 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) Prior to January 1, 2018 Financial assets at fair value t |
New Standards and Interpretatio
New Standards and Interpretations | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Initial Application Of Standards Or Interpretations [Abstract] | |
New Standards and Interpretations | 4. 4.1 Recently applied accounting pronouncements (a) New and amended standard applied effective in 2019 The Company has initially applied IFRS 16 from January 1, 2019. The nature and effect of the changes as a result of application of the new accounting standard is described below. IFRS 16 Leases IFRS 16 supersedes IAS 17, Leases The Company applied IFRS 16 initially on January 1, 2019 using the modified retrospective method. In accordance with the IFRS 16 transition guidance, the cumulative effect of adopting the new standard is recognized as an adjustment to the opening balance of retained earnings at January 1, 2019, with no restatement of comparative information. Upon the application of IFRS 16 on January 1, 2019, the Company applied the following practical expedients permitted by the standard: ► the use of a single discount rate to a portfolio of leases with reasonably similar characteristics ► the accounting for operating leases with a remaining lease term of less than 12 months as at January 1, 2019 as short-term leases ► the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application, and ► the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease. 4. NEW STANDARDS AND INTERPRETATIONS (continued) 4.1 Recently applied accounting pronouncements (continued) The significant effects of adopting the IFRS 16 as of January 1, 2019 are summarized as below: Affected items of consolidated balance sheet As of December 31, 2018 Effect of application of new standards As of January 1, 2019 Remarks US$’000 US$’000 US$’000 Assets Prepayments 1,140 (59 ) 1,081 B Lease assets* 66 (66 ) — A Right-of-use assets — 3,801 3,801 A, B, C Prepaid land lease payments 978 (978 ) — B Total affected assets 2,184 2,698 4,882 Liabilities Financial lease liabilities - current 44 362 406 C Financial lease liabilities - non-current 46 2,336 2,382 C Total affected liabilities 90 2,698 2,788 * included in the line "Property, plant and equipment" in the balance sheet A. B. C. The Company recognized right-of-use assets and lease liabilities for those leases previously classified as operating leases under IAS 17, except for short-term leases and leases of low-value asset. The Company recognized right-of-use assets based on the amount equal to the lease liabilities. Lease liabilities were recognized based on the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate at January 1, 2019. Additionally, operating cash flows increased and financing cash flows decreased by $354 for the year ended December 31, 2019 as repayments on the principal portion of non-finance lease liabilities were classified as cash flows from financing activities for the year ended December 31, 2019, where previously it was classified as operating cash flows. 4. NEW STANDARDS AND INTERPRETATIONS (continued) 4.1 Recently applied accounting pronouncements (continued) Reconciliation of IAS 17 non-cancelled operating lease commitment to IFRS 16 lease liability: 2019 US$’000 Operating lease commitments disclosed as at December 31, 2018 3,263 Add: finance lease liabilities recognized as at December 31, 2018 90 Discounted using the incremental borrowing rate at January 1, 2019 (380 ) Recognition exemption for: Short-term leases (169 ) Leases of low-value assets (16 ) Lease liabilities recognized as at January 1, 2019 2,788 As of January 1, 2019, the weighted average discount rate was 3.48%. (b) New and amended standard applied effective in 2018 The Company has initially applied IFRS 15 and IFRS 9 from January 1, 2018. The nature and effect of the changes as a result of adoption of these new accounting standard are described below. IFRS 15 Revenue from contracts with customers IFRS 15 supersedes IAS 11 Construction Contracts, IAS 18 Revenue and related interpretation, and it applies with limited exceptions, to all revenue arising from contracts with customers. IFRS 15 establishes a five-step model to account for revenue arising from contracts with customers and requires the revenue be recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. IFRS 15 requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with their customers. The standard also specifies the accounting for the incremental costs of obtaining a contract and the costs directly related to fulfilling a contract. In addition, the standard requires extensive disclosures. The Company adopted IFRS 15 using the modified retrospective method of adoption with the date of initial application of January 1, 2018. Under this method, the standard can be applied either to all contracts at the date of initial application or only to contracts that are not completed at this date. The Company elected to apply the standard retrospectively only to contracts that are not completed as of January 1, 2018. The Company opted to apply the practical expedient for contract modification to all modifications that occurred before the date of initial application. The cumulative effect of initially applying IFRS 15 is recognized at the date of initial application as an adjustment to the opening balance of retained earnings. Therefore, the comparative information was not restated and continues to be reported under IAS 11, IAS 18 and related interpretations. IFRS 9 Financial Instruments IFRS 9 Financial Instruments replaces IAS 39 Financial Instruments: Recognition and Measurement for annual periods beginning on or after January 1, 2018, bringing together all three aspects of the accounting for financial instruments: classification and measurement; impairment; and hedge accounting. 4. NEW STANDARDS AND INTERPRETATIONS (continued) 4.1 Recently applied accounting pronouncements (continued) The Company has elected not to restate prior period financial statements using the modified retrospective approach under IFRS 9 as of January 1, 2018. The comparative information has not been restated which continues to be reported under IAS 39. Differences arising from the adoption of IFRS 9 have been recognized directly in retained earnings and other components of equity. The significant effects of adopting the new standards as of January 1, 2018 are summarized as below: Affected items of consolidated balance sheet As of December 31, 2017 Effect of application of new standards As of January 1, 2018 Remarks US$’000 US$’000 US$’000 Assets Contract assets - current — 162 162 A Gross amounts due from customers for contract work-in-progress 162 (162 ) — A Trade receivables 112,403 16 112,419 C Financial assets – available for sale 2,747 (2,747 ) — B Financial assets at fair value through other comprehensive income — 2,747 2,747 B Deferred income tax assets 3,022 4 3,026 D Total affected assets 118,334 20 118,354 Liabilities Contract liabilities - current — 113 113 E Total affected liabilities — 113 113 Equity Retained earnings 53,350 (93 ) 53,257 B, C, D, E Total affected equity 53,350 (93 ) 53,257 Total affected liabilities and equity 53,350 20 53,370 A. In accordance with IFRS 15, the Company reclassified gross amounts due from customers for contract work-in-progress in the amount of $162 to contract assets as of January 1, 2018. B. Equity investments in non-listed equity investments previously classified as available-for-sale financial assets were reclassified and measured as financial assets at FVOCI because these investments are held as long-term strategic investments purpose. As a result, assets with fair value of $2,747 were reclassified from available-for-sale financial assets to financial assets at FVOCI and fair value gains of $1,717 were reclassified from the available-for-sale financial assets reserve to the FVOCI reserve on January 1, 2018, of which $843 was related to non-controlling interests. C. The application of IFRS 9 has fundamentally changed the Company’s accounting for impairment losses for trade receivable by replacing IAS 39’s incurred loss approach with a forward looking ECL approach. Upon application of IFRS 9, the Company reversed impairment on trade receivables by $16. As a result, trade receivables and retained earnings increased by $16. D. The Company recognized deferred income tax assets for the temporary differences arising from the adjustments upon initial application of IFRS 9 and IFRS 15. Deferred income tax assets and retained earnings both increased by $4. 4. NEW STANDARDS AND INTERPRETATIONS (continued) 4.1 Recently applied accounting pronouncements (continued) E. In accordance with IFRS 15, the Company’s performance obligation to provide custodial and transportation services are recognized as contract liabilities under bill-and-hold agreements. After adopting IFRS 15, the Company recognizes revenue from custodial services over time and transportation revenue upon delivery. As of January 1, 2018, the balance of contract liabilities increased by $113, and retained earnings decreased by $113. The following tables summarized the impacts of adopting IFRS 15 on the consolidated income statement for the year ended December 31, 2018 and its consolidated balance sheet as of December 31, 2018 for each of the line items affected. There was no material impact on the consolidated statement of cash flows for the year ended December 31, 2018. Affected items of consolidated income statement for the year ended December 31, 2018 As reported Adjustments Amounts without application of IFRS 15 US$’000 US$’000 US$’000 Revenue 425,940 (26 ) 425,914 Gross profit 36,248 (26 ) 36,222 Operating profit 8,684 (26 ) 8,658 Profit before tax 11,332 (26 ) 11,306 Income tax expense (3,886 ) 5 (3,881 ) Profit for the year 7,446 (21 ) 7,425 Affected items of consolidated balance sheet as of December 31, 2018 As reported Adjustments Amounts without application of IFRS 15 US$’000 US$’000 US$’000 Assets Contract assets - current 1,460 (1,460 ) — Gross amounts due from customers for contract work-in-process — 1,460 1,460 Deferred income tax assets 3,919 (18 ) 3,901 Total affected assets 5,379 (18 ) 5,361 Liabilities Other current liabilities 3,272 (88 ) 3,184 Total affected liabilities 3,272 (88 ) 3,184 Equity Retained earnings 55,016 34 55,050 Foreign currency translation reserve (15,251 ) 1 (15,250 ) Non-controlling interests 71,788 35 71,823 Total affected equity 111,553 70 111,623 Total affected liabilities and equity 114,825 (18 ) 114,807 4. NEW STANDARDS AND INTERPRETATIONS (continued) 4.1 Recently applied accounting pronouncements (continued) Prior to the application of IFRS 15, the Company recognized revenue based on the accounting treatment of the sales of goods for bill and hold transactions. In accordance with IFRS 15, the Company allocated the transaction prices to those custodial and transportation services under bill and hold transactions, and recognizes revenues from custodial and transportation services only when the services fulfilled. As a result, the Company will recognized contract liabilities and adjusted related deferred income tax assets and equity accordingly. Reclassifications are made to reflect the terms used under IFRS 15. Amounts previously presented in “Gross amounts due from customers for contract” are reclassified into “contract assets-current”. 4.2 New accounting pronouncements not effective The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company’s financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. Sales or contribution of assets between an investor and its associate or joint venture-Amendments to IFRS 10 and IAS 28 In September 2014, the IASB issued amendments to IFRS 10, Consolidated Financial Statements Investments in Associates and Joint Ventures Sales or Contribution of Assets between an Investor and its Associate or Joint Ventures. The Company does not expect the amendments to have an impact on its consolidated financial statements. Definition of a business: Amendments to IFRS 3 In October 2018, the IASB issued amendments to the definition of a business in IFRS 3 Business Combinations Since the amendments apply prospectively to transactions or other events that occur on or after the date of first application, the Company will not be affected by these amendments on the date of transition. Definition of material: Amendments to IAS 1 and IAS 8 In October 2018, the IASB issued amendments of IAS 1 Presentation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors The Company does not expect the amendments to have an impact on its consolidated financial statements. 4. NEW STANDARDS AND INTERPRETATIONS (continued) 4.2 New accounting pronouncements not effective (continued) Classification of liabilities as current or non-current: Amendments to IAS 1 On January 23, 2020, the IASB issued a narrow-scope amendment to IAS 1 to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. They: ► clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting date and align the wording in all affected paragraphs to refer to the "right" to defer settlement by at least twelve months and make explicit that only rights in place "at the end of the reporting period" should affect the classification of a liability; ► clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and ► make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The amendments are effective for annual reporting periods beginning on or after January 1, 2022 and are to be applied retrospectively. Earlier application is permitted. The amendment could affect the classification of liabilities, particularly for previously considered management’s intention to determine classification and for some liabilities that can be converted into equity. The Company is based on the contractual arrangement in place at the reporting date for the classification, thus, the Company does not expect the amendment to have an impact on its consolidated financial statements. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Operating Segments [Abstract] | |
Segment Information | 5. 5(a) Each segment engages in business activities which generate revenues and incur expenses. Based upon the information provided to the Company’s chief operating decision maker (“CODM”) to make decisions on resource allocation and operating performance evaluation, the Company has determined that it has three reportable segments. The Company organizes its business segments along reporting lines and has three operating segments, consisting of the North Asia region, the Thailand region and the Rest of the World (“ROW”) region. The Company considers the economic characteristics similarity in determining the reportable segments. As the three operating segments exceed the quantitative thresholds, they are also reportable segments. The accounting policies for segment information, including transactions entered between segments are generally the same as those described in the summary of significant accounting policies. During 2018, CODM changed the measures of profitability by operating segments, replacing gross profit and gross profit margin with operating profit (loss) and operating profit (loss) margin. This change reflects a better explanation of the elements of performance. This change has been applied to comparative figures for 2017 presented in this document. Inter-segment revenues are eliminated upon consolidation and reflected in the “adjustments and eliminations” column. All other adjustments and eliminations are part of detailed reconciliations presented further below. 5(b) Year ended December 31, 2019 North Asia Thailand ROW Total segments Corporate expense adjustments and eliminations Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Revenues External customers 76,575 172,379 89,206 338,160 — 338,160 Inter-segment — 6 — 6 (6 ) — Segment operating profit/(loss) 1,237 3,042 (1,659 ) 2,620 (2,884 ) (264 ) Depreciation and amortization (811 ) (2,842 ) (1,613 ) (5,266 ) (58 ) (5,324 ) Depreciation from right of use assets (44 ) — (441 ) (485 ) (22 ) (507 ) Impairment of property, plant and equipment (549 ) 3 — (546 ) — (546 ) Interest income 57 403 45 505 1 506 Interest expense (239 ) (481 ) (102 ) (822 ) (23 ) (845 ) Income tax (expense)/benefit (561 ) (1,235 ) 105 (1,691 ) (366 ) (2,057 ) Other disclosures Capital expenditure 552 4,590 242 5,384 78 5,462 5. SEGMENT INFORMATION (continued) 5(b) Information about reportable segments (continued) Year ended December 31, 2018 North Asia Thailand ROW Total segments Corporate expense adjustments and eliminations Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Revenues External customers 103,647 213,424 108,869 425,940 — 425,940 Inter-segment 4,076 392 6,308 10,776 (10,776 ) — Segment operating profit/(loss) 5,234 9,539 (2,306 ) 12,467 (3,143 ) 9,324 Depreciation and amortization (829 ) (2,836 ) (1,333 ) (4,998 ) (20 ) (5,018 ) Impairment of property, plant and equipment — (11 ) — (11 ) — (11 ) Interest income 117 611 42 770 (288 ) 482 Interest expense (397 ) (748 ) (34 ) (1,179 ) (21 ) (1,200 ) Income tax (expense)/benefit (1,212 ) (2,152 ) 384 (2,980 ) (906 ) (3,886 ) Other disclosures Capital expenditure 1,188 2,859 451 4,498 10 4,508 Year ended December 31, 2017 North Asia Thailand ROW Total segments Corporate expense adjustments and eliminations Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Revenues External customers 101,533 206,485 117,197 425,215 — 425,215 Inter-segment 890 1,044 — 1,934 (1,934 ) — Segment operating profit/(loss) 3,256 11,053 1,205 15,514 (3,074 ) 12,440 Depreciation and amortization (979 ) (2,760 ) (1,314 ) (5,053 ) (3 ) (5,056 ) Impairment of property, plant and equipment (213 ) (10 ) — (223 ) — (223 ) Interest income 51 845 61 957 (81 ) 876 Interest expense (428 ) (553 ) (52 ) (1,033 ) 67 (966 ) Income tax (expense)/benefit (1,395 ) (2,727 ) (342 ) (4,464 ) (676 ) (5,140 ) Other disclosures Capital expenditure 991 3,332 590 4,913 — 4,913 Adjustments and eliminations Corporate expenses, gain on disposal of investment, and share of gain (loss) of associates are not allocated to individual segments as the underlying instruments are managed on a group basis. 5. SEGMENT INFORMATION (continued) 5(c) For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Segment operating profit 2,620 12,467 15,514 Corporate expenses adjustments and eliminations (2,884 ) (3,143 ) (3,074 ) (264 ) 9,324 12,440 Other operating income 385 805 5,084 Other operating expenses (770 ) (1,445 ) (909 ) Operating profit (649 ) 8,684 16,615 Finance costs (1,012 ) (1,378 ) (1,221 ) Finance income 506 482 876 Share of loss of associates (3 ) (3 ) (3 ) Loss on liquidation of subsidiary — — (261 ) Exchange gain 1,550 1,741 2,784 Other income 717 1,817 214 Other expense (3 ) (11 ) (336 ) Profit before tax 1,106 11,332 18,668 5(d) Corporate adjustments North Asia Thailand ROW Total segments and eliminations Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 As of December 31, 2019 Total assets 49,379 165,579 76,618 291,576 7,335 298,911 Total liabilities 14,212 26,706 21,834 62,752 7,724 70,476 As of December 31, 2018 Total assets 54,250 173,398 70,574 298,222 7,576 305,798 Total liabilities 20,169 42,887 14,015 77,071 6,911 83,982 Reconciliation of assets: As of December 31, 2019 2018 US$’000 US$’000 Segment operating assets 291,576 298,222 Corporate and other assets 2,466 2,869 Investment in associates 935 864 Deferred tax assets 3,939 3,919 Inter-segment elimination (5 ) (76 ) Total assets 298,911 305,798 5. SEGMENT INFORMATION (continued) 5(d) Reconciliation of liabilities: As of December 31, 2019 2018 US$’000 US$’000 Segment operating liabilities 62,752 77,071 Corporate liabilities 3,591 3,019 Deferred tax liabilities 4,139 3,925 Inter-segment elimination (6 ) (33 ) Total liabilities 70,476 83,982 5(d-1) Corporate adjustments North Asia Thailand ROW Total segments and eliminations Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 As of December 31, 2019 Assets — — 2,506 2,506 192 2,698 Liabilities — — 2,552 2,552 205 2,757 5(e) The Company’s disaggregated revenues transitioned from reporting of Manufactured Products, Distributed Products and SDI segments in 2017 to reporting of Power, Enamel and Others product lines in 2018. The updated reporting of results best reflects the relevant information and granularity desired by all stakeholders to conduct decisions and operations. Reported results of Power, Enamel and Others product lines provide improved understanding and insight to the performance of the Company and its products and services. Revenue from external customers is summarized as the following major categories: Year ended December 31, 2019 North Asia Thailand ROW Total segments Corporate expense adjustments and eliminations Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Revenue from external customers Power — 49,493 78,686 128,179 — 128,179 Enamel 76,575 102,997 — 179,572 — 179,572 Others* — 19,889 10,520 30,409 — 30,409 76,575 172,379 89,206 338,160 — 338,160 Timing of revenue recognition At a point in time 76,575 172,031 82,584 331,190 — 331,190 Over time — 348 6,622 6,970 — 6,970 76,575 172,379 89,206 338,160 — 338,160 * includes revenues from SDI service contracts, fabrication service contracts, and sale of other wires and cables products. 5. SEGMENT INFORMATION (continued) 5(e) Disaggregated revenues and geographical information Year ended December 31, 2018 North Asia Thailand ROW Total segments Corporate expense adjustments and eliminations Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Revenue from external customers Power — 64,771 92,130 156,901 — 156,901 Enamel 103,647 114,247 — 217,894 — 217,894 Others* — 34,406 16,739 51,145 — 51,145 103,647 213,424 108,869 425,940 — 425,940 Timing of revenue recognition At a point in time 103,647 213,212 92,133 408,992 — 408,992 Over time — 212 16,736 16,948 — 16,948 103,647 213,424 108,869 425,940 — 425,940 * includes revenues from SDI service contracts, fabrication service contracts, and sale of other wires and cables products. The Company recognizes no revenues from performance obligations satisfied in previous years in 2019 and 2018. Year ended December 31, 2017 US$’000 Manufactured Products 361,853 Distributed Products 41,985 SDI 21,377 Total Revenue 425,215 Revenue from external customers is attributed to individual countries based on the customer’s country of domicile and is summarized as follows: For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Revenues from external customers Thailand 116,160 154,207 158,565 Singapore 46,218 63,781 76,453 Australia 34,447 37,594 34,901 China 81,813 111,917 108,561 India 36,121 45,008 31,291 Southeast Asia 23,390 13,339 15,394 Northeast Asia 11 94 50 338,160 425,940 425,215 Countries in the Southeast Asia region include Cambodia, Vietnam, Indonesia, Brunei, Laos, Malaysia and Myanmar; countries in the Northeast Asia region include Japan and South Korea. 5. SEGMENT INFORMATION (continued) 5(e) Disaggregated revenues and geographical information Major customer information Revenue from one customer in the Thailand region amounted to $23,118 represented 6.84% of 2019 consolidated revenue. Revenue from another customer in the ROW region amounted to $37,197 in 2018 and $36,518 in 2017 represented 8.73% and 8.59% of 2018 and 2017 consolidated revenue, respectively. Non-current assets information The total non-current assets other than financial instruments and deferred tax assets broken down by the country of domicile are summarized as follow: As of December 31, 2019 2018 US$’000 US$’000 Non-current assets by country: Thailand 32,723 28,407 Singapore 7,869 5,868 China 5,661 6,592 Australia 2,661 2,684 Other 290 54 Total non-current assets 49,204 43,605 |
Material Partly-Owned Subsidiar
Material Partly-Owned Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Text Block1 [Abstract] | |
Material Partly-Owned Subsidiaries | 6. 6(a) The Company has subsidiaries with material non-controlling interests (“NCI”). Information regarding the subsidiaries is as follows: Proportion of equity interest held by NCI: Country of incorporation As of December 31, Name and operation 2019 2018 Charoong Thai and its subsidiaries (“CTW Consolidated”) Thailand 49.07% 49.07% SYE China 31.25% 31.25% From APWC group perspective, SYE is considered an entity with material non-controlling interests and should be separated from Charoong Thai group. 6(b) The summarized financial information of the subsidiaries is provided below. This information is based on amounts before inter-company eliminations: Summarized income statements CTW consolidated For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Revenue 172,385 213,424 207,529 Profit before tax 4,352 11,736 12,985 Income tax expense (1,235 ) (2,150 ) (2,727 ) Profit for the year 3,117 9,586 10,258 Other comprehensive income 9,194 3,965 10,182 Total comprehensive income 12,311 13,551 20,440 Profit attributable to non-controlling interests 1,378 4,509 4,896 Dividends paid to non-controlling interests 2,763 2,181 1,943 Summarized income statements SYE For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Revenue 20,743 33,790 33,533 Loss before tax (2,272 ) (837 ) (161,011 ) Income tax expense — — — Loss for the year (2,272 ) (837 ) (161,011 ) Other comprehensive income/(loss) (46 ) (255 ) 345 Total comprehensive loss (2,318 ) (1,092 ) (160,666 ) Loss attributable to non-controlling interests (710 ) (262 ) (15 ) Dividends paid to non-controlling interests — — — 6. MATERIAL PARTLY-OWNED SUBSIDIARIES (continued) Summarized balance sheets CTW consolidated SYE As of December 31, As of December 31, 2019 2018 2019 2018 US$’000 US$’000 US$’000 US$’000 Current assets 127,539 141,761 9,038 11,293 Non-current assets 49,009 42,691 1,385 1,881 Current liabilities (15,350 ) (33,715 ) (8,239 ) (8,671 ) Non-current liabilities (11,358 ) (8,161 ) — — Total equity 149,840 142,576 2,184 4,503 Equity attributable to: Equity holders of the parent 76,216 73,621 1,502 3,096 Non-controlling interests 73,624 68,955 682 1,407 Summarized cash flow information CTW consolidated For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Operating 10,776 38,784 (24,018 ) Investing 2,319 (9,137 ) 6,589 Financing (20,260 ) (12,585 ) 12,836 Effect of changes in exchange rate on cash 2,376 (102 ) 1,678 Net (decrease) increase in cash and cash equivalents (4,789 ) 16,960 (2,915 ) Summarized cash flow information SYE For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Operating 5,135 3,648 833 Investing (165 ) (277 ) (252 ) Financing (1,847 ) (4,005 ) (563 ) Effect of changes in exchange rate on cash (28 ) (34 ) 65 Net increase (decrease) in cash and cash equivalents 3,095 (668 ) 83 |
Income and Expenses Items
Income and Expenses Items | 12 Months Ended |
Dec. 31, 2019 | |
Text Block1 [Abstract] | |
Income and Expenses Items | 7. For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Gain on disposal of property, plant, and equipment 88 93 99 Reversal of allowance for trade receivable 122 — — Gain on disposal of assets classified as held for sale — — 4,525 Reversal of allowance for foreseeable loss — 507 — Other operating income – others 175 205 460 Total other operating income 385 805 5,084 On December 13, 2016, the Company entered into an agreement to sell its buildings and land use rights at its Ningbo Pacific subsidiary. The transaction was completed in March 2017 for a consideration of RMB 60.6 million, or approximately US$8.8 million (including $0.8 million tax related expenses). The Company recognized gain on disposal of assets classified as held for sale amounted $4,525 for the year ended December 31, 2017. For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Allowance for trade receivables for related parties — 1 27 Allowance for trade receivables — 570 302 Allowance for other receivable 30 53 — Allowance for foreseeable loss 193 — 276 Impairment of property, plant, and equipment 546 11 223 Other operating expenses – others 1 810 81 Total other operating expenses 770 1,445 909 For the year ended December 31, 2018, the Company recognized other operating expenses – others, which amounted to $749, due to a write-off of other current assets. 7. INCOME AND EXPENSES ITEMS (continued) For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Interest on debts and borrowings 754 1,196 962 Interest on leases liabilities 91 4 4 Total interest expenses 845 1,200 966 Banking charges 167 178 255 Total finance costs 1,012 1,378 1,221 For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Interest income 506 482 876 Total finance income 506 482 876 For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Other income 462 1,712 114 Dividend income 109 105 100 Net gain on financial instruments 146 — — Total other income 717 1,817 214 Other Income for the year ended December 31, 2018 includes income from discharge of related party liabilities, which amounted to $1,537. Refer to Note 24(b) for related party transactions. For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Others 3 9 4 Net loss on financial instruments — 2 332 Total other expenses 3 11 336 7. INCOME AND EXPENSES ITEMS (continued) For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Included in cost of sales: Depreciation – tangible assets 4,089 4,162 4,148 Depreciation – right-of-use assets 135 — — Amortization – intangible assets 10 9 9 Operating lease expenses 3 16 15 Included in selling expenses: Depreciation – tangible assets 93 141 132 Depreciation – right-of-use assets 112 — — Amortization – intangible assets 1 1 — Operating lease expenses 1 184 193 Included in general and administrative expenses: Depreciation – tangible assets 552 598 657 Depreciation – right-of-use assets 260 — — Amortization – intangible assets 39 34 40 Amortization – prepaid land lease payment — 38 35 Depreciation – investment property 33 35 35 Operating lease expenses 170 200 201 5,498 5,418 5,465 For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Included in cost of sales: Wages and salaries 14,429 13,674 13,474 Labor and health insurance costs 126 162 168 Pension costs 994 890 869 Other employment benefits 816 892 817 Included in selling expenses: Wages and salaries 3,495 3,685 3,641 Labor and health insurance costs 12 14 14 Pension costs 330 324 325 Other employment benefits 50 68 64 Included in general and administrative expenses: Wages and salaries 8,117 8,818 8,364 Labor and health insurance costs 85 224 219 Pension costs 757 671 656 Director fees 640 1,046 1,119 Other employment benefits 286 325 342 Total employee benefits expenses 30,137 30,793 30,072 The accrued compensation and retirement benefits for expatriates were included in employee benefits expenses and in accruals. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
Major Components Of Tax Expense Income [Abstract] | |
Income Tax | 8. Under current Bermuda law, the Company is not subject to tax on income or capital gains, nor is withholding tax of Bermuda imposed upon payments of dividends by the Company to its shareholders. The Company’s investments in the Operating Subsidiaries are held through subsidiaries incorporated in the British Virgin Islands (“BVI”). Under current BVI law, dividends from the BVI subsidiaries’ investments are not subject to income taxes and no withholding tax is imposed on payments of dividends by the BVI subsidiaries to the Company. The Operating Subsidiaries and equity investees are governed by the income tax laws of Singapore, Thailand, Australia and the PRC. The corporate income tax rate in Singapore was 17% for each of the three years ended December 31, 2019, and there is no withholding tax on dividends applicable to the Company. For Thailand, the statutory corporate income tax rate was 20% for each of the three years ended December 31, 2019 and a withholding tax of 10% is levied on dividends received by the Company. Charoong Thai is listed on Stock Exchange of Thailand (“SET”). In Australia, the corporate income tax rate was 30% for 2016/2017, 2017/2018 and 2018/2019 tax years. The applicable corporate income tax rate for the subsidiaries in the PRC was 25% for each of the three years ended December 31, 2019. Dividends received from the Operating Subsidiaries and equity investees may be subjected to withholding taxes. Under the current Singapore corporate tax system, dividends paid by a Singapore resident company is tax exempt, and is not subject to withholding taxes. In Australia, dividends paid to non-residents are exempt from dividend withholding taxes except when dividends are paid out of profit that is not taxed by Australian income tax (i.e. unfranked dividends). For Thailand, dividends paid by a company to any individual or corporate payee overseas are subject to a withholding tax of 10%. Under the Corporate Income Tax Law of the PRC, dividend distribution of profits to foreign investor(s) is subject to withholding tax of 10%. 8. INCOME TAX (continued) The major components of income tax expenses for the years ended December 31, 2019, 2018 and 2017 are: 2019 2018 2017 US$’000 US$’000 US$’000 Consolidated income statements Current income tax: Current income tax charge 1,699 4,068 4,785 Previously unrecognized tax loss used to reduce current income tax — (128 ) (1,066 ) Adjustments for current income tax of prior years (16 ) 1 348 Total current income tax 1,683 3,941 4,067 Deferred tax expenses/(benefits): Relating to origination and reversal of temporary differences 374 243 1,210 Relating to change in tax rate — — — Previously unrecognized tax loss used to reduce deferred tax expenses — (298 ) (137 ) Total deferred tax expenses/(benefits) 374 (55 ) 1,073 Income tax expense reported in the income statement 2,057 3,886 5,140 Consolidated statements of comprehensive income Deferred tax related to items recognized in other comprehensive income during the year: Change in the fair value of equity instrument measured at fair value through other comprehensive income Recognized during the year 334 (84 ) (16 ) Effect of change in tax rate — — — Net loss on actuarial gains and losses Recognized during the year (345 ) (82 ) (154 ) Effect of change in tax rate — — — Income tax benefits charged to other comprehensive (loss) income (11 ) (166 ) (170 ) 8. INCOME TAX (continued) The parent company’s tax is filed in Bermuda, which does not have a statutory tax rate. The provision for income taxes differs based on the tax incurred by the Operating Subsidiaries, in their respective jurisdiction. The Company determines its statutory tax rate based on its major commercial domicile that is its subsidiaries in Thailand. The reconciliation of the statutory tax rate and the Company’s effective tax rate is as follows: 2019 2018 2017 US$’000 US$’000 US$’000 Profit before tax 1,106 11,332 18,668 Tax at statutory rate of 20% (2018: 20%; 2017: 20%) 221 2,266 3,734 Foreign income taxed at different rate 499 697 1,151 Expenses not deductible for tax purpose 221 (33 ) 600 Utilization of previously unrecognized tax losses — (128 ) (1,066 ) Tax benefit arising from previously unrecognized tax losses — (298 ) (137 ) Net deferred tax asset not recognized 949 679 78 Written-off deferred tax 218 (4 ) 10 Tax exempt on income (144 ) (135 ) (245 ) Uncertain tax position (454 ) 11 (270 ) Return to provision adjustment (16 ) 1 348 Deferred tax liability arising from undistributed earnings 215 578 602 Withholding tax on dividends 355 270 349 Others (7 ) (18 ) (14 ) Income tax expense reported in income statement 2,057 3,886 5,140 8. INCOME TAX (continued) Deferred tax Deferred tax relates to the following: Consolidated balance sheet Consolidated income statement As of December 31, For the year ended Decembers 31, 2019 2018 2019 2018 2017 US$’000 US$’000 US$’000 US$’000 US$’000 Outside basis differences (3,829 ) (3,614 ) 215 578 602 Revaluations of financial assets at fair value through other comprehensive income (2017: Revaluations of available-for-sale investment to fair value) (679 ) (345 ) — — — Accrued interest income (181 ) (154 ) 13 12 11 Unutilized building allowance (net) (36 ) (133 ) (98 ) (95 ) 11 Unused tax losses 546 644 119 (459 ) 455 Allowance for doubtful accounts 245 290 47 (97 ) (25 ) Inventory impairment 554 657 147 (236 ) (161 ) Rebates and other accrued liabilities 472 426 (46 ) (38 ) (6 ) Unpaid retirement benefits 1,553 1,353 (81 ) (54 ) (62 ) Deferred revenue and cost of sales 23 16 (6 ) (14 ) 393 Actuarial loss 796 450 — — — Unabsorbed depreciation 637 701 57 (55 ) (45 ) Mark-to-Market value of forward contract — 28 28 (28 ) — Others (301 ) (325 ) (21 ) 431 (100 ) Deferred tax expenses / (benefits) 374 (55 ) 1,073 Net deferred tax assets (200 ) (6 ) Reconciliation of deferred tax assets, net 2019 2018 2017 US$’000 US$’000 US$’000 Opening balance as of January 1 (6 ) (132 ) 526 Tax benefit/(expenses) during the period recognized in profit or loss (374 ) 55 (1,073 ) Tax benefit/(expenses) during the period recognized in other comprehensive income 11 166 170 Exchange difference on translation foreign operations 169 (95 ) 245 Closing balance as of December 31 (200 ) (6 ) (132 ) The Company offset tax assets and liabilities if and only if it has legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities related to income taxes levied by the same tax authority. 8. INCOME TAX (continued) The Company has available unused net operating losses which arose in Thailand, China, Hong Kong, Singapore and Australia as of December 31, 2019 and 2018, that may be applied against future taxable income and that expire as follows respectively: As of December 31, Year of expiration 2019 2018 US$’000 US$’000 2019 — 784 2020 3,067 3,020 2021 5,246 5,121 2022 2,216 2,105 2023 4,855 4,760 2024 3,605 — No expiration 1,591 972 20,580 16,762 Deferred tax assets have not been recognized in respect of these losses as they may not be used to offset taxable profits elsewhere in the Company, as they have arisen in subsidiaries that have been loss-making for some time, and there are no other tax planning opportunities or other evidence of recoverability in the near future. The Company did not recognize deferred tax assets of $4,038 (2018: $3,084; 2017: $2,803) in respect of tax losses amounting to $18,422 (2018: $13,698; 2017: $12,769 In addition, the Company did not recognize deferred assets of $1,030 (2018: $792 There are no income tax consequences attached to the payment of dividends in either 2019 or 2018 by the Company to its shareholders. As of December 31, 2019 and 2018, the Company is subject to taxation in PRC, Australia, Thailand, and Singapore. The Company’s tax years from 2011 and forward are still subject to examination by the tax authorities in various tax jurisdictions. A reconciliation of the beginning and ending amounts of uncertain tax position is as follows: Change in Uncertain Tax Positions 2019 2018 2017 US$’000 US$’000 US$’000 Balance as of January 1 674 706 828 Additions based on tax positions related to the current year — — — Decrease due to lapses in statute of limitations (215 ) — (175 ) Exchange difference (8 ) (32 ) 53 Balance as of December 31 451 674 706 The Company is not expecting there would be any reasonably possible change in the total amounts of uncertain tax position within twelve months of the reporting date. As of December 31, 2019, 2018, and 2017 the amount of uncertain tax position (excluding interest and penalties) included in the consolidated balance sheets that would, if recognized, affect the effective tax rate is $451, $674 and $706, respectively. 8. INCOME TAX (continued) The Company recognized interest expense and penalties related to income tax matters as a component of income tax expense. The amount of related interest and penalties the Company has provided as of the dates listed below were: As of December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Accrued interest on uncertain tax position 713 867 800 Accrued penalties on uncertain tax position 384 461 486 Total accrued interest and penalties on uncertain tax position 1,097 1,328 1,286 For the years ended December 31, 2019, 2018 and 2017, the Company recognized $81, $108 and $114 in interest and $nil, $nil and $nil in penalty, respectively. For the years ended December 31, 2019, 2018 and 2017, the Company reversed $223, $nil and $276 in interest and $71, $nil and $87 in penalties, respectively, due to lapses in statute of limitations. For the years ended December 31, 2019, 2018 and 2017, the exchange difference $(12), $(41) and $ 65 relating to interests, $(6), $(25) and $38 relating to penalty were included in income tax expenses. The Company considers each uncertain tax positions individually, by first consider whether each position taken in the tax return is probable of being sustained on examination by the taxing authority. It should recognize a liability for each item that is not probable of being sustained. The liability then is measured using a single best estimate of the most likely outcome. The uncertain tax positions presented in the current tax liability is the total liability for uncertain tax positions. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | (Loss) earnings per share are calculated by dividing net (loss) profit attributable to equity holders of the parent by the weighted average number of shares outstanding during the year. The Company does not have any dilutive securities. The treasury shares transaction resulted in an immediate reduction in outstanding shares used to calculate the weighted-average common shares outstanding for both basic and diluted (loss) earnings per share. The following table sets forth the computation of basic and diluted earnings attributable to common shareholders per share: For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 (except for number of shares and earnings per share) Numerator: Net (loss) profit attributable to APWC from continuing operations (1,632 ) 2,928 8,720 Net (loss) profit attributable to APWC (1,632 ) 2,928 8,720 Denominator: Weighted-average common shares outstanding – basic and diluted 13,819,669 13,819,669 13,819,669 (Loss) earnings per share – basic and diluted Continuing operations (0.12 ) 0.21 0.63 Total (loss) earnings per share – basic and diluted (0.12 ) 0.21 0.63 Income from continuing operations attributable to non-controlling interests are $681, $4,518, and $4,808 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 10. As of December 31, 2019 2018 US$’000 US$’000 Cash on hand and cash at banks 53,673 60,778 Term deposits are presented as cash equivalents if they have a maturity of three months or less from the date of acquisition. Other short-term deposits are presented as other receivables if they are pledged, or if they have a maturity over three months from the date of acquisition. |
Financial Assets and Financial
Financial Assets and Financial Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Instruments [Abstract] | |
Financial Assets and Financial Liabilities | 11. As of December 31, 2019 2018 US$’000 US$’000 Financial assets at fair value through other comprehensive income Equity instrument (Note 11(d)) 4,062 2,332 4,062 2,332 Financial liabilities at fair value through profit or loss Foreign exchange forward contracts (Note 11(c)) 3 142 3 142 (i) Financial assets and liabilities at fair value through profit or loss Financial assets and liabilities at fair value through profit or loss reflect the changes in fair value of those foreign exchange forward contracts that are not designated in hedge relationships, but are intended to reduce the level of foreign currency risk for expected sales and purchase transactions. (ii) Financial assets at fair value through other comprehensive income - unquoted equity instrument On January 1, 2018, the date of initial application of IFRS 9, the Company elected to reclassify its unquoted equity instrument in Thai Metal Processing Co., Ltd (“TMP”), which is engaged in the fabrication of copper rods, from financial assets – available-for-sale to financial assets at fair value through other comprehensive income due to the investment being hold as a long-term strategic investment and not expected to be sold in the short to medium term. During the years ended December 31, 2019, 2018, and 2017, the Company received dividends of $109, $105, and $100 from TMP, respectively, which were recorded in other income (Note 7(e)) in the consolidated income statements. 11. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (continued) Under the line of credit arrangements for short-term debt with the Company’s banks, the Company may borrow up to approximately $287,017 and $275,334 Letters of credit are issued by the Company in the ordinary course of business through major financial institutions as required by certain vendor contracts. As of December 31, 2019 and 2018, the Company had open letters of credit amounting to $15,209 and $22,426, respectively. Liabilities relating to the opened letters of credit are included in current liabilities. As of December 31, 2019 2018 Interest rate Maturity Local currency Interest rate Maturity Local currency % ‘000 US$’000 % ‘000 US$’000 Current interest-bearing loans and borrowings Bank loans Bank loans 5.00 ~ 5.50 Mar. 2020 ~ Sept. 2020 RMB$20,400 2,929 4.70 ~ 4.79 Jan. 2019 ~ Sept. 2019 RMB$42,100 6,130 Trust receipt 1.90 ~ 2.70 Jan. 2020 ~ Jun. 2020 THB$161,018 5,423 1.10 ~ 2.10 Jan. 2019 ~ Jun. 2019 THB$602,150 18,684 Trust receipt 3.05 Feb. 2020 ~ Apr. 2020 SGD$4,042 3,004 Total 11,356 24,814 11. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (continued) (i) Commodity price risk The Company purchases copper on an ongoing basis as its operating activities require a continuous supply of copper for manufacturing products. To reduce the exposures to copper shortage, the Company enters into purchase contracts with commitment of monthly minimum purchase at market prices for selected operating units. The majority of these transactions take the form of contracts that are entered into and continue to be held for the purpose of receipt or delivery of the copper based on the Company’s expected purchase, sale or usage requirements. Such purchase commitment contracts are not deemed financial instruments or derivatives. To date, these contract positions have not had a material effect on the Company’s financial position, results of operations, and cash flow. Whether the annual copper purchase quantity needs to be reduced for the subsequent development, please see the Note 29 Subsequent event. (ii) Foreign currency risk The Company enters into foreign exchange forward contracts with the intention to reduce the foreign exchange risk of expected sales and purchase transactions. These contracts are entered into the periods consistent with foreign currency exposure of the underlying transaction, generally from one to 12 months. These contracts are not designated in hedge relationships, and are measured at fair value through profit or loss. As of December 31, 2019 and 2018, the Company had outstanding forward contracts with notional amounts of $(0.9) million and $(9.4) million The forward contract balance varies with the expected foreign currency transactions and changes in foreign exchange rate. 2019 2018 Assets Liabilities Assets Liabilities US$’000 US$’000 US$’000 US$’000 Foreign currency forward contracts Fair value — 3 — 142 11. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (continued) Set out below is a comparison of the carrying amounts and fair value of the Company’s financial instruments that are carried in the financial statements: Carrying amount Fair value As of December 31, As of December 31, 2019 2018 2019 2018 US$’000 US$’000 US$’000 US$’000 Financial assets-current Cash and cash equivalents 53,673 60,778 53,673 60,778 Trade receivables 74,077 79,617 74,077 79,617 Other receivables 6,868 12,422 6,868 12,422 Due from related parties 11,566 12,061 11,566 12,061 Financial assets-non-current Financial assets at fair value through other comprehensive income 4,062 2,332 4,062 2,332 Long-term bank deposits* 1,246 887 1,246 887 Total 151,492 168,097 151,492 168,097 Financial liabilities-current Interest-bearing loans and borrowings 11,356 24,814 11,356 24,814 Trade and other payables 16,879 21,127 16,879 21,127 Due to related parties 3,284 2,997 3,284 2,997 Financial liabilities at fair value through profit or loss 3 142 3 142 Financial lease liabilities 574 44 574 44 Financial liabilities-non-current Financial lease liabilities 2,254 46 2,254 46 Total 34,350 49,170 34,350 49,170 * included in other non-current assets (i) Methods and assumptions used to estimate fair value The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: ► Cash and cash equivalents, trade receivables, other receivables, due from related parties, trade and other payables, due to related parties, and financial lease liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. ► Fixed-rate and variable-rate receivables are evaluated by the Company based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances were provided to account for the expected losses of these receivables. As of December 31, 2019 and 2018, the carrying amounts of such receivables, net of allowances, were not materially different from their calculated fair values. ► Fixed rate long-term bank deposits and fixed rate and variable-rate borrowings are evaluated using discounted cash flows and the market rates or current rates for deposits of similar remaining maturities. ► Fair value e 11. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (continued) (i) Methods and assumptions used to estimate fair value (continued) ► Fair value (ii) Description of significant unobservable inputs to valuation Valuation technique Significant unobservable inputs Liquidity discount (2019 and 2018) Sensitivity of the input to fair value 2019 2018 Financial asset Unquoted equity instrument Market Approach Method Liquidity Discount 30% 5% decrease in the discount would increase in fair value by $290 5% decrease in the discount would increase in fair value by $167 The Company estimates the fair value of investment in equity instrument by using the market approach (market comparatives approach). The key in this method is the selection of quoted comparable companies and accommodate adjustments to bring the accounts of different companies into a broadly consistent framework for analysis. Then, select appropriate Indicators of Value. The followings should be taken into account: ► Enterprise Value (EV) versus Market Capitalization; ► Earnings-based: EBITDA +/or EBIT versus Net Earnings +/or Net Cash Flow ► Balance Sheet based: Net Total Assets versus Shareholders Funds Discount for the lack of liquidity to reflect the lesser liquidity of this equity instrument compared with those of its comparable public company peers. The Company assessed the discount for the lack of liquidity to be 30 percent on the basis of relevant studies applicable in the region and industry as well as on the specific facts and circumstances of the equity instrument. The equity instrument’s finance performance is characterized by stable, consistent growth and profitability. The Company believes the liquidity discount of 30% would be appropriate. The Company carries the equity instrument as financial assets at fair value through other comprehensive income classified as level 3 within the fair value hierarchy. A reconciliation of the beginning and closing balances is summarized below: 2019 2018 US$’000 US$’000 At January 1 2,332 2,747 Re-measurement financial assets to fair value, recognized in other comprehensive income/(loss) 1,670 (419 ) Exchange difference on translation 60 4 At December 31 4,062 2,332 |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Text Block1 [Abstract] | |
Trade and Other Receivables | 12. As of December 31, 2019 2018 US$’000 US$’000 Trade receivables 75,627 81,274 Less: Loss allowances (1,550 ) (1,657 ) Trade receivable, net 74,077 79,617 Other receivables 6,986 12,502 Less: Loss allowances (118 ) (80 ) Other receivable, net 6,868 12,422 12(a) Movement in the loss allowance on trade receivables 2019 2018 US$’000 US$’000 At January 1 1,657 3,456 Charge for the year 72 726 Write-off (1 ) (2,292 ) Unused amounts reversed (194 ) (156 ) Currency translation adjustment 19 (74 ) Reclassification (3 ) (3 ) At December 31 1,550 1,657 The Company recorded a loss allowance on trade receivables amounted to $2.0 million, for a specific customer of a subsidiary, as of December 31, 2017. This loss allowance on trade receivables was written off in 2018 based on the court judgement with no reasonable expectation of recovery. 12(b) Past due Total Current 1-30 days 31-60 days 61-90 days 91-120 days >120 days US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 December 31, 2019 Expected loss rate 2.05% 0.14% 0.76% 3.75% 9.52% 23.89% 75.97% Gross carrying amount - trade receivables 75,627 59,867 9,979 3,759 294 180 1,548 Loss allowances 1,550 86 76 141 28 43 1,176 Trade receivable, net 74,077 59,781 9,903 3,618 266 137 372 December 31, 2018 Expected loss rate 2.04% 0.07% 0.86% 3.95% 20.18% 31.71% 64.70% Gross carrying amount - trade receivables 81,274 67,318 9,183 2,276 327 82 2,088 Loss allowances 1,657 45 79 90 66 26 1,351 Trade receivable, net 79,617 67,273 9,104 2,186 261 56 737 12. TRADE AND OTHER RECEIVABLES (continued) 12(c) The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the Company’s historical credit loss experience, adjusted to reflect current and forward-looking information on general economic conditions affecting the ability of the customers to settle the receivables. The impairment of trade receivables was assessed based on the incurred loss model as of December 31, 2017. The Company measured estimated impairment losses on trade receivables based on the inability of its customers to make required payments. The Company considered the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, customer financial condition, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. 12(d) The Company obtained collateral in respect of doubtful receivables from customers. The collateral takes the form of a lien over the customer’s assets and gives the Company a claim on these assets for the doubtful receivables. In March 2017, a lawsuit was filed by a debtor to rescind the foreclosure that the Company has undertaken on the collateral in Thailand. The Company’s foreclosure prevailed according to the judgement from the Appeal Court on November 28, 2017. The debtor’s petition reached to the Supreme Court on June 19, 2018, and was denied on March 27, 2019. The Company performed a valuation to determine the fair value of the collateral. As of December 31, 2019 and 2018, the fair value of the collateral was $1,339 and $1,200, respectively, which was lower than the amount of the associated delinquent account, and the Company recognized an impairment loss of $30 and $52 in other operating expenses, respectively. See Note 27(b) credit risk of trade receivables for discussions on how the Company manages and measures credit quality of trade receivables that are neither past due nor impaired. 12(e) The carrying amounts of other receivables pledged as collateral against credit facilities received from financial institutions are disclosed in Note 27(e)(ii). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Classes Of Inventories [Abstract] | |
Inventories | 13. As of December 31, 2019 2018 US$’000 US$’000 Raw materials and supplies 19,712 25,717 Work in progress 19,118 15,598 Finished goods 50,309 46,592 89,139 87,907 Allowance for inventories (3,952 ) (3,982 ) Total inventories at the lower of cost and net realizable value 85,187 83,925 Inventories recognized as an expense during the year ended December 31, 2019, December 31, 2018 and December 31, 2017 amounted to $313,695, $388,079 and $384,995 respectively. For the year ended December 31, 2019, the amount of $322 was credited to cost of sales when the circumstances, such as copper price fluctuation, that caused the net realizable value of inventory to be lower than its cost no longer existed. For the year ended December 31, 2018 and 2017, the Company recognized allowance for inventory of $1,613 and $532 as an expense in cost of sales for inventories carried at net realizable value. |
Contract Assets
Contract Assets | 12 Months Ended |
Dec. 31, 2019 | |
Contract Assets [Abstract] | |
Contract Assets | 14. 14(a) As of December 31, 2019 2018 US$’000 US$’000 Contract assets - current 4,686 1,460 There were no advances received or retentions on SDI service contracts during the financial years ended December 31, 2019 and 2018. The Company mainly conducts its SDI services contract with customers within public sector, and the expected credit loss on contract assets is close to zero. 14(b) The following table shows the aggregate amount of the transaction price allocated to the unsatisfied performance obligations. As of December 31, 2019 2018 US$’000 US$’000 Unsatisfied long-term SDI contracts Expected to be recognized as revenue over 3 years 156,592 14,922 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 15. Land Buildings Building improvement Machinery and equipment Motor vehicle and other asset and assets under finance lease Office equipment Construction in progress Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Cost At January 1, 2018 6,227 48,421 5,622 96,964 5,230 6,959 1,047 170,470 Additions — 229 76 480 624 395 2,694 4,498 Disposals — (8 ) — (1,120 ) (503 ) (490 ) — (2,121 ) Transfer — — 3 1,418 505 102 (2,028 ) — Exchange differences (21 ) (752 ) 14 (1,024 ) (76 ) (244 ) (40 ) (2,143 ) At December 31, 2018 6,206 47,890 5,715 96,718 5,780 6,722 1,673 170,704 Effects on initial application of IFRS 16 — — — — (192 ) — — (192 ) Adjusted balance at January 1, 2019 6,206 47,890 5,715 96,718 5,588 6,722 1,673 170,512 Additions — 7 119 292 433 315 2,240 3,406 Disposals — — (4 ) (2,308 ) (524 ) (331 ) — (3,167 ) Transfer — (167 ) 746 1,748 180 139 (2,582 ) 64 Exchange differences 632 2,813 454 7,419 332 247 47 11,944 At December 31, 2019 6,838 50,543 7,030 103,869 6,009 7,092 1,378 182,759 Land Buildings Building improvement Machinery and equipment Motor vehicle and other asset and assets under finance lease Office equipment Construction in progress Total Depreciation/Impairment At January 1, 2018 — (33,082 ) (3,254 ) (82,490 ) (3,430 ) (5,888 ) — (128,144 ) Depreciation charge for the year — (1,164 ) (296 ) (2,435 ) (604 ) (402 ) — (4,901 ) Impairment — — — (10 ) — (1 ) — (11 ) Depreciation on disposals — 6 0 1,119 503 486 — 2,114 Transfer — — — (46 ) — 46 — — Exchange differences — 510 (17 ) 914 49 200 — 1,656 At December 31, 2018 — (33,730 ) (3,567 ) (82,948 ) (3,482 ) (5,559 ) — (129,286 ) Effects on initial application of IFRS 16 — — — — 126 — — 126 Adjusted balance at January 1, 2019 — (33,730 ) (3,567 ) (82,948 ) (3,356 ) (5,559 ) — (129,160 ) Depreciation charge for the year — (1,044 ) (338 ) (2,391 ) (541 ) (420 ) — (4,734 ) Impairment — — (1 ) (550 ) 7 (2 ) — (546 ) Depreciation on disposals — — 4 2,274 477 329 — 3,084 Transfer — 265 (265 ) — (64 ) — — (64 ) Exchange differences — (2,361 ) (297 ) (6,517 ) (185 ) (232 ) — (9,592 ) At December 31, 2019 — (36,870 ) (4,464 ) (90,132 ) (3,662 ) (5,884 ) — (141,012 ) Land Buildings Building improvement Machinery and equipment Motor vehicle and other asset and assets under finance lease Office equipment Construction in progress Total Net book value At December 31, 2019 6,838 13,673 2,566 13,737 2,347 1,208 1,378 41,747 At December 31, 2018 6,206 14,160 2,148 13,770 2,298 1,163 1,673 41,418 At January 1, 2018 6,227 15,339 2,368 14,474 1,800 1,071 1,047 42,326 15. PROPERTY, PLANT AND EQUIPMENT (continued) 15(a) In 2019, 2018 and 2017 the Company recorded an impairment loss of $546, $11 and $223 on property, plant and equipment at Shanghai Yayang, Ningbo Pacific and SFO facilities. The impairment is presented within other operating expenses in Note 7(b), and the impairment of property, plant and equipment of North Asia and Thailand segments in Note 5. The Company performed a valuation for utilized machinery measured at fair value less costs to sell using a cost approach due to closure of the manufacturing facilities at Shanghai Yayang and Ningbo Pacific. Its fair value measurement was classified as Level 3 of the fair value hierarchy. After considering the relevant evidence, the key assumption used included replacement costs, residual value and remaining useful life of these existing assets. The impairment test revealed that the recoverable amount was lower than the carrying amount. The Company considers the market demand for SFO’s products and performed an impairment test on the CGU composed of property, plant and equipment used in the manufacturing of fiber optic cables at SFO. The Company determined the recoverable amount of the CGU to be $0 based on the value in use. The key assumptions used in calculating the value in use included the revenue growth and a discount rate of 14.8%. 15(b) The carrying value of motor vehicles under financial leases as of December 31, 2019, 2018 and 2017 were $0, $66 and $50, respectively. These assets under financial lease are pledged for financial lease liabilities (Note 25(b)). On January 1, 2019, the Company reclassified “Lease assets” from “Property, plant and equipment” to “right-of-use assets” upon adoption of IFRS 16. See the Note 4.1. 15(c) Information about the property, plant and equipment that were pledged to others as collaterals is provided in Note 27(e) (i). |
Right of Use Assets
Right of Use Assets | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Abstract] | |
Right of Use Assets | 16. 16(a) As of December 31, 2019 Right-of-use assets US$’000 Land 3,029 Buildings 546 Motor vehicle and other asset 58 Office equipment 102 3,735 The Company leases various assets including land, buildings, business vehicles and multifunction printers. Rental contracts are typically made for periods of 1 to 36 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes. Additions to the right-of-use assets during the 2019 financial year were $473. 16(b) 2019 Depreciation charge of right-of-use assets US$’000 Land 211 Buildings 233 Motor vehicle and other asset 38 Office equipment 25 507 Interest expenses (included in finance cost) 91 Expenses relating to short-term leases 159 Expenses relating to lease of low-value assets that are not short-term leases 15 The total cash outflow for lease in 2019 was $691. 16. RIGHT-OF-USE ASSETS (continued) 16(c) 2018 US$’000 Carrying amount as of January 1, 1,103 Recognized lease expense during the year (38 ) Exchange difference (53 ) Carrying amount as of December 31, 1,012 Current portion included in prepayments 34 Non-current portion included in prepaid land lease payments 978 The property land is situated in Mainland China and is held under a long-term operating lease for 50 years. Information about the prepaid land lease payments that were pledged to others as collaterals is provided in Note 27(e)(i). |
Investment Properties
Investment Properties | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Investment Property [Abstract] | |
Investment Properties | 17. 17(a) Land not being used for operation Office buildings for rent Total US$’000 US$’000 US$’000 As of December 31, 2019 Cost 467 716 1,183 Less: Accumulated depreciation — (453 ) (453 ) Net book value 467 263 730 Land not being used for operation Office buildings for rent Total US$’000 US$’000 US$’000 As of December 31, 2018 Cost 430 695 1,125 Less: Accumulated depreciation — (405 ) (405 ) Net book value 430 290 720 17. INVESTMENT PROPERTIES (continued) 17(a) A reconciliation of the net book value of investment properties was as follow: 2019 2018 US$’000 US$’000 Net book value at January 1 720 763 Depreciation (included in administrative expenses) (33 ) (35 ) Exchange difference 43 (8 ) Net book value at December 31 730 720 17(b) 2019 2018 2017 US$’000 US$’000 US$’000 Rental income derived from investment properties 78 84 68 Direct operating expenses (including repairs and maintenance) generating rental income (1 ) (1 ) (1 ) Direct operating expenses (including repairs and maintenance) that did not generate rental income — — (1 ) Net profit arising from investment properties carried at cost 77 83 66 Undiscounted lease payments receivable to be received during the lease terms are immaterial. 17(c) The fair value of the investment properties are stated below: As of December 31, 2019 2018 US$’000 US$’000 Land not being used for operation 11,566 10,656 Office buildings for rent 1,460 1,397 The fair value of aforementioned investment properties have been determined based on the valuation and is considered a level 3 measurement. The valuation has been made on the assumption to sell the property interests in the open market in the neighborhood without the benefit of any deferred term contract, leaseback, joint venture, management agreement or any similar arrangement, which would serve to increase the value of the property interests. The valuation adopted market comparison approach to estimate the fair market value of the properties. Under the market comparison approach, the appraisal is based on recent sales and listings of comparable property. Adjustments were made for differences between the subject property and those actual sales and listings regarded as comparable. The factors which used for considering the property valuation include the significant unobservable inputs, such as location, transportation, land uses, facilities, neighboring area, land characteristics, potential, regulations and liquidity. 17(d) Information about the investment properties that were pledged to others as collaterals is provided in Note 27(e) (i). |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible Assets | 18. Computer software 2019 2018 US$’000 US$’000 Cost At January 1 586 526 Addition 20 67 Exchange difference 15 (7 ) At December 31 621 586 Accumulated amortization At January 1 (429 ) (388 ) Amortization (50 ) (44 ) Exchange difference (14 ) 3 At December 31 (493 ) (429 ) Net book value At December 31 128 157 |
Investments in Associates
Investments in Associates | 12 Months Ended |
Dec. 31, 2019 | |
Text Block1 [Abstract] | |
Investments in Associates | 19. 19(a) Percentage of equity interest As of December 31 Company Name Nature of business Country of incorporation 2019 2018 Shandong Pacific Rubber Cable Co., Ltd. (“SPRC”) Manufacturing of rubber cable PRC 25.00% 25.00% Siam Pacific Holding Company Limited (“SPHC”) Investment & holding company Thailand 49.00% 49.00% Loxpac (Thailand) Company Limited (“Loxpac”) (Formerly known as “Loxley Pacific Co., Ltd.) Providing telecommunication service Thailand 21.39% 21.39% Loxpac Hong Kong Co., Limited (“Loxpac HK”) (Formerly known as “Loxley Pacific Hong Kong Co., Limited” ) Investment & holding company Hong Kong 23.10% 23.10% 19(b) As of December 31, 2019 2018 US$’000 US$’000 At January 1 864 861 Share of loss of associates (3 ) (3 ) Exchange difference 74 6 At December 31 935 864 The investments in SPRC, Loxpac and Loxpac HK have been fully impaired. 19. INVESTMENTS IN ASSOCIATES 19(c) The following table summarized financial information of the Company’s investments in associates: As of December 31, 2019 2018 US$’000 US$’000 Summarized financial information of SPHC: Current assets 3 9 Non-current assets 2,103 1,938 Current liabilities (3 ) (3 ) Non-current liabilities (196 ) (181 ) Equity 1,907 1,763 Reconciliation to the Company’s investments in associates: Percentage of equity interest 49% 49% Carrying amount of the investment 935 864 For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Summarized financial information of SPHC: Revenue — — — Loss for the year (6 ) (5 ) (5 ) Reconciliation to the Company’s investments in associates: Percentage of equity interest 49% 49% 49% Share of the associates’ profit for the year: (3 ) (3 ) (3 ) As of December 31, 2019 and 2018, the Company's associates had no contingent liabilities or capital commitments. |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2019 | |
Trade And Other Current Payables [Abstract] | |
Trade and Other Payables | 20. As of December 31, 2019 2018 US$’000 US$’000 Trade payables 10,509 15,941 Other payables 6,370 5,186 16,879 21,127 Other payables included refund liabilities arising from contracts with customers, which amounted to $4,393 and $3,831 as of December 31, 2019 and 2018, respectively. |
Employee Benefit
Employee Benefit | 12 Months Ended |
Dec. 31, 2019 | |
Text Block1 [Abstract] | |
Employee Benefit | 21. As of December 31, 2019 2018 Current Non-current Total Current Non-current Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Employee benefit liabilities Pension-Defined benefit plans 1,436 10,306 11,742 855 8,161 9,016 Long service leave 452 128 580 427 112 539 Total 1,888 10,434 12,322 1,282 8,273 9,555 21(a) The Company has several defined contribution plans covering its employees in Australia, PRC, Singapore, Thailand, and Taiwan. Contributions to the plan are made monthly. Total charges for the years ended December 31, 2019, 2018 and 2017, were $1,160, $1,264, and $1,280, respectively. 21(b) The defined benefit liability recognized in the consolidated balance sheet in respect to defined benefit plans is the present value of the defined benefit obligation at the end of the reporting period, together with adjustments for past service costs and actuarial gains or losses. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using future actuarial assumptions about demographic and financial variables that affect the determination of the amount of such benefits. In accordance with the Thailand labor law, Charoong Thai and its subsidiaries are obliged to make payment to retiring employees, at rates of 1 to 13 times of their final month’s salary rate, depending on the length of service. In addition, Charoong Thai also has the extra benefit plan to make payment to qualified retiring employees, at rates of 1 to 26 times of final month's salary. The plan is not funded. The Company pays to settle the obligations as and when employees retire. 21. EMPLOYEE BENEFIT (continued) 21(b) Pension – Defined benefit plans The following tables summaries the components of net benefit expense recognized in the income statement and the funded status and amounts recognized in the consolidated balance sheet for the plan: For the year ended December 31, Net benefit cost 2019 2018 2017 US$’000 US$’000 US$’000 Current service cost 546 419 360 Past service cost 121 — — Interest cost on benefit obligation 254 202 210 Net benefit cost 921 621 570 For the year ended December 31, Other comprehensive income 2019 2018 2017 US$’000 US$’000 US$’000 Actuarial (gain) / loss – experience 494 396 251 Actuarial (gain) / loss – demographic assumption 18 1 184 Actuarial (gain) / loss – financial assumption 1,215 13 337 Actuarial loss 1,727 410 772 For the year ended December 31, Change in the defined obligation 2019 2018 2017 US$’000 US$’000 US$’000 Defined benefit obligation at January 1 9,016 8,293 6,652 Current service cost 546 419 360 Past service cost 121 — — Interest cost on benefit obligation 254 202 210 Benefits paid directly by the Company (535 ) (352 ) (274 ) Actuarial loss in other comprehensive income 1,727 410 772 Exchange differences 613 44 573 Defined benefit obligation at December 31 11,742 9,016 8,293 Actuarial assumptions The significant assumptions used in determining the actuarial present value of the defined benefit obligations for the year ended December 31, 2019 and 2018 are as follows: 2019 2018 % % Discount rate 1.5 2.6 ~ 2.7 Rate of salary increase 5.0~6.0 5.0 ~ 6.0 Pre-retirement mortality * Thailand TMO17 Tables * Thailand TMO17 Tables * TMO represented as Thailand Mortality Ordinary Tables 21. EMPLOYEE BENEFIT (continued) 21(b) Pension – Defined benefit plans (continued) Maturity profile of defined benefit obligation The following pension benefit payments are expected payments to be made in the future years out of the defined benefit plan obligation: As of December 31, 2019 2018 US$’000 US$’000 Within the next 12 months (next annual reporting period) 1,340 855 Between 2 and 5 years 2,489 2,374 Between 6 and 10 years 4,391 4,187 Beyond 10 years 16,917 17,084 Total expected payments 25,137 24,500 Weighted average duration of defined benefit obligation 9 years 10 - 11 years Sensitivity analysis A one-percentage point change in the assumed rates would have yielded the following effects: 2019 2018 US$’000 US$’000 Discount rate – 1% increase (1,003 ) (777 ) Discount rate – 1% decrease 1,178 908 Rate of salary increase – 1% increase 1,115 869 Rate of salary increase – 1% decrease (973 ) (762 ) The sensitivity result above determines their individual impact on the plan’s year-end defined benefit obligation. In reality, the plan is subject to multiple external experience items which may move the defined benefit obligation in similar or opposite directions, while the plan’s sensitivity to such changes can vary over time. 21 (c) Long service leave The liability for long service leave is recognized in the provision for employee benefits and measured as present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of service. Expected future payments are discounted using market yields at the reporting date on high quality corporate bond with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows. As of December 31, 2019 and 2018, the amount of long service leave obligation was $580 and $539, respectively. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | 2 2 . As of December 31, 2019 2018 US$’000 US$’000 Contract liabilities 216 756 Dividend payable 674 565 Deferred government grant — 318 Onerous contracts provisions 238 42 Other current liabilities 1,228 1,591 Total 2,356 3,272 The Company was subject to two expropriations by the PRC government in 2018. The government grant related to the completed appropriation, amounted to $106, is recognized as other income for the year ended December 31, 2018. The government grant for the expropriation in progress, amounted to $318, is recognized as other current liabilities as of December 31, 2018, and as other income for the year ended December 31, 2019. Other current liabilities include undue value added tax, unpaid withholding tax, and other miscellaneous liabilities. 22(a) 2019 2018 US$’000 US$’000 At January 1 42 555 Recognized 218 37 Reversed (25 ) (544 ) Exchange differences 3 (6 ) At December 31 238 42 22(b) Contract Liabilities As of December 31, 2019 2018 US$’000 US$’000 Current contract liabilities Advance from customers 93 668 Custodial service 63 71 Transportation service 60 17 Total current contract liabilities 216 756 The Company applied IFRS 15 from January 1, 2018 and recognized contract liabilities when considerations from customers had been received or due before the Company satisfied the performance obligations. 22. OTHER CURRENT LIABILITIES (continued) 22(b) Revenue recognized in relation to contract liabilities For the year ended December 31, 2019 2018 US$’000 US$’000 Revenue recognized that was included in the contract liabilities balance at the beginning of the year Advance from customers 668 — Custodial service 59 85 Transportation service 17 28 744 113 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Text Block1 [Abstract] | |
Equity | 2 3 . 23(a) As of December 31, 2019 2018 Authorized shares Number of shares Number of shares Common shares of US$0.01 each 50,000,000 50,000,000 Common shares issued and fully paid Number of shares US$’000 At December 31, 2019 13,830,769 138 At December 31, 2018 13,830,769 138 At January 1, 2018 13,830,769 138 23(b) On November 11, 2016, the Company announced that the Board of Directors approved the implementation of a dividend policy as part of the Company's ongoing commitment to increasing shareholder value and return on investment. Pursuant to the dividend policy, subject to review and approval by the Board of Directors, the Company may pay cash dividends of at least 25% of its net post-tax audited consolidated profits attributable to shareholders. As APWC is a holding company, its ability to pay dividends is dependent upon distributions that it receives from its operating subsidiaries and affiliates, which are subject to a number of factors including operating results, capital requirements, expansion plans, debt covenants, business prospects, consideration for non-recurring items and other factors that are deemed relevant from time to time by the respective boards of our subsidiaries and affiliates. The dividend policy will be reviewed on an ongoing basis and updated at the discretion of the Board of Directors as business circumstances and available capital and capital requirements may change. The Company recognized dividends distributed to owners amounting to $nil ($nil per share), $1,106 ($0.08 per share) and $1,382 ($0.1 per share) for the years ended December 31, 2019, 2018 and 2017, respectively. 23. EQUITY (continued) 23(c) The disaggregation of changes of other comprehensive income by each type of reserve in equity is shown below: For the year ended December 31, 2019 Remeasurement of defined benefit plans Financial assets at FVOCI reserve Foreign currency translation reserve Total US$’000 US$’000 US$’000 US$’000 Exchange difference on translation of foreign operations — — 10,677 10,677 Re-measuring losses on defined benefit plans (1,382 ) — — (1,382 ) Changes in faire value of financial assets at fair value through other comprehensive income — 1,336 — 1,336 (1,382 ) 1,336 10,677 10,631 For the year ended December 31, 2018 Remeasurement of defined benefit plans Available-for-sale reserve Financial assets at FVOCI reserve Foreign currency translation reserve Total US$’000 US$’000 US$’000 US$’000 US$’000 Reclassification of application of IFRS 9 — (1,717 ) 1,717 — — Exchange difference on translation of foreign operations — — — (4,388 ) (4,388 ) Re-measuring losses on defined benefit plans (328 ) — — — (328 ) Changes in faire value of financial assets at fair value through other comprehensive income — — (335 ) — (335 ) (328 ) (1,717 ) 1,382 (4,388 ) (5,051 ) For the year ended December 31, 2017 Remeasurement of defined benefit plans Available-for-sale reserve Foreign currency translation reserve Total US$’000 US$’000 US$’000 US$’000 Exchange difference on translation of foreign operations — — 15,882 15,882 Cumulative translation differences reclassified to profit or loss on liquidation of a subsidiary — — 248 248 Re-measuring losses on defined benefit plans (618 ) — — (618 ) Net loss on available-for-sale financial assets — (64 ) — (64 ) (618 ) (64 ) 16,130 15,448 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 24. RELATED PARTY TRANSACTIONS The related parties are defined as affiliates of the Company; entities for which investments are accounted for by the equity method by the Company; the principal owners of the Company; its management; members of the immediate families of the principal owners of the Company and its management. Moon View Venture Limited (“Moon View”), PEWC, Singapore Branch, PEWC Singapore Co. (Pte) Ltd., and PEWC (HK) are controlled by PEWC. Moon View is the immediate holding company of the Company. Italian-Thai Development Public Company Limited (“Italian-Thai”) is the non-controlling shareholder of one of the Company’s operating subsidiaries in Thailand. SPHC is one of the Company’s equity investees. Fujikura Limited is a non-controlling shareholder of one of the Company’s operating subsidiaries in Thailand. 24(a) The following table provided the total amount of outstanding balance at December 31, 2019 and 2018. Amounts due from related parties Amounts due to related parties As of December 31, As of December 31, 2019 2018 2019 2018 US$’000 US$’000 US$’000 US$’000 The ultimate parent company PEWC — — 862 45 PEWC, Singapore Branch 21 15 — — PEWC Singapore Co. (Pte) Ltd. — — 1,027 1,005 PEWC (HK) 5,247 5,989 20 399 Associate SPHC 196 181 1,362 1,362 Non-controlling shareholder of subsidiary Italian-Thai and its affiliates 6,102 5,876 — — Fujikura Limited — — — 136 Others — — 13 50 Total 11,566 12,061 3,284 2,997 As of December 31, 2019 and 2018, the interest rates on the balance due to PEWC Singapore Co., (Pte) Ltd. range from 3.09% to 3.79% and 2.70% to 3.40%, respectively, and the payables are repayable upon demand. All balances with related parties are unsecured. . 24. RELATED PARTY TRANSACTIONS (continued) 24(b) The transactions undertaken with related parties are summarized as follows: For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 The ultimate parent company PEWC Purchases 2,745 521 18,170 Sales — 14 1,457 Fabrication income received 140 412 208 Management fee paid 199 136 143 Information technology service fee paid 101 115 114 PEWC, Singapore Branch Management fee received 14 14 14 PEWC Singapore Co. (Pte) Ltd. Interest expenses paid 22 21 15 PEWC (HK) Purchases — 2,479 4,180 Sales 17,831 23,498 24,437 Service fee paid 218 231 — The immediate holding company Moon View Income from discharge of liability* — 1,537 — Non-controlling shareholder of subsidiary Italian Thai and its affiliates Sales 4,188 6,814 6,203 Construction of factory building expenses 215 — — Fujikura Limited Purchases 249 750 1,115 Moon View 24(c) The sales to and purchases from related parties are based on negotiation by the entities. Outstanding balances at the year-end are unsecured and interest free. There have been no guarantees provided or received for any related party receivables or payables. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates. The Company purchases from PEWC copper rods as raw materials, low to high voltage power cable, and wire for distribution purposes. The purchase price from PEWC is determined by reference to the quoted copper prices on the LME. No sales commission was received from PEWC during the years ended December 31, 2019, 2018 and 2017. 24. RELATED PARTY TRANSACTIONS (continued) 24(c) Pursuant to the composite services agreement with PEWC: (i) PEWC will sell copper rod to the Company, upon the Company’s request, (1) at a price consisting of the average spot price of copper on the LME for the one month prior to purchase plus an agreed upon premium, (2) at prices and on terms at least as favorable as it provides copper rod to other purchasers of similar amounts of copper rod in the same markets as PEWC and (3) will give priority in the supply of copper rod to the Company over other purchasers of copper rod from PEWC. (ii) PEWC grants to the Company the right to distribute any wire or cable product manufactured by PEWC in all markets in which the Company presently distributes or develops the capability to distribute in the future, such products on such terms as have historically been in effect or on terms at least as favorable as PEWC grants to third parties that distribute such products in such markets. However, PEWC shall not be required to grant to the Company the right to distribute products manufactured by PEWC in the future in markets where the Company does not currently have the capability to distribute unless and until PEWC has no pre-existing contractual rights which would conflict with the grant of such right to the Company. ( ii i) PEWC will make available to the Company, upon the Company’s request and on terms to be mutually agreed between PEWC and the Company from time to time, access to certain of PEWC’s technology (and PEWC personnel necessary to use such technology) with respect to the design and manufacture of wire and cable products, including, without limitation, certain fiber optic technology. The Company benefits from research and development conducted by PEWC at little or no cost to the Company. (i v ) PEWC will make available to the Company, upon the Company’s request and on terms to be mutually agreed between PEWC and the Company from time to time, certain services with respect to the design and manufacture of wire and cable products, computerization, inventory control, purchasing, internal auditing, quality control, emergency back-up services, and recruitment and training of personnel; such services may include the training of the Company’s employees and managers at PEWC facilities and the secondment of PEWC employees and managers to the Company. ( v ) Each of PEWC and the Company will offer the other party the right to participate in any negotiations with a third party concerning the establishment of any facility or similar venture to manufacture or distribute any wire or cable product outside of the markets where the Company currently manufactures or distributes, or intends to develop the capability to manufacture or distribute, any wire or cable product. Unless the Company and PEWC mutually agree otherwise, the Company shall have the right of first refusal to enter into any definitive agreement with such third party. If, however, such third party would not agree to the substitution of the Company for PEWC or such substitution would prevent the successful completion of the facility or venture, PEWC will arrange for the Company to participate to the extent possible. 24. RELATED PARTY TRANSACTIONS (continued) 24(d) For the years ended December, 31 2019 2018 2017 US$’000 US$’000 US$’000 Short-term employee benefits 3,073 3,814 3,900 Post-employment benefits 179 102 103 Termination benefits — 47 43 Total compensation paid to key management personnel 3,252 3,963 4,046 The amounts disclosed in the table were recognized as expenses during the reporting periods. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Text Block1 [Abstract] | |
Commitments and Contingencies | 25 . 25(a) The Company leases a piece of land and some buildings in Singapore under non-cancellable operating lease arrangements for terms from 1 to 30 years. As of December 31, 2018 US$’000 Within one year 616 After one year but not more than five years 1,279 More than five years 1,368 3,263 25(b) Future minimum payments under finance leases with initial terms of one year or more consisted of the following for December 31, 2018 . 2018 Minimum payments Present value of payments US$’000 US$’000 Within one year 47 44 After one year but not more than five years 47 46 More than five years — — Total minimum lease payments 94 90 Less: amount representing finance charges (4 ) — Present value of minimum lease payment 90 90 T he finance lease liabilities are secured by the leased motor vehicles. The average discount interest rate implicit in the lease is 5.18% for 2018. 25 . COMMITMENTS AND CONTINGENCIES (continued) 25(c) As of December 31, 2019 and 2018, the Company and its subsidiaries had commitments to purchase raw materials totaling $200 million to $290 million and $136 million to $176 million (20,996 to 30,580 metric tons and 22,450 to 28,940 metric tons), respectively, from third parties at the prices stipulated in the contracts. 25(d) As of December 31, 2019 and 2018, the Company and its subsidiaries had capital commitment relating to the construction of factory building improvement and acquisition of machinery, totaling $5.8 million and $0.6 million, respectively. 25(e) As of December 31, 2019 and 2018, one of Charoong Thai’s subsidiaries had guarantee obligations of bank credit line of its operating subsidiary at approximately $0 million and $2 million, respectively. As of December 31, 2019 and 2018, the Company provided a corporate guarantee not exceeding the sum of $24.7 million and $24.3 million, respectively, for the bond performance and banking facility of Sigma Cable. As of December 31, 2019 and 2018, there were outstanding bank guarantees of $38.5 million and $36.9 million, respectively, issued by the banks on behalf of Charoong Thai and its subsidiaries in respect of certain performance bonds as required in the normal course of business of the companies. These guarantees generally expire within 1 year. 25(f) As of December 31, 2019 and 2018, the Company and its subsidiaries had commitments in respect of management consulting services with related parties totaling $0.3 million and $0.2 million, respectively. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Fair Value Measurement Of Assets Liabilities [Abstract] | |
Fair Value Measurement | 26 . Fair value information: As of December 31, 2019 Fair value measurement using Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) US$’000 US$’000 US$’000 US$’000 Financial assets (liabilities) - derivatives (Note 11.(a)) Foreign exchange forward contract (3 ) — (3 ) — Financial assets at fair value through other comprehensive income (Note 11.(a)) Unquoted equity instrument Thai Metal Processing Co., Ltd. 4,062 — — 4,062 Assets for which fair values are disclosed: Investment properties (Note 17) Land 11,566 — — 11,566 Office buildings 1,460 — — 1,460 There have been no transfers between Level 1 and Level 2 during the year. Fair value information: As of December 31, 2018 Fair value measurement using Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) US$’000 US$’000 US$’000 US$’000 Financial assets (liabilities) - derivatives (Note 11.(a)) Foreign exchange forward contract (142 ) — (142 ) — Financial assets at fair value through other comprehensive income (Note 11.(a)) Unquoted equity instrument Thai Metal Processing Co., Ltd. 2,332 — — 2,332 Assets for which fair values are disclosed: Investment properties (Note 17) Land 10,656 — — 10,656 Office buildings 1,397 — — 1,397 There have been no transfers between Level 1 and Level 2 during the year . |
Financial Risk Management Objec
Financial Risk Management Objectives | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Instruments [Abstract] | |
Financial Risk Management Objectives | 27 . Financial risks are those derived from financial instruments the Company is exposed to during or at the closing of each fiscal year. The objective of the Company’s financial risk management is to minimize its risk exposure against various financial risks, which include market risk, credit risk and liquidity risk. The Company uses derivative instruments to cover certain risks when it considers them necessary. It is the Company’s policy that no trading in derivatives for speculative purposes shall be undertaken. The Company manages its exposure to key financial risks, as described in the succeeding paragraphs. 27(a) Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise four types of risk: interest rate risk, equity price risk, foreign currency risk and commodity price risk. Financial instruments affected by market risk include loans and borrowings, financial instruments at fair value through profit or loss, and financial instruments at fair value through other comprehensive income. The sensitivity analysis in the following sections relate to the position as of December 31, 2019 and 2018. The analysis excludes the impact of movements in market variables on the carrying value of other post-retirement obligations provisions and on the non-financial assets and liabilities of foreign operations. (i) Interest rate risk The Company’s exposure to interest rate risk arises from borrowing at floating interest rates. Changes in interest rate will affect future cash flows but not the fair value. Less than 25% of the Company’s financial liabilities bear floating interest rate, and the rest of its financial liabilities bear fixed interest rate which are close to the market rate or are non-interest bearing. At the reporting dates, a change of 30 basis points of interest rate in a reporting period could cause the profit for the years ended December 31, 2019 and 2018 to increase/decrease by $46 and $64, respectively. (ii) Equity price risk The Company’s exposure to equity price risk arises from unquoted instrument held by the Company and classified in the balance sheet as non-current financial assets at fair value through other comprehensive income. The fair value and the sensitivity analysis of the held equity instrument are disclosed in Note 11(d). 27 . FINANCIAL RISK MANAGEMENT OBJECTIVES (continued) 27(a) (i) Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates arise from sales, purchases and borrowings by operating units in currencies other than the unit’s functional currency. The Company’s principal operations are located in Thailand, the PRC, Singapore and Australia and a substantial portion of its revenues are denominated in Thai Baht, RMB, Australian dollars or Singapore dollars, whereas a substantial portion of the Company’s cost of sales are denominated in US dollars, its reporting currency. Any devaluation of the functional currencies of the Company’s principal subsidiaries against the US dollar would likely have an adverse impact on the operations of the Company. The Company currently does not maintain a foreign currency hedging policy. However, management monitors the foreign exchange exposure and will consider hedging significant foreign currency exposure should the need arise. The balance of financial assets and liabilities denominated in a currency different from the Company’s each functional currency are summarized below. Financial Assets Financial Liabilities As of December 31, As of December 31 2019 2018 2019 2018 United States dollar (USD) 19,263 21,529 4,802 25,733 Thai Baht (THB) 346 349 87,779 30 Singapore dollar (SGD) 233 170 20 62 Taiwan dollar (TWD) 9,711 5,227 7,648 4,872 Renminbi (RMB) 119 19 — 179 Hong Kong dollar (HKD) 7,526 20,005 83 43 Australian dollar (AUD) — 66 — — Euro (EUR) — — — 199 Japanese yen (JPY) — — — 14,768 Foreign currency sensitivity The following table demonstrates the sensitivity of the Company’s profit before tax and equity to a reasonably possible change of each foreign currency exchange rates against all other non-functional currencies, with all other variables held constant. Change rate USD THB SGD TWD RMB HKD AUD JPY EUR 5% 723 (147 ) 8 3 1 48 — — — 2019 -5% (723 ) 147 (8 ) (3 ) (1 ) (48 ) — — — 5% (210 ) — 4 1 (1 ) 127 2 (7 ) (11 ) 2018 -5% 210 — (4 ) (1 ) 1 (127 ) (2 ) 7 11 27 . FINANCIAL RISK MANAGEMENT OBJECTIVES (continued) (iv) Commodity price risk The Company is affected by the volatility of certain commodities. Copper is the principal raw material used by the Company. The Company purchases copper at price closely related to the prevailing international spot market on the London Metal Exchange for copper. The price of copper is influenced heavily by global supply and demand as well as speculative trading. Consequently, a change in the price of copper will have a direct effect on the Company’s cost of sales. The Company does not use derivative instruments to hedge the price risk associated with the purchase of this commodity. However, we cover some of these risks through long-term purchase contracts. Commodity price sensitivity The following table shows the potential effect of price changes in copper. Change in year-end price Effect on profit before tax Effect on equity US$’000 US$’000 US$’000 2019 +16 % (3,473 ) N/A Copper -16 % 3,473 N/A 2018 +23 % 6,461 N/A Copper -23 % (6,461 ) N/A On average, copper composes around 82% and 85% 27(b) Credit risk arises from cash and cash equivalents, bank deposits, foreign currency forward contracts, trade receivables, contract assets, other receivables excluding bank deposits, and amounts due from related parties. The Company’s exposure to credit risk arises from default of counterparty, with maximum exposure equal to the carrying amount of these financial instruments. (i) Risk management The Company maintains cash and cash equivalents, as well as bank deposits with various financial institutions located in Singapore, Thailand, Australia, Hong Kong and the People’s Republic of China. The Company’s policy is designed to limit its exposure to any one institution. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. Foreign currency forward contracts are only used for economic hedging purposes and not as speculative investments. The counterparties on these forward contracts are banks with international operations and good credit quality. 27. FINANCIAL RISK MANAGEMENT OBJECTIVES (continued) 27(b) Concentrations of credit risk with respect to trade receivables and contract assets are limited due to the large number of entities comprising the Company’s customer base. The Company analysis the credit risk for each of the new clients before credit limits are offered. Internal risk control assesses the credit quality of the customers, taking into account their financial position, past experience and other factors. The Company carefully assesses the financial strength of its customers and generally does not require any collateral. Compliances with credit limits are monitored, and exceptions beyond a certain threshold are discussed regularly. Customers’ credit terms are extend over time only when they establish good payment patterns with the Company. Other receivables excluding bank deposits mainly contain doubtful receivables from customers. The Company obtained collateral in respect of those material receivables, and performed the valuation of the collateral. The Company enters into transactions with related parties in the ordinary course of its business. Refer to Note 24(c) for the Company’s general credit risk management practices. (ii) Definition of default The Company considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that financial assets that meet either of the following criteria are generally not recoverable: ► when there is a breach of financial covenants by the debtor; or ► information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Company, in full (without taking into account any collateral held by the Company). (iii) Measurement and recognition of expected credit losses The Company recognizes a loss allowance for expected credit losses on trade receivables and contract assets by using a provision matrix. Refer to Note 12(c) for the approach used to measure expected credit losses of trade receivables, Note 12(b) for the loss allowance recognized, The Company applies the general approach for all other financial assets that are subject to the expected credit loss model. The expected credit losses of the respective financial instruments for the years ended December 31, 2019 and 2018 were immaterial. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was also immaterial. (iv) Write off policy Financial instruments are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Company, and a failure to make contractual payments for a period of greater than generally 90 days past due. (v) Concentrations of credit risk As of December 31, 2019 and 2018, trade receivables from one customer represented 9.31% and 8.2% of total trade receivables of the Company, respectively. The credit concentration risk of other trade receivables is insignificant. 2 7 . FINANCIAL RISK MANAGEMENT OBJECTIVES (continued) 27(c) Liquidity risk arises from the financial liabilities of the Company and its subsidiaries and their subsequent ability to meet obligations to repay their financial liabilities as and when they fall due. Management manages the Company’s liquidity risk by closely monitoring cash flow from the operations. The Company has about $54 million in cash and cash equivalents, $208 million in unutilized amounts of bank loans, and the total financial liabilities is $35 million at the reporting date, which for financial assets and liabilities results in a net asset position. Liquidity risk is considered low as of December 31, 2019. Refer to Note 29 for development subsequent to year end. The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payment obligations. < 1 year 2 to 3 years 4 to 5 years > 5 years Total US$’000 US$’000 US$’000 US$’000 US$’000 As of December 31, 2019 Financial liabilities Interest-bearing loans and borrowings 11,484 — — — 11,484 Trade and other payables 16,879 — — — 16,879 Due to related parties 3,284 — — — 3,284 Financial liabilities at fair value through profit or loss 3 — — — 3 Lease liability 656 910 444 1,182 3,192 32,306 910 444 1,182 34,842 As of December 31, 2018 Financial liabilities Interest-bearing loans and borrowings 25,151 — — — 25,151 Trade and other payables 21,127 — — — 21,127 Due to related parties 2,997 — — — 2,997 Financial liabilities at fair value through profit or loss 142 — — — 142 Finance lease liability 47 36 11 — 94 49,464 36 11 — 49,511 27(d) The primary objectives of the Company’s capital management are to safeguard the Company’s ability to continue as a going concern and maintain healthy capital ratios in order to support its business, maximize shareholders’ value and to maintain an optimal capital structure to reduce the cost of capital. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions and the risks characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders, issue new shares or conduct stock repurchase programs. The Company is not subject to any externally imposed capital requirements. No changes were made in the objectives, policies or processes for managing capital during the years ended December 31, 2019 and 2018. 2 7 . FINANCIAL RISK MANAGEMENT OBJECTIVES (continued) 27(d) In line with industry practices, the Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents. As of December 31, 2019 2018 US$’000 US$’000 Interest bearing loans and borrowings 11,356 24,814 Trade and other payables 16,879 21,127 Less: cash and cash equivalents (53,673 ) (60,778 ) Net debt (25,438 ) (14,837 ) Total Equity 228,435 221,816 Capital and net debt 202,997 206,979 Gearing ratio 0.0% 0.0% The Company has no direct business operations other than its ownership of the capital stock of its subsidiaries and equity investees holdings. As a holding company, the Company’s ability to pay dividends, as well as to meet its other obligations, depends upon the amount of distributions, if any, received from the Company’s operating subsidiaries and other holdings and investments. The Company’s operating subsidiaries and other holdings and investments, from time to time, may be subject to restrictions on their ability to make distributions to the Company, including as a result of restrictive covenants contained in loan agreements, restrictions on the conversion of local currency earnings into U.S. dollars or other hard currency and other regulatory restrictions. For example, PRC legal restrictions permit payments of dividends by our business entities in PRC only out of their retained earnings, if any, determined in accordance with relevant PRC accounting standards and regulations. Under PRC law, such entities are also required to set aside a portion of their net income each year to fund certain reserve funds. These reserves are not distributable as cash dividends. The foregoing restrictions may also affect the Company’s ability to fund operations of one subsidiary with dividends and other payments received from another subsidiary. 27(e) The credit lines of the Company were collateralized by: (i) Mortgage of the Company’s land, buildings, machinery and equipment, investment properties and land use rights with a total carrying amount of $15,099 at December 31, 2019 (2018: $9,084); (ii) Pledge of other receivables of $4,847 at December 31, 2019 (2018: $7,525) ; (iii) Corporate guarantee issued by the Company and a subsidiary of the Company. (iv) A trading facility was secured by all the assets and uncalled capital with total carrying amount of $27,454 of a subsidiary as of December 31, 2019 (2018: $ 27,731). The weighted average interest rates on bank loans and overdrafts as of December 31, 2019 and 2018 were 3.72% and 3.68% per annum, respectively. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Cash Flow Information [Abstract] | |
Cash Flow Information | 2 8 . CASH FLOW INFORMATION 28 (a) Investing activities with partial cash payments For the year end December 31, 2019 2018 US$’000 US$’000 Acquisition of property, plant and equipment 3,406 4,498 Add: Payable for PPE or CIP - Opening 213 311 Less: Payable for PPE or CIP - Ending (355 ) (213 ) Less: Prepayment for PPE & CIP - Opening (210 ) (304 ) Add: Prepayment for PPE & CIP - Ending 2,388 210 Less: acquisition by means of a lease — (61 ) Cash paid during the year 5,442 4,441 28 (b) Reconciliation of liabilities arising from financing activities Interest -bearing loans and borrowings Financial lease liabilities Total US$’000 US$’000 US$’000 Balance at January 1, 2017 41,151 78 41,229 Changes in cash flows -16,220 (46 ) (16,266 ) Foreign exchange adjustments (117 ) (8 ) (125 ) Acquisition of PP&E by means of a lease — 61 61 Other changes — 5 5 Balance at December 31, 2018 24,814 90 24,904 Recognized on adoption of IFRS 16 — 2,651 2,651 Changes in cash flows (14,462 ) (426 ) (14,888 ) Foreign exchange adjustments 1,004 29 1,033 Acquisition leases — 476 476 Other changes — 8 8 Balance at December 31, 2019 11,356 2,828 14,184 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Subsequent Event | 29 . SUBSEQUENT EVENT 29(a) CTW dividend payments On March 20, 2020, the Board of Directors of Charoong Thai declared a cash dividend distribution to its shareholders amounted to $2.9 million (Baht 79.6 million, equivalent to Baht 0.2 per share), $ 1.4 million of which will be distributed to non-controlling interest. The dividend will be paid on May 15, 2020. This dividend distribution plan requires the approval of the 2019 Annual General Meeting of Shareholders of Charoong Thai. 29(b) COVID-19 Could Have a Material Adverse Effect on Our Business, Financial Condition and Results of Operations The recent outbreak in China of the Coronavirus Disease 2019 (“COVID-19”), which has been declared by the World Health Organization to be a “public health emergency of international concern,” has spread across the globe and is impacting worldwide economic activity and financial markets. Our manufacturing and production have been affected by the outbreak of COVID-19. COVID-19 has disrupted our operations and the operations of our suppliers, customers, and other business partners and may continue to do so for an indefinite period of time, including as a result of travel restrictions and/or business shutdowns. A slowdown in economic activity as a result of COVID-19 can be expected to result in a reduction in demand for our products. The outbreak of COVID-19 has also resulted in a decline in the price of copper, which has had the effect of reducing the market value of our inventory of copper. Due to the measures instituted in China in response to COVID-19, our China production facilities have been operating below normal production levels and our production levels have not yet fully recovered to normal levels. We do not know when our production levels will recover to normal levels. In addition, the Singapore Government has ordered most business to close from April 7, 2020 until June 1, 2020. We have been permitted to continue to operate during this period with reduced on site staff. Since April 7, 2020, approximately half of the employees of our Singapore operations have been working from home while the remaining employees have continued to work on site. We do not know if the Singapore Government will extend (or otherwise alter the terms of) its order requiring most business to close or whether our employees who continue to work on site will continue to be permitted to do so. This is a rapidly evolving situation and the impact of COVID-19 on the global economy and our business is uncertain at this time. While it is not possible at this time to estimate the impact that COVID-19 could have on worldwide economic activity and our business, the continued spread of COVID-19 and the measures taken by governments, businesses and other organizations in response to COVID-19 are expected to reduce our revenues and could have a material adverse impact our business, financial condition and results of operations. 29(c) Continued Listing Standards Letter from Nasdaq On November 21, 2019, the Company received written notification (the "Market Value Notification Letter") from The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it was not in compliance with the $5 million minimum market value of publicly held shares requirement set forth in the Nasdaq rules for listing on the Nasdaq Global Market tier. In accordance with the Nasdaq Listing Rules, the Company was provided 180 calendar days, or until May 19, 2020 (the "Compliance Period"), to regain compliance. On April 16, 2020, Nasdaq announced that, as of April 16, 2020, Nasdaq was tolling the compliance periods for bid price and market value of publicly held shares (“MVPHS”) requirements (collectively, the “Price-based Requirements”) for all listed companies through June 30, 2020. As a result, companies presently in compliance periods for any Price-based Requirements will remain at that same stage of the process through June 30, 2020 and, commencing on July 1, 2020, companies will receive the balance of any pending compliance period in effect at the start of the tolling period to regain compliance. Accordingly, since the Company had 33 calendar days remaining in its MVPHS compliance period as of April 16, 2020, it will, upon reinstatement of the Price-based Requirements, still have 33 calendar days from July 1, 2020, or until August 3, 2020, to regain compliance. Nasdaq has informed us that the Company can regain compliance, either during the suspension or during the compliance period resuming after the suspension, by evidencing compliance with the Price-based Requirements for a minimum of 10 consecutive trading days. For the Company to regain compliance, the market value of our publicly held shares has to equal or exceed $5 million for a minimum of 10 consecutive business days. On April 22, 2020, the minimum market value of our publicly held Common Shares was $3,592,234. If the Company does not regain compliance by August 3, 2020, Nasdaq has informed us that Nasdaq will delist the Company's common shares from Nasdaq unless the Company requests a hearing before the Nasdaq Hearings Panel or unless the Company transfers its listing of the Common Shares to the Capital Market tier, which transfer would require that the Company then meet the criteria for transfer to the Capital Market tier. The Company will closely watch the stock price trend to see whether to take actions to meet MVPHS requirements. Other than the above events, the Company is not aware of any matter or circumstance that has significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company. |
Approval of the Financial State
Approval of the Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Statement Of Financial Position [Abstract] | |
Approval of the Financial Statements | 30 . APPROVAL OF THE FINANCIAL STATEMENTS The financial statements were approved and authorized for issuance by the board of directors on April 24, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Current versus non-current classification | The Company has consistently applied the following accounting policies to all periods presented in these consolidated financial statements, except as mentioned otherwise (see also Note 4.1). 3.1 Current versus non-current classification The Company presents assets and liabilities in the balance sheets based on current and non-current classification. An asset is current when it is: Expected to be realized or intended to be sold or consumed in the normal operating cycle; ► Held primarily for the purpose of trading; ► Expected to be realized within twelve months after the reporting period; or ► Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: It is expected to be settled in a normal operating cycle; ► It is held primarily for the purpose of trading; ► It is due to be settled within twelve months after the reporting period; or ► There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Company classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. |
Operating profit | 3.2 Operating profit The operating profit is the profit earned from core business operations, and it does not include any profit earned from investment and the effects of interest and taxes. |
Fair value measurement | 3.3 Fair value measurement The Company measures financial instruments at fair value at each balance sheet date. In addition, fair values of financial instruments measured at amortized cost are disclosed in Note 11(d). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ► In the principal market for the asset or liability, or ► In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.3 Fair value measurement (continued) A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: ► Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities ► Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly or indirectly ► Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. |
Cash and cash equivalents | 3.4 Cash and cash equivalents Cash and cash equivalents in the consolidated balance sheet comprise of cash at banks and highly liquid investments with purchased maturities of three months or less, which are subject to an insignificant risk of change in value. For the purpose of the consolidated statements of cash flows, cash and cash equivalents are net of outstanding bank overdrafts as they are considered an integral part of the Company’s cash management. The balance of bank overdraft was nil as of December 31, 2019 and 2018. |
Inventories | 3.5 Inventories Inventories are stated at the lower of cost and net realizable value. Cost of manufactured goods is determined on the weighted average basis and, in the case of work in progress and finished goods, comprises direct materials, direct labor and an appropriate proportion of overheads based on the normal operating capacity. Cost of distributed goods is determined on the weighted average basis. Net realizable value is based on estimated selling prices less any estimated costs to be incurred to completion and the estimated cost necessary to make the sale. |
Property, Plant and Equipment | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.6 Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and any accumulated impairment losses. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to profit or loss in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalized in the carrying amount of the asset as a replacement. When significant parts of property, plant and equipment are required to be replaced at intervals, the Company recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Spare parts and servicing equipment are usually carried as inventory and recognized in profit or loss as consumed. However, major spare parts and stand-by equipment qualify as property, plant and equipment when an entity expects to use them for more than one year. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. A provision shall be recognized when: (a) an entity has a present obligation (legal or constructive) as a result of a past event; (b) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and (c) a reliable estimate can be made of the amount of the obligation. If these conditions are not met, no provision shall be recognized. Depreciation Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: ► Buildings 20-30 years ► Building improvement 3-20 years ► Machinery and equipment 4-20 years ► Motor vehicles 3-10 years ► Office equipment 2-20 years An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized. The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year end, and adjusted prospectively, if appropriate. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.6 Property, plant and equipment (continued) Impairment If circumstances arise which indicate assets might be impaired, a review should be undertaken of their cash generating abilities through either use or sales. This review will produce an amount, which should be compared with the asset’s carrying value, and if the carrying value is higher, the difference must be written off as an impairment adjustment in the income statement. Further detailed methodology used for an impairment test is given in Note 3.11 - Impairment of non-financial assets. |
Leases | 3.7 Leases From January 1, 2019 The Company assesses at contract inception whether a contract is, or contains, a lease. That is, the Company assesses whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company as a lessee The Company, as a lessee, applies a single accounting model to recognize assets and liabilities for all leases, except for the lease term is 12 months or less or the underlying asset has a low value. The Company recognizes lease liabilities to make lease payment and right-of-use assets representing the right to use the underlying assets. (i) Right-of-use assets The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payment made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: ► 2 to 37 years ► 2 to 3 years ► 1 to 3 years ► 5 years If the ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policies Note 3.11 impairment of non-financial assets. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3. 7 Leases (continued) (ii) Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payment to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payment) or a change in the assessment of an option to purchase the underlying asset. (iii) Short-term leases and leases of low-value assets The Company applies the short-term lease recognition exemption to its short-term leases. It also applies the lease of low-value assets recognition exemption to its leases that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. The Company as a lessor Leases for which the Company is a lessor are classified each of its leases as either an operating lease or finance lease. Finance lease Whenever the terms of the lease transfer substantially all the risks and rewards incidental to ownership of an underlying asset, the lease is classified as a finance lease. Amount due from lessees under finance lease are recognized as receivables at the amount of the Company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company’s net investment outstanding in respect of the leases. Operating lease Leases in which the Company does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the consolidated income statements due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they are earned. Property (land and/or a building, or part of a building) subject to an operating lease shall be recognized as an investment property. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3. 7 Leases (continued) Prior to January 1, 2019 The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date. The arrangement is assessed for whether fulfillment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement. Finance leases Finance leases that transfer substantially all the risks and benefits incidental to ownership of the leased item to the Company, are capitalized at the commencement of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in finance costs in the income statement. A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Company will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term. Operating leases Operating lease payments are recognized as an operating expense in the income statement on a straight-line basis over the lease term. Prepaid land lease payments under operating leases are initially stated at cost and subsequently recognized on the straight-line basis over the lease terms. The prepaid land lease payments are presented as current or non-current assets on the face of balance sheet, depending on the amount to be recognized less or more than twelve months after the reporting period. |
Borrowing Costs | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.8 Borrowing costs (continued) Borrowing costs include: ► interest expense calculated using the effective interest method; ► finance charges in respect of finance leases; and ► exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs. Exchange differences are generally regarded as borrowing costs only to the extent that the combined borrowing costs, including exchange differences, approximate the amount of borrowing costs on functional currency equivalent borrowings. For specific borrowings, the borrowing costs eligible for capitalization are the actual borrowing costs incurred related to funds that are borrowed specifically to obtain a qualifying asset less any investment income earned on the temporary investment of those borrowings. For general borrowings, the capitalization rate applied to borrowing costs on the consolidation level will be based on cash management strategy, which might be the weighted average of the group borrowings outstanding during the period. |
Investment Properties | 3.9 Investment properties Investment properties are properties held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are carried at historical cost less provisions for depreciation and impairment. Additional costs incurred subsequent to the acquisition of an asset increase the carrying amount of the asset or recognized as a separate asset if it is probable that future economic benefits associated with the assets will flow into the Company and the cost of an asset can be measured reliably. Routine maintenance and repairs are expensed as incurred. While land is not depreciated, all other investment property is depreciated based on the respective assets estimated useful lives ranging from 20 to 30 years using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in income or loss in the period in which the property is derecognized. International Accounting Standards (“IAS”) 40 requires disclosures about the fair value of any investment property recorded at cost. See Note 17 – Investment Properties. |
Financial Instruments | 3.10 Financial instruments From January 1, 2018 A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Financial assets Classification and measurement Except for certain trade receivables, the company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of the financial asset. Financial instruments are subsequently measured at amortized cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVPL). The classification is based on two criteria: the objective of the company’s business model for managing the assets; and whether the instruments’ contractual cash flows represent ‘solely payments of principal and interest’ on the principal amount outstanding (the ‘SPPI criterion’). The classification and measurement of financial assets is as follows: ► Debt instruments at amortized cost Financial assets meeting both conditions: (i) held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and (ii) the contractual terms of the financial assets give arise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, are measured subsequent to initial recognition at amortized cost. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest rate (“EIR”) method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. Interest income, foreign exchange gains and losses, and any impairment charges for such instruments are recognized in profit or loss. The Company’s financial assets at amortized costs include cash and cash equivalents, trade receivables, other receivable, and the receivable from related party. ► Debt instruments at FVOCI with gains or losses recycled to profit or loss on derecognition Financial assets that are held within a business model whose objective is to hold financial assets in order to both collecting contractual cash flows and selling financial assets, and that the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Interest income, foreign exchange gains and losses, and any impairment charges on such instruments are recognized in profit or loss. All other fair value gains and losses are recognized in OCI. On disposal of these debt instruments, any related balance with FVOCI reserve is reclassified to profit or loss. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) (i) Financial assets (continued) ► Equity instruments designated at FVOCI with no recycling of gains or losses on derecognition These instruments are undertakings in which the Company does not have significant influence or control, generally evidenced by ownership of less than 20% of the voting rights. The Company designates these investments on an instrument by instrument basis as equity securities at FVOCI because they represent investments held for long term strategic purposes. Investments in equity instruments at FVOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in OCI. These investments are not subject to impairment testing and upon disposal, the cumulative gain or loss in OCI is not reclassified to profit or loss on disposal. Dividends from such investments continue to be recognized in profit or loss when the Company’s right to receive payments is established. The Company elected to classify irrevocably its non-listed equity investments under this category. ► Financial assets at fair value through profit or loss (FVPL) Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt instrument that is subsequently measured at FVPL is recognized in profit or loss in the period in which it arises. Even if an instrument meets the two requirements to be measured at amortized cost or FVOCI, the Company may, at initial recognition, irrevocably designate a financial asset as measured at FVPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency. Changes in the fair value of financial assets at FVPL are recognized in the statement of profit or loss as applicable. Reclassification When, and only, the Company changes its business model for managing financial assets it shall reclassify all affected financial assets according to the classification and measurement criteria discussed earlier. If the Company reclassifies financial assets, it shall apply the reclassification prospectively from the reclassification date and shall not restate any previously recognized gains, losses (including impairment gains or losses) or interest. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) (i) Financial assets (continued) Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e. removed from the Company’s consolidated balance sheet) when and only when: (a) the rights to receive cash flows from the asset have expired, or (b) the Company has transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to one or more recipients under a “pass-through” arrangement; and either (i) the Company has transferred substantially all the risks and rewards of the asset, or (ii) the Company has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates the extent to which, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset and has not transferred the control of the assets, the Company continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay (“the guarantee amount”). (ii) Financial liabilities Classification and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, net of directly attributable transaction costs in the case of loans and borrowings. The Company’s financial liabilities include trade and other payables, bank overdrafts and interest-being loans and borrowings. These financial liabilities represent liabilities for goods and services provided to the Company and refund liabilities arising from contracts with customers. Trade payable are non-interest bearing and are normally settled on 60-day terms. The refund liabilities are rebate and discounts for the sale of goods to external customers in the ordinary course of the Company’s activities. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at fair value and subsequently measured at amortized cost using the EIR method. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) (ii) Financial liabilities (continued) Classification and measurement (continued) Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the income statement. Derecognition A financial liability is derecognized when the obligation under the liability is discharged, cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the income statement. (iii) Foreign currency forward contracts Non-hedging derivatives are initially recognized at fair value on the date a derivative contract is entered into and recorded as financial assets or financial liabilities at fair value through profit or loss. They are subsequently re-measured at fair value, and the gains or losses are recognized in profit or loss. (iv) Impairment of financial instruments The following financial instruments are included within the scope of the impairment requirements in IFRS 9 Financial Instruments: (a) Financial assets measured at amortized cost; (b) Financial assets mandatorily measured at FVOCI; (c) Loan commitments when there is a present obligation to extend credit (except where these are measured at FVPL); (d) Financial guarantee contracts to which IFRS 9 is applied (except those measured at FVPL); (e) Lease receivables within the scope of IFRS 16 Leases from January 1, 2019 and IAS 17 prior to January 1, 2019. (f) Contract assets within the scope of IFRS 15 Revenue from Contracts with Customers. From January 1, 2018, the Company assesses on a forward looking basis the expected credit losses (ECLs) associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. With the exception of purchased or originated credit impaired financial assets, ECLs are required to be measured through a loss allowance at an amount equal to: (a) credit risk has not increased significantly since initial recognition – recognize 12-month ECLs , and recognize interest on a gross basis; or (b) credit risk has increased significantly since initial recognition – recognize lifetime ECL, and recognize interest on a gross basis. A loss allowance for full lifetime ECLs is required for contract assets or trade receivables that do not constitute a financing transaction in accordance with IFRS 15. The Company may select its accounting policy for contract assets and trade receivables, containing a significant financing component and lease receivables to measure the loss allowance at an amount equal to lifetime ECLs. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) For trade receivables and contract assets, the Company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables, see Note 12(c) for further details. The Company recognizes in profit or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. (v) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if when the following conditions are met: (i) there is a currently enforceable legal right to offset the recognized amounts; and (ii) there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. (vi) Fair value of financial instruments The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs. For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. Such techniques may include: ► Recent arm’s length market transactions ► Current fair value of another instrument that is substantially the same ► A discounted cash flow analysis or other valuation models 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) Prior to January 1, 2018 Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value presented as net loss on financial instruments (negative net changes in fair value) or net gain on financial instruments (positive net changes in fair value) in the income statement. Derivatives not designated as hedging instruments A derivative is a financial instrument or other contract within the scope of IAS 39 with all of the following characteristics: (a) its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, a credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the ‘underlying’); (b) it requires no initial net investment, or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; and (c) it is settled at a future date. Fair value is the measurement basis for all financial instruments meeting the definition of a derivative. Change in fair value of non-hedged item is recorded in profit and loss. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate (“EIR”) method, less impairment. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance income in the income statement. The losses arising from impairment are recognized in the other operating expenses for receivables. Held-to-maturity investments Non-derivative financial assets with fixed or determinable payments and fixed maturities are classified as held to maturity when the Company has the positive intention and ability to hold them to maturity. After initial measurement, held to maturity investments are measured at amortized cost using the EIR, less impairment. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance income or finance cost in the income statement. The losses arising from impairment are recognized in the income statement as finance costs. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) Available-for-sale financial assets Available-for-sale financial assets include equity investments and debt securities. Equity investments classified as available for sale are those that are neither classified as held for trading nor designated at fair value through profit or loss. Debt securities in this category are those that are intended to be held for an indefinite period of time and that may be sold in response to needs for liquidity or in response to changes in the market conditions. After initial measurement, available-for-sale financial assets are subsequently measured at fair value with unrealized gains or losses recognized as other comprehensive income in the available-for-sale reserve until the investment is derecognized, at which time the cumulative gain or loss is recognized in other income, or the investment is determined to be impaired, when the cumulative loss is reclassified from the available-for-sale reserve to the income statement in finance costs. Interest earned whilst holding available-for-sale financial investments is reported as finance income using the EIR method. For a financial asset reclassified out of the available-for-sale category, the fair value carrying amount at the date of reclassification becomes its new amortized cost and any previous gain or loss on the asset that has been recognized in equity is amortized to profit or loss over the remaining life of the investment using the EIR. Any difference between the new amortized cost and the maturity amount is also amortized over the remaining life of the asset using the EIR. If the asset is subsequently determined to be impaired, then the amount recorded in equity is recognized in the income statement. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when: ► The rights to receive cash flows from the asset have expired, or ► The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the asset is recognized to the extent of the Company’s continuing involvement in the asset. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) (ii) Impairment of financial assets The Company assesses, at each reporting date, whether there is objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if there is objective evidence of impairment as a result of one or more events that has occurred since the initial recognition of the asset (an incurred ‘loss event’) and that loss event has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. Financial assets carried at amortized cost For financial assets carried at amortized cost, the Company first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current EIR. The carrying amount of the asset is reduced through the use of an allowance account, and the loss is recognized in profit or loss. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as finance income in the income statement. Loans together with the associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Company. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a write-off is later recovered, the recovery is credited to finance costs in the income statement. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) Trade receivables impairment For trade receivables, impairment assessment is performed firstly on an individual basis: A financial asset is impaired (and impairment losses are determined) if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after initial recognition (a ‘loss event’) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset that can be reliably estimated. Objective evidence that a financial asset or group of assets is impaired includes observable data that comes to the attention of the holder about the following loss events: ► significant financial difficulty of the issuer or obligor; ► breach of contract, such as a default or delinquency in interest or principal payments; ► the lender, for economic or legal reasons relating to the borrower’s financial difficulty, granting to the borrower a concession that would not otherwise be considered; ► it becoming probable that the borrower will enter bankruptcy or other financial reorganization; ► the disappearance of an active market for that asset because of financial difficulties (but not simply because the asset is no longer publicly traded ; or ► observable data indicating that there is a measurable decrease in the estimated future cash flows from a Company of financial assets since initial recognition, although the decrease cannot yet be identified with the individual assets in the Company, including: • adverse changes in the payment status of borrowers in the Company (e.g. an increased number of delayed payments); or • national or local economic conditions that correlate with defaults on the assets in the Company. For trade receivables that have been individually assessed, but for which there is no objective evidence of impairment, the review for impairment is performed on a group basis, based on similar credit risk characteristics. Available-for-sale financial assets For available-for-sale financial assets, the Company assesses at each reporting date whether there is objective evidence that an investment or a group of investments is impaired. In the case of equity investments classified as available-for-sale, objective evidence would include a significant or prolonged decline in the fair value of the investment below its cost. ‘Significant’ is evaluated against the original cost of the investment and ‘prolonged’ against the period in which the fair value has been below its original cost. The Company’s policy considers a significant decline to be one in which the fair value is below the weighted average original cost by more than 20%. A prolonged decline is considered to be one in which the fair value is below the weighted average original cost for a period of more than 12 months. When there is evidence of impairment, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that investment previously recognized in the income statement – is removed from other comprehensive income and recognized in the income statement. Impairment losses on equity investments are not reversed through profit or loss; increases in their fair value after impairment are recognized directly in other comprehensive income. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) Available-for-sale financial assets(continued) In the case of debt instruments classified as available for sale, impairment is assessed based on the same criteria as financial assets carried at amortized cost. However, the amount recorded for impairment is the cumulative loss measured as the difference between the amortized cost and the current fair value, less any impairment loss on that investment previously recognized in the income statement. Future interest income continues to be accrued based on the reduced carrying amount of the asset, using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of finance income. If, in a subsequent year, the fair value of a debt instrument increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in the income statement, the impairment loss is reversed through the income statement. (iii) Financial liabilities Financial liabilities initial recognition and measurement Financial liabilities within the scope of IAS 39 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. The Company’s financial liabilities include trade and other payables, bank overdrafts and interest-bearing loans and borrowings. Subsequent measurement After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the income statement. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the income statement. (iv) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated balance sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.10 Financial instruments (continued) (v) Fair value of financial instruments The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs. For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. Such techniques may include: ► Using recent arm’s length market transactions ► Reference to the current fair value of another instrument that is substantially the same ► A discounted cash flow analysis or other valuation models |
Impairment of non-financial assets | 3.11 Impairment of non-financial assets The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (“CGU”) fair value less costs to sell and its value in use. A CGU is the smallest group of assets that generates cash inflows that are largely independent of the cash flows from other assets or groups of assets. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Company of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Company’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses of continuing operations are recognized in the income statement in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Company estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the consolidated income statement. |
Intangible assets | 3.12 Intangible assets Computer software The costs of acquiring software is capitalized separately as an intangible asset on the basis of the costs incurred to acquire and bring to use the specific software. Acquired software (licenses) is stated at cost less accumulated amortization and impairment losses. Amortization of software applications is charged to operating expenses and/or cost on a straight-line basis over 2 to 10 years from the date they are available for use. The residual values and useful lives are reviewed at each balance sheet date and adjusted, if appropriate. |
Taxes | 3.13 Taxes Current income tax Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries where the Company operates. Current income tax relating to items recognized directly in equity is recognized in equity and not in the income statement. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognized for all taxable temporary differences, except: ► When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or ► In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except: ► When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.13 Taxes Deferred tax (continued) ► In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. The tax expense for the period comprises current and deferred tax. Tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or items recognized directly in equity, in which cases the tax is recognized in other comprehensive income or equity. Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Uncertain tax position An entity’s tax position might be uncertain; for example, where the tax treatment of an item of expense or structured transaction may be challenged by the tax authorities. The Company considers each uncertain tax positions individually, by first considering whether each position taken in the tax return is probable of being sustained on examination by the taxing authority, and recognizing a liability for each item that is not probable of being sustained. The liability then is measured using a single best estimate of the most likely outcome. The uncertain tax positions are presented in the current tax liabilities. The Company recognizes interest expense and penalties related to income tax matters as a component of income tax expense. |
Revenue recognition | 3.14 Revenue recognition The Company generates revenue primarily from the sales of wires and cables and supply, delivery and installation services to its customers (see Note 5(e)). Revenue from contract with customers is recognized when (or as) control of the goods or services (i.e. assets) are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company has concluded that it is the principal in its revenue arrangements because it controls the goods or services before transferring them to the customer. The Company has certain contracts with customers to perform fabrication services for its customers, converting customer-owned raw materials to wire and cable products. The Company is responsible for fulfilling the promise to provide the specified services. Revenue is recognized as control is passed, either over time or at a point in time. The Company recognizes revenue over time if one of the following criteria is met: (a) the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the entity performs; (b) the Company’s performance creates or enhances an asset (for example, work in progress) that the customer controls as the asset is created or enhanced; or (c) the Company’s performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. If the Company does not satisfy its performance obligation over time, it satisfies it at a point in time. Revenue will therefore be recognized when control is passed at a certain point in time. Factors that may indicate the point in time at which control passes include, but are not limited to: (a) the entity has a present right to payment for the asset; (b) the customer has legal title to the asset; (c) the entity has transferred physical possession of the asset; (d) the customer has the significant risks and rewards of ownership of the asset; or (e) the customer has accepted the asset. When (or as) a performance obligation is satisfied, the Company recognizes as revenue the amount of the transaction price that is allocated to that performance obligation. While deferred payment terms may be agreed in certain circumstances, the deferral never exceeds twelve months. The Company applies the practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.14 Revenue recognition (continued) Sales of wires and cables Revenue from sales of wires and cables is recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the wires and cables. Variable consideration If the consideration in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at a contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. The amount of consideration can vary because of discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties or other similar items. The promised consideration can also vary if a Company’s entitlement to the consideration is contingent on the occurrence or non-occurrence of a future event. The Company estimates an amount of variable consideration by using either of (a) the expected value, or (b) the most likely amount, depending on which the Company expects to better predict the amount of consideration to which it will be entitled. At the end of each reporting period, the Company updates the estimated transaction price (including updating its assessment of whether an estimate of variable consideration is constrained) to represent faithfully the circumstances present at the end of the reporting period and the changes in circumstances during the reporting period. The Company allocates any subsequent changes in the transaction price to the performance obligations on the same basis as at contract inception. SDI The Company’s supply, delivery and installation services are closely interrelated in terms of their ultimate purpose or use and the customer is able to specify the major structural elements of the design. Revenue from SDI is recognized when the Company satisfies performance obligations which occurs when the control of either goods or services are transferred to the customer. Transfer of control to a customer can occur either over a period of time or at a single point in time, and the transfer of controls depends on the scope of service work orders. Service work order that involves supply of cables, installation and/or labor (e.g. maintenance or repairing service) are not distinct and are identified to be one performance obligation satisfied over time since the elements of the service work order are highly interrelated, customized and modified for the customer. The Company selects an input method (cost-to-cost) to measure the progress toward satisfaction of the performance obligation. The Company’s estimate about revenue, costs and progress towards complete satisfaction of a performance obligation may revise when there is a change in circumstances. Any increase or decrease in revenue or costs due to an estimate revision is reflected in profit or loss during the period when the management become aware of the changes in circumstances. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.14 Revenue recognition (continued) Custodial and transportation services under bill and hold arrangement A bill and hold arrangement is a contract under which an entity bills a customer for a product but the entity retains physical possession of the product until it is transferred to the customer at a point in time in the future. The Company identifies multiple performance obligations for its bill and hold arrangements, including sales of wires and cables, custodial service and transportation service. Sales of wires and cables are recognized revenue when the products are placed into warehouse and the customer has accepted the products because the control of the products has transferred to the customer. Custodial service revenue and transportation service are recognized over time. The transaction price allocated to these services is recognized as a contract liability at the time of the initial sales transaction and released on actual basis over the period of services. Onerous operating contracts Onerous contract is a type of contract in which the costs of meeting the obligations under the contract are higher than the economic benefits received under the contract. The Company has contracts to supply products that may become onerous due to changing circumstances. The Company establishes the unavoidable costs of meeting the obligations under the contract as an accrued liability for the contractual responsibilities. For example, when rising copper price renders a contract onerous, the liability is calculated based on the difference between the copper price on the London Metal Exchange (the “LME”) at reporting date and the prices determined in the contracts, if the difference exceeds the profit of the original contract. The unavoidable costs exceeding the profit of the contract is recognized in cost of sales or other operating expense based on the nature of the unavoidable costs. Prior to January 1, 2018 Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty. The Company assesses its revenue arrangements against specific criteria to determine if it is acting as principal or agent. The specific recognition criteria described below must also be met before revenue is recognized. Sales of manufactured goods and distributed products Revenue from the sale of goods is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the goods. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.14 Revenue recognition (continued) SDI The Company’s supply, delivery and installation services are closely interrelated in terms of their ultimate purpose or use and the customer is able to specify the major structural elements of the design. Revenue of SDI is accounted for using the percentage-of-completion method, based on the customer certification of the length of cables laid with respect to the estimated total length of cables under the contract in accordance with IAS 11. When the current estimates of total contract revenue and contract cost indicate a loss, a provision for the entire loss on the contract is made. Provision for losses is recognized in the period in which they become evident. On a quarterly basis, the Company reviews the budget and forecast whether a loss provision should be recorded. Bill and hold transaction The Company recognizes revenue from sales of goods under bill and hold arrangements when they have yet to be delivered, since delivery is delayed at the buyer’s request and the buyer takes title and accepts the billing and that the usual terms of payment apply. Moreover, the inventory is on hand, clearly identified and ready for delivery to the buyer at the time the revenue is recognized and it is highly probable that delivery will be made. Sales of goods under bill and hold arrangements are the invoiced value, excluding value added tax after deducting discounts and allowances. Rebates Based on IAS 18, the amount of revenue arising on a transaction is usually determined by agreement between the entity and the buyer or user of the asset. It is measured at the fair value of the consideration received or receivable taking into account the amount of any trade discounts and volume rebates allowed by the entity. Consequently, where an entity provides sales incentives to a customer when entering into a contract these are usually treated as rebates and will be included in the measurement of (i.e. deducted from) revenue when the goods are delivered or services provided. Provisions for rebates based on attainment of sales targets are estimated and accrued as each of the underlying sales transactions is recognized. Provision for rebate should only be recorded when there is a contractually formal signed rebate contract exists. At interim dates, if no reliable estimate can be made, the revenue recognized on the transaction should not exceed the consideration that would be received if the maximum rebates were taken. Therefore, the Company assumes that the customers will achieve the necessary sales volume target to earn the maximum rebate. The provisions are subject to continuous review and adjustment as appropriate based on the most recent information available to management. As of the balance sheet date, the Company recalculates and adjusts the provision for rebate based on the actual sales. |
Foreign currencies | 3.15 Foreign currencies The Company’s consolidated financial statements are presented in USD, which is also the parent company’s functional currency. For each entity the Company determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Company’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in profit or loss with the exception of monetary items that are designated as part of the hedge of the Company’s net investment of a foreign operation. These are recognized in other comprehensive income until the net investment is disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in other comprehensive income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of gain or loss on change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in other comprehensive income or profit or loss are also recognized in other comprehensive income or profit or loss, respectively). Translation to the presentation currency The results and financial position of an entity whose functional currency are translated into a different presentation currency using the following procedures: a . assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; b . income and expenses for each statement presenting profit or loss and other comprehensive income (i.e. including comparatives) are translated at exchange rates at the dates of the transactions; c . all resulting exchange differences shall be recognized in other comprehensive income; and d . for equity items, the historical rate is used; therefore, these equity items are not retranslated. PEWSC functional currency change Due to the increased sales to the domestic market in recent years, USD no longer faithfully represented the underlying transactions events and conditions of PEWSC in 2018. Management concluded that RMB should be the functional currency of PEWSC beginning on the financial year January 1, 2018. |
Employee benefits | 3.16 Employee benefits The Company has both defined contribution and defined benefit obligation. The liabilities of the Company arising from defined benefit obligations, and the related current service cost, are determined using the projected unit credit method. For defined benefit plans, the cost charged to the income statement consists of current service cost, net interest cost and past service cost. Remeasurements comprising of actuarial gains and losses are recognized in the period in which they occur, directly in other comprehensive income. They are included in other comprehensive income in the statement of changes in equity and in balance sheet. Remeasurements are not reclassified to profit or loss in subsequent periods. Contributions to defined contribution plans are charged to the income statement as incurred. All past service costs are recognized at the earlier of when the amendment occurs. Compensated absence The cost of accumulating paid absences is recognized when employees render the service that increases their entitlement to future paid absences. The cost of accumulating paid absences is measured as the additional amount that the entity expects to pay as a result of the unused entitlement that has accumulated at the end of the reporting period. |
Earnings per share | 3.17 Earnings per share The Company presents basic and diluted earnings per share (“EPS”) data for its common shares. Basic EPS is calculated by dividing the net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the period, adjusted for own shares held. In calculating diluted EPS, the number of shares should be that used in calculating the basic EPS, plus the weighted average number of shares that would be issued on the conversion of all the dilutive potential common shares into common shares. The earnings figure should be that used for basic EPS adjusted to reflect any post-tax effects from changes that would arise if the potential shares outstanding in the period were actually issued. |
Treasury shares | 3.18 Treasury shares Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in the profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in additional paid-in capital. Voting rights related to treasury shares are nullified and no dividends are allocated to them. |
Investments in an associate | 3.19 Investments in an associate The Company’s investment in its associates are accounted for using the equity method. An associate is an entity in which the Company has significant influence. Under the equity method, the investment is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Company’s share of net assets of the associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is neither amortized nor individually tested for impairment. The income statement reflects the Company’s share of the results of operations of the associate. Any change in other comprehensive income of those investees is presented as part of the Company’s other comprehensive income. When there has been a change recognized directly in the equity of the associate, the Company recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Company and the associate are eliminated to the extent of the interest in the associate. The Company’s share of profit or loss of an associate is shown on the face of the income statement and represents profits or loss after tax and non-controlling interests in the subsidiaries of the associate. The financial statements of the associate are prepared for the same reporting period as the Company. When necessary, adjustments are made to bring the accounting policies in line with those of the Company. After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss on its investment in its associate. The Company determines at each reporting date whether there is any objective evidence that the investment in associates is impaired. If this is the case, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount in share of losses of associates in the income statement. Upon loss of significant influence over the associate, the Company measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the retaining investment and proceeds from disposal is recognized in profit or loss. |
Government grant | 3.20 Government grant Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as other income on a systematic basis over the periods that the related costs, which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as a liability in equal amounts over the expected useful life of the related asset. The government grants received during 2019 and 2018 were immaterial. See Note 22 for further details. |
Non-current assets held for sale | 3.21 Non-current assets held for sale The Company classifies non-current assets and disposal groups as held for sale/distribution to owners if their carrying amounts will be recovered principally through a sale/distribution rather than through continuing use. Non-current assets and disposal groups are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for held for sale classification is regarded met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Property, plant and equipment and intangible assets once classified as held for sale/distribution to owners are not depreciated or amortized. When equity method investments are classified as held for sale, the investor discontinues the use of the equity method from the date that the investment (or the portion of it) is classified as held for sale; instead, the associate or joint venture is then measured at the lower of its carrying amount and fair value less cost to sell. |
Finance and other income | 3.2 2 Finance and other income Interest income Interest revenue shall be calculated by using the effective interest method. This shall be calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for: (a) purchased or originated credit-impaired financial assets. For those financial assets, the entity shall apply the credit-adjusted effective interest rate to the amortized cost of the financial asset from initial recognition. (b) financial assets that are not purchased or originated credit-impaired financial assets but subsequently have become credit-impaired financial assets. For those financial assets, the Company applies the effective interest rate to the amortized cost of the financial asset in subsequent reporting periods. Rental income Rental income arising from operating leases on investment properties is accounted for on a straight-line basis over the lease terms and is included in revenue due to its operating nature. Dividends Revenue is recognized when the company’s right to receive the payment is established, which is generally when shareholders approve the dividend. |
Significant accounting judgements, estimates and assumptions | 3.2 3 Significant accounting judgements, estimates and assumptions The preparation of the Company’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Judgements In the process of applying the Company’s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognized in the consolidated financial statements: Revenue recognition - identifying single performance obligation in SDI projects SDI projects comprise various activities such as supply cables, installation, jointing services and testing services. Those tasks are activities to fulfil the cable management service (supply and installation) and not a separate promise within the context of the contract. The Company determines the supply cables and installation services are not capable of being distinct and identifies to be one performance obligation because of (i) the customer could not benefit from the installed cables on its own, neither using it or to sell it for an amount greater than scrap value; (ii) the Company is providing a significant integration service, and it would not be able to fulfil its promise to transfer the cables separately from its promise to the subsequent installation; (iii) the cables and installation are highly interrelated, and the customer could not benefit from the cables being delivered without subsequent installation. Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.2 3 Significant accounting judgements, estimates and assumptions (continued) Impairment of non-financial assets At each reporting date or whenever events indicate that the asset’s value has declined or significant changes in the market with an adverse effect have taken place, the Company assesses whether there is an indication that an asset in the scope of IAS 36 may be impaired. If any indication exists, the Company completes impairment testing for the CGU to which the individual assets belong. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The recoverable amount of an individual asset or CGU is the higher of fair value less costs to sell and its value in use. The fair value less costs of disposal calculation is based on available data from binding sale arrangements, conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposal of the assets. The value in use is measured at the net present value of the future cash flows the entity expects to derive from the asset or CGU. Cash flow projection involves subjective judgments and estimates which include the estimated useful lives of property, plant and equipment, capacity that generates future cash flows, capacity of physical output, potential fluctuations of economic cycle in the industry and the Company’s operating situation. Fair value of financial instruments Where the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be derived from active markets, they are determined using valuation techniques including income approach (for example, the discounted cash flows model) or the market approach. Changes in assumptions about these factors could affect the reported fair value of the financial instruments. Please refer to Note 11 for more details. Measurement of ECL allowance for trade receivables The Company applies the IFRS 9 simplified approach to measure lifetime expected loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of the sales over a period of 36 month before December 31, 2019 and the historical credit loss experience within this period. The historical loss rates are adjusted to reflect current and forward-looking information on general economic conditions affecting the ability of the customers to settle the receivables. The Company has identified the default rate of the countries where it sells the goods and services as the most relevant factor and adjusts the historical loss rates based on the expected changes accordingly. Refer to Note 12 and Note 27 for more information regarding the impairment of trade receivables and the related credit risks. Net realizable value of inventory Net realized value is the estimated selling price in the ordinary course of business less estimated costs to completion and the estimated costs necessary to make the sale. Management makes reference to actual sales prices after reporting date when making their estimate of net realizable value. Refer to Note 13 for more information regarding the net realizable value of inventory. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.23 Significant accounting judgements, estimates and assumptions (continued) Taxes Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Company establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the taxing authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective domicile of the companies. Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. As of December 31, 2019, the Company has $20,580 (2018: $16,762) of tax losses carried forward. These losses related to subsidiaries that have a history of losses, do not expire and may not be used to offset taxable income elsewhere in the Company except for $546 (2018: $644) that will be realized. The subsidiaries do not have any tax planning opportunities available that could support the recognition of these losses as deferred tax assets. On this basis, the Company has determined that it cannot recognize deferred tax assets on the tax losses carried forward. If the Company was able to recognize all unrecognized deferred tax assets, profit and equity would have increased by $5,068 (2018: $3,876; 2017: $3,947). Further details on taxes are disclosed in Note 8. Post-employment benefits under defined benefit plans In accordance with the Thailand labor law, Charoong Thai and its subsidiaries are obliged to make payment to retiring employees, at rate of 1 to 13 times of their final monthly salary rate, depending on the length of service. In addition, Charoong Thai also has the extra benefit plan to make payment to qualified retiring employees at rates of 1 to 26 times of their final monthly salary. The cost of the defined benefit pension plan and the present value of the pension obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexity of the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. In determining the appropriate discount rate, management considers the inactive corporate bond trading in Thailand, taken into account the yields on Thai Government Bonds and extrapolated maturity corresponding to the expected duration of the defined benefit obligation. The mortality rate is based on most recent mortality investigation on policyholders of life insurance companies in Thailand. Future salary increases and pension increases are based on expected future inflation rates derived from external economic data, together with historical experience of Charoong Thai. Further details about the assumptions used, including a sensitivity analysis, are given in Note 21. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.2 3 Significant accounting judgements, estimates and assumptions (continued) Revenue recognition of SDI projects Changes in percentage of completion would result in changes in contract revenue and costs recognized in the statement of comprehensive income during the year. Significant estimation by management is also required in assessing the recoverability of the contracts based on estimated total contract revenue and contract costs. In making the estimation, management’s evaluation is based on the actual level of work performed and past experience. The carrying amount of the Company’s gross amounts due from customers for contract work-in-progress is disclosed in Note 14. |
Basis of Preparation (Tables)
Basis of Preparation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Basis Of Preparation Of Financial Statements [Abstract] | |
Subsidiaries of the Company | The subsidiaries of the Company are set out below: Percentage of equity interest Place of incorporation and operations 2019 2018 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) 45.84 % 30.56 % 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) The directors have concluded that the Company controls SFO, even though it holds less than half of the voting rights of this subsidiary. This is because the Company is the largest shareholder with a 50.93% equity interest in Charoong Thai, which held a 90% and 60% equity interest of SFO as of December 31. 2019 and 2018, respectively. On October 30, 2019, Charoong Thai acquired additional 30% interest in SFO for a total consideration of THB 9 million, thereby increasing the Company’s interest in SFO from 30.56% to 45.84%. The Company recorded the effect of change in shareholding of the subsidiaries, amounting to $40 under the caption of “Additional paid-in capital” in the consolidated statement of change in equity. (iii) On June 19, 2018, APWC’s Board of Directors approved to set up APNEC as the Company’s subsidiary with 100% held. APNEC registered its incorporation on October 26, 2018 with TWD 500 million registered capital and a paid-up capital of TWD 4 million. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Estimated Useful Lives of Assets | Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: ► Buildings 20-30 years ► Building improvement 3-20 years ► Machinery and equipment 4-20 years ► Motor vehicles 3-10 years ► Office equipment 2-20 years |
Lease Term or Estimated Useful Lives of Assets | Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: ► 2 to 37 years ► 2 to 3 years ► 1 to 3 years ► 5 years |
New Standards and Interpretat_2
New Standards and Interpretations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
IFRS 16 [Member] | |
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |
Schedule of Significant Effects of Adopting New Standards | Affected items of consolidated balance sheet As of December 31, 2018 Effect of application of new standards As of January 1, 2019 Remarks US$’000 US$’000 US$’000 Assets Prepayments 1,140 (59 ) 1,081 B Lease assets* 66 (66 ) — A Right-of-use assets — 3,801 3,801 A, B, C Prepaid land lease payments 978 (978 ) — B Total affected assets 2,184 2,698 4,882 Liabilities Financial lease liabilities - current 44 362 406 C Financial lease liabilities - non-current 46 2,336 2,382 C Total affected liabilities 90 2,698 2,788 * included in the line "Property, plant and equipment" in the balance sheet A. B. C. The Company recognized right-of-use assets and lease liabilities for those leases previously classified as operating leases under IAS 17, except for short-term leases and leases of low-value asset. The Company recognized right-of-use assets based on the amount equal to the lease liabilities. Lease liabilities were recognized based on the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate at January 1, 2019. |
Summary of Reconciliation of IAS 17 Non-cancelled Operating Lease Commitment to IFRS 16 Lease Liability | Reconciliation of IAS 17 non-cancelled operating lease commitment to IFRS 16 lease liability: 2019 US$’000 Operating lease commitments disclosed as at December 31, 2018 3,263 Add: finance lease liabilities recognized as at December 31, 2018 90 Discounted using the incremental borrowing rate at January 1, 2019 (380 ) Recognition exemption for: Short-term leases (169 ) Leases of low-value assets (16 ) Lease liabilities recognized as at January 1, 2019 2,788 |
IFRS 9 and IFRS 15 [Member] | |
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |
Schedule of Significant Effects of Adopting New Standards | The significant effects of adopting the new standards as of January 1, 2018 are summarized as below: Affected items of consolidated balance sheet As of December 31, 2017 Effect of application of new standards As of January 1, 2018 Remarks US$’000 US$’000 US$’000 Assets Contract assets - current — 162 162 A Gross amounts due from customers for contract work-in-progress 162 (162 ) — A Trade receivables 112,403 16 112,419 C Financial assets – available for sale 2,747 (2,747 ) — B Financial assets at fair value through other comprehensive income — 2,747 2,747 B Deferred income tax assets 3,022 4 3,026 D Total affected assets 118,334 20 118,354 Liabilities Contract liabilities - current — 113 113 E Total affected liabilities — 113 113 Equity Retained earnings 53,350 (93 ) 53,257 B, C, D, E Total affected equity 53,350 (93 ) 53,257 Total affected liabilities and equity 53,350 20 53,370 A. In accordance with IFRS 15, the Company reclassified gross amounts due from customers for contract work-in-progress in the amount of $162 to contract assets as of January 1, 2018. B. Equity investments in non-listed equity investments previously classified as available-for-sale financial assets were reclassified and measured as financial assets at FVOCI because these investments are held as long-term strategic investments purpose. As a result, assets with fair value of $2,747 were reclassified from available-for-sale financial assets to financial assets at FVOCI and fair value gains of $1,717 were reclassified from the available-for-sale financial assets reserve to the FVOCI reserve on January 1, 2018, of which $843 was related to non-controlling interests. C. The application of IFRS 9 has fundamentally changed the Company’s accounting for impairment losses for trade receivable by replacing IAS 39’s incurred loss approach with a forward looking ECL approach. Upon application of IFRS 9, the Company reversed impairment on trade receivables by $16. As a result, trade receivables and retained earnings increased by $16. D. The Company recognized deferred income tax assets for the temporary differences arising from the adjustments upon initial application of IFRS 9 and IFRS 15. Deferred income tax assets and retained earnings both increased by $4. 4. NEW STANDARDS AND INTERPRETATIONS (continued) 4.1 Recently applied accounting pronouncements (continued) E. In accordance with IFRS 15, the Company’s performance obligation to provide custodial and transportation services are recognized as contract liabilities under bill-and-hold agreements. After adopting IFRS 15, the Company recognizes revenue from custodial services over time and transportation revenue upon delivery. As of January 1, 2018, the balance of contract liabilities increased by $113, and retained earnings decreased by $113. |
IFRS 15 [Member] | |
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |
Schedule of Significant Effects of Adopting New Standards | The following tables summarized the impacts of adopting IFRS 15 on the consolidated income statement for the year ended December 31, 2018 and its consolidated balance sheet as of December 31, 2018 for each of the line items affected. There was no material impact on the consolidated statement of cash flows for the year ended December 31, 2018. Affected items of consolidated income statement for the year ended December 31, 2018 As reported Adjustments Amounts without application of IFRS 15 US$’000 US$’000 US$’000 Revenue 425,940 (26 ) 425,914 Gross profit 36,248 (26 ) 36,222 Operating profit 8,684 (26 ) 8,658 Profit before tax 11,332 (26 ) 11,306 Income tax expense (3,886 ) 5 (3,881 ) Profit for the year 7,446 (21 ) 7,425 Affected items of consolidated balance sheet as of December 31, 2018 As reported Adjustments Amounts without application of IFRS 15 US$’000 US$’000 US$’000 Assets Contract assets - current 1,460 (1,460 ) — Gross amounts due from customers for contract work-in-process — 1,460 1,460 Deferred income tax assets 3,919 (18 ) 3,901 Total affected assets 5,379 (18 ) 5,361 Liabilities Other current liabilities 3,272 (88 ) 3,184 Total affected liabilities 3,272 (88 ) 3,184 Equity Retained earnings 55,016 34 55,050 Foreign currency translation reserve (15,251 ) 1 (15,250 ) Non-controlling interests 71,788 35 71,823 Total affected equity 111,553 70 111,623 Total affected liabilities and equity 114,825 (18 ) 114,807 4. NEW STANDARDS AND INTERPRETATIONS (continued) 4.1 Recently applied accounting pronouncements (continued) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Operating Segments [Abstract] | |
Summary of Segment Information | Inter-segment revenues are eliminated upon consolidation and reflected in the “adjustments and eliminations” column. All other adjustments and eliminations are part of detailed reconciliations presented further below. 5(b) Year ended December 31, 2019 North Asia Thailand ROW Total segments Corporate expense adjustments and eliminations Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Revenues External customers 76,575 172,379 89,206 338,160 — 338,160 Inter-segment — 6 — 6 (6 ) — Segment operating profit/(loss) 1,237 3,042 (1,659 ) 2,620 (2,884 ) (264 ) Depreciation and amortization (811 ) (2,842 ) (1,613 ) (5,266 ) (58 ) (5,324 ) Depreciation from right of use assets (44 ) — (441 ) (485 ) (22 ) (507 ) Impairment of property, plant and equipment (549 ) 3 — (546 ) — (546 ) Interest income 57 403 45 505 1 506 Interest expense (239 ) (481 ) (102 ) (822 ) (23 ) (845 ) Income tax (expense)/benefit (561 ) (1,235 ) 105 (1,691 ) (366 ) (2,057 ) Other disclosures Capital expenditure 552 4,590 242 5,384 78 5,462 5. SEGMENT INFORMATION (continued) 5(b) Information about reportable segments (continued) Year ended December 31, 2018 North Asia Thailand ROW Total segments Corporate expense adjustments and eliminations Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Revenues External customers 103,647 213,424 108,869 425,940 — 425,940 Inter-segment 4,076 392 6,308 10,776 (10,776 ) — Segment operating profit/(loss) 5,234 9,539 (2,306 ) 12,467 (3,143 ) 9,324 Depreciation and amortization (829 ) (2,836 ) (1,333 ) (4,998 ) (20 ) (5,018 ) Impairment of property, plant and equipment — (11 ) — (11 ) — (11 ) Interest income 117 611 42 770 (288 ) 482 Interest expense (397 ) (748 ) (34 ) (1,179 ) (21 ) (1,200 ) Income tax (expense)/benefit (1,212 ) (2,152 ) 384 (2,980 ) (906 ) (3,886 ) Other disclosures Capital expenditure 1,188 2,859 451 4,498 10 4,508 Year ended December 31, 2017 North Asia Thailand ROW Total segments Corporate expense adjustments and eliminations Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Revenues External customers 101,533 206,485 117,197 425,215 — 425,215 Inter-segment 890 1,044 — 1,934 (1,934 ) — Segment operating profit/(loss) 3,256 11,053 1,205 15,514 (3,074 ) 12,440 Depreciation and amortization (979 ) (2,760 ) (1,314 ) (5,053 ) (3 ) (5,056 ) Impairment of property, plant and equipment (213 ) (10 ) — (223 ) — (223 ) Interest income 51 845 61 957 (81 ) 876 Interest expense (428 ) (553 ) (52 ) (1,033 ) 67 (966 ) Income tax (expense)/benefit (1,395 ) (2,727 ) (342 ) (4,464 ) (676 ) (5,140 ) Other disclosures Capital expenditure 991 3,332 590 4,913 — 4,913 5(d) Corporate adjustments North Asia Thailand ROW Total segments and eliminations Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 As of December 31, 2019 Total assets 49,379 165,579 76,618 291,576 7,335 298,911 Total liabilities 14,212 26,706 21,834 62,752 7,724 70,476 As of December 31, 2018 Total assets 54,250 173,398 70,574 298,222 7,576 305,798 Total liabilities 20,169 42,887 14,015 77,071 6,911 83,982 |
Reconciliation of Segment Operating Profit (Loss) | 5(c) For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Segment operating profit 2,620 12,467 15,514 Corporate expenses adjustments and eliminations (2,884 ) (3,143 ) (3,074 ) (264 ) 9,324 12,440 Other operating income 385 805 5,084 Other operating expenses (770 ) (1,445 ) (909 ) Operating profit (649 ) 8,684 16,615 Finance costs (1,012 ) (1,378 ) (1,221 ) Finance income 506 482 876 Share of loss of associates (3 ) (3 ) (3 ) Loss on liquidation of subsidiary — — (261 ) Exchange gain 1,550 1,741 2,784 Other income 717 1,817 214 Other expense (3 ) (11 ) (336 ) Profit before tax 1,106 11,332 18,668 |
Reconciliation of Assets and Liabilities | Reconciliation of assets: As of December 31, 2019 2018 US$’000 US$’000 Segment operating assets 291,576 298,222 Corporate and other assets 2,466 2,869 Investment in associates 935 864 Deferred tax assets 3,939 3,919 Inter-segment elimination (5 ) (76 ) Total assets 298,911 305,798 Reconciliation of liabilities: As of December 31, 2019 2018 US$’000 US$’000 Segment operating liabilities 62,752 77,071 Corporate liabilities 3,591 3,019 Deferred tax liabilities 4,139 3,925 Inter-segment elimination (6 ) (33 ) Total liabilities 70,476 83,982 |
Summary of Application of IFRS 16 Increased the Segment Assets and Liabilities | 5(d-1) Corporate adjustments North Asia Thailand ROW Total segments and eliminations Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 As of December 31, 2019 Assets — — 2,506 2,506 192 2,698 Liabilities — — 2,552 2,552 205 2,757 |
Revenue From External Customers Based Major Categories | Revenue from external customers is summarized as the following major categories: Year ended December 31, 2019 North Asia Thailand ROW Total segments Corporate expense adjustments and eliminations Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Revenue from external customers Power — 49,493 78,686 128,179 — 128,179 Enamel 76,575 102,997 — 179,572 — 179,572 Others* — 19,889 10,520 30,409 — 30,409 76,575 172,379 89,206 338,160 — 338,160 Timing of revenue recognition At a point in time 76,575 172,031 82,584 331,190 — 331,190 Over time — 348 6,622 6,970 — 6,970 76,575 172,379 89,206 338,160 — 338,160 * includes revenues from SDI service contracts, fabrication service contracts, and sale of other wires and cables products. 5. SEGMENT INFORMATION (continued) 5(e) Disaggregated revenues and geographical information Year ended December 31, 2018 North Asia Thailand ROW Total segments Corporate expense adjustments and eliminations Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Revenue from external customers Power — 64,771 92,130 156,901 — 156,901 Enamel 103,647 114,247 — 217,894 — 217,894 Others* — 34,406 16,739 51,145 — 51,145 103,647 213,424 108,869 425,940 — 425,940 Timing of revenue recognition At a point in time 103,647 213,212 92,133 408,992 — 408,992 Over time — 212 16,736 16,948 — 16,948 103,647 213,424 108,869 425,940 — 425,940 * includes revenues from SDI service contracts, fabrication service contracts, and sale of other wires and cables products. Year ended December 31, 2017 US$’000 Manufactured Products 361,853 Distributed Products 41,985 SDI 21,377 Total Revenue 425,215 |
Revenue From External Customers and Non-Current Assets Broken Down by Country of Domicile | Revenue from external customers is attributed to individual countries based on the customer’s country of domicile and is summarized as follows: For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Revenues from external customers Thailand 116,160 154,207 158,565 Singapore 46,218 63,781 76,453 Australia 34,447 37,594 34,901 China 81,813 111,917 108,561 India 36,121 45,008 31,291 Southeast Asia 23,390 13,339 15,394 Northeast Asia 11 94 50 338,160 425,940 425,215 The total non-current assets other than financial instruments and deferred tax assets broken down by the country of domicile are summarized as follow: As of December 31, 2019 2018 US$’000 US$’000 Non-current assets by country: Thailand 32,723 28,407 Singapore 7,869 5,868 China 5,661 6,592 Australia 2,661 2,684 Other 290 54 Total non-current assets 49,204 43,605 |
Material Partly-Owned Subsidi_2
Material Partly-Owned Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statements [Line Items] | |
Subsidiaries of the Company | The subsidiaries of the Company are set out below: Percentage of equity interest Place of incorporation and operations 2019 2018 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) 45.84 % 30.56 % 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) The directors have concluded that the Company controls SFO, even though it holds less than half of the voting rights of this subsidiary. This is because the Company is the largest shareholder with a 50.93% equity interest in Charoong Thai, which held a 90% and 60% equity interest of SFO as of December 31. 2019 and 2018, respectively. On October 30, 2019, Charoong Thai acquired additional 30% interest in SFO for a total consideration of THB 9 million, thereby increasing the Company’s interest in SFO from 30.56% to 45.84%. The Company recorded the effect of change in shareholding of the subsidiaries, amounting to $40 under the caption of “Additional paid-in capital” in the consolidated statement of change in equity. (iii) On June 19, 2018, APWC’s Board of Directors approved to set up APNEC as the Company’s subsidiary with 100% held. APNEC registered its incorporation on October 26, 2018 with TWD 500 million registered capital and a paid-up capital of TWD 4 million. |
Subsidiaries with material non-controlling interests [Member] | |
Statements [Line Items] | |
Subsidiaries of the Company | Proportion of equity interest held by NCI: Country of incorporation As of December 31, Name and operation 2019 2018 Charoong Thai and its subsidiaries (“CTW Consolidated”) Thailand 49.07% 49.07% SYE China 31.25% 31.25% |
Summarized Financial Information of Subsidiaries | 6(b) The summarized financial information of the subsidiaries is provided below. This information is based on amounts before inter-company eliminations: Summarized income statements CTW consolidated For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Revenue 172,385 213,424 207,529 Profit before tax 4,352 11,736 12,985 Income tax expense (1,235 ) (2,150 ) (2,727 ) Profit for the year 3,117 9,586 10,258 Other comprehensive income 9,194 3,965 10,182 Total comprehensive income 12,311 13,551 20,440 Profit attributable to non-controlling interests 1,378 4,509 4,896 Dividends paid to non-controlling interests 2,763 2,181 1,943 Summarized income statements SYE For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Revenue 20,743 33,790 33,533 Loss before tax (2,272 ) (837 ) (161,011 ) Income tax expense — — — Loss for the year (2,272 ) (837 ) (161,011 ) Other comprehensive income/(loss) (46 ) (255 ) 345 Total comprehensive loss (2,318 ) (1,092 ) (160,666 ) Loss attributable to non-controlling interests (710 ) (262 ) (15 ) Dividends paid to non-controlling interests — — — 6. MATERIAL PARTLY-OWNED SUBSIDIARIES (continued) Summarized balance sheets CTW consolidated SYE As of December 31, As of December 31, 2019 2018 2019 2018 US$’000 US$’000 US$’000 US$’000 Current assets 127,539 141,761 9,038 11,293 Non-current assets 49,009 42,691 1,385 1,881 Current liabilities (15,350 ) (33,715 ) (8,239 ) (8,671 ) Non-current liabilities (11,358 ) (8,161 ) — — Total equity 149,840 142,576 2,184 4,503 Equity attributable to: Equity holders of the parent 76,216 73,621 1,502 3,096 Non-controlling interests 73,624 68,955 682 1,407 Summarized cash flow information CTW consolidated For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Operating 10,776 38,784 (24,018 ) Investing 2,319 (9,137 ) 6,589 Financing (20,260 ) (12,585 ) 12,836 Effect of changes in exchange rate on cash 2,376 (102 ) 1,678 Net (decrease) increase in cash and cash equivalents (4,789 ) 16,960 (2,915 ) Summarized cash flow information SYE For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Operating 5,135 3,648 833 Investing (165 ) (277 ) (252 ) Financing (1,847 ) (4,005 ) (563 ) Effect of changes in exchange rate on cash (28 ) (34 ) 65 Net increase (decrease) in cash and cash equivalents 3,095 (668 ) 83 |
Income and Expenses Items (Tabl
Income and Expenses Items (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block1 [Abstract] | |
Summary of Other Operating Income | For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Gain on disposal of property, plant, and equipment 88 93 99 Reversal of allowance for trade receivable 122 — — Gain on disposal of assets classified as held for sale — — 4,525 Reversal of allowance for foreseeable loss — 507 — Other operating income – others 175 205 460 Total other operating income 385 805 5,084 |
Summary of Other Operating Expenses | For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Allowance for trade receivables for related parties — 1 27 Allowance for trade receivables — 570 302 Allowance for other receivable 30 53 — Allowance for foreseeable loss 193 — 276 Impairment of property, plant, and equipment 546 11 223 Other operating expenses – others 1 810 81 Total other operating expenses 770 1,445 909 |
Summary of Finance Costs and Finance Income | For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Interest on debts and borrowings 754 1,196 962 Interest on leases liabilities 91 4 4 Total interest expenses 845 1,200 966 Banking charges 167 178 255 Total finance costs 1,012 1,378 1,221 For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Interest income 506 482 876 Total finance income 506 482 876 |
Summary of Other Income and Other Expenses | For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Other income 462 1,712 114 Dividend income 109 105 100 Net gain on financial instruments 146 — — Total other income 717 1,817 214 For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Others 3 9 4 Net loss on financial instruments — 2 332 Total other expenses 3 11 336 |
Summary of Depreciation, Amortization and Lease Expense Included in Consolidated Income Statements | For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Included in cost of sales: Depreciation – tangible assets 4,089 4,162 4,148 Depreciation – right-of-use assets 135 — — Amortization – intangible assets 10 9 9 Operating lease expenses 3 16 15 Included in selling expenses: Depreciation – tangible assets 93 141 132 Depreciation – right-of-use assets 112 — — Amortization – intangible assets 1 1 — Operating lease expenses 1 184 193 Included in general and administrative expenses: Depreciation – tangible assets 552 598 657 Depreciation – right-of-use assets 260 — — Amortization – intangible assets 39 34 40 Amortization – prepaid land lease payment — 38 35 Depreciation – investment property 33 35 35 Operating lease expenses 170 200 201 5,498 5,418 5,465 |
Summary of Employee Benefits Expenses | For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Included in cost of sales: Wages and salaries 14,429 13,674 13,474 Labor and health insurance costs 126 162 168 Pension costs 994 890 869 Other employment benefits 816 892 817 Included in selling expenses: Wages and salaries 3,495 3,685 3,641 Labor and health insurance costs 12 14 14 Pension costs 330 324 325 Other employment benefits 50 68 64 Included in general and administrative expenses: Wages and salaries 8,117 8,818 8,364 Labor and health insurance costs 85 224 219 Pension costs 757 671 656 Director fees 640 1,046 1,119 Other employment benefits 286 325 342 Total employee benefits expenses 30,137 30,793 30,072 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Major Components Of Tax Expense Income [Abstract] | |
Major Components of Income Tax Expenses | The major components of income tax expenses for the years ended December 31, 2019, 2018 and 2017 are: 2019 2018 2017 US$’000 US$’000 US$’000 Consolidated income statements Current income tax: Current income tax charge 1,699 4,068 4,785 Previously unrecognized tax loss used to reduce current income tax — (128 ) (1,066 ) Adjustments for current income tax of prior years (16 ) 1 348 Total current income tax 1,683 3,941 4,067 Deferred tax expenses/(benefits): Relating to origination and reversal of temporary differences 374 243 1,210 Relating to change in tax rate — — — Previously unrecognized tax loss used to reduce deferred tax expenses — (298 ) (137 ) Total deferred tax expenses/(benefits) 374 (55 ) 1,073 Income tax expense reported in the income statement 2,057 3,886 5,140 Consolidated statements of comprehensive income Deferred tax related to items recognized in other comprehensive income during the year: Change in the fair value of equity instrument measured at fair value through other comprehensive income Recognized during the year 334 (84 ) (16 ) Effect of change in tax rate — — — Net loss on actuarial gains and losses Recognized during the year (345 ) (82 ) (154 ) Effect of change in tax rate — — — Income tax benefits charged to other comprehensive (loss) income (11 ) (166 ) (170 ) |
Reconciliation of Statutory Tax Rate and Effective Tax Rate | The reconciliation of the statutory tax rate and the Company’s effective tax rate is as follows: 2019 2018 2017 US$’000 US$’000 US$’000 Profit before tax 1,106 11,332 18,668 Tax at statutory rate of 20% (2018: 20%; 2017: 20%) 221 2,266 3,734 Foreign income taxed at different rate 499 697 1,151 Expenses not deductible for tax purpose 221 (33 ) 600 Utilization of previously unrecognized tax losses — (128 ) (1,066 ) Tax benefit arising from previously unrecognized tax losses — (298 ) (137 ) Net deferred tax asset not recognized 949 679 78 Written-off deferred tax 218 (4 ) 10 Tax exempt on income (144 ) (135 ) (245 ) Uncertain tax position (454 ) 11 (270 ) Return to provision adjustment (16 ) 1 348 Deferred tax liability arising from undistributed earnings 215 578 602 Withholding tax on dividends 355 270 349 Others (7 ) (18 ) (14 ) Income tax expense reported in income statement 2,057 3,886 5,140 |
Summary of Deferred Tax | Deferred tax relates to the following: Consolidated balance sheet Consolidated income statement As of December 31, For the year ended Decembers 31, 2019 2018 2019 2018 2017 US$’000 US$’000 US$’000 US$’000 US$’000 Outside basis differences (3,829 ) (3,614 ) 215 578 602 Revaluations of financial assets at fair value through other comprehensive income (2017: Revaluations of available-for-sale investment to fair value) (679 ) (345 ) — — — Accrued interest income (181 ) (154 ) 13 12 11 Unutilized building allowance (net) (36 ) (133 ) (98 ) (95 ) 11 Unused tax losses 546 644 119 (459 ) 455 Allowance for doubtful accounts 245 290 47 (97 ) (25 ) Inventory impairment 554 657 147 (236 ) (161 ) Rebates and other accrued liabilities 472 426 (46 ) (38 ) (6 ) Unpaid retirement benefits 1,553 1,353 (81 ) (54 ) (62 ) Deferred revenue and cost of sales 23 16 (6 ) (14 ) 393 Actuarial loss 796 450 — — — Unabsorbed depreciation 637 701 57 (55 ) (45 ) Mark-to-Market value of forward contract — 28 28 (28 ) — Others (301 ) (325 ) (21 ) 431 (100 ) Deferred tax expenses / (benefits) 374 (55 ) 1,073 Net deferred tax assets (200 ) (6 ) |
Disclosure Of Reconciliation Of Changes In Deferred Tax Liability Asset Explanatory | Reconciliation of deferred tax assets, net 2019 2018 2017 US$’000 US$’000 US$’000 Opening balance as of January 1 (6 ) (132 ) 526 Tax benefit/(expenses) during the period recognized in profit or loss (374 ) 55 (1,073 ) Tax benefit/(expenses) during the period recognized in other comprehensive income 11 166 170 Exchange difference on translation foreign operations 169 (95 ) 245 Closing balance as of December 31 (200 ) (6 ) (132 ) |
Year of Expiration and Amount of Available Unused Net Operating Losses | The Company has available unused net operating losses which arose in Thailand, China, Hong Kong, Singapore and Australia as of December 31, 2019 and 2018, that may be applied against future taxable income and that expire as follows respectively: As of December 31, Year of expiration 2019 2018 US$’000 US$’000 2019 — 784 2020 3,067 3,020 2021 5,246 5,121 2022 2,216 2,105 2023 4,855 4,760 2024 3,605 — No expiration 1,591 972 20,580 16,762 |
Reconciliation of Beginning and Ending Amounts of Uncertain Tax Position | A reconciliation of the beginning and ending amounts of uncertain tax position is as follows: Change in Uncertain Tax Positions 2019 2018 2017 US$’000 US$’000 US$’000 Balance as of January 1 674 706 828 Additions based on tax positions related to the current year — — — Decrease due to lapses in statute of limitations (215 ) — (175 ) Exchange difference (8 ) (32 ) 53 Balance as of December 31 451 674 706 |
Accrued Interest and Penalties on Uncertain Tax Position | The amount of related interest and penalties the Company has provided as of the dates listed below were: As of December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Accrued interest on uncertain tax position 713 867 800 Accrued penalties on uncertain tax position 384 461 486 Total accrued interest and penalties on uncertain tax position 1,097 1,328 1,286 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Attributable to Common Shareholders Per Share | The following table sets forth the computation of basic and diluted earnings attributable to common shareholders per share: For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 (except for number of shares and earnings per share) Numerator: Net (loss) profit attributable to APWC from continuing operations (1,632 ) 2,928 8,720 Net (loss) profit attributable to APWC (1,632 ) 2,928 8,720 Denominator: Weighted-average common shares outstanding – basic and diluted 13,819,669 13,819,669 13,819,669 (Loss) earnings per share – basic and diluted Continuing operations (0.12 ) 0.21 0.63 Total (loss) earnings per share – basic and diluted (0.12 ) 0.21 0.63 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents | As of December 31, 2019 2018 US$’000 US$’000 Cash on hand and cash at banks 53,673 60,778 |
Financial Assets and Financia_2
Financial Assets and Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Instruments [Abstract] | |
Summary of Other Financial Assets and Liabilities | As of December 31, 2019 2018 US$’000 US$’000 Financial assets at fair value through other comprehensive income Equity instrument (Note 11(d)) 4,062 2,332 4,062 2,332 Financial liabilities at fair value through profit or loss Foreign exchange forward contracts (Note 11(c)) 3 142 3 142 |
Disclosure Of Financial Instruments [Line Items] | |
Summary of Interest-bearing Loans and Borrowings | As of December 31, 2019 2018 Interest rate Maturity Local currency Interest rate Maturity Local currency % ‘000 US$’000 % ‘000 US$’000 Current interest-bearing loans and borrowings Bank loans Bank loans 5.00 ~ 5.50 Mar. 2020 ~ Sept. 2020 RMB$20,400 2,929 4.70 ~ 4.79 Jan. 2019 ~ Sept. 2019 RMB$42,100 6,130 Trust receipt 1.90 ~ 2.70 Jan. 2020 ~ Jun. 2020 THB$161,018 5,423 1.10 ~ 2.10 Jan. 2019 ~ Jun. 2019 THB$602,150 18,684 Trust receipt 3.05 Feb. 2020 ~ Apr. 2020 SGD$4,042 3,004 Total 11,356 24,814 |
Foreign Currency Forward Contracts | The forward contract balance varies with the expected foreign currency transactions and changes in foreign exchange rate. 2019 2018 Assets Liabilities Assets Liabilities US$’000 US$’000 US$’000 US$’000 Foreign currency forward contracts Fair value — 3 — 142 |
Comparison of Carrying Amounts and Fair Value of Financial Instruments | Set out below is a comparison of the carrying amounts and fair value of the Company’s financial instruments that are carried in the financial statements: Carrying amount Fair value As of December 31, As of December 31, 2019 2018 2019 2018 US$’000 US$’000 US$’000 US$’000 Financial assets-current Cash and cash equivalents 53,673 60,778 53,673 60,778 Trade receivables 74,077 79,617 74,077 79,617 Other receivables 6,868 12,422 6,868 12,422 Due from related parties 11,566 12,061 11,566 12,061 Financial assets-non-current Financial assets at fair value through other comprehensive income 4,062 2,332 4,062 2,332 Long-term bank deposits* 1,246 887 1,246 887 Total 151,492 168,097 151,492 168,097 Financial liabilities-current Interest-bearing loans and borrowings 11,356 24,814 11,356 24,814 Trade and other payables 16,879 21,127 16,879 21,127 Due to related parties 3,284 2,997 3,284 2,997 Financial liabilities at fair value through profit or loss 3 142 3 142 Financial lease liabilities 574 44 574 44 Financial liabilities-non-current Financial lease liabilities 2,254 46 2,254 46 Total 34,350 49,170 34,350 49,170 * included in other non-current assets (i) Methods and assumptions used to estimate fair value |
Description of Significant Unobservable Inputs to Valuation | (ii) Description of significant unobservable inputs to valuation Valuation technique Significant unobservable inputs Liquidity discount (2019 and 2018) Sensitivity of the input to fair value 2019 2018 Financial asset Unquoted equity instrument Market Approach Method Liquidity Discount 30% 5% decrease in the discount would increase in fair value by $290 5% decrease in the discount would increase in fair value by $167 |
Significant unobservable inputs (Level 3) [Member] | Equity instrument as financial assets at fair value through other comprehensive income [Member] | |
Disclosure Of Financial Instruments [Line Items] | |
Fair Value of Assets | The Company carries the equity instrument as financial assets at fair value through other comprehensive income classified as level 3 within the fair value hierarchy. A reconciliation of the beginning and closing balances is summarized below: 2019 2018 US$’000 US$’000 At January 1 2,332 2,747 Re-measurement financial assets to fair value, recognized in other comprehensive income/(loss) 1,670 (419 ) Exchange difference on translation 60 4 At December 31 4,062 2,332 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block1 [Abstract] | |
Summary of Trade and Other Receivables | As of December 31, 2019 2018 US$’000 US$’000 Trade receivables 75,627 81,274 Less: Loss allowances (1,550 ) (1,657 ) Trade receivable, net 74,077 79,617 Other receivables 6,986 12,502 Less: Loss allowances (118 ) (80 ) Other receivable, net 6,868 12,422 |
Movement in Provision for Impairment of Trade Receivables | 12(a) Movement in the loss allowance on trade receivables 2019 2018 US$’000 US$’000 At January 1 1,657 3,456 Charge for the year 72 726 Write-off (1 ) (2,292 ) Unused amounts reversed (194 ) (156 ) Currency translation adjustment 19 (74 ) Reclassification (3 ) (3 ) At December 31 1,550 1,657 |
Aging Analysis of Trade Receivables | 12(b) Past due Total Current 1-30 days 31-60 days 61-90 days 91-120 days >120 days US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 December 31, 2019 Expected loss rate 2.05% 0.14% 0.76% 3.75% 9.52% 23.89% 75.97% Gross carrying amount - trade receivables 75,627 59,867 9,979 3,759 294 180 1,548 Loss allowances 1,550 86 76 141 28 43 1,176 Trade receivable, net 74,077 59,781 9,903 3,618 266 137 372 December 31, 2018 Expected loss rate 2.04% 0.07% 0.86% 3.95% 20.18% 31.71% 64.70% Gross carrying amount - trade receivables 81,274 67,318 9,183 2,276 327 82 2,088 Loss allowances 1,657 45 79 90 66 26 1,351 Trade receivable, net 79,617 67,273 9,104 2,186 261 56 737 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Classes Of Inventories [Abstract] | |
Summary of Inventories | As of December 31, 2019 2018 US$’000 US$’000 Raw materials and supplies 19,712 25,717 Work in progress 19,118 15,598 Finished goods 50,309 46,592 89,139 87,907 Allowance for inventories (3,952 ) (3,982 ) Total inventories at the lower of cost and net realizable value 85,187 83,925 |
Contract Assets (Tables)
Contract Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Contract Assets [Abstract] | |
Schedule of Assets Related to Contracts with Customers | Assets related to contracts with customers As of December 31, 2019 2018 US$’000 US$’000 Contract assets - current 4,686 1,460 |
Aggregate Amount of the Transaction Price Allocated to the Unsatisfied Performance Obligations | The following table shows the aggregate amount of the transaction price allocated to the unsatisfied performance obligations. As of December 31, 2019 2018 US$’000 US$’000 Unsatisfied long-term SDI contracts Expected to be recognized as revenue over 3 years 156,592 14,922 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Land Buildings Building improvement Machinery and equipment Motor vehicle and other asset and assets under finance lease Office equipment Construction in progress Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Cost At January 1, 2018 6,227 48,421 5,622 96,964 5,230 6,959 1,047 170,470 Additions — 229 76 480 624 395 2,694 4,498 Disposals — (8 ) — (1,120 ) (503 ) (490 ) — (2,121 ) Transfer — — 3 1,418 505 102 (2,028 ) — Exchange differences (21 ) (752 ) 14 (1,024 ) (76 ) (244 ) (40 ) (2,143 ) At December 31, 2018 6,206 47,890 5,715 96,718 5,780 6,722 1,673 170,704 Effects on initial application of IFRS 16 — — — — (192 ) — — (192 ) Adjusted balance at January 1, 2019 6,206 47,890 5,715 96,718 5,588 6,722 1,673 170,512 Additions — 7 119 292 433 315 2,240 3,406 Disposals — — (4 ) (2,308 ) (524 ) (331 ) — (3,167 ) Transfer — (167 ) 746 1,748 180 139 (2,582 ) 64 Exchange differences 632 2,813 454 7,419 332 247 47 11,944 At December 31, 2019 6,838 50,543 7,030 103,869 6,009 7,092 1,378 182,759 Land Buildings Building improvement Machinery and equipment Motor vehicle and other asset and assets under finance lease Office equipment Construction in progress Total Depreciation/Impairment At January 1, 2018 — (33,082 ) (3,254 ) (82,490 ) (3,430 ) (5,888 ) — (128,144 ) Depreciation charge for the year — (1,164 ) (296 ) (2,435 ) (604 ) (402 ) — (4,901 ) Impairment — — — (10 ) — (1 ) — (11 ) Depreciation on disposals — 6 0 1,119 503 486 — 2,114 Transfer — — — (46 ) — 46 — — Exchange differences — 510 (17 ) 914 49 200 — 1,656 At December 31, 2018 — (33,730 ) (3,567 ) (82,948 ) (3,482 ) (5,559 ) — (129,286 ) Effects on initial application of IFRS 16 — — — — 126 — — 126 Adjusted balance at January 1, 2019 — (33,730 ) (3,567 ) (82,948 ) (3,356 ) (5,559 ) — (129,160 ) Depreciation charge for the year — (1,044 ) (338 ) (2,391 ) (541 ) (420 ) — (4,734 ) Impairment — — (1 ) (550 ) 7 (2 ) — (546 ) Depreciation on disposals — — 4 2,274 477 329 — 3,084 Transfer — 265 (265 ) — (64 ) — — (64 ) Exchange differences — (2,361 ) (297 ) (6,517 ) (185 ) (232 ) — (9,592 ) At December 31, 2019 — (36,870 ) (4,464 ) (90,132 ) (3,662 ) (5,884 ) — (141,012 ) Land Buildings Building improvement Machinery and equipment Motor vehicle and other asset and assets under finance lease Office equipment Construction in progress Total Net book value At December 31, 2019 6,838 13,673 2,566 13,737 2,347 1,208 1,378 41,747 At December 31, 2018 6,206 14,160 2,148 13,770 2,298 1,163 1,673 41,418 At January 1, 2018 6,227 15,339 2,368 14,474 1,800 1,071 1,047 42,326 |
Right of Use Assets (Tables)
Right of Use Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Abstract] | |
Summary of Right of Use Assets Recognized in Consolidated Balance Sheets | 16(a) As of December 31, 2019 Right-of-use assets US$’000 Land 3,029 Buildings 546 Motor vehicle and other asset 58 Office equipment 102 3,735 |
Summary of Lease Expenses Recognized in Consolidated Income Statements | 2019 Depreciation charge of right-of-use assets US$’000 Land 211 Buildings 233 Motor vehicle and other asset 38 Office equipment 25 507 Interest expenses (included in finance cost) 91 Expenses relating to short-term leases 159 Expenses relating to lease of low-value assets that are not short-term leases 15 |
Summary of Prepaid Land Lease Payments | 2018 US$’000 Carrying amount as of January 1, 1,103 Recognized lease expense during the year (38 ) Exchange difference (53 ) Carrying amount as of December 31, 1,012 Current portion included in prepayments 34 Non-current portion included in prepaid land lease payments 978 |
Investment Properties (Tables)
Investment Properties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about investment property [Line Items] | |
Net Book Value of Investment Properties | 17(a) Land not being used for operation Office buildings for rent Total US$’000 US$’000 US$’000 As of December 31, 2019 Cost 467 716 1,183 Less: Accumulated depreciation — (453 ) (453 ) Net book value 467 263 730 Land not being used for operation Office buildings for rent Total US$’000 US$’000 US$’000 As of December 31, 2018 Cost 430 695 1,125 Less: Accumulated depreciation — (405 ) (405 ) Net book value 430 290 720 |
Reconciliation of Net Book Value of Investment Properties | 17. INVESTMENT PROPERTIES (continued) 17(a) A reconciliation of the net book value of investment properties was as follow: 2019 2018 US$’000 US$’000 Net book value at January 1 720 763 Depreciation (included in administrative expenses) (33 ) (35 ) Exchange difference 43 (8 ) Net book value at December 31 730 720 |
Amount Recognized in Profit Arising from Investment Properties | 17(b) 2019 2018 2017 US$’000 US$’000 US$’000 Rental income derived from investment properties 78 84 68 Direct operating expenses (including repairs and maintenance) generating rental income (1 ) (1 ) (1 ) Direct operating expenses (including repairs and maintenance) that did not generate rental income — — (1 ) Net profit arising from investment properties carried at cost 77 83 66 |
Investment Properties [Member] | |
Disclosure of detailed information about investment property [Line Items] | |
Fair Value of Assets | 17(c) The fair value of the investment properties are stated below: As of December 31, 2019 2018 US$’000 US$’000 Land not being used for operation 11,566 10,656 Office buildings for rent 1,460 1,397 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Intangible Assets [Abstract] | |
Summary of Intangible Assets | 2019 2018 US$’000 US$’000 Cost At January 1 586 526 Addition 20 67 Exchange difference 15 (7 ) At December 31 621 586 Accumulated amortization At January 1 (429 ) (388 ) Amortization (50 ) (44 ) Exchange difference (14 ) 3 At December 31 (493 ) (429 ) Net book value At December 31 128 157 |
Investments in Associates (Tabl
Investments in Associates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block1 [Abstract] | |
Associates of the Company | 19(a) Percentage of equity interest As of December 31 Company Name Nature of business Country of incorporation 2019 2018 Shandong Pacific Rubber Cable Co., Ltd. (“SPRC”) Manufacturing of rubber cable PRC 25.00% 25.00% Siam Pacific Holding Company Limited (“SPHC”) Investment & holding company Thailand 49.00% 49.00% Loxpac (Thailand) Company Limited (“Loxpac”) (Formerly known as “Loxley Pacific Co., Ltd.) Providing telecommunication service Thailand 21.39% 21.39% Loxpac Hong Kong Co., Limited (“Loxpac HK”) (Formerly known as “Loxley Pacific Hong Kong Co., Limited” ) Investment & holding company Hong Kong 23.10% 23.10% |
Movements in Investments in Associates | 19(b) As of December 31, 2019 2018 US$’000 US$’000 At January 1 864 861 Share of loss of associates (3 ) (3 ) Exchange difference 74 6 At December 31 935 864 |
Summarized Financial Information of Investments in Associates | The following table summarized financial information of the Company’s investments in associates: As of December 31, 2019 2018 US$’000 US$’000 Summarized financial information of SPHC: Current assets 3 9 Non-current assets 2,103 1,938 Current liabilities (3 ) (3 ) Non-current liabilities (196 ) (181 ) Equity 1,907 1,763 Reconciliation to the Company’s investments in associates: Percentage of equity interest 49% 49% Carrying amount of the investment 935 864 For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 Summarized financial information of SPHC: Revenue — — — Loss for the year (6 ) (5 ) (5 ) Reconciliation to the Company’s investments in associates: Percentage of equity interest 49% 49% 49% Share of the associates’ profit for the year: (3 ) (3 ) (3 ) |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade And Other Current Payables [Abstract] | |
Summary of Trade and Other Payables | As of December 31, 2019 2018 US$’000 US$’000 Trade payables 10,509 15,941 Other payables 6,370 5,186 16,879 21,127 |
Employee Benefit (Tables)
Employee Benefit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block1 [Abstract] | |
Summary of Employee Benefits Liabilities | As of December 31, 2019 2018 Current Non-current Total Current Non-current Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Employee benefit liabilities Pension-Defined benefit plans 1,436 10,306 11,742 855 8,161 9,016 Long service leave 452 128 580 427 112 539 Total 1,888 10,434 12,322 1,282 8,273 9,555 |
Summary of Components of Net Benefit Expense Recognized in Income Statement and Funded Status and Amounts Recognized in Consolidated Balance Sheets | 21. EMPLOYEE BENEFIT (continued) 21(b) Pension – Defined benefit plans The following tables summaries the components of net benefit expense recognized in the income statement and the funded status and amounts recognized in the consolidated balance sheet for the plan: For the year ended December 31, Net benefit cost 2019 2018 2017 US$’000 US$’000 US$’000 Current service cost 546 419 360 Past service cost 121 — — Interest cost on benefit obligation 254 202 210 Net benefit cost 921 621 570 For the year ended December 31, Other comprehensive income 2019 2018 2017 US$’000 US$’000 US$’000 Actuarial (gain) / loss – experience 494 396 251 Actuarial (gain) / loss – demographic assumption 18 1 184 Actuarial (gain) / loss – financial assumption 1,215 13 337 Actuarial loss 1,727 410 772 For the year ended December 31, Change in the defined obligation 2019 2018 2017 US$’000 US$’000 US$’000 Defined benefit obligation at January 1 9,016 8,293 6,652 Current service cost 546 419 360 Past service cost 121 — — Interest cost on benefit obligation 254 202 210 Benefits paid directly by the Company (535 ) (352 ) (274 ) Actuarial loss in other comprehensive income 1,727 410 772 Exchange differences 613 44 573 Defined benefit obligation at December 31 11,742 9,016 8,293 |
Significant Assumptions Used in Determining Actuarial Present Value of Defined Benefit Obligations | The significant assumptions used in determining the actuarial present value of the defined benefit obligations for the year ended December 31, 2019 and 2018 are as follows: 2019 2018 % % Discount rate 1.5 2.6 ~ 2.7 Rate of salary increase 5.0~6.0 5.0 ~ 6.0 Pre-retirement mortality * Thailand TMO17 Tables * Thailand TMO17 Tables * TMO represented as Thailand Mortality Ordinary Tables |
Maturity Profile of Defined Benefit Obligation | The following pension benefit payments are expected payments to be made in the future years out of the defined benefit plan obligation: As of December 31, 2019 2018 US$’000 US$’000 Within the next 12 months (next annual reporting period) 1,340 855 Between 2 and 5 years 2,489 2,374 Between 6 and 10 years 4,391 4,187 Beyond 10 years 16,917 17,084 Total expected payments 25,137 24,500 Weighted average duration of defined benefit obligation 9 years 10 - 11 years |
Sensitivity Analysis of One-percentage Point Change in Assumed Rates | A one-percentage point change in the assumed rates would have yielded the following effects: 2019 2018 US$’000 US$’000 Discount rate – 1% increase (1,003 ) (777 ) Discount rate – 1% decrease 1,178 908 Rate of salary increase – 1% increase 1,115 869 Rate of salary increase – 1% decrease (973 ) (762 ) |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Current Liabilities [Abstract] | |
Schedule of other current liabilities | As of December 31, 2019 2018 US$’000 US$’000 Contract liabilities 216 756 Dividend payable 674 565 Deferred government grant — 318 Onerous contracts provisions 238 42 Other current liabilities 1,228 1,591 Total 2,356 3,272 |
Schedule of onerous contracts provisions | 22(a) 2019 2018 US$’000 US$’000 At January 1 42 555 Recognized 218 37 Reversed (25 ) (544 ) Exchange differences 3 (6 ) At December 31 238 42 |
Schedule of contract liabilities | 22(b) Contract Liabilities As of December 31, 2019 2018 US$’000 US$’000 Current contract liabilities Advance from customers 93 668 Custodial service 63 71 Transportation service 60 17 Total current contract liabilities 216 756 |
Schedule of revenue recognized in relation to contract liabilities | Revenue recognized in relation to contract liabilities For the year ended December 31, 2019 2018 US$’000 US$’000 Revenue recognized that was included in the contract liabilities balance at the beginning of the year Advance from customers 668 — Custodial service 59 85 Transportation service 17 28 744 113 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block1 [Abstract] | |
Authorized Shares and Common Shares Issued and Fully Paid | 23(a) As of December 31, 2019 2018 Authorized shares Number of shares Number of shares Common shares of US$0.01 each 50,000,000 50,000,000 Common shares issued and fully paid Number of shares US$’000 At December 31, 2019 13,830,769 138 At December 31, 2018 13,830,769 138 At January 1, 2018 13,830,769 138 |
Disaggregation of Changes of Other Comprehensive Income by Each Type of Reserve in Equity | The disaggregation of changes of other comprehensive income by each type of reserve in equity is shown below: For the year ended December 31, 2019 Remeasurement of defined benefit plans Financial assets at FVOCI reserve Foreign currency translation reserve Total US$’000 US$’000 US$’000 US$’000 Exchange difference on translation of foreign operations — — 10,677 10,677 Re-measuring losses on defined benefit plans (1,382 ) — — (1,382 ) Changes in faire value of financial assets at fair value through other comprehensive income — 1,336 — 1,336 (1,382 ) 1,336 10,677 10,631 For the year ended December 31, 2018 Remeasurement of defined benefit plans Available-for-sale reserve Financial assets at FVOCI reserve Foreign currency translation reserve Total US$’000 US$’000 US$’000 US$’000 US$’000 Reclassification of application of IFRS 9 — (1,717 ) 1,717 — — Exchange difference on translation of foreign operations — — — (4,388 ) (4,388 ) Re-measuring losses on defined benefit plans (328 ) — — — (328 ) Changes in faire value of financial assets at fair value through other comprehensive income — — (335 ) — (335 ) (328 ) (1,717 ) 1,382 (4,388 ) (5,051 ) For the year ended December 31, 2017 Remeasurement of defined benefit plans Available-for-sale reserve Foreign currency translation reserve Total US$’000 US$’000 US$’000 US$’000 Exchange difference on translation of foreign operations — — 15,882 15,882 Cumulative translation differences reclassified to profit or loss on liquidation of a subsidiary — — 248 248 Re-measuring losses on defined benefit plans (618 ) — — (618 ) Net loss on available-for-sale financial assets — (64 ) — (64 ) (618 ) (64 ) 16,130 15,448 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Outstanding Balance and Transactions with Related Parties | The following table provided the total amount of outstanding balance at December 31, 2019 and 2018. The transactions undertaken with related parties are summarized as follows: For the year ended December 31, 2019 2018 2017 US$’000 US$’000 US$’000 The ultimate parent company PEWC Purchases 2,745 521 18,170 Sales — 14 1,457 Fabrication income received 140 412 208 Management fee paid 199 136 143 Information technology service fee paid 101 115 114 PEWC, Singapore Branch Management fee received 14 14 14 PEWC Singapore Co. (Pte) Ltd. Interest expenses paid 22 21 15 PEWC (HK) Purchases — 2,479 4,180 Sales 17,831 23,498 24,437 Service fee paid 218 231 — The immediate holding company Moon View Income from discharge of liability* — 1,537 — Non-controlling shareholder of subsidiary Italian Thai and its affiliates Sales 4,188 6,814 6,203 Construction of factory building expenses 215 — — Fujikura Limited Purchases 249 750 1,115 |
Compensation of Key Management Personnel | 24(d) For the years ended December, 31 2019 2018 2017 US$’000 US$’000 US$’000 Short-term employee benefits 3,073 3,814 3,900 Post-employment benefits 179 102 103 Termination benefits — 47 43 Total compensation paid to key management personnel 3,252 3,963 4,046 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block1 [Abstract] | |
Right of Use Assets Under Non-cancellable Operating Lease Commitments | From January 1, 2019, the company has recognized right-of-use assets for these leases (see Note 16 and Note 27(c)). As of December 31, 2018 US$’000 Within one year 616 After one year but not more than five years 1,279 More than five years 1,368 3,263 |
Future Minimum Payments under Finance Leases with Initial Terms of One Year or More | Future minimum payments under finance leases with initial terms of one year or more consisted of the following for December 31, 2018 . 2018 Minimum payments Present value of payments US$’000 US$’000 Within one year 47 44 After one year but not more than five years 47 46 More than five years — — Total minimum lease payments 94 90 Less: amount representing finance charges (4 ) — Present value of minimum lease payment 90 90 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Fair Value Measurement Of Assets Liabilities [Abstract] | |
Disclosure Of Fair Value Measurement Of Assets Liabilities Explanatory | Fair value information: As of December 31, 2019 Fair value measurement using Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) US$’000 US$’000 US$’000 US$’000 Financial assets (liabilities) - derivatives (Note 11.(a)) Foreign exchange forward contract (3 ) — (3 ) — Financial assets at fair value through other comprehensive income (Note 11.(a)) Unquoted equity instrument Thai Metal Processing Co., Ltd. 4,062 — — 4,062 Assets for which fair values are disclosed: Investment properties (Note 17) Land 11,566 — — 11,566 Office buildings 1,460 — — 1,460 Fair value information: As of December 31, 2018 Fair value measurement using Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) US$’000 US$’000 US$’000 US$’000 Financial assets (liabilities) - derivatives (Note 11.(a)) Foreign exchange forward contract (142 ) — (142 ) — Financial assets at fair value through other comprehensive income (Note 11.(a)) Unquoted equity instrument Thai Metal Processing Co., Ltd. 2,332 — — 2,332 Assets for which fair values are disclosed: Investment properties (Note 17) Land 10,656 — — 10,656 Office buildings 1,397 — — 1,397 |
Financial Risk Management Obj_2
Financial Risk Management Objectives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statements [Line Items] | |
Summary of Maturity Profile of Financial Liabilities Based on Contractual Undiscounted Payment Obligations | The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payment obligations. < 1 year 2 to 3 years 4 to 5 years > 5 years Total US$’000 US$’000 US$’000 US$’000 US$’000 As of December 31, 2019 Financial liabilities Interest-bearing loans and borrowings 11,484 — — — 11,484 Trade and other payables 16,879 — — — 16,879 Due to related parties 3,284 — — — 3,284 Financial liabilities at fair value through profit or loss 3 — — — 3 Lease liability 656 910 444 1,182 3,192 32,306 910 444 1,182 34,842 As of December 31, 2018 Financial liabilities Interest-bearing loans and borrowings 25,151 — — — 25,151 Trade and other payables 21,127 — — — 21,127 Due to related parties 2,997 — — — 2,997 Financial liabilities at fair value through profit or loss 142 — — — 142 Finance lease liability 47 36 11 — 94 49,464 36 11 — 49,511 |
Summary of Capital Management | In line with industry practices, the Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents. As of December 31, 2019 2018 US$’000 US$’000 Interest bearing loans and borrowings 11,356 24,814 Trade and other payables 16,879 21,127 Less: cash and cash equivalents (53,673 ) (60,778 ) Net debt (25,438 ) (14,837 ) Total Equity 228,435 221,816 Capital and net debt 202,997 206,979 Gearing ratio 0.0% 0.0% |
Foreign currency risk [Member] | |
Statements [Line Items] | |
Summary of Balance of Financial Assets and Liabilities Denominated in a Currency Different from the Company's Reporting Currency | The balance of financial assets and liabilities denominated in a currency different from the Company’s each functional currency are summarized below. Financial Assets Financial Liabilities As of December 31, As of December 31 2019 2018 2019 2018 United States dollar (USD) 19,263 21,529 4,802 25,733 Thai Baht (THB) 346 349 87,779 30 Singapore dollar (SGD) 233 170 20 62 Taiwan dollar (TWD) 9,711 5,227 7,648 4,872 Renminbi (RMB) 119 19 — 179 Hong Kong dollar (HKD) 7,526 20,005 83 43 Australian dollar (AUD) — 66 — — Euro (EUR) — — — 199 Japanese yen (JPY) — — — 14,768 |
Sensitivity of Profit Before Tax and Equity to a Reasonably Possible Change of Relevant Risk Variable | Foreign currency sensitivity The following table demonstrates the sensitivity of the Company’s profit before tax and equity to a reasonably possible change of each foreign currency exchange rates against all other non-functional currencies, with all other variables held constant. Change rate USD THB SGD TWD RMB HKD AUD JPY EUR 5% 723 (147 ) 8 3 1 48 — — — 2019 -5% (723 ) 147 (8 ) (3 ) (1 ) (48 ) — — — 5% (210 ) — 4 1 (1 ) 127 2 (7 ) (11 ) 2018 -5% 210 — (4 ) (1 ) 1 (127 ) (2 ) 7 11 |
Commodity price risk: Copper [Member] | |
Statements [Line Items] | |
Sensitivity of Profit Before Tax and Equity to a Reasonably Possible Change of Relevant Risk Variable | Commodity price sensitivity The following table shows the potential effect of price changes in copper. Change in year-end price Effect on profit before tax Effect on equity US$’000 US$’000 US$’000 2019 +16 % (3,473 ) N/A Copper -16 % 3,473 N/A 2018 +23 % 6,461 N/A Copper -23 % (6,461 ) N/A |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Cash Flow Information [Abstract] | |
Summary of Investing Activities with Partial Cash Payments | 28 (a) Investing activities with partial cash payments For the year end December 31, 2019 2018 US$’000 US$’000 Acquisition of property, plant and equipment 3,406 4,498 Add: Payable for PPE or CIP - Opening 213 311 Less: Payable for PPE or CIP - Ending (355 ) (213 ) Less: Prepayment for PPE & CIP - Opening (210 ) (304 ) Add: Prepayment for PPE & CIP - Ending 2,388 210 Less: acquisition by means of a lease — (61 ) Cash paid during the year 5,442 4,441 |
Summary of Reconciliation of Liabilities Arising from Financing Activities | 28 (b) Reconciliation of liabilities arising from financing activities Interest -bearing loans and borrowings Financial lease liabilities Total US$’000 US$’000 US$’000 Balance at January 1, 2017 41,151 78 41,229 Changes in cash flows -16,220 (46 ) (16,266 ) Foreign exchange adjustments (117 ) (8 ) (125 ) Acquisition of PP&E by means of a lease — 61 61 Other changes — 5 5 Balance at December 31, 2018 24,814 90 24,904 Recognized on adoption of IFRS 16 — 2,651 2,651 Changes in cash flows (14,462 ) (426 ) (14,888 ) Foreign exchange adjustments 1,004 29 1,033 Acquisition leases — 476 476 Other changes — 8 8 Balance at December 31, 2019 11,356 2,828 14,184 |
Principal Activities and Corp_2
Principal Activities and Corporate Information - Additional Information (Detail) - USD ($) | Aug. 13, 2014 | Jun. 30, 2013 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure corporate information [Line Items] | ||||
Number of shares repurchased under share capital repurchase program | (11,100) | |||
Total consideration for shares repurchased under share capital repurchase program | $ 38,000 | |||
Financial liabilities recognized | $ 0 | $ 34,350,000 | $ 49,170,000 | |
Top of range [Member] | ||||
Disclosure corporate information [Line Items] | ||||
Monetary amount of common shares authorized to repurchase under share capital repurchase program | $ 1,000,000 | |||
Pacific Electric Wire & Cable Co., Ltd. [Member] | ||||
Disclosure corporate information [Line Items] | ||||
Percentage of equity interest held by the ultimate parent company | 75.40% |
Basis of Preparation - Subsidia
Basis of Preparation - Subsidiaries of the Company (Detail) | Jun. 19, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
APWC General Holdings Limited [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | The British Virgin Islands | ||
Percentage of equity interest | 100.00% | 100.00% | |
PRC (APWC) Holding Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | The British Virgin Islands | ||
Percentage of equity interest | 100.00% | 100.00% | |
Samray Inc. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | The British Virgin Islands | ||
Percentage of equity interest | 100.00% | 100.00% | |
Siam (APWC) Holdings Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | The British Virgin Islands | ||
Percentage of equity interest | 100.00% | 100.00% | |
Moon View Ltd [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | The British Virgin Islands | ||
Percentage of equity interest | 100.00% | 100.00% | |
Trigent Investment Holdings Limited [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | The British Virgin Islands | ||
Percentage of equity interest | 100.00% | 100.00% | |
Crown Century Holdings Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | The British Virgin Islands | ||
Percentage of equity interest | 100.00% | 100.00% | |
Sigma Cable Company (Private) Limited [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Singapore | ||
Percentage of equity interest | 98.30% | 98.30% | |
Epan Industries Pte Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Singapore | ||
Percentage of equity interest | 98.30% | 98.30% | |
Singvale Pte Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Singapore | ||
Percentage of equity interest | 100.00% | 100.00% | |
Ningbo Pacific Cable Co., Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | The People's Republic of China | ||
Percentage of equity interest | 97.93% | 97.93% | |
Shanghai Yayang Electric Co., Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | The People's Republic of China | ||
Percentage of equity interest | 68.75% | 68.75% | |
Pacific Electric Wire & Cable (Shenzhen) Co., Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | The People's Republic of China | ||
Percentage of equity interest | 97.93% | 97.93% | |
Crown Century Holdings Limited ("CCH (HK)") [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Hong Kong | ||
Percentage of equity interest | 97.93% | 97.93% | |
Australia Pacific Electric Cable Pty Limited [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Australia | ||
Percentage of equity interest | 98.06% | 98.06% | |
Charoong Thai Wire and Cable Public Company Limited [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Thailand | ||
Percentage of equity interest | 50.93% | 50.93% | |
Siam Pacific Electric Wire & Cable Company Limited [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Thailand | ||
Percentage of equity interest | 50.93% | 50.93% | |
Double D Cable Company Limited [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Thailand | ||
Percentage of equity interest | 50.93% | 50.93% | |
Hard Lek Limited. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Thailand | ||
Percentage of equity interest | 73.98% | 73.98% | |
APWC (Thailand) Co., Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Thailand | ||
Percentage of equity interest | 99.48% | 99.48% | |
PEWC (Thailand) Co., Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Thailand | ||
Percentage of equity interest | 99.48% | 99.48% | |
CTW Beta Co., Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Thailand | ||
Percentage of equity interest | 50.89% | 50.89% | |
Siam Fiber Optics Co., Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Thailand | ||
Percentage of equity interest | 45.84% | 30.56% | |
Asia Pacific New Energy Corporation Limited [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Taiwan | ||
Percentage of equity interest | 100.00% | 100.00% | 100.00% |
YASHIN Energy Corporation Limited [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Taiwan | ||
Percentage of equity interest | 100.00% | 100.00% | |
YADING Energy Corporation Limited [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Place of incorporation and operations | Taiwan | ||
Percentage of equity interest | 100.00% | 100.00% |
Basis of Preparation - Subsid_2
Basis of Preparation - Subsidiaries of the Company (Parenthetical) (Detail) $ in Thousands, ฿ in Millions, $ in Millions | Oct. 30, 2019USD ($) | Oct. 29, 2019 | Jun. 19, 2018 | Dec. 31, 2019USD ($) | Dec. 31, 2018TWD ($) | Dec. 31, 2017USD ($) | Oct. 30, 2019THB (฿) | Oct. 01, 2018TWD ($) |
Disclosure of subsidiaries [Line Items] | ||||||||
Effect from the changes in shareholding percentage in subsidiary | $ (298) | |||||||
Additional paid-in capital [Member] | ||||||||
Disclosure of subsidiaries [Line Items] | ||||||||
Effect from the changes in shareholding percentage in subsidiary | $ 40 | $ 40 | $ (232) | |||||
YASHIN Energy Corporation Limited [Member] | Asia Pacific New Energy Corporation Limited [Member] | ||||||||
Disclosure of subsidiaries [Line Items] | ||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||
Cash transferred | $ 0.5 | |||||||
YADING Energy Corporation Limited [Member] | Asia Pacific New Energy Corporation Limited [Member] | ||||||||
Disclosure of subsidiaries [Line Items] | ||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||
Cash transferred | $ 0.5 | |||||||
Charoong Thai Wire and Cable Public Company Limited [Member] | ||||||||
Disclosure of subsidiaries [Line Items] | ||||||||
Percentage of equity interest | 50.93% | 50.93% | ||||||
Charoong Thai Wire and Cable Public Company Limited [Member] | Siam Fiber Optics Co., Ltd. [Member] | ||||||||
Disclosure of subsidiaries [Line Items] | ||||||||
Percentage of equity interest | 30.56% | 45.84% | ||||||
Percentage of voting equity interests acquired | 30.00% | |||||||
Total cash consideration | ฿ | ฿ 9 | |||||||
Siam Fiber Optics Co., Ltd. [Member] | ||||||||
Disclosure of subsidiaries [Line Items] | ||||||||
Percentage of equity interest | 45.84% | 30.56% | ||||||
Percentage of equity interest held by subsidiary | 90.00% | 60.00% | ||||||
Asia Pacific New Energy Corporation Limited [Member] | ||||||||
Disclosure of subsidiaries [Line Items] | ||||||||
Percentage of equity interest | 100.00% | 100.00% | 100.00% | |||||
Authorized Share Capital | $ 500 | |||||||
Paid-up capital | $ 4 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Significant Accounting Policies [Line Items] | ||||
Bank overdrafts balance | $ 0 | $ 0 | ||
Financial liabilities settlement period | 60 days | |||
Financial liabilities repayment term | Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. | |||
Unused net operating losses | $ 20,580 | 16,762 | ||
Net deferred tax assets | (200) | (6) | $ (132) | $ 526 |
Increase in unrecognized deferred tax assets, profit and equity | 5,068 | 3,876 | $ 3,947 | |
Unused tax losses [Member] | ||||
Disclosure Of Significant Accounting Policies [Line Items] | ||||
Net deferred tax assets | $ 546 | $ 644 | ||
Bottom of range [Member] | ||||
Disclosure Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of investment property depreciated using the straight-line method | 20 years | |||
Bottom of range [Member] | Computer software [member] | ||||
Disclosure Of Significant Accounting Policies [Line Items] | ||||
Useful life of intangible assets | 2 years | |||
Top Of Range [Member] | ||||
Disclosure Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of investment property depreciated using the straight-line method | 30 years | |||
Ownership percentage with voting right | 20.00% | |||
Top Of Range [Member] | Computer software [member] | ||||
Disclosure Of Significant Accounting Policies [Line Items] | ||||
Useful life of intangible assets | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings [Member] | Bottom of range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful lives of assets | 20 years |
Buildings [Member] | Top Of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful lives of assets | 30 years |
Building improvement [Member] | Bottom of range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Building improvement [Member] | Top Of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful lives of assets | 20 years |
Machinery and equipment [Member] | Bottom of range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful lives of assets | 4 years |
Machinery and equipment [Member] | Top Of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful lives of assets | 20 years |
Motor vehicles [Member] | Bottom of range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Motor vehicles [Member] | Top Of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Office equipment [Member] | Bottom of range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful lives of assets | 2 years |
Office equipment [Member] | Top Of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful lives of assets | 20 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Lease Term or Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Land use right [Member] | Bottom of range [Member] | |
Disclosure of detailed information about Right-of-use assets [Line Items] | |
Lease Term or Estimated Useful Lives of Assets | 2 years |
Land use right [Member] | Top Of Range [Member] | |
Disclosure of detailed information about Right-of-use assets [Line Items] | |
Lease Term or Estimated Useful Lives of Assets | 37 years |
Buildings [Member] | Bottom of range [Member] | |
Disclosure of detailed information about Right-of-use assets [Line Items] | |
Lease Term or Estimated Useful Lives of Assets | 2 years |
Buildings [Member] | Top Of Range [Member] | |
Disclosure of detailed information about Right-of-use assets [Line Items] | |
Lease Term or Estimated Useful Lives of Assets | 3 years |
Motor vehicles [Member] | Bottom of range [Member] | |
Disclosure of detailed information about Right-of-use assets [Line Items] | |
Lease Term or Estimated Useful Lives of Assets | 1 year |
Motor vehicles [Member] | Top Of Range [Member] | |
Disclosure of detailed information about Right-of-use assets [Line Items] | |
Lease Term or Estimated Useful Lives of Assets | 3 years |
Office equipment [Member] | |
Disclosure of detailed information about Right-of-use assets [Line Items] | |
Lease Term or Estimated Useful Lives of Assets | 5 years |
New Standards And Interpretat_3
New Standards And Interpretations - Schedule of Significant Effects of Adopting IFRS 16 (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Assets | |||
Prepayments | $ 1,081 | $ 1,140 | |
Lease assets | 0 | 66 | |
Right-of-use assets | $ 3,735 | 3,801 | 0 |
Prepaid land lease payments | 0 | 978 | |
Total affected assets | 4,882 | 2,184 | |
Liabilities | |||
Financial lease liabilities - current | 406 | 44 | |
Financial lease liabilities - non-current | 2,382 | 46 | |
Total affected liabilities | 2,788 | $ 90 | |
Effect of Adoption of New Standards [Member] | |||
Assets | |||
Prepayments | (59) | ||
Lease assets | (66) | ||
Right-of-use assets | 3,801 | ||
Prepaid land lease payments | (978) | ||
Total affected assets | 2,698 | ||
Liabilities | |||
Financial lease liabilities - current | 362 | ||
Financial lease liabilities - non-current | 2,336 | ||
Total affected liabilities | $ 2,698 |
New Standards And Interpretat_4
New Standards And Interpretations - Schedule of Significant Effects of Adopting IFRS 16 (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |||
Right of use assets | $ 3,735 | $ 3,801 | $ 0 |
Effect of Application of New Standards [Member] | Property, plant and equipment [member] | |||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |||
Right of use assets | 66 | ||
Effect of Application of New Standards [Member] | Prepayment under Current Assets [Member] | |||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |||
Right of use assets | 59 | ||
Effect of Application of New Standards [Member] | Prepaid Land Lease Payments under Non-current Assets [Member] | |||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |||
Right of use assets | $ 978 |
New Standards And Interpretat_5
New Standards And Interpretations - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |||
Decrease in cash flows used in operating activities | $ 15,140 | $ 40,649 | $ (16,424) |
Increase in cash flows used in financing activities | $ (17,949) | $ (19,578) | $ 7,042 |
Weighted average discount rate | 3.48% | ||
IFRS 16 | |||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |||
Decrease in cash flows used in operating activities | $ 354 | ||
Increase in cash flows used in financing activities | $ 354 |
New Standards And Interpretat_6
New Standards And Interpretations - Summary of Reconciliation of IAS 17 Non-cancelled Operating Lease Commitment to IFRS 16 Lease Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure Of Reconciliation Of I A S17 Noncancelled Operating Lease Liability [Abstract] | |||
Operating lease commitments disclosed as at December 31, 2018 | $ 3,263 | ||
Add: finance lease liabilities recognized as at December 31, 2018 | $ 2,788 | $ 90 | |
Discounted using the incremental borrowing rate at January 1, 2019 | $ (380) | ||
Short-term leases | (169) | ||
Leases of low-value assets | (16) | ||
Lease liabilities recognized as at January 1, 2019 | $ 2,788 |
New Standards And Interpretat_7
New Standards And Interpretations - Schedule of Significant Effects of Adopting New Standards (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Assets | ||||
Contract assets | $ 4,686 | $ 1,460 | $ 162 | |
Gross amounts due from customers for contract work-in-progress | $ 162 | |||
Trade receivables | 74,077 | 79,617 | 112,419 | 112,403 |
Financial assets – available for sale | 2,747 | |||
Financial assets at fair value through other comprehensive income | 4,062 | 2,332 | 2,747 | |
Deferred tax assets | 3,939 | 3,919 | 3,026 | 3,022 |
Total affected assets | 118,354 | 118,334 | ||
Liabilities | ||||
Contract liabilities - current | 216 | 756 | 113 | |
Total affected liabilities | 113 | |||
Equity | ||||
Retained earnings | $ 53,384 | $ 55,016 | 53,257 | 53,350 |
Total affected equity | 53,257 | 53,350 | ||
Total affected liabilities and equity | 53,370 | $ 53,350 | ||
Effect of Application of New Standards [Member] | ||||
Assets | ||||
Contract assets | 162 | |||
Gross amounts due from customers for contract work-in-progress | (162) | |||
Trade receivables | 16 | |||
Financial assets – available for sale | (2,747) | |||
Financial assets at fair value through other comprehensive income | 2,747 | |||
Deferred tax assets | 4 | |||
Total affected assets | 20 | |||
Liabilities | ||||
Contract liabilities - current | 113 | |||
Total affected liabilities | 113 | |||
Equity | ||||
Retained earnings | (93) | |||
Total affected equity | (93) | |||
Total affected liabilities and equity | $ 20 |
New Standards And Interpretat_8
New Standards And Interpretations - Schedule of Significant Effects of Adopting New Standards (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||||
Contract assets | $ 4,686 | $ 1,460 | $ 162 | |
Available-for-sale financial assets expected to reclassify | 2,747 | |||
Fair value gains on financial assets reclassified from available-for-sale financial assets reserve to fair value other comprehensive income reserve | 1,717 | |||
Trade receivables | 74,077 | 79,617 | 112,419 | $ 112,403 |
Retained earnings | 53,384 | 55,016 | 53,257 | 53,350 |
Deferred tax assets | 3,939 | 3,919 | 3,026 | $ 3,022 |
Contract liabilities - current | $ 216 | $ 756 | 113 | |
IFRS 9 [Member] | ||||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||||
Trade Receivables Impairment | 16 | |||
Trade receivables | 16 | |||
Retained earnings | 16 | |||
Effect of IFRS 9 And IFRS 15 [Member] | ||||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||||
Retained earnings | 4 | |||
Deferred tax assets | 4 | |||
Non-controlling interests [Member] | ||||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||||
Fair value gains on financial assets reclassified from available-for-sale financial assets reserve to fair value other comprehensive income reserve | 843 | |||
Increase (decrease) due to application of IFRS 15 [member] | ||||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||||
Contract assets | 162 | |||
Gross amounts due from customers for contract work-in-progress | (162) | |||
Retained earnings | (113) | |||
Contract liabilities - current | $ 113 |
New Standards And Interpretat_9
New Standards And Interpretations - Summary of Application of New Standard Affected Items in Financial Statement (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2016 | |
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |||||
Revenue | $ 338,160 | $ 425,940 | $ 425,215 | ||
Gross profit | 24,787 | 36,248 | 39,688 | ||
Operating (loss) /profit | (649) | 8,684 | 16,615 | ||
Profit before tax | 1,106 | 11,332 | 18,668 | ||
Income tax expense | (2,057) | (3,886) | (5,140) | ||
(Loss) /Profit for the year | (951) | 7,446 | 13,528 | ||
Assets | |||||
Contract assets | 4,686 | 1,460 | $ 162 | ||
Deferred tax assets | 3,939 | 3,919 | 3,022 | 3,026 | |
Total affected assets | 298,911 | 305,798 | |||
Liabilities | |||||
Other current liabilities | 2,356 | 3,272 | |||
Total affected liabilities | 70,476 | 83,982 | |||
Equity | |||||
Retained earnings | 53,384 | 55,016 | 53,350 | 53,257 | |
Non-controlling interests | 74,581 | 71,788 | |||
Total affected equity | 228,435 | 221,816 | $ 222,826 | $ 197,175 | |
Total affected liabilities and equity | $ 298,911 | 305,798 | |||
IFRS 15 [Member] | |||||
Assets | |||||
Contract assets | 1,460 | ||||
Deferred tax assets | 3,919 | ||||
Total affected assets | 5,379 | ||||
Liabilities | |||||
Other current liabilities | 3,272 | ||||
Total affected liabilities | 3,272 | ||||
Equity | |||||
Retained earnings | 55,016 | ||||
Foreign currency translation reserve | (15,251) | ||||
Non-controlling interests | 71,788 | ||||
Total affected equity | 111,553 | ||||
Total affected liabilities and equity | 114,825 | ||||
Increase (decrease) due to application of IFRS 15 [member] | |||||
Assets | |||||
Contract assets | 162 | ||||
Gross amounts due from customers for contract work-in-process | (162) | ||||
Equity | |||||
Retained earnings | $ (113) | ||||
Increase (decrease) due to application of IFRS 15 [member] | IFRS 15 [Member] | |||||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |||||
Revenue | (26) | ||||
Gross profit | (26) | ||||
Operating (loss) /profit | (26) | ||||
Profit before tax | (26) | ||||
Income tax expense | 5 | ||||
(Loss) /Profit for the year | (21) | ||||
Assets | |||||
Contract assets | (1,460) | ||||
Gross amounts due from customers for contract work-in-process | 1,460 | ||||
Deferred tax assets | (18) | ||||
Total affected assets | (18) | ||||
Liabilities | |||||
Other current liabilities | (88) | ||||
Total affected liabilities | (88) | ||||
Equity | |||||
Retained earnings | 34 | ||||
Foreign currency translation reserve | 1 | ||||
Non-controlling interests | 35 | ||||
Total affected equity | 70 | ||||
Total affected liabilities and equity | (18) | ||||
Amounts without adoption of IFRS 15 [Member] | IFRS 15 [Member] | |||||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |||||
Revenue | 425,914 | ||||
Gross profit | 36,222 | ||||
Operating (loss) /profit | 8,658 | ||||
Profit before tax | 11,306 | ||||
Income tax expense | (3,881) | ||||
(Loss) /Profit for the year | 7,425 | ||||
Assets | |||||
Gross amounts due from customers for contract work-in-process | 1,460 | ||||
Deferred tax assets | 3,901 | ||||
Total affected assets | 5,361 | ||||
Liabilities | |||||
Other current liabilities | 3,184 | ||||
Total affected liabilities | 3,184 | ||||
Equity | |||||
Retained earnings | 55,050 | ||||
Foreign currency translation reserve | (15,250) | ||||
Non-controlling interests | 71,823 | ||||
Total affected equity | 111,623 | ||||
Total affected liabilities and equity | $ 114,807 |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Revenue | $ 338,160 | $ 425,940 | $ 425,215 |
Segment operating profit/(loss) | (264) | 9,324 | 12,440 |
Depreciation and amortization | (5,324) | (5,018) | (5,056) |
Depreciation from right of use assets | (507) | ||
Impairment of property, plant and equipment | (546) | (11) | (223) |
Interest income | 506 | 482 | 876 |
Interest expense | (845) | (1,200) | (966) |
Income tax (expense)/benefit | (2,057) | (3,886) | (5,140) |
Other disclosures | |||
Capital expenditure | 5,462 | 4,508 | 4,913 |
Total assets | 298,911 | 305,798 | |
Total liabilities | 70,476 | 83,982 | |
North Asia (Segment) [Member] | |||
Revenues | |||
Revenue | 76,575 | 103,647 | |
Thailand (Segment) [Member] | |||
Revenues | |||
Revenue | 172,379 | 213,424 | |
ROW (Segment) [Member] | |||
Revenues | |||
Revenue | 89,206 | 108,869 | |
Operating segments [Member] | |||
Revenues | |||
Segment operating profit/(loss) | 2,620 | 12,467 | 15,514 |
Depreciation and amortization | (5,266) | (4,998) | (5,053) |
Depreciation from right of use assets | (485) | ||
Impairment of property, plant and equipment | (546) | (11) | (223) |
Interest income | 505 | 770 | 957 |
Interest expense | (822) | (1,179) | (1,033) |
Income tax (expense)/benefit | (1,691) | (2,980) | (4,464) |
Other disclosures | |||
Capital expenditure | 5,384 | 4,498 | 4,913 |
Total assets | 291,576 | 298,222 | |
Total liabilities | 62,752 | 77,071 | |
Operating segments [Member] | North Asia (Segment) [Member] | |||
Revenues | |||
Segment operating profit/(loss) | 1,237 | 5,234 | 3,256 |
Depreciation and amortization | (811) | (829) | (979) |
Depreciation from right of use assets | (44) | ||
Impairment of property, plant and equipment | (549) | (213) | |
Interest income | 57 | 117 | 51 |
Interest expense | (239) | (397) | (428) |
Income tax (expense)/benefit | (561) | (1,212) | (1,395) |
Other disclosures | |||
Capital expenditure | 552 | 1,188 | 991 |
Total assets | 49,379 | 54,250 | |
Total liabilities | 14,212 | 20,169 | |
Operating segments [Member] | Thailand (Segment) [Member] | |||
Revenues | |||
Segment operating profit/(loss) | 3,042 | 9,539 | 11,053 |
Depreciation and amortization | (2,842) | (2,836) | (2,760) |
Impairment of property, plant and equipment | 3 | (11) | (10) |
Interest income | 403 | 611 | 845 |
Interest expense | (481) | (748) | (553) |
Income tax (expense)/benefit | (1,235) | (2,152) | (2,727) |
Other disclosures | |||
Capital expenditure | 4,590 | 2,859 | 3,332 |
Total assets | 165,579 | 173,398 | |
Total liabilities | 26,706 | 42,887 | |
Operating segments [Member] | ROW (Segment) [Member] | |||
Revenues | |||
Segment operating profit/(loss) | (1,659) | (2,306) | 1,205 |
Depreciation and amortization | (1,613) | (1,333) | (1,314) |
Depreciation from right of use assets | (441) | ||
Interest income | 45 | 42 | 61 |
Interest expense | (102) | (34) | (52) |
Income tax (expense)/benefit | 105 | 384 | (342) |
Other disclosures | |||
Capital expenditure | 242 | 451 | 590 |
Total assets | 76,618 | 70,574 | |
Total liabilities | 21,834 | 14,015 | |
Corporate expense adjustments and eliminations [Member] | |||
Revenues | |||
Segment operating profit/(loss) | (2,884) | (3,143) | (3,074) |
Depreciation and amortization | (58) | (20) | (3) |
Depreciation from right of use assets | (22) | ||
Interest income | 1 | (288) | (81) |
Interest expense | (23) | (21) | 67 |
Income tax (expense)/benefit | (366) | (906) | (676) |
Other disclosures | |||
Capital expenditure | 78 | 10 | |
Total assets | 7,335 | 7,576 | |
Total liabilities | 7,724 | 6,911 | |
External customers [Member] | |||
Revenues | |||
Revenue | 338,160 | 425,940 | 425,215 |
External customers [Member] | Operating segments [Member] | |||
Revenues | |||
Revenue | 338,160 | 425,940 | 425,215 |
External customers [Member] | Operating segments [Member] | North Asia (Segment) [Member] | |||
Revenues | |||
Revenue | 76,575 | 103,647 | 101,533 |
External customers [Member] | Operating segments [Member] | Thailand (Segment) [Member] | |||
Revenues | |||
Revenue | 172,379 | 213,424 | 206,485 |
External customers [Member] | Operating segments [Member] | ROW (Segment) [Member] | |||
Revenues | |||
Revenue | 89,206 | 108,869 | 117,197 |
Intersegment [Member] | Operating segments [Member] | |||
Revenues | |||
Revenue | 6 | 10,776 | 1,934 |
Intersegment [Member] | Operating segments [Member] | North Asia (Segment) [Member] | |||
Revenues | |||
Revenue | 4,076 | 890 | |
Intersegment [Member] | Operating segments [Member] | Thailand (Segment) [Member] | |||
Revenues | |||
Revenue | 6 | 392 | 1,044 |
Intersegment [Member] | Operating segments [Member] | ROW (Segment) [Member] | |||
Revenues | |||
Revenue | 6,308 | ||
Intersegment [Member] | Corporate expense adjustments and eliminations [Member] | |||
Revenues | |||
Revenue | $ (6) | $ (10,776) | $ (1,934) |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Operating Profit (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Operating Segments [Line Items] | |||
Segment operating profit/(loss) | $ (264) | $ 9,324 | $ 12,440 |
Consolidated | (264) | 9,324 | 12,440 |
Other operating income | 385 | 805 | 5,084 |
Other operating expenses | (770) | (1,445) | (909) |
Operating profit | (649) | 8,684 | 16,615 |
Finance costs | (1,012) | (1,378) | (1,221) |
Finance income | 506 | 482 | 876 |
Share of loss of associates | (3) | (3) | (3) |
Loss on liquidation of a subsidiary | (261) | ||
Exchange gain | 1,550 | 1,741 | 2,784 |
Other income | 717 | 1,817 | 214 |
Other expense | (3) | (11) | (336) |
Profit before tax | 1,106 | 11,332 | 18,668 |
Operating segments [Member] | |||
Disclosure Of Operating Segments [Line Items] | |||
Segment operating profit/(loss) | 2,620 | 12,467 | 15,514 |
Finance income | 505 | 770 | 957 |
Profit before tax | 1,106 | 11,332 | 18,668 |
Corporate expense adjustments and eliminations [Member] | |||
Disclosure Of Operating Segments [Line Items] | |||
Segment operating profit/(loss) | (2,884) | (3,143) | (3,074) |
Corporate expenses adjustments and eliminations | (2,884) | (3,143) | (3,074) |
Finance income | 1 | (288) | (81) |
Segment Reconciling Items [Member] | |||
Disclosure Of Operating Segments [Line Items] | |||
Other operating income | 385 | 805 | 5,084 |
Other operating expenses | (770) | (1,445) | (909) |
Finance costs | (1,012) | (1,378) | (1,221) |
Finance income | 506 | 482 | 876 |
Share of loss of associates | (3) | (3) | (3) |
Loss on liquidation of a subsidiary | (261) | ||
Exchange gain | 1,550 | 1,741 | 2,784 |
Other income | 717 | 1,817 | 214 |
Other expense | $ (3) | $ (11) | $ (336) |
Segment Information - Reconci_2
Segment Information - Reconciliation of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure Of Operating Segments [Line Items] | ||||
Total assets | $ 298,911 | $ 305,798 | ||
Investment in associates | 935 | 864 | ||
Deferred tax assets | 3,939 | 3,919 | $ 3,026 | $ 3,022 |
Total liabilities | 70,476 | 83,982 | ||
Deferred tax liabilities | 4,139 | 3,925 | ||
Operating segments [Member] | ||||
Disclosure Of Operating Segments [Line Items] | ||||
Total assets | 291,576 | 298,222 | ||
Total liabilities | 62,752 | 77,071 | ||
Eliminations [Member] | ||||
Disclosure Of Operating Segments [Line Items] | ||||
Total assets | (5) | (76) | ||
Total liabilities | (6) | (33) | ||
Segment Reconciling Items [Member] | ||||
Disclosure Of Operating Segments [Line Items] | ||||
Corporate and other assets | 2,466 | 2,869 | ||
Investment in associates | 935 | 864 | ||
Deferred tax assets | 3,939 | 3,919 | ||
Corporate liabilities | 3,591 | 3,019 | ||
Deferred tax liabilities | $ 4,139 | $ 3,925 |
Segment Information - Summary_2
Segment Information - Summary of Application of IFRS 16 Increased the Segment Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Operating Segments [Line Items] | ||
Assets | $ 298,911 | $ 305,798 |
Liabilities | 70,476 | 83,982 |
Increase due to application of IFRS 16 [member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Assets | 2,698 | |
Liabilities | 2,757 | |
Operating segments [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Assets | 291,576 | 298,222 |
Liabilities | 62,752 | 77,071 |
Operating segments [Member] | Increase due to application of IFRS 16 [member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Assets | 2,506 | |
Liabilities | 2,552 | |
Operating segments [Member] | North Asia (Segment) [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Assets | 49,379 | 54,250 |
Liabilities | 14,212 | 20,169 |
Operating segments [Member] | Thailand (Segment) [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Assets | 165,579 | 173,398 |
Liabilities | 26,706 | 42,887 |
Operating segments [Member] | ROW (Segment) [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Assets | 76,618 | 70,574 |
Liabilities | 21,834 | 14,015 |
Operating segments [Member] | ROW (Segment) [Member] | Increase due to application of IFRS 16 [member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Assets | 2,506 | |
Liabilities | 2,552 | |
Corporate expense adjustments and eliminations [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Assets | 7,335 | 7,576 |
Liabilities | 7,724 | $ 6,911 |
Corporate expense adjustments and eliminations [Member] | Increase due to application of IFRS 16 [member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Assets | 192 | |
Liabilities | $ 205 |
Segment Information - Revenue F
Segment Information - Revenue From External Customers Based Major Categories (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | $ 338,160 | $ 425,940 | $ 425,215 |
At a point in time [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 331,190 | 408,992 | |
Over time [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 6,970 | 16,948 | |
North Asia (Segment) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 76,575 | 103,647 | |
North Asia (Segment) [Member] | At a point in time [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 76,575 | 103,647 | |
Thailand (Segment) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 172,379 | 213,424 | |
Thailand (Segment) [Member] | At a point in time [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 172,031 | 213,212 | |
Thailand (Segment) [Member] | Over time [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 348 | 212 | |
ROW (Segment) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 89,206 | 108,869 | |
ROW (Segment) [Member] | At a point in time [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 82,584 | 92,133 | |
ROW (Segment) [Member] | Over time [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 6,622 | 16,736 | |
Power [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 128,179 | 156,901 | |
Power [Member] | Thailand (Segment) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 49,493 | 64,771 | |
Power [Member] | ROW (Segment) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 78,686 | 92,130 | |
Enamel [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 179,572 | 217,894 | |
Enamel [Member] | North Asia (Segment) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 76,575 | 103,647 | |
Enamel [Member] | Thailand (Segment) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 102,997 | 114,247 | |
Others [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 30,409 | 51,145 | |
Others [Member] | Thailand (Segment) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 19,889 | 34,406 | |
Others [Member] | ROW (Segment) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | $ 10,520 | $ 16,739 | |
Manufactured Products [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 361,853 | ||
Distributed Products [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 41,985 | ||
SDI [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | $ 21,377 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Operating Segments [Line Items] | |||
Revenues from performance obligations satisfied | $ 0 | $ 0 | |
Revenue | 338,160,000 | 425,940,000 | $ 425,215,000 |
ROW (Segment) [Member] | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 89,206,000 | 108,869,000 | |
ROW (Segment) [Member] | One major customer [Member] | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | $ 23,118,000 | $ 37,197,000 | $ 36,518,000 |
Percentage of entity's revenue from major customer | 6.84% | 8.73% | 8.59% |
Segment Information - Revenue_2
Segment Information - Revenue from External Customers Based on Customer's Country of Domicile and Long-lived Assets by Country of Domicile (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | $ 338,160 | $ 425,940 | $ 425,215 |
Thailand (Country of domicile) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 116,160 | 154,207 | 158,565 |
Singapore (Country of domicile) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 46,218 | 63,781 | 76,453 |
Australia (Country of domicile) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 34,447 | 37,594 | 34,901 |
The People's Republic of China (Country of domicile) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 81,813 | 111,917 | 108,561 |
India (Country of Domicile) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 36,121 | 45,008 | 31,291 |
Southeast Asia (Country of domicile) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | 23,390 | 13,339 | 15,394 |
Northeast Asia (Country of domicile) [Member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenue | $ 11 | $ 94 | $ 50 |
Segment Information - Summary_3
Segment Information - Summary of Non-Current Assets Other Than Financial Instruments and Deferred Tax Assets Broken Down by Country of Domicile (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | $ 49,204 | $ 43,605 |
Thailand (Country of domicile) [Member] | ||
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | 32,723 | 28,407 |
Singapore (Country of domicile) [Member] | ||
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | 7,869 | 5,868 |
The People's Republic of China (Country of domicile) [Member] | ||
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | 5,661 | 6,592 |
Australia (Country of domicile) [Member] | ||
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | 2,661 | 2,684 |
Other | ||
Disclosure Of Geographical Areas [Line Items] | ||
Total non-current assets | $ 290 | $ 54 |
Material Partly-Owned Subsidi_3
Material Partly-Owned Subsidiaries - Subsidiaries with Material Non-controlling Interests (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CTW Consolidated [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Place of incorporation and operations | Thailand | |
Percentage of equity interest held by non-controlling interests | 49.07% | 49.07% |
Shanghai Yayang Electric Co., Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Place of incorporation and operations | The People's Republic of China | |
Percentage of equity interest held by non-controlling interests | 31.25% | 31.25% |
Material Partly-Owned Subsidi_4
Material Partly-Owned Subsidiaries - Summarized Financial Information of Subsidiaries (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summarized income statements: | ||||
Revenue | $ 338,160 | $ 425,940 | $ 425,215 | |
Profit before tax | 1,106 | 11,332 | 18,668 | |
Income tax expense | (2,057) | (3,886) | (5,140) | |
(Loss) /Profit for the year | (951) | 7,446 | 13,528 | |
Other comprehensive income/(loss) | 10,631 | (5,051) | 15,448 | |
Total comprehensive income for the year, net of tax | 9,680 | 2,395 | 28,976 | |
Profit/(loss) attributable to non-controlling interests | 681 | 4,518 | 4,808 | |
Summarized balance sheets: | ||||
Cash, inventory and other current assets | 239,504 | 254,148 | ||
Property, plant and equipment and other non-current assets | 59,407 | 51,650 | ||
Trade and other payable (current) | (53,649) | (71,738) | ||
Other non-current liabilities | (16,827) | (12,244) | ||
Total equity | 228,435 | 221,816 | 222,826 | $ 197,175 |
Equity attributable to equity holders of the parent | 153,854 | 150,028 | ||
Non-controlling interests | 74,581 | 71,788 | ||
Summarized cash flow information: | ||||
Operating | 15,140 | 40,649 | (16,424) | |
Investing | (6,398) | (4,818) | 3,389 | |
Increase in cash flows used in financing activities | (17,949) | (19,578) | 7,042 | |
Effect of changes in exchange rate on cash | 2,102 | (1,568) | 3,855 | |
Net (decrease) increase in cash and cash equivalents | (7,105) | 14,685 | (2,138) | |
CTW Consolidated [Member] | ||||
Summarized income statements: | ||||
Revenue | 172,385 | 213,424 | 207,529 | |
Profit before tax | 4,352 | 11,736 | 12,985 | |
Income tax expense | (1,235) | (2,150) | (2,727) | |
(Loss) /Profit for the year | 3,117 | 9,586 | 10,258 | |
Other comprehensive income/(loss) | 9,194 | 3,965 | 10,182 | |
Total comprehensive income for the year, net of tax | 12,311 | 13,551 | 20,440 | |
Profit/(loss) attributable to non-controlling interests | 1,378 | 4,509 | 4,896 | |
Dividends paid to non-controlling interests | 2,763 | 2,181 | 1,943 | |
Summarized balance sheets: | ||||
Cash, inventory and other current assets | 127,539 | 141,761 | ||
Property, plant and equipment and other non-current assets | 49,009 | 42,691 | ||
Trade and other payable (current) | (15,350) | (33,715) | ||
Other non-current liabilities | (11,358) | (8,161) | ||
Total equity | 149,840 | 142,576 | ||
Equity attributable to equity holders of the parent | 76,216 | 73,621 | ||
Non-controlling interests | 73,624 | 68,955 | ||
Summarized cash flow information: | ||||
Operating | 10,776 | 38,784 | (24,018) | |
Investing | 2,319 | (9,137) | 6,589 | |
Increase in cash flows used in financing activities | (20,260) | (12,585) | 12,836 | |
Effect of changes in exchange rate on cash | 2,376 | (102) | 1,678 | |
Net (decrease) increase in cash and cash equivalents | (4,789) | 16,960 | (2,915) | |
Shanghai Yayang Electric Co., Ltd. [Member] | ||||
Summarized income statements: | ||||
Revenue | 20,743 | 33,790 | 33,533 | |
Profit before tax | (2,272) | (837) | (161,011) | |
(Loss) /Profit for the year | (2,272) | (837) | (161,011) | |
Other comprehensive income/(loss) | (46) | (255) | 345 | |
Total comprehensive income for the year, net of tax | (2,318) | (1,092) | (160,666) | |
Profit/(loss) attributable to non-controlling interests | (710) | (262) | (15) | |
Summarized balance sheets: | ||||
Cash, inventory and other current assets | 9,038 | 11,293 | ||
Property, plant and equipment and other non-current assets | 1,385 | 1,881 | ||
Trade and other payable (current) | (8,239) | (8,671) | ||
Total equity | 2,184 | 4,503 | ||
Equity attributable to equity holders of the parent | 1,502 | 3,096 | ||
Non-controlling interests | 682 | 1,407 | ||
Summarized cash flow information: | ||||
Operating | 5,135 | 3,648 | 833 | |
Investing | (165) | (277) | (252) | |
Increase in cash flows used in financing activities | (1,847) | (4,005) | (563) | |
Effect of changes in exchange rate on cash | (28) | (34) | 65 | |
Net (decrease) increase in cash and cash equivalents | $ 3,095 | $ (668) | $ 83 |
Income and Expenses Items - Sum
Income and Expenses Items - Summary of Other Operating Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis Of Income And Expense [Abstract] | |||
Gain on disposal of property, plant, and equipment | $ 88 | $ 93 | $ 99 |
Reversal of allowance for trade receivable | 122 | ||
Gain on disposal of assets classified as held for sale | 4,525 | ||
Reversal of allowance for foreseeable loss | 507 | ||
Other operating income – others | 175 | 205 | 460 |
Total other operating income | $ 385 | $ 805 | $ 5,084 |
Income and Expenses Items - Add
Income and Expenses Items - Additional Information (Detail) $ in Thousands, ¥ in Millions | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2017CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure of Other Operating Income and Expense [Line Items] | ||||
Gain on disposal of assets classified as held for sale | $ 4,525 | |||
Immediate Holding Company [Member] | ||||
Disclosure of Other Operating Income and Expense [Line Items] | ||||
Income from discharge of liability | $ 1,537 | |||
Reduction of Other Current Assets [Member] | ||||
Disclosure of Other Operating Income and Expense [Line Items] | ||||
Recognized other expenses - others | $ 749 | |||
Ningbo Pacific Cable Co., Ltd. [Member] | ||||
Disclosure of Other Operating Income and Expense [Line Items] | ||||
Consideration amount within agreement to sell its buildings and land use rights at its Ningbo Pacific subsidiary | $ 8,800 | ¥ 60.6 | ||
Tax expense related to sale of building and land use rights | $ 800 | |||
Gain on disposal of assets classified as held for sale | $ 4,525 |
Income and Expenses Items - S_2
Income and Expenses Items - Summary of Other Operating Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis Of Income And Expense [Abstract] | |||
Allowance for trade receivables for related parties | $ 1 | $ 27 | |
Allowance for trade receivables | 570 | 302 | |
Allowance for other receivable | $ 30 | 53 | |
Allowance for foreseeable loss | 193 | 276 | |
Impairment of property, plant and equipment | 546 | 11 | 223 |
Other operating expenses – others | 1 | 810 | 81 |
Total other operating expenses | $ 770 | $ 1,445 | $ 909 |
Income and Expenses Items - S_3
Income and Expenses Items - Summary of Finance Costs and Finance Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis Of Income And Expense [Abstract] | |||
Interest on debts and borrowings | $ 754 | $ 1,196 | $ 962 |
Interest on leases liabilities | 91 | 4 | 4 |
Total interest expenses | 845 | 1,200 | 966 |
Banking charges | 167 | 178 | 255 |
Total finance costs | 1,012 | 1,378 | 1,221 |
Interest income | 506 | 482 | 876 |
Total finance income | $ 506 | $ 482 | $ 876 |
Income and Expenses Items - S_4
Income and Expenses Items - Summary of Other Income and Other Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis Of Income And Expense [Abstract] | |||
Other income | $ 462 | $ 1,712 | $ 114 |
Dividend income | 109 | 105 | 100 |
Net gain on financial instruments | 146 | (2) | (332) |
Total other income | 717 | 1,817 | 214 |
Others | 3 | 9 | 4 |
Net loss on financial instruments | 2 | 332 | |
Total other expenses | $ 3 | $ 11 | $ 336 |
Income and Expenses Items - S_5
Income and Expenses Items - Summary of Depreciation, Amortization and Lease Expense Included in Consolidated Income Statements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Other Operating Income Expense [Line Items] | |||
Depreciation – right-of-use assets | $ 507 | ||
Amortization - prepaid land lease payment | $ 38 | $ 35 | |
Depreciation - investment property | 33 | 35 | |
Depreciation, amortization and lease expense | 5,498 | 5,418 | 5,465 |
Included in cost of sales [Member] | |||
Disclosure Of Other Operating Income Expense [Line Items] | |||
Depreciation – tangible assets | 4,089 | 4,162 | 4,148 |
Depreciation – right-of-use assets | 135 | ||
Amortization – intangible assets | 10 | 9 | 9 |
Operating lease expenses | 3 | 16 | 15 |
Included in general and administrative expenses [Member] | |||
Disclosure Of Other Operating Income Expense [Line Items] | |||
Depreciation – tangible assets | 552 | 598 | 657 |
Depreciation – right-of-use assets | 260 | ||
Amortization – intangible assets | 39 | 34 | 40 |
Amortization - prepaid land lease payment | 38 | 35 | |
Depreciation - investment property | 33 | 35 | 35 |
Operating lease expenses | 170 | 200 | 201 |
Included in selling expenses [Member] | |||
Disclosure Of Other Operating Income Expense [Line Items] | |||
Depreciation – tangible assets | 93 | 141 | 132 |
Depreciation – right-of-use assets | 112 | ||
Amortization – intangible assets | 1 | 1 | |
Operating lease expenses | $ 1 | $ 184 | $ 193 |
Income and Expenses Items - S_6
Income and Expenses Items - Summary of Employee Benefits Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Other Operating Income Expense [Line Items] | |||
Total employee benefits expenses | $ 30,137 | $ 30,793 | $ 30,072 |
Included in cost of sales [Member] | |||
Disclosure Of Other Operating Income Expense [Line Items] | |||
Wages and salaries | 14,429 | 13,674 | 13,474 |
Labor and health insurance costs | 126 | 162 | 168 |
Pension costs | 994 | 890 | 869 |
Other employment benefits | 816 | 892 | 817 |
Included in selling expenses [Member] | |||
Disclosure Of Other Operating Income Expense [Line Items] | |||
Wages and salaries | 3,495 | 3,685 | 3,641 |
Labor and health insurance costs | 12 | 14 | 14 |
Pension costs | 330 | 324 | 325 |
Other employment benefits | 50 | 68 | 64 |
Included in general and administrative expenses [Member] | |||
Disclosure Of Other Operating Income Expense [Line Items] | |||
Wages and salaries | 8,117 | 8,818 | 8,364 |
Labor and health insurance costs | 85 | 224 | 219 |
Pension costs | 757 | 671 | 656 |
Director fees | 640 | 1,046 | 1,119 |
Other employment benefits | $ 286 | $ 325 | $ 342 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of income tax expense [Line Items] | |||
Statutory corporate income tax rate | 20.00% | 20.00% | 20.00% |
Amount of uncertain tax position (excluding interest and penalties) included in the consolidated balance sheets | $ 451 | $ 674 | $ 706 |
Interest | 845 | 1,200 | 966 |
Unused tax losses [Member] | |||
Disclosure of income tax expense [Line Items] | |||
Unused net operating losses for which no deferred tax assets have been recognized | 4,038 | 3,084 | 2,803 |
Tax losses unrecognized deferred tax assets (before tax effect) | 18,422 | 13,698 | 12,769 |
Deductible Temporary Differences [Member] | |||
Disclosure of income tax expense [Line Items] | |||
Deductible temporary differences for which no deferred tax asset is recognized | 1,030 | 792 | 1,144 |
Deductible temporary differences (before tax effect) not recognized deferred tax assets. | 4,695 | 3,557 | 4,930 |
Uncertain tax position [Member] | |||
Disclosure of income tax expense [Line Items] | |||
Interest | 81 | 108 | 114 |
Penalty | 0 | 0 | 0 |
Interest reversed | 223 | 0 | 276 |
Penalty reversed | 71 | 0 | 87 |
Exchange differences relating to interest | (12) | (41) | 65 |
Exchange differences relating to penalty | $ (6) | $ (25) | $ 38 |
Singapore (Country of domicile) [Member] | |||
Disclosure of income tax expense [Line Items] | |||
Statutory corporate income tax rate | 17.00% | 17.00% | 17.00% |
Withholding tax on dividends | 0.00% | 0.00% | 0.00% |
Thailand (Country of domicile) [Member] | |||
Disclosure of income tax expense [Line Items] | |||
Statutory corporate income tax rate | 20.00% | 20.00% | 20.00% |
Withholding tax on dividends | 10.00% | 10.00% | 10.00% |
Australia (Country of domicile) [Member] | |||
Disclosure of income tax expense [Line Items] | |||
Statutory corporate income tax rate | 30.00% | 30.00% | 30.00% |
The People's Republic of China (Country of domicile) [Member] | |||
Disclosure of income tax expense [Line Items] | |||
Statutory corporate income tax rate | 25.00% | 25.00% | 25.00% |
Withholding tax on dividends | 10.00% | 10.00% | 10.00% |
Income Tax - Major Components o
Income Tax - Major Components of Income Tax Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current income tax: | |||
Current income tax charge | $ 1,699 | $ 4,068 | $ 4,785 |
Previously unrecognized tax loss used to reduce current income tax | (128) | (1,066) | |
Adjustments for current income tax of prior years | (16) | 1 | 348 |
Total current income tax | 1,683 | 3,941 | 4,067 |
Deferred tax expenses/(benefits): | |||
Relating to origination and reversal of temporary differences | 374 | 243 | 1,210 |
Previously unrecognized tax loss used to reduce deferred tax expenses | (298) | (137) | |
Total deferred tax expenses/(benefits) | 374 | (55) | 1,073 |
Income tax expense reported in the income statement | 2,057 | 3,886 | 5,140 |
Deferred tax related to items recognized in other comprehensive income during the year: | |||
Change in fair value of equity instrument, Recognized during the year | 334 | (84) | (16) |
Net loss on actuarial gains and losses, Recognized during the year | (345) | (82) | (154) |
Income tax benefits charged to other comprehensive (loss) income | $ (11) | $ (166) | $ (170) |
Income Tax - Reconciliation of
Income Tax - Reconciliation of Statutory Tax Rate and Effective Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates [Abstract] | |||
Profit before tax | $ 1,106 | $ 11,332 | $ 18,668 |
Tax at statutory rate of 20% (2018: 20%; 2017: 20%) | 221 | 2,266 | 3,734 |
Foreign income taxed at different rate | 499 | 697 | 1,151 |
Expenses not deductible for tax purpose | 221 | (33) | 600 |
Utilization of previously unrecognized tax losses | (128) | (1,066) | |
Tax benefit arising from previously unrecognized tax losses | (298) | (137) | |
Net deferred tax asset not recognized | 949 | 679 | 78 |
Written-off deferred tax | 218 | (4) | 10 |
Tax exempt on income | (144) | (135) | (245) |
Uncertain tax position | (454) | 11 | (270) |
Return to provision adjustment | (16) | 1 | 348 |
Deferred tax liability arising from undistributed earnings | 215 | 578 | 602 |
Withholding tax on dividends | 355 | 270 | 349 |
Others | (7) | (18) | (14) |
Income tax expense reported in the income statement | $ 2,057 | $ 3,886 | $ 5,140 |
Income Tax - Reconciliation o_2
Income Tax - Reconciliation of Statutory Tax Rate and Effective Tax Rate (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates [Abstract] | |||
Tax at statutory rate | 20.00% | 20.00% | 20.00% |
Income Tax - Summary of Deferre
Income Tax - Summary of Deferred Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | $ (200) | $ (6) | $ (132) | $ 526 |
Deferred tax expenses / (benefits) | 374 | (55) | 1,073 | |
Outside basis differences [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | (3,829) | (3,614) | ||
Deferred tax expenses / (benefits) | 215 | 578 | 602 | |
Revaluations of financial assets at fair value through other comprehensive income [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | (679) | (345) | ||
Accrued interest income [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | (181) | (154) | ||
Deferred tax expenses / (benefits) | 13 | 12 | 11 | |
Unutilized building allowance (net) [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | (36) | (133) | ||
Deferred tax expenses / (benefits) | (98) | (95) | 11 | |
Unused tax losses [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | 546 | 644 | ||
Deferred tax expenses / (benefits) | 119 | (459) | 455 | |
Allowance for doubtful accounts [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | 245 | 290 | ||
Deferred tax expenses / (benefits) | 47 | (97) | (25) | |
Inventory impairment [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | 554 | 657 | ||
Deferred tax expenses / (benefits) | 147 | (236) | (161) | |
Rebates and other accrued liabilities [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | 472 | 426 | ||
Deferred tax expenses / (benefits) | (46) | (38) | (6) | |
Unpaid retirement benefits [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | 1,553 | 1,353 | ||
Deferred tax expenses / (benefits) | (81) | (54) | (62) | |
Deferred revenue and cost of sales [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | 23 | 16 | ||
Deferred tax expenses / (benefits) | (6) | (14) | 393 | |
Actuarial loss [Member | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | 796 | 450 | ||
Unabsorbed depreciation [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | 637 | 701 | ||
Deferred tax expenses / (benefits) | 57 | (55) | (45) | |
Mark-to-Market value of forward contract [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | 28 | |||
Deferred tax expenses / (benefits) | 28 | (28) | ||
Others [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||||
Net deferred tax assets | (301) | (325) | ||
Deferred tax expenses / (benefits) | $ (21) | $ 431 | $ (100) |
Income Tax - Reconciliation o_3
Income Tax - Reconciliation of Deferred Tax Assets, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation Of Changes In Deferred Tax Liability Asset [Abstract] | |||
Opening balance | $ (6) | $ (132) | $ 526 |
Tax benefit/(expenses) during the period recognized in profit or loss | (374) | 55 | (1,073) |
Tax benefit/(expenses) during the period recognized in other comprehensive income | 11 | 166 | 170 |
Exchange difference on translation foreign operations | 169 | (95) | 245 |
Closing balance | $ (200) | $ (6) | $ (132) |
Income Tax - Year of Expiration
Income Tax - Year of Expiration and Amount of Available Unused Net Operating Losses (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Unused net operating losses | $ 20,580 | $ 16,762 |
2019 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Unused net operating losses | 784 | |
2020 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Unused net operating losses | 3,067 | 3,020 |
2021 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Unused net operating losses | 5,246 | 5,121 |
2022 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Unused net operating losses | 2,216 | 2,105 |
2023 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Unused net operating losses | 4,855 | 4,760 |
2024 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Unused net operating losses | 3,605 | |
No expiration [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Unused net operating losses | $ 1,591 | $ 972 |
Income Tax - Reconciliation o_4
Income Tax - Reconciliation of Beginning and Ending Amounts of Uncertain Tax Position (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Change In Tax Positions [Abstract] | |||
Beginning balance | $ 674 | $ 706 | $ 828 |
Additions based on tax positions related to the current year | 0 | ||
Decrease due to lapses in statute of limitations | (215) | (175) | |
Exchange difference | (8) | (32) | 53 |
Ending balance | $ 451 | $ 674 | $ 706 |
Income Tax - Accrued Interest a
Income Tax - Accrued Interest and Penalties on Uncertain Tax Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Change In Tax Positions [Abstract] | |||
Accrued interest on uncertain tax position | $ 713 | $ 867 | $ 800 |
Accrued penalties on uncertain tax position | 384 | 461 | 486 |
Total accrued interest and penalties on uncertain tax position | $ 1,097 | $ 1,328 | $ 1,286 |
(Loss) Earnings Per Share - Com
(Loss) Earnings Per Share - Computation of Basic and Diluted Earnings Attributable to Common Shareholders Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||
Net (loss) profit attributable to APWC from continuing operations | $ (1,632) | $ 2,928 | $ 8,720 |
Net (loss) profit attributable to APWC | $ (1,632) | $ 2,928 | $ 8,720 |
Denominator: | |||
Weighted-average common shares outstanding - basic and diluted | 13,819,669 | 13,819,669 | 13,819,669 |
(Loss) earnings per share – basic and diluted | |||
Continuing operations | $ (0.12) | $ 0.21 | $ 0.63 |
Total (loss) earnings per share – basic and diluted | $ (0.12) | $ 0.21 | $ 0.63 |
(Loss) Earnings Per Share - Add
(Loss) Earnings Per Share - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Income from continuing operations attributable to non-controlling interests | $ 681 | $ 4,518 | $ 4,808 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash And Cash Equivalents [Abstract] | ||||
Cash on hand and cash at banks | $ 53,673 | $ 60,778 | $ 46,093 | $ 48,231 |
Financial Assets and Financia_3
Financial Assets and Financial Liabilities - Summary of Other Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Financial assets at fair value through other comprehensive income | |||
Financial assets at fair value through other comprehensive income | $ 4,062 | $ 2,332 | $ 2,747 |
Other financial assets | 4,062 | 2,332 | |
Financial liabilities at fair value through profit or loss | |||
Foreign exchange forward contracts | 3 | 142 | |
Other financial liabilities | $ 3 | $ 142 |
Financial Assets and Financia_4
Financial Assets and Financial Liabilities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Financial Instruments [Line Items] | |||
Dividends received | $ 109,000 | $ 105,000 | $ 100,000 |
Maximum borrowing capacity | 287,017,000 | $ 275,334,000 | |
Unused portion of the credit lines | $ 208,000,000 | ||
Liquidity discount | 30.00% | 30.00% | |
Line Of Credit 1 [Member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Unused portion of the credit lines | $ 207,928,000 | $ 182,361,000 | |
Letters of Credit [Member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Unused portion of the credit lines | 113,255,000 | 92,256,000 | |
Open letters of credit [Member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Unused portion of the credit lines | 15,209,000 | 22,426,000 | |
Foreign currency forward contracts [Member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Outstanding forward contracts, notional amount | $ (900,000) | $ (9,400,000) |
Financial Assets and Financia_5
Financial Assets and Financial Liabilities - Summary of Interest-bearing Loans and Borrowings (Detail) ฿ in Thousands, ¥ in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019THB (฿) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019SGD ($) | Dec. 31, 2018THB (฿) | Dec. 31, 2018CNY (¥) | |
Disclosure of detailed information about borrowings [Line Items] | |||||||
Current interest-bearing loans and borrowings, Amount | $ 11,356 | $ 24,814 | |||||
Renminbi (RMB) [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Current interest-bearing loans and borrowings, Maturity | Mar. 2020 ~ Sept. 2020 | Jan. 2019 ~ Sept. 2019 | |||||
Current interest-bearing loans and borrowings, Amount | $ 2,929 | $ 6,130 | ¥ 20,400 | ¥ 42,100 | |||
Renminbi (RMB) [Member] | Bottom of range [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Current interest-bearing loans and borrowings, Interest rate | 5.00% | 4.70% | 5.00% | 5.00% | 5.00% | 4.70% | 4.70% |
Renminbi (RMB) [Member] | Top Of Range [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Current interest-bearing loans and borrowings, Interest rate | 5.50% | 4.79% | 5.50% | 5.50% | 5.50% | 4.79% | 4.79% |
Thai Baht (THB) [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Current interest-bearing loans and borrowings, Maturity | Jan. 2020 ~ Jun. 2020 | Jan. 2019 ~ Jun. 2019 | |||||
Current interest-bearing loans and borrowings, Amount | $ 5,423 | $ 18,684 | ฿ 161,018 | ฿ 602,150 | |||
Thai Baht (THB) [Member] | Bottom of range [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Current interest-bearing loans and borrowings, Interest rate | 1.90% | 1.10% | 1.90% | 1.90% | 1.90% | 1.10% | 1.10% |
Thai Baht (THB) [Member] | Top Of Range [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Current interest-bearing loans and borrowings, Interest rate | 2.70% | 2.10% | 2.70% | 2.70% | 2.70% | 2.10% | 2.10% |
Singapore dollars (SGD) [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Current interest-bearing loans and borrowings, Interest rate | 3.05% | 3.05% | 3.05% | 3.05% | |||
Current interest-bearing loans and borrowings, Maturity | Feb. 2020 ~ Apr. 2020 | ||||||
Current interest-bearing loans and borrowings, Amount | $ 3,004 | $ 4,042 |
Financial Assets and Financia_6
Financial Assets and Financial Liabilities - Foreign Currency Forward Contracts (Detail) - Foreign currency forward contracts [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Financial Instruments [Line Items] | ||
Assets | $ 0 | $ 0 |
Liabilities | $ 3 | $ 142 |
Financial Assets and Financia_7
Financial Assets and Financial Liabilities - Comparison of Carrying Amounts and Fair Value of Financial Instruments (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 13, 2014 |
Financial assets-current | ||||||
Cash and cash equivalents | $ 53,673,000 | $ 60,778,000 | $ 46,093,000 | $ 48,231,000 | ||
Trade receivables | 74,077,000 | 79,617,000 | $ 112,419,000 | $ 112,403,000 | ||
Other receivables | 6,868,000 | 12,422,000 | ||||
Due from related parties | 11,566,000 | 12,061,000 | ||||
Financial assets-non-current | ||||||
Financial assets at fair value through other comprehensive income | 4,062,000 | 2,332,000 | $ 2,747,000 | |||
Long-term bank deposits | 1,246,000 | 887,000 | ||||
Total | 151,492,000 | 168,097,000 | ||||
Financial liabilities-current | ||||||
Interest-bearing loans and borrowings | 11,356,000 | 24,814,000 | ||||
Trade and other payables | 16,879,000 | 21,127,000 | ||||
Due to related parties | 3,284,000 | 2,997,000 | ||||
Financial liabilities at fair value through profit or loss | 3,000 | 142,000 | ||||
Financial lease liabilities | 574,000 | 44,000 | ||||
Financial liabilities-non-current | ||||||
Financial liabilities-non-current | 2,254,000 | 46,000 | ||||
Total | 34,350,000 | 49,170,000 | $ 0 | |||
Fair value [Member] | ||||||
Financial assets-current | ||||||
Cash and cash equivalents | 53,673,000 | 60,778,000 | ||||
Trade receivables | 74,077,000 | 79,617,000 | ||||
Other receivables | 6,868,000 | 12,422,000 | ||||
Due from related parties | 11,566,000 | 12,061,000 | ||||
Financial assets-non-current | ||||||
Financial assets at fair value through other comprehensive income | 4,062,000 | 2,332,000 | ||||
Long-term bank deposits | 1,246,000 | 887,000 | ||||
Total | 151,492,000 | 168,097,000 | ||||
Financial liabilities-current | ||||||
Interest-bearing loans and borrowings | 11,356,000 | 24,814,000 | ||||
Trade and other payables | 16,879,000 | 21,127,000 | ||||
Due to related parties | 3,284,000 | 2,997,000 | ||||
Financial liabilities at fair value through profit or loss | 3,000 | 142,000 | ||||
Financial lease liabilities | 574,000 | 44,000 | ||||
Financial liabilities-non-current | ||||||
Financial liabilities-non-current | 2,254,000 | 46,000 | ||||
Total | $ 34,350,000 | $ 49,170,000 |
Financial Assets and Financia_8
Financial Assets and Financial Liabilities - Description of Significant Unobservable Inputs to Valuation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [Line Items] | ||
Liquidity discount | 30.00% | 30.00% |
Other equity securities [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [Line Items] | ||
Valuation technique | Market Approach Method | |
Significant unobservable inputs | Liquidity Discount | |
Liquidity discount | 30.00% | 30.00% |
Sensitivity of the input to fair value | 5% decrease in the discount would increase in fair value by $290 | 5% decrease in the discount would increase in fair value by $167 |
Increase in fair value due to a decrease in the liquidity discount | $ 290 | $ 167 |
Financial Assets and Financia_9
Financial Assets and Financial Liabilities - Reconciliation of the Beginning and Closing Balances of Equity Instrument as Financial Assets at FVCOI Classified as Level 3 Within the Fair Value Hierarchy (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [Line Items] | ||
Beginning balance | $ 2,332 | |
Changes in the fair value of equity instruments measured at fair value through other comprehensive income | 1,670 | $ (419) |
Ending balance | 4,062 | 2,332 |
Significant unobservable inputs (Level 3) [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [Line Items] | ||
Beginning balance | 2,332 | 2,747 |
Changes in the fair value of equity instruments measured at fair value through other comprehensive income | 1,670 | (419) |
Exchange difference on translation | 60 | 4 |
Ending balance | $ 4,062 | $ 2,332 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure of financial assets [Line Items] | ||||
Trade receivables | $ 74,077 | $ 79,617 | $ 112,419 | $ 112,403 |
Other receivables | 6,868 | 12,422 | ||
Gross carrying amount [Member] | ||||
Disclosure of financial assets [Line Items] | ||||
Trade receivables | 75,627 | 81,274 | ||
Other receivables | 6,986 | 12,502 | ||
Loss allowances [Member] | ||||
Disclosure of financial assets [Line Items] | ||||
Trade receivables | (1,550) | (1,657) | ||
Other receivables | $ (118) | $ (80) |
Trade and Other Receivables - M
Trade and Other Receivables - Movement in the Loss Allowance on Trade Receivables (Detail) - Trade receivables [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial assets [Line Items] | ||
Beginning balance | $ 1,657 | $ 3,456 |
Charge for the year | 72 | 726 |
Write-off | (1) | (2,292) |
Unused amounts reversed | (194) | (156) |
Currency translation adjustment | 19 | (74) |
Reclassification | (3) | (3) |
Ending balance | $ 1,550 | $ 1,657 |
Trade and Other Receivables - A
Trade and Other Receivables - Aging Analysis of Trade Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [Line Items] | ||
Expected loss rate | 2.05% | 2.04% |
Gross carrying amount - trade receivables | $ 75,627 | $ 81,274 |
Loss allowances | 1,550 | 1,657 |
Trade receivable, net | $ 74,077 | $ 79,617 |
Current [Member] | ||
Disclosure of financial assets [Line Items] | ||
Expected loss rate | 0.14% | 0.07% |
Gross carrying amount - trade receivables | $ 59,867 | $ 67,318 |
Loss allowances | 86 | 45 |
Trade receivable, net | $ 59,781 | $ 67,273 |
Past due [Member] | Less than 30 days [Member] | ||
Disclosure of financial assets [Line Items] | ||
Expected loss rate | 0.76% | 0.86% |
Gross carrying amount - trade receivables | $ 9,979 | $ 9,183 |
Loss allowances | 76 | 79 |
Trade receivable, net | $ 9,903 | $ 9,104 |
Past due [Member] | 31-60 days [Member] | ||
Disclosure of financial assets [Line Items] | ||
Expected loss rate | 3.75% | 3.95% |
Gross carrying amount - trade receivables | $ 3,759 | $ 2,276 |
Loss allowances | 141 | 90 |
Trade receivable, net | $ 3,618 | $ 2,186 |
Past due [Member] | 61-90 days [Member] | ||
Disclosure of financial assets [Line Items] | ||
Expected loss rate | 9.52% | 20.18% |
Gross carrying amount - trade receivables | $ 294 | $ 327 |
Loss allowances | 28 | 66 |
Trade receivable, net | $ 266 | $ 261 |
Past due [Member] | 91-120 days [Member] | ||
Disclosure of financial assets [Line Items] | ||
Expected loss rate | 23.89% | 31.71% |
Gross carrying amount - trade receivables | $ 180 | $ 82 |
Loss allowances | 43 | 26 |
Trade receivable, net | $ 137 | $ 56 |
Past due [Member] | Greater than 120 days [Member] | ||
Disclosure of financial assets [Line Items] | ||
Expected loss rate | 75.97% | 64.70% |
Gross carrying amount - trade receivables | $ 1,548 | $ 2,088 |
Loss allowances | 1,176 | 1,351 |
Trade receivable, net | $ 372 | $ 737 |
Trade and Other Receivables -_2
Trade and Other Receivables - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Trade And Other Receivables [Abstract] | ||
Fair values of collateral | $ 1,339 | $ 1,200 |
Impairment loss | $ 30 | $ 52 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Inventories [Line Items] | ||
Inventories | $ 85,187 | $ 83,925 |
Gross carrying amount [Member] | ||
Disclosure Of Inventories [Line Items] | ||
Raw materials and supplies | 19,712 | 25,717 |
Work in progress | 19,118 | 15,598 |
Finished goods | 50,309 | 46,592 |
Inventories | 89,139 | 87,907 |
Accumulated impairment [Member] | ||
Disclosure Of Inventories [Line Items] | ||
Inventories | $ (3,952) | $ (3,982) |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Classes Of Inventories [Abstract] | |||
Inventories recognized as expense | $ 313,695 | $ 388,079 | $ 384,995 |
Amount expensed (credited) to cost of sales | $ (322) | $ 1,613 | $ 532 |
Contract Assets - Schedule of A
Contract Assets - Schedule of Assets Related to Contracts with Customers (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Contract Assets [Abstract] | |||
Contract assets | $ 4,686 | $ 1,460 | $ 162 |
Contract Assets - Additional In
Contract Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Financial Instruments [Line Items] | ||
Advances or retentions received from construction contracts | $ 0 | $ 0 |
SDI [Member] | ||
Disclosure Of Financial Instruments [Line Items] | ||
Decrease through impairment, contract assets | $ 0 |
Contract Assets - Aggregate Amo
Contract Assets - Aggregate Amount of the Transaction Price Allocated to the Unsatisfied Performance Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Unsatisfied long-term SDI contracts | ||
Expected to be recognized as revenue over 3 years | $ 156,592 | $ 14,922 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | $ 41,418 | $ 42,326 | |
Impairment of property, plant and equipment | (546) | (11) | $ (223) |
Ending balance | 41,747 | 41,418 | 42,326 |
Gross carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 170,704 | 170,470 | |
Additions | 3,406 | 4,498 | |
Disposals | (3,167) | (2,121) | |
Transfer | 64 | ||
Exchange differences | 11,944 | (2,143) | |
Ending balance | 182,759 | 170,704 | 170,470 |
Gross carrying amount [Member] | Effects on initial application of IFRS 16 [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Effects on initial application of IFRS 16 | (192) | ||
Gross carrying amount [Member] | Adjusted Balance [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 170,512 | ||
Ending balance | 170,512 | ||
Accumulated depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (129,286) | (128,144) | |
Depreciation charge for the year | (4,734) | (4,901) | |
Impairment of property, plant and equipment | (546) | (11) | |
Disposals | 3,084 | 2,114 | |
Transfer | (64) | ||
Exchange differences | (9,592) | 1,656 | |
Ending balance | (141,012) | (129,286) | (128,144) |
Accumulated depreciation [Member] | Effects on initial application of IFRS 16 [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Effects on initial application of IFRS 16 | 126 | ||
Accumulated depreciation [Member] | Adjusted Balance [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (129,160) | ||
Ending balance | (129,160) | ||
Land [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 6,206 | 6,227 | |
Ending balance | 6,838 | 6,206 | 6,227 |
Land [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 6,206 | 6,227 | |
Exchange differences | 632 | (21) | |
Ending balance | 6,838 | 6,206 | 6,227 |
Land [Member] | Gross carrying amount [Member] | Adjusted Balance [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 6,206 | ||
Ending balance | 6,206 | ||
Buildings [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 14,160 | 15,339 | |
Ending balance | 13,673 | 14,160 | 15,339 |
Buildings [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 47,890 | 48,421 | |
Additions | 7 | 229 | |
Disposals | (8) | ||
Transfer | (167) | ||
Exchange differences | 2,813 | (752) | |
Ending balance | 50,543 | 47,890 | 48,421 |
Buildings [Member] | Gross carrying amount [Member] | Adjusted Balance [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 47,890 | ||
Ending balance | 47,890 | ||
Buildings [Member] | Accumulated depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (33,730) | (33,082) | |
Depreciation charge for the year | (1,044) | (1,164) | |
Disposals | 6 | ||
Transfer | 265 | ||
Exchange differences | (2,361) | 510 | |
Ending balance | (36,870) | (33,730) | (33,082) |
Buildings [Member] | Accumulated depreciation [Member] | Adjusted Balance [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (33,730) | ||
Ending balance | (33,730) | ||
Building improvement [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 2,148 | 2,368 | |
Ending balance | 2,566 | 2,148 | 2,368 |
Building improvement [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 5,715 | 5,622 | |
Additions | 119 | 76 | |
Disposals | (4) | ||
Transfer | 746 | 3 | |
Exchange differences | 454 | 14 | |
Ending balance | 7,030 | 5,715 | 5,622 |
Building improvement [Member] | Gross carrying amount [Member] | Adjusted Balance [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 5,715 | ||
Ending balance | 5,715 | ||
Building improvement [Member] | Accumulated depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (3,567) | (3,254) | |
Depreciation charge for the year | (338) | (296) | |
Impairment of property, plant and equipment | (1) | ||
Disposals | 4 | 0 | |
Transfer | (265) | ||
Exchange differences | (297) | (17) | |
Ending balance | (4,464) | (3,567) | (3,254) |
Building improvement [Member] | Accumulated depreciation [Member] | Adjusted Balance [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (3,567) | ||
Ending balance | (3,567) | ||
Machinery and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 13,770 | 14,474 | |
Ending balance | 13,737 | 13,770 | 14,474 |
Machinery and equipment [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 96,718 | 96,964 | |
Additions | 292 | 480 | |
Disposals | (2,308) | (1,120) | |
Transfer | 1,748 | 1,418 | |
Exchange differences | 7,419 | (1,024) | |
Ending balance | 103,869 | 96,718 | 96,964 |
Machinery and equipment [Member] | Gross carrying amount [Member] | Adjusted Balance [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 96,718 | ||
Ending balance | 96,718 | ||
Machinery and equipment [Member] | Accumulated depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (82,948) | (82,490) | |
Depreciation charge for the year | (2,391) | (2,435) | |
Impairment of property, plant and equipment | (550) | (10) | |
Disposals | 2,274 | 1,119 | |
Transfer | (46) | ||
Exchange differences | (6,517) | 914 | |
Ending balance | (90,132) | (82,948) | (82,490) |
Machinery and equipment [Member] | Accumulated depreciation [Member] | Adjusted Balance [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (82,948) | ||
Ending balance | (82,948) | ||
Motor vehicle and other asset and assets under finance lease [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 2,298 | 1,800 | |
Ending balance | 2,347 | 2,298 | 1,800 |
Motor vehicle and other asset and assets under finance lease [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 5,780 | 5,230 | |
Additions | 433 | 624 | |
Disposals | (524) | (503) | |
Transfer | 180 | 505 | |
Exchange differences | 332 | (76) | |
Ending balance | 6,009 | 5,780 | 5,230 |
Motor vehicle and other asset and assets under finance lease [Member] | Gross carrying amount [Member] | Effects on initial application of IFRS 16 [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Effects on initial application of IFRS 16 | (192) | ||
Motor vehicle and other asset and assets under finance lease [Member] | Gross carrying amount [Member] | Adjusted Balance [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 5,588 | ||
Ending balance | 5,588 | ||
Motor vehicle and other asset and assets under finance lease [Member] | Accumulated depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (3,482) | (3,430) | |
Depreciation charge for the year | (541) | (604) | |
Impairment of property, plant and equipment | 7 | ||
Disposals | 477 | 503 | |
Transfer | (64) | ||
Exchange differences | (185) | 49 | |
Ending balance | (3,662) | (3,482) | (3,430) |
Motor vehicle and other asset and assets under finance lease [Member] | Accumulated depreciation [Member] | Effects on initial application of IFRS 16 [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Effects on initial application of IFRS 16 | 126 | ||
Motor vehicle and other asset and assets under finance lease [Member] | Accumulated depreciation [Member] | Adjusted Balance [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (3,356) | ||
Ending balance | (3,356) | ||
Office equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 1,163 | 1,071 | |
Ending balance | 1,208 | 1,163 | 1,071 |
Office equipment [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 6,722 | 6,959 | |
Additions | 315 | 395 | |
Disposals | (331) | (490) | |
Transfer | 139 | 102 | |
Exchange differences | 247 | (244) | |
Ending balance | 7,092 | 6,722 | 6,959 |
Office equipment [Member] | Gross carrying amount [Member] | Adjusted Balance [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 6,722 | ||
Ending balance | 6,722 | ||
Office equipment [Member] | Accumulated depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (5,559) | (5,888) | |
Depreciation charge for the year | (420) | (402) | |
Impairment of property, plant and equipment | (2) | (1) | |
Disposals | 329 | 486 | |
Transfer | 46 | ||
Exchange differences | (232) | 200 | |
Ending balance | (5,884) | (5,559) | (5,888) |
Office equipment [Member] | Accumulated depreciation [Member] | Adjusted Balance [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (5,559) | ||
Ending balance | (5,559) | ||
Construction in progress [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 1,673 | 1,047 | |
Ending balance | 1,378 | 1,673 | 1,047 |
Construction in progress [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 1,673 | 1,047 | |
Additions | 2,240 | 2,694 | |
Transfer | (2,582) | (2,028) | |
Exchange differences | 47 | (40) | |
Ending balance | 1,378 | 1,673 | $ 1,047 |
Construction in progress [Member] | Gross carrying amount [Member] | Adjusted Balance [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | $ 1,673 | ||
Ending balance | $ 1,673 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment loss | $ 546,000 | $ 11,000 | $ 223,000 |
Vehicles [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Carrying value of motor vehicles under financial leases | 0 | $ 66,000 | $ 50,000 |
Siam Fiber Optics Co., Ltd. [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Recoverable amount of CGU | $ 0 | ||
Key assumptions used in calculating the value in use, discount rate | 14.80% |
Right of Use Assets - Summary o
Right of Use Assets - Summary of Right of Use Assets Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about Right-of-use assets [Line Items] | |||
Right of use assets | $ 3,735 | $ 3,801 | $ 0 |
Land [Member] | |||
Disclosure of detailed information about Right-of-use assets [Line Items] | |||
Right of use assets | 3,029 | ||
Buildings [Member] | |||
Disclosure of detailed information about Right-of-use assets [Line Items] | |||
Right of use assets | 546 | ||
Motor vehicle and other asset [Member] | |||
Disclosure of detailed information about Right-of-use assets [Line Items] | |||
Right of use assets | 58 | ||
Office equipment [Member] | |||
Disclosure of detailed information about Right-of-use assets [Line Items] | |||
Right of use assets | $ 102 |
Right of Use Assets - Additiona
Right of Use Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about Right-of-use assets [Line Items] | ||
Additions to the right of use assets | $ 473 | |
Cash outflow for lease | $ 691 | |
Long-term operating lease duration | 50 years | |
Bottom of range [Member] | ||
Disclosure of detailed information about Right-of-use assets [Line Items] | ||
Lease term of contract | 1 year | |
Top Of Range [Member] | ||
Disclosure of detailed information about Right-of-use assets [Line Items] | ||
Lease term of contract | 36 years |
Right of Use Assets - Summary_2
Right of Use Assets - Summary of Lease Expenses Recognized in Consolidated Income Statements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about Right-of-use assets [Line Items] | |||
Depreciation charge of right of use assets | $ 507 | ||
Interest expenses (included in finance cost) | 91 | $ 4 | $ 4 |
Expenses relating to short-term leases | 159 | ||
Expenses relating to lease of low-value assets that are not short-term leases | 15 | ||
Land [Member] | |||
Disclosure of detailed information about Right-of-use assets [Line Items] | |||
Depreciation charge of right of use assets | 211 | ||
Buildings [Member] | |||
Disclosure of detailed information about Right-of-use assets [Line Items] | |||
Depreciation charge of right of use assets | 233 | ||
Motor vehicle and other asset [Member] | |||
Disclosure of detailed information about Right-of-use assets [Line Items] | |||
Depreciation charge of right of use assets | 38 | ||
Office equipment [Member] | |||
Disclosure of detailed information about Right-of-use assets [Line Items] | |||
Depreciation charge of right of use assets | $ 25 |
Right of Use Assets - Summary_3
Right of Use Assets - Summary of Prepaid Land Lease Payments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Abstract] | |||
Carrying amount, beginning balance | $ 1,103 | ||
Recognized lease expense during the year | (38) | $ (35) | |
Exchange difference | (53) | ||
Carrying amount, ending balance | 1,012 | $ 1,103 | |
Current portion included in prepayments | 34 | ||
Non-current portion included in prepaid land lease payments | $ 978 | $ 0 |
Investment Properties - Net Boo
Investment Properties - Net Book Value of Investment Properties (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about investment property [Line Items] | |||
Investment properties | $ 730 | $ 720 | $ 763 |
Gross carrying amount [Member] | |||
Disclosure of detailed information about investment property [Line Items] | |||
Investment properties | 1,183 | 1,125 | |
Accumulated depreciation [Member] | |||
Disclosure of detailed information about investment property [Line Items] | |||
Investment properties | (453) | (405) | |
Land [Member] | |||
Disclosure of detailed information about investment property [Line Items] | |||
Investment properties | 467 | 430 | |
Land [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about investment property [Line Items] | |||
Investment properties | 467 | 430 | |
Office buildings for rent [Member] | |||
Disclosure of detailed information about investment property [Line Items] | |||
Investment properties | 263 | 290 | |
Office buildings for rent [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about investment property [Line Items] | |||
Investment properties | 716 | 695 | |
Office buildings for rent [Member] | Accumulated depreciation [Member] | |||
Disclosure of detailed information about investment property [Line Items] | |||
Investment properties | $ (453) | $ (405) |
Investment Properties - Reconci
Investment Properties - Reconciliation of Net Book Value of Investment Properties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation Of Changes In Investment Property [Abstract] | ||
Net book value at January 1 | $ 720 | $ 763 |
Depreciation (included in administrative expenses) | (33) | (35) |
Exchange difference | 43 | (8) |
Net book value at December 31 | $ 730 | $ 720 |
Investment Properties - Amount
Investment Properties - Amount Recognized in Profit Arising from Investment Properties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Rental Income From Investment Property Net Of Direct Operating Expense [Abstract] | |||
Rental income derived from investment properties | $ 78 | $ 84 | $ 68 |
Direct operating expenses (including repairs and maintenance) generating rental income | (1) | (1) | (1) |
Direct operating expenses (including repairs and maintenance) that did not generate rental income | (1) | ||
Net profit arising from investment properties carried at cost | $ 77 | $ 83 | $ 66 |
Investment Properties - Fair Va
Investment Properties - Fair Value of Investment Properties (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about investment property [Line Items] | |||
Investment properties | $ 730 | $ 720 | $ 763 |
Land [Member] | |||
Disclosure of detailed information about investment property [Line Items] | |||
Investment properties | 467 | 430 | |
Office buildings for rent [Member] | |||
Disclosure of detailed information about investment property [Line Items] | |||
Investment properties | 263 | 290 | |
Fair value [Member] | Land [Member] | |||
Disclosure of detailed information about investment property [Line Items] | |||
Investment properties | 11,566 | 10,656 | |
Fair value [Member] | Office buildings for rent [Member] | |||
Disclosure of detailed information about investment property [Line Items] | |||
Investment properties | $ 1,460 | $ 1,397 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | $ 157 | |
Ending balance | 128 | $ 157 |
Gross carrying amount [Member] | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 586 | 526 |
Addition | 20 | 67 |
Exchange difference | 15 | (7) |
Ending balance | 621 | 586 |
Accumulated depreciation [Member] | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (429) | (388) |
Amortization | (50) | (44) |
Exchange difference | (14) | 3 |
Ending balance | $ (493) | $ (429) |
Investments in Associates - Ass
Investments in Associates - Associates of the Company (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shandong Pacific Rubber Cable Co., Ltd. [Member] | |||
Disclosure of associates [line items] | |||
Company Name | Shandong Pacific Rubber Cable Co., Ltd. (SPRC) | ||
Nature of business | Manufacturing of rubber cable | ||
Country of incorporation | PRC | ||
Percentage of equity interest | 25.00% | 25.00% | |
Siam Pacific Holding Company Limited [Member] | |||
Disclosure of associates [line items] | |||
Company Name | Siam Pacific Holding Company Limited (SPHC) | ||
Nature of business | Investment & holding company | ||
Country of incorporation | Thailand | ||
Percentage of equity interest | 49.00% | 49.00% | 49.00% |
Loxpac (Thailand) Company Limited [Member] | |||
Disclosure of associates [line items] | |||
Company Name | Loxpac (Thailand) Company Limited (Loxpac) (Formerlyknown as Loxley Pacific Co., Ltd.) | ||
Nature of business | Providing telecommunication service | ||
Country of incorporation | Thailand | ||
Percentage of equity interest | 21.39% | 21.39% | |
Loxpac Hong Kong Co., Limited [Member] | |||
Disclosure of associates [line items] | |||
Company Name | Loxpac Hong Kong Co., Limited (Loxpac HK) (Formerlyknown as Loxley Pacific Hong Kong Co., Limited ) | ||
Nature of business | Investment & holding company | ||
Country of incorporation | Hong Kong | ||
Percentage of equity interest | 23.10% | 23.10% |
Investments in Associates - Mov
Investments in Associates - Movements in Investments in Associates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Significant Investments In Associates [Abstract] | |||
At January 1 | $ 864 | $ 861 | |
Share of loss of associates | (3) | (3) | $ (3) |
Exchange difference | 74 | 6 | |
At December 31 | $ 935 | $ 864 | $ 861 |
Investments in Associates - Sum
Investments in Associates - Summarized Financial Information of Investments in Associates (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of associates [line items] | ||||
Current assets | $ 239,504 | $ 254,148 | ||
Non-current assets | 59,407 | 51,650 | ||
Current liabilities | (53,649) | (71,738) | ||
Non-current liabilities | (16,827) | (12,244) | ||
Total equity | 228,435 | 221,816 | $ 222,826 | $ 197,175 |
Carrying amount of the investment | 935 | 864 | 861 | |
Revenue | 338,160 | 425,940 | 425,215 | |
Profit /(loss) for the year | (951) | 7,446 | 13,528 | |
Share of loss of associates | (3) | (3) | $ (3) | |
Siam Pacific Holding Company Limited [Member] | ||||
Disclosure of associates [line items] | ||||
Current assets | 3 | 9 | ||
Non-current assets | 2,103 | 1,938 | ||
Current liabilities | (3) | (3) | ||
Non-current liabilities | (196) | (181) | ||
Total equity | $ 1,907 | $ 1,763 | ||
Percentage of equity interest | 49.00% | 49.00% | 49.00% | |
Carrying amount of the investment | $ 935 | $ 864 | ||
Profit /(loss) for the year | (6) | (5) | $ (5) | |
Share of loss of associates | $ (3) | $ (3) | $ (3) |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade And Other Current Payables [Abstract] | ||
Trade payables | $ 10,509 | $ 15,941 |
Other payables | 6,370 | 5,186 |
Total trade and other payables | $ 16,879 | $ 21,127 |
Trade and Other Payables - Addi
Trade and Other Payables - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade And Other Payables [Line Items] | ||
Liabilities arising from contracts with customers | $ 216 | $ 756 |
Refund Liabilities [Member] | ||
Trade And Other Payables [Line Items] | ||
Liabilities arising from contracts with customers | $ 4,393 | $ 3,831 |
Employee Benefit - Summary of E
Employee Benefit - Summary of Employee Benefit Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Net Defined Benefit Liability Asset [Abstract] | ||
Pension-Defined benefit plans, current | $ 1,436 | $ 855 |
Long service leave, current | 452 | 427 |
Employee benefit liabilities, current | 1,888 | 1,282 |
Pension-Defined benefit plans, non-current | 10,306 | 8,161 |
Long service leave, non-current | 128 | 112 |
Employee benefit liabilities, non-current | 10,434 | 8,273 |
Pension-Defined benefit plans | 11,742 | 9,016 |
Long service leave | 580 | 539 |
Employee benefit liabilities | $ 12,322 | $ 9,555 |
Employee Benefit - Additional I
Employee Benefit - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Defined Benefit Plans [Abstract] | |||
Total charges for defined contribution pension plans | $ 1,160 | $ 1,264 | $ 1,280 |
Amount of long service leave obligation | $ 580 | $ 539 |
Employee Benefit - Summary of C
Employee Benefit - Summary of Components of Net Benefit Expense Recognized in Income Statement and Funded Status and Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Net Defined Benefit Liability Asset [Abstract] | |||
Current service cost | $ 546 | $ 419 | $ 360 |
Past service cost | 121 | ||
Interest cost on benefit obligation | 254 | 202 | 210 |
Net benefit cost | 921 | 621 | 570 |
Actuarial (gain) / loss - experience | 494 | 396 | 251 |
Actuarial (gain) / loss - demographic assumption | 18 | 1 | 184 |
Actuarial (gain) / loss - financial assumption | 1,215 | 13 | 337 |
Re-measuring gain/(loss) on defined benefit plans | 1,727 | 410 | 772 |
Defined benefit obligation at January 1 | 9,016 | 8,293 | 6,652 |
Benefits paid directly by the Company | (535) | (352) | (274) |
Exchange differences | 613 | 44 | 573 |
Defined benefit obligation at December 31 | $ 11,742 | $ 9,016 | $ 8,293 |
Employee Benefit - Significant
Employee Benefit - Significant Assumptions Used in Determining Actuarial Present Value of Defined Benefit Obligations (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |||
Actuarial assumption of discount rates | 1.50% | ||
Pre-retirement mortality | [1] | * Thailand TMO17 Tables | * Thailand TMO17 Tables |
Bottom of range [Member] | |||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |||
Actuarial assumption of discount rates | 2.60% | ||
Actuarial assumption of expected rates of salary increases | 5.00% | 5.00% | |
Top of range [Member] | |||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |||
Actuarial assumption of discount rates | 2.70% | ||
Actuarial assumption of expected rates of salary increases | 6.00% | 6.00% | |
[1] | TMO represented as Thailand Mortality Ordinary Tables |
Employee Benefit - Maturity Pro
Employee Benefit - Maturity Profile of Defined Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [Line Items] | ||
Expected payments | $ 25,137 | $ 24,500 |
Weighted average duration of defined benefit obligation | 9 years | 10 years |
Top of range [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Weighted average duration of defined benefit obligation | 11 years | |
Within one year [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Expected payments | $ 1,340 | $ 855 |
Between 2 and 5 years [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Expected payments | 2,489 | 2,374 |
Between 6 and 10 years [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Expected payments | 4,391 | 4,187 |
Beyond 10 years [Member] | ||
Disclosure of defined benefit plans [Line Items] | ||
Expected payments | $ 16,917 | $ 17,084 |
Employee Benefit - Sensitivity
Employee Benefit - Sensitivity Analysis of One-percentage Point Change in Assumed Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Discount rate [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Assumption - 1% increase | $ (1,003) | $ (777) |
Assumption - 1% decrease | 1,178 | 908 |
Rate of salary increase [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Assumption - 1% increase | 1,115 | 869 |
Assumption - 1% decrease | $ (973) | $ (762) |
Employee Benefit - Sensitivit_2
Employee Benefit - Sensitivity Analysis of One-percentage Point Change in Assumed Rates (Parenthetical) (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Discount rate [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Rate increase | 1.00% | 1.00% |
Rate decrease | 1.00% | 1.00% |
Rate of salary increase [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Rate increase | 1.00% | 1.00% |
Rate decrease | 1.00% | 1.00% |
Other Current Liability - Summa
Other Current Liability - Summary of Other Current Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Miscellaneous Current Liabilities [Abstract] | |||
Liabilities arising from contracts with customers | $ 216 | $ 756 | |
Dividend payable | 674 | 565 | |
Deferred government grant | 318 | ||
Onerous contracts provisions | 238 | 42 | $ 555 |
Other current liabilities | 1,228 | 1,591 | |
Total | $ 2,356 | $ 3,272 |
Other Current Liability - Addit
Other Current Liability - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Miscellaneous Current Liabilities [Abstract] | ||
Government grant for completed appropriation, recognized as other income | $ 318 | $ 106 |
Government grant for the expropriation, recognized as other current liabilities | $ 318 |
Other Current Liability - Sum_2
Other Current Liability - Summary of Onerous Contracts Provisions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Onerous Contracts Provision [Abstract] | ||
At January 1 | $ 42 | $ 555 |
Recognized | 218 | 37 |
Reversed | (25) | (544) |
Exchange differences | 3 | (6) |
At December 31 | $ 238 | $ 42 |
Other Current Liability - Sum_3
Other Current Liability - Summary of Contract Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Current contract liabilities | |||
Total current contract liabilities | $ 216 | $ 756 | $ 113 |
Advance from customers | |||
Current contract liabilities | |||
Total current contract liabilities | 93 | 668 | |
Custodial service | |||
Current contract liabilities | |||
Total current contract liabilities | 63 | 71 | |
Transportation Service | |||
Current contract liabilities | |||
Total current contract liabilities | $ 60 | $ 17 |
Other Current Liability - Sum_4
Other Current Liability - Summary of Revenue Recognized in Relation to Contract Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current contract liabilities | ||
Revenue recognized that was included in the contract liabilities balance at the beginning of the year | $ 744 | $ 113 |
Advance from customers | ||
Current contract liabilities | ||
Revenue recognized that was included in the contract liabilities balance at the beginning of the year | 668 | |
Transportation Service | ||
Current contract liabilities | ||
Revenue recognized that was included in the contract liabilities balance at the beginning of the year | 17 | 28 |
Custodial service | ||
Current contract liabilities | ||
Revenue recognized that was included in the contract liabilities balance at the beginning of the year | $ 59 | $ 85 |
Equity - Authorized Shares and
Equity - Authorized Shares and Common Shares Issued and Fully Paid (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Classes Of Share Capital [Abstract] | |||
Number of shares | 50,000,000 | 50,000,000 | |
Number of common shares issued and fully paid | 13,830,769 | 13,830,769 | 13,830,769 |
Amount of common shares issued and fully paid | $ 138 | $ 138 | $ 138 |
Equity - Authorized Shares an_2
Equity - Authorized Shares and Common Shares Issued and Fully Paid (Parenthetical) (Detail) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Classes Of Share Capital [Abstract] | ||
Common shares par value | $ 0.01 | $ 0.01 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Classes Of Share Capital [Line Items] | |||
Dividend per share distributed to owners | $ 0.08 | $ 0.1 | |
Dividends distributed | $ 0 | $ 1,106 | $ 1,382 |
Bottom of range [Member] | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Intended percentage of net post-tax audited consolidated profits attributable to shareholders to pay for cash dividends | 25.00% |
Equity - Disaggregation of Chan
Equity - Disaggregation of Changes of Other Comprehensive Income by Each Type of Reserve in Equity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of analysis of other comprehensive income by item [Line Items] | |||
Exchange difference on translation of foreign operations | $ 10,677 | $ (4,388) | $ 15,882 |
Cumulative translation differences reclassified to profit or loss on liquidation of a subsidiary | 248 | ||
Re-measuring losses on defined benefit plans | (1,382) | (328) | (618) |
Net loss on available-for-sale financial assets | (64) | ||
Changes in faire value of financial assets at fair value through other comprehensive income | 1,336 | (335) | |
Other comprehensive income/(loss) for the year, net of tax | 10,631 | (5,051) | 15,448 |
Reserves including portion related to non-controlling interests [Member] | Re-measurement of defined benefit plans [Member] | |||
Disclosure of analysis of other comprehensive income by item [Line Items] | |||
Re-measuring losses on defined benefit plans | (1,382) | (328) | (618) |
Other comprehensive income/(loss) for the year, net of tax | (1,382) | (328) | (618) |
Reserves including portion related to non-controlling interests [Member] | Financial assets at FVOCI reserve [Member] | |||
Disclosure of analysis of other comprehensive income by item [Line Items] | |||
Reclassification of application of IFRS 9 | 1,717 | ||
Changes in faire value of financial assets at fair value through other comprehensive income | 1,336 | (335) | |
Other comprehensive income/(loss) for the year, net of tax | 1,336 | 1,382 | |
Reserves including portion related to non-controlling interests [Member] | Foreign currency translation reserve [Member] | |||
Disclosure of analysis of other comprehensive income by item [Line Items] | |||
Exchange difference on translation of foreign operations | 10,677 | (4,388) | 15,882 |
Cumulative translation differences reclassified to profit or loss on liquidation of a subsidiary | 248 | ||
Other comprehensive income/(loss) for the year, net of tax | $ 10,677 | (4,388) | 16,130 |
Reserves including portion related to non-controlling interests [Member] | Available-for-sale reserve [Member] | |||
Disclosure of analysis of other comprehensive income by item [Line Items] | |||
Reclassification of application of IFRS 9 | (1,717) | ||
Net loss on available-for-sale financial assets | (64) | ||
Other comprehensive income/(loss) for the year, net of tax | $ (1,717) | $ (64) |
Related Party Transactions - Ou
Related Party Transactions - Outstanding Balances and Transactions with Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [Line Items] | |||
Amounts due from related parties | $ 11,566 | $ 12,061 | |
Due to related parties | 3,284 | 2,997 | |
Pacific Electric Wire & Cable Co., Ltd. [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Due to related parties | 862 | 45 | |
Purchases | 2,745 | 521 | $ 18,170 |
Sales | 14 | 1,457 | |
Fabrication Income received | 140 | 412 | 208 |
Management fee paid | 199 | 136 | 143 |
Information technology service fee paid | 101 | 115 | 114 |
PEWC, Singapore Branch [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Amounts due from related parties | 21 | 15 | |
Management fee received | 14 | 14 | 14 |
PEWC Singapore Co. (Pte) Ltd. [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Due to related parties | 1,027 | 1,005 | |
Interest expenses paid | 22 | 21 | 15 |
PEWC (HK) [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Amounts due from related parties | 5,247 | 5,989 | |
Due to related parties | 20 | 399 | |
Purchases | 2,479 | 4,180 | |
Sales | 17,831 | 23,498 | 24,437 |
Service fee paid | 218 | 231 | |
Immediate Holding Company [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Income from discharge of liability | 1,537 | ||
Siam Pacific Holding Company Limited [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Amounts due from related parties | 196 | 181 | |
Due to related parties | 1,362 | 1,362 | |
Italian-Thai and affiliates [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Amounts due from related parties | 6,102 | 5,876 | |
Sales | 4,188 | 6,814 | 6,203 |
Construction of factory building expenses and acquisition of assets | 215 | ||
Fujikura Limited [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Due to related parties | 136 | ||
Purchases | 249 | 750 | $ 1,115 |
Others [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Due to related parties | $ 13 | $ 50 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [Line Items] | |||
Other income | $ 717 | $ 1,817 | $ 214 |
Immediate Holding Company [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Income from discharge of liability | 1,537 | ||
Other income | $ 1,537 | ||
Bottom of range [Member] | PEWC Singapore Co. (Pte) Ltd. [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Interest rates on the balance due to related party | 3.09% | 2.70% | |
Top Of Range [Member] | PEWC Singapore Co. (Pte) Ltd. [Member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Interest rates on the balance due to related party | 3.79% | 3.40% |
Related Party Transactions - Co
Related Party Transactions - Compensation of Key Management Personnel (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Amounts Incurred By Entity For Provision Of Key Management Personnel Services Provided By Separate Management Entities [Abstract] | |||
Short-term employee benefits | $ 3,073 | $ 3,814 | $ 3,900 |
Post-employment benefits | 179 | 102 | 103 |
Termination benefits | 47 | 43 | |
Total compensation paid to key management personnel | $ 3,252 | $ 3,963 | $ 4,046 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)t | Dec. 31, 2018USD ($)t | |
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Leased motor vehicle to secure finance lease liabilities, average discount interest rate | 5.18% | |
Capital commitment relating to the construction of factory building improvement and acquisition of machinery | $ 5.8 | $ 0.6 |
Corporate guarantee | 38.5 | 36.9 |
Commitments in respect of management consulting services with related parties | 0.3 | $ 0.2 |
Bottom of range [Member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Non-cancellable operating lease arrangements terms | 1 year | |
Commitments to purchase raw materials | $ 200 | $ 136 |
Commitments to purchase raw materials, metric tons | t | 20,996 | 22,450 |
Top of range [Member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Non-cancellable operating lease arrangements terms | 30 years | |
Commitments to purchase raw materials | $ 290 | $ 176 |
Commitments to purchase raw materials, metric tons | t | 30,580 | 28,940 |
Contingent liability for guarantees | Top of range [Member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Corporate guarantee | $ 24.7 | $ 24.3 |
Charoong Thai Wire and Cable Public Company Limited [Member] | Contingent liability for guarantees | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Corporate guarantee | $ 0 | $ 2 |
Commitments and Contingencies_2
Commitments and Contingencies - Right of Use Assets Under Non-cancellable Operating Lease Commitments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Right of use assets under non-cancellable operating leases | $ 3,263 |
Within one year [Member] | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Right of use assets under non-cancellable operating leases | 616 |
After one year but not more than five years [Member] | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Right of use assets under non-cancellable operating leases | 1,279 |
More than five years [Member] | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Right of use assets under non-cancellable operating leases | $ 1,368 |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Payments under Finance Leases with Initial Terms of One Year or More (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Minimum payments | $ 94 |
Less: amount representing finance charges | (4) |
Present value of minimum lease payment | 90 |
Within one year [Member] | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Minimum payments | 47 |
Present value of minimum lease payment | 44 |
After one year but not more than five years [Member] | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Minimum payments | 47 |
Present value of minimum lease payment | $ 46 |
Fair Value Measurement - Quanti
Fair Value Measurement - Quantitative Disclosures Fair Value Measurement Hierarchy for Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure of fair value measurement of assets (liabilities) [Line Items] | ||||
Financial assets at fair value through other comprehensive income | $ 4,062 | $ 2,332 | $ 2,747 | |
Investment properties | 730 | 720 | $ 763 | |
Office buildings for rent [Member] | ||||
Disclosure of fair value measurement of assets (liabilities) [Line Items] | ||||
Investment properties | 263 | 290 | ||
Significant unobservable inputs (Level 3) [Member] | ||||
Disclosure of fair value measurement of assets (liabilities) [Line Items] | ||||
Financial assets at fair value through other comprehensive income | 4,062 | 2,332 | $ 2,747 | |
Fair value [Member] | ||||
Disclosure of fair value measurement of assets (liabilities) [Line Items] | ||||
Financial assets (liabilities) - derivatives | (3) | (142) | ||
Financial assets at fair value through other comprehensive income | 4,062 | 2,332 | ||
Fair value [Member] | Land not being used for operation [Member] | ||||
Disclosure of fair value measurement of assets (liabilities) [Line Items] | ||||
Investment properties | 11,566 | 10,656 | ||
Fair value [Member] | Office buildings for rent [Member] | ||||
Disclosure of fair value measurement of assets (liabilities) [Line Items] | ||||
Investment properties | 1,460 | 1,397 | ||
Fair value [Member] | Significant observable inputs (Level 2) [Member] | ||||
Disclosure of fair value measurement of assets (liabilities) [Line Items] | ||||
Financial assets (liabilities) - derivatives | (3) | (142) | ||
Fair value [Member] | Significant unobservable inputs (Level 3) [Member] | ||||
Disclosure of fair value measurement of assets (liabilities) [Line Items] | ||||
Financial assets at fair value through other comprehensive income | 4,062 | 2,332 | ||
Fair value [Member] | Significant unobservable inputs (Level 3) [Member] | Land not being used for operation [Member] | ||||
Disclosure of fair value measurement of assets (liabilities) [Line Items] | ||||
Investment properties | 11,566 | 10,656 | ||
Fair value [Member] | Significant unobservable inputs (Level 3) [Member] | Office buildings for rent [Member] | ||||
Disclosure of fair value measurement of assets (liabilities) [Line Items] | ||||
Investment properties | $ 1,460 | $ 1,397 |
Financial Risk Management Obj_3
Financial Risk Management Objectives - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Financial Instruments [Line Items] | ||||
Copper costs as a percentage of product cost | 82.00% | 85.00% | ||
Cash and cash equivalents | $ 53,673 | $ 60,778 | $ 46,093 | $ 48,231 |
Unutilized amounts of bank loans | 208,000 | |||
Financial liabilities | 35,000 | |||
Mortgage of land, buildings, machinery and equipment, investment properties and land use rights | 15,099 | 9,084 | ||
Pledge of other receivables | 4,847 | 7,525 | ||
Assets and uncalled capital pledged as security | 1,339 | 1,200 | ||
Subsidiary [Member] | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Assets and uncalled capital pledged as security | $ 27,454 | $ 27,731 | ||
One major customer [Member] | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Percentage of trade receivables from one customer | 9.31% | 8.20% | ||
Interest rate risk [Member] | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Change of interest rates | 0.30% | 0.30% | ||
Change in profit before tax due to change of interest rates | $ 46 | $ 64 | ||
Top Of Range [Member] | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Percentage of financial liabilities bear floating interest rate | 25.00% | |||
Weighted average [Member] | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Weighted average interest rates on bank loans and overdrafts | 3.72% | 3.68% |
Financial Risk Management Obj_4
Financial Risk Management Objectives - Summary of Balance of Financial Assets and Liabilities Denominated in a Currency Different from the Company's Reporting Currency (Detail) € in Thousands, ฿ in Thousands, ¥ in Thousands, ¥ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019THB (฿) | Dec. 31, 2019TWD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019SGD ($) | Dec. 31, 2019HKD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018THB (฿) | Dec. 31, 2018TWD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2018SGD ($) | Dec. 31, 2018HKD ($) | Dec. 31, 2018AUD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018JPY (¥) | Aug. 13, 2014USD ($) |
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||||||||
Financial assets denominated in a currency different | $ 151,492,000 | $ 168,097,000 | ||||||||||||||
Financial liabilities denominated in a currency different | 34,350,000 | 49,170,000 | $ 0 | |||||||||||||
Foreign currency risk [Member] | United States dollar (USD) [Member] | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||||||||
Financial assets denominated in a currency different | 19,263,000 | 21,529,000 | ||||||||||||||
Financial liabilities denominated in a currency different | $ 4,802,000 | $ 25,733,000 | ||||||||||||||
Foreign currency risk [Member] | Thai Baht (THB) [Member] | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||||||||
Financial assets denominated in a currency different | ฿ | ฿ 346 | ฿ 349 | ||||||||||||||
Financial liabilities denominated in a currency different | ฿ | ฿ 87,779 | ฿ 30 | ||||||||||||||
Foreign currency risk [Member] | Singapore dollars (SGD) [Member] | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||||||||
Financial assets denominated in a currency different | $ 233 | $ 170 | ||||||||||||||
Financial liabilities denominated in a currency different | $ 20 | $ 62 | ||||||||||||||
Foreign currency risk [Member] | Taiwan dollar (TWD) [Member] | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||||||||
Financial assets denominated in a currency different | $ 9,711 | $ 5,227 | ||||||||||||||
Financial liabilities denominated in a currency different | $ 7,648 | $ 4,872 | ||||||||||||||
Foreign currency risk [Member] | Renminbi (RMB) [Member] | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||||||||
Financial assets denominated in a currency different | ¥ | ¥ 119 | ¥ 19 | ||||||||||||||
Financial liabilities denominated in a currency different | ¥ | ¥ 179 | |||||||||||||||
Foreign currency risk [Member] | Hong Kong, dollar (HKD) [Member] | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||||||||
Financial assets denominated in a currency different | $ 7,526 | $ 20,005 | ||||||||||||||
Financial liabilities denominated in a currency different | $ 83 | $ 43 | ||||||||||||||
Foreign currency risk [Member] | Australian dollar (AUD) [Member] | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||||||||
Financial assets denominated in a currency different | $ 66 | |||||||||||||||
Foreign currency risk [Member] | Euro (EUR) [Member] | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||||||||
Financial liabilities denominated in a currency different | € | € 199 | |||||||||||||||
Foreign currency risk [Member] | Japanese yen (JPY) [Member] | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||||||||||||||||
Financial liabilities denominated in a currency different | ¥ | ¥ 14,768 |
Financial Risk Management Obj_5
Financial Risk Management Objectives - Sensitivity of Profit Before Tax and Equity to a Reasonably Possible Change of Each Foreign Currency Exchange Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
5% increase in rate [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Percentage of change of foreign currency exchange rates | 5.00% | 5.00% |
Change in profit before tax due to change of foreign currency exchange rates | $ 723 | $ (210) |
5% increase in rate [Member] | Thai Baht (THB) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | (147) | |
5% increase in rate [Member] | Singapore dollars (SGD) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | 8 | 4 |
5% increase in rate [Member] | Taiwan dollar (TWD) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | 3 | 1 |
5% increase in rate [Member] | Renminbi (RMB) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | 1 | (1) |
5% increase in rate [Member] | Hong Kong, dollar (HKD) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | $ 48 | 127 |
5% increase in rate [Member] | Australian dollar (AUD) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | 2 | |
5% increase in rate [Member] | Japanese yen (JPY) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | (7) | |
5% increase in rate [Member] | Euro (EUR) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | $ (11) | |
5% decrease in rate [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Percentage of change of foreign currency exchange rates | (5.00%) | (5.00%) |
Change in profit before tax due to change of foreign currency exchange rates | $ (723) | $ 210 |
5% decrease in rate [Member] | Thai Baht (THB) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | 147 | |
5% decrease in rate [Member] | Singapore dollars (SGD) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | (8) | (4) |
5% decrease in rate [Member] | Taiwan dollar (TWD) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | (3) | (1) |
5% decrease in rate [Member] | Renminbi (RMB) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | (1) | 1 |
5% decrease in rate [Member] | Hong Kong, dollar (HKD) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | $ (48) | (127) |
5% decrease in rate [Member] | Australian dollar (AUD) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | (2) | |
5% decrease in rate [Member] | Japanese yen (JPY) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | 7 | |
5% decrease in rate [Member] | Euro (EUR) [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Change in profit before tax due to change of foreign currency exchange rates | $ 11 |
Financial Risk Management Obj_6
Financial Risk Management Objectives - Commodity Price Sensitivity (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
16% increase in commodity price [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Percentage of change of commodity price | 16.00% | |
Effect on profit before tax due to change in commodity price | $ (3,473) | |
16% decrease in commodity price [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Percentage of change of commodity price | (16.00%) | |
Effect on profit before tax due to change in commodity price | $ 3,473 | |
23% increase in commodity price [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Percentage of change of commodity price | 23.00% | |
Effect on profit before tax due to change in commodity price | $ 6,461 | |
23% decrease in commodity price [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | ||
Percentage of change of commodity price | (23.00%) | |
Effect on profit before tax due to change in commodity price | $ (6,461) |
Financial Risk Management Obj_7
Financial Risk Management Objectives - Summary of Maturity Profile of Financial Liabilities Based on Contractual Undiscounted Payment Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items] | ||
Interest-bearing loans and borrowings | $ 11,484 | $ 25,151 |
Trade and other payables | 16,879 | 21,127 |
Foreign exchange forward contracts | 3 | 142 |
Lease liability | 3,192 | 94 |
Financial liabilities | 34,842 | 49,511 |
Within one year [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items] | ||
Interest-bearing loans and borrowings | 11,484 | 25,151 |
Trade and other payables | 16,879 | 21,127 |
Foreign exchange forward contracts | 3 | 142 |
Lease liability | 656 | 47 |
Financial liabilities | 32,306 | 49,464 |
2 to 3 years [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items] | ||
Lease liability | 910 | 36 |
Financial liabilities | 910 | 36 |
4 to 5 years [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items] | ||
Lease liability | 444 | 11 |
Financial liabilities | 444 | 11 |
More than five years [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items] | ||
Lease liability | 1,182 | |
Financial liabilities | 1,182 | |
All other related parties [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items] | ||
Due to related parties | 3,284 | 2,997 |
All other related parties [Member] | Within one year [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items] | ||
Due to related parties | $ 3,284 | $ 2,997 |
Financial Risk Management Obj_8
Financial Risk Management Objectives - Summary of Capital Management (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Objectives Policies And Processes For Managing Capital [Abstract] | ||||
Interest-bearing loans and borrowings | $ 11,356 | $ 24,814 | ||
Trade and other payables | 16,879 | 21,127 | ||
Less: cash and cash equivalents | (53,673) | (60,778) | $ (46,093) | $ (48,231) |
Net debt | (25,438) | (14,837) | ||
Total equity | 228,435 | 221,816 | $ 222,826 | $ 197,175 |
Capital and net debt | $ 202,997 | $ 206,979 | ||
Gearing ratio | 0.00% | 0.00% |
Cash Flow Information - Summary
Cash Flow Information - Summary of Investing Activities with Partial Cash Payments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Investing Activities With Partial Cash Payments [Abstract] | |||
Acquisition of property, plant and equipment | $ 3,406 | $ 4,498 | |
Add: Payable for PPE or CIP - Opening | 213 | 311 | |
Less: Payable for PPE or CIP - Ending | (355) | (213) | |
Less: Prepayment for PPE & CIP - Opening | (210) | (304) | |
Add: Prepayment for PPE & CIP - Ending | 2,388 | 210 | |
Less: acquisition by means of a lease | (61) | ||
Cash paid during the year | $ 5,442 | $ 4,441 | $ 4,903 |
Cash Flow Information - Summa_2
Cash Flow Information - Summary of Reconciliation of Liabilities Arising from Financing Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Balance at January 1 | $ 24,904 | $ 41,229 |
Recognized on adoption of IFRS 16 | 2,651 | |
Changes in cash flows | (14,888) | (16,266) |
Foreign exchange adjustments | 1,033 | (125) |
Acquisition of PP&E by means of a lease | 476 | 61 |
Other changes | 8 | 5 |
Balance at December 31 | 14,184 | 24,904 |
Interest-bearing loans and borrowings [Member] | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Balance at January 1 | 24,814 | 41,151 |
Recognized on adoption of IFRS 16 | ||
Changes in cash flows | (14,462) | (16,220) |
Foreign exchange adjustments | 1,004 | (117) |
Acquisition of PP&E by means of a lease | ||
Other changes | ||
Balance at December 31 | 11,356 | 24,814 |
Financial lease liabilities [Member] | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Balance at January 1 | 90 | 78 |
Recognized on adoption of IFRS 16 | 2,651 | |
Changes in cash flows | (426) | (46) |
Foreign exchange adjustments | 29 | (8) |
Acquisition of PP&E by means of a lease | 476 | 61 |
Other changes | 8 | 5 |
Balance at December 31 | $ 2,828 | $ 90 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) ฿ / shares in Units, ฿ in Millions | Apr. 22, 2020USD ($) | Mar. 20, 2020USD ($) | Mar. 20, 2020THB (฿)฿ / shares | Nov. 21, 2019USD ($) |
Bottom of range [Member] | ||||
Disclosure of non-adjusting events after reporting period [Line Items] | ||||
Minimum market value of publicly held shares requirement set forth in NASDAQ rules for listing on NASDAQ | $ 5,000,000 | |||
Major ordinary share transactions [Member] | Bottom of range [Member] | ||||
Disclosure of non-adjusting events after reporting period [Line Items] | ||||
Minimum market value of our publicly held common shares | $ 3,592,234 | |||
Major ordinary share transactions [Member] | Charoong Thai Wire and Cable Public Company Limited [Member] | ||||
Disclosure of non-adjusting events after reporting period [Line Items] | ||||
Dividend payments declared to its shareholders | $ 2,900,000 | ฿ 79.6 | ||
Dividend payments declared to its shareholders, per share | ฿ / shares | ฿ 0.2 | |||
Dividend payment date | May 15, 2020 | May 15, 2020 | ||
Dividends paid to non-controlling interests | $ 1,400,000 |