Asia Pacific Wire & Cable Corporation Limited Annual Report 2024

FY2024 Annual Report · Asia Pacific Wire & Cable Corporation Limited

Loading PDF…

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 20-F
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES
EXCHANGE ACT OF 1934
OR
x
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 for the fiscal year ended December. 31, 2024
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
OR
o
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 1-14542
ASIA PACIFIC WIRE & CABLE
CORPORATION LIMITED
(Exact name of Registrant as specified in its charter)
Bermuda
(Jurisdiction of incorporation or organization)
15/Fl. B, No. 77, Sec. 2
Dunhua South Road
Taipei, 106, Taiwan
Republic of China
(Address of principal executive offices)
James Lu
15/Fl. B, No. 77, Sec. 2
Dunhua South Road
Taipei, 106, Taiwan
Republic of China
Tel: +886-2-27122558
Email: james.lu@apwcc.com
(Name, telephone, e-mail and/or facsimile number and address of company contact person)
Securities registered or to be registered pursuant to Section 12(b) of the Act.
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares,
par value 0.01 per share
APWC
NASDAQ Capital Market
Securities registered or to be registered pursuant to Section 12(g) of the Act.
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
None
1

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close
of the period covered by the annual report.
20,616,227 Common Shares outstanding as of December 31, 2024
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.
oYes x No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
oYes x No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
xYes o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to
be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files).
x Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated
filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth
company” in Rule 12b-2 of the Exchange Act.
Large accelerated Filer o Accelerated filer o Non-accelerated filer x Emerging growth company o
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment
of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15
U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. o
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial
statements of the registrant included in the filing reflect the correction of an error to previously issued financial
statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of
incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period
pursuant to §240.10D-1(b).☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements
included in this filing:
U.S. GAAP o
International Financial Reporting Standards as issued by the International Accounting Standards Board x
Other o
If “Other” has been checked in response to the previous question, indicate by check mark which financial
statement item the registrant has elected to follow.
o Item 17 o Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).
o Yes x No
2

Table of Contents
Page
Part I
Item 1: Identity of Directors, Senior Management and Advisers
8
Item 2: Offer Statistics and Expected Timetable
8
Item 3: Key Information
8
3.A. [Reserved]
8
3.B. Capitalization and Indebtedness
8
3.C. Reasons for the Offer and Use of Proceeds
8
3.D. Risk Factors
8
Item 4: Information on the Company
27
4.A. History and Development of the Company
27
4.B. Business Overview
28
4.C. Organizational Structure
36
4.D. Property, Plants and Equipment
36
Item 4A: Unresolved Staff Comments
37
Item 5: Operating and Financial Review and Prospects
37
5.A. Operating Results
37
5.B. Liquidity and Capital Resources
44
5.C. Research and Development
46
5.D. Trend Information
46
5.E. Critical Accounting Estimates
47
Item 6: Directors, Senior Management and Employees
47
6.A. Directors and Senior Management
47
6.B. Compensation
48
6.C. Board Practices
49
6.D. Employees
49
6.E. Share Ownership
50
6.F. Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation
50
Item 7: Major Shareholders and Related Party Transactions
50
7.A. Major Shareholders
50
7.B. Related Party Transactions
51
Item 8: Financial Information
51
8.A. Consolidated Statements and Other Financial Information
51
8.B. Significant Changes
52
Item 9: The Offer and Listing
52
Item 10: Additional Information
52
10.A. Share Capital
52
10.B. Memorandum of Association and Bye-Laws
53
10.C. Material Contracts
61
10.D. Exchange Controls
62
10.E. Taxation
62
10.F. Dividends and Paying Agents
66
10.G. Statement by Experts
66
10.H. Documents on Display
66
10.I. Subsidiary Information
66
3

Item 11: Quantitative and Qualitative Disclosures About Market Risks
66
11.1 Interest Rate Risk
67
11.2 Foreign Currency Risk
67
11.3 Market Risks Relating to Copper
67
11.4 Equity Price Risk
67
11.5 Fair Value of Designated Market-Sensitive Derivative Contracts
68
Item 12: Description of Securities Other than Equity Securities
68
Part II
Item 13: Defaults, Dividend Arrearages and Delinquencies
69
Item 14: Material Modifications to the Rights of Security Holders and Use of Proceeds
69
Item 15: Controls and Procedures
69
Item 16A: Audit Committee Financial Expert
70
Item 16B: Code of Ethics
70
Item 16C: Principal Accountant Fees and Services
70
Item 16D: Exemptions from the Listing Standards for the Audit Committees
70
Item 16E: Purchases of Equity Securities by the Issuer and Affiliated Purchasers
70
Item 16F: Change in Registrant’s Certifying Accountant
70
Item 16G: Corporate Governance
70
Item 16H: Mine Safety Disclosure
71
Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
71
Item 16J. Insider Trading Policies
71
Item 16K. Cybersecurity
71
Part III
Item 17: Financial Statements
73
Item 18: Financial Statements
73
Item 19: Exhibits
73
19.1 Index to Audited Financial Statements
73
19.2 Index to Exhibits
74
Signature
75
4

CERTAIN DEFINITIONS AND CONVENTIONS
Unless the context otherwise indicates or requires, all references to:
•
the terms “we,” “us,” “our,” and “APWC” refer to Asia Pacific Wire & Cable Corporation Limited, a holding
company incorporated in Bermuda with principal executive offices in Taipei, Taiwan.
•
the terms “our Company,” “our business” and “our operations” refer to APWC together with our operating
subsidiaries.
•
Dollar amounts in this Annual Report are expressed in thousands ($000), except where otherwise indicated (e.g.
“million”) or with respect to earnings per share.
•
the terms “dollar”, “US$” or “$” refer to U.S. dollars, the lawful currency of the United States of America.
•
“Bt,” “Thai Baht”, “THB” or “Baht” refer to Baht, the legal tender currency of Thailand.
•
“Sing$” or “S$” refer to Singapore dollars, the legal tender currency of Singapore.
•
“A$” or “AU$” refer to Australian dollars, the legal tender currency of Australia.
•
"TWD" refers to the Taiwan New Dollar, the legal tender currency of Taiwan.
•
“RMB” refers to the Chinese Renminbi, the legal tender currency of China.
•
“Thailand” or “Thai”refers to the Kingdom of Thailand.
•
“Singapore” refers to The Republic of Singapore.
•
“Taiwan” or "ROC" refer to Taiwan, The Republic of China.
•
“China” or “PRC” refer to The People’s Republic of China (for the purpose of this Annual Report, excluding
Hong Kong and Macau).
•
“Australia” refers to the Commonwealth of Australia.
•
“United States” or “U.S.” refer to the United States of America.
Most measurements in this Annual Report are given according to the metric system. Standard abbreviations of
metric units (e.g., “mm” for millimeter) have been employed without definitions. All references in this Annual Report to
“tons” are to metric tons, which are equivalent in weight to 2,204.6 pounds or 1,000 kilograms.
APWC has one class of registered securities referred to herein as the "Common Shares", which are listed on The
Nasdaq Capital Market tier ("Capital Market Tier") of the Nasdaq Stock Market ("Nasdaq"). All references to
“outstanding” in respect of APWC’s Common Shares shall mean that such Common Shares have been issued by APWC
and are not registered in APWC’s register of members as treasury shares.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This annual report on Form 20-F ("Annual Report") contains forward-looking statements within the meaning of the
safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). Forward-looking statements give our current beliefs or expectations or forecasts of future events. You
can identify these statements by the fact that they do not relate strictly to historical or current facts. Such statements may
include words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “believe”, “may”, “should”, “likely”, “seeks”
and other words and terms of similar meaning in connection with any discussion of future operating or financial
performance.
5

Such statements are not promises or guarantees and are subject to a number of known and unknown risks and
uncertainties that could cause our future results, performance or achievements to differ significantly from the results,
performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause
or contribute to such differences include, but are not limited to
•
the volatility related to commodities, including copper, our principal raw material, including the demand for,
available supply, pricing, consistency in quality, and their individual or collective impact on demand for our
products and services;
•
the introduction of competing products, technologies, price competition and other competitive pressures affecting
and our ability to maintain and develop market share for our products;
•
the volatility of share prices on major securities exchanges throughout the world;
•
our inability to successfully identify, consummate and integrate acquisitions;
•
our potential exposure to liability claims;
•
the uncertainty and volatility of the markets in which we operate, including changes in laws or regulations
applicable to our company;
•
our ability to negotiate extensions of labor agreements on acceptable terms and to successfully deal with any labor
disputes;
•
our ability to service and meet all requirements under our debt, and to maintain adequate credit facilities and credit
lines;
•
in certain markets, our ability to compete effectively with state-owned enterprises ("SOEs"), which may receive
governmental subsidies to enhance results or receive preferred vendor status in state-controlled projects;
•
our ability to increase manufacturing capacity and productivity and develop new products for changing
technologies;
•
the fact that we have operations outside the United States that may be materially and adversely affected by acts of
terrorism, war and political and social unrest, or major hostilities;
•
exposure to political, economic and geopolitical developments, including nationalism or isolationist policies
leading to trade disputes, tariffs, retaliatory trade actions, supply-chain interruptions, and other measures which
may increase costs, reduce product demand and disrupt operations;
•
the impact of pandemics (such as COVID-19), government implemented lockdowns, and other mandates on our
business, operations, product demand and liquidity;
•
crises, instability, terrorism, civil strife, expropriation and other risks of doing business in foreign markets;
•
economic consequences arising from climate change, catastrophic natural disasters and other similar events
affecting us, our customers or suppliers;
•
the fact we are a holding company whose income depends on distributions from operating subsidiaries, most of
which are not wholly-owned and for which there may be restrictions on the amount and timing of distributions;
•
tax inefficiencies associated with our cross-border operations, including without limitation, limitations on our
ability to utilize net losses within our group of companies for income tax purposes;
•
fluctuations in currency, exchange and interest rates; and
•
the impact of, and other factors that are discussed in this Annual Report and in our other filings made with the
Securities and Exchange Commission (the "SEC" or "Commission").
In particular, these statements include, among other things, statements relating to:
•
our business strategy;
•
our prospects for future revenues and profits in the markets in which we operate;
•
the impact of political, legal or regulatory changes or developments in the markets in which we do business;
•
our dependence upon the level of business activity and investment by our customers for the generation of our
sales revenue;
•
our reliance on our majority shareholder for research and development relating to our product lines;
•
the fact that our Common Shares are traded on a national exchange in the United States and the relative liquidity
or lack thereof, based upon the historical trading volume of those shares and the small size of our public float;
•
our dependence on a limited number of suppliers for our raw materials and our vulnerability to fluctuations in
the cost and availability of such raw materials; and
•
the liquidity, or lack thereof, generally of our property and assets.
6

We undertake no obligation to update any forward-looking statements or other information contained in this Annual
Report, whether as a result of new information, future events or otherwise, except as required by law. You are advised,
however, to consult any additional disclosures we make in our filings with the SEC. Also note that we provide a cautionary
discussion of risks and uncertainties under the “Risk Factors” section of this Annual Report. These are factors that we think
could cause our actual results to differ materially from expected results. Other factors besides those listed there could also
adversely affect us.
7

Part I
Item 1: IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not applicable.
Item 2: OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.
Item 3: KEY INFORMATION
3.A.
[Reserved]
3.B.
Capitalization and Indebtedness
Not applicable.
3.C.
Reasons for the Offer and Use of Proceeds
Not applicable.
3.D.
Risk Factors
You should carefully consider the risk factors set forth below in connection with any investment in APWC,
including any investment in the Common Shares. If any one of these risks or uncertainties occurs, our business, financial
condition and results of operations could be materially and adversely affected. The risks described in this Annual Report
are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also
impair our business operations. Any of these risks could materially and adversely affect our business, financial condition,
results of operations and cash flows, and could result in a loss of all or part of your investment.
Summary of Risk Factors
The following is a summary of the principal risks we face, organized under relevant headings. The list below is not
exhaustive, and you should read this section 3.D. Risk Factors in full.
Risks Related to Our Business (for more detailed discussion, see “Risk Factors: Risks Related to Our
Business”)
•
Pandemics, epidemics or disease outbreaks, such as COVID-19, have, and in the future, could have a material
adverse effect on our business, financial condition and results of operations.
•
Significant volatility in copper prices could be detrimental to our Company’s profitability.
•
The markets in which we operate are highly competitive and may be affected by competition with SOEs and
we cannot guarantee we will have the available capital to make necessary capital expenditures.
•
We operate in highly concentrated end markets, and the loss of individual customers in such markets could
have a material adverse impact on our position in that market as a whole.
•
Our business could be harmed if we fail to attract and retain qualified personnel.
•
We are subject to certain environmental protection laws and regulations governing our operations.
•
Information systems failure or cybersecurity breaches could have a material adverse effect on our Company,
including on our business, financial condition, and results of operations.
8

Risks Related to our Financial Activities (for more detailed discussion, see “Risk Factors: Risks Related to
our Financial Activities”)
•
Restrictive covenants and default provisions in our existing debt agreements may materially restrict our
operations as well as adversely affect our liquidity, business, financial condition and results of operations.
•
We are exposed to foreign exchange rate risk.
Risk Related to the Regions in Which We Operate (for more detailed discussion, see “Risk Factors: Risks
Related to the Regions in Which We Operate”)
•
The performance of our Company’s Thai operations is affected by the political and economic situation in
Thailand.
•
The PRC legal system may limit our Company’s remedies, impacting our subsidiaries’ ability to enforce
agreements in the PRC with third parties.
•
The enforcement of laws, rules and regulations in the PRC can change quickly with little advance notice.
Uncertainties exist with respect to the interpretation and implementation of the PRC laws regarding foreign
investment, cybersecurity, personal data protection and anti-monopoly, and any change in government
interpretation or enforcement could implicate our PRC subsidiaries and have a material adverse effect on us.
•
PRC regulation of loans to and direct investment in PRC entities by offshore holding companies may delay or
prevent us from making loans or additional capital contributions to our PRC subsidiaries.
•
The PRC government’s control of currency conversion and expatriation of funds may affect our liquidity.
•
Political or social instability, including tensions between PRC and Taiwan, may materially adversely affect
our Company’s business, financial condition, and results of operations.
Risks Related to the Common Shares and APWC (for more detailed discussion, see “Risk Factors: Risks
Related to the Common Shares and APWC”)
•
The Common Shares may be delisted from Nasdaq, which could affect their market price and liquidity.
•
As a foreign private issuer, there is less publicly available information concerning our Company than there
would be if APWC was a U.S. public company.
•
Our Common Shares have a limited public float and are subject to price volatility, which could adversely
affect our prevailing market price.
•
APWC may not be able to resume paying a dividend and any dividends paid in the future could be reduced or
eliminated, which could adversely affect our prevailing market price.
•
Our holding company structure and potential restrictions on the payment of dividends could materially
adversely affect our market price.
•
APWC is incorporated in Bermuda, and investors may face limited recourse and enforceability against
APWC as well as its directors and officers as compared to corporations incorporated in the U.S.
Control of APWC rests with its majority shareholder, Pacific Electric Wire & Cable Co., Ltd., a Taiwanese company
("PEWC"), and APWC relies on Nasdaq’s controlled company and foreign private issuer exemptions, all of which could
materially and adversely affect our corporate governance.
9

Risks Related to Our Business
Pandemics, epidemics or disease outbreaks, such as COVID-19, have, and in the future, could have a material adverse
effect on our business, financial condition and results of operations.
The global spread of the Coronavirus Disease 2019 ("COVID-19") significantly impacted worldwide economic
activity and financial markets. Our operations and production have been affected and disrupted by the outbreak of
COVID-19, such as reducing on-site staff and transitioning a significant portion of our workforce to remote work.
Moreover, mandated COVID-19 measures led to operating below standard production levels. Additionally, COVID-19
affected and disrupted our suppliers, customers, and other business partners, leading to challenges such as travel
restrictions, business closures, and reduced demand for our products.
Although the effects of COVID-19 during 2024 were not as significant as in prior years, new variants continue to
emerge throughout the world. If a new pandemic, epidemic or disease outbreak were to occur, we could experience broad
and varied impacts similar to the impact seen from COVID-19. The occurrence or continuation of any of these events,
including the reemergence of COVID-19, or other variant, in severity, could materially affect our business, financial
condition, and results of operations.
Changes to tax laws and treaties could have an adverse impact on our business, results of operations and financial
condition.
The Organisation for Economic Co-operation and Development (“OECD”) and Group of 20 (“G20”)
members established an inclusive framework allowing interested countries and jurisdictions to work on an equal footing
with OECD and G20 members (the “OECD/G20”). The OECD/G20 Inclusive Framework on Base Erosion and Profit
Shifting (“BEPS 2.0”) agreed on a two-pillar solution (“Pillar Two”) to reform international taxation, including a
coordinated system of Global Anti-Base Erosion (GloBE) rules (“GloBE Rules”). Pillar Two imposes a minimum
effective tax rate of 15 percent on large multinational enterprises (“MNEs”) with annual revenues exceeding €750 million
in every jurisdiction in which they operate, and is comprised of two key rules, the GloBe Rules and the treaty based
Subject to Tax Rule (“STTR”).
Taiwan
Our Company's parent jurisdiction, Taiwan, has not yet fully implemented the Pillar Two rules. However, Taiwan
has announced that it will increase the Alternative Minimum Tax (AMT) rate for profit-making enterprises belonging to
multinational groups from 12% to 15%, effective from 2025. This adjustment aims to align with the global minimum tax
rate and reduce the risk of double taxation.
Bermuda
APWC is incorporated in Bermuda, which enacted the Corporate Income Tax Act 2023 implementing a corporate
income tax ("CIT") in line with the OECD’s Pillar Two global minimum tax framework. This tax applies to Bermuda-
based entities within MNE groups with annual revenues of at least €750 million. The CIT rate is 15% and will take effect
for tax years beginning on or after January 1, 2025.
Implementation Rule for Pillar Two
Domestic Minimum Top-up Tax (DMTT): The DMTT applies to the profits of MNEs that fall below a global
minimum tax rate, typically set at 15%. Under this mechanism, if an MNE's effective tax rate in a specific jurisdiction is
lower than the minimum threshold, the jurisdiction can impose a top-up tax to bring the effective tax rate up to the
minimum level.
Income Inclusion Rule (IIR): The IIR requires the parent entity of an MNE group to pay a "top-up" tax on the
income of its subsidiaries if those subsidiaries are subject to an effective tax rate below a certain threshold (typically 15%).
This is to prevent profit shifting to jurisdictions where taxes are very low. The rule works by allowing a parent company to
include the low-taxed income of its subsidiaries in its own tax base. If the subsidiary is taxed below the minimum
threshold, the parent company will be required to pay an additional tax to make up the difference, effectively raising the tax
rate on that income to the global minimum.
10

Undertaxed Profit Rule (UTPR): If a MNE’s profits are subject to a tax rate that is lower than a globally agreed
minimum tax rate (usually set at 15% under the OECD's model), the UTPR allows the home country of the MNE group (or
another jurisdiction within the group) to "top up" the tax.
While Taiwan is taking steps to align its tax system with international standards by introducing the DMTT, the
comprehensive adoption of the Pillar Two rules, including the IIR and UTPR, is pending further assessment and
international coordination. The impact of Pillar Two for our Company depends on the parent jurisdiction. If the parent
jurisdiction applies the IIR, no top-up tax will be collected from its subsidiaries. However, if the parent jurisdiction does
not apply the IIR, the UTPR ensures that the minimum tax is collected in other jurisdictions. The top-up tax does not
directly increase tax in the low-taxed jurisdiction but instead shifts the liability to other jurisdictions where the MNE
operates. (For additional discussion regarding taxation, see Note 8. Income Taxation of the Financial Statements.)
Geopolitics and Tariffs.
Changes in country leadership creates uncertainty as new administrations implement their economic philosophies
and priorities. New leaders were recently sworn in to office at each of North America’s three largest countries with
Mexico’s President taking office October 1, 2024, the U.S. President sworn in January 20, 2025 and Canada’s Prime
Minister taking office March 14, 2025. Within weeks of taking office, the U.S. President ordered an investigation into how
copper imports threaten U.S. national security and economic stability, reinstated and increased existing tariffs on steel and
aluminum, and announced new tariffs on certain imports from Mexico, Canada and China. These announcements generated
retaliatory tariff announcements from both Canada and Mexico and volatility in the U.S. stock markets. In addition, noting
that the effectiveness of tariffs imposed by the U.S. in 2018 were weakened by exemptions and loopholes, as affected
countries exploited the exemptions granted to certain countries, the U.S. announcements include new reforms designed to
address these duty evasion schemes.
Governments may turn to trade barriers to protect their domestic industries against foreign imports, retaliate against
protective trade measures imposed by other countries, or manage economic conditions such as currency deflation, which
could further exacerbate difficult macroeconomic conditions. Governments may also increase regulatory scrutiny of
customs, imports and exports, ramp up enforcement efforts, or adopt new or revised regulations. The possibility of new
global tariffs has created uncertainty, which may negatively impact global trade and macroeconomic conditions and
increase costs for consumers as well as negatively impacting demand for our products. It is unknown whether, to what
extent and for how long new global tariffs (or other new laws or regulations) will be adopted, or the effect that any such
actions would have on us, our industry, or on the purchase ability of businesses, governments and consumers globally. If
any new global tariffs, legislation and/or regulations are implemented, or if existing trade agreements are renegotiated, the
macroeconomic consequences of such changes could have a materially adverse effect on our business, financial condition,
and results of operations.
Significant volatility in copper prices could be detrimental to our Company’s profitability.
Copper is the principal raw material we use, accounting for a majority of the cost of sales. Our prevailing practice is
to purchase copper at prices based on the average prevailing international spot market prices on the London Metal
Exchange (the "LME") for copper for the one month prior to purchase. The price of copper is affected by numerous factors
beyond our control, including global economic and political conditions, supply and demand, inventory levels maintained
by suppliers, potential disruptions in supply of copper (including as the result of economic sanctions on copper producers
such as Russia and new reviews or tariffs of copper imports by the U.S.), actions of participants in the commodities
markets and currency exchange rates. As with other costs of production, changes in the price of copper may affect our
Company’s cost of sales. Whether this has a material impact on our operating margins and financial results depends
primarily on our Company’s ability to adjust selling prices to its customers, such that increases and decreases in the price
of copper are fully reflected in those selling prices and customers continue to place orders. In the cases when we enter into
a long-term sales contract at fixed selling prices, rising copper prices could render such contract onerous and our Company
would be required to recognize losses from this onerous contract in the income statement. Most of our sales of
manufactured products reflect the cost of copper used to manufacture those products at the time the products are ordered. In
the ordinary course of business we maintain inventories of raw materials and finished products reasonably necessary for the
conduct of our business. These inventories typically reflect the cost of copper prevailing in the market at the time of
purchase. A long-term decrease in the price of copper would require our Company to revalue its inventory at periodic
intervals to the then net realizable value, which could be below cost. Copper prices have been subject to considerable
volatility, and it is not always possible to manage our copper purchases and inventory so as to neutralize the impact of
copper price volatility. In addition, an excessive increase in the price of copper could result in fewer orders from customers
11

or increased cost of sales given agreed sales prices, and negatively impact our Company. Accordingly, significant volatility
in copper prices could have a material adverse effect on our business, financial condition and results of operations.
The ability of suppliers to deliver raw materials, parts and components and energy resources could affect our
Company’s ability to manufacture products without disruption and in turn negatively affect our operations.
Our Company uses a range of materials, including copper, aluminum, polyethylene and polyvinyl chloride
compound in the global production of our products, which come from numerous suppliers. Our operations and those of our
suppliers are subject to disruption by supply chain issues due to economic, political and other factors largely beyond our
Company’s control, including pandemic related supplier plant shutdowns or slowdowns, component shortages, supply
chain disruptions and delays, fluctuations in shipping costs, work stoppages, labor shortages, financial issues such as
supplier bankruptcy, information technology failures, and hazards such as fire, earthquakes, flooding, droughts or other
natural disasters, new laws or regulations, global economic or political events including terrorist attacks and war, and
suppliers’ allocations to other purchasers. The effects of climate change, including extreme weather events, long-term
changes in temperature levels, water availability, supply costs impacted by increasing energy costs, or energy costs
impacted by carbon prices or offsets may exacerbate these risks. Any inability of suppliers to deliver parts, components and
manufacturing equipment to our Company’s manufacturing facilities, and any inability to manufacture without disruption,
could adversely affect our business’s performance.
The markets in which we operate are highly competitive.
The wire and cable industry in the Asia Pacific region is highly competitive, and if we fail to successfully invest in
and maintain product development, productivity improvements and customer service and support, sales of our products
could be materially adversely affected. Our competitors include a large number of independent domestic and foreign
suppliers. Certain competitors in each of our markets have substantially greater manufacturing, sales, research and financial
resources than us. We, and other wire and cable producers, compete primarily on the basis of product quality and
performance, reliability of supply, customer service, and price. To the extent that one or more of our competitors are more
successful with respect to the primary competitive factors, our business could be materially adversely affected. In addition,
our Company’s business could be materially adversely impacted if low margin wire and cable manufacturers in China enter
into the markets where we operate, like they have in Australia and Singapore. Our Company’s business, financial condition
and results of operations may also be materially adversely affected in the event it must compete with SOEs, which are often
subsidized by the government such that they are protected against the challenges of market forces confronting private
enterprises. When SOEs enter the market, it can become untenable for private enterprises in competition with SOEs to
conduct profitable operations, when the SOEs are being subsidized by the government and may operate in a loss position
for an extended period. Certain of our products are made to common specifications and may be interchangeable with the
products of certain of our competitors. Since customers could potentially substitute our products with those of our
competitors, customer loyalty is an important pillar of our business’s competitive position.
In addition, in order to remain competitive in the industry, our Company must periodically make substantial
investments in capital equipment to ensure that our production processes are and remain state-of-the-art. Capital
expenditures are not always predictable, as they are often driven by customer requirements for enhanced products. We
cannot guarantee we will have the available capital to make such capital expenditures when required, which could
materially adversely affect our business, financial condition and results of operations.
Alternative transmission technologies, such as wireless telecommunications, could materially reduce sales of our
telecommunications products.
Our telecommunications cable business is subject to competition from other transmission technologies, principally
wireless-based technologies. Wireless telecommunications businesses have sometimes made substantial inroads in
emerging markets where sufficient funding may not then be available to install the infrastructure necessary for market-wide
fixed line telecommunications. In addition, the ease of use of wireless telecommunications may make that medium an
attractive alternative in circumstances where access to fixed line telecommunications is limited. These technologies present
significant competition in the markets in which we conduct or plan to conduct business and no assurance can be given that
the future development and use of such alternative technologies will not materially adversely affect our business, financial
condition and results of operations.
12

We operate in highly concentrated end markets.
Failure to properly execute customer projects in markets where a small number of customers are responsible for a
large portion of our sales could materially adversely impact our ability to obtain similar contracts from other customers in
that market and may result in material financial penalties. In certain of our markets, sales of manufactured products are
highly concentrated in large SOEs or large private infrastructure developers. As those markets are often highly
concentrated, the loss of individual customers in such markets could have a material adverse impact on our position in that
market as a whole and could materially adversely affect our business, financial condition and results of operations.
PEWC may not perform its obligations under the Composite Services Agreement.
We engage in transactions in the ordinary course of business with our controlling shareholder, PEWC, including the
purchase of certain raw materials and the distribution of PEWC’s products in various countries in the Asia Pacific region.
We and PEWC have entered into a composite services agreement dated November 7, 1996, as amended and supplemented
(the "Composite Services Agreement"), which contains provisions that define our relationship and the conduct of our
respective businesses. The Composite Services Agreement is renewable at our option and is currently in force. Under the
Composite Services Agreement, PEWC has agreed to supply APWC with copper and provide research and development
for our products. Although PEWC has performed its obligations under the Composite Services Agreement to date, we are
unable to ensure that PEWC will not in the future seek to limit, or be unable to perform in whole or in part, the business it
conducts with our Company pursuant to the terms of the Composite Services Agreement. Given its controlling shareholder
position, PEWC could in such instance seek to influence our response to any such events or occurrences. Any such
limitation or inability to perform the Composite Services Agreement on PEWC’s part could have a material adverse effect
on our business, financial condition and results of operations. (See “Item 10.C. Material Contracts” for more details of the
Composite Services Agreement.)
Our insurance coverage does not cover all of our business risks.
Our global operations are subject to many risks including errors and omissions, infrastructure disruptions such as
large-scale outages or interruptions of service from utilities or telecommunications providers, supply chain interruptions,
third-party liabilities and fires or other natural disasters. Our Company maintains insurance policies covering certain
buildings, machinery and equipment against specified amounts of damage or loss caused by fire, flooding, other natural
disasters and burglary and theft. Our Company does not carry insurance for consequential loss arising from business
interruptions or political disturbances and does not carry product liability insurance. Consequently, the amount of our
insurance coverage may not be adequate to cover all potential claims or liabilities, and we may be forced to bear substantial
costs resulting from the lack of adequate insurance. No assurance can be given that we will not incur losses beyond the
limits or outside the scope of coverage of our insurance policies. Accordingly, we may be subject to an uninsured or under-
insured loss in such situations. Any failure to maintain adequate insurance coverage on terms favorable to us, or at all,
could have a material adverse effect on our business, financial condition and results of operations.
A significant number of our ROW employees are members of employees’ unions.
A significant number of the employees of our Rest of World ("ROW") segment are members of employees’ unions.
Failure to successfully negotiate and/or renew collective agreements, strikes, or other labor disputes could result in a
disruption of our operations. Any such labor dispute could lead to a disruption of our operations, hindering our ability to
serve our customers, and could have a material adverse effect on our Company and could materially adversely affect our
business, financial condition and results of operations.
Our business could be harmed if we fail to attract and retain qualified personnel.
If we fail to retain our key employees and attract qualified personnel by investing adequate resources to develop our
human capital, our business may be harmed. The loss of any of our executive officers or other key employees could have a
material adverse effect on our business, financial condition and results of operations. The loss of executive officers or key
employees could impair customer relationships and result in the loss of vital industry knowledge, expertise, and experience.
There is also a risk of losing key employees to our competitors, which could pose a possible risk of theft of trade secrets,
with competitors then gaining valuable information about our manufacturing process. Increased costs associated with
recruiting, motivating and retaining qualified personnel could have a negative impact on our profitability. Our Company’s
future success depends on its continued ability to attract and retain talented and qualified personnel.
13

Our operations are subject to environmental protection laws and regulations, which impose compliance costs and
subject us to potential liabilities should we violate any of these laws and regulations.
We are subject to certain environmental protection laws and regulations governing our operations and the use,
handling, disposal and remediation of hazardous substances used by us. We could incur environmental liability from our
manufacturing activities in the event of a release or discharge by us of a hazardous substance. Under certain environmental
laws, we could be held responsible for the remediation of any hazardous substance contamination at our facilities and at
third party waste disposal sites and could also be held liable for any consequences arising out of human exposure to such
substances or other environmental damage. There can be no assurance that the costs of complying with environmental,
health and safety laws and requirements arising from our current operations, or the liabilities arising from past releases of,
or exposure to, hazardous substances, will not result in future liabilities incurred, or expenditures payable, by us that would
materially adversely affect our business, financial condition and results of operations.
Information systems failure or cybersecurity breaches could have a material adverse effect on our business, financial
condition, and results of operations.
APWC's subsidiaries each have their respective information systems to support the operation of such subsidiary.
While APWC’s operating subsidiaries vary in the degree of reliance that they place on their information systems, any
failure or interruption of these systems could materially adversely affect our Company’s business, financial condition and
results of operations. Among other things, financial data may be corrupted and financial information may not be accurately
reported or presented in a timely manner, which could impair our Company’s ability to timely file periodic or annual
reports with the SEC or timely disseminate material information to shareholders. Because there is no unified framework for
administering information systems amongst APWC’s subsidiaries, our competitors with a unified framework for
administering information systems across their subsidiaries may have a competitive advantage over us and may be able to
more efficiently administer such systems and respond to incidents and minimize risk to their business.
Cybersecurity presents risks and threats to us because intense competition in the wire and cable sector renders the
Company vulnerable to theft and copying of design specifications. While our Company relies upon its majority
shareholder, PEWC, for much of our Company's research and development, our Company's products are designed precisely
to meet customer specifications for the applications for which they are intended. Cybersecurity risks create the potential for
a material adverse impact on our Company’s business, financial condition and result of operations due to, but not limited
to, losing intellectual property, implementing reactive measures, managing litigation or investigations, addressing
reputational harm, or losing a competitive advantage. To date, none of the cyber incidents identified have had a material
adverse effect on our business. However, we do not have visibility into all unauthorized incursions and our systems may be
experiencing ongoing incursions of which we are not aware. Mitigating these risks requires ongoing management oversight
to ensure that sufficient controls and procedures are in place for appropriate persons to receive pertinent cybersecurity risk
information to take appropriate action. We cannot offer any assurance that those controls and procedures will be sufficient
to protect against cybersecurity risks and that our business, financial condition and results of operations will not be
materially and adversely affected as a result of any such failure.
Increased reliance on information systems requires the implementation of information technology (“IT”) security
measures to protect networks, computers, programs and data from attack, damage or unauthorized access and ensure the
confidentiality, availability and integrity of Company data. Our Company employs safeguards, both technological and
contractual, in order to protect its proprietary interests and those of its customers and third-party licensors, including,
without limitation, certain insurance against theft and risk of loss. However, we cannot guarantee that such safeguards will
protect our Company from all types of IT and cybersecurity threats. If our Company’s IT and cybersecurity measures are
compromised or otherwise fail to protect systems, networks and data, or if an event of force majeure occurs and our
Company’s disaster recovery plan does not operating effectively, our Company’s business may be disrupted and stand to
lose assets, reputation and business, and potentially face regulatory fines and litigation as well as the cost of remediation,
which could materially adversely affect our Company’s business, financial condition and results of operations.
Our multinational operations and structure subject us to potentially adverse tax consequences.
We conduct our business through operating subsidiaries and report our taxable income in multiple jurisdictions
based upon our business operations in those jurisdictions. While we believe our tax positions are consistent with the tax
laws in the jurisdictions in which we conduct our business, it is possible that these positions may be contested or
overturned by jurisdictional tax authorities, which may have a significant impact on our global provision for income taxes,
14

which could result in one-time tax charges, higher effective tax rates, reduced cash flows and lower overall profitability of
our operations.
Certain government agencies in jurisdictions where we do business have had an extended focus on issues related to
the taxation of multinational companies. In addition, the OECD is conducting a project focused on base erosion and profit
shifting in international structures, which seeks to establish certain international standards for taxing the worldwide income
of multinational companies. (See Item 3.D. Risks Related to Our Business: Changes to tax laws and treaties could have an
adverse impact on our business, results of operations and financial condition.) As a result of these developments, the tax
laws of certain countries in which we do business could change on a prospective or retroactive basis, and any such changes
could increase our liabilities for taxes, interest and penalties, and therefore could harm our business, cash flows, results of
operations and financial position.
Pursuant to the Bermuda Economic Substance Act 2018 ("ESA") which commenced December 31, 2018, an entity
that falls within the scope of the ESA and carries on as a business any of the “relevant activities” referred to in the ESA,
must comply with economic substance requirements. The “relevant activities” include: banking, insurance, fund
management, financing and leasing, headquarters, shipping, distribution and service center, intellectual property and
holding entity. An in-scope entity which is engaged in any of the “relevant activities” must satisfy an economic substance
test, by performing core income-generating activities in the jurisdiction, being directed and managed in the jurisdiction and,
having within the jurisdiction (i) an adequate amount of operating expenditure, (ii) adequate physical presence and (iii) an
adequate number of qualified full-time employees or other personnel.
Risks Related to our Financial Activities
Restrictive covenants and default provisions in our existing debt agreements may materially restrict our operations as
well as adversely affect our liquidity, business, financial condition and results of operations.
If our business units do not generate sufficient cash flows from operations, we may be unable to make required
payments on our debt, including debt secured by our or our subsidiaries’ assets. Any such failure to make any such
payment could have a material adverse effect on our liquidity, business, financial condition and results of operations. In
addition, our debt agreements contain restrictive covenants and default provisions. Covenants in the agreements governing
our existing debt, and debt we may incur in the future, may materially restrict our operations, including our ability to incur
debt, pay dividends, make certain investments and payments, and encumber or dispose of assets. In addition, any global
economic deterioration may cause us to incur significant net losses or force us to assume considerable liabilities. We
cannot make assurances that we will be able to remain in compliance with our financial covenants, which may lead to a
default. Any such default may thereby restrict our ability to access unutilized credit facilities or the global capital markets
to meet our liquidity needs. Furthermore, a default under certain debt agreements by APWC or APWC’s subsidiaries may
trigger cross-defaults under other debt agreements. In the event of default, we may not be able to cure the default or obtain
a timely waiver. An event of default under any agreement governing our existing or future debt, if not cured or timely
waived, could have a material adverse effect on our liquidity, business, financial condition and results of operations. (See
"Item 5.B. Liquidity and Capital Resources" and Note 28(c) of our consolidated financial statements referenced in Item 18
for a further discussion of our secured and unsecured indebtedness.)
Foreign exchange fluctuations could materially impact our financial performance and our financial condition.
Our principal operations and properties are located in the three regions that constitute our business segments, namely
the North Asia, Thailand and ROW regions. Although our reporting currency is the U.S. dollar, the functional currency of
our Thailand region, which accounted for 37% of sales in 2024, is the Thai Baht. The functional currencies of our ROW
region, which accounted for 48% of sales in 2024, are the Australian dollar and the Singapore dollar. The functional
currencies for our North Asia operations, which in total accounted for 15% of sales in 2024, are divided into three groups:
(1) the PRC Subsidiaries, whose functional currency is the RMB, (2) Crown Century, whose functional currency is the U.S.
dollar, and (3) the ROC Subsidiaries, whose functional currency is the TWD. Accordingly, the functional currency
accounts of these operations are all translated into U.S. dollars utilizing the reporting date exchange rate for balance sheet
accounts, and an average exchange rate for the year for the income statement accounts, for reporting purposes. Any
devaluation of the Baht, the Australian dollar, the Singapore dollar, the TWD, or the RMB against the U.S. dollar would
adversely affect our financial performance, as measured in U.S. dollars.
Our Company conducts business in many foreign currencies and is subject to exchange rate risk on cash flows
related to sales, expenses, financing and investment transactions. A substantial portion of our aggregate revenues is
15

denominated in the following currencies: RMB, TWD, Baht, Australian dollars and Singapore dollars, while our purchases
of raw materials and expenditures related to equipment upgrades are largely denominated in U.S. dollars. Any devaluation
of the Baht, the Australian dollar, the Singapore dollar or the RMB against foreign currencies (such as the U.S. dollar)
would increase the effective cost of transactions denominated in such other foreign currencies. This would have an adverse
impact on our operations and cash flows. Likewise, an increase in U.S. dollar borrowing costs and any increase in the
strength of the U.S. dollar in foreign exchange markets (which could also increase borrowing rates) could materially
adversely affect our business in the markets where we have operating plants, such as Thailand, China, Singapore and
Australia. Consequently, adverse movements in exchange rates could have a material adverse effect on our business,
financial condition and results of operations.
In addition, a portion of our investment properties and financial instruments are denominated in currencies other
than the U.S. dollar. Accordingly, our investment results will be subject to possible currency rate fluctuations as well as the
volatility of overseas capital markets. Our results of operations may be materially impacted by those fluctuations and
volatility.
Significant impairment charges could materially adversely impact our results of operations.
In prior years, we have on occasion recognized impairment charges on certain property, plant and equipment due to
lack of profitability. An impairment charge may be incurred for various reasons including, but not limited to, strategic
decisions made in response to changes in economic and competitive conditions, the impact of the economic environment
on our business or a material adverse change in any material relationships with our clients. If we recognize significant
impairment charges, our results of operations may be materially adversely affected.
Risk Related to the Regions in Which We Operate
We face risks relating to our operations in Thailand.
A substantial portion of our Thai operations consist of the manufacture of telecommunication and power cables and
sales of those products for use in various construction and infrastructure projects in Thailand. The performance of our
Company’s Thai operations is affected by the political and economic situation in Thailand. In recent years, the level of
government involvement in infrastructure development has tended to track increases or contractions in Thailand’s gross
domestic product and the Thai economy has been highly cyclical and volatile, depending for economic growth in
substantial part on a number of government initiatives for economic expansion. Overall, the construction industry and
infrastructure projects have slowed considerably, thereby affecting local sales, placing competitive pressure on prices and
prompting our Company to rationalize Thai operations and actively seek overseas markets. Political tensions remain high
in Thailand and political instability in Thailand tends to diminish governmental focus on infrastructure development
projects, which can materially adversely impact the volume of sales to (and payment by) our customers who are engaged in
large infrastructure projects and, consequently, materially adversely affect our business, financial condition and results of
operations. In addition, our Thai operations could be materially adversely impacted if low margin wire and cable
manufacturers from China, including SOEs, were to enter the Thailand market.
There are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations; the PRC
legal system may limit our Company’s remedies, which may impact our ability to enforce agreements in the PRC with
third parties; and changes in policies, laws, rules and regulations in the PRC could adversely affect us.
Our operations conducted in the PRC are governed by PRC laws, rules and regulations and our PRC subsidiaries are
subject to laws, rules and regulations applicable to foreign investment in China. The PRC legal system is a civil law system
based on written statutes. Prior court decisions may be cited for reference but have limited precedential value. China has
not developed a fully integrated legal system and enacted laws, rules and regulations may not sufficiently cover all aspects
of economic activities or may be subject to a significant degree of interpretation by PRC regulatory agencies and courts. As
these laws, rules and regulations are relatively new and quickly evolving and because of the limited number of published
decisions and the non-precedential nature of these decisions, and because the laws, rules and regulations often give the
relevant regulator certain discretion in how to enforce them, the interpretation and enforcement of these laws and
regulations involves uncertainties and can be inconsistent and unpredictable. Therefore, it is possible that our existing
operations may be found not to be in compliance with relevant laws and regulations in the future.
Since PRC administrative and court authorities have significant discretion in interpreting and implementing statutory
and contractual terms, the remedies and the legal protection we enjoy may be limited in the event of any claims or disputes
with third parties. In addition, any litigation in China may be protracted and could result in substantial costs and diversion
16

of resources and management attention. In terms of enforcement, agreements which are governed by PRC laws may be
more difficult to enforce by legal or arbitral proceedings in the PRC than in countries with more developed legal systems.
Even if the agreements generally provide for arbitral proceedings for disputes arising out of the agreements to be in another
jurisdiction, in practice it may be difficult for us to obtain effective enforcement in the PRC of an arbitral award obtained in
that jurisdiction.
Moreover, government policies, internal rules, laws and regulations, particularly for local applications, may be
varied and enacted without sufficient prior notice or announcement to the public on a timely basis, and which may be
effective retroactively. Consequently, we may not be aware of a violation of a new or updated policy or rule until we are
notified by the regulating authority after the violating event has occurred.
Pursuant to the “Opinions on Strictly Cracking Down on Illegal Securities Activities in Accordance with the
Law” (the “Opinions”) issued by the Central Committee of the Chinese Communist Party and the State Council on July 6,
2021, among others, the PRC government sought to strengthen judicial cooperation in cross-border supervision and law
enforcement on securities activities. The China Securities Regulatory Commission ("CSRC") published the Provisions of
the State Council of the PRC on the Administration of Overseas Securities Offering and Listing by Domestic Companies
(Draft for Comments), and Administrative Measures for the Filing of Overseas Securities Offering and Listing by
Domestic Companies (Draft for Comments), which, among others, clarified the scope of overseas offering and listing by a
PRC company, and listed a number of circumstances where overseas offering is prohibited. The CSRC subsequently
published the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the
"Trial Measures") effective March 31, 2023. The new regulations for the filing-based administration of overseas securities
offering and listing by companies that are incorporated in the PRC and the domestic operating entities of companies whose
securities are indirectly offered and listed overseas (collectively referred to as "domestic companies") are, and are made up
of six sets of documents, namely, the Trial Measures and five supporting guidelines. The CSRC also issued an
accompanying "Notes on the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic
Companies" which provides an explanation of the Trial Measures. The Trial Measures and the changes from the prior
drafts circulated by the CSRC have the potential to impact our PRC operations, financial position and business strategies,
particularly if we were to seek a spin-off and foreign listing of our Chinese entities.
As the PRC legal system continues to evolve, we cannot predict if future developments in the PRC legal system
could be detrimental to our Company and have a material adverse effect on its business, financial condition, results of
operations, and the value of our Common Shares.
Changes in China’s economic, political or social conditions or government policies could have a material adverse effect
on our business, financial conditions and results of operations.
Certain of our subsidiaries operate in the PRC, where the enforcement of laws, rules and regulations can change
quickly with little advance notice. The PRC government may intervene or influence the operations of our PRC subsidiaries
at any time, or may begin to exert more control over offerings conducted overseas. Accordingly, our business, financial
condition and results of operations may be affected to a significant degree by political, economic and social conditions in
the PRC generally.
The PRC economy differs from the economies of most developed countries in many respects, including the degree
of government involvement and control, with a substantial portion of the productive assets in China still managed by the
government. The PRC government regulates industry development by imposing industrial policies and exerting
considerable direct and indirect influence on the development of the PRC economy by controlling, among others, the
allocation of resources, foreign exchange, growth rate and the level of development, monetary policy, taxation and foreign
investment. The PRC government has significant influence over business activities and has become more involved in
regulating China based companies. Legislative and enforcement actions and trends by the PRC authorities are not always
predictable. In recent years the PRC government has enhanced regulations in areas such as anti-monopoly, cybersecurity
and data privacy.
The PRC Anti-Monopoly Law ("AML") includes oversight of concentration of undertakings, monopoly agreements
and abusive behavior by companies with market dominance and was amended effective August 1, 2022 to include, among
others, increased penalties for anti-trust violations. The State Administration for Market Regulation ("SAMR"), the anti-
monopoly enforcement agency in the PRC, has in recent years strengthened enforcement under the AML, with increased
investigations and the levying of significant fines. In 2023, SAMR finalized a series of implementing regulations, rules and
17

guidelines to facilitate the interpretation and enforcement of AML. While the business of APWC may not fall within the
industries where recent active anti-monopoly enforcement efforts have focused, we cannot assure you that we will not be
affected, either directly or indirectly, by this increased focus. In addition, to comply with existing and new anti-monopoly
laws, regulations and guidance which are constantly evolving, we may need to devote additional resources and efforts,
including adjusting investment strategy and business arrangements, which may adversely affect our business, growth
prospects, and the value of our Common Shares.
The 2017 PRC Cybersecurity Law ("CSL") was enacted with the aim of increasing data protection, data
localization, and cybersecurity in the interest of national security. Related laws include the PRC Data Security Law,
effective September 1, 2021 (the "DSL") and the Personal Information Protection Law, effective November 1, 2021 (the
"PIPL"). The DSL, PIPL and CSL, (collectively, the "China Data Laws") form the over-arching framework that governs
data protection and cybersecurity in the PRC. The CSL focuses on cybersecurity and the protection of the critical
information infrastructure (“CII”), the DSL focuses on regulating “important" and data processing activities that would
have an impact on national security, and the PIPL focuses on protecting personal information. On September 30, 2024, the
State Council of the People's Republic of China promulgated the Administrative Regulations on Cyber Data Security
(2024) (the "CDS Regulations") effective January 01, 2025, introducing new obligations for processors of network data
and supplementing the data security protection obligations under the China Data Laws.
On August 17, 2021, China released the text of the “Critical Information Infrastructure Security Protection
Regulations” ("CII Regulations") which became effective September 1, 2021. Under the CII Regulations, critical
information infrastructure refers to important network infrastructure and information systems, in important industries and
sectors, and requires the appropriate regulatory and administrative departments in these sectors ("Protection
Departments") to formulate CII identification rules based on the actual situations of their respective sectors and submit
such identification rules to the Ministry of Public Security ("MPS") for recording. The Protection Departments are
responsible for identifying the CII in their respective sectors and promptly notifying relevant operators.
On December 28, 2021, the Cyberspace Administration of China ("CAC") and the MPS, among others, adopted
Cybersecurity Review Measures ("CRM") effective February 15, 2022, which require CII operators to undergo a security
review if the procurement of any “network products and services” affects or may affect China’s national security. Online
platform operators, holding the personal information of more than 1 million users and newly listing on foreign markets,
must also report for a cybersecurity review with the Cybersecurity Review Office of the CAC. On July 3, 2023 the CAC
and MPS, among others, jointly released the 2023 edition of the Catalogue of Critical Network Equipment and Specialized
Cybersecurity Products (“Catalogue”), which designated 38 network products subject to mandatory Critical Network
Equipment and Specialized Cybersecurity Products Certification.
SAMR released technical standards for data classification titled “Data security technology - Rules for data
classification and grading” effective October 1, 2024. The technical standards provide guidelines for companies and
regulators to identify data as “core”, “important”, and “general”, and thereby subject the data to differentiated protection
standards as required under the China Data Laws. “Core” data includes data with a high degree of coverage, that reaches a
high level of precision, is large in scale, and reaches a certain depth in a domain, group, or region that once illegally used or
shared, may directly affect political security. Core data mainly includes data related to national security key areas, national
economic lifelines, people’s livelihoods, and major public interests, as evaluated and determined by relevant state
departments. “Important” data includes data specific to certain fields, groups, and regions, or reaching a certain level of
precision and scale that, once leaked, tampered with, or destroyed, may directly jeopardize national security, economic
operation, social stability, public health, and safety. Data that only affects the organization itself or individual citizens is
generally not considered important data. “General” data is other data that does not fall within the definition of core or
important data.
When a PRC based entity subject to the cybersecurity review requirements is a subsidiary of a non-PRC company, it
is undetermined if those requirements would be imposed on the parent company. To the extent any of APWC's PRC
subsidiaries' products or component products could be classified as a network product, or any data the subsidiary collects
and processes within the PRC meets the definition of core or important data, APWC and its PRC subsidiaries may be
subject to various statutory obligations, such as conducting a national security review and periodically carrying out
requisite risk assessments.
Compliance with current obligations and potential future obligations that may be promulgated pursuant to any of the
China Data Laws, CII Regulations, CRM or other related laws, rules or regulations, could require us to incur additional
18

costs and expend resources, including the updating of internal procedures and hiring of external consultants to conduct
assessments, which would increase APWC’s costs and adversely affect profitability.
As final rules and implementing regulations have yet to be issued, the implications and applications of recent
enforcement and legislative actions remain unclear at the moment and provide minimal guidance. Many of the economic
reforms carried out by the PRC government are unprecedented or experimental and expected to be refined and improved
over time. As such, we cannot assure you that APWC and APWC’s operations in the PRC will not be affected, either
directly or indirectly, by such refinement or changes in government policy, or the interpretation of, or enforcement of, such
laws and regulations, which could have a material adverse effect on our business, financial condition, results of operations
and the value of our Common Shares.
Uncertainties with respect to the interpretation and implementation of the PRC Foreign Investment Law and
Implementation Regulations may affect our Company’s Corporate Governance.
The PRC Foreign Investment Law and the Regulations for Implementation of the Foreign Investment Law
(collectively the "FIL") took effect January 1, 2020 and replaced the trio of prior laws governing foreign investment in
China, namely, the Law on Sino-Foreign Equity Joint Ventures, the Law on Sino-Foreign Cooperative Joint Ventures, and
the Law on Wholly Foreign-Owned Enterprises, together with their implementation regulations (the "Old FIL Laws").
Several key changes under the FIL include protection of foreign IP rights and trade secrets, and equal treatment of
domestic and foreign companies in government procurement. As the Old FIL Laws were repealed at the same time the FIL
became effective, foreign-invested enterprises ("FIE") became subject to the PRC Company Law and Partnership
Enterprise Law, which stipulate different rules on corporate governance, voting, profit distributions and equity transfer
restrictions, among others. FIEs established before the FIL’s effective date have a five-year transition period to convert to
the appropriate corporate form and make necessary adjustments to their articles of association and other documents to
comply with such rules, which now apply to foreign and domestic investors alike. The FIL imposes information reporting
requirements on foreign investors and FIEs and any found to be non-compliant with these reporting obligations may be
subject to fines or administrative liabilities.
Since the FIL is relatively new, uncertainties still exist in relation to its interpretation and implementation. The FIL
may affect our relevant corporate governance practices and increase our compliance costs. We continue our review of the
provisions regarding equity interest transfers and distribution of profits or remaining assets, and the specific adjustments
FIEs must undertake.
On September 8, 2024, the National Development and Reform Commission ("NDRC") and the Ministry of
Commerce of the PRC ("MOFCOM") issued Special Administrative Measures for Foreign Investment Access (Negative
List) (2024 Version) effective November 1, 2024. The wire & cable industry is not within the sector where foreign
investment is prohibited or restricted in the 2024 Version. Accordingly, APWC’s PRC business is unlikely to be directly
affected by the rules and enforcement actions targeting variable interest entity structures, even if APWC proposes a spin-
off of its PRC entities and an offshore listing. However, it is not known whether these matters will be addressed by
additional laws or regulations promulgated pursuant to the FIL. The FIL could be interpreted and implemented in a manner
that could have a material adverse effect on our Company’s business, financial condition and results of operations.
PRC regulation of loans to and direct investment in PRC entities by offshore holding companies may delay or prevent
us from making loans or additional capital contributions to our PRC subsidiaries, which could materially adversely
affect our ability to fund and expand our business.
We conduct substantial business operations in China. We may make loans or capital contributions to our PRC
subsidiaries. Loans or capital contributions by APWC or any of our offshore subsidiaries to our PRC subsidiaries, which
are treated as FIEs under PRC law, may be subject to PRC regulations and/or foreign exchange loan registrations. Such
loans to any of our PRC subsidiaries to finance their activities generally cannot exceed statutory limits and must be filed
with China’s State Administration of Foreign Exchange ("SAFE"). We may also decide to finance our PRC subsidiaries by
means of capital contributions, in which case the PRC subsidiary is required to register the details of the capital
contribution with the relevant governmental authorities in China.
In light of the various requirements imposed by PRC regulations on loans to and direct investment in PRC entities
by offshore holding companies, we cannot assure that we will be able to complete the necessary government registrations
or obtain the necessary government approvals on a timely basis, if at all, with respect to future loans or capital
19

contributions by our Company to our PRC subsidiaries and conversion of such loans or capital contributions into RMB. If
we fail to complete such registrations or obtain such approvals, our ability to capitalize or otherwise fund our PRC
operations may be negatively affected, which could materially adversely affect our ability to fund and expand our business,
and could materially adversely affect or business, financial condition and results of operations.
The PRC government’s control of currency conversion and expatriation of funds may affect our liquidity.
The PRC government imposes controls on the convertibility of RMB into foreign currencies and, in certain cases,
the remittance of currency out of the PRC. Our PRC subsidiaries represent the majority of the sales in our North Asia
segment, which segment constituted approximately 15% of our sales in 2024. Substantially all revenues of our subsidiaries
organized under the laws of the PRC, are denominated in RMB. Shortages in the availability of foreign currency in the
PRC may restrict the ability of our PRC subsidiaries to remit sufficient foreign currency to pay dividends or to make other
payments to us, or otherwise to satisfy their foreign currency-denominated obligations. Under existing Chinese foreign
exchange regulations, payments of current account items, including profit distributions, interest payments, and trade-related
payments, can be made in foreign currencies without prior approval from SAFE by complying with certain procedural
requirements, including, among others, submission of relevant documentary evidence of such transactions to designated
foreign exchange banks in the PRC for processing of relevant payments. We are required to present relevant documentary
evidence of such transactions and conduct such transactions at designated foreign exchange banks in the PRC. However,
for any PRC company, dividends can be declared and paid only out of the retained earnings of that company under PRC
law and may be subject to taxation. As a result, our PRC subsidiaries may be restricted in their ability to transfer cash
outside of the PRC whether in the form of dividends, loans, and advances. If our PRC subsidiaries distribute dividends,
these restrictions and requirements could reduce the amount of distributions that we would receive, which could in turn
restrict our ability to fund our operations, generate income, pay dividends, and service our indebtedness.
Furthermore, approval from SAFE or its local branch is required where RMB are to be converted into foreign
currencies and remitted out of the PRC for payments of capital account items, such as the repayment of loans denominated
in foreign currencies. Without a prior approval from SAFE or its local branch, cash generated from the operations of our
PRC subsidiaries may not be used to repay debt in a currency other than the RMB owed by such subsidiaries to entities
outside the PRC, or make other payments of capital account items outside the PRC in a currency other than the RMB. The
PRC government may also at its discretion, restrict access in the future to foreign currencies for current account
transactions. In the current regime of stringent regulation of outflow of capital, RMB outflow may face the same level of
scrutiny by the PRC government as the outflow of foreign currencies.
Additionally, because repatriation of funds of our PRC subsidiaries requires the prior approval of SAFE and/or its
authorized bank and compliance with certain procedural requirements, such repatriation could be delayed, restricted, or
limited. There can be no assurance that the rules and regulations pursuant to which SAFE grants or denies such approval or
stipulates the procedural requirements will not change in a way that adversely affects the ability of our PRC subsidiaries to
expatriate funds out of the PRC, thereby negatively affecting our liquidity, our results of operations and the value of our
Common Shares.
Political or social instability, including tensions between PRC and Taiwan, may materially adversely affect our
Company’s business, financial condition, and results of operations.
Political or social instability in China could also materially adversely affect our business operations or financial
condition. Lack of political or social certainty exposes our operations to increased risk of adverse or unpredictable actions
by PRC government officials. For example, APWC’s principal office is located in Taipei, Taiwan, and any escalation in
political tensions between the PRC and the government of Taiwan could materially adversely impact our ability to manage
our operations in the PRC efficiently or without third party interference. The PRC government has long advocated a one-
China policy with regard to the Republic of China. Any overtly aggressive actions by the PRC towards Taiwan could have
a materially destabilizing impact on Taiwan generally, and on our business in particular, and could materially and
adversely affect our business, financial condition and results of operations. These factors could also adversely impact
PEWC and their ability to perform their obligations under the Composite Services Agreement.
PRC SOEs have competitive advantages and our business and operations may be materially and adversely affected in
the event we must compete with such SOEs.
Much of the PRC's manufacturing output is still conducted through SOEs, which are often subsidized by the
government such that they are protected against the challenges of market forces confronting private enterprises. As a
20

consequence, it can become untenable for private enterprises in competition with SOEs to conduct profitable operations
when the SOEs are being subsidized by the government and may operate in a loss position for an extended period. Our
Company’s business, financial condition and results of operations may be materially adversely affected in the event it must
compete with such SOEs.
Risks Related to the Common Shares and APWC
The Common Shares may be delisted from Nasdaq, which could affect their market price and liquidity.
The Common Shares are currently listed on Nasdaq under the trading symbol “APWC” on the Capital Market Tier.
In order for the Common Shares to remain listed on Nasdaq, we must continue to meet certain minimum financial and
other requirements including, without limitation, maintaining a closing bid price for the Common Shares of at least $1.00
per share. Nasdaq’s rules provide for the delisting of the Common Shares if the closing bid price for the Common Shares
falls below $1.00 per share for 30 consecutive business days and we are unable to regain compliance with the applicable
requirements in the time permitted by Nasdaq.
In addition to Nasdaq’s enumerated criteria for continued listing on the Capital Market Tier, Nasdaq also has broad
discretionary public interest authority that it can exercise to apply additional or more stringent criteria for the continued
listing of the Common Shares, or suspend or delist securities even though the securities met all enumerated criteria for
continued listing on Nasdaq. We cannot assure you that Nasdaq will not exercise such discretionary authority.
In accordance with the provisions of the Exchange Control Act 1972, as amended (the "Exchange Control Act"),
and related regulations of Bermuda, the permission of the Bermuda Monetary Authority (the "BMA") is required for all
issuances and transfers of shares (which includes the Common Shares) of Bermuda companies to or from a non-resident of
Bermuda for exchange control purposes, other than in cases where the BMA has granted a general permission. The BMA,
in its notice to the public dated June 1, 2005, has granted a general permission for the issue and subsequent transfer of any
securities of a Bermuda company from and/or to a non-resident of Bermuda for exchange control purposes for so long as
any “Equity Securities” of APWC (which include the Common Shares) are listed on an “Appointed Stock
Exchange” (which includes Nasdaq). In granting the general permission the BMA accepts no responsibility for APWC’s
financial soundness or the correctness of any of the statements made or opinions expressed herein. Consequently, if the
Common Shares are delisted from Nasdaq, it will be necessary to obtain the prior permission of the BMA to transfer such
Common Shares to any transferee, subject to any applicable general permissions issued by the BMA.
There can be no assurance that the Common Shares will remain listed on Nasdaq on any tier. Any delisting of the
Common Shares could materially adversely affect their market price and liquidity. If the Common Shares are
delisted, APWC expects its Common Shares would be quoted on an over-the-counter market. If this were to
occur, APWC’s shareholders could face significant material adverse consequences, including the need to receive
permission from the BMA to transfer the Common Shares, limited availability of market quotations for the Common
Shares and reduced liquidity for the trading of the Common Shares. In addition, APWC could experience a decreased
ability to issue additional securities and obtain additional financing in the future.
As a foreign private issuer, there is less publicly available information concerning our Company than there would be if
APWC was a U.S. public company.
APWC is a “foreign private issuer”, as defined in the SEC’s rules and regulations and, consequently, APWC is not
subject to all of the disclosure requirements applicable to public companies organized within the United States. For
example, APWC is exempt from certain rules under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) that regulate disclosure obligations and procedural requirements related to the solicitation of proxies, consents or
authorizations applicable to a security registered under the Exchange Act, including the U.S. proxy rules under Section 14
of the Exchange Act. In addition, APWC’s senior management and directors are exempt from the reporting and “short-
swing” profit recovery provisions of Section 16 of the Exchange Act and related rules with respect to their purchases and
sales of APWC’s securities. Moreover, APWC is not required to file periodic reports and financial statements with the SEC
as frequently or as promptly as U.S. public companies, and is not required to file quarterly reports on Form 10-Q or current
reports on Form 8-K under the Exchange Act. Accordingly, there is less publicly available information concerning our
Company than there would be if APWC was a U.S. public company.
21

Future sales of APWC’s securities may cause the prevailing market price of the Common Shares to decrease.
There may be future sales or other dilution of APWC’s equity, which could materially adversely affect the market
price of the Common Shares. APWC may, from time to time, issue equity securities, including Common Shares or
securities that are convertible into or exchangeable for, or that represent the right to receive, Common Shares. The market
price of the Common Shares could decline as a result of issuances of any such equity securities or any such securities that
are convertible into or exchangeable for, or that represent the right to receive, Common Shares, or as a result of the
perception that such issuances could occur.
The market for the Common Shares may not be liquid, which could cause volatility and adversely affect our prevailing
market price.
Active, liquid trading markets generally result in lower price volatility and more efficient execution of buy and sell
orders for investors, compared to less active and less liquid markets. Thinly-traded equity securities can be more volatile
than equity securities for which there is significant trading volume. In addition, APWC’s share price may be volatile and
could be subject to fluctuations in response to various factors, most of which are beyond our control. Liquidity of a
securities market is often a function of the volume of the underlying shares that are publicly held by unrelated parties. As of
December 31, 2021, approximately 75.5% of APWC’s issued and outstanding Common Shares were directly or
beneficially owned by PEWC. Following the completion of APWC’s rights offering in February 2022 (as further described
in Item 7.A. herein) and as of the date of this Annual Report, approximately 80.9% of APWC’s issued and outstanding
Common Shares are directly or beneficially owned by PEWC, with such Common Shares subject to certain restrictions on
trading. In addition, although the Common Shares are currently traded on Nasdaq, the trading and demand for the Common
Shares has been historically limited. As a consequence, shareholders may find that the value of their Common Shares and/
or their ability to sell their Common Shares quickly or in substantial amounts may be materially adversely affected by the
limited public trading market of the Common Shares. In the future, the Common Shares may experience significant price
fluctuations which could materially adversely affect the value of a shareholder's ownership interest in APWC.
Our Common Shares have a limited public float and are subject to price volatility, which could adversely affect our
prevailing market price.
Given PEWC’s sizable percentage ownership of our outstanding Common Shares, we have a limited public float,
which adversely affects trading volumes and liquidity in our Common Shares. We have experienced significant share price
and volume fluctuations and could be subject to continuing fluctuations in the future. The trading price of our Common
Shares may fluctuate widely due to various factors, including the level of purchases or sales in our Common Shares relative
to total volume of trading in our Common Shares, actual or anticipated actions by PEWC, including purchases or sales of
our Common Shares by PEWC, actual or anticipated changes in our financial conditions and operating results, changes in
our capital structure or liquidity including issuance of additional debt or equity to the public, changes in our dividend
policy, news regarding our products or geographic markets, and broad market and industry fluctuations. This volatility in
our share price, and limited trading volume in our Common Shares, could adversely affect our business and financing
opportunities.
Being the subject of an activist investor campaign could cause us to incur substantial costs, divert management’s
attention and resources, and have an adverse effect on our business. We have been in the past, and may continue to be,
subject to proposals by activist investors urging us to take certain actions. Responding to activist campaigns is generally
costly and time-consuming, as we may need to retain the services of legal, financial and communications advisors to assist
APWC in responding to the activist investor’s concerns, the costs of which could negatively impact our future financial
results. A campaign could also divert the attention of our directors and officers away from our business and operations,
which could adversely impact our business. In addition, perceived uncertainties as to our future direction, strategy or
leadership arising from an activist campaign could cause our stock price to experience periods of enhanced volatility or
harm our ability to raise capital.
APWC may not be able to resume paying a dividend and any dividends paid in the future could be reduced or
eliminated, which could adversely affect our prevailing market price.
APWC did not declare or pay any dividends for the years ended December 31, 2024, 2023, 2022 and 2021. There
are a number of factors that can affect APWC’s ability to pay dividends and there is no guarantee that APWC will pay
dividends in any given year or pay any specific amount of dividends. APWC may not be able, or may choose not to
reinstate its dividend program and pay future dividends, and if reinstated any future dividend could again be eliminated or
22

reduced. The declaration, amount and payment of future dividends are at the discretion of APWC’s Board of Directors (the
"Board") and will be dependent on our Company’s future operating results and the cash requirements of our Company’s
business. In addition, APWC will not pay dividends in the event it is not allowed to do so under Bermuda law.
Furthermore, since APWC is a holding company, nearly all of the assets shown on its consolidated balance sheet are held
by its subsidiaries. Accordingly, APWC’s cash flow and its ability to pay dividends are dependent upon distributions from
its subsidiaries. The reduction, suspension or elimination of dividends may negatively affect the market price of the
Common Shares.
Our holding company structure and potential restrictions on the payment of dividends could materially adversely affect
our market price.
APWC is a holding company with no direct business operations other than its ownership of the capital stock of its
subsidiaries and equity investees. APWC’s principal assets are the equity interests it directly or indirectly holds in its
operating subsidiaries. As a holding company, APWC’s ability to pay dividends and meet its other obligations depends
upon the amount of distributions, if any, received from its operating subsidiaries and other holdings and investments.
APWC’s operating subsidiaries and other holdings and investments, from time to time, may be subject to restrictions on
their ability to make distributions to APWC, including, but not limited to, as a result of restrictive covenants contained in
loan agreements, restrictions on the conversion of local currency earnings into U.S. dollars or other currency, and other
regulatory restrictions. For example, PRC legal restrictions permit payments of dividends by our business entities operating
in the 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 reserves. These reserves are not distributable as cash dividends. The foregoing restrictions may also affect APWC’s
ability to fund operations of one subsidiary with dividends and other payments received from another subsidiary.
Distributions may also be limited from time to time by reason of restrictions protective of the rights of minority
shareholders of APWC’s subsidiaries and by reason of the current cash requirements of APWC’s operating subsidiaries.
Such restrictions on payments involving entities organized in PRC could adversely affect our liquidity, our business results
and thus, the price of our Common Shares.
APWC is incorporated in Bermuda, and investors may face limited recourse and enforceability against APWC as well as
its directors and officers as compared to corporations incorporated in the U.S.
APWC is incorporated in and organized pursuant to the laws of Bermuda with its principal office located in Taiwan.
All of APWC’s directors and officers reside outside the United States and our Company’s material assets are located
outside the United States. As a result, it may be difficult for investors to effect service of process within the United States
upon such persons or to realize judgements against them in courts of the United States predicated upon civil liabilities
under the United States federal securities laws. Even if investors are successful in realizing judgments against such persons
in courts of the United States, the laws of Taiwan may render such investors unable to enforce the judgment
against our Company’s assets or the personal assets of APWC’s officers and directors. Also, investors may have difficulty
in bringing an original action based on U.S. federal securities law against such persons in the Taiwan courts. Additionally,
there is doubt as to the enforcement in Bermuda, in original actions or in actions for enforcement of judgments of United
States courts, of liabilities predicated upon U.S. federal securities laws. As a result, shareholders may encounter more
difficulties in enforcing their rights and protecting their interests in the face of actions taken by management, the Board or
controlling shareholders than they would if APWC was organized under the laws of the United States or one of the states
therein, or if our Company had material assets located within the United States, or some of the directors and officers
resided within the United States.
Control of APWC rests with its majority shareholder, PEWC, and APWC relies on Nasdaq’s controlled company and
foreign private issuer exemptions, all of which could materially and adversely affect our corporate governance.
PEWC holds more than 50% of our issued and outstanding Common Shares. Accordingly, we are a “controlled
company” within the meaning of Nasdaq’s corporate governance standards, and may elect to utilize exemptions from
certain corporate governance standards, including the requirement (1) that a majority of the Board consist of independent
directors, (2) to have a nominating committee that is comprised entirely of independent directors with a written charter
addressing the committee’s purpose and responsibilities and (3) to have a compensation committee that is comprised
entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities. We utilize
the controlled company exemption for the above listed requirements (1) and (2). While we rely on the controlled company
exemption for (2), our independent directors oversee our process for identifying director nominees and review the
qualifications of such nominees.
23

As of December 31, 2024, one Board seat was vacant, and three (3) of the six (6) Board members are affiliated with
PEWC. We rely on Nasdaq’s allowance for foreign private issuers to follow home country practices in lieu of the
requirement that listed companies have regularly scheduled meetings at which only independent directors are present
("executive sessions"). Nonetheless, our independent directors meet periodically in their capacity as members of our Audit
Committee. Our management occasionally join such meetings in the interest of communicating management’s analysis of
the Company’s financial performance and compliance with relevant corporate governance requirements.
Because we have fewer independent directors (i.e. those who meet Nasdaq’s independence standards) on our Board
than issuers that comply with all of Nasdaq’s corporate governance standards, you are not provided the same level of
protection afforded to investors in issuers that comply with all of Nasdaq’s corporate governance standards.
As APWC’s majority shareholder, PEWC has sufficient votes to control the outcome of any matter presented for a
shareholder vote, including the election of each member of our Board. PEWC may vote its shares in APWC in the manner
that it sees fit. In addition, subject to applicable securities laws, PEWC may sell, convey or encumber all or a portion of its
ownership interest in APWC without regard to the best interests of APWC’s other shareholders except to the extent that it
is prohibited from engaging in conduct oppressive to non-controlling interests under applicable law. The interests of PEWC
may conflict with our interests or the interests of our other shareholders. As a result, PEWC may take actions with respect
to us or our business that may not be in our or our other shareholders’ best interest.
Financial or corporate governance issues at PEWC may affect PEWC’s attention to and actions with respect to
APWC, including with respect to its performance of its obligations under, or increase uncertainty regarding its ability to
perform its obligations under, the Composite Services Agreement between APWC and PEWC. (See “Item 3.D. Risk
Factors: Risks Related to Our Business: PEWC may not perform its obligations under the Composite Services Agreement.”
and “Item 10.C. Material Contracts” for a description of the Composite Services Agreement.).
Potential conflict of certain officers and directors could adversely affect our corporate governance.
APWC has three independent directors. As of December 31, 2024, there were three additional members of our
Board, all of whom are also directors or officers of, or otherwise affiliated with, PEWC. Certain of APWC’s officers are
also affiliated with PEWC. In each case, they may be subject to potential conflicts of interest. In addition, certain
of APWC’s officers and directors who are also officers and/or directors of PEWC may be subject to conflicts of interest in
connection with, for example, pursuing corporate opportunities in which our Company and PEWC or one of its affiliates
have competing interests, and in the performance by APWC and PEWC of their respective obligations under existing
agreements, including the Composite Services Agreement. In addition, some of these persons devote time to the business
and affairs of PEWC and its affiliates, which could reduce the amount of time available for overseeing or
managing our Company’s business and affairs.
If we lose control of Charoong Thai, Charoong Thai’s financial results would not be consolidated with ours.
As of December 31, 2024, our Company effectively owned 50.93% of the issued and outstanding shares of
Charoong Thai Wire and Cable Public Company Limited (“Charoong Thai” or “CTW”). While our Company holds
preemptive rights that would permit it to maintain majority ownership of CTW, there may be circumstances under which
our Company cannot maintain majority ownership of Charoong Thai. In the event Charoong Thai were to make a further
offering of voting securities, or securities convertible into or exchangeable for voting securities, and our Company decided
not to, or was not in a position to, fund or finance its participation in the offering, the ownership interest of our Company in
Charoong Thai could fall below a level necessary for consolidated treatment, and our Company may lose the controlling
interest in Charoong Thai. If that were the case, the accounts of the Charoong Thai group, which includes all of our
Company’s Thailand operations, would not be consolidated under IFRS, but instead would be accounted for under the
equity method. In such an event, our Company’s accounts would show a significant decrease in revenue and most
categories of assets and liabilities, which could materially adversely affect our Company and the value of the Common
Shares.
Risk Related to Subsidiary Governance
Governance challenges across subsidiaries.
Our global operations entail managing a network of subsidiaries across multiple jurisdictions, each characterized by
distinct regulatory landscapes, cultural norms, and legal frameworks. Navigating these complexities requires diligent
24

oversight and adaptability to ensure compliance with diverse regulatory obligations and local laws. Factors such as
differences in reporting requirements, governance practices, and business cultures pose inherent risks to our operations.
Inadequate governance practices or failure to effectively synchronize policies and procedures across subsidiaries may
expose the company to heightened regulatory scrutiny, potential legal liabilities, operational inefficiencies, and reputational
damage.
Effective governance of subsidiaries across diverse jurisdictions is also imperative to mitigate the risk of
mismanagement and fraud, which can lead to substantial financial losses. The decentralized nature of subsidiary operations,
coupled with variations in regulatory requirements and cultural practices, creates vulnerabilities that could be exploited for
fraudulent activities or mismanagement. Without robust oversight mechanisms and internal controls, subsidiaries may face
increased susceptibility to financial irregularities, such as unauthorized transactions, embezzlement, bribery, or corruption.
Failure to implement adequate governance structures, including clear reporting lines, internal controls, and risk
management frameworks, heightens the risk of undetected financial misconduct. Instances of fraud or mismanagement not
only result in direct financial losses, including asset misappropriation and revenue leakage, but also erode shareholder trust,
tarnish the company's reputation, and attract regulatory sanctions or legal liabilities.
Inadequate governance to manage these complexities may result in regulatory non-compliance, reputational damage,
legal liabilities, and operational disruptions, which could adversely affect our financial performance and shareholder value.
General Risk Factors
Any failure to achieve and maintain effective internal controls could have a material adverse effect on our reputation,
business, financial conditions, and results of operations and the market price of the Common Shares.
Effective internal controls are necessary for us to provide reasonable assurance with respect to our financial reports
and to prevent fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not
absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the
fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. The design of
any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be
no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, a
control may become inadequate because of changes in conditions, or the degree of compliance with the policies or
procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to
error or fraud may occur and not be detected. As a result, even effective internal controls are able to provide only
reasonable assurance with respect to the preparation and fair presentation of financial statements. Any failure in our
internal control could result in a material adverse effect on our business and a decline of investor confidence in the
reliability of our financial statements, which could materially adversely affect the market price of the Common Shares.
International trade policies may negatively impact our business, results of operations and financial condition.
Government policies on international trade and investment such as import quotas, tariffs, and capital controls,
whether adopted by individual governments or addressed by regional trade blocs, can affect the demand for our products
and services and those of our customers and impact the competitive position of our products or services or those of our
customers. For example, the business of our customers in China may be adversely impacted by the continuing trade friction
between the United States and China. We cannot predict future trade policy or the terms of any renegotiated trade
agreements and their impact on our business. The adoption and expansion of trade restrictions, the occurrence of a trade
war, including, but not limited to, new trade disputes between the U.S., Mexico and Canada, or other governmental action
related to tariffs or trade agreements or policies has the potential to adversely impact demand for our products, our costs,
our customers, and our suppliers, which in turn could materially adversely impact our business, financial condition and
results of operations.
Our international business operations subject us to certain risks which may materially and adversely affect our business
and operations.
We are subject to risks specific to our international business operations, including: the risk of supply disruption;
production disruption or other disruption arising from events of force majeure, such as severe weather and climatic events;
the outbreak of highly infectious or communicable diseases such as COVID-19, Severe Acute Respiratory Syndrome,
25

swine influenza or pandemics of a similar nature; the risk of potential conflict and further instability in the relationship
between Taiwan and the PRC; risks related to national and international political instability, such as disruptions to business
activities and investment arising out of political unrest and turmoil in Thailand; risks related to global economic turbulence
and adverse economic developments in Asian markets; risks associated with possible interest rate increases, which could
result in increases in the cost of borrowing and reduced liquidity for us and our customers; risks related to changes in
governmental or private sector policies and priorities with respect to infrastructure investment and development;
unpredictable consequences on the economic conditions in the U.S. and the rest of the world arising from terrorist attacks,
and other military or security operations; unexpected changes in regulatory requirements or legal uncertainties regarding
tax regimes; tariffs and other trade barriers, including current and future import and export restrictions; difficulties in
staffing and managing international operations in countries such as Australia, Singapore, the PRC, Thailand and Taiwan;
risks that changes in foreign currency exchange rates will make our products comparatively more expensive; limited ability
to enforce agreements and other rights in foreign countries; changes in labor conditions; longer payment cycles and greater
difficulty in collecting accounts receivable; burdens and costs of compliance with a variety of foreign laws; limitation on
imports or exports and the possible expropriation of private enterprises; and reversal of the current policies (including
favorable tax and lending policies) encouraging foreign investment or foreign trade by our host countries.
Climate change, or legal, regulatory or market measures to address climate change, may materially adversely affect our
Company’s financial condition and business operations.
Climate change resulting from increased concentrations of greenhouse gases in the atmosphere could present risks to
our Company’s future operations due to natural disasters and extreme weather conditions, such as hurricanes, tornadoes,
earthquakes, wildfires, droughts or flooding. Such extreme weather conditions could pose physical risks to our Company’s
suppliers and facilities, disrupt operation of our Company’s supply chain, including availability of raw materials and
transportation, and impact operational costs.
Concern over climate change has resulted in both existing and pending legal and regulatory requirements designed
to mitigate its effects. Our Company is therefore subject to environmental, health and safety regulations in connection with
its global business operations, including but not limited to: regulations related to the development, manufacture, shipping
and use of its products, handling, discharge, recycling and disposal of hazardous materials used in its products or in
producing its products, and the operation of its facilities. Such measures subject us to additional costs and restrictions and
require operating and capital expenditures, which could impact our Company’s business, financial condition, results of
operations and cash flows. For example, any pollutants and waste generated during our Company’s manufacturing process
need to be disposed of and/or mitigated in compliance with applicable laws and regulations. Additionally, a lack of
consistent climate legislation across the regions in which we operate may create economic and regulatory uncertainty. Any
failure or inability to comply with existing or future environmental, health and safety regulations, including those relating
to climate change, could result in significant remediation or other legal liabilities, the imposition of penalties and fines,
restrictions on the development, manufacture, sale, shipping or use of certain of its products and limitations on the
operation of its facilities.
In addition to regulatory compliance, growing customer sustainability requirements and shareholder sentiment in
respect of environmental and sustainability standards could cause our Company to incur substantial expense from time to
time to alter its manufacturing, operations or equipment designs to meet these regulatory and sustainability requirements as
well as investor expectations. Moreover, we may not be able to timely meet these requirements due to the required level of
capital investment or technological advancement. Any failure to comply with these regulations, or meet these customer
requirements or sustainability targets, could adversely impact the demand for our Company’s products and subject our
business to significant costs and liabilities and reputational risks that could adversely affect our business, financial
condition and results of operations.
On March 6, 2024, the SEC adopted "The Enhancement and Standardization of Climate-Related Disclosures for
Investors" rule effective May 28, 2024 which required registrants to provide certain climate-related information in their
registration statements and annual reports (the "Climate Final Rules") and added a new section Item. 3.E. “Climate-related
disclosures” to Form 20-F. Compliance was phased in for non-accelerated filers, such as APWC, beginning in fiscal year
2027 and APWC began assessing the requirements imposed by the Climate Final Rules, affects on its operations and
associated costs of compliance. Several legal challenges to the Climate Final Rules were filed and consolidated in the U.S.
Court of Appeals for the Eighth Circuit (the "Court") and on April 4, 2024 the SEC published its "Order Issuing Stay"
which paused compliance pending the completion of judicial review of the legal challenges.

On February 11, 2025, the SEC's Acting Chairman issued a statement questioning the authority for, need for, and
evaluation of the cost and benefits of the Climate Final Rules, and indicated that legal briefs filed by the SEC in the
referenced litigation did not reflect current Commission views. In a letter of same date from staff legal counsel to the Court,
attaching a copy of the statement, the SEC advised the Court that the statement directed them to “notify the Court of the
changed circumstances and request that the Court not schedule the case for argument to provide time for the Commission
to deliberate and determine the appropriate next steps in these cases.” On March 27, 2025, the Commission voted to end its
defense of the Climate Final Rules. Following the vote, by letter of same date, staff legal counsel notified the Court that the
Commission determined it wishes to withdraw its defense of the Climate Final Rules, and because Commission counsel is
no longer authorized to advance the arguments in the Commission's legal briefs previously filed with the Court, the
Commission yields any oral argument time back to the Court. As a result of these developments, future implementation of
the Climate Final Rules and its disclosure requirements is uncertain. APWC continues to monitor regulatory developments
and will assess the impact of any changes on its disclosure obligations and compliance efforts.
Inflationary price pressures of raw materials or other inputs used by our business could negatively impact the
profitability of our business.
Increases in the price of commodities, raw materials, utilities, labor or other inputs that our operations or our
Company’s suppliers use in manufacturing and supplying products, components and parts, along with logistics and other
related costs, may lead to higher costs for our Company’s products and services. In addition, new laws or regulations
adopted in response to climate change could increase energy and transportation costs, as well as the costs of certain raw
materials and components. Any increase in the cost of inputs to our Company’s production could lead to higher costs for
our Company’s products and could negatively impact our Company’s operating results, future profitability and ability to
successfully deliver on our Company’s strategy.
Item 4: INFORMATION ON THE COMPANY
4.A.
History and Development of the Company
Asia Pacific Wire & Cable Corporation Limited was incorporated on September 19, 1996 as a Bermuda exempted
company limited by shares under the Bermuda Companies Act 1981, as amended (the "Companies Act"). The address of
APWC’s principal office is Room B, 15th Floor, No. 77, Sec. 2, Dunhua South Road, Taipei, 106, Taiwan, and its
telephone number is +886 2-27122558. APWC's registered agent (and agent for service of process) in the United States is
Pacific Holdings Group, located at 2901 Dallas Parkway, Suite 360, Plano, Texas 75093.
Principal capital expenditures consisted of purchases of property, plant and equipment totaling $4.2 million in 2024,
$4.3 million in 2023 and $3.7 million in 2022, mostly for the purchase of production machinery and equipment in North
Asia in 2024.
In 2025, we expect our business’ principal capital expenditures to include the purchase of new equipment to expand
production capacity in Australia and Thailand. We expect total capital expenditures in 2025 to be $0.7 million based on
current assumptions, although this number could change based on market conditions and other relevant factors. Our
Company intends to pay for these expenditures with funds generated from its operations.
Our Company’s present plans also include the development of an alternative energy business in Taiwan by availing
itself of new tax-driven development incentives provided by the Taiwan government for the expansion of “green” energy
alternatives. This project remains at a development-stage and has not generated any revenues to date.
Our website is located at www.apwcc.com. The information contained or linked to on our website is not included in,
or incorporated by reference into this Annual Report. Our filings with the SEC, including reports, proxy and information
statements, and other information regarding us that is filed electronically with the SEC are available on the SEC’s website
at www.sec.gov.
27

4.B.
Business Overview
Our Company’s Operations and Principal Activities
APWC is a holding company that operates its business through operating subsidiaries. Through our subsidiaries, our
Company is principally engaged in the manufacture and distribution of enameled wire, power cable, and
telecommunications products in Thailand, Singapore, Australia, PRC, Hong Kong and certain other markets in the Asia
Pacific region. Our Company also provides project engineering services in supply, delivery and installation of power cable
("SDI"). Our Company’s major customers include appliance component manufacturers, electrical contracting firms, state
owned entities, wire and cable dealers and factories.
Although the Company has not operated in or distributed its products to the Americas, it is now evaluating the
possibility of expanding its business into those markets, and the nature of any such expansion, be it through investing in a
production base, partnering with established third-parties, or other means. We are also exploring additions to our core
business and product lines, including wire and cable whose specifications require oxygen-free copper or oxygen-free high
thermal conductivity copper, and new lines of business for solar panels and energy storage systems, such as the vanadium
redox flow battery. As this evaluation process is still early stage, further elaboration is premature.
APWC has no direct business operations other than its direct and indirect ownership of the capital stock of its
subsidiaries and equity investee holdings. Although APWC has not paid a dividend to holders of our Common Shares since
2019, APWC’s ability to pay any dividends in the future, as well as to meet its other obligations and to fund operations,
depends upon the amount of distributions, if any, received from its direct and indirect operating subsidiaries and other
holdings and investments. APWC’s operating subsidiaries and other holdings and investments, from time to time, may be
subject to restrictions on their ability to make distributions to APWC, 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 applicable to the countries in which our subsidiaries are formed and conduct their
business. (See "Item 3.D. Risk Factors: Risks Related to our Financial Activities” and “Item 3.D. Risk Factors: Risks
Related to the Regions in Which We Operate” for further discussion.)
Reporting Segments and Geographic Regions
We operate our business in three reporting segments: Thailand, North Asia, and ROW. Our Company’s power cable
and telecommunications cable products are primarily sold in the domestic markets of the countries where they are
manufactured, whereas a portion of the enameled wires manufactured by our Company in Thailand are exported, primarily
to customers throughout Southeast Asia. The following table sets forth our Company’s sales revenues for the periods
indicated in its three reporting segments for its principal product lines.
Year ended
December 31, 2024
North
Asia
Thailand
ROW
Total
segments
Consolidated
US$’000
US$’000
US$’000
US$’000
Revenue from external customers
Power

—
70,947
158,445
229,392
Enamel

68,980
82,333
—
151,312
SDI

3,501
—
59,887
63,388
Others*

127
19,513
8,939
28,579

72,608
172,793
227,271
472,672
*includes revenues from fabrication service contracts and the sale of other wire and cable products.
28

Year ended
December 31, 2023
North
Asia
Thailand
ROW
Total
segments
Consolidated
US$’000
US$’000
US$’000
US$’000
Revenue from external customers
Power

9
80,564
140,501
221,074
Enamel

55,959
79,510
1,972
137,441
SDI

2,667
—
55,028
57,695
Others*

14
6,851
2,697
9,562

58,649
166,925
200,198
425,772
* includes revenues from fabrication service contracts and the sale of other wire and cable products.
Year ended
December 31, 2022
North
Asia
Thailand
ROW
Total
segments
Consolidated
US$’000
US$’000
US$’000
US$’000
Revenue from external customers
Power

92
46,340
135,739
182,171
Enamel

76,002
102,122
—
178,124
SDI

1,209
—
44,722
45,931
Others*

26
23,379
4,262
27,667

77,329
171,841
184,723
433,893
* includes revenues from fabrication service contracts and the sale of other wire and cable products.
The following chart sets forth the organizational structure, as of December 31, 2024, of APWC and its principal
subsidiaries, and indicates the percentage ownership or voting power of each entity. The location of the headquarters of
each company is indicated in parentheses above the company’s name (“T” for Thailand, “C” for China or Hong Kong, “S”
for Singapore and “A” for Australia).
29

In Thailand, APWC has the following subsidiaries:
•
Charoong Thai Wire & Cable Public Co. Ltd. ("Charoong Thai"), a public company listed in Thailand that is
majority owned by APWC.
•
Charoong Thai owns three principal subsidiaries in Thailand, namely Siam Pacific Electric Wire & Cable Co.
Ltd. ("Siam Pacific"), Double D Cable Co. Ltd., and Siam Fiber Optics Co. Ltd.
Our Company produces and sells enameled wires, power cables, and telecommunication cables in Thailand.
Charoong Thai is one of the leading cable manufacturers in Thailand. Our distribution channels include both direct
sales to state owned entities and private sector participants in the infrastructure sector, and sales to agents for state
owned entities. Sales within the Thailand region are made directly by the sales department of the APWC operating
subsidiaries in accordance with terms and pricing set by the local subsidiaries. The major customers of our Company
include clients working with the government and its contractors.
In North Asia, APWC has four principal subsidiaries:
•
Crown Century Holdings Ltd. ("Crown Century"), which is a registered Hong Kong company majority
owned by APWC,
•
Shanghai Yayang Electric Co., Ltd. ("Shanghai Yayang"), a PRC company that is majority owned by
Charoong Thai,
•
Pacific Electric Wire and Cable (Shenzhen) Co. Ltd. ("PEWSC"), a PRC company wholly owned by Crown
Century, and
•
Ningbo Pacific Cable Co., Ltd. ("Ningbo", collectively with PEWSC and Shanghai Yayang, the "PRC
Subsidiaries"), a PRC company wholly owned by Crown Century.
Our Company produces and sells enameled wires in China. Our Company generally sells enameled wires directly to
manufacturers of electric motors for use in various consumer appliances. PEWSC manufactures enameled wires for
30

electric, video and audio products for the South China market. Shanghai Yayang ceased production in 2019 and
transitioned its business model to product sales and distribution, primarily serving its East China customers engaged
in the manufacture of transformers, motors, electric vehicles, and coils; and now expanding into opportunities
marketing new energy storage systems. On December 18, 2024, an agreement was entered into to sell the buildings
and land use rights at Shanghai Yayang. Closing of the agreement is subject to several conditions, including the
completion of environmental testing of soil and water quality and the obtainment of required government approvals.
Ningbo is currently a dormant entity. Our Company continues to indirectly own the equity of Ningbo, which still
holds its government-granted business license. Our Company has disposed of all of the buildings and all of the
equipment and the land use rights for the property where Ningbo’s operations had been situated.
In the ROW, APWC has three principal subsidiaries:
•
Sigma Cable Company Pte. Ltd. ("Sigma Cable"), a Singapore entity that is majority owned by APWC,
•
Epan Industries Pte. Ltd., a Singapore company that is wholly owned by Sigma Cable, and
•
Australia Pacific Electric Cable Pty. Ltd. ("APEC"), an Australian company majority owned by APWC
through its ownership in Crown Century and Sigma Cable.
Our Company produces and sells low voltage power cables in Singapore and Australia. In addition, our Company
sells a wide range of wire and cable products produced by third party suppliers in addition to PEWC. Our Company
also offers SDI project engineering services for medium and high voltage power cables to power transmission
projects in Singapore. SP Power Assets Ltd. has historically been the principal customer for our Company’s SDI
services, accounting for nearly all of our SDI sales. Sales to SP Power Assets Ltd. are under a comprehensive
contract, with purchase orders placed from time to time.
In addition to these principal subsidiaries in our reportable segments, in Taipei City on October 26, 2018 we
established Asia Pacific New Energy Co. Ltd. ("APNEC"), a Taiwanese company, for a new renewable energy business.
APNEC seeks to develop an alternative energy business in Taiwan by availing itself of incentives provided by the Taiwan
energy authority for the expansion of “green” energy alternatives. On December 15, 2022, APWC increased its investment
in APNEC in the form of a capital injection of $3.9 million (or NT$120 million). The purpose was to fund the fishery solar
farm and on-train communication system integration projects. These projects remain at a development-stage and APNEC
has not generated material revenue to date.
Dividends received from our operating subsidiaries and equity investees may be subjected to withholding taxes.
Under the Corporate Income Tax Law of the PRC, dividend distribution of profits to foreign investor(s) is subject to a
withholding tax of 10%. There is no withholding tax on dividend distributions from a Hong Kong entity to either residents
or non-residents. In Thailand, dividends paid by a company to any individual or corporate payee overseas are subject to a
withholding tax of 10%. Under the current Singapore corporate tax system, dividends paid by a Singapore resident
company are tax exempt, and are 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.
APWC’s operating subsidiaries are also responsible for sales planning, marketing strategy and customer liaison. Our
Company’s sales staff are knowledgeable about our Company’s products and also render technical assistance, consulting
services and repair and maintenance services to our Company’s customers. Our Company sales are conducted through our
sales staff, who are located at and employed by APWC’s operating subsidiaries. Company employees engaged in sales and
marketing are paid a salary and may also receive a bonus based on performance. Our Company does not conduct sales
through independent sales agents on a commission basis.
Payment methods for our Company’s products vary by markets and customers. The majority of sales by our
Company require payment within 90 days of product delivery, but may vary depending on the customer and payment
record. Sales pursuant to a successful project tender or sales to governmental or public utilities are conducted in accordance
with the tender or other applicable regulations. In connection with SDI products, our Company is required to pay PEWC
100% of the cost of the products within 75 days from the date of invoice. In connection with a purchase of copper rod, our
Company is required to pay PEWC the cost of the copper rod within 75 days of receipt of the products from PEWC. For
the export market, payment is usually made by prior delivery of an irrevocable letter of credit. Neither APWC nor its
operating subsidiaries offer financing for purchases of our Company’s products.
31

Products are marketed under the respective names of the operating subsidiaries in each geographic region. For
instance, products manufactured by Siam Pacific are marketed under the “Siam Pacific” trade name. Products
manufactured by Sigma Cable are sold under the “Sigma Cable” brand.
Products and Services
Across our Company’s three reporting segments, our Company manufactures and sells a wide variety of wire and
cable products in primarily three general categories: enameled wire, power cable, and telecommunications cable. Our
Company’s enameled wires are used in the manufacturing of components and sub-components of a number of household
appliances and small machinery. Our Company’s telecommunications and power cables are used in a range of
infrastructure projects and in commercial and residential developments. In Singapore, our Company acts as a distributor of
wire and cable products manufactured by PEWC, and also offers SDI project engineering services of medium and high
voltage cables for power transmission projects.
Products
Copper rod is the base component for most of our Company’s products. The manufacturing processes for these
products require that the rod be “drawn” and insulated. In the “drawing” process, copper rod is drawn through a series of
dies to reduce the copper to a specific diameter. For certain applications, the drawn copper conductor is then plated with
tin. Copper used in cables is covered with various insulating materials that are applied in an extrusion process. The
insulated wires are then combined, or “cabled” to produce the desired electrical properties and transmission capabilities.
Then, depending upon the cable, some form of protective cover is placed over the cabled wires. A summary of the
manufacturing process used for our Company’s primary wire and cable products is set forth below.
Enameled Wire
Our Company produces several varieties of enameled wires. Enameled wires are copper wires varnished, in an
enameling process, by insulating materials. The enameling process makes the wires more resistant to oil, heat, friction and
fusion, and therefore suitable for use in machinery and components and sub-components of manufactured goods. Our
Company manufactures enameled wires in sizes that range from 0.02 mm to 4.00 mm in diameter, varnished by various
types of petroleum insulation materials including polyvinyl formal, polyurethane wires and polyester. Enameled wire
products are used in the assembly of a wide range of electrical products, including oil-filled transformers, refrigerator
motors, telephones, radios, televisions, fan motors, air conditioner compressors and other electric appliances.
Power Cable
Our Company produces a range of armored and unarmored low voltage power transmission cables. Low voltage
power cables, generally considered to be cable with a capacity of 1 to 3.3 kilovolts, are typically used to transmit electricity
to and within commercial and residential buildings, as well as to outdoor installations such as street lights, traffic signals
and other signs. Armored low-voltage power cables are usually used for public lighting and power transmission running to
buildings and installed either above or below ground. Unarmored low voltage cables are mainly used as lighting and power
supply cables inside and outside of buildings. The voltage capacity of our Company’s power cables ranges from 300 volts
to 1 kilovolt.
Production of unarmored cables begins by drawing and annealing of copper rods. The drawn copper wires are then
stranded or “bunched” into round or sector-shaped conductors in sizes ranging from 1.5 square millimeters to 1000 square
millimeters. The copper conductors are then covered in an extrusion process with a plastic insulator such as polyvinyl
chloride ("PVC"), after which 2-5 conductors are twisted into a circular cable core in a cabling process and covered by a
plastic outer cover.
Unarmored cables are composed of one or more cores of copper wire, insulated by substances such as PVC.
Armored cables are produced in the same manner and the same range of configurations as unarmored cables, but with the
addition of an outer layer of galvanized steel or iron wires to protect the cables from damage.
Telecommunications Cable
Our Company produces a wide range of bundled telecommunications cables for telephone and data transmissions
with different capacities and insulation designed for use in various internal and external environments. The principal use of
32

these cables is as access cables to connect buildings and residents to trunk cables. Telecommunications cables produced by
our Company include copper-based and fiber optic cables.
Production of copper-based telecommunications cables begins by drawing a copper rod until it has reached the
desired diameter, after which the drawn wires are subjected to a process called “annealing” in which the wires are heated in
order to make the wires softer and more pliable. Utilizing an extrusion process, which involves the feeding, melting and
pumping of a compound through a die to shape it in final form as it is applied to insulate the wire, the wires are then
covered by a polyethylene ("PE") or PVC compound and foam skin, suitable for different installations and environmental
conditions. In order to reduce the cross-talk between pairs of communication wires, the insulated wires are then “twinned”
or twisted so that two insulated single wires are combined to create a color-coded twisted pair. The twisted pairs of wires
are then “cabled” or “stranded” into units of 25 twisted pairs for combination with other 25 pair units to form cable of
various widths and capacities. The appropriate number of units is cabled together after stranding to form a round cable
core. Depending upon the planned environment, a petroleum jelly compound may then be added to fill the cable core to
seal out moisture and water vapor. Aluminum or copper tape is used to “shield” the cables and, finally, the shielded cable
core is covered by plastic outer sheathing. Our Company manufactures telecommunications cables with capacities and sizes
ranging from 25 to 3,000 pairs of 0.4 mm-diameter wires to 10 to 600 pairs of 0.9 mm-diameter wires.
Services
Fabrication
Our Company performs fabrication services for its customers, converting raw materials to wire and cable products.
Raw materials, such as copper, aluminum, PVC, PE and optic fibers, are commodities traded on global markets with
anticipated price fluctuations and currency risk. Given these risks, our Company provides fabrication services using
customer-owned materials in order to limit exposure to these risks.
SDI Project Engineering Services
Given government and private sector infrastructure projects and residential and commercial buildings activity in
Singapore, our Company anticipates modest demand for medium and high voltage power and for value added services in
the power supply industry. To take advantage of these opportunities, our Company has developed an SDI project
engineering capability. This SDI project engineering involves supply, delivery and installation of primarily medium and
high voltage cables to power transmission projects in Singapore. In entering into a contract to supply, deliver and install
cables for a power transmission project, our Company delivers medium and high voltage cables and enters into
subcontracting agreements with local companies to install the cables as required by the project.
Raw Materials
As copper constitutes the most significant component of our Company’s wire and cable products, the price of our
Company’s products depends primarily upon the price of copper. In order to minimize the impact of copper price
fluctuations, our Company typically purchases copper at prices based on the average prevailing international spot market
prices on the LME for copper for the one month prior to purchase. The price of copper is influenced heavily by global
supply and demand as well as speculative trading. As with other costs of production, changes in the price of copper can
affect our Company’s cost of sales. Whether this has a material impact on our Company’s operating margins and financial
results depends primarily on our Company’s ability to adjust selling prices to its customers, such that increases and
decreases in the price of copper are reflected in those selling prices. In the cases when we enter into a long-term sales
contract at fixed selling prices, rising copper prices could render this contract onerous and our Company would be required
to recognize losses from this onerous contract in the income statement. Most sales of our Company’s manufactured
products reflect copper prices prevailing at the time the products are ordered. A long-term decrease in the price of copper
would require our Company to revalue the value of its inventory at periodic intervals to the then net realizable value, which
could be below cost.
Our Company purchases copper in the form of rods and cathodes. Copper cathodes are thin sheets of copper purified
from copper ore. Copper rods are drawn into copper wires for the production of enameled wires, power cables and
telecommunications cables. Copper purchased by our Company in the form of cathodes must be sent to subcontractors to
be melted and cast into the copper rods necessary for the manufacturing processes. For example, our Company’s operating
subsidiaries in Thailand may import copper cathodes and utilize services from their business partners, including Thai Metal
Processing Co., Ltd. to process the copper cathodes.
33

Our Company’s key suppliers include Glencore International AG. (Switzerland), Jiangxi Copper Corporation
Limited (China), Alpha Industries Sdn Bhd (Malaysia), Mitsubishi Corporation RtM International Pte (Singapore),
Marubeni Corporation (Japan), and Fujian Shanghang Sun Copper Co., Ltd. (China). Our Company attempts to maintain a
few weeks supply of copper rods and cathodes for its operations. Our Company has regularly signed one-year contracts
with each of its copper suppliers, pursuant to which our Company agrees to purchase a set quantity of copper each month.
Under the terms of such contracts, the price of copper is typically pegged to the monthly average of the spot price of copper
on the LME for the delivery month (M-0), or 1 month before delivery month (M-1) plus a premium. Our Company has not
had and does not anticipate any material supply interruption or difficulty in obtaining a sufficient supply of copper rod or
cathode, although delays in shipping could increase copper acquisition costs. Our Company anticipates that its copper
suppliers will be capable of providing an adequate supply of copper to meet our Company’s requirements and our
Company does not anticipate any change in relations with its copper suppliers in the near term. These assessments could
change as financial markets and suppliers react to recent tariffs and trade disputes initiated by the United States.. (See "Item
3.D. Risk Factors: Risks Related to Our Business: The ability of suppliers to deliver raw materials, parts and components
and energy resources could affect our Company’s ability to manufacture products without disruption and in turn
negatively affect our operations.")
Our Company has historically purchased a small portion of its copper rods from PEWC. Under the Composite
Services Agreement, PEWC has agreed to supply our Company on a priority basis with our copper rod requirements at
prices at least as favorable as prices charged to other purchasers in the same markets purchasing similar quantities. Our
Company has diversified its copper purchases from among a number of preferred copper suppliers to ensure that our
Company receives the most advantageous pricing on its copper purchases. In 2024, our Company did not purchase any
copper rods from PEWC.
Other raw materials used by our Company include aluminum, which is used as a conductor in power cables and
petroleum-based insulation materials such as PE, PVC and jelly compounds for insulating covers on cables and varnishes
on enameled wires; aluminum foils for sheathing of communication cables; and galvanized steel wires for the production of
armored wires. Our Company has not had and does not anticipate any difficulty in maintaining adequate supplies of these
raw materials and expects to continue to be able to purchase such raw materials at prevailing market prices. Other than
import tariffs in Thailand, our Company does not face any restriction or control on the purchase or import of its raw
materials. Our Company may freely choose its suppliers and negotiate the price and quantity of material with its
suppliers. Our Company formulates consumption plans for raw materials regularly and continually monitors market
conditions in respect of the supply, price and quality of raw materials. We will closely monitor the impact on the raw
materials we acquire, if any, from tariffs and trade disputes, including those arising from the economic policies of the
newly elected administrations and leadership in the United States, Mexico and Canada.
Inflation increases the cost of raw materials and operating expenses for our Company. If inflationary pressure
persists, our Company may not be able to maintain its operating margins by raising the prices of its products.
Quality Control
In order to maintain product quality, our Company has implemented a range of quality control procedures under the
supervision of dedicated quality control staff. Quality control procedures are implemented from the raw material to the
finished product stages at each of our Company’s major production facilities. Raw materials are inspected to ensure they
meet the necessary level of quality before production begins. During the manufacturing process, quality control procedures
are performed at several stages of production. Upon completion, finished goods are brought to quality control centers set
up in the production facilities for inspection and testing of different electrical and physical properties.
Depending on the requirements of its customers, our Company has the capability to manufacture products to meet a
variety of different quality and production standards. These include standards and certifications issued from Enterprise
Singapore, the Thai Industrial Standards Institute, the National Electrical Manufacturers Association, the British Standard
Institute, the Japan Industrial Standards and UL Solutions.
All of our Company’s principal operating entities have attained International Organization for Standardization
("ISO") 9001 certification for quality management and assurance standards in the manufacture of electric wires and cables
and have maintained that certification for at least the last ten years. These certifications mean that these entities have in
place quality assurance systems and the capability to consistently manufacture products of quality.
34

Competition
The wire and cable industry in the Asia Pacific region is highly competitive and our Company competitors include a
large number of independent domestic and foreign suppliers. Certain competitors in each of our Company’s markets have
substantially greater manufacturing, sales, research and financial resources than us. Our Company and other wire and cable
producers primarily compete on the basis of product quality and performance, reliability of supply, customer service, and
price.
North Asia
PEWSC manufactures enameled wires in the Shenzhen Special Economic Zone in Guangdong Province for
electronic, video and audio products in the south China market. It supplies mainly to transformer, motor and coil
manufacturers. It faces competition principally from overseas imports and local manufacturers. The 2018 imposition of
tariffs on Chinese exports by the U.S. had little impact on the Company. Companies that were most affected by the ensuing
trade war implemented countermeasures such as moving production lines to Southeast Asia and other places exempted
from the 2018 tariffs, thereby minimizing the impact. The effectiveness of the tariffs announced by the U.S. in 2025
designed to address those countermeasures and how they may affect our business is uncertain at this time.
After selling its production facilities, Shanghai Yayang transitioned its business model to product sales and
distribution, primarily serving its East China customers engaged in the manufacture of transformers, motors, electric
vehicles, and coils; and now expanding into opportunities marketing new energy storage systems. Competition comes from
China based manufacturers and overseas imports.
Thailand
The wire and cable industry in Thailand is highly competitive. In its various product lines, our Company competes
with approximately thirty local wire and cable manufacturers and, to a lesser extent with foreign producers, for sales of
power cables, enameled wires, and telecommunications cables. Our Company is one of the five largest producers in the
Thai market. Governmental approval processes, tariffs and other import restrictions have limited competition in the
Thailand market from foreign wire and cable producers. Our Company also experiences significant competition from a
number of smaller producers with regard to sales of enameled wire products.
ROW
Although we believe that Sigma Cable is one of the major suppliers of power cable products in Singapore based on
available data, it is subject to significant competition from producers within the region. There are no tariff or other barriers
against foreign competition in the local Singapore market, and potential competitors are free to enter the industry. The
challenges faced by Sigma Cable in 2023 due to intensified competition from other manufacturers seeking a larger share of
the Singaporean market remain relevant in 2024.

In addition to APEC, there are two major wire and cable producers with operations in Australia: Olex Cables (owned
by Nexans) and Prysmian Cables, with factories in the States of Victoria and New South Wales, respectively. A significant
portion of Australian market is serviced by two importers: (i) Electra Cables which reportedly imports cables from China
factories; and (ii) World Wire Cables, which reportedly also sources cables from its Chinese partners to sell in the
Australian market. These companies are APEC’s principal competitors. APEC is the only power cable producer in the State
of Queensland and therefore seeks to take advantage of its comparative proximity to Queensland-based customers in
contrast to competitors that are required to transport their products into Queensland from other states in Australia. APEC
has sales offices with warehousing facilities in Sydney, Melbourne, Brisbane, and Perth in order to attract and serve
customers in those regions. APEC also has a distribution agreement with one of the regional suppliers with the goal of
generating additional business for the Australia operations.
Australia was exempted from the 2018 U.S. tariffs imposed on steel and aluminum, so there was minimal impact on
APEC. As the reforms proposed by the U.S. in 2025 are implemented (See "Item 3.D. Risk Factors: Risks Related To Our
Business: Geopolitics and Tariffs."), potential effects on the cables market include a weaker dollar, stock market volatility,
and rising construction costs, thereby reducing demand and profit margins; and China based competitors redistributing
excess products from affected distribution locations to Australia, resulting in oversupply and lower prices.
35

Regional Considerations
The principal Asian markets in which we do business have displayed higher overall economic growth in recent years
compared to the United States and a number of other more developed markets, subject to occasional episodes of economic
and currency exchange volatility attributable to various factors including the increased risks of emerging market
investment, actual or potential political instability, and pandemics.
North Asia
Our Company’s North Asia operations are conducted principally in China. The economy of China differs from that
of most developed free-market economies in a number of respects, including structure, degree of government involvement,
level of development, growth rate, capital reinvestment, allocation of resources, rate of inflation, and balance of payments
position. In recent years, the government of China has implemented economic reform measures which emphasize
decentralization, expansion of consumption in the domestic market, residential and commercial real estate development,
infrastructure development, utilization of market forces and the development of foreign investment projects.
Thailand
The volume of sales of our Company’s products in Thailand tends to correlate with the general level of economic
activity in Thailand. As a result, the performance of our Company’s Thai operations depends in significant part on the
general state of the Thai economy. Infrastructure development and related construction projects in Thailand depend
significantly upon government sponsored initiatives. In recent years, the level of government involvement in infrastructure
development has tended to track increases or contractions in Thailand’s gross domestic product. Overall, the construction
industry and infrastructure projects have slowed considerably, thereby affecting local sales, placing competitive pressure on
prices and prompting our Company to rationalize Thai operations and actively seek overseas export markets. Political
instability in Thailand tends to diminish governmental focus on infrastructure development projects, which can adversely
impact the volume of sales to our customers who are engaged in large infrastructure projects.
Insurance
Our Company maintains insurance policies covering certain buildings, machinery and equipment against specified
amounts of damage or loss caused by fire, flooding, other natural disasters and burglary and theft. Our Company does not
carry insurance for consequential loss arising from business interruptions or political disturbances and does not carry
product liability insurance. Consequently, the amount of our insurance coverage may not be adequate to cover all potential
claims or liabilities, and we may be forced to bear substantial costs resulting from the lack of adequate insurance. No
assurance can be given that we will not incur losses beyond the limits or outside the scope of coverage of our insurance
policies. Please see “Our insurance coverage does not cover all of our business risks” in Section 3.d. above for more
information regarding insurance coverage risks.
Environmental Regulations
Our Company is subject to a variety of laws and regulations covering the storage, handling, emission and discharge
of materials into the environment. Our Company believes that all of its operations are in material compliance with all
applicable environmental laws and regulations. Our Company has not been subject to any material legal, regulatory or
other action alleging violations or breaches of environmental standards.
4.C.
Organizational Structure
Please refer to above Item 4.B. Business Overview.
4.D.
Property, Plants and Equipment
Our Company’s manufactured products are produced at facilities located on premises owned or leased by Siam
Pacific, Charoong Thai, Sigma Cable, APEC, and PEWSC. The following is a summary of our Company’s material
facilities and operations.
36

Siam Pacific owns a 7.45 acre production facility near Bangkok, Thailand, located on its owned 26.79 acre site.
Telecommunications cables and enameled wires are manufactured at this facility. The production facility constitutes a
portion of certain property and assets which are pledged to financial institutions.
Charoong Thai owns a 34 acre production facility in Chachoengsao province, near Bangkok, Thailand, where
telecommunications cables and power cables are manufactured. The production facility is located on a 65 acre site owned
by Charoong Thai. Neither the production facility nor the land is mortgaged.
Sigma Cable produces power cables at a 19,373 square meter facility in Singapore leased from the Jurong Town
Corporation ("JTC") under a 30 year lease running from September 16, 2000 to September 16, 2030. JTC is a government-
linked corporation and is Singapore’s largest industrial landlord. Building assets are pledged to United Overseas Bank.
APEC owns a 6,735 square meter power cable manufacturing facility situated on an owned 39,000 square meter
land parcel in Brisbane, Australia. The manufacturing facility and land are pledged as security for a bank loan facility
issued to APEC.
Shanghai Yayang is engaged in the business of product sales and distribution, located in an area of approximately
27,839 square meters of state-owned land in an industrial district in Fengxian, Shanghai. Although no assets at this former
production facility are presently encumbered, on December 18, 2024 an agreement was entered into to sell the buildings
and land use rights, with closing of the agreement subject to several conditions precedent.
PEWSC manufactures enameled wires in a facility on 36,000 square meters of state-owned land with a built-up area
of 20,367 square meters in Long Gang, Shenzhen, China. A leasehold right of industrial land use for the land was granted
for 49 years expiring on July 5, 2046. The land and building are pledged to Agricultural Bank of China as security for a
$14.3 million unused bank facilities. The loan agreements were renewed for one year and are set to expire in May 2025.
Most of our Company’s facilities in Thailand, Singapore, Australia and China use production processes and
equipment imported from Europe, the United States, Taiwan, or Japan.
The production capacity and extent of utilization of our Company’s facilities vary from time to time, and such
information is considered to be commercially sensitive and proprietary information.
Item 4A:
UNRESOLVED STAFF COMMENTS
Not applicable.
Item 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS
5.A.
Operating Results
The following discussion should be read in conjunction with the information contained in our audited consolidated
financial statements and notes thereto (the "Financial Statements") referenced in Item 18. The Financial Statements are
prepared in accordance with International Financial Reporting Standard ("IFRS") as issued by the International Accounting
Standards Board ("IASB"). A summary of material accounting policies are set out in Note 3 of the Financial Statements.
Selected Operating Data
Results are analyzed and reported along the lines of our three principal business segments, consisting of the North
Asia, Thailand, and ROW regions. Included in the summary table below are certain results within our three business
segments with regard to net sales, operating profit, and operating profit margin for the designated periods.
37

Operating Results
For the year ended December 31,
2024
2023
2022
(US$’000 except for percentages)
Net Sales:
North Asia region
$
72,608
$
58,649
$
77,329
Thailand region

172,793

166,925

171,841
ROW region

227,271

200,198

184,723
Total
$
472,672
$
425,772
$
433,893
Operating profit/(loss):
North Asia region
$
(445)
$
1,794
$
241
Thailand region

7,134

(2,119)

2,636
ROW region

5,197

8,628

7,768
Corporate expenses & adjustments

(1,878)

(6,755)

(2,578)
Total operating (loss)/profit
$
10,008
$
1,548
$
8,067
Operating profit/(loss) margin:
North Asia region
(0.61) %
3.06 %
0.31 %
Thailand region
4.13 %
(1.27) %
1.53 %
ROW region
2.29 %
4.31 %
4.21 %
As of December 31, 2024, APWC is approximately 80.96% beneficially owned and controlled by PEWC, with the
remaining approximately 19.04% of the issued and outstanding Common Shares being publicly-traded in the United States
and listed on Nasdaq. Based upon a review of Schedule 13D and 13G filings made with the SEC by shareholders, and a
review of the share register maintained by APWC’s transfer agents in Bermuda and the U.S., we are not aware of any
shareholders residing in the jurisdictions where our Company has business operations. While our Company’s operations
and results are impacted by economic, fiscal, monetary and political policies of the respective governments in the countries
where our Company operates, that impact is not a function of APWC’s shareholder base. Inflation has, and may continue
to, increase the cost of raw materials and operating expenses for our Company. If inflationary pressure persists, we may not
be able to maintain our operating margins even if we raise the price of our products.
38

Year Ended December 31, 2024 Compared with Year Ended December 31, 2023
For the Year Ended
December 31,
2024
2023
Changes
Changes
US$’000
US$’000
US$’000
%
Income Statement Data:
Revenue
$
472,672 $
425,772 $
46,900
11.0
Costs of sales

(437,577)
(395,545)
(42,032)
10.6
Gross profit

35,095
30,227
4,868
16.1
Other operating income

1,365
433
932
215.2
Selling, general and administrative, research and
development expenses

(25,855)
(24,472)
(1,383)
5.7
Other operating expenses

(12)
—
(12)
100.0
Net impairment loss on financial and contract assets

(585)
(4,640)
4,055
(87.4)
Operating profit

10,008
1,548
8,460
546.5
Finance costs

(2,304)
(2,527)
223
(8.8)
Finance income

208
205
3
1.5
Share of loss of associates

(2)
(2)
—
—
Exchange gain

823
679
144
21.2
Other income

878
570
308
54.0
Other expense

(234)
(9)
(225)
2500.0
Profit before tax

9,377
464
8,913
1920.9
Income taxes expense

(2,809)
(162)
(2,647)
1634.0
Profit for the year

6,568
302
6,266
2074.8
Attributable to:
Equity holders of APWC

3,486
3,867
(381)
(9.9)
Non-controlling interests

3,082
(3,565)
6,647
(186.5)
General
Results of operations are determined primarily by market demand and government infrastructure projects, market
selling prices of our products, our ability to manufacture high quality products efficiently in quantities sufficient to meet
demand and to control production and operating costs. Our results are also influenced by a number of factors, including
impacts from ongoing U.S.-China trade disputes, geopolitical trade and tariff tensions, currency stability in the countries in
which our operations are located, competition, and the cost of raw materials, especially copper, which accounted for the
majority of our cost of sales in 2024 and 2023.
In order to minimize the impact of copper price fluctuations, we attempt to “peg” the prices of our products to the
prevailing market price of copper and pass changes in the cost of copper through to customers as much as possible. In
certain circumstances, however, we remain affected by fluctuations in the price of copper. A rise or decline in copper prices
may not be fully reflected under this pricing scheme for several months.
39

Average copper prices per metric ton increased by 7.79% from $8,483 in 2023 to $9,143 in 2024 (annual
average). Copper prices indicated in this Annual Report are quoted from the index published by the LME.
The 2024 and 2023 average copper prices were as follows:
2024
2023
Average LME copper price ($/Ton)
Q1

8,443
8,929
Q2

9,750
8,478
Q3

9,203
8,355
Q4

9,177
8,169
Year

9,143
8,483
The average copper price in February 2025 on the LME was $9,329 per ton.
Revenue
Revenue from the North Asia region increased by $14.0 million, or 24%, from $58.6 million in 2023 to $72.6
million in 2024, attributed to a rise in copper prices, an increase in the number of new customers, and the commencement
of the production of rectangular wire, and wires for drone motors.
Revenue from the Thailand region increased by $5.9 million, or 4%, from $166.9 million in 2023 to $172.8 million
in 2024. This growth was mainly driven by higher sales of power cables and fabrication services, with significant
contributions from government projects and contracts with state-owned enterprises. Also contributing to the revenue
increase was the rise in copper prices.
Revenue from the ROW region increased by $27.1 million, or 14%, from $200.2 million in 2023 to $227.3 million
in 2024. Of this increase, $5.0 million, or 18%, resulted from strong demand in the construction sector in Australia, and
$22.1 million, or 82%, to the completion of public sector projects in Singapore.
Gross Profit
Gross Profit increased $4.9 million, or 16%, from $30.2 million in 2023 to $35.1 million in 2024. The gross profit
margin was 7.4% in 2024 compared to 7.1% in 2023. The increase in gross profit margin was largely due to enhanced
profitability in the public sector in the Thailand region.
Operating Profit
Operating profit for 2024 was $10.0 million; an increase of $8.5 million, or 546.5%, from $1.5 million in 2023.
The operating profit margin of the North Asia region decreased from 3.06% in 2023 to (0.61)% in 2024. This
decrease was primarily due to the reversal of previously recognized provisions for employee benefits and pensions in 2023,
as well as increased research costs in 2024 related to advancing technical knowledge and understanding of flat wire.
The operating profit margin of the Thailand region increased from (1.27)% in 2023 to 4.13% in 2024. This positive
shift was largely due to enhanced profitability in the public sector.
The operating profit margin of the ROW region decreased from 4.31% in 2023 to 2.29% in 2024, mainly due to
Singapore’s reversal of a US$2.1 million onerous contract provision in 2023 after completing the delivery.
Furthermore, the impairment loss on financial and contract assets decreased from $4.6 million in 2023 to $0.6
million in 2024. The decrease was due to the decreased loss allowance provided for the delinquent accounts.
Finance Cost
Finance costs consist mainly of interest on bank loans and borrowings. Interest costs decreased by $0.2 million, or
9%, from $2.5 million in 2023 to $2.3 million in 2024. Interest-bearing loans and borrowings decreased to $29.0 million in
2024 compared to $53.7 million in 2023. The decreases were due to loan repayments in 2024.
40

Finance Income
Our finance income consists of interest earned on bank deposits. Interest income were $0.2 million in both 2023 and
2024.
Share of Loss of Associates
Our share of loss remained consistent in 2024 compared to that of 2023. This was primarily due to the loss that our
Company recognized in accordance with its percentage ownership interest in Siam Pacific Holding Company.
Exchange Gain
The exchange gain in 2024 increased by $0.1 million, from $0.7 million in 2023 to $0.8 million in 2024, primarily
due to the appreciation of the Thai Baht against the US dollar, resulting from payments of USD-denominated accounts
payable. The exchange rates on December 31, 2024 and 2023, based on the Noon Buying Rate, are listed below. Note that
the table is provided for trend comparison only and does not reflect the actual exchange rates at which transactions
occurred.
As of December 31,
2024
2023
Foreign currency to US$1:
Thai Baht

34.32
34.35
Singapore $

1.366
1.319
Australian $

1.617
1.465
Chinese RMB

7.299
7.100
Source: U.S. Federal Reserve Board, Statistical Release, Foreign Exchange Rates - H.10 - Country Data; from the website
of the Board of Governors of the Federal Reserve System at www.federalreserve.gov.
Income taxes
Income tax expense was $2.8 million in 2024, compared to $0.2 million in 2023. The increase in income tax expense
was due to decreased deferred tax assets resulting from net operating losses from prior years recognized by CTW in 2024.
41

Year Ended December 31, 2023 Compared with Year Ended December 31, 2022
For the Year Ended
December 31,
2023
2022
Changes
Changes
US$’000
US$’000
US$’000
%
Income Statement Data:
Revenue
$
425,772 $
433,893 $
(8,121)
(1.9)
Costs of sales

(395,545)
(401,363)
5,818
(1.4)
Gross profit

30,227
32,530
(2,303)
(7.1)
Other operating income

433
1,026
(593)
(57.8)
Selling, general and administrative expenses

(24,472)
(24,978)
506
(2.0)
Other operating expenses

—
(3)
3
(100.0)
Net impairment loss on financial and contract assets

(4,640)
(508)
(4,132)
813.4
Operating (loss)/profit

1,548
8,067
(6,519)
(80.8)
Finance costs

(2,527)
(1,650)
(877)
53.2
Finance income

205
120
85
70.8
Share of loss of associates

(2)
(1)
(1)
100.0
Exchange gain/(loss)

679
143
536
374.8
Other income

570
889
(319)
(35.9)
Other expense

(9)
(3)
(6)
200.0
Profit before tax

464
7,565
(7,101)
(93.9)
Income taxes expense

(162)
(2,808)
2,646
(94.2)
Profit/(loss) for the year

302
4,757
(4,455)
(93.7)
Attributable to:
Equity holders of APWC

3,867
3,874
(7)
(0.2)
Non-controlling interests

(3,565)
883
(4,448)
(503.7)
General
Results of operations are determined primarily by market demand and government infrastructure projects, market
selling prices of our products, our ability to manufacture high quality products efficiently in quantities sufficient to meet
demand and to control production and operating costs. Our results are also influenced by a number of factors, including
impacts from the Sino-American trade war, currency stability in the countries in which our operations are located,
competition and the cost of raw materials, especially copper, which accounted for the majority of our cost of sales in 2023
and 2022.
In order to minimize the impact of copper price fluctuations, we attempt to “peg” the prices of our products to the
prevailing market price of copper and pass changes in the cost of copper through to customers as much as possible. In
certain circumstances, however, we remain affected by fluctuations in the price of copper. At rise or decline in copper
prices may not be fully reflected under this pricing scheme for several months.
42

Average copper prices per metric ton decreased by 3.76% from $8,814 in 2022 to $8,483 in 2023 (annual average).
Copper prices indicated in this Annual Report are quoted from the index published by the LME. The 2023 and 2022
average copper prices were as follows:
2023
2022
Average LME copper price ($/Ton)
Q1

8,929
9,984
Q2

8,478
9,525
Q3

8,355
7,741
Q4

8,169
8,005
Year

8,483
8,814
Revenue
Revenue from the North Asia region decreased by $18.7 million, or 24%, from $77.3 million in 2022 to $58.6
million in 2023. The decrease was attributable to decreased sales volume primarily due to increased competition and the
Sino-American trade war. These factors contributed to a sluggish market, resulting in a decline in sales compared with the
previous period.
Revenue from the Thailand region decreased by $4.9 million, or 3%, from $171.8 million in 2022 to $166.9 million
in 2023.The decrease was due to the decrease in government spending on infrastructure and delay in government projects.
Revenue from the ROW region increased by $15.5 million, or 8%, from $184.7 million in 2022 to $200.2 million in
2023. The increase of $1.9 million, or 12%, was due to strong demand in the construction sector in Australia, and the
increase of $13.6 million, or 88%, was attributable to the completion of public sector projects in Singapore.
Gross Profit
Gross Profit decreased by $2.3 million, or 7%, from $32.5 million in 2022 to $30.2 million in 2023. The gross profit
margin was 7.1% in 2023 compared to 7.5% in 2022. The decrease in gross profit margin was primarily attributable to the
a decline in higher-margin Thai government projects and decreased sales volume in enameled wire as well as loss from
onerous contracts in the Thailand region.
Operating Profit
Operating profit for 2023 was $1.5 million, representing a decrease of $6.5 million, or 80.8%, from $8.1 million in
2022.
The operating profit margin of the North Asia region increased from 0.31% in 2022 to 3.06% in 2023. The increase
in operating profit was the result of the increase in the manufacturing productivity, or overall equipment effectiveness,
which lowered the cost of our products.
The operating profit margin of the Thailand region decreased from 1.53% in 2022 to (1.27)% in 2023. The decrease
in operating profit was due to a decline in higher-margin Thai government projects, decreased sales volume in enameled
wire as well as loss from onerous contracts.
The operating profit margin of the ROW region increased from 4.21% in 2022 to 4.31% in 2023. The operating
profit margin of 2023 remained consistent compared to that of 2022.
Furthermore, the impairment loss on financial and contract assets increased from $0.5 million in 2022 to $4.6
million in 2023. The increase was due to the increased loss allowance provided for the delinquent accounts.
Finance Cost
Our finance costs consist mainly of interest on bank loans and borrowings. The interest costs increased by $0.9
million, or 53%, from $1.7 million in 2022 to $2.5 million in 2023. The interest-bearing loans and borrowings decreased to
43

$53.7 million in 2023 compared to $57.7 million in 2022. The increase in interest is due to the increase in interest rates in
various countries.
Finance Income
Our finance income consists of interest earned on bank deposits. Interest income were $0.1 million in both 2022 and
2023.
Share of Loss of Associates
Our share of loss remained consistent in 2023 compared to that of 2022. This was primarily due to the loss that our
Company recognized in accordance with its percentage ownership interest in Siam Pacific Holding Company.
Exchange Gain/(Loss)
The exchange gain of 2023 was primarily attributable to the depreciation of Thai Baht. The exchange rates on
December 31, 2023 and 2022 are listed below, based on the Noon Buying Rate. Note that they do not reflect the exchange
rates at which transactions actually took place.
As of December 31,
2023
2022
Foreign currency to US$1:
Thai Baht

34.35
34.59
Singapore $

1.319
1.340
Australian $

1.465
1.470
Chinese RMB

7.100
6.897
Source: U.S. Federal Reserve Board, Statistical Release, Foreign Exchange Rates - H.10 - Country Data; from the website
of the Board of Governors of the Federal Reserve System at www.federalreserve.gov.
Income taxes
Income tax expense was $0.2 million in 2023, compared to $2.8 million in 2022. The decrease in income tax
expense was due to increased deferred tax assets resulting from net operating losses from prior years recognized by SCC in
2023.
5.B.
Liquidity and Capital Resources
As of December 31, 2024, we had $34 million in cash and cash equivalents, primarily in bank accounts and cash on
hand. The majority of this cash and cash equivalents was held at our operating subsidiaries in Thai Baht, U.S. dollars, and
Chinese RMB. Our current sources of cash are our cash on hand, cash generated by our operations, and our credit facilities.
Our liquidity is primarily utilized for the purchase and replacement of property, plant and equipment, future acquisitions
and expenditures for ongoing operations.
We maintain several revolving working capital and overdraft credit facilities with various commercial bank groups
and financial institutions (the "Facilities"). As of December 31, 2024, the total amount of the Facilities was approximately
$273.5 million and the unused amount of the Facilities was approximately $192.7 million (taking into account letters of
credit issued thereunder). The Facilities do not have termination dates but are reviewed annually for renewal. There is no
seasonality to our Company’s borrowing. For details of our Company’s bank loans and borrowings, see Note 11(b) to our
Financial Statements. As of December 31, 2024, interest for a majority of the short-term loans and borrowings was
calculated on a variable, while the long-term bank loans were fixed rate loans.
Except for foreign currency forward contracts, our Company did not use other derivatives to hedge financial risks in
2024. Please refer to Note 11(c) and Note 28 of our Financial Statements for information about management of financial
risks.
44

In February 2022, we completed a rights offering in which we received gross proceeds of approximately $8.3
million before expenses, from the sale of 6,796,558 Common Shares. The net proceeds of the rights offering were used for
general working capital and corporate purposes. The Company’s controlling shareholder, PEWC, and two of its
subsidiaries collectively purchased 6,259,924 Common Shares which included an exercise of over-subscription
rights. (See "Item 10.A. Share Capital" and "Item 7.A. Major Shareholders" for additional information regarding the rights
offering and the Common Shares acquired by PEWC and its subsidiaries.)
APWC has no direct business operations other than its ownership of the capital stock of its subsidiaries and equity
investees. As a holding company, APWC’s ability to pay dividends, as well as to meet its other obligations such as holding
company needs, depends mainly upon the amount of distributions, if any, received from its operating subsidiaries and other
holdings and investments.
The working capital and capital expenditure needs of APWC’s operating subsidiaries are primarily funded through
their own operations and borrowings from banks. APWC does not fund the operations or capital expenditure needs of its
subsidiaries on an ordinary course basis. Nevertheless, APWC's Board may authorize contributions from time to time to its
subsidiaries on an as-needed basis. APWC did not make any contributions to any of its subsidiaries during the years ended
December 31, 2024, 2023, or 2022.
Of the $34 million in cash and cash equivalents we had on hand as of December 31, 2024, $1.1 million was held
at APWC, and the remainder was held by our subsidiaries. APWC uses its cash position to pay operating expenses and
other obligations. All Facilities are at the subsidiary level; APWC does not have any Facilities. APWC’s operating
subsidiaries and other holdings and investments, from time to time, may be subject to restrictions on their ability to make
distributions to APWC, including, but not limited to, as a result of restrictive covenants contained in their loan agreements,
restrictions on the conversion of local currency earnings into U.S. dollars or other currency, and other regulatory
restrictions. The foregoing restrictions may also affect APWC’s ability to fund operations of one subsidiary with dividends
and other payments received from another subsidiary. Distributions may also be limited from time to time by reason of
restrictions protective of the rights of minority shareholders of APWC’s subsidiaries, and by reason of the current cash
requirements of its operating subsidiaries. Consequently, we periodically need to manage our corporate cash needs to align
with the timing of unrestricted distributions.
Net cash provided by operating activities in the year ended December 31, 2024 was $24.3 million, compared to
$6.1 million of net cash used in operating activities in the year ended December 31, 2023. The decrease in cash used from
operations was due to several factors, including increased net profit, and decreased contract assets, compared to 2023.
Net cash provided by operating activities in the year ended December 31, 2023 was $6.1 million, compared to
$6.6 million of net cash used in operating activities in the year ended December 31, 2022.
Days of sales outstanding ("DSO") is a measure of the average collection period of accounts receivable, and
although the calculation is influenced by the period used and the timing of sales within that period, it can provide insight
into the variances in collections from period to period. Our DSO was 80 days in both 2024 and 2023.
In 2024, cash used in investing activities was $3.4 million compared to $4.9 million in 2023, with the decrease
primarily attributable to decreased purchases of property, plant and equipment in 2024.
In 2023, cash used in investing activities was $4.9 million compared to $2.7 million in 2022, with the increase
primarily attributable to increased purchases of property, plant and equipment in 2023.
Net cash outflows from financing activities were $24.3 million in 2024. The cash used in 2024 was primarily for
repayment of borrowings.
Net cash outflows from financing activities were $5.5 million in 2023. The cash inflows in 2023 reflected a decrease
in borrowings.
We have historically been able to satisfy our working capital needs through cash flow from operations. If we do not
generate sufficient cash flow to meet our requirements, we will rely on external financing. At present, we believe that our
current cash and cash equivalents, along with existing credit lines under our loan facilities, will be sufficient to fund our
needs for at least the next twelve months. We are confident in our liquidity to meet anticipated working capital, capital
expenditure, and general corporate requirements, as well as both short-term and long-term obligations as they come due.
45

Maintaining a strong liquidity position is especially critical in times of uncertainty. It provides financial flexibility,
enabling us to meet short-term obligations, pursue strategic opportunities such as acquisitions or investments, and manage
potential revenue declines or unexpected costs without relying on external financing. During periods of market turmoil,
tighter credit conditions can make it more difficult to secure loans or raise capital, while volatile markets may lead to
unpredictable revenue streams. A strong cash position enhances resilience and helps us navigate financial uncertainty. If
our current and anticipated future sources of liquidity prove insufficient to support our business activities and requirements,
we may seek additional equity or debt financing, including transactions with our principal shareholder.
The following table sets forth our Company’s contractual obligations as of December 31, 2024:
Payments due by period
Contractual obligations
(In thousands of US$)
Total
Less
than
1 year
1-5
years
More
than
5 years
Interest-bearing loans and borrowings
$
32,674
24,742
7,932
—
Lease obligations

2,140
762
1,231
147
Capital commitments relating to factory building
improvements and acquisition of machinery

669
669
—
—
Purchase obligations for raw materials

148,309
148,309
—
—
$
183,792
174,482
9,163
147
Our Company has not entered into any transactions with any unconsolidated entity that provides financing, liquidity,
market risk, or credit risk support, whereby our Company has financial guarantees or other contingent arrangements that
expose our Company to material continuing risks, contingent liabilities, or any other obligation.
5.C.
Research and Development
Our Company does not currently conduct its own research and development. Under the Composite Services
Agreement with PEWC, described herein, our Company benefits from research and development conducted by PEWC at
minimal or no cost to our Company. Accordingly, our Company has not made material expenditures on or commitments to
research and development since its formation.
However, our subsidiaries conduct research to enhance technical knowledge and understanding related to new
products or improvements to existing products.
5.D.
Trend Information
We are not aware of any trend, commitment, event, or uncertainty that can reasonably be expected to have a material
effect on our current or future business other than the following, each of which has materially impacted our financial results
in the past and may do so in the future:
•
Uncertainty arising from the volatility in the cost of copper, our principal raw material. The yearly average
copper price per ton decreased from $8,814 in 2022 to $8,483 in 2023, and increased to $9,143 in 2024. Under
our business model, our Company, like other companies in the industry, is affected by movements in the price
of copper, our principal raw material. (See “Item 3.D. Risk Factors: Risks Relating to our Business: Significant
volatility in copper prices could be detrimental to our Company's profitability.” for more information about the
effects of movements in the price of copper on our Company.)
•
Fluctuations in the demand for our products in the markets in which we do business. Demand for our products
in the markets in which we do business fluctuates based upon variations in the level of governmental and
private investments in communications, power and industrial projects and programs that utilize our products.
We are not an end-user of our products and, therefore, we depend upon the requirements of our customers to
generate sales.
(See also “Item 11: Quantitative and Qualitative Disclosures About Market Risks”)
46

5.E.
Critical Accounting Estimates
The critical accounting judgements, estimates and assumptions and those that are most significant in connection with
our financial statement policies are set out in Note 3.23 of our Financial Statements, prepared in accordance with IFRS as
issued by the IASB.
Given the uncertainties inherent in our business activities, we must make certain estimates and assumptions that
require difficult, subjective and complex judgments. Because of uncertainties inherent in such judgments, actual outcomes
and results may differ from our assumptions and estimates, which could materially affect our consolidated financial
statements.
Item 6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
6.A.
Directors and Senior Management
APWC has one class of directors with each director entitled to one vote on any matter presented to the Board, and
none of the directors possess any veto power over matters presented to the Board or any other special or enhanced voting
rights. Board approval of any matter requires a simple majority assuming a quorum is present. APWC's Third Amended
and Restated Bye-Laws ("Bye-Laws") provide that a quorum consists of a majority of the directors then in office.
All directors are subject to annual election by the shareholders of APWC. By resolution passed at APWC’s most
recent annual general meeting of shareholders held on July 15, 2024 (the "2024 AGM"), the shareholders set the minimum
number of directors at two (2) and the maximum number of directors at seven (7), and elected seven directors. Mr. George
Sun subsequently resigned his director position effective November 30, 2024. As of December 31, 2024, APWC's Board
was comprised of six (6) directors and one (1) vacancy. APWC's three independent directors are Mr. Anson Chan, Dr.
Yichin Lee, and Dr. Lambert Ding. The following table sets forth certain information concerning the current directors, each
of whom was elected at the 2024 AGM and certain other officers of APWC.
Mr. Ivan Hsia, who served as Chief Financial Officer ("CFO") of APWC since 2013, resigned his position and left
the Company in November 2024. On November 19, 2024, APWC announced that the Board appointed Mr. James Lu to the
position of Deputy CFO, and directed Mr. Lu to serve as Acting CFO until such time as the CFO position is filled. Officers
generally hold office for such period and upon such terms as the Board may determine.
Name
Date of Birth
Position
Ocorian Services (Bermuda) Limited.
N/A
Resident Assistant Secretary
Anson Chan
November 3, 1963
Independent Director, Audit Committee Chairman
Lambert L. Ding
October 12, 1959
Independent Director, Audit Committee Member
Yichin Lee
January 4, 1961
Independent Director, Audit Committee Member
David Sun
December 22, 1953
Director
Lee Gai Poo
February 28, 1957
Director
Yuan Chun Tang
November 26, 1960
Director, Chief Executive Officer
James Lu
November 28, 1962
Acting Chief Financial Officer
Daphne Hsu
August 12, 1962
Financial Controller
Certain officers and directors of APWC are, or were, also officers or directors of PEWC and/or PEWC affiliates, as
described below. A brief professional summary for each member of our Board and senior management is as follows:
Mr. Anson Chan has been an independent member of our Board and a member and Chairman of both the Audit
Committee and Compensation Committee since 2007. Mr. Chan is also a Managing Director of the Bonds Group of
Companies and was elected as a director of A SPAC II Acquisition Corp. in May 2022. Mr. Chan was a Senior Advisor to
Elliott Associates from 2005 to 2008. He is also a Certified Public Accountant in the U.S. and a Charted Accountant in
Ontario, Canada.
47

Dr. Lambert Ding has been an independent member of our Board since 2011. Dr. Ding is the president and CEO of
Union Environmental Engineering Services and was an Associate Professor at Yuan Ze University. Dr. Ding holds a
Doctor of Philosophy degree from the University of Southern California, conferred in 1989. He is also a Registered
Environment Assessor and holds several patents. Dr. Ding serves as a member of the Audit Committee and Compensation
Committee.
Dr. Yichin Lee has been an independent member of our Board and served on the Audit Committee since 2007, a
member of PEWC's Board of Supervisors since 2022. He is also a member of the Compensation Committee. Dr. Lee is the
Managing Director of FCC Partners. Dr. Lee holds a doctorate degree in Resource Planning and Management from
Stanford University. Dr. Lee is not related to Mr. Michael C. Lee, a former Board member.
Mr. David Sun has been a member of our Board since 2007. He also serves as Managing Director of Charoong Thai.
Mr. David Sun and Mr. George Sun are siblings.
Mr. Lee Gai Poo has been a member of our Board since 2021. He also served as Vice President and General Plant
Manager of PEWC from 2004 to 2008. He served as a member of APWC’s Board from 2006 to 2011. Mr. Lee Gai Poo has
served as Executive Vice President of PEWC since 2021.
Mr. Yuan Chun Tang has been a member of our Board since 2004 and Chief Executive Officer since 2005. Mr.
Yuan served as APWC’s Chairman from 2005 to 2009. He has also served as Chairman of PEWC since 2004. Mr. Yuan
served as the Director of the Taiwan Cogeneration Corporation from 2005 to 2008. Mr. Yuan has also served as Chairman
of the Taiwan Electric Wire & Cable Industries Association since 2004. He has served since 1998 as a Supervisor of the
Importers and Exporters Association of Taipei and since 2004 as a Director of the Chinese National Federation of
Industries in Taiwan.
Mr. James Lu was named Deputy CFO in November 2024 and currently serves as Acting CFO. During his 17 years
at APWC, Mr. Lu has held several senior leadership roles including Senior Manager - Office of the Chief Financial Officer.
Ms. Daphne Hsu has been Financial Controller of APWC since March 2005, prior to which she served as Financial
Controller for ten years in Taiwan and China at a Thomson SA joint venture.
APWC's Common Shares currently trade on the Nasdaq Capital Market Tier. APWC utilizes Nasdaq's “controlled
company exemption” that is available to issuers under the rules of Nasdaq as our Board is not composed of a majority of
independent directors. The “controlled company exemption” provides that an issuer is not required to have its Board of
Directors consist of a majority of independent directors if a shareholder, or two or more shareholders who constitute a
group, have beneficial ownership of more than 50% of the issued and outstanding voting securities of the issuer. As of
December 31, 2024, PEWC owned and controlled, directly or indirectly, approximately 80.96% of the issued and
outstanding Common Shares of APWC.
No service contracts exist between any officers or current directors and APWC, or any of its subsidiaries, providing
for benefits upon termination of employment.
APWC has no arrangements or understandings with any major shareholders, customers, suppliers or others, pursuant
to which any person referred to above was selected as a director or member of senior management.
6.B.
Compensation
The aggregate amount of compensation paid by us to all of APWC’s directors and members of its administrative,
supervisory or management bodies ("Senior Management Members"), as a group, for services in all capacities during
2024 was approximately $2 million. The annual compensation of APWC’s directors and Senior Management Members on
an individual basis for services in all capacities is not required to be disclosed under the laws of APWC's home country,
Bermuda, and are not otherwise publicly disclosed by APWC.
48

In 2024, the fee payable to each independent director was $30,000 per year and the fee payable to each director who
is a director or an executive officer of APWC or PEWC, or any of their respective affiliates, was $20,000 per year, together
with, in each case, reimbursement of reasonable travel expenses for attendance at meetings of the Board or any of its
committees.
No funds or provisions have been set aside or accrued by APWC or its subsidiaries to provide pension, retirement or
similar benefits to directors or management, except for government mandated programs. No equity compensation,
including options, is included as part of the compensation for directors or Senior Management Members.
6.C.
Board Practices
Audit Committee
The Audit Committee of the Board primarily functions to assist the Board in its oversight of: (i) the reliability and
integrity of accounting policies and financial reporting and disclosure practices and (ii) the establishment and maintenance
of processes to ensure that there is compliance with all applicable laws, regulations and Company policy and an adequate
system of internal controls, management of business risks and safeguarding of assets. The Audit Committee also oversees
the appointment and remuneration of the Company's independent auditors.
The Audit Committee is composed of our three independent directors, Mr. Anson Chan, Dr. Yichin Lee and Dr.
Lambert Ding, with Mr. Chan serving as the Chairman of the Audit Committee. The Audit Committee, as currently
constituted, complies with the requirements of Regulation 10A-3 of the Exchange Act and the corporate governance
requirements of Nasdaq.
Compensation Committee
The Compensation Committee primarily functions to assist our Company in determining the compensation to be
paid to the executive directors and certain members of the senior management of our Company. According to the charter
under which it operates, the Compensation Committee is authorized to: (i) review and recommend to the Board, or
determine, the annual salary, bonus, stock options, and other benefits, direct and indirect, of the senior management of
APWC and its principal operating subsidiaries; (ii) review new executive compensation programs, review on a periodic
basis the operations of our Company’s executive compensation programs to determine whether they are properly
coordinated, establish and periodically review policies for the administration of executive compensation programs, and take
steps to modify any executive compensation programs that yield payments and benefits that are not reasonably related to
executive performance; (iii) engage outside auditors and consultants to advise on market compensation; and (iv) establish
and periodically review policies in the area of management perquisites.
The Compensation Committee is composed of our three independent directors, Mr. Anson Chan, Dr. Yichin Lee,
and Dr. Lambert Ding. The Compensation Committee may invite members of management to its meetings as it deems
appropriate in order to participate and provide input in a non-voting capacity. However, the Compensation Committee
meets regularly without members of management present and in no event is any officer present at a meeting of the
Compensation Committee where their compensation or performance is discussed or determined.
6.D.
Employees
As of December 31, 2024, 2023, and 2022, our Company employed a total of 1,208, 1,210, and 1,207 employees, of
which administrative and management personnel accounted for 14.8%, 15.5%, and 13.6%, respectively. The remainder
were classified as production personnel, typically organized by two 12-hour shifts or three 8-hour shifts for continuous
factory operations.
Our Company’s employees located in the Thailand, North Asia, and ROW regions in terms of percentage were
respectively 62.4%, 19.8%, and 17.8% as of December 31, 2024; 63.6%, 18.6%, and 17.8% as of December 31, 2023;
65.0%, 18.4%, and16.6% as of December 31, 2022.
Our Company offers a range of employee benefits, which it believes are comparable to industry practice in its local
markets. Such benefits include performance-based pay incentives, medical benefits, vacation, pension, housing for a small
number of workers in Singapore and Thailand, and a small housing supplement for other workers. Our Company also
provides training programs for its personnel designed to improve worker productivity and occupational safety.
49

Presently, there is no group bonus, profit-sharing or stock option plan. However, some of APWC’s subsidiaries have
bonus or profit-sharing plans based on individual performance and fiscal year profitability of the particular subsidiary,
which plans are generally in accordance with industry practice and market conditions in their respective countries.
Our Company has several defined contribution plans covering its employees in Australia, the PRC, Singapore,
Thailand, and Taiwan. Additionally, our Company has defined benefit plans in accordance with Thailand labor laws.
Pursuant to these defined benefit plans, our Company pays a retiring employee at its Thai subsidiaries from one to twenty-
six times such employee’s salary rate during his or her final month, depending on the length of service. During 2024, our
Company’s total expenses under this labor law were $0.6 million. These defined benefit plans are not funded and the
amount is recognized and included in Employee Benefit Liabilities on our Company’s balance sheet. Our Company settles
its obligations as and when employees retire. The accumulated benefit obligations under these plans amounted to $7.3
million as at December 31, 2024. (See Note 22 of our Financial Statements for further information related to these
employee benefit plans and liabilities.)
Approximately 12% of the employees of Sigma Cable are members of the United Workers of Electronics &
Electrical Industries, an employees’ union in Singapore. Under the terms of a collective agreement signed in June
2003, our Company is required to negotiate salary and wage increases yearly. All other worker benefits and employment
terms are included in the collective agreement. Our Company believes that approximately 100% of the employees of
PEWSC are members of their company workers’ union. These unions generally operate in accordance with related labor
regulations in China. Approximately 15% of the employees of APEC are members of the Australian Workers’ Union. None
of the employees of APWC’s other operating subsidiaries are members of a union.
Our Company has never experienced a strike or other disruption due to a labor dispute. Our Company considers its
employee relations to be satisfactory and has not experienced difficulty attracting and retaining qualified employees.
6.E.
Share Ownership
The Common Shares beneficially owned by the persons listed in “Item 6.B. Compensation” are disclosed in “Item
7.A. Major Shareholders”
No equity compensation, including options, is included as part of the compensation for directors or senior
management.
6.F. Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation
Not applicable.
Item 7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
7.A.
Major Shareholders
As of December 31, 2024, there were 20,616,227 Common Shares issued and outstanding, and 11,100 treasury
shares. In January 2022, APWC distributed, at no charge to its shareholders, non-transferable subscription rights to
purchase additional Common Shares to all of its shareholders. This rights offering expired on January 31, 2022, and was
oversubscribed. Pursuant to this rights offering, PEWC and its two subsidiaries that hold Common Shares, Moon View
Ventures Limited ("Moon View") and Pacific Holdings Group ("Pacific Holdings"), acquired additional Common Shares
as follows: (i) PEWC, which exercised 1,410,739 basic subscription rights at an investment of $846,443, was issued
693,806 additional Common Shares; (ii) Moon View, which exercised 7,661,235 basic subscription rights and exercised
over-subscription rights for a total investment of approximately $5,975,389, was issued 4,897,859 additional Common
Shares; and (iii) Pacific Holdings, which exercised 1,358,795 basic subscription rights at an investment of $815,277, was
issued 668,259 additional Common Shares. As a result of this rights offering, APWC’s issued and outstanding shares
increased from 13,819,669 to 20,616,227 shares, and PEWC’s aggregate ownership of our Common Shares increased from
10,430,769 to 16,690,693 shares, representing an increase in percentage ownership from 75.48% to 80.96%. While the
remaining publicly traded Common Shares increased from 3,388,900 to 3,925,534 shares, the ownership percentage in
APWC represented by such Common Shares decreased from 24.52% to 19.04%.
The following table sets forth certain information regarding beneficial ownership of the Common Shares as of
February 28, 2025 by (i) all persons who are known to APWC to own beneficially more than five percent of the Common
50

Shares and (ii) APWC’s Senior Management Members and directors as a group. The information set forth in the following
table is derived from public filings made by holders and information obtained from directors and officers. The voting rights
attached to the Common Shares below are the same as those attached to all other Common Shares.
Identity of Person or Group
Number of Shares
Percent of Class
Pacific Electric Wire & Cable Co., Ltd.(1)
16,690,693
80.959 %
Directors and Executive Officers (Senior Management Members) of APWC
246,541
1.196 %
_____________________________
(1)
PEWC beneficially owns 2,104,545 shares directly and the remaining shares indirectly, as a result of (i) PEWC's control of its
wholly-owned subsidiary Moon View, which owns of record 12,559,094 Common Shares and (ii) PEWC's control of its indirect
wholly-owned subsidiary Pacific Holdings, which owns of record 2,027,054 Common Shares.
Based upon a review of the records of APWC’s U.S. transfer agent, including a list of non-objecting beneficial
holders, as of December 31, 2024, APWC believes there are more than 400 record holders in the United States,
representing approximately 18% of the Common Shares outstanding as of such date, although that constitutes only
APWC’s best estimate of the number of U.S. beneficial holders.
7.B.
Related Party Transactions
Our Company engages in transactions in the ordinary course of business with PEWC, including the purchase of
certain raw materials and the distribution of PEWC products in various countries in the Asia Pacific region. These
transactions are governed by the Composite Services Agreement dated November 7, 1996 between APWC and PEWC,
which we have renewed annually, at our option. The Composite Services Agreement contains provisions that define the
relationship and the conduct of the respective businesses of our Company and PEWC and confers certain preferential
benefits on our Company. (See “Item 10.C. Material Contracts” for more details of the Composite Services Agreement.)
Under the terms of the Composite Services Agreement, our Company pays a management fee to PEWC in
connection with the secondment, or temporary assignment and relocation, of certain PEWC managers to our Company’s
operating units. The assigned managers assist our Company in implementing the results of certain research and
development conducted by PEWC and made available by PEWC to our Company under the terms of the Composite
Services Agreement. The assigned managers also assist our Company in the procurement of raw materials, primarily
copper, which is also provided for under the Composite Services Agreement. The annual management fee was
approximately $179 in 2024, $205 in 2023 and $153 in 2022.
To the extent that transactions occur in the future between our Company and PEWC, or affiliates of PEWC, other
than under the Composite Services Agreement, such transactions will be entered into on an arm’s length basis on terms no
less favorable than those available from unaffiliated third parties.
Please refer to Note 25 of our Financial Statements for additional information regarding related party transactions
and balances as of December 31, 2024.
Item 8: FINANCIAL INFORMATION
8.A.
Consolidated Statements and Other Financial Information
Consolidated Statements
See Item 18: Financial Statements.
Legal Proceedings
There are currently no material proceedings in which any director, senior manager, or affiliate is adverse to APWC
or has an adverse material interest. There are no actual or pending legal proceedings to which APWC is, or is likely to
become, a party which may reasonably be expected to have, or have had in the recent past, a material effect on our
Company’s condition (financial or otherwise) or results of operations.
51

Dividend Policy
Under our Bye-Laws, our Board may from time to time declare dividends or distributions out of contributed surplus
to be paid to the shareholders according to their rights and interests. With the sanction of a shareholders resolution, our
Board may determine that any dividend may be paid by distribution of specific assets, including paid-up shares or
debentures of any other company. Our Board may also pay any fixed cash dividend which is payable on any of the
Common Shares half-yearly or on other dates, whenever APWC’s position, in the opinion of our Board, justifies such
payment.
While our Board approved a dividend policy in 2016 with the stated goal of paying annual cash dividends of at least
25% of APWC’s net post-tax audited consolidated profits attributable to shareholders, our Board determined not to pay a
dividend since 2019, taking into account our Company’s funding needs and business performance. At this time, we do not
anticipate paying any dividends, or otherwise making any distributions or transfers, to our shareholders in 2025.
As a holding company, our ability to pay dividends, as well as to meet our other obligations, depends upon the
amount of distributions, if any, received from our operating subsidiaries and other holdings and investments. Our operating
subsidiaries and other holdings and investments, from time to time, may be subject to restrictions on their ability to make
distributions to APWC. Those restrictions may also affect APWC’s ability to fund operations of one subsidiary with
dividends and other payments received from another subsidiary.
In addition, the ability of our operating subsidiaries to make distributions to APWC will depend upon a number of
factors, including operating results, capital requirements, expansion plans, business prospects, obligations in respect of
non-recurring items, debt covenants and other factors that may arise from time to time. There can be no guarantee that
APWC will pay any dividends in the future.
8.B.
Significant Changes
Please see Note 30 (Subsequent Events) of our Financial Statements for information on recent material events and
the declaration of a cash dividend by Charoong Thai. There have been no material or significant changes in the Company’s
affairs since the end of the fiscal year ended December 31, 2024 that have not been described herein or in such Note 30.
Item 9: THE OFFER AND LISTING
The Common Shares currently trade on the Nasdaq Capital Market Tier under the trading symbol “APWC”. The
Common Shares are not listed on any other exchanges or otherwise publicly traded within or outside the United States.
Item 10: ADDITIONAL INFORMATION
10.A.
Share Capital
APWC’s authorized share capital is $0.5 million consisting of 50,000,000 Common Shares, par value $0.01 per
share, and as of December 31, 2024, there were 20,627,327 Common Shares issued, with 20,616,227 Common Shares
issued and outstanding and 11,100 Common Shares held in treasury.
On January 14, 2022, APWC distributed, at no charge to the holders of its Common Shares, subscription rights to
purchase additional Common Shares. The subscription rights were issued to holders of Common Shares as of 5:00 p.m.,
Eastern Standard Time, on January 7, 2022, the record date for the rights offering, at a ratio of one subscription right per
Common Share. Each subscription right entitled its holder to invest $0.60 towards the purchase of Common Shares at a
price per share equal to the subscription price (the “basic subscription right”). The subscription price in the rights offering
was $1.22 per Common Share. In accordance with the terms of the rights offering, this subscription price was equal to 90%
of the lower of (1) the volume weighted average price per common share on the Nasdaq Capital Market Tier over the five
consecutive trading days through and including the expiration date of the rights offering, and (2) the closing price per
common share on the Nasdaq Capital Market Tier on the expiration date of the rights offering. The pricing formula was
intended to ensure that the subscription price was at least a 10% discount to the closing price per Common Share on the
expiration date of the rights offering.
The rights offering included an over-subscription privilege, which permitted each rights holder that exercised its
subscription rights in full the option to purchase additional Common Shares that remained unsubscribed at the expiration of
the rights offering. The over-subscription privilege was subject to the availability and allocation of shares among holders
52

exercising their over-subscription privilege. The Common Shares issued as part of the over-subscription privilege were
allocated pro-rata among shareholders who exercised their over-subscription rights based on the number of shares each
such shareholder owned on the record date, taking into account the investment amount that each such shareholder allocated
toward over-subscription rights.
The rights offering expired on January 31, 2022, and on February 2, 2022, APWC announced the successful
completion of the rights offering, which was oversubscribed. In the rights offering, APWC issued and sold 6,796,558
additional Common Shares pursuant to the exercise of subscription rights, raising gross proceeds of approximately $8.3
million before any expenses of the rights offering.
No capital stock of APWC is under option or agreed conditionally or unconditionally to be put under option. APWC
does not have any classes of capital stock other than Common Shares. APWC does not have a current share repurchase
plan or program.
10.B.
Memorandum of Association and Bye-Laws
General
The following is a summary of provisions of Bermuda law and APWC’s organizational documents, including
APWC’s Memorandum of Association and Bye-Laws. We refer you to APWC’s Memorandum of Association and Bye-
Laws, copies of which have been filed with the SEC. You are urged to read these documents in their entirety for a complete
understanding of the terms thereof.
The objects for which APWC is formed and incorporated under its Memorandum of Association are:
(1)
to carry on business as a holding company and to acquire and hold shares, stocks, debenture stock, bonds,
mortgages, obligations and securities of any kind issued or guaranteed by any company, corporation or
undertaking of whatever nature and wherever constituted or carrying on business, and shares, stock,
debentures, debenture stock, bonds, obligations and other securities issued or guaranteed by any government,
sovereign ruler, commissioners, trust, local authority or other public body, whether in Bermuda or elsewhere,
and to vary, transpose, dispose of or otherwise deal with from time to time as may be considered expedient
any of the Company’s investments for the time being;
(2)
to acquire any such shares and other securities as are mentioned in the preceding paragraph by subscription,
syndicate participation, tender, purchase, exchange or otherwise and to subscribe for the same, either
conditionally or otherwise, and to guarantee the subscription thereof and to exercise and enforce all rights and
powers conferred by or incident to the ownership thereof;
(3)
to co-ordinate the administration, policies, management, supervision, control, research, planning, trading and
any and all other activities of any company or companies now or thereafter incorporated or acquired which
may be or may become a company, wherever incorporated, which is or becomes a holding company or a
subsidiary of, or affiliated with, the Company within the meanings respectively assigned to those terms in the
Companies Act 1981 or, with the prior written approval of the Minister of Finance, any company or
companies now or hereafter incorporated or acquired with which the Company may be or may become
associated;
(4)
packaging of goods of all kinds;
(5)
buying, selling and dealing in goods of all kinds;
(6)
designing and manufacturing of goods of all kinds;
(7)
mining and quarrying and exploration for metals, minerals, fossil fuels and precious stones of all kinds and
their preparation for sale or use;
(8)
exploring for, the drilling for, the moving, transporting and refining petroleum and hydro carbon products
including oil and oil products;
53

(9)
scientific research including the improvement, discovery and development of processes, inventions, patents,
and designs and the construction, maintenance and operation of laboratories and research centers;
(10)
land, sea and air undertakings including the land, ship and air carriage of passengers, mails and goods of all
kinds;
(11)
ships and aircraft owners, managers, operators, agents, builders and repairers;
(12)
acquiring, owning, selling, chartering, repairing or dealing in ships and aircraft;
(13)
travel agents, freight contractors and forwarding agents;
(14)
dock owners, wharfingers, warehousemen;
(15)
ship chandlers and dealing in rope, canvas oil and ship stores of all kinds;
(16)
all forms of engineering;
(17)
acquiring by purchase or otherwise and holding as an investment inventions, patents, trademarks, trade
names, trade secrets, designs and the like;
(18)
buying, selling, hiring, letting and dealing in conveyances of any sort;
(19)
employing, providing, hiring out and acting as agent for artists, actors, entertainers of all sorts, authors,
composers, producers, directors, engineers and experts or specialists of any kinds;
(20)
to acquire by purchase or otherwise hold, sell, dispose of and deal in real property situated outside Bermuda
and in personal property of all kinds wherever situated; and
(21)
to enter into any guarantee, contract of indemnity or suretyship and to assure, support or secure with or
without consideration or benefit the performance of any obligations of any person or persons and to guarantee
the fidelity of individuals filling or about to fill situations of trust or confidence.
A detailed description of our Company’s principal activities is located above at "Item 4: Information On The
Company". Pursuant to APWC’s Bye-Laws, the Board consists of a single class of directors, each director has one vote on
all matters put to the Board, and a quorum consists of a majority of the members of the Board then in office.
Description of Shareholder Rights Attaching to the Common Shares
APWC was incorporated in Bermuda on September 19, 1996 under the Companies Act. The rights of APWC’s
shareholders are governed by Bermuda law and APWC’s Memorandum of Association and Bye-Laws.
APWC’s authorized share capital is $0.5 million consisting of 50,000,000 Common Shares, par value $0.01 per
share and as of December 31, 2024 there were 20,627,327 Common Shares issued of which 20,616,227 Common Shares
are issued and outstanding and eligible to vote. 11,100 Common Shares are held by APWC as treasury shares and are not
eligible to vote.
•
Holders of the Common Shares have no preemptive, redemption, conversion or sinking fund rights.
•
Holders of the Common Shares are entitled to one vote per share on all matters submitted to a poll vote of
holders of Common Shares and do not have any cumulative voting rights.
•
In the event of APWC’s liquidation, dissolution or winding-up and subject to any alternative resolution that
may be pursued by APWC’s shareholders, the holders of Common Shares are entitled to share ratably in
APWC’s assets, if any, remaining after the payment of all of APWC’s debts and liabilities.
•
APWC’s issued and outstanding Common Shares are fully paid and non-assessable.
54

•
Additional authorized but unissued Common Shares, and issued shares held in treasury, may be issued or
conveyed by the Board without the approval of the shareholders.
The holders of Common Shares will receive such dividends, if any, as may be declared by the Board out of funds
legally available for such purposes. APWC may not declare or pay a dividend, or make a distribution out of contributed
surplus, if there are reasonable grounds for believing that:
•
APWC is, or after the payment would be, unable to pay its liabilities as they become due; or
•
the realizable value of APWC’s assets after such payment or distribution would be less than the aggregate
amount of its liabilities.
Share Capital
APWC’s authorized capital consists of one class of Common Shares. Under APWC’s Bye-Laws, our Board has the
power to issue any authorized and unissued shares on such terms and conditions as it may determine. Any shares or class of
shares may be issued with such preferred, deferred, qualified or other special rights or restrictions, whether in regard to
dividends, voting, return of capital or otherwise, as APWC may from time to time by resolution of the shareholders
prescribe, or in the absence of such shareholder direction, as the Board may determine. This provision in the Bye-Laws
could be used to prevent a takeover attempt, or to make a takeover attempt prohibitively expensive, and thereby preclude
shareholders from realizing a potential premium over the market value of their shares.
Voting Rights
Generally, under Bermuda law and APWC’s Bye-Laws, questions brought before a general meeting are decided by a
simple majority vote of shareholders present or represented by proxy, with no provision for cumulative voting. Matters will
be decided by votes cast by way of voting cards, proxy cards or a show of hands unless a poll is demanded. For purposes
of determining the number of votes cast with respect to any proposal, only those votes cast “for” or “against” shall be
included. An “abstain” vote will not count as votes cast on any such proposal.
If a poll is demanded, each shareholder who is entitled to vote and who is present in person or by proxy has one vote
for each Common Share entitled to vote on such question. A poll may only be demanded under the Bye-Laws by:
•
the chairman of the meeting;
•
at least three shareholders present in person or represented by proxy;
•
any shareholder or shareholders present in person or represented by proxy and holding between them not less
than one-tenth of the total voting rights of all shareholders having the right to vote at the meeting; or
•
a shareholder or shareholders present in person or represented by proxy holding Common Shares conferring
the right to vote at such meeting on which an aggregate sum has been paid up equal to not less than one-tenth
of the total sum paid up on all such Common Shares conferring such right.
Unless the Board otherwise determines, no shareholder shall be entitled to vote at any general meeting unless all
calls or other sums presently payable by that shareholder in respect of all shares in the Company held by such shareholder
have been paid.
Dividend Rights
Under Bermuda law, a company may declare and pay dividends unless there are reasonable grounds for believing
that the company is, or would, after the payment, be unable to pay its liabilities as they become due or that the realizable
value of the company’s assets would thereby be less than its liabilities.
Under APWC’s Bye-Laws, the Board may from time to time declare dividends or distributions out of contributed
surplus to be paid to the shareholders according to their rights and interests. With the sanction of a shareholders resolution,
the Board may determine that any dividend may be paid by distribution of specific assets, including paid-up shares or
debentures of any other company. The Board may also pay any fixed cash dividend which is payable on any of the
55

Common Shares half-yearly or on other dates, whenever APWC’s position, in the opinion of the Board, justifies such
payment.
Dividends, if any, on the Common Shares will be at the discretion of the Board, and will depend on our future
operations and earnings, capital requirements, surplus and general financial condition as our Board may deem relevant.
Purchases by APWC of its own Common Shares
Under Bermuda law and as authorized by APWC’s Memorandum of Association and Bye-Laws, APWC may
purchase its own Common Shares out of the capital paid up on the Common Shares in question, or out of funds that would
otherwise be available for dividend or distribution or out of the proceeds of a fresh issue of Common Shares made for the
purposes of the purchase. APWC may not purchase its Common Shares if, on the date on which the purchase is to be
effected, there are reasonable grounds for believing that APWC is, or after the purchase would be, unable to pay its
liabilities as they become due.
To the extent that any premium is payable on the purchase, the premium must be provided for out of the funds of
APWC that would otherwise be available for dividend or distribution, or out of APWC’s share premium account.
Preemptive Rights
APWC’s Bye-Laws generally do not provide the holders of its Common Shares preemptive rights in relation to any
issues of Common Shares by APWC or any transfer of APWC’s shares.
Variation of Rights
APWC may issue more than one class of shares and more than one series of shares in each class. The rights attached
to any class of shares may be altered or abrogated either:
•
with the consent in writing of the holders of more than fifty percent of the issued shares of that class; or
•
pursuant to a resolution of the holders of such shares.
The Bye-Laws specify that the creation or issuance of shares ranking pari passu with existing shares will not, subject
to any statement to the contrary in the terms of issuance of those shares or rights attached to those shares, vary the special
rights attached to existing shares.
Transfer of Common Shares
Subject to the “Transfer Restrictions” section below, a shareholder may transfer title to all or any of his shares by
completing an instrument of transfer in the usual common form or in such other form as the Board may approve. The form
of transfer is required to be signed by or on behalf of the transferor and also the transferee where any share is not fully paid.
The transferor shall be deemed to remain the holder of the shares until the name of the transferee is entered in the register
of members of APWC.
Transfer Restrictions
The Board may, in its absolute discretion and without assigning any reason therefor, decline to register any transfer
of any share which is not a fully paid share. The Board may also refuse to register an instrument of transfer of a share
unless:
•
the instrument of transfer is duly stamped, if required by law, and lodged with APWC;
•
the instrument is accompanied by the relevant share certificate for the shares to which it relates, and such
other evidence as the Board shall reasonably require to show the right of the transferor to make the transfer;
•
the instrument of transfer is in respect of only one class of shares;
•
where applicable, the permission of the BMA with respect thereto has been obtained; and
56

•
subject to the Companies Act, the Bye-Laws and any directions of the Board from time to time in force, the
secretary of APWC may exercise the powers and discretions of the Board with respect to: (i) the transfer of
shares by a shareholder by way of an instrument of transfer in the usual common form and (ii) sending to a
transferee notice of refusal to register a transfer of shares where the Board declines to register such transfer,
within three months after the date on which the instrument of transfer was lodged.
In accordance with the provisions of the Exchange Control Act and related regulations of Bermuda, the permission
of the BMA is required for all issuances and transfers of shares (which includes the Common Shares) of Bermuda
companies to or from a non-resident of Bermuda for exchange control purposes, other than in cases where the BMA has
granted a general permission. The BMA, in its notice to the public dated June 1, 2005, has granted a general permission for
the issue and subsequent transfer of any securities of a Bermuda company from and/or to a non-resident of Bermuda for
exchange control purposes for so long as any “Equity Securities” of the company (which include the Common Shares) are
listed on an “Appointed Stock Exchange” (which includes Nasdaq). In granting the general permission the BMA accepts
no responsibility for our financial soundness or the correctness of any of the statements made or opinions expressed herein.
Accordingly, the Common Shares benefit from a general permission for free transferability for all transfers between
persons who are not resident in Bermuda for exchange control purposes, for as long as such Common Shares remain listed
on an appointed stock exchange. In the event that the Common Shares are delisted from Nasdaq, it will be necessary to
obtain the prior permission of the BMA to transfer such Common Shares to any transferee, subject to any applicable
general permissions issued by the BMA.
Transmission of Shares
In the event of the death of a shareholder, the survivor or survivors, where the deceased shareholder was a joint
holder, and the estate representative, where the deceased shareholder was sole holder, shall be the only persons recognized
by APWC as having any title to the shares of the deceased. “Estate representative” means the person to whom probate or
letters of administration has or have been granted in Bermuda, or failing any such person, such other person as the Board
may in its absolute discretion determine to be the person recognized by APWC for this purpose.
Disclosure of Interests
Under the Companies Act, a director who has an interest in a material contract or a proposed material contract, or a
10% or more interest (directly or indirectly) in an entity that is interested in a contract or proposed contract or arrangement
with us, is obligated to declare the nature of such interest at the first opportunity at a meeting of the Board of Directors, or
by writing to the Board of Directors. If the director has complied with the relevant sections of the Companies Act and the
Bye-Laws with respect to the disclosure of his interest, the director may vote at a meeting of the Board of Directors or a
committee thereof on a contract, transaction or arrangement in which that director is interested, in which case his vote shall
be counted and he shall be taken into account in ascertaining whether a quorum is present.
Rights in Liquidation
Under Bermuda law, in the event of liquidation or winding-up of a company, after satisfaction in full of all claims of
creditors and subject to the preferential rights accorded to any series of preferred shares, the proceeds of such liquidation or
winding-up are distributed among the holders of shares in accordance with a company’s bye-laws.
Under APWC’s Bye-Laws, if APWC is wound up, the liquidator may, pursuant to a resolution of the shareholders
and any approval required by the Companies Act, divide among the shareholders in cash or other assets the whole or part
of APWC’s assets, whether such assets shall consist of property of the same kind or not, and may for such purposes set
such values as such liquidator deems fair upon any property to be divided and may determine how such division shall be
carried out as between the shareholders.
Meetings of Shareholders
Under Bermuda law, a company, unless it elects to dispense with the holding of annual general meetings, is required
to convene at least one general meeting per calendar year. The directors of a company, notwithstanding anything in such
company’s bye-laws, shall, on the requisition of the shareholders holding at the date of the deposit of the requisition not
less than one-tenth of the paid-up capital of the company carrying the right of vote, duly convene a special general meeting.
APWC’s Bye-Laws provide that the Board may, whenever it thinks fit, convene a special general meeting.
57

Bermuda law requires that shareholders be given at least five days’ notice of a company meeting, other than an
adjourned meeting. APWC’s Bye-Laws extend this period to provide that not less than 20 days’ written notice of a general
meeting must be given to those shareholders entitled to receive such notice. The accidental omission to give notice to or
non-receipt of a notice of a meeting by any person does not invalidate the proceedings of a meeting.
APWC’s Bye-Laws state that no business can be transacted at a general meeting unless a quorum of at least two
shareholders representing a majority of the shares of APWC in issue are present in person or by proxy and entitled to vote.
Under APWC’s Bye-Laws, notice to any shareholders may be delivered either personally or by sending it through
the post, by airmail where applicable, in a pre-paid letter addressed to the shareholder at his address as appearing in the
share register or by delivering it to, or leaving it at, such registered address. Any notice sent by post shall be deemed to
have been served seven (7) days after dispatch. Any notice of a general meeting is deemed to be duly given to the
shareholder if it is sent to him by cable, telex, telecopier or other mode of representing or reproducing words in a legible
and non-transitory form and such notice shall be deemed to have been served twenty-four (24) hours after its dispatch.
Access to Books and Records and Dissemination of Information
Under Bermuda law, members of the general public have the right to inspect the public documents of a company
available at the office of the Bermuda Registrar of Companies. These documents include the memorandum of association
and any amendment to the memorandum of association.
Under Bermuda law, the minutes of shareholder meetings will be open for inspection by any shareholder or director
without charge for not less than two hours during business hours each day, subject to any reasonable restrictions that
APWC may impose. The shareholders shall be entitled to receive a copy of every balance sheet and statement of income
and expenditure before a general meeting as required under the Bye-Laws.
Under APWC’s Bye-Laws, unless the Board otherwise determines, the register of shareholders of APWC shall be
open for inspection between 10:00 a.m. and 12:00 noon each working day without charge to members of the general
public. A company is required to maintain its share register in Bermuda but may, subject to the provisions of the
Companies Act, establish a branch register outside of Bermuda. APWC has established a branch register with APWC’s
transfer agent, Computershare Limited, which is based in Jersey City, New Jersey.
Under Bermuda Law, a company is required to keep at its registered office a register of its directors and officers that
is open for inspection for not less than two hours in each day by members of the public without charge. Under APWC’s
Bye-Laws, the register of directors and officers is available for inspection by the public between 10:00 a.m. and 12:00 noon
every working day.
Bermuda law does not provide a general right for shareholders to inspect or obtain copies of any other corporate
records, except for the Bye-Laws of APWC.
Election or Removal of Directors
The Bye-Laws provide that the number of directors will be such number, not less than two, as APWC’s shareholders
by resolution may from time to time determine. A director will serve until re-elected or his successor is appointed at the
next annual general meeting or his prior removal in the manner provided by the Companies Act or the Bye-Laws. There is
no requirement under Bermuda law, APWC’s Memorandum of Association or its Bye-Laws that a majority of APWC’s
directors be independent.
The Bye-Laws provide that each director shall have one vote on all matters presented to the Board for a vote.
The shareholders may by resolution determine that one or more vacancies in the Board shall be deemed casual
vacancies for the purposes of the Bye-Laws. The Board, so long as a quorum of directors remains in office, shall have the
power at any time and from time to time to appoint any individual to be a director so as to fill a casual vacancy. The
shareholders may approve the appointment of alternate directors or may authorize the Board to appoint them. Directors
may also appoint and remove their own alternates.
58

APWC may, in a special general meeting called for that purpose, remove a director, provided notice of such meeting
is served upon the director concerned not less than fourteen days before the meeting and the director shall be entitled to be
heard at that meeting.
The office of a director will be vacated in the event of any of the following:
•
if he resigns his office by notice in writing to be delivered to APWC’s registered office or tendered at a
meeting of the Board;
•
if he becomes of unsound mind or a patient for any purpose under any statute or applicable law relating to
mental health and the Board resolves that his office is vacated;
•
if he becomes bankrupt or enters into a general settlement with his creditors;
•
if he is prohibited by law from being a director; or
•
if he ceases to be a director by virtue of the Companies Act or is removed from office pursuant to the Bye-
Laws.
Directors’ remuneration is determined by APWC’s shareholders during general meetings. Directors may also be
paid all reasonable travel, hotel, and other expenses properly incurred in attending meetings of the Board, meetings of any
committee appointed by the Board, general meetings of the shareholders of APWC, or any meetings in connection with the
business of APWC or their duties as Directors generally. There are no age limit requirements regarding retirement or non-
retirement of directors. Holding shares is not a requirement in order to be appointed as a director of APWC.
The Board may exercise all the powers of APWC to borrow money and to mortgage or charge its undertaking,
property and uncalled share capital, or any part thereof. The Board may also issue debentures, debenture stock, and other
securities whether outright or as security for any debt, liability or obligation of APWC or any third party.
Amendment of Memorandum of Association and Bye-Laws
Bermuda law provides that the memorandum of association of a company may be amended by resolution passed at a
general meeting of which due notice has been given. An amendment to a memorandum of association does not require the
consent of the Minister of Finance of Bermuda save for specific circumstances, for example, the adopting of any authority
to carry on restricted business activities.
Under Bermuda law, the holders of:
•
an aggregate of not less than twenty percent in par value of a company’s issued share capital or any class
thereof; or
•
not less in the aggregate than twenty percent of the company’s debentures entitled to object to amendments to
its memorandum of association,
have the right to apply to the Supreme Court of Bermuda for an annulment of any amendment of the memorandum
of association. Where such an application is made, the amendment becomes effective only to the extent that it is
confirmed by the Bermuda Supreme Court. An application for an annulment of an amendment of the memorandum
of association must be made within twenty-one days after the date on which the resolution amending the
memorandum of association is passed and may be made on behalf of the persons entitled to make the application by
one or more of their number as they may appoint in writing for the purpose.
APWC’s Bye-Laws may be amended in the manner provided for in the Companies Act, which provides that the
directors may amend the Bye-Laws, provided that any such amendment shall be effective only to the extent approved by
the shareholders.
59

Merger or Amalgamation
The Companies Act provides that two or more Bermuda companies may merge and their undertaking, property and
liabilities shall vest in one of such companies as the surviving company. The Companies Act also provides that a Bermuda
company may amalgamate with another company and continue as an amalgamated company. A merger or amalgamation
requires a merger or amalgamation agreement which must be approved by the Board of Directors and at a meeting of the
shareholders by seventy-five percent of the shareholders present and entitled to vote at such meeting in respect of which the
quorum shall be two persons holding or representing by proxy more than one-third of the issued shares of the company or
class. These provisions do not apply where a holding company is merging or amalgamating with one or more of its wholly-
owned subsidiaries or where two or more wholly-owned companies of the same holding company are merging or
amalgamating.
Under Bermuda law, in the event of a merger or an amalgamation of a Bermuda company, any shareholder who did
not vote in favor of the transaction and who is not satisfied that fair value has been offered for their shares, may within one
month of the giving of the notice of the shareholder meeting called to approve the transaction, apply to the Supreme Court
of Bermuda to appraise the fair value of their shares.
Class Actions and Derivative Actions
Class actions, as they are commonly understood in the United States, are not available to shareholders under
Bermuda law. Derivative actions are generally only available to shareholders under Bermuda law in very limited
circumstances. A shareholder may commence an action in the name of a company, which seeks damages for a loss suffered
by the company, where the wrongdoers are in control of the company and the act complained of is of a fraudulent
character. Derivative actions are governed by Order 15, rule 12A of Bermuda's Rules of the Supreme Court 1985, and
following a July 2018 amendment thereto, if a derivative action is commenced and the relevant defendant enters an
appearance, leave of the Supreme Court of Bermuda must be obtained before the derivative action may proceed.
When one or more members believes the affairs of a company are being conducted in a manner which is oppressive
or prejudicial to the interests of some part of the members, upon petition, brought by the member(s), the Supreme Court of
Bermuda, if it is satisfied that the affairs of the company are, or have been, conducted in such an oppressive or prejudicial
manner, and finding it is just and equitable to do so, may order the winding up of the company. If the court is of the
opinion that to wind up the company is justified, but would unfairly prejudice that part of the members, as an alternative to
winding up, the court may, with a view to bringing to an end the matters complained of, make such order as it thinks fit,
whether for regulating the conduct of the company’s affairs in the future, or for the purchase of the shares of any members
of the company by other members or by the company, and, in the case of a purchase of the shares by the company, for the
reduction accordingly of the company’s capital or otherwise.
Personal Liability of Directors and Indemnity
The Companies Act requires every officer, including directors, of a company in exercising powers and discharging
duties, to act honestly in good faith with a view to the best interests of the company, and to exercise the care, diligence and
skill that a reasonably prudent person would exercise in comparable circumstances. The Companies Act further provides
that any provision, whether in the bye-laws of a company or in any contract between the company and any officer or any
person employed by the company as auditor, exempting such officer or person from liability, or indemnifying him against
any liability which by virtue of any rule of law would otherwise attach to him, in respect of any fraud or dishonesty of
which he may be guilty in relation to the company, shall be void.
Every director, officer and committee member shall be indemnified out of APWC’s funds against all civil liabilities,
loss, damage or expense including liabilities under contract, tort and statute or any applicable foreign law or regulation and
all reasonable legal and other costs and expenses properly payable, incurred or suffered by him as director, officer or
committee member; provided that the indemnity contained in the Bye-Laws will not extend to any matter which would
render it void under the Companies Act as discussed above.
Other Miscellaneous Matters
Notwithstanding the recording of any special capacity, APWC is not bound to investigate or incur any responsibility
in respect of the proper administration of any estate or trust.
60

APWC will take no notice of any trust applicable to any of its Common Shares whether or not it had notice of such
trust.
As an “exempted company,” APWC is exempt from Bermuda laws which restrict the percentage of share capital that
may be held by non-Bermudians. However, as an exempted company APWC may not participate in certain designated
business transactions, which we do not consider relevant to our present or planned business activities.
10.C.
Material Contracts
Composite Services Agreement
Our Company engages in transactions in the ordinary course of business with PEWC, including the purchase of
certain raw materials and the distribution of PEWC products in various countries in the Asia Pacific region. APWC and
PEWC are parties to a Composite Services agreement dated November 7, 1996, which APWC has renewed annually, at its
option. The Composite Services Agreement contains provisions that define the relationship and conduct of the respective
businesses of our Company and PEWC, and confers certain preferential benefits on our Company. Pursuant to the
Composite Services Agreement,
•
PEWC agrees to (a) sell copper rod to our Company, upon our Company’s request, (i) at a price consisting of
the spot price of copper on the LME plus an agreed upon premium and (ii) at prices and on terms at least as
favorable as PEWC provides copper rod to other purchasers of similar amounts of copper rod in the same
markets, and (b) give priority in the supply of copper rod to our Company over other purchasers of copper rod
from PEWC.
•
Our Company has the right to distribute any wire or cable product manufactured by PEWC in all markets in
which our 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 is not required to grant to our
Company the right to distribute products manufactured by PEWC in the future in markets where our
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 our Company.
•
Each of PEWC and our 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 our Company currently manufactures or distributes, or
intends to develop the capability to manufacture or distribute, any wire or cable product. Unless our Company
and PEWC mutually agree otherwise, our Company has 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 our
Company for PEWC or such substitution would prevent the successful completion of the facility or venture,
PEWC has agreed to arrange for our Company to participate to the extent possible.
•
PEWC agrees to make available to our Company, upon our Company’s request and on terms to be mutually
agreed between PEWC and our Company from time to time, certain services and technology with respect to
the design and manufacture of wire and cable products (including fiber optic products), and certain services
with respect to 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 our
Company’s employees and managers at PEWC facilities and the secondment of PEWC employees and
managers to our Company.
•
Without the consent of our Company, PEWC will not compete with respect to the manufacture or distribution
of wire and cable products in any market in which our Company is manufacturing or has taken significant
steps to commence manufacturing.
•
For purposes of the Composite Services Agreement, each province in China is considered the equivalent of a
country.
The foregoing is a summary of material terms, and to review the full agreement, we refer you to the Composite
Services Agreement, a copy of which has been filed with the SEC.
61

10.D.
Exchange Controls
APWC has been designated by the BMA as a non-resident under the Exchange Control Act. This designation allows
APWC to engage in transactions in currencies other than the Bermuda dollar. The transfer of Common Shares between
persons regarded as resident outside Bermuda for exchange control purposes and the issue of Common Shares to such
persons may be effected without specific consent under the Exchange Control Act and regulations thereunder, provided the
Common Shares are listed on an appointed stock exchange.
10.E.
Taxation
The following is a summary of certain material U.S. federal income tax and Bermuda tax consequences of the
acquisition, ownership and disposition of the Common Shares, subject to the assumptions, qualifications and limitations in
our discussion below. Such summary is subject to changes in United States and Bermuda law, including changes that could
have retroactive effect. Such changes in laws could result in different tax consequences from our summary below, and
adversely affect your tax burden on investment income from APWC. Please see Note 8. (Income Tax) of the Financial
Statements for additional information, detail and discussion regarding taxation.
The following summary is neither intended as tax advice nor purports to describe a comprehensive discussion of all
possible tax consequences that may be relevant to APWC’s investors and prospective investors. Therefore, you are strongly
urged to consult your own tax advisors regarding the overall tax consequences of the acquisition, ownership and
disposition of the Common Shares in light of your particular circumstances.
Bermuda Taxation
Bermuda historically imposed no taxes on profits, income, dividends, or capital gains, has no limit on the
accumulation of profit, and has no requirement to distribute dividends.
On December 27, 2023, Bermuda enacted the Corporate Income Tax Act 2023 ("CIT Act") which introduced a new
corporate income tax ("CIT") on Bermuda Constituent Entity Groups ("BCE Groups"), comprised of one or more
Bermuda Constituent Entities ("BCEs") of an In Scope Multinational Enterprise Group ("MNE Group") for fiscal years
beginning on or after January 1, 2025. Bermuda businesses that are not within the scope of the CIT Act will continue to not
be subject to income tax in Bermuda. The CIT applies to MNE Groups with annual revenue of €750 million or more and
imposes a 15% tax rate.

APWC received from the Minister of Finance, pursuant to section 2 of the Exempted Undertakings Tax Protection
Act of 1966, a Tax Assurance certificate dated February 6, 2012 that grants APWC (the "Undertaking") assurance,
effective until March 31, 2035, that "...in the event of there being enacted in Bermuda any legislation imposing tax
computed on profits or income or computed on any capital asset, gain or appreciation, or any tax in the nature of estate duty
or inheritance tax, then the imposition of any tax described herein shall not be applicable to such undertakings or to any of
its operations or the shares, debentures or other obligations of the said undertakings." The assurance does not prevent the
application of any such tax or duty to such persons as are ordinarily resident in Bermuda; and any tax payable in
accordance with the provisions of the Land Tax Act 1967 or otherwise payable in relation to leased land. The CIT applies
notwithstanding the existence of previously issued undertakings for Bermuda businesses that are subject to taxation under
the CIT Act.
As an exempted company, APWC must pay to the Bermuda government an annual government fee calculated on a sliding-
scale basis by reference to its assessable capital, that is, its authorized share capital plus any share premium. There is no
stamp duty or other transfer tax payable upon the transfer of shares in APWC by shareholders.
United States Taxation
This summary is based upon the Internal Revenue Code of 1986, as amended (the "Code"), administrative
pronouncements, judicial decisions and final, temporary and proposed U.S. Department of the Treasury regulations, all as
of the date hereof, and all of which are subject to differing interpretations or to change, possibly with retroactive effect. The
United States does not have a comprehensive income tax treaty with Bermuda.
We have not sought any ruling from the IRS in respect of the statements made and the conclusions reached in this
discussion, and there can be no assurance that the IRS will agree with such statements and conclusions, or that the IRS will
not challenge any of the positions taken by us and that such challenge, if any, will not be sustained. A different treatment
62

from that described below could adversely affect the tax consequences of the ownership and disposition of our Common
Shares as set forth in this summary.
This summary applies to you if you are a U.S. Shareholder. As used herein, a "U.S. Shareholder" means a
beneficial owner of our Common Shares who, or that is, for U.S. federal income tax purposes, any of the following:
•
an individual who is a citizen or resident of the United States,
•
a corporation, or other entity taxable as a corporation, created or organized under the laws of the United
States, any state thereof, or the District of Columbia,
•
an estate whose income is subject to U.S. federal income tax regardless of its source, or
•
a trust if a U.S. court can exercise primary supervision over the trust's administration and one or more U.S.
persons (as defined in the Code and Treasury Regulations) are authorized to control all substantial decisions
of the trust.
In particular, this summary deals only with Common Shares held by U.S. Shareholders as capital assets for U.S.
federal income tax purposes, and does not address any aspect of the “Medicare contributions tax” on “net investment
income”, the U.S. federal alternative minimum tax, U.S. federal estate and gift taxes, state and local taxes, and foreign
tax consequences to U.S. Shareholders of the acquisition, ownership, and disposition of Common Shares.
This summary does not purport to deal with all aspects of U.S. federal income taxation that may be relevant to a
particular shareholder in light of their circumstances. In particular, this summary does not address all of the tax
consequences that may apply to members of a special class of shareholders subject to special rules, including:
•
dealers in securities or currencies;
•
persons subject to special tax accounting rules under Section 451(b) of the Code;
•
regulated investment companies;
•
real estate investment companies;
•
traders in securities that elect to use a mark-to-market method of accounting for securities holdings;
•
tax-exempt organizations;
•
banks, insurance companies, or any other financial institutions;
•
persons that actually or constructively own 10% or more, by vote or value, of our Common Shares;
•
persons that hold our Common Shares as part of a straddle or a hedging, conversion, or other integrated
transaction for U.S. federal income tax purposes;
•
persons that purchase or sell Common Shares as part of a wash sale for U.S. federal income tax purposes;
•
partnerships or other pass-through entities and investors therein; or
•
persons whose functional currency is not the US Dollar.
If a partnership (including any entity treated as a partnership for U.S. federal income tax purposes) is a beneficial
owner of Common Shares, the U.S. federal income tax treatment of a partner in that partnership generally will depend on
the status of the partner and the activities of the partnership. If you are a partner of a partnership holding Common Shares,
you should consult your own tax advisor regarding the U.S. federal income tax consequences to you.
63

Prospective investors of our Common Shares should consult their own tax advisors regarding the U.S. federal, state,
local and non-U.S. taxing authorities and other tax consequences of owning and disposing of the Common Shares in their
particular circumstances.
Taxation of U.S. Shareholders
Taxation of Dividends
Subject to the discussion of the “passive foreign investment company” rules below, the gross amount of any
distributions of cash or property with respect to our Common Shares generally will be treated as dividends for U.S. federal
income tax purposes to the extent paid out of our current or accumulated earnings and profits, as determined under U.S.
federal income tax principles. Distributions in excess of current and accumulated earnings and profits, as determined for
U.S. federal income tax purposes, will be treated first as a return of capital that is applied against and reduces the U.S.
Shareholder's adjusted tax basis in the Common Shares, but not below zero, and thereafter as capital gain realized on the
sale or other disposition of the Common Shares. Because we do not maintain calculations of our earnings and profits under
U.S. federal income tax principles, it is expected that distributions generally will be reported to U.S. Shareholders as
dividends. The amount of any distribution paid in a foreign currency will be equal to the U.S. dollar value of such currency,
translated at the spot rate of exchange on the date such distribution is received, regardless of whether the payment is in fact
converted into U.S. dollars at that time.
Any dividends that a U.S. Shareholder receives will be included in such shareholder’s gross income as ordinary
income on the day such shareholder actually or constructively receives them. Such dividends will not be eligible for the
dividends received deduction generally allowed to certain corporate U.S. Shareholders. Dividends paid by us generally will
be non-U.S. source income for purposes of the U.S. “foreign tax credit” rules. The rules governing U.S. foreign tax credits
are complex and involve the application of rules that depend on the particular circumstances of each U.S. Shareholder.
Therefore, each U.S. Shareholder should consult their own tax advisor with respect to the availability of U.S. foreign tax
credits to such U.S. Shareholder’s particular circumstances.
Subject to certain limitations, including certain limitations based on taxable income and filing status, and subject to
certain minimum holding period requirements, under Code section 1(h)(11), dividends paid to non-corporate U.S.
Shareholders, including individuals, may be eligible for a reduced rate of taxation if we are deemed to be a “qualified
foreign corporation” for U.S. federal income tax purposes . A qualified foreign corporation includes a non-U.S. corporation
if (1) its shares (including the Common Shares) are readily tradable on an established securities market in the United States
or (2) it is eligible for the benefits of a comprehensive income tax treaty with the United States that meets certain
requirements. However, a corporation is not a qualified foreign corporation if it is a “passive foreign investment
company” (as discussed below) for the taxable year in which the dividend is paid or the preceding taxable year. The
Common Shares are traded on the Nasdaq Capital Market Tier, an established securities market. The United States' income
tax treaty with Bermuda, is limited to the insurance industry and is identified in IRS Notice 2024-11 as a treaty in effect
that does not meet the requirements of Code Section 1(h)(11)(C)(1)(II). Each U.S. Shareholder should consult their own
tax advisor regarding the treatment of dividends and such shareholder's eligibility for a reduced rate of taxation.
Taxation of Capital Gains
Subject to the discussion of the “passive foreign investment company" rules below, a U.S. Shareholder generally
will recognize gain or loss on the sale or exchange of Common Shares equal to the difference between the amount realized
on the sale or exchange and the U.S. Shareholder’s adjusted tax basis in the Common Shares. Such gain or loss will be
capital gain or loss and will be long-term capital gain or loss if the Common Shares were held for more than one year. Gain
or loss, if any, recognized by a U.S. Shareholder generally will be treated as U.S.-source gain or loss for U.S. foreign tax
credit limitation purposes. A U.S. Shareholder’s adjusted tax basis in its Common Shares generally is equal to its purchase
price for such shares, adjusted according to U.S. federal income tax principles. Long-term capital gains recognized by non-
corporate U.S. Shareholders generally will be subject to tax at reduced rates. Capital loss deductions are subject to
limitations.
64

Passive Foreign Investment Company
A non-U.S. corporation will be classified as a passive foreign investment company (a "PFIC") for U.S. federal
income tax purposes if either:
•
75% or more of its gross income for the taxable year is passive income; or
•
on a quarterly average for the taxable year by value (or, if it is not a publicly traded corporation and so elects,
by adjusted basis) 50% or more of its assets produce or are held for the production of passive income.
For the purposes of this test, such non-U.S. corporation will be treated as owning its proportionate share of the assets
and earning its proportionate share of the income of any other corporation in which it owns, directly or indirectly, 25% or
more (by value) of the stock.
Based on current projections concerning the composition of APWC’s income and assets, APWC does not believe
that it will be treated as a PFIC for its current or future taxable years. However, because this conclusion is based on our
current projections and expectations as to our future business activity, we can provide no assurance that APWC will not be
treated as a PFIC in respect of its current or any future taxable years. If we are classified as a PFIC for U.S. federal income
tax purposes, a U.S. Shareholder that does not make an election to treat us as a “qualified electing fund” and did not make a
“mark-to-market” election, each as described below, will be subject to the following U.S. federal income tax consequences:
•
“Excess distributions” we make to a U.S. Shareholder would be taxed in a special way. “Excess distributions”
are amounts received by a U.S. Shareholder with respect to our Common Shares in any taxable year that
exceed 125% of the average distributions received by the U.S. Shareholder from us in the shorter of either the
three previous years or the U.S. Shareholder’s holding period for such Common Shares before the current
taxable year. Excess distributions must be allocated ratably to each day that a U.S. Shareholder has held our
Common Shares. A U.S. Shareholder must include amounts allocated to the current taxable year and to any
non-PFIC years in his or her gross income as ordinary income for that year. A U.S. Shareholder must pay
U.S. federal income tax on amounts allocated to each prior taxable PFIC year at the highest marginal tax rate
in effect for that year on ordinary income and the tax is subject to an interest charge at the rate applicable to
deficiencies for U.S. federal income tax.
•
The entire amount of gain that is realized by a U.S. Shareholder upon the sale or other disposition of our
Common Shares would also be considered an excess distribution and would be subject to U.S. federal income
tax as described above.
•
A U.S. Shareholder’s adjusted tax basis in shares that were acquired from a U.S. decedent would not receive a
step-up to fair market value as of the date of the decedent’s death but instead would be equal to the decedent’s
adjusted tax basis, if lower than such value.
The special PFIC rules do not apply to a U.S. Shareholder if the U.S. Shareholder makes an election to treat us as a
“qualified electing fund” in the first taxable year in which the U.S. Shareholder owns our Common Shares and if we
comply with certain reporting requirements. Instead, a shareholder of a qualified electing fund is required for each taxable
year to include in income a pro rata share of the ordinary earnings of the qualified electing fund as ordinary income and a
pro rata share of the net capital gain of the qualified electing fund as long-term capital gain, subject to a separate election to
defer payment of taxes, which deferral is subject to an interest charge. The election is made on a shareholder-by-
shareholder basis and may be revoked only with the consent of the IRS. A U.S. Shareholder makes the election by
attaching a completed IRS Form 8621, including the PFIC annual information statement, to a timely filed U.S. federal
income tax return. Even if an election is not made, a U.S. Shareholder generally must file a completed IRS Form 8621 in
each year that we are a PFIC. U.S. Shareholders should be aware that, for each taxable year, if any, that we are a PFIC, we
can provide no assurances that we will satisfy the record keeping requirements of a PFIC, or that we will make available to
U.S. Shareholders the information such U.S. Shareholders require to make a “qualified electing fund” election with respect
to us.
A U.S. Shareholder who owns PFIC shares that are publicly traded could elect to mark the shares to market
annually, recognizing as ordinary income or loss each year an amount equal to the difference as of the close of the taxable
year between the fair market value of the PFIC shares and the U.S. Shareholder’s adjusted tax basis in the PFIC shares. If
such a mark-to-market election were made, then the rules set forth above would not apply for periods covered by the
65

election. Assuming that we are trading on the Nasdaq Capital Market Tier, our Common Shares are expected to be treated
as publicly traded for purposes of the mark-to-market election and, therefore, such election should be able to be made if we
are classified as a PFIC. A mark-to-market election is, however, subject to complex and specific rules and requirements,
and U.S. Shareholders are strongly urged to consult their tax advisors concerning this election if we are classified as a
PFIC.
U.S. Shareholders are urged to consult their tax advisors regarding the adverse tax consequences of owning our
Common Shares if we are, or become, a PFIC, and the possibility of making certain elections designed to lessen those
adverse consequences.
U.S. Information Reporting and Backup Withholding
Dividends paid, if any, on our Common Shares to a U.S. Shareholder may be subject to information reporting and,
unless a U.S. Shareholder either furnishes its taxpayer identification number or otherwise establishes an exemption, may
also be subject to U.S. backup withholding tax. In addition, information reporting generally will apply to payments of
proceeds from the sale, exchange, redemption or other disposition of our Common Shares by a paying agent, including a
broker, within the United States to a U.S. Shareholder. A paying agent within the United States will be required to impose
backup withholding on any payments of the proceeds from the sale, exchange redemption or other disposition of the
Common Shares within the United States to a U.S. Shareholder if such U.S. Shareholder fails to furnish its correct taxpayer
identification number or otherwise fails to establish an exemption or comply with such backup withholding requirements.
Backup withholding is not an additional tax and may be refunded (or credited against the U.S. Shareholder’s U.S. federal
income tax liability, if any), provided that certain required information is furnished to the IRS. The information reporting
requirements may apply regardless of whether withholding is required.
10.F.
Dividends and Paying Agents
Not applicable.
10.G.
Statement by Experts
Not applicable.
10.H.
Documents on Display
APWC is required to comply with the reporting requirements of the Exchange Act, applicable to a foreign private
issuer, and to annually file Form 20-F no later than four months after the close of its fiscal year, which is December 31. As
a foreign private issuer, APWC is exempt from the rules under the Exchange Act prescribing the furnishing and content of
proxy statements, and its officers, directors and principal shareholders are exempt from the reporting and short-swing profit
recovery provisions contained in Section 16 of the Exchange Act.
Our reports and other information, when so filed, may be accessed over the Internet on the SEC’s website at
www.sec.gov. In addition, we post certain information regarding us and our operations on our website located at
www.apwcc.com. Summary information regarding our Company posted on our website should not be considered to be a
substitute for, or a restatement of, the more complete information regarding our Company, its results of operations and
financial condition set forth in this Annual Report or other documents or information which we may file with the SEC.
10.I.
Subsidiary Information
Not applicable.
Item 11: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS
Our Company has exposure to several quantitative market risks, including fluctuations in interest rates, foreign
currency exchange rates and the pricing of commodities, principally copper, our Company’s main raw material. Risk
management measures undertaken by our Company include entering into derivative agreements covering foreign exchange
rates and copper pricing, as well as copper forward pricing agreements. Our Company does not purchase or sell derivative
instruments for trading purposes. Our Company does not engage in trading activities involving copper contracts for which
a lack of marketplace quotations would necessitate the use of fair value estimation techniques.
66

11.1
Interest Rate Risk
Our Company is not currently a party to any derivative instruments to manage interest rate exposure. In the current
interest rate environment, our Company does not believe that the limited potential loss limitation protection available
through the purchase of interest rate swaps or other derivative instruments against its exposure under floating rate finance
facilities merits the cost that would be incurred in those transactions.
11.2
Foreign Currency Risk
Our Company has exposure to fluctuations in currency exchange rates. Our Company’s revenues are generated
primarily in the local currency or currencies in its principal operating regions, North Asia, Thailand, and the ROW, which
are also its reporting segments. However, significant proportions of raw materials are in U.S. dollars.
As our Company’s operating subsidiaries incur operating costs in the local currency where they operate, our
Company believes it is prudent that those operating subsidiaries incur indebtedness in the local currency when debt
financing is necessary. The amount of indebtedness incurred by our operating subsidiaries from time to time is a function
of our business strategy, the attractiveness of borrowing as opposed to other methods of financing operations and tax
implications, among other considerations. Our Company has exposure to currency exchange risk when the results of its
operating subsidiaries are translated from the functional currencies into its reporting currency, the U.S. dollar. At
December 31, 2024 and 2023, the other comprehensive income in the total equity section of the consolidated balance sheets
included currency translation adjustments of $25.2 million and $19.8 million, respectively.
For information about the effects of foreign currency fluctuations on our Company, see “Item 3.D. Risk Factors:
Risks Related to our Financial Activities: Foreign exchange fluctuations could materially impact our financial
performance and our financial condition.”
Our Company enters into foreign exchange forward contracts with the intent to reduce the foreign exchange risk of
expected sales and purchase transactions. Our Company monitors the foreign exchange exposure and will consider hedging
significant foreign currency exposure should the need arise. See Notes 11 and 28 to our Financial Statements.
11.3
Market Risks Relating to Copper
Copper is the principal raw material we use, accounting for a majority portion of the cost of sales in 2024. We
purchase copper at prices based on the average prevailing international spot market prices on the LME for copper for the
one month prior to purchase. The price of copper is influenced heavily by global supply and demand as well as speculative
trading. As with other costs of production, changes in the price of copper may affect our cost of sales. Whether this has a
material impact on our operating margins and financial results depends primarily on our ability to adjust our selling prices
to our customers, such that increases and decreases in the price of copper are reflected in those selling prices going
forward. The selling price of our products is based in part on the cost of copper used to manufacture those products. In
addition, in the ordinary course of business we maintain inventories of raw materials and finished products reasonably
necessary for the conduct of our business. These inventories typically reflect the cost of copper prevailing in the market at
the time we purchase. Most of our sales of products reflect copper prices prevailing at the time the products are ordered by
our customers. However, in the cases when our Company enters into a sales contract at fixed prices, rising copper price
could render this sales contract onerous that requires our Company to recognize the related onerous losses. In addition, a
long-term decrease in the price of copper would require our Company to revalue the value of its inventory at periodic
intervals to the then market value, which could be below cost. Copper prices have been subject to considerable volatility
and it is not always possible to manage our copper purchases and inventory so as to neutralize the impact of copper price
volatility. Accordingly, significant volatility in copper prices could have a material adverse effect on the results of our
operations.
11.4
Equity Price Risk
Our Company is exposed to equity price risk as a result of our unlisted available-for-sale equity securities. The
carrying value of these investments in private companies is subject to fluctuations and their fair market value may be
significantly different from the carrying value.
67

11.5
Fair Value of Designated Market-Sensitive Derivative Contracts
Not applicable.
Item 12: DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
Not applicable.
68

Part II
Item 13:
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None
Item 14:
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF
PROCEEDS
Not applicable.
Item 15:
CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
An evaluation was carried out under the supervision and with the participation of our management, including
APWC’s Chief Executive Officer ("CEO") and Acting CFO, of the effectiveness of our disclosure controls and procedures
in accordance with the provisions of Rule 13a-15 promulgated under the Exchange Act. Based upon that evaluation,
APWC’s CEO and Acting CFO concluded that our disclosure controls and procedures were effective as of December 31,
2024.
Management’s report on Internal Control over Financial Reporting
APWC’s management, including APWC’s CEO and Acting CFO, is responsible for establishing and maintaining
adequate internal control over financial reporting. We do not expect that our internal control will prevent all errors and all
fraud, or eliminate the possibility of fraudulent conduct. A control system, no matter how well conceived and operated, can
provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a
control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered
relative to their costs. The design of any system of controls also is based in part upon certain assumptions about the
likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under
all potential future conditions; over time, a control may become inadequate because of changes in conditions, or the degree
of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective
control system, misstatements due to error or fraud may occur and not be detected.
APWC’s management, including our CEO and Acting CFO, has assessed the effectiveness of our internal control
over financial reporting as of December 31, 2024 (the "Assessment Date"). In making its assessment, management used
the criteria set forth in "Internal Control — Integrated Framework" issued in 2013 by the Committee of Sponsoring
Organizations of the Treadway Commission ("COSO"). These criteria include the control environment, risk assessment,
control activities, information and communication and monitoring of each of the above criteria. Based on this assessment,
APWC’s management, including its CEO and Acting CFO, concluded that APWC’s internal control over financial
reporting was effective as of the Assessment Date.
Attestation report of registered public accounting firm
This Annual Report does not contain an attestation report of our registered public accounting firm regarding internal
control over financial reporting. Management's report was not subject to attestation by our registered public accounting
firm due to the fact that such report is not required as APWC is a non-accelerated filer.
Changes in internal control over financial reporting
There were no changes in our internal control over financial reporting identified in connection with the evaluation of
such internal control that occurred during the last fiscal year that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.
69

Item 16A:
AUDIT COMMITTEE FINANCIAL EXPERT
For each of 2024, 2023 and 2022, APWC’s Audit Committee consisted of APWC’s three independent directors, Mr.
Anson Chan, Dr. Yichin Lee and Dr. Lambert L. Ding, with Mr. Chan serving as the Audit Committee’s Chairman and
financial expert. The Audit Committee meets the independence requirements set forth in Regulation 10A-3 of the
Exchange Act and under the rules of Nasdaq. A brief professional summary for Mr. Chan, Dr. Lee and Dr. Ding is located
at "Item 6.A. Directors and Senior Management".
Item 16B:
CODE OF ETHICS
On April 26, 2005, APWC adopted a code of ethics applicable to its Chief Executive Officer and senior financial
officers. A copy of APWC’s code of ethics for senior executives is on file with the SEC. (See "Item 19: Exhibits")
Item 16C:
PRINCIPAL ACCOUNTANT FEES AND SERVICES
Audit Fees
The aggregate fees for fiscal years 2024 and 2023 for professional services rendered by the principal independent
accountant for the audit of APWC’s annual financial statements totaled $0.8 million and $0.8 million, respectively.
Tax Fees
The aggregate fees for fiscal years 2024 and 2023 for professional services rendered by the principal independent
accountant for tax compliance, tax advice and tax planning totaled approximately both $0, respectively.
All Other Fees
(None)
Audit Committee Approval
The engagement of the independent accountant to render audit, audit-related and non-audit services is entered into
pursuant to pre-approval policies and procedures established in the Charter of the Audit Committee of APWC. Each of the
services described in this Item 16C was approved by the Audit Committee.
Item 16D:
EXEMPTIONS FROM THE LISTING STANDARDS FOR THE AUDIT COMMITTEE
The Audit Committee consists of three directors, each of whom is independent, as such term is defined in Regulation
10A-3 of the Exchange Act, and one of whom is a financial expert.
Item 16E:
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
For the fiscal year ended December 31, 2024, no purchases of our Common Shares were made by, or on behalf of,
us or any affiliated purchaser. APWC does not have a current share repurchase plan or program.
Item 16F:
CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT
Not applicable.
Item 16G:
CORPORATE GOVERNANCE
PEWC holds more than 50% of our issued and outstanding Common Shares. Accordingly, we are a “controlled
company” within the meaning of Nasdaq’s corporate governance standards, and may elect to utilize exemptions from
certain corporate governance standards, including the requirement (1) that a majority of the Board of Directors consist of
independent directors, (2) to have a nominating committee that is comprised entirely of independent directors with a
written charter addressing the committee’s purpose and responsibilities and (3) to have a compensation committee that is
comprised entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities.
We utilize the controlled company exemption for the above listed requirements (1) and (2). While we rely on the controlled
70

company exemption for (2), our independent directors oversee our process for identifying director nominees and review the
qualifications of such nominees.
As of December 31, 2024, one Board seat was vacant, and three (3) of the six (6) Board members are affiliated with
PEWC. We rely on Nasdaq’s allowance for foreign private issuers to follow home country practices in lieu of the
requirement that listed companies have regularly scheduled meetings at which only independent directors are present.
Nonetheless, our independent directors meet periodically in their capacity as members of our Audit Committee. Our
independent auditors and management occasionally join such meetings, in the interest of communicating management’s
analysis of the Company’s financial performance and compliance with relevant corporate governance requirements.
Because we have fewer independent directors (i.e. those who meet Nasdaq’s independence standards) on our Board
than issuers that comply with all of Nasdaq’s corporate governance standards, investors are not provided the same level of
protection afforded to investors in issuers that comply with all of Nasdaq’s corporate governance standards.
As APWC’s majority shareholder, PEWC has sufficient votes to control the outcome of any matter presented for a
shareholder vote, including the election of each member of the Board. PEWC may vote its shares in APWC in the manner
that it sees fit. In addition, subject to applicable securities laws, PEWC may sell, convey or encumber all or a portion of its
ownership interest in APWC without regard to the best interests of APWC’s other shareholders, except to the extent that it
is prohibited from engaging in conduct oppressive to non-controlling interests under applicable law. The interests of PEWC
may conflict with our interests or the interests of our other shareholders. As a result, PEWC may take actions with respect
to us or our business that may not be in our or our other shareholders’ best interest.
Item 16H:
MINE SAFETY DISCLOSURE
Not applicable.
Item 16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
Item 16J.
INSIDER TRADING POLICIES
APWC adopted an Insider Trading Policy governing the purchase, sale, and other disposition of its securities by its
directors, senior management, officers and employees, reasonably designed to promote compliance with applicable insider
trading laws, rules and regulations, and the listing standards applicable to us. The Insider Trading Policy is filed as Exhibit
19.2 to this Annual Report.
Item 16K.
CYBERSECURITY
Risk management and strategy
Our cybersecurity risk management program aims to identify threats, to present and evaluate them transparently, to
mitigate, and to manage them proactively. We have developed an Information Security Management System ("ISMS") in
accordance with ISO (International Organization for Standardization) 27001 intended to protect the confidentiality,
integrity, and availability of our critical systems and information.
We conduct assessments in the event of a material change in our business practices that may affect information
systems, products, services, and our IT environment. These assessments include identification of reasonably foreseeable
internal and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of
existing policies, procedures, systems, and safeguards in place to manage such risks.
In 2024, all APWC subsidiaries completed their information security risk assessments, including information
classification, threat and vulnerability identification, and risk impact and likelihood analysis. Management representatives
and members of APWC's ISMS Committee evaluated the results of these assessments and designed corresponding risk
treatment plans based on risk levels and objectives.
71

APWC's ISMS Committee has established corresponding information security management objectives based on
the risk assessment results. The committee also emphasizes enhancing professional information security training and
raising awareness of information security protection among all employees as key development goals. This preventative
measure seeks to address increasing cybersecurity threats and to implement the PDCA (Plan, Do, Check, Act) continuous
improvement cycle to enhance APWC's information security governance capabilities.
Despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurance that we have not
experienced an undetected cybersecurity incident. For more information about these risks, see “Item 3.D.: Risk Factors:
Risks Related to Our Business: Information systems failure or cybersecurity breaches could have a material adverse effect
on our business, financial condition, and results of operations."
Governance
In 2024, APWC established the ISMS Committee (Information Security Management Committee), with APWC's
CEO serving as the management representative responsible for promoting APWC's overall information security
management objectives and providing leadership commitment. The ISMS Committee has designated the APWC
Information Director as the Information Security Manager who is responsible for planning information security policies
and processes and leading subsidiary members in implementing these policies. The ISMS Committee is comprised of
members from all subsidiaries, including the senior management and managers responsible for implementing information
security policies and procedures within their respective subsidiaries.
Members of the Audit Committee receive regular cybersecurity updates from management, which include existing
and new cybersecurity risks, how management is addressing, managing and/or mitigating those risks, relevant
cybersecurity and data privacy incidents, and the status of key information security initiatives.
If a cybersecurity incident occurs, our cybersecurity-related departments will promptly organize personnel for an
internal assessment. If it is determined that the incident could potentially be a material cybersecurity event, the
cybersecurity-related departments will promptly report the incident and assessment results to our CEO and CFO, and, to
the extent appropriate, consult external legal counsel. Management would then prepare disclosure materials on the
cybersecurity incident, which materials would require the review and approval of our Board before being disseminated to
the public.
72

Part III
Item 17:
FINANCIAL STATEMENTS
Our Company has provided the financial statements and related information specified in Item 18.
Item 18:
FINANCIAL STATEMENTS
The financial statements and related information required in this Annual Report Item 18 are located in the Financial
Statements included herein on pages F-1 through F-92.
Item 19: EXHIBITS
19.1
Index to Audited Financial Statements
Report of independent registered public accounting firm
Consolidated income statements for the years ended December 31, 2024, 2023, and 2022
Consolidated statements of comprehensive income for the years ended December 31, 2024, 2023 and
2022
Consolidated balance sheets as of December 31, 2024 and 2023
Consolidated statements of changes in equity for the years ended December 31, 2024, 2023 and 2022
Consolidated statements of cash flows for the years ended December 31, 2024, 2023 and 2022
Notes to consolidated financial statements
73

Hi19.2
Index to Exhibits
1.1
Memorandum of Association of Asia Pacific Wire & Cable Corporation Limited (incorporated by
reference to Exhibit 1.1 of the Company’s annual report on Form 20-F filed with the Securities and
Exchange Commission on June 21, 2001). (P)
1.2
Third Amended and Restated Bye-Laws of Asia Pacific Wire & Cable Corporation Limited
(incorporated by reference to Exhibit 3.2 of the Company’s annual report on Form 20-F filed with the
Securities and Exchange Commission on April 30, 2012).
2.1
Description of the Rights of Holders of Common Shares (filed herewith).
4.1
Composite Services Agreement (incorporated by reference to Exhibit 10.1 of the Company’s Form F-1
filed with the Securities and Exchange Commission on November 13, 1996). (P)
8
List of significant subsidiaries (see Note 2.2 to the consolidated financial statements).
11
Code of Ethics (incorporated by reference to Exhibit 11 of the Company’s annual report on Form 20-F
filed with the Securities and Exchange Commission on November 9, 2007).
12.1
Certification of Chief Executive Officer of the Company, pursuant to Section 302 of the Sarbanes-
Oxley Act (filed herewith).
12.2
Certification of Acting Chief Financial Officer of the Company, pursuant to Section 302 of the
Sarbanes-Oxley Act (filed herewith).
13.1
Certification by Chief Executive Officer of periodic financial report pursuant to 18 U.S.C. Section
1350, as mandated by Section 906 of the Sarbanes-Oxley Act (filed herewith).
13.2
Certification by Acting Chief Financial Officer of periodic financial report pursuant to 18 U.S.C.
Section 1350, as mandated by Section 906 of the Sarbanes-Oxley Act (filed herewith).
15.1
Amended and Restated Audit Committee Charter (incorporated by reference to Exhibit 16.G of the
Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on May
13, 2011).
97.1
Asia Pacific Wire & Cable Corporation Limited Clawback Policy (filed herewith).
97.2
Asia Pacific Wire & Cable Corporation Limited Insider trading policy (filed herewith).
101.INS*
Inline XBRL Instance Document.
101.SCH*
Inline XBRL Taxonomy Extension Schema Document.
101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*
Cover Page Interactive Data File (embedded within the Inline XBRL document).
(P) – Paper filings
74

SIGNATURE
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly
caused and authorized the undersigned to sign this annual report on its behalf.
ASIA PACIFIC WIRE & CABLE
CORPORATION LIMITED
March 31, 2025
/s/ Yuan Chun Tang
Name:
Yuan Chun Tang
Title:
Chief Executive Officer
75

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
Audited Consolidated Financial Statements
As of December 31, 2024 and 2023
Years ended December 31, 2024, 2023 and 2022

INDEX TO FINANCIAL STATEMENTS
CONTENTS
Reports of independent registered public accounting firm(PCAOB ID 1345)
F-2
Consolidated income statements
F-4
Consolidated statements of comprehensive income
F-5
Consolidated balance sheets
F-6
Consolidated statements of changes in equity
F-8
Consolidated statements of cash flows
F-9
Notes to the consolidated financial statements
F-11
1.
Principal activities and corporate information
2.
Basis of Preparation
2.1
Basis of Preparation
2.2
Basis of consolidation
3.
Summary of material accounting policies
4.
New Standards and interpretations
5.
Segment information
6.
Material partly-owned subsidiaries
7.
Income and expenses items
8.
Income tax
9.
Earnings per share
10.
Cash and cash equivalents
11.
Financial assets and financial liabilities
12.
Trade and other receivables
13.
Inventories
14.
Contract assets
15.
Property, plant and equipment
16.
Right of use assets
17.
Investment properties
18.
Intangible assets
19.
Investment in associates
20. Assets Classified as held for sale
21.
Trade and other payables
22.
Employee benefit liabilities
23.
Other current liabilities
24.
Equity
25.
Related party transactions
26.
Commitments and contingencies
27.
Fair value measurement
28.
Financial risk management objectives
29.
Cash flow information
30.
Subsequent event
31.
Approval of the financial statements
Table of Contents
F-1

Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Asia Pacific Wire & Cable Corporation Limited:
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Asia Pacific Wire & Cable Corporation
Limited and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated
statements of income, comprehensive income, changes in equity and cash flows for each of the three years in
the period ended December 31, 2024, including the related notes (collectively referred to as the “consolidated
financial statements”). In our opinion, the consolidated financial statements present fairly, in all material
respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its
operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity
with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and
the PCAOB.
We conducted our audits of these consolidated financial statements in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about
whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. As part of our audits we are required to obtain an understanding of internal control over
financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated
financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the consolidated
financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the
consolidated financial statements that was communicated or required to be communicated to the audit
committee and that (i) relates to accounts or disclosures that are material to the consolidated financial
statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication
of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as
a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the
critical audit matter or on the accounts or disclosures to which it relates.
Revenue Recognition – Estimating Measure of Progress for Supply, Delivery and Installation (“SDI”)
Contracts
As described in Note 3.14 and 5 to the consolidated financial statements, the Company’s revenues include
revenue from the supply, delivery and installation (“SDI”) of cable to power transmission contracts which
amounted to US$63.4 million for the year ended December 31, 2024. Such revenue is recognized over a period
Table of Contents
F-2

of time, during which the Company satisfied its performance obligations to the customer. The Company used an
input method (cost-to-cost) to measure the progress towards satisfaction of performance obligation. The
estimate about revenue, costs and progress towards complete satisfaction of a performance obligation may
revise when there is a change in circumstances and determine the amount of related revenue. Due to the nature
of the work performed, management’s estimation of the progress towards completion of performance obligation
is complex and requires significant judgment.
The principal considerations for our determination that performing procedures relating to revenue recognition –
estimating measure of progress for supply, delivery and installation is a critical audit matter are (i) the
significant judgment by management in developing the estimates of total revenues and total costs at completion,
including significant judgments and assumptions on a contract by contract basis and (ii) a high degree of
auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to
management’s estimates of total revenues and total costs at completion for contracts.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with
forming our overall opinion on the consolidated financial statements. These procedures included, among others,
testing management’s process for developing the estimates of total revenues and total costs at completion,
including evaluating on a test basis, the reasonableness of certain significant judgments and assumptions
considered by management specific to each contract. Evaluating the significant judgments and assumptions
related to the estimates of total revenues and total costs at completion involved evaluating whether the
significant judgments and assumptions used by management were reasonable considering (i) management’s
historical forecasting accuracy; (ii) evidence to support the relevant aforementioned assumptions; (iii) the
consistent application of accounting policies; and (iv) the timely identification of circumstances which may
require a modification to a previous estimate.
/s/ PricewaterhouseCoopers, Taiwan
Taipei, Taiwan
Republic of China
March 31, 2025
We have served as the Company's auditor since 2017.
Table of Contents
F-3

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
CONSOLIDATED INCOME STATEMENTS
For the years ended December 31, 2024, 2023 and 2022
2024
2023
2022
Note
US$’000
US$’000
US$’000
Revenue
5(e)

472,672
425,772
433,893

Cost of sales
7(g),13

(437,577)
(395,545)
(401,363)
Gross profit

35,095
30,227
32,530

Other operating income
7(a)

1,365
433
1,026
Selling, general and administrative, research and
development expenses

(25,855)
(24,472)
(24,978)
Other operating expenses
7(b)

(12)
—
(3)
Net impairment loss on financial and contract assets
7(c)

(585)
(4,640)
(508)
Operating profit

10,008
1,548
8,067
Finance costs
7(d)

(2,304)
(2,527)
(1,650)
Finance income
7(e)

208
205
120
Share of loss of associates
19

(2)
(2)
(1)
Exchange gain

823
679
143
Other income
7(f)

878
570
889
Other expenses
7(f)

(234)
(9)
(3)
Profit before tax

9,377
464
7,565

Income tax expense
8

(2,809)
(162)
(2,808)
Profit for the year

6,568
302
4,757
Attributable to:

Equity holders of the parent

3,486
3,867
3,874
Non-controlling interests

3,082
(3,565)
883

6,568
302
4,757
Earnings per share

Basic and diluted profit for the year attributable to
equity holders of the parent (in dollars)
9
$
0.17 $
0.19 $
0.19
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
F-4

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the years ended December 31, 2024, 2023 and 2022
2024
2023
2022
Note
US$’000
US$’000
US$’000
Profit for the year

6,568
302
4,757
Other comprehensive (loss)/income
Other comprehensive (loss)/income to be reclassified
to profit or loss in subsequent periods:
Exchange differences on translation of foreign
operations, net of tax of $0
24(c)

(5,459)
784
(9,506)

(5,459)
784
(9,506)
Other comprehensive (loss)/income 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
11(d)

(67)
1,104
(1,352)
Income tax effect
8

15
(221)
270
Other comprehensive (loss)/income from equity
instruments measured at fair value, net of tax
24(c)

(52)
883
(1,082)
Re-measuring income on defined benefit plans
22

(390)
1,885
732
Income tax effect
8

78
(377)
(147)
Defined benefit pension plan, net of tax
24(c)

(312)
1,508
585
Other comprehensive (loss)/income for the year,
net of tax

(5,823)
3,175
(10,003)
Total comprehensive income/(loss) for the year, net
of tax

745
3,477
(5,246)
Attributable to:
Equity holders of the parent

(2,101)
5,464
(3,827)
Non-controlling interests

2,846
(1,987)
(1,419)

745
3,477
(5,246)
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
F-5

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
CONSOLIDATED BALANCE SHEETS
As of December 31, 2024 and 2023
As of December 31,
2024
2023
Note
US$’000
US$’000
Assets
Current assets
Cash and cash equivalents (excluding bank overdrafts)
10

34,035
37,970
Financial assets at fair value through profit or loss
11

—
307
Trade receivables
12

102,789
104,955
Other receivables
12,28(e)

1,257
1,670
Contract assets
14

688
13,946
Due from related parties
25

607
1,368
Inventories
13

126,814
128,230
Prepayments

3,195
2,595
Other current assets

1,529
3,909

270,914
294,950
Assets classified as held for sale
20

747
—

271,661
294,950
Non-current assets
Financial assets at fair value through other comprehensive income
11,27

3,069
2,902
Property, plant and equipment
15,28(e)

52,227
49,941
Right of use assets
16(a)

2,420
2,825
Investment properties
17,27

504
5,112
Intangible assets
18

110
124
Investments in associates
19

807
810
Deferred tax assets
8

6,684
7,799
Other non-current assets

2,378
2,201

68,199
71,714
Total assets

339,860
366,664
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
F-6

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
CONSOLIDATED BALANCE SHEETS
As of December 31, 2024 and 2023
As of December 31,
2024
2023
Note
US$’000
US$’000
Liabilities
Current liabilities
Interest-bearing loans and borrowings
11(b)

24,098
53,737
Trade and other payables
21

57,220
51,743
Due to related parties
25

9,715
7,941
Financial liabilities at fair value through profit or loss
11,27

21
74
Accruals

8,246
15,250
Current tax liabilities

1,624
2,116
Employee benefit liabilities
22

2,178
1,839
Lease liabilities

648
638
Other current liabilities
23

4,272
7,235

108,022
140,573
Non-current liabilities
Interest-bearing loans and borrowings
11(b)

4,872
—
Employee benefit liabilities
22

5,908
5,997
Lease liabilities

1,425
1,445
Deferred tax liabilities
8

4,079
3,840
Other non-current liabilities
3

189
188

16,473
11,470
Total liabilities

124,495
152,043
Equity
24
Issued capital

206
206
Additional paid-in capital

118,103
118,103
Treasury shares

(38)
(38)
Retained earnings

61,417
57,931
Other components of equity

(24,730)
(19,143)
Equity attributable to equity holders of the parent

154,958
157,059
Non-controlling interests
6

60,407
57,562
Total equity

215,365
214,621
Total liabilities and equity

339,860
366,664
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
F-7

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the years ended December 31, 2024, 2023 and 2022
Attributable to the equity holders of the parent
Issued
capital
Additional
paid-in
capital
Treasury
shares
Retained
earnings
Remeasure
ment of
defined
benefit
plans
Financial
assets at
FVOCI
reserve
Foreign
currency
translation
reserve
Total
Non-
controlling
interests
Total
equity
Note
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
Balance at January 1, 2022

138 110,249
(38)
50,190
(1,312)
955 (12,682) 147,500
61,817 209,317
Net profit

—
—
—
3,874
—
—
—
3,874
883
4,757
Other comprehensive income/(loss)
24

—
—
—
—
298
(551)
(7,448)
(7,701)
(2,302) (10,003)
Total comprehensive income/(loss)

—
—
—
3,874
298
(551)
(7,448)
(3,827)
(1,419)
(5,246)
Dividends paid
24

—
—
—
—
—
—
—
—
(565)
(565)
Issuance of common stock for cash
24

68
7,854
—
—
—
—
—
7,922
—
7,922
Balance at December 31, 2022

206 118,103
(38)
54,064
(1,014)
404 (20,130) 151,595
59,833 211,428
Net profit

—
—
—
3,867
—
—
—
3,867
(3,565)
302
Other comprehensive income/(loss)
24

—
—
—
—
768
450
379
1,597
1,578
3,175
Total comprehensive income/(loss)

—
—
—
3,867
768
450
379
5,464
(1,987)
3,477
Dividends paid
24

—
—
—
—
—
—
—
—
(284)
(284)
Balance at December 31, 2023

206 118,103
(38)
57,931
(246)
854 (19,751) 157,059
57,562 214,621
Net profit

—
—
—
3,486
—
—
—
3,486
3,082
6,568
Other comprehensive income/(loss)
24

—
—
—
—
(159)
(22)
(5,406)
(5,587)
(236)
(5,823)
Total comprehensive income/(loss)

—
—
—
3,486
(159)
(22)
(5,406)
(2,101)
2,846
745
Dividends paid
24

—
—
—
—
—
—
—
—
(1)
(1)
Balance at December 31, 2024

206 118,103
(38)
61,417
(405)
832 (25,157) 154,958
60,407 215,365
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
F-8

Operating activities:
Profit before tax

9,377

464

7,565
Adjustments to reconcile profit before tax to net cash provided by operating
activities:
Depreciation
15,16,17

6,021

6,157

5,790
Amortization of intangible assets
18

45
Gain on disposal of property, plant and equipment
7(a)

(824)
(39)
(132)
Gain on disposal of assets classified as held for sale
7(a)

—

(240)
Gain on disposal of investment property
7(a)

—

(271)
Net loss (gain) on financial instruments
7(f)

234

(196)
(33)
Dividend income
7(f)

(96)
(97)
(97)
Finance income
7(e)

(208)
(205)
(120)
Finance costs
7(d)

2,304

2,527

1,650
Share of loss of associates
19

1
Impairment for trade receivables
7(c),12(a)

582

509
Impairment (reversal of impairment) for trade receivables for related parties
7(c)

—

4,565

(1)
Impairment of other receivable
7(c)

—

—
Write-back of impairment of inventories
13

(155)
(10,255)
(1,119)
Unrealized foreign exchange difference, net

(22)
(325)
245
Gain on lease modification

—

(74)
Changes in operating assets and liabilities
Trade and other receivable

(1,450)
(21,003)
16,720
Contract assets

12,898

(1,236)
(952)
Inventories

(2,354)
13,917

(4,389)
Prepayment and other current assets

790

820

(35)
Amounts due to/from related parties

2,817

(3,772)
807
Other non-current assets

(413)
195

(54)
Trade and other payables, accruals, other current liabilities and other non-
current liabilities

(2,270)
6,659

(14,035)
Net cash flows provided by/ (used in) operating activities

27,301

(1,693)
11,780
Dividend received

97
Interest received

207

205

119
Interest paid

(2,195)
(2,381)
(1,475)
Income tax paid

(1,109)
(2,318)
(3,955)
Net cash provided by/(used in) operating activities

24,300

(6,090)
6,566
Investing activities:
Purchases of property, plant and equipment
29

(4,217)
(4,254)
(3,746)
Purchases of intangible assets
18

(54)
(40)
(62)
Purchases of investment properties
17

—

(12)
Purchases of long-term bank deposits

—

(87)
—
Purchases of short-term bank deposits

—

(407)
—
Investment in financial assets at fair value through OCI
11

(252)
(240)
—
Proceeds from disposal of held for sale assets

—

241
Proceeds from disposal of property, plant and equipment

962

168

204
Proceeds from disposal of investment property

—

301
Proceeds from maturities of long-term bank deposits

188

—

307
Proceeds from maturities of short-term bank deposits

—

112
Net cash used in investing activities

(3,373)
(4,860)
(2,655)
2024
2023
2022
Note
US$’000
US$’000
US$’000
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31, 2024, 2023, and 2022
F-9

Financing activities:
Dividend paid to non-controlling shareholders of subsidiaries
29

(1)
(357)
(565)
Issuance of common stock for cash

—

7,922
Repayments of borrowings
29

(25,622)
(7,256)
(19,278)
Proceeds from borrowings
29

2,101

2,799

22,167
Principal elements of lease payments
29

(736)
(691)
(616)
Net cash (used in)/provided by financing activities

(24,258)
(5,505)
9,630
Effect of exchange rate

(604)
408

(2,036)
Net (decrease) increase in cash and cash equivalents

(3,935)
(16,047)
11,505
Cash and cash equivalents at beginning of year
10

37,970

54,017

42,512
Cash and cash equivalents at end of year
10

34,035

37,970

54,017
2024
2023
2022
Note
US$’000
US$’000
US$’000
The accompanying notes are an integral part of these consolidated financial statements.
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
For the years ended December 31, 2024, 2023, and 2022
F-10

1.
PRINCIPAL ACTIVITIES AND CORPORATE INFORMATION
Asia Pacific Wire & Cable Corporation Limited (“APWC”), 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 Bermuda Companies Act 1981 (as amended) for the purpose of acting as a holding company.
APWC is principally engaged in owning operating companies engaged in the power cable, telecommunication cable,
enameled wire and electronic cable industry. APWC’s registered office is located at Victoria Place, 5th Floor, 31
Victoria Street, Hamilton HM 10, Bermuda. APWC’s executive business office is presently located in Taipei,
Taiwan.
APWC’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 Operating Subsidiaries also engage in the distribution of certain wire and cable products manufactured
by PEWC and third parties. The Operating Subsidiaries also provide project engineering services in the supply,
delivery and installation (the “SDI”) of power cables to certain of its customers.
Since 1997, APWC 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, APWC’s common shares commenced
trading on the Nasdaq Capital Market Tier. On February 15, 2013, APWC’s common shares started trading on the
Nasdaq Global Market tier. On July 24, 2020, APWC transferred its listing of common shares to the Nasdaq Capital
Market Tier because it failed to meet the minimum Market Value of Publicly Held Shares ("MVPHS") requirement
for continued listing on the Nasdaq Global Market tier.
On January 14, 2022, APWC distributed subscription rights without charge to its shareholders to purchase additional
common shares of APWC. On February 2, 2022, APWC announced the completion of this rights offering, which
was oversubscribed. In the rights offering, APWC issued and sold 6,796,558 common shares at $1.22 (in dollars) per
share pursuant to the exercise of subscription rights, raising net proceeds of $7.9 million after deducting offering
expenses. Following the completion of the rights offering, APWC had 20,616,227 common shares outstanding.
PEWC currently holds, dirrectly and indirectly, 80.96% of the equity of APWC and is APWC’s ultimate parent
company.
Share Capital Repurchase Program
APWC’s Board of Directors authorized a share capital repurchase program on August 28, 2012. During 2012 and
2013, APWC repurchased 11,100 shares with total considerations of $38 until APWC suspended the share capital
repurchase program as of June 30, 2013. APWC records the value of its common shares held in the treasury at cost.
2.
BASIS OF PREPARATION
2.1
The consolidated financial statements are prepared in accordance with International Financial Reporting
Standard (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
The consolidated financial statements have been prepared on a historical basis except where otherwise
disclosed in the accounting policies. The consolidated financial statements are presented in U.S. dollars and
all values are rounded to the nearest thousand (US$’000), except when otherwise indicated.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-11

2.
BASIS OF PREPARATION (continued)
2.2 Basis of consolidation
The consolidated financial statements comprise the financial statements of APWC and its subsidiaries
(collectively as “our Company”) as of December 31, 2024 and 2023, and the results of operations of our
Company for the years ended December 31, 2024, 2023 and 2022.
Subsidiaries are fully consolidated from the date of acquisition (the date on which our Company obtains
control), and continue to be consolidated until the date that such control ceases. Our Company controls an
entity when our 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 our Company loses control over a subsidiary, it:
u
Derecognizes the assets (including goodwill) and liabilities of the subsidiary
u
Derecognizes the carrying amount of any non-controlling interest
u
Derecognizes the cumulative transaction differences recorded in equity
u
Recognizes the fair value of the consideration received
u
Recognizes the fair value of any investment retained
u
Recognizes any surplus or deficit in profit or loss
u
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 our Company had directly disposed of the
related assets or liability.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-12

2.2
Basis of consolidation (continued)
The subsidiaries of our Company are set out below:
Percentage of equity interest
Place of incorporation and operations
2024
2023
The British Virgin Islands
APWC General Holdings Limited
100.00 %
100.00 %
PRC (APWC) Holding Ltd.
100.00 %
100.00 %
Samray Inc.
100.00 %
100.00 %
Siam (APWC) Holdings Ltd.
100.00 %
100.00 %
Moon View Ltd.
100.00 %
100.00 %
Trigent Investment Holdings Limited
100.00 %
100.00 %
Crown Century Holdings Ltd.
100.00 %
100.00 %
Singapore
Sigma Cable Company (Private) Limited (“Sigma Cable”)
98.30 %
98.30 %
Epan Industries Pte Ltd.
98.30 %
98.30 %
Singvale Pte Ltd.
100.00 %
100.00 %
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”)
50.93 %
50.93 %
Taiwan
Asia Pacific New Energy Corporation Limited ("APNEC")
100.00 %
100.00 %
Pacific Smart System Corporation Limited ("PSSC")
(Formerly YASHIN Energy Corporation Limited)
100.00 %
100.00 %
YADING Energy Corporation Limited ("YADING")
100.00 %
100.00 %
(i)
Charoong Thai is listed on the Stock Exchange of Thailand and is engaged in the manufacture of wire and
cable products for the power and telecommunications industries in Thailand.

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES
Our 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).
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-13

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.1
Current versus non-current classification
Our Company presents assets and liabilities in the balance sheets based on current and non-current
classification. An asset is current when it is:
u
Expected to be realized or intended to be sold or consumed in the normal operating cycle;
u
Held primarily for the purpose of trading;
u
Expected to be realized within twelve months after the reporting period; or
u
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:
u
It is expected to be settled in a normal operating cycle;
u
It is held primarily for the purpose of trading;
u
It is due to be settled within twelve months after the reporting period; or
u
There is no unconditional right to defer the settlement of the liability for at least twelve months after
the reporting period.
Our 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
Our 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:
u
In the principal market for the asset or liability, or
u
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 our Company.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-14

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.3
Fair value measurement (continued)
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.
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.
Our 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:
u
Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
u
Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the assets or
liability, either directly or indirectly
u
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, our 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, our 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 our Company’s cash management.
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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-15

3.
SUMMARY OF MATERIAL 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, our 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
15-30 years
► Building improvement
2-20 years
► Machinery and equipment
4-20 years
► Motor vehicles
3-10 years
► Office equipment
3-20 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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-16

3.
SUMMARY OF MATERIAL 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
Our Company assesses at contract inception whether a contract is, or contains, a lease. That is, our 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.
Our Company as a lessee
Our 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. Our 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
Our 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:
►Land use right
2 to 37 years
►Buildings
2 to 3 years
►Motor vehicles
2 to 3 years
►Office equipment
3 to 5 years
If the ownership of the leased asset transfers to our 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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-17

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.7
Leases (continued)
(ii) Lease liabilities
At the commencement date of the lease, our 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 our Company and
payments of penalties for terminating the lease, if the lease term reflects our 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, our 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
Our 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.
Our Company as a lessor
Leases for which our 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 our 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 our Company’s net
investment outstanding in respect of the leases.
Operating lease
Leases in which our 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 other operating income 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 other operating income in the period in which they are earned.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-18

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.7
Leases (continued)
Operating lease (continued)
Property (land and/or a building, or part of a building) subject to an operating lease shall be recognized as an
investment property if, and only if, the property would otherwise meet the definition of an investment
property.
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.
Borrowing costs include:
u
interest expense calculated using the effective interest method;
u
finance charges in respect of lease liabilities; and
u
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 our 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 40 years using the straight-line method.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-19

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.9
Investment properties (continued)
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.
3.10 Financial instruments
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, our 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 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 our 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:
u
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.
Our Company’s financial assets at amortized costs include cash and cash equivalents, trade
receivables, other receivable, and the receivable from related party.
u
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
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-20

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.10 Financial instruments (continued)
(i)
Financial assets (continued)
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.
u
Equity instruments designated at FVOCI with no recycling of gains or losses on derecognition
These instruments are undertakings in which our Company does not have significant influence or
control, generally evidenced by ownership of less than 20% of the voting rights. Our 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 our Company’s right to receive payments
is established.
Our Company elected to classify irrevocably its non-listed equity investments under this category.
u
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, our
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, our 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 our
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.
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 our Company’s consolidated balance sheet) when and only
when:
(a) the rights to receive cash flows from the asset have expired, or
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-21

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.10 Financial instruments (continued)
(i)
Financial assets (continued)
Derecognition (continued)
(b) our 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) our Company has transferred substantially all the risks and rewards of the asset, or
(ii) our Company has neither transferred nor retained substantially all the risks and rewards of the asset but
has transferred control of the asset.
When our 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, our Company continues to recognize the transferred asset to the extent of
its continuing involvement. In that case, our 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 our
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 our 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.
Our Company’s financial liabilities include trade and other payables, bank overdrafts and interest-bearing
loans and borrowings. These financial liabilities represent liabilities for goods and services provided to our
Company and refund liabilities arising from contracts with customers. Trade payables 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 our 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.
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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-22

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.10 Financial instruments (continued)
(ii) Financial liabilities (continued)
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.
(f)
Contract assets within the scope of IFRS 15 Revenue from Contracts with Customers.
Our 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.
Our Company assumes that the credit risk on a financial asset has increased significantly if it is more than 30
days past due.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-23

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.10 Financial instruments (continued)
(iv) Impairment of financial instruments (continued)
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. Our 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.
For trade receivables and contract assets, our 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.
Our 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:
u
Recent arm’s length market transactions
u
Current fair value of another instrument that is substantially the same
u
A discounted cash flow analysis or other valuation models
3.11 Impairment of non-financial assets
Our 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, our 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 a group of assets within our Company. 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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-24

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.11 Impairment of non-financial assets (continued)
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.
Our Company bases its impairment calculation on detailed budgets and forecast calculations, which are
prepared separately for each of our 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, our 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.
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.
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 our 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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-25

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.13 Taxes (continued)
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:
u
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
u
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:
u
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
u
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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-26

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.13 Taxes (continued)
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.
Our 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.
3.14 Revenue recognition
Our 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 contracts 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 our Company
expects to be entitled in exchange for those goods or services. Our 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. Our Company has certain contracts with customers to perform fabrication services for its
customers, converting customer-owned raw materials to wire and cable products. Our 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.
Our Company recognizes revenue over time if one of the following criteria is met:
(a) the customer simultaneously receives and consumes the benefits provided by our Company’s
performance as the entity performs;
(b) our 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) our Company’s performance does not create an asset with an alternative use to our Company and our
Company has an enforceable right to payment for performance completed to date.
If our 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, our Company recognizes as revenue the amount of the
transaction price that is allocated to that performance obligation.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-27

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.14 Revenue recognition (continued)
While deferred payment terms may be agreed in certain circumstances, the deferral never exceeds twelve
months. Our Company applies the practical expedient not to adjust the promised amount of consideration for
the effects of a significant financing component if our Company expects, at contract inception, that the period
between when our 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.
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, our 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.
Our Company estimates an amount of variable consideration by using either of (a) the expected value, or (b)
the most likely amount, depending on which our Company expects to better predict the amount of
consideration to which it will be entitled.
At the end of each reporting period, our 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. Our Company allocates any subsequent changes in the transaction price to the performance
obligations on the same basis as at contract inception.
SDI
Our 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 our 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. Our
Company selects an input method (cost-to-cost) to measure the progress toward satisfaction of the
performance obligation. Our 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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-28

3.
SUMMARY OF MATERIAL 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.
Our 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 as 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 cost of fulfilling a contract comprises the
costs that related directly to the contract. The costs that related directly to a contract to provide goods or
services include both incremental costs and allocation of costs directly related to contract activities.
Our Company has contracts to supply products that may become onerous due to changing circumstances. Our
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 lock-in purchase copper price, or the copper
price on the London Metal Exchange (the “LME”) 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.
3.15 Foreign currencies
Our Company’s consolidated financial statements are presented in USD, which is also the parent company’s
functional currency. For each entity our 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 our 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 our 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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-29

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.15 Foreign currencies (continued)
Transactions and balances (continued)
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.
3.16 Employee benefits
Our Company has both defined contribution and defined benefit obligation. The liabilities of our 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. Past service cost is the term used to describe the change in a defined benefit obligation for employee
service in prior periods, arising as a result of changes to plan arrangements in the current period (i.e. plan
amendments introducing or changing benefits payable, or curtailments which significantly reduce the number
of covered employees). Past service costs may be either positive or negative. Gains or losses on the settlement
of a defined benefit plan are recognized when the settlement occurs. Before past service costs are determined,
or a gain or loss on settlement is recognized, the net defined benefit liability or asset is required to be
remeasured.
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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-30

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.17 Earnings per share
Our 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 our 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.
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 our
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.
3.19 Investments in an associate
Our Company’s investment in its associates are accounted for using the equity method. An associate is an
entity in which our 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 our 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 our 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 our Company’s other comprehensive
income. When there has been a change recognized directly in the equity of the associate, our Company
recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains
and losses resulting from transactions between our Company and the associate are eliminated to the extent of
the interest in the associate.
Our 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 our Company. When
necessary, adjustments are made to bring the accounting policies in line with those of our Company.
After application of the equity method, our Company determines whether it is necessary to recognize an
impairment loss on its investment in its associate. Our Company determines at each reporting date whether
there is any objective evidence that the investment in associates is impaired. If this is the case, our 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, our 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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-31

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
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 income in equal amounts over the expected
useful life of the related asset.
For the year ended December 31, 2024, 2023 and 2022, the government grant received were $187, $74 and
$639, respectively, our Company recognized in the line item of other income, refer to Note 7(f).
In 2024, our company received government grants for enterprise technology renovation. These grants related
to the purchase of specific items of property, plant, and equipment, have been recognized $80 as other income
for the year ended December 31, 2024 and $189 included in other non-current liabilities as deferred income to
be amortized over a period of 10 years as of December 31, 2024. There are no unfulfilled conditions or
contingencies attached to these grants.
3.21 Non-current assets held for sale
Our 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.
3.22
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, our 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 other operating income due to its operating nature.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-32

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.22 Finance and other income (continued)
Dividends
Income is recognized when our Company’s right to receive the payment is established, which is generally
when shareholders approve the dividend.
3.23 Significant accounting judgements, estimates and assumptions
The preparation of our 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 our 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. Our 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) our 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. Our 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 our Company. Such changes are reflected in the assumptions
when they occur.
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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-33

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.23 Significant accounting judgements, estimates and assumptions (continued)
Measurement of ECL allowance for trade receivables
Our 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 months before December 31, 2024 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. Our 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 28(b) 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.
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. Our 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, 2024, our Company has $25,947 (2023: $32,557) in 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 our Company except for $13,305 (2023:$16,629), which is expected to be realized. The
tax value of these carried-forward tax losses is $2,583 (2023: $3,220), reported as deferred tax asset. 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, our Company has determined that it cannot recognize deferred tax
assets on the tax losses carried forward.
If our Company was able to recognize all unrecognized deferred tax assets, profit and equity would have
increased by $3,022 (2023: $3,876; 2022: $3,969). Further details on taxes are disclosed in Note 8.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-34

3.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
3.23 Significant accounting judgements, estimates and assumptions (continued)
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. 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.
Further details about the assumptions used, including a sensitivity analysis, are given in Note 22.
Revenue recognition of SDI projects
Revenue occurs when control transfers to the customer, either over a period of time or at a single point in
time, depending on the scope of each individual contract. When the transfer of control to the customer occurs
over a period of time, revenue of SDI is accounted for using an input method (input costs to total expected
input costs) to measure the progress used to determine the amount of related revenue. When the comparison
of total contract revenue to total expected input cost indicates a loss, a provision for the entire loss on the
contract shall be made in the period in which they become known. Due to the individual nature of the work to
be performed on each SDI contract, management’s estimation of total expected input costs is complex and
requires significant judgment.
The carrying amount of our Company’s gross amounts due from customers for contract work-in-progress is
disclosed in Note 14.
4.
NEW STANDARDS AND INTERPRETATIONS
4.1
Recently applied accounting pronouncements
Our Company has applied the following amendments for the first time for its annual reporting period
commencing January 1, 2024:
Classification of liabilities as current or non-current and non-current liabilities with covenant - Amendments
to IAS 1
Supplier finance arrangements - Amendments to IAS7 and IFRS 7
The Amendments listed above had no impact on the consolidated financial statements of our Company in
prior periods and are not expected to significantly affect the current or future periods.
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 our
Company’s financial statements are disclosed below. Our Company intends to adopt these standards, if
applicable, when they become effective.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-35

4.
NEW STANDARDS AND INTERPRETATIONS
4.2
New accounting pronouncements not effective (continued)
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 and IAS
28, Investments in Associates and Joint Ventures, entitled Sales or Contribution of Assets between an Investor
and its Associate or Joint Ventures. These narrow scope amendments clarify, that a full gain or loss is
recognized when a transaction involves a business (whether it is housed in a subsidiary or not), and a partial
gain or loss is recognized when a transaction involves assets that do not constitute a business. On December
17, 2015, the IASB issued an amendment that postpones the application of the amendments to IFRS 10 and
IAS 28 indefinitely.
Our Company does not expect the amendments to have an impact on its consolidated financial statements.
Lack of exchangeability – Amendments to IAS 21
In August 2023, the IASB issued amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates
to specify how an entity should assess whether a currency is exchangeable and how it should determine a spot
exchange rate when exchangeability is lacking. The amendments also require disclosure of information that
enables users of its financial statements to understand how the currency not being exchangeable into the other
currency affects, or is expected to affect, the entity’s financial statements. The amendments will be effective
for annual reporting periods beginning on or after January 1, 2025. Early adoption is permitted, but will need
to be disclosed. When applying the amendments, an entity cannot restate comparative information.
Our Company does not expect the amendments to have an impact on its consolidated financial statements.
Classification and measurement of financial instruments - Amendments to IFRS 9 and IFRS 7
On May 30, 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7, Classification and
measurement of financial instruments, which:
•
Clarifies that a financial liability is derecognized on the "settlement date", i.e., when the related
obligation is discharged, cancelled, expires or the liability otherwise qualifies for derecognition. It also
introduces an accounting policy option to derecognize financial liabilities that are settled through an
electronic payment system before settlement date if certain conditions are met;
•
Clarified how to assess the contractual cash flow characteristics of financial assets that include
environmental, social and government ("ESG")-linked features and other similar contingent features;
•
Clarifies the treatment of non-recourse assets and contractually linked instruments;
•
Requires additional disclosures in IFRS 7 for financial assets and liabilities with contractual terms that
reference a contingent event (including those that are ESG-linked), and equity instruments classified at
fair value through other comprehensive income ("FVOCI").
The amendments will be effective for annual reporting periods beginning on or after January 1, 2026. Early
adoption of either all the amendments at the same time or only the amendments to the classification of
financial assets is permitted. An entity is required to apply the amendments retrospectively.
Our Company does not expect the amendments to have a material impact on its consolidated financial
statements.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-36

4.
NEW STANDARDS AND INTERPRETATIONS
4.2
New accounting pronouncements not effective (continued)
IFRS 18 - Presentation and disclosure in financial statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1, Presentation of Financial Statements. IFRS
18 introduces new requirements for presentation within the statement of profit or loss, including specified
totals and subtotals. Furthermore, entities are required to classify all income and expenses within the
statement of profit or loss into one of five categories: operating, investing, financing, income taxes and
discontinued operations, whereof the first three are new.
It also requires disclosure of newly defined management-defined performance measures, subtotals of income
and expenses, and includes new requirements for aggregation and disaggregation of financial information
based on the identified 'roles' of the primary financial statements (PFS) and the notes.
In addition, narrow-scope amendments have been made to IAS 7, Statement of Cash Flows, which include
changing the starting point for determining cash flows from operations under the indirect method, from 'profit
or loss' to 'operating profit or loss' and removing the optionality around classification of cash flows from
dividends and interest. In addition, there are consequential amendments to several other standards.
IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after
January 1, 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply
retrospectively.
Our Company is currently working to identify all impacts the amendments will have on the primary financial
statements and notes to its consolidated financial statements.

Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-37

5.
SEGMENT INFORMATION
5(a) Basis of segments
Each segment engages in business activities which generate revenues and incur expenses. Based upon the
information provided to our Company’s chief operating decision maker (“CODM”) to make decisions on resource
allocation and operating performance evaluation, our Company has determined that it has three reportable segments.
Our 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. Our 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. Segment
results are evaluated based on reported operating profit or loss from each segment. The accounting policies for
segment information, including transactions entered between segments are generally the same as those described in
the summary of material accounting policies.
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) Information about reportable segments
Year ended
December 31, 2024
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

72,608
172,793
227,271
472,672
—
472,672
Inter-segment

—
—
—
—
—
—
Cost of sales and selling
expenses (excluding
depreciation and
amortization)

68,554
160,784
215,486
444,824
—
444,824
Segment operating profit/
(loss)

(445)
7,134
5,197
11,886
(2,646)
9,240
Depreciation and
amortization (including
depreciation from right of
use assets)

(1,509)
(3,049)
(1,447)
(6,005)
(81)
(6,086)
Impairment loss on financial
assets

(91)
(552)
58
(585)
—
(585)
Interest income

77
93
34
204
4
208
Interest expense

(20)
(1,242)
(904)
(2,166)
(2)
(2,168)
Income tax (expense)/benefit
(35)
(1,036)
(1,353)
(2,424)
(385)
(2,809)
Other disclosures
Capital expenditure

868
2,799
590
4,257
14
4,271
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-38

5.
SEGMENT INFORMATION (continued)
5(b) Information about reportable segments (continued)
Year ended
December 31, 2023
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

58,649
166,925
200,198
425,772
—
425,772
Inter-segment

—
8
—
8
(8)
—
Cost of sales and selling
expenses (excluding
depreciation and
amortization)

55,341
164,712
185,178
405,231
—
405,231
Segment operating profit/
(loss)

1,794
(2,119)
8,628
8,303
(2,548)
5,755
Depreciation and
amortization (including
depreciation from right of
use assets)

(1,506)
(3,202)
(1,424)
(6,132)
(79)
(6,211)
Impairment loss on financial
assets

(10)
(4,530)
(100)
(4,640)
—
(4,640)
Interest income

103
86
11
200
5
205
Interest expense

(30)
(1,590)
(775)
(2,395)
(4)
(2,399)
Income tax (expense)/benefit
26
(39)
(632)
(645)
483
(162)
Other disclosures
Capital expenditure

1,952
1,629
710
4,291
3
4,294
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-39

5.
SEGMENT INFORMATION (continued)
5(b) Information about reportable segments (continued)
Year ended
December 31, 2022
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

77,329
171,841
184,723
433,893
—
433,893
Inter-segment

—
(5)
—
(5)
5
—
Cost of sales and selling
expenses (excluding
depreciation and
amortization)

75,253
164,504
171,341
411,099
—
411,099
Segment operating profit/
(loss)

241
2,636
7,768
10,645
(3,093)
7,552
Depreciation and
amortization (including
depreciation from right of
use assets)

(1,247)
(3,058)
(1,448)
(5,753)
(82)
(5,835)
Interest income

68
49
2
119
1
120
Interest expense

(91)
(787)
(608)
(1,486)
(2)
(1,488)
Income tax expense

(354)
(420)
(1,979)
(2,753)
(55)
(2,808)
Other disclosures
Capital expenditure

1,486
1,780
541
3,807
1
3,808
Adjustments and eliminations
Corporate expenses, and share of gain (loss) of associates are not allocated to individual segments as the underlying
instruments are managed on a group basis.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-40

5.
SEGMENT INFORMATION (continued)
5(c)
Reconciliation of segment operating profit (loss)
For the year ended December 31,
2024
2023
2022
US$’000
US$’000
US$’000
Segment operating profit/(loss)

11,886
8,303
10,645
Corporate expenses and others

(2,646)
(2,548)
(3,093)

9,240
5,755
7,552
Other operating income

1,365
433
1,026
Other operating expenses

(12)
—
(3)
Net impairment loss on financial and contract assets

(585)
(4,640)
(508)
Operating profit/(loss)

10,008
1,548
8,067
Finance costs

(2,304)
(2,527)
(1,650)
Finance income

208
205
120
Share of loss of associates

(2)
(2)
(1)
Exchange gain/(loss)

823
679
143
Other income

878
570
889
Other expense

(234)
(9)
(3)
Profit/(loss) before tax

9,377
464
7,565
5(d)
Segment assets and liabilities
North
Asia
Thailand
ROW
Total
segments
Corporate
adjustments
and
eliminations
Consolidated
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
As of December 31, 2024
Total segment assets

45,789
157,053
126,272
329,114
9,999
339,113
Asset classified as held for sale

747
—
—
747
—
747
Total assets

46,535
157,053
126,272
329,861
9,999
339,860
Total liabilities

6,945
48,722
61,636
117,303
7,192
124,495
As of December 31, 2023
Total assets

52,519
167,888
133,437
353,844
12,820
366,664
Total liabilities

10,320
66,385
68,365
145,070
6,973
152,043
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-41

5.
SEGMENT INFORMATION (continued)
5(d)
Segment assets and liabilities (continued)
Reconciliation of assets:
As of December 31,
2024
2023
US$’000
US$’000
Segment operating assets

329,861
353,844
Corporate and other assets

2,508
4,211
Investment in associates

807
810
Deferred tax assets

6,684
7,799
Total assets

339,860
366,664
Reconciliation of liabilities:
As of December 31,
2024
2023
US$’000
US$’000
Segment operating liabilities

117,303
145,070
Corporate liabilities

3,113
3,133
Deferred tax liabilities

4,079
3,840
Total liabilities

124,495
152,043
5(e)
Disaggregated revenues and geographical information
(i)Revenue from external customers is summarized as the following major categories:
Year ended
December 31, 2024
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

—
70,947
158,445
229,392
—
229,392
Enamel

68,980
82,333
—
151,313
—
151,313
SDI

3,501
—
59,887
63,388
—
63,388
Others*

127
19,513
8,939
28,579
—
28,579

72,608
172,793
227,271
472,672
—
472,672
Timing of revenue recognition
At a point in time

69,107
172,766
185,319
427,192
—
427,192
Over time

3,501
27
41,952
45,480
—
45,480

72,608
172,793
227,271
472,672
—
472,672
* include revenues from fabrication service contracts, and sale of other wires and cables products.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-42

5.
SEGMENT INFORMATION (continued)
5(e)
Disaggregated revenues and geographical information (continued)
(i)Revenue from external customers is summarized as the following major categories (continued):
Year ended
December 31, 2023
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

9
80,564
140,501
221,074
—
221,074
Enamel

55,959
79,510
1,972
137,441
—
137,441
SDI

2,667
—
55,028
57,695
—
57,695
Others*

14
6,851
2,697
9,562
—
9,562

58,649
166,925
200,198
425,772
—
425,772
Timing of revenue recognition
At a point in time

55,982
166,832
173,004
395,818
—
395,818
Over time

2,667
93
27,194
29,954
—
29,954

58,649
166,925
200,198
425,772
—
425,772
* include revenues from fabrication service contracts, and sale of other wires and cables products.
Year ended
December 31, 2022
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

92
46,340
135,739
182,171
—
182,171
Enamel

76,002
102,122
—
178,124
—
178,124
SDI

1,209
—
44,722
45,931
—
45,931
Others*

26
23,379
4,262
27,667
—
27,667

77,329
171,841
184,723
433,893
—
433,893
Timing of revenue recognition
At a point in time

77,287
171,613
158,510
407,410
—
407,410
Over time

42
228
26,213
26,483
—
26,483

77,329
171,841
184,723
433,893
—
433,893
* include revenues from fabrication service contracts, and sale of other wires and cables products.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-43

5.
SEGMENT INFORMATION (continued)
5(e)
Disaggregated revenues and geographical information (continued)
(ii)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 Current period end
2024
2023
2022
US$’000
US$’000
US$’000
Revenues from external customers
Thailand

158,135
152,437
153,164
Singapore

154,379
135,227
118,789
Australia

67,106
62,139
60,299
China, Hong Kong, and Taiwan

76,146
62,239
82,187
India

923
973
779
Southeast Asia

15,983
12,741
18,663
Northeast Asia

—
16
12

472,672
425,772
433,893
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.
(iii)
Major customer information
Revenue from one customer in the ROW region amounted to $94,499 in 2024 representing 19.99% of 2024
consolidated revenue. Revenue from one customer in the ROW region amounted to $80,862 in 2023 represening
18.99% of 2023 consolidated revenue. Revenue from one customer in the ROW region amounted to $66,858 in 2022
representing 15.41% of 2022 consolidated revenue.
5(f)
Non-current assets information
The total non-current assets other than financial instruments and deferred tax assets broken down by the country of
domicile are summarized as follow:
As of December 31,
2024
2023
US$’000
US$’000
Non-current assets by country:
Thailand

35,938
36,252
Singapore

4,371
5,002
China, Hong Kong, and Taiwan

8,546
10,132
Australia

6,894
7,058
Other

67
132
Total non-current assets

55,816
58,576
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-44

6.
MATERIAL PARTLY-OWNED SUBSIDIARIES
6(a)
Material subsidiaries
Our 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 and
operation
As of December 31,
Name
2024
2023
Charoong Thai and its subsidiaries (“CTW Consolidated”)
Thailand
49.07 %
49.07 %
6(b) Summarized financial information about the subsidiaries
The summarized financial information of the subsidiaries is provided below. This information is based on amounts
before inter-company eliminations:
Summarized statements of comprehensive income
CTW consolidated
For the year ended December 31,
2024
2023
2022
US$’000
US$’000
US$’000
Revenue

172,793
166,933
171,845
Profit/(loss) before tax

7,234
(7,587)
2,153
Income tax expense

1,036
39
420
Profit/(loss) for the year

6,198
(7,626)
1,733
Other comprehensive (loss)/income

(270)
3,252
(4,537)
Total comprehensive income/(loss)

5,928
(4,374)
(2,804)
Profit/(loss) attributable to non-controlling interests

3,042
(3,742)
850
Dividends paid to non-controlling interests

—
285
563
Summarized balance sheets
CTW consolidated
As of December 31,
2024
2023
US$’000
US$’000
Current assets

118,112
127,780
Non-current assets

46,542
48,748
Current liabilities

(38,805)
(61,226)
Non-current liabilities

(10,659)
(5,893)
Total equity

115,190
109,409
Equity attributable to:
Equity holders of the parent

58,666
55,722
Non-controlling interests

56,524
53,687
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-45

6.
MATERIAL PARTLY-OWNED SUBSIDIARIES (continued)
6(b) Summarized financial information about the subsidiaries (continued)
Summarized cash flow information
CTW consolidated
For the year ended December 31,
2024
2023
2022
US$’000
US$’000
US$’000
Operating

29,970
(11,954)
7,389
Investing

(1,589)
(1,418)
(719)
Financing

(23,746)
(144)
(7,726)
Effect of changes in exchange rate on cash

147
27
(1,045)
Net increase (decrease) in cash and cash equivalents

4,782
(13,489)
(2,101)
7.
INCOME AND EXPENSES ITEMS
7(a) Other operating income
2024
2023
2022
US$’000
US$’000
US$’000
Gain on disposal of investment property

—
—
271
Gain on disposal of assets classified as held for sale

—
—
240
Gain on disposal of property, plant, and equipment

824
39
132
Rental income

264
323
254
Other operating income – others

277
71
129
Total other operating income

1,365
433
1,026
7(b) Other operating expenses
2024
2023
2022
US$’000
US$’000
US$’000
Other operating expenses – others

12
—
3
Total other operating expenses

12
—
3
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-46

7.
INCOME AND EXPENSES ITEMS (continued)
7(c)
Net impairment loss on financial and contract assets
2024
2023
2022
US$’000
US$’000
US$’000
Impairment for trade receivables (Note 12(a))

582
75
509
Impairment for trade receivables for related parties (Note 25(b))

—
4,565
—
Reversal of impairment for trade receivables for related parties

—
—
(1)
Impairment of other receivable

3
—
—
Total net impairment loss on financial and contract assets

585
4,640
508
7(d) Finance costs
2024
2023
2022
US$’000
US$’000
US$’000
Interest on loans and borrowings

2,083
2,301
1,408
Interest on leases liabilities

85
98
80
Total interest expenses

2,168
2,399
1,488
Bank charges

136
128
162
Total finance costs

2,304
2,527
1,650
7(e)
Finance income
2024
2023
2022
US$’000
US$’000
US$’000
Interest income

208
205
120
Total finance income

208
205
120
7(f)
Other income and expenses
2024
2023
2022
US$’000
US$’000
US$’000
Government grants

187
74
639
Net (loss)/gain on financial instruments

(234)
196
33
Dividend income

96
97
97
Other income

595
203
120
Other expenses

—
(9)
(3)
Total other income and expenses

644
561
886
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-47

7.
INCOME AND EXPENSES ITEMS (continued)
7(g) Depreciation, amortization and lease expense included in the consolidated income statements
2024
2023
2022
US$’000
US$’000
US$’000
Included in cost of sales:
Depreciation – property, plant and equipment

3,874
4,077
4,278
Depreciation – right of use assets

125
133
133
Amortization – intangible assets

25
26
24
Lease expenses

26
1
1
Included in selling expenses:

Depreciation – property, plant and equipment

138
133
116
Depreciation – right of use assets

163
197
167
Lease expenses

1
1
1
Included in general and administrative expenses:

Depreciation – property, plant and equipment

698
580
538
Depreciation – right of use assets

466
456
382
Amortization – intangible assets

40
28
21
Depreciation – investment properties

25
168
176
Lease expenses

15
14
12
Included in research and development expenses:
Depreciation – property, plant and equipment

521
409
—
Depreciation – right of use assets

11
4
—

6,128
6,227
5,849
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-48

7.
INCOME AND EXPENSES ITEMS (continued)
7(h) Employee benefits expenses
2024
2023
2022
US$’000
US$’000
US$’000
Included in cost of sales:
Wages and salaries

11,802
12,207
12,555
Labor and health insurance costs

80
79
79
Pension costs

736
833
886
Other employee benefits

740
750
734
Included in selling expenses:
Wages and salaries

4,494
4,221
3,881
Labor and health insurance costs

20
10
9
Pension costs

383
359
337
Other employee benefits

44
33
25
Included in general and administrative expenses:
Wages and salaries

8,389
8,116
7,950
Labor and health insurance costs

150
144
103
Pension costs

803
669
608
Director fees

455
323
412
Other employee benefits

182
161
138
Included in research and development expenses:
Wages and salaries

746
676
—
Labor and health insurance costs

33
16
—
Pension costs

64
42
—
Other employee benefits

24
15
—
Total employee benefits expenses

29,145
28,654
27,717
8.
INCOME TAX
Under current Bermuda law, APWC is not subject to tax on income or capital gains, nor is withholding tax of
Bermuda imposed upon payments of dividends by APWC to its shareholders.
APWC’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 APWC.
The Operating Subsidiaries and equity investees are governed by the income tax laws of Singapore, Thailand,
Australia, the PRC and Taiwan. The corporate income tax rate in Singapore was 17% for each of the three years
ended December 31, 2024, and there is no withholding tax on dividends applicable to our Company. For Thailand,
the statutory corporate income tax rate was 20% for each of the three years ended December 31, 2024 and a
withholding tax of 10% is levied on dividends received by our Company. Charoong Thai is listed on Stock
Exchange of Thailand (“SET”). In Australia, the corporate income tax rate was 30% for 2021/2022, 2022/2023 and
2023/2024 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, 2024. In Taiwan, the corporate income tax rate was 20% for each of the three
years ended December 31, 2024.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-49

8.
INCOME TAX (continued)
Dividends received from the Operating Subsidiaries and equity investees may be subject 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%. In Taiwan, the dividends or profit distributed to non-
resident shareholders are subject to 21% withholding tax.
The major components of income tax expenses (benefits) for the years ended December 31, 2024, 2023 and 2022
are:
2024
2023
2022
US$’000
US$’000
US$’000
Consolidated income statements
Current income tax:
Current income tax charge

1,513
2,798
3,547
Previously unrecognized tax loss or temporary difference used to
reduce current income tax

—
(394)
(697)
Adjustments for current income tax of prior years

6
(694)
(54)
Total current income tax

1,519
1,710
2,796
Deferred tax expenses / (benefits):
Relating to origination and reversal of temporary differences

1,426
(1,284)
12
Previously unrecognized tax loss or temporary difference used to
reduce deferred tax expenses

(136)
(264)
—
Total deferred tax expenses/(benefits)

1,290
(1,548)
12
Income tax expenses reported in the income statement

2,809
162
2,808
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

(15)
221
(270)
Effect of change in tax rate

—
—
—
Net income on actuarial gains and losses
Recognized during the year

(78)
377
147
Effect of change in tax rate

—
—
—
Income tax (benefit) expense charged to other
comprehensive income (loss)

(93)
598
(123)
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-50

8.
INCOME TAX (continued)
APWC is incorporated 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. Our Company determines its
statutory tax rate based on its major commercial domicile that is its subsidiaries in Thailand. The reconciliation of
difference between tax computed at the statutory tax rate and income tax expense reported in the consolidated
income statement is as follows:
2024
2023
2022
US$’000
US$’000
US$’000
Profit/(loss) before tax

9,377
464
7,565
Tax at statutory rate of 20% (2023: 20%; 2022: 20%)

1,875
93
1,513
Foreign income taxed at different rate

944
940
1,332
Expenses not deductible for tax purpose

68
9
241
Utilization of previously unrecognized tax losses/temporary
differences

—
(394)
(697)
Tax benefit arising from previously unrecognized tax losses

(136)
(264)
—
Net deferred tax asset not recognized

332
1,727
382
Tax exempt on income

(140)
(693)
(65)
Uncertain tax position

—
—
(102)
Return to provision adjustment

6
(694)
(54)
Deferred tax liability arising from undistributed earnings

238
(354)
96
Withholding tax on dividends

127
38
163
Enhanced pre-tax deductions of R&D Expenses

(198)
(242)
—
Others

(307)
(4)
(1)
Income tax expense reported in consolidated income
statement

2,809
162
2,808
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-51

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,
2024
2023
2024
2023
2022
US$’000
US$’000
US$’000
US$’000
US$’000
Outside basis differences

(3,770)
(3,532)
238
(354)
96
Revaluations of financial assets at fair value through
other comprehensive income

(404)
(419)
—
—
—
Unutilized building allowance (net)

(87)
(141)
(51)
131
(13)
Unused tax losses

2,583
3,220
594
(1,805)
(1,158)
Allowance for doubtful accounts

1,040
1,008
(33)
(945)
113
Inventory impairment

826
881
52
2,001
150
Rebates and other accrued liabilities

715
788
7
(119)
(85)
Unpaid retirement benefits

1,261
1,282
19
11
—
Deferred revenue and cost of sales

(1)
31
31
(12)
10
Actuarial loss

199
121
—
—
—
Unabsorbed depreciation

591
588
(36)
(4)
90
Mark-to-Market value of forward contract

4
—
(4)
—
—
Provision for loss on onerous sale contract

31
451
407
(443)
817
Leases

38
41
2
(6)
9
Others

(421)
(360)
64
(3)
(17)
Deferred tax expenses/(benefits)

1,290
(1,548)
12
Net deferred tax assets

2,605
3,959
Reconciliation of deferred tax assets, net
2024
2023
2022
US$’000
US$’000
US$’000
Opening balance as of January 1

3,959
2,946
3,136
Tax (expense)/benefit during the period recognized in profit or
loss

(1,290)
1,548
(12)
Tax benefit/(expense) during the period recognized in other
comprehensive income

93
(598)
123
Exchange difference on translation foreign operations

(157)
63
(301)
Closing balance as of December 31

2,605
3,959
2,946
Our 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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-52

8.
INCOME TAX (continued)
Our Company has available unused net operating losses which arose in Thailand, China, Hong Kong, Singapore and
Taiwan as of December 31, 2024 and 2023, that may be applied against future taxable income and that expire as
follows respectively:
As of December 31,
Year of expiration
2024
2023
US$’000
US$’000
2024

—
2,135
2025

1,711
2,262
2026

1,978
2,535
2027

4,140
6,645
2028

12,978
13,111
2029

483
—
2032

155
184
2033

689
736
No expiration

3,813
4,949

25,947
32,557
Deferred tax assets have not been recognized in respect of these losses as they may not be used to offset taxable
profits elsewhere in our 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. Our Company did
not recognize deferred tax assets of $2,672 (2023: $3,400; 2022: $3,017) in respect of tax losses amounting to
$12,642 (2023: $15,928; 2022: $13,796).
In addition, our Company did not recognize deferred assets of $350 (2023: $476; 2022: $952) in relation to
deductible temporary differences amounting to $1,635 (2023: $2,154; 2022: $4,881).
There are no income tax consequences attached to the payment of dividends in 2024 or 2023 by APWC to its
shareholders.
As of December 31, 2024 and 2023, our Company is subject to taxation in PRC, Australia, Thailand, Singapore and
Taiwan. Our Company’s tax years from 2014 and forward are still subject to examination by the tax authorities in
various tax jurisdictions.
A reconciliation of the beginning and ending amounts of uncertain tax position is as follows:
Change in Uncertain Tax Positions
2024
2023
2022
US$’000
US$’000
US$’000
Balance as of January 1

—
—
28
Decrease due to lapses in statute of limitations

—
—
(26)
Exchange difference

—
—
(2)
Balance as of December 31

—
—
—
Our 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, 2024, 2023, and 2022 the amount of
uncertain tax position (excluding interest and penalties) included in the consolidated balance sheets that would, if
recognized, affect the income tax expenses is $nil, $nil and $nil, respectively.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-53

8.
INCOME TAX (continued)
Our 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 our Company has provided as of the dates listed below were:
As of December 31,
2024
2023
2022
US$’000
US$’000
US$’000
Accrued interest on uncertain tax position

—
—
—
Accrued penalties on uncertain tax position

—
—
—
Total accrued interest and penalties on uncertain tax position

—
—
—
For the years ended December 31, 2024, 2023 and 2022, our Company recognized $nil, $nil and $nil in interest,
respectively; and no penalties were recognized for the three years ended December 2022 to 2024. For the years
ended December 31, 2024, 2023 and 2022, our Company reversed $nil, $nil and $42 in interest and $nil, $nil and
$26 in penalties, respectively, due to lapses in statute of limitations. For the years ended December 31, 2024, 2023
and 2022, the exchange difference $nil, $nil and $(4) relating to interests, $nil, $nil and $(2) relating to penalty were
included in income tax expenses.
Our 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.
Pillar Two Taxes
APWC's structure and applicable jurisdictions
APWC is an intermediate holding company incorporated in Bermuda and forms part of the PEWC group (“the
Group’). PEWC, the Group's ultimate parent entity (UPE) is based in Taiwan. APWC holds investments in
subsidiaries located in various jurisdictions, including Thailand, PRC, Australia, Singapore. APWC is purely a
holding company with no operations, while the subsidiaries operate in their respective jurisdictions.
As part of our commitment to adhering to the OECD's Base Erosion and Profit Shifting (BEPS) 2.0 framework, our
Company has assessed its tax position in accordance with the Global Anti-Base Erosion (GloBE) rules under Pillar
Two. These rules set out a global minimum tax rate of 15%, aimed at ensuring that multinational enterprises (MNEs)
are subject to a minimum level of tax on the income they report in different jurisdictions.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-54

8.
INCOME TAX (continued)
Status of Implementation in Our Company’s Operated Jurisdictions
Country
Implementation
Status
Income Inclusion
Rule (IIR)
Undertaxed Profit
Rule (UTPR)
Domestic Top-up
Tax (QDMTT)
Taiwan (i)
No announcement yet Undefined
Undefined
Undefined
Bermuda (ii)
No information
No information
No information
No information
PRC
No announcement yet Undefined
Undefined
Undefined
HongKong (iii)
Draft legislation
January 1, 2025
To be confirmed
January 1, 2025
Thailand
Legislation adopted
January 1, 2025
January 1, 2025
January 1, 2025
Austalia
Legislation adopted
January 1, 2024
January 1, 2025
January 1, 2024
Singapore
Legislation adopted
January 1, 2025
Deferred until further
notice
January 1, 2025
(i) Taiwan has announced that it will increase the Alternative Minimum Tax (AMT) rate for profit-making
enterprises belonging to multinational groups from 12% to 15%, effective from 2025.
(ii) Bermuda has implemented corporate income tax (CIT) in line with the OECD’s Pillar Two global minimum tax
framework. This tax applies to Bermuda-based entities within MNE groups with annual revenues of at least €750
million. The CIT rate is 15% and will take effect for tax years beginning on or after January 1, 2025.
(iii) On December 27, 2024 the HKSAR Government published the draft legislation in the Gazette for
implementing the global minimum tax (GMT) and Hong Kong inimum top-up tax (HKMTT).
Effective tax rate of operating subsidiaries
The effective tax rates of our Company's operating subsidiaries in Australia, Thailand, Singapore, and China have
been reviewed for compliance with the global minimum tax rate of 15% base on 2024 financial results. The
assessment includes evaluating the local tax regimes to determine whether any of the subsidiaries are subject to an
effective tax rate below 15%.
• Australia: The subsidiary in Australia is subject to a corporate income tax rate of 30%. The effective tax rate for
this subsidiary is well above the global minimum tax threshold.
• Thailand: The subsidiary in Thailand is subject to a corporate income tax rate of 20%. However, the effective
tax rate for this subsidiary, based on its consolidated financials, is 6.3%, which is below the global minimum tax
requirement.
• Singapore: The subsidiary in Singapore is subject to a corporate income tax rate of 17%. The effective tax rate
for this subsidiary is 20.8%, which is above the global minimum threshold.
• China: The subsidiary in China is subject to a corporate income tax rate of 25%. The effective tax rate for this
subsidiary is 5.4%, which is below the global minimum tax requirement.
Potential Impact on APWC
APWC does not pay any corporate income tax as it is a non-operational entity. As such, it does not meet the
minimum tax rate of 15%. The GloBE Rules may require the ultimate parent company in Taiwan to apply a top-up
tax to ensure that the Group's overall tax rate meets the minimum threshold on a consolidated basis.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-55

8.
INCOME TAX (continued)
Income Inclusion Rule (IIR) and Undertaxed Profit Rule (UTPR)
IIR: Given that the subsidiaries in Thailand, and China are subject to effective tax rates below the 15% minimum
threshold, our Company's UPE in Taiwan is required to apply the IIR to include subsidiary income in its own tax
base. If Taiwan applies the IIR, no top-up tax will be collected from its subsidiaries. However, if Taiwan does not
apply the IIR, the UTPR ensures that the minimum tax is collected in other jurisdictions. The top-up tax does not
directly increase tax in the low-taxed jurisdiction but instead shifts the liability to other jurisdictions where the MNE
operates.
Compliance and ongoing monitoring
Our Company is committed to maintaining compliance with the GloBE Rules under Pillar Two and will continue to
monitor the tax rates applicable to its subsidiaries. Any future changes in the effective tax rates of its operating
subsidiaries, or amendments to tax law in any jurisdiction, will be closely assessed to ensure continued compliance
with the 15% global minimum tax requirement.
In the event of any changes that would result in a top-up tax being applied by the UPE in Taiwan, the Company will
make the necessary adjustments in its tax filings and disclosures.
9. EARNINGS PER SHARE
Earnings per share are calculated by dividing net profit attributable to equity holders of the parent by the weighted
average number of shares outstanding during the year. APWC 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 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
2024
2023
2022
US$’000
US$’000
US$’000
(except for number of shares and earnings per share)
Numerator:
Net profit attributable to APWC from continuing operations

3,486
3,867
3,874
Net profit attributable to APWC

3,486
3,867
3,874
Denominator:
Weighted-average common shares outstanding – basic and
diluted
20,616,227
20,616,227
20,020,364
Earnings per share – basic and diluted
Continuing operations

0.17
0.19
0.19
Total earnings per share – basic and diluted

0.17
0.19
0.19
Income from continuing operations attributable to non-controlling interests are $3,082, $(3,565) and $883 for the
years ended December 31, 2024, 2023 and 2022, respectively.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-56

As of December 31,
2024
2023
US$’000
US$’000
Cash on hand and cash at banks

34,035
37,970
Balances per statement of cash flows

34,035
37,970
11. FINANCIAL ASSETS AND FINANCIAL LIABILITIES
11(a) Other financial assets and liabilities
As of December 31,
2024
2023
US$’000
US$’000
Financial assets at fair value through other comprehensive income
Equity instrument (Note 11(d))

3,069
2,902

3,069
2,902
Financial assets at fair value through profit or loss
Foreign exchange forward contracts (Note 11(c))

—
307

—
307
(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
Our Company holds unquoted equity instruments in Thai Metal Processing Co., Ltd., which is engaged in the
fabrication of copper rods, and Leijyu Co., Ltd., which is engaged in the development of a renewable energy power
generation system. These equity investments are strategically held for long-term purposes and are not expected to be
sold in the short to medium term.
During the years ended December 31, 2024, 2023, and 2022, our Company received dividends of $96, $97, and $97,
respectively, from investments held at the end of the reporting period. These dividends were recorded in other
income (Note 7(f)) in the consolidated income statements.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
10.
CASH AND CASH EQUIVALENTS
F-57

11. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (continued)
11(b)
Interest-bearing loans and borrowings
Under the line of credit arrangements for short-term debt with our Company’s banks, our Company may borrow up to approximately $273,501 and $263,981 as
of December 31, 2024 and 2023, respectively, on such terms as our Company and the banks may mutually agree. These arrangements do not have termination
dates but are reviewed annually for renewal. As of December 31, 2024 and 2023, the unused portion of the credit lines was approximately $192,658 and
$187,752, respectively, which included unused letters of credit amounting to $88,880 and $83,926, respectively.
Letters of credit are issued by our Company in the ordinary course of business through major financial institutions as required by certain vendor contracts. As of
December 31, 2024 and 2023, our Company had open letters of credit amounting to $24,975 and $38,179, respectively. Liabilities relating to the open letters of
credit are included in current liabilities.
Certain of our loan agreements contain covenants that, if violated, could result in the obligations under these agreements becoming due prior to their scheduled
maturity dates. An operating subsidiary renewed the financing facility in November 2023 with a maturity date of September 30, 2027. However, the facility
agreement includes a review clause that allows the bank to review the facility at any time during the term and to change its terms and conditions. Despite the
repayment date being set for September 2027, this review clause means that out Company does not have an unconditional right to defer settlement for 12 months,
since the bank retains the right to trigger a review event at any time. Consequently, the balance of $2,769 was reclassified as current rather than non-current as of
December 31, 2024. Our Company was in compliance with these covenants requirements as of December 31, 2024 and 2023.
The following chart of interest-bearing loans and borrowings includes current and non-current loans, of which the current portion was $24,098 and $53,737 as of
December 31, 2024 and 2023, respectively.
As of December 31,
2024
2023
Interest rate
Maturity
Local currency
Interest rate
Maturity
Local currency
%
‘000
US$’000
%
‘000
US$’000
Interest-bearing loans and borrowings
Bank loans
6.36
Sep. 2027
AUD$4,693

2,918
4.94
Nov. 2024
AUD$4,543

3,104
Bank loans
4.63~4.83
5/1/2025
SGD$6,000

4,416
5.11
Dec. 2024
SGD$6,000

4,551
Bank loans
4.76
Mar. 2027
THB$266,010

7,807
7.27
Feb. 2024
THB$309,488

9,090
Trust receipt
2.93 ~ 5.93
May 2025
THB$348,923

10,241
2.75 ~ 4.70
May 2024
THB$1,151,234

33,812
Trust receipt
4.96 ~ 5.36
Mar. 2025
SGD$4,875

3,588
5.46 ~5.61
Apr. 2024
SGD$4,193

3,180
Total

28,970

53,737
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-58

11. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (continued)
11(c)
Hedging activities and derivatives
(i)
Commodity price risk
Our 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, our 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 our 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 our Company’s financial position, results of operations, and cash flow.
(ii)
Foreign currency risk
Our 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, 2024 and 2023, our Company had outstanding forward contracts with notional amounts of $2.9
million and $13.4 million, respectively. The outstanding forward contracts at December 31, 2024 mature between
January 3, 2025 and July 2, 2025, respectively. Our Company recognized gain (loss) on forward contracts as other
income (expenses) – refer to Note 7(f).
The forward contract balance varies with the expected foreign currency transactions and changes in foreign
exchange rate.
2024
2023
Assets
Liabilities
Assets
Liabilities
US$’000
US$’000
US$’000
US$’000
Foreign currency forward contracts
Fair value

—
21
307
74
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-59

11. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (continued)
11(d) Fair values
Set out below is a comparison of the carrying amounts and fair value of our Company’s financial instruments that
are carried in the financial statements:
Carrying amount
Fair value
As of December 31,
As of December 31,
2024
2023
2024
2023
US$’000
US$’000
US$’000
US$’000
Financial assets - current
Financial assets at fair value through profit

—
307
—
307
Financial assets at amortized cost
Cash and cash equivalents

34,035
37,970
34,035
37,970
Trade receivables

102,789
104,955
102,789
104,955
Other receivables

1,257
1,670
1,257
1,670
Due from related parties

607
1,368
607
1,368
Financial assets - non-current
Financial assets at fair value through other
comprehensive income

3,069
2,902
3,069
2,902
Financial assets at amortized cost
Long-term bank deposits*

1,259
1,454
1,259
1,454
Total

143,016
150,626
143,016
150,626
Financial liabilities - current
Liabilities at amortized cost
Interest-bearing loans and borrowings

24,098
53,737
24,098
53,737
Trade and other payables

57,220
51,743
57,220
51,743
Due to related parties

9,715
7,941
9,715
7,941
Accruals

8,246
15,250
8,246
15,250
Financial liabilities - non-current
Liabilities at amortized cost
Interest-bearing loans and borrowings

4,872
—
4,872
—
Total

104,151
128,671
104,151
128,671
* 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:
u
Due to the short-term nature of financial assets and liabilities, including cash and cash equivalents, trade
receivables, other receivables, due from related parties, trade and other payables, due to related parties, and
accruals, their carrying amounts are considered to approximate their fair value.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-60

11. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (continued)
11(d) Fair values (continued)
(i)
Methods and assumptions used to estimate fair value (continued)
u
Fixed-rate and variable-rate receivables are evaluated by our 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, 2024 and 2023, the carrying amounts of such receivables, net of
allowances, were not materially different from their calculated fair values.
u
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.
u
Fair value of financial liabilities at fair value through profit or loss - derivatives is derived from inputs other
than quoted prices that are observable for the asset or liability.
u
Fair value of interest-bearing borrowings and loans are determined by using discounted cash flow method
with discount rate that reflects the issuer’s borrowing rate as of the end of the reporting period. The non-
performance risk as of December 31, 2024 was assessed to be insignificant.
(ii)
Description of significant unobservable inputs to valuation
Valuation
technique
Significant
unobservable
inputs
Liquidity
discount
(2024 and 2023)
Sensitivity of the input to fair
value
2024
2023
Financial asset
Unquoted equity instrument
Market
Approach
Method
Liquidity
Discount
30%
5% decrease
in the
discount
would
increase in
fair value by
$185
5% decrease
in the
discount
would
increase in
fair value by
$190
Our 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:
u
Enterprise Value (EV) versus Market Capitalization;
u
Earnings-based: EBITDA +/or EBIT versus Net Earnings +/or Net Cash Flow
u
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. Our 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. Our Company believes the liquidity discount of 30% would be appropriate.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-61

11. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (continued)
11(d) Fair values (continued)
(ii)
Description of significant unobservable inputs to valuation (continued)
Our Company carries the equity instrument as financial assets at fair value through other comprehensive income
classified as level 3 in the fair value hierarchy. A reconciliation of the beginning and closing balances is summarized
below:
2024
2023
US$’000
US$’000
At January 1

2,902
1,553
Acquisitions

252
240
Recognized in other comprehensive income/(loss)

(67)
1,104
Exchange difference on translation

(18)
5
At December 31

3,069
2,902
12.
TRADE AND OTHER RECEIVABLES
As of December 31,
2024
2023
US$’000
US$’000
Trade receivables

103,789
106,333
Less: Loss allowances

(1,000)
(1,378)
Trade receivable, net

102,789
104,955
Other receivables

1,257
1,670
Less: Loss allowances

—
—
Other receivable, net

1,257
1,670
As of December 31, 2024 and 2023, trade receivables were all from contracts with customers. And as of January 1,
2023, the balance of trade receivables from contracts with customers was $81,982.
12(a) Movement in the loss allowance on trade receivables
2024
2023
US$’000
US$’000
At January 1

1,378
1,337
Charge for the year

592
97
Write-off

(952)
(55)
Unused amounts reversed

(10)
(22)
Currency translation adjustment

(8)
21
At December 31

1,000
1,378
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-62

12.
TRADE AND OTHER RECEIVABLES (continued)
12(b) Aging analysis of trade receivables
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, 2024
Expected loss rate
0.96%
0.09%
0.77%
4.29%
4.84%
2.83%
24.62%
Gross carrying amount
- trade receivables
103,789
85,686
11,460

2,588

1,095

283

2,677
Loss allowances

1,000

111

659
Trade receivable, net
102,789
85,605
11,372

2,477

1,042

275

2,018
December 31, 2023
Expected loss rate
1.30%
0.06%
0.47%
2.09%
3.43%
4.76%
75.74%
Gross carrying amount
- trade receivables
106,333
88,601
11,648

2,819

1,080

672

1,513
Loss allowances

1,378

1,146
Trade receivable, net
104,955
88,552
11,593

2,760

1,043

640

367
12(c) Accounting policy for impairment of trade receivables
Our 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 our
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.
See Note 28(b) credit risk of trade receivables for discussions on how our Company manages and measures credit
quality of trade receivables that are neither past due nor impaired.
12(d) Other receivables pledged as collateral
The carrying amounts of other receivables pledged as collateral against credit facilities received from financial
institutions are disclosed in Note 28(e)(ii).
13.
INVENTORIES
As of December 31,
2024
2023
US$’000
US$’000
Raw materials and supplies

38,313
28,962
Work in progress

21,195
20,991
Finished goods

67,306
78,277
Total inventories at the lower of cost and net realizable value

126,814
128,230
Inventories recognized as an expense during the years ended December 31, 2024, 2023 and 2022 amounted to
$437,732, $405,800 and $387,227 respectively.
For the years ended December 31, 2024 ,2023 and 2022, the amounts of $155, $10,255 and $1,119 were 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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-63

14. CONTRACT ASSETS
14(a) Assets related to contracts with customers

As of December 31,
As of December 31,
As of January 1,
2024
2023
2023
US$’000
US$’000
US$’000
Contract assets - current

688
13,946
12,450
There were no advances received or retentions on SDI service contracts during the financial years ended
December 31, 2024 and 2023. The contract assets balance decreased is due to the completion of projects this year ,
along with of new project developments.
Our 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) Unsatisfied supply, delivery, and installation (SDI) services contracts
The following table shows the aggregate amount of the transaction price allocated to the unsatisfied performance
obligations.
As of December 31,
2024
2023
US$’000
US$’000
Unsatisfied long-term SDI contracts
Expected to be recognized as revenue over 3 years

143,327
194,963
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-64

Land
Buildings
Building
improvement
Machinery
and
equipment
Motor
vehicle
and other
asset
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, 2023

5,720

50,587

8,198

91,314

5,310

7,400

1,405

169,934
Additions

—

473

521

307

314

3,034

4,649
Disposals

—

(65)
(2,369)
(467)
(230)
—

(3,131)
Transfer

—

1,256

(1,620)
(317)
Exchange differences

437

781

(32)
20

1,369
At December 31, 2023

5,787

51,024

8,667

91,503

5,220

7,464

2,839

172,504
Additions

224

—

527

139

862

2,722

4,488
Assets classified as held
for sale

—

(1,486)
(370)
(297)
—

—

(2,153)
Disposals

(58)
—

—

(2,351)
(495)
(286)
—

(3,190)
Transfer

2,075

2,805

111

4,211

149

(4,333)
5,029
Exchange differences

(176)
(1,063)
(57)
(1,274)
(88)
(235)
(47)
(2,940)
At December 31, 2024

7,852

51,280

8,365

92,319

4,925

7,816

1,181

173,738
Depreciation/Impairment
At January 1, 2023

—

(35,595)
(5,075)
(69,018)
(3,780)
(5,753)
—

(119,221)
Depreciation charge for
the year

—

(1,084)
(496)
(2,692)
(379)
(548)
—

(5,199)
Impairment

—

—
Disposals

—

2,310

399

228

—

3,002
Transfer

—

(19)
—

—

(19)
Exchange differences

—

(355)
(33)
(717)
(43)
22

—

(1,126)
At December 31, 2023

—

(37,034)
(5,539)
(70,117)
(3,822)
(6,051)
—

(122,563)
Depreciation charge for
the year

—

(1,180)
(502)
(2,720)
(308)
(521)
—

(5,231)
Assets classified as held
for sale

—

1,191

332

297

—

1,820
Disposals

—

2,334

433

285

—

3,052
Transfer

—

(527)
—

—

(149)
—

—

(676)
Exchange differences

—

741

1,062

188

—

2,087
At December 31, 2024

—

(36,809)
(5,685)
(69,144)
(3,774)
(6,099)
—

(121,511)
Net book value
At December 31, 2024

7,852

14,471

2,680

23,175

1,151

1,717

1,181

52,227
At December 31, 2023

5,787

13,990

3,128

21,386

1,398

1,413

2,839

49,941
At January 1, 2023

5,720

14,992

3,123

22,296

1,530

1,647

1,405

50,713
15(a) Impairment of property, plant and equipment
In 2024, 2023 and 2022 our Company recorded an impairment loss of $0 on property, plant and equipment at SFO
facilities.
15(b) Pledge
Information about the property, plant and equipment that were pledged to others as collaterals is provided in Note
28(e) (i).
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
15.
PROPERTY, PLANT AND EQUIPMENT
F-65

16.
RIGHT-OF-USE ASSETS
16(a) Amounts recognized in the consolidated balance sheets
As of December 31,
As of December 31,
2024
2023
Right of use assets
US$’000
US$’000
Land and land use right

1,619
2,054
Buildings

692
575
Motor vehicles and other assets

30
86
Office equipment

79
110

2,420
2,825
Our Company leases various assets including land, buildings, business vehicles and multifunction printers. Rental
contracts are typically made for periods of 2 to 37 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 2024 financial year were $831 (2023: $177).
The information on assets reclassified as held for sale is provided in Note 20.
16(b) Amounts recognized in the consolidated income statements
2024
2023
Depreciation charge of right of use assets
US$’000
US$’000
Land

263
208
Buildings

413
456
Motor vehicles and other assets

52
82
Office equipment

37
44

765
790
Interest expenses (included in finance cost)

85
98
Expenses relating to short-term leases

16
15
Expenses relating to lease of low-value assets that are not short-term leases

—
1
The total cash outflow for lease in 2024 was $837 (2023: $805).
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-66

17.
INVESTMENT PROPERTIES
17(a) Net book value of investment properties
Land not being
used for
operation
Office
buildings
for rent
Warehouse
Land
leasehold
right
Other
Total
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
As of December 31, 2024
Cost

406

138

—

641
Less: Accumulated depreciation

—

(125)
—

(9)
(3)
(137)
Net book value

406

—

504
As of December 31, 2023
Cost

407

510

5,055

6,071
Less: Accumulated depreciation

—

(405)
(545)
(7)
(2)
(959)
Net book value

407

105

4,510

5,112
A reconciliation of the net book value of investment properties was as follows :
2024
2023
US$’000
US$’000
Net book value at January 1

5,112
5,250
Transfer to assets classified as held for sale

(69)
—
Transfer to property plant and equipment

(4,353)
—
Depreciation (included in administrative expenses)

(25)
(168)
Exchange difference

(161)
30
Net book value at December 31

504
5,112
17(b) The amount recognized in profit or loss arising from the investment properties
2024
2023
2022
US$’000
US$’000
US$’000
Rental income derived from investment properties

16
267
243
Direct operating expenses (including repairs and maintenance)
generating rental income

(9)
(168)
(157)
Direct operating expenses (including repairs and maintenance)
that did not generate rental income

(1)
(1)
(21)
Net profit arising from investment properties carried at cost

6
98
65
Undiscounted lease payments receivable to be received during the lease terms are immaterial.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-67

17.
INVESTMENT PROPERTIES (continued)
17(c) Measuring investment properties at fair value
The fair value of the investment properties are stated below:
As of December 31,
2024
2023
US$’000
US$’000
Land not being used for operation

11,567
10,678
Office buildings for rent

494
5,068
Warehouse

—
5,876
Land leasehold right

91
93
Other

8
9
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) Pledge
Information about the investment properties that were pledged to others as collaterals is provided in Note 28(e) (i).
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-68

18.
INTANGIBLE ASSETS
Computer software
2024
2023
US$’000
US$’000
Cost
At January 1

761
738
Additions

54
40
Disposals

(11)
(19)
Exchange difference

(10)
2
At December 31

794
761
Accumulated amortization
At January 1

(637)
(599)
Amortization

(65)
(54)
Disposals

11
19
Exchange difference

7
(3)
At December 31

(684)
(637)
Net book value
At December 31

110
124
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-69

19. INVESTMENT IN ASSOCIATES
19(a) Associates of our Company
Percentage of
equity interest
As of December 31
Company Name
Nature of business
Country of
incorporation
2024
2023
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) Carrying amounts of investment in associates
As of December 31,
2024
2023
US$’000
US$’000
At January 1

810
805
Share of loss of associates

(2)
(2)
Exchange difference

(1)
7
At December 31

807
810
The investments in SPRC, Loxpac and Loxpac HK have been fully impaired.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-70

19. INVESTMENT IN ASSOCIATES
19(c) Summarized financial information for associates
The following table summarized financial information of our Company’s investments in associates:
As of December 31,
2024
2023
US$’000
US$’000
Summarized financial information of SPHC:
Current assets

4
4
Non-current assets

1,834
1,835
Current liabilities

(3)
(2)
Non-current liabilities

(189)
(184)
Equity

1,646
1,653
Reconciliation to our Company’s investments in associates:
Percentage of equity interest
49%
49%
Carrying amount of the investment

807
810
For the year ended December 31,
2024
2023
2022
US$’000
US$’000
US$’000
Summarized financial information of SPHC:
Revenue

—
—
—
Loss for the year

(5)
(4)
(3)
Reconciliation to our Company’s investments in associates:
Percentage of equity interest
49%
49%
49%
Share of the associates’ loss for the year:

(2)
(2)
(1)
As of December 31, 2024 and 2023, our Company's associates had no contingent liabilities or capital commitments.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-71

20.
ASSETS CLASSIFIED AS HELD FOR SALE
As of December 31,
2024
US$’000
Non-current assets held for sale
Property, Plant and Equipment

333
Investment property

69
Right of use assets

357
Exchange differences

(12)

747
In April 2024, the Board of Directors resolved to sell the Shanghai plant and the associated land use rights. The
contract was signed in December 2024, and the transaction is expected to be completed by the end of December
2025.
As of December 31, 2023 : None.
21.
TRADE AND OTHER PAYABLES
As of December 31,
2024
2023
US$’000
US$’000
Trade payables

46,560
40,977
Other payables

10,660
10,766

57,220
51,743
Other payables included refund liabilities arising from contracts with customers, which amounted to $9,387 and
$9,395 as of December 31, 2024 and 2023, respectively.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-72

22.
EMPLOYEE BENEFIT LIABILITIES
As of December 31,
2024
2023
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

1,514
5,784
7,298
1,120
5,891
7,011
Long service leave

664
124
788
719
106
825
Total

2,178
5,908
8,086
1,839
5,997
7,836
22(a) Pension – Defined contribution plans
Our 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, 2024,
2023 and 2022, were $1,304, $1,222, and $1,182, respectively.
22(b) Pension – Defined benefit plans
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 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 the 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.
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. Our Company pays to settle the obligations as and
when employees retire.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-73

22.
EMPLOYEE BENEFIT LIABILITIES (continued)
22(b) Pension – Defined benefit plans (continued)
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
2024
2023
2022
US$’000
US$’000
US$’000
Current service cost

438
442
447
Past service cost

—
—
48
Interest cost on benefit obligation

178
191
154
Net benefit cost

616
633
649
For the year ended December 31,
Other comprehensive income
2024
2023
2022
US$’000
US$’000
US$’000
Actuarial loss / (gain) – experience

79
(195)
(263)
Actuarial (gain) / loss – demographic assumption

—
(89)
74
Actuarial loss / (gain) – financial assumption

311
(1,601)
(543)
Actuarial loss / (gain)

390
(1,885)
(732)
For the year ended December 31,
Change in the defined obligation
2024
2023
2022
US$’000
US$’000
US$’000
Defined benefit obligation at January 1

7,011
8,896
9,854
Current service cost

438
442
447
Past service cost

—
—
48
Interest cost on benefit obligation

178
191
154
Benefits paid directly by our Company

(733)
(701)
(653)
Actuarial gain in other comprehensive income

390
(1,885)
(732)
Exchange differences

14
68
(222)
Defined benefit obligation at December 31

7,298
7,011
8,896
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-74

22.
EMPLOYEE BENEFIT LIABILITIES (continued)
22(b) Pension – Defined benefit plans (continued)
Actuarial assumptions
The significant assumptions used in determining the actuarial present value of the defined benefit obligations for the
years ended December 31, 2024 and 2023 are as follows:
2024
2023
%
%
Discount rate
2.0-4.0
2.4-4.7
Rate of salary increase
3.0~6.5
3.0~6.0
Pre-retirement mortality
* Thailand TMO17 Tables,
improving with the rate of
3.0% p.a.
* Thailand TMO17 Tables,
improving with the rate of
3.0% p.a.
* 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,
2024
2023
US$’000
US$’000
Within the next 12 months (next annual reporting period)

1,475
1,120
Between 2 and 5 years

2,711
2,856
Between 6 and 10 years

2,867
3,037
Total expected payments

7,053
7,013
Weighted average duration of defined benefit obligation
10 ~ 14 years
9 ~ 14 years
Sensitivity analysis
A one-percentage point change in the assumed rates would have yielded the following effects:
2024
2023
US$’000
US$’000
Discount rate – 1% increase

(544)
(552)
Discount rate – 1% decrease

474
482
Rate of salary increase – 1% increase

521
483
Rate of salary increase – 1% decrease

(588)
(543)
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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-75

22.
EMPLOYEE BENEFIT LIABILITIES (continued)
22(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, 2024 and 2023, the amount of long service leave
obligation was $788 and $825, respectively.
23. OTHER CURRENT LIABILITIES
As of December 31,
2024
2023
US$’000
US$’000
Contract liabilities

2,109
3,690
Dividend payable

220
220
Provisions

18
—
Onerous contracts provisions

184
2,306
Other current liabilities

1,741
1,019
Total

4,272
7,235
Other current liabilities include undue value added tax, unpaid withholding tax, and other miscellaneous liabilities.
23(a) Onerous contracts provisions
For the year ended December 31,
2024
2023
US$’000
US$’000
At January 1

2,306
2,110
Recognized

147
2,196
Reversed

(2,205)
(2,040)
Exchange differences

(64)
40
At December 31

184
2,306
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-76

23. OTHER CURRENT LIABILITIES (continued)
23(b) Contract Liabilities
As of December 31,
2024
2023
2022
US$’000
US$’000
US$’000
Current contract liabilities
Advance from customers

2,017
3,585
1,222
Custodial service

65
76
47
Transportation service

27
29
56
Total current contract liabilities

2,109
3,690
1,325
Our Company recognizes contract liabilities when it receives advance payments from customers before
performance obligations have been performed.
23(b) Contract Liabilities (continued)
Revenue recognized in relation to contract liabilities
For the year ended December 31,
2024
2023
US$’000
US$’000
Revenue recognized that was included in the contract liabilities balance at the
beginning of the year
Advance from customers

3,585
1,222
Custodial service

9
44
Transportation service

12
46

3,606
1,312
24.
EQUITY
24(a)
Common shares
As of December 31,
2024
2023
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 January 1, 2023
20,627,327

206
At December 31, 2023
20,627,327

206
At December 31, 2024
20,627,327
206
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-77

24.
EQUITY (continued)
24(a)
Common shares (continued)
Treasury shares
Number of
shares
US$’000
At January 1, 2023
11,100

38
At December 31, 2023
11,100

38
At December 31, 2024
11,100

38
APWC announced the completion of the rights offering on February 2, 2022, which was issued and sold an
aggregate of 6,796,558 common shares pursuant to the exercise of subscription rights, raising net proceeds of $7.9
million after deducting offering expenses. Following the completion of the rights offering, APWC had 20,627,327
common shares issued and 11,100 common shares were repurchased and held by the Company as treasury shares.
24(b) Dividends
On November 11, 2016, APWC announced that the Board of Directors approved the implementation of a dividend
policy as part of APWC's ongoing commitment to increasing shareholder value and return on investment. Pursuant
to the dividend policy, subject to review and approval by the Board of Directors, APWC may pay cash dividends of
at least 25% of its net post-tax audited consolidated profits attributable to shareholders. As APWC is a holding
company, its ability to pay dividends is dependent upon distributions that it receives from its operating subsidiaries
and affiliates, which are subject to a number of factors including operating results, capital requirements, expansion
plans, debt covenants, business prospects, consideration for non-recurring items and other factors that are deemed
relevant from time to time by the respective boards of our subsidiaries and affiliates. The dividend policy will be
reviewed on an ongoing basis and updated at the discretion of the Board of Directors as business circumstances and
available capital and capital requirements may change.
APWC did not declare or pay dividends distributed to owners for the years ended December 31, 2024, 2023 and
2022.
24(c) Other comprehensive income – net of tax
The disaggregation of changes of other comprehensive income by each type of reserve in equity is shown below:
For the year ended December 31, 2024
Remeasurement
of defined
benefit plans
Financial
assets at
FVOCI
reserve
Foreign
currency
translation
reserve
Total
US$’000
US$’000
US$’000
US$’000
Exchange difference on translation of foreign
operations

—
—
(5,459)
(5,459)
Re-measuring gains on defined benefit plans

(312)
—
—
(312)
Changes in fair value of financial assets at fair
value through other comprehensive income

—
(52)
—
(52)

(312)
(52)
(5,459)
(5,823)
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-78

24.
EQUITY (continued)
24(c) Other comprehensive income – net of tax (continued)
For the year ended December 31, 2023
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

—
—
784
784
Re-measuring gains on defined benefit plans

1,508
—
—
1,508
Changes in fair value of financial assets at fair
value through other comprehensive income

—
883
—
883

1,508
883
784
3,175
For the year ended December 31, 2022
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

—
—
(9,506)
(9,506)
Re-measuring losses on defined benefit plans

585
—
—
585
Changes in fair value of financial assets at fair
value through other comprehensive income

—
(1,082)
—
(1,082)

585
(1,082)
(9,506)
(10,003)
25. RELATED PARTY TRANSACTIONS
The related parties are defined as affiliates of our Company; entities for which investments are accounted for by the
equity method by our Company; the principal owners of our Company; its management; members of the immediate
families of the principal owners of our Company and its management.
Moon View Ventures Limited (“Moon View”), PEWC, Singapore Branch, PEWC Singapore Co. (Pte) Ltd., Taiwan
Submarine Cable Co., Ltd, and PEWC (HK) are controlled by PEWC. Moon View is the immediate holding
company of our Company. Italian-Thai Development Public Company Limited (“Italian-Thai”) is the non-
controlling shareholder of one of our Company’s operating subsidiaries in Thailand. SPHC is one of our Company’s
equity investees. Fujikura Limited is a non-controlling shareholder of one of our Company’s operating subsidiaries
in Thailand.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-79

25(a) Outstanding balance with related parties
The following table provided the total amount of outstanding balance at December 31, 2024 and 2023.
As of December 31,
2024
2023
US$’000
US$’000
Amounts due from related parties
The ultimate parent company
PEWC

54
107
PEWC, Singapore Branch

21
14
PEWC (HK)

—
130
PACIFIC UNION CO., LTD.

—
13
Sumi-Pac Construction Company,
LTD.

14
—
Associate
SPHC

171
171
Non-controlling shareholder of subsidiary
Italian-Thai and its affiliates

347
933

607
1,368
Amounts due to related parties
The ultimate parent company
PEWC

7,888
5,849
PEWC Singapore Co. (Pte) Ltd.

400
400
PEWC (HK)

—
1
Sumi-Pac Construction Company,
LTD.

—
299
PACIFIC UNION CO., LTD.

—
17
Pacific Holdings Group

49
—
Italian-Thai and its affiliates

4
—
Associate
SPHC

1,362
1,362
Others

12
13

9,715
7,941
Our 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 our
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.
See Note 28(b) credit risk of trade receivables for discussions on how our Company manages and measures credit
quality of trade receivables that are neither past due nor impaired.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
25. RELATED PARTY TRANSACTIONS (continued)
F-80

25(b) Transactions with related parties
The transactions undertaken with related parties are summarized as follows:
The ultimate parent company
PEWC
Purchases

23,807
23,093
24,914
Sales

9
14
—
Construction income
received

2,320
1,006
3
Management fee received

5
29
10
Management fee paid

179
205
172
Information technology
service fee paid

101
132
120
Interest expenses paid

3
—
—
Rental fee paid

101
104
18
Vehicle sale proceeds
received

—
18
—
Materials purchased for
interior office
redecorating

—
—
8
Other employee benefits-
Others

5
—
—
Sumi-Pac Construction Company,
LTD.
Construction income
received
67

—
—
Rental fee received

20
26
—
Service fee received

68
31
—
Purchases

—
280
—
Pacific Charity Foundation
Rental fee received

6
9
—
Donation

4
—
—
PACIFIC UNION CO., LTD.
Construction income
received

6
11
—
Chung-Tai Technology
Development Engineering
Corporation
Rental fee received

15
11
—
Miscellaneous purchases

11
—
—
Service fee received

1
1
—
PEWC (HK)
Sales

12
7,437
18,309
Service fee paid

—
67
156
Non-controlling shareholder of
subsidiary
Italian Thai and its affiliates
Sales

5,734
5,230
8,772
Loss allowance

—
4,565
—
For the year ended December 31,
2024
2023
2022
US$’000
US$’000
US$’000
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
25. RELATED PARTY TRANSACTIONS (continued)
F-81

Pacific Holdings Group
Service fee paid

196
—
—
Others
Fabrication cost

173
150
277
Vehicle sale proceeds
received

—
25
—
For the year ended December 31,
2024
2023
2022
US$’000
US$’000
US$’000
As of December 31, 2023, our Company has an outstanding balance from product sales to Italian-Thai, amounting to
$5.6 million. The majority of this outstanding payment, amounting to $4.6 million, was overdue by more than one
year. In 2023, our Company recognized a loss allowance of $4.6 million. This decision was based on several factors,
including (1) Italian-Thai’s 2023 financial statement being issued with a disclaimer of opinion related to scope
limitation, primarily due to a going concern issue; (2) our Company has not obtained any collateral or guarantees
related to the unpaid payments; and (3) Italian-Thai’s current financial condition, as evidenced by relevant News and
credit rating information in Thailand. Considering the aforementioned factors, our management deemed it
appropriate to record a full loss allowance in 2023. During the year of 2024, the Company has recovered
$1.4 million from the above Italian-Thai's outstanding payments and the remaining outstanding payments of
$4.2 million were deemed impaired and had been fully provided for in 2023.
25(c) Terms and condition of transactions with related parties
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.
Our 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, 2024, 2023 and 2022.
Our Company leased office from PEWC. The lease terms and prices were both determined in accordance with
mutual agreements. The rental fee were paid to PEWC monthly; the related expenses were both classified under
manufacturing, selling, and administrative, research and development expenses.
Pursuant to the composite services agreement with PEWC:
(i)
PEWC will sell copper rod to our Company, upon our 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 our
Company over other purchasers of copper rod from PEWC.
(ii)
PEWC grants to our Company the right to distribute any wire or cable product manufactured by PEWC in all
markets in which our 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
our Company the right to distribute products manufactured by PEWC in the future in markets where our
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 our Company.
(iii)
PEWC will make available to our Company, upon our Company’s request and on terms to be mutually agreed
between PEWC and our Company from time to time, access to certain of PEWC’s technology (and PEWC
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
25. RELATED PARTY TRANSACTIONS (continued)
F-82

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. Our Company benefits from research
and development conducted by PEWC at little or no cost to our Company.
(iv)
PEWC will make available to our Company, upon our Company’s request and on terms to be mutually agreed
between PEWC and our 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 our Company’s employees and managers at PEWC facilities and the secondment of
PEWC employees and managers to our Company.
(v)
Each of PEWC and our 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 our Company currently manufactures or distributes, or
intends to develop the capability to manufacture or distribute, any wire or cable product. Unless our Company
and PEWC mutually agree otherwise, our 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
our Company for PEWC or such substitution would prevent the successful completion of the facility or
venture, PEWC will arrange for our Company to participate to the extent possible.
25(d) Compensation of key management personnel of our Company
For the years ended December, 31
2024
2023
2022
US$’000
US$’000
US$’000
Short-term employee benefits

2,020
1,898
1,953
Post-employment benefits

185
88
48
Total compensation paid to key management personnel

2,205
1,986
2,001
The amounts disclosed in the table were recognized as expenses during the reporting periods.
26.
COMMITMENTS AND CONTINGENCIES
26(a) Purchase commitments
As of December 31, 2024 and 2023, our Company had commitments to purchase raw materials totaling $148 million
to $158 million and $127 million to $147 million (16,845 to 17,945 metric tons and 14,765 to 17,115 metric tons),
respectively, from third parties and PEWC at the prices stipulated in the contracts.
26(b) Capital commitments
As of December 31, 2024 and 2023, our Company had capital commitment relating to the construction of factory
building improvement and acquisition of machinery, totaling $0.7 million and $0.7 million, respectively.
26(c) Guarantees
As of December 31, 2024 and 2023, APWC provided a corporate guarantee not exceeding the sum of $28 million
and $29 million, respectively, for the bond performance and banking facility of Sigma Cable.
As of December 31, 2024 and 2023, there were outstanding bank guarantees of $13 million and $17 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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
25. RELATED PARTY TRANSACTIONS (continued)
F-83

26(d) Service commitments
As of December 31, 2024 and 2023, our Company had commitments in respect of management consulting services
with related parties totaling $0.03 million and $0.10 million, respectively.
27.
FAIR VALUE MEASUREMENT
Fair value information:
As of December 31, 2024
Fair value measurement using
Total
Quoted prices
in
active markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
US$’000
US$’000
US$’000
US$’000
Financial assets (liabilities) - derivatives
(Note 11.(a))
Foreign exchange forward contract

(21)
—
(21)
—
Financial assets at fair value through other
comprehensive income (Note 11.(a))
Unquoted equity instrument
Thai Metal Processing Co., Ltd.

2,586
—
—
2,586
Leijyu Co., Ltd. (transliteration)

483
—
—
483
Assets for which fair values are disclosed:
Investment properties (Note 17)
Land

11,567
—
—
11,567
Office buildings

494
—
—
494
Land leasehold right

91
—
—
91
Other

8
—
—
8
There have been no transfers between Level 1 and Level 2 during the year.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
26.
COMMITMENTS AND CONTINGENCIES (continued)
F-84

Fair value information:
As of December 31, 2023
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

(74)
—
(74)
—
Financial assets at fair value through other
comprehensive income (Note 11.(a))
Unquoted equity instrument
Thai Metal Processing Co., Ltd.

2,663
—
—
2,663
Leijyu Co., Ltd. (transliteration)

239
—
—
239
Assets for which fair values are disclosed:
Investment properties (Note 17)
Land

10,678
—
—
10,678
Office buildings

5,068
—
—
5,068
Warehouse

5,876
—
—
5,876
Land leasehold right

93
—
—
93
Other

9
—
—
9
There have been no transfers between Level 1 and Level 2 during the year.
28.
FINANCIAL RISK MANAGEMENT OBJECTIVES
Financial risks are those derived from financial instruments our Company is exposed to during or at the closing of
each fiscal year. The objective of our Company’s financial risk management is to minimize its risk exposure against
various financial risks, which include market risk, credit risk and liquidity risk. Our Company uses derivative
instruments to cover certain risks when it considers them necessary. It is our Company’s policy that no trading in
derivatives for speculative purposes shall be undertaken.
Our Company manages its exposure to key financial risks, as described in the succeeding paragraphs.
28(a) Market risk
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, 2024 and 2023.
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.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
27.
FAIR VALUE MEASUREMENT (continued)
F-85

(i)
Interest rate risk
Our 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 14% of our 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, 2024 and 2023 to increase/decrease by $74 and $115, respectively.
(ii)
Equity price risk
Our Company’s exposure to equity price risk arises from unquoted instrument held by our 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).
(iii)
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. Our 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. Our 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, TWD, Australian dollars or Singapore
dollars, whereas a substantial portion of our Company’s cost of sales are denominated in U.S. dollars, its reporting
currency. Any devaluation of the functional currencies of our Company’s principal subsidiaries against the U.S.
dollar would likely have an adverse impact on the operations of our Company. Management monitors the foreign
exchange exposure and will consider hedging significant foreign currency exposure should the need arise.(refer to
Note 11(c)(ii))
The balances of financial assets and liabilities denominated in a currency different from our Company’s each
functional currency are summarized below.
Financial Assets
Financial Liabilities
As of December 31,
As of December 31
2024
2023
2024
2023
United States dollar (USD)

8,052
5,135
23,582
4,689
Thai Baht (THB)

8,357
4,254
191,489
891,587
Singapore dollar (SGD)

160
296
47
11
Taiwan dollar (TWD)

14,953
28,780
4,704
2,920
Renminbi (RMB)

19
18
2
—
Hong Kong dollar (HKD)

6,789
4,649
24
25
Euro (EUR)

8
8
1
—
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
28.
FINANCIAL RISK MANAGEMENT OBJECTIVES (continued)
F-86

(iii)
Foreign currency risk (continued)
Foreign currency sensitivity
The following table demonstrates the sensitivity of our 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
HKD
EUR
2024
5%

(776)
(269)
4
16
44
—
-5%

776
269
(4)
(16)
(44)
—
2023
5%

22
(1,303)
11
42
30
—
-5%

(22)
1,303
(11)
(42)
(30)
—
(iv.) Commodity price risk
Our Company is affected by the volatility of certain commodities. Copper is the principal raw material used by our
Company. Our 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 our Company’s cost
of sales. Our 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
2024
Copper
+6 %
1,826
N/A
-6 %
(1,826)
N/A
2023
-14 %
(3,296)
N/A
Copper
+14 %
3,296
N/A
On average, copper composes around 80% and 73% of the product cost in the years ended December 31, 2024 and
2023, respectively. The above sensitivity analysis is based on the most significant fluctuation rate of the month in
December 31, 2024 as compared to the same month in 2023 and the most significant fluctuation rate of the month in
2023 as compared to the same month in 2022 and one month manufacturing lead time to estimate its impact on
profit before tax in the years ended December 31, 2024 and 2023, respectively.
28(b) Credit risk
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. Our
Company’s exposure to credit risk arises from default of counterparty, with maximum exposure equal to the
carrying amount of these financial instruments.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
28.
FINANCIAL RISK MANAGEMENT OBJECTIVES (continued)
F-87

(i)
Risk management
Our 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. Our Company’s policy is
designed to limit its exposure to any one institution. Our Company performs periodic evaluations of the relative
credit standing of those financial institutions that are considered in our 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.
Concentrations of credit risk with respect to trade receivables and contract assets are limited due to the large number
of entities comprising our Company’s customer base. Our 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. Our 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 our Company.
Our Company enters into transactions with related parties in the ordinary course of its business. Refer to Note 25(b)
for our Company’s general credit risk management practices.
(ii)
Definition of default
Our 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:
u
when there is a breach of financial covenants by the debtor; or
u
information developed internally or obtained from external sources indicates that the debtor is unlikely
to pay its creditors, including our Company, in full (without taking into account any collateral held by
our Company).
(iii)
Measurement and recognition of expected credit losses
Our 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) and 25(a) for the approach used to measure expected credit losses of
trade receivables, Note 12(b) for the loss allowance recognized, and Note 12(a) for changes in the loss allowance on
trade receivables. While contract assets are also subject to the impairment requirements of IFRS 9, the identified
impairment loss was immaterial.
Our 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, 2024 and
2023 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
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
28.
FINANCIAL RISK MANAGEMENT OBJECTIVES (continued)
F-88

(iv)
Write off policy (continued)
with our 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, 2024 and 2023, trade receivables from one customer represented 12.83% and 12.48% of total
trade receivables of our Company, respectively. The credit concentration risk of other trade receivables is
insignificant.
28(c) Liquidity risk
Liquidity risk arises from the financial liabilities of our Company and their subsequent ability to meet obligations to
repay their financial liabilities as and when they fall due. Management manages our Company’s liquidity risk by
closely monitoring cash flow from the operations. Our Company has about $34 million in cash and cash equivalents,
$193 million in unutilized amounts of bank loans, and the total financial liabilities is $98 million at the reporting
date, which for financial assets and liabilities results in a net asset position. Liquidity risk is considered not high as
of December 31, 2024.
The table below summarizes the maturity profile of our Company’s financial liabilities based on contractual
undiscounted payment obligations.
< 1 year
2 to 3 years
4 to 5 years
> 5 years
Total
US$’000
US$’000
US$’000
US$’000
US$’000
As of December 31, 2024
Financial liabilities
Interest-bearing loans and
borrowings

24,742
7,932
—
—
32,674
Trade and other payables

57,220
—
—
—
57,220
Due to related parties

9,715
—
—
—
9,715
Financial liabilities at fair value
through profit or loss

21
—
—
—
21
Lease liability

762
843
388
147
2,140

92,460
8,775
388
147
101,770
As of December 31, 2023
Financial liabilities
Interest-bearing loans and
borrowings

57,170
—
—
—
57,170
Trade and other payables

51,743
—
—
—
51,743
Due to related parties

7,941
—
—
—
7,941
Financial liabilities at fair value
through profit or loss

74
—
—
—
74
Lease liability

676
673
386
355
2,090

117,604
673
386
355
119,018
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
28.
FINANCIAL RISK MANAGEMENT OBJECTIVES (continued)
F-89

28(d) Capital management
The primary objectives of our Company’s capital management are to safeguard our 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.
Our 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, our Company may
adjust the dividend payment to shareholders, return capital to shareholders, issue new shares or conduct stock
repurchase programs. Our 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, 2024 and
2023.
In line with industry practices, our Company monitors capital on the basis of the following gearing ratio:
(i)
Net debt - This includes interest bearing loans and borrowings, trade and other payables, less cash and cash
equivalents, as shown in the consolidated balance sheets.
(ii)
Total equity - As reported in the consolidated balance sheets.
The definition of net debt used by our Company to calculate the gearing ratio focuses on actual financial obligations
while subtracting available cash. This approach provides a clearer picture of the Company's true debt position,
offering a more realistic assessment of leverage and operational focus.
As of December 31,
2024
2023
US$’000
US$’000
Interest bearing loans and borrowings

28,970
53,737
Trade and other payables

57,220
51,743
Less: cash and cash equivalents

(34,035)
(37,970)
Net debt

52,155
67,510
Total Equity

215,365
214,621
Capital and net debt

267,520
282,131
Gearing ratio
19.5%
23.9%
Our 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, our Company’s ability to pay dividends, as well as to meet its
other obligations, depends upon the amount of distributions, if any, received from our Company’s operating
subsidiaries and other holdings and investments. Our 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 our 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 our Company’s ability to fund operations
of one subsidiary with dividends and other payments received from another subsidiary.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
28.
FINANCIAL RISK MANAGEMENT OBJECTIVES (continued)
F-90

28(e) Collateral
The credit lines of our Company were collateralized by:
(i)
Mortgage of our Company’s land, buildings, machinery and equipment, investment properties and land use
rights with a total carrying amount of $11,447 at December 31, 2024 (2023: $10,211);
(ii)
Pledge of other receivables of $1,104 at December 31, 2024 (2023: $1,138) ;
(iii)
Corporate guarantee issued by APWC.
28(e)
Collateral (continued)
(iv)
A trading facility was secured by all the assets with total carrying amount of $40,250 of a subsidiary as of
December 31, 2024 (2023: $41,058).
The weighted average interest rates on bank loans and overdrafts as of December 31, 2024 and 2023 were 4.20%
and 4.31% per annum, respectively.
29.
CASH FLOW INFORMATION
29(a)
Investing activities with partial cash payments
(i) Purchase of PPE
For the year end December 31,
2024
2023
US$’000
US$’000
Acquisition of property, plant and equipment

4,488
4,649
Add: Payable for PPE or CIP - Opening

56
152
Less: Payable for PPE or CIP - Ending

(316)
(56)
Less: Prepayment for PPE & CIP - Opening

(108)
(599)
Add: Prepayment for PPE & CIP - Ending

97
108
Cash paid during the year

4,217
4,254
(ii) Dividend paid
For the year end December 31,
2024
2023
US$’000
US$'000
Dividends paid to company’s shareholders

1
284
Add: Payable for dividends - Opening

220
291
Less: Payable for dividends - Ending

(220)
(220)
Other

—
2
Cash paid during the year

1
357
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
28.
FINANCIAL RISK MANAGEMENT OBJECTIVES (continued)
F-91

29(b)
Reconciliation of liabilities arising from financing activities
Interest -bearing
loans and
borrowings
Lease liabilities
Total
US$’000
US$’000
US$’000
Balance at January 1, 2023

57,731
2,574
60,305
Changes in cash flows

(4,457)
(691)
(5,148)
Foreign exchange adjustments

463
21
484
Acquisition lease

—
177
177
Other changes

—
(1)
(1)
Remeasurement

—
1
1
Balance at December 31, 2023

53,737
2,081
55,818
Changes in cash flows

(23,521)
(736)
(24,257)
Foreign exchange adjustments

(1,246)
(96)
(1,342)
Acquisition lease

—
831
831
Other changes

—
(6)
(6)
Remeasurement

—
(1)
(1)
Balance at December 31, 2024

28,970
2,073
31,043
30.
SUBSEQUENT EVENT
30(a)
CTW dividend payments
On February 25, 2025, the Board of Directors of Charoong Thai declared a cash dividend distribution to its
shareholders amounted to $0.6 million (Baht 19.9 million, equivalent to Baht 0.05 per share), $0.3 million of which
will be distributed to non-controlling interest. The dividend will be paid on May 16, 2025. This dividend distribution
plan requires the approval of the 2024 Annual General Meeting of Shareholders of Charoong Thai.
Other than the above events, our Company is not aware of any matter or circumstance that has significantly affected
or may significantly affect the operations of our Company, the results of those operations, or the state of affairs of
our Company.
31.
APPROVAL OF THE FINANCIAL STATEMENTS
The financial statements were approved and authorized for issuance by the Board of Directors on March 31, 2025.
Table of Contents
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
29.
CASH FLOW INFORMATION (continued)
F-92