- Gross profit was $51.8 million, an increase of 2.6% from $50.5 million in FY2012
- Cash flows from operations was $20.6 million, up 93.1% from $10.7 million in FY2012
- $62.5 million in cash and cash equivalents at December 31, 2013
- Reduced total debt outstanding to $43.5 million at December 31, 2013 from $59.6 million at December 31, 2012
TAIPEI, Taiwan, May 5, 2014 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited (Nasdaq:APWC) ("APWC" or the "Company"), a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in the Asia-Pacific region, today announced the Company's financial results for the twelve months ended December 31, 2013.
|FY 2013 Financial Results|
|FY 2013||FY 2012||CHANGE|
|Revenues||$460.7 million||$462.3 million||-0.3%|
|Gross Profit||$51.8 million||$50.5 million||+2.6%|
|Net Income||$5.8 million||$9.7 million||-39.7%|
|* Earnings per share are based on 13.8 million shares in FY 2012 and FY 2013|
Full Year 2013 Results
Revenues for the twelve months ended December 31, 2013 were $460.7 million, down slightly from $462.3 million in the prior period, primarily attributable to lower sales in its North Asia and Thailand markets, partially offset by higher sales in Singapore.
Gross profit for the 2013 year increased 2.6% to $51.8 million from $50.5 million in the year-ago period, representing gross margins of 11.2% and 10.9%, respectively. Gross margins were up year over year as a result of higher profit margins from sales in the Thailand region.
Selling, general and administrative expenses of $34.6 million for the full year of 2013 were essentially flat from the same period a year ago. Operating income was $17.2 million compared to $20.8 million in the full year of 2012. Excluding the non-recurring $3.8 million net insurance recovery due to the flooding in Thailand recorded in the full year of 2012, operating profit was up approximately 1.7% compared to the prior year.
Net income attributable to APWC shareholders was $5.8 million for the full year of 2013 compared to $9.7 million in the corresponding period in 2012. Net income per basic and diluted share was $0.42 for the period, compared to $0.70 in the first twelve months of 2012. The basic and diluted weighted average shares outstanding were 13.8 million for the full year of 2012 and 2013.
As of December 31, 2013, APWC had $62.5 million in cash and cash equivalents, compared to cash and cash equivalents totaling $72.8 million as of December 31, 2012.
Total current assets were $302.2 million at December 31, 2013 compared to $327.9 million at December 31, 2012. Working capital was $174.5 million as of December 31, 2013. As of December 31, 2013, short term bank loans and overdrafts were $43.5 million, down from $59.6 million at December 31, 2012. The Company had no long term debt outstanding at December 31, 2013. Shareholders' equity attributable to APWC was $157.2 million at December 31, 2013 compared to $163.1 million at December 31, 2012.
APWC generated approximately $20.6 million of cash from operating activities during the twelve months ended December 31, 2013, an improvement of $9.9 million compared to $10.7 million of cash inflows from operations in the corresponding period in 2012. The Company reduced capital expenditures to $9.5 million in the full year of 2013 compared to $10.9 million in the full year of 2012.
With effect as of January 1, 2013, the Company converted its basis of accounting principles to International Financial Reporting Standards ("IFRS") from U.S. GAAP. This change was made to align the accounting principles of APWC with those of its principal operating subsidiaries, which have used IFRS for some years, and due to the increasing acceptance and usage of IFRS among foreign private issuers. Accordingly, the financial data reported in this release and in our recently filed 2013 annual report are reported in accordance with IFRS and our 2012 results are restated in accordance with IFRS, as called for under applicable SEC guidance.
The Company also reorganized its reporting segments along regional lines, such that our three reporting segments consist now of the North Asia region, the Thailand region and the Rest of the World ("ROW") region (primarily consisting of Singapore and Australia at this time). This reorganization of reporting segments is in accordance with our current lines of internal reporting and our current decision-making structure regarding asset allocation and business development. We believe this reorganization will provide to management and to our investors a clearer picture of the results of operations of the Company going forward.
About Asia Pacific Wire & Cable Corporation
Asia Pacific Wire & Cable Corporation is principally engaged in the manufacture and distribution of telecommunications (copper and fiber optic) and power cable and enameled wire products in the Asia Pacific region, primarily in Thailand, China, Singapore and Australia. The Company manufactures and distributes its own wire and cable products and also distributes wire and cable products ("Distributed Products") manufactured by its principal shareholder, Pacific Electric Wire & Cable Company, a Taiwanese company ("PEWC"). The Company also provides project engineering services in the supply, delivery and installation ("SDI") of power cables to certain of its customers. For more information on the Company, visit http://www.apwcc.com. Information on the Company's Web site or any other Web site does not constitute a portion of this release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the Company, its business, and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes", "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
|ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES|
|CONSOLIDATED INCOME STATEMENTS|
|For the years ended December 31, 2013 and 2012|
|Sales of goods / services||460,676||462,265|
|Cost of sales||(408,860)||(411,786)|
|Other operating income||181||5,825|
|Selling, general and administrative expenses||(34,559)||(34,593)|
|Other operating expenses||(196)||(888)|
|Share of loss of associates||(211)||(21)|
|Gain on disposal of investment – held for sale||232||--|
|Gain on liquidation of subsidiaries||--||279|
|Exchange gain (loss)||(1,245)||2,411|
|Profit before tax||16,784||24,552|
|Income tax expense||(5,518)||(7,578)|
|Profit for the year||11,266||16,974|
|Equity holders of the parent||5,847||9,694|
|Earnings per share|
|- Basic, and diluted profit for the year attributable to equity holders of the parent||$ 0.42||$ 0.70|
|ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS|
|As of December 31,||January 1,|
|Cash and cash equivalents||62,509||72,816||76,672|
|Other current financial assets – available for sale||--||2,378||--|
|Other current financial assets – derivatives||--||--||64|
|Due from related parties||3,842||4,066||5,227|
|Assets classified as held for sale||--||1,281||--|
|Other current assets||2,113||3,136||2,380|
|Other non-current financial assets – available for sale||3,189||4,577||3,981|
|Other non-current financial assets – held to maturity||335||360||--|
|Property, plant and equipment||48,709||47,464||41,184|
|Prepaid land lease payments||1,939||1,957||2,001|
|Investments in associates||2,937||3,133||4,435|
|Other non-current assets||449||914||159|
|Deferred tax assets||3,978||4,492||5,820|
|Interest-bearing loans and borrowings||41,789||57,845||52,813|
|Trade and other payables||41,369||40,630||21,138|
|Due to related parties||11,126||11,428||14,693|
|Due to immediate holding company||1,732||1,732||1,732|
|Income tax payable||9,874||11,180||9,835|
|Employee benefit liability||419||453||1,005|
|Financial lease liabilities||37||167||842|
|Onerous contracts provisions||125||291||72|
|Other current liabilities||7,617||8,828||4,281|
|Employee benefit liability||5,455||5,387||2,310|
|Financial lease liabilities||28||76||236|
|Provisions for employee benefit||577||597||507|
|Deferred tax liabilities||2,676||2,396||2,260|
|Additional paid-in capital||110,608||110,608||111,541|
|Other components of equity||(5,226)||6,443||1,199|
|Equity attributable to equity holders of the parent||157,248||163,102||149,044|
|Total liabilities and equity||364,635||391,751||341,410|
Asia Pacific Wire & Cable Corporation Limited
Mr. Ivan Hsia, CFO
Phone: +886-2-2712-2558 ext. 27
Investor Relations Contact:
MZ North America
John Mattio, SVP