TAIPEI, Taiwan, May 7, 2015 (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, 2014.
| FY 2014 Financial Results | |||
| FY 2014 | FY 2013 | CHANGE | |
| Revenues | $451.3 million | $460.7 million | -2.0% |
| Gross Profit | $36.7 million | $51.8 million | -29.1% |
| Net Income | $0.6 million | $5.8 million | -90.2% |
| EPS* | $0.04 | $0.42 | -90.5% |
| *Earnings per share are based on 13.8 million shares in FY 2013 and FY 2014 | |||
Full Year 2014 Results
Revenues for the twelve months ended December 31, 2014 were $451.3 million, down slightly from $460.7 million in the prior period, due mainly to a decrease of $8.4 million in Thailand due to the volatile political situation in the region and stronger competition in the Australia market.
Gross profit for the 2014 year decreased by 29.1% to $36.7 million from $51.5 million in the year-ago period, representing gross margins of 8.1% and 11.2%, respectively. Gross margins were down year over year due to the lower margin in the Thailand region and the Company's business in Australia.
Selling, general and administrative expenses were $29.5 million for the full year of 2014, down $5.1 million, or 14.7%, from $34.6 million in 2013 due to a decrease in sales-related commissions and remuneration. Operating income was $5.2 million compared to $17.2 million in the full year of 2013. The Company booked a one-time $2.2 million non-cash impairment charge for trade receivables in 2014. Operating income for the year ended December 31, 2014 would have been $7.4 million excluding the non-cash impairment charge.
Net income attributable to APWC shareholders was $0.6 million for the full year of 2014 compared to $5.8 million in the corresponding period in 2013. Net income per basic and diluted share was $0.04 for the period, compared to $0.42 in the twelve months of 2013. The basic and diluted weighted average shares outstanding were 13.8 million for the full year of 2013 and 2014.
Financial Condition
As of December 31, 2014, APWC had $68.9 million in cash and cash equivalents, compared to cash and cash equivalents totaling $62.5 million as of December 31, 2013.
Total current assets were $318.0 million at December 31, 2014 compared to $302.2 million at December 31, 2013. Working capital was $169.5 million as of December 31, 2014. As of December 31, 2014, short term bank loans of $53.8 million, up from $41.8 million at December 31, 2013. Shareholders' equity attributable to APWC was $153.0 million at December 31, 2014 compared to $157.2 million at December 31, 2013.
APWC generated approximately $8.1 million of cash from operating activities during the twelve months ended December 31, 2014, compared to $20.6 million of cash inflows from operations in the corresponding period in 2013. The Company reduced capital expenditures to $6.0 million in the full year of 2014 compared to $9.5 million in the full year of 2013.
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 | ||
| (Amounts in thousands of US Dollars, except share data) | ||
| For the years | ||
| ended December 31, | ||
| 2014 | 2013 | |
| Sales of goods / services | $451,327 | $460,676 |
| Cost of sales | (414,583) | (408,860) |
| Gross profit | 36,744 | 51,816 |
| Other operating income | 89 | 181 |
| Selling, general and administrative expenses | (29,479) | (34,559) |
| Other operating expenses | (2,168) | (196) |
| Operating profit | 5,186 | 17,242 |
| Finance costs | (1,697) | (1,734) |
| Finance income | 1,167 | 1,306 |
| Share of loss of associates | (338) | (211) |
| Gain on disposal of investment - held for sales | 0 | 232 |
| Loss on disposal of a subsidiary | (178) | 0 |
| Exchange loss | (206) | (1,245) |
| Other income | 1,150 | 1,454 |
| Other expense | (49) | (260) |
| Profit before tax | 5,035 | 16,784 |
| Income tax expense | (2,274) | (5,518) |
| Profit for the year | $2,761 | $11,266 |
| Attributable to: | ||
| Equity holders of the parent | 572 | 5,847 |
| Non-controlling interests | 2,189 | 5,419 |
| Basic and diluted profit for the year attributable to equity holders of the parent | $0.04 | $0.42 |
| Basic and diluted weighted average common shares outstanding | 13,819,669 | 13,820,200 |
| ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | ||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
| (Amounts in thousands of US Dollars, except share data) | ||
| For the years | ||
| ended December 31, | ||
| 2014 | 2013 | |
| Profit for the year | $2,761 | $11,266 |
| Other comprehensive income | ||
| Other comprehensive income to be reclassified to profit or loss in subsequent periods: | ||
| Exchange differences on translation of foreign operations, net of tax of $0 | (4,521) | (15,418) |
| Net loss on available-for-sale financial assets | (713) | (1,338) |
| Income tax effect | 214 | 402 |
| (499) | (936) | |
| Other comprehensive income not to be reclassified to profit or loss in subsequent periods: | ||
| Re-measuring losses on defined benefit plans | (712) | (51) |
| Income tax effect | 213 | 15 |
| Defined benefit pension plan, net of tax | (499) | (36) |
| Other comprehensive loss for the period, net of tax | (5,519) | (16,390) |
| Total comprehensive loss for the period, net of tax | (2,758) | (5,124) |
| Attributable to: | ||
| Equity holders of the parent | (4,216) | (5,822) |
| Non-controlling interests | 1,458 | 698 |
| ($2,758) | ($5,124) | |
| ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | ||
| CONSOLIDATED BALANCE SHEETS | ||
| (In thousands of US Dollars, except share data) | ||
| As of December 31,2014 |
As of December 31,2013 |
|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $68,863 | $62,509 |
| Trade receivables | 88,194 | 122,893 |
| Other receivables | 23,024 | 11,139 |
| Due from related parties | 24,711 | 3,842 |
| Inventories | 107,408 | 95,945 |
| Gross amounts due from customers for contract work-in-progress | 1,931 | 2,249 |
| Prepayments | 1,279 | 1,559 |
| Other current assets | 2,582 | 2,113 |
| 317,992 | 302,249 | |
| Non-current assets | ||
| Other non-current financial assets-available for sale | 2,479 | 3,189 |
| Other non-current financial assets-held to maturity | 336 | 335 |
| Property, plant and requirement | 47,929 | 48,709 |
| Prepaid land lease payments | 1,859 | 1,939 |
| Investment properties | 757 | 746 |
| Intangible assets | 110 | 104 |
| Investments in associates | 2,571 | 2,937 |
| Other non-current assets | 88 | 449 |
| Deferred tax assets | 4,551 | 3,978 |
| 60,680 | 62,386 | |
| Total assets | $378,672 | $364,635 |
| ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | ||
| CONSOLIDATED BALANCE SHEETS | ||
| (In thousands of US Dollars, except share data) | ||
| As of December 31,2014 |
As of December 31,2013 |
|
| Current liabilities: | ||
| Interest-bearing loans and borrowings | $53,863 | $41,789 |
| Trade and other payables | 36,467 | 41,369 |
| Due to related parties | 22,208 | 11,126 |
| Due to immediate holding company | 1,537 | 1,732 |
| Accruals | 12,060 | 13,336 |
| Current tax liabilities | 7,752 | 9,874 |
| Employee benefit liability | 665 | 419 |
| Financial lease liabilities | 31 | 37 |
| Provisions for employee benefit | 413 | 353 |
| Onerous contracts provisions | 41 | 125 |
| Dividend payable | 428 | 348 |
| Other current liabilities | 12,994 | 7,617 |
| 148,459 | 128,125 | |
| Non-current liabilities | ||
| Employee benefit liability | 6,073 | 5,455 |
| Financial lease liabilities | 38 | 28 |
| Provisions for employee benefit | 171 | 224 |
| Deferred tax liabilities | 2,720 | 2,676 |
| 9,002 | 8,383 | |
| Total liabilities | 157,461 | 136,508 |
| Equity | ||
| Issued capital | 138 | 138 |
| Additional paid-in capital | 110,608 | 110,608 |
| Treasury shares | (38) | (38) |
| Retained earnings | 52,338 | 51,766 |
| Other components of equity | (10,014) | (5,226) |
| Equity attributable to equity holders of the parent | 153,032 | 157,248 |
| Non-controlling interests | 68,179 | 70,879 |
| Total equity | 221,211 | 228,127 |
| Total liabilities and equity | $378,672 | $364,635 |
| ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | ||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| (In thousands of U.S. Dollars) | ||
| For the years | ||
| ended December 31, | ||
| 2014 | 2013 | |
| Net cash provided by operating activities | $8,142 | $20,612 |
| Net cash (used in) investing activities | (6,252) | (5,462) |
| Net cash provided by/(used in) financing activities | 7,658 | (19,371) |
| Effect of exchange rate changes on cash and cash equivalents | (3,194) | (6,086) |
| Net increase/(decrease) in cash and cash equivalents | 6,354 | (10,307) |
| Cash and cash equivalents at beginning of period | 62,509 | 72,816 |
| Cash and cash equivalents at end of period | $68,863 | $62,509 |
Company Contact:
Asia Pacific Wire & Cable Corporation Limited
Mr. Ivan Hsia, CFO
Phone: +886-2-2712-2558 ext. 27
E-mail:
Investor Relations
Contact:
MZ North America
Ted Haberfield
President
Tel: +1-760-755-2716
Email:
Web: www.mzgroup.us