Core Viewpoint - Asia Pacific Wire & Cable Corporation Limited will hold its 2024 Annual General Meeting on July 15, 2024, in Plano, Texas, to discuss various shareholder matters [1][2]. Meeting Agenda - Approval of the written record from the last Annual General Meeting held on July 24, 2023 [3]. - Approval of the minimum number of directorships at two and the maximum at seven [3]. - Election of up to seven directors [3]. - Approval of compensation for each director [3]. - Presentation of the audited financial statements for the fiscal year ended December 31, 2023 [3]. - Approval of PricewaterhouseCoopers Taiwan as the independent auditor for the 2024 fiscal year and authorization for the Board of Directors to determine their remuneration [3]. - Consideration of other matters appropriately brought before the shareholders [3]. Voting Information - The record date for shareholders to vote is set for May 31, 2024, with one vote per share for all matters [4]. - Shareholders unable to attend in person can participate via conference call [4]. - Proxy statements will be provided in advance to shareholders of record [4]. Company Overview - Asia Pacific Wire & Cable Corporation Limited is a holding company incorporated in Bermuda, with its main offices in Taiwan, engaged in manufacturing and distributing wire and cable products across the Asia-Pacific region [5]. - The company operates through subsidiaries and provides project engineering services related to power cable supply and installation [5]. - Major customers include appliance component manufacturers, electrical contracting firms, state-owned entities, and wire and cable dealers [5].

Core Viewpoint - Asia Pacific Wire & Cable Corporation Limited (APWC) reported a decline in revenues and operating profit for the year ended December 31, 2023, primarily due to decreased government spending and increased competition in key markets [1][3][4]. Financial Results - Revenues for 2023 were $425.8 million, down 1.9% from $433.9 million in 2022 [2][3]. - Operating profit decreased to $1.5 million, an 80.8% decline from $8.1 million in 2022 [2][4]. - Net income remained stable at $3.9 million for both 2023 and 2022 [2][5]. - Earnings per share (EPS) was $0.19 for both years, indicating no change [2][5]. Revenue Breakdown - Thailand region revenues decreased by $4.9 million (2.9%) to $166.9 million due to reduced government infrastructure spending [3]. - North Asia region revenues fell by $18.7 million (24.2%) to $58.6 million, impacted by increased competition and the Sino-American trade war [3]. - Rest of World (ROW) region revenues increased by $15.5 million (8.4%) to $200.2 million, driven by strong demand in Australia and completion of public sector projects in Singapore [3]. Operating Profit Analysis - Operating profit margin decreased from 1.86% in 2022 to 0.36% in 2023 [4]. - Thailand region's operating profit margin fell from 1.53% to (1.27)% due to a decline in higher-margin projects [4]. - North Asia region's operating profit margin improved from 0.31% to 3.06% due to increased manufacturing productivity [4]. - ROW region's operating profit margin remained stable at 4.31% [4]. Financial Condition - Cash and cash equivalents decreased to $38.0 million in 2023 from $54.0 million in 2022 [7]. - Current assets totaled $295.0 million, down from $299.5 million in 2022 [7]. - Working capital decreased to $154.4 million from $165.9 million [7]. - Short-term bank loans increased by 17.9% to $53.7 million [7]. - Shareholder's equity attributable to APWC rose to $157.1 million from $151.6 million [7]. Cash Flow Analysis - Cash used in operating activities was $6.1 million in 2023, compared to cash provided of $6.6 million in 2022 [8]. - Cash outflows from investing activities increased to $4.9 million from $2.7 million [8]. - Cash outflows from financing activities were $5.5 million in 2023, compared to inflows of $9.6 million in 2022 [8].

Financial Performance - Total consolidated revenue for the year ended December 31, 2023, was $425.772 million, with significant contributions from Thailand ($166.925 million) and ROW ($200.198 million)[139]. - Total net sales for 2023 were $425.8 million, a decrease of $8.1 million or 1.9% from $433.9 million in 2022[191]. - Operating profit for 2023 was $1.5 million, representing a decrease of $6.5 million or 80.8% from $8.1 million in 2022[200]. - 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[198]. - Revenue from the Thailand region decreased by $4.9 million or 3% from $171.8 million in 2022 to $166.9 million in 2023[198]. - Revenue from the ROW region increased by $15.5 million or 8% from $184.7 million in 2022 to $200.2 million in 2023[198]. - Gross profit decreased by $2.3 million or 7% from $32.5 million in 2022 to $30.2 million in 2023, with a gross profit margin of 7.1%[199]. - Finance costs increased by $0.9 million or 53% from $1.7 million in 2022 to $2.5 million in 2023[202]. - The impairment loss on financial and contract assets increased from $0.5 million in 2022 to $4.6 million in 2023[201]. - Income tax expense was $0.2 million in 2023, compared to $2.8 million in 2022, due to increased deferred tax assets[205]. Revenue Breakdown - Revenue from power cable products in 2023 was $221.075 million, a decrease from $182.171 million in 2022[139][140]. - Enameled wire revenue in 2023 was $137.441 million, compared to $178.124 million in 2022, indicating a decline in sales[139][140]. - Revenue for the year ended December 31, 2022, was $433.9 million, a decrease of $42.8 million or 9.0% from $476.7 million in 2021[207]. - Revenue from the North Asia region decreased by $30 million, or 28%, from $107 million in 2021 to $77.3 million in 2022, primarily due to decreased sales volume[212]. - Revenue from the Thailand region decreased by $25.9 million, or 13%, from $197.8 million in 2021 to $171.8 million in 2022, attributed to decreased sales to the public sector and currency depreciation[212]. Capital Expenditures - In 2023, total capital expenditures amounted to $4.3 million, primarily for the purchase of production machinery and equipment in North Asia[132]. - The company expects capital expenditures in 2024 to be $0.7 million, contingent on market conditions, funded by operational cash flow[133]. Market and Customer Insights - APWC operates through three reporting segments: Thailand, North Asia, and ROW, with a focus on manufacturing and distributing enameled wire, power cable, and telecommunications products[138]. - The company’s major customers include appliance component manufacturers and electrical contracting firms, indicating a diverse customer base[136]. - The company anticipates modest demand for medium and high voltage power cables due to ongoing infrastructure projects in Singapore[163]. - Political instability in Thailand has impacted infrastructure development, affecting local sales and prompting the company to seek overseas markets[181]. Supply Chain and Production - The price of the company's products is heavily influenced by copper prices, which are based on the average prevailing international spot market prices on the LME[165]. - The company maintains a few weeks supply of copper rods and cathodes and has long-term contracts with suppliers to mitigate supply risks[167]. - The company produces armored and unarmored low-voltage power cables with voltage capacities ranging from 300 volts to 1 kilovolt[159]. - Telecommunications cables manufactured by the company include copper-based and fiber optic cables, with capacities ranging from 25 to 3,000 pairs of 0.4 mm-diameter wires to 10 to 600 pairs of 0.9 mm-diameter wires[161]. - The wire and cable industry in the Asia Pacific region is highly competitive, with the company being one of the five largest producers in Thailand[175]. - The company has diversified its copper purchases among several suppliers to ensure advantageous pricing[168]. Employee and Management Information - As of December 31, 2023, the company employed a total of 1,210 employees, with administrative and management personnel accounting for 15.5%[251]. - The aggregate compensation for all directors and senior management members in 2023 was approximately $2 million[246]. - Each independent director received an annual fee of $30,000, while other directors received $20,000, plus reimbursement for travel expenses[246]. - The company has never experienced a strike or disruption due to labor disputes, indicating satisfactory employee relations[254]. - The company’s employee distribution by region as of December 31, 2023, was 63.6% in Thailand, 18.6% in North Asia, and 17.8% in ROW[251]. Shareholder and Dividend Information - The company has not paid dividends since 2019, with future dividend payments dependent on distributions from subsidiaries[137]. - The company has not paid any dividends since 2019, and does not anticipate paying dividends in 2024 due to funding needs and business performance[267]. - The rights offering in January 2022 raised gross proceeds of approximately $8.3 million, resulting in an increase of issued and outstanding shares from 13,819,669 to 20,616,227[275]. - The total number of Common Shares issued as of December 31, 2023, was 20,627,327, with 20,616,227 shares outstanding[272]. - Holders of Common Shares are entitled to one vote per share, with no cumulative voting rights, and must pay all calls or sums due to vote[281][286]. Related Party Transactions - APWC engages in transactions with PEWC, including the purchase of copper rod at prices based on the LME spot price plus an agreed premium[320]. - In 2023, there were no material changes to the Composite Services Agreement between APWC and PEWC[321]. - APWC has the right to distribute wire or cable products manufactured by PEWC in all current and future markets where it develops distribution capabilities[322]. - PEWC agrees to provide APWC with certain services and technology related to wire and cable product design and manufacturing[324]. Tax and Regulatory Information - The summary discusses U.S. federal income tax and Bermuda tax consequences related to the acquisition, ownership, and disposition of Common Shares[328]. - There is no comprehensive income tax treaty between the United States and Bermuda, which may affect tax consequences[329]. - Special tax rules may apply to certain classes of holders, including dealers in securities and tax-exempt organizations[331].

Financial Performance - Revenues for the nine months ended September 30, 2023, were $294.2 million, a decrease of 5.3% from $310.7 million in the same period of 2022[2] - Operating profit for the nine months ended September 30, 2023, was $0.1 million, a decrease of 97.1% from $3.8 million in the same period of 2022, with an operating profit margin dropping from 1.23% to 0.04%[4] - Net income attributable to APWC shareholders was $1.1 million for the nine months ended September 30, 2023, compared to $0.6 million in the same period of 2022, resulting in an EPS of $0.05, up from $0.03[5][16] Cash Flow and Liquidity - Cash and cash equivalents decreased to $38.5 million as of September 30, 2023, from $54.0 million as of December 31, 2022[6] - Cash used in operating activities was $14.0 million during the nine months ended September 30, 2023, compared to cash provided of $5.7 million in the same period of 2022[8] - Net cash used in operating activities for the nine months ended September 30, 2023, was US$13,982,000, compared to a net cash provided of US$5,701,000 in the same period of 2022[28] - Cash and cash equivalents at the end of the period decreased to US$38,523,000 from US$47,522,000, reflecting a decline of approximately 19%[28] - Net cash provided by financing activities was US$5,097,000 for the nine months ended September 30, 2023, down from US$6,512,000 in the same period of 2022[28] Assets and Liabilities - Current assets totaled $275.1 million as of September 30, 2023, down from $299.5 million as of December 31, 2022[6] - The company's total assets decreased to $342.6 million as of September 30, 2023, from $371.0 million as of December 31, 2022[22] - Total liabilities decreased to US$142,970,000 as of September 30, 2023, from US$159,591,000 in the previous year, representing a reduction of approximately 10.4%[24] - Interest-bearing loans and borrowings increased to US$57,115,000 in current liabilities from US$45,576,000, marking an increase of about 25.5%[24] - Non-current liabilities decreased to US$15,693,000 from US$25,992,000, indicating a significant reduction of about 39.5%[24] Equity and Retained Earnings - Total equity decreased to US$199,676,000 from US$211,428,000, reflecting a decline of approximately 5.5%[24] - Retained earnings increased to US$55,180,000 as of September 30, 2023, compared to US$54,064,000 in the previous year, showing a growth of approximately 2.1%[24] Regional Performance - The North Asia region saw a revenue decrease of 25.0% due to the ongoing Sino-American trade war, while the Thailand region's revenue decreased by 13.7% due to a slowdown in the global economy[2] - Revenues in the Rest of World (ROW) region increased by 13.2%, driven by strong demand in the construction sector in Australia[2] Other Financial Metrics - Current tax liabilities decreased to US$978,000 from US$2,432,000, representing a decrease of about 59.8%[24] - The effect of exchange rate changes resulted in a net cash outflow of US$3,034,000 for the nine months ended September 30, 2023, compared to US$5,726,000 in the previous year[28]

Financial Performance - Revenues for the first six months of 2023 were $193.5 million, a decrease of 6.7% from $207.4 million in the same period of 2022[2] - Operating loss for the first half of 2023 was $(2.8) million, a decline of 255.6% compared to an operating profit of $1.8 million in the first half of 2022[4] - Net income attributable to APWC shareholders was $0.02 million for the first half of 2023, compared to a net loss of $(0.3) million in the same period of 2022, representing a 106.7% improvement[5] Regional Revenue Performance - The Thailand region experienced a revenue decrease of 15.0%, primarily due to the global economic slowdown and a 10.8% drop in average copper prices[2] - The North Asia region saw a revenue decline of 28.5%, attributed to decreased sales volume amid the ongoing Sino-American trade war[2] - The Rest of World (ROW) region reported a revenue increase of 14.7%, driven by strong construction activity in Australia and project completions in Singapore[2] Cash and Liquidity - Cash and cash equivalents decreased to $39.0 million as of June 30, 2023, down from $54.0 million as of December 31, 2022[6] - Current assets totaled $274.2 million as of June 30, 2023, compared to $299.5 million at the end of 2022[6] - The company reported $3.5 million in cash used in operating activities during the first half of 2023, an increase from $2.9 million in the same period of 2022[9] Shareholder Equity and Liabilities - Shareholder's equity attributable to APWC was $147.5 million as of June 30, 2023, down from $151.6 million as of December 31, 2022[8] - Total liabilities decreased from $159,591,000 in December 2022 to $141,379,000 in June 2023, a reduction of approximately 11.4%[26] - Total equity decreased from $211,428,000 in December 2022 to $203,436,000 in June 2023, a decline of about 3.4%[26] Cash Flow Analysis - Net cash used in operating activities was $(3,518,000) for the year ended June 30, 2023, compared to $(2,865,000) in 2022, indicating a worsening cash flow situation[28] - Net cash used in investing activities increased significantly to $(2,849,000) in 2023 from $(682,000) in 2022, reflecting increased investment outflows[28] - The company reported a net decrease in cash and cash equivalents of $(15,029,000) for the year ended June 30, 2023, compared to an increase of $2,116,000 in 2022[28] - Cash and cash equivalents at the end of the period were $38,988,000 in June 2023, down from $44,628,000 in June 2022, representing a decrease of approximately 12.5%[28] Debt and Payables - Interest-bearing loans and borrowings decreased from $12,155,000 in December 2022 to $2,965,000 in June 2023, a significant reduction of about 75.6%[26] - Trade and other payables increased from $39,891,000 in December 2022 to $45,668,000 in June 2023, an increase of approximately 14.4%[26] - Employee benefit liabilities slightly decreased from $7,693,000 in December 2022 to $7,555,000 in June 2023, a reduction of about 1.8%[26] Financing Activities - The company experienced a cash outflow of $(7,389,000) from financing activities in 2023, compared to an inflow of $8,674,000 in 2022, indicating a shift in financing strategy[28]

Financial Performance - Revenue for 2022 was $433,893,000, a decrease of 9% from $476,659,000 in 2021[19] - Gross profit increased to $32,530,000 in 2022 from $21,151,000 in 2021, representing a 54% increase[19] - Operating profit for 2022 was $8,067,000, compared to an operating loss of $4,973,000 in 2021[19] - Profit for the year attributable to equity holders of APWC was $3,874,000 in 2022, recovering from a loss of $2,642,000 in 2021[19] - Basic and diluted earnings per share for 2022 was $0.19, compared to a loss of $0.19 in 2021[19] - The company's total operating profit for 2022 was $8.067 million, compared to a loss of $4.973 million in 2021[200] - Gross profit increased by $11.4 million, or 53.8%, from $21.2 million in 2021 to $32.5 million in 2022, with a gross profit margin of 7.5% compared to 4.4% in 2021[209] - Operating profit for 2022 was $8.1 million, representing an increase of $13 million or 262.2% from an operating loss of $(5) million in 2021[210] Cash and Assets - Cash and cash equivalents increased to $54,017,000 in 2022 from $44,507,000 in 2021, marking a 21% increase[20] - Total assets decreased to $371,019,000 in 2022 from $389,428,000 in 2021, a decline of 5%[20] - Total debts reduced to $57,731,000 in 2022 from $65,387,000 in 2021, a decrease of 12%[20] - The company reported a working capital of $165,926,000 in 2022, up from $149,810,000 in 2021[20] Market and Competition - The wire and cable industry in the Asia Pacific region is highly competitive, with competitors having greater resources potentially impacting sales[42] - The telecommunications cable business faces competition from alternative transmission technologies, particularly wireless[45] - Sales are highly concentrated in large state-owned enterprises (SOEs) or private infrastructure developers, making the company vulnerable to losing key customers[46] - Competition with PRC State-Owned Enterprises (SOEs) may materially impact business operations due to their competitive advantages and government subsidies[108] Risks and Challenges - The company faces risks related to COVID-19, including potential disruptions to operations and financial performance[22] - COVID-19 may materially and adversely affect the company's business operations and financial results, with ongoing monitoring of the situation[37] - The company faces risks related to foreign exchange fluctuations, particularly with currencies such as the Thai Baht, Australian dollar, Singapore dollar, and RMB, which could adversely affect financial performance[64] - Political and economic instability in Thailand could impact the company's operations and sales, particularly in the construction and infrastructure sectors[68] - The company is subject to various risks related to international operations, including supply disruptions and changes in foreign currency exchange rates[135] Regulatory and Compliance - The company is subject to environmental protection laws, which could result in liabilities that materially affect its financial condition[52] - The company is subject to restrictive covenants in existing debt agreements, which may materially restrict operations and affect liquidity[60] - The SEC has established a two-year non-inspection timeline for potential trading prohibitions, which could impact the company's ability to maintain its listing on Nasdaq[75] - The company's operations in the PRC are governed by evolving laws and regulations, which may create uncertainties and affect compliance[80] - The PRC government has significant discretion in interpreting laws, which may limit legal protections and remedies for the company in disputes[81] Sales and Revenue Breakdown - The Thailand region accounted for 40% of sales in 2022, while the ROW region accounted for 42% and North Asia accounted for 18%[63] - In 2022, total consolidated revenue from external customers was $433.9 million, with significant contributions from Thailand ($171.8 million) and ROW ($184.7 million) segments[148] - Revenue from the North Asia region decreased by $30 million, or 28%, from $107 million in 2021 to $77.3 million in 2022, primarily due to decreased sales volume[207] - Revenue from the Thailand region decreased by $25.9 million, or 13%, from $197.8 million in 2021 to $171.8 million in 2022, attributed to decreased sales to the public sector and currency depreciation[208] - The ROW region saw an increase in net sales from $171.848 million in 2021 to $184.723 million in 2022[200] Capital Expenditures and Investments - The company expects capital expenditures of $0.7 million in 2023, primarily for new equipment to expand production capacity in Australia and Thailand[142] - The company incurred principal capital expenditures of $3.7 million in 2022, down from $8.5 million in 2021 and $14.5 million in 2020[142] - APWC's investment in Asia Pacific New Energy Co. Ltd. (APNEC) increased by $3.9 million (NT$120 million) to fund renewable energy projects, including a fishery solar farm[158] Product Performance - In 2022, power cable revenue was $182.2 million, while enameled wire revenue was $178.1 million, indicating a strong performance in both product lines[148] - The company has established long-term contracts with copper suppliers, ensuring a stable supply of copper rods and cathodes, which are critical for production[174] - The company produces low voltage power cables with a capacity range of 1 to 3.3 kilovolts, used in commercial and residential buildings[166] - APWC's telecommunications cables include copper-based and fiber optic cables, designed for various internal and external environments[169] - APWC's enameled wires are used in various household appliances and small machinery, with sizes ranging from 0.02 mm to 4.00 mm in diameter[165] Shareholder and Dividend Information - APWC did not declare or pay any dividends for the years ended December 31, 2022, 2021, 2020, and 2019, and future dividends may be reduced or eliminated[120] - The ability to pay dividends is dependent on distributions from subsidiaries, which may be restricted by local laws and regulations[122] - As of December 31, 2021, approximately 80.9% of the issued and outstanding Common Shares are owned by PEWC, which limits public float and trading volume[115] - The Common Shares are currently listed on Nasdaq and must maintain a closing bid price of at least $1.00 per share to avoid delisting[109]

EXHIBIT 99.1 Asia Pacific Wire & Cable Corporation Limited Reports Third Quarter 2022 Financial Results TAIPEI, Taiwan, Dec. 28, 2022 (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 nine months ended September 30, 2022. Unless otherwise indicated, all data are ...