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]
Asia Pacific Wire & Cable(APWC) - 2023 Q2 - Quarterly Report