Asia Pacific Wire & Cable Corporation Limited Announces Full Year 2023 Financial Results and Filing of Annual Report on Form 20-F for 2023

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].