Asia Pacific Wire & Cable Company Reports Full Year 2013 Financial Results

Asia Pacific Wire & Cable Company Reports Full Year 2013 Financial Results

  oGross profit was $51.8 million, an increase of 2.6% from $50.5 million in
    FY2012
  oCash flows from operations was $20.6 million, up 93.1% from $10.7 million
    in FY2012
  o$62.5 million in cash and cash equivalents at December 31, 2013
  oReduced 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.

Financial Summary


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%
EPS                $0.42                 $0.70                 -40.0%
* 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.

Financial Condition

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.

Business Updates

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

                                                          2013      2012
                                                          US$'000   US$'000
Sales of goods / services                                  460,676   462,265
Cost of sales                                              (408,860) (411,786)
                                                                   
Gross profit                                               51,816    50,479
Other operating income                                     181       5,825
Selling, general and administrative expenses               (34,559)  (34,593)
Other operating expenses                                   (196)     (888)
                                                                   
Operating profit                                           17,242    20,823
Finance costs                                              (1,734)   (2,195)
Finance income                                             1,306     1,322
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
Other income                                               1,454     1,933
Other expense                                              (260)     --
                                                                   
Profit before tax                                          16,784    24,552
Income tax expense                                         (5,518)   (7,578)
                                                                   
Profit for the year                                        11,266    16,974
Attributable to:                                                    
Equity holders of the parent                               5,847     9,694
Non-controlling interests                                  5,419     7,280
                                                                   
                                                          11,266    16,974
Earnings per share                                                  
- Basic, and diluted profit for the year attributable to   $ 0.42    $ 0.70
equity holders of the parent



ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
                                                                
                                                                 As of
                                               As of December 31, January 1,
                                               2013     2012      2012
                                               US$'000  US$'000  US$'000
Assets                                                           
Current assets                                                   
Cash and cash equivalents                       62,509   72,816    76,672
Other current financial assets – available for  --       2,378     --
sale
Other current financial assets – derivatives    --       --        64
Trade receivables                               122,893  125,128   98,431
Other receivables                               11,139   19,495    18,462
Due from related parties                        3,842    4,066     5,227
Inventories                                     98,194   98,084    78,242
Prepayments                                     1,559    1,556     3,473
Assets classified as held for sale              --       1,281     --
Other current assets                            2,113    3,136     2,380
                                                                
                                               302,249  327,940   282,951
                                                                
Non-current assets                                               
Other non-current financial assets – available  3,189    4,577     3,981
for sale
Other non-current financial assets – held to    335      360       --
maturity
Property, plant and equipment                   48,709   47,464    41,184
Prepaid land lease payments                     1,939    1,957     2,001
Investment properties                           746      751       743
Intangible assets                               104      163       136
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
                                                                
                                               62,386   63,811    58,459
                                                                
Total assets                                    364,635  391,751   341,410
                                                                
                                                                
Current liabilities                                              
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
Accruals                                        13,336   13,245    11,691
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
Dividend payable                                348      336       265
Other current liabilities                       7,617    8,828     4,281
                                                                
                                               127,772  146,135   118,367
                                                                
Non-current liabilities
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
                                               8,736    8,456     5,313
Total liabilities                               136,508  154,591   123,680
                                                                
Equity                                                           
Issued capital                                  138      138       138
Additional paid-in capital                      110,608  110,608   111,541
Treasury shares                                 (38)     (6)       --
Retained earnings                               51,766   45,919    36,166
Other components of equity                      (5,226)  6,443     1,199
                                                                
Equity attributable to equity holders of the    157,248  163,102   149,044
parent
Non-controlling interests                       70,879   74,058    68,686
                                                                
Total equity                                    228,127  237,160   217,730
                                                                
Total liabilities and equity                    364,635  391,751   341,410

CONTACT: Company Contact:
         Asia Pacific Wire & Cable Corporation Limited
         Mr. Ivan Hsia, CFO
         Phone: +886-2-2712-2558 ext. 27
         E-mail: ivan.hsia@apwcc.com
        
         Investor Relations Contact:
         MZ North America
         John Mattio, SVP
         Tel: +1-212-301-7130
         Email: john.mattio@mzgroup.us
         www.mzgroup.us
 
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