ASIA PACIFIC WIRE & CABLE CORP LTD
For the period ended Dec 31, 2025. Filed Apr 29, 2026.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2025 · Filed Apr 29, 2026
Contents
5. Segment information
- SEGMENT INFORMATION
5(a) Basis of segments
Each segment engages in business activities which generate revenues and incur expenses. Based upon the information provided to our Company’s chief operating decision maker (“CODM”) to make decisions on resource allocation and operating performance evaluation, our Company has determined that it hasthree reportable segments.
Our Company organizes its business segments along reporting lines and hasthree operating segments, consisting of the North Asia region, the Thailand region and the Rest of the World (“ROW”) region. Our Company considers the economic characteristics similarity in determining the reportable segments.
As thethree operating segments exceed the quantitative thresholds, they are also reportable segments. Segment results are evaluated based on adjusted operating profit or loss for each segment, with a reconciliation to the consolidated financial statements provided in Note 5(c). The accounting policies for segment information, including transactions entered between segments are generally the same as those described in the summary of material accounting policies.
Inter-segment revenues are eliminated upon consolidation and reflected in the “adjustments and eliminations” column. All other adjustments and eliminations are part of detailed reconciliations presented further below.
5(b) Information about reportable segments
| Year ended December 31, 2025 | NorthAsia | Thailand | ROW | Totalsegments | Corporateexpenseadjustmentsandeliminations | Consolidated |
|---|---|---|---|---|---|---|
| US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | |
| Revenues | ||||||
| External customers | 86,293 | 176,862 | 226,524 | 489,679 | — | 489,679 |
| Inter-segment | — | — | — | — | — | — |
| Cost of sales and selling expenses (excluding depreciation and amortization) | 79,841 | 168,633 | 214,656 | 463,130 | — | 463,130 |
| Segment operating profit/(loss) | 304 | 3,441 | 5,028 | 8,773 | — | — |
| Depreciation and amortization (including depreciation from right of use assets) | (1,626) | (3,334) | (1,880) | (6,840) | (80) | (6,920) |
| Impairment loss on financial assets | (17) | (88) | (35) | (140) | — | (140) |
| Interest income | 30 | 90 | 22 | 142 | 3 | 145 |
| Interest expense | (73) | (883) | (808) | (1,764) | (2) | (1,766) |
| Income tax (expense)/benefit | (158) | (301) | (859) | (1,318) | (185) | (1,503) |
| Other disclosures | ||||||
| Capital expenditure | 502 | 2,048 | 795 | 3,345 | — | 3,345 |
5(b) Information about reportable segments (continued)
| Year ended December 31, 2024 | NorthAsia | Thailand | ROW | Totalsegments | Corporateexpenseadjustmentsandeliminations | Consolidated |
|---|---|---|---|---|---|---|
| US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | |
| Revenues | ||||||
| External customers | 72,608 | 172,793 | 227,271 | 472,672 | — | 472,672 |
| Inter-segment | — | — | — | — | — | — |
| Cost of sales and selling expenses (excluding depreciation and amortization) | 68,554 | 160,784 | 215,486 | 444,824 | — | 444,824 |
| Segment operating profit/(loss) | (445) | 7,134 | 5,197 | 11,886 | — | — |
| Depreciation and amortization (including depreciation from right of use assets) | (1,509) | (3,049) | (1,447) | (6,005) | (81) | (6,086) |
| Impairment loss on financial assets | (91) | (552) | 58 | (585) | — | (585) |
| Interest income | 77 | 93 | 34 | 204 | 4 | 208 |
| Interest expense | (20) | (1,242) | (904) | (2,166) | (2) | (2,168) |
| Income tax (expense)/benefit | (35) | (1,036) | (1,353) | (2,424) | (385) | (2,809) |
| Other disclosures | ||||||
| Capital expenditure | 868 | 2,799 | 590 | 4,257 | 14 | 4,271 |
5(b) Information about reportable segments (continued)
| Year ended December 31, 2023 | NorthAsia | Thailand | ROW | Totalsegments | Corporateexpenseadjustmentsandeliminations | Consolidated |
|---|---|---|---|---|---|---|
| US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | |
| Revenues | ||||||
| External customers | 58,649 | 166,925 | 200,198 | 425,772 | — | 425,772 |
| Inter-segment | — | 8 | — | 8 | (8) | — |
| Cost of sales and selling expenses (excluding depreciation and amortization) | 55,341 | 164,712 | 185,178 | 405,231 | — | 405,231 |
| Segment operating profit/(loss) | 1,794 | (2,119) | 8,628 | 8,303 | — | — |
| Depreciation and amortization (including depreciation from right of use assets) | (1,506) | (3,202) | (1,424) | (6,132) | (79) | (6,211) |
| Impairment loss on financial assets | (10) | (4,530) | (100) | (4,640) | — | (4,640) |
| Interest income | 103 | 86 | 11 | 200 | 5 | 205 |
| Interest expense | (30) | (1,590) | (775) | (2,395) | (4) | (2,399) |
| Income tax (expense)/benefit | 26 | (39) | (632) | (645) | 483 | (162) |
| Other disclosures | ||||||
| Capital expenditure | 1,952 | 1,629 | 710 | 4,291 | 3 | 4,294 |
Adjustments and eliminations
Corporate expenses, and share of gain (loss) of associates are not allocated to individual segments as the underlying instruments are managed on a group basis.
5(c) Reconciliation of segment operating profit (loss)
| For the year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| US$’000 | US$’000 | US$’000 | |
| Segment operating profit | 8,773 | 11,886 | 8,303 |
| Corporate expenses and others | (2,848) | (2,646) | (2,548) |
| 5,925 | 9,240 | 5,755 | |
| Other operating income | 593 | 1,365 | 433 |
| Other operating expenses | (1) | (12) | — |
| Net impairment loss on financial and contract assets | (140) | (585) | (4,640) |
| Operating profit | 6,377 | 10,008 | 1,548 |
| Finance costs | (1,913) | (2,304) | (2,527) |
| Finance income | 145 | 208 | 205 |
| Gain on disposal of investment | 662 | — | — |
| Share of loss of associates | (2) | (2) | (2) |
| Exchange gain | 861 | 823 | 679 |
| Other income | 587 | 878 | 570 |
| Other expense | — | (234) | (9) |
| Profit/(loss) before tax | 6,717 | 9,377 | 464 |
5(d) Segment assets and liabilities
| NorthAsia | Thailand | ROW | Totalsegments | Corporateadjustmentsandeliminations | Consolidated | |
|---|---|---|---|---|---|---|
| US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | |
| Total segment assets | 47,578 | 184,907 | 138,193 | 370,678 | 10,235 | 380,913 |
| Asset classified as held for sale | 782 | — | — | 782 | — | 782 |
| Total assets | 48,360 | 184,907 | 138,193 | 371,460 | 10,235 | 381,695 |
| Total liabilities | 7,667 | 63,926 | 65,601 | 137,194 | 7,549 | 144,743 |
| Total segment assets | 45,789 | 157,053 | 126,272 | 329,114 | 9,999 | 339,113 |
| Asset classified as held for sale | 747 | — | — | 747 | — | 747 |
| Total assets | 46,535 | 157,053 | 126,272 | 329,861 | 9,999 | 339,860 |
| Total liabilities | 6,945 | 48,722 | 61,636 | 117,303 | 7,192 | 124,495 |
5(d) Segment assets and liabilities (continued)
Reconciliation of assets:
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| US$’000 | US$’000 | |
| Segment operating assets | 371,460 | 329,861 |
| Corporate and other assets | 3,191 | 2,508 |
| Investment in associates | 875 | 807 |
| Deferred tax assets | 6,169 | 6,684 |
| Total assets | 381,695 | 339,860 |
Reconciliation of liabilities:
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| US$’000 | US$’000 | |
| Segment operating liabilities | 137,194 | 117,303 |
| Corporate liabilities | 3,310 | 3,113 |
| Deferred tax liabilities | 4,239 | 4,079 |
| Total liabilities | 144,743 | 124,495 |
5(e) Disaggregated revenues and geographical information
(i)Revenue from external customers is summarized as the following major categories:
| Year ended December 31, 2025 | NorthAsia | Thailand | ROW | Totalsegments | Corporateexpenseadjustmentsandeliminations | Consolidated |
|---|---|---|---|---|---|---|
| US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | |
| Revenue from external customers | ||||||
| Power | — | 84,868 | 167,779 | 252,647 | — | 252,647 |
| Enamel | 83,028 | 75,856 | — | 158,884 | — | 158,884 |
| SDI | 3,204 | — | 36,603 | 39,807 | — | 39,807 |
| Others* | 61 | 16,138 | 22,142 | 38,341 | — | 38,341 |
| 86,293 | 176,862 | 226,524 | 489,679 | — | 489,679 | |
| Timing of revenue recognition | ||||||
| At a point in time | 83,089 | 176,832 | 194,952 | 454,873 | — | 454,873 |
| Over time | 3,204 | 30 | 31,572 | 34,806 | — | 34,806 |
| 86,293 | 176,862 | 226,524 | 489,679 | — | 489,679 | |
5(e) Disaggregated revenues and geographical information (continued)
(i)Revenue from external customers is summarized as the following major categories (continued):
| Year ended December 31, 2024 | NorthAsia | Thailand | ROW | Totalsegments | Corporateexpenseadjustmentsandeliminations | Consolidated |
|---|---|---|---|---|---|---|
| US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | |
| Revenue from external customers | ||||||
| Power | — | 70,947 | 158,445 | 229,392 | — | 229,392 |
| Enamel | 68,980 | 82,333 | — | 151,313 | — | 151,313 |
| SDI | 3,501 | — | 59,887 | 63,388 | — | 63,388 |
| Others* | 127 | 19,513 | 8,939 | 28,579 | — | 28,579 |
| 72,608 | 172,793 | 227,271 | 472,672 | — | 472,672 | |
| Timing of revenue recognition | ||||||
| At a point in time | 69,107 | 172,766 | 185,319 | 427,192 | — | 427,192 |
| Over time | 3,501 | 27 | 41,952 | 45,480 | — | 45,480 |
| 72,608 | 172,793 | 227,271 | 472,672 | — | 472,672 | |
| Year ended December 31, 2023 | NorthAsia | Thailand | ROW | Totalsegments | Corporateexpenseadjustmentsandeliminations | Consolidated |
|---|---|---|---|---|---|---|
| US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | |
| Revenue from external customers | ||||||
| Power | 9 | 80,564 | 140,501 | 221,074 | — | 221,074 |
| Enamel | 55,959 | 79,510 | 1,972 | 137,441 | — | 137,441 |
| SDI | 2,667 | — | 55,028 | 57,695 | — | 57,695 |
| Others* | 14 | 6,851 | 2,697 | 9,562 | — | 9,562 |
| 58,649 | 166,925 | 200,198 | 425,772 | — | 425,772 | |
| Timing of revenue recognition | ||||||
| At a point in time | 55,982 | 166,832 | 173,004 | 395,818 | — | 395,818 |
| Over time | 2,667 | 93 | 27,194 | 29,954 | — | 29,954 |
| 58,649 | 166,925 | 200,198 | 425,772 | — | 425,772 | |
5(e) Disaggregated revenues and geographical information (continued)
(ii)Revenue from external customers is attributed to individual countries based on the customer’s country of domicile and is summarized as follows:
| For the year ended Current period end | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| US$’000 | US$’000 | US$’000 | |
| Revenues from external customers | |||
| Thailand | 161,460 | 158,135 | 152,437 |
| Singapore | 147,612 | 154,379 | 135,227 |
| Australia | 62,715 | 67,106 | 62,139 |
| China, Hong Kong, and Taiwan | 90,591 | 76,146 | 62,239 |
| India | 1,116 | 923 | 973 |
| Southeast Asia | 26,179 | 15,983 | 12,741 |
| Northeast Asia | 6 | — | 16 |
| 489,679 | 472,672 | 425,772 | |
Countries in the Southeast Asia region include Cambodia, Vietnam, Indonesia, Brunei, Laos, Malaysia and Myanmar; countries in the Northeast Asia region include Japan and South Korea.
(iii)Major customer information
Revenue from one customer in the ROW region amounted to $83,865 in 2025, representing 17.13% of 2025 consolidated revenue. Revenue from one customer in the ROW region amounted to $94,499 in 2024 representing 19.99% of 2024, consolidated revenue. Revenue from one customer in the ROW region amounted to $80,862 in 2023 representing 18.99% of 2023, consolidated revenue.
5(f) Non-current assets information
The total non-current assets other than financial instruments and deferred tax assets broken down by the country of domicile are summarized as follow:
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| US$’000 | US$’000 | |
| Non-current assets by country: | ||
| Thailand | 37,640 | 35,938 |
| Singapore | 5,755 | 4,371 |
| China, Hong Kong, and Taiwan | 7,560 | 8,546 |
| Australia | 7,738 | 6,894 |
| Other | 208 | 67 |
| Total non-current assets | 58,901 | 55,816 |
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