Exhibit
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Description
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TRINITY BIOTECH PLC
(Registrant)
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By:
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/s/ John Gillard | |
John Gillard | |||
Chief Financial Officer | |||
TABLE OF CONTENTS
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Page
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1 |
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2 |
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2 |
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3
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4
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7
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18
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19
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46
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51
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Financial Statements
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57
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58
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59
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60
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61
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62
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136
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137
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138
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139
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140 |
Mr Ronan O’Caoimh
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Dr Jim Walsh
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Mr John Gillard
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Mr. Aris Kekedjian
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US
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Appointed 3 May 2022
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Mr Tom Lindsay
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UK
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Appointed 25 October 2022
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Mr. Seon Kyu Jeon
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South Korea
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Appointed 3 May 2022; resigned 24 October 2022
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Mr. Michael Sung Soo Kim
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South Korea
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Appointed 3 May 2022; resigned 24 October 2022
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Mr Kevin Tansley
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Resigned 3 May 2022
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Mr Clint Severson
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US
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Resigned 3 May 2022
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Mr James Merselis
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US
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Resigned 3 May 2022
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• |
the development of our products;
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• |
the potential attributes and benefit of our products and their competitive position;
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• |
our ability to successfully commercialize, or enter into strategic relationships with third parties to commercialize, our products;
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• |
our estimates regarding expenses, future revenues, capital requirements and our need for additional financing;
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our ability to acquire or in-licence new product candidates;
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potential strategic relationships; and
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the duration of our patent portfolio.
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• |
Infectious diseases;
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• |
Glycated haemoglobin (for diabetes monitoring and diagnosis) and haemoglobin variants for the detection of haemoglobinopathies (haemoglobin abnormalities);
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• |
Autoimmune diseases.
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• |
Sexually transmitted diseases, including Syphilis and Herpes;
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• |
Markers for Epstein Barr, Measles, Mumps, Toxoplasmosis, Cytomegalovirus, Rubella, Varicella and other viral pathogens and;
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SARS-CoV-2.
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Immunofluorescence Assay (“IFA”);
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Enzyme-linked immunosorbent (“ELISA”);
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Western Blot (“WB”); and
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Line immunoassay (“LIA”).
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2022
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2021
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|||||||
US$’000
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US$’000
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|||||||
Revenue
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74,779
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92,965
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||||||
Operating (loss)/profit
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(16,752
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)
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6,625
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|||||
(Loss)/ profit for the year
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(41,009
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)
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875
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Number of ‘A’ Ordinary Shares December 31, 2022
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Number of ‘A’ Ordinary Shares December 31, 2021
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Number of
options*
December
31, 2022
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Number of options*
December 31, 2021
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Weighted average exercise price of options outstanding at December 31, 2022
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Weighted average exercise price of options outstanding at December 31, 2021
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Directors
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Aris Kekedjian
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-
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-
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20,000,000
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-
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US$0.27
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-
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|||||||||||||||
John Gillard
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-
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-
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10,000,000
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600,000
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US$0.31
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US$0.67
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Ronan O’Caoimh**
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9,724,165
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7,057,501
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9,037,336
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11,704,000
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US$0.84
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US$0.69
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Jim Walsh
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1,393,612
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1,393,612
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1,510,000
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1,510,000
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US$1.00
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US$1.00
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|||||||||||||||
Tom Lindsay
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-
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-
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-
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-
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-
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-
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Number of
options held at
January 1, 2022
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Options
granted during
the year
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Options
exercised during
the year
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Number of options
held at December 31, 2022
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|||||||||||||
Aris Kekedjian
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-
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20,000,000
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1
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-
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20,000,000
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|||||||||||
John Gillard
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600,000
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9,400,000
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1
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-
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10,000,000
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|||||||||||
Ronan O’Caoimh
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11,704,000
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-
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2,666,664
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9,037,336
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Jim Walsh
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1,510,000
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-
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-
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1,510,000
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Tom Lindsay
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-
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-
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-
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-
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Director
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Title
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Salary/Other payments/
Benefits
US$’000
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Performance
related bonus
US$’000
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Transaction
related bonus
US$’000
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Defined
contribution
pension
US$’000
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Total
2022
US$’000
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||||||||||||||||
Aris Kekedjian1, 2
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Chairman and Chief Executive officer
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262
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125
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—
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—
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387
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||||||||||||||||
Ronan O’Caoimh1
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Founder & Director
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340
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—
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—
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—
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340
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Jim Walsh
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Executive Director of Business Development
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20
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—
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—
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—
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20
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John Gillard 3
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Chief Financial Officer, Company Secretary, Director
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452
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183
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204
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24
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863
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||||||||||||||||
Tom Lindsay4
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Director
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—
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—
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—
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—
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—
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Seon Kyu Jeon5
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Former Director
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—
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—
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—
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—
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—
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Michael Sung Soo Kim6
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Former Director
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—
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—
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—
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—
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—
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Kevin Tansley7
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Former Director
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19
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—
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—
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—
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19
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Clint Severson8
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Former Director
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17
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—
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—
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—
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17
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James Merselis9
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Former Director
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17
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—
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—
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—
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17
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||||||||||||||||
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1,127
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308
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204
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24
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1,663
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•
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select suitable accounting policies and then apply them consistently;
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•
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make judgments and accounting estimates that are reasonable and prudent;
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•
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state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any
material departure from those standards; and
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•
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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require us to use a substantial portion of our cash flow from operations to make debt service payments;
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limit our ability to use our cash flow or obtain additional financing for working capital, capital expenditures, acquisitions or other general business purposes;
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limit our flexibility to plan for, or react to, changes in our business and industry;
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result in dilution to our existing shareholders in the event we issue equity to fund our debt obligations;
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place us at a competitive disadvantage compared to our less leveraged competitors; and
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increase our vulnerability to the impact of adverse economic and industry conditions.
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incur, assume or guarantee additional indebtedness; or
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repurchase capital stock;
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make other restricted payments, including paying dividends and making investments;
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create liens;
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sell or otherwise dispose of assets, including capital stock of subsidiaries;
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enter into agreements that restrict dividends from subsidiaries;
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acquire another company or business or enter into mergers or consolidations;
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enter into certain inbound and outbound licenses of intellectual property, subject to certain exceptions; and
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enter into transactions with affiliates.
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The costs and timing of expansion of sales and marketing activities;
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The timing and size of any repayment requirements for existing debt obligations;
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The timing and success of the commercial launch of new products;
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The extent to which we gain or expand market acceptance for existing, new or enhanced products;
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The costs and timing of the expansion of our manufacturing capacity;
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The success of our research and product development efforts;
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The time, cost and degree of success of conducting clinical trials and obtaining regulatory approvals;
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The magnitude of capital expenditures;
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Changes in existing and potential relationships with distributors and other business partners;
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The costs involved in obtaining and enforcing patents, proprietary rights and necessary licences;
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The costs and liability associated with patent infringement or other types of litigation;
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Competing technological and market developments; and
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The scope and timing of strategic acquisitions.
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Decreased demand for our products;
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Lost revenues;
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Damage to our image or reputation;
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Costs related to litigation; and
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Diversion of management time and attention;
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contract manufacturers or suppliers may fail to comply with regulatory requirements or make errors in manufacturing that could negatively affect the efficacy or safety of our products or cause delays in shipments of our products;
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we or our contract manufacturers and suppliers may not be able to respond to unanticipated changes in customer orders, and if orders do not match forecasts, we or our suppliers may have excess or inadequate inventory of materials and
components;
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we or our contract manufacturers and suppliers may be subject to price fluctuations due to a lack of long-term supply arrangements for key components;
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we or our contract manufacturers and suppliers may lose access to critical services and components, resulting in an interruption in the manufacture, assembly and shipment of our systems;
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we may experience delays in delivery by our contract manufacturers and suppliers due to changes in demand from us or their other customers;
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fluctuations in demand for products that our contract manufacturers and suppliers manufacture for others may affect their ability or willingness to deliver components to us in a timely manner;
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our suppliers or those of our contract manufacturer may wish to discontinue supplying components or services to us for risk management reasons;
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we may not be able to find new or alternative components or reconfigure our system and manufacturing processes in a timely manner if the necessary components become unavailable; and
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our contract manufacturers and suppliers may encounter financial hardships unrelated to our demand, which could inhibit their ability to fulfil our orders and meet our requirements.
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Suitable acquisitions or investments may not be found or consummated on terms or schedules that are satisfactory to us or consistent with our objectives;
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The benefits expected to be derived from an acquisition may not materialize and could be affected by numerous factors, such as regulatory developments, insurance reimbursement, general economic conditions and increased competition;
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We may be unable to successfully integrate an acquired company’s personnel, assets, management systems, products and/or technology into our business;
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Worse than expected performance of an acquired business may result in the impairment of intangible assets;
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Acquisitions may require substantial expense and management time and could disrupt our business;
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We may not be able to accurately forecast the performance or ultimate impact of an acquired business;
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An acquisition and subsequent integration activities may require greater capital and other resources than originally anticipated at the time of acquisition;
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An acquisition may result in the incurrence of unexpected expenses, the dilution of our earnings or our existing stockholders’ percentage ownership, or potential losses from undiscovered liabilities not covered by an indemnification from
the seller(s) of the acquired business;
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An acquisition may result in the loss of our or the acquired company’s key personnel, customers, distributors or suppliers;
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An acquisition of a foreign business may involve additional risks, including, but not limited to, foreign currency exposure, liability or restrictions under foreign laws or regulations, and our inability to successfully assimilate
differences in foreign business practices or overcome language or cultural barriers; and
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Our ability to integrate future acquisitions may be adversely affected by inexperience in dealing with new technologies.
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WMA Declaration of Helsinki – Ethical Principles for Medical Research Involving Human Subjects (2008);
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ICH Harmonised Guidelines - Integrated Addendum to ICH E6 (R2) Guideline for Good Clinical Practice (Nov 2016);
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•
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ISO 20916:2019 In vitro diagnostic medical devices — Clinical performance studies using specimens from human subjects — Good study practice;
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ISO 14155:2011: Clinical investigation of medical devices for human subjects – Good clinical practice.
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our inability to demonstrate to the FDA’s satisfaction that our products are safe and effective for their intended users;
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insufficient data from our pre-clinical studies and clinical trials to support clearance or approval, where required; and
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the failure of the manufacturing process or facilities we use to meet applicable requirements.
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• |
untitled letters, warning letters, fines, injunctions, consent decrees and civil penalties;
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• |
unanticipated expenditures to address or defend such actions;
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• |
customer notifications for repair, replacement and refunds;
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• |
recall, detention or seizure of our products;
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• |
operating restrictions or partial suspension or total shutdown of production;
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• |
refusing or delaying our requests for 510(k) clearance or premarket approval of new products or modified products;
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• |
operating restrictions;
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• |
withdrawing 510(k) clearances on PMA approvals that have already been granted;
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• |
refusal to grant export approval for our products; or
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• |
criminal prosecution.
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the federal Anti-Kickback Statute, which prohibits, among other things, persons from knowingly and
wilfully soliciting, receiving, offering or paying remuneration, directly or indirectly, in exchange for or to induce either the referral of an individual for, or the purchase, order or recommendation of, any good or service for which
payment may be made under federal healthcare programs, such as the Medicare and Medicaid programs. A person or entity does not need to have actual knowledge of the federal Anti-Kickback Statute or specific intent to violate it to have
committed a violation; in addition, the government may assert that a claim including items or services resulting from a violation of the federal Anti-Kickback Statute constitutes a false or fraudulent claim for purposes of the False
Claims Act;
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the Physician Self-Referral Law, also known as the “Stark Law”, which provides for strict liability for referrals by physicians to entities with which they or their immediate family members have a financial arrangement for certain
designated health services, including clinical laboratory services provided by our CLIA-certified laboratory owned and operated by our subsidiary Immco Diagnostics Inc., that are reimbursable by
federal healthcare programs, unless an exception applies. Penalties for violating the Stark Law include denial of payment, civil monetary penalties of up to fifteen thousand dollars per claim submitted, and exclusion from federal health
care programs, as well as a penalty of up to one-hundred thousand dollars for attempts to circumvent the law;
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federal false claims laws which prohibit, among other things, individuals or entities from knowingly presenting, or causing to be presented, claims for payment from Medicare, Medicaid or other federal third-party payers that are false or
fraudulent. Suits filed under the False Claims Act, known as “qui tam” actions, can be brought by any individual on behalf of the government and such individuals, commonly known as “whistleblowers”, may share in any amounts paid by the
entity to the government in fines or settlement. When an entity is determined to have violated the False Claims Act, it may be required to pay up to three times the actual damages sustained by the government, plus civil penalties for each
separate false claim. Often, to avoid the threat of treble damages and penalties under the False Claims Act, which in 2020 were $11,665 to $23,331 per false claim, companies will resolve allegations in a settlement without admitting
liability to avoid the potential treble damages. Any such settlement could materially affect our business, financial operations, and reputation;
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the federal Civil Monetary Penalties Law, which prohibits, among other things, offering or transferring remuneration to a federal healthcare beneficiary that a person knows or should know is likely to influence the beneficiary’s decision
to order or receive items or services reimbursable by the government from a particular provider or supplier;
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federal criminal laws that prohibit executing a scheme to defraud any federal healthcare benefit program or making false statements relating to healthcare matters. Similar to the federal Anti-Kickback Statute, a person or entity does not
need to have actual knowledge of the statute or specific intent to violate it to have committed a violation;
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the federal Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act, which governs the conduct of certain electronic healthcare transactions and
protects the security and privacy of protected health information;
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the federal Physician Payment Sunshine Act, which requires manufacturers of drugs, devices, biologics and medical supplies for which payment is available under Medicare, Medicaid or the Children’s Health Insurance Program (with certain
exceptions) to report annually to the CMS, information related to payments or other “transfers of value” made to physicians (defined to include doctors, dentists, optometrists, podiatrists and chiropractors) and teaching hospitals, and
requires applicable manufacturers to report annually to the government ownership and investment interests held by the physicians described above and their immediate family members and payments or other “transfers of value” to such physician
owners. Manufacturers are required to submit reports to CMS by the 90th day of each calendar year. We cannot assure you that we have and will successfully report all transfers of value by us, and any failure to comply could result in
significant fines and penalties. Failure to submit the required information may result in civil monetary penalties up to an aggregate of $150,000 per year (and up to an aggregate of $1 million per year for “knowing failures”) for all
payments, transfers of value or ownership or investment interests not reported in an annual submission, and may result in liability under other federal laws or regulations;
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federal and state laws governing the certification and licensing of clinical laboratories, including operational, personnel and quality requirements designed to ensure that testing services are accurate and timely, and federal and state
laws governing the health and safety of clinical laboratory employees;
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the U.S. Foreign Corrupt Practices Act, or the FCPA, which prohibits corporations and individuals
from paying, offering to pay or authorising the payment of anything of value to any foreign government official, government staff member, political party or political candidate in an attempt to obtain or retain business or to otherwise
influence a person working in an official capacity; the UK Bribery Act, which prohibits both domestic and international bribery, as well as bribery across both public and private sectors; and bribery provisions contained in the German
Criminal Code, which makes the corruption and corruptibility of physicians in private practice and other healthcare professionals a criminal offense; and
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analogous state and foreign law equivalents of each of the above federal laws, such as anti-kickback and false claims laws which may apply to items or services reimbursed by any payor, including commercial insurers; state laws that
require device companies to comply with the industry’s voluntary compliance guidelines and the applicable compliance guidance promulgated by the federal government or otherwise restrict payments that may be made to healthcare providers and
other potential referral sources; state laws that require device manufacturers to report information related to payments and other transfers of value to physicians and other healthcare providers or marketing expenditures; and state laws
governing the privacy and security of health information in certain circumstances, many of which differ from each other in significant ways and may not have the same effect, thus complicating compliance efforts.
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●
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announcements of new products by us or others;
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announcements by us of significant acquisitions, disposals, strategic partnerships, in-licensing, joint ventures or capital
commitments;
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●
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the developments of the businesses and projects of our various subsidiaries;
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●
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expiration or terminations of licences, research contracts or other collaboration agreements;
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●
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public concern as to the safety of the products we sell;
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●
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the volatility of market prices for shares of companies with whom we compete;
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●
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developments concerning intellectual property rights or regulatory approvals;
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variations in our and our competitors’ results of operations;
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●
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changes in revenues, gross profits and earnings announced by us;
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●
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changes in estimates or recommendations by securities analysts, if the ADSs are covered by analysts;
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●
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fluctuations in the share price of our publicly traded subsidiaries;
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●
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changes in government regulations or patent decisions; and
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●
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general market conditions and other factors, including factors unrelated to our operating performance.
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•
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the debt is for a liquidated or defined sum;
|
•
|
the procedural rules of the U.S. Court must have been observed and the U.S. Court must have had jurisdiction in relation to the particular
defendant according to Irish conflict of law rules (the submission to jurisdiction by the defendant would satisfy this rule); and
|
•
|
the judgment must be final and conclusive and the decree must be final and unalterable in the Court which pronounces it. A judgment can be
final and conclusive even if it is subject to appeal or even if an appeal is pending. If the effect of lodging an appeal under the applicable law is to stay execution of the judgment, it is possible that, in the meantime, the judgment
should not be actionable in Ireland. It remains to be determined whether final judgment given in default of appearance is final and conclusive.
|
•
|
if the judgment was obtained or alleged to have been obtained by fraud;
|
•
|
if the process and decision of the U.S. Courts were contrary to natural or constitutional justice under the laws of Ireland and if the
enforcement of the judgment in Ireland would be contrary to natural or constitutional justice;
|
•
|
if the judgment is contrary to Irish public policy or involves certain United States laws which will not be enforced in Ireland or constitute
the enforcement of a judgment of a penal or taxation nature;
|
•
|
if jurisdiction cannot be obtained by the Irish Courts over the judgment debtors in the enforcement proceedings by personal service in Ireland
or outside Ireland under Order 11 of the Irish Superior Courts Rules; or
|
•
|
if the judgment is not consistent with a judgment of an Irish Court in respect of the same matter.
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|
Year ended December 31,
|
|||||||||||
|
|
2022
US$’000
|
|
2021
US$’000
|
% Change
|
|||||||
Revenues
|
||||||||||||
Clinical laboratory goods
|
58,294
|
74,700
|
(22.0
|
)%
|
||||||||
Clinical laboratory services
|
7,272
|
7,928
|
(8.3
|
)%
|
||||||||
Point-of-Care
|
9,213
|
10,337
|
(10.9
|
)%
|
||||||||
74,779
|
92,965
|
(19.6
|
)%
|
|
Year ended December 31,
|
|||||||||||
|
2022
US$‘000
|
|
2021
US$‘000
|
% Change
|
||||||||
Revenues
|
||||||||||||
Americas
|
40,176
|
57,799
|
(30.5
|
)%
|
||||||||
Asia/Africa
|
25,022
|
25,504
|
(1.9
|
)%
|
||||||||
Europe
|
9,581
|
9,662
|
(0.8
|
)%
|
||||||||
Total
|
74,779
|
92,965
|
(19.6
|
)%
|
i.
|
VTM inventory write down (US$3.5 million) – as disclosed previously, we have not seen any evidence during the winter
season of 2022-23 of significant peaks in demand for VTM products. This has led management to revisit our strategy of maintaining significant levels of raw materials inventory to meet demand peaks. Consequently, the value of inventory
was written down in Q3, 2022 to our estimate of its net realisable value.
|
ii.
|
Other inventory write down (US$0.9 million) - the value of certain excess raw materials and work in progress was written
down in Q3, 2022 following a review and an update to our relevant quality assurance policy.
|
iii.
|
Tri-stat inventory write down (US$0.3 million) - as disclosed previously, we undertook a strategic review of our Tri-stat
instrument line as part of a broader review of our haemoglobins product portfolio. Management decided to limit sales of Tri-stat to certain targeted partnerships and as a consequence the value of this inventory was written down to reflect
the revised outlook.
|
o
|
The share-based payments expense was US$0.7m higher in 2022 compared to 2021, mainly due to share options granted during 2022. The majority of the options granted in 2022 are performance
share options and are structured such that they are exercisable only if the market price for Company’s ADSs exceeds certain levels ($3.00, $4.00 and $5.00 per ADS) during the life of the option. These performance share options align the
goals of our team and our shareholders in the creation of shareholder value.
|
o
|
With the lifting of COVID-related travel restrictions, we have tasked our sales and marketing teams to increase travel to customers and trade shows as we continue to revitalise our sales
activities. Similarly, some key functional leaders based in Ireland have resumed visits to our overseas facilities as we seek to drive operational efficiencies. All of this has led to an approximately US$1.1 million increase in travel and
promotional costs in 2022.
|
o
|
Due diligence and other legal and professional fees increased by approximately US$0.8 million in 2022 as we took an active, but disciplined, approach to pursuing a pipeline of attractive
M&A opportunities.
|
o
|
Non-recurring professional fees, primarily associated with the debt refinancing, of US$0.6 million were expensed in 2022.
|
o
|
Increased expected credit loss on trade receivables, with the majority of the increase due to one distributor.
|
o
|
Higher recruitment fees in 2022 due to the hiring of more employees in senior management roles.
|
o
|
Autoimmune smart reader (impairment charge US$1.3 million) - there is significant uncertainty whether the Company will complete the project to develop its own in-house autoimmune smart
reader. While we may re-visit this decision in the future, in the interests of prudence we impaired the project’s carrying value.
|
o
|
Tri-stat instrument (impairment charge US$1.0 million) - following a strategic review of the Tri-stat instrument, it was decided that Tri-stat sales would be restricted to only certain
targeted partnerships, and this led to an impairment in the carrying value of the Tri-stat intangible asset.
|
o
|
COVID-19 antigen test on a rapid lateral flow format (impairment charge US$2.2 million) - this test is approved for professional use in the EU. However, the demand for our COVID-19
portfolio of products is highly uncertain and very difficult to predict and in our experience the market has moved to over the counter (“OTC”) rapid COVID-19 tests, for which this product is not yet approved. As such the Company’s efforts
to commercialise this test have been unsuccessful. In addition, pricing for rapid COVID-19 tests in the EU is relatively weak, with stronger pricing available in, for example, the US market, for which this product is not yet approved.
Given the market outlook for rapid COVID-19 testing products and continued uncertainty regarding regulatory approval pathways in key markets, including the US, management chose not to immediately pursue further regulatory approvals but
does intend to monitor these markets and regulatory pathways with a view to potentially seeking additional regulatory approvals. As the Company has no imminent plans to pursue these regulatory approvals, under IFRS accounting rules these
intangible assets were written down to zero.
|
o
|
COVID-19 test on an ELISA format (impairment charge US$0.1 million) – this development project was written off because the market changed and there was no demand for a test on this
format.
|
|
2022
US$m
|
2021
US$m
|
Loss on disposal of exchangeable notes
|
9.7
|
-
|
Penalty for early settlement of term loan
|
3.5
|
-
|
Term loan interest
|
9.8
|
-
|
Convertible note interest
|
0.7
|
-
|
Notional interest on lease liabilities for Right-of-use assets
|
0.7
|
0.8
|
Exchangeable note interest
|
0.4
|
4.6
|
Loan origination costs - term loan
|
-
|
1.6
|
Fair value movement for derivative asset
|
0.1
|
-
|
Total
|
24.7
|
7.1
|
•
|
the consolidated financial statements give a true and fair view, in accordance with IFRS as adopted by the European Union, of the assets, liabilities and financial position of the group
as at December 31, 2022 and of its financial performance and cash flows for the financial year then ended;
|
•
|
the parent company financial statements give a true and fair view, in accordance with IFRS as adopted by the European Union, of the assets, liabilities and financial position of the
parent company as at December 31, 2022 and of its cash flows for the financial year then ended; and
|
•
|
the financial statements have been properly prepared in accordance with the requirements of the Companies Act 2014.
|
•
|
We examined the directors’ assessment on going concern and performed an independent assessment of the inputs and assumptions used by the directors in preparing their assessment on going
concern by comparing the assumptions and estimates used elsewhere in the preparation of the financial statements;
|
•
|
We reviewed the amended and restated senior secured term loan credit facility in February 2023 and the divestiture of the group’s Fitzgerald business in April 2023;
|
•
|
We evaluated the directors’ assessment of any liquidity issues with the group and parent company by reviewing if the group and parent company has sufficient liquidity sources from
operating activities for at least 12 months from the date of approval of the financial statements;
|
•
|
We made enquiries with the Directors and reviewed board minutes available up to and including the date of authorisation of the financial statements in order to understand the future plans
of the group and parent company;
|
•
|
We assessed the adequacy of the disclosures with respect to the going concern assumption; and
|
•
|
We obtained a signed letter of representation from the Directors that it is appropriate to prepare the financial statements on a going concern basis and that the Directors have considered
various financing options to meet its repayment obligations regarding the exchangeable notes over the next 12 months.
|
•
|
We evaluated the design effectiveness of controls over management’s selection of the discount rates, short-term forecasts of future revenues and margins, and long-term growth rates used
to determine the recoverable amount of each selected CGU.
|
•
|
We agreed the underlying cash flow forecasts to the Board approved projections and we evaluated management’s ability to accurately forecast future revenues and margins by:
|
•
|
performing a look-back analysis and comparing actual results to management’s historical forecasts; and
|
•
|
assessing the reasonableness of the impact of new products, new partnerships and other macroeconomic activity on short-term cash flows
|
•
|
We assessed the reasonableness of the valuation model used by the group compared to generally accepted valuation practices and accounting standards.
|
•
|
We tested the source information underlying the determination of the discount rates through the use of observable inputs from independent external sources.
|
•
|
We developed independent estimates and compared those to the discount rates selected by management.
|
•
|
We compared the long-term growth rates, used by management to grow cash flows in order to calculate a terminal value at that point, to independent external sources to assess the
reasonableness of these rates.
|
•
|
We examined the supporting documents of internally generated intangible asset additions in the financial year to determine if they constituted
development phase costs allowable for capitalisation as stipulated by accounting standards.
|
•
|
We tested the key assumptions used by management in concluding that development projects capitalized during the financial year demonstrate the
required characteristics to permit capitalization, particularly the commercial and technical feasibility of on-going development projects
|
•
|
We conducted detailed discussions with senior project personnel in charge of the developments to understand their rationale for concluding on
the appropriateness of capitalization of the development phase costs and, where necessary, challenged the underlying reasoning.
|
•
|
We obtained a detailed understanding of the role of the employees in the development of the relevant projects whose salaries are capitalized.
|
•
|
We evaluated the design effectiveness of management’s control on costs capitalization and progress and likely outcome of
on-going projects.
|
•
|
We have obtained all the information and explanations which we consider necessary for the purposes of our audit.
|
•
|
In our opinion the accounting records of the group and parent company were sufficient to permit the financial statements to be readily and properly audited.
|
•
|
The financial statements are in agreement with the accounting records.
|
•
|
In our opinion the information given in the Directors’ report is consistent with the financial statements. Based solely on the work undertaken in the course of our audit, in
our opinion, the Directors’ report has been prepared in accordance with the requirements of the Companies Act 2014.
|
•
|
enquiries of management, board and Audit Committee on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected
instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
|
•
|
inspection of the group and parent company regulatory and legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;
|
•
|
gaining an understanding of the entity’s current activities, the scope of authorisation and the design effectiveness of its control environment to mitigate risks related to fraud;
|
•
|
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or
opportunities for fraudulent manipulation of financial statements throughout the audit;
|
•
|
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
|
•
|
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing
|
•
|
challenging assumptions and judgements made by management in their significant accounting estimates, including impairment assessment of goodwill, intangible assets and other long-lived
assets, and capitalisation of internal development costs.
|
•
|
review of the financial statement disclosures to underlying supporting documentation and inquiries of management; and
|
•
|
the Audit Engagement Partner considered the experience and expertise of the engagement team, including using specialists for the assessment the design effectiveness of Information
Technology General Controls (ITGCs), to ensure that the team had the appropriate competence and capabilities.
|
|
Year ended December 31
|
||||||||||||||
|
Notes
|
2022
Total
US$‘000
|
2021
Total
US$‘000
|
2020
Total
US$‘000
|
|||||||||||
Revenues
|
2
|
74,779
|
92,965
|
101,980
|
|||||||||||
Cost of sales
|
(52,731
|
)
|
(54,888
|
)
|
(53,400
|
)
|
|||||||||
|
|||||||||||||||
Gross profit
|
22,048
|
38,077
|
48,580
|
||||||||||||
Other operating income
|
4
|
343
|
4,672
|
1,860
|
|||||||||||
Research and development expenses
|
(4,138
|
)
|
(4,497
|
)
|
(5,080
|
)
|
|||||||||
Selling, general and administrative expenses
|
(29,166
|
)
|
(24,683
|
)
|
(26,390
|
)
|
|||||||||
Selling, general and administrative expenses – recognition of contingent asset
|
24
|
-
|
-
|
1,316
|
|||||||||||
Selling, general and administrative expenses – closure costs
|
9
|
-
|
-
|
(2,425
|
)
|
||||||||||
Impairment charges
|
5
|
(5,839
|
)
|
(6,944
|
)
|
(17,779
|
)
|
||||||||
|
|||||||||||||||
Operating profit/(loss)
|
(16,752
|
)
|
6,625
|
82
|
|||||||||||
Financial income
|
6
|
303
|
1,223
|
36
|
|||||||||||
Financial expenses
|
6
|
(24,745
|
)
|
(7,097
|
)
|
(6,751
|
)
|
||||||||
|
|||||||||||||||
Net financing expense
|
(24,442
|
)
|
(5,874
|
)
|
(6,715
|
)
|
|||||||||
|
|||||||||||||||
(Loss)/profit before tax
|
9
|
(41,194
|
)
|
751
|
(6,633
|
)
|
|||||||||
Total income tax credit
|
2, 7
|
192
|
178
|
620
|
|||||||||||
|
|||||||||||||||
(Loss)/profit for the year on continuing operations
|
2
|
(41,002
|
)
|
929
|
(6,013
|
)
|
|||||||||
|
|||||||||||||||
Loss for the year on discontinued operations
|
8
|
(7
|
)
|
(54
|
)
|
(375
|
)
|
||||||||
|
|||||||||||||||
(Loss)/profit for the year (all attributable to owners of the parent)
|
2
|
(41,009
|
)
|
875
|
(6,388
|
)
|
|||||||||
|
|||||||||||||||
Basic (loss)/profit per ADS (US Dollars) – continuing operations
|
10
|
(1.22
|
)
|
0.04
|
(0.29
|
)
|
|||||||||
Diluted (loss)/profit per ADS (US Dollars) – continuing operations
|
10
|
(1.22
|
)
|
0.04
|
(0.29
|
)
|
|||||||||
Basic (loss)/profit per ‘A’ ordinary share (US Dollars) –continuing operations
|
10
|
(0.30
|
)
|
0.01
|
(0.07
|
)
|
|||||||||
Diluted (loss)/profit per ‘A’ ordinary share (US Dollars) – continuing operations
|
10
|
(0.30
|
)
|
0.01
|
(0.07
|
)
|
|||||||||
Basic (loss)/profit per ADS (US Dollars) – group
|
10
|
(1.22
|
)
|
0.04
|
(0.31
|
)
|
|||||||||
Diluted (loss)/profit per ADS (US Dollars) – group
|
10
|
(1.22
|
)
|
0.04
|
(0.31
|
)
|
|||||||||
Basic (loss)/profit per ‘A’ ordinary share (US Dollars) – group
|
10
|
(0.30
|
)
|
0.01
|
(0.08
|
)
|
|||||||||
Diluted (loss)/profit per ‘A’ ordinary share (US Dollars) – group
|
10
|
(0.30
|
)
|
0.01
|
(0.08
|
)
|
|
Year ended December 31
|
||||||||||||||
|
Notes
|
2022
US$‘000
|
2021
US$‘000
|
2020
US$‘000
|
|||||||||||
(Loss)/profit for the year
|
2
|
(41,009
|
)
|
875
|
(6,388
|
)
|
|||||||||
Other comprehensive loss
|
|||||||||||||||
Items that will be reclassified subsequently to profit or loss
|
|||||||||||||||
Foreign exchange translation differences
|
(396
|
)
|
(86
|
)
|
(1,360
|
)
|
|||||||||
|
|
·
|
·
|
||||||||||||
Other comprehensive loss
|
(396
|
)
|
(86
|
)
|
(1,360
|
)
|
|||||||||
|
|
·
|
·
|
||||||||||||
Total Comprehensive (Loss)/profit (all attributable to owners of the parent)
|
(41,405
|
)
|
789
|
(7,748
|
)
|
|
At December 31
|
||||||||||
|
Notes
|
2022
US$‘000
|
2021
US$‘000
|
||||||||
ASSETS
|
|||||||||||
Non-current assets
|
|||||||||||
Property, plant and equipment
|
11
|
5,682
|
5,918
|
||||||||
Goodwill and intangible assets
|
12
|
35,269
|
35,981
|
||||||||
Deferred tax assets
|
13
|
4,218
|
4,101
|
||||||||
Derivative financial instruments
|
22
|
128
|
-
|
||||||||
Other assets
|
14
|
139
|
207
|
||||||||
|
|||||||||||
Total non-current assets
|
45,436
|
46,207
|
|||||||||
|
|||||||||||
Current assets
|
|||||||||||
Inventories
|
15
|
22,503
|
29,123
|
||||||||
Trade and other receivables
|
16
|
15,753
|
16,116
|
||||||||
Income tax receivable
|
1,834
|
1,539
|
|||||||||
Cash and cash equivalents
|
17
|
6,578
|
25,910
|
||||||||
Total current assets
|
46,668
|
72,688
|
|||||||||
TOTAL ASSETS
|
2
|
92,104
|
118,895
|
||||||||
|
|||||||||||
EQUITY AND LIABILITIES
|
|||||||||||
Equity attributable to the equity holders of the parent
|
|||||||||||
Share capital
|
18
|
1,963
|
1,213
|
||||||||
Share premium
|
18
|
46,458
|
16,187
|
||||||||
Treasury shares
|
18
|
(24,922
|
)
|
(24,922
|
)
|
||||||
Accumulated (deficit)/surplus
|
18
|
(26,695
|
)
|
12,559
|
|||||||
Translation reserve
|
18
|
(5,775
|
)
|
(5,379
|
)
|
||||||
Equity component of convertible note
|
18, 22
|
6,709
|
-
|
||||||||
Other reserves
|
18
|
86
|
23
|
||||||||
Total deficit
|
(2,176
|
)
|
(319
|
)
|
|||||||
Current liabilities
|
|||||||||||
Income tax payable
|
28
|
22
|
|||||||||
Trade and other payables
|
20
|
15,375
|
15,127
|
||||||||
Provisions
|
21
|
50
|
50
|
||||||||
Exchangeable notes and other borrowings
|
22
|
210
|
83,312
|
||||||||
Lease liabilities
|
23
|
1,676
|
1,980
|
||||||||
Total current liabilities
|
17,339
|
100,491
|
|||||||||
Non-current liabilities
|
|||||||||||
Senior secured term loan
|
22
|
44,301
|
-
|
||||||||
Derivative financial liability
|
22
|
1,569
|
-
|
||||||||
Convertible Note
|
22
|
13,746
|
-
|
||||||||
Lease liabilities
|
23
|
12,267
|
13,865
|
||||||||
Deferred tax liabilities
|
13
|
5,058
|
4,858
|
||||||||
Total non-current liabilities
|
76,941
|
18,723
|
|||||||||
TOTAL LIABILITIES
|
2
|
94,280
|
119,214
|
||||||||
|
|||||||||||
TOTAL EQUITY AND LIABILITIES
|
92,104
|
118,895
|
|
Share capital
‘A’ ordinary shares US$’000 |
Share
premium US$’000 |
Treasury
Shares US$’000 |
Translation
reserve US$’000 |
Equity Component of Convertible Note
US$’000
|
Other
reserves US$’000 |
Accumulated
(deficit)/surplus US$’000 |
Total
US$’000 |
||||||||||||||||||||||||
Balance at January 1, 2020
|
1,213
|
16,187
|
(24,922
|
)
|
(3,933
|
)
|
-
|
23
|
16,145
|
4,713
|
||||||||||||||||||||||
Loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(6,388
|
)
|
(6,388
|
)
|
||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
(1,360
|
)
|
-
|
-
|
-
|
(1,360
|
)
|
||||||||||||||||||||||
Total comprehensive loss
|
-
|
-
|
-
|
(1,360
|
)
|
-
|
-
|
(6,388
|
)
|
(7,748
|
)
|
|||||||||||||||||||||
Share-based payments (Note 19)
|
-
|
-
|
-
|
-
|
-
|
-
|
816
|
816
|
||||||||||||||||||||||||
Balance at December 31, 2020
|
1,213
|
16,187
|
(24,922
|
)
|
(5,293
|
)
|
-
|
23
|
10,573
|
(2,219
|
)
|
|||||||||||||||||||||
Balance at January 1, 2021
|
1,213
|
16,187
|
(24,922
|
)
|
(5,293
|
)
|
-
|
23
|
10,573
|
(2,219
|
)
|
|||||||||||||||||||||
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
875
|
875
|
||||||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
(86
|
)
|
-
|
-
|
-
|
(86
|
)
|
||||||||||||||||||||||
Total comprehensive profit/(loss)
|
-
|
-
|
-
|
(86
|
)
|
-
|
-
|
875
|
789
|
|||||||||||||||||||||||
Share-based payments (Note 19)
|
-
|
-
|
-
|
-
|
-
|
-
|
1,111
|
1,111
|
||||||||||||||||||||||||
Balance at December 31, 2021
|
1,213
|
16,187
|
(24,922
|
)
|
(5,379
|
)
|
-
|
23
|
12,559
|
(319
|
)
|
|||||||||||||||||||||
Balance at January 1, 2022
|
1,213
|
16,187
|
(24,922
|
)
|
(5,379
|
)
|
-
|
23
|
12,559
|
(319
|
)
|
|||||||||||||||||||||
Loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(41,009
|
)
|
(41,009
|
)
|
||||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
(396
|
)
|
-
|
-
|
-
|
(396
|
)
|
||||||||||||||||||||||
Total comprehensive loss
|
-
|
-
|
-
|
(396
|
)
|
-
|
-
|
(41,009
|
)
|
(41,405
|
)
|
|||||||||||||||||||||
Shares issued in the year (Note 18)
|
750
|
30,271
|
-
|
-
|
-
|
-
|
-
|
31,021
|
||||||||||||||||||||||||
Shares to be issued
|
-
|
-
|
-
|
-
|
-
|
63
|
-
|
63
|
||||||||||||||||||||||||
Equity component of convertible note (Note 18)
|
-
|
-
|
-
|
-
|
6,709
|
-
|
-
|
6,709
|
||||||||||||||||||||||||
Share-based payments (Note 19)
|
-
|
-
|
-
|
-
|
-
|
1,755
|
1,755
|
|||||||||||||||||||||||||
Balance at December 31, 2022
|
1,963
|
46,458
|
(24,922
|
)
|
(5,775
|
)
|
6,709
|
86
|
(26,695
|
)
|
(2,176
|
)
|
|
Year ended December 31,
|
|||||||||||||||
|
Notes
|
2022
US$‘000
|
2021
US$‘000
|
2020
US$‘000
|
||||||||||||
Cash flows from operating activities
|
||||||||||||||||
(Loss)/profit for the year
|
(41,009
|
)
|
875
|
(6,388
|
)
|
|||||||||||
Adjustments to reconcile net profit/(loss) to cash provided by operating activities:
|
||||||||||||||||
Depreciation
|
9,11
|
1,410
|
1,827
|
1,674
|
||||||||||||
Amortisation
|
9,12
|
923
|
917
|
1,403
|
||||||||||||
Income tax credit
|
7
|
(192
|
)
|
(167
|
)
|
(182
|
)
|
|||||||||
Financial income
|
6
|
(303
|
)
|
(1,223
|
)
|
(36
|
)
|
|||||||||
Financial expense
|
6
|
24,745
|
7,097
|
6,751
|
||||||||||||
Share-based payments (net of capitalized amounts)
|
19
|
1,755
|
1,100
|
792
|
||||||||||||
Foreign exchange gains on operating cash flows
|
(76
|
)
|
(251
|
)
|
(663
|
)
|
||||||||||
Loss/(gain) on disposal or retirement of property, plant and equipment
|
9
|
2
|
(1
|
)
|
30
|
|||||||||||
Movement in inventory provision
|
15
|
7,391
|
5,589
|
5,059
|
||||||||||||
Impairment of prepayments
|
5, 16
|
482
|
583
|
562
|
||||||||||||
Impairment of property, plant and equipment
|
5, 11
|
733
|
2,508
|
1,795
|
||||||||||||
Impairment of intangible assets
|
5, 12
|
4,624
|
3,853
|
15,422
|
||||||||||||
Other non-cash items
|
269
|
(5,317
|
)
|
(634
|
)
|
|||||||||||
Operating cash flows before changes in working capital
|
754
|
17,390
|
25,585
|
|||||||||||||
(Increase)/decrease in trade and other receivables
|
(966
|
)
|
6,236
|
(2,489
|
)
|
|||||||||||
(Increase) in inventories
|
(877
|
)
|
(4,406
|
)
|
(3,419
|
)
|
||||||||||
Increase/(decrease) in trade and other payables
|
181
|
(7,591
|
)
|
4,994
|
||||||||||||
Cash (used in)/generated from operations
|
(908
|
)
|
11,629
|
24,671
|
||||||||||||
Interest paid
|
-
|
(11
|
)
|
(48
|
)
|
|||||||||||
Interest received
|
2
|
1
|
104
|
|||||||||||||
Income taxes (paid)/received
|
(15
|
)
|
1,619
|
(972
|
)
|
|||||||||||
Net cash (used in)/generated by operating activities
|
(921
|
)
|
13,238
|
23,755
|
||||||||||||
|
||||||||||||||||
Cash flows from investing activities
|
||||||||||||||||
Payments to acquire intangible assets
|
(4,876
|
)
|
(6,879
|
)
|
(6,990
|
)
|
||||||||||
Acquisition of property, plant and equipment
|
(1,101
|
)
|
(1,812
|
)
|
(3,178
|
)
|
||||||||||
Disposal of property, plant and equipment
|
-
|
-
|
(30
|
)
|
||||||||||||
Net cash used in investing activities
|
(5,977
|
)
|
(8,691
|
)
|
(10,198
|
)
|
||||||||||
|
||||||||||||||||
Cash flows from financing activities
|
||||||||||||||||
Issue of ordinary share capital including share premium (net of issuance costs)
|
18
|
25,336
|
-
|
-
|
||||||||||||
Proceeds from shares to be issued
|
63
|
-
|
-
|
|||||||||||||
Net proceeds from senior secured term loan
|
22
|
80,015
|
-
|
-
|
||||||||||||
Proceeds from convertible note issued
|
22
|
20,000
|
-
|
-
|
||||||||||||
Expenses paid in connection with debt financing
|
22
|
(2,356
|
)
|
(848
|
)
|
-
|
||||||||||
Purchase of exchangeable notes
|
22
|
(86,730
|
)
|
-
|
-
|
|||||||||||
Repayment of senior secured term loan
|
22
|
(34,500
|
)
|
-
|
-
|
|||||||||||
Penalty for early settlement of term loan
|
22
|
(3,450
|
)
|
-
|
-
|
|||||||||||
Repayment of other loan
|
(23
|
)
|
-
|
-
|
||||||||||||
Interest paid on senior secured term loan
|
(6,424
|
)
|
-
|
-
|
||||||||||||
Interest paid on convertible note
|
(199
|
)
|
-
|
-
|
||||||||||||
Proceeds from Paycheck Protection loans
|
-
|
1,764
|
4,520
|
|||||||||||||
Interest paid on exchangeable notes
|
27
|
(1,293
|
)
|
(3,996
|
)
|
(3,996
|
)
|
|||||||||
Payment of lease liabilities
|
27
|
(2,761
|
)
|
(2,939
|
)
|
(3,240
|
)
|
|||||||||
Net cash used in financing activities
|
(12,322
|
)
|
(6,019
|
)
|
(2,716
|
)
|
||||||||||
|
||||||||||||||||
(Decrease)/increase in cash and cash equivalents and short-term investments
|
(19,220
|
)
|
(1,472
|
)
|
10,841
|
|||||||||||
Effects of exchange rate movements on cash held
|
(112
|
)
|
55
|
86
|
||||||||||||
Cash and cash equivalents and short-term investments at beginning of year
|
25,910
|
27,327
|
16,400
|
|||||||||||||
Cash and cash equivalents and short-term investments at end of year
|
17
|
6,578
|
25,910
|
27,327
|
1. |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
|
i) |
General information
|
ii) |
Statement of compliance
|
iii) |
Basis of preparation
|
1. |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
iv) |
Basis of consolidation
|
v) |
Property, plant and equipment
|
• Leasehold improvements
|
5-15 years
|
|
• Buildings
|
50 years
|
|
• Office equipment and fittings
|
10 years
|
|
• Computer equipment
|
3-5 years
|
|
• Plant and equipment
|
5-15 years
|
•
|
the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at
the time the asset is made available to the Group
|
•
|
the Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use,
considering its rights within the defined scope of the contract
|
•
|
the Group has the right to direct the use of the identified asset throughout the period of use. The Group assess whether it has the right to
direct ‘how and for what purpose’ the asset is used throughout the period of use.
|
vi) |
Goodwill
|
vii) |
Intangibles, including research and development (other than goodwill)
|
• Capitalised development costs
|
15 years
|
|
• Patents and licences
|
6-15 years
|
|
• Other (including acquired customer and supplier lists)
|
6-15 years
|
(a) |
once a diagnostic test becomes established, customers are reluctant to change to new technology until it is fully proven, thus resulting in relatively long product life cycles. There is also reluctance in customers to change to a new
product as it can be costly both in terms of the initial changeover cost and as new technology is typically more expensive.
|
(b) |
demand for the diagnostic tests is enduring and robust within a wide geographic base. The diseases that the products diagnose are widely prevalent (HIV, Diabetes and Chlamydia being just three examples) in many countries. There is a
general consensus that these diseases will continue to be widely prevalent in the future.
|
(c) |
there are significant barriers to new entrants in this industry. Patents and/or licences are in place for several of our products, though this is not the only barrier to entry. There is a significant cost and time to develop new
products, it is necessary to obtain regulatory approval and tests are protected by proprietary know-how, manufacturing techniques and trade secrets.
|
viii) |
Impairment
|
1. |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
x) |
Trade and other receivables
|
xi) |
Trade and other payables
|
xii) |
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and short-term deposits which are readily available at year-end. Deposits with maturities less than six months as at
the year-end date are recognised as cash and cash equivalents and are carried at fair value when there is no expected loss in value on early termination. The Group has no short-term bank overdraft facilities. Where restrictions are
imposed by third parties, such as lending institutions, on cash balances held by the Group these are treated as financial assets in the financial statements.
|
xiii) |
Short-term investments
|
1. |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
xiv) |
Share-based payments
|
xv) |
Government grants and financial support
|
xvi) |
Revenue recognition
|
1.
|
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
xvii) |
Employee benefits
|
1. |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
xviii) |
Foreign currency
|
1. |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
xx) |
Exchangeable notes and derivative financial instruments
|
xxi) |
Senior secured term loan
|
xxii) |
Warrants and loan prepayment option
|
1. |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
xxv) |
Tax (current and deferred)
|
i. |
Where the deferred tax liability arises from goodwill not deductible for tax purposes or the initial recognition of an asset or a liability in a transaction that is not a business combination and affects neither the accounting profit nor
the taxable profit or loss at the time of the transaction; and
|
ii. |
Where, in respect of temporary differences associated with investments in subsidiary undertakings, the timing of the reversal of the temporary difference is subject to control and it is probable that the temporary difference will not
reverse in the foreseeable future.
|
1. |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
xxvi) |
Provisions
|
xxvii) |
Cost of sales
|
xxviii) |
Finance income and costs
|
xxxix) |
Treasury shares
|
xxx) |
Equity
|
xxxi) |
Profit or loss from discontinued operations
|
xxxii) |
Fair values
|
1. |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
xxxiii) |
New IFRS Standards adopted as of January 1, 2022
|
•
|
Amendments to IFRS 3 Business Combinations – Reference to the Conceptual Framework
|
•
|
Amendments to IAS 16 Property, Plant and Equipment – Proceeds before Intended Use
|
•
|
Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets – Onerous Contracts – Costs of Fulfilling a Contract
|
xxxiv) |
Standards, amendments and interpretations to existing IFRS Standards that are not yet effective
|
i) |
The distribution of revenue by geographical area based on location of assets was as follows:
|
Revenue
|
Americas
|
Rest of World Ireland
|
Eliminations
|
Total
|
||||||||||||
Year ended December 31, 2022
|
US$‘000
|
US$‘000
|
US$’000
|
US$‘000
|
||||||||||||
Revenue from external customers
|
50,508
|
24,271
|
-
|
74,779
|
||||||||||||
Inter-segment revenue
|
26,110
|
828
|
(26,938
|
)
|
-
|
|||||||||||
Total revenue
|
76,618
|
25,099
|
(26,938
|
)
|
74,779
|
Revenue
|
Americas
|
Rest of World Ireland
|
Eliminations
|
Total
|
||||||||||||
Year ended December 31, 2021
|
US$‘000
|
US$‘000
|
US$’000
|
US$‘000
|
||||||||||||
Revenue from external customers
|
67,249
|
25,716
|
-
|
92,965
|
||||||||||||
Inter-segment revenue
|
49,059
|
2,517
|
(51,576
|
)
|
-
|
|||||||||||
Total revenue
|
116,308
|
28,233
|
(51,576
|
)
|
92,965
|
2. |
SEGMENT INFORMATION (CONTINUED)
|
Revenue
|
Americas
|
Rest of World Ireland
|
Eliminations
|
Total
|
||||||||||||
Year ended December 31, 2020
|
US$‘000
|
US$‘000
|
US$’000
|
US$‘000
|
||||||||||||
Revenue from external customers
|
77,688
|
24,292
|
-
|
101,980
|
||||||||||||
Inter-segment revenue
|
59,304
|
1,095
|
(60,399
|
)
|
-
|
|||||||||||
Total revenue
|
136,992
|
25,387
|
(60,399
|
)
|
101,980
|
ii) |
The distribution of revenue by customers’ geographical area was as follows:
|
Revenue
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
December 31, 2020
US$‘000
|
|||||||||
Americas
|
40,176
|
57,799
|
70,408
|
|||||||||
Asia / Africa
|
25,022
|
25,504
|
22,567
|
|||||||||
Europe (including Ireland) *
|
9,581
|
9,662
|
9,005
|
|||||||||
|
74,779
|
92,965
|
101,980
|
* |
Revenue from customers in Ireland is not disclosed separately due to the immateriality of these revenues.
|
iii) |
The distribution of revenue by major product group was as follows:
|
Revenue
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
December 31, 2020
US$‘000
|
|||||||||
Clinical laboratory goods
|
58,294
|
74,700
|
84,280
|
|||||||||
Clinical laboratory services
|
7,272
|
7,928
|
8,485
|
|||||||||
Point-of-Care
|
9,213
|
10,337
|
9,215
|
|||||||||
|
74,779
|
92,965
|
101,980
|
iv) |
The group has recognised the following amounts relating to revenue in the consolidated statement of operations:
|
Revenue
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
December 31, 2020
US$‘000
|
|||||||||
Revenue from contracts with customers (a)
|
74,779
|
92,965
|
101,980
|
|||||||||
|
74,779
|
92,965
|
101,980
|
(v)
|
Disaggregation of revenue from contracts with customers:
|
Timing of revenue recognition
|
Americas
|
Rest of Wrold Ireland
|
Rest of World
Other
|
Total
|
||||||||||||
Year ended December 31, 2022
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
||||||||||||
At a point in time
|
50,174
|
24,271
|
-
|
74,445
|
||||||||||||
Over time
|
334
|
-
|
-
|
334
|
||||||||||||
Total
|
50,508
|
24,271
|
-
|
74,779
|
Timing of revenue recognition
|
Americas
|
Rest of World
Ireland
|
Rest of World
Other
|
Total
|
||||||||||||
Year ended December 31, 2021
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
||||||||||||
At a point in time
|
66,806
|
25,716
|
—
|
92,522
|
||||||||||||
Over time
|
443
|
—
|
—
|
443
|
||||||||||||
Total
|
67,249
|
25,716
|
—
|
92,965
|
Timing of revenue recognition
|
Americas
|
Rest of World
Ireland
|
Rest of World
Other
|
Total
|
||||||||||||
Year ended December 31, 2020
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
||||||||||||
At a point in time
|
77,060
|
24,292
|
—
|
101,352
|
||||||||||||
Over time
|
628
|
—
|
—
|
628
|
||||||||||||
Total
|
77,688
|
24,292
|
—
|
101,980
|
(vi)
|
The Group derives revenue from the transfer of goods and services over time and at a point in time based on customers’ geographical area as follows:
|
Timing of revenue recognition
|
Americas
|
Asia / Africa
|
Europe
|
Total
|
||||||||||||
Year ended December 31, 2022
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
||||||||||||
At a point in time
|
39,842
|
25,022
|
9,581
|
74,445
|
||||||||||||
Over time
|
334
|
-
|
-
|
334
|
||||||||||||
Total
|
40,176
|
25,022
|
9,581
|
74,779
|
Timing of revenue recognition
|
Americas
|
Asia / Africa
|
Europe
|
Total
|
||||||||||||
Year ended December 31, 2021
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
||||||||||||
At a point in time
|
57,356
|
25,504
|
9,662
|
92,522
|
||||||||||||
Over time
|
443
|
—
|
—
|
443
|
||||||||||||
Total
|
57,799
|
25,504
|
9,662
|
92,965
|
2. |
SEGMENT INFORMATION (CONTINUED)
|
Timing of revenue recognition
|
Americas
|
Asia / Africa
|
Europe
|
Total
|
||||||||||||
Year ended December 31, 2020
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
||||||||||||
At a point in time
|
69,780
|
22,567
|
9,005
|
101,352
|
||||||||||||
Over time
|
628
|
—
|
—
|
628
|
||||||||||||
Total
|
70,408
|
22,567
|
9,005
|
101,980
|
|
Rest of World
|
|||||||||||||||
|
Americas
|
Ireland
|
Other
|
Total
|
||||||||||||
Year ended December 31, 2022
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
||||||||||||
Result before impairment and unallocated expenses
|
(5,891
|
)
|
(2,516
|
)
|
(33
|
)
|
(8,440
|
)
|
||||||||
Impairment charges
|
(2,331
|
)
|
(3,508
|
)
|
-
|
(5,839
|
)
|
|||||||||
Result after impairment
|
(8,222
|
)
|
(6,024
|
)
|
(33
|
)
|
(14,279
|
)
|
||||||||
Unallocated expenses *
|
(2,473
|
)
|
||||||||||||||
Operating loss
|
(16,752
|
)
|
||||||||||||||
Net financing expense (Note 6)
|
(24,442
|
)
|
||||||||||||||
|
·
|
|||||||||||||||
Loss before tax
|
(41,194
|
)
|
||||||||||||||
Income tax credit (Note 7)
|
192
|
|||||||||||||||
Loss for the year on continuing operations
|
(41,002
|
)
|
||||||||||||||
Loss for the year on discontinued operations (Note 8)
|
(7
|
)
|
||||||||||||||
|
·
|
|||||||||||||||
Loss for the year
|
(41,009
|
)
|
|
Rest of World
|
|||||||||||||||
|
Americas
|
Ireland
|
Other
|
Total
|
||||||||||||
Year ended December 31, 2021
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
||||||||||||
Result before impairment and unallocated expenses
|
9,276
|
5,084
|
(12
|
)
|
14,348
|
|||||||||||
Impairment charges
|
(6,088
|
)
|
(856
|
)
|
—
|
(6,944
|
)
|
|||||||||
Result after impairment
|
3,188
|
4,228
|
(12
|
)
|
7,404
|
|||||||||||
Unallocated expenses *
|
(779
|
)
|
||||||||||||||
Operating profit
|
6,625
|
|||||||||||||||
Net financing expense (Note 6)
|
(5,874
|
)
|
||||||||||||||
Profit before tax
|
751
|
|||||||||||||||
Income tax credit (Note 7)
|
178
|
|||||||||||||||
Profit for the year on continuing operations
|
929
|
|||||||||||||||
Loss for the year on discontinued operations (Note 8)
|
(54
|
)
|
||||||||||||||
Profit for the year
|
875
|
2. |
SEGMENT INFORMATION (CONTINUED)
|
|
Rest of World
|
|||||||||||||||
|
Americas
|
Ireland
|
Other
|
Total
|
||||||||||||
Year ended December 31, 2020
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
||||||||||||
Result before impairment and unallocated expenses
|
14,495
|
4,264
|
(71
|
)
|
18,688
|
|||||||||||
Impairment
|
(17,779
|
)
|
-
|
—
|
(17,779
|
)
|
||||||||||
Result after impairment
|
(3,284
|
)
|
4,264
|
(71
|
)
|
909
|
||||||||||
Unallocated expenses *
|
(827
|
)
|
||||||||||||||
Operating profit
|
82
|
|||||||||||||||
Net financing expense (Note 6)
|
(6,715
|
)
|
||||||||||||||
Loss before tax
|
(6,633
|
)
|
||||||||||||||
Income tax credit (Note 7)
|
620
|
|||||||||||||||
Loss for the year on continuing operations
|
(6,013
|
)
|
||||||||||||||
Loss for the year on discontinued operations (Note 8)
|
(375
|
)
|
||||||||||||||
Loss for the year
|
(6,388
|
)
|
* |
Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area.
|
viii) |
The distribution of segment assets and segment liabilities by geographical area was as follows:
|
|
Rest of World
|
|||||||||||||||
|
Americas
|
Ireland
|
Other
|
Total
|
||||||||||||
As at December 31, 2022
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
||||||||||||
Assets and liabilities
|
||||||||||||||||
Segment assets
|
41,779
|
37,695
|
-
|
79,474
|
||||||||||||
Unallocated assets:
|
||||||||||||||||
Income tax assets (current and deferred)
|
6,052
|
|||||||||||||||
Cash and cash equivalents and short-term investments
|
6,578
|
|||||||||||||||
Total assets as reported in the Group balance sheet
|
92,104
|
|||||||||||||||
|
||||||||||||||||
Segment liabilities
|
58,307
|
30,845
|
42
|
89,194
|
||||||||||||
Unallocated liabilities:
|
||||||||||||||||
Income tax liabilities (current and deferred)
|
5,086
|
|||||||||||||||
Total liabilities as reported in the Group balance sheet
|
94,280
|
2. |
SEGMENT INFORMATION (CONTINUED)
|
|
Rest of World
|
|||||||||||||||
|
Americas
|
Ireland
|
Other
|
Total
|
||||||||||||
As at December 31, 2021
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
||||||||||||
Assets and liabilities
|
||||||||||||||||
Segment assets
|
45,891
|
41,453
|
1
|
87,345
|
||||||||||||
Unallocated assets:
|
||||||||||||||||
Income tax assets (current and deferred)
|
5,640
|
|||||||||||||||
Cash and cash equivalents and short-term investments
|
25,910
|
|||||||||||||||
Total assets as reported in the Group balance sheet
|
118,895
|
|||||||||||||||
|
||||||||||||||||
Segment liabilities
|
12,382
|
101,927
|
25
|
114,334
|
||||||||||||
Unallocated liabilities:
|
||||||||||||||||
Income tax liabilities (current and deferred)
|
4,880
|
|||||||||||||||
Total liabilities as reported in the Group balance sheet
|
119,214
|
ix) |
The distribution of long-lived assets, which are property, plant and equipment, goodwill and intangible assets and other non-current assets (excluding deferred tax assets and derivative financial instruments), by geographical area was as
follows:
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
||||||
Rest of World – Ireland
|
21,180
|
22,617
|
||||||
Americas
|
19,910
|
19,489
|
||||||
|
41,090
|
42,106
|
x) |
The distribution of depreciation and amortisation by geographical area was as follows:
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
December 31, 2020
US$‘000
|
|||||||||
Depreciation:
|
||||||||||||
Rest of World – Ireland
|
128
|
204
|
127
|
|||||||||
Americas
|
1,282
|
1,662
|
1,587
|
|||||||||
|
1,410
|
1,866
|
1,714
|
|||||||||
Amortisation:
|
||||||||||||
Rest of World – Ireland
|
123
|
69
|
32
|
|||||||||
Americas
|
800
|
848
|
1,371
|
|||||||||
|
923
|
917
|
1,403
|
xi) |
The distribution of share-based payment expense by geographical area was as follows:
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000 |
December 31, 2020
US$‘000 |
|||||||||
Rest of World – Ireland
|
632
|
1,072
|
722
|
|||||||||
Americas
|
1,123
|
28
|
70
|
|||||||||
|
1,755
|
1,100
|
792
|
2. |
SEGMENT INFORMATION (CONTINUED)
|
xii) |
The distribution of taxation (expense)/credit by geographical area was as follows:
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
December 31, 2020
US$‘000
|
|||||||||
Rest of World – Ireland
|
284
|
540
|
293
|
|||||||||
Rest of World – Other
|
(4
|
)
|
(2
|
)
|
(8
|
)
|
||||||
Americas
|
(88
|
)
|
(360
|
)
|
335
|
|||||||
|
192
|
178
|
620
|
xiii) |
During 2022 and 2020 there were no customers generating 10% or more of total revenues. In 2021, one customer accounted for more than 10% of total revenues.
|
xiv) |
The distribution of capital expenditure by geographical area was as follows:
|
|
December 31 2022
US$‘000
|
December 31, 2021
US$‘000
|
||||||
Rest of World – Ireland
|
2,443
|
3,826
|
||||||
Rest of World – Other
|
-
|
-
|
||||||
Americas
|
4,370
|
4,776
|
||||||
|
6,813
|
8,602
|
3.
|
EMPLOYMENT
|
|
December 31, 2022
|
December 31, 2021
|
December 31, 2020
|
|||||||||
Research and development
|
30
|
41
|
52
|
|||||||||
Administration and sales
|
119
|
134
|
148
|
|||||||||
Manufacturing and quality
|
249
|
302
|
343
|
|||||||||
|
398
|
477
|
543
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
December 31, 2020
US$‘000
|
|||||||||
Wages and salaries
|
23,608
|
26,561
|
26,187
|
|||||||||
Social welfare costs
|
2,036
|
2,403
|
2,195
|
|||||||||
Pension costs
|
352
|
352
|
447
|
|||||||||
Share-based payments
|
1,755
|
1,100
|
792
|
|||||||||
Restructuring Cost
|
274
|
270
|
388
|
|||||||||
Recognition of contingent asset (Note 24)
|
-
|
-
|
(1,316
|
)
|
||||||||
|
28,025
|
30,686
|
28,693
|
3. |
EMPLOYMENT (CONTINUED)
|
4. |
OTHER OPERATING INCOME
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
December 31, 2020
US$‘000
|
|||||||||
Government supports - COVID-19
|
7
|
4,668
|
1,840
|
|||||||||
Government grants
|
333
|
-
|
-
|
|||||||||
Other income
|
-
|
-
|
17
|
|||||||||
Rental income from premises
|
3
|
4
|
3
|
|||||||||
|
343
|
4,672
|
1,860
|
5. |
IMPAIRMENT CHARGES
|
December
|
December
|
December
|
||||||||||
31, 2022
|
31, 2021
|
31, 2020
|
||||||||||
|
US$’000
|
US$’000
|
US$’000
|
|||||||||
Selling, general & administration expenses
|
||||||||||||
Impairment of PP&E (Note 11)
|
733
|
2,508
|
1,795
|
|||||||||
Impairment of goodwill and other intangible assets (Note 12)
|
4,624
|
3,853
|
15,422
|
|||||||||
Impairment of prepayments (Note 16)
|
482
|
583
|
562
|
|||||||||
Total impairment loss
|
5,839
|
6,944
|
17,779
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
December 31, 2020
US$‘000
|
|||||||||
Financial income:
|
||||||||||||
Non-cash financial income
|
303
|
1,220
|
-
|
|||||||||
Interest income
|
-
|
3
|
36
|
|||||||||
|
303
|
1,223
|
36
|
|||||||||
Financial expense:
|
||||||||||||
Interest on leases (Note 27)
|
(657
|
)
|
(815
|
)
|
(896
|
)
|
||||||
Loss on disposal of exchangeable notes (Note 22, 27)
|
(9,678
|
)
|
-
|
-
|
||||||||
Penalty for early partial settlement of senior secured term loan (Note 22)
|
(3,450
|
)
|
-
|
-
|
||||||||
Cash interest payable on senior secured term loan
|
(7,039
|
)
|
-
|
-
|
||||||||
Cash interest payable on convertible note
|
(199
|
)
|
-
|
-
|
||||||||
Cash interest on exchangeable notes
|
(296
|
)
|
(3,996
|
)
|
(3,996
|
)
|
||||||
Loan origination costs
|
-
|
(1,638
|
)
|
-
|
||||||||
Non-cash interest on exchangeable notes
|
(84
|
)
|
(648
|
)
|
(643
|
)
|
||||||
Non-cash interest on senior secured term loan
|
(2,772
|
)
|
-
|
-
|
||||||||
Non-cash interest on convertible note
|
(495
|
)
|
-
|
-
|
||||||||
Non-cash financial expense
|
(74
|
)
|
-
|
(1,216
|
)
|
|||||||
Other
|
(1
|
)
|
-
|
-
|
||||||||
(24,745
|
)
|
(7,097
|
)
|
(6,751
|
)
|
|||||||
Net financial expense
|
(24,442
|
)
|
(5,874
|
)
|
(6,715
|
)
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
December 31, 2020
US$‘000
|
|||||||||
Current tax (credit)/expense
|
||||||||||||
Irish Corporation tax
|
(331
|
)
|
(511
|
)
|
(480
|
)
|
||||||
Foreign taxes (a)
|
(5
|
)
|
296
|
179
|
||||||||
Adjustment in respect of prior years
|
61
|
-
|
(152
|
)
|
||||||||
Total current tax credit
|
(275
|
)
|
(215
|
)
|
(453
|
)
|
||||||
Deferred tax credit (b)
|
||||||||||||
Origination and reversal of temporary differences (see Note 13)
|
321
|
620
|
48
|
|||||||||
Origination and reversal of net operating losses (see Note 13)
|
(238
|
)
|
(583
|
)
|
(215
|
)
|
||||||
Total deferred tax charge/(credit)
|
83
|
37
|
(167
|
)
|
||||||||
Total income tax credit on continuing operations in statement of operations
|
(192
|
)
|
(178
|
)
|
(620
|
)
|
||||||
Tax charge on discontinued operations (see Note 8)
|
-
|
12
|
438
|
|||||||||
Total tax credit
|
(192
|
)
|
(166
|
)
|
(182
|
)
|
(a)
|
In 2022, the foreign taxes relate primarily to USA and Canada.
|
(b)
|
In 2022, there was a deferred tax charge of US$109,000 (2021: charge of US$118,000) (2020: credit of US$444,000) recognised in respect of Ireland and a deferred tax
credit of US$26,000 (2021: credit of US$81,000) (2020: credit of US$397,000) recognised in respect of overseas tax jurisdictions.
|
Effective tax rate
|
December 31, 2022
|
December 31, 2021
|
December 31, 2020
|
|||||||||
(Loss)/profit before taxation – continuing operations (US$‘000)
|
(41,194
|
)
|
751
|
(6,633
|
)
|
|||||||
As a percentage of (loss)/profit before tax:
|
||||||||||||
Current tax %
|
(0.67
|
)%
|
(28.63
|
)%
|
(6.83
|
)%
|
||||||
Total (current and deferred) %
|
(0.47
|
)%
|
(23.70
|
)%
|
(9.35
|
)%
|
|
December 31, 2022
|
December 31, 2021
|
December 31, 2020
|
|||||||||
Irish corporation tax
|
(12.5
|
)%
|
12.5
|
%
|
(12.5
|
)%
|
||||||
Effect of current year net operating losses and temporary differences for which no deferred tax asset was recognised (a)
|
11.66
|
%
|
49.63
|
%
|
24.13
|
%
|
||||||
Effect of tax rates on overseas earnings
|
(7.76
|
)%
|
(0.22
|
)%
|
(9.92
|
)%
|
||||||
Effect of Irish income taxable at higher tax rate
|
4.17
|
%
|
98.68
|
%
|
5.92
|
%
|
||||||
Adjustments in respect of prior years
|
0.15
|
%
|
(0.01
|
)%
|
(10.66
|
)%
|
||||||
R&D tax credits
|
(0.81
|
)%
|
(79.22
|
)%
|
(11.00
|
)%
|
||||||
Other items (b)
|
4.62
|
%
|
(105.06
|
)%
|
4.68
|
%
|
||||||
|
||||||||||||
Effective tax rate
|
(0.47
|
)%
|
(23.70
|
)%
|
(9.35
|
)%
|
(a)
|
No deferred tax asset was recognised because there was no reversing deferred tax liability in the same jurisdiction reversing in the same period and insufficient future projected taxable
income in the same jurisdiction.
|
(b)
|
Other items comprise items not chargeable to tax and expenses not deductible for tax purposes. This was a significant number in 2021 because
the US$4.7 million income from the Paycheck Protection Program loans was not chargeable for tax purposes. There is no Paycheck Protection Program income in 2022. In 2022, other items mainly relate to the loss on disposal of the
exchangeable notes.
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
December 31, 2020
US$‘000
|
|||||||||
Rest of World – Ireland
|
(19,768
|
)
|
1,862
|
296
|
||||||||
Rest of World – Other
|
(33
|
)
|
3,939
|
3,304
|
||||||||
Americas
|
(21,393
|
)
|
(5,050
|
)
|
(10,233
|
)
|
||||||
|
(41,194
|
)
|
751
|
(6,633
|
)
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
December 31, 2020
US$‘000
|
|||||||||
Rest of World – Ireland
|
62,731
|
68,132
|
78,700
|
|||||||||
Rest of World – Other
|
448
|
1,000
|
2,185
|
|||||||||
Americas
|
12,778
|
4,761
|
4,313
|
|||||||||
|
75,957
|
73,893
|
85,198
|
7. |
INCOME TAX CREDIT (CONTINUED)
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
December 31, 2020
US$‘000
|
|||||||||
Rest of World – Ireland – unused tax losses
|
7,489
|
9,272
|
12,514
|
|||||||||
Rest of World – Other – unused tax losses
|
124
|
279
|
546
|
|||||||||
Americas – unused tax losses
|
3,163
|
5,891
|
1,466
|
|||||||||
Americas – unused tax credits
|
4,658
|
3,368
|
2,862
|
|||||||||
Unrecognised deferred tax asset
|
15,434
|
18,810
|
17,388
|
8. |
LOSS FOR THE YEAR ON DISCONTINUED OPERATION
In 2016, management decided to cease the development of Cardiac point-of-care tests on the Meritas platform. These products were being developed by the Group’s subsidiary Fiomi
Diagnostics (“Fiomi”) located in Sweden. Expenses, gains and losses relating to the discontinuation of the Cardiac point-of-care tests operation have been eliminated from profit or loss from the Group’s continuing operations and are shown
as a single line item (net of related taxes) on the face of the consolidated statement of operations. The discontinued operation had no revenues since commencement as the products were still in their development phase. In 2022,
administrative expenses of US$7,000 were incurred.
|
8. |
LOSS FOR THE YEAR ON DISCONTINUED OPERATION (CONTINUED)
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
December 31, 2020
US$‘000
|
|||||||||
Administrative expenses
|
(7
|
)
|
—
|
—
|
||||||||
Closure provision
|
—
|
(42
|
)
|
127
|
||||||||
Foreign currency translation reserve
|
—
|
—
|
(64
|
)
|
||||||||
Tax expense
|
—
|
(12
|
)
|
(438
|
)
|
|||||||
Total loss
|
(7
|
)
|
(54
|
)
|
(375
|
)
|
||||||
Loss for the year from discontinued operations
|
(7
|
)
|
(54
|
)
|
(375
|
)
|
|
December 31,
2022 |
December 31,
2021 |
December 31,
2020 |
|||||||||
Basic loss per ADS (US Dollars) – discontinued operations
|
0.00
|
0.00
|
(0.02
|
)
|
||||||||
Diluted loss per ADS (US Dollars) – discontinued operations
|
0.00
|
0.00
|
(0.02
|
)
|
||||||||
Basic loss per ‘A’ share (US Dollars) – discontinued operations
|
0.00
|
0.00
|
0.00
|
|||||||||
Diluted loss per ‘A’ share (US Dollars) – discontinued operations
|
0.00
|
0.00
|
0.00
|
8. |
LOSS FOR THE YEAR ON DISCONTINUED OPERATION (CONTINUED)
|
|
December 31,
2022 |
December 31,
2021 |
December 31,
2020 |
|||||||||
US$000
|
US$000
|
US$000
|
||||||||||
Cash flows from operating activities
|
(10
|
)
|
(40
|
)
|
(22
|
)
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
December 31, 2020
US$‘000
|
|||||||||
Directors’ emoluments (including non- executive directors):
|
||||||||||||
Remuneration
|
1,639
|
1,391
|
2,020
|
|||||||||
Pension
|
24
|
24
|
41
|
|||||||||
Share based payments
|
1,707
|
986
|
678
|
|||||||||
Auditor’s remuneration
|
||||||||||||
Audit fees
|
888
|
580
|
558
|
|||||||||
Tax fees
|
89
|
77
|
146
|
|||||||||
Depreciation (Note 11) 1
|
1,410
|
1,827
|
1,674
|
|||||||||
Amortisation (Note 12)
|
923
|
917
|
1,403
|
|||||||||
Loss/(profit) on the disposal of property, plant and equipment
|
2
|
(1
|
)
|
30
|
||||||||
Selling, General and Administrative Expenses – Closure Costs
|
-
|
-
|
2,425
|
|||||||||
Net foreign exchange differences
|
(1,210
|
)
|
(789
|
)
|
583
|
10. |
(LOSS)/EARNINGS PER SHARE
|
|
December 31,
2022 |
December 31,
2021 |
December 31,
2020 |
|||||||||
‘A’ ordinary shares
|
134,939,327
|
83,606,810
|
83,606,810
|
|||||||||
Basic (loss)/earnings per share denominator
|
134,939,327
|
83,606,810
|
83,606,810
|
|||||||||
Reconciliation to weighted average (loss)/earnings per share denominator:
|
||||||||||||
Number of ‘A’ ordinary shares at January 1 (Note 18)
|
96,162,410
|
96,162,410
|
96,162,410
|
|||||||||
Weighted average number of ‘A’ ordinary shares issued during the year
|
51,332,517
|
-
|
-
|
|||||||||
Weighted average number of treasury shares
|
(12,555,600
|
)
|
(12,555,600
|
)
|
(12,555,600
|
)
|
||||||
Basic (loss)/earnings per share denominator
|
134,939,327
|
83,606,810
|
83,606,810
|
|
December 31,
2022
|
December 31,
2021
|
December 31,
2020
|
|||||||||
Potentially Dilutive Instruments:
|
||||||||||||
Issuable on exercise of options (Note 19)
|
44,814,672
|
18,727,990
|
19,485,990
|
|||||||||
Issuable on exercise of warrants to Perceptive (Note 22)
|
10,000,000
|
-
|
-
|
|||||||||
Issuable on conversion of Exchangeable notes (Note 22)
|
38,391
|
18,263,254
|
18,263,254
|
|||||||||
Issuable on conversion of Convertible notes (Note 22)
|
24,691,358
|
-
|
-
|
|||||||||
Total number of potentially dilutive instruments excluded from the weighted average number of ‘A’ ordinary shares in calculating dilutive (loss)/earnings per ‘A’
ordinary share
|
79,544,421
|
36,991,244
|
37,749,244
|
10. |
(LOSS)/EARNINGS PER SHARE (CONTINUED)
|
o
|
Options over 3,000,000 ‘A’ ordinary shares were granted, of which 1,400,000 are contingently issuable as their issue is contingent upon
satisfaction of specified performance conditions in addition to the passage of time.
|
o
|
Options over 280,000 ‘A’ ordinary shares lapsed unexercised.
|
o
|
880,000 ‘A’ ordinary shares were issued on the exercise of options.
|
o
|
Warrants over 10,000,000 ‘A’ ordinary shares held by Perceptive were repriced from an exercise price of $0.325 per ‘A’ ordinary share to $0.268
per ‘A’ ordinary share.
|
|
December 31,
2022
|
December 31,
2021
|
December 31,
2020
|
|||||||||
ADS
|
33,734,832
|
20,901,703
|
20,901,703
|
|||||||||
Basic (loss)/earnings per ADS denominator
|
33,734,832
|
20,901,703
|
20,901,703
|
|||||||||
Reconciliation to weighted average (loss)/earnings per ADS denominator:
|
||||||||||||
Number of ADS at January 1 (Note 18)
|
24,040,602
|
24,040,602
|
24,040,602
|
|||||||||
Weighted average number of shares issued during the year*
|
12,833,129
|
-
|
-
|
|||||||||
Weighted average number of treasury shares
|
(3,138,899
|
)
|
(3,138,899
|
)
|
(3,138,899
|
)
|
||||||
Basic (loss)/earnings per ADS denominator
|
33,734,832
|
20,901,703
|
20,901,703
|
|
December 31,
2022
|
December 31,
2021
|
December 31,
2020
|
|||||||||
Potentially Dilutive Instruments:
|
||||||||||||
Issuable on exercise of options (Note 19)
|
11,203,668
|
4,681,998
|
4,871,498
|
|||||||||
Issuable on exercise of warrants to Perceptive (Note 22)
|
2,500,000
|
-
|
-
|
|||||||||
Issuable on conversion of Exchangeable notes (Note 22)
|
9,598
|
4,565,814
|
4,565,814
|
|||||||||
Issuable on conversion of Convertible notes (Note 22)
|
6,172,840
|
-
|
-
|
|||||||||
Total number of potentially dilutive instruments excluded from the weighted average number of ADS in calculating dilutive (loss)/earnings per ADS
|
19,886,106
|
9,247,812
|
9,437,312
|
10. |
(LOSS)/EARNINGS PER SHARE (CONTINUED)
|
o
|
Options over 750,000 ADS were granted, of which 350,000 are contingently issuable as their issue is contingent upon satisfaction of specified
performance conditions in addition to the passage of time.
|
o
|
Options over 70,000 ADS lapsed unexercised.
|
o
|
220,000 ADS were issued on the exercise of options.
|
o
|
Warrants over 2,500,000 ADS held by Perceptive were repriced from an exercise price of $1.30 per ADS to $1.071 per ADS.
|
11. |
PROPERTY, PLANT AND EQUIPMENT
|
|
Land & Buildings
US$‘000
|
Leasehold Improvements
US$‘000
|
Computer & Office Equipment
US$‘000
|
Plant & Equipment
US$‘000
|
Total
US$‘000
|
|||||||||||||||
Cost
|
||||||||||||||||||||
At January 1, 2021
|
24,287
|
2,670
|
4,309
|
33,839
|
65,105
|
|||||||||||||||
Additions
|
46
|
126
|
144
|
1,392
|
1,708
|
|||||||||||||||
Disposals or retirements
|
—
|
(186
|
)
|
(255
|
)
|
(2,410
|
)
|
(2,851
|
)
|
|||||||||||
Exchange adjustments
|
1
|
(18
|
)
|
2
|
(484
|
)
|
(499
|
)
|
||||||||||||
At December 31, 2021
|
24,334
|
2,592
|
4,200
|
32,337
|
63,463
|
|||||||||||||||
At January 1, 2022
|
24,334
|
2,592
|
4,200
|
32,337
|
63,463
|
|||||||||||||||
Additions
|
379
|
93
|
362
|
1,100
|
1,934
|
|||||||||||||||
Disposals or retirements
|
—
|
—
|
(25
|
)
|
(42
|
)
|
(67
|
)
|
||||||||||||
Reallocations/ reclassifications
|
—
|
—
|
(2
|
)
|
2
|
—
|
||||||||||||||
Exchange adjustments
|
(31
|
)
|
16
|
5
|
286
|
276
|
||||||||||||||
|
||||||||||||||||||||
At December 31, 2022
|
24,682
|
2,701
|
4,540
|
33,683
|
65,606
|
|||||||||||||||
Accumulated amortisation and Impairment losses
|
||||||||||||||||||||
At January 1, 2021
|
(19,629
|
)
|
(1,884
|
)
|
(3,946
|
)
|
(31,099
|
)
|
(56,558
|
)
|
||||||||||
Charge for the year
|
(628
|
)
|
(149
|
)
|
(115
|
)
|
(974
|
)
|
(1,866
|
)
|
||||||||||
Disposals or retirements
|
—
|
186
|
255
|
2,410
|
2,851
|
|||||||||||||||
Impairment losses
|
(1,196
|
)
|
(279
|
)
|
(98
|
)
|
(935
|
)
|
(2,508
|
)
|
||||||||||
Exchange adjustments
|
21
|
(5
|
)
|
(46
|
)
|
566
|
536
|
|||||||||||||
At December 31, 2021
|
(21,432
|
)
|
(2,131
|
)
|
(3,950
|
)
|
(30,032
|
)
|
(57,545
|
)
|
||||||||||
At January 1, 2022
|
(21,432
|
)
|
(2,131
|
)
|
(3,950
|
)
|
(30,032
|
)
|
(57,545
|
)
|
||||||||||
Charge for the year
|
(414
|
)
|
(133
|
)
|
(214
|
)
|
(649
|
)
|
(1,410
|
)
|
||||||||||
Disposals or retirements
|
—
|
—
|
22
|
43
|
65
|
|||||||||||||||
Impairment losses
|
(48
|
)
|
(4
|
)
|
(31
|
)
|
(650
|
)
|
(733
|
)
|
||||||||||
Exchange adjustments
|
9
|
(16
|
)
|
(5
|
)
|
(289
|
)
|
(301
|
)
|
|||||||||||
|
||||||||||||||||||||
At December 31, 2022
|
(21,885
|
)
|
(2,284
|
)
|
(4,178
|
)
|
(31,577
|
)
|
(59,924
|
)
|
||||||||||
Carrying amounts
|
||||||||||||||||||||
At December 31, 2022
|
2,797
|
417
|
362
|
2,106
|
5,682
|
|||||||||||||||
|
||||||||||||||||||||
At December 31, 2021
|
2,902
|
461
|
250
|
2,305
|
5,918
|
11. |
PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
|
Carrying
amount
At December 31,
2022
|
Depreciation Charge
Year ended December 31, 2022
|
Impairment Charge
Year ended December 31, 2022
|
||||||||||
US$000
|
US$000
|
US$000
|
||||||||||
Buildings
|
2,482
|
(398
|
)
|
(48
|
)
|
|||||||
Computer equipment
|
217
|
(40
|
)
|
-
|
||||||||
Plant and Equipment, vehicles
|
-
|
(17
|
)
|
(200
|
)
|
|||||||
2,699
|
(455
|
)
|
(248
|
)
|
Carrying
amount
At December 31, 2021
|
Depreciation Charge
Year ended December 31, 2021
|
Impairment Charge
Year ended December 31, 2021
|
||||||||||
US$000
|
US$000
|
US$000
|
||||||||||
Buildings
|
2,549
|
(609
|
)
|
(1,089
|
)
|
|||||||
Computer equipment
|
23
|
(5
|
)
|
-
|
||||||||
Plant and Equipment, vehicles
|
-
|
-
|
-
|
|||||||||
2,572
|
(614
|
)
|
(1,089
|
)
|
Right-of-Use assets at 31 December 2022
|
No. of Right-of-Use leased assets
|
Range of remaining term in years
|
Average remaining lease term (years)
|
No. of Leases with extension options
|
No. of Leases with options to purchase
|
No. of leases with variable payments linked to index
|
No. of leases with termination options
|
||||||||||||||||||
Building
|
9
|
1 to 11
|
5
|
2
|
-
|
-
|
-
|
||||||||||||||||||
Vehicle
|
20
|
0.4 to 3
|
2
|
-
|
20
|
-
|
20
|
||||||||||||||||||
I.T. and office equipment
|
5
|
4
|
4
|
-
|
-
|
-
|
-
|
Right-of-Use assets at 31 December 2021
|
No. of Right-of-Use leased assets
|
Range of remaining term in
years
|
Average remaining lease term (years)
|
No. of Leases with extension options
|
No. of Leases with options to purchase
|
No. of leases with variable payments linked to index
|
No. of leases with termination options
|
||||||||||||||||||
Building
|
11
|
1 to 12
|
3
|
1
|
-
|
2
|
-
|
||||||||||||||||||
Vehicle
|
16
|
1 to 3
|
2
|
-
|
16
|
-
|
16
|
||||||||||||||||||
I.T. and office equipment
|
2
|
1 to 5
|
4
|
-
|
-
|
-
|
-
|
11. |
PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
|
12. |
GOODWILL AND INTANGIBLE ASSETS
|
|
Goodwill
US$‘000
|
Development
costs
US$‘000
|
Patents and
licenses
US$‘000
|
Other
US$‘000
|
Total
US$‘000
|
|||||||||||||||
Cost
|
||||||||||||||||||||
At January 1, 2021
|
79,182
|
128,977
|
8,947
|
33,311
|
250,417
|
|||||||||||||||
Additions
|
—
|
6,771
|
102
|
21
|
6,894
|
|||||||||||||||
Disposals or retirements
|
—
|
(14,576
|
)
|
(342
|
)
|
(134
|
)
|
(15,052
|
)
|
|||||||||||
Exchange adjustments
|
—
|
1
|
—
|
—
|
1
|
|||||||||||||||
At December 31, 2021
|
79,182
|
121,173
|
8,707
|
33,198
|
242,260
|
|||||||||||||||
At January 1, 2022
|
79,182
|
121,173
|
8,707
|
33,198
|
242,260
|
|||||||||||||||
Additions
|
4,475
|
22
|
382
|
4,879
|
||||||||||||||||
Exchange adjustments
|
—
|
(64
|
)
|
—
|
—
|
(64
|
)
|
|||||||||||||
|
||||||||||||||||||||
At December 31, 2022
|
79,182
|
125,584
|
8,729
|
33,580
|
247,075
|
|||||||||||||||
Accumulated amortisation and Impairment losses
|
||||||||||||||||||||
At January 1, 2021
|
(66,591
|
)
|
(115,533
|
)
|
(8,790
|
)
|
(25,643
|
)
|
(216,557
|
)
|
||||||||||
Charge for the year
|
—
|
(482
|
)
|
(7
|
)
|
(428
|
)
|
(917
|
)
|
|||||||||||
Disposals or retirements
|
—
|
14,573
|
342
|
132
|
15,047
|
|||||||||||||||
Impairment losses
|
(54
|
)
|
(2,053
|
)
|
(106
|
)
|
(1,640
|
)
|
(3,853
|
)
|
||||||||||
Exchange adjustments
|
—
|
1
|
—
|
—
|
1
|
|||||||||||||||
At December 31, 2021
|
(66,645
|
)
|
(103,494
|
)
|
(8,561
|
)
|
(27,579
|
)
|
(206,279
|
)
|
||||||||||
At January 1, 2022
|
(66,645
|
)
|
(103,494
|
)
|
(8,561
|
)
|
(27,579
|
)
|
(206,279
|
)
|
||||||||||
Charge for the year
|
(479
|
)
|
(9
|
)
|
(435
|
)
|
(923
|
)
|
||||||||||||
Impairment losses
|
—
|
(4,623
|
)
|
—
|
(1
|
)
|
(4,624
|
)
|
||||||||||||
Exchange adjustments
|
—
|
20
|
—
|
—
|
20
|
|||||||||||||||
|
||||||||||||||||||||
At December 31, 2022
|
(66,645
|
)
|
(108,576
|
)
|
(8,570
|
)
|
(28,015
|
)
|
(211,806
|
)
|
||||||||||
Carrying amounts
|
||||||||||||||||||||
At December 31, 2022
|
12,537
|
17,008
|
159
|
5,565
|
35,269
|
|||||||||||||||
|
||||||||||||||||||||
At December 31, 2021
|
12,537
|
17,679
|
146
|
5,619
|
35,981
|
12. |
GOODWILL AND INTANGIBLE ASSETS (CONTINUED)
|
Product Name
|
|
2022
US$’000 |
|
2021
US$’000 |
||||
Premier Instruments for A1c and haemoglobinopathies testing
|
1,904
|
2,538
|
||||||
COVID-19 tests
|
1,378
|
1,320
|
||||||
Mid-tier haemoglobins instrument
|
484
|
303
|
||||||
HIV screening rapid test
|
379
|
1,488
|
||||||
Tri-stat point-of-care instrument
|
163
|
245
|
||||||
Uni-gold raw material stabilisation
|
42
|
144
|
||||||
Autoimmune Smart Reader
|
82
|
550
|
||||||
Other projects
|
43
|
183
|
||||||
Total capitalised development costs
|
4,475
|
6,771
|
12. |
GOODWILL AND INTANGIBLE ASSETS (CONTINUED)
|
Asset name
|
Entity
|
|
2022
US$’000 |
|||
Rapid COVID-19 antigen test
|
Trinity Biotech Manufacturing Ltd
|
2,214
|
||||
Autoimmune smart reader
|
Trinity Biotech Manufacturing Ltd
|
1,265
|
||||
Tri-stat instrument
|
Primus Corp.
|
1,024
|
||||
COVID-19 ELISA test
|
Trinity Biotech Manufacturing Ltd
|
120
|
||||
Total
|
4,623
|
12. |
GOODWILL AND INTANGIBLE ASSETS (CONTINUED)
|
December 31, 2022
|
December 31, 2021
|
|||||||
US$’000
|
US$’000
|
|||||||
Trinity Biotech Manufacturing Limited
|
3,599
|
856
|
||||||
Primus Corp
|
1,024
|
-
|
||||||
Trinity Biotech Do Brasil
|
454
|
956
|
||||||
Clark Laboratories Inc.
|
407
|
-
|
||||||
Biopool US Inc.
|
355
|
153
|
||||||
Immco Diagnostics Inc
|
-
|
4,979
|
||||||
Total impairment loss
|
5,839
|
6,944
|
|
December 31, 2022
|
December 31, 2021
|
||||||
US$’000
|
||||||||
Goodwill and other intangible assets
|
4,624
|
3,853
|
||||||
Property, plant and equipment (see Note 11)
|
733
|
2,508
|
||||||
Prepayments (see Note 16)
|
482
|
583
|
||||||
Total impairment loss
|
5,839
|
6,944
|
• |
In the event that there was a reduction of 10% in the assumed level of future growth in revenue growth rate, which would represent a reasonably likely range of outcomes, there would be no additional impairment loss recorded at
December 31, 2022.
|
• |
In the event there was a 10% increase in the discount rate used to calculate the potential impairment of the carrying values, which would represent a reasonably likely range of outcomes, there would be no additional impairment loss
recorded at December 31, 2022.
|
12. |
GOODWILL AND INTANGIBLE ASSETS (CONTINUED)
|
Fitzgerald Industries
|
December 31,
2022
|
December 31,
2021 |
||||||
Carrying amount of goodwill (US$’000)
|
12,591
|
12,591
|
||||||
Discount rate applied (real pre-tax)
|
15.77
|
%
|
19.66
|
%
|
||||
Excess value-in-use over carrying amount (US$’000)
|
7,432
|
3,496
|
||||||
% EBITDA would need to decrease for an impairment to arise
|
31.28
|
%
|
18.15
|
%
|
||||
Long-term growth rate
|
2.0
|
%
|
2.0
|
%
|
Intangible Assets with Indefinite Useful lives
(included in other intangibles)
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
||||||
Fitzgerald Industries International CGU
|
||||||||
Fitzgerald trade name
|
970
|
970
|
||||||
RDI trade name
|
560
|
560
|
||||||
Primus Corporation CGU
|
||||||||
Primus trade name
|
365
|
365
|
||||||
Immco Diagnostic CGU
|
||||||||
Immco Diagnostic trade name
|
2,069
|
2,069
|
||||||
Total
|
3,964
|
3,964
|
|
Assets
|
Liabilities
|
Net
|
|||||||||||||||||||||
|
2022
US$’000 |
2021
US$’000 |
2022
US$’000 |
2021
US$’000 |
2022
US$’000 |
2021
US$’000 |
||||||||||||||||||
Property, plant and equipment
|
229
|
477
|
(5
|
)
|
(11
|
)
|
224
|
466
|
||||||||||||||||
Intangible assets
|
—
|
—
|
(3,950
|
)
|
(3,969
|
)
|
(3,950
|
)
|
(3,969
|
)
|
||||||||||||||
Inventories
|
423
|
620
|
—
|
—
|
423
|
620
|
||||||||||||||||||
Provisions
|
2,194
|
1,871
|
—
|
—
|
2,194
|
1,871
|
||||||||||||||||||
Tax value of loss carry-forwards
|
1,254
|
1,016
|
—
|
—
|
1,254
|
1,016
|
||||||||||||||||||
Other items
|
118
|
117
|
(1,103
|
)
|
(878
|
)
|
(985
|
)
|
(761
|
)
|
||||||||||||||
Deferred tax assets/(liabilities)
|
4,218
|
4,101
|
(5,058
|
)
|
(4,858
|
)
|
(840
|
)
|
(757
|
)
|
|
Balance
January, 1
2022 |
Recognised
in income |
Balance
December 31,
2022 |
|||||||||
|
US$’000
|
US$’000
|
US$’000
|
|||||||||
Property, plant and equipment
|
466
|
(242
|
)
|
224
|
||||||||
Intangible assets
|
(3,969
|
)
|
19
|
(3,950
|
)
|
|||||||
Inventories
|
620
|
(197
|
)
|
423
|
||||||||
Provisions
|
1,871
|
323
|
2,194
|
|||||||||
Tax value of loss carry-forwards
|
1,016
|
238
|
1,254
|
|||||||||
Other items
|
(761
|
)
|
(224
|
)
|
(985
|
)
|
||||||
|
(757
|
)
|
(83
|
)
|
(840
|
)
|
|
Balance
January, 1
2021 |
Recognised
in income |
Balance
December 31,
2021 |
|||||||||
|
US$’000
|
US$’000
|
US$’000
|
|||||||||
Property, plant and equipment
|
724
|
(258
|
)
|
466
|
||||||||
Intangible assets
|
(4,072
|
)
|
103
|
(3,969
|
)
|
|||||||
Inventories
|
750
|
(130
|
)
|
620
|
||||||||
Provisions
|
2,159
|
(288
|
)
|
1,871
|
||||||||
Tax value of loss carry-forwards
|
433
|
583
|
1,016
|
|||||||||
Other items
|
(714
|
)
|
(47
|
)
|
(761
|
)
|
||||||
|
(720
|
)
|
(37
|
)
|
(757
|
)
|
|
December 31,
2022 |
December 31,
2021 |
||||||
|
US$’000
|
US$’000
|
||||||
Capital losses
|
8,293
|
8,293
|
||||||
Net operating losses
|
75,957
|
73,893
|
||||||
US alternative minimum tax credits
|
1,906
|
1,704
|
||||||
Other temporary timing differences
|
38,960
|
21,301
|
||||||
US state credit carryforwards
|
2,753
|
1,664
|
||||||
|
127,869
|
106,855
|
14. |
OTHER NON-CURRENT ASSETS
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
||||||
Finance lease receivables (see Note 16)
|
84
|
151
|
||||||
Other assets
|
55
|
56
|
||||||
|
139
|
207
|
15. |
INVENTORIES
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
||||||
Raw materials and consumables
|
12,094
|
13,650
|
||||||
Work-in-progress
|
3,948
|
5,546
|
||||||
Finished goods
|
6,461
|
9,927
|
||||||
|
22,503
|
29,123
|
|
December 31,
2022
US$‘000
|
December 31,
2021
US$‘000
|
December 31,
2020
US$‘000
|
|||||||||
Opening provision at January 1
|
12,063
|
9,781
|
6,716
|
|||||||||
Charged during the year
|
7,391
|
5,589
|
5,179
|
|||||||||
Utilised during the year
|
(3,180
|
)
|
(3,307
|
)
|
(1,994
|
)
|
||||||
Released during the year
|
-
|
-
|
(120
|
)
|
||||||||
Closing provision at December 31
|
16,274
|
12,063
|
9,781
|
16. |
TRADE AND OTHER RECEIVABLES
|
|
December 31,
2022
US$‘000
|
December 31,
2021
US$‘000
|
||||||
Trade receivables, net of impairment losses
|
12,620
|
13,290
|
||||||
Prepayments
|
1,932
|
1,945
|
||||||
Contract assets
|
739
|
739
|
||||||
Value added tax
|
43
|
-
|
||||||
Finance lease receivables
|
86
|
142
|
||||||
Grant receivable
|
333
|
-
|
||||||
|
15,753
|
16,116
|
16. |
TRADE AND OTHER RECEIVABLES (CONTINUED)
|
|
December 31, 2022
US$‘000
|
|||||||||||
|
Gross
investment |
Unearned
income |
Minimum
payments receivable |
|||||||||
Less than one year
|
180
|
6
|
86
|
|||||||||
Between one and five years (Note 14)
|
173
|
6
|
84
|
|||||||||
|
353
|
12
|
170
|
|
December 31, 2021
US$‘000
|
|||||||||||
|
Gross
investment |
Unearned
income |
Minimum
payments receivable |
|||||||||
Less than one year
|
292
|
11
|
142
|
|||||||||
Between one and five years (Note 14)
|
310
|
11
|
151
|
|||||||||
|
602
|
22
|
293
|
December 31, 2022
US$‘000
|
||||||||
|
Instruments
|
Total
|
||||||
Less than one year
|
1,589
|
1,589
|
||||||
|
1,589
|
1,589
|
16. |
TRADE AND OTHER RECEIVABLES (CONTINUED)
|
December 31, 2021
US$‘000
|
||||||||
|
Instruments
|
Total
|
||||||
Less than one year
|
3,953
|
3,953
|
||||||
Between one and five years
|
171
|
171
|
||||||
|
4,124
|
4,124
|
17. |
CASH AND CASH EQUIVALENTS
|
|
December 31, 2022
US$’000
|
December 31, 2021
US$’000
|
||||||
Cash at bank and in hand
|
6,578
|
22,790
|
||||||
Short-term deposits
|
-
|
3,120
|
||||||
Cash and cash equivalents
|
6,578
|
25,910
|
18. |
CAPITAL AND RESERVES
|
December 31, 2022
|
December 31, 2021
|
|||||||
|
Class ‘A’
Ordinary shares ‘000s
|
Class ‘A’
Ordinary shares ‘000s
|
||||||
In thousands of shares
|
||||||||
In issue at January 1
|
96,162
|
96,162
|
||||||
Issued for cash (a)
|
47,492
|
-
|
||||||
Issued as consideration for Exchangeable Notes purchase (b)
|
21,332
|
-
|
||||||
At period end
|
164,986
|
96,162
|
December 31, 2022
|
December 31, 2021
|
|||||||
|
ADS
|
ADS
|
||||||
In thousands of ADSs
|
||||||||
Balance at January 1
|
24,041
|
24,041
|
||||||
Issued for cash
|
11,873
|
-
|
||||||
Issued as consideration for Exchangeable Notes purchase
|
5,333
|
-
|
||||||
At period end
|
41,247
|
24,041
|
18. |
CAPITAL AND RESERVES (CONTINUED)
|
December 31,
2022
|
December 31,
2021
|
|||||||
|
Class ‘A’
Treasury shares ‘000s
|
Class ‘A’
Treasury shares ‘000s
|
||||||
In thousands of shares
|
||||||||
Balance at January 1
|
12,556
|
12,556
|
||||||
Purchased during period
|
-
|
-
|
||||||
At period end
|
12,556
|
12,556
|
December 31,
2022
|
December 31,
2021
|
|||||||
|
Class ‘A’
Treasury shares ‘000s
|
Class ‘A’
Treasury shares ‘000s
|
||||||
In thousands of ADSs
|
||||||||
Balance at January 1
|
3,139
|
3,139
|
||||||
Purchased during period
|
-
|
-
|
||||||
At period end
|
3,139
|
3,139
|
(a)
|
During the year ended December 31, 2022, the Company issued 47,492,000 ‘A’ Ordinary shares for a consideration of US$25,707,000 settled in
cash. The Company incurred US$606,000 in connection with the issues of shares. The total shares issued for cash comprises 44,759,000 ‘A’ Ordinary shares issued to MiCo and 2,733,328 ‘A’ Ordinary from the exercise of employee share
options. For more information on the investment by MiCo, refer to Note 22.
|
(b)
|
During the year ended December 31, 2022, the Company issued 21,332,000 ‘A’ Ordinary shares, with a market value of US$6,133,000, as partial
consideration for the purchase of Exchangeable Notes. The Company incurred US$213,000 in connection with this issue of shares. For more information on the purchase of Exchangeable Notes, refer to Note 22.
|
18. |
CAPITAL AND RESERVES (CONTINUED)
|
19. |
SHARE OPTIONS
|
19. |
SHARE OPTIONS (CONTINUED)
|
|
Share
Options
‘A’ OrdinaryShares |
Weighted-
average exercise price US$
Per ‘A’ Ordinary
Share
|
Range
US$
Per ‘A’ Ordinary
Share |
|||||||||
Outstanding January 1, 2020
|
12,303,990
|
1.31
|
0.46 –4.36
|
|||||||||
Granted
|
9,100,000
|
0.38
|
0.19 –1.10
|
|||||||||
Exercised
|
-
|
-
|
-
|
|||||||||
Expired / Forfeited
|
(1,918,000
|
)
|
2.14
|
0.19-4.21
|
||||||||
Outstanding at end of year
|
19,485,990
|
0.79
|
0.19-4.36
|
|||||||||
Exercisable at end of year
|
7,959,323
|
1.27
|
0.66-4.36
|
|||||||||
|
||||||||||||
Outstanding January 1, 2021
|
19,485,990
|
0.79
|
0.19-4.36
|
|||||||||
Granted
|
-
|
-
|
-
|
|||||||||
Exercised
|
-
|
-
|
-
|
|||||||||
Expired / Forfeited
|
(758,000
|
)
|
1.07
|
0.19-4.21
|
||||||||
Outstanding at end of year
|
18,727,990
|
0.78
|
0.19-4.36
|
|||||||||
Exercisable at end of year
|
13,401,322
|
0.93
|
0.19-4.36
|
|||||||||
Outstanding January 1, 2022
|
18,727,990
|
0.78
|
0.19-4.36
|
|||||||||
Granted
|
29,400,000
|
0.27
|
0.27-0.29
|
|||||||||
Exercised
|
(2,733,328
|
)
|
0.19
|
0.19-0.19
|
||||||||
Expired / Forfeited
|
(579,990
|
)
|
1.87
|
0.69-4.36
|
||||||||
Outstanding at end of year
|
44,814,672
|
0.47
|
0.19-2.43
|
|||||||||
Exercisable at end of year
|
14,138,004
|
0.89
|
0.19-2.43
|
19. |
SHARE OPTIONS (CONTINUED)
|
|
Share
Options
‘ADS’ Equivalent
|
Weighted-
average exercise price US$
Per ‘ADS’
|
Range
US$
Per ‘ADS’
|
|||||||||
|
||||||||||||
Outstanding January 1, 2020
|
3,075,998
|
5.24
|
1.83 – 17.45
|
|||||||||
Granted
|
2,275,000
|
1.52
|
0.77-4.41
|
|||||||||
Exercised
|
-
|
-
|
-
|
|||||||||
Expired / Forfeited
|
(479,500
|
)
|
8.56
|
0.77-16.84
|
||||||||
Outstanding at end of year
|
4,871,498
|
3.15
|
0.77-17.45
|
|||||||||
Exercisable at end of year
|
1,989,831
|
5.08
|
2.64-17.45
|
|||||||||
Outstanding January 1, 2021
|
4,871,498
|
3.15
|
0.77-17.45
|
|||||||||
Granted
|
-
|
-
|
-
|
|||||||||
Exercised
|
-
|
-
|
-
|
|||||||||
Expired / Forfeited
|
(189,500
|
)
|
4.28
|
0.76-16.84
|
||||||||
Outstanding at end of year
|
4,681,998
|
3.12
|
0.76-17.44
|
|||||||||
Exercisable at end of year
|
3,350,331
|
3.72
|
0.76-17.44
|
|||||||||
Outstanding January 1, 2022
|
4,681,998
|
3.12
|
0.76-17.44
|
|||||||||
Granted
|
7,350,000
|
1.09
|
1.07-1.14
|
|||||||||
Exercised
|
(683,332
|
)
|
0.77
|
0.77-0.77
|
||||||||
Expired / Forfeited
|
(144,998
|
)
|
7.48
|
2.76-17.44
|
||||||||
Outstanding at end of year
|
11,203,668
|
1.88
|
0.77-9.73
|
|||||||||
Exercisable at end of year
|
3,534,501
|
3.56
|
0.77-9.73
|
|
Outstanding
|
Exercisable
|
||||||||||||||||||||||
Exercise price range
|
No. of
options ‘A’ ordinary shares |
Weighted–
average exercise price |
Weighted-
average contractual life remaining (years) |
No. of
options ‘A’ ordinary shares |
Weighted–
average exercise price |
Weighted-
average contractual life remaining (years) |
||||||||||||||||||
US$0.19-US$0.99
|
39,546,672
|
0.35
|
6.10
|
8,930,004
|
0.59
|
4.05
|
||||||||||||||||||
US$1.00-US$1.74
|
4,988,000
|
1.34
|
1.78
|
4,928,000
|
1.34
|
1.74
|
||||||||||||||||||
US$1.75- US$2.43
|
280,000
|
2.43
|
0.15
|
280,000
|
2.43
|
0.15
|
||||||||||||||||||
44,814,672
|
14,138,004
|
19. |
SHARE OPTIONS (CONTINUED)
|
|
Outstanding
|
Exercisable
|
||||||||||||||||||||||
Exercise price range
|
No. of
options ‘ADS equivalent’ |
Weighted–
average exercise price |
Weighted-
average contractual life remaining (years) |
No. of
options ‘ADS equivalent’ |
Weighted–
average exercise price |
Weighted-
average contractual life remaining (years) |
||||||||||||||||||
US$0.77-US$3.96
|
9,886,668
|
1.39
|
6.10
|
2,232,501
|
2.37
|
4.05
|
||||||||||||||||||
US$4.00-US$6.94
|
1,247,000
|
5.37
|
1.78
|
1,232,000
|
5.38
|
1.74
|
||||||||||||||||||
US$6.95- US$9.73
|
70,000
|
9.73
|
0.15
|
70,000
|
9.73
|
0.15
|
||||||||||||||||||
11,203,668
|
3,534,501
|
|
Outstanding
|
Exercisable
|
||||||||||||||||||||||
Exercise price range
|
No. of
options ‘A’ ordinary shares |
Weighted–
average exercise price |
Weighted-
average contractual life remaining (years) |
No. of
options ‘A’ ordinary shares |
Weighted–
average exercise price |
Weighted-
average contractual life remaining (years) |
||||||||||||||||||
US$0.19-US$0.99
|
13,000,006
|
0.48
|
3.54
|
7,960,004
|
0.55
|
2.92
|
||||||||||||||||||
US$1.00-US$2.05
|
5,228,000
|
1.34
|
0.79
|
4,941,334
|
1.35
|
0.99
|
||||||||||||||||||
US$2.06- US$2.99
|
439,984
|
2.53
|
0.03
|
439,984
|
2.53
|
0.04
|
||||||||||||||||||
US$3.00 -US$4.36
|
60,000
|
4.17
|
0.00
|
60,000
|
4.17
|
0.00
|
||||||||||||||||||
|
18,727,990
|
13,401,322
|
|
|
Outstanding
|
Exercisable
|
||||||||||||||||||||||
Exercise price range
|
No. of
options ‘ADS equivalent’ |
Weighted–
average exercise price |
Weighted-
average contractual life remaining (years) |
No. of
options ‘ADS equivalent’ |
Weighted–
average exercise price |
Weighted-
average contractual life remaining (years) |
||||||||||||||||||
US$0.77-US$3.96
|
3,250,002
|
1.94
|
3.54
|
1,990,001
|
2.19
|
2.92
|
||||||||||||||||||
US$4.00-US$8.20
|
1,307,000
|
5.36
|
0.79
|
1,235,334
|
5.40
|
0.99
|
||||||||||||||||||
US$8.24- US$11.96
|
109,996
|
10.13
|
0.03
|
109,996
|
10.13
|
0.04
|
||||||||||||||||||
US$12.00 -US$17.45
|
15,000
|
16.67
|
0.00
|
15,000
|
16.67
|
0.00
|
||||||||||||||||||
|
4,681,998
|
3,350,331
|
19. |
SHARE OPTIONS (CONTINUED)
|
|
December 31,
2022
US$‘000
|
December 31,
2021
US$‘000
|
December 31,
2020
US$‘000
|
|||||||||
Share-based payments – cost of sales
|
-
|
5
|
12
|
|||||||||
Share-based payments – selling, general and administrative
|
1,755
|
1,095
|
780
|
|||||||||
Total – continuing operations
|
1,755
|
1,100
|
792
|
|||||||||
Share-based payments – discontinued operations
|
-
|
-
|
-
|
|||||||||
Total
|
1,755
|
1,100
|
792
|
|
Key
management personnel |
Other
employees |
Key
management personnel |
Other
employees |
Key
management personnel |
Other
employees |
||||||||||||||||||
|
2022
|
2022
|
2021
|
2021
|
2020
|
2020
|
||||||||||||||||||
Weighted average fair value at measurement date per ‘A’ share / (per ADS)
|
|
US$0.19 /
(US$0.77
|
)
|
- /
-
|
- /
-
|
- /
-
|
|
US$0.20 /
(US$0.80
|
)
|
US$0.27 /
(US$1.08
|
)
|
|||||||||||||
Total ‘A’ share options granted / (ADS’s equivalent)
|
29,400,000 /
(7,350,000
|
)
|
- /
-
|
- /
-
|
- /
-
|
8,480,000 /
(2,120,000
|
)
|
620,000 /
(155,000
|
)
|
|||||||||||||||
Weighted average share price per ‘A’ share / (per ADS)
|
|
US$0.27 /
(US$1.09
|
)
|
- /
-
|
- /
-
|
- /
-
|
|
US$0.38 /
(US$1.52
|
)
|
US$0.48 /
(US$1.96
|
)
|
|||||||||||||
Weighted average exercise price per ‘A’ share / (per ADS)
|
|
US$0.27 /
(US$1.09
|
)
|
- /
-
|
- /
-
|
- /
-
|
|
US$0.38 /
(US$1.52
|
)
|
|
US$0.48 /
(US$1.96
|
)
|
||||||||||||
Weighted average expected volatility
|
76.79
|
%
|
-
|
%
|
-
|
%
|
-
|
%
|
66.98
|
%
|
65.89
|
%
|
||||||||||||
Weighted average expected life
|
6.82
|
-
|
-
|
-
|
4.34
|
4.35
|
||||||||||||||||||
Weighted average risk-free interest rate
|
3.59
|
%
|
-
|
%
|
-
|
%
|
-
|
%
|
0.44
|
%
|
0.42
|
%
|
19. |
SHARE OPTIONS (CONTINUED)
|
20. |
TRADE AND OTHER PAYABLES
|
|
December 31, 2022
US$’000
|
December 31, 2021
US$’000
|
||||||
Trade payables
|
6,205
|
6,763
|
||||||
Accruals and other liabilities
|
8,585
|
7,595
|
||||||
Payroll taxes
|
368
|
398
|
||||||
Employee related social insurance
|
103
|
130
|
||||||
Deferred income
|
114
|
141
|
||||||
Deferred government grants
|
-
|
69
|
||||||
Other payables
|
-
|
31
|
||||||
|
15,375
|
15,127
|
21. |
PROVISIONS
|
|
December 31, 2022
US$’000
|
December 31, 2021
US$’000
|
||||||
Product warranty provision
|
50
|
50
|
||||||
50
|
50
|
22. |
INTEREST-BEARING LOANS AND BORROWINGS
|
|
December 31,
2022 US$’000
|
December 31,
2021 US$’000
|
||||||
Current liabilities
|
||||||||
Exchangeable senior notes
|
210
|
83,312
|
||||||
Total
|
210
|
83,312
|
|
December 31,
2022 US$’000
|
December 31,
2021 US$’000
|
||||||
Non-Current liabilities
|
||||||||
Senior secured term loan
|
44,301
|
-
|
||||||
Derivative financial liability
|
1,569
|
-
|
||||||
Convertible Note
|
13,746
|
-
|
||||||
Total non-current liabilities
|
59,616
|
-
|
|
December 31,
2022 US$’000
|
December 31,
2021 US$’000
|
||||||
Non-Current assets
|
||||||||
Derivative financial asset
|
128
|
-
|
||||||
Total non-current assets
|
128
|
-
|
22. |
INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED)
|
December 31,
2022
US$000
|
December 31,
2021
US$000
|
|||||||
Balance at January 1
|
(83,312
|
)
|
(82,664
|
)
|
||||
Accretion interest
|
(83
|
)
|
(648
|
)
|
||||
Repaid to Note holders
|
86,730
|
0
|
||||||
Shares issued to Note holders as consideration
|
6,133
|
0
|
||||||
Loss on disposal
|
(9,678
|
)
|
0
|
|||||
Liability
|
(210
|
)
|
(83,312
|
)
|
(i)
|
Senior secured term loan
|
22. |
INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED)
|
(ii)
|
7-year convertible note
|
Senior secured term loan
US$000
|
7-year Convertible Note
US$000
|
|||||||
Balance at January 1, 2022
|
-
|
-
|
||||||
Principal amount loaned
|
(81,250
|
)
|
(20,000
|
)
|
||||
Loan origination costs
|
3,551
|
40
|
||||||
Derivative financial liability at date of issue
|
1,872
|
-
|
||||||
Derivative financial asset at date of issue
|
(202
|
)
|
-
|
|||||
Equity component at date of issue
|
-
|
6,709
|
||||||
Accretion interest
|
(2,772
|
)
|
(495
|
)
|
||||
Cash repayment of principal
|
34,500
|
-
|
||||||
Non-current liability at December 31, 2022
|
(44,301
|
)
|
(13,746
|
)
|
US$000
|
||||
Balance at January 1, 2022
|
-
|
|||
Derivative financial liability at date of issue of Term Loan
|
(1,872
|
)
|
||
Fair value adjustments in the period
|
303
|
|||
Non-current liability at December 31, 2022
|
(1,569
|
)
|
US$000
|
||||
Balance at January 1, 2022
|
-
|
|||
Derivative financial asset at date of issue of Term Loan
|
202
|
|||
Fair value adjustments in the period
|
(74
|
)
|
||
Non-current asset at December 31, 2022
|
128
|
23. |
LEASE LIABILITIES
|
|
December 31, 2022
US$’000
|
December 31, 2021
US$’000
|
||||||
Current liabilities
|
||||||||
Lease liabilities related to Right of Use assets
|
1,631
|
1,878
|
||||||
Sale and leaseback liabilities
|
45
|
102
|
||||||
|
1,676
|
1,980
|
||||||
|
||||||||
Non-Current liabilities
|
||||||||
Lease liabilities related to Right of Use assets
|
12,267
|
13,790
|
||||||
Sale and leaseback liabilities
|
-
|
75
|
||||||
12,267
|
13,865
|
|
December 31, 2022
US$’000
|
December 31, 2022
US$’000
|
||||||||||||||||||||||
Lease liabilities related to
Right of Use assets
|
Sale and leaseback
Liabilities
|
|||||||||||||||||||||||
|
Minimum
lease
payments
|
Interest
|
Principal
|
Minimum
lease
payments
|
Interest
|
Principal
|
||||||||||||||||||
Less than one year
|
2,249
|
618
|
1,631
|
46
|
1
|
45
|
||||||||||||||||||
In more than one year, but not more than two
|
2,240
|
561
|
1,679
|
-
|
-
|
-
|
||||||||||||||||||
In more than two years but not more than five
|
5,739
|
1,217
|
4,522
|
-
|
-
|
-
|
||||||||||||||||||
more than five years
|
6,968
|
902
|
6,066
|
-
|
-
|
-
|
||||||||||||||||||
|
17,196
|
3,298
|
13,898
|
46
|
1
|
45
|
23. |
LEASE LIABILITIES (CONTINUED)
|
|
December 31, 2021
US$’000
|
December 31, 2021
US$’000
|
||||||||||||||||||||||
Lease liabilities related to
Right of Use assets
|
Sale and leaseback
Liabilities
|
|||||||||||||||||||||||
|
Minimum
lease
payments
|
Interest
|
Principal
|
Minimum
lease
payments
|
Interest
|
Principal
|
||||||||||||||||||
Less than one year
|
2,575
|
697
|
1,878
|
109
|
7
|
102
|
||||||||||||||||||
In more than one year, but not more than two
|
2,175
|
621
|
1,554
|
77
|
2
|
75
|
||||||||||||||||||
In more than two years but not more than five
|
5,985
|
1,469
|
4,516
|
-
|
-
|
-
|
||||||||||||||||||
more than five years
|
8,992
|
1,272
|
7,720
|
-
|
-
|
-
|
||||||||||||||||||
|
19,727
|
4,059
|
15,668
|
186
|
9
|
177
|
Facility
|
Currency
|
Nominal
interest
rate |
Year of
maturity
|
Fair
Value
|
Carrying
Value
|
|||||||||||||
Sale and leaseback liabilities
|
USD
|
5.51
|
%
|
2023
|
45
|
45
|
Facility
|
Currency
|
Nominal
interest
rate |
Year of
maturity
|
Fair
Value
|
Carrying
Value
|
|||||||||||||
Sale and leaseback liabilities
|
Euro
|
4.53
|
%
|
2023
|
65
|
65
|
||||||||||||
Sale and leaseback liabilities
|
USD
|
5.51
|
%
|
2023
|
111
|
111
|
||||||||||||
Total
|
176
|
176
|
24. |
COMMITMENTS AND CONTINGENCIES
|
(a) |
Capital Commitments
|
(b) |
Leasing Commitments
|
(d) |
Group Company Guarantees
|
(f) |
Government Grant Contingencies
|
(g) |
Other Contingencies
|
25. |
RELATED PARTY TRANSACTIONS
|
|
December 31, 2022
|
December 31, 2021
|
||||||
|
US$’000
|
US$’000
|
||||||
Short-term employee benefits
|
1,074
|
1,065
|
||||||
Performance related bonus
|
512
|
227
|
||||||
Post-employment benefits
|
24
|
24
|
||||||
Share-based compensation benefits as calculated under IFRS 2
|
1,690
|
965
|
||||||
|
3,300
|
2,281
|
25. |
RELATED PARTY TRANSACTIONS
|
|
‘A’ Ordinary Shares
|
Share options
|
||||||
At January 1, 2022
|
9,077,713
|
16,738,000
|
||||||
Shares of retired director
|
(626,600
|
)
|
—
|
|||||
Options of retired director
|
—
|
(2,924,000
|
)
|
|||||
Shares purchased during the year
|
2,666,664
|
(2,666,664
|
)
|
|||||
Shares sold during the year
|
—
|
—
|
||||||
Granted
|
—
|
29,400,000
|
||||||
Expired / forfeited
|
—
|
—
|
||||||
At December 31, 2022
|
11,117,777
|
40,547,336
|
|
‘A’ Ordinary Shares
|
Share options
|
||||||
At January 1, 2021
|
9,077,713
|
17,394,000
|
||||||
Shares of retired director
|
—
|
—
|
||||||
Options of retired director
|
—
|
(656,000
|
)
|
|||||
Shares purchased during the year
|
—
|
—
|
||||||
Shares sold during the year
|
—
|
—
|
||||||
Granted
|
—
|
—
|
||||||
Expired / forfeited
|
—
|
—
|
||||||
At December 31, 2021
|
9,077,713
|
16,738,000
|
26. |
CAPITAL AND FINANCIAL RISK MANAGEMENT
|
26. |
CAPITAL AND FINANCIAL RISK MANAGEMENT (CONTINUED)
|
|
Level 1
|
Level 2
|
Total
carrying
amount
|
Fair
Value
|
||||||||||||||||
|
Note
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
|||||||||||||||
December 31, 2022
|
||||||||||||||||||||
Loans and receivables at amortised cost
|
||||||||||||||||||||
Trade receivables
|
16
|
12,620
|
-
|
12,620
|
12,620
|
|||||||||||||||
Cash and cash equivalents
|
17
|
6,578
|
-
|
6,578
|
6,578
|
|||||||||||||||
Finance lease receivable
|
14, 16
|
170
|
-
|
170
|
170
|
|||||||||||||||
|
||||||||||||||||||||
|
19,368
|
-
|
19,368
|
19,368
|
||||||||||||||||
|
||||||||||||||||||||
Liabilities at amortised cost
|
||||||||||||||||||||
Senior secured term loan
|
22
|
-
|
(44,301
|
)
|
(44,301
|
)
|
(44,301
|
)
|
||||||||||||
Convertible note
|
22
|
-
|
(13,746
|
)
|
(13,746
|
)
|
(13,746
|
)
|
||||||||||||
Exchangeable note
|
22
|
(210
|
)
|
-
|
(210
|
)
|
(210
|
)
|
||||||||||||
Lease liabilities
|
23
|
(13,943
|
)
|
-
|
(13,943
|
)
|
(13,943
|
)
|
||||||||||||
Trade and other payables (excluding deferred income)
|
20
|
(15,261
|
)
|
-
|
(15,261
|
)
|
(15,261
|
)
|
||||||||||||
Provisions
|
21
|
(50
|
)
|
-
|
(50
|
)
|
(50
|
)
|
||||||||||||
|
(29,464
|
)
|
(58,047
|
)
|
(87,511
|
)
|
(87,511
|
)
|
||||||||||||
Fair value through profit and loss (FVPL)
|
||||||||||||||||||||
Derivative liability - warrants
|
22
|
-
|
(1,569
|
)
|
(1,569
|
)
|
(1,569
|
)
|
||||||||||||
Derivative asset – prepayment option
|
22
|
-
|
128
|
128
|
128
|
|||||||||||||||
|
-
|
(1,441
|
)
|
(1,441
|
)
|
(1,441
|
)
|
|||||||||||||
|
(10,096
|
)
|
(59,488
|
)
|
(69,584
|
)
|
(69,584
|
)
|
26. |
CAPITAL AND FINANCIAL RISK MANAGEMENT (CONTINUED)
|
|
Level 1
|
Level 2
|
Total
carrying
amount
|
Fair
Value
|
||||||||||||||||
|
Note
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
|||||||||||||||
December 31, 2021
|
||||||||||||||||||||
Loans and receivables at amortised cost
|
||||||||||||||||||||
Trade receivables
|
16
|
13,290
|
—
|
13,290
|
13,290
|
|||||||||||||||
Cash and cash equivalents
|
17
|
25,910
|
—
|
25,910
|
25,910
|
|||||||||||||||
Finance lease receivable
|
14, 16
|
293
|
—
|
293
|
293
|
|||||||||||||||
|
39,493
|
—
|
39,493
|
39,493
|
||||||||||||||||
|
||||||||||||||||||||
Liabilities at amortised cost
|
||||||||||||||||||||
Exchangeable note¹
|
22
|
—
|
(83,312
|
)
|
(83,312
|
)
|
(83,312
|
)
|
||||||||||||
Lease liabilities
|
23
|
(15,845
|
)
|
—
|
(15,845
|
)
|
(15,845
|
)
|
||||||||||||
Trade and other payables (excluding deferred income)
|
20
|
(14,986
|
)
|
—
|
(14,986
|
)
|
(14,986
|
)
|
||||||||||||
Provisions
|
21
|
(50
|
)
|
—
|
(50
|
)
|
(50
|
)
|
||||||||||||
|
(30,881
|
)
|
(83,312
|
)
|
(114,193
|
)
|
(114,193
|
)
|
||||||||||||
|
8,612
|
(83,312
|
)
|
(74,700
|
)
|
(74,700
|
)
|
26. |
CAPITAL AND FINANCIAL RISK MANAGEMENT (CONTINUED)
|
As at December 31, 2022
|
Note
|
Effective
interest
rate |
Total
US$’000
|
6 mths or less
US$’000
|
6 –12 mths
US$’000
|
1-2 years
US$’000
|
2-5 years
US$’000
|
> 5 years
US$’000
|
||||||||||||||||||||||||
Cash and cash equivalents
|
17
|
0.00
|
%
|
6,578
|
6,578
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||
Lease receivable
|
14,16
|
4.0
|
%
|
170
|
46
|
41
|
49
|
34
|
—
|
|||||||||||||||||||||||
Exchangeable note
|
22
|
4.8
|
%
|
(210
|
)
|
—
|
—
|
—
|
—
|
(210
|
)
|
|||||||||||||||||||||
Senior secured term loan1
|
22
|
15.4
|
%
|
(44,301
|
)
|
—
|
—
|
—
|
(44,301
|
)
|
—
|
|||||||||||||||||||||
Convertible note2
|
22
|
1.5
|
%
|
(13,746
|
)
|
—
|
—
|
—
|
—
|
(13,746
|
)
|
|||||||||||||||||||||
Lease payable on Right of Use assets
|
23
|
5.0
|
%
|
(13,898
|
)
|
(812
|
)
|
(819
|
)
|
(1,679
|
)
|
(4,522
|
)
|
(6,066
|
)
|
|||||||||||||||||
Lease payable on sale & leaseback transactions
|
23
|
5.0
|
%
|
(45
|
)
|
(35
|
)
|
(10
|
)
|
—
|
—
|
—
|
||||||||||||||||||||
Total
|
(65,452
|
)
|
5,777
|
(788
|
)
|
(1,630
|
)
|
(48,789
|
)
|
(20,022
|
)
|
As at December 31, 2021
|
Note
|
Effective
interest
rate |
Total
US$’000
|
6 mths or less
US$’000
|
6 –12 mths
US$’000
|
1-2 years
US$’000
|
2-5 years
US$’000
|
> 5 years
US$’000
|
||||||||||||||||||||||||
Cash and cash equivalents
|
17
|
0.01
|
%
|
25,910
|
25,910
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||
Lease receivable
|
14,16
|
4.0
|
%
|
293
|
81
|
61
|
89
|
62
|
—
|
|||||||||||||||||||||||
Exchangeable note¹
|
22
|
4.8
|
%
|
(83,312
|
)
|
—
|
—
|
—
|
—
|
(83,312
|
)
|
|||||||||||||||||||||
Other borrowings
|
0
|
%
|
(31
|
)
|
—
|
(31
|
)
|
—
|
—
|
—
|
||||||||||||||||||||||
Lease payable on Right of Use assets
|
23
|
5.0
|
%
|
(15,668
|
)
|
(973
|
)
|
(905
|
)
|
(1,554
|
)
|
(4,516
|
)
|
(7,720
|
)
|
|||||||||||||||||
Lease payable on sale & leaseback transactions
|
23
|
5.0
|
%
|
(177
|
)
|
(51
|
)
|
(51
|
)
|
(75
|
)
|
—
|
—
|
|||||||||||||||||||
Total
|
(72,985
|
)
|
24,967
|
(926
|
)
|
(1,540
|
)
|
(4,454
|
)
|
(91,032
|
)
|
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
||||||
Variable rate instruments
|
||||||||
Cash at bank and in hand
|
6,578
|
22,790
|
||||||
Short-term deposits
|
-
|
3,120
|
||||||
Variable rate financial liabilities (senior secured term loan)
|
(44,301
|
)
|
—
|
|||||
|
(37,723
|
)
|
25,910
|
|||||
Fixed rate instruments
|
||||||||
Fixed rate financial liabilities (exchangeable note)
|
(210
|
)
|
(83,312
|
)
|
||||
Fixed rate financial liabilities (convertible note)
|
(13,746
|
)
|
—
|
|||||
Fixed rate financial liabilities (borrowings)
|
—
|
(31
|
)
|
|||||
Fixed rate financial liabilities (lease payables)
|
(13,943
|
)
|
(15,844
|
)
|
||||
Financial assets (short-term deposits and short-term investments)
|
—
|
3,121
|
||||||
Financial assets (lease receivables)
|
170
|
293
|
||||||
|
(27,729
|
)
|
(95,773
|
)
|
As at December 31, 2022
US$’000
|
Carrying
amount US$’000
|
Contractual
cash flows US$’000
|
6 mths or
less US$’000
|
6 mths –
12 mths
US$’000
|
1-2 years
US$’000
|
2-5 years
US$’000
|
>5 years
US$’000
|
|||||||||||||||||||||
Financial liabilities
|
||||||||||||||||||||||||||||
Trade & other payables
|
15,261
|
15,261
|
15,261
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||
Lease payable on Right of Use assets
|
13,898
|
17,196
|
1,120
|
1,130
|
2,240
|
5,739
|
6,967
|
|||||||||||||||||||||
Lease payable on sale & leaseback transactions
|
45
|
46
|
36
|
10
|
—
|
—
|
—
|
|||||||||||||||||||||
Senior secured term loan
|
44,301
|
69,519
|
4,194
|
3,595
|
7,190
|
54,540
|
—
|
|||||||||||||||||||||
Convertible note
|
13,746
|
21,900
|
150
|
150
|
300
|
900
|
20,400
|
|||||||||||||||||||||
Exchangeable notes
|
210
|
397
|
4
|
4
|
8
|
24
|
357
|
|||||||||||||||||||||
|
87,461
|
124,319
|
20,765
|
4,889
|
9,738
|
61,203
|
27,724
|
26. |
CAPITAL AND FINANCIAL RISK MANAGEMENT (CONTINUED)
|
As at December 31, 2021
US$’000
|
Carrying
amount US$’000
|
Contractual
cash flows US$’000
|
6 mths or
less US$’000
|
6 mths –
12 mths
US$’000
|
1-2 years
US$’000
|
2-5 years
US$’000
|
>5 years
US$’000
|
|||||||||||||||||||||
Financial liabilities
|
||||||||||||||||||||||||||||
Trade & other payables
|
15,127
|
15,127
|
15,127
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||
Lease payable on Right of Use assets
|
15,668
|
15,668
|
973
|
905
|
1,554
|
4,516
|
7,720
|
|||||||||||||||||||||
Lease payable on sale & leaseback transactions
|
177
|
177
|
51
|
51
|
75
|
—
|
—
|
|||||||||||||||||||||
Other borrowings
|
31
|
31
|
—
|
31
|
—
|
—
|
—
|
|||||||||||||||||||||
Exchangeable notes ¹
|
83,312
|
99,900
|
—
|
—
|
—
|
—
|
99,900
|
|||||||||||||||||||||
Exchangeable note interest
|
999
|
93,906
|
1,998
|
1,998
|
3,996
|
11,988
|
73,926
|
|||||||||||||||||||||
|
115,314
|
224,809
|
18,149
|
2,985
|
5,625
|
16,504
|
181,546
|
EUR
|
GBP
|
SEK
|
CAD
|
BRL
|
Other
|
|||||||||||||||||||
As at December 31, 2022
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
||||||||||||||||||
Cash
|
700
|
199
|
5
|
2,061
|
756
|
—
|
||||||||||||||||||
Trade and other receivable
|
1,001
|
27
|
—
|
950
|
1,443
|
—
|
||||||||||||||||||
Trade and other payables
|
(3,481
|
)
|
(5
|
)
|
(6
|
)
|
(473
|
)
|
(662
|
)
|
—
|
|||||||||||||
Lease liabilities
|
(9,024
|
)
|
—
|
—
|
—
|
(277
|
)
|
—
|
||||||||||||||||
Total exposure
|
(10,804
|
)
|
221
|
(1
|
)
|
2,538
|
1,260
|
—
|
As at December 31, 2021
|
EUR
|
GBP
|
SEK
|
CAD
|
BRL
|
Other
|
||||||||||||||||||
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
US$‘000
|
|||||||||||||||||||
Cash
|
327
|
115
|
5
|
4,617
|
1,370
|
—
|
||||||||||||||||||
Trade and other receivable
|
464
|
58
|
—
|
488
|
1,538
|
—
|
||||||||||||||||||
Trade and other payables
|
(2,456
|
)
|
(28
|
)
|
(11
|
)
|
(166
|
)
|
(629
|
)
|
—
|
|||||||||||||
Lease liabilities
|
(10,629
|
)
|
—
|
—
|
—
|
(139
|
)
|
—
|
||||||||||||||||
Total exposure
|
(12,294
|
)
|
145
|
(6
|
)
|
4,939
|
2,140
|
—
|
26. |
CAPITAL AND FINANCIAL RISK MANAGEMENT (CONTINUED)
|
|
Profit or Loss
US$’000
|
|||
December 31, 2022
|
||||
Euro
|
982
|
|||
December 31, 2021
|
||||
Euro
|
780
|
Profit or Loss
US$000
|
||||
December 31, 2022
|
||||
Euro
|
(1,200
|
)
|
||
December 31, 2021
|
||||
Euro
|
(953
|
)
|
26. |
CAPITAL AND FINANCIAL RISK MANAGEMENT (CONTINUED)
|
|
Carrying Value
December 31, 2022 US$’000 |
Carrying Value
December 31, 2021 US$’000 |
||||||
Third party trade receivables (Note 16)
|
12,620
|
13,290
|
||||||
Finance lease income receivable (Note 16)
|
170
|
293
|
||||||
Cash and cash equivalents (Note 17)
|
6,578
|
25,910
|
||||||
|
19,368
|
39,493
|
|
Carrying Value
December 31, 2022 US$’000 |
Carrying Value
December 31, 2021 US$’000 |
||||||
United States
|
6,061
|
5,822
|
||||||
Euro-zone countries
|
1,183
|
1,072
|
||||||
United Kingdom
|
67
|
118
|
||||||
Other regions
|
5,479
|
6,571
|
||||||
|
12,790
|
13,583
|
|
Carrying Value
December 31, 2022 US$’000 |
Carrying Value
December 31, 2021 US$’000 |
||||||
End-user customers
|
7,365
|
6,923
|
||||||
Distributors
|
4,630
|
6,220
|
||||||
Non-governmental organisations
|
795
|
440
|
||||||
|
12,790
|
13,583
|
26. |
CAPITAL AND FINANCIAL RISK MANAGEMENT (CONTINUED)
|
|
Gross
|
Impairment
|
Expected Credit Loss Rate
|
Gross
|
Impairment
|
Expected Credit Loss Rate
|
||||||||||||||||||
|
2022
|
2022
|
2022
|
2021
|
2021
|
2021
|
||||||||||||||||||
|
US$’000
|
US$’000
|
%
|
US$’000
|
US$’000
|
%
|
||||||||||||||||||
Not past due
|
8,341
|
-
|
-
|
%
|
8,461
|
-
|
-
|
%
|
||||||||||||||||
Past due 0-30 days
|
1,622
|
-
|
-
|
%
|
2,423
|
1
|
0.1
|
%
|
||||||||||||||||
Past due 31-120 days
|
1,564
|
23
|
1.5
|
%
|
1,981
|
97
|
4.9
|
%
|
||||||||||||||||
Greater than 120 days
|
3,783
|
2,668
|
70.5
|
%
|
3,011
|
2,888
|
73.0
|
%
|
||||||||||||||||
|
15,310
|
2,691
|
—
|
15,876
|
2,986
|
—
|
|
2022
|
2021
|
||||||
|
US$’000
|
US$’000
|
||||||
Balance at January 1
|
2,986
|
3,922
|
||||||
Charged to costs and expenses
|
1,240
|
76
|
||||||
Amounts written off during the year
|
(1,535
|
)
|
(1,012
|
)
|
||||
Balance at December 31
|
2,691
|
2,986
|
|
Note
|
Borrowings & derivative financial instruments
US$’000 |
Lease liabilities
US$’000 |
|||||||||
Balance at January 1, 2022
|
20,22,23
|
83,343
|
15,845
|
|||||||||
Cash-flows:
|
||||||||||||
Principal amount loaned – term loan
|
81,250
|
|||||||||||
Principal amount loaned – convertible note
|
20,000
|
-
|
||||||||||
Loan origination costs paid
|
(3,591
|
)
|
-
|
|||||||||
Interest paid for term loan
|
(6,424
|
)
|
-
|
|||||||||
Interest paid for convertible note
|
(199
|
)
|
||||||||||
Interest paid for exchangeable notes
|
(1,293
|
)
|
||||||||||
Repayment of exchangeable notes
|
(86,730
|
)
|
||||||||||
Repayment of term loan
|
(34,500
|
)
|
||||||||||
Repayment of CEBA loan
|
(23
|
)
|
(2,761
|
)
|
||||||||
Penalty paid for early settlement of term loan
|
(3,450
|
)
|
-
|
|||||||||
Non-cash:
|
||||||||||||
Interest charged
|
7,914
|
-
|
||||||||||
Penalty for early settlement charged
|
3,450
|
-
|
||||||||||
Shares issued as consideration for purchase of Exchangeable Notes
|
(6,133
|
)
|
-
|
|||||||||
Equity component of convertible note at date of issue
|
(6,709
|
)
|
-
|
|||||||||
Derivative financial asset at date of issue
|
202
|
-
|
||||||||||
Loss on disposal of Exchangeable Notes
|
9,678
|
-
|
||||||||||
Additions (related to Right of Use assets)
|
-
|
830
|
||||||||||
Exchange adjustment
|
-
|
(628
|
)
|
|||||||||
Loan forgiven
|
(7
|
)
|
-
|
|||||||||
Accretion interest
|
3,351
|
657
|
||||||||||
Fair value of derivative liability - warrants
|
(303
|
)
|
-
|
|||||||||
Balance at December 31, 2022
|
22,23
|
59,826
|
13,943
|
Note
|
Borrowings & derivative financial instruments
US$’000 |
Lease liabilities
US$’000 |
||||||||||
Balance at January 1, 2021
|
20, 22,23
|
84,065
|
18,741
|
|||||||||
Cash-flows:
|
||||||||||||
Interest paid
|
(3,996
|
)
|
(11
|
)
|
||||||||
Repayment
|
—
|
(2,939
|
)
|
|||||||||
Non-cash:
|
—
|
|||||||||||
Interest charged
|
3,996
|
—
|
||||||||||
Additions (related to Right of Use assets)
|
—
|
71
|
||||||||||
Exchange adjustment
|
—
|
(820
|
)
|
|||||||||
Accretion interest
|
648
|
803
|
||||||||||
Fair value
|
6
|
(1,370
|
)
|
—
|
||||||||
Balance at December 31, 2021
|
22,23
|
83,343
|
15,845
|
28. |
POST BALANCE SHEET EVENTS
|
28. |
POST BALANCE SHEET EVENTS continued
|
• |
Significant underperformance relative to expected historical or projected future operating results;
|
• |
Obsolescence of products;
|
• |
Significant decline in our stock price for a sustained period; and
|
• |
Our market capitalisation relative to net book value.
|
(vii)
|
VTM inventory – there has been no evidence during the winter season of 2022-23 of significant peaks in demand for VTM products. This has led
management to revisit the strategy of maintaining significant levels of raw materials inventory to meet demand peaks. Consequently, the provision for this inventory was increased by US$3.5 million in 2022 reflecting our estimate of its
net realisable value.
|
(viii)
|
Tri-stat inventory – the Company undertook a strategic review of our Tri-stat instrument line as part of a broader review of our haemoglobins
product portfolio. Management decided to limit sales of Tri-stat to certain targeted partnerships and as a consequence the value of this inventory was written down by US0.3 million to reflect the revised outlook.
|
(ix)
|
Raw materials and work in progress failing to meet our revised quality policy - the value of certain excess raw materials and work in progress
was written down by US$0.9 million in 2022 following a review and an update to our relevant quality assurance policy.
|
30. |
GROUP UNDERTAKINGS
|
Name and registered office
|
Principal activity
|
Principal Country of
incorporation and operation |
Group % holding
|
|||
Trinity Biotech Manufacturing Limited
IDA Business Park, Bray
County Wicklow, Ireland
|
Manufacture and sale
of diagnostic test kits |
Ireland
|
100%
|
|||
Trinity Research Limited
IDA Business Park, Bray
County Wicklow, Ireland
|
Research and
development |
Ireland
|
100%
|
|||
Benen Trading Limited
IDA Business Park, Bray
County Wicklow, Ireland
|
Trading
|
Ireland
|
100%
|
|||
Trinity Biotech Manufacturing Services Limited
IDA Business Park, Bray
County Wicklow, Ireland
|
Dormant
|
Ireland
|
100%
|
|||
Trinity Biotech Luxembourg Sarl
1, rue Bender,
L-1229 Luxembourg
|
Investment and
provision of financial services |
Luxembourg
|
100%
|
|||
Trinity Biotech Inc
Girts Road,
Jamestown,
NY 14702, USA
|
Holding Company
|
U.S.A.
|
100%
|
|||
Clark Laboratories Inc
Trading as Trinity Biotech (USA)
Girts Road, Jamestown
NY14702, USA
|
Manufacture and sale
of diagnostic test kits |
U.S.A.
|
100%
|
|||
Mardx Diagnostics Inc
5919 Farnsworth Court
Carlsbad
CA 92008, USA
|
Dormant
|
U.S.A.
|
100%
|
|||
Fitzgerald Industries International, Inc
2711 Centerville Road, Suite 400
Wilmington, New Castle
Delaware, 19808, USA
|
Management services
company |
U.S.A.
|
100%
|
|||
Biopool US Inc (trading as Trinity Biotech Distribution)
Girts Road, Jamestown
NY14702, USA
|
Sale of diagnostic test
kits |
U.S.A.
|
100%
|
|||
Primus Corporation
4231 E 75th Terrace
Kansas City,
MO 64132, USA
|
Manufacture and sale
of diagnostic test kits and instrumentation |
U.S.A.
|
100%
|
30. |
GROUP UNDERTAKINGS (CONTINUED)
|
Name and registered office
|
Principal activity
|
Principal Country of
incorporation and operation |
Group % holding
|
|||
Phoenix Bio-tech Corp.
1166 South Service Road West
Oakville, ON L6L 5T7
Canada.
|
Dormant
|
Canada
|
100%
|
|||
Fiomi Diagnostics Holding AB
Dag Hammarskjöldsv 52A
SE-752 37 Uppsala
Sweden
|
Holding Company
|
Sweden
|
100%
|
|||
Fiomi Diagnostics AB
Dag Hammarskjöldsv 52A
SE-752 37 Uppsala
Sweden
|
Discontinued operation
|
Sweden
|
100%
|
|||
Trinity Biotech Do Brasil
Comercio e Importacao Ltda
Rua Silva Bueno
1.660 – Cj. 101/102
Ipiranga
Sao Paulo
Brazil
|
Sale of diagnostic test
kits |
Brazil
|
100%
|
|||
Trinity Biotech (UK) Ltd
Mills and Reeve LLP
Botanic House
100 Hills Road
Cambridge, CB2 1PH
United Kingdom
|
Sales & marketing
activities |
UK
|
100%
|
|||
Immco Diagnostics Inc
60 Pineview Drive
Buffalo
NY 14228, USA
|
Manufacture and sale of
autoimmune products and laboratory services |
U.S.A.
|
100%
|
|||
Nova Century Scientific Inc
5022 South Service Road
Burlington
Ontario
Canada
|
Manufacture and sale of
autoimmune products and infectious diseases |
Canada
|
100%
|
|||
Trinity Biotech Investment Ltd
PO Box 309
Ugland House
Grand Cayman
KY1-1104
Cayman Islands
|
Investment and
provision of financial services |
Cayman Islands
|
100%
|
Year ended December 31,
|
||||||||
2022
US$‘000
|
2021
US$‘000
|
|||||||
(Loss)/profit for the year
|
(16,021
|
)
|
2,627
|
|||||
Total comprehensive (loss)/income (all attributable to equity holders)
|
(16,021
|
)
|
2,627
|
Notes
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
||||||||||
ASSETS
|
||||||||||||
Non-current assets
|
||||||||||||
Investment in subsidiaries
|
33
|
6,026
|
21,812
|
|||||||||
Advances to subsidiaries
|
34
|
-
|
38,730
|
|||||||||
Total non-current assets
|
6,026
|
60,542
|
||||||||||
Current assets
|
||||||||||||
Receivables from Group undertakings and other receivables
|
35
|
36,213
|
7,026
|
|||||||||
Cash and cash equivalents
|
36
|
47
|
3,798
|
|||||||||
Total current assets
|
36,260
|
10,824
|
||||||||||
TOTAL ASSETS
|
42,286
|
71,366
|
||||||||||
EQUITY AND LIABILITIES
|
||||||||||||
Equity attributable to the equity holders of the parent
|
||||||||||||
Share capital
|
18
|
1,963
|
1,213
|
|||||||||
Share premium
|
18
|
46,458
|
16,187
|
|||||||||
Equity component of convertible note
|
37
|
6,709
|
-
|
|||||||||
Treasury Shares
|
18
|
(24,922
|
)
|
(24,922
|
)
|
|||||||
Other reserves
|
18
|
63
|
-
|
|||||||||
Accumulated (deficit)/surplus
|
(4,204
|
)
|
10,062
|
|||||||||
Total equity
|
26,067
|
2,540
|
||||||||||
Current liabilities
|
||||||||||||
Other payables
|
39
|
2,473
|
68,767
|
|||||||||
Total current liabilities
|
2,473
|
68,767
|
||||||||||
Non-Current liabilities
|
||||||||||||
Convertible note
|
37
|
13,746
|
-
|
|||||||||
Deferred tax liability
|
38
|
-
|
59
|
|||||||||
Total Non-Current liabilities
|
13,746
|
59
|
||||||||||
TOTAL LIABILITIES
|
16,219
|
68,826
|
||||||||||
TOTAL EQUITY AND LIABILITIES
|
42,286
|
71,366
|
Aris Kekedjian
Director
|
John Gillard
Director
|
Share capital
‘A’ ordinary shares
|
Share premium
|
Treasury Shares
|
Equity component of convertible note
|
Other reserves
|
Accumulated
(deficit)/surplus |
Total
|
||||||||||||||||||||||
US$’000
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
||||||||||||||||||||||
Balance at January 1, 2021
|
1,213
|
16,187
|
(24,922
|
)
|
-
|
-
|
6,324
|
(1,198
|
)
|
|||||||||||||||||||
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
2,627
|
2,627
|
|||||||||||||||||||||
Total comprehensive profit
|
-
|
-
|
-
|
-
|
-
|
2,627
|
2,627
|
|||||||||||||||||||||
Share-based payments (Note 19)
|
-
|
-
|
-
|
-
|
-
|
1,111
|
1,111
|
|||||||||||||||||||||
Balance at December 31, 2021
|
1,213
|
16,187
|
(24,922
|
)
|
-
|
-
|
10,062
|
2,540
|
||||||||||||||||||||
Balance at January 1, 2022
|
1,213
|
16,187
|
(24,922
|
)
|
-
|
-
|
10,062
|
2,540
|
||||||||||||||||||||
Loss for the period
|
-
|
-
|
-
|
-
|
-
|
(16,021
|
)
|
(16,021
|
)
|
|||||||||||||||||||
Total comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(5,959
|
)
|
(13,481
|
)
|
|||||||||||||||||||
Equity component of convertible note (Note 37)
|
-
|
-
|
-
|
6,709
|
-
|
6,709
|
||||||||||||||||||||||
Shares issued in the year (Note 18)
|
750
|
30,271
|
-
|
-
|
-
|
31,021
|
||||||||||||||||||||||
Shares to be issued (Note 18)
|
-
|
-
|
-
|
-
|
63
|
-
|
63
|
|||||||||||||||||||||
Share-based payments (Note 19)
|
-
|
-
|
-
|
-
|
1,755
|
1,755
|
||||||||||||||||||||||
Balance at December 31, 2022
|
1,963
|
46,458
|
(24,922
|
)
|
6,709
|
63
|
(4,204
|
)
|
26,067
|
Year ended December 31,
|
||||||||||||
Notes
|
|
2022
US$‘000
|
|
2021
US$‘000
|
||||||||
Cash flows from operating activities
|
||||||||||||
(Loss)/profit for the year
|
(16,021
|
)
|
2,627
|
|||||||||
Adjustments to reconcile net loss/profit to cash provided by operating activities:
|
||||||||||||
Income tax credit
|
38
|
(59
|
)
|
-
|
||||||||
Financial expense
|
(3,682
|
)
|
2,688
|
|||||||||
Financial income
|
(1,858
|
)
|
(1,231
|
)
|
||||||||
Share-based payments
|
17
|
21
|
||||||||||
Recovery of impairment on advance to a subsidiary
|
-
|
(583
|
)
|
|||||||||
Provision for impairment of investment in subsidiaries
|
33
|
25,024
|
83
|
|||||||||
Provision for impairment on amounts due from subsidiaries
|
1,804
|
2,257
|
||||||||||
Operating cash inflow before changes in working capital
|
5,225
|
5,862
|
||||||||||
Decrease/(increase) in receivables from group undertakings and other receivables
|
7,002
|
(6,996
|
)
|
|||||||||
(Decrease)/increase in other payables
|
(118
|
)
|
760
|
|||||||||
Net cash inflow/(outflow) from operating activities
|
12,109
|
(374
|
)
|
|||||||||
Cash flows from investing activities
|
||||||||||||
*Issue of ordinary share capital including share premium (net of issuance costs)
|
18
|
32,836
|
-
|
|||||||||
Proceeds from shares to be issued
|
18
|
63
|
-
|
|||||||||
Proceeds from convertible note issued
|
37
|
20,000
|
-
|
|||||||||
Interest paid on convertible note
|
(199
|
)
|
-
|
|||||||||
Subscription for shares in a subsidiary
|
33
|
(7,500
|
)
|
-
|
||||||||
Net cash paid to group undertakings
|
(61,060
|
)
|
(7,280
|
)
|
||||||||
Net cash outflow from investing activities
|
(15,860
|
)
|
(7,280
|
)
|
||||||||
Decrease in cash and cash equivalents
|
(3,751
|
)
|
(7,654
|
)
|
||||||||
Cash and cash equivalents at beginning of year
|
3,798
|
11,452
|
||||||||||
Cash and cash equivalents at end of year
|
36
|
47
|
3,798
|
b) |
Non-current assets
|
c) |
Investments in subsidiaries
|
d) |
Amounts due from Group undertakings
|
Company
December 31, 2022
US$‘000
|
Company
December 31, 2021
US$‘000
|
|||||||
Wages and salaries
|
1,607
|
1,354
|
||||||
Social welfare costs
|
109
|
113
|
||||||
Pension costs
|
24
|
24
|
||||||
Share-based payments
|
1,707
|
986
|
||||||
3,447
|
2,477
|
|||||||
Less costs related to subsidiaries*
|
(3,319
|
)
|
(2,281
|
)
|
||||
Total personnel expenses charge
|
128
|
196
|
2022
|
2021
|
|||||||
Company
|
US$’000
|
US$’000
|
||||||
Audit of individual company accounts
|
97
|
97
|
||||||
Other assurance services
|
-
|
-
|
||||||
Tax advisory services
|
10
|
10
|
||||||
Other non-audit services
|
-
|
-
|
Company
December 31, 2022
US$‘000
|
Company
December 31, 2021
US$‘000
|
|||||||
Balance at January 1
|
21,812
|
19,939
|
||||||
Subscription for shares in subsidiary undertaking
|
7,500
|
-
|
||||||
Capital contribution – share based payments
|
1,738
|
1,090
|
||||||
Capital contribution – relating to advances to subsidiaries
|
-
|
866
|
||||||
Impairment of investments
|
(25,024
|
)
|
(83
|
)
|
||||
Balance at December 31
|
6,026
|
21,812
|
December 31, 2022
US$‘000
|
December 31, 2021
US$‘000
|
|||||||
Advances to subsidiaries due greater than one year
|
-
|
38,730
|
Company
December 31, 2022
US$‘000
|
Company
December 31, 2021
US$‘000
|
|||||||
Amounts due from Group undertakings falling due in less than one year
|
36,189
|
7,000
|
||||||
Prepayments
|
24
|
26
|
||||||
36,213
|
7,026
|
Company
December 31, 2022
US$ ‘000
|
Company
December 31, 2021
US$ ‘000
|
|||||||
Cash at bank
|
47
|
3,798
|
7-year Convertible Note
US$000
|
||||
Balance at January 1, 2022
|
-
|
|||
Principal amount loaned
|
(20,000
|
)
|
||
Loan origination costs
|
40
|
|||
Equity component at date of issue
|
6,709
|
|||
Accretion interest
|
(495
|
)
|
||
Non-current liability at December 31, 2022
|
(13,746
|
)
|
2022
|
2021
|
|||||||
Deductible temporary differences
|
US$’000
|
US$’000
|
||||||
Investment in subsidiaries and interest-bearing loans to subsidiaries
|
-
|
(59
|
)
|
|||||
Total
|
-
|
(59
|
)
|
Balance
January 1, 2022
|
Recognised in income
|
Recognised in investment in subsidiaries
|
Balance
December 31, 2022
|
|||||||||||||
US$’000
|
US$’000
|
US$’000
|
US$’000
|
|||||||||||||
Investment in subsidiaries and advances to subsidiaries
|
(59
|
)
|
59
|
-
|
-
|
Balance
January 1, 2021
|
Recognised in income
|
Recognised in investment in subsidiaries
|
Balance
December 31, 2021
|
|||||||||||||
US$’000
|
US$’000
|
US$’000
|
US$’000
|
|||||||||||||
Investment in subsidiaries and advances to subsidiaries
|
(59
|
)
|
-
|
-
|
(59
|
)
|
December 31, 2022
|
December 31, 2021
|
|||||||
US$’000
|
US$’000
|
|||||||
Management expenses carried forward
|
447
|
359
|
||||||
Timing difference related to interest expenses
|
-
|
3,794
|
||||||
Total
|
447
|
4,153
|
December 31, 2022
US$ ‘000
|
December 31, 2021
US$ ‘000
|
|||||||
Amounts owed to Group undertakings
|
1,265
|
67,888
|
||||||
Accrued liabilities
|
1,208
|
879
|
||||||
2,473
|
68,767
|
Company
As at December 31, 2022
US$’000
|
Note
|
Effective interest rate
|
Total Gross
US$’000
|
6 mths or less
US$’000
|
6 – 12 mths
US$’000
|
Impairment
US$’000
|
Net
US$’000
|
|||||||||||||||||||||
Cash and cash equivalents
|
36
|
0
|
%
|
47
|
47
|
-
|
-
|
47
|
||||||||||||||||||||
Amounts due from Group
undertakings falling due within one year
|
35
|
0%-5.3
|
%
|
182,848
|
182,848
|
-
|
(146,659
|
)
|
36,189
|
|||||||||||||||||||
Total
|
182,895
|
182,895
|
-
|
(146,659
|
)
|
36,236
|
Company
As at December 31, 2021
US$’000
|
Note
|
Effective interest rate
|
Total Gross
US$’000
|
6 mths or less
US$’000
|
6 – 12 mths
US$’000
|
1-2 years
US$’000
|
2-5 years
US$’000
|
Impairment
US$’000
|
Net
US$’000
|
|||||||||||||||||||||||||||
Cash and
cash equivalents
|
36
|
0
|
%
|
3,798
|
3,798
|
-
|
-
|
-
|
-
|
3,798
|
||||||||||||||||||||||||||
Advances to subsidiaries
|
34
|
3
|
%
|
188,135
|
9,010
|
4,541
|
21,988
|
152,596
|
(149,405
|
)
|
38,730
|
|||||||||||||||||||||||||
Total
|
191,933
|
12,808
|
4,541
|
21,988
|
152,596
|
(149,405
|
)
|
42,528
|
December 31, 2022
US$ ‘000
|
December 31, 2021
US$ ‘000
|
|||||||
Variable rate instruments
|
||||||||
Amounts owed by Group undertakings
|
36,189
|
-
|
||||||
Advances to subsidiaries
|
-
|
38,730
|
||||||
Amounts owed to Group undertakings
|
(1,265
|
)
|
(67,888
|
)
|
||||
34,924
|
(29,158
|
)
|
Note
|
Loans and receivables
|
Liabilities at amortised cost
|
Total carrying amount
|
Fair value
|
||||||||||||||||
December 31, 2022
|
||||||||||||||||||||
US$’000
|
||||||||||||||||||||
Amounts due from Group undertakings
|
35
|
36,189
|
-
|
36,189
|
36,189
|
|||||||||||||||
Cash and cash equivalents
|
36
|
47
|
-
|
47
|
47
|
|||||||||||||||
Convertible note
|
37
|
-
|
(13,746
|
)
|
(13,746
|
)
|
(13,746
|
)
|
||||||||||||
Inter-company and other payables
|
39
|
-
|
(2,473
|
)
|
(2,473
|
)
|
(2,473
|
)
|
||||||||||||
36,236
|
(16,219
|
)
|
20,017
|
20,017
|
Note
|
Loans and receivables
|
Liabilities at amortised cost
|
Total carrying amount
|
Fair value
|
||||||||||||||||
December 31, 2021
|
||||||||||||||||||||
US$’000
|
||||||||||||||||||||
Advances to subsidiaries
|
34
|
38,730
|
-
|
38,730
|
38,730
|
|||||||||||||||
Cash and cash equivalents
|
36
|
3,798
|
-
|
3,798
|
3,798
|
|||||||||||||||
Inter-company and other payables
|
39
|
-
|
(68,767
|
)
|
(68,767
|
)
|
(68,767
|
)
|
||||||||||||
42,528
|
(68,767
|
)
|
(26,239
|
)
|
(26,239
|
)
|
As at December 31, 2022
US$’000
|
Note
|
Carrying amount
US$’000
|
Contractual cash flows
US$’000
|
6 mths or less
US$’000
|
6 mths –
12 mths
US$’000
|
1-2 years
US$’000
|
2-5 years
US$’000
|
>5 years
US$’000
|
||||||||||||||||||||||||
Financial liabilities
|
||||||||||||||||||||||||||||||||
Convertible note
|
37
|
13,746
|
21,900
|
150
|
150
|
300
|
900
|
20,400
|
||||||||||||||||||||||||
Inter-company and other payables
|
39
|
2,473
|
2,473
|
2,473
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
16,219
|
24,373
|
2,623
|
150
|
300
|
900
|
20,400
|
As at December 31, 2021
US$’000
|
Note
|
Carrying amount
US$’000
|
Contractual cash flows
US$’000
|
6 mths or less
US$’000
|
6 mths –
12 mths
US$’000
|
1-2 years
US$’000
|
2-5 years
US$’000
|
|||||||||||||||||||||
Financial liabilities
|
||||||||||||||||||||||||||||
Inter-company and other payables
|
39
|
68,767
|
68,767
|
68,767
|
-
|
-
|
-
|
|||||||||||||||||||||
68,767
|
68,767
|
68,767
|
-
|
-
|
-
|
Note
|
Carrying value
December 31, 2022
US$’000
|
Carrying value
December 31, 2021
US$’000
|
||||||||||
Advances to subsidiaries
|
34
|
-
|
38,730
|
|||||||||
Amounts due from Group undertakings
|
35
|
36,189
|
7,000
|
|||||||||
Cash and cash equivalents
|
36
|
47
|
3,798
|
|||||||||
36,236
|
49,528
|