Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document And Entity Information | |
Entity Registrant Name | TRINITY BIOTECH PLC |
Entity Central Index Key | 0000888721 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 83,606,810 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
Entity Incorporation State Country Code | L2 |
Entity File Number | 0-22320 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of classes of share capital [line items] | ||||
Revenues | $ 90,435 | $ 97,035 | $ 99,140 | |
Cost of sales | (52,315) | (55,586) | (57,250) | |
Gross profit | 38,120 | 41,449 | 41,890 | |
Other operating income | 91 | 102 | 100 | |
Research and development expenses | (5,325) | (5,369) | (5,657) | |
Selling, general and administrative expenses | (27,661) | (29,477) | (32,246) | |
Selling, general and administrative expenses - tax audit settlement | (5,042) | |||
Impairment charges | (24,295) | (26,932) | (41,755) | |
Operating loss | (24,112) | (20,227) | (37,668) | |
Financial income | 697 | 2,124 | 3,198 | |
Financial expenses | (6,582) | (5,080) | (5,405) | |
Net financing expense | (5,885) | (2,956) | (2,207) | |
Loss before tax | (29,997) | (23,183) | (39,875) | |
Total income tax credit | [1] | 1,006 | 525 | 1,214 |
Loss for the year on continuing operations | (28,991) | (22,658) | (38,661) | |
Profit/(Loss) for the year on discontinued operations | 77 | 568 | (1,609) | |
Loss for the year (all attributable to owners of the parent) | (28,914) | (22,090) | (40,270) | |
Class A Ordinary shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Profit/(Loss) for the year on discontinued operations | $ 77 | $ 568 | $ (1,609) | |
Basic loss per ADS (US Dollars) - continuing operations | $ (0.35) | $ (0.27) | $ (0.45) | |
Diluted loss per ADS (US Dollars) - continuing operations | (0.35) | (0.27) | (0.45) | |
Basic loss per ADS (US Dollars) - group | (0.35) | (0.26) | (0.47) | |
Diluted loss per ADS (US Dollars) - group | (0.35) | (0.26) | (0.47) | |
American depositary share [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Basic loss per ADS (US Dollars) - continuing operations | (1.39) | (1.08) | (1.79) | |
Diluted loss per ADS (US Dollars) - continuing operations | (1.39) | (1.08) | (1.79) | |
Basic loss per ADS (US Dollars) - group | (1.38) | (1.06) | (1.86) | |
Diluted loss per ADS (US Dollars) - group | $ (1.38) | $ (1.06) | $ (1.86) | |
[1] | In 2019, there was a deferred tax credit of US$444,000 (2018: charge of US$369,000; 2017: credit of US$170,000) recognised in respect of Ireland and a deferred tax credit of US$397,000 (2018: credit of US$775,000; 2017: credit of US$1,501,000) recognised in respect of overseas tax jurisdictions. |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statement Of Comprehensive Income | |||
Loss for the year | $ (28,914) | $ (22,090) | $ (40,270) |
Other comprehensive (loss)/income | |||
Foreign exchange translation differences | (167) | (520) | 3,086 |
Other comprehensive (loss)/income | (167) | (520) | 3,086 |
Total Comprehensive Loss (all attributable to owners of the parent) | $ (29,081) | $ (22,610) | $ (37,184) |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current assets | ||
Property, plant and equipment | $ 9,290 | $ 5,362 |
Goodwill and intangible assets | 43,654 | 52,951 |
Deferred tax assets | 6,252 | 6,127 |
Other assets | 485 | 558 |
Total non-current assets | 59,681 | 64,998 |
Current assets | ||
Inventories | 32,021 | 30,359 |
Trade and other receivables | 20,987 | 24,441 |
Income tax receivable | 1,982 | 1,584 |
Cash and cash equivalents | 15,231 | 30,277 |
Short term investments | 1,169 | |
Total current assets | 71,390 | 86,661 |
TOTAL ASSETS | 131,071 | 151,659 |
Equity attributable to the equity holders of the parent | ||
Share capital | 1,213 | 1,213 |
Share premium | 16,187 | 16,187 |
Treasury shares | (24,922) | (24,922) |
Accumulated surplus | 16,145 | 55,319 |
Translation reserve | (3,933) | (3,766) |
Other reserves | 23 | 23 |
Total equity | 4,713 | 44,054 |
Current liabilities | ||
Income tax payable | 48 | 210 |
Trade and other payables | 16,947 | 16,908 |
Provisions | 50 | 50 |
Lease liabilities | 2,404 | 436 |
Total current liabilities | 19,449 | 17,604 |
Non-current liabilities | ||
Exchangeable notes | 82,021 | 81,382 |
Derivative financial instruments | 4 | 238 |
Lease liabilities | 17,745 | 526 |
Deferred tax liabilities | 7,139 | 7,855 |
Total non-current liabilities | 106,909 | 90,001 |
TOTAL LIABILITIES | 126,358 | 107,605 |
TOTAL EQUITY AND LIABILITIES | $ 131,071 | $ 151,659 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Share Capital 'A' Ordinary shares [Member] | Share premium [Member] | Treasury Shares [Member] | Other reserves Translation reserve [Member] | Other reserves Warrant reserve [Member] | Other reserves Hedging reserves [Member] | Accumulated surplus [Member] | Total |
Balance at Dec. 31, 2016 | $ 1,213 | $ 16,187 | $ (17,327) | $ (6,332) | $ 4,529 | $ 23 | $ 110,434 | $ 108,727 |
Loss for the period | (40,270) | (40,270) | ||||||
Other comprehensive income | 3,086 | 3,086 | ||||||
Total comprehensive loss | 3,086 | (40,270) | (37,184) | |||||
Transfer of warrant reserve | (4,529) | 4,529 | ||||||
Share-based payments | 1,109 | 1,109 | ||||||
Shares purchased | (7,456) | (7,456) | ||||||
Balance at Dec. 31, 2017 | 1,213 | 16,187 | (24,783) | (3,246) | 23 | 75,802 | 65,196 | |
Loss for the period | (22,090) | (22,090) | ||||||
Other comprehensive income | (520) | (520) | ||||||
Total comprehensive loss | (520) | (22,090) | (22,610) | |||||
Share-based payments | 1,607 | 1,607 | ||||||
Shares purchased | (139) | (139) | ||||||
Balance at Dec. 31, 2018 | 1,213 | 16,187 | (24,922) | (3,766) | 23 | 55,319 | 44,054 | |
Loss for the period | (28,914) | (28,914) | ||||||
Other comprehensive income | (167) | (167) | ||||||
Total comprehensive loss | (167) | (28,914) | (29,081) | |||||
Share-based payments | 839 | 839 | ||||||
Adjustment on transition to new accounting standard | (11,099) | (11,099) | ||||||
Balance at Dec. 31, 2019 | $ 1,213 | $ 16,187 | $ (24,922) | $ (3,933) | $ 23 | $ 16,145 | $ 4,713 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Loss for the year | $ (28,914) | $ (22,090) | $ (40,270) |
Adjustments to reconcile net loss to cash provided by operating activities: | |||
Depreciation | 2,526 | 1,296 | 1,896 |
Amortisation | 2,368 | 2,825 | 3,303 |
Income tax (credit) / expense | (1,006) | (1,115) | (374) |
Financial income | (697) | (2,124) | (3,198) |
Financial expense | 6,582 | 5,080 | 5,405 |
Share-based payments | 758 | 1,369 | 928 |
Foreign exchange (gains)/losses on operating cash flows | (93) | 311 | 307 |
Loss on disposal or retirement of property, plant and equipment | 17 | 15 | 3 |
Movement in inventory provision | 1,567 | 300 | 2,275 |
Impairment of prepayments | 1,376 | 1,608 | 1,651 |
Impairment of property, plant and equipment | 6,349 | 6,112 | 10,437 |
Impairment of intangible assets | 16,570 | 19,212 | 29,667 |
Provision for closure costs | (1,794) | ||
Other non-cash items | 835 | 570 | (728) |
Operating cash flows before changes in working capital | 8,238 | 13,369 | 9,508 |
(Increase) / decrease in trade and other receivables | 445 | (5,960) | 306 |
Decrease / (increase) in inventories | (2,959) | 1,988 | (2,461) |
(Decrease) / increase in trade and other payables | 151 | (3,419) | 2,017 |
Cash generated from operations | 5,875 | 5,978 | 9,370 |
Interest paid | (1,000) | (39) | (53) |
Interest received | 560 | 874 | 776 |
Income taxes received / (paid) | (18) | 416 | (843) |
Net cash generated by operating activities | 5,417 | 7,229 | 9,250 |
Cash flows from investing activities | |||
Payments to acquire intangible assets | (9,718) | (9,863) | (10,229) |
Acquisition of property, plant and equipment | (2,118) | (7,528) | (4,839) |
Disposal of property, plant and equipment | (17) | ||
Licence fees | (1,112) | ||
Net cash used in investing activities | (11,853) | (17,391) | (16,180) |
Cash flows from financing activities | |||
Share buyback | (434) | (7,799) | |
Interest payment on exchangeable notes | (3,996) | (4,503) | (4,600) |
Purchase of exchangeable notes | (12,042) | ||
Proceeds from sale & leaseback transactions | 481 | 51 | |
Payment of lease liabilities | (3,533) | (374) | (295) |
Net cash used in financing activities | (7,529) | (16,872) | (12,643) |
Decrease in cash and cash equivalents and short term investments | (13,965) | (27,034) | (19,573) |
Effects of exchange rate movements on cash held | 88 | (296) | 71 |
Cash and cash equivalents and short-term investments at beginning of year | 30,277 | 57,607 | 77,109 |
Cash and cash equivalents and short term investments at end of year | $ 15,231 | $ 30,277 | $ 57,607 |
BASIS OF PREPARATION AND SIGNIF
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of basis of preparation and significant accounting policies [Abstract] | |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | 1. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted by Trinity Biotech plc (the Company) and its subsidiaries (the Group) are set out below. i) General information Trinity Biotech develops, acquires, manufactures and markets medical diagnostic products for the clinical laboratory and point-of-care segments of the diagnostic market. These products are used to detect autoimmune, infectious and sexually transmitted diseases, diabetes and disorders of the liver and intestine. Trinity Biotech is a significant provider of raw materials to the life sciences and research industries globally. Trinity Biotech also operates a licenced reference laboratory that specializes in diagnostics for autoimmune diseases. ii) Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) both as issued by the International Accounting Standards Board (IASB) and as subsequently adopted by the European Union (EU) (together IFRS). The IFRS applied are those effective for accounting periods beginning January 1, 2019. Consolidated financial statements are required by Irish law to comply with IFRS as adopted by the EU which differ in certain respects from IFRS as issued by the IASB. These differences predominantly relate to the timing of adoption of new standards by the EU. However, in relation to the 2019 consolidated financial statements there are no differences regarding the effective date of new IFRS relevant to Trinity Biotech as issued by the IASB and as adopted by the EU. In relation to prior periods presented, none of the differences are relevant in the context of Trinity Biotech and the consolidated financial statements comply with IFRS both as issued by the IASB and as adopted by the EU. iii) Basis of preparation The consolidated financial statements have been prepared in United States Dollars (US$), rounded to the nearest thousand, under the historical cost basis of accounting, except for derivative financial instruments, certain balances arising on acquisition of subsidiary entities and share-based payments which are initially recorded at fair value. Derivative financial instruments are also subsequently revalued and carried at fair value. The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and amounts reported in the financial statements and accompanying notes. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Judgements made by management that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in Note 32. The directors have considered the Groups current financial position and cashflow projections, taking into account all known events and developments including the Covid-19 pandemic. While acknowledging that there will be a temporary decrease in revenues due to Covid-19, the company has taken measures to reduce expenditure, to obtain government pandemic supports in Ireland and USA and to exploit sales opportunities of products related to coronavirus. (For more information on the impact of Covid-19 refer to Subsequent Events in Note 31). The directors believe that the Group will be able to continue in operational existence for at least the next 12 months from the date of approval of these consolidated financial statements and that it is appropriate to continue to prepare the consolidated financial statements on a going concern basis. The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. The accounting policies have been applied consistently by all Group entities. iv) Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Company. Control exists when the Company has the power, directly or indirectly, to govern the financial and reporting policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Transactions eliminated on consolidation Intra-group balances and any unrealised gains or losses or income and expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements. v) Property, plant and equipment Owned assets Items of property, plant and equipment are stated at cost less any accumulated depreciation and any impairment losses (see Note 1(viii)). The cost of self-constructed assets includes the cost of materials, direct labour and attributable overheads. It is not Group policy to revalue any items of property, plant and equipment. Depreciation is charged to the statement of operations on a straight-line basis to write-off the cost of the assets over their expected useful lives as follows: 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 Land is not depreciated. The residual values, if not insignificant, useful lives and depreciation methods of property, plant and equipment are reviewed and adjusted if appropriate on a prospective basis, at each balance sheet date. There were no changes to useful lives in the year. Leased assets - as lessee The Group has applied IFRS 16, Leases, using the modified retrospective approach and therefore comparative information has not been restated. Accounting policy applicable from 1 January 2019 For any new contracts entered into on or after 1 January 2019, the Group considers whether a contract is, or contains a lease. A lease is defined as a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. To apply this definition the Group assesses whether the contract meets three key evaluations which are whether: 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. At lease commencement date, the Group recognises a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicators exist. At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the Groups incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments.When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero. The Group has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term. On the statement of financial position, right-of-use assets have been included in property, plant and equipment and lease liabilities have been included in separate lines within the current liabilities and non-current liabilities sections. Leased assets - as lessor The Groups accounting policy under IFRS 16 has not changed from the comparative period. As a lessor, the Group classifies its leases as either operating or finance leases. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of the underlying asset, and classified as an operating lease if it does not. Accounting policy applicable before 1 January 2019 Leased assets as lessee Leases under terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Property, plant and equipment acquired by way of finance lease is stated at an amount equal to the lower of its fair value and present value of the minimum lease payments at inception of the lease, less accumulated depreciation and any impairment losses. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised in financial expenses in the statement of operations. Depreciation is calculated in order to write-off the amounts capitalised over the estimated useful lives of the assets, or the lease term if shorter, by equal annual instalments. The excess of the total rentals under a lease over the amount capitalised is treated as interest, which is charged to the statement of operations in proportion to the amount outstanding under the lease. Leased assets are reviewed for impairment (see Note 1(viii)). Leases other than finance leases are classified as operating leases, and the rentals thereunder are charged to the statement of operations on a straight-line basis over the period of the leases. Lease incentives are recognised in the statement of operations on a straight-line basis over the lease term. Leased assets as lessor Leases where the Group substantially transfers the risks and benefits of ownership of the asset to the customer are classified as finance leases within finance lease receivables. The Group recognises the amount receivable from assets leased under finance leases at an amount equal to the net investment in the lease. Finance lease income is recognised as revenue in the statement of operations reflecting a constant periodic rate of return on the Groups net investment in the lease. Assets provided to customers under leases other than finance leases are classified as operating leases and carried in property, plant and equipment at cost and are depreciated on a straight-line basis over the useful life of the asset or the lease term, if shorter. Subsequent costs The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the Group and the cost of the replaced item can be measured reliably. All other costs are recognised in the statement of operations as an expense as incurred. vi) Goodwill In respect of business combinations that have occurred since January 1, 2004 (being the transition date to IFRS), goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. In respect of acquisitions prior to this date, goodwill is included on the basis of its deemed cost, which represents the amount recorded under the old basis of accounting, Irish GAAP, (Previous GAAP). Save for retrospective restatement of deferred tax as an adjustment to retained earnings in accordance with IAS 12, Income Taxes, To the extent that the Groups interest in the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds the cost of a business combination, the identification and measurement of the related assets, liabilities and contingent liabilities are revisited accompanied by a reassessment of the cost of the transaction, and any remaining balance is immediately recognised in the statement of operations. At the acquisition date, any goodwill is allocated to each of the cash generating units expected to benefit from the combinations synergies. Following initial recognition, goodwill is stated at cost less any accumulated impairment losses (see Note 1(viii)). vii) Intangibles, including research and development (other than goodwill) An intangible asset, which is an identifiable non-monetary asset without physical substance, is recognised to the extent that it is probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be measured reliably. The asset is deemed to be identifiable when it is separable (that is, capable of being divided from the entity and sold, transferred, licensed, rented or exchanged, either individually or together with a related contract, asset or liability) or when it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the Group or from other rights and obligations. Intangible assets acquired as part of a business combination are capitalised separately from goodwill if the intangible asset meets the definition of an asset and the fair value can be reliably measured on initial recognition. Subsequent to initial recognition, these intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses (Note 1(viii)). Intangible assets with definite useful lives are reviewed for indicators of impairment annually while intangible assets with indefinite useful lives and those not yet brought into use are tested for impairment annually, either individually or at the cash generating unit level. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalised if the product or process is technically and commercially feasible and the Group has sufficient resources to complete the development. The expenditure capitalised includes the cost of materials, direct labour and attributable overheads and third party costs. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. The technical feasibility of a new product is determined by a specific feasibility study undertaken at the first stage of any development project. The majority of our new product developments involve the transfer of existing product know-how to a new application. Since the technology is already proven in an existing product which is being used by customers, this facilitates the proving of the technical feasibility of that same technology in a new product. The results of the feasibility study are reviewed by a design review committee comprising senior managers. The feasibility study occurs in the initial research phase of a project and costs in this phase are not capitalised. The commercial feasibility of a new product is determined by preparing a discounted cash flow projection. This projection compares the discounted sales revenues for future periods with the relevant costs. As part of preparing the cash flow projection, the size of the relevant market is determined, feedback is sought from customers and the strength of the proposed new product is assessed against competitors offerings. Once the technical and commercial feasibility has been established and the project has been approved for commencement, the project moves into the development phase. All other development expenditure is expensed as incurred. Subsequent to initial recognition, the capitalised development expenditure is carried at cost less any accumulated amortisation and any accumulated impairment losses (Note 1(viii)). Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognised in the statement of operations as an expense as incurred. Expenditure on internally generated goodwill and brands is recognised in the statement of operations as an expense as incurred. Amortisation Amortisation is charged to the statement of operations on a straight-line basis over the estimated useful lives of intangible assets, unless such lives are indefinite. Intangible assets are amortised from the date they are available for use in its intended market. The estimated useful lives are as follows: Capitalised development costs 15 years Patents and licences 6-15 years Other (including acquired customer and supplier lists) 6-15 years The Group uses a useful economic life of 15 years for capitalised development costs. This is a conservative estimate of the likely life of the products. The Group is confident that products have a minimum of 15 years life given the inertia that characterizes the medical diagnostics industry and the barriers to enter into the industry. The following factors have been considered in estimating the useful life of developed products: (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 many 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. Certain trade names acquired are deemed to have an indefinite useful life as there is no foreseeable limit to the period over which these assets are expected to generate cash inflows for the Group. Where amortisation is charged on assets with finite lives, this expense is taken to the statement of operations through the selling, general and administrative expenses line. Useful lives are examined on an annual basis and adjustments, where applicable, are made on a prospective basis. viii) Impairment The carrying amount of the Groups assets, other than inventories, accounts receivable, cash and cash equivalents, short-term investments and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount (being the greater of fair value less costs to sell and value in use) is assessed at each balance sheet date. Fair value less costs to sell is defined as the amount obtainable from the sale of an asset or cash-generating unit in an arms length transaction between knowledgeable and willing parties, less the costs that would be incurred on disposal. Value in use is defined as the present value of the future cash flows expected to be derived through the continued use of an asset or cash-generating unit. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the future cash flow estimates have not yet been adjusted. The estimates of future cash flows exclude cash inflows or outflows attributable to financing activities. For an asset that does not generate largely independent cash flows, the recoverable amount is determined by reference to the cash generating unit to which the asset belongs. For goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use, the recoverable amount is estimated at each balance sheet date at the cash generating unit level. The goodwill and indefinite-lived assets were reviewed for impairment at December 31, 2018 and December 31, 2019. See Note 14. In-process research and development (IPR&D) is tested for impairment on an annual basis, in the fourth quarter, or more frequently if impairment indicators are present, using projected discounted cash flow models. If IPR&D becomes impaired or is abandoned, the carrying value of the IPR&D is written down to its revised fair value with the related impairment charge recognised in the period in which the impairment occurs. If the fair value of the asset becomes impaired as the result of unfavorable data from any ongoing or future clinical trial, changes in assumptions that negatively impact projected cash flows, or because of any other information regarding the prospects of successfully developing or commercializing our programs, we could incur significant charges in the period in which the impairment occurs. The valuation techniques utilized in performing impairment tests incorporate significant assumptions and judgments to estimate the fair value, as described above. The use of different valuation techniques or different assumptions could result in materially different fair value estimates. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the statement of operations. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units and then to reduce the carrying amount of other assets in the cash-generating units on a pro-rata basis. An impairment loss is reversed only to the extent that the assets carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. An impairment loss in respect of goodwill is not reversed. Following recognition of any impairment loss (and on recognition of an impairment loss reversal), the depreciation or amortisation charge applicable to the asset or cash generating unit is adjusted prospectively with the objective of systematically allocating the revised carrying amount, net of any residual value, over the remaining useful life. ix) Inventories Inventories are stated at the lower of cost and net realisable value. Cost is based on the first-in, first-out principle and includes all expenditure which has been incurred in bringing the products to their present location and condition, and includes an appropriate allocation of manufacturing overhead based on the normal level of operating capacity. Net realisable value is the estimated selling price of inventory on hand in the ordinary course of business less all further costs to completion and costs expected to be incurred in selling these products. The Group provides for inventory, based on estimates of the expected realisability. The estimated realisability is evaluated on a case-by-case basis and any inventory that is approaching its use-by date and for which no further re-processing can be performed is written off. Any reversal of an inventory provision is recognised in the statement of operations in the year in which the reversal occurs. x) Trade and other receivables Trade receivables are amounts due from customers for products sold or services provided in the ordinary course of business. Trade and other receivables are stated at their amortised cost less impairment losses incurred. Cost approximates fair value given the short term nature of these assets. The Group records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. Expected credit losses are recorded on all of trade receivables based on an assessment of each individual debtor taking into account the probability of default or delinquency in payments and the probability that debtor will enter into financial difficulties or bankruptcy. xi) Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business. Trade and other payables are stated at cost. Cost approximates fair value given the short term nature of these liabilities. 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 Short-term investments comprise short-term bank deposits which have maturities greater than six months as at the year-end date. Short-term deposits made for varying periods depending on the immediate cash requirements of the Group and earn interest at the respective deposit rates in place. Where restrictions are imposed by third parties, such as lending institutions, on short-term deposits held by the Group these are treated as financial assets in the financial statements. xiv) Share-based payments For equity-settled share-based payments (share options), the Group measures the services received and the corresponding increase in equity at fair value at the measurement date (which is the grant date) using a trinomial model. Given that the share options granted do not vest until the completion of a specified period of service, the fair value, which is assessed at the grant date, is recognised on the basis that the services to be rendered by employees as consideration for the granting of share options will be received over the vesting period. The share options issued by the Group are not subject to market-based vesting conditions as defined in IFRS 2, Share-based Payment The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The Group does not operate any cash-settled share-based payment schemes or share-based payment transactions with cash alternatives as defined in IFRS 2. xv) Government grants Grants that compensate the Group for expenses incurred such as research and development, employment and training are recognised as income in the statement of operations on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the Group for the cost of an asset are recognised in the statement of operations as other operating income on a systematic basis over the useful life of the asset. xvi) Revenue recognition Goods sold and services rendered The Group recognises revenue when it transfers control over a good or service to a customer. Revenue is recognised to the extent that it is probable that economic benefit will flow to the Group and the revenue can be measured. No revenue is recognised if there is uncertainty regarding recovery of the consideration due at the outset of the transaction or the possible return of goods. Revenue, including any amounts invoiced for shipping and handling costs, represents the value of goods and services supplied to external customers, net of discounts and rebates and excluding sales taxes. Revenue from products is generally recorded as of the date of shipment, consistent with typical ex-works shipment terms. Where the shipment terms do not permit revenue to be recognised as of the date of shipment, revenue is recognised when the Group has satisfied all of its performance obligations to the customer in accordance with the shipping terms. Some contracts oblige the Group to ship product to the customer ahead of the agreed payment schedule. For these shipments, a contract asset is recognised when control over the goods has transferred to the customer. The financing component is insignificant as invoicing for these shipments occurs within a short period of time after shipment has occurred and standard 30 day credit terms apply. The Group operates a licensed referenced laboratory in the US, which provides testing services to institutional customers and insurance companies. In the US, there are rules requiring all insurance companies to be billed the same amount per test. However, the amount that each insurance company pays for a particular test varies according to their own internal policies and this can typically be considerably less than the amount invoiced. We recognise lab services revenue for insurance companies by taking the invoiced amount and reducing it by an estimated percentage based on historical payment data. We review the percentage reduction annually based on the latest data. As a practical expedient, and in accordance with IFRS, we apply a portfolio approach to the insurance companies as they have similar characteristics. We judge that the effect on the financial statements of using a portfolio approach for the insurance companies will not differ materially from applying IFRS 15 to the individual contracts within that portfolio. Revenue from services rendered is recognised in the statement of operations in proportion to the stage of completion of the transaction at the balance sheet date. The Group leases instruments to customers typically as part of a bundled package. Where a contract has multiple performance obligations and its duration is greater than one year, the transaction price is allocated to the performance obligations in the contract by reference to their relative standalone selling prices. For contracts where control of the instrument is transferred to the customer, the fair value of the instrument is recognised as revenue at the commencement of the lease and is matched by the related cost of sale. Fair value is determined on the basis of standalone selling price. In the case where control of the instrument does not transfer to the customer, revenue is recognised on the basis of customer usage of the instrument. See also Note 1(v). In obtaining these contracts, the Group incurs a number of incremental costs, such as sales bonus paid to sales staff commissions paid to distributors and royalty payments. As the amortisation period of these costs, if capital |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of operating segments [abstract] | |
SEGMENT INFORMATION | 2. SEGMENT INFORMATION Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the Board of Directors. Management has determined the operating segments based on the reports reviewed by the Board of Directors, which are used to make strategic decisions. The Board considers the business from a geographic perspective based on the Groups management and internal reporting structure. Sales of product between companies in the Group are made on commercial terms which reflect the nature of the relationship between the relevant companies. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise interest-bearing loans, borrowings and expenses and corporate expenses. Segment capital expenditure is the total cost during the year to acquire segment plant, property and equipment and intangible assets that are expected to be used for more than one period, whether acquired on acquisition of a business combination or through acquisitions as part of the current operations. The Group comprises two main geographical segments (i) the Americas and (ii) Rest of World. The Groups geographical segments are determined by the location of the Groups assets and operations. The Group has also presented a geographical analysis of the segmental data for Ireland as is consistent with the information used by the Board of Directors. The reportable operating segments derive their revenue primarily from one source (i.e. the market for diagnostic tests for a range of diseases and other medical conditions). In determining the nature of its segmentation, the Group has considered the nature of the products, their risks and rewards, the nature of the production base, the customer base and the nature of the regulatory environment. The Group acquires, manufactures and markets a range of diagnostic products. The Groups products are sold to a similar customer base and the main body whose regulation the Groups products must comply with is the Food and Drug Administration (FDA) in the US. The following presents revenue and profit information and certain asset and liability information regarding the Groups geographical segments. i) The distribution of revenue by geographical area based on location of assets was as follows: Rest of World Revenue Americas Ireland Other Eliminations Total Year ended December 31, 2019 US$000 US$000 US$000 US$000 US$000 Revenue from external customers 64,045 26,390 - - 90,435 Inter-segment revenue 39,563 1,629 - (41,192 ) - Total revenue 103,608 28,019 - (41,192 ) 90,435 Rest of World Americas Ireland Other Eliminations Total Year ended December 31, 2018 US$000 US$000 US$000 US$000 US$000 Revenue from external customers 65,863 31,172 - - 97,035 Inter-segment revenue 38,665 2,899 - (41,564 ) - Total revenue 104,528 34,071 - (41,564 ) 97,035 Rest of World Americas Ireland Other Eliminations Total Year ended December 31, 2017 US$000 US$000 US$000 US$000 US$000 Revenue from external customers 66,092 33,048 - - 99,140 Inter-segment revenue 42,147 3,587 - (45,734 ) - Total revenue 108,239 36,635 - (45,734 ) 99,140 ii) The distribution of revenue by customers geographical area was as follows: Revenue December 31, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 Americas 52,183 57,559 59,539 Asia / Africa 27,686 29,466 27,131 Europe (including Ireland) * 10,566 10,010 12,470 90,435 97,035 99,140 * 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, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 Clinical laboratory 68,127 71,618 73,366 Point-of-Care 11,393 14,836 16,774 Laboratory services 10,915 10,581 9,000 90,435 97,035 99,140 iv) The group has recognised the following amounts relating to revenue in the consolidated statement of operations: Revenue December 31, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 Revenue from contracts with customers (a) 90,435 97,035 99,140 Revenue from other sources - - - 90,435 97,035 99,140 (a) Disaggregation of revenue from contracts with customers: The Group derives revenue from the transfer of goods and services over time and at a point in time in the following geographical areas: Timing of revenue recognition Americas Ireland Other Total Year ended December 31, 2019 US$000 US$000 US$000 US$000 At a point in time 63,300 26,390 89,690 Over time 745 745 Total 64,045 26,390 90,435 Timing of revenue recognition Americas Ireland Other Total Year ended December 31, 2018 US$000 US$000 US$000 US$000 At a point in time 64,941 31,172 96,113 Over time 922 922 Total 65,863 31,172 97,035 Timing of revenue recognition Americas Ireland Other Total Year ended December 31, 2017 US$000 US$000 US$000 US$000 At a point in time 65,164 33,048 98,212 Over time 928 928 Total 66,092 33,048 99,140 (b) 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, 2019 US$000 US$000 US$000 US$000 At a point in time 51,438 27,686 10,566 89,690 Over time 745 745 Total 52,183 27,686 10,566 90,435 Timing of revenue recognition Americas Asia / Africa Europe Total Year ended December 31, 2018 US$000 US$000 US$000 US$000 At a point in time 56,637 29,466 10,010 96,113 Over time 922 922 Total 57,559 29,466 10,010 97,035 Timing of revenue recognition Americas Asia / Africa Europe Total Year ended December 31, 2017 US$000 US$000 US$000 US$000 At a point in time 58,611 27,131 12,470 98,212 Over time 928 - - 928 Total 59,539 27,131 12,470 99,140 v) The distribution of segment results by geographical area was as follows: Rest of World Americas Ireland Other Total Year ended December 31, 2019 US$000 US$000 US$000 US$000 Result before impairment and unallocated expenses 5,239 (4,334 ) (108 ) 797 Impairment (14,562 ) (9,733 ) (24,295 ) Result after impairment (9,323 ) (14,067 ) (108 ) (23,498 ) Unallocated expenses * (614 ) Operating loss (24,112 ) Net financing expense (Note 8) (5,885 ) Loss before tax (29,997 ) Income tax credit (Note 9) 1,006 Loss for the year on continuing operations (28,991 ) Profit for the year on discontinued operations (Note 10) 77 Loss for the year (28,914 ) Rest of World Americas Ireland Other Total Year ended December 31, 2018 US$000 US$000 US$000 US$000 Result before impairment and unallocated expenses 5,514 1,900 (44 ) 7,370 Impairment (19,095 ) (7,837 ) (26,932 ) Result after impairment (13,581 ) (5,937 ) (44 ) (19,562 ) Unallocated expenses * (665 ) Operating loss (20,227 ) Net financing expense (Note 8) (2,956 ) Loss before tax (23,183 ) Income tax credit (Note 9) 525 Loss for the year on continuing operations (22,658 ) Loss for the year on discontinued operations (Note 10) 568 Loss for the year (22,090 ) Americas Ireland Other Total Year ended December 31, 2017 US$000 US$000 US$000 US$000 Result before exceptional expenses 3,744 1,125 (44 ) 4,825 Impairment (9,194 ) (32,561 ) (41,755 ) Result after exceptional expenses (5,450 ) (31,436 ) (44 ) (36,930 ) Unallocated expenses * (738 ) Operating profit (37,668 ) Net financing expense (Note 8) (2,207 ) Loss before tax (39,875 ) Income tax credit (Note 9) 1,214 Loss for the year on continuing operations (38,661 ) Loss for the year on discontinued operations (Note 10) (1,609 ) Loss for the year (40,270 ) * Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area. vi) 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, 2019 US$000 US$000 US$000 US$000 Assets and liabilities Segment assets 69,224 37,212 1 106,437 Unallocated assets: Income tax assets (current and deferred) 8,234 Cash and cash equivalents and short-term investments 16,400 Total assets as reported in the Group balance sheet 131,071 Segment liabilities 14,575 104,396 200 119,171 Unallocated liabilities: Income tax liabilities (current and deferred) 7,187 Total liabilities as reported in the Group balance sheet 126,358 Rest of World Americas Ireland Other Total As at December 31, 2018 US$000 US$000 US$000 US$000 Assets and liabilities Segment assets 75,658 38,009 4 113,671 Unallocated assets: Income tax assets (current and deferred) 7,711 Cash and cash equivalents and short-term investments 30,277 Total assets as reported in the Group balance sheet 151,659 Segment liabilities Unallocated liabilities: 8,946 90,444 150 99,540 Income tax liabilities (current and deferred) 8,065 Total liabilities as reported in the Group balance sheet 107,605 vii) 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), by geographical area was as follows: December 31, 2019 US$000 December 31, 2018 US$000 Rest of World Ireland 14,626 14,864 Americas 38,803 44,007 53,429 58,871 viii) The distribution of depreciation and amortisation by geographical area was as follows: December 31, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 Depreciation: Rest of World Ireland 322 74 1,186 Americas 2,208 1,301 1,238 2,530 1,375 2,424 Amortisation: Rest of World Ireland 642 655 1,164 Americas 1,726 2,170 2,139 2,368 2,825 3,303 ix) The distribution of share-based payment expense by geographical area was as follows: December 31, 2019 December 31, 2018 December 31, 2017 Rest of World Ireland 659 1,265 841 Americas 99 104 87 758 1,369 928 Share based-payments discontinued operations 758 1,369 928 See Note 22 for further information on share-based payments. x) The distribution of interest income and interest expense by geographical area was as follows: Rest of World Interest Income Year ended December 31, 2019 Americas US$000 Ireland US$000 Other US$000 Eliminations US$000 Total US$000 Interest income earned 47 417 464 Non-cash financial income 233 233 Inter-segment interest income 4,853 (4,853 ) Total 47 650 4,853 (4,853 ) 697 Rest of World Interest Expense Year ended December 31, 2019 Americas US$000 Ireland US$000 Other US$000 Eliminations US$000 Total US$000 Interest on finance leases 294 653 947 Interest on tax audit settlement (Note 6) 1,000 1,000 Cash interest on exchangeable notes 3,996 3,996 Non-cash interest on exchangeable notes ( Note 25) 639 639 Inter-segment interest expense 4,853 (4,853 ) Total 5,147 6,288 (4,853 ) 6,582 Rest of World Interest Income Year ended December 31, 2018 Americas Ireland Other Eliminations Total US$000 US$000 US$000 US$000 US$000 Interest income earned 32 704 736 Non-cash financial income 1,388 1,388 Inter-segment interest income 4,853 (4,853 ) Total 32 2,092 4,853 (4,853 ) 2,124 Rest of World Interest Expense Year ended December 31, 2018 Americas US$000 Ireland US$000 Other US$000 Eliminations US$000 Total US$000 Interest on finance leases 7 32 39 Cash interest on exchangeable notes 4,352 4,352 Non-cash interest on exchangeable notes ( Note 25) 689 689 Inter-segment interest expense 4,853 (4,853 ) Total 4,860 5,073 (4,853 ) 5,080 Rest of World Interest Income Year ended December 31, 2017 Americas US$000 Ireland US$000 Other US$000 Eliminations US$000 Total US$000 Interest income earned 44 764 808 Non-cash financial income 2,390 2,390 Inter-segment interest income 4,853 (4,853 ) Total 44 3,154 4,853 (4,853 ) 3,198 Rest of World Interest Expense Year ended December 31, 2017 Americas US$000 Ireland US$000 Other US$000 Eliminations US$000 Total US$000 Interest on deferred consideration and licence fee 40 40 Interest on finance leases 42 42 Cash interest on exchangeable notes 4,600 4,600 Non-cash interest on exchangeable notes (Note 25) 723 723 Inter-segment interest expense 4,853 (4,853 ) Total 4,853 5,405 (4,853 ) 5,405 xi) The distribution of taxation (expense)/credit by geographical area was as follows: December 31, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 Rest of World Ireland 831 (59 ) 192 Rest of World Other (3 ) (81 ) Americas 175 587 1,103 1,006 525 1,214 xii) During 2019, 2018 and 2017 there were no customers generating 10% or more of total revenues. xiii) The distribution of capital expenditure by geographical area was as follows: December 31, 2019 US$000 December 31, 2018 US$000 Rest of World Ireland 20,758 7,148 Rest of World Other - 1,746 Americas 12,863 8,911 33,621 17,805 |
PERSONNEL EXPENSES
PERSONNEL EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |
PERSONNEL EXPENSES | 3. PERSONNEL EXPENSES December 31, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 Wages and salaries 25,885 26,475 26,316 Social welfare costs 2,538 2,585 2,424 Pension costs 503 490 459 Tax settlement (Note 6) 5,094 Share-based payments 758 1,369 928 34,778 30,919 30,127 Personnel expenses are shown net of capitalisations. Total personnel expenses, inclusive of amounts capitalised for wages and salaries, social welfare costs and pension costs, for the year ended December 31, 2019 amounted to US$36,288,000 (2018: US$38,002,000) (2017: US$37,351,000). Total share based payments, inclusive of amounts capitalised in the balance sheet, amounted to US$838,000 for the year ended December 31, 2019 (2018: US$1,607,000) (2017: US$1,109,000). See Note 22 for further details. The average number of persons employed by the Group in the financial year was 579 (2018: 575) (2017: 556) and is analysed into the following categories: December 31, 2019 December 31, 2018 December 31, 2017 Research and development 57 59 60 Administration and sales 159 163 162 Manufacturing and quality 363 353 334 579 575 556 |
PENSION SCHEMES
PENSION SCHEMES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of pension schemes [Abstract] | |
PENSION SCHEMES | 4. PENSION SCHEMES The Group operates defined contribution pension schemes for certain of its full time employees. The benefits under these schemes are financed by both Group and employee contributions. Total contributions made by the Group in the financial year and charged against income amounted to US$503,000 (2018: US$490,000) (2017: US$458,000). The pension accrual for the Group at December 31, 2019 was US$43,000 (2018: US$45,000), (2017: US$33,000). |
OTHER OPERATING INCOME
OTHER OPERATING INCOME | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other operating income [Abstract] | |
OTHER OPERATING INCOME | 5. OTHER OPERATING INCOME December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Rental income from premises 3 3 - Other income 88 99 100 91 102 100 Other income mainly comprises income recognised under Transitional Services Agreements (TSA) with Diagnostica Stago. As part of the divestiture of the Coagulation product line in April 2010, the Group entered into a TSA. The services provided by the Group to Stago under the TSA comprise canteen services. This income has not been treated as revenue since the TSA activities are incidental to the main revenue-generating activities of the Group. |
SELLING, GENERAL AND ADMINISTRA
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - TAX AUDIT SETTLEMENT | 12 Months Ended |
Dec. 31, 2019 | |
Selling General And Administrative Expenses - Tax Audit Settlement | |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - TAX AUDIT SETTLEMENT | 6. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES – TAX AUDIT SETTLEMENT Arising out of a tax audit in one of the jurisdictions in which the company operates, the Company reached a tax settlement of US$6,442,000 in the year ended December 31, 2019. The tax audit concluded in late December 2019 and the payment of the settlement amount was made prior to the financial year end. The settlement consisted of US$3,863,000 in relation to a patent dividend scheme, which had operated via Rayville Limited from 1995 to 2010, US$1,231,000 in relation to payments for CEO Services made to Darnick Company (a company controlled by the family of Ronan O’Caoimh) and US$75,000 in relation to R&D tax credits. Penalties were US$273,000. Interest was US$1,000,000 and this is shown as a financial expense. The total settlement excluding interest of US$5,442,000 was partially offset by a provision of US$400,000, resulting in an expense of US$5,042,000, which is shown as Selling, general and administrative expenses – tax audit settlement. Darnick Company agreed to contribute US$1,231,000 to the above settlement and this amount was outstanding at December 31, 2019 and was treated as a contingent asset and not recognised in the consolidated statement of financial position at year-end. |
IMPAIRMENT CHARGES
IMPAIRMENT CHARGES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of impairment charges and inventory provisioning [Abstract] | |
IMPAIRMENT CHARGES | 7. IMPAIRMENT CHARGES In accordance with IAS 36, Impairment of Assets The Companys market capitalisation at the end of the year that was lower when compared to the end of 2018. The inclusion of the latest cash flow projections and net asset values for each cash generating unit; and Increased volatility in the Companys share price and higher market interest rates which resulted in a higher discount factor being applied to the Companys expected future cash flows. The impact of the above items on the statement of operations for the year ended December 31, 2019, December 31, 2018 and December 31, 2017 was as follows: December December December 31, 2019 31, 2018 31, 2017 US$000 US$000 US$000 Selling, general & administration expenses Impairment of PP&E (Note 13) 6,349 6,112 10,437 Impairment of goodwill and other intangible assets (Note 14) 16,570 19,212 29,667 Impairment of prepayments (Note 18) 1,376 1,608 1,651 Total impairment loss 24,295 26,932 41,755 ( Income tax impact of impairment loss 148 (1,752 ) (517 ) Total impairment loss after tax 24,443 25,180 41,238 |
FINANCIAL INCOME AND EXPENSES
FINANCIAL INCOME AND EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of financial income and expenses [Abstract] | |
FINANCIAL INCOME AND EXPENSES | 8. FINANCIAL INCOME AND EXPENSES December 31, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 Financial income: Non-cash financial income 233 1,388 2,390 Interest income 464 736 808 697 2,124 3,198 Financial expense: Interest on leases (947 ) (39 ) (42 ) Interest on tax audit settlement (Note 6) (1,000 ) - - Cash interest on exchangeable notes (3,996 ) (4,352 ) (4,600 ) Non-cash interest on exchangeable notes (Note 25) (639 ) (689 ) (723 ) Interest on deferred consideration and licence fee - - (40 ) (6,582 ) (5,080 ) (5,405 ) Net Financing Expense (5,885 ) (2,956 ) (2,207 ) Exchangeable note interest expense and non-cash financial income and expense relate to the exchangeable senior notes issued in 2015. For further information, refer to Note 25. |
INCOME TAX (CREDIT)_EXPENSE
INCOME TAX (CREDIT)/EXPENSE | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Creditexpense Schedule Of Statutory Tax Rate | |
INCOME TAX CREDIT | 9. INCOME TAX CREDIT The tax credit based on the loss comprises: December 31, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 Current tax (credit)/expense Irish Corporation tax (312 ) (258 ) (51 ) Foreign taxes (a) 197 195 358 Adjustment in respect of prior years (50 ) (56 ) 150 Total current tax (credit)/expense (165 ) (119 ) 457 Deferred tax credit Origination and reversal of temporary differences (see Note 15) (841 ) (2,031 ) (5,969 ) Origination and reversal of net operating losses (see Note 15) - 1,625 4,298 Total deferred tax credit (841 ) (406 ) (1,671 ) Total income tax credit on continuing operations in statement of operations (1,006 ) (525 ) (1,214 ) Tax (credit)/charge on discontinued operations (see Note 10) - (590 ) 323 00 Total tax credit (1,006 ) (1,115 ) (891 ) (a) In 2019, the foreign taxes relate primarily to Canada. (b) In 2019, there was a deferred tax credit of US$444,000 (2018: charge of US$369,000; 2017: credit of US$170,000) recognised in respect of Ireland and a deferred tax credit of US$397,000 (2018: credit of US$775,000; 2017: credit of US$1,501,000) recognised in respect of overseas tax jurisdictions. Effective tax rate December 31, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 Loss before taxation (29,997 ) (23,183 ) (39,875 ) As a percentage of loss before tax: Current tax (0.55 )% (0.51 )% 1.14 % Total (current and deferred) (3.36 )% (2.26 )% (3.05 )% The following table reconciles the applicable Republic of Ireland statutory tax rate to the effective total tax rate for the Group: December 31, 2019 December 31, 2018 December 31, 2017 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) 13.21 % 15.76 % 12.05 % Effect of tax rates on overseas earnings (3.05 )% (6.10 )% (2.09 )% Effect of Irish income taxable at higher tax rate 0.04 % 0.05 % - Adjustments in respect of prior years (0.17 )% 0.94 % 0.38 % Effect of changes in US tax code (b) - - (1.89 )% R&D tax credits (2.69 )% (1.70 )% (0.17 )% Other items (c) 1.80 % 1.29 % 1.17 % Effective tax rate (3.36 )% (2.26 )% (3.05 )% (a) The effect of current year net operating losses and temporary differences for which no deferred tax asset was recognised is analyzed further in the table below (see also Note 15). No deferred tax asset was recognised because there was no reversing deferred tax liability in the same jurisdiction reversing in the same period and no future taxable income in the same jurisdiction. (b) In 2017, a number of changes were made to the USA tax code, the most significant of which was the reduction in the federal corporation tax rate to 21%. This resulted in a once-off tax credit in 2017 of US$753,000 arising from the reduction in deferred tax balances due to the tax rate change, partially offset by the effect of mandatory deemed repatriation of certain deferred foreign earnings. The other changes to the USA tax code did not have a material impact on the Group. (c) Other items comprise items not chargeable to tax/expenses not deductible for tax purposes. In 2019, other items mainly comprise the tax audit settlement recorded in Selling, General and Administrative expenses (see also Note 6), which is not deductible for tax. Additionally, the movement in the exchangeable notes embedded derivatives value and the accretion of notional interest on the Loan Notes host contract, both of which are exempt from deferred taxation recognition under IAS 12, Income Taxes. Unrecognised deferred tax assets continuing operations Effect in 2019 US$000 Percentage effect in 2019 Effect in 2018 US$000 Percentage effect in 2018 Increase in net operating losses arising in US 1,117 3.72 % 2,174 9.38 % Temporary differences arising in US 129 0.43 % 19 0.08 % Decrease in net operating losses arising in Brazil 608 2.03 % (20 ) (0.09 )% Increase in net operating losses arising in Ireland 2,110 7.03 % 1,482 6.39 % 3,964 13.21 % 3,655 15.76 % The distribution of loss before taxes by geographical area was as follows: December 31, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 Rest of World Ireland (20,318 ) (9,590 ) (35,821 ) Rest of World Other 4,760 4,809 4,809 Americas (14,439 ) (18,402 ) (8,863 ) (29,997 ) (23,183 ) (39,875 ) At December 31, 2019, the Group had unutilised net operating losses as follows: December 31, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 USA 1,034 2,382 7,737 Ireland 73,754 60,629 57,206 Brazil 5,789 4,001 4,060 80,577 67,012 69,003 In the USA, the utilisation of net operating loss carryforwards is limited to future profits in the USA. At December 31, 2019, the Group had unrecognised deferred tax assets in respect of unused tax losses and unused tax credits as follows: December 31, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 Ireland unused tax losses 12,062 9,953 8,471 US unused tax losses 3,291 2,174 - US unused tax credits 493 364 345 Brazil unused tax losses 1,968 1,360 1,380 Unrecognised deferred tax asset 17,814 13,851 10,196 The accounting policy for deferred tax is to calculate the deferred tax asset that is deemed recoverable, considering all sources for future taxable profits. The deferred tax assets in the above table have not been recognised due to uncertainty regarding the full utilization of these losses in the related tax jurisdiction in future periods. Only when it is probable that future profits will be available to utilize the forward losses or temporary differences is a deferred tax asset recognised. When there is a reversing deferred tax liability in that jurisdiction that reverses in the same period, the deferred tax asset is restricted so that it equals the reversing deferred tax liability. The Group has US state credit carryforwards of US$624,000 at December 31, 2019 (2018: US$461,000; 2017: US$436,000). A deferred tax asset of US$493,000 (2018: US$364,000; 2017: US$345,000) in respect of US state credit carryforwards was not recognised due to uncertainties regarding future full utilisation of these state credit carryforwards in the related tax jurisdiction in future periods |
PROFIT_(LOSS) FOR THE YEAR ON D
PROFIT/(LOSS) FOR THE YEAR ON DISCONTINUED OPERATION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of loss on discontinued operation [Abstract] | |
PROFIT/(LOSS) ON DISCONTINUED OPERATION | 10 . PROFIT /( 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 Groups subsidiary Fiomi Diagnostics (Fiomi) located in Sweden. The decision to cease the development work and to close the Swedish operation came after the company held a meeting with the U.S. Food and Drug Administration (FDA) in order to obtain an update on the Meritas Troponin premarket submission. At that meeting the FDA suggested that the submission should be withdrawn. The FDA made it known that any new point-of-care Troponin product would be required to demonstrate performance equivalent to the most recently cleared laboratory-based device. As there was no certainty that this level of performance could ever be achieved by the point-of-care Meritas product, even with the benefit of further development efforts, management decided to cease the development work on Troponin I and the analyzer and its sister products, BNP and D-dimer. 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 Groups 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 2016, the loss on discontinued operations included the write off of the carrying value of all capitalised development costs, goodwill, property, plant and equipment, inventories and other assets associated with the Meritas project. It also included a provision for the cost of closing the Swedish facility, mainly consisting of contractual obligations associated with terminating premises and supplier contracts, as well as redundancy costs for 41 employees. In 2017, settlements were negotiated with a number of counterparties that were lower than had been estimated in the previous years financial statements. The resultant excess provision for closure costs was released to the Consolidated Statement of Operations. During 2017, all remaining employees and all operating lease obligations were terminated. The loss on discontinued operations in 2017 also included a charge in relation to foreign translation reserves that had been recognised in previous periods as a reserve movement. In 2018, taxes paid to the Swedish tax authorities were recovered and there was a resulting tax credit of US$590,000. The operating loss for the Cardiac point-of-care tests operation in Sweden and the profit/(loss) on re-measurement of its assets and liabilities are summarised as follows: December 31, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 Revenues Operating loss Loss for the year Profit/(Loss) on re-measurement of assets and liabilities: Closure costs (8 ) (22 ) 1,794 Foreign currency translation reserve 85 (3,080 ) Tax credit/(expense) 590 (323 ) Total profit/(loss) 77 568 (1,609 ) Profit/(Loss) for the year from discontinued operations 77 568 (1,609 ) Basic earnings per ordinary share discontinued operations Basic earnings/(loss) per ordinary share for discontinued operations is computed by dividing the profit after taxation on discontinued operations of US$77,000 (2018: profit US$568,000) (2017: loss US$1,609,000) for the financial year by the weighted average number of A ordinary shares in issue. As at December 31, 2019, this amounted to 83,606,810 shares (2018: 83,612,908 shares) (2017: 86,486,409 shares), see note 12 for further details. Diluted earnings per ordinary share discontinued operations Diluted earnings/(loss) per ordinary share for discontinued operations is computed by dividing the profit/(loss) after taxation on discontinued operations of US$77,000 (2018: profit US$568,000) (2017: loss US$1,609,000) for the financial year by the diluted weighted average number of ordinary shares in issue of 101,870,064 (2018: 103,508,820) (2017: 107,510,179), see note 12 for further details. Under IAS 33 Earnings per Share, diluted earnings per share cannot be anti-dilutive. Therefore, diluted loss per ADS in accordance with IFRS is equal to basic earnings per ADS. Earnings per ADS In June 2005, Trinity Biotech adjusted its ADS ratio from 1 ADS: 1 ordinary share to 1 ADS: 4 ordinary shares. Earnings per ADS for all periods presented have been restated to reflect this exchange ratio. Basic earnings/(loss) per ADS for discontinued operations is computed by dividing the profit after taxation on discontinued operations of US$77,000 (2018: profit US$568,000) (2017: loss US$1,609,000) for the financial year by the weighted average number of ADS in issue of 20,901,703 (2018: 20,903,227); (2017: 21,621,602), see note 12 for further details. Diluted earnings/(loss) per ADS for discontinued operations is computed by dividing the profit after taxation on discontinued operations of US$77,000 (2018: profit US$568,000) (2017: loss US$1,609,000) for the financial year, by the diluted weighted average number of ADS in issue of 25,467,516 (2018: 25,877,205) (2017: 26,877,544), see note 12 for further details. December 31, December 31, December 31, Basic earnings/(loss) per ADS (US Dollars) discontinued operations 0.00 0.03 (0.07 ) Diluted earnings/(loss per ADS (US Dollars) discontinued operations 0.00 0.02 (0.07 ) Basic earnings/(loss) per A share (US Dollars) discontinued operations 0.00 0.01 (0.02 ) Diluted earnings/(loss) per A share (US Dollars) discontinued operations 0.00 0.01 (0.02 ) Cash flows The cash flows attributable to discontinued operations are as follows: December 31, December 31, December 31, US$000 US$000 US$000 Cash flows from operating activities (5 ) 527 (2,847 ) Cash flows from investing activities - - - There were no cash flows from financing activities attributable to discontinued operations for the years ended December 31, 2019, 2018 or 2017. |
LOSS BEFORE TAX
LOSS BEFORE TAX | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of loss profit before tax [Abstract] | |
LOSS BEFORE TAX | 11. LOSS BEFORE TAX The following amounts were charged / (credited) to the statement of operations: December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Directors’ emoluments (including non- executive directors): Remuneration 1,238 1,261 1,800 Pension 42 44 44 Share based payments 624 1,204 727 Auditor’s remuneration Audit fees 523 506 568 Tax fees 172 15 73 Other non-audit fees - - - Depreciation* 2,526 1,296 1,896 Amortisation 2,368 2,825 3,303 Loss on the disposal of property, plant and equipment 17 15 3 Net foreign exchange differences** (179 ) 344 (17 ) * Note that US$4,000 (2018: US$79,000) (2017: US$528,000) of depreciation was capitalised to research and development projects during 2019 in line with the Group’s capitalisation policy for Intangible projects. ** The net foreign exchange differences in 2017 do not include US$440,000 which were included in the operating expenses that were stated in Note 10 in respect of the discontinued operations in Fiomi. |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share [abstract] | |
LOSS PER SHARE | 12. LOSS PER SHARE Basic earnings per ordinary share Basic earnings per ordinary share for the group is computed by dividing the loss after taxation of US$28,914,000 (2018: loss of US$22,090,000) (2017: loss of US$40,270,000) for the financial year by the weighted average number of ‘A’ ordinary shares in issue. Basic earnings per ordinary share for continuing operations is computed by dividing the loss after taxation for continued operations of US$28,991,000 (2018: loss of US$22,658,000) (2017: loss of US$38,661,000) for the financial year by the weighted average number of ‘A’ ordinary shares in issue. As at December 31, 2019, this amounted to 83,606,810 shares (2018: 83,612,908 shares) (2017: 86,486,409 shares). December 31, December 31, December 31, ‘A’ ordinary shares 83,606,810 83,612,908 86,486,409 Basic earnings per share denominator 83,606,810 83,612,908 86,486,409 Reconciliation to weighted average earnings per share denominator: Number of ‘A’ ordinary shares at January 1 (Note 21) 96,162,410 96,162,410 96,162,410 Weighted average number of shares issued during the year* - - Weighted average number of treasury shares (12,555,600 ) (12,549,502 ) (9,676,001 ) Basic earnings per share denominator 83,606,810 83,612,908 86,486,409 *The weighted average number of shares issued during the year is calculated by taking the number of shares issued multiplied by the number of days in the year each share is in issue, divided by 365 days. Diluted earnings per ordinary share Diluted earnings per ordinary share for the group is computed by dividing the adjusted loss after tax of US$24,512,000 (2018: loss of US$18,437,000) (2017: loss of US$37,337,000) for the financial year by the diluted weighted average number of ordinary shares in issue of 101,870,064 (2018: 103,508,820) (2017: 107,510,179). Diluted earnings per ordinary share for continuing operations is computed by dividing the adjusted loss after tax on continuing operations of US$24,590,000 (2018: loss of US$19,005,000) (2017: loss of US$35,728,000) for the financial year by the diluted weighted average number of ordinary shares in issue of 101,870,064 (2018: 103,508,820) (2017: 107,510,179). The adjusted loss after tax on continuing operations is computed by adding back the interest expense, accretion interest and movements in the fair value of the derivatives on the exchangeable notes to the loss after taxation for continuing operations. Under IAS 33 Earnings per Share, diluted earnings per share cannot be anti-dilutive. Therefore, diluted loss per ordinary share in accordance with IFRS would be equal to basic earnings per ordinary share. The basic weighted average number of ordinary shares for the Group may be reconciled to the number used in the diluted earnings per ordinary share calculation as follows: December 31, 2019 December 31, 2018 December 31, 2017 Basic earnings per share denominator (see above) 83,606,810 83,612,908 86,486,409 Issuable on exercise of options and warrants - 22,359 - Issuable on conversion of exchangeable notes 18,263,254 19,873,553 21,023,770 Diluted earnings per share denominator 101,870,064 103,508,820 107,510,179 The loss after tax for the year may be reconciled to the amount used in the diluted earnings per ordinary share calculation as follows: December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Loss after tax for the year (28,914 ) (22,090 ) (40,270 ) Non-cash financial income (Note 8) (233 ) (1,388 ) (2,390 ) Cash interest expense (Note 8) 3,996 4,352 4,600 Non-cash interest on exchangeable notes (Note 8) 639 689 723 Adjusted loss after tax (24,512 ) (18,437 ) (37,337 ) Earnings per ADS In June 2005, Trinity Biotech adjusted its ADS ratio from 1 ADS: 1 ordinary share to 1 ADS: 4 ordinary shares. Earnings per ADS for all periods presented have been restated to reflect this exchange ratio. Basic earnings per ADS for the Group is computed by dividing the loss after taxation of US$28,914,000 (2018: loss of US$22,090,000) (2017: loss of US$40,270,000) for the financial year by the weighted average number of ADS in issue of 20,901,703 (2018: 20,903,227); (2017: 21,621,602). Basic earnings per ADS for continuing operations is computed by dividing the loss after taxation of US$28,991,000 (2018: loss of US$22,658,000) (2017: loss of US$38,661,000) for the financial year by the weighted average number of ADS in issue of 20,901,703 (2018: 20,903,227); (2017: 21,621,602). December 31, 2019 December 31, 2018 December 31, 2017 ADS 20,901,703 20,903,227 21,621,602 Basic earnings per share denominator 20,901,703 20,903,227 21,621,602 Reconciliation to weighted average earnings per share denominator: Number of ADS at January 1 (Note 21) 24,040,602 24,040,602 24,040,602 Weighted average number of shares issued during the year* - - - Weighted average number of treasury shares (3,138,899 ) (3,137,375 ) (2,419,000 ) Basic earnings per share denominator 20,901,703 20,903,227 21,621,602 Diluted earnings per ADS for the Group is computed by dividing the adjusted loss after taxation of US$24,512,000 (2018: loss of US$18,437,000) (2017: loss of US$37,337,000) for the financial year, by the diluted weighted average number of ADS in issue of 25,467,516 (2018: 25,877,205) (2017: 26,877,544). Under IAS 33 Earnings per Share, diluted earnings per share cannot be anti-dilutive. Therefore, diluted loss per ADS in accordance with IFRS would be equal to basic earnings per ADS. *The weighted average number of shares issued during the year is calculated by taking the number of shares issued multiplied by the number of days in the year each share is in issue, divided by 365 days. The basic weighted average number of ADS shares for the Group may be reconciled to the number used in the diluted earnings per ADS share calculation as follows: December 31, 2019 December 31, 2018 December 31, 2017 Basic earnings per share denominator (see above) 20,901,703 20,903,227 21,621,602 Issuable on exercise of options and warrants - 5,590 - Issuable on conversion of exchangeable notes 4,565,814 4,968,388 5,255,942 Diluted earnings per share denominator 25,467,517 25,877,205 26,877,544 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 13. PROPERTY, PLANT AND EQUIPMENT Land and buildings US$000 Leasehold improvements US$000 Computers, fixtures and fittings US$000 Plant and equipment US$000 Total US$000 Cost At January 1, 2018 2,624 3,004 5,894 37,895 49,417 Additions 19 1,609 829 5,068 7,525 Disposals or retirements (1 ) (131 ) (1,804 ) (1,936 ) Exchange adjustments (38 ) (52 ) (7 ) (1,095 ) (1,192 ) At December 31, 2018 2,605 4,560 6,585 40,064 53,814 At January 1, 2019 2,605 4,560 6,585 40,064 53,814 Adjustment on transition to IFRS 16 20,961 149 75 21,185 Additions 681 71 168 1,905 2,825 Disposals or retirements (1,626 ) (2,610 ) (3,314 ) (7,550 ) Exchange adjustments 22 (54 ) (32 ) At December 31, 2019 24,269 3,005 4,292 38,676 70,242 Accumulated depreciation and impairment losses At January 1, 2018 (1,283 ) (2,659 ) (5,308 ) (34,367 ) (43,617 ) Charge for the year (80 ) (47 ) (185 ) (1,063 ) (1,375 ) Impairment loss (578 ) (543 ) (423 ) (4,568 ) (6,112 ) Disposals or retirements 130 1,679 1,809 Exchange adjustments 7 6 3 827 843 At December 31, 2018 (1,934 ) (3,243 ) (5,783 ) (37,492 ) (48,452 ) At January 1, 2019 (1,934 ) (3,243 ) (5,783 ) (37,492 ) (48,452 ) Charge for the year (1,545 ) (105 ) (200 ) (680 ) (2,530 ) Adjustment on transition to IFRS 16 (10,984 ) (40 ) (75 ) (11,099 ) Impairment loss as at December 31, 2019 (4,024 ) (233 ) (276 ) (1,816 ) (6,349 ) Disposals or retirements 1,544 2,618 3,331 7,493 Reallocations / reclassifications (5 ) (5 ) Exchange adjustments (6 ) (1 ) (3 ) (10 ) At December 31, 2019 (18,493 ) (2,037 ) (3,682 ) (36,740 ) (60,952 ) Carrying amounts At December 31, 2019 5,776 968 610 1,936 9,290 At December 31, 2018 671 1,317 802 2,572 5,362 Right-of-use assets The right-of-use assets are included in the same line item as the corresponding underlying assets would be presented if they were owned. The Group has used the modified retrospective application method for its first time application of IFRS 16, Leases Impairment US$000 Right-of-use assets cost at transition before impairment 21, 185 Impairment adjustment on transition (11,099 ) Right-of-use assets value at transition after impairment 10, 086 The following is a reconciliation of the financial statement line items from IAS 17 to IFRS 16 at January 1, 2019: Carrying amount at December 31, 2018 Remeasurement Impairment IFRS 16 carrying amount at January 1, 2019 US$000 US$000 US$000 US$000 Property, plant & equipment 5,362 21,185 (11,099 ) 15,448 Lease liabilities (962 ) (21,185 ) - (22,147 ) Retaining earnings (55,319 ) - 11,099 (44,220 ) Total (50,919 ) - - (50,919 ) Additional information on the right-of-use assets by class of assets is as follows: Carrying amount Depreciation Impairment At December 31, 2019 Year ended December 31, 2019 Year ended December 31, 2019 US$000 US$000 US$000 Buildings 5,220 (1,523 ) (3,913 ) Computer equipment 7 (39 ) (63 ) 5,227 (1,562 ) (3,976 ) Income from sub-letting right-of-use buildings amounted to US$3,000 in the year ended December 31, 2019. Right-of-Use assets 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 13 1 to 14 5 1 - 2 4 Vehicle 9 1 to 2 1 - 9 - 9 I.T. and office equipment 11 2 - - - 1 The annual impairment review performed at December 31, 2019 showed that the carrying value of the Groups assets exceeded the amount to be recovered through use or sale of the assets by a total of US$76,740,000. The details of the impairment review are described in Note 14. When an impairment loss is identified in a cash generating unit, it must be first allocated to reduce the carrying amount of any goodwill allocated to the cash generating unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. In this manner, an impairment loss of US$6,349,000 was allocated to property, plant and equipment as at December 31, 2019. The recoverable amount of property, plant and equipment was determined to be the value in use of each cash generating unit. The annual impairment review performed at December 31, 2018 showed that the carrying value of the Groups assets exceeded the amount to be recovered through use or sale of the assets by a total of US$57,794,000. The details of the impairment review are described in Note 14. When an impairment loss is identified in a cash generating unit, it must be first allocated to reduce the carrying amount of any goodwill allocated to the cash generating unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. In this manner, an impairment loss of US$6,112,000 was allocated to property, plant and equipment in 2018. The recoverable amount of property, plant and equipment was determined to be the value in use of each cash generating unit. Assets held under operating leases (where the Company is the lessor) The Company has a number of assets included in plant and equipment which generate operating lease revenue for the Group. The net book value of these assets as at December 31, 2019 and 2018 is US$Nil following full write down of the assets due to group impairment (refer to Note 14). Depreciation charged on these assets in 2019 amounted to US$7,000 (2018: US$8,000). Included in disposals/retirements in 2019 is US$Nil (2018: US$12,000) relating to the net book value of leased instruments reclassified as inventory on return from customers. Property, plant and equipment under construction There were no assets under contraction included in property, plant and equipment at December 31, 2019 (2018: US$204,000). |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of goodwill and intangible assets [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | 14. GOODWILL AND INTANGIBLE ASSETS Goodwill US$000 Development costs US$000 Patents and licences US$000 Other US$000 Total US$000 Cost At January 1, 2018 81,689 136,918 9,947 33,818 262,372 Additions 9,871 410 10,281 Disposals Exchange adjustments (17 ) (17 ) At December 31, 2018 81,689 146,772 9,947 34,228 272,636 At January 1, 2019 81,689 146,772 9,947 34,228 272,636 Additions 9,569 4 38 9,611 Disposals Reclassification Exchange adjustments 36 36 At December 31, 2019 81,689 156,377 9,951 34,266 282,283 Accumulated amortisation and Impairment losses At January 1, 2018 (63,791 ) (102,140 ) (9,728 ) (21,959 ) (197,618 ) Charge for the year (1,564 ) (1,261 ) (2,825 ) Disposals Impairment losses (1,757 ) (16,773 ) (86 ) (596 ) (19,212 ) Exchange adjustments (30 ) (30 ) At December 31, 2018 (65,548 ) (120,507 ) (9,814 ) (23,816 ) (219,685 ) At January 1, 2019 (65,548 ) (120,507 ) (9,814 ) (23,816 ) (219,685 ) Charge for the year (1,182 ) (2 ) (1,184 ) (2,368 ) Disposals Impairment losses (3,550 ) (11,904 ) (3 ) (1,113 ) (16,570 ) Exchange adjustments (6 ) (6 ) At December 31, 2019 (69,098 ) (133,599 ) (9,819 ) (26,113 ) (238,629 ) Carrying amounts At December 31, 2019 12,591 22,778 132 8,153 43,654 At December 31, 2018 16,141 26,265 133 10,412 52,951 Included within development costs are costs of US$3,719,000 which were not amortised in 2019 (2018: US$4,192,000). These development costs are not being amortised as the projects to which the costs relate were not fully complete at December 31, 2019 or at December 31, 2018. As at December 31, 2019 these projects are expected to be completed during the period from January 1, 2020 to December 31, 2022 at an expected further cost of approximately US$5,557,000. The following represents the costs incurred during each period presented for each of the principal development projects: Product Name 2019 US $000 2018 US $000 HIV screening rapid test 2,587 1,657 Premier Instrument for Haemoglobin A1c testing 1,930 2,653 Autoimmune Smart Reader 1,325 746 Syphilis point-of-care test 870 454 Uni-Gold antigen improvement 691 453 G-6-PDH test 582 850 Uni-gold test 376 796 Tri-stat Point-of-Care instrument 361 727 Ultra Genesys 237 263 Column enhancement 236 292 Sjogrens tests 135 414 Other projects 239 566 Total capitalised development costs 9,569 9,871 All of the development projects for which costs have been capitalised are judged to be technically feasible, commercially viable and likely to produce future economic benefits. In reaching this conclusion, many factors have been considered including the following: (a) The Group only develops products within its field of expertise. The R&D team is experienced in developing new products in this field and this experience means that only products which have a high probability of technical success are put forward for consideration as potential new products. (b) A technical feasibility study is undertaken in advance of every project. The feasibility study for each project is reviewed by the R&D team leader, and by other senior management depending on the size of the project. The feasibility study occurs in the initial research phase of the project and costs in this phase are not capitalised. (c) Nearly all of our new product developments involve the transfer of our existing product know-how to a new application. The Group does not engage in pure research. Every development project is undertaken with the intention of bringing a particular new product to market for which there is a known demand. (d) The commercial feasibility of each new product is established prior to commencement of a project by ensuring it is projected to achieve an acceptable income after applying appropriate discount rates. Other intangible assets Other intangible assets consist primarily of acquired customer and supplier lists, trade names, website and software costs. Amortisation Amortisation is charged to the statement of operations through the selling, general and administrative expenses line. Impairment testing for intangibles including goodwill and indefinite lived assets Goodwill and other intangibles are subject to impairment testing on an annual basis. In determining whether a potential asset impairment exists, a range of internal and external factors are considered. A number of factors impacted this calculation including: the Companys market capitalisation at the end of the year, which was lower when compared to the end of 2018, the inclusion of the latest cash flow projections and net asset values for each cash generating unit; and increased volatility in the Companys share price and higher market interest rates which resulted in a higher discount factor being applied to the Companys expected future cash flows. As the future discounted cash flows for a number of cash generating units (CGUs) was below the carrying value of their net assets, the Group recognised a non-cash impairment charge of US$24,295,000 at December 31, 2019. The impairment test performed as at December 31, 2019 identified a total impairment loss of US$76,740,000 in seven CGUs, of which US$24,295,000 has been recorded in the 2019 financial statements. Not all of the total impairment loss was recorded in the financial statements due to the allocation method proscribed in IAS 36, Impairment of Assets. The impairment loss arose from the impairment review performed on Biopool US Inc,, Trinity Biotech Manufacturing Limited, Clark Laboratories Inc,, Mardx Diagnostics Inc, Immco Diagnostics, Primus Corp. and Trinity Biotech Do Brasil. An impairment loss arose in these entities due to the carrying value of their net assets exceeding the entitys discounted future cashflows. The recoverable amount of each of the CGUs is determined based on a value-in-use computation, which is the only methodology applied by the Group and which has been selected due to the impracticality of obtaining fair value less costs to sell measurements for each reporting period. For the purpose of the annual impairment tests, goodwill is allocated to the relevant CGU. The annual impairment analysis is based on a valuation technique involving level 3 inputs, see Note 1 (xxix). The value-in-use calculations use cash flow projections based on the 2020 projections for each CGU and a further four years projections using estimated revenue and cost growth rates of between 0% and 7%. At the end of the five year forecast period, terminal values for each CGU, based on a long term growth rate of 2%, are used in the value-in-use calculations. The value-in-use represents the present value of the future cash flows, including the terminal value, discounted at a rate appropriate to each CGU. The key assumptions employed in arriving at the estimates of future cash flows are subjective and include projected EBITDA, net cash flows, discount rates and the duration of the discounted cash flow model. The assumptions and estimates used were derived from a combination of internal and external factors based on historical experience. The pre-tax discount rates used range from 20% to 27% (2018: 20% to 35%) The table below sets forth the impairment loss recorded for each of the CGUs: December 31, 2019 December 31, 2018 US$000 US$000 Trinity Biotech Manufacturing Limited 9,732 7 ,837 Immco Diagnostics Inc 6,332 - Primus Corp 5,321 12,424 Trinity Biotech Do Brasil 1,253 2,785 Clark Laboratories Inc. 727 3,377 Mardx Diagnostics Inc. 720 - Biopool US Inc. 210 509 Total impairment loss 24,295 26,932 The table below sets forth the breakdown of the impairment loss for each class of asset: December 31, 2019 December 31, 2018 US$000 US$000 Goodwill and other intangible assets (see Note 14) 16,570 19,212 Property, plant and equipment (see Note 13) 6,349 6,112 Prepayments (see Note 18) 1,376 1,608 Total impairment loss 24,295 26,932 The impairment loss at December 31, 2019 allocated to goodwill arose in Immco Diagnostics Inc. The impairment loss at December 31, 2018 allocated to goodwill arose in Clark Laboratories Inc. The value-in-use calculation is subject to significant estimation, uncertainty and accounting judgements and is particularly sensitive in the following areas; In the event that there was a variation 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 an additional impairment loss of US$743,000 at December 31, 2019. In the event there was a 10% variation 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 an additional impairment loss of US$5,420,000 at December 31, 2019. The annual impairment test only takes into account conditions existing at the end of the reporting period. COVID-19 began to impact the population of Wuhan, China in December 2019 and initially the outbreak was largely concentrated in China. It was declared a pandemic by the World Health Organization in March 2020. The Companys impairment test as at December 31, 2019 therefore does not reflect the downturn in economic activity or the aforementioned impacts on the Companys revenues and expenditure caused by the Covid-19 pandemic. If the impairment test was reperformed using projections which take into account the aforementioned impacts on revenues and expenditure, the impairment loss as at December 31, 2019 for Primus Corp. and Immco Diagnostics would be higher by US$1.8 million and US$1.7 million respectively. Significant Goodwill and Intangible Assets with Indefinite Useful Lives CGUs or combinations of CGUs for which the carrying amount of goodwill is significant for the purposes of impairment testing in comparison with the Groups total carrying amount of goodwill are those where the percentage is greater than 20% of the total. The additional disclosures required for the CGU with significant goodwill are as follows: Fitzgerald Industries December 31, December 31, Carrying amount of goodwill (US$000) 12,592 12,592 Discount rate applied (real pre-tax) 20.42 % 19.80 % Excess value-in-use over carrying amount (US$000) 2,385 8,847 % EBITDA would need to decrease for an impairment to arise 12.11 % 32.6 % Long-term growth rate 2.0 % 2.0 % The key assumptions and methodology used in respect of this CGU are consistent with those described above. The assumptions and estimates used are specific to the individual CGU and were derived from a combination of internal and external factors based on historical experience. Intangible Assets with Indefinite Useful lives (included in other intangibles) December 31, 2019 US$000 December 31, 2018 US$000 Fitzgerald Industries International CGU Fitzgerald trade name 970 970 RDI trade name 560 560 Primus Corporation CGU Primus trade name 500 547 Immco Diagnostic CGU Immco Diagnostic trade name 2,938 3,393 Total 4,968 5,470 The trade name assets purchased as part of the acquisition of Fitzgerald in 2004, Primus and RDI in 2005 and Immco Diagnostics in 2013 were valued using the relief from royalty method and based on factors such as (1) the market and competitive trends and (2) the expected usage of the name. It was considered that these trade names will generate net cash inflows for the Group for an indefinite period. In 2019, impairment losses of US$47,000 and US$455,000 were allocated against the Primus trade name and the Immco Diagnostic trade name respectively as the carrying value of the related CGUs net assets exceeded their discounted future cashflows. |
DEFERRED TAX ASSETS AND LIABILI
DEFERRED TAX ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of deferred tax assets and liabilities [Abstract] | |
DEFERRED TAX ASSETS AND LIABILITIES | 15. DEFERRED TAX ASSETS AND LIABILITIES Recognised deferred tax assets and liabilities Deferred tax assets and liabilities of the Group are attributable to the following: Assets Liabilities Net 2019 2018 2019 2018 2019 2018 Property, plant and equipment 1,027 815 (9 ) (37 ) 1,018 778 Intangible assets (6,099 ) (7,189 ) (6,099 ) (7,189 ) Inventories 642 668 642 668 Provisions 3,838 4,311 3,838 4,311 Other items 745 333 (1,031 ) (629 ) (286 ) (296 ) Deferred tax assets/(liabilities) 6,252 6,127 (7,139 ) (7,855 ) (887 ) (1,728 ) The deferred tax asset in 2019 is mainly due to deductible temporary differences relating to provisions, property, plant and equipment, share-based payments and the elimination of unrealised intercompany inventory profit. In 2019, the deferred tax asset increased by US$125,000. Due to the impairment loss in 2019, the amount of deferred tax assets recoverable through the reversal of taxable timing differences is lower because the deferred tax liability relating to impaired assets was significantly reduced. In other words, deferred tax assets were derecognized as they exceeded the amount of reversing deferred tax liabilities. The deferred tax liability is caused by the net book value of non-current assets being greater than the tax written down value of non-current assets, temporary differences due to the acceleration of the recognition of certain charges in calculating taxable income permitted in Ireland and the US and deferred tax recognised on fair value asset uplifts in connection with business combinations. The deferred tax liability decreased by US$716,000 in 2019, principally because of the impairment of intangible assets on which the deferred tax liabilities were recognised. Deferred tax assets and liabilities are only offset when the entity has a legally enforceable right to set off current tax assets against current tax liabilities and where the intention is to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. At December 31, 2019 and at December 31, 2018 no deferred tax assets and liabilities are offset as it is not certain as to whether there is a legally enforceable right to set off current tax assets against current tax liabilities and it is also uncertain as to what current tax assets may be set off against current tax liabilities and in what periods. The vast majority of temporary differences are expected to reverse after 2021. Unrecognised deferred tax assets Deferred tax assets have not been recognised by the Group in respect of the following items: December 31, December 31, US$000 US$000 Capital losses 8,293 8,293 Net operating losses 80,577 67,012 US alternative minimum tax credits 1,928 1,674 Other temporary timing differences 7,399 3,880 US state credit carryforwards 493 364 98,690 81,223 There was an increase of US$17,467,000 in the unrecognised deferred tax assets during the year ended December 31, 2019. For comments on the uncertainty prompting less than full recognition refer to Note 9. The movement in the unrecognised deferred tax assets during the year ended December 31, 2019 is analysed as follows: Movement in unrecognised deferred tax assets Increase / US$000 Applicable tax rate % Tax US$000 Net operating losses in US (1,348 ) 21 % (283 ) Alternative minimum tax credit in US 254 n/a 254 Net operating losses in Brazil 1,788 34 % 608 Net operating losses in Ireland 13,125 12.5% -25 % 2,353 Other deferred tax assets in Ireland (1,938 ) 12.5 % (243 ) Other deferred tax assets in US 5,457 21 % 1,146 US state credit carryforwards 129 n/a 129 Total continuing operations 17,467 3,964 A deferred tax asset of US$1,968,000 (2018: US$1,360,000) was not recognised in respect of net operating losses in Brazil. The entity in Brazil was incorporated in 2012 and has cumulative losses to date. The deferred tax asset has not been recognised for Brazil due to uncertainty regarding the full utilization of these losses in the related tax jurisdiction in future periods. Only when it is probable that future profits will be available to utilize the forward losses or temporary differences is a deferred tax asset recognised. A deferred tax asset of US$4,820,000 (2018: US$3,564,000) was not recognised in respect of net operating losses of Trinity Biotech Investments Ltd. (TBIL). TBIL, which is tax resident in Ireland, issued an exchangeable note of US$115 million in 2015 following its incorporation earlier in that year. To date this entity has recorded cumulative losses, as its interest expenses is greater than its interest income. The deferred tax asset has not been recognised due to uncertainty regarding the full utilization of these losses in future periods. Only when it is probable that future profits will be available to utilize the forward losses is a deferred tax asset recognised. In accordance with IAS 12, Income Taxes, both the movement in the exchangeable notes embedded derivatives value and the movement on the exchangeable notes host contract, being the accretion of notional interest, are exempt from deferred taxation recognition. A deferred tax asset of US$6,619,000 (2018: US$5,691,000) was not recognised in respect of net operating losses in Trinity Biotech Manufacturing Ltd. An additional US$243,000 (2018: US$485,000) was not recognized in respect of other temporary timing differences. The total unrecognized deferred tax asset is US$6,862,000. The deferred tax assets in respect of net operating losses and other temporary timing differences have not been recognised due to insufficient deferred tax liabilities following the impairment charges relating to fixed assets in this entity. When there is a reversing deferred tax liability in a jurisdiction that reverses in the same period, the deferred tax asset is restricted so that it equals the reversing deferred tax liability. A deferred tax asset of US$381,000 (2018: US$213,000) was not recognised in respect of net operating losses in Trinity Biotech Plc. The deferred tax asset has not been recognised due to uncertainty regarding the full utilization of these losses in future periods. Only when it is probable that future profits will be available to utilize the forward losses or temporary differences is a deferred tax asset recognised. A deferred tax asset of US$3,291,000 (2018: US$2,174,000) was not recognised in respect of net operating losses, alternative minimum tax credits and other deferred tax assets in US. The deferred tax asset has not been recognised due to insufficient deferred tax liabilities following the impairment charge relating to property, plant and equipment and intangible assets. When there is a reversing deferred tax liability in a jurisdiction that reverses in the same period, the deferred tax asset is restricted so that it equals the reversing deferred tax liability. A deferred tax asset of US$493,000 (2018: US$364,000) in respect of US state credit carryforwards was also not recognised due to uncertainties regarding the timing of the utilisation of these state credit carryforwards in the related tax jurisdiction in future periods. No deferred tax asset is recognised in respect of a capital loss forward of US$8,293,000 (2018: US$8,293,000) in Ireland as it is not probable that there will be future capital gains against which to offset these capital losses. Unrecognised deferred tax liabilities At December 31, 2019 and 2018, there was no recognised or unrecognised deferred tax liability for taxes that would be payable on the unremitted earnings of certain of the Groups subsidiaries. The Company is able to control the timing of the reversal of the temporary differences of its subsidiaries and it is probable that these temporary differences will not reverse in the foreseeable future. Movement in temporary differences during the year Balance January, 1 Recognised Balance December 31, US$000 US$000 US$000 Property, plant and equipment 778 240 1,018 Intangible assets (7,189 ) 1,090 (6,099 ) Inventories 668 (26 ) 642 Provisions 4,311 (473 ) 3,838 Other items (296 ) 10 (286 ) (887 (1,728 ) 841 (887 ) Balance January, 1 Recognised Balance December 31, US$000 US$000 US$000 Property, plant and equipment 350 428 778 Intangible assets (9,443 ) 2,254 (7,189 ) Inventories 1,006 (338 ) 668 Provisions 3,510 801 4,311 Other items 818 (1,114 ) (296 ) Tax value of loss carryforwards recognised 1,625 (1,625 ) (2,134 ) 406 (1,728 ) |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other assets [Abstract] | |
OTHER ASSETS | 16. OTHER ASSETS December 31, 2019 US$‘000 December 31, 2018 US$‘000 Finance lease receivables (see Note 18) 403 476 Other assets 82 82 485 558 The Group leases instruments as part of its business. For details of future minimum finance lease receivables with non-cancellable terms, please refer to Note 18. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2019 | |
Classes of current inventories [abstract] | |
INVENTORIES | 17. INVENTORIES December 31, 2019 US$‘000 December 31, 2018 US$‘000 Raw materials and consumables 12,654 10,556 Work-in-progress 6,940 8,239 Finished goods 12,427 11,564 32,021 30,359 All inventories are stated at the lower of cost or net realisable value. The replacement cost of inventories does not differ from cost. Total inventories for the Group are shown net of provisions of US$6,716,000 (2018: US$6,299,000). Cost of sales in 2019 includes inventories expensed of US$50,748,000 (2018: US$55,285,000), (2017: US$54,904,000). The movement on the inventory provision for the three year period to December 31, 2019 is as follows: December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Opening provision at January 1 6,299 7,543 10,017 Charged during the year 1,567 480 2,561 Utilised during the year (1,150 ) (1,544 ) (4,749 ) Released during the year - (180 ) (286 ) Closing provision at December 31 6,716 6,299 7,543 During 2019, US$Nil (2018: US$180,000), (2017: US$286,000) of inventory provision relating to net realisable value was released to the statement of operations following a current year review of inventory usage. |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other current receivables [abstract] | |
TRADE AND OTHER RECEIVABLES | 18. TRADE AND OTHER RECEIVABLES December 31, 2019 US$000 December 31, 2018 US$000 Trade receivables, net of impairment losses 17,754 21,318 Prepayments 576 807 Contract assets 2,317 1,894 Value added tax 59 63 Finance lease receivables 281 359 20,987 24,441 Trade receivables are shown net of an impairment losses provision of US$5,443,000 (2018: US$4,202,000) (see Note 29). Prepayments are shown net of impairment of US$1,376,000 (2018: US$1,608,000) (see Note 7). Contract assets have increased compared to the prior year as the Group shipped more product to customers with cost per test contracts in the last month of the year. Long-term contract receivable (i) Finance lease commitments Group as lessor The Group leases instruments as part of its business. Future minimum receivables with non-cancellable terms are as follows: December 31, 2019 US$000 Gross Unearned Minimum Less than one year 523 242 281 Between one and five years (Note 16) 805 402 403 1,328 644 684 December 31, 2018 US$000 Gross Unearned Minimum Less than one year 617 258 359 Between one and five years (Note 16) 888 412 476 1,505 670 835 The Group classified future minimum lease receivables between one and five years of US$403,000 (2018: US$476,000) as Other Assets, see Note 16. Under the terms of the lease arrangements, no contingent rents are receivable. (ii) Operating lease commitments Group as lessor The Group leases instruments under operating leases as part of its business. Future minimum rentals receivable under non-cancellable operating leases are as follows: December 31, 2019 US$000 Instruments Total Less than one year 3,528 3,528 Between one and five years 27 27 3,555 3,555 December 31, 2018 US$000 Instruments Total Less than one year 3,498 3,498 Between one and five years 32 32 3,530 3,530 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | 19. CASH AND CASH EQUIVALENTS December 31, 2019 US$’000 December 31, 2018 US$’000 Cash at bank and in hand 6,275 6,854 Short-term deposits 8,956 23,423 Cash and cash equivalents 15,231 30,277 |
SHORT-TERM INVESTMENTS
SHORT-TERM INVESTMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of short-term investments [Abstract] | |
SHORT-TERM INVESTMENTS | 20. SHORT-TERM INVESTMENTS All liquid investments with a maturity greater than six months are considered to be short-term investments. December 31, 2019 US$’000 December 31, 2018 US$’000 Investments (deposits) 1,169 - 1,169 - |
CAPITAL AND RESERVES
CAPITAL AND RESERVES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |
CAPITAL AND RESERVES | 21. CAPITAL AND RESERVES Share capital Class ‘A’ Class ‘A’ In thousands of shares 2019 2018 In issue at January 1 96,162 96,162 Issued for cash - - In issue at December 31 96,162 96,162 ADS ADS In thousands of ADSs 2019 2018 Balance at January 1 24,041 24,041 Issued for cash - - Balance at December 31 24,041 24,041 Class ‘A’ Class ‘A’ In thousands of shares 2019 2018 Balance at January 1 12,556 12,448 Purchased during the year - 108 Balance at December 31 12,556 12,556 ADS Treasury shares ADS In thousands of ADSs 2019 2018 Balance at January 1 3,139 3,112 Purchased during the year - 27 Balance at December 31 3,139 3,139 The Group had authorised share capital of 200,700,000 ‘A’ ordinary shares of US$0.0109 each (2018: 200,700,000 ‘A’ ordinary shares of US$0.0109 each) as at December 31, 2019. (a) During 2019, the Group did not issue any shares from the exercise of employee options (2018: nil). At December 31, 2019, there were no amounts receivable on issuance share capital (2018: US$nil) relating to the exercise of share options. (b) During 2019, the Group did not repurchase any ‘A’ ordinary shares under its share buyback program. (2018: 107,740 ‘A’ ordinary shares or 26,935 ADS’s). (c) There were no dividends paid during 2019 in respect of the 2018 financial year, (nil in respect of the 2017 financial year), (nil in respect of the 2016 financial year). As provided in the Articles of Association of the Company, dividends or other distributions are declared and paid in US Dollars. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign currency denominated operations of the Group since January 1, 2004. Warrant reserve The Group calculates the fair value of warrants at the date of issue taking the amount directly to a separate reserve within equity. The fair value is calculated using the trinomial model. The fair value which is assessed at the grant date is calculated on the basis of the contractual term of the warrants. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions entered into but not yet crystallised. The warrant and hedging reserves form Other Reserves in the Consolidated Statement of Financial Position. Treasury shares During 2019, the Group did not purchase any (2018: 107,740) ‘A’ Ordinary shares (2018: 26,935 ADS’s) ‘Treasury shares’. The total cost of these shares in 2018 was US$139,000 |
SHARE OPTIONS AND SHARE WARRANT
SHARE OPTIONS AND SHARE WARRANTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of share options and share warrants [Abstract] | |
SHARE OPTIONS AND SHARE WARRANTS | 22. SHARE OPTIONS AND SHARE WARRANTS Warrants There were no warrants outstanding at the beginning of 2019, and there were no warrants granted in either 2019 or 2018. As there were no warrants outstanding, the warrant reserve was transferred to the accumulated surplus reserve during 2017. Options Under the terms of the Companys Employee Share Option Plans, options to purchase 12,303,990 A Ordinary Shares (3,075,998 ADSs) were outstanding at December 31, 2019. Under these Plans, options are granted to officers, employees and consultants of the Group at the discretion of the Compensation Committee (designated by the Board of Directors), under the terms outlined below. Certain options have been granted to consultants of the Group and, where this is the case, the Group has measured the fair value of the services provided by these consultants by reference to the fair value of the equity instruments granted. This approach has been adopted in these cases as it is impractical for the Group to reliably estimate the fair value of such services. The terms and conditions of the grants are as follows, whereby all options are settled by physical delivery of shares: Vesting conditions The options vest following a period of service by the officer or employee. The required period of service is determined by the Board and Remuneration Committee at the date of grant of the options (usually the date of approval by the Compensation Committee) and it is generally over a three to four-year period. There are no market conditions associated with the share option vesting periods. Contractual life The term of an option is determined by the Board, Compensation Committee and Remuneration Committee provided that the term may not exceed a period of between seven to ten years from the date of grant. All options will terminate 90 days after termination of the option holders employment, service or consultancy with the Group (or one year after such termination because of death or disability) except where a longer period is approved by the Board of Directors. Under certain circumstances involving a change in control of the Group, the Compensation Committee may accelerate the exercisability and termination of options. The number and weighted average exercise price of share options and warrants per ordinary share is as follows (as required by IFRS 2, this information relates to all grants of share options and warrants by the Group): Options and Weighted- US$ Range US$ A Ordinary Per A Ordinary Share Per A Ordinary Outstanding January 1, 2017 9,830,183 3.19 0.66 4.47 Granted 5,630,000 1.31 1.24 1.44 Exercised - - - Forfeited (4,732,807 ) 3.86 0.75 4.47 Outstanding at end of year 10,727,376 1.92 1.24 4.36 Exercisable at end of year 3,268,707 2.57 1.66 4.36 Outstanding January 1, 2018 10,727,376 1.92 1.24 4.36 Granted 720,000 1.07 0.67 1.37 Exercised - - - Forfeited (539,176 ) 2.50 1.34 4.23 Outstanding at end of year 10,908,200 1.83 0.67 4.36 Exercisable at end of year 6,091,864 2.09 1.24 4.36 Outstanding January 1, 2019 10,908,200 1.83 0.67 4.36 Granted 4,370,000 0.68 0.46 0.78 Exercised - - - Expired / Forfeited (2,974,210 ) 2.25 0.66 4.23 Outstanding at end of year 12,303,990 1.31 0.46 4.36 Exercisable at end of year 6,622,667 1.73 1.24 4.36 Options and Weighted- Range US$ Equivalent Per ADS Per ADS Outstanding January 1, 2017 2,457,546 12.76 2.64 - 17.88 Granted 1,407,500 5.25 4.95 5.75 Exercised - - - Forfeited (1,183,202 ) 10.26 3.00 17.88 Outstanding at end of year 2,681,844 7.69 4.9617.44 Exercisable at end of year 817,179 10.29 6.64 17.45 Outstanding January 1, 2018 2,681,844 7.69 4.96 - 17.44 Granted 180,000 4.28 2.68 5.48 Exercised - - - Expired / Forfeited (134,794 ) 10.00 5.36 16.92 Outstanding at end of year 2,727,050 7.32 2.6817.44 Exercisable at end of year 1,522,966 8.36 4.96 17.44 Outstanding January 1, 2019 2,727,050 7.32 2.6817.44 Granted 1,092,500 2.72 1.83 - 3.10 Exercised - - - Expired / Forfeited (743,552 ) 8.99 2.64 16.92 Outstanding at end of year 3,075,998 5.24 1.83 17.45 Exercisable at end of year 1,655,667 6.92 4.95 17.45 There were no share options exercised during 2019, 2018 or 2017. The opening share price per A Ordinary share at the start of the financial year was US$0.57 or US$2.29 per ADS (2018: US$1.28 or US$5.10 per ADS) (2017: US$1.73 or US$6.93 per ADS) and the closing share price at December 31, 2019 was US$0.26 or US$1.03 per ADS (2018: US$0.57 or US$2.29 per ADS) (2017: US$1.28 or US$5.10 per ADS). The average share price for the year ended December 31, 2019 was US$0.49 per A Ordinary share or US$1.95 per ADS. A summary of the range of prices for the Companys stock options for the year ended December 31, 2019 follows: Outstanding Exercisable Exercise price range No. of Weighted Weighted- No. of Weighted Weighted- US$0.46-US$0.99 4,600,000 0.69 6.42 - - - US$1.00-US$2.05 5,613,990 1.35 4.69 4,542,667 1.34 4.68 US$2.06- US$2.99 1,980,000 2.48 3.13 1,970,000 2.48 3.13 US$3.00 -US$4.36 110,000 4.19 2.07 110,000 4.19 2.07 12,303,990 6,622,667 Outstanding Exercisable Exercise price range No. of Weighted Weighted- No. of Weighted Weighted- US$1.84-US$3.96 1,150,000 2.75 6.42 - - - US$4.00-US$8.20 1,403,498 5.40 4.69 1,135,667 5.38 4.68 US$8.24- US$11.96 495,000 9.92 3.13 492,500 9.91 3.13 US$12.00 -US$17.45 27,500 16.75 2.07 27,500 16.75 2.07 3,075,998 1,655,667 The weighted-average remaining contractual life of options outstanding at December 31, 2019 was 5.06 years (2018: 4.33 years). A summary of the range of prices for the Companys stock options for the year ended December 31, 2018 follows: Outstanding Exercisable Exercise price range No. of Weighted Weighted- No. of Weighted Weighted- US$0.66-US$0.99 430,000 0.88 6.79 - - - US$1.00-US$2.05 6,111,800 1.35 5.64 2,476,133 1.35 5.57 US$2.06- US$2.99 4,168,400 2.51 2.23 3,437,731 2.51 1.83 US$3.00 -US$4.47 198,000 4.20 2.97 178,000 4.20 2.93 10,908,200 6,091,864 Outstanding Exercisable Exercise price range No. of Weighted Weighted- No. of Weighted Weighted- US$2.64-US$3.96 107,500 3.52 6.79 - - - US$4.00-US$8.20 1,527,950 5.40 5.64 619,033 5.40 5.57 US$8.24- US$11.96 1,042,100 10.04 2.23 859,433 10.04 1.83 US$12.00 -US$17.88 49,500 16.80 2.97 44,500 16.80 2.93 2,727,050 1,522,966 Charge for the year under IFRS 2 The charge for the year is calculated based on the fair value of the options granted which have not yet vested. The fair value of the options is expensed over the vesting period of the option. US$758,000 was charged to the statement of operations in 2019, (2018: US$1,369,000), (2017: US$928,000) split as follows: December 31, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 Share-based payments cost of sales 26 34 35 Share-based payments selling, general and administrative 732 1,335 893 Total continuing operations 758 1,369 928 Share-based payments discontinued operations - - - Total 758 1,369 928 The total share based payments charge for the year was US$839,000 (2018: US$1,607,000) (2017: US$1,109,000). However, a total of US$80,000 (2018: US$238,000) (2017: US$181,000) of share based payments was capitalised in intangible development project assets during the year. The fair value of services received in return for share options granted are measured by reference to the fair value of share options granted. The estimate of the fair value of services received is measured based on a trinomial model. The following are the input assumptions used in determining the fair value of share options granted in 2019, 2018 and 2017: Key management personnel Other employees Key management personnel Other employees Key management personnel Other employees 2019 2019 2018 2018 2017 2017 Weighted average fair value at measurement date per A share / (per ADS) US$0.14 / (US$0.56 ) US$0.25 / (US$1.02 ) - US$0.41 / (US$1.64 ) US$0.43 / (US$1.72 ) US$0.44 / (US$1.76 ) Total A share options granted / (ADSs equivalent) 4,060,000 / (1,015,000 ) 310,000 / (77,500 ) - 720,000 / (180,000 ) 5,150,000/ (1,287,500 ) 480,000 / (120,000 ) Weighted average share price per A share / (per ADS) US$0.46 / (US$1.84 ) US$0.64 / (US$2.53 ) - US$1.07 / (US$4.28 ) US$1.34 / ) US$1.31 / (US$5.24 ) Weighted average exercise price per A share / (per ADS) US$0.69 / (US$2.74 ) US$0.64 / (US$2.53 ) - US$1.07 / (US$4.28 ) US$1.34 / (US$5.36 ) US$1.31 / (US$5.24 ) Weighted average expected volatility 51.18 % 47.31 % - 42.69 % 40.62 % 40.48 % Weighted average expected life 4.15 4.42 - 4.55 4.45 4.69 Weighted average risk free interest rate 1.84 % 2.23 % - 2.72 % 1.59 % 1.91 % Expected dividend yield - - - - 0.81 % 0.81 % The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility is based on the historic volatility (calculated based on the expected life of the options). The Group has considered how future experience may affect historical volatility. The profile and activities of the Group are not expected to change in the immediate future and therefore Trinity Biotech would expect estimated volatility to be consistent with historical volatility. |
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other current payables [abstract] | |
TRADE AND OTHER PAYABLES | 23. TRADE AND OTHER PAYABLES December 31, 2019 US$’000 December 31, 2018 US$’000 Trade payables 7,833 8,116 Payroll taxes 519 448 Employee related social insurance 170 154 Accrued liabilities 8,133 7,878 Deferred income 292 312 16,947 16,908 Accrued liabilities include US$1,307,000 (2018: US$1,207,000) relating to contracted licence payments. |
PROVISIONS
PROVISIONS | 12 Months Ended |
Dec. 31, 2019 | |
Provisions [abstract] | |
PROVISIONS | 24. PROVISIONS December 31, 2019 US$’000 December 31, 2017 US$’000 Provisions 50 50 During 2019 and 2018 the Group experienced no significant product warranty claims. However, the Group believes that it is appropriate to retain a product warranty provision to cover any future claims. The provision at December 31, 2019 represents the estimated cost of product warranties, the exact amount which cannot be determined. US$50,000 represents management’s best estimate of these obligations at December 31, 2019. |
EXCHANGEABLE NOTES
EXCHANGEABLE NOTES | 12 Months Ended |
Dec. 31, 2019 | |
Borrowings [abstract] | |
EXCHANGEABLE NOTES | 25. EXCHANGEABLE NOTES The Group issued US$115,000,000 of exchangeable senior notes in 2015, which will mature on April 1, 2045, subject to earlier repurchase, redemption or exchange. The notes are senior unsecured obligations and accrue interest at an annual rate of 4%, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2015. The notes are convertible into ordinary shares of the parent entity at the applicable exchange rate, at any time prior to the close of business on the second business day immediately preceding the maturity date, at the option of the holder, or repayable on April 1, 2045. The conversion rate is 47.112 ADSs per $1,000 principal amount of notes, equivalent to an exchange price of approximately $21.88 per ADS. The exchange rate is subject to adjustment upon the occurrence of certain events, but will not be adjusted for any accrued and unpaid interest. The notes include a number of non-financial covenants, all of which were complied with at December 31, 2019. In August 2018, the Group purchased US$15,100,000 of the exchangeable notes, at a rate of 79.75 cents in the Dollar. The amount paid was US$12,042,000 plus accrued interest of US$205,000. The gain on the purchase was US$463,000 and this was shown within selling, general and administrative expenses in the statement of operations for the year ended December 31, 2018. The nominal amount of the debt after the purchase is US$99,900,000. The notes include a number of put and call options, and these embedded derivatives are measured at fair value through the Consolidated Statement of Operations. The first date on which holders can exercise their put option is April 1, 2022. If the put option is exercised, the issuer has to repurchase the notes at par. The embedded derivatives are summarised as follows: December 31, US$000 December 31, US$000 Non-current assets Exchangeable note bond call option - - Non-current liabilities Exchangeable note equity conversion option 4 238 Exchangeable note bond put option - - 4 238 Total value of embedded derivatives net liability 4 238 Financial income in the consolidated statement of operations for the year includes US$234,000 (2018: US$1,388,000) arising from the revaluation of embedded derivatives at fair value at December 31, 2019. The exchangeable notes are treated as a host debt instrument with embedded derivatives attached. On initial recognition, the host debt instrument is recognised at the residual value of the total net proceeds of the bond issue less fair value of the embedded derivatives. Subsequently, the host debt instrument is measured at amortised cost using the effective interest rate method. The carrying value of exchangeable senior notes is calculated as follows: December 31, US$000 December 31, US$000 Balance at 1 January 81,382 92,955 Accretion interest 639 689 Less: purchased during the year at fair value - (12,262 ) 82,021 81,382 December 31, US$000 December 31, US$000 Exchangeable senior notes 82,021 81,382 Total value of embedded derivatives liability 4 238 Total non-current liabilities 82,025 81,620 This liability will accrete back to its nominal value of US$99,900,000 over the term of the debt using an effective interest rate methodology. Financial expense in the consolidated statement of operations for the year includes US$639,000 (2018: US$689,000) of accretion interest. |
LEASE LIABILITIES
LEASE LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Lease Liabilities Schedule Of Lease Payments Not Recognised As Liability | |
LEASE LIABILITIES | 26. LEASE LIABILITIES December 31, 2019 US$000 December 31, 2019 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 3,017 861 2,156 267 19 248 In more than one year, but not more than two 2,787 775 2,012 107 12 95 In more than two years but not more than five 6,700 1,861 4,840 185 9 176 more than five years 12,748 2,126 10,622 - - - 25,252 5,263 19,630 559 40 519 December 31, 2018 December 31, 2018 US$000 Operating Leases Sale and leaseback liabilities Minimum lease payments Minimum lease payments Interest Principal Less than one year 3,083 473 37 436 In more than one year, but not more than two 2,783 271 19 252 In more than two years but not more than five 6,777 294 20 274 more than five years 14,699 - - - 27,342 1,038 76 962 Lease payments not recognised as a liability The Group has elected not to recognise a lease liability for short term leases (leases with an expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. In addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are expensed as incurred. The expense relating to payments not included in the measurement of the lease liability is as follows: December 31, 2019 US$000 Short term leases 130 Leases of low value assets - Variable lease payments - 130 Terms and debt repayment schedule The terms and conditions of outstanding interest bearing loans and borrowings at December 31, 2019 are as follows: Facility Currency Nominal interest Year of maturity Fair Value Carrying Value Sale and leaseback liabilities Euro 4.53 % 2023 286 286 Sale and leaseback liabilities USD 5.51 % 2023 233 233 Total interest-bearing loans and borrowings 519 519 The terms and conditions of outstanding interest bearing loans and borrowings at December 31, 2018 were as follows: Facility Currency Nominal interest Year of maturity Fair Value Carrying Value Sale and leaseback liabilities Euro 4.53 % 2023 648 648 Sale and leaseback liabilities USD 5.51 % 2023 314 314 Total interest-bearing loans and borrowings 962 962 The total paid in respect of lease liabilities in the year ended December 31, 2019 was US$3,533,000 (2018: US$374,000). |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of commitments and contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 27. COMMITMENTS AND CONTINGENCIES (a) Capital Commitments The Group has capital commitments authorised and contracted for of US$323,000 as at December 31, 2019 (2018: US$187,000). (b) Leasing Commitments The Groups leasing commitments are shown in Note 26. For future minimum finance lease commitments as at December 31, 2019, in respect of which the lessor has a charge over the related assets, see Note 26. Future minimum non-cancelable operating lease commitments in accordance with IAS 17 as at December 31, 2018 were as follows: Year ended 2018 Operating leases US$000 2019 3,083 2020 2,783 2021 2,512 2022 2,255 2023 2,010 Later years 14,699 Total lease obligations 27,342 (c) Bank Security The Group repaid in full its bank borrowings in April 2010, at which point all previous charges against Group assets were released. At December 31, 2019, Group borrowings were at fixed rates of interest and consisted Euro and USD denominated borrowings, refer to Note 29. The banks providing the financing have a charge over the equipment for which the borrowing pertains. (d) Group Company Guarantees Pursuant to the provisions of Section 357, Irish Companies Act, 2014, the Company has guaranteed the liabilities of Trinity Biotech Manufacturing Limited, Trinity Research Limited, Benen Trading Limited and Trinity Biotech Financial Services Limited subsidiary undertakings in the Republic of Ireland, for the financial year to December 31, 2019 and, as a result, these subsidiary undertakings have been exempted from the filing provisions of Section 357, Irish Companies Act, 2014. Where the Company enters into these guarantees of the indebtedness of other companies within its Group, the Company considers these to be insurance arrangements and accounts for them as such. The Company treats the guarantee contract as a contingent liability until such time as it becomes probable that the company will be required to make a payment under the guarantee. The Company does not enter into financial guarantees with third parties. (e) Contingent asset Arising from the tax audit settlement described in Note 6, Darnick Company agreed to contribute US$1,231,000 towards the settlement. The tax audit was finalised in late December 2019 and the amount due from Darnick Company was outstanding at December 31, 2019. This is a contingent asset at December 31, 2019. In accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets (f) Government Grant Contingencies The Group has received training and employment grant income from Irish development agencies. Subject to existence of certain conditions specified in the grant agreements, this income may become repayable. No such conditions existed as at December 31, 2019. However if the income were to become repayable, the maximum amounts repayable as at December 31, 2019 would amount to US$2,834,000 (2018: US$2,892,000). (g) Litigation There are also a small number of legal cases being brought against the Group by certain of its former employees. There is a provision for cases where payment is considered by management to be probable. The ultimate resolution of the aforementioned proceedings is not expected to have a material adverse effect on the Groups financial position, results of operations or cash flows. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY TRANSACTIONS | 28. RELATED PARTY TRANSACTIONS The Group has related party relationships with its subsidiaries, and with its directors and executive officers. Leasing arrangements with related parties The Group has entered into various arrangements with JRJ Investments (“JRJ”), a partnership owned by Mr O’Caoimh and Dr Walsh, directors of Trinity Biotech, and directly with Mr O’Caoimh, to provide for current and potential future needs to extend its premises at IDA Business Park, Bray, Co. Wicklow, Ireland. The Group has entered into an agreement for a 25-year lease with JRJ for offices that adjacent to its then premises at IDA Business Park, Bray, Co. Wicklow, Ireland. The annual rent of €381,000 (US$427,000) is payable from January 1, 2004. Upward-only rent reviews are carried out every five years and there have been no increases arising from these rent reviews. The Group has also entered into lease agreements with Ronan O’Caoimh for a 43,860 square foot manufacturing facility in Bray, Ireland and an adjacent warehouse of 16,000 square feet. The annual rent for the manufacturing facility is €787,000 (US$883,000) and the annual rent for the warehouse is €144,000 (US$162,000). These two leases expire in 2028 and 2026 respectively. At the time, independent valuers advised the Group that the rent in respect of each of the leases represents a fair market rent. Upward-only rent reviews are carried out every five years and there have been no increases arising from these rent reviews. Trinity Biotech and its directors (excepting Mr O’Caoimh and Dr Walsh who express no opinion on this point) believe at the time that the arrangements entered into represent a fair and reasonable basis on which the Group can meet its ongoing requirements for premises. Compensation of key management personnel of the Group At December 31, 2019, 2018 and 2017 the key management personnel of the Group were made up of three key personnel: the two executive directors; Mr Ronan O’Caoimh and Dr Jim Walsh and Mr Kevin Tansley, our Chief Financial Officer/Executive Director. Kevin Tansley was appointed to the board in September 2016 as an Executive Director. Compensation for the year ended December 31, 2019 of these personnel is detailed below: December 31, 2019 December 31, 2018 US$’000 US$’000 Short-term employee benefits 800 863 Performance related bonus 213 210 Post-employment benefits 42 44 Share-based compensation benefits 542 1,041 1,597 2,158 The amounts disclosed in respect of directors’ emoluments in Note 11 includes non-executive directors’ fees of US$225,000 (2018: US$188,000) and share-based compensation benefits of US$82,000 (2018: US$313,000). Total directors’ remuneration is also included in “personnel expenses” (Note 3) and “loss before tax” (Note 11). In 2019, share-based compensation benefits included in Note 11 exclude capitalised amounts of US$35,000 (2018: US$149,000). On March 30, 2011, the service agreement with Ronan O’Caoimh as Chief Executive Officer was terminated and replaced by an agreement with Darnick Company, a company wholly-owned by members of Mr O’Caoimh’s immediate family. Directors’ compensation includes payments made to Darnick Company. This arrangement ceased with effect from December, 31, 2018 with Ronan O’Caoimh returning as an employee of the company. Directors’ interests in the Company’s shares and share option plan ‘A’ Ordinary Shares Share options At January 1, 2019 9,139,706 8,655,004 Shares of retired director (30,000 ) — Options of retired director — (215,000 ) Shares purchased during the year — — Shares sold during the year (32,000 ) — Granted — 4,060,000 Expired / forfeited — (2,086,000 ) At December 31, 2019 9,077,706 10,414,004 ‘A’ Ordinary Shares Share options At January 1, 2018 5,719,706 8,770,004 Shares purchased during the year 3,420,000 — Expired — (115,000 ) At December 31, 2018 9,139,706 8,655,004 Rayville Limited, an Irish registered company, which is wholly owned by the three executive directors and certain other executives of the Group, owns all of the ‘B’ non-voting Ordinary Shares in Trinity Research Limited, one of the Group’s subsidiaries. The ‘B’ shares do not entitle the holders thereof to receive any assets of the company on a winding up. All of the ‘A’ voting ordinary shares in Trinity Research Limited are held by the Group. Trinity Research Limited may, from time to time, declare dividends to Rayville Limited and Rayville Limited may declare dividends to its shareholders out of those amounts. Any such dividends paid by Trinity Research Limited are ordinarily treated as a compensation expense by the Group in the consolidated financial statements prepared in accordance with IFRS, notwithstanding their legal form of dividends to minority interests, as this best represents the substance of the transactions. The last dividend paid by Trinity Research Limited to Rayville Limited was in June 2009 for US$2,830,000. At the time this amount was immediately lent back by Rayville Limited to Trinity Research Limited. Since then US$1,788,000 of these loans have been repaid and recognised as a compensation expense by the Group. As of December 31, 2018 and December 31, 2019, the remaining amount of the loan was US$1,042,000. As this remaining amount of the original dividend is matched by a loan from Rayville Limited to Trinity Research Limited which is repayable solely at the discretion of the Remuneration Committee of the Board and is unsecured and interest free, the Group netted the dividend paid to Rayville Limited against the corresponding loan from Rayville Limited in the 2018 and 2019 consolidated financial statements. During 2019, Trinity Research Limited repaid loans to Rayville Limited of US$159,000 in order to meet its obligations under a tax settlement arising from a tax audit. As described in Note 6, a settlement was reached with the tax authority in one of the jurisdictions in which the company operates which included the payment of US$3,863,000 in relation to payments made by Trinity Research Limited to Rayville Limited and US$1,231,000 in relation to payments for CEO services made to Darnick Company. Darnick Company agreed to contribute US$1,231,000 to the above settlement and this amount was outstanding at December 31, 2019 and was treated as a contingent asset and not recognised in the consolidated statement of financial position at year-end (refer to Note 27). |
DERIVATIVES AND FINANCIAL INSTR
DERIVATIVES AND FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
DERIVATIVES AND FINANCIAL INSTRUMENTS | 29. DERIVATIVES AND FINANCIAL INSTRUMENTS The Group uses a range of financial instruments (including cash, finance leases, receivables, payables and derivatives) to fund its operations. These instruments are used to manage the liquidity of the Group in a cost effective, low-risk manner. Working capital management is a key additional element in the effective management of overall liquidity. The Group does not trade in financial instruments or derivatives. The main risks arising from the utilization of these financial instruments are interest rate risk, liquidity risk and credit risk. Interest rate risk Effective and repricing analysis The following table sets out all interest-earning financial assets and interest bearing financial liabilities held by the Group at December 31, indicating their effective interest rates and the period in which they re-price: As at December 31, 2019 Note Effective interest 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 19 1.1 % 15,231 15,231 Short-term investments 20 1.3 % 1,169 1,169 Lease receivable 16,18 4.0 % 684 157 124 202 201 Licence payments 23 8.1 % (1,307 ) (1,307 ) Exchangeable note 25 4.8 % (82,021 ) (82,021 ) Lease payable on Right of Use assets 26 5.0 % (19,630 ) (1,136 ) (1,020 ) (2,012 ) (4,840 ) (10,622 ) Lease payable on sale & leaseback transactions 26 5.0 % (519 ) (122 ) (125 ) (95 ) (177 ) Total (86,393 ) 12,823 148 (1,905 ) (4,816 ) (92,643 ) As at December 31, 2018 Note Effective interest 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 19 1.8 % 30,277 30,277 Short-term investments 20 Lease receivable 18 4.0 % 835 191 168 238 238 Licence payments 23 3.0 % (1,207 ) (1,207 ) Finance lease payable 26 4.8 % (962 ) (217 ) (219 ) (252 ) (274 ) Exchangeable note 25 4.8 % (81,382 ) (81,382 ) Total (52,439 ) 29,044 (51 ) (14 ) (36 ) (81,382 ) In broad terms, a one-percentage point increase in interest rates would increase interest income by US$101,000 (2018: US234,000) and would not affect the interest expense (2018: nil) resulting in an increase in net interest income of US$101,000 (2018: increase in net interest income of US$234,000). Interest rate profile of financial assets / liabilities The interest rate profile of financial assets/liabilities of the Group was as follows: December 31, 2019 US$000 December 31, 2018 US$000 Fixed rate instruments Fixed rate financial liabilities (licence fees) (1,307 ) (1,207 ) Fixed rate financial liabilities (exchangeable note) (82,021 ) (81,382 ) Fixed rate financial liabilities (lease payables) (20,149 ) (962 ) Financial assets (short-term deposits and short-term investments) 10,125 23,423 Financial assets (lease receivables) 684 835 (92,668 ) (59,293 ) Financial assets comprise cash and cash equivalents and short-term investments as at December 31, 2019 and December 31, 2018 (see Note 19 and 20). Fair value sensitivity analysis for fixed rate instruments The Group does not account for any fixed rate financial liabilities at fair value through profit and loss. Therefore, a change in interest rates at December 31, 2019 would not affect profit or loss. There was no significant difference between the fair value and carrying value of the Groups trade receivables and trade and other payables at December 31, 2019 and December 31, 2018 as all fell due within 6 months. Liquidity risk The Groups operations are cash generating. Short-term flexibility is achieved through the management of the Groups short-term deposits. The following are the contractual maturities of financial liabilities, including estimated interest payments: As at December 31, 2019 US$000 Carrying US$000 Contractual US$000 6 mths or 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 16,947 16,947 16,947 Lease payable on Right of Use assets 19,630 19,630 1,136 1,020 2,012 4,840 10,622 Lease payable on sale & leaseback transactions 519 519 122 125 95 177 Exchangeable notes 82,021 99,900 99,900 Exchangeable note interest 999 101,898 1,998 1,998 3,996 11,988 81,918 120,116 238,894 20,203 3,143 6,103 17,005 192,440 As at December 31, 2018 US$000 Carrying US$000 Contractual US$000 6 mths or 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 16,908 16,908 16,908 Exchangeable notes 81,382 99,900 99,900 Exchangeable note interest 999 105,894 1,998 1,998 3,996 11,988 85,914 99,289 222,702 18,906 1,998 3,996 11,988 185,814 Foreign exchange risk The majority of the Groups activities are conducted in US Dollars. Foreign exchange risk arises from the fluctuating value of the Groups Euro denominated expenses as a result of the movement in the exchange rate between the US Dollar and the Euro. Arising from this, where considered necessary, the Group pursues a treasury policy which periodically aims to sell US Dollars forward to match a portion of its uncovered Euro expenses at exchange rates lower than budgeted exchange rates. These forward contracts are primarily cashflow hedging instruments whose objective is to cover a portion of these Euro forecasted transactions. Forward contracts normally have maturities of less than one year after the balance sheet date. There were no forward contracts in place as at December 31, 2019. Foreign currency short term financial assets and liabilities which expose the Group to currency risk are disclosed below. The amounts shown are those reported to key management translated into US Dollars at the closing rate: As at December 31, 2019 EUR GBP SEK CAD BRL Other US$000 US$000 US$000 US$000 US$000 US$000 Cash 394 138 10 3,265 238 Trade and other receivable 1,247 71 337 1,871 Trade and other payables (2,350 ) (27 ) (142 ) (47 ) (796 ) Total exposure (709 ) 182 (132 ) 3,555 1,313 As at December 31, 2018 EUR GBP SEK CAD BRL Other US$000 US$000 US$000 US$000 US$000 US$000 Cash 81 122 9 2,512 322 6 Trade and other receivable 894 113 38 430 2,065 6 Trade and other payables (1,995 ) (51 ) (146 ) (103 ) (1,621 ) (2 ) Total exposure (1,020 ) 184 (99 ) 2,839 766 10 The Group states its forward exchange contracts at fair value in the balance sheet. The Group classifies its forward exchange contracts as hedging forecasted transactions and thus accounts for them as cash flow hedges. There were no forward exchange contracts in place at December 31, 2019 or December 31, 2018. Sensitivity analysis A 10% strengthening of the US Dollar against the Euro at December 31, 2019 would have increased profit and other equity by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. Profit or loss US$000 December 31, 2019 Euro 2,282 December 31, 2018 Euro 1,818 A 10% weakening of the US Dollar against the Euro at December 31, 2019 would have decreased profit and other equity by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. Profit or Loss US$000 December 31, 2019 Euro (2,790 ) December 31, 2018 Euro (2,222 ) Credit Risk The Group has no significant concentrations of credit risk. Exposure to credit risk is monitored on an ongoing basis. The Group maintains specific provisions for potential credit losses. To date such losses have been within managements expectations. Due to the large number of customers and the geographical dispersion of these customers, the Group has no significant concentrations of accounts receivable. With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash equivalents and deferred consideration, the Groups exposure to credit risk arises from default of the counter-party, with a maximum exposure equal to the carrying amount of these instruments. The Groups management considers that all of the above financial assets that are not impaired or past due for each of the 31 December reporting dates under review are of good credit quality. The Group maintains cash and cash equivalents and enters into forward contracts, when necessary, with various financial institutions. The Group performs regular and detailed evaluations of these financial institutions to assess their relative credit standing. The carrying amount reported in the balance sheet for cash and cash equivalents and forward contracts approximate their fair value. Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk is as follows: Carrying Value Carrying Value Third party trade receivables (Note 18) 17,754 21,318 Finance lease income receivable (Note 18) 684 835 Cash & cash equivalents (Note 19) 15,231 30,277 Short-term investments (Note 20) 1,169 34,838 52,430 The maximum exposure to credit risk for trade receivables and finance lease income receivable by geographic location is as follows: Carrying Value Carrying Value United States 8,647 9,472 Euro-zone countries 786 1,502 United Kingdom 121 132 Other European countries 7 84 Other regions 8,877 10,963 18,438 22,153 The maximum exposure to credit risk for trade receivables and finance lease income receivable by type of customer is as follows: Carrying Value Carrying Value End-user customers 9,453 9,253 Distributors 7,199 11,860 Non-governmental organisations 1,786 1,040 18,438 22,153 Due to the large number of customers and the geographical dispersion of these customers, the Group has no significant concentrations of accounts receivable. Impairment Losses The ageing of trade receivables at December 31, 2019 is as follows: Gross Impairment Expected Credit Loss Rate Gross Impairment Expected Credit Loss Rate 2019 2019 2019 2018 2018 2018 US$000 US$000 % US$000 US$000 % Not past due 10,924 8 0.1 % 13,917 4 Past due 0-30 days 3,743 6 0.2 % 3,761 17 0.5 % Past due 31-120 days 2,115 27 1.3 % 3,438 36 1.0 % Greater than 120 days 6,415 5,402 84.2 % 4,404 4,145 94.1 % 23,197 5,443 25,520 4,202 The movement in the allowance for impairment in respect of trade receivables during the year was as follows: 2019 2018 2017 US$000 US$000 US$000 Balance at January 1 4,202 3,590 3,171 Charged to costs and expenses 1,276 682 662 Amounts written off during the year (35 ) (70 ) (243 ) Balance at December 31 5,443 4,202 3,590 The allowance for impairment in respect of trade receivables is used to record impairment losses unless the Group is satisfied that no recovery of the account owing is possible. At this point the amount is considered irrecoverable and is written off against the financial asset directly. Capital Management The Groups policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Board of Directors monitors earnings per share as a measure of performance, which the Group defines as profit after tax divided by the weighted average number of shares in issue. Following the divestiture of the Coagulation product line in 2010, the Group eliminated all bank debt. In the past, the Group has funded acquisitions using both equity and long term debt depending on the size of the acquisition and the capital structure in place at the time of the acquisition. Although at December 31, 2019 the Group has no bank debt, it maintains a relationship with a number of lending banks and Trinity Biotech is listed on the NASDAQ, which allows the Group to raise funds through equity financing where necessary. During 2015, the Group raised US$115,000,000 through the issuance of 30 year exchangeable senior notes. During 2018 the Group repurchased $15,100,000 of the exchangeable senior notes. The remaining exchangeable senior notes which will mature on April 1, 2045, subject to earlier repurchase, redemption or exchange, the earliest which is April 2022. The Board of Directors is authorised to purchase its own shares on the market on the following conditions; the aggregate nominal value of the shares authorised to be acquired shall not exceed 10% of the aggregate nominal value of the issued share capital of the Company at the close of business on the date of the passing of the resolution: the minimum price (exclusive of taxes and expenses) which may be paid for a share shall be the nominal value of that share: the maximum price (exclusive of taxes and expenses) which may be paid for a share shall not be more than the average of the closing bid price on NASDAQ in respect of the ten business days immediately preceding the day on which the share is purchased. Fair Values The table below sets out the Groups classification of each class of financial assets/liabilities, their fair values and under which valuation method they are valued: Level 1 Level 2 Total carrying amount Fair Value Note US$000 US$000 US$000 US$000 December 31, 2019 Loans and receivables at amortised cost Trade receivables 18 17,754 17,754 17,754 Cash and cash equivalents 19 15,231 15,231 15,231 Investments (deposits) 20 1,169 1,169 1,169 Finance lease receivable 16,18 684 684 684 34,838 34,838 34,838 Liabilities at amortised cost Exchangeable note 25 (82,021 ) (82,021 ) (82,021 ) Lease liabilities 26 (20,149 ) (20,149 ) (20,149 ) Trade and other payables (excluding deferred income) 23 (16,655 ) (16,655 ) (16,655 ) Provisions 24 (50 ) (50 ) (50 ) (36,854 ) (82,021 ) (118,875 ) (118,875 ) Fair value through profit and loss (FVPL) Exchangeable note bond call option 25 Exchangeable note equity conversion option 25 (4 ) (4 ) (4 ) Exchangeable note bond put option 25 (4 ) (4 ) (4 ) (2,016 ) (82,025 ) (84,041 ) (84,041 ) For financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data. Level 1 Level 2 Total carrying amount Fair Value Note US$000 US$000 US$000 US$000 December 31, 2018 Loans and receivables at amortised cost Trade receivables 18 21,318 21,318 21,318 Cash and cash equivalents 19 30,277 30,277 30,277 Finance lease receivable 16,18 835 835 835 52,430 52,430 52,430 Liabilities at amortised cost Exchangeable note 25 (81,382 ) (81,382 ) (81,382 ) Finance lease payable 26 (962 ) (962 ) (962 ) Trade and other payables (excluding deferred income) 23 (16,596 ) (16,596 ) (16,596 ) Provisions 24 (50 ) (50 ) (50 ) (17,608 ) (81,382 ) (98,990 ) (98,990 ) Fair value through profit and loss (FVPL) Exchangeable note bond call option 25 Exchangeable note equity conversion option 25 (238 ) (238 ) (238 ) Exchangeable note bond put option 25 (238 ) (238 ) (238 ) 34,822 (81,620 ) (46,798 ) (46,798 ) The valuation techniques used for instruments categorised as level 2 are described below: The fair values of the options associated with the exchangeable notes are calculated in consultation with third-party valuation specialists due to the complexity of their nature. There are a number of inputs utilised in the valuation of the options, including share price, historical share price volatility, risk-free rate and the expected borrowing cost spread over the risk-free rate. |
RECONCILIATION OF LIABILITIES A
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES | 30. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES The changes in the Groups liabilities arising from financing activities can be classified as follows: Note Borrowings & derivative financial instruments Lease liabilities Balance at 1 January 2019 25,26 81,620 962 Cash-flows: Interest paid ( 3,996 ) Repayment (3, 533 ) Non-cash: Interest charged 3,996 Adoption of IFRS 16 (Note 13) 21,185 Additions (related to Right of Use assets) 679 Exchange adjustment ( 91 ) Accretion interest 639 947 Fair value ( 234 ) 25,26 82,025 20,149 Note Borrowings & derivative financial instruments Lease liabilities Balance at 1 January 2018 25,26 95,185 886 Cash-flows: Interest paid (4,503 ) Repurchase (12,042 ) Repayment. (374 ) Proceeds 481 Non-cash: Interest charged 4,352 Reduction in accrued interest payable 150 Exchange adjustment (31 ) Accretion interest 689 Fair value (2,211 ) Balance at 31 December 2018 25,26 81,620 962 |
POST BALANCE SHEET EVENTS
POST BALANCE SHEET EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of post balance sheet events [Abstract] | |
POST BALANCE SHEET EVENTS | 31. POST BALANCE SHEET EVENTS Decision to close Carlsbad manufacturing plant in 2020 The last number of years have seen a steady migration of customers away from using the Western Blot testing format for diagnosing Lyme in favour of alternative testing platforms. Production volumes at our Carlsbad, California facility (which specialises in Western Blot manufacturing) have declined steadily to the extent that it no longer makes economic sense to continue. Consequently, in the early part of 2020, management decided to close this facility from June 30, 2020. During the period until closure, final batches of Lyme Western Blot for remaining customers will be produced, whilst simultaneously transferring non-Lyme product manufacturing to other Group facilities. No provision has been reflected in the 2019 financial statements relating to the costs associated with closing this facility, terminating employment contracts, transferring assets to new locations in the Group. The Company recorded a provision of US$2.4 million in its income statement for Q1, 2020 to cover the related closure costs. This primarily includes the write-off of inventory and redundancy costs and is mainly non-cash in nature. Covid-19 pandemic Impact on Revenues Subsequent to the balance sheet date, the Companys revenues have been significantly impacted by the Covid-19 Pandemic with the greater impact being seen from April 2020 onwards. In particular, this resulted in significant reduction in: Haemoglobins revenues including both instrument and consumables revenues with the impact being greater on diabetes (A1c) rather than on haemoglobin variant revenues. Autoimmune revenues testing volumes were particularly impacted at our reference laboratory in Buffalo, New York but there were also lower product sales in all major markets. HIV, Infectious Diseases and Clinical chemistry product sales. However, there were increases in sales of our transport medium product (used to transport Covid-19 patient samples in a stable environment), respiratory tests for Legionnaires Disease and Strep Pneumoniae and of coronavirus-related antibodies sold by our life sciences supply business, Fitzgerald. Covid-19 Expenditure Reduction Measures All of the companys operations have remained open during the pandemic though at reduced levels of output in line with expected demand. However, in response to the expected reduction in revenues, the company undertook a number cost cutting measures which included the following: The company furloughed a large percentage of its work forces in the USA, Ireland and Canada in April, 2020. Meanwhile, in Brazil and other locations, staff costs were also significantly reduced by means of pay cuts. The elimination of virtually all travel costs and significant reductions in discretionary sales and marketing expenditure. Availing of governmental supports. This included the receipt of US$4.5 million of loans under the U.S. governments Paycheck Protection Program (PPP). Under the provisions of the PPP, these loans will be partially or totally forgiven, based on the extent to which a borrowers workforce returns to normal levels in the eight-week period immediately following the loans being granted. Upon receipt of these loans, the Company ended the furloughing of all staff in the USA and therefore expects that a large percentage of these loans will be forgiven later in 2020, once the necessary verification has taken place. In Ireland, the company also availed of economic support mechanisms being provided by the Irish Government though a significant level of furloughing continued into June, 2020, mainly due to the expected lower demand for HIV products for the African market. Impact on Working Capital Due to the measures implemented by the company in response to falling demand for products the Companys cash position at May 31, 2020 was similar to that reported in the financial statements as at 31 December, 2019. Furthermore, the Company has not seen any significant deterioration in the recoverability of its inventory and accounts receivables balances as at 31 December, 2019. Meanwhile, the company is continuing to pay its creditors. Asset Impairment The annual impairment test on the carrying value of goodwill and other assets was carried out as at December 31, 2019 see note 14. In determining whether a potential asset impairment exists, a range of internal and external factors are considered. However, the impairment test only takes into account conditions existing at the end of the reporting period. COVID-19 began to impact the population of Wuhan, China in December 2019 and initially the outbreak was largely concentrated in China. It was declared to be a pandemic by the World Health Organization in March 2020. The Companys impairment test as at December 31, 2019 therefore does not reflect the downturn in economic activity or the aforementioned impacts on the Companys revenues and expenditure caused by the Covid-19 pandemic. If the impairment test was reperformed using projections which take into account the aforementioned impacts on revenues and expenditure, the impairment loss as at December 31, 2019 for Primus Corp. and Immco Diagnostics would be higher by US$1.8 million and US$1.7 million respectively. The reason these two Cash Generating Units are the only units affected is that the other Cash Generating Units assets were already fully impaired, except Fitzgerald, as at December 31, 2019. |
ACCOUNTING ESTIMATES AND JUDGEM
ACCOUNTING ESTIMATES AND JUDGEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of accounting estimates and judgements [Abstract] | |
ACCOUNTING ESTIMATES AND JUDGEMENTS | 32. ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of these financial statements requires the Group to make estimates and judgements that affect the reported amount of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Group evaluates these estimates, including those related to intangible assets, contingencies and litigation. The estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Key sources of estimation uncertainty Note 14 contains information about the assumptions and the risk factors relating to goodwill impairment. Note 22 outlines information regarding the valuation of share options and warrants. Note 25 outlines the valuation techniques used by the Company in determining the fair value of exchangeable notes and the associated embedded derivatives. In Note 29, detailed analysis is given about the interest rate risk, credit risk, liquidity risk and foreign exchange risk of the Group. The Group recognises revenue when it transfers control over a good or service to a customer. Critical accounting judgements in applying the Group’s accounting policies Certain critical accounting judgements in applying the Group’s accounting policies are described below: Research and development expenditure Under IFRS as issued by IASB, the Group writes off research and development expenditure as incurred, with the exception of expenditure on projects whose outcome has been assessed with reasonable certainty as to technical feasibility, commercial viability and recovery of costs through future revenues. Such expenditure is capitalised at cost within intangible assets and amortised over its expected useful life of 15 years, which commences when commercial production starts. For further information, refer to Note 14. Acquired in-process research and development (IPR&D) is valued at its fair value at acquisition date in accordance with IFRS 3. The Company determines this fair value by adopting the income approach valuation technique. Once the fair value has been determined, the Company will recognise the IPR&D as an intangible asset when it: (a) meets the definition of an asset and (b) is identifiable (i.e. is separable or arises from contractual or other legal rights). Factors which impact our judgement to capitalise certain research and development expenditure include the degree of regulatory approval for products and the results of any market research to determine the likely future commercial success of products being developed. We review these factors each year to determine whether our previous estimates as to feasibility, viability and recovery should be changed. Impairment of intangible assets and goodwill Definite lived intangible assets are reviewed for indicators of impairment annually while goodwill and indefinite lived assets are tested for impairment annually, individually or at the cash generating unit level. Factors considered important, as part of an impairment review, include the following: • Significant underperformance relative to expected historical or projected future operating results; • Significant changes in the manner of our use of the acquired assets or the strategy for our overall business; • Obsolescence of products; • Significant decline in our stock price for a sustained period; and • Our market capitalisation relative to net book value. When we determine that the carrying value of intangibles, non-current assets and related goodwill may not be recoverable based upon the existence of one or more of the above indicators of impairment, any impairment is measured based on our estimates of projected net discounted cash flows expected to result from that asset, including eventual disposition. Our estimated impairment could prove insufficient if our analysis overestimated the cash flows or conditions change in the future. For further information, refer to Note 14. Allowance for slow-moving and obsolete inventory We evaluate the realisability of our inventory on a case-by-case basis and make adjustments to our inventory provision based on our estimates of expected losses. We write-off any inventory that is approaching its “use-by” date and for which no further re-processing can be performed. We also consider recent trends in revenues for various inventory items and instances where the realisable value of inventory is likely to be less than its carrying value. For further information, refer to Note 17. Allowance for impairment of receivables Revenue is recognised to the extent that it is probable that economic benefit will flow to the Group and the revenue can be measured. No revenue is recognised if there is uncertainty regarding recovery of the consideration due at the outset of the transaction or the possible return of goods. We make judgements as to our ability to collect outstanding receivables and where necessary make allowances for impairment. Such impairments are made based upon a specific review of all significant outstanding receivables. In determining the allowance, we analyse our historical collection experience and current economic trends. If the historical data we use to calculate the allowance for impairment of receivables does not reflect the future ability to collect outstanding receivables, additional allowances for impairment of receivables may be needed and the future results of operations could be materially affected. For further information, refer to Note 29. Accounting for income taxes Significant judgement is required in determining our worldwide income tax expense provision. In the ordinary course of a global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise as a consequence of revenue sharing and cost reimbursement arrangements among related entities, the process of identifying items of revenue and expense that qualify for preferential tax treatment and segregation of foreign and domestic income and expense to avoid double taxation. In addition, we operate within multiple taxing jurisdictions and are subject to periodic audits in these jurisdictions. Deferred tax assets and liabilities are determined for the effects of net operating losses and temporary differences between the book and tax bases of assets and liabilities, using tax rates projected to be in effect for the year in which the differences are expected to reverse. While we have considered future taxable income and ongoing prudent and feasible tax planning strategies in assessing whether deferred tax assets can be recognised, there is no assurance that these deferred tax assets may be realisable. The extent to which recognised deferred tax assets are not realisable could have a material adverse impact on our income tax provision and net income in the period in which such determination is made. Note 15 to the consolidated financial statements outlines the basis for the deferred tax assets and liabilities and includes details of the unrecognised deferred tax assets at year end. The Group derecognised deferred tax assets arising on unused tax losses except to the extent that there are sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity which will result in taxable amounts against which the unused tax losses can be utilized before they expire. The derecognition of these deferred tax assets was considered appropriate in light of the increased tax losses caused by the restructuring and uncertainty over the timing of the utilization of the tax losses. Except for the derecognition of deferred tax assets there were no material changes in estimates used to calculate the income tax expense provision during 2019, 2018 or 2017. IFRS 16 IFRS 16, Leases • Determining whether or not a contract contains a lease. Company assessed if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration • Significant judgement is also required in establishing whether or not it is reasonably certain that an extension option will be exercised, considering whether or not it is reasonably certain that a termination option will not be exercised. In making this decision, management considered the facts and circumstances that create a significant economic incentive. Factors specific to the asset, the entity and the wider market were also considered. • Further, critical judgement is involved in determining whether or not variable lease payments are truly variable, or in-substance fixed. In-substance variable lease payments are treated as fixed lease payments. Key source of estimation and uncertainty is calculation of the appropriate discount rate to use. When making the determination, the company considered the rate of interest that they would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Revenue Recognition No revenue is recognised if there is uncertainty regarding recovery of the consideration due at the outset of the transaction or the possible return of goods. We make a judgement as to the collectability of invoiced sales based on an assessment of the individual debtor taking into account past payment history, the probability of default or delinquency in payments and the probability that debtor will enter into financial difficulties or bankruptcy. We operate a licenced reference laboratory in New York, USA that specializes in diagnostics for autoimmune diseases. The laboratory provides testing services to two types of customers. Firstly, institutional customers, such as hospitals and commercial diagnostic testing providers, and secondly insurance companies on behalf of their policyholders. The revenue recognition for services provided to insurance companies requires some judgement. In the US, there are rules requiring all insurance companies to be billed the same amount per test. However, the amount that each insurance company pays for a particular test varies according to their own internal policies and this can typically be considerably less than the amount invoiced. We recognise lab services revenue for insurance companies by taking the invoiced amount and reducing it by an estimated percentage based on historical payment data. We review the percentage reduction annually based on the latest data. As a practical expedient, and in accordance with IFRS, we apply a portfolio approach to the insurance companies as they have similar characteristics. We judge that the effect on the financial statements of using a portfolio approach for the insurance companies will not differ materially from applying IFRS 15 to the individual contracts within that portfolio. |
GROUP UNDERTAKINGS
GROUP UNDERTAKINGS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of group undertakings [Abstract] | |
GROUP UNDERTAKINGS | 33. GROUP UNDERTAKINGS The consolidated financial statements include the financial statements of Trinity Biotech plc and the following principal subsidiary undertakings: Name and registered office Principal activity Principal Country of Group % holding Trinity Biotech plc IDA Business Park, Bray Co. Wicklow, Ireland Investment and holding Ireland Holding Trinity Biotech Manufacturing Limited IDA Business Park, Bray Co. Wicklow, Ireland Manufacture and sale Ireland 100% Trinity Research Limited IDA Business Park, Bray Co. Wicklow, Ireland Research and Ireland 100% Benen Trading Limited IDA Business Park, Bray Co. Wicklow, Ireland Trading Ireland 100% Trinity Biotech Manufacturing Services Limited IDA Business Park, Bray Co. Wicklow, Ireland Dormant Ireland 100% Trinity Biotech Luxembourg Sarl 1, rue Bender, L-1229 Luxembourg Investment and 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 U.S.A. 100% Mardx Diagnostics Inc 5919 Farnsworth Court Carlsbad CA 92008, USA Manufacture and sale U.S.A. 100% Fitzgerald Industries International, Inc 2711 Centerville Road, Suite 400 Wilmington, New Castle Delaware, 19808, USA Management services U.S.A. 100% Biopool US Inc (trading as Trinity Biotech Distribution) Girts Road, Jamestown NY14702, USA Sale of diagnostic test U.S.A. 100% Primus Corporation 4231 E 75 th Kansas City, MO 64132, USA Manufacture and sale U.S.A. 100% Name and registered office Principal activity Principal Country of Group % holding Phoenix Bio-tech Corp. 1166 South Service Road West Oakville, ON L6L 5T7 Canada. Manufacture and sale of 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 Brazil 100% Trinity Biotech (UK) Ltd Mills and Reeve LLP Botanic House 100 Hills Road Cambridge, CB2 1PH United Kingdom Sales & marketing UK 100% Immco Diagnostics Inc 60 Pineview Drive Buffalo NY 14228, USA Manufacture and sale of U.S.A. 100% Nova Century Scientific Inc 5022 South Service Road Burlington Ontario Canada Manufacture and sale of Canada 100% Trinity Biotech Investment Ltd PO Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands Investment and Cayman Islands 100% |
AUTHORISATION FOR ISSUE
AUTHORISATION FOR ISSUE | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of authorisation for issue [Abstract] | |
AUTHORISATION FOR ISSUE | 33. AUTHORISATION FOR ISSUE These Group consolidated financial statements were authorised for issue by the Board of Directors on Jun e 13, |
BASIS OF PREPARATION AND SIGN_2
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (POLICIES) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of basis of preparation and significant accounting policies [Abstract] | |
General information | i) General information Trinity Biotech develops, acquires, manufactures and markets medical diagnostic products for the clinical laboratory and point-of-care segments of the diagnostic market. These products are used to detect autoimmune, infectious and sexually transmitted diseases, diabetes and disorders of the liver and intestine. Trinity Biotech is a significant provider of raw materials to the life sciences and research industries globally. Trinity Biotech also operates a licenced reference laboratory that specializes in diagnostics for autoimmune diseases. |
Statement of compliance | ii) Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) both as issued by the International Accounting Standards Board (“IASB”) and as subsequently adopted by the European Union (“EU”) (together “IFRS”). The IFRS applied are those effective for accounting periods beginning January 1, 2019. Consolidated financial statements are required by Irish law to comply with IFRS as adopted by the EU which differ in certain respects from IFRS as issued by the IASB. These differences predominantly relate to the timing of adoption of new standards by the EU. However, in relation to the 2019 consolidated financial statements there are no differences regarding the effective date of new IFRS relevant to Trinity Biotech as issued by the IASB and as adopted by the EU. In relation to prior periods presented, none of the differences are relevant in the context of Trinity Biotech and the consolidated financial statements comply with IFRS both as issued by the IASB and as adopted by the EU. |
Basis of preparation | iii) Basis of preparation The consolidated financial statements have been prepared in United States Dollars (US$), rounded to the nearest thousand, under the historical cost basis of accounting, except for derivative financial instruments, certain balances arising on acquisition of subsidiary entities and share-based payments which are initially recorded at fair value. Derivative financial instruments are also subsequently revalued and carried at fair value. The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and amounts reported in the financial statements and accompanying notes. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Judgements made by management that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in Note 32. The directors have considered the Group’s current financial position and cashflow projections, taking into account all known events and developments including the Covid-19 pandemic. While acknowledging that there will be a temporary decrease in revenues due to Covid-19, the company has taken measures to reduce expenditure, to obtain government pandemic supports in Ireland and USA and to exploit sales opportunities of products related to coronavirus. (For more information on the impact of Covid-19 – refer to Subsequent Events in Note 31). The directors believe that the Group will be able to continue in operational existence for at least the next 12 months from the date of approval of these consolidated financial statements and that it is appropriate to continue to prepare the consolidated financial statements on a going concern basis. The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. The accounting policies have been applied consistently by all Group entities. |
Basis of consolidation | iv) Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Company. Control exists when the Company has the power, directly or indirectly, to govern the financial and reporting policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Transactions eliminated on consolidation Intra-group balances and any unrealised gains or losses or income and expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements. |
Property, plant and equipment | v) Property, plant and equipment Owned assets Items of property, plant and equipment are stated at cost less any accumulated depreciation and any impairment losses (see Note 1(viii)). The cost of self-constructed assets includes the cost of materials, direct labour and attributable overheads. It is not Group policy to revalue any items of property, plant and equipment. Depreciation is charged to the statement of operations on a straight-line basis to write-off the cost of the assets over their expected useful lives as follows: • 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 Land is not depreciated. The residual values, if not insignificant, useful lives and depreciation methods of property, plant and equipment are reviewed and adjusted if appropriate on a prospective basis, at each balance sheet date. There were no changes to useful lives in the year. Leased assets - as lessee The Group has applied IFRS 16, Leases, using the modified retrospective approach and therefore comparative information has not been restated. Accounting policy applicable from 1 January 2019 For any new contracts entered into on or after 1 January 2019, the Group considers whether a contract is, or contains a lease. A lease is defined as ‘a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration’. To apply this definition the Group assesses whether the contract meets three key evaluations which are whether: • 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. At lease commencement date, the Group recognises a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicators exist. At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the Group’s incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments.When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero. The Group has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term. On the statement of financial position, right-of-use assets have been included in property, plant and equipment and lease liabilities have been included in separate lines within the current liabilities and non-current liabilities sections. Leased assets - as lessor The Group’s accounting policy under IFRS 16 has not changed from the comparative period. As a lessor, the Group classifies its leases as either operating or finance leases. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of the underlying asset, and classified as an operating lease if it does not. Accounting policy applicable before 1 January 2019 Leased assets – as lessee Leases under terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Property, plant and equipment acquired by way of finance lease is stated at an amount equal to the lower of its fair value and present value of the minimum lease payments at inception of the lease, less accumulated depreciation and any impairment losses. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised in financial expenses in the statement of operations. Depreciation is calculated in order to write-off the amounts capitalised over the estimated useful lives of the assets, or the lease term if shorter, by equal annual instalments. The excess of the total rentals under a lease over the amount capitalised is treated as interest, which is charged to the statement of operations in proportion to the amount outstanding under the lease. Leased assets are reviewed for impairment (see Note 1(viii)). Leases other than finance leases are classified as “operating leases”, and the rentals thereunder are charged to the statement of operations on a straight-line basis over the period of the leases. Lease incentives are recognised in the statement of operations on a straight-line basis over the lease term. Leased assets – as lessor Leases where the Group substantially transfers the risks and benefits of ownership of the asset to the customer are classified as finance leases within finance lease receivables. The Group recognises the amount receivable from assets leased under finance leases at an amount equal to the net investment in the lease. Finance lease income is recognised as revenue in the statement of operations reflecting a constant periodic rate of return on the Group’s net investment in the lease. Assets provided to customers under leases other than finance leases are classified as operating leases and carried in property, plant and equipment at cost and are depreciated on a straight-line basis over the useful life of the asset or the lease term, if shorter. Subsequent costs The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the Group and the cost of the replaced item can be measured reliably. All other costs are recognised in the statement of operations as an expense as incurred. |
Goodwill | vi) Goodwill In respect of business combinations that have occurred since January 1, 2004 (being the transition date to IFRS), goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. In respect of acquisitions prior to this date, goodwill is included on the basis of its deemed cost, which represents the amount recorded under the old basis of accounting, Irish GAAP, (“Previous GAAP”). Save for retrospective restatement of deferred tax as an adjustment to retained earnings in accordance with IAS 12, Income Taxes, To the extent that the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds the cost of a business combination, the identification and measurement of the related assets, liabilities and contingent liabilities are revisited accompanied by a reassessment of the cost of the transaction, and any remaining balance is immediately recognised in the statement of operations. At the acquisition date, any goodwill is allocated to each of the cash generating units expected to benefit from the combination’s synergies. Following initial recognition, goodwill is stated at cost less any accumulated impairment losses (see Note 1(viii)). |
Intangibles, including research and development (other than goodwill) | vii) Intangibles, including research and development (other than goodwill) An intangible asset, which is an identifiable non-monetary asset without physical substance, is recognised to the extent that it is probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be measured reliably. The asset is deemed to be identifiable when it is separable (that is, capable of being divided from the entity and sold, transferred, licensed, rented or exchanged, either individually or together with a related contract, asset or liability) or when it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the Group or from other rights and obligations. Intangible assets acquired as part of a business combination are capitalised separately from goodwill if the intangible asset meets the definition of an asset and the fair value can be reliably measured on initial recognition. Subsequent to initial recognition, these intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses (Note 1(viii)). Intangible assets with definite useful lives are reviewed for indicators of impairment annually while intangible assets with indefinite useful lives and those not yet brought into use are tested for impairment annually, either individually or at the cash generating unit level. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalised if the product or process is technically and commercially feasible and the Group has sufficient resources to complete the development. The expenditure capitalised includes the cost of materials, direct labour and attributable overheads and third party costs. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. The technical feasibility of a new product is determined by a specific feasibility study undertaken at the first stage of any development project. The majority of our new product developments involve the transfer of existing product know-how to a new application. Since the technology is already proven in an existing product which is being used by customers, this facilitates the proving of the technical feasibility of that same technology in a new product. The results of the feasibility study are reviewed by a design review committee comprising senior managers. The feasibility study occurs in the initial research phase of a project and costs in this phase are not capitalised. The commercial feasibility of a new product is determined by preparing a discounted cash flow projection. This projection compares the discounted sales revenues for future periods with the relevant costs. As part of preparing the cash flow projection, the size of the relevant market is determined, feedback is sought from customers and the strength of the proposed new product is assessed against competitors’ offerings. Once the technical and commercial feasibility has been established and the project has been approved for commencement, the project moves into the development phase. All other development expenditure is expensed as incurred. Subsequent to initial recognition, the capitalised development expenditure is carried at cost less any accumulated amortisation and any accumulated impairment losses (Note 1(viii)). Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognised in the statement of operations as an expense as incurred. Expenditure on internally generated goodwill and brands is recognised in the statement of operations as an expense as incurred. Amortisation Amortisation is charged to the statement of operations on a straight-line basis over the estimated useful lives of intangible assets, unless such lives are indefinite. Intangible assets are amortised from the date they are available for use in its intended market. The estimated useful lives are as follows: • Capitalised development costs 15 years • Patents and licences 6-15 years • Other (including acquired customer and supplier lists) 6-15 years The Group uses a useful economic life of 15 years for capitalised development costs. This is a conservative estimate of the likely life of the products. The Group is confident that products have a minimum of 15 years life given the inertia that characterizes the medical diagnostics industry and the barriers to enter into the industry. The following factors have been considered in estimating the useful life of developed products: (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 many 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. Certain trade names acquired are deemed to have an indefinite useful life as there is no foreseeable limit to the period over which these assets are expected to generate cash inflows for the Group. Where amortisation is charged on assets with finite lives, this expense is taken to the statement of operations through the ‘selling, general and administrative expenses’ line. Useful lives are examined on an annual basis and adjustments, where applicable, are made on a prospective basis. |
Impairment | viii) Impairment The carrying amount of the Group’s assets, other than inventories, accounts receivable, cash and cash equivalents, short-term investments and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount (being the greater of fair value less costs to sell and value in use) is assessed at each balance sheet date. Fair value less costs to sell is defined as the amount obtainable from the sale of an asset or cash-generating unit in an arm’s length transaction between knowledgeable and willing parties, less the costs that would be incurred on disposal. Value in use is defined as the present value of the future cash flows expected to be derived through the continued use of an asset or cash-generating unit. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the future cash flow estimates have not yet been adjusted. The estimates of future cash flows exclude cash inflows or outflows attributable to financing activities. For an asset that does not generate largely independent cash flows, the recoverable amount is determined by reference to the cash generating unit to which the asset belongs. For goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use, the recoverable amount is estimated at each balance sheet date at the cash generating unit level. The goodwill and indefinite-lived assets were reviewed for impairment at December 31, 2018 and December 31, 2019. See Note 14. In-process research and development (IPR&D) is tested for impairment on an annual basis, in the fourth quarter, or more frequently if impairment indicators are present, using projected discounted cash flow models. If IPR&D becomes impaired or is abandoned, the carrying value of the IPR&D is written down to its revised fair value with the related impairment charge recognised in the period in which the impairment occurs. If the fair value of the asset becomes impaired as the result of unfavorable data from any ongoing or future clinical trial, changes in assumptions that negatively impact projected cash flows, or because of any other information regarding the prospects of successfully developing or commercializing our programs, we could incur significant charges in the period in which the impairment occurs. The valuation techniques utilized in performing impairment tests incorporate significant assumptions and judgments to estimate the fair value, as described above. The use of different valuation techniques or different assumptions could result in materially different fair value estimates. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the statement of operations. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units and then to reduce the carrying amount of other assets in the cash-generating units on a pro-rata basis. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. An impairment loss in respect of goodwill is not reversed. Following recognition of any impairment loss (and on recognition of an impairment loss reversal), the depreciation or amortisation charge applicable to the asset or cash generating unit is adjusted prospectively with the objective of systematically allocating the revised carrying amount, net of any residual value, over the remaining useful life. |
Inventories | ix) Inventories Inventories are stated at the lower of cost and net realisable value. Cost is based on the first-in, first-out principle and includes all expenditure which has been incurred in bringing the products to their present location and condition, and includes an appropriate allocation of manufacturing overhead based on the normal level of operating capacity. Net realisable value is the estimated selling price of inventory on hand in the ordinary course of business less all further costs to completion and costs expected to be incurred in selling these products. The Group provides for inventory, based on estimates of the expected realisability. The estimated realisability is evaluated on a case-by-case basis and any inventory that is approaching its “use-by” date and for which no further re-processing can be performed is written off. Any reversal of an inventory provision is recognised in the statement of operations in the year in which the reversal occurs. |
Trade and other receivables | x) Trade and other receivables Trade receivables are amounts due from customers for products sold or services provided in the ordinary course of business. Trade and other receivables are stated at their amortised cost less impairment losses incurred. Cost approximates fair value given the short term nature of these assets. The Group records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. Expected credit losses are recorded on all of trade receivables based on an assessment of each individual debtor taking into account the probability of default or delinquency in payments and the probability that debtor will enter into financial difficulties or bankruptcy. |
Trade and other payables | xi) Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business. Trade and other payables are stated at cost. Cost approximates fair value given the short term nature of these liabilities. |
Cash and cash equivalents | 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. |
Short-term investments | xiii) Short-term investments Short-term investments comprise short-term bank deposits which have maturities greater than six months as at the year-end date. Short-term deposits made for varying periods depending on the immediate cash requirements of the Group and earn interest at the respective deposit rates in place. Where restrictions are imposed by third parties, such as lending institutions, on short-term deposits held by the Group these are treated as financial assets in the financial statements. |
Share-based payments | xiv) Share-based payments For equity-settled share-based payments (share options), the Group measures the services received and the corresponding increase in equity at fair value at the measurement date (which is the grant date) using a trinomial model. Given that the share options granted do not vest until the completion of a specified period of service, the fair value, which is assessed at the grant date, is recognised on the basis that the services to be rendered by employees as consideration for the granting of share options will be received over the vesting period. The share options issued by the Group are not subject to market-based vesting conditions as defined in IFRS 2, Share-based Payment The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The Group does not operate any cash-settled share-based payment schemes or share-based payment transactions with cash alternatives as defined in IFRS 2. |
Government grants | xv) Government grants Grants that compensate the Group for expenses incurred such as research and development, employment and training are recognised as income in the statement of operations on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the Group for the cost of an asset are recognised in the statement of operations as other operating income on a systematic basis over the useful life of the asset. |
Revenue recognition | xvi) Revenue recognition Goods sold and services rendered The Group recognises revenue when it transfers control over a good or service to a customer. Revenue is recognised to the extent that it is probable that economic benefit will flow to the Group and the revenue can be measured. No revenue is recognised if there is uncertainty regarding recovery of the consideration due at the outset of the transaction or the possible return of goods. Revenue, including any amounts invoiced for shipping and handling costs, represents the value of goods and services supplied to external customers, net of discounts and rebates and excluding sales taxes. Revenue from products is generally recorded as of the date of shipment, consistent with typical ex-works shipment terms. Where the shipment terms do not permit revenue to be recognised as of the date of shipment, revenue is recognised when the Group has satisfied all of its performance obligations to the customer in accordance with the shipping terms. Some contracts oblige the Group to ship product to the customer ahead of the agreed payment schedule. For these shipments, a contract asset is recognised when control over the goods has transferred to the customer. The financing component is insignificant as invoicing for these shipments occurs within a short period of time after shipment has occurred and standard 30 day credit terms apply. The Group operates a licensed referenced laboratory in the US, which provides testing services to institutional customers and insurance companies. In the US, there are rules requiring all insurance companies to be billed the same amount per test. However, the amount that each insurance company pays for a particular test varies according to their own internal policies and this can typically be considerably less than the amount invoiced. We recognise lab services revenue for insurance companies by taking the invoiced amount and reducing it by an estimated percentage based on historical payment data. We review the percentage reduction annually based on the latest data. As a practical expedient, and in accordance with IFRS, we apply a portfolio approach to the insurance companies as they have similar characteristics. We judge that the effect on the financial statements of using a portfolio approach for the insurance companies will not differ materially from applying IFRS 15 to the individual contracts within that portfolio. Revenue from services rendered is recognised in the statement of operations in proportion to the stage of completion of the transaction at the balance sheet date. The Group leases instruments to customers typically as part of a bundled package. Where a contract has multiple performance obligations and its duration is greater than one year, the transaction price is allocated to the performance obligations in the contract by reference to their relative standalone selling prices. For contracts where control of the instrument is transferred to the customer, the fair value of the instrument is recognised as revenue at the commencement of the lease and is matched by the related cost of sale. Fair value is determined on the basis of standalone selling price. In the case where control of the instrument does not transfer to the customer, revenue is recognised on the basis of customer usage of the instrument. See also Note 1(v). In obtaining these contracts, the Group incurs a number of incremental costs, such as sales bonus paid to sales staff commissions paid to distributors and royalty payments. As the amortisation period of these costs, if capitalised, would be less than one year, the Group makes use of the practical expedient in IFRS 15.94 and expenses them as they incur. A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. The Group’s obligation to provide a refund for faulty products under the standard warranty terms is recognised as a provision, see Note 24 for details. Other operating income Other operating income mainly comprises income recognised under Transitional Services Agreements (TSA) with Diagnostica Stago. As part of the divestiture of the Coagulation product line in April 2010, the Group entered into a TSA. The services provided by the Group to Stago under the TSA comprise canteen services. This income has not been treated as revenue since the TSA activities are incidental to the main revenue-generating activities of the Group. |
Employee benefits | xvii) Employee benefits Defined contribution plans The Group operates defined contribution schemes in various locations where its subsidiaries are based. Contributions to the defined contribution schemes are recognised in the statement of operations in the period in which the related service is received from the employee. Other long-term benefits Where employees participate in the Group’s other long-term benefit schemes (such as permanent health insurance schemes under which the scheme insures the employees), or where the Group contributes to insurance schemes for employees, the Group pays an annual fee to a service provider, and accordingly the Group expenses such payments as incurred. Termination benefits Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. |
Foreign currency | xviii) Foreign currency A majority of the revenue of the Group is generated in US Dollars. The Group’s management has determined that the US Dollar is the primary currency of the economic environment in which the Company and its subsidiaries (with the exception of the Group’s subsidiaries in Brazil, Canada and Sweden) principally operate. Thus the functional currency of the Company and its subsidiaries (other than the Brazilian, Canadian and Swedish subsidiaries) is the US Dollar. The functional currency of the Brazilian entity is the Brazilian Real, the functional currency of the Canadian subsidiary, Nova Century Scientific Inc, is the Canadian Dollar and the functional currency of the Swedish subsidiary is the Swedish Kroner. The presentation currency of the Company and Group is the US Dollar. Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. The resulting gains and losses are included in the statement of operations. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Results and cash flows of subsidiary undertakings, which have a functional currency other than the US Dollar, are translated into US Dollars at average exchange rates for the year, and the related balance sheets have been translated at the rates of exchange ruling on the balance sheet date. Any exchange differences arising from the translations are recognised in the currency translation reserve via the statement of changes in equity. Where Euro, Brazilian Real, Canadian Dollar or Swedish Kroner amounts have been referenced in this document, their corresponding US Dollar equivalent has also been included and these equivalents have been calculated with reference to the foreign exchange rates prevailing at December 31, 2019. |
Hedging | xix) Hedging The activities of the Group expose it primarily to changes in foreign exchange rates and interest rates. The Group uses derivative financial instruments, from time to time, such as forward foreign exchange contracts to hedge these exposures. The Group enters into forward contracts to sell US Dollars forward for Euro. The principal exchange risk identified by the Group is with respect to fluctuations in the Euro as a substantial portion of its expenses are denominated in Euro but its revenues are primarily denominated in US Dollars. Trinity Biotech monitors its exposure to foreign currency movements and may use these forward contracts as cash flow hedging instruments whose objective is to cover a portion of this Euro expense. At the inception of a hedging transaction entailing the use of derivatives, the Group documents the relationship between the hedged item and the hedging instrument together with its risk management objective and the strategy underlying the proposed transaction. The Group also documents its quarterly assessment of the effectiveness of the hedge in offsetting movements in the cash flows of the hedged items. Derivative financial instruments are recognised at fair value. Where derivatives do not fulfil the criteria for hedge accounting, they are classified as held-for-trading and changes in fair values are reported in the statement of operations. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles and equates to the current market price at the balance sheet date. The portion of the gain or loss on a hedging instrument that is deemed to be an effective cash flow hedge is recognised directly in the hedging reserve in equity and the ineffective portion is recognised in the statement of operations. As the forward contracts are exercised the net cumulative gain or loss recognised in the hedging reserve is transferred to the statement of operations and reflected in the same line as the hedged item. |
Exchangeable notes and derivative financial instruments | xx) Exchangeable notes and derivative financial instruments The Company’s exchangeable notes are treated as a host debt instrument with embedded derivatives attached. On initial recognition, the host debt instrument is recognised at the residual value of the total net proceeds of the bond issue less fair value of the embedded derivatives. Subsequently, the host debt instrument is measured at amortised cost using the effective interest rate method. The embedded derivatives are initially recognised at fair value and are restated at their fair value at each reporting date. The fair value changes of the embedded derivatives are recognised in the statement of operations, except for changes in fair value related to the Group’s own credit risk, which are recorded in the statement of comprehensive income. Where the exchangeable notes are redeemed early or repurchased in a way that does not alter the original conversion privileges, the consideration paid is allocated to the respective components and the amount of any gain or loss is recognised in the consolidated statement of operations. |
Segment reporting | xxi) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors. |
Tax (current and deferred) | xxii) Tax (current and deferred) Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the statement of operations except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax represents the expected tax payable or recoverable on the taxable profit for the year using tax rates enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate income, and taking into account any adjustments stemming from prior years. Deferred tax is provided on the basis of the balance sheet liability method on all temporary differences at the balance sheet date which is defined as the difference between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets and liabilities are not subject to discounting and are measured at the tax rates that are anticipated to apply in the period in which the asset is realised or the liability is settled based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognised when it is probable that future taxable profits will be available to utilize the associated losses or temporary differences. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred tax assets and liabilities are recognised for all temporary differences (that is, differences between the carrying amount of the asset or liability and its tax base) with the exception of the following: 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. Where goodwill is tax deductible, a deferred tax liability is not recognised on initial recognition of goodwill. It is recognised subsequently for the taxable temporary difference which arises when the goodwill is amortised for tax with no corresponding adjustment to the carrying value of the goodwill. The carrying amounts of deferred tax assets are subject to review at each balance sheet date and are derecognised to the extent that future taxable profits are considered to be inadequate to allow all or part of any deferred tax asset to be utilised. |
Provisions | xxiii) Provisions A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. |
Cost of sales | xxiv) Cost of sales Cost of sales comprises product cost including manufacturing and payroll costs, quality control, shipping, handling, and packaging costs and the cost of services provided. |
Finance income and costs | xxv) Finance income and costs Financing expenses comprise interest costs payable on leases and exchangeable notes. Interest payable on finance leases is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Financing expenses also includes the financing element of long term liabilities which have been discounted. Finance income includes interest income on deposits and is recognised in the statement of operations as it accrues, using the effective interest method. Finance income also includes fair value adjustments to embedded derivatives associated with exchangeable notes. |
Treasury shares | xxvi) Treasury shares When the Group purchases its |
Equity | xxvii) Equity Share capital represents the nominal (par) value of shares that have been issued. Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits. |
Profit or loss from discontinued operations | xxviii) Profit or loss from discontinued operations A discontinued operation is a component of the Group that either has been disposed of, or is classified as held for sale. Profit or loss from discontinued operations comprises the post-tax profit or loss of discontinued operations and the post-tax gain or loss resulting from the measurement and disposal of assets classified as held for sale. |
Fair values | xxix) Fair values For financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data |
New IFRS Standards and Interpretations not applied | xxx) New IFRS Standards and Interpretations not applied The IASB and IFRIC have issued additional standards and interpretations which are effective for periods starting after January 1, 2019, all of which have not yet been adopted by the EU. IFRS as adopted by the EU differ in certain respects from IFRS as issued by the IASB. However, the Group’s consolidated financial statements for the financial years presented would be no different had IFRS as issued by the IASB been applied. The following standards and interpretations have yet to be adopted by the Group: International Financial Reporting Standards (IFRS/IAS) Effective date IFRS 3 Business Combinations January 1, 2020 (issued by the IASB with effectivity date of January 1, 2020) IFRS 8 Operating Segments January 1, 2020 (issued by the IASB with effectivity date of January 1, 2020) IFRS 9 Financial Instruments January 1, 2020 (issued by the IASB with effectivity date of January 1, 2020) IAS 39 Financial Instruments January 1, 2020 (issued by the IASB with effectivity date of January 1, 2020) The IASB also issued 'Amendments to References to the Conceptual Framework in IFRS Standards'. The amendments in the table above are effective for annual periods beginning on or after 1 January 2020. The IASB issued amendments to IFRS 3 in October 2018 regarding the definition of a business. The amendments clarify that the process required to meet the definition of a business must be substantive; and, that the inputs and process must together significantly contribute to creating outputs. The definition of outputs has been narrowed to focus on goods and services provided to customers and other income from ordinary activities. In addition, the amendments indicate that an acquisition of primarily a single asset or group of similar assets is unlikely to meet the definition of a business. The amendments will be applied prospectively for business combinations and asset acquisitions occurring on or after January 1, 2020. The Group is finalising its review of the impact of this amendment, but does not expect the clarification to have a material impact on the value of acquisitions or additions to property, plant and equipment. In September 2019, the IASB issued amendments to IFRS 9, IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures, which concludes phase one of its work to respond to the effects of Interbank Offered Rates (IBOR) reform on financial reporting. The changes relate to hedge accounting and Group does not expect the amendment to have a material impact. In 2019, the Group has adopted the new accounting pronouncements which have become effective this year, and are as follows: IFRS 16 ‘Leases’ IFRS 16 ‘Leases’ replaces IAS 17 ‘Leases’ along with three Interpretations (IFRIC 4 ‘Determining whether an Arrangement contains a Lease’, SIC 15 ‘Operating Leases-Incentives’ and SIC 27 ‘Evaluating the Substance of Transactions Involving the Legal Form of a Lease’). The adoption of this new Standard has resulted in the Group recognising a right-of-use asset and related lease liability in connection with each former operating lease except for those identified as low-value or having a remaining lease term of less than 12 months from the date of initial application. The new Standard has been applied using the modified retrospective approach, with the cumulative effect of adopting IFRS 16 being recognised in equity as an adjustment to the opening balance of retained earnings for the current period. Prior periods have not been restated. Right-of-use assets have been assessed for impairment on transition by applying IAS 36, Impairment as at January 1, 2019. This resulted in an adjustment on transition to IFRS 16 of US$11,099,000, which reduces the value of the assets recorded in property, plant and equipment, with a corresponding movement in Accumulated Surplus. See Note 13. The Group has elected not to include initial direct costs in the measurement of the right-of-use asset for operating leases in existence at the date of initial application of IFRS 16, being 1 January 2019. At this date, the Group has also elected to measure the right-of-use assets at an amount equal to the lease liability adjusted for any prepaid or accrued lease payments that existed at the date of transition. On transition, for leases previously accounted for as operating leases with a remaining lease term of less than 12 months and for leases of low-value assets the Group has applied the optional exemptions to not recognise right-of-use assets but to account for the lease expense on a straight line basis over the remaining lease term. For those leases previously classified as finance leases, the right-of-use asset and lease liability are measured at the date of initial application at the same amounts as under IAS 17 immediately before the date of initial application. The following is a reconciliation of the financial statement line items from IAS 17 to IFRS 16 at January 1, 2019: Carrying amount at December 31, 2018 Re-measurement Impairment IFRS 16 carrying amount at January 1, 2019 US$000 US$000 US$000 US$000 Property, plant & equipment 5,362 21,185 (11,099 ) 15,448 Lease liabilities (962 ) (21,185 ) - (22,147 ) Retaining earnings (55,319 ) - 11,099 (44,220 ) Total (50,919 ) - - (50,919 ) |
BASIS OF PREPARATION AND SIGN_3
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of basis of preparation and significant accounting policies [Abstract] | |
Schedule of Estimated Useful Lives of Owned Assets | Depreciation is charged to the statement of operations on a straight-line basis to write-off the cost of the assets over their expected useful lives as follows: • 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 |
Schedule of Estimated Useful Lives of Intangible Assets | Amortisation is charged to the statement of operations on a straight-line basis over the estimated useful lives of intangible assets, unless such lives are indefinite. Intangible assets are amortised from the date they are available for use in its intended market. The estimated useful lives are as follows: • Capitalised development costs 15 years • Patents and licences 6-15 years • Other (including acquired customer and supplier lists) 6-15 years |
Schedule of Reconciliation from IAS 17 to IFRS 16 | The following is a reconciliation of the financial statement line items from IAS 17 to IFRS 16 at January 1, 2019: Carrying amount at December 31, 2018 Remeasurement Impairment IFRS 16 carrying amount at January 1, 2019 US$000 US$000 US$000 US$000 Property, plant & equipment 5,362 21,185 (11,099 ) 15,448 Lease liabilities (962 ) (21,185 ) - (22,147 ) Retaining earnings (55,319 ) - 11,099 (44,220 ) Total (50,919 ) - - (50,919 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of operating segments [abstract] | |
Schedule of Revenue by Geographical Area Based on Location of Assets | The distribution of revenue by geographical area based on location of assets was as follows: Rest of World Revenue Americas Ireland Other Eliminations Total Year ended December 31, 2019 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Revenue from external customers 64,045 26,390 - - 90,435 Inter-segment revenue 39,563 1,629 - (41,192 ) - Total revenue 103,608 28,019 - (41,192 ) 90,435 Rest of World Americas Ireland Other Eliminations Total Year ended December 31, 2018 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Revenue from external customers 65,863 31,172 - - 97,035 Inter-segment revenue 38,665 2,899 - (41,564 ) - Total revenue 104,528 34,071 - (41,564 ) 97,035 Rest of World Americas Ireland Other Eliminations Total Year ended December 31, 2017 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Revenue from external customers 66,092 33,048 - - 99,140 Inter-segment revenue 42,147 3,587 - (45,734 ) - Total revenue 108,239 36,635 - (45,734 ) 99,140 |
Schedule of Revenue by Customers' Geographical Area | The distribution of revenue by customers’ geographical area was as follows: Revenue December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Americas 52,183 57,559 59,539 Asia / Africa 27,686 29,466 27,131 Europe (including Ireland) * 10,566 10,010 12,470 90,435 97,035 99,140 * Revenue from customers in Ireland is not disclosed separately due to the immateriality of these revenues. |
Schedule of Revenue by Major Product Group | The distribution of revenue by major product group was as follows: Revenue December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Clinical laboratory 68,127 71,618 73,366 Point-of-Care 11,393 14,836 16,774 Laboratory services 10,915 10,581 9,000 90,435 97,035 99,140 |
Schedule of Amount Relating From Revenue | The group has recognised the following amounts relating to revenue in the consolidated statement of operations: Revenue December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Revenue from contracts with customers (a) 90,435 97,035 99,140 Revenue from other sources - - - 90,435 97,035 99,140 (a) Disaggregation of revenue from contracts with customers: |
Schedule of Revenue Derives From Transfer of Goods and Services | The Group derives revenue from the transfer of goods and services over time and at a point in time in the following geographical areas: Timing of revenue recognition Americas Ireland Other Total Year ended December 31, 2019 US$000 US$000 US$000 US$000 At a point in time 63,300 26,390 89,690 Over time 745 745 Total 64,045 26,390 90,435 Timing of revenue recognition Americas Ireland Other Total Year ended December 31, 2018 US$000 US$000 US$000 US$000 At a point in time 64,941 31,172 96,113 Over time 922 922 Total 65,863 31,172 97,035 Timing of revenue recognition Americas Ireland Other Total Year ended December 31, 2017 US$000 US$000 US$000 US$000 At a point in time 65,164 33,048 98,212 Over time 928 928 Total 66,092 33,048 99,140 (b) 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, 2019 US$000 US$000 US$000 US$000 At a point in time 51,438 27,686 10,566 89,690 Over time 745 745 Total 52,183 27,686 10,566 90,435 Timing of revenue recognition Americas Asia / Africa Europe Total Year ended December 31, 2018 US$000 US$000 US$000 US$000 At a point in time 56,637 29,466 10,010 96,113 Over time 922 922 Total 57,559 29,466 10,010 97,035 Timing of revenue recognition Americas Asia / Africa Europe Total Year ended December 31, 2017 US$000 US$000 US$000 US$000 At a point in time 58,611 27,131 12,470 98,212 Over time 928 - - 928 Total 59,539 27,131 12,470 99,140 |
Schedule of Segment Results by Geographical Area | The distribution of segment results by geographical area was as follows: Rest of World Americas Ireland Other Total Year ended December 31, 2019 US$000 US$000 US$000 US$000 Result before impairment and unallocated expenses 5,239 (4,334 ) (108 ) 797 Impairment (14,562 ) (9,733 ) (24,295 ) Result after impairment (9,323 ) (14,067 ) (108 ) (23,498 ) Unallocated expenses * (614 ) Operating loss (24,112 ) Net financing expense (Note 8) (5,885 ) Loss before tax (29,997 ) Income tax credit (Note 9) 1,006 Loss for the year on continuing operations (28,991 ) Profit for the year on discontinued operations (Note 10) 77 Loss for the year (28,914 ) Rest of World Americas Ireland Other Total Year ended December 31, 2018 US$000 US$000 US$000 US$000 Result before impairment and unallocated expenses 5,514 1,900 (44 ) 7,370 Impairment (19,095 ) (7,837 ) (26,932 ) Result after impairment (13,581 ) (5,937 ) (44 ) (19,562 ) Unallocated expenses * (665 ) Operating loss (20,227 ) Net financing expense (Note 8) (2,956 ) Loss before tax (23,183 ) Income tax credit (Note 9) 525 Loss for the year on continuing operations (22,658 ) Loss for the year on discontinued operations (Note 10) 568 Loss for the year (22,090 ) Americas Ireland Other Total Year ended December 31, 2017 US$000 US$000 US$000 US$000 Result before exceptional expenses 3,744 1,125 (44 ) 4,825 Impairment (9,194 ) (32,561 ) (41,755 ) Result after exceptional expenses (5,450 ) (31,436 ) (44 ) (36,930 ) Unallocated expenses * (738 ) Operating profit (37,668 ) Net financing expense (Note 8) (2,207 ) Loss before tax (39,875 ) Income tax credit (Note 9) 1,214 Loss for the year on continuing operations (38,661 ) Loss for the year on discontinued operations (Note 10) (1,609 ) Loss for the year (40,270 ) * Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area. |
Schedule of Segment Assets and Segment Liabilities by Geographical Area | The distribution of segment assets and segment liabilities by geographical area was as follows: Rest of World Americas Ireland Other Total As at December 31, 2019 US$‘000 US$‘000 US$‘000 US$‘000 Assets and liabilities Segment assets 69,224 37,212 1 106,437 Unallocated assets: Income tax assets (current and deferred) 8,234 Cash and cash equivalents and short-term investments 16,400 Total assets as reported in the Group balance sheet 131,071 Segment liabilities 14,575 104,396 200 119,171 Unallocated liabilities: Income tax liabilities (current and deferred) 7,187 Total liabilities as reported in the Group balance sheet 126,358 Rest of World Americas Ireland Other Total As at December 31, 2018 US$‘000 US$‘000 US$‘000 US$‘000 Assets and liabilities Segment assets 75,658 38,009 4 113,671 Unallocated assets: Income tax assets (current and deferred) 7,711 Cash and cash equivalents and short-term investments 30,277 Total assets as reported in the Group balance sheet 151,659 Segment liabilities Unallocated liabilities: 8,946 90,444 150 99,540 Income tax liabilities (current and deferred) 8,065 Total liabilities as reported in the Group balance sheet 107,605 |
Schedule of Long-Lived Assets | The distribution of long-lived assets, which are property, plant and equipment, goodwill and intangible assets and other non-current assets (excluding deferred tax assets), by geographical area was as follows: December 31, 2019 US$‘000 December 31, 2018 US$‘000 Rest of World – Ireland 14,626 14,864 Americas 38,803 44,007 53,429 58,871 |
Schedule of Depreciation and Amortisation by Geographical Area | The distribution of depreciation and amortisation by geographical area was as follows: December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Depreciation: Rest of World – Ireland 322 74 1,186 Americas 2,208 1,301 1,238 2,530 1,375 2,424 Amortisation: Rest of World – Ireland 642 655 1,164 Americas 1,726 2,170 2,139 2,368 2,825 3,303 |
Schedule of Share-Based Payment Expense by Geographical Area | The distribution of share-based payment expense by geographical area was as follows: December 31, 2019 December 31, 2018 December 31, 2017 Rest of World – Ireland 659 1,265 841 Americas 99 104 87 758 1,369 928 Share based-payments – discontinued operations — — — 758 1,369 928 |
Schedule of Interest Income and Interest Expense by Geographical Area | The distribution of interest income and interest expense by geographical area was as follows: Rest of World Interest Income Year ended December 31, 2019 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$‘000 Total US$‘000 Interest income earned 47 417 — — 464 Non-cash financial income — 233 — — 233 Inter-segment interest income — — 4,853 (4,853 ) — Total 47 650 4,853 (4,853 ) 697 Rest of World Interest Expense Year ended December 31, 2019 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$‘000 Total US$’000 Interest on finance leases 294 653 — — 947 Interest on tax audit settlement (Note 6) — 1,000 — — 1,000 Cash interest on exchangeable notes — 3,996 — — 3,996 Non-cash interest on exchangeable notes ( Note 25) — 639 — — 639 Inter-segment interest expense 4,853 — — (4,853 ) — Total 5,147 6,288 — (4,853 ) 6,582 Rest of World Interest Income Year ended December 31, 2018 Americas Ireland Other Eliminations Total US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Interest income earned 32 704 — — 736 Non-cash financial income — 1,388 — — 1,388 Inter-segment interest income — — 4,853 (4,853 ) — Total 32 2,092 4,853 (4,853 ) 2,124 Rest of World Interest Expense Year ended December 31, 2018 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$’000 Total US$‘000 Interest on finance leases 7 32 — — 39 Cash interest on exchangeable notes — 4,352 — — 4,352 Non-cash interest on exchangeable notes ( Note 25) — 689 — — 689 Inter-segment interest expense 4,853 — — (4,853 ) — Total 4,860 5,073 — (4,853 ) 5,080 Rest of World Interest Income Year ended December 31, 2017 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$’000 Total US$‘000 Interest income earned 44 764 — — 808 Non-cash financial income — 2,390 — — 2,390 Inter-segment interest income — — 4,853 (4,853 ) — Total 44 3,154 4,853 (4,853 ) 3,198 Rest of World Interest Expense Year ended December 31, 2017 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$’000 Total US$‘000 Interest on deferred consideration and licence fee — 40 — — 40 Interest on finance leases — 42 — — 42 Cash interest on exchangeable notes — 4,600 — — 4,600 Non-cash interest on exchangeable notes (Note 25) — 723 — — 723 Inter-segment interest expense 4,853 — — (4,853 ) — Total 4,853 5,405 — (4,853 ) 5,405 |
Schedule of Taxation Expense by Geographical Area | The distribution of taxation (expense)/credit by geographical area was as follows: December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Rest of World – Ireland 831 (59 ) 192 Rest of World – Other — (3 ) (81 ) Americas 175 587 1,103 1,006 525 1,214 |
Schedule of Capital Expenditure by Geographical Area | The distribution of capital expenditure by geographical area was as follows: December 31, 2019 US$‘000 December 31, 2018 US$‘000 Rest of World – Ireland 20,758 7,148 Rest of World – Other - 1,746 Americas 12,863 8,911 33,621 17,805 |
PERSONNEL EXPENSES (Tables)
PERSONNEL EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |
Schedule of Personnel Expenses | December 31, 2019 US$000 December 31, 2018 US$000 December 31, 2017 US$000 Wages and salaries 25,885 26,475 26,316 Social welfare costs 2,538 2,585 2,424 Pension costs 503 490 459 Tax settlement (Note 6) 5,094 Share-based payments 758 1,369 928 34,778 30,919 30,127 |
Schedule of Persons Employed by the Group in the Financial Year | The average number of persons employed by the Group in the financial year was 579 (2018: 575) (2017: 556) and is analysed into the following categories: December 31, 2019 December 31, 2018 December 31, 2017 Research and development 57 59 60 Administration and sales 159 163 162 Manufacturing and quality 363 353 334 579 575 556 |
OTHER OPERATING INCOME (Tables)
OTHER OPERATING INCOME (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other operating income [Abstract] | |
Schedule of Other Operating Income | December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Rental income from premises 3 3 - Other income 88 99 100 91 102 100 |
IMPAIRMENT CHARGES (Tables)
IMPAIRMENT CHARGES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of impairment charges and inventory provisioning [Abstract] | |
Schedule of Impairment Charges and Inventory Provisioning | The impact of the above items on the statement of operations for the year ended December 31, 2019, December 31, 2018 and December 31, 2017 was as follows: December December December 31, 2019 31, 2018 31, 2017 US$’000 US$’000 US$’000 Selling, general & administration expenses Impairment of PP&E (Note 13) 6,349 6,112 10,437 Impairment of goodwill and other intangible assets (Note 14) 16,570 19,212 29,667 Impairment of prepayments (Note 18) 1,376 1,608 1,651 Total impairment loss 24,295 26,932 41,755 ( Income tax impact of impairment loss 148 (1,752 ) (517 ) Total impairment loss after tax 24,443 25,180 41,238 |
FINANCIAL INCOME AND EXPENSES (
FINANCIAL INCOME AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of financial income and expenses [Abstract] | |
Schedule of Financial Income and Expenses | December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Financial income: Non-cash financial income 233 1,388 2,390 Interest income 464 736 808 697 2,124 3,198 Financial expense: Interest on leases (947 ) (39 ) (42 ) Interest on tax audit settlement (Note 6) (1,000 ) - - Cash interest on exchangeable notes (3,996 ) (4,352 ) (4,600 ) Non-cash interest on exchangeable notes (Note 25) (639 ) (689 ) (723 ) Interest on deferred consideration and licence fee - - (40 ) (6,582 ) (5,080 ) (5,405 ) Net Financing Expense (5,885 ) (2,956 ) (2,207 ) |
INCOME TAX (CREDIT)_EXPENSE (Ta
INCOME TAX (CREDIT)/EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Creditexpense Schedule Of Statutory Tax Rate | |
Schedule of Charge for Tax | December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Current tax (credit)/expense Irish Corporation tax (312 ) (258 ) (51 ) Foreign taxes (a) 197 195 358 Adjustment in respect of prior years (50 ) (56 ) 150 Total current tax (credit)/expense (165 ) (119 ) 457 Deferred tax credit Origination and reversal of temporary differences (see Note 15) (841 ) (2,031 ) (5,969 ) Origination and reversal of net operating losses (see Note 15) - 1,625 4,298 Total deferred tax credit (841 ) (406 ) (1,671 ) Total income tax credit on continuing operations in statement of operations (1,006 ) (525 ) (1,214 ) Tax (credit)/charge on discontinued operations (see Note 10) - (590 ) 323 00 Total tax credit (1,006 ) (1,115 ) (891 ) (a) In 2019, the foreign taxes relate primarily to Canada. (b) In 2019, there was a deferred tax credit of US$444,000 (2018: charge of US$369,000; 2017: credit of US$170,000) recognised in respect of Ireland and a deferred tax credit of US$397,000 (2018: credit of US$775,000; 2017: credit of US$1,501,000) recognised in respect of overseas tax jurisdictions. |
Schedule of Overseas Tax Jurisdictions | Effective tax rate December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Loss before taxation (29,997 ) (23,183 ) (39,875 ) As a percentage of loss before tax: Current tax (0.55 )% (0.51 )% 1.14 % Total (current and deferred) (3.36 )% (2.26 )% (3.05 )% |
Schedule of Statutory Tax Rate | The following table reconciles the applicable Republic of Ireland statutory tax rate to the effective total tax rate for the Group: December 31, 2019 December 31, 2018 December 31, 2017 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) 13.21 % 15.76 % 12.05 % Effect of tax rates on overseas earnings (3.05 )% (6.10 )% (2.09 )% Effect of Irish income taxable at higher tax rate 0.04 % 0.05 % - Adjustments in respect of prior years (0.17 )% 0.94 % 0.38 % Effect of changes in US tax code (b) - - (1.89 )% R&D tax credits (2.69 )% (1.70 )% (0.17 )% Other items (c) 1.80 % 1.29 % 1.17 % Effective tax rate (3.36 )% (2.26 )% (3.05 )% (a) The effect of current year net operating losses and temporary differences for which no deferred tax asset was recognised is analyzed further in the table below (see also Note 15). No deferred tax asset was recognised because there was no reversing deferred tax liability in the same jurisdiction reversing in the same period and no future taxable income in the same jurisdiction. (b) In 2017, a number of changes were made to the USA tax code, the most significant of which was the reduction in the federal corporation tax rate to 21%. This resulted in a once-off tax credit in 2017 of US$753,000 arising from the reduction in deferred tax balances due to the tax rate change, partially offset by the effect of mandatory deemed repatriation of certain deferred foreign earnings. The other changes to the USA tax code did not have a material impact on the Group. (c) Other items comprise items not chargeable to tax/expenses not deductible for tax purposes. In 2019, other items mainly comprise the tax audit settlement recorded in Selling, General and Administrative expenses (see also Note 6), which is not deductible for tax. Additionally, the movement in the exchangeable notes embedded derivatives value and the accretion of notional interest on the Loan Notes host contract, both of which are exempt from deferred taxation recognition under IAS 12, Income Taxes. |
Schedule of Unrecognised Deferred Tax Assets | Unrecognised deferred tax assets – continuing operations Effect in 2019 US$’000 Percentage effect in 2019 Effect in 2018 US$’000 Percentage effect in 2018 Increase in net operating losses arising in US 1,117 3.72 % 2,174 9.38 % Temporary differences arising in US 129 0.43 % 19 0.08 % Decrease in net operating losses arising in Brazil 608 2.03 % (20 ) (0.09 )% Increase in net operating losses arising in Ireland 2,110 7.03 % 1,482 6.39 % 3,964 13.21 % 3,655 15.76 % |
Schedule of (Loss)/Profit Before Taxes | The distribution of loss before taxes by geographical area was as follows: December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Rest of World – Ireland (20,318 ) (9,590 ) (35,821 ) Rest of World – Other 4,760 4,809 4,809 Americas (14,439 ) (18,402 ) (8,863 ) (29,997 ) (23,183 ) (39,875 ) |
Schedule of Unutilised Net Operating Losses | At December 31, 2019, the Group had unutilised net operating losses as follows: December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 USA 1,034 2,382 7,737 Ireland 73,754 60,629 57,206 Brazil 5,789 4,001 4,060 80,577 67,012 69,003 |
Schedule of Unused Tax Losses and Unused Tax Credits | At December 31, 2019, the Group had unrecognised deferred tax assets in respect of unused tax losses and unused tax credits as follows: December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Ireland – unused tax losses 12,062 9,953 8,471 US – unused tax losses 3,291 2,174 - US – unused tax credits 493 364 345 Brazil – unused tax losses 1,968 1,360 1,380 Unrecognised deferred tax asset 17,814 13,851 10,196 |
PROFIT_(LOSS) FOR THE YEAR ON_2
PROFIT/(LOSS) FOR THE YEAR ON DISCONTINUED OPERATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of loss on discontinued operation [Abstract] | |
Schedule of Loss on Remeasurement of Assets and Liabilities | The operating loss for the Cardiac point-of-care tests operation in Sweden and the profit/(loss) on re-measurement of its assets and liabilities are summarised as follows: December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Revenues — — — Operating loss — — — Loss for the year — — — Profit/(Loss) on re-measurement of assets and liabilities: Closure costs (8 ) (22 ) 1,794 Foreign currency translation reserve 85 — (3,080 ) Tax credit/(expense) — 590 (323 ) Total profit/(loss) 77 568 (1,609 ) Profit/(Loss) for the year from discontinued operations 77 568 (1,609 |
Schedule of Earnings Per ADS for Discontinued Operations | December 31, December 31, December 31, Basic earnings/(loss) per ADS (US Dollars) – discontinued operations 0.00 0.03 (0.07 ) Diluted earnings/(loss per ADS (US Dollars) – discontinued operations 0.00 0.02 (0.07 ) Basic earnings/(loss) per ‘A’ share (US Dollars) – discontinued operations 0.00 0.01 (0.02 ) Diluted earnings/(loss) per ‘A’ share (US Dollars) – discontinued operations 0.00 0.01 (0.02 ) |
Schedule of Cash Flows Attributable to Discontinued Operations | The cash flows attributable to discontinued operations are as follows: December 31, December 31, December 31, US$000 US$000 US$000 Cash flows from operating activities (5 ) 527 (2,847 ) Cash flows from investing activities - - - |
LOSS BEFORE TAX (Tables)
LOSS BEFORE TAX (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of loss profit before tax [Abstract] | |
Schedule of Loss Before Tax | The following amounts were charged / (credited) to the statement of operations: December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Directors’ emoluments (including non- executive directors): Remuneration 1,238 1,261 1,800 Pension 42 44 44 Share based payments 624 1,204 727 Auditor’s remuneration Audit fees 523 506 568 Tax fees 172 15 73 Other non-audit fees - - - Depreciation* 2,526 1,296 1,896 Amortisation 2,368 2,825 3,303 Loss on the disposal of property, plant and equipment 17 15 3 Net foreign exchange differences** (179 ) 344 (17 ) * Note that US$4,000 (2018: US$79,000) (2017: US$528,000) of depreciation was capitalised to research and development projects during 2019 in line with the Group’s capitalisation policy for Intangible projects. ** The net foreign exchange differences in 2017 do not include US$440,000 which were included in the operating expenses that were stated in Note 10 in respect of the discontinued operations in Fiomi. |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share [abstract] | |
Schedule of Basic Earnings Per Ordinary Share | As at December 31, 2019, this amounted to 83,606,810 shares (2018: 83,612,908 shares) (2017: 86,486,409 shares). December 31, December 31, December 31, ‘A’ ordinary shares 83,606,810 83,612,908 86,486,409 Basic earnings per share denominator 83,606,810 83,612,908 86,486,409 Reconciliation to weighted average earnings per share denominator: Number of ‘A’ ordinary shares at January 1 (Note 21) 96,162,410 96,162,410 96,162,410 Weighted average number of shares issued during the year* - - Weighted average number of treasury shares (12,555,600 ) (12,549,502 ) (9,676,001 ) Basic earnings per share denominator 83,606,810 83,612,908 86,486,409 *The weighted average number of shares issued during the year is calculated by taking the number of shares issued multiplied by the number of days in the year each share is in issue, divided by 365 days. |
Schedule of Diluted Earnings Per Ordinary Share | The basic weighted average number of ordinary shares for the Group may be reconciled to the number used in the diluted earnings per ordinary share calculation as follows: December 31, 2019 December 31, 2018 December 31, 2017 Basic earnings per share denominator (see above) 83,606,810 83,612,908 86,486,409 Issuable on exercise of options and warrants - 22,359 - Issuable on conversion of exchangeable notes 18,263,254 19,873,553 21,023,770 Diluted earnings per share denominator 101,870,064 103,508,820 107,510,179 |
Schedule of Profit After Tax Diluted Earnings Per Ordinary Share Calculation | The loss after tax for the year may be reconciled to the amount used in the diluted earnings per ordinary share calculation as follows: December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Loss after tax for the year (28,914 ) (22,090 ) (40,270 ) Non-cash financial income (Note 8) (233 ) (1,388 ) (2,390 ) Cash interest expense (Note 8) 3,996 4,352 4,600 Non-cash interest on exchangeable notes (Note 8) 639 689 723 Adjusted loss after tax (24,512 ) (18,437 ) (37,337 ) |
Schedule of Basic Earning per ADS | December 31, 2019 December 31, 2018 December 31, 2017 ADS 20,901,703 20,903,227 21,621,602 Basic earnings per share denominator 20,901,703 20,903,227 21,621,602 Reconciliation to weighted average earnings per share denominator: Number of ADS at January 1 (Note 21) 24,040,602 24,040,602 24,040,602 Weighted average number of shares issued during the year* - - - Weighted average number of treasury shares (3,138,899 ) (3,137,375 ) (2,419,000 ) Basic earnings per share denominator 20,901,703 20,903,227 21,621,602 *The weighted average number of shares issued during the year is calculated by taking the number of shares issued multiplied by the number of days in the year each share is in issue, divided by 365 days. |
Schedule of Diluted Earning per ADS | The basic weighted average number of ADS shares for the Group may be reconciled to the number used in the diluted earnings per ADS share calculation as follows: December 31, 2019 December 31, 2018 December 31, 2017 Basic earnings per share denominator (see above) 20,901,703 20,903,227 21,621,602 Issuable on exercise of options and warrants - 5,590 - Issuable on conversion of exchangeable notes 4,565,814 4,968,388 5,255,942 Diluted earnings per share denominator 25,467,517 25,877,205 26,877,544 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | Land and buildings US$‘000 Leasehold improvements US$‘000 Computers, fixtures and fittings US$‘000 Plant and equipment US$‘000 Total US$‘000 Cost At January 1, 2018 2,624 3,004 5,894 37,895 49,417 Additions 19 1,609 829 5,068 7,525 Disposals or retirements — (1 ) (131 ) (1,804 ) (1,936 ) Exchange adjustments (38 ) (52 ) (7 ) (1,095 ) (1,192 ) At December 31, 2018 2,605 4,560 6,585 40,064 53,814 At January 1, 2019 2,605 4,560 6,585 40,064 53,814 Adjustment on transition to IFRS 16 20,961 — 149 75 21,185 Additions 681 71 168 1,905 2,825 Disposals or retirements — (1,626 ) (2,610 ) (3,314 ) (7,550 ) Exchange adjustments 22 — — (54 ) (32 ) At December 31, 2019 24,269 3,005 4,292 38,676 70,242 Accumulated depreciation and impairment losses At January 1, 2018 (1,283 ) (2,659 ) (5,308 ) (34,367 ) (43,617 ) Charge for the year (80 ) (47 ) (185 ) (1,063 ) (1,375 ) Impairment loss (578 ) (543 ) (423 ) (4,568 ) (6,112 ) Disposals or retirements — — 130 1,679 1,809 Exchange adjustments 7 6 3 827 843 At December 31, 2018 (1,934 ) (3,243 ) (5,783 ) (37,492 ) (48,452 ) At January 1, 2019 (1,934 ) (3,243 ) (5,783 ) (37,492 ) (48,452 ) Charge for the year (1,545 ) (105 ) (200 ) (680 ) (2,530 ) Adjustment on transition to IFRS 16 (10,984 ) — (40 ) (75 ) (11,099 ) Impairment loss as at December 31, 2019 (4,024 ) (233 ) (276 ) (1,816 ) (6,349 ) Disposals or retirements — 1,544 2,618 3,331 7,493 Reallocations / reclassifications — — — (5 ) (5 ) Exchange adjustments (6 ) — (1 ) (3 ) (10 ) At December 31, 2019 (18,493 ) (2,037 ) (3,682 ) (36,740 ) (60,952 ) Carrying amounts At December 31, 2019 5,776 968 610 1,936 9,290 At December 31, 2018 671 1,317 802 2,572 5,362 |
Schedule of Right-of-use assets | US$000 Right-of-use assets cost at transition before impairment 21,185 Impairment adjustment on transition (11,099 ) Right-of-use assets value at transition after impairment 10,086 |
Schedule of Reconciliation from IAS 17 to IFRS 16 | The following is a reconciliation of the financial statement line items from IAS 17 to IFRS 16 at January 1, 2019: Carrying amount at December 31, 2018 Remeasurement Impairment IFRS 16 carrying amount at January 1, 2019 US$000 US$000 US$000 US$000 Property, plant & equipment 5,362 21,185 (11,099 ) 15,448 Lease liabilities (962 ) (21,185 ) - (22,147 ) Retaining earnings (55,319 ) - 11,099 (44,220 ) Total (50,919 ) - - (50,919 |
Schedule of Additional Information on Right-of-use Assets | Additional information on the right-of-use assets by class of assets is as follows: Carrying amount Depreciation Impairment At December 31, 2019 Year ended December 31, 2019 Year ended December 31, 2019 US$000 US$000 US$000 Buildings 5,220 (1,523 ) (3,913 ) Computer equipment 7 (39 ) (63 ) 5,227 (1,562 ) (3,976 ) |
Schedule of Income from Sub-letting Right-of-use Buildings | Right-of-Use assets No. of Right-of-Use leased assets Range of remaining term in years Average remaining lease term (years) No. of Leases with extension options No. of Leases with options to purchase No. of leases with variable payments linked to index No. of leases with termination options Building 13 1 to 14 5 1 - 2 4 Vehicle 9 1 to 2 1 - 9 - 9 I.T. and office equipment 11 2 - - - 1 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of goodwill and intangible assets [Abstract] | |
Schedule of Goodwill and Intangible Assets | Goodwill US$‘000 Development costs US$‘000 Patents and licences US$‘000 Other US$‘000 Total US$‘000 Cost At January 1, 2018 81,689 136,918 9,947 33,818 262,372 Additions — 9,871 — 410 10,281 Disposals — — — — — Exchange adjustments — (17 ) — — (17 ) At December 31, 2018 81,689 146,772 9,947 34,228 272,636 At January 1, 2019 81,689 146,772 9,947 34,228 272,636 Additions — 9,569 4 38 9,611 Disposals — — — — — Reclassification — — — — — Exchange adjustments — 36 — — 36 At December 31, 2019 81,689 156,377 9,951 34,266 282,283 Accumulated amortisation and Impairment losses At January 1, 2018 (63,791 ) (102,140 ) (9,728 ) (21,959 ) (197,618 ) Charge for the year — (1,564 ) — (1,261 ) (2,825 ) Disposals — — — — — Impairment losses (1,757 ) (16,773 ) (86 ) (596 ) (19,212 ) Exchange adjustments — (30 ) — — (30 ) At December 31, 2018 (65,548 ) (120,507 ) (9,814 ) (23,816 ) (219,685 ) At January 1, 2019 (65,548 ) (120,507 ) (9,814 ) (23,816 ) (219,685 ) Charge for the year — (1,182 ) (2 ) (1,184 ) (2,368 ) Disposals — — — — — Impairment losses (3,550 ) (11,904 ) (3 ) (1,113 ) (16,570 ) Exchange adjustments — (6 ) — — (6 ) At December 31, 2019 (69,098 ) (133,599 ) (9,819 ) (26,113 ) (238,629 ) Carrying amounts At December 31, 2019 12,591 22,778 132 8,153 43,654 At December 31, 2018 16,141 26,265 133 10,412 52,951 |
Schedule of Principal Development Projects | The following represents the costs incurred during each period presented for each of the principal development projects: Product Name 2019 US $000 2018 US $000 HIV screening rapid test 2,587 1,657 Premier Instrument for Haemoglobin A1c testing 1,930 2,653 Autoimmune Smart Reader 1,325 746 Syphilis point-of-care test 870 454 Uni-Gold antigen improvement 691 453 G-6-PDH test 582 850 Uni-gold test 376 796 Tri-stat Point-of-Care instrument 361 727 Ultra Genesys 237 263 Column enhancement 236 292 Sjogrens tests 135 414 Other projects 239 566 Total capitalised development costs 9,569 9,871 |
Schedule of Impairment Loss Recorded on Discontinued Assets | The table below sets forth the impairment loss recorded for each of the CGU’s: December 31, 2019 December 31, 2018 US$’000 US$’000 Trinity Biotech Manufacturing Limited 9,732 7 ,837 Immco Diagnostics Inc 6,332 - Primus Corp 5,321 12,424 Trinity Biotech Do Brasil 1,253 2,785 Clark Laboratories Inc. 727 3,377 Mardx Diagnostics Inc. 720 - Biopool US Inc. 210 509 Total impairment loss 24,295 26,932 |
Schedule of Impairment Loss for Each Class of Asset | The table below sets forth the breakdown of the impairment loss for each class of asset: December 31, 2019 December 31, 2018 US$’000 US$’000 Goodwill and other intangible assets (see Note 14) 16,570 19,212 Property, plant and equipment (see Note 13) 6,349 6,112 Prepayments (see Note 18) 1,376 1,608 Total impairment loss 24,295 26,932 |
Schedule of Significant Goodwill | The additional disclosures required for the CGU with significant goodwill are as follows: Fitzgerald Industries December 31, December 31, Carrying amount of goodwill (US$’000) 12,592 12,592 Discount rate applied (real pre-tax) 20.42 % 19.80 % Excess value-in-use over carrying amount (US$’000) 2,385 8,847 % EBITDA would need to decrease for an impairment to arise 12.11 % 32.6 % Long-term growth rate 2.0 % 2.0 % |
Schedule of Internal and External Factors Based on Historical Experience | Intangible Assets with Indefinite Useful lives (included in other intangibles) December 31, 2019 US$000 December 31, 2018 US$000 Fitzgerald Industries International CGU Fitzgerald trade name 970 970 RDI trade name 560 560 Primus Corporation CGU Primus trade name 500 547 Immco Diagnostic CGU Immco Diagnostic trade name 2,938 3,393 Total 4,968 5,470 |
DEFERRED TAX ASSETS AND LIABI_2
DEFERRED TAX ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of deferred tax assets and liabilities [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities of the Group are attributable to the following: Assets Liabilities Net 2019 2018 2019 2018 2019 2018 Property, plant and equipment 1,027 815 (9 ) (37 ) 1,018 778 Intangible assets — — (6,099 ) (7,189 ) (6,099 ) (7,189 ) Inventories 642 668 — — 642 668 Provisions 3,838 4,311 — — 3,838 4,311 Other items 745 333 (1,031 ) (629 ) (286 ) (296 ) Deferred tax assets/(liabilities) 6,252 6,127 (7,139 ) (7,855 ) (887 ) (1,728 ) |
Schedule of Deferred Tax Assets Not Recognised | Deferred tax assets have not been recognised by the Group in respect of the following items: December 31, December 31, US$’000 US$’000 Capital losses 8,293 8,293 Net operating losses 80,577 67,012 US alternative minimum tax credits 1,928 1,674 Other temporary timing differences 7,399 3,880 US state credit carryforwards 493 364 98,690 81,223 |
Schedule of Unrecognised Deferred Tax Assets | The movement in the unrecognised deferred tax assets during the year ended December 31, 2019 is analysed as follows: Movement in unrecognised deferred tax assets Increase / US$’000 Applicable tax rate % Tax US$’000 Net operating losses in US (1,348 ) 21 % (283 ) Alternative minimum tax credit in US 254 n/a 254 Net operating losses in Brazil 1,788 34 % 608 Net operating losses in Ireland 13,125 12.5% -25 % 2,353 Other deferred tax assets in Ireland (1,938 ) 12.5 % (243 ) Other deferred tax assets in US 5,457 21 % 1,146 US state credit carryforwards 129 n/a 129 Total – continuing operations 17,467 3,964 |
Schedule of Unrecognised Deferred Tax Liabilities | Movement in temporary differences during the year Balance January, 1 Recognised Balance December 31, US$’000 US$’000 US$’000 Property, plant and equipment 778 240 1,018 Intangible assets (7,189 ) 1,090 (6,099 ) Inventories 668 (26 ) 642 Provisions 4,311 (473 ) 3,838 Other items (296 ) 10 (286 ) (887 (1,728 ) 841 (887 ) Balance January, 1 Recognised Balance December 31, US$’000 US$’000 US$’000 Property, plant and equipment 350 428 778 Intangible assets (9,443 ) 2,254 (7,189 ) Inventories 1,006 (338 ) 668 Provisions 3,510 801 4,311 Other items 818 (1,114 ) (296 ) Tax value of loss carryforwards recognised 1,625 (1,625 ) — (2,134 ) 406 (1,728 ) |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other assets [Abstract] | |
Schedule of Other Assets | December 31, 2019 US$‘000 December 31, 2018 US$‘000 Finance lease receivables (see Note 18) 403 476 Other assets 82 82 485 558 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Classes of current inventories [abstract] | |
Schedule of Inventories | December 31, 2019 US$‘000 December 31, 2018 US$‘000 Raw materials and consumables 12,654 10,556 Work-in-progress 6,940 8,239 Finished goods 12,427 11,564 32,021 30,359 |
Schedule of Movement on Inventory Provision | The movement on the inventory provision for the three year period to December 31, 2019 is as follows: December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Opening provision at January 1 6,299 7,543 10,017 Charged during the year 1,567 480 2,561 Utilised during the year (1,150 ) (1,544 ) (4,749 ) Released during the year - (180 ) (286 ) Closing provision at December 31 6,716 6,299 7,543 |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables [abstract] | |
Schedule of Trade and Other Receivables | December 31, 2019 US$‘000 December 31, 2018 US$‘000 Trade receivables, net of impairment losses 17,754 21,318 Prepayments 576 807 Contract assets 2,317 1,894 Value added tax 59 63 Finance lease receivables 281 359 20,987 24,441 |
Schedule of Future Minimum Finance Lease Receivables | The Group leases instruments as part of its business. Future minimum receivables with non-cancellable terms are as follows: December 31, 2019 US$000 Gross Unearned Minimum Less than one year 523 242 281 Between one and five years (Note 16) 805 402 403 1,328 644 684 December 31, 2018 US$000 Gross Unearned Minimum Less than one year 617 258 359 Between one and five years (Note 16) 888 412 476 1,505 670 835 |
Schedule of Future Minimum Rentals Receivable Under Non-Cancellable Operating Leases | Future minimum rentals receivable under non-cancellable operating leases are as follows: December 31, 2019 US$000 Instruments Total Less than one year 3,528 3,528 Between one and five years 27 27 3,555 3,555 December 31, 2018 US$000 Instruments Total Less than one year 3,498 3,498 Between one and five years 32 32 3,530 3,530 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | December 31, 2019 US$’000 December 31, 2018 US$’000 Cash at bank and in hand 6,275 6,854 Short-term deposits 8,956 23,423 Cash and cash equivalents 15,231 30,277 |
SHORT-TERM INVESTMENTS (Tables)
SHORT-TERM INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of short-term investments [Abstract] | |
Schedule of Short-Term Investments | December 31, 2019 US$’000 December 31, 2018 US$’000 Investments (deposits) 1,169 - 1,169 - |
CAPITAL AND RESERVES (Tables)
CAPITAL AND RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Share Capital | Share capital Class ‘A’ Class ‘A’ In thousands of shares 2019 2018 In issue at January 1 96,162 96,162 Issued for cash - - In issue at December 31 96,162 96,162 ADS ADS In thousands of ADSs 2019 2018 Balance at January 1 24,041 24,041 Issued for cash - - Balance at December 31 24,041 24,041 Class ‘A’ Class ‘A’ In thousands of shares 2019 2018 Balance at January 1 12,556 12,448 Purchased during the year - 108 Balance at December 31 12,556 12,556 ADS Treasury shares ADS In thousands of ADSs 2019 2018 Balance at January 1 3,139 3,112 Purchased during the year - 27 Balance at December 31 3,139 3,139 |
SHARE OPTIONS AND SHARE WARRA_2
SHARE OPTIONS AND SHARE WARRANTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of share options and share warrants [Abstract] | |
Schedule of Grants of Share Options and Warrants | The number and weighted average exercise price of share options and warrants per ordinary share is as follows (as required by IFRS 2, this information relates to all grants of share options and warrants by the Group): Options and Weighted- US$ Range US$ ‘A’ Ordinary Per ‘A’ Ordinary Share Per ‘A’ Ordinary Outstanding January 1, 2017 9,830,183 3.19 0.66 –4.47 Granted 5,630,000 1.31 1.24 –1.44 Exercised - - - Forfeited (4,732,807 ) 3.86 0.75 –4.47 Outstanding at end of year 10,727,376 1.92 1.24 –4.36 Exercisable at end of year 3,268,707 2.57 1.66 –4.36 Outstanding January 1, 2018 10,727,376 1.92 1.24 –4.36 Granted 720,000 1.07 0.67 –1.37 Exercised - - - Forfeited (539,176 ) 2.50 1.34 –4.23 Outstanding at end of year 10,908,200 1.83 0.67 –4.36 Exercisable at end of year 6,091,864 2.09 1.24 –4.36 Outstanding January 1, 2019 10,908,200 1.83 0.67 –4.36 Granted 4,370,000 0.68 0.46 –0.78 Exercised - - - Expired/ Forfeited (2,974,210 ) 2.25 0.66 –4.23 Outstanding at end of year 12,303,990 1.31 0.46 –4.36 Exercisable at end of year 6,622,667 1.73 1.24 –4.36 Options and Weighted- Range US$ Equivalent Per ‘ADS’ Per ‘ADS’ Outstanding January 1, 2017 2,457,546 12.76 2.64 - 17.88 Granted 1,407,500 5.25 4.95 – 5.75 Exercised - - - Forfeited (1,183,202 ) 10.26 3.00 –17.88 Outstanding at end of year 2,681,844 7.69 4.96–17.44 Exercisable at end of year 817,179 10.29 6.64 –17.45 Outstanding January 1, 2018 2,681,844 7.69 4.96 - 17.44 Granted 180,000 4.28 2.68 – 5.48 Exercised - - - Expired/ Forfeited (134,794 ) 10.00 5.36 – 16.92 Outstanding at end of year 2,727,050 7.32 2.68–17.44 Exercisable at end of year 1,522,966 8.36 4.96 –17.44 Outstanding January 1, 2019 2,727,050 7.32 2.68–17.44 Granted 1,092,500 2.72 1.83 - 3.10 Exercised - - - Expired/ Forfeited (743,552 ) 8.99 2.64 – 16.92 Outstanding at end of year 3,075,998 5.24 1.83 – 17.45 Exercisable at end of year 1,655,667 6.92 4.95 –17.45 |
Summary of Range of Prices of Stock Options | A summary of the range of prices for the Companys stock options for the year ended December 31, 2019 follows: Outstanding Exercisable Exercise price range No. of Weighted Weighted- No. of Weighted Weighted- US$0.46-US$0.99 4,600,000 0.69 6.42 - - - US$1.00-US$2.05 5,613,990 1.35 4.69 4,542,667 1.34 4.68 US$2.06- US$2.99 1,980,000 2.48 3.13 1,970,000 2.48 3.13 US$3.00 -US$4.36 110,000 4.19 2.07 110,000 4.19 2.07 12,303,990 6,622,667 Outstanding Exercisable Exercise price range No. of Weighted Weighted- No. of Weighted Weighted- US$1.84-US$3.96 1,150,000 2.75 6.42 - - - US$4.00-US$8.20 1,403,498 5.40 4.69 1,135,667 5.38 4.68 US$8.24- US$11.96 495,000 9.92 3.13 492,500 9.91 3.13 US$12.00 -US$17.45 27,500 16.75 2.07 27,500 16.75 2.07 3,075,998 1,655,667 The weighted-average remaining contractual life of options outstanding at December 31, 2019 was 5.06 years (2018: 4.33 years). A summary of the range of prices for the Companys stock options for the year ended December 31, 2018 follows: Outstanding Exercisable Exercise price range No. of Weighted Weighted- No. of Weighted Weighted- US$0.66-US$0.99 430,000 0.88 6.79 - - - US$1.00-US$2.05 6,111,800 1.35 5.64 2,476,133 1.35 5.57 US$2.06- US$2.99 4,168,400 2.51 2.23 3,437,731 2.51 1.83 US$3.00 -US$4.47 198,000 4.20 2.97 178,000 4.20 2.93 10,908,200 6,091,864 Outstanding Exercisable Exercise price range No. of Weighted Weighted- No. of Weighted Weighted- US$2.64-US$3.96 107,500 3.52 6.79 - - - US$4.00-US$8.20 1,527,950 5.40 5.64 619,033 5.40 5.57 US$8.24- US$11.96 1,042,100 10.04 2.23 859,433 10.04 1.83 US$12.00 -US$17.88 49,500 16.80 2.97 44,500 16.80 2.93 2,727,050 1,522,966 |
Schedule of Fair Value of the Options Vesting Period | The fair value of the options is expensed over the vesting period of the option. US$758,000 was charged to the statement of operations in 2019, (2018: US$1,369,000), (2017: US$928,000) split as follows: December 31, 2019 US$‘000 December 31, 2018 US$‘000 December 31, 2017 US$‘000 Share-based payments – cost of sales 26 34 35 Share-based payments – selling, general and administrative 732 1,335 893 Total – continuing operations 758 1,369 928 Share-based payments – discontinued operations - - - Total 758 1,369 928 |
Schedule of Assumption Determining Fair Value of Share Options | The fair value of services received in return for share options granted are measured by reference to the fair value of share options granted. The estimate of the fair value of services received is measured based on a trinomial model. The following are the input assumptions used in determining the fair value of share options granted in 2019, 2018 and 2017: Key management personnel Other employees Key management personnel Other employees Key management personnel Other employees 2019 2019 2018 2018 2017 2017 Weighted average fair value at measurement date per A share / (per ADS) US$0.14 / (US$0.56 ) US$0.25 / (US$1.02 ) - US$0.41 / (US$1.64 ) US$0.43 / (US$1.72 ) US$0.44 / (US$1.76 ) Total A share options granted / (ADSs equivalent) 4,060,000 / (1,015,000 ) 310,000 / (77,500 ) - 720,000 / (180,000 ) 5,150,000/ (1,287,500 ) 480,000 / (120,000 ) Weighted average share price per A share / (per ADS) US$0.46 / (US$1.84 ) US$0.64 / (US$2.53 ) - US$1.07 / (US$4.28 ) US$1.34 / ) US$1.31 / (US$5.24 ) Weighted average exercise price per A share / (per ADS) US$0.69 / (US$2.74 ) US$0.64 / (US$2.53 ) - US$1.07 / (US$4.28 ) US$1.34 / (US$5.36 ) US$1.31 / (US$5.24 ) Weighted average expected volatility 51.18 % 47.31 % - 42.69 % 40.62 % 40.48 % Weighted average expected life 4.15 4.42 - 4.55 4.45 4.69 Weighted average risk free interest rate 1.84 % 2.23 % - 2.72 % 1.59 % 1.91 % Expected dividend yield - - - - 0.81 % 0.81 % |
TRADE AND OTHER PAYABLES (Table
TRADE AND OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other current payables [abstract] | |
Schedule of Trade and Other Payables | December 31, 2019 US$’000 December 31, 2018 US$’000 Trade payables 7,833 8,116 Payroll taxes 519 448 Employee related social insurance 170 154 Accrued liabilities 8,133 7,878 Deferred income 292 312 16,947 16,908 |
PROVISIONS (Tables)
PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Provisions [abstract] | |
Schedule of Provisions | December 31, 2019 US$’000 December 31, 2017 US$’000 Provisions 50 50 |
EXCHANGEABLE NOTES (Tables)
EXCHANGEABLE NOTES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Borrowings [abstract] | |
Schedule of Exchangeable Notes | The first date on which holders can exercise their put option is April 1, 2022. If the put option is exercised, the issuer has to repurchase the notes at par. The embedded derivatives are summarised as follows: December 31, US$’000 December 31, US$’000 Non-current assets Exchangeable note bond call option - - Non-current liabilities Exchangeable note equity conversion option 4 238 Exchangeable note bond put option - - 4 238 Total value of embedded derivatives – net liability 4 238 |
Schedule of Carrying Value of Exchangeable Senior Notes | Subsequently, the host debt instrument is measured at amortised cost using the effective interest rate method. The carrying value of exchangeable senior notes is calculated as follows: December 31, US$’000 December 31, US$’000 Balance at 1 January 81,382 92,955 Accretion interest 639 689 Less: purchased during the year at fair value - (12,262 ) 82,021 81,382 December 31, US$’000 December 31, US$’000 Exchangeable senior notes 82,021 81,382 Total value of embedded derivatives – liability 4 238 Total non-current liabilities 82,025 81,620 |
LEASE LIABILITIES (Tables)
LEASE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease Liabilities Schedule Of Lease Payments Not Recognised As Liability | |
Schedule of Reconciliation of Operating Lease Commitments | The reconciliation of operating lease commitments at December 31, 2018 to the additional lease liabilities recognized on the initial application of IFRS 16 at January 1, 2019 is as follows: US$000 Operating Lease commitments at December, 31, 2018 (Note 27) 27,342 Relief option for short term leases (130 ) Relief option for low value assets - Effect of assumed probable lease extension in adoption of IFRS 16 573 Other (149 ) Gross lease liabilities at January 1, 2019 27,636 Discounting (6,451 ) Additional Lease liabilities as a result of the initial application of IFRS 16 at January 1, 2019 21,185 |
Schedule of Carrying Values of Finance Lease Liabilities | Lease liabilities are payable as follows: December 31, 2019 US$000 December 31, 2018 US$000 Current liabilities Lease liabilities related to Right of Use assets 2,156 - Sale and leaseback liabilities 248 436 2,404 436 Non-Current liabilities Lease liabilities related to Right of Use assets 17,474 - Sale and leaseback liabilities 271 526 17,745 526 |
Schedule of Finance Lease Liabilities Payable | December 31, 2019 US$’000 December 31, 2019 US$’000 Lease liabilities related to Right of Use assets Sale and leaseback liabilities Minimum lease payments Interest Principal Minimum lease payments Interest Principal Less than one year 3,017 861 2,156 267 19 248 In more than one year, but not more than two 2,787 775 2,012 107 12 95 In more than two years but not more than five 6,700 1,861 4,840 185 9 176 more than five years 12,748 2,126 10,622 - - - 25,252 5,263 19,630 559 40 519 December 31, 2018 December 31, 2018 US$’000 Operating Leases Sale and leaseback liabilities Minimum lease payments Minimum lease payments Interest Principal Less than one year 3,083 473 37 436 In more than one year, but not more than two 2,783 271 19 252 In more than two years but not more than five 6,777 294 20 274 more than five years 14,699 - - - 27,342 1,038 76 962 |
Schedule of Lease Payments Not Recognised as Liability | The expense relating to payments not included in the measurement of the lease liability is as follows: December 31, 2019 US$000 Short term leases 130 Leases of low value assets - Variable lease payments - 130 |
Schedule of Outstanding Interest Bearing Loans and Borrowings | The terms and conditions of outstanding interest bearing loans and borrowings at December 31, 2019 are as follows: Facility Currency Nominal interest Year of maturity Fair Value Carrying Value Sale and leaseback liabilities Euro 4.53 % 2023 286 286 Sale and leaseback liabilities USD 5.51 % 2023 233 233 Total interest-bearing loans and borrowings 519 519 The terms and conditions of outstanding interest bearing loans and borrowings at December 31, 2018 were as follows: Facility Currency Nominal interest Year of maturity Fair Value Carrying Value Sale and leaseback liabilities Euro 4.53 % 2023 648 648 Sale and leaseback liabilities USD 5.51 % 2023 314 314 Total interest-bearing loans and borrowings 962 962 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of commitments and contingencies [Abstract] | |
Schedule of Future Minimum Operating Lease Commitments with Non-Cancellable | Future minimum non-cancelable operating lease commitments in accordance with IAS 17 as at December 31, 2018 were as follows: Year ended 2018 Operating leases US$’000 2019 3,083 2020 2,783 2021 2,512 2022 2,255 2023 2,010 Later years 14,699 Total lease obligations 27,342 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Compensation | Compensation for the year ended December 31, 2019 of these personnel is detailed below: December 31, 2019 December 31, 2018 US$’000 US$’000 Short-term employee benefits 800 863 Performance related bonus 213 210 Post-employment benefits 42 44 Share-based compensation benefits 542 1,041 1,597 2,158 |
Schedule of Company's Shares and Share Option Plan | Directors’ interests in the Company’s shares and share option plan ‘A’ Ordinary Shares Share options At January 1, 2019 9,139,706 8,655,004 Shares of retired director (30,000 ) — Options of retired director — (215,000 ) Shares purchased during the year — — Shares sold during the year (32,000 ) — Granted — 4,060,000 Expired / forfeited — (2,086,000 ) At December 31, 2019 9,077,706 10,414,004 ‘A’ Ordinary Shares Share options At January 1, 2018 5,719,706 8,770,004 Shares purchased during the year 3,420,000 — Expired — (115,000 ) At December 31, 2018 9,139,706 8,655,004 |
DERIVATIVES AND FINANCIAL INS_2
DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Interest Rate Risk Effective and Repricing Analysis | The following table sets out all interest-earning financial assets and interest bearing financial liabilities held by the Group at December 31, indicating their effective interest rates and the period in which they re-price: As at December 31, 2019 Note Effective interest 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 19 1.1 % 15,231 15,231 Short-term investments 20 1.3 % 1,169 1,169 Lease receivable 16,18 4.0 % 684 157 124 202 201 Licence payments 23 8.1 % (1,307 ) (1,307 ) Exchangeable note 25 4.8 % (82,021 ) (82,021 ) Lease payable on Right of Use assets 26 5.0 % (19,630 ) (1,136 ) (1,020 ) (2,012 ) (4,840 ) (10,622 ) Lease payable on sale & leaseback transactions 26 5.0 % (519 ) (122 ) (125 ) (95 ) (177 ) Total (86,393 ) 12,823 148 (1,905 ) (4,816 ) (92,643 ) As at December 31, 2018 Note Effective interest 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$000 Cash and cash equivalents 19 1.8 % 30,277 30,277 Short-term investments 20 Lease receivable 18 4.0 % 835 191 168 238 238 Licence payments 23 3.0 % (1,207 ) (1,207 ) Finance lease payable 26 4.8 % (962 ) (217 ) (219 ) (252 ) (274 ) Exchangeable note 25 4.8 % (81,382 ) (81,382 ) Total (52,439 ) 29,044 (51 ) (14 ) (36 ) (81,382 ) |
Schedule of Interest Rate Profile of Financial Assets/Liabilities | The interest rate profile of financial assets/liabilities of the Group was as follows: December 31, 2019 US$‘000 December 31, 2018 US$‘000 Fixed rate instruments Fixed rate financial liabilities (licence fees) (1,307 ) (1,207 ) Fixed rate financial liabilities (exchangeable note) (82,021 ) (81,382 ) Fixed rate financial liabilities (lease payables) (20,149 ) (962 ) Financial assets (short-term deposits and short-term investments) 10,125 23,423 Financial assets (lease receivables) 684 835 (92,668 ) (59,293 ) |
Schedule of Liquidity Risk Estimated Interest Payments of Maturities | The following are the contractual maturities of financial liabilities, including estimated interest payments: As at December 31, 2019 US$’000 Carrying US$’000 Contractual US$’000 6 mths or US$’000 6 mths – 12 mths US$’000 1-2 years US$’000 2-5 years US$’000 >5 years US$’000 Financial liabilities Trade & other payables 16,947 16,947 16,947 — — — — Lease payable on Right of Use assets 19,630 19,630 1,136 1,020 2,012 4,840 10,622 Lease payable on sale & leaseback transactions 519 519 122 125 95 177 — Exchangeable notes 82,021 99,900 — — — — 99,900 Exchangeable note interest 999 101,898 1,998 1,998 3,996 11,988 81,918 120,116 238,894 20,203 3,143 6,103 17,005 192,440 As at December 31, 2018 US$’000 Carrying US$’000 Contractual US$’000 6 mths or US$’000 6 mths – 12 mths US$’000 1-2 years US$’000 2-5 years US$’000 >5 years US$’000 Financial liabilities Trade & other payables 16,908 16,908 16,908 — — — — Exchangeable notes 81,382 99,900 — — — — 99,900 Exchangeable note interest 999 105,894 1,998 1,998 3,996 11,988 85,914 99,289 222,702 18,906 1,998 3,996 11,988 185,814 |
Schedule of Foreign Currency Risk Short Term Financial Assets and Liabilities | The amounts shown are those reported to key management translated into US Dollars at the closing rate: As at December 31, 2019 EUR GBP SEK CAD BRL Other US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 Cash 394 138 10 3,265 238 — Trade and other receivable 1,247 71 — 337 1,871 — Trade and other payables (2,350 ) (27 ) (142 ) (47 ) (796 ) — Total exposure (709 ) 182 (132 ) 3,555 1,313 — As at December 31, 2018 EUR GBP SEK CAD BRL Other US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 Cash 81 122 9 2,512 322 6 Trade and other receivable 894 113 38 430 2,065 6 Trade and other payables (1,995 ) (51 ) (146 ) (103 ) (1,621 ) (2 ) Total exposure (1,020 ) 184 (99 ) 2,839 766 10 |
Schedule of Sensitivity Analysis | A 10% strengthening of the US Dollar against the Euro at December 31, 2019 would have increased profit and other equity by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. Profit or loss US$’000 December 31, 2019 Euro 2,282 December 31, 2018 Euro 1,818 A 10% weakening of the US Dollar against the Euro at December 31, 2019 would have decreased profit and other equity by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. Profit or Loss US$000 December 31, 2019 Euro (2,790 ) December 31, 2018 Euro (2,222 ) |
Schedule of Maximum Credit Exposure of Financial Assets | The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk is as follows: Carrying Value Carrying Value Third party trade receivables (Note 18) 17,754 21,318 Finance lease income receivable (Note 18) 684 835 Cash & cash equivalents (Note 19) 15,231 30,277 Short-term investments (Note 20) 1,169 — 34,838 52,430 |
Schedule of Exposure of Trade Receivables by Geographic Location | The maximum exposure to credit risk for trade receivables and finance lease income receivable by geographic location is as follows: Carrying Value Carrying Value United States 8,647 9,472 Euro-zone countries 786 1,502 United Kingdom 121 132 Other European countries 7 84 Other regions 8,877 10,963 18,438 22,153 |
Schedule of Exposure of Trade Receivables by Customer | The maximum exposure to credit risk for trade receivables and finance lease income receivable by type of customer is as follows: Carrying Value Carrying Value End-user customers 9,453 9,253 Distributors 7,199 11,860 Non-governmental organisations 1,786 1,040 18,438 22,153 |
Schedule of Ageing of Trade Receivables | The ageing of trade receivables at December 31, 2019 is as follows: Gross Impairment Expected Credit Loss Rate Gross Impairment Expected Credit Loss Rate 2019 2019 2019 2018 2018 2018 US$’000 US$’000 % US$’000 US$’000 % Not past due 10,924 8 0.1 % 13,917 4 — Past due 0-30 days 3,743 6 0.2 % 3,761 17 0.5 % Past due 31-120 days 2,115 27 1.3 % 3,438 36 1.0 % Greater than 120 days 6,415 5,402 84.2 % 4,404 4,145 94.1 % 23,197 5,443 — 25,520 4,202 — |
Schedule of Movement in Allowance for Impairment of Trade Receivables | The movement in the allowance for impairment in respect of trade receivables during the year was as follows: 2019 2018 2017 US$’000 US$’000 US$’000 Balance at January 1 4,202 3,590 3,171 Charged to costs and expenses 1,276 682 662 Amounts written off during the year (35 ) (70 ) (243 ) Balance at December 31 5,443 4,202 3,590 |
Schedule of Fair Values of Financial Assets/Liabilities | The table below sets out the Groups classification of each class of financial assets/liabilities, their fair values and under which valuation method they are valued: Level 1 Level 2 Total carrying amount Fair Value Note US$000 US$000 US$000 US$000 December 31, 2019 Loans and receivables at amortised cost Trade receivables 18 17,754 17,754 17,754 Cash and cash equivalents 19 15,231 15,231 15,231 Investments (deposits) 20 1,169 1,169 1,169 Finance lease receivable 16,18 684 684 684 34,838 34,838 34,838 Liabilities at amortised cost Exchangeable note 25 (82,021 ) (82,021 ) (82,021 ) Lease liabilities 26 (20,149 ) (20,149 ) (20,149 ) Trade and other payables (excluding deferred income) 23 (16,655 ) (16,655 ) (16,655 ) Provisions 24 (50 ) (50 ) (50 ) (36,854 ) (82,021 ) (118,875 ) (118,875 ) Fair value through profit and loss (FVPL) Exchangeable note bond call option 25 Exchangeable note equity conversion option 25 (4 ) (4 ) (4 ) Exchangeable note bond put option 25 (4 ) (4 ) (4 ) (2,016 ) (82,025 ) (84,041 ) (84,041 ) For financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data. Level 1 Level 2 Total carrying amount Fair Value Note US$000 US$000 US$000 US$000 December 31, 2018 Loans and receivables at amortised cost Trade receivables 18 21,318 21,318 21,318 Cash and cash equivalents 19 30,277 30,277 30,277 Finance lease receivable 16,18 835 835 835 52,430 52,430 52,430 Liabilities at amortised cost Exchangeable note 25 (81,382 ) (81,382 ) (81,382 ) Finance lease payable 26 (962 ) (962 ) (962 ) Trade and other payables (excluding deferred income) 23 (16,596 ) (16,596 ) (16,596 ) Provisions 24 (50 ) (50 ) (50 ) (17,608 ) (81,382 ) (98,990 ) (98,990 ) Fair value through profit and loss (FVPL) Exchangeable note bond call option 25 Exchangeable note equity conversion option 25 (238 ) (238 ) (238 ) Exchangeable note bond put option 25 (238 ) (238 ) (238 ) 34,822 (81,620 ) (46,798 ) (46,798 ) |
RECONCILIATION OF LIABILITIES_2
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Schedule of Liabilities Arising from Financing Activities | The changes in the Groups liabilities arising from financing activities can be classified as follows: Note Borrowings & derivative financial instruments Lease liabilities Balance at 1 January 2019 25,26 81,620 962 Cash-flows: Interest paid ( 3,996 ) Repayment (3, 533 ) Non-cash: Interest charged 3,996 Adoption of IFRS 16 (Note 13) 21,185 Additions (related to Right of Use assets) 679 Exchange adjustment ( 91 ) Accretion interest 639 947 Fair value ( 234 ) 25,26 82,025 20,149 Note Borrowings & derivative financial instruments Lease liabilities Balance at 1 January 2018 25,26 95,185 886 Cash-flows: Interest paid (4,503 ) Repurchase (12,042 ) Repayment. (374 ) Proceeds 481 Non-cash: Interest charged 4,352 Reduction in accrued interest payable 150 Exchange adjustment (31 ) Accretion interest 689 Fair value (2,211 ) Balance at 31 December 2018 25,26 81,620 962 |
BASIS OF PREPARATION AND SIGN_4
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure of basis of preparation and significant accounting policies [Abstract] | |
Reduces assets property, plant and equipment | $ 11,099 |
BASIS OF PREPARATION AND SIGN_5
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule of Owned Assets) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Leasehold improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of owned assets (In years) | 5-15 years |
Buildings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of owned assets (In years) | 50 years |
Office equipment and fittings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of owned assets (In years) | 10 years |
Computers, fixtures and fittings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of owned assets (In years) | 3-5 years |
Plant and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of owned assets (In years) | 5-15 years |
BASIS OF PREPARATION AND SIGN_6
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule of Amortisation) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Capitalised development costs [Member] | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Estimated useful lives of intangible assets (In years) | 15 years |
Patents and licences [Member] | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Estimated useful lives of intangible assets (In years) | 6-15 years |
Intangible assets [Member] | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Estimated useful lives of intangible assets (In years) | 6-15 years |
BASIS OF PREPARATION AND SIGN_7
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule of Reconciliation from IAS 17 to IFRS 16) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of comparative information prepared under previous GAAP [line items] | ||
Property, plant & equipment | $ 9,290 | $ 5,362 |
Retaining earnings | 16,145 | 55,319 |
Impairment [Member] | ||
Disclosure of comparative information prepared under previous GAAP [line items] | ||
Property, plant & equipment | (11,099) | |
Lease liabilities | ||
Retaining earnings | (11,099) | |
Total | ||
Right-of-use assets cost at transition before impairment [Member] | ||
Disclosure of comparative information prepared under previous GAAP [line items] | ||
Property, plant & equipment | 5,362 | |
Lease liabilities | (962) | |
Retaining earnings | 55,319 | |
Total | (50,919) | |
Remeasurement [Member] | ||
Disclosure of comparative information prepared under previous GAAP [line items] | ||
Property, plant & equipment | 21,185 | |
Lease liabilities | (21,185) | |
Retaining earnings | ||
Total | ||
Impairment adjustment on transition [Member] | ||
Disclosure of comparative information prepared under previous GAAP [line items] | ||
Property, plant & equipment | 15,448 | 63,716 |
Lease liabilities | (22,147) | (22,826) |
Retaining earnings | 44,220 | 44,220 |
Total | $ (50,919) | $ (3,330) |
SEGMENT INFORMATION (Schedule o
SEGMENT INFORMATION (Schedule of Revenue by Geographical Area Based on Location of Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | $ 90,435 | $ 97,035 | $ 99,140 |
Inter-segment revenue | |||
Total revenue | 90,435 | 97,035 | 99,140 |
USA [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | 64,045 | 65,863 | 66,092 |
Inter-segment revenue | 39,563 | 38,665 | 42,147 |
Total revenue | 103,608 | 104,528 | 108,239 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | 26,390 | 31,172 | 33,048 |
Inter-segment revenue | 1,629 | 2,899 | 3,587 |
Total revenue | 28,019 | 34,071 | 36,635 |
Other Countries [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | |||
Inter-segment revenue | |||
Total revenue | |||
Eliminations [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | |||
Inter-segment revenue | (41,192) | (41,564) | (45,734) |
Total revenue | $ (41,192) | $ (41,564) | $ (45,734) |
SEGMENT INFORMATION (Schedule_2
SEGMENT INFORMATION (Schedule of Revenue by Customers Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from external customers | $ 90,435 | $ 97,035 | $ 99,140 | |
Americas [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from external customers | 52,183 | 57,559 | 59,539 | |
Asia / Africa [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from external customers | 27,686 | 29,466 | 27,131 | |
Europe (including Ireland) [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from external customers | [1] | $ 10,566 | $ 10,010 | $ 12,470 |
[1] | Revenue from customers in Ireland is not disclosed separately due to the immateriality of these revenues. |
SEGMENT INFORMATION (Schedule_3
SEGMENT INFORMATION (Schedule of Revenue by Major Product Group) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of products and services [line items] | |||
Revenues | $ 90,435 | $ 97,035 | $ 99,140 |
Clinical laboratory [Member] | |||
Disclosure of products and services [line items] | |||
Revenues | 68,127 | 71,618 | 73,366 |
Point-of-Care [Member] | |||
Disclosure of products and services [line items] | |||
Revenues | 11,393 | 14,836 | 16,774 |
Laboratory services [Member] | |||
Disclosure of products and services [line items] | |||
Revenues | $ 10,915 | $ 10,581 | $ 9,000 |
SEGMENT INFORMATION (Schedule_4
SEGMENT INFORMATION (Schedule of Amount Relating From Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [abstract] | |||
Revenue from contracts with customers | $ 90,435 | $ 97,035 | $ 99,140 |
Revenue from other sources | |||
Total revenue | $ 90,435 | $ 97,035 | $ 99,140 |
SEGMENT INFORMATION (Schedule_5
SEGMENT INFORMATION (Schedule of Revenue Derives From Transfer of Goods and Services) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Timing of revenue recognition | |||
At a point in time | $ 89,690 | $ 96,113 | $ 98,212 |
Over time | 745 | 922 | 928 |
Total | 90,435 | 97,035 | 99,140 |
Customer [Member] | |||
Timing of revenue recognition | |||
At a point in time | 89,690 | 96,113 | 98,212 |
Over time | 745 | 922 | 928 |
Total | 90,435 | 97,035 | 99,140 |
Americas [Member] | |||
Timing of revenue recognition | |||
At a point in time | 63,300 | 64,941 | 65,164 |
Over time | 745 | 922 | 928 |
Total | 64,045 | 65,863 | 66,092 |
Americas [Member] | Customer [Member] | |||
Timing of revenue recognition | |||
At a point in time | 51,438 | 56,637 | 58,611 |
Over time | 745 | 922 | 928 |
Total | 64,044 | 57,559 | 59,539 |
Ireland [Member] | |||
Timing of revenue recognition | |||
At a point in time | 26,390 | 31,172 | 33,048 |
Over time | |||
Total | 26,390 | 31,172 | 33,048 |
Other Countries [Member] | |||
Timing of revenue recognition | |||
At a point in time | |||
Over time | |||
Total | |||
Asia / Africa [Member] | Customer [Member] | |||
Timing of revenue recognition | |||
At a point in time | 27,686 | 29,466 | 27,131 |
Over time | |||
Total | 26,391 | 29,466 | 27,131 |
Europe [Member] | Customer [Member] | |||
Timing of revenue recognition | |||
At a point in time | 10,566 | 10,010 | 12,470 |
Over time | |||
Total | $ 10,010 | $ 12,470 |
SEGMENT INFORMATION (Schedule_6
SEGMENT INFORMATION (Schedule of Segment Results by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Result before impairment and unallocated expenses | $ 797 | $ 7,370 | $ 4,825 | |
Impairment | 24,295 | 26,932 | 41,755 | |
Result after impairment | (23,498) | (19,562) | (36,930) | |
Unallocated expenses | [1] | (614) | (665) | (738) |
Operating loss | (24,112) | (20,227) | (37,668) | |
Net financing expense (Note 8) | (5,885) | (2,956) | (2,207) | |
Loss before tax | (29,997) | (23,183) | (39,875) | |
Income tax credit (Note 9) | 1,006 | 525 | 1,214 | |
Loss for the year on continuing operations | (28,991) | (22,658) | (38,661) | |
Profit/loss for the year on discontinued operations (Note 10) | 77 | 568 | (1,609) | |
Loss for the year | (28,914) | (22,090) | (40,270) | |
Americas [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Result before impairment and unallocated expenses | 5,239 | 5,514 | 3,744 | |
Impairment | 14,562 | 19,095 | 9,194 | |
Result after impairment | (9,323) | (13,581) | (5,450) | |
Loss before tax | (14,439) | (18,402) | (8,863) | |
Ireland [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Result before impairment and unallocated expenses | (4,334) | 1,900 | 1,125 | |
Impairment | 9,733 | 7,837 | 32,561 | |
Result after impairment | (14,067) | (5,937) | (31,436) | |
Loss before tax | (20,318) | (9,590) | (35,821) | |
Other Countries [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Result before impairment and unallocated expenses | (108) | (44) | (44) | |
Impairment | ||||
Result after impairment | (108) | (44) | (44) | |
Loss before tax | $ 4,760 | $ 4,809 | $ 4,809 | |
[1] | Unallocated expenses represent head office general and administration costs of the Group which cannot be allocated to the results of any specific geographical area. |
SEGMENT INFORMATION (Schedule_7
SEGMENT INFORMATION (Schedule of Segment Assets and Segment Liabilities by Geographical Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets and liabilities | ||||
Segment assets | $ 106,437 | $ 113,671 | ||
Unallocated assets: | ||||
Income tax assets (current and deferred) | 8,234 | 7,711 | ||
Cash and cash equivalents and short-term investments | 15,231 | 30,277 | $ 57,607 | $ 77,109 |
Total assets as reported in the Group balance sheet | 131,071 | 151,659 | ||
Segment liabilities | 119,171 | 99,540 | ||
Unallocated liabilities: | ||||
Income tax liabilities (current and deferred) | 7,187 | 8,065 | ||
Total liabilities as reported in the Group balance sheet | 126,358 | 107,605 | ||
Americas [Member] | ||||
Assets and liabilities | ||||
Segment assets | 69,224 | 75,658 | ||
Unallocated assets: | ||||
Segment liabilities | 14,575 | 8,946 | ||
Ireland [Member] | ||||
Assets and liabilities | ||||
Segment assets | 37,212 | 38,009 | ||
Unallocated assets: | ||||
Segment liabilities | 104,396 | 90,444 | ||
Other Countries [Member] | ||||
Assets and liabilities | ||||
Segment assets | 1 | 4 | ||
Unallocated assets: | ||||
Segment liabilities | $ 200 | $ 150 |
SEGMENT INFORMATION (Schedule_8
SEGMENT INFORMATION (Schedule of Long Lived Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Long lived asstes | $ 53,429 | $ 58,871 |
Ireland [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Long lived asstes | 14,626 | 14,864 |
Americas [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Long lived asstes | $ 38,803 | $ 44,007 |
SEGMENT INFORMATION (Schedule_9
SEGMENT INFORMATION (Schedule of Depreciation and Amortisation by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Depreciation | $ 2,530 | $ 1,375 | $ 2,424 |
Amortisation | 2,368 | 2,825 | 3,303 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Depreciation | 322 | 74 | 1,186 |
Amortisation | 642 | 655 | 1,164 |
Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Depreciation | 2,208 | 1,301 | 1,238 |
Amortisation | $ 1,726 | $ 2,170 | $ 2,139 |
SEGMENT INFORMATION (Schedul_10
SEGMENT INFORMATION (Schedule of Share Based Payment Expense by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Share-based payments - continuing operations | $ 758 | $ 1,369 | $ 928 |
Share-based payments - discontinued operations | |||
Total Share-based payments | 758 | 1,369 | 928 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Share-based payments - continuing operations | 659 | 1,265 | 841 |
Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Share-based payments - continuing operations | $ 99 | $ 104 | $ 87 |
SEGMENT INFORMATION (Schedul_11
SEGMENT INFORMATION (Schedule of Interest Income and Interest Expense by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Income | |||
Interest income earned | $ 464 | $ 736 | $ 808 |
Non-cash financial income | 233 | 1,388 | 2,390 |
Inter-segment interest income | |||
Total | 697 | 2,124 | 3,198 |
Interest Expense | |||
Interest on deferred consideration and licence fee | 40 | ||
Interest on finance leases | 947 | 39 | 42 |
Interest on tax audit settlement (Note 6) | 1,000 | ||
Cash interest on exchangeable notes | 3,996 | 4,352 | 4,600 |
Non-cash interest on exchangeable notes (Note 25) | 639 | 689 | 723 |
Inter-segment interest expense | |||
Total | 6,582 | 5,080 | 5,405 |
Americas [Member] | |||
Interest Income | |||
Interest income earned | 47 | 32 | 44 |
Non-cash financial income | |||
Inter-segment interest income | |||
Total | 47 | 32 | 44 |
Interest Expense | |||
Interest on deferred consideration and licence fee | |||
Interest on finance leases | 294 | 7 | |
Interest on tax audit settlement (Note 6) | |||
Cash interest on exchangeable notes | |||
Non-cash interest on exchangeable notes (Note 25) | |||
Inter-segment interest expense | 4,853 | 4,853 | 4,853 |
Total | 5,147 | 4,860 | 4,853 |
Ireland [Member] | |||
Interest Income | |||
Interest income earned | 417 | 704 | 764 |
Non-cash financial income | 233 | 1,388 | 2,390 |
Inter-segment interest income | |||
Total | 650 | 2,092 | 3,154 |
Interest Expense | |||
Interest on deferred consideration and licence fee | 40 | ||
Interest on finance leases | 653 | 32 | 42 |
Interest on tax audit settlement (Note 6) | 1,000 | ||
Cash interest on exchangeable notes | 3,996 | 4,352 | 4,600 |
Non-cash interest on exchangeable notes (Note 25) | 639 | 689 | 723 |
Inter-segment interest expense | |||
Total | 6,288 | 5,073 | 5,405 |
Other Countries [Member] | |||
Interest Income | |||
Interest income earned | |||
Non-cash financial income | |||
Inter-segment interest income | 4,853 | 4,853 | 4,853 |
Total | 4,853 | 4,853 | 4,853 |
Interest Expense | |||
Interest on deferred consideration and licence fee | |||
Interest on finance leases | |||
Interest on tax audit settlement (Note 6) | |||
Cash interest on exchangeable notes | |||
Non-cash interest on exchangeable notes (Note 25) | |||
Inter-segment interest expense | |||
Total | |||
Eliminations [Member] | |||
Interest Income | |||
Interest income earned | |||
Non-cash financial income | |||
Inter-segment interest income | (4,853) | (4,853) | (4,853) |
Total | (4,853) | (4,853) | (4,853) |
Interest Expense | |||
Interest on deferred consideration and licence fee | |||
Interest on finance leases | |||
Interest on tax audit settlement (Note 6) | |||
Cash interest on exchangeable notes | |||
Non-cash interest on exchangeable notes (Note 25) | |||
Inter-segment interest expense | (4,853) | (4,853) | (4,853) |
Total | $ (4,853) | $ (4,853) | $ (4,853) |
SEGMENT INFORMATION (Schedul_12
SEGMENT INFORMATION (Schedule of Taxation Expense by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Taxation expense | $ 1,006 | $ 525 | $ 1,214 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Taxation expense | 831 | (59) | 192 |
Other Countries [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Taxation expense | (3) | (81) | |
Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Taxation expense | $ 175 | $ 587 | $ 1,103 |
SEGMENT INFORMATION (Schedul_13
SEGMENT INFORMATION (Schedule of Capital Expenditure by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Capital expenditure | $ 33,621 | $ 17,805 |
Ireland [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Capital expenditure | 20,758 | 7,148 |
Other Countries [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Capital expenditure | 1,746 | |
Americas [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Capital expenditure | $ 12,863 | $ 8,911 |
PERSONNEL EXPENSES (Narrative)
PERSONNEL EXPENSES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Total personnel expenses, inclusive of amounts capitalised for wages and salaries, social welfare costs and pension costs | $ 36,288 | $ 38,002 | $ 37,351 |
Total share based payments, inclusive of amounts capitalised | $ 839 | $ 1,607 | $ 1,109 |
PERSONNEL EXPENSES (Schedule of
PERSONNEL EXPENSES (Schedule of Personnel Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |||
Wages and salaries | $ 25,885 | $ 26,475 | $ 26,316 |
Social welfare costs | 2,538 | 2,585 | 2,424 |
Pension costs | 503 | 490 | 459 |
Tax settlement | 5,094 | ||
Share-based payments | 758 | 1,369 | 928 |
PERSONNEL EXPENSES | $ 34,778 | $ 30,919 | $ 30,127 |
PERSONNEL EXPENSES (Schedule _2
PERSONNEL EXPENSES (Schedule of Average Number of Persons Employed) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [line items] | |||
Number of persons employed | 579 | 575 | 556 |
Research and development [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of persons employed | 57 | 59 | 60 |
Administration and sales [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of persons employed | 159 | 163 | 162 |
Manufacturing and quality [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of persons employed | 363 | 353 | 334 |
PENSION SCHEMES (Details)
PENSION SCHEMES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of pension schemes [Abstract] | |||
Employees contribution | $ 503 | $ 490 | $ 458 |
Pension accrual | $ 43 | $ 45 | $ 33 |
OTHER OPERATING INCOME (Schedul
OTHER OPERATING INCOME (Schedule of Other Operating Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other operating income [Abstract] | |||
Rental income from premises | $ 3 | $ 3 | |
Other income | 88 | 99 | 100 |
Other operating income | $ 91 | $ 102 | $ 100 |
SELLING, GENERAL AND ADMINIST_2
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - TAX AUDIT SETTLEMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of products and services [line items] | |||
Selling, general and administrative expenses - tax audit settlement gross | $ 5,442 | ||
Patent dividend scheme amount | 3,863 | ||
R&D tax credits | 75 | ||
Interest credits | 1,000 | ||
Penalties income | 273 | ||
Provision | 400 | ||
Selling, general and administrative expenses - tax audit settlement | 5,042 | ||
Darnick Company [Member] | |||
Disclosure of products and services [line items] | |||
Payments for CEO Services | 1,231 | ||
Contribution amount in settlement | $ 1,231 |
IMPAIRMENT CHARGES (Schedule of
IMPAIRMENT CHARGES (Schedule of Statement of Operation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of impairment charges and inventory provisioning [Abstract] | |||
Impairment of PP&E (Note 13) | $ 6,349 | $ 6,112 | $ 10,437 |
Impairment of goodwill and other intangible assets (Note 14) | 16,570 | 19,212 | 29,667 |
Impairment of prepayments (Note 18) | (1,376) | (1,608) | (1,651) |
Total impairment loss | 24,295 | 26,932 | 41,755 |
Income tax impact of impairment loss | (148) | (1,752) | (517) |
Total impairment loss after tax | $ 24,443 | $ 25,180 | $ 41,238 |
FINANCIAL INCOME AND EXPENSES_2
FINANCIAL INCOME AND EXPENSES (Schedule of Financial Income (Expenses), Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial income: | |||
Non-cash financial income | $ 233 | $ 1,388 | $ 2,390 |
Interest income | 464 | 736 | 808 |
Financial income | 697 | 2,124 | 3,198 |
Financial expense: | |||
Interest on leases | (947) | (39) | (42) |
Interest on tax audit settlement (Note 6) | (1,000) | ||
Cash interest on exchangeable notes | (3,996) | (4,352) | (4,600) |
Non-cash interest on exchangeable notes (Note 25) | (639) | (689) | (723) |
Interest on deferred consideration and licence fee | (40) | ||
Financial expense | (6,582) | (5,080) | (5,405) |
Net Financing Expense | $ (5,885) | $ (2,956) | $ (2,207) |
INCOME TAX (CREDIT)_EXPENSE (Na
INCOME TAX (CREDIT)/EXPENSE (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total deferred tax (credit)/expense | [1] | $ (841) | $ (406) | $ (1,671) |
Corporation tax rate | 12.50% | 12.50% | 12.50% | |
Federal corporation tax rate [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Once-off tax credit | $ 753 | |||
Corporation tax rate | 21.00% | |||
Ireland [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total deferred tax (credit)/expense | $ 444 | $ 369 | $ 170 | |
USA [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total deferred tax (credit)/expense | 493 | 364 | 345 | |
Net operating loss carryforwards | $ 624 | 461 | 436 | |
Net operating loss period | 20 Years | |||
USA [Member] | December 31, 2036 [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Net operating loss carryforwards | $ 994 | |||
USA [Member] | December 31, 2037 [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Net operating loss carryforwards | 40 | |||
Other Countries [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total deferred tax (credit)/expense | $ (397) | $ (775) | $ (1,501) | |
[1] | In 2019, there was a deferred tax credit of US$444,000 (2018: charge of US$369,000; 2017: credit of US$170,000) recognised in respect of Ireland and a deferred tax credit of US$397,000 (2018: credit of US$775,000; 2017: credit of US$1,501,000) recognised in respect of overseas tax jurisdictions. |
INCOME TAX (CREDIT)_EXPENSE (Sc
INCOME TAX (CREDIT)/EXPENSE (Schedule of Charge for Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Current tax (credit)/ expense | ||||
Irish Corporation tax | $ (312) | $ (258) | $ (51) | |
Foreign taxes | [1] | 197 | 195 | 358 |
Adjustment in respect of prior years | (50) | (56) | 150 | |
Total current tax (credit)/expense | (165) | (119) | 457 | |
Deferred tax credit | ||||
Origination and reversal of temporary differences (see Note 15) | [2] | (841) | (2,031) | (5,969) |
Origination and reversal of net operating losses (see Note 15) | [2] | 1,625 | 4,298 | |
Total deferred tax credit | [2] | (841) | (406) | (1,671) |
Total income tax credit on continuing operations in statement of operations | [2] | (1,006) | (525) | (1,214) |
Tax (credit)/charge on discontinued operations (see Note 10) | [2] | (590) | 323 | |
Total tax credit | [2] | $ (1,006) | $ (1,115) | $ (891) |
[1] | In 2019, the foreign taxes relate primarily to Canada. | |||
[2] | In 2019, there was a deferred tax credit of US$444,000 (2018: charge of US$369,000; 2017: credit of US$170,000) recognised in respect of Ireland and a deferred tax credit of US$397,000 (2018: credit of US$775,000; 2017: credit of US$1,501,000) recognised in respect of overseas tax jurisdictions. |
INCOME TAX (CREDIT)_EXPENSE (_2
INCOME TAX (CREDIT)/EXPENSE (Schedule of Overseas Tax Jurisdictions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective tax rate | |||
Loss before taxation | $ (29,997) | $ (23,183) | $ (39,875) |
As a percentage of loss before tax: | |||
Current tax | (0.55%) | (0.51%) | 1.14% |
Total (current and deferred) | (3.36%) | (2.26%) | (3.05%) |
INCOME TAX (CREDIT)_EXPENSE (_3
INCOME TAX (CREDIT)/EXPENSE (Schedule of Statutory Tax Rate) (Details) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Tax Creditexpense Schedule Of Statutory Tax Rate | ||||
Irish corporation tax | (12.50%) | (12.50%) | (12.50%) | |
Effect of current year net operating losses and temporary differences for which no deferred tax asset was recognised | [1] | 13.21% | 15.76% | 12.05% |
Effect of tax rates on overseas earnings | (3.05%) | (6.10%) | (2.09%) | |
Effect of Irish income taxable at higher tax rate | 0.04% | 0.05% | ||
Adjustments in respect of prior years | (0.17%) | 0.94% | 0.38% | |
Effect of changes in US tax code | [2] | (1.89%) | ||
R&D tax credits | (2.69%) | (1.70%) | (0.17%) | |
Other items | [3] | 1.80% | 1.29% | 1.17% |
Effective tax rate | (3.36%) | (2.26%) | (3.05%) | |
[1] | The effect of current year net operating losses and temporary differences for which no deferred tax asset was recognised is analyzed further in the table below (see also Note 14). No deferred tax asset was recognised because there was no reversing deferred tax liability in the same jurisdiction reversing in the same period and no future taxable income in the same jurisdiction. | |||
[2] | In 2017, a number of changes were made to the USA tax code, the most significant of which was the reduction in the federal corporation tax rate to 21%. This resulted in a once-off tax credit in 2017 of US$753,000 arising from the reduction in deferred tax balances due to the tax rate change, partially offset by the effect of mandatory deemed repatriation of certain deferred foreign earnings. The other changes to the USA tax code did not have a material impact on the Group. | |||
[3] | Other items comprise items not chargeable to tax/expenses not deductible for tax. In 2019, other items mainly comprise the tax audit settlement recorded in Selling, General and Administrative expenses (see also Note 10), which is not deductible for tax. Additionally, the movement in the exchangeable notes' embedded derivatives value and the accretion of notional interest on the Loan Note's host contract, both of which are exempt from deferred taxation recognition under IAS 12, Income Taxes. |
INCOME TAX (CREDIT)_EXPENSE (_4
INCOME TAX (CREDIT)/EXPENSE (Schedule of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Unrecognised deferred tax assets - continuing operations | ||
Increase in net operating losses | $ 841 | $ 406 |
Increase (Decrease) in net operating losses | $ 3,964 | $ 3,655 |
Increase (Decrease) in net operating losses, percentage | 13.21% | 15.76% |
USA [Member] | ||
Unrecognised deferred tax assets - continuing operations | ||
Increase in net operating losses | $ 1,117 | $ 2,174 |
Increase in net operating losses, percentage | 3.72% | 9.38% |
Temporary differences | $ 129 | $ 19 |
Temporary differences, percentage | 0.43% | 0.08% |
Brazil [Member] | ||
Unrecognised deferred tax assets - continuing operations | ||
Increase (Decrease) in net operating losses | $ 608 | $ (20) |
Increase (Decrease) in net operating losses, percentage | 2.03% | (0.09%) |
Ireland [Member] | ||
Unrecognised deferred tax assets - continuing operations | ||
Increase (Decrease) in net operating losses | $ 2,110 | $ 1,482 |
Increase (Decrease) in net operating losses, percentage | 7.03% | 6.39% |
INCOME TAX (CREDIT)_EXPENSE (_5
INCOME TAX (CREDIT)/EXPENSE (Schedule of Loss Profit Before Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Loss profit before taxes | $ (29,997) | $ (23,183) | $ (39,875) |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Loss profit before taxes | (20,318) | (9,590) | (35,821) |
Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Loss profit before taxes | $ (14,439) | $ (18,402) | $ (8,863) |
INCOME TAX (CREDIT)_EXPENSE (_6
INCOME TAX (CREDIT)/EXPENSE (Schedule of Net Operating Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unutilised net operating losses | $ 80,577 | $ 67,012 | $ 69,003 |
USA [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unutilised net operating losses | 1,034 | 2,382 | 7,737 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unutilised net operating losses | 73,754 | 60,629 | 57,206 |
Brazil [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unutilised net operating losses | $ 5,789 | $ 4,001 | $ 4,060 |
INCOME TAX (CREDIT)_EXPENSE (_7
INCOME TAX (CREDIT)/EXPENSE (Schedule of Unrecognised Deferred Tax Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unrecognised deferred tax asset | $ 17,814 | $ 13,851 | $ 10,196 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unrecognised deferred tax asset | 12,062 | 9,953 | 8,471 |
USA [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unrecognised deferred tax asset | 3,291 | 2,174 | |
USA Tax Credits [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unrecognised deferred tax asset | 493 | 364 | 345 |
Brazil [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unrecognised deferred tax asset | $ 1,968 | $ 1,360 | $ 1,380 |
PROFIT_(LOSS) FOR THE YEAR ON_3
PROFIT/(LOSS) FOR THE YEAR ON DISCONTINUED OPERATION (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of classes of share capital [line items] | ||||
Profit/(Loss) for the year from discontinued operations | $ 77 | $ 568 | $ (1,609) | |
Basic weighted average number of ordinary shares | 83,606,810 | 83,612,908 | 86,486,409 | |
Diluted weighted average number of ordinary shares | 101,870,064 | 103,508,820 | 107,510,179 | |
Tax credit recovered | [1] | $ (590) | $ 323 | |
Class A Ordinary shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Profit/(Loss) for the year from discontinued operations | $ 77 | $ 568 | $ (1,609) | |
Basic weighted average number of ordinary shares | 83,606,810 | 83,612,908 | 86,486,409 | |
American depositary share [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Basic weighted average number of ordinary shares | 20,901,703 | 20,903,227 | 21,621,602 | |
Diluted weighted average number of ordinary shares | 25,467,517 | 25,877,205 | 26,877,544 | |
[1] | In 2019, there was a deferred tax credit of US$444,000 (2018: charge of US$369,000; 2017: credit of US$170,000) recognised in respect of Ireland and a deferred tax credit of US$397,000 (2018: credit of US$775,000; 2017: credit of US$1,501,000) recognised in respect of overseas tax jurisdictions. |
PROFIT_(LOSS) FOR THE YEAR ON_4
PROFIT/(LOSS) FOR THE YEAR ON DISCONTINUED OPERATION (Schedule of Operating Profit/(Loss) for Cardiac) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | $ 90,435 | $ 97,035 | $ 99,140 |
Operating loss | (24,112) | (20,227) | (37,668) |
Loss for the year | (28,991) | (22,658) | (38,661) |
Profit/(Loss) on remeasurement of assets and liabilities: | |||
Tax credit/(expense) | (1,006) | (1,115) | (374) |
Profit/(Loss) for the year from discontinued operations | 77 | 568 | (1,609) |
Sweden [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | |||
Operating loss | |||
Loss for the year | |||
Profit/(Loss) on remeasurement of assets and liabilities: | |||
Closure costs | (8) | (22) | 1,794 |
Foreign currency translation reserve | 85 | (3,080) | |
Tax credit/(expense) | 590 | (323) | |
Total profit/(loss) | 77 | 568 | (1,609) |
Profit/(Loss) for the year from discontinued operations | $ 77 | $ 568 | $ (1,609) |
PROFIT_(LOSS) FOR THE YEAR ON_5
PROFIT/(LOSS) FOR THE YEAR ON DISCONTINUED OPERATION (Schedule of Earnings Per ADS) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic earnings/(loss) per ADS (US Dollars) - discontinued operations | $ 0 | $ 0.03 | $ (0.07) |
Diluted earnings/(loss per ADS (US Dollars) - discontinued operations | 0 | 0.02 | (0.07) |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic earnings/(loss) per ADS (US Dollars) - discontinued operations | 0 | 0.01 | (0.02) |
Diluted earnings/(loss per ADS (US Dollars) - discontinued operations | $ 0 | $ 0.01 | $ (0.02) |
PROFIT_(LOSS) FOR THE YEAR ON_6
PROFIT/(LOSS) FOR THE YEAR ON DISCONTINUED OPERATION (Schedule of Cash Flows Attributable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of loss on discontinued operation [Abstract] | |||
Cash flows from operating activities | $ (5) | $ 527 | $ (2,847) |
Cash flows from investing activities |
LOSS BEFORE TAX (Narrative) (De
LOSS BEFORE TAX (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about business combination [line items] | |||
Depreciation on capitalised Intangible projects | $ 4 | $ 79 | $ 528 |
Fiomi [Member] | Foreign Exchange Differences [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Operating expense | $ 440 |
LOSS BEFORE TAX (Schedule of Am
LOSS BEFORE TAX (Schedule of Amount Charged to Statement of Operation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Directors' emoluments (including non- executive directors): | ||||
Remuneration | $ 1,238 | $ 1,261 | $ 1,800 | |
Pension | 42 | 44 | 44 | |
Share based payments | 624 | 1,204 | 727 | |
Auditor's remuneration | ||||
Audit fees | 523 | 506 | 568 | |
Tax fees | 172 | 15 | 73 | |
Other non audit fees | ||||
Depreciation | [1] | 2,526 | 1,296 | 1,896 |
Amortisation | 2,368 | 2,825 | 3,303 | |
Loss on the disposal of property, plant and equipment | 17 | 15 | 3 | |
Net foreign exchange differences | [2] | $ (179) | $ 344 | $ (17) |
[1] | Note that US$4,000 (2018: US$79,000) (2017: US$528,000) of depreciation was capitalised to research and development projects during 2019 in line with the Group's capitalisation policy for Intangible projects. | |||
[2] | The net foreign exchange differences in 2017 do not include US$440,000 which were included in the operating expenses that were stated in Note 10 in respect of the discontinued operations in Fiomi. |
LOSS PER SHARE (Narrative) (Det
LOSS PER SHARE (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of classes of share capital [line items] | |||
(Loss)/Profit for the year | $ (28,914) | $ (22,090) | $ (40,270) |
Diluted earnings per share denominator | 101,870,064 | 103,508,820 | 107,510,179 |
Diluted earnings per ordinary share for continuing operations | $ (24,590) | $ (19,005) | $ (35,728) |
Adjusted (loss)/profit after tax | (24,512) | (18,437) | (37,337) |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic earnings per ordinary share for continuing operations | (28,991) | (22,658) | 38,661 |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic earnings per ordinary share for continuing operations | $ (28,991) | $ (22,658) | $ (38,661) |
Diluted earnings per share denominator | 25,467,517 | 25,877,205 | 26,877,544 |
Adjusted (loss)/profit after tax | $ (24,512) | $ (18,437) | $ (37,337) |
LOSS PER SHARE (Schedule of Bas
LOSS PER SHARE (Schedule of Basic Earnings Per Ordinary Share) (Details) - shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of classes of share capital [line items] | ||||
Basic earnings per share denominator | 83,606,810 | 83,612,908 | 86,486,409 | |
Reconciliation to weighted average earnings per share denominator: | ||||
In issue at January 1 | 96,162,410 | 96,162,410 | 96,162,410 | |
Weighted average number of shares issued during the year | [1] | |||
Weighted average number of treasury shares | (12,555,600) | (12,549,502) | (9,676,001) | |
Basic earnings per share denominator | 83,606,810 | 83,612,908 | 86,486,409 | |
Class A Ordinary shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Basic earnings per share denominator | 83,606,810 | 83,612,908 | 86,486,409 | |
Reconciliation to weighted average earnings per share denominator: | ||||
In issue at January 1 | 96,162,410 | 96,162,410 | 96,162,410 | |
Basic earnings per share denominator | 83,606,810 | 83,612,908 | 86,486,409 | |
[1] | The weighted average number of shares issued during the year is calculated by taking the number of shares issued multiplied by the number of days in the year each share is in issue, divided by 365 days. |
LOSS PER SHARE (Schedule of Dil
LOSS PER SHARE (Schedule of Diluted Earnings Per Ordinary Share) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | |||
Basic earnings per share denominator | 83,606,810 | 83,612,908 | 86,486,409 |
Issuable on exercise of options and warrants | 22,359 | ||
Issuable on conversion of exchangeable notes | 18,263,254 | 19,873,553 | 21,023,770 |
Diluted earnings per share denominator | 101,870,064 | 103,508,820 | 107,510,179 |
LOSS PER SHARE (Schedule of Pro
LOSS PER SHARE (Schedule of Profit After Tax Diluted Earnings Per Ordinary Share Calculation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | |||
Loss for the year | $ (28,914) | $ (22,090) | $ (40,270) |
Non-cash financial income (Note 8) | (233) | (1,388) | (2,390) |
Cash interest expense (Note 8) | 3,996 | 4,352 | 4,600 |
Non-cash interest on exchangeable notes (Note 8) | 639 | 689 | 723 |
Adjusted loss after tax | $ (24,512) | $ (18,437) | $ (37,337) |
LOSS PER SHARE (Schedule of Ear
LOSS PER SHARE (Schedule of Earnings Per ADS) (Details) - shares | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | ||
Disclosure of classes of share capital [line items] | |||||
Ordinary shares | 96,162,410 | 96,162,410 | 96,162,410 | ||
Basic earnings per share denominator | 83,606,810 | 83,612,908 | 86,486,409 | ||
Reconciliation to weighted average earnings per share denominator: | |||||
In issue at January 1 | 96,162,410 | 96,162,410 | 96,162,410 | ||
Weighted average number of shares issued during the year | [1] | ||||
Weighted average number of treasury shares | (12,555,600) | (12,549,502) | (9,676,001) | ||
Basic earnings per share denominator | 83,606,810 | 83,612,908 | 86,486,409 | ||
American depositary share [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Ordinary shares | 24,040,602 | 24,040,602 | 24,040,602 | 24,040,602 | |
Basic earnings per share denominator | 20,901,703 | 20,903,227 | 21,621,602 | ||
Reconciliation to weighted average earnings per share denominator: | |||||
In issue at January 1 | 24,040,602 | 24,040,602 | 24,040,602 | ||
Weighted average number of shares issued during the year | [1] | ||||
Weighted average number of treasury shares | (3,138,899) | (3,137,375) | (2,419,000) | ||
Basic earnings per share denominator | 20,901,703 | 20,903,227 | 21,621,602 | ||
[1] | The weighted average number of shares issued during the year is calculated by taking the number of shares issued multiplied by the number of days in the year each share is in issue, divided by 365 days. |
LOSS PER SHARE (Schedule of D_2
LOSS PER SHARE (Schedule of Diluted Earnings Per ADS Share Calculation) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of classes of share capital [line items] | |||
Basic earnings per share denominator | 83,606,810 | 83,612,908 | 86,486,409 |
Issuable on exercise of options and warrants | 22,359 | ||
Issuable on conversion of exchangeable notes | 18,263,254 | 19,873,553 | 21,023,770 |
Diluted earnings per share denominator | 101,870,064 | 103,508,820 | 107,510,179 |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic earnings per share denominator | 20,901,703 | 20,903,227 | 21,621,602 |
Issuable on exercise of options and warrants | 5,590 | ||
Issuable on conversion of exchangeable notes | 4,565,814 | 4,968,388 | 5,255,942 |
Diluted earnings per share denominator | 25,467,517 | 25,877,205 | 26,877,544 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Impairment through use or sale of the assets | $ 76,740 | $ 57,794 | |
Impairment loss | 6,349 | 6,112 | $ 10,437 |
Net book value of assets held under operating lease | 12 | ||
Depreciation charged on assets under operating lease | 7 | 8 | |
Property, plant and equipment under construction | $ 204 | ||
Buildings [Member] | |||
Statement Line Items [Line Items] | |||
Income from sub-letting right-of-use | $ 3 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Schedule of Composition of Property and Equipment Related to Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | $ 5,362 | ||
Impairment loss | 6,349 | $ 6,112 | $ 10,437 |
Balance at end of year | 9,290 | 5,362 | |
Cost [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 53,814 | 49,417 | |
Adjustment on transition to IFRS 16 | 21,185 | ||
Additions | 2,825 | 7,525 | |
Disposals or retirements | (7,550) | (1,936) | |
Exchange adjustments | (32) | (1,192) | |
Balance at end of year | 70,242 | 53,814 | 49,417 |
Cost [Member] | Land and buildings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 2,605 | 2,624 | |
Adjustment on transition to IFRS 16 | 20,961 | ||
Additions | 681 | 19 | |
Disposals or retirements | |||
Exchange adjustments | 22 | (38) | |
Balance at end of year | 24,269 | 2,605 | 2,624 |
Cost [Member] | Leasehold improvements [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 4,560 | 3,004 | |
Adjustment on transition to IFRS 16 | |||
Additions | 71 | 1,609 | |
Disposals or retirements | (1,626) | (1) | |
Exchange adjustments | (52) | ||
Balance at end of year | 3,005 | 4,560 | 3,004 |
Cost [Member] | Computers, fixtures and fittings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 6,585 | 5,894 | |
Adjustment on transition to IFRS 16 | 149 | ||
Additions | 168 | 829 | |
Disposals or retirements | (2,610) | (131) | |
Exchange adjustments | (7) | ||
Balance at end of year | 4,292 | 6,585 | 5,894 |
Cost [Member] | Office equipment and fittings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 40,064 | 37,895 | |
Adjustment on transition to IFRS 16 | 75 | ||
Additions | 1,905 | 5,068 | |
Disposals or retirements | (3,314) | (1,804) | |
Exchange adjustments | (54) | (1,095) | |
Balance at end of year | 38,676 | 40,064 | 37,895 |
Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | (48,452) | (43,617) | |
Charge for the year | (2,530) | (1,375) | |
Adjustment on transition to IFRS 16 | (11,099) | ||
Impairment loss | (6,349) | (6,112) | |
Disposals or retirements | 7,493 | 1,809 | |
Reallocations / reclassifications | (5) | ||
Exchange adjustments | (10) | 843 | |
Balance at end of year | (60,952) | (48,452) | (43,617) |
Accumulated depreciation and impairment losses [member] | Land and buildings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | (1,934) | (1,283) | |
Charge for the year | (1,545) | (80) | |
Adjustment on transition to IFRS 16 | (10,984) | ||
Impairment loss | (4,024) | (578) | |
Disposals or retirements | |||
Reallocations / reclassifications | |||
Exchange adjustments | (6) | 7 | |
Balance at end of year | (18,493) | (1,934) | (1,283) |
Accumulated depreciation and impairment losses [member] | Leasehold improvements [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | (3,243) | (2,659) | |
Charge for the year | (105) | (47) | |
Adjustment on transition to IFRS 16 | |||
Impairment loss | (233) | (543) | |
Disposals or retirements | 1,544 | ||
Reallocations / reclassifications | |||
Exchange adjustments | 6 | ||
Balance at end of year | (2,037) | (3,243) | (2,659) |
Accumulated depreciation and impairment losses [member] | Computers, fixtures and fittings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | (5,783) | (5,308) | |
Charge for the year | (200) | (185) | |
Adjustment on transition to IFRS 16 | (40) | ||
Impairment loss | (276) | (423) | |
Disposals or retirements | 2,618 | 130 | |
Reallocations / reclassifications | |||
Exchange adjustments | (1) | 3 | |
Balance at end of year | (3,682) | (5,783) | (5,308) |
Accumulated depreciation and impairment losses [member] | Office equipment and fittings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | (37,492) | (34,367) | |
Charge for the year | (680) | (1,063) | |
Adjustment on transition to IFRS 16 | (75) | ||
Impairment loss | (1,816) | (4,568) | |
Disposals or retirements | 3,331 | 1,679 | |
Reallocations / reclassifications | (5) | ||
Exchange adjustments | (3) | 827 | |
Balance at end of year | (36,740) | (37,492) | $ (34,367) |
Carrying amounts [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 5,362 | ||
Balance at end of year | 9,290 | 5,362 | |
Carrying amounts [Member] | Land and buildings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 671 | ||
Balance at end of year | 5,776 | 671 | |
Carrying amounts [Member] | Leasehold improvements [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 1,317 | ||
Balance at end of year | 968 | 1,317 | |
Carrying amounts [Member] | Computers, fixtures and fittings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 802 | ||
Balance at end of year | 610 | 802 | |
Carrying amounts [Member] | Office equipment and fittings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 2,572 | ||
Balance at end of year | $ 1,936 | $ 2,572 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT (Schedule of Right-of-use assets) (Details - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of comparative information prepared under previous GAAP [line items] | ||
Right-of-use assets | $ 5,227 | $ 10,086 |
Right-of-use assets cost at transition before impairment [Member] | ||
Disclosure of comparative information prepared under previous GAAP [line items] | ||
Right-of-use assets | 21,185 | |
Impairment adjustment on transition [Member] | ||
Disclosure of comparative information prepared under previous GAAP [line items] | ||
Right-of-use assets | $ (11,099) |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT (Schedule of Reconciliation from IAS 17 to IFRS 16) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of comparative information prepared under previous GAAP [line items] | ||
Property, plant & equipment | $ 9,290 | $ 5,362 |
Retaining earnings | (16,145) | (55,319) |
Impairment [Member] | ||
Disclosure of comparative information prepared under previous GAAP [line items] | ||
Property, plant & equipment | (11,099) | |
Lease liabilities | ||
Retaining earnings | 11,099 | |
Total | ||
Right-of-use assets cost at transition before impairment [Member] | ||
Disclosure of comparative information prepared under previous GAAP [line items] | ||
Property, plant & equipment | 5,362 | |
Lease liabilities | (962) | |
Retaining earnings | (55,319) | |
Total | (50,919) | |
Remeasurement [Member] | ||
Disclosure of comparative information prepared under previous GAAP [line items] | ||
Property, plant & equipment | 21,185 | |
Lease liabilities | (21,185) | |
Retaining earnings | ||
Total | ||
Impairment adjustment on transition [Member] | ||
Disclosure of comparative information prepared under previous GAAP [line items] | ||
Property, plant & equipment | 15,448 | 63,716 |
Lease liabilities | (22,147) | (22,826) |
Retaining earnings | (44,220) | (44,220) |
Total | $ (50,919) | $ (3,330) |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT (Schedule of Additional Information on Right-of-use Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | $ 5,227 | $ 10,086 |
Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 1,562 | |
Accumulated impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | (3,976) | |
Buildings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 5,220 | |
Buildings [Member] | Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 1,523 | |
Buildings [Member] | Accumulated impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | (3,913) | |
Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 7 | |
Computer equipment [member] | Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 39 | |
Computer equipment [member] | Accumulated impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | $ (63) |
PROPERTY, PLANT AND EQUIPMENT_7
PROPERTY, PLANT AND EQUIPMENT (Schedule of Income from Sub-letting Right-of-use Buildings) (Details) | 12 Months Ended |
Dec. 31, 2019AssetsNumber | |
Buildings [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
No. of Right-of-Use leased assets | Assets | 13 |
Average remaining lease term (years) | 5 years |
No. of Leases with extension options | 1 |
No. of Leases with options to purchase | |
No. of leases with variable payments linked to index | 2 |
No. of leases with termination options | 4 |
Buildings [Member] | Bottom of range [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Range of remaining term in years | 1 year |
Buildings [Member] | Top of range [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Range of remaining term in years | 14 years |
Vehicles [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
No. of Right-of-Use leased assets | Assets | 9 |
Average remaining lease term (years) | 1 year |
No. of Leases with extension options | |
No. of Leases with options to purchase | 9 |
No. of leases with variable payments linked to index | |
No. of leases with termination options | 9 |
Vehicles [Member] | Bottom of range [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Range of remaining term in years | 1 year |
Vehicles [Member] | Top of range [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Range of remaining term in years | 2 years |
I.T. and office equipment [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
No. of Right-of-Use leased assets | Assets | 11 |
Average remaining lease term (years) | 2 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 | 1 |
I.T. and office equipment [Member] | Bottom of range [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Range of remaining term in years | 1 year |
I.T. and office equipment [Member] | Top of range [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Range of remaining term in years | 2 years |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Development costs not amortised | $ 3,719 | $ 4,192 | |
Description of project completion period | January 1, 2020 to December 31, 2022 | ||
Additional project cost | $ 5,557 | ||
Non-cash impairment charge | 24,295 | ||
Impairment through use or sale of the assets | 76,740 | 57,794 | |
Total impairment loss allocated to goodwill | 24,295 | ||
Additional impairment loss due to growth in revenues | $ 743 | ||
Variation in discount rate | 10.00% | ||
Additional impairment loss | $ 5,420 | ||
Impairment loss | 16,570 | $ 19,212 | $ 29,667 |
Primus Corp. [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment loss | 1,800 | ||
Immco Diagnostics [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment loss | $ 1,700 | ||
Top of range [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Cash flow projections | 0.00% | ||
Pre tax discount rates | 0.27 | 0.35 | |
Bottom of range [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Cash flow projections | 7.00% | ||
Pre tax discount rates | 0.20 | 0.20 | |
Biopool US Inc [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment through use or sale of the assets | $ 29,423 | ||
Trinity Biotech Manufacturing Limited [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment through use or sale of the assets | 7,707 | ||
Clark Laboratories Inc [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment through use or sale of the assets | 33 | ||
Mardx Diagnostic Inc [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment through use or sale of the assets | 5,817 | ||
Trinity Biotech Do Brasil [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment through use or sale of the assets | 9,465 | ||
Primus trade name [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment loss | 47 | ||
Immco Diagnostic trade name [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment loss | $ 455 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | $ 52,951 | ||
Impairment losses | 16,570 | $ 19,212 | $ 29,667 |
Balance at end of year | 43,654 | 52,951 | |
Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 272,636 | 262,372 | |
Additions | 9,611 | 10,281 | |
Disposals | |||
Reclassification | |||
Exchange adjustments | 36 | (17) | |
Balance at end of year | 282,283 | 272,636 | 262,372 |
Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 52,951 | ||
Balance at end of year | 43,654 | 52,951 | |
Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (219,685) | (197,618) | |
Disposals | |||
Charge for the year | (2,368) | (2,825) | |
Impairment losses | (16,570) | (19,212) | |
Exchange adjustments | (6) | (30) | |
Balance at end of year | (238,629) | (219,685) | (197,618) |
Goodwill [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 81,689 | 81,689 | |
Additions | |||
Disposals | |||
Reclassification | |||
Exchange adjustments | |||
Balance at end of year | 81,689 | 81,689 | 81,689 |
Goodwill [Member] | Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 16,141 | ||
Balance at end of year | 12,591 | 16,141 | |
Goodwill [Member] | Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (65,548) | (63,791) | |
Disposals | |||
Charge for the year | |||
Impairment losses | (3,550) | (1,757) | |
Exchange adjustments | |||
Balance at end of year | (69,098) | (65,548) | (63,791) |
Development cost [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 146,772 | 136,918 | |
Additions | 9,569 | 9,871 | |
Disposals | |||
Reclassification | |||
Exchange adjustments | 36 | (17) | |
Balance at end of year | 156,377 | 146,772 | 136,918 |
Development cost [Member] | Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 26,265 | ||
Balance at end of year | 22,778 | 26,265 | |
Development cost [Member] | Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (120,507) | (102,140) | |
Disposals | |||
Charge for the year | (1,182) | (1,564) | |
Impairment losses | (11,904) | (16,773) | |
Exchange adjustments | (6) | (30) | |
Balance at end of year | (133,599) | (120,507) | (102,140) |
Patents and licences [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 9,947 | 9,947 | |
Additions | 4 | ||
Disposals | |||
Reclassification | |||
Exchange adjustments | |||
Balance at end of year | 9,951 | 9,947 | 9,947 |
Patents and licences [Member] | Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 133 | ||
Balance at end of year | 132 | 133 | |
Patents and licences [Member] | Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (9,814) | (9,728) | |
Disposals | |||
Charge for the year | (2) | ||
Impairment losses | (3) | (86) | |
Exchange adjustments | |||
Balance at end of year | (9,819) | (9,814) | (9,728) |
Intangible assets [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 34,228 | 33,818 | |
Additions | 38 | 410 | |
Disposals | |||
Reclassification | |||
Exchange adjustments | |||
Balance at end of year | 34,266 | 34,228 | 33,818 |
Intangible assets [Member] | Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 10,412 | ||
Balance at end of year | 8,153 | 10,412 | |
Intangible assets [Member] | Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (23,816) | (21,959) | |
Disposals | |||
Charge for the year | (1,184) | (1,261) | |
Impairment losses | (1,113) | (596) | |
Exchange adjustments | |||
Balance at end of year | $ (26,113) | $ (23,816) | $ (21,959) |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS (Schedule of Principal Development Projects) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | $ 9,569 | $ 9,871 |
HIV Screening Rapid Test [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 2,587 | 1,657 |
Premier Instrument for Haemoglobin A1c Testing [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 1,930 | 2,653 |
Autoimmune Smart Reader [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 1,325 | 746 |
Syphilis Point-of-Care Test [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 870 | 454 |
Uni-Gold Antigen Improvement [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 691 | 453 |
G-6-PDH Test [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 582 | 850 |
Uni-Gold Test Enhancement [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 376 | 796 |
Tri-stat Point-of-Care Instrument [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 361 | 727 |
Ultra Genesys [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 237 | 263 |
Column Enhancement [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 236 | 292 |
Sjogrens Tests [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 135 | 414 |
Other Projects [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | $ 239 | $ 566 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS (Schedule of Impairment Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | ||
Total impairment loss | $ 24,295 | $ 26,932 |
Trinity Biotech Manufacturing Limited [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Total impairment loss | 9,732 | 7,837 |
Immco Diagnostics Inc [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Total impairment loss | 6,332 | |
Primus Corp [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Total impairment loss | 5,321 | 12,424 |
Trinity Biotech Do Brasil [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Total impairment loss | 1,253 | 2,785 |
Clark Laboratories Inc [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Total impairment loss | 727 | 3,377 |
Mardx Diagnostics Inc. [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Total impairment loss | 720 | |
Biopool US Inc [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Total impairment loss | $ 210 | $ 509 |
GOODWILL AND INTANGIBLE ASSET_6
GOODWILL AND INTANGIBLE ASSETS (Schedule of Breakdown of Impairment Loss) (Details) (USD $) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of goodwill and intangible assets [Abstract] | ||
Goodwill and other intangible assets (see Note 14) | $ 16,570 | $ 19,212 |
Property, plant and equipment (see Note 13) | 6,349 | 6,112 |
Prepayments (see Note 18) | 1,376 | 1,608 |
Total impairment loss | $ 24,295 | $ 26,932 |
GOODWILL AND INTANGIBLE ASSET_7
GOODWILL AND INTANGIBLE ASSETS (Schedule of Significant Goodwill and Intangible Assets) (Details) - Fitzgerald Industries International CGU Trade Name [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Carrying amount of goodwill | $ 12,592 | $ 12,592 |
Discount rate applied (real pre-tax) | 20.42% | 19.80% |
Excess value-in-use over carrying amount | $ 2,385 | $ 8,847 |
EBITDA would need to decrease for an impairment to arise | 12.11% | 32.60% |
Long-term growth rate | 2.00% | 2.00% |
GOODWILL AND INTANGIBLE ASSET_8
GOODWILL AND INTANGIBLE ASSETS (Schedule of Intangible Assets with Indefinite Useful lives) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets with indefinite useful lives | $ 4,968 | $ 5,470 |
Fitzgerald Industries International CGU Trade Name [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets with indefinite useful lives | 970 | 970 |
Fitzgerald Industries International CGU RDI Trade Name [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets with indefinite useful lives | 560 | 560 |
Primus Corporation CGU Trade Name [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets with indefinite useful lives | 500 | 547 |
Immco Diagnostic CGU Trade Name [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets with indefinite useful lives | $ 2,938 | $ 3,393 |
DEFERRED TAX ASSETS AND LIABI_3
DEFERRED TAX ASSETS AND LIABILITIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Deferred tax asset increased due to increase in provision | $ 125 | ||
Deferred tax liability decreased | 716 | ||
Increased in unrecognised deferred tax assets | 17,467 | ||
Deferred tax asset | 6,252 | $ 6,127 | |
Issuence of exchangeable note | $ 115,000 | ||
Unrecognized deferred tax asset | 6,862 | ||
USA [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Deferred tax asset | 493 | 364 | |
Unrecognized deferred tax asset | 243 | 485 | |
Brazil [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Deferred tax asset | 1,968 | 1,360 | |
TBIL [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Deferred tax asset | 4,820 | 3,564 | |
TBML [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Deferred tax asset | 6,619 | 5,691 | |
Ireland [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Deferred tax asset | 8,293 | 8,293 | |
Trinity Biotech Plc [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Deferred tax asset | 381 | 213 | |
Alternative minimum tax credit [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Deferred tax asset | $ 3,291 | $ 2,174 |
DEFERRED TAX ASSETS AND LIABI_4
DEFERRED TAX ASSETS AND LIABILITIES (Schedule of Recognised Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 6,252 | $ 6,127 | |
Deferred tax liabilities | (7,139) | (7,855) | |
Net deferred tax assets/(liabilities) | (887) | (1,728) | $ (2,134) |
Property, plant and equipment [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,027 | 815 | |
Deferred tax liabilities | (9) | (37) | |
Net deferred tax assets/(liabilities) | 1,018 | 778 | 350 |
Intangible assets [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | |||
Deferred tax liabilities | (6,099) | (7,189) | |
Net deferred tax assets/(liabilities) | (6,099) | (7,189) | (9,443) |
Inventories [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 642 | 668 | |
Deferred tax liabilities | |||
Net deferred tax assets/(liabilities) | 642 | 668 | 1,006 |
Provisions [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 3,838 | 4,311 | |
Deferred tax liabilities | |||
Net deferred tax assets/(liabilities) | 3,838 | 4,311 | 3,510 |
Other items [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 745 | 333 | |
Deferred tax liabilities | (1,031) | (629) | |
Net deferred tax assets/(liabilities) | $ (286) | $ (296) | $ 818 |
DEFERRED TAX ASSETS AND LIABI_5
DEFERRED TAX ASSETS AND LIABILITIES (Schedule of Unrecognised Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of deferred tax assets and liabilities [Abstract] | ||
Capital losses | $ 8,293 | $ 8,293 |
Net operating losses | 80,577 | 67,012 |
US alternative minimum tax credits | 1,928 | 1,674 |
Other temporary timing differences | 7,399 | 3,880 |
US state credit carryforwards | 493 | 364 |
Unrecognised deferred tax assets | $ 98,690 | $ 81,223 |
DEFERRED TAX ASSETS AND LIABI_6
DEFERRED TAX ASSETS AND LIABILITIES (Schedule of Movement In Deferred Tax Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax assets - continuing operations | $ 17,467 | ||
Tax effect - continuing operations | $ 3,964 | ||
Applicable tax rate | 12.50% | 12.50% | 12.50% |
Operating Losses US [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax assets - continuing operations | $ (1,348) | ||
Tax effect - continuing operations | $ (283) | ||
Applicable tax rate | 21.00% | ||
Alternative minimum tax credit [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax assets - continuing operations | $ 254 | ||
Tax effect - continuing operations | $ 254 | ||
Applicable tax rate | |||
Operating Losses Brazil [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax assets - continuing operations | $ 1,788 | ||
Tax effect - continuing operations | $ 608 | ||
Applicable tax rate | 34.00% | ||
Operating Losses Ireland [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax assets - continuing operations | $ 13,125 | ||
Tax effect - continuing operations | $ 2,353 | ||
Operating Losses Ireland [Member] | Bottom of range [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Applicable tax rate | 12.50% | ||
Operating Losses Ireland [Member] | Top of range [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Applicable tax rate | 25.00% | ||
Other deferred tax assets in Ireland [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax assets - continuing operations | $ (1,938) | ||
Tax effect - continuing operations | $ (243) | ||
Applicable tax rate | 12.50% | ||
Other deferred tax assets inUS [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax assets - continuing operations | $ 5,457 | ||
Tax effect - continuing operations | $ 1,146 | ||
Applicable tax rate | 21.00% | ||
US state credit carryforwards [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax assets - continuing operations | $ 129 | ||
Tax effect - continuing operations | $ 129 | ||
Applicable tax rate |
DEFERRED TAX ASSETS AND LIABI_7
DEFERRED TAX ASSETS AND LIABILITIES (Schedule of Unrecognised Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | $ (1,728) | $ (2,134) |
Recognised in income | 841 | 406 |
Balance at end of year | (887) | (1,728) |
Property, plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | 778 | 350 |
Recognised in income | 240 | 428 |
Balance at end of year | 1,018 | 778 |
Intangible assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | (7,189) | (9,443) |
Recognised in income | 1,090 | 2,254 |
Balance at end of year | (6,099) | (7,189) |
Inventories [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | 668 | 1,006 |
Recognised in income | (26) | (338) |
Balance at end of year | 642 | 668 |
Provisions [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | 4,311 | 3,510 |
Recognised in income | (473) | 801 |
Balance at end of year | 3,838 | 4,311 |
Other items [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | (296) | 818 |
Recognised in income | 10 | (1,114) |
Balance at end of year | (286) | (296) |
Tax value of loss carryforwards recognised [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | 1,625 | |
Recognised in income | (1,625) | |
Balance at end of year |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of other assets [Abstract] | ||
Finance lease receivables (see Note 18) | $ 403 | $ 476 |
Other assets | 82 | 82 |
Total other assets | $ 485 | $ 558 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Classes of current inventories [abstract] | |||
Cost of sales | $ 50,748 | $ 55,285 | $ 54,904 |
INVENTORIES (Schedule of invent
INVENTORIES (Schedule of inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Classes of current inventories [abstract] | ||
Raw materials and consumables | $ 12,654 | $ 10,556 |
Work-in-progress | 6,940 | 8,239 |
Finished goods | 12,427 | 11,564 |
Total inventories | $ 32,021 | $ 30,359 |
INVENTORIES (Schedule of Moveme
INVENTORIES (Schedule of Movement on the Inventory Provision) (Details) - Provision for inventories [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other provisions [line items] | |||
Opening provision at January 1 | $ 6,299 | $ 7,543 | $ 10,017 |
Charged during the year | 1,567 | 480 | 2,561 |
Utilised during the year | (1,150) | (1,544) | (4,749) |
Released during the year | (180) | (286) | |
Closing provision at December 31 | $ 6,716 | $ 6,299 | $ 7,543 |
TRADE AND OTHER RECEIVABLES (Na
TRADE AND OTHER RECEIVABLES (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Trade receivables, net impairment losses provision | $ 5,443 | $ 4,202 | $ 3,590 | $ 3,171 |
Prepayments of impairment | 1,376 | 1,608 | ||
Finance lease receivable | 684 | 835 | ||
Between one and five years [Member] | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Finance lease receivable | $ 403 | $ 476 |
TRADE AND OTHER RECEIVABLES (Sc
TRADE AND OTHER RECEIVABLES (Schedule of Trade and Other Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other current receivables [abstract] | ||
Trade receivables, net of impairment losses | $ 17,754 | $ 21,318 |
Prepayments | 576 | 807 |
Contract assets | 2,317 | 1,894 |
Value added tax | 59 | 63 |
Finance lease receivables | 281 | 359 |
Total and other receivables | $ 20,987 | $ 24,441 |
TRADE AND OTHER RECEIVABLES (_2
TRADE AND OTHER RECEIVABLES (Schedule of Future Minimum Finance Lease Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Gross investment | $ 1,328 | $ 1,505 |
Unearned income | 644 | 670 |
Finance lease receivable | 684 | 835 |
Less than one year [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Gross investment | 523 | 617 |
Unearned income | 242 | 258 |
Finance lease receivable | 281 | 359 |
Between one and five years [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Gross investment | 805 | 888 |
Unearned income | 402 | 412 |
Finance lease receivable | $ 403 | $ 476 |
TRADE AND OTHER RECEIVABLES (_3
TRADE AND OTHER RECEIVABLES (Schedule of Future Minimum Rentals Receivable Under Non-Cancellable Operating Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | $ 3,555 | $ 3,530 |
Instruments [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | 3,555 | 3,530 |
Less than one year [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | 3,528 | 3,498 |
Less than one year [Member] | Instruments [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | 3,528 | 3,498 |
Between one and five years [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | 27 | 32 |
Between one and five years [Member] | Instruments [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | $ 27 | $ 32 |
CASH AND CASH EQUIVALENTS (Sche
CASH AND CASH EQUIVALENTS (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents [abstract] | ||||
Cash at bank and in hand | $ 6,275 | $ 6,854 | ||
Short-term deposits | 8,956 | 23,423 | ||
Cash and cash equivalents | $ 15,231 | $ 30,277 | $ 57,607 | $ 77,109 |
SHORT-TERM INVESTMENTS (Schedul
SHORT-TERM INVESTMENTS (Schedule of Short-Term Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of short-term investments [Abstract] | ||
Investments (deposits) | $ 1,169 |
CAPITAL AND RESERVES (Narrative
CAPITAL AND RESERVES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Class A Ordinary shares [Member] | ||
Disclosure of classes of share capital [line items] | ||
Authorised share capital | 200,700,000 | 200,700,000 |
Par value of share | $ 0.0109 | $ 0.0109 |
Share issued | ||
Cost incurred issue of shares | $ 0 | $ 139,000 |
Treasury shares purchased | 0 | 107,740 |
ADS Treasury shares [Member] | ||
Disclosure of classes of share capital [line items] | ||
Treasury shares purchased | 0 | 26,935 |
CAPITAL AND RESERVES (Schedule
CAPITAL AND RESERVES (Schedule of Share Capital) (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of classes of share capital [line items] | ||
In issue at January 1 | 96,162,410 | 96,162,410 |
In issue at December 31 | 96,162,410 | |
Class A Ordinary shares [Member] | ||
Disclosure of classes of share capital [line items] | ||
In issue at January 1 | 96,162,410 | 96,162,410 |
Issued for cash | ||
In issue at December 31 | 96,162,410 | 96,162,410 |
American depositary share [Member] | ||
Disclosure of classes of share capital [line items] | ||
In issue at January 1 | 24,040,602 | 24,040,602 |
Issued for cash | ||
In issue at December 31 | 24,040,602 | 24,040,602 |
Class A Treasury shares [Member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at January 1 | 12,556,000 | 12,448,000 |
Purchased during the year | 108,000 | |
Balance at December 31 | 12,556,000 | 12,556,000 |
ADS Treasury shares [Member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at January 1 | 3,139,000 | 3,112,000 |
Purchased during the year | 27,000 | |
Balance at December 31 | 3,139,000 | 3,139,000 |
SHARE OPTIONS AND SHARE WARRA_3
SHARE OPTIONS AND SHARE WARRANTS (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of classes of share capital [line items] | |||
Weighted-average remaining contractual life of options outstanding | 5 years 22 days | 4 years 3 months 29 days | |
Share based payments charge | $ 839,000 | $ 1,607,000 | $ 1,109,000 |
share based payments capitalised in intangible development project assets | $ 80,000 | $ 238,000 | $ 181,000 |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Weighted average share price date of exercise for options exercised | |||
Opening share price | $ 0.57 | $ 1.28 | 1.73 |
Closing share price | 0.26 | 0.57 | 1.28 |
Average share price | 0.49 | ||
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Weighted average share price date of exercise for options exercised | |||
Opening share price | 2.29 | 5.1 | 6.92 |
Closing share price | 1.03 | $ 2.29 | $ 5.1 |
Average share price | $ 1.95 |
SHARE OPTIONS AND SHARE WARRA_4
SHARE OPTIONS AND SHARE WARRANTS (Schedule of Grants of Share Options and Warrants) (Details) | 12 Months Ended | ||
Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017shares$ / shares | |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Outstanding Beginning Balance | shares | 10,908,200 | 10,727,376 | 9,830,183 |
Granted | shares | 4,370,000 | 720,000 | 5,630,000 |
Exercised | shares | |||
Expired/ Forfeited | shares | (2,974,210) | (539,176) | (4,732,807) |
Outstanding at end of year | shares | 12,303,990 | 10,908,200 | 10,727,376 |
Exercisable at end of year | shares | 6,622,667 | 6,091,864 | 3,268,707 |
Weighted Average exercise price | |||
Outstanding Beginning Balance | $ 1.31 | $ 1.92 | $ 3.19 |
Granted | 0.68 | 1.07 | 1.31 |
Exercised | |||
Expired/ Forfeited | 2.25 | 2.50 | 3.86 |
Outstanding at end of year | 1.83 | 1.31 | 1.92 |
Exercisable at end of year | 1.73 | 2.09 | 2.57 |
Class A Ordinary shares [Member] | Bottom of range [Member] | |||
Weighted Average exercise price | |||
Outstanding Beginning Balance | 0.67 | 1.24 | 0.66 |
Granted | 0.46 | 0.67 | 1.24 |
Exercised | |||
Expired/ Forfeited | 0.66 | 1.34 | 0.75 |
Outstanding at end of year | 0.46 | 0.67 | 1.24 |
Exercisable at end of year | 1.24 | 1.24 | 1.66 |
Class A Ordinary shares [Member] | Top of range [Member] | |||
Weighted Average exercise price | |||
Outstanding Beginning Balance | 4.36 | 4.36 | 4.47 |
Granted | 0.78 | 1.37 | 1.44 |
Exercised | |||
Expired/ Forfeited | 4.23 | 4.23 | 4.47 |
Outstanding at end of year | 4.36 | 4.36 | 4.36 |
Exercisable at end of year | $ 4.36 | $ 4.36 | $ 4.36 |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Outstanding Beginning Balance | shares | 2,727,050 | 2,681,844 | 2,457,546 |
Granted | shares | 1,092,500 | 180,000 | 1,407,500 |
Exercised | shares | |||
Expired/ Forfeited | shares | (743,552) | (134,794) | (1,183,202) |
Outstanding at end of year | shares | 3,075,998 | 2,727,050 | 2,681,844 |
Exercisable at end of year | shares | 1,655,667 | 1,522,966 | 817,179 |
Weighted Average exercise price | |||
Outstanding Beginning Balance | $ 7.32 | $ 7.69 | $ 12.76 |
Granted | 2.72 | 4.28 | 5.25 |
Exercised | |||
Expired/ Forfeited | 8.99 | 10 | 10.26 |
Outstanding at end of year | 5.24 | 7.32 | 7.69 |
Exercisable at end of year | 6.92 | 8.36 | 10.29 |
American depositary share [Member] | Bottom of range [Member] | |||
Weighted Average exercise price | |||
Outstanding Beginning Balance | 2.68 | 4.96 | 2.64 |
Granted | 1.83 | 2.68 | 4.95 |
Exercised | |||
Expired/ Forfeited | 2.64 | 5.36 | 3 |
Outstanding at end of year | 1.83 | 2.68 | 4.96 |
Exercisable at end of year | 4.95 | 4.96 | 6.64 |
American depositary share [Member] | Top of range [Member] | |||
Weighted Average exercise price | |||
Outstanding Beginning Balance | 17.44 | 17.44 | 17.88 |
Granted | 3.10 | 5.48 | 5.75 |
Exercised | |||
Expired/ Forfeited | 16.92 | 16.92 | 17.88 |
Outstanding at end of year | 17.45 | 17.44 | 17.44 |
Exercisable at end of year | $ 17.45 | $ 17.44 | $ 17.45 |
SHARE OPTIONS AND SHARE WARRA_5
SHARE OPTIONS AND SHARE WARRANTS (Summary of Range of Prices of Stock Options) (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2018USD ($)shares$ / shares | Dec. 31, 2017shares$ / shares | Dec. 31, 2016shares | |
Outstanding | ||||
Weighted average contractual life remaining (years) | 5 years 22 days | 4 years 3 months 29 days | ||
Class A Ordinary shares [Member] | ||||
Outstanding | ||||
Number of Options | 12,303,990 | 10,908,200 | 10,727,376 | 9,830,183 |
Exercisable | ||||
Number of Options | 6,622,667 | 6,091,864 | 3,268,707 | |
Weighted average exercise price | $ / shares | ||||
Class A Ordinary shares [Member] | US$1.00-US$2.05 [Member] | ||||
Outstanding | ||||
Number of Options | 5,613,990 | 6,111,800 | ||
Weighted average exercise price | $ | $ 1.35 | $ 1.35 | ||
Weighted average contractual life remaining (years) | 4 years 8 months 9 days | 5 years 7 months 21 days | ||
Exercisable | ||||
Number of Options | 4,542,667 | 2,476,133 | ||
Weighted average exercise price | $ / shares | $ 1.34 | $ 1.35 | ||
Weighted average contractual life remaining (years) | 4 years 8 months 5 days | 5 years 6 months 25 days | ||
Class A Ordinary shares [Member] | US$2.06- US$2.99 [Member] | ||||
Outstanding | ||||
Number of Options | 1,980,000 | 4,168,400 | ||
Weighted average exercise price | $ | $ 2.48 | $ 2.51 | ||
Weighted average contractual life remaining (years) | 3 years 1 month 16 days | 2 years 2 months 23 days | ||
Exercisable | ||||
Number of Options | 1,970,000 | 3,437,731 | ||
Weighted average exercise price | $ / shares | $ 2.48 | $ 2.51 | ||
Weighted average contractual life remaining (years) | 3 years 1 month 16 days | 1 year 9 months 29 days | ||
Class A Ordinary shares [Member] | US$3.00 -US$4.36 [Member] | ||||
Outstanding | ||||
Number of Options | 110,000 | 198,000 | ||
Weighted average exercise price | $ | $ 4.19 | $ 4.2 | ||
Weighted average contractual life remaining (years) | 2 years 26 days | 2 years 11 months 19 days | ||
Exercisable | ||||
Number of Options | 110,000 | 178,000 | ||
Weighted average exercise price | $ / shares | $ 4.19 | $ 4.2 | ||
Weighted average contractual life remaining (years) | 2 years 26 days | 2 years 11 months 4 days | ||
Class A Ordinary shares [Member] | US$0.46-US$0.99 [Member] | ||||
Outstanding | ||||
Number of Options | 4,600,000 | 430,000 | ||
Weighted average exercise price | $ | $ 0.69 | $ 0.88 | ||
Weighted average contractual life remaining (years) | 6 years 5 months 1 day | 6 years 9 months 14 days | ||
Exercisable | ||||
Number of Options | ||||
Weighted average exercise price | $ / shares | ||||
Weighted average contractual life remaining (years) | 0 years | |||
American depositary share [Member] | ||||
Outstanding | ||||
Number of Options | 3,075,998 | 2,727,050 | 2,681,844 | 2,457,546 |
Exercisable | ||||
Number of Options | 1,655,667 | 1,522,966 | 817,179 | |
Weighted average exercise price | $ / shares | ||||
American depositary share [Member] | US$4.00-US$8.20 [Member] | ||||
Outstanding | ||||
Number of Options | 1,403,498 | 1,527,950 | ||
Weighted average exercise price | $ | $ 5.4 | $ 5.4 | ||
Weighted average contractual life remaining (years) | 4 years 8 months 9 days | 5 years 7 months 21 days | ||
Exercisable | ||||
Number of Options | 1,135,667 | 619,033 | ||
Weighted average exercise price | $ / shares | $ 5.38 | $ 5.4 | ||
Weighted average contractual life remaining (years) | 4 years 8 months 5 days | 5 years 6 months 25 days | ||
American depositary share [Member] | US$8.24- US$11.96 [Member] | ||||
Outstanding | ||||
Number of Options | 495,000 | 1,042,100 | ||
Weighted average exercise price | $ | $ 9.92 | $ 10.04 | ||
Weighted average contractual life remaining (years) | 3 years 1 month 16 days | 2 years 2 months 23 days | ||
Exercisable | ||||
Number of Options | 492,500 | 859,433 | ||
Weighted average exercise price | $ / shares | $ 9.91 | $ 10.04 | ||
Weighted average contractual life remaining (years) | 3 years 1 month 16 days | 1 year 9 months 29 days | ||
American depositary share [Member] | US$12.00 -US$17.45 [Member] | ||||
Outstanding | ||||
Number of Options | 27,500 | 49,500 | ||
Weighted average exercise price | $ | $ 16.75 | $ 16.8 | ||
Weighted average contractual life remaining (years) | 2 years 26 days | 2 years 11 months 19 days | ||
Exercisable | ||||
Number of Options | 27,500 | 44,500 | ||
Weighted average exercise price | $ / shares | $ 16.75 | $ 16.8 | ||
Weighted average contractual life remaining (years) | 2 years 26 days | 2 years 11 months 4 days | ||
American depositary share [Member] | US$1.84-US$3.96 [Member] | ||||
Outstanding | ||||
Number of Options | 1,150,000 | 107,500 | ||
Weighted average exercise price | $ | $ 2.75 | $ 3.52 | ||
Weighted average contractual life remaining (years) | 6 years 5 months 1 day | 6 years 9 months 14 days | ||
Exercisable | ||||
Number of Options | ||||
Weighted average exercise price | $ / shares | ||||
Weighted average contractual life remaining (years) | 0 years |
SHARE OPTIONS AND SHARE WARRA_6
SHARE OPTIONS AND SHARE WARRANTS (Schedule of Fair Value of the Options Vesting Period) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of share options and share warrants [Abstract] | |||
Share-based payments - cost of sales | $ 26 | $ 34 | $ 35 |
Share-based payments - selling, general and administrative | 732 | 1,335 | 893 |
Total - continuing operations | 758 | 1,369 | 928 |
Share-based payments - discontinued operations | |||
Total Share-based payments | $ 758 | $ 1,369 | $ 928 |
SHARE OPTIONS AND SHARE WARRA_7
SHARE OPTIONS AND SHARE WARRANTS (Schedule of Assumption Determining Fair Value of Share Options) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)sharesyr$ / shares | Dec. 31, 2018USD ($)sharesyr$ / shares | Dec. 31, 2017USD ($)sharesyr$ / shares | |
Key management personnel [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average expected volatility | 51.18% | 40.62% | |
Weighted average expected life | yr | 4.15 | 4.45 | |
Weighted average risk free interest rate | 1.84% | 1.59% | |
Expected dividend yield | 0.81% | ||
Key management personnel [Member] | Bottom of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value at measurement date per 'A' share / (per ADS) | $ | $ 0.14 | $ 0.43 | |
Total 'A' share options granted / (ADS's equivalent) | shares | 4,060,000 | 5,150,000 | |
Weighted average share price per 'A' share / (per ADS) | $ 0.46 | $ 1.34 | |
Weighted average exercise price per 'A' share / (per ADS) | $ 0.69 | $ 1.34 | |
Key management personnel [Member] | Top of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value at measurement date per 'A' share / (per ADS) | $ | $ 0.56 | $ 1.72 | |
Total 'A' share options granted / (ADS's equivalent) | shares | 1,015,000 | 1,287,500 | |
Weighted average share price per 'A' share / (per ADS) | $ 1.84 | $ 5.36 | |
Weighted average exercise price per 'A' share / (per ADS) | $ 2.74 | $ 5.36 | |
Other employees [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average expected volatility | 47.31% | 42.69% | 40.48% |
Weighted average expected life | yr | 4.42 | 4.55 | 4.69 |
Weighted average risk free interest rate | 2.23% | 2.72% | 1.91% |
Expected dividend yield | 0.81% | ||
Other employees [Member] | Bottom of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value at measurement date per 'A' share / (per ADS) | $ | $ 0.25 | $ 0.41 | $ 0.44 |
Total 'A' share options granted / (ADS's equivalent) | shares | 310,000 | 720,000 | 480,000 |
Weighted average share price per 'A' share / (per ADS) | $ 0.64 | $ 1.07 | $ 1.31 |
Weighted average exercise price per 'A' share / (per ADS) | $ 0.64 | $ 1.07 | $ 1.31 |
Other employees [Member] | Top of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value at measurement date per 'A' share / (per ADS) | $ | $ 1.02 | $ 1.64 | $ 1.76 |
Total 'A' share options granted / (ADS's equivalent) | shares | 77,500 | 180,000 | 120,000 |
Weighted average share price per 'A' share / (per ADS) | $ 2.53 | $ 4.28 | $ 5.24 |
Weighted average exercise price per 'A' share / (per ADS) | $ 2.53 | $ 4.28 | $ 5.24 |
TRADE AND OTHER PAYABLES (Narra
TRADE AND OTHER PAYABLES (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other current payables [abstract] | ||
Accrued liabilities to contracted licence payments | $ 1,307 | $ 1,207 |
TRADE AND OTHER PAYABLES (Sched
TRADE AND OTHER PAYABLES (Schedule of Trade and Other Payables) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other current payables [abstract] | ||
Trade payables | $ 7,833 | $ 8,116 |
Payroll taxes | 519 | 448 |
Employee related social insurance | 170 | 154 |
Accrued liabilities | 8,133 | 7,878 |
Deferred income | 292 | 312 |
Total trade and other payables | $ 16,947 | $ 16,908 |
PROVISIONS (Narrative) (Details
PROVISIONS (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Provisions [abstract] | |
Provision for reduced warranty claims | $ 50 |
PROVISIONS (Schedule of Provisi
PROVISIONS (Schedule of Provisions) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Provisions [abstract] | ||
Provisions | $ 50 | $ 50 |
EXCHANGEABLE NOTES (Narrative)
EXCHANGEABLE NOTES (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Disclosure of detailed information about borrowings [line items] | |||||
Notes maturity | April 1, 2045 | ||||
Accrue interest | 4.00% | ||||
Conversion rate per ADS | $ 47 | ||||
Principal amount | $ 12,042,000 | $ 1,042,000 | 1,000 | ||
Exchange rate price per ADS | $ 80 | 22 | |||
Financial income | 233,000 | 1,388,000 | $ 2,390,000 | ||
Nominal value | 151,000,000 | 99,900,000 | $ 115,000,000 | ||
Financial expense | 6,582,000 | 5,080,000 | 5,405,000 | ||
Purchase of exchangeable notes | 12,042,000 | ||||
Accrued interest on notes | 205,000 | ||||
Gain on purchase | $ 463,000 | ||||
Senior Notes [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Financial expense | $ 639,000 | $ 689,000 |
EXCHANGEABLE NOTES (Schedule of
EXCHANGEABLE NOTES (Schedule of Exchangeable Notes) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current assets | ||
Exchangeable note bond call option | ||
Non-current liabilities | ||
Exchangeable note equity conversion option | 4 | 238 |
Exchangeable note bond put option | ||
Total non-current liabilities | 4 | 238 |
Total value of embedded derivatives - net liability | $ 4 | $ 238 |
EXCHANGEABLE NOTES (Schedule _2
EXCHANGEABLE NOTES (Schedule of Carrying Value of Exchangeable Senior Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Borrowings [abstract] | |||
Balance at 1 January | $ 81,382 | $ 92,955 | |
Accretion interest | 639 | 689 | $ 723 |
Less: purchased during the year at fair value | (12,262) | ||
Balance at 31 December | $ 82,021 | $ 81,382 | $ 92,955 |
EXCHANGEABLE NOTES (Schedule _3
EXCHANGEABLE NOTES (Schedule of Carrying Value of Exchangeable Notes) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Borrowings [abstract] | |||
Exchangeable senior notes | $ 82,021 | $ 81,382 | $ 92,955 |
Total value of embedded derivatives - liability | 4 | 238 | |
Total non-current liabilities | $ 82,025 | $ 81,620 |
LEASE LIABILITIES (Schedule of
LEASE LIABILITIES (Schedule of Reconciliation of Operating Lease Commitments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Lease Liabilities Schedule Of Lease Payments Not Recognised As Liability | |
Operating Lease commitments at December, 31, 2018 (Note 27) | $ 27,342 |
Relief option for short term leases | (130) |
Relief option for low value assets | |
Effect of assumed probable lease extension in adoption of IFRS 16 | 573 |
Other | (149) |
Gross lease liabilities at January 1, 2019 | 27,636 |
Discounting | (6,451) |
Additional Lease liabilities as a result of the initial application of IFRS 16 at January 1, 2019 | $ 21,185 |
Weighted average discount rate | 5.00% |
LEASE LIABILITIES (Schedule o_2
LEASE LIABILITIES (Schedule of Carrying Values of Finance Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current liabilities | ||
Lease liabilities related to Right of Use assets | $ 2,156 | |
Sale and leaseback liabilities | 248 | 436 |
Current liabilities | 2,404 | 436 |
Non-Current liabilities | ||
Lease liabilities related to Right of Use assets | 17,474 | |
Sale and leaseback liabilities | 271 | 526 |
Non-current liabilities | $ 17,745 | $ 526 |
LEASE LIABILITIES (Schedule o_3
LEASE LIABILITIES (Schedule of Finance Lease Liabilities Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Principal | $ 20,149 | $ 962 |
Lease liabilities related Right of Use assets [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | 25,252 | |
Interest | 5,263 | |
Principal | 19,630 | |
Sale and leaseback liabilities [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | 559 | 1,038 |
Interest | 40 | 76 |
Principal | 519 | 962 |
Operating Leases [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | 27,342 | |
Less than one year [Member] | Lease liabilities related Right of Use assets [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | 3,017 | |
Interest | 861 | |
Principal | 2,156 | |
Less than one year [Member] | Sale and leaseback liabilities [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | 267 | 473 |
Interest | 19 | 37 |
Principal | 248 | 436 |
Less than one year [Member] | Operating Leases [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | 3,083 | |
In more than one year, but not more than two [Member] | Lease liabilities related Right of Use assets [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | 2,787 | |
Interest | 775 | |
Principal | 2,012 | |
In more than one year, but not more than two [Member] | Sale and leaseback liabilities [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | 107 | 271 |
Interest | 12 | 19 |
Principal | 95 | 252 |
In more than one year, but not more than two [Member] | Operating Leases [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | 2,783 | |
In more than two years but not more than five [Member] | Lease liabilities related Right of Use assets [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | 6,700 | |
Interest | 1,861 | |
Principal | 4,840 | |
In more than two years but not more than five [Member] | Sale and leaseback liabilities [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | 185 | 294 |
Interest | 9 | 20 |
Principal | 176 | 274 |
In more than two years but not more than five [Member] | Operating Leases [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | 6,777 | |
More than five years [Member] | Lease liabilities related Right of Use assets [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | 12,748 | |
Interest | 2,126 | |
Principal | 10,622 | |
More than five years [Member] | Sale and leaseback liabilities [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | ||
Interest | ||
Principal | ||
More than five years [Member] | Operating Leases [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | $ 14,699 |
LEASE LIABILITIES (Schedule o_4
LEASE LIABILITIES (Schedule of Lease Payments Not Recognised as Liability) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease Liabilities Schedule Of Lease Payments Not Recognised As Liability | |
Short term leases | $ 130 |
Leases of low value assets | |
Variable lease payments | |
Lease payments not recognised as a liability | $ 130 |
LEASE LIABILITIES (Schedule o_5
LEASE LIABILITIES (Schedule of Outstanding Interest Bearing Loans and Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | |||
Nominal interest rate | 4.00% | ||
Year of maturity | April 1, 2045 | ||
Fair value | $ 20,149 | $ 962 | |
Carrying value | $ 519 | $ 962 | |
Sale and leaseback liabilities [Member] | |||
Statement Line Items [Line Items] | |||
Currency | Euro | Euro | |
Nominal interest rate | 4.53% | 4.53% | |
Year of maturity | 2023 | 2023 | |
Fair value | $ 286 | $ 648 | |
Carrying value | 286 | 648 | |
Total amount paid in respect of lease liabilities | $ 3,533 | $ 374 | |
Sale and leaseback liabilities Two [Member] | |||
Statement Line Items [Line Items] | |||
Currency | USD | USD | |
Nominal interest rate | 5.51% | 5.51% | |
Year of maturity | 2023 | 2023 | |
Fair value | $ 233 | $ 314 | |
Carrying value | $ 233 | $ 314 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Capital Commitments | $ 323 | $ 187 |
Grant contingencies maximum amount payable | 2,834 | $ 2,892 |
Darnick Company [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Contribution for tax audit settlement | $ 1,231 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Schedule of Future Minimum Operating Lease Commitments with Non-Cancellable) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total lease obligations | $ 27,342 |
2019 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total lease obligations | 3,083 |
2020 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total lease obligations | 2,783 |
2021 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total lease obligations | 2,512 |
2022 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total lease obligations | 2,255 |
2023 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total lease obligations | 2,010 |
Later years [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total lease obligations | $ 14,699 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) | Jun. 06, 2009USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) |
Disclosure of transactions between related parties [line items] | ||||||
Non executive directors fees | $ 1,238,000 | $ 1,261,000 | $ 1,800,000 | |||
Share-based compensation benefits | 542,000 | 1,041,000 | ||||
Interest payment | 6,582,000 | 5,080,000 | 5,405,000 | |||
Adjustment for share-based compensation benefits | 758,000 | 1,369,000 | $ 928,000 | |||
Remaining amount of loan | 12,042,000 | 1,042,000 | $ 1,000 | |||
Patent dividend scheme amount | 3,863,000 | |||||
Darnick Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Payments for CEO Services | $ 1,231,000 | |||||
Mr. O'Caoimh [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Maturity date | 2026 | 2026 | ||||
Annual rent payable | $ 883,000 | |||||
Annual rent payable for ware house | $ 162,000 | |||||
Mr. O'Caoimh [Member] | Euro [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Annual rent payable | € | € 787,000 | |||||
Annual rent payable for ware house | € | € 144,000 | |||||
JRJ [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Term of lease | 25 Years | 25 Years | ||||
Maturity date | 2027 | 2027 | ||||
Annual rent payable | $ 427,000 | |||||
JRJ [Member] | Euro [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Annual rent payable | € | € 381,000 | |||||
Mr. O'Caoimh and Dr Walsh [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Maturity date | 2028 | 2028 | ||||
Mr. O'Caoimh and Dr Walsh [Member] | Euro [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Rate of rent per squre foot | € | € 18 | |||||
Darnick Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Contribution for tax audit settlement | $ 1,231,000 | |||||
Director [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Non executive directors fees | 225,000 | 188,000 | ||||
Share-based compensation benefits | 82,000 | 313,000 | ||||
Adjustment for share-based compensation benefits | 35,000 | $ 149,000 | ||||
Rayville Limited [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Payment of dividend | $ 2,830,000 | |||||
Compensation expense | $ 1,788,000 | |||||
Repayments of borrowings | $ 159,000 |
RELATED PARTY TRANSACTIONS (Sch
RELATED PARTY TRANSACTIONS (Schedule of Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | ||
Short-term employee benefits | $ 800 | $ 863 |
Performance related bonus | 213 | 210 |
Post-employment benefits | 42 | 44 |
Share-based compensation benefits | 542 | 1,041 |
Total compensation | $ 1,597 | $ 2,158 |
RELATED PARTY TRANSACTIONS (S_2
RELATED PARTY TRANSACTIONS (Schedule of Company's Shares and Share Option Plan) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class A Ordinary shares [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding Beginning Balance | 10,908,200 | 10,727,376 | 9,830,183 |
Exercised | |||
Fortified | (2,974,210) | (539,176) | (4,732,807) |
Granted | 4,370,000 | 720,000 | 5,630,000 |
Outstanding at end of year | 12,303,990 | 10,908,200 | 10,727,376 |
Class A Ordinary shares [Member] | Directors' and Company Secretary's [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding Beginning Balance | 9,139,706 | 5,719,706 | |
Shares of retired director | (30,000) | ||
Options of retired director | |||
Shares purchased during the year | 3,420,000 | ||
Shares sold during the year | (32,000) | ||
Expired / forfeited | |||
Outstanding at end of year | 9,077,706 | 9,139,706 | 5,719,706 |
Share Option [Member] | Directors' and Company Secretary's [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding Beginning Balance | 8,655,004 | 8,770,004 | |
Shares of retired director | |||
Options of retired director | (215,000) | ||
Shares purchased during the year | |||
Shares sold during the year | |||
Granted | 4,060,000 | ||
Expired / forfeited | (2,086,000) | (115,000) | |
Outstanding at end of year | 10,414,004 | 8,655,004 | 8,770,004 |
DERIVATIVES AND FINANCIAL INS_3
DERIVATIVES AND FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Increase interest income | $ 101 | $ 234 | |
Issuance of exchangeable senior notes | $ 115,000 | ||
Repurchased of exchangeable senior notes | $ 15,100 | ||
Term of exchangeable senior notes | 30 years | ||
Maturity date of exchangeable senior notes | April 1, 2045 |
DERIVATIVES AND FINANCIAL INS_4
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Interest Rate Risk Effective and Repricing Analysis) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Cash and cash equivalents | $ 15,231 | $ 30,277 | $ 57,607 | $ 77,109 |
Short term investments | 1,169 | |||
Lease receivable | 684 | 835 | ||
Licence payments | (1,307) | (1,207) | ||
Finance lease payable | (20,149) | (962) | ||
Exchangeable notes | (82,021) | (81,382) | $ (92,955) | |
Lease payable on Right of Use assets | (19,630) | |||
Lease payable on sale & leaseback transactions | (519) | |||
Total interest earning financial and interest bearing financial liabilities | $ (86,393) | $ (59,293) | ||
Cash and cash equivalents [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Effective interest rate | 1.10% | 1.80% | ||
Short-term investments [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Effective interest rate | 1.30% | |||
Lease receivable [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Effective interest rate | 4.00% | 4.00% | ||
Licence payments [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Effective interest rate | 8.10% | 3.00% | ||
Finance lease payable [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Effective interest rate | 4.80% | |||
Exchangeable note [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Effective interest rate | 4.80% | 4.80% | ||
Lease payable on Right of Use assets [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Effective interest rate | 5.00% | |||
Lease payable on sale & leaseback transactions [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Effective interest rate | 5.00% | |||
6 mths or less [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Cash and cash equivalents | $ 15,231 | $ 30,277 | ||
Short term investments | ||||
Lease receivable | 157 | 191 | ||
Licence payments | (1,307) | (1,207) | ||
Finance lease payable | (217) | |||
Exchangeable notes | ||||
Lease payable on Right of Use assets | (1,136) | |||
Lease payable on sale & leaseback transactions | (122) | |||
Total interest earning financial and interest bearing financial liabilities | 12,823 | 29,044 | ||
6 mths - 12 mths [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Cash and cash equivalents | ||||
Short term investments | 1,169 | |||
Lease receivable | 124 | 168 | ||
Licence payments | ||||
Finance lease payable | (219) | |||
Exchangeable notes | ||||
Lease payable on Right of Use assets | (1,020) | |||
Lease payable on sale & leaseback transactions | (125) | |||
Total interest earning financial and interest bearing financial liabilities | 148 | (51) | ||
1-2 years [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Cash and cash equivalents | ||||
Short term investments | ||||
Lease receivable | 202 | 238 | ||
Licence payments | ||||
Finance lease payable | (252) | |||
Exchangeable notes | ||||
Lease payable on Right of Use assets | (2,012) | |||
Lease payable on sale & leaseback transactions | (95) | |||
Total interest earning financial and interest bearing financial liabilities | (1,905) | (14) | ||
2-5 years [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Cash and cash equivalents | ||||
Short term investments | ||||
Lease receivable | 201 | 238 | ||
Licence payments | ||||
Finance lease payable | (274) | |||
Exchangeable notes | ||||
Lease payable on Right of Use assets | (4,840) | |||
Lease payable on sale & leaseback transactions | (177) | |||
Total interest earning financial and interest bearing financial liabilities | (4,816) | (36) | ||
>5 years [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Cash and cash equivalents | ||||
Short term investments | ||||
Lease receivable | ||||
Licence payments | ||||
Finance lease payable | ||||
Exchangeable notes | (82,021) | (81,382) | ||
Lease payable on Right of Use assets | (10,622) | |||
Lease payable on sale & leaseback transactions | ||||
Total interest earning financial and interest bearing financial liabilities | $ (92,643) | $ (81,382) |
DERIVATIVES AND FINANCIAL INS_5
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of interest Rate Profile of Financial Assets/Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fixed rate instruments | |||
Fixed rate financial liabilities (licence fees) | $ (1,307) | $ (1,207) | |
Fixed rate financial liabilities (exchangeable note) | (82,021) | (81,382) | $ (92,955) |
Fixed rate financial liabilities (lease payables) | (20,149) | (962) | |
Financial assets (short-term deposits and short-term investments) | 8,956 | 23,423 | |
Financial assets (lease receivables) | 684 | 835 | |
Total interest earning financial and interest bearing financial liabilities | $ (86,393) | $ (59,293) |
DERIVATIVES AND FINANCIAL INS_6
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Liquidity Risk Estimated Interest Payments of Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financial liabilities | |||
Lease payable on Right of Use assets | $ (19,630) | ||
Lease payable on sale & leaseback transactions | (519) | ||
Exchangeable notes | 82,021 | $ 81,382 | $ 92,955 |
Carrying Amount [Member] | Liquidity risk [Member] | |||
Financial liabilities | |||
Trade & other payables | 16,947 | 16,908 | |
Lease payable on Right of Use assets | 19,630 | ||
Lease payable on sale & leaseback transactions | 519 | ||
Exchangeable notes | 82,021 | 81,382 | |
Exchangeable note interest | 999 | 999 | |
Total maturities of financial liabilities | 120,116 | 99,289 | |
Contractual cash flows [Member] | Liquidity risk [Member] | |||
Financial liabilities | |||
Trade & other payables | 16,947 | 16,908 | |
Lease payable on Right of Use assets | 19,630 | ||
Lease payable on sale & leaseback transactions | 519 | ||
Exchangeable notes | 99,900 | 99,900 | |
Exchangeable note interest | 101,898 | 105,894 | |
Total maturities of financial liabilities | 238,894 | 222,702 | |
6 mths or less [Member] | |||
Financial liabilities | |||
Lease payable on Right of Use assets | (1,136) | ||
Lease payable on sale & leaseback transactions | (122) | ||
Exchangeable notes | |||
6 mths or less [Member] | Liquidity risk [Member] | |||
Financial liabilities | |||
Trade & other payables | 16,947 | 16,908 | |
Lease payable on Right of Use assets | 1,136 | ||
Lease payable on sale & leaseback transactions | 122 | ||
Exchangeable notes | |||
Exchangeable note interest | 1,998 | 1,998 | |
Total maturities of financial liabilities | 238,894 | 18,906 | |
6 mths - 12 mths [Member] | |||
Financial liabilities | |||
Lease payable on Right of Use assets | (1,020) | ||
Lease payable on sale & leaseback transactions | (125) | ||
Exchangeable notes | |||
6 mths - 12 mths [Member] | Liquidity risk [Member] | |||
Financial liabilities | |||
Trade & other payables | |||
Lease payable on Right of Use assets | 1,020 | ||
Lease payable on sale & leaseback transactions | 125 | ||
Exchangeable notes | |||
Exchangeable note interest | 1,998 | 1,998 | |
Total maturities of financial liabilities | 3,143 | 1,998 | |
1-2 years [Member] | |||
Financial liabilities | |||
Lease payable on Right of Use assets | (2,012) | ||
Lease payable on sale & leaseback transactions | (95) | ||
Exchangeable notes | |||
1-2 years [Member] | Liquidity risk [Member] | |||
Financial liabilities | |||
Trade & other payables | |||
Lease payable on Right of Use assets | 2,012 | ||
Lease payable on sale & leaseback transactions | 95 | ||
Exchangeable notes | |||
Exchangeable note interest | 3,996 | 3,996 | |
Total maturities of financial liabilities | 6,103 | 3,996 | |
2-5 years [Member] | |||
Financial liabilities | |||
Lease payable on Right of Use assets | (4,840) | ||
Lease payable on sale & leaseback transactions | (177) | ||
Exchangeable notes | |||
2-5 years [Member] | Liquidity risk [Member] | |||
Financial liabilities | |||
Trade & other payables | |||
Lease payable on Right of Use assets | 4,840 | ||
Lease payable on sale & leaseback transactions | 177 | ||
Exchangeable notes | |||
Exchangeable note interest | 11,988 | 11,988 | |
Total maturities of financial liabilities | 17,005 | 11,988 | |
>5 years [Member] | |||
Financial liabilities | |||
Lease payable on Right of Use assets | (10,622) | ||
Lease payable on sale & leaseback transactions | |||
Exchangeable notes | 82,021 | 81,382 | |
>5 years [Member] | Liquidity risk [Member] | |||
Financial liabilities | |||
Trade & other payables | |||
Lease payable on Right of Use assets | 10,622 | ||
Lease payable on sale & leaseback transactions | |||
Exchangeable notes | 99,900 | 99,900 | |
Exchangeable note interest | 81,918 | 85,914 | |
Total maturities of financial liabilities | $ 192,440 | $ 185,814 |
DERIVATIVES AND FINANCIAL INS_7
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Foreign Currency Risk Short Term Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Cash | $ 6,275 | $ 6,854 |
Euro [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 394 | 81 |
Trade and other receivable | 1,247 | 894 |
Trade and other payables | (2,350) | (1,995) |
Total exposure | (709) | (1,020) |
GBP [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 138 | 122 |
Trade and other receivable | 71 | 113 |
Trade and other payables | (27) | (51) |
Total exposure | 182 | 184 |
SEK [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 10 | 9 |
Trade and other receivable | 38 | |
Trade and other payables | (142) | (146) |
Total exposure | (132) | (99) |
CAD [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 3,265 | 2,512 |
Trade and other receivable | 337 | 430 |
Trade and other payables | (47) | (103) |
Total exposure | 3,555 | 2,839 |
BRL [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 238 | 322 |
Trade and other receivable | 1,871 | 2,065 |
Trade and other payables | (796) | (1,621) |
Total exposure | 1,313 | 766 |
Other [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 6 | |
Trade and other receivable | 6 | |
Trade and other payables | (2) | |
Total exposure | $ 10 |
DERIVATIVES AND FINANCIAL INS_8
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Sensitivity Analysis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Profit or loss | $ (28,991) | $ (22,658) | $ (38,661) |
Euro [Member] | 10% Strengthening US Dollar [Member] | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Profit or loss | 2,282 | 1,818 | |
Euro [Member] | 10% Weakening US Dollar [Member] | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Profit or loss | $ (2,790) | $ (2,222) |
DERIVATIVES AND FINANCIAL INS_9
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Maximum Credit Exposure of Financial Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about financial instruments [abstract] | ||||
Third party trade receivables (Note 18) | $ 17,754 | $ 21,318 | ||
Finance lease receivable | 684 | 835 | ||
Cash & cash equivalents (Note 19) | 15,231 | 30,277 | $ 57,607 | $ 77,109 |
Short term investments (Note 20) | 1,169 | |||
Total maximum credit exposure | $ 34,838 | $ 52,430 |
DERIVATIVES AND FINANCIAL IN_10
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Exposure of Trade Receivables by Geographic Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | $ 18,438 | $ 22,153 |
USA [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 8,647 | 9,472 |
Euro-zone countries [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 786 | 1,502 |
United Kingdom [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 121 | 132 |
Other European countries [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 7 | 84 |
Other regions [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | $ 8,877 | $ 10,963 |
DERIVATIVES AND FINANCIAL IN_11
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Exposure of Trade Receivables by Customer) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | $ 18,438 | $ 22,153 |
End-user customers [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 9,453 | 9,253 |
Distributors [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 7,199 | 11,860 |
Non-government customers [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | $ 1,786 | $ 1,040 |
DERIVATIVES AND FINANCIAL IN_12
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Ageing of Trade Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | $ 5,443 | $ 4,202 | $ 3,590 | $ 3,171 |
Not past due [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Expected credit loss rate | 0.10% | |||
Past due 0-30 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Expected credit loss rate | 0.20% | 0.50% | ||
Past due 31-120 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Expected credit loss rate | 1.30% | 1.00% | ||
Greater than 120 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Expected credit loss rate | 84.20% | 94.10% | ||
Cost [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | $ 23,197 | $ 25,520 | ||
Cost [Member] | Not past due [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 10,924 | 13,917 | ||
Cost [Member] | Past due 0-30 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 3,743 | 3,761 | ||
Cost [Member] | Past due 31-120 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 2,115 | 3,438 | ||
Cost [Member] | Greater than 120 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 6,415 | 4,404 | ||
Impairment [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 5,443 | 4,202 | ||
Impairment [Member] | Not past due [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 8 | 4 | ||
Impairment [Member] | Past due 0-30 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 6 | 17 | ||
Impairment [Member] | Past due 31-120 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 27 | 36 | ||
Impairment [Member] | Greater than 120 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | $ 5,402 | $ 4,145 |
DERIVATIVES AND FINANCIAL IN_13
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Movement in the Allowance for Impairment of Trade Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Balance at January 1 | $ 4,202 | $ 3,590 | $ 3,171 |
Charged to costs and expenses | 1,276 | 682 | 662 |
Amounts written off during the year | (35) | (70) | (243) |
Balance at December 31 | $ 5,443 | $ 4,202 | $ 3,590 |
DERIVATIVES AND FINANCIAL IN_14
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Fair Values of Financial Assets/Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Loans and receivables at amortised cost | ||||
Trade receivables | $ 5,443 | $ 4,202 | $ 3,590 | $ 3,171 |
Cash and cash equivalents | 15,231 | 30,277 | 57,607 | $ 77,109 |
Finance lease receivable | 684 | 835 | ||
Short term investments | 1,169 | |||
Total maximum credit exposure | 34,838 | 52,430 | ||
Liabilities at amortised cost | ||||
Exchangeable notes | (82,021) | (81,382) | $ (92,955) | |
Finance lease payable | (20,149) | (962) | ||
Provisions | (50) | (50) | ||
Fair value through profit and loss (FVPL) | ||||
Exchangeable note bond call option | ||||
Exchangeable note equity conversion option | (4) | (238) | ||
Exchangeable note bond put option | ||||
Level 1 [Member] | ||||
Loans and receivables at amortised cost | ||||
Trade receivables | 17,754 | 21,318 | ||
Cash and cash equivalents | 15,231 | 30,277 | ||
Finance lease receivable | 684 | 835 | ||
Short term investments | 1,169 | |||
Total maximum credit exposure | 34,838 | 52,430 | ||
Liabilities at amortised cost | ||||
Exchangeable notes | ||||
Lease liabilities | (20,149) | |||
Finance lease payable | (962) | |||
Trade and other payables (excluding deferred income) | (16,655) | (16,596) | ||
Provisions | (50) | (50) | ||
Total Liabilities at amortised cost | (36,854) | (17,608) | ||
Fair value through profit and loss (FVPL) | ||||
Exchangeable note bond call option | ||||
Exchangeable note equity conversion option | ||||
Exchangeable note bond put option | ||||
Total fair value through profit and loss (FVPL) | ||||
Total fair value of financial assets liabilities | (2,016) | 34,822 | ||
Level 2 [Member] | ||||
Loans and receivables at amortised cost | ||||
Trade receivables | ||||
Cash and cash equivalents | ||||
Finance lease receivable | ||||
Short term investments | ||||
Total maximum credit exposure | ||||
Liabilities at amortised cost | ||||
Exchangeable notes | (82,021) | (81,382) | ||
Lease liabilities | ||||
Finance lease payable | ||||
Trade and other payables (excluding deferred income) | ||||
Provisions | ||||
Total Liabilities at amortised cost | (82,021) | (81,382) | ||
Fair value through profit and loss (FVPL) | ||||
Exchangeable note bond call option | ||||
Exchangeable note equity conversion option | (4) | (238) | ||
Exchangeable note bond put option | ||||
Total fair value through profit and loss (FVPL) | (4) | (238) | ||
Total fair value of financial assets liabilities | (82,025) | (81,620) | ||
Carrying Amount [Member] | ||||
Loans and receivables at amortised cost | ||||
Trade receivables | 17,754 | 21,318 | ||
Cash and cash equivalents | 15,231 | 30,277 | ||
Finance lease receivable | 684 | 835 | ||
Short term investments | 1,169 | |||
Total maximum credit exposure | 34,838 | 52,430 | ||
Liabilities at amortised cost | ||||
Exchangeable notes | (82,021) | (81,382) | ||
Lease liabilities | (20,149) | |||
Finance lease payable | (962) | |||
Trade and other payables (excluding deferred income) | (16,655) | (16,596) | ||
Provisions | (50) | (50) | ||
Total Liabilities at amortised cost | (118,875) | (98,990) | ||
Fair value through profit and loss (FVPL) | ||||
Exchangeable note bond call option | ||||
Exchangeable note equity conversion option | (4) | (238) | ||
Exchangeable note bond put option | ||||
Total fair value through profit and loss (FVPL) | (4) | (238) | ||
Total fair value of financial assets liabilities | (84,041) | (46,798) | ||
Fair Value [Member] | ||||
Loans and receivables at amortised cost | ||||
Trade receivables | 17,754 | 21,318 | ||
Cash and cash equivalents | 15,231 | 30,277 | ||
Finance lease receivable | 684 | 835 | ||
Short term investments | 1,169 | |||
Total maximum credit exposure | 34,838 | 52,430 | ||
Liabilities at amortised cost | ||||
Exchangeable notes | (82,021) | (81,382) | ||
Lease liabilities | (20,149) | |||
Finance lease payable | (962) | |||
Trade and other payables (excluding deferred income) | (16,655) | (16,596) | ||
Provisions | (50) | (50) | ||
Total Liabilities at amortised cost | (118,875) | (98,990) | ||
Fair value through profit and loss (FVPL) | ||||
Exchangeable note bond call option | ||||
Exchangeable note equity conversion option | (4) | (238) | ||
Exchangeable note bond put option | ||||
Total fair value through profit and loss (FVPL) | (4) | (238) | ||
Total fair value of financial assets liabilities | $ (84,041) | $ (46,798) |
RECONCILIATION OF LIABILITIES_3
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES (Schedule of Liabilities Arising from Financing) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash-flows: | |||
Interest paid | $ (3,996,000) | $ (4,503,000) | $ (4,600,000) |
Borrowings & derivative financial instruments [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at 1 January | 81,620 | 95,185 | |
Cash-flows: | |||
Interest paid | (3,996) | (4,503) | |
Repurchase | (12,042) | ||
Repayment | |||
Proceeds | |||
Non-cash: | |||
Interest charged | 3,996 | 4,352 | |
Adoption of IFRS 16 (Note 13) | |||
Additions (related to Right of Use assets) | |||
Reduction in accrued interest payable | 150 | ||
Exchange adjustment | |||
Accretion interest | 639 | 689 | |
Fair value | (234) | (2,211) | |
Balance at 31 December | 82,025 | 81,620 | 95,185 |
Lease liabilities [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at 1 January | 962 | 886 | |
Cash-flows: | |||
Interest paid | |||
Repurchase | |||
Repayment | (3,533) | (374) | |
Proceeds | 481 | ||
Non-cash: | |||
Interest charged | |||
Adoption of IFRS 16 (Note 13) | 21,185 | ||
Additions (related to Right of Use assets) | 679 | ||
Reduction in accrued interest payable | |||
Exchange adjustment | (91) | (31) | |
Accretion interest | 947 | ||
Fair value | |||
Balance at 31 December | $ 20,149 | $ 962 | $ 886 |
POST BALANCE SHEET EVENTS (Deta
POST BALANCE SHEET EVENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 30, 2020 | |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Impairment loss | $ 16,570 | $ 19,212 | $ 29,667 | ||
Primus Corp. [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Impairment loss | 1,800 | ||||
Immco Diagnostics [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Impairment loss | $ 1,700 | ||||
Paycheck Protection Program Loan [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Receipts of governmental support | $ 4,500 | ||||
Closure costs [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Provision | $ 2,400 |