Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Addresses [Line Items] | |
Entity Registrant Name | Trinity Biotech plc |
Entity Central Index Key | 0000888721 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2021 |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Voluntary Filers | No |
Entity Emerging Growth Company | false |
Document Fiscal Period Focus | FY |
Entity Filer Category | Non-accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Well-known Seasoned Issuer | No |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 83,606,810 |
Document Fiscal Year Focus | 2021 |
Entity Incorporation, State or Country Code | L2 |
Document Annual Report | true |
Entity Interactive Data Current | Yes |
Title of 12(b) Security | Ordinary Shares |
Document Accounting Standard | International Financial Reporting Standards |
Document Transition Report | false |
Entity File Number | 0-22320 |
Security Exchange Name | NASDAQ |
ICFR Auditor Attestation Flag | false |
Entity Address, Address Line One | IDA Business Park |
Entity Address, City or Town | Bray, Co. Wicklow |
Document Registration Statement | false |
Entity Address, Country | IE |
Document Shell Company Report | false |
Trading Symbol | TRIB |
Auditor Name | GRANT THORNTON |
Auditor Location | Dublin, Ireland |
Auditor Firm ID | 1402 |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
City Area Code | 353 |
Local Phone Number | 1276 9800 |
Contact Personnel Name | John Gillard |
Entity Address, Address Line One | IDA Business Park |
Contact Personnel Fax Number | 1276 9888 |
Entity Address, City or Town | Bray, Co. Wicklow |
Entity Address, Country | IE |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | |||
Revenues | $ 92,965,000 | $ 101,980,000 | $ 90,435,000 |
Cost of sales | (54,888,000) | (53,400,000) | (52,315,000) |
Gross profit | 38,077,000 | 48,580,000 | 38,120,000 |
Other operating income | 4,672,000 | 1,860,000 | 91,000 |
Research and development expenses | (4,497,000) | (5,080,000) | (5,325,000) |
Selling, general and administrative expenses | (24,683,000) | (26,390,000) | (27,661,000) |
Selling, general and administrative expenses - recognition of contingent asset | 0 | 1,316,000 | 0 |
Selling, general and administrative expenses - closure costs | 0 | (2,425,000) | 0 |
Selling, general and administrative expenses - tax audit settlement | 0 | 0 | (5,042,000) |
Impairment charges | (6,944,000) | (17,779,000) | (24,295,000) |
Operating profit/(loss) | 6,625,000 | 82,000 | (24,112,000) |
Financial income | 1,223,000 | 36,000 | 697,000 |
Financial expenses | (7,097,000) | (6,751,000) | (6,582,000) |
Net financing expense | (5,874,000) | (6,715,000) | (5,885,000) |
Profit/(Loss) before tax | 751,000 | (6,633,000) | (29,997,000) |
Total income tax credit | 178,000 | 620,000 | 1,006,000 |
Profit/(Loss) for the year on continuing operations | 929,000 | (6,013,000) | (28,991,000) |
(Loss)/Profit for the year on discontinued operations | (54,000) | (375,000) | 77,000 |
Profit(Loss) for the year (all attributable to owners of the parent) | $ 875,000 | $ (6,388,000) | $ (28,914,000) |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic profit/(loss) (US Dollars) – continuing operations | $ 0.04 | $ (0.29) | $ (1.39) |
Diluted profit/(loss) (US Dollars) – continuing operations | 0.04 | (0.29) | (1.39) |
Basic profit/(loss) (US Dollars) – group | 0.04 | (0.31) | (1.38) |
Diluted profit/(loss) (US Dollars) – group | 0.04 | (0.31) | (1.38) |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic profit/(loss) (US Dollars) – continuing operations | 0.01 | (0.07) | (0.35) |
Diluted profit/(loss) (US Dollars) – continuing operations | 0.01 | (0.07) | (0.35) |
Basic profit/(loss) (US Dollars) – group | 0.01 | (0.08) | (0.35) |
Diluted profit/(loss) (US Dollars) – group | $ 0.01 | $ (0.08) | $ (0.35) |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statement Of Comprehensive Income | |||
Profit/(Loss) for the year | $ 875 | $ (6,388) | $ (28,914) |
Other comprehensive loss | |||
Foreign exchange translation differences | (86) | (1,360) | (167) |
Other comprehensive loss | (86) | (1,360) | (167) |
Total Comprehensive Profit/(Loss) (all attributable to owners of the parent) | $ 789 | $ (7,748) | $ (29,081) |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-current assets | ||
Property, plant and equipment | $ 5,918 | $ 8,547 |
Goodwill and intangible assets | 35,981 | 33,860 |
Deferred tax assets | 4,101 | 4,185 |
Derivative financial instruments | 0 | 150 |
Other assets | 207 | 355 |
Total non-current assets | 46,207 | 47,097 |
Current assets | ||
Inventories | 29,123 | 30,219 |
Trade and other receivables | 16,116 | 22,668 |
Income tax receivable | 1,539 | 3,086 |
Cash and cash equivalents | 25,910 | 27,327 |
Total current assets | 72,688 | 83,300 |
TOTAL ASSETS | 118,895 | 130,397 |
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 | 12,559 | 10,573 |
Translation reserve | (5,379) | (5,293) |
Other reserves | 23 | 23 |
Total deficit | (319) | (2,219) |
Current liabilities | ||
Income tax payable | 22 | 154 |
Trade and other payables | 15,127 | 24,335 |
Provisions | 50 | 416 |
Exchangeable notes and other borrowings | 83,312 | 0 |
Lease liabilities | 1,980 | 2,153 |
Total current liabilities | 100,491 | 27,058 |
Non-current liabilities | ||
Exchangeable notes and other borrowings | 0 | 82,695 |
Derivative financial instruments | 0 | 1,370 |
Lease liabilities | 13,865 | 16,588 |
Deferred tax liabilities | 4,858 | 4,905 |
Total non-current liabilities | 18,723 | 105,558 |
TOTAL LIABILITIES | 119,214 | 132,616 |
TOTAL EQUITY AND LIABILITIES | $ 118,895 | $ 130,397 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) | Share Capital 'A' Ordinary shares [Member] | Share premium [Member] | Treasury Shares [Member] | Translation reserve [Member] | Hedging reserves [Member] | Accumulated surplus [Member] | Total |
Balance at Dec. 31, 2018 | $ 1,213,000 | $ 16,187,000 | $ (24,922,000) | $ (3,766,000) | $ 23,000 | $ 55,319,000 | $ 44,054,000 |
Profit/(Loss) for the period | (28,914,000) | (28,914,000) | |||||
Other comprehensive income | (167,000) | (167,000) | |||||
Total comprehensive profit/(loss) | (167,000) | (28,914,000) | (29,081,000) | ||||
Share-based payments | 839,000 | 839,000 | |||||
Adjustment on transition to IFRS 16 | (11,099,000) | (11,099,000) | |||||
Balance at Dec. 31, 2019 | 1,213,000 | 16,187,000 | (24,922,000) | (3,933,000) | 23,000 | 16,145,000 | 4,713,000 |
Profit/(Loss) for the period | (6,388,000) | (6,388,000) | |||||
Other comprehensive income | (1,360,000) | (1,360,000) | |||||
Total comprehensive profit/(loss) | (1,360,000) | (6,388,000) | (7,748,000) | ||||
Share-based payments | 816,000 | 816,000 | |||||
Balance at Dec. 31, 2020 | 1,213,000 | 16,187,000 | (24,922,000) | (5,293,000) | 23,000 | 10,573,000 | (2,219,000) |
Profit/(Loss) for the period | 875,000 | 875,000 | |||||
Other comprehensive income | (86,000) | (86,000) | |||||
Total comprehensive profit/(loss) | (86,000) | 875,000 | 789,000 | ||||
Share-based payments | 1,111,000 | 1,111,000 | |||||
Balance at Dec. 31, 2021 | $ 1,213,000 | $ 16,187,000 | $ (24,922,000) | $ (5,379,000) | $ 23,000 | $ 12,559,000 | $ (319,000) |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Profit/(Loss) for the year | $ 875,000 | $ (6,388,000) | $ (28,914,000) |
Adjustments to reconcile net profit/(loss) to cash provided by operating activities: | |||
Depreciation | 1,827,000 | 1,674,000 | 2,526,000 |
Amortisation | 917,000 | 1,403,000 | 2,368,000 |
Income tax credit | (167,000) | (182,000) | (1,006,000) |
Financial income | (1,223,000) | (36,000) | (697,000) |
Financial expense | 7,097,000 | 6,751,000 | 6,582,000 |
Share-based payments (net of capitalized amounts) | 1,100,000 | 792,000 | 758,000 |
Foreign exchange gains on operating cash flows | (251,000) | (663,000) | (93,000) |
(Gain)/Loss on disposal or retirement of property, plant and equipment | (1,000) | 30,000 | 17,000 |
Movement in inventory provision | 5,589,000 | 5,059,000 | 1,567,000 |
Impairment of prepayments | 583,000 | 562,000 | 1,376,000 |
Impairment of property, plant and equipment | 2,508,000 | 1,795,000 | 6,349,000 |
Impairment of intangible assets | 3,853,000 | 15,422,000 | 16,570,000 |
Other non-cash items | (5,317,000) | (634,000) | 835,000 |
Operating cash flows before changes in working capital | 17,390,000 | 25,585,000 | 8,238,000 |
Decrease / (Increase) in trade and other receivables | 6,236,000 | (2,489,000) | 445,000 |
(Increase) in inventories | (4,406,000) | (3,419,000) | (2,959,000) |
(Decrease) / Increase in trade and other payables | (7,591,000) | 4,994,000 | 151,000 |
Cash generated from operations | 11,629,000 | 24,671,000 | 5,875,000 |
Interest paid | (11,000) | (48,000) | (1,000,000) |
Interest received | 1,000 | 104,000 | 560,000 |
Income taxes received / (paid) | 1,619,000 | (972,000) | (18,000) |
Net cash generated by operating activities | 13,238,000 | 23,755,000 | 5,417,000 |
Cash flows from investing activities | |||
Payments to acquire intangible assets | (6,879,000) | (6,990,000) | (9,718,000) |
Acquisition of property, plant and equipment | (1,812,000) | (3,178,000) | (2,118,000) |
Disposal of property, plant and equipment | 0 | (30,000) | (17,000) |
Net cash used in investing activities | (8,691,000) | (10,198,000) | (11,853,000) |
Cash flows from financing activities | |||
Proceeds from Paycheck Protection loans | 1,764,000 | 4,520,000 | 0 |
Interest payment on exchangeable notes | (3,996,000) | (3,996,000) | (3,996,000) |
Loan Origination Costs | (848,000) | 0 | 0 |
Payment of lease liabilities | (2,939,000) | (3,240,000) | (3,533,000) |
Net cash used in financing activities | (6,019,000) | (2,716,000) | (7,529,000) |
(Decrease) / Increase in cash and cash equivalents and short term investments | (1,472,000) | 10,841,000 | (13,965,000) |
Effects of exchange rate movements on cash held | 55,000 | 86,000 | 88,000 |
Cash and cash equivalents and short-term investments at beginning of year | 27,327,000 | 16,400,000 | 30,277,000 |
Cash and cash equivalents and short-term investments at end of year | $ 25,910,000 | $ 27,327,000 | $ 16,400,000 |
BASIS OF PREPARATION AND SIGNIF
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
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 (together the “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, 2021. 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 2021 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 31. The directors have considered the Group’s current financial position and cash flow projections, taking into account all known events and developments including the Covid-19 pandemic. The directors believe that the Group will be able to continue its operations for at least the next 12 months from the date of this report and that it is appropriate to continue to prepare the consolidated financial statements on a going concern basis. At December 31, 2021, the Group had net currently liabilities. However, at the date of this report the Group’s financial position has substantially improved following the successful re-financing of the Group’s debt in early 2022. This has significantly improved the Group’s capital structure by reducing gross debt by approximately US$19 million and there are no material debt maturities until 2026. Furthermore, the investment by MiCo Group will facilitate an early repayment of a substantial portion of the debt due to Perceptive Advisors and will also facilitate the Group exploring lower cost debt funding options, in the short term, with the aim of further reducing the Group’s interest expense through refinancing the balance of the Group’s term loan at substantially lower interest rates. 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 2-15 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. 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)). 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, licenced, 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 at least 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 several of our products, though this is not the only barrier to entry. There is a significant cost and time to develop new products, it is necessary to obtain regulatory approval and tests are protected by proprietary know-how, manufacturing techniques and trade secrets. 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 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, 2020 and December 31, 2021. See Note 14. In-process research and development (IPR&D) is tested for impairment on an annual basis, in the periodically and always at year end, 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. 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 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 and financial support The Group has received government-backed Covid-19 financial supports in the form of forgivable loans. Under IAS 20, Accounting for 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. 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 typically apply. Some contracts could be regarded as offering the customer a right of return. Due to the uncertainty of the magnitude and likelihood of product returns, there is a level of estimation involved in assessing the amount of revenue to be recognized for these types of contracts. In accordance with IFRS 15, when estimating the effect of an uncertainty on an amount of variable consideration to which the Group will be entitled, all information that is reasonably available, including historical, current and forecast, is considered. The Group operates a licenced 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 Item 18, 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 Item 18, Note 23 for details. Other operating income Other operating income includes income for the provision of canteen services. This income has not been treated as revenue since the canteen activities are incidental to the main revenue-generating activities of the Group. Other operating income also includes government-backed Covid-19 financial supports. The accounting policy for this income is described in Note 1 (xv). 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 Termi |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
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 Group’s 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 - Ireland. The Group’s geographical segments are determined by the location of the Group’s 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 Group’s products are sold to a similar customer base and the main body whose regulation the Group’s 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 Group’s 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, 2021 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Revenue from external customers 67,249 25,716 - - 92,965 Inter-segment revenue 49,059 2,517 - (51,576 ) - Total revenue 116,308 28,233 - (51,576 ) 92,965 Rest of World Revenue Americas Ireland Other Eliminations Total Year ended December 31, 2020 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Revenue from external customers 77,688 24,292 - - 101,980 Inter-segment revenue 59,304 1,095 - (60,399 ) - Total revenue 136,992 25,387 - (60,399 ) 101,980 Rest of World Americas Ireland Other Eliminations Total Year ended December 31, 2019 US$‘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 ii) The distribution of revenue by customers’ geographical area was as follows: Revenue December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Americas 57,799 70,408 52,183 Asia / Africa 25,504 22,567 27,686 Europe (including Ireland) * 9,662 9,005 10,566 92,965 101,980 90,435 * Revenue from customers in Ireland is not disclosed separately due to the immateriality of these revenues. iii) The distribution of revenue by major product group was as follows: Revenue December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Clinical laboratory goods 74,700 84,280 68,127 Clinical laboratory services 7,928 8,485 10,915 Point-of-Care 10,337 9,215 11,393 92,965 101,980 90,435 iv) The group has recognised the following amounts relating to revenue in the consolidated statement of operations: Revenue December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Revenue from contracts with customers (a) 92,965 101,980 90,435 Revenue from other sources - - - 92,965 101,980 90,435 (a) Disaggregation of revenue from contracts with customers: The Group derives revenue from the transfer of goods and services over time and at a point in time in the following geographical areas: Timing of revenue recognition Americas Ireland Other Total Year ended December 31, 2021 US$‘000 US$‘000 US$‘000 US$‘000 At a point in time 66,806 25,716 - 92,522 Over time 443 - - 443 Total 67,249 25,716 - 92,965 Timing of revenue recognition Americas Ireland Other Total Year ended December 31, 2020 US$‘000 US$‘000 US$‘000 US$‘000 At a point in time 77,060 24,292 - 101,352 Over time 628 - - 628 Total 77,688 24,292 - 101,980 Timing of revenue recognition Americas Ireland Other Total Year ended December 31, 2019 US$‘000 US$‘000 US$‘000 US$‘000 At a point in time 63,300 26,390 - 89,690 Over time 745 - - 745 Total 64,045 26,390 - 90,435 (b) The Group derives revenue from the transfer of goods and services over time and at a point in time based on customers’ geographical area as follows: Timing of revenue recognition Americas Asia / Africa Europe Total Year ended December 31, 2021 US$‘000 US$‘000 US$‘000 US$‘000 At a point in time 57,356 25,504 9,662 92,522 Over time 443 - - 443 Total 57,799 25,504 9,662 92,965 Timing of revenue recognition Americas Asia / Africa Europe Total Year ended December 31, 2020 US$‘000 US$‘000 US$‘000 US$‘000 At a point in time 69,780 22,567 9,005 101,352 Over time 628 - - 628 Total 70,408 22,567 9,005 101,980 Timing of revenue recognition Americas Asia / Africa Europe Total Year ended December 31, 2019 US$‘000 US$‘000 US$‘000 US$‘000 At a point in time 51,438 27,686 10,566 89,690 Over time 745 - - 745 Total 52,183 27,686 10,566 90,435 v) The distribution of segment results by geographical area was as follows: Rest of World Americas Ireland Other Total Year ended December 31, 2021 US$‘000 US$‘000 US$‘000 US$‘000 Result before impairment and unallocated expenses 9,276 5,084 (12 ) 14,348 Impairment (6,088 ) (856 ) - (6,944 ) Result after impairment 3,188 4,228 (12 ) 7,404 Unallocated expenses * (779 ) Operating profit 6,625 Net financing expense (Note 8) (5,874 ) Profit before tax 751 Income tax credit (Note 9) 178 Profit for the year on continuing operations 929 Loss for the year on discontinued operations (Note 10) (54 ) Profit for the year 875 Rest of World Americas Ireland Other Total Year ended December 31, 2020 US$‘000 US$‘000 US$‘000 US$‘000 Result before impairment and unallocated expenses 14,495 4,264 (71 ) 18,688 Impairment (17,779 ) - - (17,779 ) Result after impairment (3,284 ) 4,264 (71 ) 909 Unallocated expenses * (827 ) Operating profit 82 Net financing expense (Note 8) (6,715 ) Loss before tax (6,633 ) Income tax credit (Note 9) 620 Loss for the year on continuing operations (6,013 ) Loss for the year on discontinued operations (Note 10) (375 ) Loss for the year (6,388 ) Rest of World Americas Ireland Other Total Year ended December 31, 2019 US$‘000 US$‘000 US$‘000 US$‘000 Result before impairment and unallocated expenses 5,239 (4,334 ) (108 ) 797 Impairment (14,562 ) (9,733 ) - (24,295 ) Result after impairment (9,323 ) (14,067 ) (108 ) (23,498 ) Unallocated expenses * (614 ) Operating loss (24,112 ) Net financing expense (Note 8) (5,885 ) Loss before tax (29,997 ) Income tax credit (Note 9) 1,006 Loss for the year on continuing operations (28,991 ) Profit for the year on discontinued operations (Note 10) 77 Loss for the year (28,914 ) * Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area. vi) The distribution of segment assets and segment liabilities by geographical area was as follows: Rest of World Americas Ireland Other Total As at December 31, 2021 US$‘000 US$‘000 US$‘000 US$‘000 Assets and liabilities Segment assets 45,891 41,453 1 87,345 Unallocated assets: Income tax assets (current and deferred) 5,640 Cash and cash equivalents and short-term investments 25,910 Total assets as reported in the Group balance sheet 118,895 Segment liabilities 12,382 101,927 25 114,334 Unallocated liabilities: Income tax liabilities (current and deferred) 4,880 Total liabilities as reported in the Group balance sheet 119,214 Rest of World Americas Ireland Other Total As at December 31, 2020 US$‘000 US$‘000 US$‘000 US$‘000 Assets and liabilities Segment assets 58,164 37,632 3 95,799 Unallocated assets: Income tax assets (current and deferred) 7,271 Cash and cash equivalents and short-term investments 27,327 Total assets as reported in the Group balance sheet 130,397 Segment liabilities 20,431 107,080 46 127,557 Unallocated liabilities: Income tax liabilities (current and deferred) 5,059 Total liabilities as reported in the Group balance sheet 132,616 vii) The distribution of long-lived assets, which are property, plant and equipment, goodwill and intangible assets and other non-current assets (excluding deferred tax assets and derivative financial instruments), by geographical area was as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 Rest of World – Ireland 22,617 19,927 Americas 19,489 22,835 42,106 42,762 viii) The distribution of depreciation and amortisation by geographical area was as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Depreciation: Rest of World – Ireland 204 127 322 Americas 1,662 1,587 2,208 1,866 1,714 2,530 Amortisation: Rest of World – Ireland 69 32 642 Americas 848 1,371 1,726 917 1,403 2,368 ix) The distribution of share-based payment expense by geographical area was as follows: December 31, 2021 December 31, 2020 December 31, 2019 Rest of World – Ireland 1,072 722 659 Americas 28 70 99 1,100 792 758 See Note 21 for further information on share-based payments. x) The distribution of taxation (expense)/credit by geographical area was as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Rest of World – Ireland 540 293 831 Rest of World – Other (2 ) (8 ) - Americas (360 ) 335 175 178 620 1,006 xi) During 2020 and 2019 there were no customers generating 10% or more of total revenues. In 2021, one customer accounted for more than 10% of total revenues. xii) The distribution of capital expenditure by geographical area was as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 Rest of World – Ireland 3,826 5,609 Rest of World – Other - - Americas 4,776 4,317 8,602 9,926 |
EMPLOYMENT
EMPLOYMENT | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |
EMPLOYMENT | 3. EMPLOYMENT The average number of persons employed by the Group is as follows: December 31, 2021 December 31, 2020 December 31, 2019 Research and development 41 52 57 Administration and sales 134 148 159 Manufacturing and quality 302 343 363 477 543 579 Employment costs charged in the Consolidated Income Statement for continuing operations are analysed as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Wages and salaries 26,561 26,187 25,885 Social welfare costs 2,403 2,195 2,538 Pension costs 352 447 503 Tax settlement (Note 6) - - 5,094 Share-based payments 1,100 792 758 Restructuring Cost 270 388 - Recognition of contingent asset (Note 26) - (1,316 ) - 30,686 28,693 34,778 Employment costs are shown net of capitalisations and Irish government wage subsidies. Total employment costs, inclusive of amounts capitalised for wages and salaries, social welfare costs and pension costs, for the year ended December 31, 2021 amounted to US$33,366,000 (2020: US$33,347,000) (2019: US$36,288,000). Total share based payments, inclusive of amounts capitalised in the balance sheet, amounted to US$1,111,000 for the year ended December 31, 2021 (2020: US$816,000) (2019: US$838,000). See Note 21 for further details. 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$352,000 (2020: US$447,000) (2019: US$503,000). The pension accrual for the Group at December 31, 2021 was US$47,000 (2019: US$47,000), (2019: US$43,000). |
OTHER OPERATING INCOME
OTHER OPERATING INCOME | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other operating income [Abstract] | |
OTHER OPERATING INCOME | 4. OTHER OPERATING INCOME December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Government supports - COVID-19 4,668 1,840 - Other income - 17 88 Rental income from premises 4 3 3 4,672 1,860 91 Government supports - COVID-19 comprises funding received under the U.S. government’s Cares Act, specifically its Paycheck Protection Program and its Provider Relief Fund. Six Paycheck Protection Program (“PPP”) loans received by the Company, amounting to US$4,668,000 were forgiven during 2021. Four out of six loans were treated as short term liabilities at December 31, 2020 (refer to Note 22). In addition, the company received US$225,000 under the Provider Relief Fund in 2020. No funding was received under the Provider Relief Fund in 2021. As of December 31, 2021, all these loans were forgiven. Other income comprises US$ NIL |
SELLING, GENERAL AND ADMINISTRA
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - CLOSURE COSTS | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - CLOSURE COSTS | 5. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES – CLOSURE COSTS In early 2020, management decided to close a production facility in Carlsbad, California facility which specialized in Western Blot manufacturing. The last number of years had 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 declined steadily at the plant to the extent that it no longer made economic sense to continue. The plant was closed on June 30, 2020. Production of remaining products was transferred to other locations in the Group. The charge for closing the facility was US$2.4 million which comprised redundancy costs, the write-off of inventory, the cost of exiting lease obligations and other costs associated with the closure of the facility. |
SELLING, GENERAL AND ADMINIST_2
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - TAX AUDIT SETTLEMENT | 12 Months Ended |
Dec. 31, 2021 | |
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 In the year ended December 31, 2019, the Company reached a tax settlement of US$6,442,000 arising out of a tax audit in one of the jurisdictions in which the company operates. 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 in the year ended December 31, 2019, 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 recognized in the 2019 financial statements. This balance was settled in the year ended December 31, 2020 and has been credited to the Statement of Operations within Selling, General and Administrative Expenses. The underlying amount was denominated in Euro. Due to a depreciation in the US Dollar since 2019, the US Dollar equivalent amount increased from US$1,231,000 to US$1,316,000. The settlement amount received by the Company was US$177,000 more than the balance owed and this overpayment is recorded as a related party current liability for the benefit of Ronan O’Caoimh as at December 31, 2020. The amount was settled by the Group in January 2021. |
IMPAIRMENT CHARGES
IMPAIRMENT CHARGES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of impairment charges and inventory provisioning [Abstract] | |
IMPAIRMENT CHARGES | 7. IMPAIRMENT CHARGES In accordance with IAS 36, Impairment of Assets, the Group carries out periodic impairment reviews of the asset valuations. A number of factors impacted this calculation including the Company’s market capitalization during the year ended 31 December 2021, the cost of capital, cash flow projections and net asset values across each of the Company’s cash generating units. The impact of the above items on the statement of operations for the year ended December 31, 2021, December 31, 2020, December 31, 2019 was as follows: December December December 31, 2021 31, 2020 31, 2019 US$’000 US$’000 US$’000 Selling, general & administration expenses Impairment of PP&E (Note 13) 2,508 1,795 6,349 Impairment of goodwill and other intangible assets (Note 14) 3,853 15,422 16,570 Impairment of prepayments (Note 18) 583 562 1,376 Total impairment loss 6,944 17,779 24,295 Income tax impact of impairment loss - - 148 Total impairment loss after tax 6,944 17,779 24,443 |
FINANCIAL INCOME AND EXPENSES
FINANCIAL INCOME AND EXPENSES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial income and expenses [Abstract] | |
FINANCIAL INCOME AND EXPENSES | 8. FINANCIAL INCOME AND EXPENSES December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Financial income: Non-cash financial income 1,220 - 233 Interest income 3 36 464 1,223 36 697 Financial expense: Interest on leases (815 ) (896 ) (947 ) Interest on tax audit settlement (Note 6) - - (1,000 ) Cash interest on exchangeable notes (3,996 ) (3,996 ) (3,996 ) Loan origination costs (1,638 ) - - Non-cash interest on exchangeable notes (Note 24) (648 ) (643 ) (639 ) Non-cash financial expense - (1,216 ) - (7,097 ) (6,751 ) (6,582 ) Net Financing Expense (5,874 ) (6,715 ) (5,885 ) The Company and its subsidiaries entered into a US$81,250,000 senior secured term loan credit facility with Perceptive Advisors in December 2021. Loan origination costs of US$1,638,000 were incurred, comprising loan commitment and professional fees. These costs have been expensed in the Statement of Operations, as the term loan was subject to shareholder approval and that approval was not received until post year end. For more information on this term loan, refer to Note 30, Post Balance Sheet events. Exchangeable note interest expense and non-cash financial income and expense relate to the exchangeable senior notes issued in 2015. For further information, refer to Note 24. |
INCOME TAX CREDIT
INCOME TAX CREDIT | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of income tax credit [Abstract] | |
INCOME TAX CREDIT | 9. INCOME TAX CREDIT December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Current tax (credit)/expense Irish Corporation tax (511 ) (480 ) (312 ) Foreign taxes (a) 296 179 197 Adjustment in respect of prior years - (152 ) (50 ) Total current tax credit (215 ) (453 ) (165 ) Deferred tax credit Origination and reversal of temporary differences (see Note 15) 620 48 (625 ) Origination and reversal of net operating losses (see Note 15) (583 ) (215 ) (216 ) Total deferred tax credit 37 (167 ) (841 ) Total income tax credit on continuing operations in statement of operations (178 ) (620 ) (1,006 ) Tax charge on discontinued operations (see Note 10) 12 438 - Total tax credit (166 ) (182 ) (1,006 ) (a) In 2021, the foreign taxes relate primarily to USA and Canada. (b) In 2021, there was a deferred tax charge of US$118,000 (2020: charge of US$53,000; 2019: credit of US$444,000) recognised in respect of Ireland and a deferred tax credit of US$81,000 (2020: credit of US$220,000;2019: credit of US$397,000) recognised in respect of overseas tax jurisdictions. Effective tax rate December 31, 2021 December 31, 2020 December 31, 2019 Profit/(Loss) before taxation – continuing operations (US$‘000) 751 (6,633 ) (29,997 ) As a percentage of loss before tax: Current tax % 28.63 % (6.83 )% (0.55 )% Total (current and deferred) % (23.70 )% (9.35 )% (3.36 )% The following table reconciles the applicable Republic of Ireland statutory tax rate to the effective total tax rate for the Group: December 31, 2021 December 31, 2020 December 31, 2019 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) 49.63 % 24.13 % 13.21 % Effect of tax rates on overseas earnings (0.22 )% (9.92 )% (3.05 )% Effect of Irish income taxable at higher tax rate 98.68 % 5.92 % 0.04 % Adjustments in respect of prior years (0.01 )% (10.66 )% (0.17 )% R&D tax credits (79.22 )% (11.00 ) % (2.69 )% Other items (b) (105.06 )% 4.68 % 1.80 % Effective tax rate (23.70 )% (9.35 )% (3.36 )% (a) No deferred tax asset was recognised because there was no reversing deferred tax liability in the same jurisdiction reversing in the same period and insufficient future projected taxable income in the same jurisdiction. (b) Other items comprise items not chargeable to tax/expenses not deductible for tax purposes. In 2021, this mainly comprises the income from the Paycheck Protection Program loans which is not chargeable for tax purposes. The distribution of profit/(loss) before taxes by geographical area was as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Rest of World – Ireland 1,862 296 (20,318 ) Rest of World – Other 3,939 3,304 4,760 Americas (5,050 ) (10,233 ) (14,439 ) 751 (6,633 ) (29,997 ) At December 31, 2021, the Group had unutilised net operating losses for continuing operations as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Rest of World – Ireland 68,132 78,700 73,754 Rest of World – Other 1,000 2,185 - Americas 4,761 4,313 6,823 73,893 85,198 80,577 At December 31, 2021, the Group had unrecognised deferred tax assets in respect of unused tax losses and unused tax credits as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Rest of World – Ireland – unused tax losses 9,272 12,514 12,062 Rest of World – Other – unused tax losses 279 546 - Americas – unused tax losses 5,891 1,466 5,259 Americas – unused tax credits 3,368 2,862 493 Unrecognised deferred tax asset 18,810 17,388 17,814 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. |
(LOSS)_PROFIT FOR THE YEAR ON D
(LOSS)/PROFIT FOR THE YEAR ON DISCONTINUED OPERATION | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of loss on discontinued operation [Abstract] | |
(LOSS)/PROFIT FOR THE YEAR ON DISCONTINUED OPERATION | 10 . (LOSS)/PROFIT FOR THE YEAR ON DISCONTINUED OPERATION In 2016, management decided to cease the development of Cardiac point-of-care tests on the Meritas platform. These products were being developed by the Group’s subsidiary Fiomi Diagnostics (“Fiomi”) located in Sweden. 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 Group’s continuing operations and are shown as a single line item (net of related taxes) on the face of the Consolidated Statement of Operations. The discontinued operation had no revenues since commencement as the products were still in their development phase. In 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 2018, taxes paid to the Swedish tax authorities were recovered and there was a resulting tax credit of US$590,000. In 2021, closure costs of US$42,000 were incurred and a tax charge of US12,000 was expensed due to a change of estimate. The operating loss for the Cardiac point-of-care tests operation in Sweden and the (loss)/profit on re-measurement of its assets and liabilities are summarised as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 (Loss)/Profit on re-measurement of assets and liabilities: Closure provision (42 ) 127 (8 ) Foreign currency translation reserve - (64 ) 85 Tax (expense)/credit (12 ) (438 ) - Total (loss)/profit (54 ) (375 ) 77 (Loss)/Profit for the year from discontinued operations (54 ) (375 ) 77 Basic earnings per ordinary share – discontinued operations Basic (loss)/earnings per ordinary share for discontinued operations is computed by dividing the loss after taxation on discontinued operations of US$54,000 (2020: loss US$375,000) (2019: profit US$77,000) for the financial year by the weighted average number of ‘A’ ordinary shares in issue. As at December 31, 2021, this amounted to 83,606,810 shares (2020: 83,606,810 shares) (2019: 83,606,810 shares), see note 12 for further details. Diluted earnings per ordinary share – discontinued operations Diluted (loss)/earnings per ordinary share for discontinued operations is computed by dividing the loss after taxation on discontinued operations of US$54,000 (2020: profit US$375,000) (2019: profit US$77,000) for the financial year by the diluted weighted average number of ordinary shares in issue of 106,518,650 (2020: 105,024,732) (2019: 101,870,064), 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 (loss)/earnings per ADS for discontinued operations is computed by dividing the loss after taxation on discontinued operations of US$54,000 (2020: loss US$375,000) (2019: profit US$77,000) for the financial year by the weighted average number of ADS in issue of 20,901,703 (2020: 20,901,703) (2019: 20,901,703), see note 12 for further details. Diluted (loss)/earnings per ADS for discontinued operations is computed by dividing the loss after taxation on discontinued operations of US$54,000 (2020: loss US$375,000) (2019: profit US$77,000) for the financial year, by the diluted weighted average number of ADS in issue of 26,629,663 (2020: 25,256,183) (2019: 25,467,517), see note 12 for further details. December 31, December 31, December 31, Basic earnings/ (loss) per ADS (US Dollars) – discontinued operations 0.00 (0.02 ) 0.00 Diluted earnings/ (loss) per ADS (US Dollars) – discontinued operations 0.00 (0.02 ) 0.00 Basic earnings/ (loss) per ‘A’ share (US Dollars) – discontinued operations 0.00 0.00 0.00 Diluted earnings/ (loss) per ‘A’ share (US Dollars) – discontinued operations 0.00 0.00 0.00 Cash flows The cash flows attributable to discontinued operations are as follows: December 31, December 31, December 31, US$000 US$000 US$000 Cash flows from operating activities (40 ) (22 ) (5 ) There were no cash flows from investing or financing activities attributable to discontinued operations for the years ended December 31, 2021, 2020 or 2019. |
PROFIT_LOSS BEFORE TAX
PROFIT/LOSS BEFORE TAX | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of loss profit before tax [Abstract] | |
PROFIT/LOSS BEFORE TAX | 11. PROFIT/LOSS BEFORE TAX The following amounts were charged / (credited) to the statement of operations: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Directors’ emoluments (including non- executive directors): Remuneration 1,390 2,020 1,238 Pension 24 41 42 Share based payments 986 678 624 Auditor’s remuneration Audit fees 549 533 523 Tax fees 77 146 172 Other non-audit fees 31 25 - Depreciation* 1,827 1,674 2,526 Amortisation (Note 14) 917 1,403 2,368 (Gain)/Loss on the disposal of property, plant and equipment (1 ) 30 17 Net foreign exchange differences (789 ) 583 (179 ) * Note that US$39,000 (2020: US$40,000) (2019: US$4,000) of depreciation was capitalised to research and development projects during 2021 in line with the Group’s capitalisation policy for Intangible projects. |
PROFIT_(LOSS) PER SHARE
PROFIT/(LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
LOSS PER SHARE | 12. PROFIT/(LOSS) PER SHARE Basic earnings per ordinary share Basic earnings/(loss) per ordinary share for the group is computed by dividing the profit after taxation of US$875,000 (2020: loss of US$6,388,000) (2019: loss of US$28,914,000) for the financial year by the weighted average number of ‘A’ ordinary shares in issue. Basic earnings /(loss) per ordinary share for continuing operations is computed by dividing the profit after taxation for continued operations of US$929,000 (2020: loss of US$6,013,000) (2019: loss of US$28,991,000) for the financial year by the weighted average number of ‘A’ ordinary shares in issue. As at December 31, 2021, this amounted to 83,606,810 shares (2020: 83,606,810 shares) (2019: 83,606,810 shares). December 31, December 31, December 31, ‘A’ ordinary shares 83,606,810 83,606,810 83,606,810 Basic earnings per share denominator 83,606,810 83,606,810 83,606,810 Reconciliation to weighted average earnings per share denominator: Number of ‘A’ ordinary shares at January 1 (Note 20) 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 ) (12,555,600 ) (12,555,600 ) Basic earnings per share denominator 83,606,810 83,606,810 83,606,810 * 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 /(loss) per ordinary share for the group is computed by dividing the adjusted profit after tax of US$4,299,000 (2020: loss of US$533,000) (2019: loss of US$24,512,000) for the financial year by the diluted weighted average number of ordinary shares in issue of 106,518,650 (2020: 105,024,732) (2019: 101,870,064). Diluted earning s/(loss) per ordinary share for continuing operations is computed by dividing the adjusted profit on continuing operations of US$4,353,000 (2020: loss of US$158,000) (2019: loss of US$24,590,000) for the financial year by the diluted weighted average number of ordinary shares in issue of 106,518,650 (2020: 105,024,732) (2019: 101,870,064). The adjusted profit after tax on continuing operations is computed by adding back the interest expense, accretion interest and movements Under IAS 33 Earnings per Share, diluted earnings per share cannot be anti-dilutive. Therefore, diluted loss per ordinary share in accordance with IFRS would be equal to basic loss per ordinary share when a loss occurs. The basic weighted average number of ordinary shares for the Group may be reconciled to the number used in the diluted earnings per ordinary share calculation as follows: December 31, 2021 December 31, 2020 December 31, 2019 Basic earnings per share denominator (see above) 83,606,810 83,606,810 83,606,810 Issuable on exercise of options and warrants 4,648,586 3,154,668 - Issuable on conversion of exchangeable notes 18,263,254 18,263,254 18,263,254 Diluted earnings per share denominator 106,518,650 105,024,732 101,870,064 The profit/(loss) after tax for the year may be reconciled to the amount used in the diluted earnings per ordinary share calculation as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Profit/(Loss) after tax for the year 875 (6,388 ) (28,914 ) Non-cash financial (income)/ expense (Note 8) (1,220 ) 1,216 (233 ) Cash interest expense (Note 8) 3,996 3,996 3,996 Non-cash interest on exchangeable notes (Note 8) 648 643 639 Adjusted profit/(loss) after tax 4,299 (533 ) (24,512 ) 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 profit after taxation of US$875,000 (2020: loss of US$6,388,000) (2019: loss of US$28,914,000) for the financial year by the weighted average number of ADS in issue of 20,901,703 (2020: 20,901,703) (2019: 20,901,703). Basic earnings per ADS for continuing operations is computed by dividing the profit after taxation of US$929,000 (2020: loss of US$6,013,000) (2019: loss of US$28,991,000) for the financial year by the weighted average number of ADS in issue of 20,901,703 (2020: 20,901,703) (2019: 20,901,703). December 31, 2021 December 31, 2020 December 31, 2019 ADS 20,901,703 20,901,703 20,901,703 Basic earnings per share denominator 20,901,703 20,901,703 20,901,703 Reconciliation to weighted average earnings per share denominator: Number of ADS at January 1 (Note 20) 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 ) (3,138,899 ) (3,138,899 ) Basic earnings per share denominator 20,901,703 20,901,703 20,901,703 Diluted earnings per ADS for the Group is computed by dividing the adjusted profit after taxation of US$4,299,000 (2020: loss of US$533,000) (2019: loss of US$24,512,000) for the financial year, by the diluted weighted average number of ADS in issue of 26,629,663 (2020: 26,256,183) (2019:25,467,517). Under IAS 33 Earnings per Share, diluted earnings per share cannot be anti-dilutive. Therefore, diluted earnings/(loss) per ADS in accordance with IFRS would be equal to basic loss per ADS when a loss occurs. *The weighted average number of shares issued during the year is calculated by taking the number of shares issued multiplied by the number of days in the year each share is in issue, divided by 365 days. The basic weighted average number of ADS shares for the Group may be reconciled to the number used in the diluted earnings per ADS share calculation as follows: December 31, 2021 December 31, 2020 December 31, 2019 Basic earnings per share denominator (see above) 20,901,703 20,901,703 20,901,703 Issuable on exercise of options and warrants 1,162,146 788,666 - Issuable on conversion of exchangeable notes 4,565,814 4,565,814 4,565,814 Diluted earnings per share denominator 26,629,663 26,256,183 25,467,517 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 13. PROPERTY, PLANT AND EQUIPMENT Land & Buildings US$‘000 Leasehold Improvements US$‘000 Computer & Office Equipment US$‘000 Plant & Equipment US$‘000 Total US$‘000 Cost At January 1, 2020 24,269 3,005 4,292 38,676 70,242 Additions 8 41 96 2,766 2,911 Disposals or retirements - (299 ) (66 ) (5,758 ) (6,123 ) Exchange adjustments 10 (77 ) (13 ) (1,845 ) (1,925 ) At December 31, 2020 24,287 2,670 4,309 33,839 65,105 At January 1, 2021 24,287 2,670 4,309 33,839 65,105 Additions 46 126 144 1,392 1,708 Disposals or retirements - (186 ) (255 ) (2,410 ) (2,851 ) Reallocations/ reclassifications - - - - - Exchange adjustments 1 (18 ) 2 (484 ) (499 ) At December 31, 2021 24,334 2,592 4,200 32,337 63,463 Accumulated amortisation and Impairment losses At January 1, 2020 (18,493 ) (2,037 ) (3,682 ) (36,740 ) (60,952 ) Charge for the year (783 ) (146 ) (181 ) (604 ) (1,714 ) Impairment losses as at December 31, 2020 (347 ) (78 ) (180 ) (1,190 ) (1,795 ) Disposals or retirements - 299 84 5,590 5,973 Exchange adjustments (6 ) 78 13 1,845 1,930 At December 31, 2020 (19,629 ) (1,884 ) (3,946 ) (31,099 ) (56,558 ) At January 1, 2021 (19,629 ) (1,884 ) (3,946 ) (31,099 ) (56,558 ) Charge for the year (628 ) (149 ) (115 ) (974 ) (1,866 ) Disposals or retirements - 186 255 2,410 2,851 Impairment losses (1,196 ) (279 ) (98 ) (935 ) (2,508 ) Reallocations/ reclassifications - - - - - Exchange adjustments 21 (5 ) (46 ) 566 536 At December 31, 2021 (21,432 ) (2,131 ) (3,950 ) (30,032 ) (57,545 ) Carrying amounts At December 31, 2021 2,902 461 250 2,305 5,918 At December 31, 2020 4,658 786 363 2,740 8,547 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 Additional information on the right-of-use assets by class of assets is as follows: Carrying amount Depreciation Charge Impairment Charge At December 31, 2021 Year ended December 31, 2021 Year ended December 31, 2021 US$000 US$000 US$000 Buildings 2,549 (609 ) (1,089 ) Computer equipment 23 (5 ) - Plant and Equipment - - - 2,572 (614 ) (1,089 ) Carrying amount Depreciation Charge Impairment Charge At December 31, 2020 Year ended December 31, 2020 Year ended December 31, 2020 US$000 US$000 US$000 Buildings 4,200 (673 ) (347 ) Computer equipment 3 (4 ) - Plant and Equipment - (70 ) (154 ) 4,203 (747 ) (501 ) Income from sub-letting right-of-use buildings amounted to US$3,000 in the year ended December 31, 2021 (2020: US$3,000). Right-of-Use assets at 31 December 2021 No. of Right-of-Use leased assets Range of remaining term in years Average remaining lease term (years) No. of Leases with extension options No. of Leases with options to purchase No. of leases with variable payments linked to index No. of leases with termination options Building 11 1 to 12 3 1 - 2 4 Vehicle 16 1 to 3 2 - 16 - 16 I.T. and office equipment 2 1 to 5 4 - - - - Right-of-Use assets at 31 December 2020 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 12 1 to 13 4 1 - 2 4 Vehicle 16 1 to 3 2 - 16 - 16 I.T. and office equipment 10 1 to 2 1 - - - 1 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$2,508,000 was allocated to property, plant and equipment as at December 31, 2021 (2020: US$1,795,000). The recoverable amount of property, plant and equipment was determined to be the value in use of each cash generating unit. Assets held under operating leases (where the Company is the lessor) The Company has a number of assets included in plant and equipment which generate operating lease revenue for the Group. The net book value of these assets as at December 31, 2021 and 2020 is US$ Nil Property, plant and equipment under construction There were no assets under construction included in property, plant and equipment at December 31, 2021 (2020: US$Nil). |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of goodwill and intangible assets [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | 14. GOODWILL AND INTANGIBLE ASSETS Goodwill US$‘000 Development costs US$‘000 Patents and licences US$‘000 Other US$‘000 Total US$‘000 Cost At January 1, 2020 81,689 156,377 9,951 34,266 282,283 Additions - 6,896 30 89 7,015 Disposals or retirements (2,507 ) (34,318 ) (1,034 ) (1,044 ) (38,903 ) Exchange adjustments - 22 - - 22 At December 31, 2020 79,182 128,977 8,947 33,311 250,417 At January 1, 2021 79,182 128,977 8,947 33,311 250,417 Additions - 6,771 102 21 6,894 Disposals or retirements - (14,576 ) (342 ) (134 ) (15,052 ) Exchange adjustments - 1 - - 1 At December 31, 2021 79,182 121,173 8,707 33,198 242,260 Accumulated amortisation and Impairment losses At January 1, 2020 (69,098 ) (133,599 ) (9,819 ) (26,113 ) (238,629 ) Charge for the year - (959 ) (5 ) (439 ) (1,403 ) Disposals or retirements 2,507 34,318 1,034 1,044 38,903 Impairment losses - (15,287 ) - (135 ) (15,422 ) Exchange adjustments - (6 ) - - (6 ) At December 31, 2020 (66,591 ) (115,533 ) (8,790 ) (25,643 ) (216,557 ) At January 1, 2021 (66,591 ) (115,533 ) (8,790 ) (25,643 ) (216,557 ) Charge for the year - (482 ) (7 ) (428 ) (917 ) Disposals or retirements - 14,573 342 132 15,047 Impairment losses (54 ) (2,053 ) (106 ) (1,640 ) (3,853 ) Exchange adjustments - 1 - - 1 At December 31, 2021 (66,645 ) (103,494 ) (8,561 ) (27,579 ) (206,279 ) Carrying amounts At December 31, 2021 12,537 17,679 146 5,619 35,981 At December 31, 2020 12,591 13,444 157 7,668 33,860 Included within development costs are costs of US$7,994,000 which were not amortised in 2021 (2020: US$6,980,000). These development costs are not being amortised as the projects to which the costs relate were not fully complete at December 31, 2021 or at December 31, 2020. As at December 31, 2021 these projects are expected to be completed during the period from January 1, 2022 to December 31, 2024 at an expected further cost of approximately US$5,857,000. The following represents the costs incurred during each period presented for each of the principal development projects: Product Name 2021 US$’000 2020 US$’000 Premier Instrument for Haemoglobin A1c testing 2,538 1,359 HIV screening rapid test 1,488 2,278 COVID tests 1,320 467 Autoimmune Smart Reader 550 666 Mid-tier haemoglobins instrument 303 243 Tri-stat point-of-care instrument 245 203 Uni-gold raw material stabilisation 144 - Sjögrens tests 88 99 Uni-Gold antigen improvement - 556 Syphilis point-of-care test - 618 Column enhancement - 151 Other projects 95 256 Total capitalised development costs 6,771 6,896 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 an expected 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 a periodic basis. The recoverable amount of seven CGUs is determined based on a value-in-use computation. Among other macroeconomic considerations, the impact of the COVID-19 pandemic has been factored into our impairment testing. The value-in-use calculations use cash flow projections based on the 2022 projections for each CGU and a further four years projections using estimated revenue and cost average growth rates of between 0% and 5%. 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 pre-tax discount rates used range from 16% to 25% (2020: 16% to 44%). Sources of estimation uncertainty The cash flows have been arrived at taking into account the Group’s financial position, its recent financial results and cash flow generation and the nature of the medical diagnostic industry, where product obsolescence can be a feature. However, expected future cash flows are inherently uncertain and are therefore liable to material change over time. The key assumptions employed in arriving at the estimates of future cash flows factored into impairment testing are subjective and include projected EBITDA margins, net cash flows, discount rates used and the duration of the discounted cash flow model. Significant under-performance in any of the Group’s major CGUs may give rise to a material impairment which would have a substantial impact on the Group’s income and equity. 2021 impairment test The impairment tests performed at June 30, 2021 and at December 31, 2021 identified an impairment loss in three CGUs, Immco Diagnostics Inc, Trinity Biotech Do Brasil and Biopool US Inc. A specific impairment loss on an intangible asset owned by Trinity Biotech Manufacturing Limited was also incurred in 2021. The table below sets forth the impairment loss recorded for each of the CGU’s: December 31, 2021 December 31, 2020 US$’000 US$’000 Immco Diagnostics Inc 4,979 - Trinity Biotech Manufacturing Limited 856 - Trinity Biotech Do Brasil 956 919 Biopool US Inc. 153 154 Primus Corp - 16,706 Total impairment loss 6,944 17,779 The carrying value of the intangible assets for the COVID-19 antibody rapid test was written off in full in the year ended December 31, 2021 and is included in the total impairment charge in the table above. This product development was an asset of Trinity Biotech Manufacturing Limited and the impairment charge recorded for this asset was US$856,000. The COVID-19 antibody rapid test was submitted to the FDA under an Emergency Use Authorisation (“EUA”) application. The FDA informed the Company that given the volume of EUA requests it has received, it was not currently prioritising this type of serological test for review and thus would not review an EUA application for the test at this time. The Company has examined other potential pathways to regulatory approval to allow US sales of this test, but it is expected that these would require significant additional investment. Due to the advent and widespread adoption of COVID-19 vaccines since this antibody test was envisaged and the focus of public health authorities on using evidence of vaccination rather than the presence of antibodies as proof of immunity, the Company now expects that the use for such tests will be limited and thus the potential revenues from the sales of this product to be minimal. Given this current limited market demand for such antibody tests, the Company decided not to devote additional investment to this test and the full costs to date for the development of the rapid test was written off. Instead, the Company is focusing its resources on a COVID-19 antigen test for which we expect a much larger market. Immco Diagnostics Inc., which recorded the largest impairment loss of any CGU in this financial year, has been particularly impacted by the pandemic and changes to its product offering. The table below sets forth the breakdown of the impairment loss for each class of asset: December 31, 2021 December 31, 2020 US$’000 US$’000 Goodwill and other intangible assets (see Note 14) 3,853 15,422 Property, plant and equipment (see Note 13) 2,508 1,795 Prepayments (see Note 18) 583 562 Total impairment loss 6,944 17,779 The value-in-use calculation is subject to significant estimation, uncertainty and accounting judgements and the following sensitivity analysis has been performed: • In the event that there was a reduction of 10% in the assumed level of future growth in revenue growth rate, which would represent a reasonably likely range of outcomes, there would be no additional impairment loss recorded at December 31, 2021. • In the event there was a 10% increase in the discount rate used to calculate the potential impairment of the carrying values, which would represent a reasonably likely range of outcomes, there would be no additional impairment loss recorded at December 31, 2021. Significant Goodwill and Intangible Assets with Indefinite Useful Lives CGUs or combinations of CGUs for which the carrying amount of goodwill is significant for the purposes of impairment testing periodically, in comparison with the Group’s total carrying amount of goodwill are those where the percentage is greater than 20% of the total. The additional disclosures required for the CGU with significant goodwill are as follows: Fitzgerald Industries December 31, December 31, Carrying amount of goodwill (US$’000) 12,591 12,591 Discount rate applied (real pre-tax) 19.66 % 19.98 % Excess value-in-use over carrying amount (US$’000) 3,496 7,915 % EBITDA would need to decrease for an impairment to arise 18.15 % 31.98 % Long-term growth rate 2.0 % 2.0 % The key assumptions and methodology used in respect of this CGU are consistent with those described above. The assumptions and estimates used are specific to the individual CGU and were derived from a combination of internal and external factors based on historical experience. Intangible Assets with Indefinite Useful lives (included in other intangibles) December 31, 2021 US$‘000 December 31, 2020 US$‘000 Fitzgerald Industries International CGU Fitzgerald trade name 970 970 RDI trade name 560 560 Primus Corporation CGU Primus trade name 365 365 Immco Diagnostic CGU Immco Diagnostic trade name 2,069 2,938 Total 3,964 4,833 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 2020, an impairment loss of US$135,000 was allocated against the Primus trade name as the carrying value of the CGU’s net assets exceeded its discounted future cashflows. In 2021, an impairment loss of US$869,000 was allocated against the Immco Diagnostic trade name as the carrying value of the CGU’s net assets exceeded its discounted future cashflows. |
DEFERRED TAX ASSETS AND LIABILI
DEFERRED TAX ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 2021 2020 2021 2020 Property, plant and equipment 477 733 (11 ) (9 ) 466 724 Intangible assets - - (3,969 ) (4,072 ) (3,969 ) (4,072 ) Inventories 620 750 - - 620 750 Provisions 1,871 2,159 - - 1,871 2,159 Tax value of loss carry-forwards 1,016 433 - - 1,016 433 Other items 117 110 (878 ) (824 ) (761 ) (714 ) Deferred tax assets/(liabilities) 4,101 4,185 (4,858 ) (4,905 ) (757 ) (720 ) The deferred tax asset in 2021 is mainly due to deductible temporary differences relating to provisions, loss carry-forwards, property, plant and equipment and the elimination of unrealised intercompany inventory profit. In 2021, the deferred tax asset decreased by US$84,000 mainly due to a reduction in deductible temporary differences principally attributable to property, plant and equipment, provisions and inventories. 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. The deferred tax liability decreased by US$47,000 in 2021, principally because of the impairment of intangible assets on which the deferred tax liabilities were recognised. Deferred tax assets and liabilities are only offset when the entity has a legally enforceable right to set off current tax assets against current tax liabilities and where the intention is to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. At December 31, 2021 and at December 31, 2020 no deferred tax assets and liabilities are offset as it is not certain as to whether there is a legally enforceable right to set off current tax assets against current tax liabilities and it is also uncertain as to what current tax assets may be set off against current tax liabilities and in what periods. Most temporary differences are expected to reverse after 2023. Movement in temporary differences during the year Balance January, 1 Recognised Balance December 31, US$’000 US$’000 US$’000 Property, plant and equipment 724 (258 ) 466 Intangible assets (4,072 ) 103 (3,969 ) Inventories 750 (130 ) 620 Provisions 2,159 (288 ) 1,871 Tax value of loss carry-forwards 433 583 1,016 Other items (714 ) (47 ) (761 ) (720 ) (37 ) (757 ) Balance January, 1 Recognised Balance December 31, US$’000 US$’000 US$’000 Property, plant and equipment 1,018 (294 ) 724 Intangible assets (6,099 ) 2,027 (4,072 ) Inventories 642 108 750 Provisions 3,622 (1,463 ) 2,159 Tax value of loss carry-forwards 216 217 433 Other items (286 ) (428 ) (714 ) (887 ) 167 (720 ) Unrecognised deferred tax assets Deferred tax assets have not been recognised by the Group in respect of the following items: December 31, December 31, US$’000 US$’000 Capital losses 8,293 8,293 Net operating losses 73,893 85,198 US alternative minimum tax credits 1,704 1,848 Other temporary timing differences 21,301 21,878 US state credit carry-forwards 1,664 802 106,855 118,019 There was a decrease of US$11,164,000 in the unrecognised deferred tax assets during the year ended December 31, 2021. |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-current assets [Abstract] | |
OTHER NON-CURRENT ASSETS | 16. OTHER NON-CURRENT ASSETS December 31, 2021 US$‘000 December 31, 2020 US$‘000 Finance lease receivables (see Note 18) 151 291 Other assets 56 64 207 355 The Group leases instruments as part of its business. For details of future minimum finance lease receivables with non-cancellable terms, please refer to Note 18. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2021 | |
Classes of current inventories [abstract] | |
INVENTORIES | 17. INVENTORIES December 31, 2021 US$‘000 December 31, 2020 US$‘000 Raw materials and consumables 13,650 12,168 Work-in-progress 5,546 5,169 Finished goods 9,927 12,882 29,123 30,219 All inventories are stated at the lower of cost or net realisable value. Total inventories for the Group are shown net of provisions of US$12,063,000 (2020: US$9,781,000) (2019: US$6,716,000). Cost of sales in 2021 includes inventories expensed of US$49,299,000 (2020: US$48,342,000), (2019: US$50,748,000). The movement on the inventory provision for the three year period to December 31, 2021 is as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Opening provision at January 1 9,781 6,716 6,299 Charged during the year 5,589 5,179 1,567 Utilised during the year (3,307 ) (1,994 ) (1,150 ) Released during the year - (120 ) - Closing provision at December 31 12,063 9,781 6,716 During 2021, US$Nil (2020: US$120,000), (2019: US$Nil) of inventory provision relating to net realisable value was released to the statement of operations following a current year review of inventory usage. After January 27, 2022, the assets of the Group are pledged as security for the term loan from Perceptive Advisors. Refer to Note 30, Post Balance Sheet events. |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other current receivables [abstract] | |
TRADE AND OTHER RECEIVABLES | 18. TRADE AND OTHER RECEIVABLES December 31, 2021 US$‘000 December 31, 2020 US$‘000 Trade receivables, net of impairment losses 13,290 20,025 Prepayments 1,945 1,159 Contract assets 739 1,177 Value added tax - 92 Finance lease receivables 142 215 16,116 22,668 Trade receivables are shown net of an impairment losses provision of US$2,986,000 (2020: US$3,922,000) (see Note 28). Prepayments are shown net of impairment of US$583,000 (2020: US$562,000) (see Note 7). Contract assets have decreased compared to the prior year as the Group shipped less product to customers with cost per test contracts in the last part of the year. Long-term contract receivable (i) Finance lease commitments – Group as lessor The Group leases instruments as part of its business. Future minimum receivables with non-cancellable terms are as follows: December 31, 2021 US$‘000 Gross Unearned Minimum Less than one year 292 150 142 Between one and five years (Note 16) 310 159 151 602 309 293 December 31, 2020 US$‘000 Gross Unearned Minimum Less than one year 415 200 215 Between one and five years (Note 16) 591 300 291 1,006 500 506 The Group classified future minimum lease receivables between one and five years of US$151,000 (2020: US$291,000) as Other Assets, see Note 16. Under the terms of the lease arrangements, no contingent rents are receivable. (ii) Operating lease commitments – Group as lessor The Group leases instruments under operating leases as part of its business. Future minimum rentals receivable under non-cancellable operating leases are as follows: December 31, 2021 US$‘000 Instruments Total Less than one year 3,953 3,953 Between one and five years 171 171 4,124 4,124 December 31, 2020 US$‘000 Instruments Total Less than one year 2,767 2,767 Between one and five years 171 171 2,938 2,938 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | 19. CASH AND CASH EQUIVALENTS December 31, 2021 US$’000 December 31, 2020 US$’000 Cash at bank and in hand 22,790 24,209 Short-term deposits 3,120 3,118 Cash and cash equivalents 25,910 27,327 |
CAPITAL AND RESERVES
CAPITAL AND RESERVES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
CAPITAL AND RESERVES | 20. CAPITAL AND RESERVES Share capital Class ‘A’ Class ‘A’ In thousands of shares 2021 2020 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 2021 2020 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 2021 2020 Balance at January 1 12,556 12,556 Purchased during the year - - Balance at December 31 12,556 12,556 ADS Treasury shares ADS Treasury shares In thousands of ADSs 2021 2020 Balance at January 1 3,139 3,139 Purchased during the year - - 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 (2020: 200,700,000 ‘A’ ordinary shares of US$0.0109 each) as at December 31, 2021. The Group did not issue any shares from the exercise of employee options and did not repurchase any ‘A’ ordinary shares under its share buyback program in either 2020 or 2021. No dividends have been paid in the last five years. The last dividend paid was in respect of the 2014 financial year. 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. 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 hedging reserve is shown within Other Reserves in the Consolidated Statement of Financial Position. Treasury shares During 2021, the Group did not purchase any (2020: nil) (2019: nil) ‘A’ Ordinary shares (2019: nil ADS’s) (2019: nil ADS’s) ‘Treasury shares’. |
SHARE OPTIONS
SHARE OPTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share options [Abstract] | |
SHARE OPTIONS | 21. SHARE OPTIONS Options Under the terms of the Company’s Employee Share Option Plans, options to purchase 18,727,990 ‘A’ Ordinary Shares (4,681,998 ADS’s) were outstanding at December 31, 2021. 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 holder’s 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, 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 Outstanding January 1, 2020 12,303,990 1.31 0.46 –4.36 Granted 9,100,000 0.38 0.19 –1.10 Exercised - - - Expired / Forfeited (1,918,000 ) 2.14 0.19-4.21 Outstanding at end of year 19,485,990 0.79 0.19-4.36 Exercisable at end of year 7,959,323 1.27 0.66-4.36 Outstanding January 1, 2021 19,485,990 0.79 0.19-4.36 Granted - - - Exercised - - - Expired / Forfeited (758,000 ) 1.07 0.19-4.21 Outstanding at end of year 18,727,990 0.78 0.19-4.36 Exercisable at end of year 13,401,322 0.93 0.19-4.36 Options and Weighted- US$ Range US$ ‘ADS’ Equivalent Per ‘ADS’ Per ‘ADS’ 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 Outstanding January 1, 2020 3,075,998 5.24 1.83–17.45 Granted 2,275,000 1.52 0.77 - 4.41 Exercised - - - Expired / Forfeited (479,500 ) 8.56 0.77 - 16.84 Outstanding at end of year 4,871,498 3.15 0.77 - 17.45 Exercisable at end of year 1,989,831 5.08 2.64 –17.45 Outstanding January 1, 2021 4,871,498 3.15 0.77 - 17.45 Granted - - - Exercised - - - Expired / Forfeited (189,500 ) 4.28 0.76 - 16.84 Outstanding at end of year 4,681,998 3.12 0.76-17.44 Exercisable at end of year 3,350,331 3.72 0.76-17.44 There were no share options exercised during 2021, 2020 or 2019. The opening share price per ‘A’ Ordinary share at the start of the financial year was US$0.95 or US$3.81 per ADS (2020: US$0.27 or US$1.07 per ADS) (2019: US$0.57 or US$2.29 per ADS) and the closing share price at December 31, 2021 was US$0.36 or US$1.43 per ADS (2020: US$0.95 or US$3.81 per ADS) (2019: US$0.26 or US$1.03 per ADS). The average share price for the year ended December 31, 2021 was US$0.77 per ‘A’ Ordinary share or US$3.07 per ADS. A summary of the range of prices for the Company’s stock options for the year ended December 31, 2021 follows: Outstanding Exercisable Exercise price range No. of Weighted– Weighted- No. of Weighted– Weighted- US$0.19-US$0.99 13,000,006 0.48 3.54 7,960,004 0.55 2.92 US$1.00-US$2.05 5,228,000 1.34 0.79 4,941,334 1.35 0.99 US$2.06- US$2.99 439,984 2.53 0.03 439,984 2.53 0.04 US$3.00 -US$4.36 60,000 4.17 0.00 60,000 4.17 0.00 18,727,990 13,401,322 Outstanding Exercisable Exercise price range No. of Weighted– Weighted- No. of Weighted– Weighted- US$0.77-US$3.96 3,250,002 1.94 3.54 1,990,001 2.19 2.92 US$4.00-US$8.20 1,307,000 5.36 0.79 1,235,334 5.40 0.99 US$8.24- US$11.96 109,996 10.13 0.03 109,996 10.13 0.04 US$12.00 -US$17.45 15,000 16.67 0.00 15,000 16.67 0.00 4,681,998 3,350,331 A summary of the range of prices for the Company’s stock options for the year ended December 31, 2020 follows: Outstanding Exercisable Exercise price range No. of Weighted– Weighted- No. of Weighted– Weighted- US$0.19-US$0.99 13,260,006 0.48 4.14 2,106,673 0.69 1.44 US$1.00-US$2.05 5,664,000 1.34 1.11 5,290,667 1.35 2.44 US$2.06- US$2.99 499,984 2.52 0.05 499,984 2.52 0.13 US$3.00 -US$4.36 62,000 4.17 0.00 62,000 4.17 0.01 19,485,990 7,959,324 Outstanding Exercisable Exercise price range No. of Weighted– Weighted- No. of Weighted– Weighted- US$0.77-US$3.96 3,315,002 1.92 4.17 526,668 2.76 1.44 US$4.00-US$8.20 1,416,000 5.36 1.10 1,322,667 5.40 2.44 US$8.24- US$11.96 124,996 10.08 0.05 124,996 10.08 0.13 US$12.00 -US$17.45 15,500 16.68 0.00 15,500 16.68 0.01 4,871,498 1,989,831 The weighted-average remaining contractual life of options outstanding at December 31, 2021 was 4.35 years (2020: 5.32 years). 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$1,100,000 was charged to the statement of operations in 2021, (2020: US$792,000), (2019: US$758,000) split as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Share-based payments – cost of sales 5 12 26 Share-based payments – selling, general and administrative 1,095 780 732 Total – continuing operations 1,100 792 758 Share-based payments – discontinued operations - - - Total 1,100 792 758 The total share based payments charge for the year was US$1,111,000 (2020: US$816,000) (2019: US$839,000). However, a total of US$11,000 (2020: US$24,000) (2019: US$80,000) 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. There were no share options issued during 2021. The following are the input assumptions used in determining the fair value of share options granted in 2021, 2020 and 2019: Key management personnel Other employees Key management personnel Other employees Key management personnel Other employees 2021 2021 2020 2020 2019 2019 Weighted average fair value at measurement date per ‘A’ share / (per ADS) - / - - / - US$0.20 / (US$0.80) US$0.27 / (US$1.08) US$0.14 / (US$0.56) US$0.25 / (US$1.02) Total ‘A’ share options granted / (ADS’s equivalent) - / - - / - 8,480,000 / (2,120,000) 620,000 / (155,000) 4,060,000 / (1,015,000) 310,000 / (77,500) Weighted average share price per ‘A’ share / (per ADS) - / - - / - US$0.38 / (US$1.52) US$0.48 / (US$1.96) US$0.46 / US$0.64 / Weighted average exercise price per ‘A’ share / (per ADS) - / - - / - US$0.38 / (US$1.52) US$0.48 / (US$1.96) US$0.69 / US$0.64 / Weighted average expected volatility -% -% 66.98% 65.89% 51.18% 47.31% Weighted average expected life - - 4.34 4.35 4.15 4.42 Weighted average risk free interest rate -% -% 0.44% 0.42% 1.84% 2.23% The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility is based on the historic volatility (calculated based on the expected life of the options). The Group has considered how future experience may affect historical volatility. The profile and activities of the Group are not expected to change in the immediate future and therefore Trinity Biotech would expect estimated volatility to be consistent with historical volatility. |
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other current payables [abstract] | |
TRADE AND OTHER PAYABLES | 22. TRADE AND OTHER PAYABLES December 31, 2021 US$’000 December 31, 2020 US$’000 Trade payables 6,763 7,103 Payroll taxes 398 688 Employee related social insurance 130 344 Accruals and other liabilities 7,595 8,850 Deferred income 141 4,445 Deferred government grants 69 - Other payables 31 - Government COVID-19 loans (Note 4) - 2,905 15,127 24,335 Deferred income has reduced in 2021 as there was a lower amount of sales under customer contracts which could be regarded as offering the customer a right of return (for more information on the deferral of revenue, refer to Note 31, Revenue Recognition). Government COVID-19 loans comprises funding received under the U.S. government’s Cares Act, specifically its Paycheck Protection Program. All loans received under the Paycheck Protection Program (“PPP”) have been forgiven during the year. Included in Accruals and other liabilities at December 31, 2020 was US$194,000 relating to contracted licence payments and at December 31, 2021 this number is US$Nil. A related party current liability for the benefit of Ronan O’Caoimh, at December 31 2020 was US$177,000 and at December 31, 2021 is US$Nil (refer to Note 26 (e) for more information). Other payable Other payables relates to an interest-free loan received under the Canada Emergency Business Account (“CEBA”). The CEBA loans were provided by the Canadian Government to mitigate the financial impact of the Covid-19 outbreak. This interest-free loan is repayable by December 31, 2022. |
PROVISIONS
PROVISIONS | 12 Months Ended |
Dec. 31, 2021 | |
Provisions [abstract] | |
PROVISIONS | 23. PROVISIONS December 31, 2021 US$’000 December 31, 2020 US$’000 Product warranty provision 50 50 Other provisions - 366 50 416 During 2021 and 2020 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, 2021 represents the estimated cost of product warranties, the exact amount which cannot be determined. US$50,000 represents management’s best estimate of these obligations at December 31, 2021. Other provisions relates to claims and contingencies for which there is no liability existing at December 31, 2021. |
EXCHANGEABLE NOTES AND OTHER BO
EXCHANGEABLE NOTES AND OTHER BORROWINGS | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
EXCHANGEABLE NOTES AND OTHER BORROWINGS | 24. EXCHANGEABLE NOTES AND OTHER BORROWINGS The carrying value of exchangeable senior notes and other borrowings is as follows: December 31, US$’000 December 31, US$’000 Current liabilities Exchangeable senior notes 83,312 - Total current liabilities 83,312 - December 31, US$’000 December 31, US$’000 Non-Current liabilities Exchangeable senior notes - 82,664 Other borrowings - 31 Total value of embedded derivatives – liability - 1,370 Total non-current liabilities - 84,065 Exchangeable senior notes The exchangeable senior notes have been presented within current liabilities at December 31, 2021 as the Company does not have an unconditional right to defer settlement of the exchangeable notes for at least 12 months after the reporting period due to the existence of a put option which allows the holders to put the exchangeable notes to the issuer at par on April 1, 2022. This accounting treatment of the exchangeable notes is required by IAS 1. On December 15, 2021, Trinity Biotech agreed terms with 5 holders of the exchangeable notes for the repurchase of approximately 99.7% of the outstanding notes. The agreement was conditional on certain lending conditions being met and required shareholder approval, which was obtained in January 2022. In respect of the company’s financial position as at December 31, 2021, the agreement to repurchase the exchangeable notes is a non-adjusting event under IAS 10. For more information on the retiring of the exchangeable notes, refer to Note 30, Post Balance Sheet events. The Group originally 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, 2021. 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$468,000 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$99,900,000. The movement in the Exchangeable senior notes is as follows: December 31, US$’000 December 31, US$’000 Balance at 1 January 82,664 82,021 Accretion interest (Note 8) 648 643 83,312 82,664 Embedded derivatives The notes include a number of put and call options, and these embedded derivatives are measured at fair value through the Consolidated Statement of Operations. The first date on which holders can exercise their put option is April 1, 2022. If the put option is exercised, the issuer has to repurchase the notes at par. The exchangeable notes are treated as a host debt instrument with embedded derivatives attached. On initial recognition, the host debt instrument is recognised at the residual value of the total net proceeds of the bond issue less fair value of the embedded derivatives. Subsequently, the host debt instrument is measured at amortised cost using the effective interest rate method. The embedded derivatives are summarised as follows: December 31, US$’000 December 31, US$’000 Non-current assets Exchangeable note bond call option - 150 Non-current liabilities Exchangeable note equity conversion option - 1,370 Exchangeable note bond put option - - - 1,370 Total value of embedded derivatives – net liability - 1,220 Financial income in the consolidated statement of operations for the year includes US$1,220,000 (2020 financial expense: US$1,216,000) arising from the revaluation of embedded derivatives at fair value at December 31, 2021. This liability will accrete back to its nominal value of US$99,900,000 at the end of the full term of the debt maturity in 2045 using an effective interest rate methodology. Financial expense in the consolidated statement of operations for the year includes US$648,000 (2020: US$643,000) of accretion interest. Other borrowings Other borrowings relates to an interest-free loan received under the Canada Emergency Business Account (“CEBA”). The CEBA loans were provided by the Canadian Government to mitigate the financial impact of the Covid-19 outbreak. This interest-free loan is repayable by December 31, 2022. |
LEASE LIABILITIES
LEASE LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of finance lease liabilities [Abstract] | |
LEASE LIABILITIES | 25. LEASE LIABILITIES The Group has leases for some of its manufacturing plants, all warehouses, offices, motor vehicles and some IT equipment. With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset (net of any depreciation and/or impairment) and a lease liability. Variable lease payments which do not depend on an index or a rate (such as lease payments based on a percentage of Group sales) are excluded from the initial measurement of the lease liability and asset. The Group classifies its right-of-use assets in a consistent manner to its property, plant and equipment (see Note 13). Each lease generally imposes a restriction that, unless there is a contractual right for the Group to sublet the asset to another party, the right-of-use asset can only be used by the Group. Leases are either non-cancellable or may only be cancelled by incurring a substantive termination fee. Some leases contain an option to purchase the underlying leased asset outright at the end of the lease, or to extend the lease for a further term. The Group is prohibited from selling or pledging the underlying leased assets as security. For leases over office buildings and factory premises the Group must keep those properties in a good state of repair and return the properties in their original condition at the end of the lease. Further, the Group must insure items of property, plant and equipment and incur maintenance fees on such items in accordance with the lease contracts. Lease liabilities Lease liabilities are payable as follows: December 31, 2021 US$’000 December 31, 2020 US$’000 Current liabilities Lease liabilities related to Right of Use assets 1,878 2,054 Sale and leaseback liabilities 102 99 1,980 2,153 Non-Current liabilities Lease liabilities related to Right of Use assets 13,790 16,407 Sale and leaseback liabilities 75 181 13,865 16,588 December 31, 2021 US$’000 December 31, 2021 US$’000 Lease liabilities related to Right of Use assets Sale and leaseback Liabilities Minimum lease payments Interest Principal Minimum lease payments Interest Principal Less than one year 2,575 697 1,878 109 7 102 In more than one year, but not more than two 2,175 621 1,554 77 2 75 In more than two years but not more than five 5,985 1,469 4,516 - - - more than five years 8,992 1,272 7,720 - - - 19,727 4,059 15,668 186 9 177 December 31, 2020 US$’000 December 31, 2020 US$’000 Lease liabilities related to Right of Use assets Sale and leaseback liabilities Minimum lease payments Interest Principal Minimum lease payments Interest Principal Less than one year 2,877 823 2,054 111 12 99 In more than one year, but not more than two 2,644 730 1,914 111 7 104 In more than two years but not more than five 6,621 1,765 4,856 79 2 77 more than five years 11,389 1,752 9,637 - - - 23,531 5,070 18,461 301 21 280 Lease payments not recognised as a liability No short term lease expenses were incurred for the year ended December 31, 2021. In 2020 the Group 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. Terms and debt repayment schedule The terms and conditions of outstanding interest bearing loans and borrowings at December 31, 2021 are as follows: Facility Currency Nominal interest Year of maturity Fair Value Carrying Value Sale and leaseback liabilities Euro 4.53 % 2023 65 65 Sale and leaseback liabilities USD 5.51 % 2023 111 111 Total interest-bearing loans and borrowings 176 176 The terms and conditions of outstanding interest bearing loans and borrowings at December 31, 2020 are as follows: Facility Currency Nominal interest Year of maturity Fair Value Carrying Value Sale and leaseback liabilities Euro 4.53 % 2023 106 106 Sale and leaseback liabilities USD 5.51 % 2023 174 174 Total interest-bearing loans and borrowings 280 280 The total paid in respect of lease liabilities in the year ended December 31, 2021 was US$2,938,000 (2020: US$3,240,000). |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of commitments and contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 26. COMMITMENTS AND CONTINGENCIES (a) Capital Commitments The Group has capital commitments authorised and contracted for of US$440,000 as at December 31, 2021 (2020: US$156,000). (b) Leasing Commitments The Group’s leasing commitments are shown in Note 25. (c) Bank Security At December 31, 2021, the Group’s sale and leaseback borrowings were at fixed rates of interest and consisted Euro and USD denominated borrowings, refer to Note 28. 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, 2021 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 In the 2019 financial statements, a contingent asset of US$1,231,000 was disclosed in connection with the 2019 tax audit settlement payable by Darnick Company. This balance was settled in the year ended December 31, 2020 and has been credited to the Statement of Operations within Selling, General and Administrative Expenses. The underlying amount was denominated in Euro. Due to a depreciation in the US Dollar since 2019, the US Dollar equivalent amount increased from US$1,231,000 to US$1,316,000. The settlement amount received by the Company was US$177,000 more than the balance owed and this overpayment is recorded as a related party current liability for the benefit of Ronan O’Caoimh as at December 31, 2020. The amount was settled by the Group in January 2021. There are no contingent assets as of December 31, 2021 (2020: US$Nil). (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, 2021. However, if the income were to become repayable, the maximum amounts repayable as at December 31, 2021 would amount to US$3,095,000 (2020: US$3,130,000). To mitigate the financial impact of the Covid-19 outbreak, the Company has availed of governmental supports. In 2020, the Company received US$4.5 million of Paycheck Protection Program (“PPP”) loans and in 2021, a further US$1.8 million of PPP loans were received. All of the loans received to date under the program have been forgiven by the US government before December 31, 2021 and therefore no liability for these loans exists at December 31, 2021. (g) Other Contingencies The Company has other contingencies primarily relating to claims and legal proceedings, onerous contracts, product warranties and employee related provisions. The status of each significant claim and legal proceeding in which the Company is involved is reviewed by management on a periodic basis and the Group’s potential financial exposure is assessed. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, a liability is recognised for the estimated loss. Because of the uncertainties inherent in such matters, the related provisions are based on the best information available at the time; the issues taken into account by management and factored into the assessment of legal contingencies include, as applicable, the status of settlement negotiations, interpretations of contractual obligations, prior experience with similar contingencies/claims, and advice obtained from legal counsel and other third parties. The Group expects the majority of these provisions will be utilised within one to three years of the balance sheet date; however due to the nature of the legal provisions there is a level of uncertainty in the timing of settlement as the Group generally cannot determine the extent and duration of the legal process. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY TRANSACTIONS | 27. 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 following is a description of our related party transactions since January 1, 2021. 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$432,000) 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$891,000) and the annual rent for the warehouse is €144,000 (US$163,000). These two leases expire in 2028 2026 Beginning in Q4 2020, the Group occupied some additional space adjoining the warehouse. A sum of €90,000 (US$102,000) was accrued for rent payable to Mr O’Caoimh in relation to this additional space as at 31 December 2021. Trinity Biotech and its directors (excepting Mr O’Caoimh and Dr Walsh who express no opinion on this point) believe at the time that the arrangements entered into represent a fair and reasonable basis on which the Group can meet its ongoing requirements for premises. Dr Walsh has no ownership interest in the additional space adjoining the warehouse owned by Mr O’Caoimh and was therefore entitled to express an opinion on this arrangement. Compensation of key management personnel of the Group At December 31, 2021 the key management personnel of the Group were made up of the four executive directors; Mr. Ronan O’Caoimh, Dr Jim Walsh, Mr. John Gillard and Mr. Kevin Tansley. Compensation for the year ended December 31, 2021 of these personnel is detailed below: December 31, 2021 December 31, 2020 US$’000 US$’000 Short-term employee benefits 1,065 1,274 Performance related bonus 227 584 Post-employment benefits 24 41 Share-based compensation benefits 965 626 2,281 2,525 The amounts disclosed in respect of directors’ emoluments in Note 11 includes non-executive directors’ fees of US$98,000 (2020: US$162,000) and share-based compensation benefits of US$21,000 (2020: US$51,000). Total directors’ remuneration is also included in “personnel expenses” (Note 3) and “Profit before tax” (Note 11). In 2021, share-based compensation benefits included in Note 11 exclude capitalised amounts of US$Nil (2020: US$Nil). The performance bonuses for Mr. Gillard in respect of fiscal year 2021 have been accrued as at December 31, 2021. Directors’ interests in the Company’s shares and share option plan ‘A’ Ordinary Shares Share options At January 1, 2021 9,077,706 17,394,004 Shares of retired director - - Options of retired director - (656,000 ) Shares purchased during the year - - Shares sold during the year - - Granted - - Expired / forfeited - - At December 31, 2021 9,077,706 16,738,004 ‘A’ Ordinary Shares Share options At January 1, 2020 9,077,709 10,414,004 Shares of retired director - - Options of retired director - - Shares purchased during the year - - Shares sold during the year - - Granted - 8,480,000 Expired / forfeited - (1,500,000 ) At December 31, 2020 9,077,706 17,394,004 Rayville Limited, an Irish registered company, which was wholly owned by three executive directors and certain other former executives of the Group, owned all of the ‘B’ non-voting Ordinary Shares in Trinity Research Limited, one of the Group’s subsidiaries, and these ‘B’ shares were surrendered through Trinity Research Limited in 2021. |
CAPITAL AND FINANCIAL RISK MANA
CAPITAL AND FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
CAPITAL AND FINANCIAL RISK MANAGEMENT | 28. CAPITAL AND FINANCIAL RISK MANAGEMENT Capital Management The Group’s policy is to maintain a strong capital base 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. At December 31, 2021 the Group has no bank loans, it maintains a relationship with a number of lending banks and Trinity Biotech is listed on the NASDAQ, which allows the Group to potentially raise funds through equity financing. In 2015, the Group raised US$115 million through the issuance of 30-year exchangeable senior notes. In 2018 the Group repurchased US$15.1 million of the exchangeable senior notes, leaving US$99.9 million outstanding. In January 2022, the Group successfully closed a US$81,250,000 senior secured term loan credit facility (the “Term Loan”) with Perceptive Advisors. Proceeds from the Term Loan, along with existing cash and the issuance of 5.3 million American Depository Shares in the Company, were used to retire approximately US$99.7 million of the Exchangeable Notes. For more information, refer to Note 30, Post Balance Sheet Events. In April 2022, the Company announced a US$45 million strategic investment and partnership with MiCo, a KOSDAQ-listed and Korea-based company. The investment consists of an equity investment of approximately US$25.2 million and a seven-year, unsecured junior convertible note of US$20 million. For more information, refer to Note 30, Post Balance Sheet Events. Fair Values The table below sets out the Group’s classification of each class of financial assets/liabilities, their fair values and under which valuation method they are valued: Level 1 Level 2 Total carrying amount Fair Value Note US$’000 US$’000 US$’000 US$’000 December 31, 2021 Loans and receivables at amortised cost Trade receivables 18 13,290 - 13,290 13,290 Cash and cash equivalents 19 25,910 - 25,910 25,910 Finance lease receivable 16, 18 293 - 293 293 39,493 - 39,493 39,493 Liabilities at amortised cost Exchangeable note¹ 24 - (83,312 ) (83,312 ) (83,312 ) Lease liabilities 25 (15,845 ) - (15,845 ) (15,845 ) Trade and other payables (excluding deferred income) 22 (14,986 ) - (14,986 ) (14,986 ) Provisions 23 (50 ) - (50 ) (50 ) (30,881 ) (83,312 ) (114,193 ) (114,193 ) Fair value through profit and loss (FVPL) Exchangeable note bond call option 24 - - - - Exchangeable note equity conversion option 24 - - - - - - - - 8,612 (83,312 ) (74,700 ) (74,700 ) ¹ The maturity of the Exchangeable Notes is based on the contractual maturity date of April 1, 2045 and does not take into account the potential exercise of put and call options in the next five years or the exchange agreements entered into with five exchangeable note holders in December 2021. For financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data. Level 1 Level 2 Total carrying amount Fair Value Note US$’000 US$’000 US$’000 US$’000 December 31, 2020 Loans and receivables at amortised cost Trade receivables 18 20,025 - 20,025 20,025 Cash and cash equivalents 19 27,327 - 27,327 27,327 Finance lease receivable 16, 18 506 - 506 506 47,858 - 47,858 47,858 Liabilities at amortised cost Exchangeable note 24 - (82,664 ) (82,664 ) (82,664 ) Lease liabilities 25 (18,741 ) - (18,741 ) (18,741 ) Trade and other payables (excluding deferred income) 22 (19,890 ) - (19,890 ) (19,890 ) Provisions 23 (416 ) - (416 ) (416 ) (39,047 ) (82,664 ) (121,711 ) (121,711 ) Fair value through profit and loss (FVPL) Exchangeable note bond call option 24 - 150 150 150 Exchangeable note equity conversion option 24 - (1,370 ) (1,370 ) (1,370 ) - (1,220 ) (1,220 ) (1,220 ) 8,811 (83,884 ) (75,073 ) (75,073 ) ¹ The maturity of the Exchangeable Notes is based on the contractual maturity date of April 1, 2045 and does not take into account the potential exercise of put and call options in the next five years or the exchange agreements entered into with five exchangeable note holders in December 2021. 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. Financial Risk Management 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. 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, 2021 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$’000 Cash and cash equivalents 19 0.01 % 25,910 25,910 - - - - Lease receivable 16,18 4.0 % 293 81 61 89 62 - Exchangeable note¹ 24 4.8 % (83,312 ) - - - - (83,312 ) Other borrowings 22 0 % (31 ) - (31 ) - - - Lease payable on Right of Use assets 25 5.0 % (15,668 ) (973 ) (905 ) (1,554 ) (4,516 ) (7,720 ) Lease payable on sale & leaseback transactions 25 5.0 % (177 ) (51 ) (51 ) (75 ) - - Total (72,985 ) 24,967 (926 ) (1,540 ) (4,454 ) (91,032 ) ¹ The maturity of the Exchangeable Notes is based on the contractual maturity date of April 1, 2045 and does not take into account the potential exercise of put and call options in the next five years or the exchange agreements entered into with five exchangeable note holders in December 2021. As at December 31, 2020 Note Effective interest Total US$’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 0.1 % 27,327 27,327 - - - - Lease receivable 16,18 4.0 % 506 120 95 142 149 - Licence payments 23 8.1 % (194 ) (194 ) - - - - Exchangeable note 24 4.8 % (82,664 ) - - - - (82,664 ) Other borrowings 22 0 % (31 ) - - (31 ) - - Lease payable on Right of Use assets 25 5.0 % (18,461 ) (1,022 ) (1,032 ) (1,914 ) (4,856 ) (9,637 ) Lease payable on sale & leaseback transactions 25 5.0 % (280 ) (49 ) (50 ) (104 ) (77 ) - Total (73,797 ) 26,182 (987 ) (1,907 ) (4,784 ) (92,301 ) ¹ The maturity of the Exchangeable Notes is based on the contractual maturity date of April 1, 2045 and does not take into account the potential exercise of put and call options in the next five years or the exchange agreements entered into with five exchangeable note holders in December 2021. In broad terms, a one-percentage point increase in interest rates would increase interest income by US$31,000 (2020: US$31,000) and would not affect the interest expense (2020: nil) resulting in an increase in net interest income of US$31,000 (2020: increase in net interest income of US$31,000). Interest rate profile of financial assets / liabilities The interest rate profile of financial assets/liabilities of the Group was as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 Fixed rate instruments Fixed rate financial liabilities (licence fees) - (194 ) Fixed rate financial liabilities (exchangeable note) (83,312 ) (82,664 ) Fixed rate financial liabilities (borrowings) (31 ) (31 ) Fixed rate financial liabilities (lease payables) (15,844 ) (18,741 ) Financial assets (short-term deposits and short-term investments) 3,121 3,118 Financial assets (lease receivables) 293 506 (95,773 ) (98,006 ) Financial assets comprise cash and cash equivalents and short-term investments as at December 31, 2021 and December 31, 2020 (see Note 19 and 20). Fair value sensitivity analysis for fixed rate instruments The Group does not account for any fixed rate financial liabilities at fair value through profit and loss. Therefore, a change in interest rates at December 31, 2021 would not affect profit or loss. There was no significant difference between the fair value and carrying value of the Group’s trade receivables and trade and other payables at December 31, 2021 and December 31, 2020 as all fell due within 6 months. Liquidity risk The Group’s operations were cash generating in the year to December 31, 2021. Short-term flexibility is achieved through the management of the Group’s short-term deposits. The following are the contractual maturities of financial liabilities, including estimated interest payments: As at December 31, 2021 US$’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$’000 Financial liabilities Trade & other payables 15,127 15,127 15,127 - - - - Lease payable on Right of Use assets 15,668 15,668 973 905 1,554 4,516 7,720 Lease payable on sale & leaseback transactions 177 177 51 51 75 - - Other borrowings 31 31 - 31 - - - Exchangeable notes ¹ 83,312 99,900 - - - - 99,900 Exchangeable note interest 999 93,906 1,998 1,998 3,996 11,988 73,926 115,314 224,809 18,149 2,985 5,625 16,504 181,546 ¹ The maturity of the Exchangeable Notes is based on the contractual maturity date of April 1, 2045 and does not take into account the potential exercise of put and call options in the next five years or the exchange agreements entered into with five exchangeable note holders in December 2021. As at December 31, 2020 US$’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$’000 Financial liabilities Trade & other payables 24,335 24,335 24,335 - - - - Lease payable on Right of Use assets 18,461 18,461 1,022 1,032 1,914 4,856 9,637 Lease payable on sale & leaseback transactions 280 280 49 50 104 77 - Other borrowings 31 31 - - 31 - - Exchangeable notes ¹ 82,664 99,900 - - - - 99,900 Exchangeable note interest 999 97,902 1,998 1,998 3,996 11,988 77,922 126,770 240,909 27,404 3,080 6,045 16,921 187,459 ¹ The maturity of the Exchangeable Notes is based on the contractual maturity date of April 1, 2045 and does not take into account the potential exercise of put and call options in the next five years. Foreign exchange risk The majority of the Group’s activities are conducted in US Dollars. Foreign exchange risk arises from the fluctuating value of the Group’s Euro denominated expenses as a result of the movement in the exchange rate between the US Dollar and the Euro. Arising from this, where considered necessary, the Group pursues a treasury policy which periodically aims to sell US Dollars forward to match a portion of its uncovered Euro expenses at exchange rates lower than budgeted exchange rates. These forward contracts are primarily cashflow hedging instruments whose objective is to cover a portion of these Euro forecasted transactions. Forward contracts normally have maturities of less than one year after the balance sheet date. There were no forward contracts in place as at December 31, 2021. Foreign currency short term financial assets and liabilities which expose the Group to currency risk are disclosed below. The amounts shown are those reported to key management translated into US Dollars at the closing rate: EUR GBP SEK CAD BRL Other As at December 31, 2021 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 Cash 327 115 5 4,617 1,370 - Trade and other receivable 464 58 - 488 1,538 - Trade and other payables (2,456 ) (28 ) (11 ) (166 ) (629 ) - Total exposure (1,665 ) 145 (6 ) 4,939 2,279 - EUR GBP SEK CAD BRL Other As at December 31, 2020 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 Cash 1,229 152 9 2,859 776 - Trade and other receivable 1,105 63 - 3,191 1,357 - Trade and other payables (2,821 ) (57 ) (1 ) (449 ) (529 ) - Total exposure (487 ) 158 8 5,601 1,604 - The Group states its forward exchange contracts at fair value in the balance sheet. The Group classifies its forward exchange contracts as hedging forecasted transactions and thus accounts for them as cash flow hedges. There were no forward exchange contracts in place at December 31, 2021 or December 31, 2020. Sensitivity analysis A 10% strengthening of the US Dollar against the Euro at December 31, 2021 would have increased profit and other equity by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. Profit or loss US$’000 December 31, 2021 Euro 780 December 31, 2020 Euro 541 A 10% weakening of the US Dollar against the Euro at December 31, 2021 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, 2021 Euro (953 ) December 31, 2020 Euro (661 ) 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 management’s 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 Group’s exposure to credit risk arises from default of the counter-party, with a maximum exposure equal to the carrying amount of these instruments. The Group’s 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) 13,290 20,025 Finance lease income receivable (Note 18) 293 506 Cash and cash equivalents (Note 19) 25,910 27,327 39,493 47,858 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 5,822 10,730 Euro-zone countries 1,072 1,360 United Kingdom 118 98 Other European countries - 13 Other regions 6,571 8,330 13,583 20,531 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 6,923 11,812 Distributors 6,220 8,186 Non-governmental organisations 440 533 13,583 20,531 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, 2021 is as follows: Gross Impairment Expected Credit Loss Rate Gross Impairment Expected Credit Loss Rate 2021 2021 2021 2020 2020 2020 US$’000 US$’000 % US$’000 US$’000 % Not past due 8,461 - - % 16,754 112 0.7 % Past due 0-30 days 2,423 1 0.1 % 1,829 222 12.1 % Past due 31-120 days 1,981 97 4.9 % 1,755 60 3.4 % Greater than 120 days 3,011 2,888 73.0 % 3,609 3,528 97.8 % 15,876 2,986 - 23,947 3,922 - The movement in the allowance for impairment in respect of trade receivables during the year was as follows: 2021 2020 2019 US$’000 US$’000 US$’000 Balance at January 1 3,922 5,443 4,202 Charged to costs and expenses 76 166 1,276 Amounts written off during the year (1,012 ) (1,687 ) (35 ) Balance at December 31 2,986 3,922 5,443 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. |
RECONCILIATION OF LIABILITIES A
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES | 29. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES The changes in the Group’s liabilities arising from financing activities can be classified as follows: Note Borrowings & derivative financial instruments Lease liabilities Balance at January 1, 2021 22,24,25 84,065 18,741 Cash-flows: Interest paid (3,996 ) (11 ) Repayment - (2,939 ) Non-cash: Interest charged 3,996 - Additions (related to Right of Use assets) - 71 Exchange adjustment - (820 ) Accretion interest 648 803 Fair value 8 (1,370 ) - Balance at December 31, 2021 22, 24,25 83,343 15,845 Note Borrowings & derivative financial instruments Lease liabilities Balance at 1 January 2020 22,24,25 82,025 20,149 Cash-flows: Interest paid (3,996 ) - Proceeds from government Covid-19 loan (Note 24) 31 - Repayment - (3,240 ) Non-cash: Interest charged 3,996 - Additions (related to Right of Use assets) - 224 Disposals¹ - (216 ) Exchange adjustment - 928 Accretion interest 8 643 896 Fair value 1,366 - Balance at 31 December 2020 22, 24,25 84,065 18,741 ¹ Disposal of Lease liabilities relates to the early termination of a lease for a right-of-use building asset in Carlsbad, California. This facility was closed in June 2020. |
POST BALANCE SHEET EVENTS
POST BALANCE SHEET EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
POST BALANCE SHEET EVENTS | 30. POST BALANCE SHEET EVENTS Debt refinancing In January 2022, the Company successfully closed a US$81,250,000 senior secured term loan credit facility (the “Term Loan”) with Perceptive Advisors, an investment manager with an expertise in healthcare. Proceeds from the Term Loan, along with existing cash and the issuance of 5.3 million American Depository Shares in the Company, were used to retire approximately US$99.7 million of the Exchangeable Notes. The financial effect of these transactions is: • the Group paid a total amount of US$86,730,000 to retire Exchangeable Notes with a carrying value of US$83,312,000 at December 31, 2021. Each holder that was party to the agreement received US$0.87 of cash per $1 nominal value of the Notes, and • the Company also issued 5,333,000 ADSs (21,332,000 ‘A’ Ordinary shares) representing the equivalent of $0.08 of the Company’s ADS (based upon the 5-day trailing VWAP of the ADSs on NASDAQ on December 9, 2021, discounted by 13%) per $1 nominal value of the Notes, as partial consideration for the exchange of the notes. Approval of TrinScreen test by World Health Organisation In February 2022, the Company received approval from the World Health Organisation for its new HIV screening product, TrinScreen™ HIV. Strategic Investment and Partnership with The MiCo Group In April 2022, the Group announced a US$45,000,000 strategic investment and partnership with MiCo, a KOSDAQ-listed and Korea-based company. The investment consists of an equity investment of approximately US$25,200,000 (11,200,000 ADSs at a price of US$2.25 per ADS) and a seven-year, unsecured junior convertible note issued by Trinity Biotech of US$20 million, with a fixed interest rate of 1.5% and an ADS conversion price of US$3.24 per ADS. The convertible note mandatorily converts into ADS if the volume weighted average price of the Group’s ADSs is at or above US$3.24 for any five consecutive NASDAQ trading days. The investment is subject to customary Korean central bank approvals. It is intended that the Group will use these funds primarily to repay a portion of the Group’s US$81.25 million term loan. The Group also expects that this investment will facilitate it exploring lower cost debt funding options, in the short term, with the aim of further reducing the company’s interest expense through refinancing the balance of the Group’s term loan at substantially lower interest rates. The founder and chair of MiCo, Sun-Q Jeon, is set to become Chairperson of Trinity Biotech and Aris Kekedjian and Michael Sung Soo Kim are expected to join the Board once the investment has completed. Current directors Kevin Tansley, Clint Severson and James Merselis are set to retire from the Board on completion of the investment |
ACCOUNTING ESTIMATES AND JUDGEM
ACCOUNTING ESTIMATES AND JUDGEMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of accounting estimates and judgements [Abstract] | |
ACCOUNTING ESTIMATES AND JUDGEMENTS | 31. 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 21 outlines information regarding the valuation of share options and warrants. Note 24 outlines the valuation techniques used by the Company in determining the fair value of exchangeable notes and the associated embedded derivatives. In Note 28, detailed analysis is given about the interest rate risk, credit risk, liquidity risk and foreign exchange risk of the Group. Critical accounting judgements in applying the Group’s accounting policies Certain critical accounting judgements in applying the Group’s accounting policies are described below: Revenue Recognition No revenue is recognised if there is uncertainty regarding recovery of the consideration due at the outset of the transaction. 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. Some customer contracts could be regarded as offering the customer a right of return. Due to the uncertainty of the magnitude and likelihood of product returns, there is a level of estimation involved in assessing the amount of revenue to be recognized for these type of contracts. In accordance with IFRS 15, when estimating the effect of an uncertainty on an amount of variable consideration to which the Group will be entitled, all information that is reasonably available, including historical, current and forecast, is considered. 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. At December 31, 2021 US$141,000 (2020: US$4,445,000) of revenue was deferred in accordance with IFRS15. For further information, refer to Note 22. Research and development expenditure – capitalized development costs 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. At December 31, 2021 the carrying value of capitalised development costs was US$17,679,000 (2020: US$13,444,000) (see Item 18, Note 14 to the consolidated financial statements). The increase in 2021 was mainly as a result of additions of US$6,771,000. In 2021, an impairment charge of US$2,053,000 was incurred. This charge was partially offset by additions of US$6,771,000 and amortisation of US$482,000. Impairment of intangible assets and goodwill Definite lived intangible assets are reviewed for indicators of impairment periodically while goodwill and indefinite lived assets are tested for impairment at least 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. The impairment testing performed during year ended December 31, 2021 identified an impairment loss in four CGUs, namely Trinity Biotech Manufacturing Limited, Biopool US Inc, Immco Diagnostics, and Trinity Biotech Do Brazil. 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. At December 31, 2021 our allowance for slow moving and obsolete inventory was US$12,063,000 which represents approximately 29.29% of gross inventory value. This compares with US$9,781,000, or approximately 24.45% of gross inventory value, at December 31, 2020 and US$6,716,000, or approximately 17.33% of gross inventory value, at December 31, 2019. In the event that the estimate of the provision required for slow moving and obsolete inventory was to increase or decrease by 2% of gross inventory, which would represent a reasonably likely range of outcomes, then a change in allowance of US$824,000 at December 31, 2021 (2020: US$800,000) (2019: US$774,000) would result. 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, otherwise known as a bad and doubtful debt provision. Such impairments or provisions 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. At December 31, 2021, the allowance was US$2,986,000 which represents approximately 3.2% of Group revenues. This compares with US$ US$3,922,000 at December 31, 2020 which represented approximately 3.8% of Group revenues and to US$5,443,000 at December 31, 2019 which represented approximately 6.0% of Group revenues. In the event that the estimate of impairment was to increase or decrease by 0.5% of Group revenues, which would represent a reasonably likely range of outcomes, then a change in the allowance of US$465,000 at December 31, 2021 (2020: US$510,000) (2019: US$452,000) would result. For further information, refer to Note 28. 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 due to the 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 2021, 2020 or 2019. 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. Going Concern The directors have considered the Group’s current financial position and cash flow projections, taking into account all known events and developments including the Covid-19 pandemic. The directors believe that the Group will be able to continue its operations for at least the next 12 months from the date of this report and that it is appropriate to continue to prepare the consolidated financial statements on a going concern basis. At December 31, 2021, the Group had net currently liabilities. However, at the date of this report the Group’s financial position has substantially improved following the successful re-financing of the Group’s debt in early 2022. This has significantly improved the Group’s capital structure by reducing gross debt by approximately US$19 million and there are no material debt maturities until 2026. Furthermore, the investment by MiCo Group will facilitate an early repayment of a substantial portion of the debt due to Perceptive Advisors and will also facilitate the Group exploring lower cost debt funding options, in the short term, with the aim of further reducing the Group’s interest expense through refinancing the balance of the Group’s term loan at substantially lower interest rates. 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. |
GROUP UNDERTAKINGS
GROUP UNDERTAKINGS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of group undertakings [Abstract] | |
GROUP UNDERTAKINGS | 32. 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 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. Dormant Canada 100% Fiomi Diagnostics Holding AB Dag Hammarskjöldsv 52A SE-752 37 Uppsala Sweden Holding Company Sweden 100% Fiomi Diagnostics AB Dag Hammarskjöldsv 52A SE-752 37 Uppsala Sweden Discontinued operation Sweden 100% Trinity Biotech Do Brasil Comercio e Importacao Ltda Rua Silva Bueno 1.660 – Cj. 101/102 Ipiranga Sao Paulo Brazil Sale of diagnostic test 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, 2021 | |
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 May 2, 2022. |
BASIS OF PREPARATION AND SIGN_2
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021. 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 2021 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 31. The directors have considered the Group’s current financial position and cash flow projections, taking into account all known events and developments including the Covid-19 pandemic. The directors believe that the Group will be able to continue its operations for at least the next 12 months from the date of this report and that it is appropriate to continue to prepare the consolidated financial statements on a going concern basis. At December 31, 2021, the Group had net currently liabilities. However, at the date of this report the Group’s financial position has substantially improved following the successful re-financing of the Group’s debt in early 2022. This has significantly improved the Group’s capital structure by reducing gross debt by approximately US$19 million and there are no material debt maturities until 2026. Furthermore, the investment by MiCo Group will facilitate an early repayment of a substantial portion of the debt due to Perceptive Advisors and will also facilitate the Group exploring lower cost debt funding options, in the short term, with the aim of further reducing the Group’s interest expense through refinancing the balance of the Group’s term loan at substantially lower interest rates. 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 2-15 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. |
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, licenced, 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 at least 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 several of our products, though this is not the only barrier to entry. There is a significant cost and time to develop new products, it is necessary to obtain regulatory approval and tests are protected by proprietary know-how, manufacturing techniques and trade secrets. 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, 2020 and December 31, 2021. See Note 14. In-process research and development (IPR&D) is tested for impairment on an annual basis, in the periodically and always at year end, 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 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 and financial support | xv) Government grants and financial support The Group has received government-backed Covid-19 financial supports in the form of forgivable loans. Under IAS 20, Accounting for 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. 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 typically apply. Some contracts could be regarded as offering the customer a right of return. Due to the uncertainty of the magnitude and likelihood of product returns, there is a level of estimation involved in assessing the amount of revenue to be recognized for these types of contracts. In accordance with IFRS 15, when estimating the effect of an uncertainty on an amount of variable consideration to which the Group will be entitled, all information that is reasonably available, including historical, current and forecast, is considered. The Group operates a licenced 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 Item 18, 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 Item 18, Note 23 for details. Other operating income Other operating income includes income for the provision of canteen services. This income has not been treated as revenue since the canteen activities are incidental to the main revenue-generating activities of the Group. Other operating income also includes government-backed Covid-19 financial supports. The accounting policy for this income is described in Note 1 (xv). |
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, 2021. |
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 following new standards, interpretations and standard amendments became effective for the Group as of January 1, 2021 and did not result in a material impact on the Group’s results: • Amendments IFRS 9 Financial Instruments, Financial Instruments: Recognition and measurement • IFRS 7 Financial Instruments • IFRS 4 Insurance Contracts • IFRS 16 Leases The following standard amendment was issued in March 2021 effective for annual reporting periods beginning on or after 1 April 2021 with earlier application permitted: • Amendments to IFRS 16 – COVID-19-Related Rent Concessions beyond 30 June 2021. The amendment was adopted effective 1 January 2021 and did not result in a material impact on the Group’s results. |
BASIS OF PREPARATION AND SIGN_3
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2-15 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 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Schedule of Revenue by Geographical Area Based on Location of Assets | Rest of World Revenue Americas Ireland Other Eliminations Total Year ended December 31, 2021 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Revenue from external customers 67,249 25,716 - - 92,965 Inter-segment revenue 49,059 2,517 - (51,576 ) - Total revenue 116,308 28,233 - (51,576 ) 92,965 Rest of World Revenue Americas Ireland Other Eliminations Total Year ended December 31, 2020 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Revenue from external customers 77,688 24,292 - - 101,980 Inter-segment revenue 59,304 1,095 - (60,399 ) - Total revenue 136,992 25,387 - (60,399 ) 101,980 Rest of World Americas Ireland Other Eliminations Total Year ended December 31, 2019 US$‘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 |
Schedule of Revenue by Customers' Geographical Area | Revenue December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Americas 57,799 70,408 52,183 Asia / Africa 25,504 22,567 27,686 Europe (including Ireland) * 9,662 9,005 10,566 92,965 101,980 90,435 * Revenue from customers in Ireland is not disclosed separately due to the immateriality of these revenues. |
Schedule of Revenue by Major Product Group | Revenue December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Clinical laboratory goods 74,700 84,280 68,127 Clinical laboratory services 7,928 8,485 10,915 Point-of-Care 10,337 9,215 11,393 92,965 101,980 90,435 |
Schedule of Amount Relating From Revenue | Revenue December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Revenue from contracts with customers (a) 92,965 101,980 90,435 Revenue from other sources - - - 92,965 101,980 90,435 |
Schedule of Revenue Derives From Transfer of Goods and Services | (a) Disaggregation of revenue from contracts with customers: The Group derives revenue from the transfer of goods and services over time and at a point in time in the following geographical areas: Timing of revenue recognition Americas Ireland Other Total Year ended December 31, 2021 US$‘000 US$‘000 US$‘000 US$‘000 At a point in time 66,806 25,716 - 92,522 Over time 443 - - 443 Total 67,249 25,716 - 92,965 Timing of revenue recognition Americas Ireland Other Total Year ended December 31, 2020 US$‘000 US$‘000 US$‘000 US$‘000 At a point in time 77,060 24,292 - 101,352 Over time 628 - - 628 Total 77,688 24,292 - 101,980 Timing of revenue recognition Americas Ireland Other Total Year ended December 31, 2019 US$‘000 US$‘000 US$‘000 US$‘000 At a point in time 63,300 26,390 - 89,690 Over time 745 - - 745 Total 64,045 26,390 - 90,435 (b) The Group derives revenue from the transfer of goods and services over time and at a point in time based on customers’ geographical area as follows: Timing of revenue recognition Americas Asia / Africa Europe Total Year ended December 31, 2021 US$‘000 US$‘000 US$‘000 US$‘000 At a point in time 57,356 25,504 9,662 92,522 Over time 443 - - 443 Total 57,799 25,504 9,662 92,965 Timing of revenue recognition Americas Asia / Africa Europe Total Year ended December 31, 2020 US$‘000 US$‘000 US$‘000 US$‘000 At a point in time 69,780 22,567 9,005 101,352 Over time 628 - - 628 Total 70,408 22,567 9,005 101,980 Timing of revenue recognition Americas Asia / Africa Europe Total Year ended December 31, 2019 US$‘000 US$‘000 US$‘000 US$‘000 At a point in time 51,438 27,686 10,566 89,690 Over time 745 - - 745 Total 52,183 27,686 10,566 90,435 |
Schedule of Segment Results by Geographical Area | Rest of World Americas Ireland Other Total Year ended December 31, 2021 US$‘000 US$‘000 US$‘000 US$‘000 Result before impairment and unallocated expenses 9,276 5,084 (12 ) 14,348 Impairment (6,088 ) (856 ) - (6,944 ) Result after impairment 3,188 4,228 (12 ) 7,404 Unallocated expenses * (779 ) Operating profit 6,625 Net financing expense (Note 8) (5,874 ) Profit before tax 751 Income tax credit (Note 9) 178 Profit for the year on continuing operations 929 Loss for the year on discontinued operations (Note 10) (54 ) Profit for the year 875 Rest of World Americas Ireland Other Total Year ended December 31, 2020 US$‘000 US$‘000 US$‘000 US$‘000 Result before impairment and unallocated expenses 14,495 4,264 (71 ) 18,688 Impairment (17,779 ) - - (17,779 ) Result after impairment (3,284 ) 4,264 (71 ) 909 Unallocated expenses * (827 ) Operating profit 82 Net financing expense (Note 8) (6,715 ) Loss before tax (6,633 ) Income tax credit (Note 9) 620 Loss for the year on continuing operations (6,013 ) Loss for the year on discontinued operations (Note 10) (375 ) Loss for the year (6,388 ) Rest of World Americas Ireland Other Total Year ended December 31, 2019 US$‘000 US$‘000 US$‘000 US$‘000 Result before impairment and unallocated expenses 5,239 (4,334 ) (108 ) 797 Impairment (14,562 ) (9,733 ) - (24,295 ) Result after impairment (9,323 ) (14,067 ) (108 ) (23,498 ) Unallocated expenses * (614 ) Operating loss (24,112 ) Net financing expense (Note 8) (5,885 ) Loss before tax (29,997 ) Income tax credit (Note 9) 1,006 Loss for the year on continuing operations (28,991 ) Profit for the year on discontinued operations (Note 10) 77 Loss for the year (28,914 ) * Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area. |
Schedule of Segment Assets and Segment Liabilities by Geographical Area | Rest of World Americas Ireland Other Total As at December 31, 2021 US$‘000 US$‘000 US$‘000 US$‘000 Assets and liabilities Segment assets 45,891 41,453 1 87,345 Unallocated assets: Income tax assets (current and deferred) 5,640 Cash and cash equivalents and short-term investments 25,910 Total assets as reported in the Group balance sheet 118,895 Segment liabilities 12,382 101,927 25 114,334 Unallocated liabilities: Income tax liabilities (current and deferred) 4,880 Total liabilities as reported in the Group balance sheet 119,214 Rest of World Americas Ireland Other Total As at December 31, 2020 US$‘000 US$‘000 US$‘000 US$‘000 Assets and liabilities Segment assets 58,164 37,632 3 95,799 Unallocated assets: Income tax assets (current and deferred) 7,271 Cash and cash equivalents and short-term investments 27,327 Total assets as reported in the Group balance sheet 130,397 Segment liabilities 20,431 107,080 46 127,557 Unallocated liabilities: Income tax liabilities (current and deferred) 5,059 Total liabilities as reported in the Group balance sheet 132,616 |
Schedule of Long-Lived Assets | December 31, 2021 US$‘000 December 31, 2020 US$‘000 Rest of World – Ireland 22,617 19,927 Americas 19,489 22,835 42,106 42,762 |
Schedule of Depreciation and Amortisation by Geographical Area | December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Depreciation: Rest of World – Ireland 204 127 322 Americas 1,662 1,587 2,208 1,866 1,714 2,530 Amortisation: Rest of World – Ireland 69 32 642 Americas 848 1,371 1,726 917 1,403 2,368 |
Schedule of Share-Based Payment Expense by Geographical Area | December 31, 2021 December 31, 2020 December 31, 2019 Rest of World – Ireland 1,072 722 659 Americas 28 70 99 1,100 792 758 |
Schedule of Taxation Expense by Geographical Area | December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Rest of World – Ireland 540 293 831 Rest of World – Other (2 ) (8 ) - Americas (360 ) 335 175 178 620 1,006 |
Schedule of Capital Expenditure by Geographical Area | December 31, 2021 US$‘000 December 31, 2020 US$‘000 Rest of World – Ireland 3,826 5,609 Rest of World – Other - - Americas 4,776 4,317 8,602 9,926 |
EMPLOYMENT (Tables)
EMPLOYMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |
Schedule of Persons Employed by the Group in the Financial Year | December 31, 2021 December 31, 2020 December 31, 2019 Research and development 41 52 57 Administration and sales 134 148 159 Manufacturing and quality 302 343 363 477 543 579 |
Schedule of Employment Costs | December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Wages and salaries 26,561 26,187 25,885 Social welfare costs 2,403 2,195 2,538 Pension costs 352 447 503 Tax settlement (Note 6) - - 5,094 Share-based payments 1,100 792 758 Restructuring Cost 270 388 - Recognition of contingent asset (Note 26) - (1,316 ) - 30,686 28,693 34,778 |
OTHER OPERATING INCOME (Tables)
OTHER OPERATING INCOME (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other operating income [Abstract] | |
Schedule of Other Operating Income | December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Government supports - COVID-19 4,668 1,840 - Other income - 17 88 Rental income from premises 4 3 3 4,672 1,860 91 |
IMPAIRMENT CHARGES (Tables)
IMPAIRMENT CHARGES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of impairment charges and inventory provisioning [Abstract] | |
Schedule of Impairment Charges and Inventory Provisioning | The impact of the above items on the statement of operations for the year ended December 31, 2021, December 31, 2020, December 31, 2019 was as follows: December December December 31, 2021 31, 2020 31, 2019 US$’000 US$’000 US$’000 Selling, general & administration expenses Impairment of PP&E (Note 13) 2,508 1,795 6,349 Impairment of goodwill and other intangible assets (Note 14) 3,853 15,422 16,570 Impairment of prepayments (Note 18) 583 562 1,376 Total impairment loss 6,944 17,779 24,295 Income tax impact of impairment loss - - 148 Total impairment loss after tax 6,944 17,779 24,443 |
FINANCIAL INCOME AND EXPENSES (
FINANCIAL INCOME AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial income and expenses [Abstract] | |
Schedule of Financial Income and Expenses | December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Financial income: Non-cash financial income 1,220 - 233 Interest income 3 36 464 1,223 36 697 Financial expense: Interest on leases (815 ) (896 ) (947 ) Interest on tax audit settlement (Note 6) - - (1,000 ) Cash interest on exchangeable notes (3,996 ) (3,996 ) (3,996 ) Loan origination costs (1,638 ) - - Non-cash interest on exchangeable notes (Note 24) (648 ) (643 ) (639 ) Non-cash financial expense - (1,216 ) - (7,097 ) (6,751 ) (6,582 ) Net Financing Expense (5,874 ) (6,715 ) (5,885 ) |
INCOME TAX CREDIT (Tables)
INCOME TAX CREDIT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of income tax credit [Abstract] | |
Schedule of Charge for Tax | December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Current tax (credit)/expense Irish Corporation tax (511 ) (480 ) (312 ) Foreign taxes (a) 296 179 197 Adjustment in respect of prior years - (152 ) (50 ) Total current tax credit (215 ) (453 ) (165 ) Deferred tax credit Origination and reversal of temporary differences (see Note 15) 620 48 (625 ) Origination and reversal of net operating losses (see Note 15) (583 ) (215 ) (216 ) Total deferred tax credit 37 (167 ) (841 ) Total income tax credit on continuing operations in statement of operations (178 ) (620 ) (1,006 ) Tax charge on discontinued operations (see Note 10) 12 438 - Total tax credit (166 ) (182 ) (1,006 ) (a) In 2021, the foreign taxes relate primarily to USA and Canada. (b) In 2021, there was a deferred tax charge of US$118,000 (2020: charge of US$53,000; 2019: credit of US$444,000) recognised in respect of Ireland and a deferred tax credit of US$81,000 (2020: credit of US$220,000;2019: credit of US$397,000) recognised in respect of overseas tax jurisdictions. |
Schedule of Overseas Tax Jurisdictions | Effective tax rate December 31, 2021 December 31, 2020 December 31, 2019 Profit/(Loss) before taxation – continuing operations (US$‘000) 751 (6,633 ) (29,997 ) As a percentage of loss before tax: Current tax % 28.63 % (6.83 )% (0.55 )% Total (current and deferred) % (23.70 )% (9.35 )% (3.36 )% |
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, 2021 December 31, 2020 December 31, 2019 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) 49.63 % 24.13 % 13.21 % Effect of tax rates on overseas earnings (0.22 )% (9.92 )% (3.05 )% Effect of Irish income taxable at higher tax rate 98.68 % 5.92 % 0.04 % Adjustments in respect of prior years (0.01 )% (10.66 )% (0.17 )% R&D tax credits (79.22 )% (11.00 ) % (2.69 )% Other items (b) (105.06 )% 4.68 % 1.80 % Effective tax rate (23.70 )% (9.35 )% (3.36 )% (a) No deferred tax asset was recognised because there was no reversing deferred tax liability in the same jurisdiction reversing in the same period and insufficient future projected taxable income in the same jurisdiction. (b) Other items comprise items not chargeable to tax/expenses not deductible for tax purposes. In 2021, this mainly comprises the income from the Paycheck Protection Program loans which is not chargeable for tax purposes. |
Schedule of (Loss)/Profit Before Taxes | The distribution of profit/(loss) before taxes by geographical area was as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Rest of World – Ireland 1,862 296 (20,318 ) Rest of World – Other 3,939 3,304 4,760 Americas (5,050 ) (10,233 ) (14,439 ) 751 (6,633 ) (29,997 ) |
Schedule of Unutilised Net Operating Losses | At December 31, 2021, the Group had unutilised net operating losses for continuing operations as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Rest of World – Ireland 68,132 78,700 73,754 Rest of World – Other 1,000 2,185 - Americas 4,761 4,313 6,823 73,893 85,198 80,577 |
Schedule of Unused Tax Losses and Unused Tax Credits | At December 31, 2021, the Group had unrecognised deferred tax assets in respect of unused tax losses and unused tax credits as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Rest of World – Ireland – unused tax losses 9,272 12,514 12,062 Rest of World – Other – unused tax losses 279 546 - Americas – unused tax losses 5,891 1,466 5,259 Americas – unused tax credits 3,368 2,862 493 Unrecognised deferred tax asset 18,810 17,388 17,814 |
(LOSS)_PROFIT FOR THE YEAR ON_2
(LOSS)/PROFIT FOR THE YEAR ON DISCONTINUED OPERATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of loss on discontinued operation [Abstract] | |
Schedule of Loss on Remeasurement of Assets and Liabilities | December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 (Loss)/Profit on re-measurement of assets and liabilities: Closure provision (42 ) 127 (8 ) Foreign currency translation reserve - (64 ) 85 Tax (expense)/credit (12 ) (438 ) - Total (loss)/profit (54 ) (375 ) 77 (Loss)/Profit for the year from discontinued operations (54 ) (375 ) 77 |
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 (0.02 ) 0.00 Diluted earnings/ (loss) per ADS (US Dollars) – discontinued operations 0.00 (0.02 ) 0.00 Basic earnings/ (loss) per ‘A’ share (US Dollars) – discontinued operations 0.00 0.00 0.00 Diluted earnings/ (loss) per ‘A’ share (US Dollars) – discontinued operations 0.00 0.00 0.00 |
Schedule of Cash Flows Attributable to Discontinued Operations | December 31, December 31, December 31, US$000 US$000 US$000 Cash flows from operating activities (40 ) (22 ) (5 ) |
PROFIT_LOSS BEFORE TAX (Tables
PROFIT/LOSS BEFORE TAX (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of loss profit before tax [Abstract] | |
Schedule of Loss Before Tax | December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Directors’ emoluments (including non- executive directors): Remuneration 1,390 2,020 1,238 Pension 24 41 42 Share based payments 986 678 624 Auditor’s remuneration Audit fees 549 533 523 Tax fees 77 146 172 Other non-audit fees 31 25 - Depreciation* 1,827 1,674 2,526 Amortisation (Note 14) 917 1,403 2,368 (Gain)/Loss on the disposal of property, plant and equipment (1 ) 30 17 Net foreign exchange differences (789 ) 583 (179 ) * Note that US$39,000 (2020: US$40,000) (2019: US$4,000) of depreciation was capitalised to research and development projects during 2021 in line with the Group’s capitalisation policy for Intangible projects. |
PROFIT_(LOSS) PER SHARE (Tables
PROFIT/(LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Schedule of Basic Earnings Per Ordinary Share | As at December 31, 2021, this amounted to 83,606,810 shares (2020: 83,606,810 shares) (2019: 83,606,810 shares). December 31, December 31, December 31, ‘A’ ordinary shares 83,606,810 83,606,810 83,606,810 Basic earnings per share denominator 83,606,810 83,606,810 83,606,810 Reconciliation to weighted average earnings per share denominator: Number of ‘A’ ordinary shares at January 1 (Note 20) 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 ) (12,555,600 ) (12,555,600 ) Basic earnings per share denominator 83,606,810 83,606,810 83,606,810 * 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, 2021 December 31, 2020 December 31, 2019 Basic earnings per share denominator (see above) 83,606,810 83,606,810 83,606,810 Issuable on exercise of options and warrants 4,648,586 3,154,668 - Issuable on conversion of exchangeable notes 18,263,254 18,263,254 18,263,254 Diluted earnings per share denominator 106,518,650 105,024,732 101,870,064 |
Schedule of Profit After Tax Diluted Earnings Per Ordinary Share Calculation | The profit/(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, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Profit/(Loss) after tax for the year 875 (6,388 ) (28,914 ) Non-cash financial (income)/ expense (Note 8) (1,220 ) 1,216 (233 ) Cash interest expense (Note 8) 3,996 3,996 3,996 Non-cash interest on exchangeable notes (Note 8) 648 643 639 Adjusted profit/(loss) after tax 4,299 (533 ) (24,512 ) |
Schedule of Basic Earning per ADS | December 31, 2021 December 31, 2020 December 31, 2019 ADS 20,901,703 20,901,703 20,901,703 Basic earnings per share denominator 20,901,703 20,901,703 20,901,703 Reconciliation to weighted average earnings per share denominator: Number of ADS at January 1 (Note 20) 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 ) (3,138,899 ) (3,138,899 ) Basic earnings per share denominator 20,901,703 20,901,703 20,901,703 *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, 2021 December 31, 2020 December 31, 2019 Basic earnings per share denominator (see above) 20,901,703 20,901,703 20,901,703 Issuable on exercise of options and warrants 1,162,146 788,666 - Issuable on conversion of exchangeable notes 4,565,814 4,565,814 4,565,814 Diluted earnings per share denominator 26,629,663 26,256,183 25,467,517 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | Land & Buildings US$‘000 Leasehold Improvements US$‘000 Computer & Office Equipment US$‘000 Plant & Equipment US$‘000 Total US$‘000 Cost At January 1, 2020 24,269 3,005 4,292 38,676 70,242 Additions 8 41 96 2,766 2,911 Disposals or retirements - (299 ) (66 ) (5,758 ) (6,123 ) Exchange adjustments 10 (77 ) (13 ) (1,845 ) (1,925 ) At December 31, 2020 24,287 2,670 4,309 33,839 65,105 At January 1, 2021 24,287 2,670 4,309 33,839 65,105 Additions 46 126 144 1,392 1,708 Disposals or retirements - (186 ) (255 ) (2,410 ) (2,851 ) Reallocations/ reclassifications - - - - - Exchange adjustments 1 (18 ) 2 (484 ) (499 ) At December 31, 2021 24,334 2,592 4,200 32,337 63,463 Accumulated amortisation and Impairment losses At January 1, 2020 (18,493 ) (2,037 ) (3,682 ) (36,740 ) (60,952 ) Charge for the year (783 ) (146 ) (181 ) (604 ) (1,714 ) Impairment losses as at December 31, 2020 (347 ) (78 ) (180 ) (1,190 ) (1,795 ) Disposals or retirements - 299 84 5,590 5,973 Exchange adjustments (6 ) 78 13 1,845 1,930 At December 31, 2020 (19,629 ) (1,884 ) (3,946 ) (31,099 ) (56,558 ) At January 1, 2021 (19,629 ) (1,884 ) (3,946 ) (31,099 ) (56,558 ) Charge for the year (628 ) (149 ) (115 ) (974 ) (1,866 ) Disposals or retirements - 186 255 2,410 2,851 Impairment losses (1,196 ) (279 ) (98 ) (935 ) (2,508 ) Reallocations/ reclassifications - - - - - Exchange adjustments 21 (5 ) (46 ) 566 536 At December 31, 2021 (21,432 ) (2,131 ) (3,950 ) (30,032 ) (57,545 ) Carrying amounts At December 31, 2021 2,902 461 250 2,305 5,918 At December 31, 2020 4,658 786 363 2,740 8,547 |
Schedule of Additional Information on 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 Additional information on the right-of-use assets by class of assets is as follows: Carrying amount Depreciation Charge Impairment Charge At December 31, 2021 Year ended December 31, 2021 Year ended December 31, 2021 US$000 US$000 US$000 Buildings 2,549 (609 ) (1,089 ) Computer equipment 23 (5 ) - Plant and Equipment - - - 2,572 (614 ) (1,089 ) Carrying amount Depreciation Charge Impairment Charge At December 31, 2020 Year ended December 31, 2020 Year ended December 31, 2020 US$000 US$000 US$000 Buildings 4,200 (673 ) (347 ) Computer equipment 3 (4 ) - Plant and Equipment - (70 ) (154 ) 4,203 (747 ) (501 ) |
Schedule of Income from Sub-letting Right-of-use Buildings | Right-of-Use assets at 31 December 2021 No. of Right-of-Use leased assets Range of remaining term in years Average remaining lease term (years) No. of Leases with extension options No. of Leases with options to purchase No. of leases with variable payments linked to index No. of leases with termination options Building 11 1 to 12 3 1 - 2 4 Vehicle 16 1 to 3 2 - 16 - 16 I.T. and office equipment 2 1 to 5 4 - - - - Right-of-Use assets at 31 December 2020 No. of Right-of-Use leased assets Range of remaining term in years Average remaining lease term (years) No. of Leases with extension options No. of Leases with options to purchase No. of leases with variable payments linked to index No. of leases with termination options Building 12 1 to 13 4 1 - 2 4 Vehicle 16 1 to 3 2 - 16 - 16 I.T. and office equipment 10 1 to 2 1 - - - 1 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of goodwill and intangible assets [Abstract] | |
Schedule of Goodwill and Intangible Assets | Goodwill US$‘000 Development costs US$‘000 Patents and licences US$‘000 Other US$‘000 Total US$‘000 Cost At January 1, 2020 81,689 156,377 9,951 34,266 282,283 Additions - 6,896 30 89 7,015 Disposals or retirements (2,507 ) (34,318 ) (1,034 ) (1,044 ) (38,903 ) Exchange adjustments - 22 - - 22 At December 31, 2020 79,182 128,977 8,947 33,311 250,417 At January 1, 2021 79,182 128,977 8,947 33,311 250,417 Additions - 6,771 102 21 6,894 Disposals or retirements - (14,576 ) (342 ) (134 ) (15,052 ) Exchange adjustments - 1 - - 1 At December 31, 2021 79,182 121,173 8,707 33,198 242,260 Accumulated amortisation and Impairment losses At January 1, 2020 (69,098 ) (133,599 ) (9,819 ) (26,113 ) (238,629 ) Charge for the year - (959 ) (5 ) (439 ) (1,403 ) Disposals or retirements 2,507 34,318 1,034 1,044 38,903 Impairment losses - (15,287 ) - (135 ) (15,422 ) Exchange adjustments - (6 ) - - (6 ) At December 31, 2020 (66,591 ) (115,533 ) (8,790 ) (25,643 ) (216,557 ) At January 1, 2021 (66,591 ) (115,533 ) (8,790 ) (25,643 ) (216,557 ) Charge for the year - (482 ) (7 ) (428 ) (917 ) Disposals or retirements - 14,573 342 132 15,047 Impairment losses (54 ) (2,053 ) (106 ) (1,640 ) (3,853 ) Exchange adjustments - 1 - - 1 At December 31, 2021 (66,645 ) (103,494 ) (8,561 ) (27,579 ) (206,279 ) Carrying amounts At December 31, 2021 12,537 17,679 146 5,619 35,981 At December 31, 2020 12,591 13,444 157 7,668 33,860 |
Schedule of Principal Development Projects | Product Name 2021 US$’000 2020 US$’000 Premier Instrument for Haemoglobin A1c testing 2,538 1,359 HIV screening rapid test 1,488 2,278 COVID tests 1,320 467 Autoimmune Smart Reader 550 666 Mid-tier haemoglobins instrument 303 243 Tri-stat point-of-care instrument 245 203 Uni-gold raw material stabilisation 144 - Sjögrens tests 88 99 Uni-Gold antigen improvement - 556 Syphilis point-of-care test - 618 Column enhancement - 151 Other projects 95 256 Total capitalised development costs 6,771 6,896 |
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, 2021 December 31, 2020 US$’000 US$’000 Immco Diagnostics Inc 4,979 - Trinity Biotech Manufacturing Limited 856 - Trinity Biotech Do Brasil 956 919 Biopool US Inc. 153 154 Primus Corp - 16,706 Total impairment loss 6,944 17,779 |
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, 2021 December 31, 2020 US$’000 US$’000 Goodwill and other intangible assets (see Note 14) 3,853 15,422 Property, plant and equipment (see Note 13) 2,508 1,795 Prepayments (see Note 18) 583 562 Total impairment loss 6,944 17,779 |
Schedule of Impairment Loss | The additional disclosures required for the CGU with significant goodwill are as follows: Fitzgerald Industries December 31, December 31, Carrying amount of goodwill (US$’000) 12,591 12,591 Discount rate applied (real pre-tax) 19.66 % 19.98 % Excess value-in-use over carrying amount (US$’000) 3,496 7,915 % EBITDA would need to decrease for an impairment to arise 18.15 % 31.98 % 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, 2021 US$‘000 December 31, 2020 US$‘000 Fitzgerald Industries International CGU Fitzgerald trade name 970 970 RDI trade name 560 560 Primus Corporation CGU Primus trade name 365 365 Immco Diagnostic CGU Immco Diagnostic trade name 2,069 2,938 Total 3,964 4,833 |
DEFERRED TAX ASSETS AND LIABI_2
DEFERRED TAX ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of deferred tax assets and liabilities [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Assets Liabilities Net 2021 2020 2021 2020 2021 2020 Property, plant and equipment 477 733 (11 ) (9 ) 466 724 Intangible assets - - (3,969 ) (4,072 ) (3,969 ) (4,072 ) Inventories 620 750 - - 620 750 Provisions 1,871 2,159 - - 1,871 2,159 Tax value of loss carry-forwards 1,016 433 - - 1,016 433 Other items 117 110 (878 ) (824 ) (761 ) (714 ) Deferred tax assets/(liabilities) 4,101 4,185 (4,858 ) (4,905 ) (757 ) (720 ) |
Schedule of Unrecognised Deferred Tax Liabilities | Balance January, 1 Recognised Balance December 31, US$’000 US$’000 US$’000 Property, plant and equipment 724 (258 ) 466 Intangible assets (4,072 ) 103 (3,969 ) Inventories 750 (130 ) 620 Provisions 2,159 (288 ) 1,871 Tax value of loss carry-forwards 433 583 1,016 Other items (714 ) (47 ) (761 ) (720 ) (37 ) (757 ) Balance January, 1 Recognised Balance December 31, US$’000 US$’000 US$’000 Property, plant and equipment 1,018 (294 ) 724 Intangible assets (6,099 ) 2,027 (4,072 ) Inventories 642 108 750 Provisions 3,622 (1,463 ) 2,159 Tax value of loss carry-forwards 216 217 433 Other items (286 ) (428 ) (714 ) (887 ) 167 (720 ) |
Schedule of Deferred Tax Assets Not Recognised | December 31, December 31, US$’000 US$’000 Capital losses 8,293 8,293 Net operating losses 73,893 85,198 US alternative minimum tax credits 1,704 1,848 Other temporary timing differences 21,301 21,878 US state credit carry-forwards 1,664 802 106,855 118,019 |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-current assets [Abstract] | |
Schedule of Other Non-Current Assets | December 31, 2021 US$‘000 December 31, 2020 US$‘000 Finance lease receivables (see Note 18) 151 291 Other assets 56 64 207 355 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Classes of current inventories [abstract] | |
Schedule of Inventories | December 31, 2021 US$‘000 December 31, 2020 US$‘000 Raw materials and consumables 13,650 12,168 Work-in-progress 5,546 5,169 Finished goods 9,927 12,882 29,123 30,219 |
Schedule of Movement on Inventory Provision | The movement on the inventory provision for the three year period to December 31, 2021 is as follows: December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Opening provision at January 1 9,781 6,716 6,299 Charged during the year 5,589 5,179 1,567 Utilised during the year (3,307 ) (1,994 ) (1,150 ) Released during the year - (120 ) - Closing provision at December 31 12,063 9,781 6,716 |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
Schedule of Trade and Other Receivables | December 31, 2021 US$‘000 December 31, 2020 US$‘000 Trade receivables, net of impairment losses 13,290 20,025 Prepayments 1,945 1,159 Contract assets 739 1,177 Value added tax - 92 Finance lease receivables 142 215 16,116 22,668 |
Schedule of Future Minimum Finance Lease Receivables | December 31, 2021 US$‘000 Gross Unearned Minimum Less than one year 292 150 142 Between one and five years (Note 16) 310 159 151 602 309 293 December 31, 2020 US$‘000 Gross Unearned Minimum Less than one year 415 200 215 Between one and five years (Note 16) 591 300 291 1,006 500 506 |
Schedule of Future Minimum Rentals Receivable Under Non-Cancellable Operating Leases | December 31, 2021 US$‘000 Instruments Total Less than one year 3,953 3,953 Between one and five years 171 171 4,124 4,124 December 31, 2020 US$‘000 Instruments Total Less than one year 2,767 2,767 Between one and five years 171 171 2,938 2,938 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | December 31, 2021 US$’000 December 31, 2020 US$’000 Cash at bank and in hand 22,790 24,209 Short-term deposits 3,120 3,118 Cash and cash equivalents 25,910 27,327 |
CAPITAL AND RESERVES (Tables)
CAPITAL AND RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Share Capital | Class ‘A’ Class ‘A’ In thousands of shares 2021 2020 In issue at January 1 96,162 96,162 Issued for cash - - In issue at December 31 96,162 96,162 ADS ADS In thousands of ADSs 2021 2020 Balance at January 1 24,041 24,041 Issued for cash - - Balance at December 31 24,041 24,041 Class ‘A’ Class ‘A’ In thousands of shares 2021 2020 Balance at January 1 12,556 12,556 Purchased during the year - - Balance at December 31 12,556 12,556 ADS Treasury shares ADS Treasury shares In thousands of ADSs 2021 2020 Balance at January 1 3,139 3,139 Purchased during the year - - Balance at December 31 3,139 3,139 |
SHARE OPTIONS (Tables)
SHARE OPTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share options [Abstract] | |
Schedule of Grants of Share Options and Warrants | Options and Weighted- US$ Range US$ ‘A’ Ordinary Per ‘A’ Ordinary Share Per ‘A’ Ordinary 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 Outstanding January 1, 2020 12,303,990 1.31 0.46 –4.36 Granted 9,100,000 0.38 0.19 –1.10 Exercised - - - Expired / Forfeited (1,918,000 ) 2.14 0.19-4.21 Outstanding at end of year 19,485,990 0.79 0.19-4.36 Exercisable at end of year 7,959,323 1.27 0.66-4.36 Outstanding January 1, 2021 19,485,990 0.79 0.19-4.36 Granted - - - Exercised - - - Expired / Forfeited (758,000 ) 1.07 0.19-4.21 Outstanding at end of year 18,727,990 0.78 0.19-4.36 Exercisable at end of year 13,401,322 0.93 0.19-4.36 Options and Weighted- US$ Range US$ ‘ADS’ Equivalent Per ‘ADS’ Per ‘ADS’ 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 Outstanding January 1, 2020 3,075,998 5.24 1.83–17.45 Granted 2,275,000 1.52 0.77 - 4.41 Exercised - - - Expired / Forfeited (479,500 ) 8.56 0.77 - 16.84 Outstanding at end of year 4,871,498 3.15 0.77 - 17.45 Exercisable at end of year 1,989,831 5.08 2.64 –17.45 Outstanding January 1, 2021 4,871,498 3.15 0.77 - 17.45 Granted - - - Exercised - - - Expired / Forfeited (189,500 ) 4.28 0.76 - 16.84 Outstanding at end of year 4,681,998 3.12 0.76-17.44 Exercisable at end of year 3,350,331 3.72 0.76-17.44 |
Schedule of Range of Prices of Stock Options | Outstanding Exercisable Exercise price range No. of Weighted– Weighted- No. of Weighted– Weighted- US$0.19-US$0.99 13,000,006 0.48 3.54 7,960,004 0.55 2.92 US$1.00-US$2.05 5,228,000 1.34 0.79 4,941,334 1.35 0.99 US$2.06- US$2.99 439,984 2.53 0.03 439,984 2.53 0.04 US$3.00 -US$4.36 60,000 4.17 0.00 60,000 4.17 0.00 18,727,990 13,401,322 Outstanding Exercisable Exercise price range No. of Weighted– Weighted- No. of Weighted– Weighted- US$0.77-US$3.96 3,250,002 1.94 3.54 1,990,001 2.19 2.92 US$4.00-US$8.20 1,307,000 5.36 0.79 1,235,334 5.40 0.99 US$8.24- US$11.96 109,996 10.13 0.03 109,996 10.13 0.04 US$12.00 -US$17.45 15,000 16.67 0.00 15,000 16.67 0.00 4,681,998 3,350,331 A summary of the range of prices for the Company’s stock options for the year ended December 31, 2020 follows: Outstanding Exercisable Exercise price range No. of Weighted– Weighted- No. of Weighted– Weighted- US$0.19-US$0.99 13,260,006 0.48 4.14 2,106,673 0.69 1.44 US$1.00-US$2.05 5,664,000 1.34 1.11 5,290,667 1.35 2.44 US$2.06- US$2.99 499,984 2.52 0.05 499,984 2.52 0.13 US$3.00 -US$4.36 62,000 4.17 0.00 62,000 4.17 0.01 19,485,990 7,959,324 Outstanding Exercisable Exercise price range No. of Weighted– Weighted- No. of Weighted– Weighted- US$0.77-US$3.96 3,315,002 1.92 4.17 526,668 2.76 1.44 US$4.00-US$8.20 1,416,000 5.36 1.10 1,322,667 5.40 2.44 US$8.24- US$11.96 124,996 10.08 0.05 124,996 10.08 0.13 US$12.00 -US$17.45 15,500 16.68 0.00 15,500 16.68 0.01 4,871,498 1,989,831 |
Schedule of Fair Value of the Options Vesting Period | December 31, 2021 US$‘000 December 31, 2020 US$‘000 December 31, 2019 US$‘000 Share-based payments – cost of sales 5 12 26 Share-based payments – selling, general and administrative 1,095 780 732 Total – continuing operations 1,100 792 758 Share-based payments – discontinued operations - - - Total 1,100 792 758 |
Schedule of Assumption Determining Fair Value of Share Options | Key management personnel Other employees Key management personnel Other employees Key management personnel Other employees 2021 2021 2020 2020 2019 2019 Weighted average fair value at measurement date per ‘A’ share / (per ADS) - / - - / - US$0.20 / (US$0.80) US$0.27 / (US$1.08) US$0.14 / (US$0.56) US$0.25 / (US$1.02) Total ‘A’ share options granted / (ADS’s equivalent) - / - - / - 8,480,000 / (2,120,000) 620,000 / (155,000) 4,060,000 / (1,015,000) 310,000 / (77,500) Weighted average share price per ‘A’ share / (per ADS) - / - - / - US$0.38 / (US$1.52) US$0.48 / (US$1.96) US$0.46 / US$0.64 / Weighted average exercise price per ‘A’ share / (per ADS) - / - - / - US$0.38 / (US$1.52) US$0.48 / (US$1.96) US$0.69 / US$0.64 / Weighted average expected volatility -% -% 66.98% 65.89% 51.18% 47.31% Weighted average expected life - - 4.34 4.35 4.15 4.42 Weighted average risk free interest rate -% -% 0.44% 0.42% 1.84% 2.23% |
TRADE AND OTHER PAYABLES (Table
TRADE AND OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other current payables [abstract] | |
Schedule of Trade and Other Payables | December 31, 2021 US$’000 December 31, 2020 US$’000 Trade payables 6,763 7,103 Payroll taxes 398 688 Employee related social insurance 130 344 Accruals and other liabilities 7,595 8,850 Deferred income 141 4,445 Deferred government grants 69 - Other payables 31 - Government COVID-19 loans (Note 4) - 2,905 15,127 24,335 |
PROVISIONS (Tables)
PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Provisions [abstract] | |
Schedule of Provisions | December 31, 2021 US$’000 December 31, 2020 US$’000 Product warranty provision 50 50 Other provisions - 366 50 416 |
EXCHANGEABLE NOTES AND OTHER _2
EXCHANGEABLE NOTES AND OTHER BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
Schedule of Carrying Value of Exchangeable Senior Notes | December 31, US$’000 December 31, US$’000 Current liabilities Exchangeable senior notes 83,312 - Total current liabilities 83,312 - December 31, US$’000 December 31, US$’000 Non-Current liabilities Exchangeable senior notes - 82,664 Other borrowings - 31 Total value of embedded derivatives – liability - 1,370 Total non-current liabilities - 84,065 December 31, US$’000 December 31, US$’000 Non-current assets Exchangeable note bond call option - 150 Non-current liabilities Exchangeable note equity conversion option - 1,370 Exchangeable note bond put option - - - 1,370 Total value of embedded derivatives – net liability - 1,220 |
Schedule of Exchangeable Notes | December 31, US$’000 December 31, US$’000 Balance at 1 January 82,664 82,021 Accretion interest (Note 8) 648 643 83,312 82,664 |
LEASE LIABILITIES (Tables)
LEASE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of finance lease liabilities [Abstract] | |
Schedule of Carrying Values of Finance Lease Liabilities | December 31, 2021 US$’000 December 31, 2020 US$’000 Current liabilities Lease liabilities related to Right of Use assets 1,878 2,054 Sale and leaseback liabilities 102 99 1,980 2,153 Non-Current liabilities Lease liabilities related to Right of Use assets 13,790 16,407 Sale and leaseback liabilities 75 181 13,865 16,588 |
Schedule of Finance Lease Liabilities Payable | December 31, 2021 US$’000 December 31, 2021 US$’000 Lease liabilities related to Right of Use assets Sale and leaseback Liabilities Minimum lease payments Interest Principal Minimum lease payments Interest Principal Less than one year 2,575 697 1,878 109 7 102 In more than one year, but not more than two 2,175 621 1,554 77 2 75 In more than two years but not more than five 5,985 1,469 4,516 - - - more than five years 8,992 1,272 7,720 - - - 19,727 4,059 15,668 186 9 177 December 31, 2020 US$’000 December 31, 2020 US$’000 Lease liabilities related to Right of Use assets Sale and leaseback liabilities Minimum lease payments Interest Principal Minimum lease payments Interest Principal Less than one year 2,877 823 2,054 111 12 99 In more than one year, but not more than two 2,644 730 1,914 111 7 104 In more than two years but not more than five 6,621 1,765 4,856 79 2 77 more than five years 11,389 1,752 9,637 - - - 23,531 5,070 18,461 301 21 280 |
Schedule of Outstanding Interest Bearing Loans and Borrowings | The terms and conditions of outstanding interest bearing loans and borrowings at December 31, 2021 are as follows: Facility Currency Nominal interest Year of maturity Fair Value Carrying Value Sale and leaseback liabilities Euro 4.53 % 2023 65 65 Sale and leaseback liabilities USD 5.51 % 2023 111 111 Total interest-bearing loans and borrowings 176 176 The terms and conditions of outstanding interest bearing loans and borrowings at December 31, 2020 are as follows: Facility Currency Nominal interest Year of maturity Fair Value Carrying Value Sale and leaseback liabilities Euro 4.53 % 2023 106 106 Sale and leaseback liabilities USD 5.51 % 2023 174 174 Total interest-bearing loans and borrowings 280 280 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Compensation | December 31, 2021 December 31, 2020 US$’000 US$’000 Short-term employee benefits 1,065 1,274 Performance related bonus 227 584 Post-employment benefits 24 41 Share-based compensation benefits 965 626 2,281 2,525 |
Schedule of Company's Shares and Share Option Plan | ‘A’ Ordinary Shares Share options At January 1, 2021 9,077,706 17,394,004 Shares of retired director - - Options of retired director - (656,000 ) Shares purchased during the year - - Shares sold during the year - - Granted - - Expired / forfeited - - At December 31, 2021 9,077,706 16,738,004 ‘A’ Ordinary Shares Share options At January 1, 2020 9,077,709 10,414,004 Shares of retired director - - Options of retired director - - Shares purchased during the year - - Shares sold during the year - - Granted - 8,480,000 Expired / forfeited - (1,500,000 ) At December 31, 2020 9,077,706 17,394,004 |
CAPITAL AND FINANCIAL RISK MA_2
CAPITAL AND FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Fair Values of Financial Assets/Liabilities | Level 1 Level 2 Total carrying amount Fair Value Note US$’000 US$’000 US$’000 US$’000 December 31, 2021 Loans and receivables at amortised cost Trade receivables 18 13,290 - 13,290 13,290 Cash and cash equivalents 19 25,910 - 25,910 25,910 Finance lease receivable 16, 18 293 - 293 293 39,493 - 39,493 39,493 Liabilities at amortised cost Exchangeable note¹ 24 - (83,312 ) (83,312 ) (83,312 ) Lease liabilities 25 (15,845 ) - (15,845 ) (15,845 ) Trade and other payables (excluding deferred income) 22 (14,986 ) - (14,986 ) (14,986 ) Provisions 23 (50 ) - (50 ) (50 ) (30,881 ) (83,312 ) (114,193 ) (114,193 ) Fair value through profit and loss (FVPL) Exchangeable note bond call option 24 - - - - Exchangeable note equity conversion option 24 - - - - - - - - 8,612 (83,312 ) (74,700 ) (74,700 ) Level 1 Level 2 Total carrying amount Fair Value Note US$’000 US$’000 US$’000 US$’000 December 31, 2020 Loans and receivables at amortised cost Trade receivables 18 20,025 - 20,025 20,025 Cash and cash equivalents 19 27,327 - 27,327 27,327 Finance lease receivable 16, 18 506 - 506 506 47,858 - 47,858 47,858 Liabilities at amortised cost Exchangeable note 24 - (82,664 ) (82,664 ) (82,664 ) Lease liabilities 25 (18,741 ) - (18,741 ) (18,741 ) Trade and other payables (excluding deferred income) 22 (19,890 ) - (19,890 ) (19,890 ) Provisions 23 (416 ) - (416 ) (416 ) (39,047 ) (82,664 ) (121,711 ) (121,711 ) Fair value through profit and loss (FVPL) Exchangeable note bond call option 24 - 150 150 150 Exchangeable note equity conversion option 24 - (1,370 ) (1,370 ) (1,370 ) - (1,220 ) (1,220 ) (1,220 ) 8,811 (83,884 ) (75,073 ) (75,073 ) |
Schedule of Interest Rate Risk Effective and Repricing Analysis | As at December 31, 2021 Note Effective interest Total US$’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$’000 Cash and cash equivalents 19 0.01 % 25,910 25,910 - - - - Lease receivable 16,18 4.0 % 293 81 61 89 62 - Exchangeable note¹ 24 4.8 % (83,312 ) - - - - (83,312 ) Other borrowings 22 0 % (31 ) - (31 ) - - - Lease payable on Right of Use assets 25 5.0 % (15,668 ) (973 ) (905 ) (1,554 ) (4,516 ) (7,720 ) Lease payable on sale & leaseback transactions 25 5.0 % (177 ) (51 ) (51 ) (75 ) - - Total (72,985 ) 24,967 (926 ) (1,540 ) (4,454 ) (91,032 ) ¹ The maturity of the Exchangeable Notes is based on the contractual maturity date of April 1, 2045 and does not take into account the potential exercise of put and call options in the next five years or the exchange agreements entered into with five exchangeable note holders in December 2021. As at December 31, 2020 Note Effective interest Total US$’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$’000 Cash and cash equivalents 19 0.1 % 27,327 27,327 - - - - Lease receivable 16,18 4.0 % 506 120 95 142 149 - Licence payments 23 8.1 % (194 ) (194 ) - - - - Exchangeable note 24 4.8 % (82,664 ) - - - - (82,664 ) Other borrowings 22 0 % (31 ) - - (31 ) - - Lease payable on Right of Use assets 25 5.0 % (18,461 ) (1,022 ) (1,032 ) (1,914 ) (4,856 ) (9,637 ) Lease payable on sale & leaseback transactions 25 5.0 % (280 ) (49 ) (50 ) (104 ) (77 ) - Total (73,797 ) 26,182 (987 ) (1,907 ) (4,784 ) (92,301 ) ¹ The maturity of the Exchangeable Notes is based on the contractual maturity date of April 1, 2045 and does not take into account the potential exercise of put and call options in the next five years or the exchange agreements entered into with five exchangeable note holders in December 2021. |
Schedule of Interest Rate Profile of Financial Assets/Liabilities | December 31, 2021 US$‘000 December 31, 2020 US$‘000 Fixed rate instruments Fixed rate financial liabilities (licence fees) - (194 ) Fixed rate financial liabilities (exchangeable note) (83,312 ) (82,664 ) Fixed rate financial liabilities (borrowings) (31 ) (31 ) Fixed rate financial liabilities (lease payables) (15,844 ) (18,741 ) Financial assets (short-term deposits and short-term investments) 3,121 3,118 Financial assets (lease receivables) 293 506 (95,773 ) (98,006 ) |
Schedule of Liquidity Risk Estimated Interest Payments of Maturities | As at December 31, 2021 US$’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$’000 Financial liabilities Trade & other payables 15,127 15,127 15,127 - - - - Lease payable on Right of Use assets 15,668 15,668 973 905 1,554 4,516 7,720 Lease payable on sale & leaseback transactions 177 177 51 51 75 - - Other borrowings 31 31 - 31 - - - Exchangeable notes ¹ 83,312 99,900 - - - - 99,900 Exchangeable note interest 999 93,906 1,998 1,998 3,996 11,988 73,926 115,314 224,809 18,149 2,985 5,625 16,504 181,546 ¹ The maturity of the Exchangeable Notes is based on the contractual maturity date of April 1, 2045 and does not take into account the potential exercise of put and call options in the next five years or the exchange agreements entered into with five exchangeable note holders in December 2021. As at December 31, 2020 US$’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$’000 Financial liabilities Trade & other payables 24,335 24,335 24,335 - - - - Lease payable on Right of Use assets 18,461 18,461 1,022 1,032 1,914 4,856 9,637 Lease payable on sale & leaseback transactions 280 280 49 50 104 77 - Other borrowings 31 31 - - 31 - - Exchangeable notes ¹ 82,664 99,900 - - - - 99,900 Exchangeable note interest 999 97,902 1,998 1,998 3,996 11,988 77,922 126,770 240,909 27,404 3,080 6,045 16,921 187,459 |
Schedule of Foreign Currency Risk Short Term Financial Assets and Liabilities | EUR GBP SEK CAD BRL Other As at December 31, 2021 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 Cash 327 115 5 4,617 1,370 - Trade and other receivable 464 58 - 488 1,538 - Trade and other payables (2,456 ) (28 ) (11 ) (166 ) (629 ) - Total exposure (1,665 ) 145 (6 ) 4,939 2,279 - EUR GBP SEK CAD BRL Other As at December 31, 2020 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 Cash 1,229 152 9 2,859 776 - Trade and other receivable 1,105 63 - 3,191 1,357 - Trade and other payables (2,821 ) (57 ) (1 ) (449 ) (529 ) - Total exposure (487 ) 158 8 5,601 1,604 - |
Schedule of Sensitivity Analysis | A 10% strengthening of the US Dollar against the Euro at December 31, 2021 would have increased profit and other equity by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. Profit or loss US$’000 December 31, 2021 Euro 780 December 31, 2020 Euro 541 A 10% weakening of the US Dollar against the Euro at December 31, 2021 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$000 December 31, 2021 Euro (953 ) December 31, 2020 Euro (661 ) |
Schedule of Maximum Credit Exposure of Financial Assets | Carrying Value Carrying Value Third party trade receivables (Note 18) 13,290 20,025 Finance lease income receivable (Note 18) 293 506 Cash and cash equivalents (Note 19) 25,910 27,327 39,493 47,858 |
Schedule of Exposure of Trade Receivables by Geographic Location | Carrying Value Carrying Value United States 5,822 10,730 Euro-zone countries 1,072 1,360 United Kingdom 118 98 Other European countries - 13 Other regions 6,571 8,330 13,583 20,531 |
Schedule of Exposure of Trade Receivables by Customer | Carrying Value Carrying Value End-user customers 6,923 11,812 Distributors 6,220 8,186 Non-governmental organisations 440 533 13,583 20,531 |
Schedule of Ageing of Trade Receivables | Gross Impairment Expected Credit Loss Rate Gross Impairment Expected Credit Loss Rate 2021 2021 2021 2020 2020 2020 US$’000 US$’000 % US$’000 US$’000 % Not past due 8,461 - - % 16,754 112 0.7 % Past due 0-30 days 2,423 1 0.1 % 1,829 222 12.1 % Past due 31-120 days 1,981 97 4.9 % 1,755 60 3.4 % Greater than 120 days 3,011 2,888 73.0 % 3,609 3,528 97.8 % 15,876 2,986 - 23,947 3,922 - |
Schedule of Movement in Allowance for Impairment of Trade Receivables | 2021 2020 2019 US$’000 US$’000 US$’000 Balance at January 1 3,922 5,443 4,202 Charged to costs and expenses 76 166 1,276 Amounts written off during the year (1,012 ) (1,687 ) (35 ) Balance at December 31 2,986 3,922 5,443 |
RECONCILIATION OF LIABILITIES_2
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Schedule of Liabilities Arising from Financing Activities | Note Borrowings & derivative financial instruments Lease liabilities Balance at January 1, 2021 22,24,25 84,065 18,741 Cash-flows: Interest paid (3,996 ) (11 ) Repayment - (2,939 ) Non-cash: Interest charged 3,996 - Additions (related to Right of Use assets) - 71 Exchange adjustment - (820 ) Accretion interest 648 803 Fair value 8 (1,370 ) - Balance at December 31, 2021 22, 24,25 83,343 15,845 Note Borrowings & derivative financial instruments Lease liabilities Balance at 1 January 2020 22,24,25 82,025 20,149 Cash-flows: Interest paid (3,996 ) - Proceeds from government Covid-19 loan (Note 24) 31 - Repayment - (3,240 ) Non-cash: Interest charged 3,996 - Additions (related to Right of Use assets) - 224 Disposals¹ - (216 ) Exchange adjustment - 928 Accretion interest 8 643 896 Fair value 1,366 - Balance at 31 December 2020 22, 24,25 84,065 18,741 ¹ Disposal of Lease liabilities relates to the early termination of a lease for a right-of-use building asset in Carlsbad, California. This facility was closed in June 2020. |
GROUP UNDERTAKINGS (Tables)
GROUP UNDERTAKINGS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of group undertakings [Abstract] | |
Schedule of subsidiary undertakings | Name and registered office Principal activity Principal Country of Group % 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. Dormant Canada 100% Fiomi Diagnostics Holding AB Dag Hammarskjöldsv 52A SE-752 37 Uppsala Sweden Holding Company Sweden 100% Fiomi Diagnostics AB Dag Hammarskjöldsv 52A SE-752 37 Uppsala Sweden Discontinued operation Sweden 100% Trinity Biotech Do Brasil Comercio e Importacao Ltda Rua Silva Bueno 1.660 – Cj. 101/102 Ipiranga Sao Paulo Brazil Sale of diagnostic test 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% |
BASIS OF PREPARATION AND SIGN_4
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Aug. 31, 2018 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Repayment of exchangeable notes | $ 12,042,000 | |
Reduction Of Gross Debt | $ 19,000,000 | |
Capitalised development expenditure [member] | ||
Statement Line Items [Line Items] | ||
Estimated useful lives of intangible assets (In years) | 15 years |
BASIS OF PREPARATION AND SIGN_5
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule of Owned Assets) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of intangible assets (In years) | 5-15 |
Buildings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of intangible assets (In years) | 50 |
Office equipment and fittings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of intangible assets (In years) | 10 |
Computer equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of intangible assets (In years) | 3-5 |
Plant and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of intangible assets (In years) | 2-15 |
BASIS OF PREPARATION AND SIGN_6
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule of Amortisation) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Capitalised development expenditure [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 |
Other (including acquired customer and supplier lists) [Member] | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Estimated useful lives of intangible assets (In years) | 6-15 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | $ 92,965 | $ 101,980 | $ 90,435 |
Inter-segment revenue | 0 | 0 | 0 |
Total revenue | 92,965 | 101,980 | 90,435 |
Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | 67,249 | 77,688 | 64,045 |
Inter-segment revenue | 49,059 | 59,304 | 39,563 |
Total revenue | 116,308 | 136,992 | 103,608 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | 25,716 | 24,292 | 26,390 |
Inter-segment revenue | 2,517 | 1,095 | 1,629 |
Total revenue | 28,233 | 25,387 | 28,019 |
Other [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | 0 | 0 | 0 |
Inter-segment revenue | 0 | 0 | 0 |
Total revenue | 0 | 0 | 0 |
Eliminations [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | 0 | 0 | 0 |
Inter-segment revenue | (51,576) | (60,399) | (41,192) |
Total revenue | $ (51,576) | $ (60,399) | $ (41,192) |
SEGMENT INFORMATION (Schedule_2
SEGMENT INFORMATION (Schedule of Revenue by Customers Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from external customers | $ 92,965 | $ 101,980 | $ 90,435 | |
Americas [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from external customers | 57,799 | 70,408 | 52,183 | |
Asia / Africa [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from external customers | 25,504 | 22,567 | 27,686 | |
Europe (including Ireland) [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from external customers | [1] | $ 9,662 | $ 9,005 | $ 10,566 |
[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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of products and services [line items] | |||
Revenues | $ 92,965 | $ 101,980 | $ 90,435 |
Clinical laboratory goods [Member] | |||
Disclosure of products and services [line items] | |||
Revenues | 74,700 | 84,280 | 68,127 |
Clinical laboratory services [Member] | |||
Disclosure of products and services [line items] | |||
Revenues | 7,928 | 8,485 | 10,915 |
Point-of-Care [Member] | |||
Disclosure of products and services [line items] | |||
Revenues | $ 10,337 | $ 9,215 | $ 11,393 |
SEGMENT INFORMATION (Schedule_4
SEGMENT INFORMATION (Schedule of Amount Relating From Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [abstract] | |||
Revenue from contracts with customers (a) | $ 92,965 | $ 101,980 | $ 90,435 |
Revenue from other sources | 0 | 0 | 0 |
Total revenue | $ 92,965 | $ 101,980 | $ 90,435 |
SEGMENT INFORMATION (Schedule_5
SEGMENT INFORMATION (Schedule of Revenue Derives From Transfer of Goods and Services) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Timing of revenue recognition | |||
At a point in time | $ 92,522 | $ 101,352 | $ 89,690 |
Over time | 443 | 628 | 745 |
Total | 92,965 | 101,980 | 90,435 |
Customer [Member] | |||
Timing of revenue recognition | |||
At a point in time | 92,522 | 101,352 | 89,690 |
Over time | 443 | 628 | 745 |
Total | 92,965 | 101,980 | 90,435 |
Americas [Member] | |||
Timing of revenue recognition | |||
At a point in time | 66,806 | 77,060 | 63,300 |
Over time | 443 | 628 | 745 |
Total | 67,249 | 77,688 | 64,045 |
Americas [Member] | Customer [Member] | |||
Timing of revenue recognition | |||
At a point in time | 57,356 | 69,780 | 51,438 |
Over time | 443 | 628 | 745 |
Total | 57,799 | 70,408 | 52,183 |
Ireland [Member] | |||
Timing of revenue recognition | |||
At a point in time | 25,716 | 24,292 | 26,390 |
Over time | 0 | 0 | 0 |
Total | 25,716 | 24,292 | 26,390 |
Other Countries [Member] | |||
Timing of revenue recognition | |||
At a point in time | 0 | 0 | 0 |
Over time | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Asia / Africa [Member] | Customer [Member] | |||
Timing of revenue recognition | |||
At a point in time | 25,504 | 22,567 | 27,686 |
Over time | 0 | 0 | 0 |
Total | 25,504 | 22,567 | 27,686 |
Europe [Member] | Customer [Member] | |||
Timing of revenue recognition | |||
At a point in time | 9,662 | 9,005 | 10,566 |
Over time | 0 | 0 | 0 |
Total | $ 9,662 | $ 9,005 | $ 10,566 |
SEGMENT INFORMATION (Schedule_6
SEGMENT INFORMATION (Schedule of Segment Results by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Result before impairment and unallocated expenses | $ 14,348 | $ 18,688 | $ 797 | |
Impairment | (6,944) | (17,779) | (24,295) | |
Result after impairment | 7,404 | 909 | (23,498) | |
Unallocated expenses | [1] | (779) | (827) | (614) |
Operating profit | 6,625 | 82 | (24,112) | |
Net financing expense (Note 8) | (5,874) | (6,715) | (5,885) | |
Loss before tax | 751 | (6,633) | (29,997) | |
Income tax credit (Note 9) | 178 | 620 | 1,006 | |
Loss for the year on continuing operations | 929 | (6,013) | (28,991) | |
Profit/loss for the year on discontinued operations (Note 10) | (54) | (375) | 77 | |
Loss for the year | 875 | (6,388) | (28,914) | |
Americas [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Result before impairment and unallocated expenses | 9,276 | 14,495 | 5,239 | |
Impairment | (6,088) | (17,779) | (14,562) | |
Result after impairment | 3,188 | (3,284) | (9,323) | |
Loss before tax | (5,050) | (10,233) | (14,439) | |
Ireland [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Result before impairment and unallocated expenses | 5,084 | 4,264 | (4,334) | |
Impairment | (856) | 0 | (9,733) | |
Result after impairment | 4,228 | 4,264 | (14,067) | |
Loss before tax | 1,862 | 296 | (20,318) | |
Other Countries [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Result before impairment and unallocated expenses | (12) | (71) | (108) | |
Impairment | 0 | 0 | 0 | |
Result after impairment | $ (12) | $ (71) | $ (108) | |
[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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets and liabilities | ||||
Segment assets | $ 87,345 | $ 95,799 | ||
Unallocated assets: | ||||
Income tax assets (current and deferred) | 5,640 | 7,271 | ||
Cash and cash equivalents and short-term investments | 25,910 | 27,327 | $ 16,400 | $ 30,277 |
Total assets as reported in the Group balance sheet | 118,895 | 130,397 | ||
Segment liabilities | 114,334 | 127,557 | ||
Unallocated liabilities: | ||||
Income tax liabilities (current and deferred) | 4,880 | 5,059 | ||
Total liabilities as reported in the Group balance sheet | 119,214 | 132,616 | ||
Americas [Member] | ||||
Assets and liabilities | ||||
Segment assets | 45,891 | 58,164 | ||
Unallocated assets: | ||||
Segment liabilities | 12,382 | 20,431 | ||
Ireland [Member] | ||||
Assets and liabilities | ||||
Segment assets | 41,453 | 37,632 | ||
Unallocated assets: | ||||
Segment liabilities | 101,927 | 107,080 | ||
Other Countries [Member] | ||||
Assets and liabilities | ||||
Segment assets | 1 | 3 | ||
Unallocated assets: | ||||
Segment liabilities | $ 25 | $ 46 |
SEGMENT INFORMATION (Schedule_8
SEGMENT INFORMATION (Schedule of Long Lived Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Long lived asstes | $ 42,106 | $ 42,762 |
Ireland [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Long lived asstes | 22,617 | 19,927 |
Americas [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Long lived asstes | $ 19,489 | $ 22,835 |
SEGMENT INFORMATION (Schedule_9
SEGMENT INFORMATION (Schedule of Depreciation and Amortisation by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Depreciation | $ 1,866 | $ 1,714 | $ 2,530 |
Amortisation | 917 | 1,403 | 2,368 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Depreciation | 204 | 127 | 322 |
Amortisation | 69 | 32 | 642 |
Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Depreciation | 1,662 | 1,587 | 2,208 |
Amortisation | $ 848 | $ 1,371 | $ 1,726 |
SEGMENT INFORMATION (Schedul_10
SEGMENT INFORMATION (Schedule of Share Based Payment Expense by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Share-based payments | $ 1,100 | $ 792 | $ 758 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Share-based payments | 1,072 | 722 | 659 |
Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Share-based payments | $ 28 | $ 70 | $ 99 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Income | |||
Interest income earned | $ 3 | $ 36 | $ 464 |
Non-cash financial income | 1,220 | 0 | 233 |
Interest Expense | |||
Interest on finance leases | 815 | 896 | 947 |
Interest on tax audit settlement (Note 6) | 0 | 0 | 1,000 |
Cash interest on exchangeable notes | 3,996 | 3,996 | 3,996 |
Non-cash interest on exchangeable notes (Note 25) | 648 | 643 | 639 |
Loan origination costs | 1,638 | 0 | 0 |
Non-cash financial expense | $ 0 | $ 1,216 | $ 0 |
SEGMENT INFORMATION (Schedul_12
SEGMENT INFORMATION (Schedule of Taxation Expense by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Taxation expense | $ 178 | $ 620 | $ 1,006 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Taxation expense | 540 | 293 | 831 |
Other Countries [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Taxation expense | (2) | (8) | 0 |
Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Taxation expense | $ 360 | $ 335 | $ 175 |
SEGMENT INFORMATION (Schedul_13
SEGMENT INFORMATION (Schedule of Capital Expenditure by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Capital expenditure | $ 8,602 | $ 9,926 |
Ireland [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Capital expenditure | 3,826 | 5,609 |
Other Countries [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Capital expenditure | 0 | 0 |
Americas [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Capital expenditure | $ 4,776 | $ 4,317 |
EMPLOYMENT (Narrative) (Details
EMPLOYMENT (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |||
Total personnel expenses, inclusive of amounts capitalised for wages and salaries, social welfare costs and pension costs | $ 33,366,000 | $ 33,347,000 | $ 36,288,000 |
Total share based payments, inclusive of amounts capitalised | 1,111,000 | 816,000 | 838,000 |
Employees contribution | 352,000 | 447,000 | 503,000 |
Pension accrual | $ 47,000 | $ 47,000 | $ 43,000 |
EMPLOYMENT (Schedule of Average
EMPLOYMENT (Schedule of Average Number of Persons Employed) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||
Number of persons employed | 477 | 543 | 579 |
Research and development [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of persons employed | 41 | 52 | 57 |
Administration and sales [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of persons employed | 134 | 148 | 159 |
Manufacturing and quality [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of persons employed | 302 | 343 | 363 |
EMPLOYMENT (Schedule of Employm
EMPLOYMENT (Schedule of Employment Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |||
Wages and salaries | $ 26,561 | $ 26,187 | $ 25,885 |
Social welfare costs | 2,403 | 2,195 | 2,538 |
Pension costs | 352 | 447 | 503 |
Tax settlement (Note 6) | 0 | 0 | 5,094 |
Share-based payments | 1,100 | 792 | 758 |
Restructuring Cost | 270 | 388 | 0 |
Recognition of contingent asset | 0 | (1,316) | 0 |
Employment Costs | $ 30,686 | $ 28,693 | $ 34,778 |
OTHER OPERATING INCOME (Details
OTHER OPERATING INCOME (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||
Amount received from Provider Relief Fund | $ 225,000 | |
Provision of canteen services to third parties | $ 17,000 | |
Paycheck Protection Program Loan [Member] | ||
Statement Line Items [Line Items] | ||
Forgiveness amount | $ 4,668,000 |
OTHER OPERATING INCOME (Schedul
OTHER OPERATING INCOME (Schedule of Other Operating Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of other operating income [Abstract] | |||
Government supports - COVID-19 | $ 4,668 | $ 1,840 | $ 0 |
Other income | 0 | 17 | 88 |
Rental income from premises | 4 | 3 | 3 |
Other operating income | $ 4,672 | $ 1,860 | $ 91 |
SELLING, GENERAL AND ADMINIST_3
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - CLOSURE COSTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |||
Amount of charge for closing facility | $ 0 | $ (2,425) | $ 0 |
SELLING, GENERAL AND ADMINIST_4
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - TAX AUDIT SETTLEMENT (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of products and services [line items] | |||
Selling, general and administrative expenses - tax audit settlement gross | $ 5,442,000 | $ 6,442,000 | |
Patent dividend scheme amount | 3,863,000 | ||
R&D tax credits | 75,000 | ||
Interest credits | 1,000,000 | ||
Penalties income | 273,000 | ||
Provision | 400,000 | ||
Selling, general and administrative expenses - tax audit settlement | 0 | $ 0 | 5,042,000 |
Darnick Company [Member] | |||
Disclosure of products and services [line items] | |||
Payments for CEO Services | 1,231,000 | ||
Contribution amount in settlement | $ 1,231,000 | ||
Repayments of borrowings | $ 177,000 | ||
Minimum [Member] | Darnick Company [Member] | |||
Disclosure of products and services [line items] | |||
Increase in settlement amount due to depreciation | 1,231,000 | ||
Maximum [Member] | Darnick Company [Member] | |||
Disclosure of products and services [line items] | |||
Increase in settlement amount due to depreciation | $ 1,316,000 |
IMPAIRMENT CHARGES (Schedule of
IMPAIRMENT CHARGES (Schedule of Statement of Operation) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of impairment charges and inventory provisioning [Abstract] | |||
Impairment of PP&E (Note 13) | $ 2,508,000 | $ 1,795,000 | $ 6,349,000 |
Impairment of goodwill and other intangible assets (Note 14) | 3,853,000 | 15,422,000 | 16,570,000 |
Impairment of prepayments (Note 18) | 583,000 | 562,000 | 1,376,000 |
Total impairment loss | 6,944,000 | 17,779,000 | 24,295,000 |
Income tax impact of impairment loss | 0 | 0 | 148,000 |
Total impairment loss after tax | $ 6,944,000 | $ 17,779,000 | $ 24,443,000 |
FINANCIAL INCOME AND EXPENSES_2
FINANCIAL INCOME AND EXPENSES (Schedule of Financial Income (Expenses), Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial income: | |||
Non-cash financial income | $ 1,220 | $ 0 | $ 233 |
Interest income | 3 | 36 | 464 |
Financial income | 1,223 | 36 | 697 |
Financial expense: | |||
Interest on leases | (815) | (896) | (947) |
Interest on tax audit settlement (Note 6) | 0 | 0 | (1,000) |
Cash interest on exchangeable notes | (3,996) | (3,996) | (3,996) |
Loan origination costs | (1,638) | 0 | 0 |
Non-cash interest on exchangeable notes (Note 24) | (648) | (643) | (639) |
Non-cash financial expense | 0 | (1,216) | 0 |
Financial expense | (7,097) | (6,751) | (6,582) |
Net Financing Expense | $ (5,874) | $ (6,715) | $ (5,885) |
FINANCIAL INCOME AND EXPENSES_3
FINANCIAL INCOME AND EXPENSES (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Jan. 31, 2022 | Dec. 31, 2021 | |
Financial Income And Expenses [Line Items] | ||
Repayment of term loan | $ 81,250,000 | |
Senior secured term loan credit facility [Member] | Perceptive Advisors [Member] | ||
Financial Income And Expenses [Line Items] | ||
Repayment of term loan | $ 81,250,000 | |
Loan origination costs | $ 1,638,000 |
INCOME TAX CREDIT (Narrative) (
INCOME TAX CREDIT (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total deferred tax (credit)/expense | [1] | $ 37,000 | $ (167,000) | $ (841,000) |
Corporation tax rate | 12.50% | 12.50% | 12.50% | |
Ireland [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total deferred tax (credit)/expense | $ 118,000 | $ 53,000 | $ 444,000 | |
Other Countries [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total deferred tax (credit)/expense | $ 81,000 | $ 220,000 | $ 397,000 | |
[1] | In 2021, there was a deferred tax charge of US$118,000 (2020: charge US$53,000; 2019: credit of US$444,000) recognised in respect of Ireland and a deferred tax credit of US$81,000 (2020: credit of US$220,000; 2019: credit of US$397,000) recognised in respect of overseas tax jurisdictions. |
INCOME TAX CREDIT (Schedule of
INCOME TAX CREDIT (Schedule of Charge for Tax) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Current tax (credit)/ expense | |||||
Irish Corporation tax | $ (511,000) | $ (480,000) | $ (312,000) | ||
Foreign taxes | [1] | 296,000 | 179,000 | 197,000 | |
Adjustment in respect of prior years | 0 | (152,000) | (50,000) | ||
Total current tax credit | (215,000) | (453,000) | (165,000) | ||
Deferred tax credit | |||||
Origination and reversal of temporary differences (see Note 15) | 620,000 | 48,000 | (625,000) | ||
Origination and reversal of net operating losses (see Note 15) | (583,000) | (215,000) | (216,000) | ||
Total deferred tax credit | [2] | 37,000 | (167,000) | (841,000) | |
Total income tax credit on continuing operations in statement of operations | (178,000) | (620,000) | (1,006,000) | ||
Tax charge on discontinued operations (see Note 10) | 12,000 | 438,000 | 0 | $ 590,000 | |
Total tax credit | $ (166,000) | $ (182,000) | $ (1,006,000) | ||
[1] | In 2021, the foreign taxes relate primarily to USA and Canada. | ||||
[2] | In 2021, there was a deferred tax charge of US$118,000 (2020: charge US$53,000; 2019: credit of US$444,000) recognised in respect of Ireland and a deferred tax credit of US$81,000 (2020: credit of US$220,000; 2019: credit of US$397,000) recognised in respect of overseas tax jurisdictions. |
INCOME TAX CREDIT (Schedule o_2
INCOME TAX CREDIT (Schedule of Overseas Tax Jurisdictions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective tax rate | |||
Profit/(Loss) before taxation - continuing operations | $ 751 | $ (6,633) | $ (29,997) |
As a percentage of loss before tax: | |||
Current tax % | 28.63% | (6.83%) | (0.55%) |
Total (current and deferred) % | (23.70%) | (9.35%) | (3.36%) |
INCOME TAX CREDIT (Schedule o_3
INCOME TAX CREDIT (Schedule of Statutory Tax Rate) (Details) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of income tax credit [Abstract] | ||||
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] | 49.63% | 24.13% | 13.21% |
Effect of tax rates on overseas earnings | (0.22%) | (9.92%) | (3.05%) | |
Effect of Irish income taxable at higher tax rate | 98.68% | 5.92% | 0.04% | |
Adjustments in respect of prior years | (0.01%) | (10.66%) | (0.17%) | |
R&D tax credits | (79.22%) | (11.00%) | (2.69%) | |
Other items | [2] | (105.06%) | 4.68% | 1.80% |
Effective tax rate | (23.70%) | (9.35%) | (3.36%) | |
[1] | No deferred tax asset was recognised because there was no reversing deferred tax liability in the same jurisdiction reversing in the same period and insufficient future projected taxable income in the same jurisdiction. | |||
[2] | Other items comprise items not chargeable to tax/expenses not deductible for tax purposes. In 2021, this mainly comprises the income from the Paycheck Protection Program loans which is not chargeable for tax purposes. |
INCOME TAX CREDIT (Schedule o_4
INCOME TAX CREDIT (Schedule of Loss Profit Before Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Loss profit before taxes | $ 751 | $ (6,633) | $ (29,997) |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Loss profit before taxes | 1,862 | 296 | (20,318) |
Other regions [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Loss profit before taxes | 3,939 | 3,304 | 4,760 |
Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Loss profit before taxes | $ (5,050) | $ (10,233) | $ (14,439) |
INCOME TAX CREDIT (Schedule o_5
INCOME TAX CREDIT (Schedule of Net Operating Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unutilised net operating losses | $ 73,893 | $ 85,198 | $ 80,577 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unutilised net operating losses | 68,132 | 78,700 | 73,754 |
Other regions [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unutilised net operating losses | 1,000 | 2,185 | 0 |
Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unutilised net operating losses | $ 4,761 | $ 4,313 | $ 6,823 |
INCOME TAX CREDIT (Schedule o_6
INCOME TAX CREDIT (Schedule of Unrecognised Deferred Tax Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unrecognised deferred tax asset | $ 18,810 | $ 17,388 | $ 17,814 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unrecognised deferred tax asset | 9,272 | 12,514 | 12,062 |
Other regions [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unrecognised deferred tax asset | 279 | 546 | 0 |
Americas – unused tax losses [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unrecognised deferred tax asset | 5,891 | 1,466 | 5,259 |
Americas – unused tax credits [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unrecognised deferred tax asset | $ 3,368 | $ 2,862 | $ 493 |
(LOSS)_PROFIT FOR THE YEAR ON_3
(LOSS)/PROFIT FOR THE YEAR ON DISCONTINUED OPERATION (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of classes of share capital [line items] | ||||
Profit/(Loss) for the year from discontinued operations | $ (54,000) | $ (375,000) | $ 77,000 | |
Weighted average number of ordinary shares outstanding | 83,606,810 | 83,606,810 | 83,606,810 | |
Tax credit recovered | $ 12,000 | $ 438,000 | $ 0 | $ 590,000 |
Closure costs | 42,000 | |||
Tax (expense)/credit | $ 12,000 | |||
Class A Ordinary shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Weighted average number of ordinary shares outstanding | 83,606,810 | 83,606,810 | 83,606,810 | |
Diluted earnings per share denominator | 106,518,650 | 105,024,732 | 101,870,064 | |
Basic (loss)/earnings per ordinary share for discontinued operations | $ (54,000) | $ (375,000) | $ 77,000 | |
Diluted (loss)/earnings per ordinary share for discontinued operations | $ (54,000) | $ 375,000 | $ 77,000 | |
American depositary share [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Weighted average number of ordinary shares outstanding | 20,901,703 | 20,901,703 | 20,901,703 | |
Diluted earnings per share denominator | 26,629,663 | 25,256,183 | 25,467,517 | |
Basic (loss)/earnings per ordinary share for discontinued operations | $ (54,000) | $ (375,000) | $ 77,000 | |
Diluted (loss)/earnings per ordinary share for discontinued operations | $ (54,000) | $ (375,000) | $ 77,000 |
(LOSS)_PROFIT FOR THE YEAR ON_4
(LOSS)/PROFIT FOR THE YEAR ON DISCONTINUED OPERATION (Schedule of Operating Profit/(Loss) for Cardiac) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
(Loss)/Profit on re-measurement of assets and liabilities: | |||
Closure provision | $ 42,000 | ||
Tax (expense)/credit | 12,000 | ||
(Loss)/Profit for the year from discontinued operations | (54,000) | $ (375,000) | $ 77,000 |
Sweden [Member] | |||
(Loss)/Profit on re-measurement of assets and liabilities: | |||
Closure provision | (42,000) | 127,000 | (8,000) |
Foreign currency translation reserve | 0 | (64,000) | 85,000 |
Tax (expense)/credit | (12,000) | (438,000) | 0 |
Total (loss)/profit | (54,000) | (375,000) | 77,000 |
(Loss)/Profit for the year from discontinued operations | $ (54,000) | $ (375,000) | $ 77,000 |
(LOSS)_PROFIT FOR THE YEAR ON_5
(LOSS)/PROFIT FOR THE YEAR ON DISCONTINUED OPERATION (Schedule of Earnings Per ADS) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic earnings/(loss) per ADS (US Dollars) - discontinued operations | $ 0 | $ (0.02) | $ 0 |
Diluted earnings/(loss) per ADS (US Dollars) - discontinued operations | 0 | (0.02) | 0 |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic earnings/(loss) per ADS (US Dollars) - discontinued operations | 0 | 0 | 0 |
Diluted earnings/(loss) per ADS (US Dollars) - discontinued operations | $ 0 | $ 0 | $ 0 |
(LOSS)_PROFIT FOR THE YEAR ON_6
(LOSS)/PROFIT FOR THE YEAR ON DISCONTINUED OPERATION (Schedule of Cash Flows Attributable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of loss on discontinued operation [Abstract] | |||
Cash flows from operating activities | $ (40) | $ (22) | $ (5) |
PROFIT_LOSS BEFORE TAX (Narrati
PROFIT/LOSS BEFORE TAX (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of loss profit before tax [Abstract] | |||
Depreciation on capitalised Intangible projects | $ 39,000 | $ 40,000 | $ 4,000 |
PROFIT_LOSS BEFORE TAX (Schedul
PROFIT/LOSS BEFORE TAX (Schedule of Amount Charged to Statement of Operation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Directors' emoluments (including non- executive directors): | ||||
Remuneration | $ 1,390 | $ 2,020 | $ 1,238 | |
Pension | 24 | 41 | 42 | |
Share based payments | 986 | 678 | 624 | |
Auditor's remuneration | ||||
Audit fees | 549 | 533 | 523 | |
Tax fees | 77 | 146 | 172 | |
Other non-audit fees | 31 | 25 | 0 | |
Depreciation | [1] | 1,827 | 1,674 | 2,526 |
Amortisation | 917 | 1,403 | 2,368 | |
(Gain)/Loss on the disposal of property, plant and equipment | (1) | 30 | 17 | |
Net foreign exchange differences | $ (789) | $ 583 | $ (179) | |
[1] | Note that US$39,000 (2020: US$40,000) (2019: US$4,000) of depreciation was capitalised to research and development projects during 2021 in line with the Group’s capitalisation policy for Intangible projects. |
PROFIT_(LOSS) PER SHARE (Narrat
PROFIT/(LOSS) PER SHARE (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | |||
Profit/(Loss) for the year | $ 875,000 | $ (6,388,000) | $ (28,914,000) |
Diluted earnings per share denominator | 106,518,650 | 105,024,732 | 101,870,064 |
Diluted earnings per ordinary share for continuing operations | $ 4,353,000 | $ 158,000 | $ (24,590,000) |
Weighted average number of shares | 83,606,810 | 83,606,810 | 83,606,810 |
Number of shares issued | 83,606,810 | 83,606,810 | 83,606,810 |
Adjusted profit after tax | $ 4,299,000 | $ 533,000 | $ 24,512,000 |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic earnings per ordinary share for continuing operations | $ 929,000 | $ 6,013,000 | $ 28,991,000 |
Weighted average number of shares | 83,606,810 | 83,606,810 | 83,606,810 |
Number of shares issued | 96,162,410 | 96,162,410 | 96,162,410 |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic earnings per ordinary share for continuing operations | $ 929,000 | $ 6,013,000 | $ 28,991,000 |
Diluted earnings per share denominator | 26,629,663 | 26,256,183 | 25,467,517 |
Weighted average number of shares | 20,901,703 | 20,901,703 | 20,901,703 |
Number of shares issued | 24,040,602 | 24,040,602 | 24,040,602 |
Adjusted profit after tax | $ 4,299,000 | $ (533,000) | $ (24,512,000) |
PROFIT_(LOSS) PER SHARE (Schedu
PROFIT/(LOSS) PER SHARE (Schedule of Basic Earnings Per Ordinary Share) (Details) - shares | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of classes of share capital [line items] | |||||
Basic earnings per share denominator | 83,606,810 | 83,606,810 | 83,606,810 | ||
Reconciliation to weighted average earnings per share denominator: | |||||
In issue at January 1 | 83,606,810 | 83,606,810 | |||
Basic earnings per share denominator | 83,606,810 | 83,606,810 | 83,606,810 | ||
Class A Ordinary shares [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Basic earnings per share denominator | 83,606,810 | 83,606,810 | 83,606,810 | ||
Reconciliation to weighted average earnings per share denominator: | |||||
In issue at January 1 | 96,162,410 | 96,162,410 | |||
Weighted average number of shares issued during the year | 0 | [1] | 0 | [1] | 0 |
Weighted average number of treasury shares | (12,555,600) | (12,555,600) | (12,555,600) | ||
Basic earnings per share denominator | 83,606,810 | 83,606,810 | 83,606,810 | ||
[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. |
PROFIT_(LOSS) PER SHARE (Sche_2
PROFIT/(LOSS) PER SHARE (Schedule of Diluted Earnings Per Ordinary Share) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [abstract] | |||
Basic earnings per share denominator | 83,606,810 | 83,606,810 | 83,606,810 |
Issuable on exercise of options and warrants | 4,648,586 | 3,154,668 | 0 |
Issuable on conversion of exchangeable notes | 18,263,254 | 18,263,254 | 18,263,254 |
Diluted earnings per share denominator | 106,518,650 | 105,024,732 | 101,870,064 |
PROFIT_(LOSS) PER SHARE (Sche_3
PROFIT/(LOSS) PER SHARE (Schedule of Profit After Tax Diluted Earnings Per Ordinary Share Calculation) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [abstract] | |||
Profit/(Loss) after tax for the year | $ 875,000 | $ (6,388,000) | $ (28,914,000) |
Non-cash financial (income)/expense (Note 8) | 1,220,000 | (1,216,000) | 233,000 |
Cash interest expense (Note 8) | 3,996,000 | 3,996,000 | 3,996,000 |
Non-cash interest on exchangeable notes (Note 8) | 648,000 | 643,000 | 639,000 |
Adjusted profit/(loss) after tax | $ (4,299,000) | $ 533,000 | $ 24,512,000 |
PROFIT_(LOSS) PER SHARE (Sche_4
PROFIT/(LOSS) PER SHARE (Schedule of Earnings Per ADS) (Details) - shares | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 31, 2022 | ||
Disclosure of classes of share capital [line items] | |||||
Ordinary shares | 5,300,000 | ||||
Basic earnings per share denominator | 83,606,810 | 83,606,810 | 83,606,810 | ||
Reconciliation to weighted average earnings per share denominator: | |||||
In issue at January 1 | 83,606,810 | 83,606,810 | |||
Basic earnings per share denominator | 83,606,810 | 83,606,810 | 83,606,810 | ||
American depositary share [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Ordinary shares | 20,901,703 | 20,901,703 | 20,901,703 | ||
Basic earnings per share denominator | 20,901,703 | 20,901,703 | 20,901,703 | ||
Reconciliation to weighted average earnings per share denominator: | |||||
In issue at January 1 | 24,040,602 | 24,040,602 | |||
Weighted average number of shares issued during the year | [1] | 0 | 0 | 0 | |
Weighted average number of treasury shares | (3,138,899) | (3,138,899) | (3,138,899) | ||
Basic earnings per share denominator | 20,901,703 | 20,901,703 | 20,901,703 | ||
[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. |
PROFIT_(LOSS) PER SHARE (Sche_5
PROFIT/(LOSS) PER SHARE (Schedule of Diluted Earnings Per ADS Share Calculation) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | |||
Basic earnings per share denominator | 83,606,810 | 83,606,810 | 83,606,810 |
Issuable on exercise of options and warrants | 4,648,586 | 3,154,668 | 0 |
Issuable on conversion of exchangeable notes | 18,263,254 | 18,263,254 | 18,263,254 |
Diluted earnings per share denominator | 106,518,650 | 105,024,732 | 101,870,064 |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic earnings per share denominator | 20,901,703 | 20,901,703 | 20,901,703 |
Issuable on exercise of options and warrants | 1,162,146 | 788,666 | 0 |
Issuable on conversion of exchangeable notes | 4,565,814 | 4,565,814 | 4,565,814 |
Diluted earnings per share denominator | 26,629,663 | 26,256,183 | 25,467,517 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Right-of-use assets, Impairment adjustment on transition | $ 11,099,000 | ||
Impairment loss | 2,508,000 | $ 1,795,000 | $ 6,349,000 |
Net book value of assets held under operating lease | |||
Depreciation charged on assets under operating lease | 27,000 | 21,000 | |
Property, plant and equipment under construction | 0 | 0 | |
Buildings [Member] | |||
Statement Line Items [Line Items] | |||
Income from sub-letting right-of-use | $ 3,000 | $ 3,000 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Schedule of Composition of Property and Equipment Related to Accumulated Depreciation) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | $ 8,547,000 | ||
Impairment loss | (2,508,000) | $ (1,795,000) | $ (6,349,000) |
Balance at end of year | 5,918,000 | 8,547,000 | |
Cost [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 65,105,000 | 70,242,000 | |
Additions | 1,708,000 | 2,911,000 | |
Disposals or retirements | (2,851,000) | (6,123,000) | |
Reallocations / reclassifications | 0 | ||
Exchange adjustments | (499,000) | (1,925,000) | |
Balance at end of year | 63,463,000 | 65,105,000 | 70,242,000 |
Cost [Member] | Land and buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 24,287,000 | 24,269,000 | |
Additions | 46,000 | 8,000 | |
Disposals or retirements | 0 | 0 | |
Reallocations / reclassifications | 0 | ||
Exchange adjustments | 1,000 | 10,000 | |
Balance at end of year | 24,334,000 | 24,287,000 | 24,269,000 |
Cost [Member] | Leasehold improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 2,670,000 | 3,005,000 | |
Additions | 126,000 | 41,000 | |
Disposals or retirements | (186,000) | (299,000) | |
Reallocations / reclassifications | 0 | ||
Exchange adjustments | (18,000) | (77,000) | |
Balance at end of year | 2,592,000 | 2,670,000 | 3,005,000 |
Cost [Member] | Computer equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 4,309,000 | 4,292,000 | |
Additions | 144,000 | 96,000 | |
Disposals or retirements | (255,000) | (66,000) | |
Reallocations / reclassifications | 0 | ||
Exchange adjustments | (2,000) | (13,000) | |
Balance at end of year | 4,200,000 | 4,309,000 | 4,292,000 |
Cost [Member] | Plant and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 33,839,000 | 38,676,000 | |
Additions | 1,392,000 | 2,766,000 | |
Disposals or retirements | (2,410,000) | (5,758,000) | |
Reallocations / reclassifications | 0 | ||
Exchange adjustments | (484,000) | (1,845,000) | |
Balance at end of year | 32,337,000 | 33,839,000 | 38,676,000 |
Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | (56,558,000) | (60,952,000) | |
Charge for the year | (1,866,000) | (1,714,000) | |
Impairment loss | (2,508,000) | (1,795,000) | |
Disposals or retirements | 2,851,000 | 5,973,000 | |
Reallocations / reclassifications | 0 | ||
Exchange adjustments | 536,000 | 1,930,000 | |
Balance at end of year | (57,545,000) | (56,558,000) | (60,952,000) |
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 | (19,629,000) | (18,493,000) | |
Charge for the year | (628,000) | (783,000) | |
Impairment loss | (1,196,000) | (347,000) | |
Disposals or retirements | 0 | 0 | |
Reallocations / reclassifications | 0 | ||
Exchange adjustments | 21,000 | (6,000) | |
Balance at end of year | (21,432,000) | (19,629,000) | (18,493,000) |
Accumulated depreciation and impairment losses [member] | Leasehold improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | (1,884,000) | (2,037,000) | |
Charge for the year | (149,000) | (146,000) | |
Impairment loss | (279,000) | (78,000) | |
Disposals or retirements | 186,000 | 299,000 | |
Reallocations / reclassifications | 0 | ||
Exchange adjustments | 5,000 | 78,000 | |
Balance at end of year | (2,131,000) | (1,884,000) | (2,037,000) |
Accumulated depreciation and impairment losses [member] | Computer equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | (3,946,000) | (3,682,000) | |
Charge for the year | (115,000) | (181,000) | |
Impairment loss | (98,000) | (180,000) | |
Disposals or retirements | 255,000 | 84,000 | |
Reallocations / reclassifications | 0 | ||
Exchange adjustments | 46,000 | 13,000 | |
Balance at end of year | (3,950,000) | (3,946,000) | (3,682,000) |
Accumulated depreciation and impairment losses [member] | Plant and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | (31,099,000) | (36,740,000) | |
Charge for the year | (974,000) | (604,000) | |
Impairment loss | (935,000) | (1,190,000) | |
Disposals or retirements | 2,410,000 | 5,590,000 | |
Reallocations / reclassifications | 0 | ||
Exchange adjustments | 566,000 | 1,845,000 | |
Balance at end of year | (30,032,000) | (31,099,000) | $ (36,740,000) |
Carrying amounts [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 8,547,000 | ||
Balance at end of year | 5,918,000 | 8,547,000 | |
Carrying amounts [Member] | Land and buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 4,658,000 | ||
Balance at end of year | 2,902,000 | 4,658,000 | |
Carrying amounts [Member] | Leasehold improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 786,000 | ||
Balance at end of year | 461,000 | 786,000 | |
Carrying amounts [Member] | Computer equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 363,000 | ||
Balance at end of year | 250,000 | 363,000 | |
Carrying amounts [Member] | Plant and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 2,740,000 | ||
Balance at end of year | $ 2,305,000 | $ 2,740,000 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT (Schedule of Right-of-use assets) (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Right-of-use assets cost at transition before impairment | $ 21,185,000 |
Impairment adjustment on transition | (11,099,000) |
Right-of-use assets value at transition after impairment | $ 10,086,000 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT (Schedule of Additional Information on Right-of-use Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | $ 2,572 | $ 4,203 |
Depreciation Charge [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | (614) | (747) |
Accumulated impairment Charge [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | (1,089) | (501) |
Buildings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 2,549 | 4,200 |
Buildings [Member] | Depreciation Charge [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | (609) | (673) |
Buildings [Member] | Accumulated impairment Charge [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | (1,089) | (347) |
Computer equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 23 | 3 |
Computer equipment [Member] | Depreciation Charge [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | (5) | (4) |
Computer equipment [Member] | Accumulated impairment Charge [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 0 | 0 |
Plant and equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 0 | 0 |
Plant and equipment [Member] | Depreciation Charge [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 0 | (70) |
Plant and equipment [Member] | Accumulated impairment Charge [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | $ 0 | $ (154) |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT (Schedule of Income from Sub-letting Right-of-use Buildings) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Buildings [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
No. of Right-of-Use leased assets | 11 | 12 |
Average remaining lease term (years) | 3 years | 4 years |
No. of Leases with extension options | 1 | 1 |
No. of Leases with options to purchase | 0 | 0 |
No. of leases with variable payments linked to index | 2 | 2 |
No. of leases with termination options | 4 | 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 | 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 | 12 years | 13 years |
Vehicles [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
No. of Right-of-Use leased assets | 16 | 16 |
Average remaining lease term (years) | 2 years | 2 years |
No. of Leases with extension options | 0 | 0 |
No. of Leases with options to purchase | 16 | 16 |
No. of leases with variable payments linked to index | 0 | 0 |
No. of leases with termination options | 16 | 16 |
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 | 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 | 3 years | 3 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 | 2 | 10 |
Average remaining lease term (years) | 4 years | 1 year |
No. of Leases with extension options | 0 | 0 |
No. of Leases with options to purchase | 0 | 0 |
No. of leases with variable payments linked to index | 0 | 0 |
No. of leases with termination options | 0 | 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 | 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 | 5 years | 2 years |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Development costs not amortised | $ 7,994,000 | $ 6,980,000 | |
Description of project completion period | January 1, 2022 to December 31, 2024 | ||
Additional project cost | $ 5,857,000 | ||
Long term growth rate on fifth year | 2.00% | 2.00% | |
Variation in discount rate | 10.00% | ||
Impairment loss | $ 3,853,000 | $ 15,422,000 | $ 16,570,000 |
Impairment loss recognised in other comprehensive income, intangible assets other than goodwill | $ 6,944,000 | $ 17,779,000 | |
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 | 25.00% | 44.00% | |
Bottom of range [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Cash flow projections | 5.00% | ||
Pre tax discount rates | 16.00% | 16.00% | |
Primus trade name [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment loss | $ 135,000 | ||
Immco Diagnostics Inc [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment loss | $ 869,000 | ||
Impairment loss recognised in other comprehensive income, intangible assets other than goodwill | 4,979,000 | 0 | |
Trinity Biotech Manufacturing Limited [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment loss recognised in other comprehensive income, intangible assets other than goodwill | $ 856,000 | $ 0 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | $ 33,860 | ||
Impairment losses | 3,853 | $ 15,422 | $ 16,570 |
Balance at end of year | 35,981 | 33,860 | |
Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 250,417 | 282,283 | |
Additions | 6,894 | 7,015 | |
Disposals or retirements | (15,052) | (38,903) | |
Exchange adjustments | 1 | 22 | |
Balance at end of year | 242,260 | 250,417 | 282,283 |
Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 33,860 | ||
Balance at end of year | 35,981 | 33,860 | |
Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (216,557) | (238,629) | |
Charge for the year | (917) | (1,403) | |
Disposals or retirements | 15,047 | 38,903 | |
Impairment losses | (3,853) | (15,422) | |
Exchange adjustments | 1 | (6) | |
Balance at end of year | (206,279) | (216,557) | (238,629) |
Goodwill [member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 79,182 | 81,689 | |
Additions | 0 | 0 | |
Disposals or retirements | 0 | (2,507) | |
Exchange adjustments | 0 | 0 | |
Balance at end of year | 79,182 | 79,182 | 81,689 |
Goodwill [member] | Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 12,591 | ||
Balance at end of year | 12,537 | 12,591 | |
Goodwill [member] | Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (66,591) | (69,098) | |
Charge for the year | 0 | 0 | |
Disposals or retirements | 0 | 2,507 | |
Impairment losses | (54) | 0 | |
Exchange adjustments | 0 | 0 | |
Balance at end of year | (66,645) | (66,591) | (69,098) |
Development cost [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 128,977 | 156,377 | |
Additions | 6,771 | 6,896 | |
Disposals or retirements | (14,576) | (34,318) | |
Exchange adjustments | 1 | 22 | |
Balance at end of year | 121,173 | 128,977 | 156,377 |
Development cost [Member] | Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 13,444 | ||
Balance at end of year | 17,679 | 13,444 | |
Development cost [Member] | Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (115,533) | (133,599) | |
Charge for the year | (482) | (959) | |
Disposals or retirements | 14,573 | 34,318 | |
Impairment losses | (2,053) | (15,287) | |
Exchange adjustments | 1 | (6) | |
Balance at end of year | (103,494) | (115,533) | (133,599) |
Patents and licences [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 8,947 | 9,951 | |
Additions | 102 | 30 | |
Disposals or retirements | (342) | (1,034) | |
Exchange adjustments | 0 | 0 | |
Balance at end of year | 8,707 | 8,947 | 9,951 |
Patents and licences [Member] | Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 157 | ||
Balance at end of year | 146 | 157 | |
Patents and licences [Member] | Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (8,790) | (9,819) | |
Charge for the year | (7) | (5) | |
Disposals or retirements | 342 | 1,034 | |
Impairment losses | (106) | 0 | |
Exchange adjustments | 0 | 0 | |
Balance at end of year | (8,561) | (8,790) | (9,819) |
Intangible assets [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 33,311 | 34,266 | |
Additions | 21 | 89 | |
Disposals or retirements | (134) | (1,044) | |
Exchange adjustments | 0 | 0 | |
Balance at end of year | 33,198 | 33,311 | 34,266 |
Intangible assets [Member] | Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 7,668 | ||
Balance at end of year | 5,619 | 7,668 | |
Intangible assets [Member] | Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (25,643) | (26,113) | |
Charge for the year | (428) | (439) | |
Disposals or retirements | 132 | 1,044 | |
Impairment losses | (1,640) | (135) | |
Exchange adjustments | 0 | 0 | |
Balance at end of year | $ (27,579) | $ (25,643) | $ (26,113) |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS (Schedule of Principal Development Projects) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | $ 6,771 | $ 6,896 |
Premier Instrument for Haemoglobin A1c Testing [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 2,538 | 1,359 |
HIV Screening Rapid Test [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 1,488 | 2,278 |
COVID tests [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 1,320 | 467 |
Autoimmune Smart Reader [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 550 | 666 |
Mid-tier haemoglobins instrument [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 303 | 243 |
Tri-stat Point-of-Care Instrument [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 245 | 203 |
Uni-Gold Raw Material Stabilisation [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 144 | 0 |
Sjogrens Tests [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 88 | 99 |
Uni-Gold Antigen Improvement [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 0 | 556 |
Syphilis Point-of-Care Test [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 0 | 618 |
Column Enhancement [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 0 | 151 |
Other Projects [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | $ 95 | $ 256 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS (Schedule of Impairment Loss) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | ||
Impairment loss recognised in other comprehensive income, intangible assets other than goodwill | $ 6,944,000 | $ 17,779,000 |
Immco Diagnostics Inc [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment loss recognised in other comprehensive income, intangible assets other than goodwill | 4,979,000 | 0 |
Trinity Biotech Manufacturing Limited [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment loss recognised in other comprehensive income, intangible assets other than goodwill | 856,000 | 0 |
Trinity Biotech Do Brasil [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment loss recognised in other comprehensive income, intangible assets other than goodwill | 956,000 | 919,000 |
Biopool US Inc [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment loss recognised in other comprehensive income, intangible assets other than goodwill | 153,000 | 154,000 |
Primus Corp [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment loss recognised in other comprehensive income, intangible assets other than goodwill | $ 0 | $ 16,706,000 |
GOODWILL AND INTANGIBLE ASSET_6
GOODWILL AND INTANGIBLE ASSETS (Schedule of Breakdown of Impairment Loss) (Details) (USD $) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of goodwill and intangible assets [Abstract] | ||
Goodwill and other intangible assets (see Note 14) | $ 3,853,000 | $ 15,422,000 |
Property, plant and equipment (see Note 13) | 2,508,000 | 1,795,000 |
Prepayments (see Note 18) | 583,000 | 562,000 |
Total impairment loss | $ 6,944,000 | $ 17,779,000 |
GOODWILL AND INTANGIBLE ASSET_7
GOODWILL AND INTANGIBLE ASSETS (Schedule of Significant Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||
Carrying amount of goodwill | $ 12,591 | $ 12,591 |
Discount rate applied (real pre-tax) | 19.66% | 19.98% |
Excess value-in-use over carrying amount | $ 3,496 | $ 7,915 |
EBITDA would need to decrease for an impairment to arise | 18.15% | 31.98% |
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, 2021 | Dec. 31, 2020 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets with indefinite useful lives | $ 3,964 | $ 4,833 |
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 | 365 | 365 |
Immco Diagnostic CGU Trade Name [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets with indefinite useful lives | $ 2,069 | $ 2,938 |
DEFERRED TAX ASSETS AND LIABI_3
DEFERRED TAX ASSETS AND LIABILITIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure of deferred tax assets and liabilities [Abstract] | |
Deferred tax asset decrease due to decrease in provision | $ 84,000 |
Deferred tax liability decreased | 47,000 |
Increased in unrecognised deferred tax assets | $ 11,164,000 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 4,101 | $ 4,185 | |
Deferred tax liabilities | (4,858) | (4,905) | |
Net deferred tax assets/(liabilities) | (757) | (720) | $ (887) |
Plant and equipment [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 477 | 733 | |
Deferred tax liabilities | (11) | (9) | |
Net deferred tax assets/(liabilities) | 466 | 724 | 1,018 |
Intangible assets [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 0 | 0 | |
Deferred tax liabilities | (3,969) | (4,072) | |
Net deferred tax assets/(liabilities) | (3,969) | (4,072) | (6,099) |
Inventories [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 620 | 750 | |
Deferred tax liabilities | 0 | 0 | |
Net deferred tax assets/(liabilities) | 620 | 750 | 642 |
Provisions [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,871 | 2,159 | |
Deferred tax liabilities | 0 | 0 | |
Net deferred tax assets/(liabilities) | 1,871 | 2,159 | 3,622 |
Tax value of loss carry-forwards [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,016 | 433 | |
Deferred tax liabilities | 0 | 0 | |
Net deferred tax assets/(liabilities) | 1,016 | 433 | 216 |
Other items [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 117 | 110 | |
Deferred tax liabilities | (878) | (824) | |
Net deferred tax assets/(liabilities) | $ (761) | $ (714) | $ (286) |
DEFERRED TAX ASSETS AND LIABI_5
DEFERRED TAX ASSETS AND LIABILITIES (Schedule of Unrecognised Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | $ (720) | $ (887) |
Recognised in income | 37 | 167 |
Balance at end of year | (757) | (720) |
Plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | 724 | 1,018 |
Recognised in income | (258) | (294) |
Balance at end of year | 466 | 724 |
Intangible assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | (4,072) | (6,099) |
Recognised in income | 103 | 2,027 |
Balance at end of year | (3,969) | (4,072) |
Inventories [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | 750 | 642 |
Recognised in income | (130) | 108 |
Balance at end of year | 620 | 750 |
Provisions [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | 2,159 | 3,622 |
Recognised in income | (288) | (1,463) |
Balance at end of year | 1,871 | 2,159 |
Tax value of loss carry-forwards [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | 433 | 216 |
Recognised in income | 583 | 217 |
Balance at end of year | 1,016 | 433 |
Other items [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | (714) | (286) |
Recognised in income | (47) | (428) |
Balance at end of year | $ (761) | $ (714) |
DEFERRED TAX ASSETS AND LIABI_6
DEFERRED TAX ASSETS AND LIABILITIES (Schedule of Unrecognised Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of deferred tax assets and liabilities [Abstract] | ||
Capital losses | $ 8,293 | $ 8,293 |
Net operating losses | 73,893 | 85,198 |
US alternative minimum tax credits | 1,704 | 1,848 |
Other temporary timing differences | 21,301 | 21,878 |
US state credit carryforwards | 1,664 | 802 |
Unrecognised deferred tax assets | $ 106,855 | $ 118,019 |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Miscellaneous non-current assets [abstract] | ||
Finance lease receivables | $ 151 | $ 291 |
Other assets | 56 | 64 |
Total other assets | $ 207 | $ 355 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Classes of current inventories [abstract] | |||
Inventories net of provisions | $ 12,063,000 | $ 9,781,000 | $ 6,716,000 |
Cost of sales | 49,299,000 | 48,342,000 | 50,748,000 |
Inventory provision released during the year | $ 0 | $ 120,000 | $ 0 |
INVENTORIES (Schedule of invent
INVENTORIES (Schedule of inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Classes of current inventories [abstract] | ||
Raw materials and consumables | $ 13,650 | $ 12,168 |
Work-in-progress | 5,546 | 5,169 |
Finished goods | 9,927 | 12,882 |
Total inventories | $ 29,123 | $ 30,219 |
INVENTORIES (Schedule of Moveme
INVENTORIES (Schedule of Movement on the Inventory Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of other provisions [line items] | |||
Opening provision at January 1 | $ 366 | ||
Released during the year | 0 | $ (120) | $ 0 |
Closing provision at December 31 | 0 | 366 | |
Provision for inventories [Member] | |||
Disclosure of other provisions [line items] | |||
Opening provision at January 1 | 9,781 | 6,716 | 6,299 |
Charged during the year | 5,589 | 5,179 | 1,567 |
Utilised during the year | (3,307) | (1,994) | (1,150) |
Released during the year | 0 | (120) | 0 |
Closing provision at December 31 | $ 12,063 | $ 9,781 | $ 6,716 |
TRADE AND OTHER RECEIVABLES (Na
TRADE AND OTHER RECEIVABLES (Narrative) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Trade receivables, net impairment losses provision | $ 2,986,000 | $ 3,922,000 | $ 5,443,000 | $ 4,202,000 |
Prepayments of impairment | 583,000 | 562,000 | ||
Finance lease receivable | 293,000 | 506,000 | ||
Between one and five years [Member] | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Finance lease receivable | $ 151,000 | $ 291,000 |
TRADE AND OTHER RECEIVABLES (Sc
TRADE AND OTHER RECEIVABLES (Schedule of Trade and Other Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other current receivables [abstract] | ||
Trade receivables, net of impairment losses | $ 13,290 | $ 20,025 |
Prepayments | 1,945 | 1,159 |
Contract assets | 739 | 1,177 |
Value added tax | 0 | 92 |
Finance lease receivable | 142 | 215 |
Total and other receivables | $ 16,116 | $ 22,668 |
TRADE AND OTHER RECEIVABLES (_2
TRADE AND OTHER RECEIVABLES (Schedule of Future Minimum Finance Lease Receivables) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Gross investment | $ 602,000 | $ 1,006,000 |
Unearned income | 309,000 | 500,000 |
Finance lease receivable | 293,000 | 506,000 |
Less than one year [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Gross investment | 292,000 | 415,000 |
Unearned income | 150,000 | 200,000 |
Finance lease receivable | 142,000 | 215,000 |
Between one and five years [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Gross investment | 310,000 | 591,000 |
Unearned income | 159,000 | 300,000 |
Finance lease receivable | $ 151,000 | $ 291,000 |
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, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | $ 4,124 | $ 2,938 |
Instruments [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | 4,124 | 2,938 |
Less than one year [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | 3,953 | 2,767 |
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 | 3,953 | 2,767 |
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 | 171 | 171 |
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 | $ 171 | $ 171 |
CASH AND CASH EQUIVALENTS (Sche
CASH AND CASH EQUIVALENTS (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | ||
Cash at bank and in hand | $ 22,790 | $ 24,209 |
Short-term deposits | 3,120 | 3,118 |
Cash and cash equivalents | $ 25,910 | $ 27,327 |
CAPITAL AND RESERVES (Narrative
CAPITAL AND RESERVES (Narrative) (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
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 | |
Treasury shares purchased | 0 | 0 | |
ADS Treasury shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Treasury shares purchased | 0 | 0 |
CAPITAL AND RESERVES (Schedule
CAPITAL AND RESERVES (Schedule of Share Capital) (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
In issue at January 1 | 83,606,810 | 83,606,810 |
In issue at December 31 | 83,606,810 | 83,606,810 |
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 | 0 | 0 |
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 | 0 | 0 |
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 | 12,556,000 |
Purchased during the year | 0 | 0 |
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 | 3,139,000 |
Purchased during the year | 0 | 0 |
Balance at December 31 | 3,139,000 | 3,139,000 |
SHARE OPTIONS (Narrative) (Deta
SHARE OPTIONS (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)Share$ / sharesshares | Dec. 31, 2020USD ($)Share$ / shares | Dec. 31, 2019USD ($)Share$ / shares | Dec. 31, 2018Share | |
Disclosure of classes of share capital [line items] | ||||
Weighted-average remaining contractual life of options outstanding | 4 years 4 months 6 days | 5 years 3 months 25 days | ||
Share based payments charge | $ | $ 1,111,000 | $ 816,000 | $ 839,000 | |
Share based payments capitalised in intangible development project assets | $ | 11,000 | 24,000 | 80,000 | |
Continuing operations | $ | $ 1,100,000 | $ 792,000 | $ 758,000 | |
Class A Ordinary shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of options to purchase | shares | 18,727,990 | |||
Number of Options | Share | 18,727,990 | 19,485,990 | 12,303,990 | 10,908,200 |
Opening share price | $ 0.95 | $ 0.27 | $ 0.57 | |
Closing share price | 0.36 | $ 0.95 | $ 0.26 | |
Average share price | $ 0.77 | |||
American depositary share [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of Options | Share | 4,681,998 | 4,871,498 | 3,075,998 | 2,727,050 |
Opening share price | $ 3.81 | $ 1.07 | $ 2.29 | |
Closing share price | 1.43 | $ 3.81 | $ 1.03 | |
Average share price | $ 3.07 |
SHARE OPTIONS (Schedule of Gran
SHARE OPTIONS (Schedule of Grants of Share Options and Warrants) (Details) | 12 Months Ended | ||
Dec. 31, 2021Share$ / shares | Dec. 31, 2020Share$ / shares | Dec. 31, 2019Share$ / shares | |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Outstanding Beginning Balance | Share | 19,485,990 | 12,303,990 | 10,908,200 |
Granted | Share | 0 | 9,100,000 | 4,370,000 |
Exercised | Share | 0 | 0 | 0 |
Expired/ Forfeited | Share | (758,000) | (1,918,000) | (2,974,210) |
Outstanding at end of year | Share | 18,727,990 | 19,485,990 | 12,303,990 |
Exercisable at end of year | Share | 13,401,322 | 7,959,323 | 6,622,667 |
Weighted Average exercise price | |||
Outstanding Beginning Balance | $ 0.79 | $ 1.31 | $ 1.83 |
Granted | 0 | 0.38 | 0.68 |
Exercised | 0 | 0 | 0 |
Expired/ Forfeited | 1.07 | 2.14 | 2.25 |
Outstanding at end of year | 0.78 | 0.79 | 1.31 |
Exercisable at end of year | 0.93 | 1.27 | 1.73 |
Class A Ordinary shares [Member] | Bottom of range [member] | |||
Weighted Average exercise price | |||
Outstanding Beginning Balance | 0.19 | 0.46 | 0.67 |
Granted | 0.19 | 0.46 | |
Expired/ Forfeited | 0.19 | 0.19 | 0.66 |
Outstanding at end of year | 0.19 | 0.19 | 0.46 |
Exercisable at end of year | 0.19 | 0.66 | 1.24 |
Class A Ordinary shares [Member] | Top of range [member] | |||
Weighted Average exercise price | |||
Outstanding Beginning Balance | 4.36 | 4.36 | 4.36 |
Granted | 1.10 | 0.78 | |
Expired/ Forfeited | 4.21 | 4.21 | 4.23 |
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 | Share | 4,871,498 | 3,075,998 | 2,727,050 |
Granted | Share | 0 | 2,275,000 | 1,092,500 |
Exercised | Share | 0 | 0 | 0 |
Expired/ Forfeited | Share | (189,500) | (479,500) | (743,552) |
Outstanding at end of year | Share | 4,681,998 | 4,871,498 | 3,075,998 |
Exercisable at end of year | Share | 3,350,331 | 1,989,831 | 1,655,667 |
Weighted Average exercise price | |||
Outstanding Beginning Balance | $ 3.15 | $ 5.24 | $ 7.32 |
Granted | 0 | 1.52 | 2.72 |
Exercised | 0 | 0 | 0 |
Expired/ Forfeited | 4.28 | 8.56 | 8.99 |
Outstanding at end of year | 3.12 | 3.15 | 5.24 |
Exercisable at end of year | 3.72 | 5.08 | 6.92 |
American depositary share [Member] | Bottom of range [member] | |||
Weighted Average exercise price | |||
Outstanding Beginning Balance | 0.77 | 1.83 | 2.68 |
Granted | 0.77 | 1.83 | |
Expired/ Forfeited | 0.76 | 0.77 | 2.64 |
Outstanding at end of year | 0.76 | 0.77 | 1.83 |
Exercisable at end of year | 0.76 | 2.64 | 4.95 |
American depositary share [Member] | Top of range [member] | |||
Weighted Average exercise price | |||
Outstanding Beginning Balance | 17.45 | 17.45 | 17.44 |
Granted | 4.41 | 3.10 | |
Expired/ Forfeited | 16.84 | 16.84 | 16.92 |
Outstanding at end of year | 17.44 | 17.45 | 17.45 |
Exercisable at end of year | $ 17.44 | $ 17.45 | $ 17.45 |
SHARE OPTIONS (Summary of Range
SHARE OPTIONS (Summary of Range of Prices of Stock Options) (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)Share$ / sharesshares | Dec. 31, 2020USD ($)Share$ / sharesshares | Dec. 31, 2019Share$ / shares | Dec. 31, 2018Share | |
Outstanding | ||||
Weighted average contractual life remaining (years) | 4 years 4 months 6 days | 5 years 3 months 25 days | ||
Class A Ordinary shares [Member] | ||||
Outstanding | ||||
Number of Options | Share | 18,727,990 | 19,485,990 | 12,303,990 | 10,908,200 |
Exercisable | ||||
Number of Options | shares | 13,401,322 | 7,959,324 | ||
Weighted average exercise price | $ / shares | $ 0 | $ 0 | $ 0 | |
Class A Ordinary shares [Member] | US$0.19-US$0.99 [Member] | ||||
Outstanding | ||||
Number of Options | Share | 13,000,006 | 13,260,006 | ||
Weighted average exercise price | $ | $ 0.48 | $ 0.48 | ||
Weighted average contractual life remaining (years) | 4 years 1 month 20 days | |||
Exercisable | ||||
Number of Options | shares | 7,960,004 | 2,106,673 | ||
Weighted average exercise price | $ / shares | $ 0.55 | $ 0.69 | ||
Weighted average contractual life remaining (years) | 2 years 11 months 1 day | 1 year 5 months 8 days | ||
Class A Ordinary shares [Member] | US$1.00-US$2.05 [Member] | ||||
Outstanding | ||||
Number of Options | Share | 5,228,000 | 5,664,000 | ||
Weighted average exercise price | $ | $ 1.34 | $ 1.34 | ||
Weighted average contractual life remaining (years) | 9 months 14 days | 1 year 1 month 9 days | ||
Exercisable | ||||
Number of Options | shares | 4,941,334 | 5,290,667 | ||
Weighted average exercise price | $ / shares | $ 1.35 | $ 1.35 | ||
Weighted average contractual life remaining (years) | 11 months 26 days | 2 years 5 months 8 days | ||
Class A Ordinary shares [Member] | US$2.06- US$2.99 [Member] | ||||
Outstanding | ||||
Number of Options | Share | 439,984 | 499,984 | ||
Weighted average exercise price | $ | $ 2.53 | $ 2.52 | ||
Weighted average contractual life remaining (years) | 10 days | 18 days | ||
Exercisable | ||||
Number of Options | shares | 439,984 | 499,984 | ||
Weighted average exercise price | $ / shares | $ 2.53 | $ 2.52 | ||
Weighted average contractual life remaining (years) | 14 days | 1 month 17 days | ||
Class A Ordinary shares [Member] | US$3.00 -US$4.36 [Member] | ||||
Outstanding | ||||
Number of Options | Share | 60,000 | 62,000 | ||
Weighted average exercise price | $ | $ 4.17 | $ 4.17 | ||
Weighted average contractual life remaining (years) | 0 years | 0 years | ||
Exercisable | ||||
Number of Options | shares | 60,000 | 62,000 | ||
Weighted average exercise price | $ / shares | $ 4.17 | $ 4.17 | ||
Weighted average contractual life remaining (years) | 0 years | 3 days | ||
Class A Ordinary shares [Member] | US$0.19-US$0.99 [Member] | ||||
Outstanding | ||||
Weighted average contractual life remaining (years) | 3 years 6 months 14 days | |||
American depositary share [Member] | ||||
Outstanding | ||||
Number of Options | Share | 4,681,998 | 4,871,498 | 3,075,998 | 2,727,050 |
Exercisable | ||||
Number of Options | shares | 3,350,331 | 1,989,831 | ||
Weighted average exercise price | $ / shares | $ 0 | $ 0 | $ 0 | |
American depositary share [Member] | US$0.77-US$3.96 [Member] | ||||
Outstanding | ||||
Number of Options | Share | 3,250,002 | 3,315,002 | ||
Weighted average exercise price | $ | $ 1.94 | $ 1.92 | ||
Weighted average contractual life remaining (years) | 3 years 6 months 14 days | 4 years 2 months 1 day | ||
Exercisable | ||||
Number of Options | shares | 1,990,001 | 526,668 | ||
Weighted average exercise price | $ / shares | $ 2.19 | $ 2.76 | ||
Weighted average contractual life remaining (years) | 2 years 11 months 1 day | 1 year 5 months 8 days | ||
American depositary share [Member] | US$4.00-US$8.20 [Member] | ||||
Outstanding | ||||
Number of Options | Share | 1,307,000 | 1,416,000 | ||
Weighted average exercise price | $ | $ 5.36 | $ 5.36 | ||
Weighted average contractual life remaining (years) | 9 months 14 days | 1 year 1 month 6 days | ||
Exercisable | ||||
Number of Options | shares | 1,235,334 | 1,322,667 | ||
Weighted average exercise price | $ / shares | $ 5.40 | $ 5.40 | ||
Weighted average contractual life remaining (years) | 11 months 26 days | 2 years 5 months 8 days | ||
American depositary share [Member] | US$8.24- US$11.96 [Member] | ||||
Outstanding | ||||
Number of Options | Share | 109,996 | 124,996 | ||
Weighted average exercise price | $ | $ 10.13 | $ 10.08 | ||
Weighted average contractual life remaining (years) | 10 days | 18 days | ||
Exercisable | ||||
Number of Options | shares | 109,996 | 124,996 | ||
Weighted average exercise price | $ / shares | $ 10.13 | $ 10.08 | ||
Weighted average contractual life remaining (years) | 14 days | 1 month 17 days | ||
American depositary share [Member] | US$12.00 -US$17.45 [Member] | ||||
Outstanding | ||||
Number of Options | Share | 15,000 | 15,500 | ||
Weighted average exercise price | $ | $ 16.67 | $ 16.68 | ||
Weighted average contractual life remaining (years) | 0 years | 0 years | ||
Exercisable | ||||
Number of Options | shares | 15,000 | 15,500 | ||
Weighted average exercise price | $ / shares | $ 16.67 | $ 16.68 | ||
Weighted average contractual life remaining (years) | 0 years | 3 days |
SHARE OPTIONS (Schedule of Fair
SHARE OPTIONS (Schedule of Fair Value of the Options Vesting Period) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of share options [Abstract] | |||
Share-based payments - cost of sales | $ 5,000 | $ 12,000 | $ 26,000 |
Share-based payments - selling, general and administrative | 1,095,000 | 780,000 | 732,000 |
Total - continuing operations | 1,100,000 | 792,000 | 758,000 |
Share-based payments - discontinued operations | 0 | 0 | 0 |
Total Share-based payments | $ 1,100,000 | $ 792,000 | $ 758,000 |
SHARE OPTIONS (Schedule of Assu
SHARE OPTIONS (Schedule of Assumption Determining Fair Value of Share Options) (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Years$ / sharesshares | Dec. 31, 2020USD ($)Years$ / sharesshares | Dec. 31, 2019USD ($)Years$ / sharesshares | |
Key management personnel [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average expected volatility | 0.00% | 66.98% | 51.18% |
Weighted average expected life | Years | 0 | 4.34 | 4.15 |
Weighted average risk free interest rate | 0.00% | 0.44% | 1.84% |
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 | $ 0.20 | $ 0.14 |
Total 'A' share options granted / (ADS's equivalent) | shares | 0 | 8,480,000 | 4,060,000 |
Weighted average share price per 'A' share / (per ADS) | $ 0 | $ 0.38 | $ 0.46 |
Weighted average exercise price per 'A' share / (per ADS) | $ 0 | $ 0.38 | $ 0.69 |
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 | $ 0.80 | $ 0.56 |
Total 'A' share options granted / (ADS's equivalent) | shares | 0 | 2,120,000 | 1,015,000 |
Weighted average share price per 'A' share / (per ADS) | $ 0 | $ 1.52 | $ 1.84 |
Weighted average exercise price per 'A' share / (per ADS) | $ 0 | $ 1.52 | $ 2.74 |
Other employees [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average expected volatility | 0.00% | 65.89% | 47.31% |
Weighted average expected life | Years | 0 | 4.35 | 4.42 |
Weighted average risk free interest rate | 0.00% | 0.42% | 2.23% |
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 | $ 0.27 | $ 0.25 |
Total 'A' share options granted / (ADS's equivalent) | shares | 0 | 620,000 | 310,000 |
Weighted average share price per 'A' share / (per ADS) | $ 0 | $ 0.48 | $ 0.64 |
Weighted average exercise price per 'A' share / (per ADS) | $ 0 | $ 0.48 | $ 0.64 |
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) | $ | $ 0 | $ 1.08 | $ 1.02 |
Total 'A' share options granted / (ADS's equivalent) | shares | 0 | 155,000 | 77,500 |
Weighted average share price per 'A' share / (per ADS) | $ 0 | $ 1.96 | $ 2.53 |
Weighted average exercise price per 'A' share / (per ADS) | $ 0 | $ 1.96 | $ 2.53 |
TRADE AND OTHER PAYABLES (Narra
TRADE AND OTHER PAYABLES (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | ||
Accrued liabilities to contracted licence payments | $ 194,000 | |
Current liabilities | $ 100,491,000 | 27,058,000 |
Ronan O'Caoimh [Member] | ||
Disclosure of detailed information about business combination [line items] | ||
Government loans forgiven amount | $ 0 | $ 177,000 |
TRADE AND OTHER PAYABLES (Sched
TRADE AND OTHER PAYABLES (Schedule of Trade and Other Payables) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other current payables [abstract] | ||
Trade payables | $ 6,763,000 | $ 7,103,000 |
Payroll taxes | 398,000 | 688,000 |
Employee related social insurance | 130,000 | 344,000 |
Accruals and other liabilities | 7,595,000 | 8,850,000 |
Deferred income | 141,000 | 4,445,000 |
Deferred government grants | 69,000 | 0 |
Other payables | 31,000 | 0 |
Government COVID-19 loans (Note 4) | 0 | 2,905,000 |
Total trade and other payables | $ 15,127,000 | $ 24,335,000 |
PROVISIONS (Narrative) (Details
PROVISIONS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Provisions [abstract] | |
Provision for reduced warranty claims | $ 50,000 |
PROVISIONS (Schedule of Provisi
PROVISIONS (Schedule of Provisions) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Provisions [abstract] | ||
Product warranty provision | $ 50 | $ 50 |
Other provisions | 0 | 366 |
Provisions | $ 50 | $ 416 |
EXCHANGEABLE NOTES AND OTHER _3
EXCHANGEABLE NOTES AND OTHER BORROWINGS (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, maturity | 2045 | April 1, 2045 | ||||
Borrowings, interest rate | 4.00% | |||||
Conversion rate per ADS | $ 47.112 | |||||
Principal amount | 1,000 | $ 99,900,000 | ||||
Exchange rate price per ADS | $ 79.75 | 21.88 | ||||
Financial income | $ 1,220,000 | $ 0 | $ 233,000 | |||
Nominal value | 15,100,000 | 99,900,000 | $ 115,000,000 | |||
Financial expense | (1,220,000) | 1,216,000 | $ (233,000) | |||
Purchase of exchangeable notes | 12,042,000 | |||||
Accrued interest on notes | 205,000 | 648,000 | $ 643,000 | |||
Gain on purchase | $ 468,000 | |||||
Financial income | $ 1,220,000 |
EXCHANGEABLE NOTES AND OTHER _4
EXCHANGEABLE NOTES AND OTHER BORROWINGS (Schedule of Carrying Value of Exchangeable Notes) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Borrowings [abstract] | ||
Exchangeable senior notes | $ 83,312 | $ 0 |
Total current liabilities | 83,312 | 0 |
Exchangeable senior notes | 0 | 82,664 |
Other borrowings | 0 | 31 |
Total value of embedded derivatives - liability | 0 | 1,370 |
Total non-current liabilities | $ 0 | $ 84,065 |
EXCHANGEABLE NOTES AND OTHER _5
EXCHANGEABLE NOTES AND OTHER BORROWINGS (Schedule of Carrying Value of Exchangeable Senior Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Borrowings [abstract] | |||
Balance at 1 January | $ 82,664 | $ 82,021 | |
Accretion interest (Note 8) | 648 | 643 | $ 639 |
Balance at 31 December | $ 83,312 | $ 82,664 | $ 82,021 |
EXCHANGEABLE NOTES AND OTHER _6
EXCHANGEABLE NOTES AND OTHER BORROWINGS (Schedule of Exchangeable Notes) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-current assets | ||
Exchangeable note bond call option | $ 0 | $ 150 |
Non-current liabilities | ||
Exchangeable note equity conversion option | 0 | 1,370 |
Exchangeable note bond put option | 0 | 0 |
Total non-current liabilities | 0 | 1,370 |
Total value of embedded derivatives - net liability | $ 0 | $ 1,220 |
LEASE LIABILITIES (Schedule of
LEASE LIABILITIES (Schedule of Carrying Values of Finance Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current liabilities | ||
Lease liabilities related to Right of Use assets | $ 1,878 | $ 2,054 |
Sale and leaseback liabilities | 102 | 99 |
Current liabilities | 1,980 | 2,153 |
Non-Current liabilities | ||
Lease liabilities related to Right of Use assets | 13,790 | 16,407 |
Sale and leaseback liabilities | 75 | 181 |
Non-current liabilities | $ 13,865 | $ 16,588 |
LEASE LIABILITIES (Schedule o_2
LEASE LIABILITIES (Schedule of Finance Lease Liabilities Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Principal | $ 176 | $ 176 | $ 280 |
Lease liabilities related Right of Use assets [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Minimum lease payments | 19,727 | 19,727 | 23,531 |
Interest | 4,059 | 5,070 | |
Principal | 15,668 | 15,668 | 18,461 |
Sale and leaseback liabilities [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Minimum lease payments | 186 | 186 | 301 |
Interest | 9 | 21 | |
Principal | 177 | 177 | 280 |
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 | 2,575 | 2,575 | 2,877 |
Interest | 697 | 823 | |
Principal | 1,878 | 1,878 | 2,054 |
Less than one year [Member] | Sale and leaseback liabilities [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Minimum lease payments | 109 | 109 | 111 |
Interest | 7 | 12 | |
Principal | 102 | 102 | 99 |
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 | 2,175 | 2,175 | 2,644 |
Interest | 621 | 730 | |
Principal | 1,554 | 1,554 | 1,914 |
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 | 77 | 77 | 111 |
Interest | 2 | 7 | |
Principal | 75 | 75 | 104 |
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 | 5,985 | 5,985 | 6,621 |
Interest | 1,469 | 1,765 | |
Principal | 4,516 | 4,516 | 4,856 |
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 | 0 | 0 | 79 |
Interest | 0 | 2 | |
Principal | 0 | 0 | 77 |
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 | 8,992 | 8,992 | 11,389 |
Interest | 1,272 | 1,752 | |
Principal | 7,720 | 7,720 | 9,637 |
More than five years [Member] | Sale and leaseback liabilities [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Minimum lease payments | 0 | 0 | 0 |
Interest | 0 | 0 | |
Principal | $ 0 | $ 0 | $ 0 |
LEASE LIABILITIES (Schedule o_3
LEASE LIABILITIES (Schedule of Outstanding Interest Bearing Loans and Borrowings) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | |||
Nominal interest rate | 4.00% | ||
Year of maturity | 2045 | April 1, 2045 | |
Fair value | $ 176,000 | $ 280,000 | |
Total amount paid in respect of lease liabilities | $ 2,938,000 | $ 3,240,000 | |
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 | $ 65,000 | $ 106,000 | |
Carrying value | 65,000 | 106,000 | |
Total amount paid in respect of lease liabilities | $ 176,000 | $ 280,000 | |
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 | $ 111,000 | $ 174,000 | |
Carrying value | $ 111,000 | $ 174,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Capital Commitments | $ 440,000 | $ 156,000 | |
Grant contingencies maximum amount payable | 3,095,000 | 3,130,000 | |
Contingent assets | 0 | ||
Paycheck Protection Program Loan [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Government Grant Received | 1,800,000 | 4,500,000 | |
Forgiveness amount | 4,668,000 | ||
Darnick Company [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Contribution for tax audit settlement | $ 1,231,000 | ||
Increase in settlement amount due to depreciation | $ 1,316,000 | ||
Repayments of borrowings | $ 177,000 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) | 12 Months Ended | |||||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2015USD ($) | |
Disclosure of transactions between related parties [line items] | ||||||
Rate of rent per squre foot | $ 16,000 | |||||
Non executive directors fees | 1,390,000 | $ 2,020,000 | $ 1,238,000 | |||
Share-based compensation benefits | 965,000 | 626,000 | ||||
Share-based payments (net of capitalized amounts) | $ 1,100,000 | 792,000 | 758,000 | |||
Remaining amount of loan | $ 99,900,000 | $ 1,000 | ||||
Patent dividend scheme amount | 3,863,000 | |||||
Darnick Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Repayments of borrowings | 177,000 | |||||
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 | € 787,000 | $ 891,000 | ||||
Annual rent payable for ware house | 144,000 | 163,000 | ||||
Rate of rent per squre foot | 43,860 | |||||
Mr. O'Caoimh [Member] | Additional Space [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Annual rent payable | € 90,000 | $ 102,000 | ||||
JRJ [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Term of lease | 25-year | 25-year | ||||
Annual rent payable | € 381,000 | $ 432,000 | ||||
Mr. O'Caoimh and Dr Walsh [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Maturity date | 2028 | 2028 | ||||
Darnick Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Contribution for tax audit settlement | $ 1,231,000 | |||||
Repayments of borrowings | $ 177,000 | |||||
Increase in settlement amount due to depreciation | 1,316,000 | |||||
Director [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Non executive directors fees | 98,000 | 162,000 | ||||
Share-based compensation benefits | 21,000 | 51,000 | ||||
Share-based payments (net of capitalized amounts) | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS (Sch
RELATED PARTY TRANSACTIONS (Schedule of Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | ||
Short-term employee benefits | $ 1,065 | $ 1,274 |
Performance related bonus | 227 | 584 |
Post-employment benefits | 24 | 41 |
Share-based compensation benefits | 965 | 626 |
Total compensation | $ 2,281 | $ 2,525 |
RELATED PARTY TRANSACTIONS (S_2
RELATED PARTY TRANSACTIONS (Schedule of Company's Shares and Share Option Plan) (Details) | 12 Months Ended | ||
Dec. 31, 2021Shareshares | Dec. 31, 2020Shareshares | Dec. 31, 2019Shareshares | |
Class A Ordinary shares [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding Beginning Balance | Share | 19,485,990 | 12,303,990 | 10,908,200 |
Granted | Share | 0 | 9,100,000 | 4,370,000 |
Outstanding at end of year | Share | 18,727,990 | 19,485,990 | 12,303,990 |
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 | 9,077,706 | 9,077,709 | |
Shares of retired director | 0 | 0 | |
Options of retired director | 0 | 0 | |
Shares purchased during the year | 0 | 0 | |
Shares sold during the year | 0 | 0 | |
Granted | 0 | 0 | |
Expired / forfeited | 0 | 0 | |
Outstanding at end of year | 9,077,706 | 9,077,706 | 9,077,709 |
Share Option [Member] | Directors' and Company Secretary's [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding Beginning Balance | 17,394,004 | 10,414,004 | |
Shares of retired director | 0 | 0 | |
Options of retired director | (656,000) | 0 | |
Shares purchased during the year | 0 | 0 | |
Shares sold during the year | 0 | 0 | |
Granted | 0 | 8,480,000 | |
Expired / forfeited | 0 | (1,500,000) | |
Outstanding at end of year | 16,738,004 | 17,394,004 | 10,414,004 |
CAPITAL AND FINANCIAL RISK MA_3
CAPITAL AND FINANCIAL RISK MANAGEMENT (Narrative) (Details) - USD ($) shares in Millions | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2015 | Apr. 30, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | ||||||
Increase interest income | $ 31,000 | $ 31,000 | ||||
Issuance of exchangeable senior notes | $ 115,000,000 | |||||
Repurchased of exchangeable senior notes | $ 15,100,000 | |||||
Outstanding amount | $ 99,900,000 | $ 1,000 | ||||
Term of exchangeable senior notes | 30-year | |||||
Repayment of term loan | $ 81,250,000 | |||||
Number of American Depository Shares issued | 5.3 | |||||
Notes and debenture retired | $ 99,700,000 | |||||
Strategic investment and partnership with MiCo | $ 45,000,000 | |||||
Equity investment | 25,200,000 | |||||
Investment in unsecured junior convertible note | $ 20,000,000 |
CAPITAL AND FINANCIAL RISK MA_4
CAPITAL AND FINANCIAL RISK MANAGEMENT (Schedule of Fair Values of Financial Assets/Liabilities) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans and receivables at amortised cost | |||||
Trade receivables | $ 2,986,000 | $ 3,922,000 | $ 5,443,000 | $ 4,202,000 | |
Cash and cash equivalents | 25,910,000 | 27,327,000 | |||
Finance lease receivable | 293,000 | 506,000 | |||
Total maximum credit exposure | 39,493,000 | 47,858,000 | |||
Liabilities at amortised cost | |||||
Exchangeable note | (83,312,000) | (82,664,000) | $ (82,021,000) | ||
Provisions | (50,000) | (416,000) | |||
Fair value through profit and loss (FVPL) | |||||
Exchangeable note bond call option | 0 | 150,000 | |||
Exchangeable note equity conversion option | 0 | (1,370,000) | |||
Exchangeable note bond put option | 0 | 0 | |||
Level 1 [Member] | |||||
Loans and receivables at amortised cost | |||||
Trade receivables | 13,290,000 | 20,025,000 | |||
Cash and cash equivalents | 25,910,000 | 27,327,000 | |||
Finance lease receivable | 293,000 | 506,000 | |||
Total maximum credit exposure | 39,493,000 | 47,858,000 | |||
Liabilities at amortised cost | |||||
Exchangeable note | 0 | [1] | 0 | ||
Lease liabilities | (15,845,000) | (18,741,000) | |||
Trade and other payables (excluding deferred income) | (14,986,000) | (19,890,000) | |||
Provisions | (50,000) | (416,000) | |||
Total Liabilities at amortised cost | (30,881,000) | (39,047,000) | |||
Fair value through profit and loss (FVPL) | |||||
Exchangeable note bond call option | 0 | 0 | |||
Exchangeable note equity conversion option | 0 | 0 | |||
Total fair value through profit and loss (FVPL) | 0 | 0 | |||
Total fair value of financial assets liabilities | 8,612,000 | 8,811,000 | |||
Level 2 [Member] | |||||
Loans and receivables at amortised cost | |||||
Trade receivables | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | |||
Finance lease receivable | 0 | 0 | |||
Total maximum credit exposure | 0 | 0 | |||
Liabilities at amortised cost | |||||
Exchangeable note | (83,312,000) | [1] | (82,664,000) | ||
Lease liabilities | 0 | 0 | |||
Trade and other payables (excluding deferred income) | 0 | 0 | |||
Provisions | 0 | 0 | |||
Total Liabilities at amortised cost | (83,312,000) | (82,664,000) | |||
Fair value through profit and loss (FVPL) | |||||
Exchangeable note bond call option | 0 | 150,000 | |||
Exchangeable note equity conversion option | 0 | (1,370,000) | |||
Total fair value through profit and loss (FVPL) | 0 | (1,220,000) | |||
Total fair value of financial assets liabilities | (83,312,000) | (83,884,000) | |||
Carrying Amount [Member] | |||||
Loans and receivables at amortised cost | |||||
Trade receivables | 13,290,000 | 20,025,000 | |||
Cash and cash equivalents | 25,910,000 | 27,327,000 | |||
Finance lease receivable | 293,000 | 506,000 | |||
Total maximum credit exposure | 39,493,000 | 47,858,000 | |||
Liabilities at amortised cost | |||||
Exchangeable note | (83,312,000) | [1] | (82,664,000) | ||
Lease liabilities | (15,845,000) | (18,741,000) | |||
Trade and other payables (excluding deferred income) | (14,986,000) | (19,890,000) | |||
Provisions | (50,000) | (416,000) | |||
Total Liabilities at amortised cost | (114,193,000) | (121,711,000) | |||
Fair value through profit and loss (FVPL) | |||||
Exchangeable note bond call option | 0 | 150,000 | |||
Exchangeable note equity conversion option | 0 | (1,370,000) | |||
Total fair value through profit and loss (FVPL) | 0 | (1,220,000) | |||
Total fair value of financial assets liabilities | (74,700,000) | (75,073,000) | |||
Fair Value [Member] | |||||
Loans and receivables at amortised cost | |||||
Trade receivables | 13,290,000 | 20,025,000 | |||
Cash and cash equivalents | 25,910,000 | 27,327,000 | |||
Finance lease receivable | 293,000 | 506,000 | |||
Total maximum credit exposure | 39,493,000 | 47,858,000 | |||
Liabilities at amortised cost | |||||
Exchangeable note | (83,312,000) | [1] | (82,664,000) | ||
Lease liabilities | (15,845,000) | (18,741,000) | |||
Trade and other payables (excluding deferred income) | (14,986,000) | (19,890,000) | |||
Provisions | (50,000) | (416,000) | |||
Total Liabilities at amortised cost | (114,193,000) | (121,711,000) | |||
Fair value through profit and loss (FVPL) | |||||
Exchangeable note bond call option | 0 | 150,000 | |||
Exchangeable note equity conversion option | 0 | (1,370,000) | |||
Total fair value through profit and loss (FVPL) | 0 | (1,220,000) | |||
Total fair value of financial assets liabilities | $ (74,700,000) | $ (75,073,000) | |||
[1] | The maturity of the Exchangeable Notes is based on the contractual maturity date of April 1, 2045 and does not take into account the potential exercise of put and call options in the next five years or the exchange agreements entered into with five exchangeable note holders in December 2021. |
CAPITAL AND FINANCIAL RISK MA_5
CAPITAL AND FINANCIAL RISK MANAGEMENT (Schedule of Interest Rate Risk Effective and Repricing Analysis) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
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 | $ 25,910 | $ 27,327 | |
Lease receivable | 293 | 506 | |
Licence payments | 0 | (194) | |
Exchangeable note | (83,312) | (82,664) | $ (82,021) |
Other borrowings | (31) | (31) | |
Lease payable on Right of Use assets | (15,668) | (18,461) | |
Lease payable on sale & leaseback transactions | (177) | (280) | |
Total interest earning financial and interest bearing financial liabilities | $ (72,985) | $ (73,797) | |
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 | 0.01% | 0.10% | |
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% | ||
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% | |
Other borrowings [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 | 0.00% | 0.00% | |
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% | 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% | 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 | $ 25,910 | $ 27,327 | |
Lease receivable | 81 | 120 | |
Licence payments | (194) | ||
Exchangeable note | 0 | 0 | |
Other borrowings | 0 | 0 | |
Lease payable on Right of Use assets | (973) | (1,022) | |
Lease payable on sale & leaseback transactions | (51) | (49) | |
Total interest earning financial and interest bearing financial liabilities | 24,967 | 26,182 | |
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 | 0 | 0 | |
Lease receivable | 61 | 95 | |
Licence payments | 0 | ||
Exchangeable note | 0 | 0 | |
Other borrowings | (31) | 0 | |
Lease payable on Right of Use assets | (905) | (1,032) | |
Lease payable on sale & leaseback transactions | (51) | (50) | |
Total interest earning financial and interest bearing financial liabilities | (926) | (987) | |
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 | 0 | 0 | |
Lease receivable | 89 | 142 | |
Licence payments | 0 | ||
Exchangeable note | 0 | 0 | |
Other borrowings | 0 | (31) | |
Lease payable on Right of Use assets | (1,554) | (1,914) | |
Lease payable on sale & leaseback transactions | (75) | (104) | |
Total interest earning financial and interest bearing financial liabilities | (1,540) | (1,907) | |
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 | 0 | 0 | |
Lease receivable | 62 | 149 | |
Licence payments | 0 | ||
Exchangeable note | 0 | 0 | |
Other borrowings | 0 | 0 | |
Lease payable on Right of Use assets | (4,516) | (4,856) | |
Lease payable on sale & leaseback transactions | 0 | (77) | |
Total interest earning financial and interest bearing financial liabilities | (4,454) | (4,784) | |
>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 | 0 | 0 | |
Lease receivable | 0 | 0 | |
Licence payments | 0 | ||
Exchangeable note | (83,312) | (82,664) | |
Other borrowings | 0 | 0 | |
Lease payable on Right of Use assets | (7,720) | (9,637) | |
Lease payable on sale & leaseback transactions | 0 | 0 | |
Total interest earning financial and interest bearing financial liabilities | $ (91,032) | $ (92,301) |
CAPITAL AND FINANCIAL RISK MA_6
CAPITAL AND FINANCIAL RISK MANAGEMENT (Schedule of interest Rate Profile of Financial Assets/Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fixed rate instruments | |||
Fixed rate financial liabilities (licence fees) | $ 0 | $ (194) | |
Fixed rate financial liabilities (exchangeable note) | (83,312) | (82,664) | $ (82,021) |
Fixed rate financial liabilities (borrowings) | (31) | (31) | |
Fixed rate financial liabilities (lease payables) | (15,844) | (18,741) | |
Financial assets (short-term deposits and short-term investments) | 3,121 | 3,118 | |
Financial assets (lease receivables) | 293 | 506 | |
Total interest earning financial and interest bearing financial liabilities | $ (95,773) | $ (98,006) |
CAPITAL AND FINANCIAL RISK MA_7
CAPITAL AND FINANCIAL RISK MANAGEMENT (Schedule of Liquidity Risk Estimated Interest Payments of Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial liabilities | ||||
Lease payable on Right of Use assets | $ (15,668) | $ (18,461) | ||
Lease payable on sale & leaseback transactions | (177) | (280) | ||
Other borrowings | 0 | 31 | ||
Exchangeable notes | 83,312 | 82,664 | $ 82,021 | |
Liquidity risk [Member] | ||||
Financial liabilities | ||||
Trade & other payables | 15,127 | 24,335 | ||
Lease payable on Right of Use assets | 15,668 | 18,461 | ||
Lease payable on sale & leaseback transactions | 177 | 280 | ||
Other borrowings | 31 | 31 | ||
Exchangeable notes | [1] | 83,312 | 82,664 | |
Exchangeable note interest | 999 | 999 | ||
Total maturities of financial liabilities | 115,314 | 126,770 | ||
Contractual cash flows [Member] | Liquidity risk [Member] | ||||
Financial liabilities | ||||
Trade & other payables | 15,127 | 24,335 | ||
Lease payable on Right of Use assets | 15,668 | 18,461 | ||
Lease payable on sale & leaseback transactions | 177 | 280 | ||
Other borrowings | 31 | 31 | ||
Exchangeable notes | [1] | 99,900 | 99,900 | |
Exchangeable note interest | 93,906 | 97,902 | ||
Total maturities of financial liabilities | 224,809 | 240,909 | ||
6 mths or less [Member] | ||||
Financial liabilities | ||||
Lease payable on Right of Use assets | (973) | (1,022) | ||
Lease payable on sale & leaseback transactions | (51) | (49) | ||
Exchangeable notes | 0 | 0 | ||
6 mths or less [Member] | Liquidity risk [Member] | ||||
Financial liabilities | ||||
Trade & other payables | 15,127 | 24,335 | ||
Lease payable on Right of Use assets | 973 | 1,022 | ||
Lease payable on sale & leaseback transactions | 51 | 49 | ||
Other borrowings | 0 | 0 | ||
Exchangeable notes | [1] | 0 | 0 | |
Exchangeable note interest | 1,998 | 1,998 | ||
Total maturities of financial liabilities | 18,149 | 27,404 | ||
6 mths - 12 mths [Member] | ||||
Financial liabilities | ||||
Lease payable on Right of Use assets | (905) | (1,032) | ||
Lease payable on sale & leaseback transactions | (51) | (50) | ||
Exchangeable notes | 0 | 0 | ||
6 mths - 12 mths [Member] | Liquidity risk [Member] | ||||
Financial liabilities | ||||
Trade & other payables | 0 | 0 | ||
Lease payable on Right of Use assets | 905 | 1,032 | ||
Lease payable on sale & leaseback transactions | 51 | 50 | ||
Other borrowings | 31 | 0 | ||
Exchangeable notes | [1] | 0 | 0 | |
Exchangeable note interest | 1,998 | 1,998 | ||
Total maturities of financial liabilities | 2,985 | 3,080 | ||
1-2 years [Member] | ||||
Financial liabilities | ||||
Lease payable on Right of Use assets | (1,554) | (1,914) | ||
Lease payable on sale & leaseback transactions | (75) | (104) | ||
Exchangeable notes | 0 | 0 | ||
1-2 years [Member] | Liquidity risk [Member] | ||||
Financial liabilities | ||||
Trade & other payables | 0 | 0 | ||
Lease payable on Right of Use assets | 1,554 | 1,914 | ||
Lease payable on sale & leaseback transactions | 75 | 104 | ||
Other borrowings | 0 | 31 | ||
Exchangeable notes | [1] | 0 | 0 | |
Exchangeable note interest | 3,996 | 3,996 | ||
Total maturities of financial liabilities | 5,625 | 6,045 | ||
2-5 years [Member] | ||||
Financial liabilities | ||||
Lease payable on Right of Use assets | (4,516) | (4,856) | ||
Lease payable on sale & leaseback transactions | 0 | (77) | ||
Exchangeable notes | 0 | 0 | ||
2-5 years [Member] | Liquidity risk [Member] | ||||
Financial liabilities | ||||
Trade & other payables | 0 | 0 | ||
Lease payable on Right of Use assets | 4,516 | 4,856 | ||
Lease payable on sale & leaseback transactions | 0 | 77 | ||
Other borrowings | 0 | 0 | ||
Exchangeable notes | [1] | 0 | 0 | |
Exchangeable note interest | 11,988 | 11,988 | ||
Total maturities of financial liabilities | 16,504 | 16,921 | ||
>5 years [Member] | ||||
Financial liabilities | ||||
Lease payable on Right of Use assets | (7,720) | (9,637) | ||
Lease payable on sale & leaseback transactions | 0 | 0 | ||
Exchangeable notes | 83,312 | 82,664 | ||
>5 years [Member] | Liquidity risk [Member] | ||||
Financial liabilities | ||||
Trade & other payables | 0 | 0 | ||
Lease payable on Right of Use assets | 7,720 | 9,637 | ||
Lease payable on sale & leaseback transactions | 0 | 0 | ||
Other borrowings | 0 | 0 | ||
Exchangeable notes | [1] | 99,900 | 99,900 | |
Exchangeable note interest | 73,926 | 77,922 | ||
Total maturities of financial liabilities | $ 181,546 | $ 187,459 | ||
[1] | The maturity of the Exchangeable Notes is based on the contractual maturity date of April 1, 2045 and does not take into account the potential exercise of put and call options in the next five years or the exchange agreements entered into with five exchangeable note holders in December 2021. |
CAPITAL AND FINANCIAL RISK MA_8
CAPITAL AND FINANCIAL RISK MANAGEMENT (Schedule of Foreign Currency Risk Short Term Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Cash | $ 22,790 | $ 24,209 |
Euro [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 327 | 1,229 |
Trade and other receivable | 464 | 1,105 |
Trade and other payables | (2,456) | (2,821) |
Total exposure | (1,665) | (487) |
GBP [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 115 | 152 |
Trade and other receivable | 58 | 63 |
Trade and other payables | (28) | (57) |
Total exposure | 145 | 158 |
SEK [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 5 | 9 |
Trade and other receivable | 0 | 0 |
Trade and other payables | (11) | (1) |
Total exposure | (6) | 8 |
CAD [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 4,617 | 2,859 |
Trade and other receivable | 488 | 3,191 |
Trade and other payables | (166) | (449) |
Total exposure | 4,939 | 5,601 |
BRL [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 1,370 | 776 |
Trade and other receivable | 1,538 | 1,357 |
Trade and other payables | (629) | (529) |
Total exposure | 2,279 | 1,604 |
Other [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 0 | 0 |
Trade and other receivable | 0 | 0 |
Trade and other payables | 0 | 0 |
Total exposure | $ 0 | $ 0 |
CAPITAL AND FINANCIAL RISK MA_9
CAPITAL AND FINANCIAL RISK MANAGEMENT (Schedule of Sensitivity Analysis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Profit or loss | $ 929 | $ (6,013) | $ (28,991) |
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 | 780 | 541 | |
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 | $ (953) | $ (661) |
CAPITAL AND FINANCIAL RISK M_10
CAPITAL AND FINANCIAL RISK MANAGEMENT (Schedule of Maximum Credit Exposure of Financial Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [abstract] | ||
Third party trade receivables | $ 13,290 | $ 20,025 |
Finance lease income receivable | 293 | 506 |
Cash and cash equivalents | 25,910 | 27,327 |
Total maximum credit exposure | $ 39,493 | $ 47,858 |
CAPITAL AND FINANCIAL RISK M_11
CAPITAL AND FINANCIAL RISK MANAGEMENT (Schedule of Exposure of Trade Receivables by Geographic Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | $ 13,583 | $ 20,531 |
United States [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 5,822 | 10,730 |
Euro-zone countries [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 1,072 | 1,360 |
United Kingdom [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 118 | 98 |
Other European countries [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 0 | 13 |
Other regions [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | $ 6,571 | $ 8,330 |
CAPITAL AND FINANCIAL RISK M_12
CAPITAL AND FINANCIAL RISK MANAGEMENT (Schedule of Exposure of Trade Receivables by Customer) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | $ 13,583 | $ 20,531 |
End-user customers [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 6,923 | 11,812 |
Distributors [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 6,220 | 8,186 |
Non-governmental organisations [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | $ 440 | $ 533 |
CAPITAL AND FINANCIAL RISK M_13
CAPITAL AND FINANCIAL RISK MANAGEMENT (Schedule of Ageing of Trade Receivables) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | $ 2,986,000 | $ 3,922,000 | $ 5,443,000 | $ 4,202,000 |
Expected credit loss rate | 0.00% | 0.00% | ||
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 | 0.00% | 0.70% | ||
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 | 0.10% | 12.10% | ||
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 | 4.90% | 3.40% | ||
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 | 73.00% | 97.80% | ||
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 | $ 15,876,000 | $ 23,947,000 | ||
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 | 8,461,000 | 16,754,000 | ||
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 | 2,423,000 | 1,829,000 | ||
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 | 1,981,000 | 1,755,000 | ||
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 | 3,011,000 | 3,609,000 | ||
Accumulated impairment Charge [member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 2,986,000 | 3,922,000 | ||
Accumulated impairment Charge [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 | 0 | 112,000 | ||
Accumulated impairment Charge [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 | 1,000 | 222,000 | ||
Accumulated impairment Charge [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 | 97,000 | 60,000 | ||
Accumulated impairment Charge [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 | $ 2,888,000 | $ 3,528,000 |
CAPITAL AND FINANCIAL RISK M_14
CAPITAL AND FINANCIAL RISK MANAGEMENT (Schedule of Movement in the Allowance for Impairment of Trade Receivables) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Balance at January 1 | $ 3,922,000 | $ 5,443,000 | $ 4,202,000 |
Charged to costs and expenses | 76,000 | 166,000 | 1,276,000 |
Amounts written off during the year | (1,012,000) | (1,687,000) | (35,000) |
Balance at December 31 | $ 2,986,000 | $ 3,922,000 | $ 5,443,000 |
RECONCILIATION OF LIABILITIES_3
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES (Schedule of Liabilities Arising from Financing) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Balance at January 1, 2021 | $ 18,741 | |||
Cash-flows: | ||||
Interest paid | (3,996) | $ (3,996) | $ (3,996) | |
Non-cash: | ||||
Balance at December 31, 2021 | 15,844 | 18,741 | ||
Borrowings & derivative financial instruments [Member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Balance at January 1, 2021 | 84,065 | 82,025 | ||
Cash-flows: | ||||
Interest paid | (3,996) | (3,996) | ||
Proceeds from government Covid-19 loan (Note 24) | 31 | |||
Repayment | 0 | 0 | ||
Non-cash: | ||||
Interest charged | 3,996 | 3,996 | ||
Additions (related to Right of Use assets) | 0 | 0 | ||
Disposals | [1] | 0 | ||
Exchange adjustment | 0 | 0 | ||
Accretion interest | 648 | 643 | ||
Fair value | (1,370) | 1,366 | ||
Balance at December 31, 2021 | 83,343 | 84,065 | 82,025 | |
Lease liabilities [Member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Balance at January 1, 2021 | 18,741 | 20,149 | ||
Cash-flows: | ||||
Interest paid | (11) | 0 | ||
Proceeds from government Covid-19 loan (Note 24) | 0 | |||
Repayment | (2,939) | (3,240) | ||
Non-cash: | ||||
Interest charged | 0 | 0 | ||
Additions (related to Right of Use assets) | 71 | 224 | ||
Disposals | [1] | (216) | ||
Exchange adjustment | (820) | 928 | ||
Accretion interest | 803 | 896 | ||
Fair value | 0 | 0 | ||
Balance at December 31, 2021 | $ 15,845 | $ 18,741 | $ 20,149 | |
[1] | Disposal of Lease liabilities relates to the early termination of a lease for a right-of-use building asset in Carlsbad, California. This facility was closed in June 2020. |
POST BALANCE SHEET EVENTS (Deta
POST BALANCE SHEET EVENTS (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2015 | Dec. 31, 2018 | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of American Depository Shares issued | 5,300,000 | |||||
Exchangeable notes | $ 83,312,000 | $ 0 | ||||
Investments accounted for using equity method | $ 25,200,000 | |||||
Borrowings | $ 1,000 | $ 99,900,000 | ||||
Borrowings, interest rate | 4.00% | |||||
Borrowings, maturity | 2045 | April 1, 2045 | ||||
Repayment of term loan | $ 81,250,000 | |||||
Class A Ordinary shares [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Ordinary shares issued | 0 | 0 | ||||
Debt Refinancing [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of American Depository Shares issued | 5,333,000 | |||||
Share price per ADS | $ 0.08 | |||||
Payment to retire exchangeable notes | $ 86,730,000 | |||||
Cash per $1 nominal value | $ 0.87 | |||||
Nominal value | $ 1 | |||||
Debt Refinancing [Member] | Class A Ordinary shares [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Ordinary shares issued | 21,332,000 | |||||
Debt Refinancing [Member] | Senior secured term loan credit facility [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Undrawn borrowing facilities | $ 81,250,000 | |||||
Number of American Depository Shares issued | 5,300,000 | |||||
Exchangeable notes | $ 99,700,000 | |||||
Strategic Investment and Partnership with MiCo [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of American Depository Shares issued | 11,200,000 | |||||
Share price per ADS | $ 2.25 | |||||
Strategic investment and partnership | $ 45,000,000 | |||||
Investments accounted for using equity method | 25,200,000 | |||||
Repayment of term loan | 81,250,000 | |||||
Strategic Investment and Partnership with MiCo [Member] | Unsecured junior convertible note [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Borrowings | $ 20,000,000 | |||||
Borrowings, interest rate | 1.50% | |||||
Borrowings, maturity | seven-year | |||||
Conversion price per ADS | $ 3.24 | |||||
Threshold weighted average price of ADSs | $ 3.24 |
ACCOUNTING ESTIMATES AND JUDG_2
ACCOUNTING ESTIMATES AND JUDGEMENTS (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||||
Deferred income | $ 141,000 | $ 4,445,000 | |||
Description of useful life | expenditure is capitalised at cost within intangible assets and amortised over its expected useful life of 15 years | ||||
Carrying amounts | $ 35,981,000 | 33,860,000 | |||
Inventories net of provisions | $ 12,063,000 | $ 9,781,000 | $ 6,716,000 | ||
Percentage of gross inventory | 29.29% | 24.45% | 17.33% | ||
Trade receivables, net impairment losses provision | $ 2,986,000 | $ 3,922,000 | $ 5,443,000 | $ 4,202,000 | |
Allowance represents group revenues | $ 2,986,000 | ||||
Percentage of group revenues | 3.20% | 3.80% | 6.00% | ||
Repayment of exchangeable notes | $ 12,042,000 | ||||
Impairment loss additions | $ 6,944,000 | $ 17,779,000 | $ 24,295,000 | ||
Amortisation expense | 917,000 | 1,403,000 | 2,368,000 | ||
Capitalised development expenditure [member] | |||||
Statement Line Items [Line Items] | |||||
Carrying amounts | 17,679,000 | 13,444,000 | |||
Impairment loss charge | 2,053,000 | 6,771,000 | |||
Impairment loss additions | 6,771,000 | ||||
Amortisation expense | 482,000 | ||||
2% of gross inventory [Member] | |||||
Statement Line Items [Line Items] | |||||
Change in allowance | 824,000 | 800,000 | 774,000 | ||
0.5% of gross inventory [Member] | |||||
Statement Line Items [Line Items] | |||||
Change in allowance | $ 465,000 | $ 510,000 | $ 452,000 |
GROUP UNDERTAKINGS (Details)
GROUP UNDERTAKINGS (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Trinity Biotech Manufacturing Limited [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Trinity Biotech Manufacturing Limited |
Address of entity's registered office | IDA Business Park, Bray Co. Wicklow, Ireland |
Principal activity | Manufacture and saleof diagnostic test kits |
Principal Country of incorporation and operation | Ireland |
Group % holding | 100.00% |
Trinity Research Limited [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Trinity Research Limited |
Address of entity's registered office | IDA Business Park, Bray Co. Wicklow, Ireland |
Principal activity | Research anddevelopment |
Principal Country of incorporation and operation | Ireland |
Group % holding | 100.00% |
Benen Trading Limited [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Benen Trading Limited |
Address of entity's registered office | IDA Business Park, Bray Co. Wicklow, Ireland |
Principal activity | Trading |
Principal Country of incorporation and operation | Ireland |
Group % holding | 100.00% |
Trinity Biotech Manufacturing Services Limited [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Trinity Biotech Manufacturing Services Limited |
Address of entity's registered office | IDA Business Park, Bray Co. Wicklow, Ireland |
Principal activity | Dormant |
Principal Country of incorporation and operation | Ireland |
Group % holding | 100.00% |
Trinity Biotech Luxembourg Sarl [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Trinity Biotech Luxembourg Sarl |
Address of entity's registered office | 1, rue Bender, L-1229 Luxembourg |
Principal activity | Investment andprovision of financialservices |
Principal Country of incorporation and operation | Luxembourg |
Group % holding | 100.00% |
Trinity Biotech Inc [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Trinity Biotech Inc |
Address of entity's registered office | Girts Road, Jamestown, NY 14702, USA |
Principal activity | Holding Company |
Principal Country of incorporation and operation | U.S.A. |
Group % holding | 100.00% |
Clark Laboratories Inc [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Clark Laboratories Inc Trading as Trinity Biotech (USA) |
Address of entity's registered office | Girts Road, Jamestown NY14702, USA |
Principal activity | Manufacture and saleof diagnostic test kits |
Principal Country of incorporation and operation | U.S.A. |
Group % holding | 100.00% |
Mardx Diagnostics Inc. [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Mardx Diagnostics Inc |
Address of entity's registered office | 5919 Farnsworth Court Carlsbad CA 92008, USA |
Principal activity | Manufacture and saleof diagnostic test kits |
Principal Country of incorporation and operation | U.S.A. |
Group % holding | 100.00% |
Fitzgerald Industries International, Inc [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Fitzgerald Industries International, Inc |
Address of entity's registered office | 2711 Centerville Road, Suite 400 Wilmington, New Castle Delaware, 19808, USA |
Principal activity | Management servicescompany |
Principal Country of incorporation and operation | U.S.A. |
Group % holding | 100.00% |
Biopool US Inc [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Biopool US Inc (trading as Trinity Biotech Distribution) |
Address of entity's registered office | Girts Road, Jamestown NY14702, USA |
Principal activity | Sale of diagnostic testkits |
Principal Country of incorporation and operation | U.S.A. |
Group % holding | 100.00% |
Primus Corporation [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Primus Corporation |
Address of entity's registered office | 4231 E 75th Terrace Kansas City, MO 64132, USA |
Principal activity | Manufacture and saleof diagnostic test kitsand instrumentation |
Principal Country of incorporation and operation | U.S.A |
Group % holding | 100.00% |
Phoenix Bio Tech Corp [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Phoenix Bio-tech Corp. |
Address of entity's registered office | 1166 South Service Road West Oakville, ON L6L 5T7 Canada. |
Principal activity | Dormant |
Principal Country of incorporation and operation | Canada |
Group % holding | 100.00% |
Fiomi Diagnostics Holding Ab [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Fiomi Diagnostics Holding AB |
Address of entity's registered office | Dag Hammarskjöldsv 52A SE-752 37 Uppsala Sweden |
Principal activity | Holding Company |
Principal Country of incorporation and operation | Sweden |
Group % holding | 100.00% |
Fiomi Diagnostics Ab [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Fiomi Diagnostics AB |
Address of entity's registered office | Dag Hammarskjöldsv 52A SE-752 37 Uppsala Sweden |
Principal activity | Discontinued operation |
Principal Country of incorporation and operation | Sweden |
Group % holding | 100.00% |
Trinity Biotech Do Brasil [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Trinity Biotech Do Brasil |
Address of entity's registered office | Comercio e Importacao Ltda Rua Silva Bueno 1.660 – Cj. 101/102 Ipiranga Sao Paulo Brazil |
Principal activity | Sale of diagnostic testkits |
Principal Country of incorporation and operation | Brazil |
Group % holding | 100.00% |
Trinity Biotech (Uk) Ltd [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Trinity Biotech (UK) Ltd |
Address of entity's registered office | Mills and Reeve LLP Botanic House 100 Hills Road Cambridge, CB2 1PH United Kingdom |
Principal activity | Sales & marketingactivties |
Principal Country of incorporation and operation | UK |
Group % holding | 100.00% |
Immco Diagnostics [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Immco Diagnostics Inc |
Address of entity's registered office | 60 Pineview Drive Buffalo NY 14228, USA |
Principal activity | Manufacture and sale ofautoimmune productsand laboratory services |
Principal Country of incorporation and operation | U.S.A. |
Group % holding | 100.00% |
Nova Century Scientific Inc [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Nova Century Scientific Inc |
Address of entity's registered office | 5022 South Service Road Burlington Ontario Canada |
Principal activity | Manufacture and sale ofautoimmune products and infectious diseases |
Principal Country of incorporation and operation | Canada |
Group % holding | 100.00% |
Trinity Biotech Investment Ltd [Member] | |
Disclosure Of Composition Of Group [Line Items] | |
Name of subsidiary | Trinity Biotech Investment Ltd |
Address of entity's registered office | PO Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands |
Principal activity | Investment andprovision of financialservices |
Principal Country of incorporation and operation | Cayman Islands |
Group % holding | 100.00% |