DEFERRED TAX ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of deferred tax assets and liabilities [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities of the Group are attributable to the following:

	Assets			Liabilities					Net
		2019 US$000	2018 US$’000		2019 US$’000		2018 US$’000			2019 US$’000		2018 US$’000
Property, plant and equipment		1,027	815		(9	)	(37	)		1,018		778
Intangible assets		—	—		(6,099	)	(7,189	)		(6,099	)	(7,189	)
Inventories		642	668		—		—			642		668
Provisions		3,838	4,311		—		—			3,838		4,311
Other items		745	333		(1,031	)	(629	)		(286	)	(296	)
Deferred tax assets/(liabilities)		6,252	6,127		(7,139	)	(7,855	)		(887	)	(1,728	)

Schedule of Deferred Tax Assets Not Recognised

Deferred tax assets have not been recognised by the Group in respect of the following items:

	December 31, 2019		December 31, 2018
	US$’000		US$’000
Capital losses		8,293		8,293
Net operating losses		80,577		67,012
US alternative minimum tax credits		1,928		1,674
Other temporary timing differences		7,399		3,880
US state credit carryforwards		493		364
		98,690		81,223

Schedule of Unrecognised Deferred Tax Assets

The movement in the unrecognised deferred tax assets during the year ended December 31, 2019 is analysed as follows:

Movement in unrecognised deferred tax assets	Increase / (decrease) US$’000			Applicable tax rate %			Tax effect US$’000
Net operating losses in US		(1,348	)		21	%		(283	)
Alternative minimum tax credit in US		254			n/a			254
Net operating losses in Brazil		1,788			34	%		608
Net operating losses in Ireland		13,125			12.5% -25	%		2,353
Other deferred tax assets in Ireland		(1,938	)		12.5	%		(243	)
Other deferred tax assets in US		5,457			21	%		1,146
US state credit carryforwards		129			n/a			129
Total – continuing operations		17,467						3,964

Schedule of Unrecognised Deferred Tax Liabilities

Movement in temporary differences during the year

	Balance January, 1 2019			Recognised in income			Balance December 31, 2019
	US$’000			US$’000			US$’000
Property, plant and equipment		778			240			1,018
Intangible assets		(7,189	)		1,090			(6,099	)
Inventories		668			(26	)		642
Provisions		4,311			(473	)		3,838
Other items		(296	)		10			(286	)
								(887
		(1,728	)		841			(887	)

	Balance January, 1 2018			Recognised in income			Balance December 31, 2018
	US$’000			US$’000			US$’000
Property, plant and equipment		350			428			778
Intangible assets		(9,443	)		2,254			(7,189	)
Inventories		1,006			(338	)		668
Provisions		3,510			801			4,311
Other items		818			(1,114	)		(296	)
Tax value of loss carryforwards recognised		1,625			(1,625	)		—
		(2,134	)		406			(1,728	)