CAPITAL AND FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of detailed information about financial instruments [abstract]

Schedule of Fair Values of Financial Assets/Liabilities

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, 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	25		—			(82,664	)		(82,664	)		(82,664	)
Lease liabilities	26		(18,741	)		—			(18,741	)		(18,741	)
Trade and other payables (excluding deferred income)	23		(19,890	)		—			(19,890	)		(19,890	)
Provisions	24		(416	)		—			(416	)		(416	)
			(39,047	)		(82,664	)		(121,711	)		(121,711	)
Fair value through profit and loss (FVPL)
Exchangeable note bond call option	25		—			150			150			150
Exchangeable note equity conversion option	25		—			(1,370	)		(1,370	)		(1,370	)
			—			(1,220	)		(1,220	)		(1,220	)
			8,811			(83,884	)		(75,073	)		(75,073	)

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, 2019
Loans and receivables at amortised cost
Trade receivables		18		17,754			—			17,754			17,754
Cash and cash equivalents		19		15,231			—			15,231			15,231
Investments (deposits)		20		1,169			—			1,169			1,169
Finance lease receivable		16,18		684			—			684			684
				34,838			—			34,838			34,838
Liabilities at amortised cost
Exchangeable note		25		—			(82,021	)		(82,021	)		(82,021	)
Lease liabilities		26		(20,149	)		—			(20,149	)		(20,149	)
Trade and other payables (excluding deferred income)		23		(16,655	)		—			(16,655	)		(16,655	)
Provisions		24		(50	)		—			(50	)		(50	)
				(36,854	)		(82,021	)		(118,875	)		(118,875	)
Fair value through profit and loss (FVPL)
Exchangeable note equity conversion option		25		—			(4	)		(4	)		(4	)
				—			(4	)		(4	)		(4	)
				(2,016	)		(82,025	)		(84,041	)		(84,041	)

Schedule of Interest Rate Risk Effective and Repricing Analysis

The following table sets out all interest-earning financial assets and interest bearing financial liabilities held by the Group at December 31, indicating their effective interest rates and the period in which they re-price:

As at December 31, 2020	Note		Effective interest rate			Total US$’000			6 mths or less US$’000			6 –12 mths US$’000			1-2 years US$’000			2-5 years US$’000			> 5 years US$’000
Cash and cash equivalents		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		25		4.8	%		(82,664	)		—			—			—			—			(82,664	)
Other borrowings		25		0	%		(31	)		—			—			(31	)		—			—
Lease payable on Right of Use assets		26		5.0	%		(18,461	)		(1,022	)		(1,032	)		(1,914	)		(4,856	)		(9,637	)
Lease payable on sale & leaseback transactions		26		5.0	%		(280	)		(49	)		(50	)		(104	)		(77	)		—
Total							(73,797	)		26,182			(987	)		(1,907	)		(4,784	)		(92,301	)

As at December 31, 2019	Note		Effective interest rate			Total US$’000			6 mths or less US$’000			6 –12 mths US$’000			1-2 years US$’000			2-5 years US$’000			> 5 years US$’000
Cash and cash equivalents		19		1.1	%		15,231			15,231			—			—			—			—
Short-term investments		20		1.3	%		1,169			—			1,169			—			—			—
Lease receivable		16,18		4.0	%		684			157			124			202			201			—
Licence payments		23		8.1	%		(1,307	)		(1,307	)		—			—			—			—
Exchangeable note		25		4.8	%		(82,021	)		—			—			—			—			(82,021	)
Lease payable on Right of Use assets		26		5.0	%		(19,630	)		(1,136	)		(1,020	)		(2,012	)		(4,840	)		(10,622	)
Lease payable on sale & leaseback transactions		26		5.0	%		(519	)		(122	)		(125	)		(95	)		(177	)		—
Total							(86,393	)		12,823			148			(1,905	)		(4,816	)		(92,643	)

Schedule of Interest Rate Profile of Financial Assets/Liabilities

The interest rate profile of financial assets/liabilities of the Group was as follows:

	December 31, 2020 US$‘000			December 31, 2019 US$‘000
Fixed rate instruments
Fixed rate financial liabilities (licence fees)		(194	)		(1,307	)
Fixed rate financial liabilities (exchangeable note)		(82,664	)		(82,021	)
Fixed rate financial liabilities (borrowings)		(31	)		—
Fixed rate financial liabilities (lease payables)		(18,741	)		(20,149	)
Financial assets (short-term deposits and short-term investments)		3,118			10,125
Financial assets (lease receivables)		506			684
		(98,006	)		(92,668	)

Schedule of Liquidity Risk Estimated Interest Payments of Maturities

The following are the contractual maturities of financial liabilities, including estimated interest payments:

As at December 31, 2020 US$’000	Carrying amount US$’000		Contractual cash flows US$’000		6 mths or less US$’000		6 mths – 12 mths US$’000		1-2 years US$’000		2-5 years US$’000		>5 years US$’000
Financial liabilities
Trade & other payables		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.

As at December 31, 2019 US$’000	Carrying amount US$’000		Contractual cash flows US$’000		6 mths or less US$’000		6 mths – 12 mths US$’000		1-2 years US$’000		2-5 years US$’000		>5 years US$’000
Financial liabilities
Trade & other payables		16,947		16,947		16,947		—		—		—		—
Lease payable on Right of Use assets		19,630		19,630		1,136		1,020		2,012		4,840		10,622
Lease payable on sale & leaseback transactions		519		519		122		125		95		177		—
Exchangeable notes¹		82,021		99,900		—		—		—		—		99,900
Exchangeable note interest		999		101,898		1,998		1,998		3,996		11,988		81,918
		120,116		238,894		20,203		3,143		6,103		17,005		192,440

Schedule of Foreign Currency Risk Short Term Financial Assets and Liabilities

The amounts shown are those reported to key management translated into US Dollars at the closing rate:

	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			—

As at December 31, 2019	EUR			GBP			SEK			CAD			BRL			Other
	US$‘000			US$‘000			US$‘000			US$‘000			US$‘000			US$‘000
Cash		394			138			10			3,265			238			—
Trade and other receivable		1,247			71			—			337			1,871			—
Trade and other payables		(2,350	)		(27	)		(142	)		(47	)		(796	)		—
Total exposure		(709	)		182			(132	)		3,555			1,313			—

Schedule of Sensitivity Analysis

A 10% strengthening of the US Dollar against the Euro at December 31, 2020 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, 2020
Euro		541
December 31, 2019
Euro		2,282

A 10% weakening of the US Dollar against the Euro at December 31, 2020 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, 2020
Euro		(661	)
December 31, 2019
Euro		(2,790	)

Schedule of Maximum Credit Exposure of Financial Assets

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk is as follows:

	Carrying Value December 31, 2020 US$’000		Carrying Value December 31, 2019 US$’000
Third party trade receivables (Note 18)		20,025		17,754
Finance lease income receivable (Note 18)		506		684
Cash and cash equivalents (Note 19)		27,327		15,231
Short-term investments (Note 20)		-		1,169
		47,858		34,838

Schedule of Exposure of Trade Receivables by Geographic Location

The maximum exposure to credit risk for trade receivables and finance lease income receivable by geographic location is as follows:

	Carrying Value December 31, 2020 US$’000		Carrying Value December 31, 2019 US$’000
United States		10,730		8,647
Euro-zone countries		1,360		786
United Kingdom		98		121
Other European countries		13		7
Other regions		8,330		8,877
		20,531		18,438

Schedule of Exposure of Trade Receivables by Customer

The maximum exposure to credit risk for trade receivables and finance lease income receivable by type of customer is as follows:  

	Carrying Value December 31, 2020 US$’000		Carrying Value December 31, 2019 US$’000
End-user customers		11,812		9,453
Distributors		8,186		7,199
Non-governmental organisations		533		1,786
		20,531		18,438

Schedule of Ageing of Trade Receivables

The ageing of trade receivables at December 31, 2020 is as follows:

	Gross		Impairment		Expected Credit Loss Rate			Gross		Impairment		Expected Credit Loss Rate
	2020		2020		2020			2019		2019		2019
	US$’000		US$’000		%			US$’000		US$’000		%
Not past due		16,754		112		0.7	%		10,924		8		0.1	%
Past due 0-30 days		1,829		222		12.1	%		3,743		6		0.2	%
Past due 31-120 days		1,755		60		3.4	%		2,115		27		1.3	%
Greater than 120 days		3,609		3,528		97.8	%		6,415		5,402		84.2	%
		23,947		3,922		—			23,197		5,443		—

Schedule of Movement in Allowance for Impairment of Trade Receivables

 The movement in the allowance for impairment in respect of trade receivables during the year was as follows:

	2020			2019			2018
	US$’000			US$’000			US$’000
Balance at January 1		5,443			4,202			3,590
Charged to costs and expenses		166			1,276			682
Amounts written off during the year		(1,687	)		(35	)		(70	)
Balance at December 31		3,922			5,443			4,202