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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 in 2019. Right-of-use assets were assessed for impairment on transition by applying IAS 36, Impairment as at January 1, 2019. Right of Use assets leased by three Cash Generating Units, in which there was an unallocated impairment loss as at December 31, 2018, were impaired by a total of US$11,099,000. This amount is shown in the Consolidated Statement of Changes in Equity as a movement in Accumulated Surplus.
 
   
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 following full write down of the assets due to group impairment (refer to Note 14). Depreciation charged on these assets in 2021 amounted to US$27,000 (2020: US$21,000).
 
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).