XML 77 R63.htm IDEA: XBRL DOCUMENT v3.23.1
CAPITAL AND FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022
                              
Loans and receivables at amortised cost
                              
Trade receivables
    
16
      
12,620
      
-
      
12,620
      
12,620
  
Cash and cash equivalents
    
17
      
6,578
      
-
      
6,578
      
6,578
  
Finance lease receivable
    
14, 16
      
170
      
-
      
170
      
170
  
 
                                        
 
            
19,368
      
-
      
19,368
      
19,368
  
 
                                        
Liabilities at amortised cost
                                        
Senior secured term loan
    
22
      
-
      
(44,301
)
    
(44,301
)
    
(44,301
)
Convertible note
    
22
      
-
      
(13,746
)
    
(13,746
)
    
(13,746
)
Exchangeable note
    
22
      
(210
)
    
-
      
(210
)
    
(210
)
Lease liabilities
    
23
      
(13,943
)
    
-
      
(13,943
)
    
(13,943
)
Trade and other payables (excluding deferred income)
    
20
      
(15,261
)
    
-
      
(15,261
)
    
(15,261
)
Provisions
    
21
      
(50
)
    
-
      
(50
)
    
(50
)
 
                                        
 
            
(29,464
)
    
(58,047
)
    
(87,511
)
    
(87,511
)
 
                                        
Fair value through profit and loss (FVPL)
                                        
Derivative liability - warrants
    
22
      
-
      
(1,569
)
    
(1,569
)
    
(1,569
)
Derivative asset – prepayment option
    
22
      
-
      
128
      
128
      
128
  
 
                                        
 
            
-
      
(1,441
)
    
(1,441
)
    
(1,441
)
 
                                        
 
            
(10,096
)
    
(59,488
)
    
(69,584
)
    
(69,584
)
 
        
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
    
16
      
13,290
      
-
      
13,290
      
13,290
  
Cash and cash equivalents
    
17
      
25,910
      
-
      
25,910
      
25,910
  
Finance lease receivable
    
14, 16
      
293
      
-
      
293
      
293
  
 
                                        
 
            
39,493
      
-
      
39,493
      
39,493
  
                                         
Liabilities at amortised cost
                                        
Exchangeable note¹
    
22
      
-
      
(83,312
)
    
(83,312
)
    
(83,312
)
Lease liabilities
    
23
      
(15,845
)
    
-
      
(15,845
)
    
(15,845
)
Trade and other payables (excluding deferred income)
    
20
      
(14,986
)
    
-
      
(14,986
)
    
(14,986
)
Provisions
    
21
      
(50
)
    
-
      
(50
)
    
(50
)
 
                                        
 
            
(30,881
)
    
(83,312
)
    
(114,193
)
    
(114,193
)
 
                                        
Fair value through profit and loss (FVPL)
                                        
Exchangeable note bond call option
    
22
      
-
      
-
      
-
      
-
  
Exchangeable note equity conversion option
    
22
      
-
      
-
      
-
      
-
  
 
                                        
 
            
-
      
-
      
-
      
-
  
 
                                        
 
            
8,612
      
(83,312
)
    
(74,700
)
    
(74,700
)
 
Schedule of Interest Rate Risk Effective and Repricing Analysis
 
As at December 31, 2022
  
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
    
17
      
0.00
%
    
6,578
      
6,578
      
-
      
-
      
-
      
-
  
Lease receivable
    
14,16
      
4.0
%
    
170
      
46
      
41
      
49
      
34
      
-
  
Exchangeable note
    
22
      
4.8
%
    
(210
)
    
-
      
-
      
-
      
-
      
(210
)
Senior secured term loan1
    
22
      
15.4
%
    
(44,301
)
    
-
      
-
      
-
      
(44,301
)
    
-
  
Convertible note2
    
22
      
1.5
%
    
(13,746
)
    
-
      
-
      
-
      
-
      
(13,746
)
Lease payable on Right of Use  assets
    
23
      
5.0
%
    
(13,898
)
    
(812
)
    
(819
)
    
(1,679
)
    
(4,522
)
    
(6,066
)
Lease payable on sale & leaseback transactions
    
23
      
5.0
%
    
(45
)
    
(35
)
    
(10
)
    
-
      
-
      
-
  
 
                                                                
Total
                    
(65,452
)
    
5,777
      
(788
)
    
(1,630
)
    
(48,789
)
    
(20,022
)
 
¹ The senior secured term loan is a variable instrument which bears interest at an annual rate equal to 11.25% plus the greater of (a) one-month Term SOFR Reference Rate and (b) one percent per annum.
 
2 The convertible note is a fixed rate instrument which bears a fixed rate of interest of 1.5% per annum.
 
3 The maturity of the Exchangeable Notes is based on the contractual maturity date of April 1, 2045.
 
As at December 31, 2021
  
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
    
17
      
0.01
%
    
25,910
      
25,910
      
-
      
-
      
-
      
-
  
Lease receivable
    
14,16
      
4.0
%
    
293
      
81
      
61
      
89
      
62
      
-
  
Exchangeable note¹
    
22
      
4.8
%
    
(83,312
)
    
-
      
-
      
-
      
-
      
(83,312
)
Other borrowings
    
 
      
0
%
    
(31
)
    
-
      
(31
)
    
-
      
-
      
-
  
Lease payable on Right of Use assets
    
23
      
5.0
%
    
(15,668
)
    
(973
)
    
(905
)
    
(1,554
)
    
(4,516
)
    
(7,720
)
Lease payable on sale & leaseback transactions
    
23
      
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.
Schedule of Interest Rate Profile of Financial Assets/Liabilities
 
 
  
December 31,
2022
US$‘000
    
December 31,
2021
US$‘000
  
Variable rate instruments
            
Cash at bank and in hand
    
6,578
      
22,790
  

Short-term deposits

     -      

3,120

  
Variable rate financial liabilities (senior secured term loan)
    
(44,301
)
    
-
  
 
                
 
    
(37,723
)
    
25,910
  
 
                
Fixed rate instruments
                
Fixed rate financial liabilities (exchangeable note)
    
(210
)
    
(83,312
)
Fixed rate financial liabilities (convertible note)
    
(13,746
)
    
-
  
Fixed rate financial liabilities (borrowings)
    
-
      
(31
)
Fixed rate financial liabilities (lease payables)
    
(13,943
)
    
(15,844
)
Financial assets (short-term deposits and short-term investments)
    
-
      
3,121
  
Financial assets (lease receivables)
    
170
      
293
  
 
                
 
    
(27,729
)
    
(95,773
)
Schedule of Liquidity Risk Estimated Interest Payments of Maturities
 
As at December 31, 2022
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
    
15,261
      
15,261
      
15,261
      
-
      
-
      
-
      
-
  
Lease payable on Right of Use assets
    
13,898
      
17,196
      
1,120
      
1,130
      
2,240
      
5,739
      
6,967
  
Lease payable on sale & leaseback transactions
    
45
      
46
      
36
      
10
      
-
      
-
      
-
  
Senior secured term loan
    
44,301
      
69,519
      
4,194
      
3,595
      
7,190
      
54,540
      
-
  
Convertible note
    
13,746
      
21,900
      
150
      
150
      
300
      
900
      
20,400
  
Exchangeable notes
    
210
      
397
      
4
      
4
      
8
      
24
      
357
  
 
                                                        
 
    
87,461
      
124,319
      
20,765
      
4,889
      
9,738
      
61,203
      
27,724
  


¹ The contractual cash flows of interest on the senior secured term loan is estimated based on the prevailing interest rate at December 31, 2022

 

As at December 31, 2021
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
    
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
  
Schedule of Foreign Currency Risk Short Term Financial Assets and Liabilities
 
   
EUR
    
GBP
    
SEK
    
CAD
    
BRL
    
Other
  
As at December 31, 2022
  
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
  
Cash
    
700
      
199
      
5
      
2,061
      
756
      
-
  
Trade and other receivable
    
1,001
      
27
      
-
      
950
      
1,443
      
-
  
Trade and other payables
    
(3,481
)
    
(5
)
    
(6
)
    
(473
)
    
(662
)
    
-
  
Lease liabilities
    
(9,024
)
    
-
      
-
      
-
      
(277
)
    
-
  
 
                                                
Total exposure
    
(10,804
)
    
221
      
(1
)
    
2,538
      
1,260
      
-
  
 
   
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
)
    
-
  
Lease liabilities
    
(10,629
)
    
-
      
-
      
-
      
(139
)
    
-
  
 
                                                
Total exposure
    
(12,294
)
    
145
      
(6
)
    
4,939
      
2,140
      
-
  
Schedule of Sensitivity Analysis
A 10% strengthening of the US Dollar against the Euro at December 31, 2022 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, 2022
      
Euro
    
982
  
         
December 31, 2021
        
Euro
    
780
  
 
A 10% weakening of the US Dollar against the Euro at December 31, 2022 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, 2022
      
Euro
    
(1,200
)
         
December 31, 2021
        
Euro
    
(953
)
 
Schedule of Maximum Credit Exposure of Financial Assets
 
  
Carrying Value
December 31,
2022
US$’000
    
Carrying Value
December 31,
2021
US$’000
  
Third party trade receivables (Note 16)
    
12,620
      
13,290
  
Finance lease income receivable (Note 16)
    
170
      
293
  
Cash and cash equivalents (Note 17)
    
6,578
      
25,910
  
 
                
 
    
19,368
      
39,493
  
Schedule of Exposure of Trade Receivables by Geographic Location
 
  
Carrying Value
December 31,
2022
US$’000
    
Carrying Value
December 31,
2021
US$’000
  
United States
    
6,061
      
5,822
  
Euro-zone countries
    
1,183
      
1,072
  
United Kingdom
    
67
      
118
  
Other regions
    
5,479
      
6,571
  
 
                
 
    
12,790
      
13,583
  
Schedule of Exposure of Trade Receivables by Customer
 
  
Carrying Value
December 31,
2022
US$’000
    
Carrying Value
December 31,
2021
US$’000
  
End-user customers
    
7,365
      
6,923
  
Distributors
    
4,630
      
6,220
  
Non-governmental organisations
    
795
      
440
  
 
                
 
    
12,790
      
13,583
  
Schedule of Ageing of Trade Receivables
 
  
Gross
    
Impairment
    
Expected Credit Loss Rate
    
Gross
    
Impairment
    
Expected Credit Loss Rate
  
 
  
2022
    
2022
    
2022
    
2021
    
2021
    
2021
  
 
  
US$’000
    
US$’000
    
%
    
US$’000
    
US$’000
    
%
  
Not past due
    
8,341
      
-
      
-
%
    
8,461
      
-
      
-
%
Past due 0-30 days
    
1,622
      
-
      
-
%
    
2,423
      
1
      
0.1
%
Past due 31-120 days
    
1,564
      
23
      
1.5
%
    
1,981
      
97
      
4.9
%
Greater than 120 days
    
3,783
      
2,668
      
70.5
%
    
3,011
      
2,888
      
73.0
%
 
                                                
 
    
15,310
      
2,691
      
-
      
15,876
      
2,986
      
-
  
Schedule of Movement in Allowance for Impairment of Trade Receivables
 
  
2022
    
2021
  
 
  
US$’000
    
US$’000
  
Balance at January 1
    
2,986
      
3,922
  
Charged to costs and expenses
    
1,240
      
76
  
Amounts written off during the year
    
(1,535
)
    
(1,012
)
 
                
Balance at December 31
    
2,691
      
2,986