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PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2023
Disclosure of detailed information about property, plant and equipment [abstract]  
PROPERTY, PLANT AND EQUIPMENT
11.
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, 2022
    
24,334
      
2,592
      
4,200
      
32,337
      
63,463
  
Additions
    
379
      
93
      
362
      
1,100
      
1,934
  
Disposals or retirements
    
-
      
-
      
(25
)
    
(42
)
    
(67
)
Reallocations/ reclassifications
    
-
      
-
      
(2
)
    
2
      
-
  
Exchange adjustments
    
(31
)
    
16
      
5
      
286
      
276
  
 
                                        
At December 31, 2022
    
24,682
      
2,701
      
4,540
      
33,683
      
65,606
  
 
                                        
At January 1, 2023
    
24,682
      
2,701
      
4,540
      
33,683
      
65,606
  
Additions
    
55
      
87
      
173
      
596
      
911
  
Disposals or retirements
    
(480
)
    
(40
)
    
(115
)
    
(220
)
    
(855
)
Reallocations/ reclassifications
    
-
      
(8
)
    
8
      
-
      
-
  
Exchange adjustments
    
11
      
20
      
6
      
370
      
407
  
 
                                        
At December 31, 2023
    
24,268
      
2,760
      
4,612
      
34,429
      
66,069
  
 
                                        
Accumulated depreciation and Impairment losses
                                        
At January 1, 2022
    
(21,432
)
    
(2,131
)
    
(3,950
)
    
(30,032
)
    
(57,545
)
Charge for the year
    
(414
)
    
(133
)
    
(214
)
    
(649
)
    
(1,410
)
Disposals or retirements
    
-
      
-
      
22
      
43
      
65
  
Impairment losses
    
(48
)
    
(4
)
    
(31
)
    
(650
)
    
(733
)
Exchange adjustments
    
9
      
(16
)
    
(5
)
    
(289
)
    
(301
)
 
                                        
At December 31, 2022
    
(21,885
)
    
(2,284
)
    
(4,178
)
    
(31,577
)
    
(59,924
)
 
                                        
At January 1, 2023
    
(21,885
)
    
(2,284
)
    
(4,178
)
    
(31,577
)
    
(59,924
)
Charge for the year
    
(272
)
    
(64
)
    
(178
)
    
(317
)
    
(831
)
Disposals or retirements
    
385
      
38
      
115
      
213
      
751
  
Impairment losses
    
(2,246
)
    
(339
)
    
(101
)
    
(1,086
)
    
(3,772
)
Exchange adjustments
    
(4
)
    
(20
)
    
(7
)
    
(370
)
    
(401
)
 
                                        
At December 31, 2023
    
(24,022
)
    
(2,669
)
    
(4,349
)
    
(33,137
)
    
(64,177
)
 
                                        
Carrying amounts
                                        
At December 31, 2023
    
246
      
91
      
263
      
1,292
      
1,892
  
 
                                        
At December 31, 2022
    
2,797
      
417
      
362
      
2,106
      
5,682
  
 
The assets of the Group are pledged as security for the senior secured term loan from Perceptive Advisors.
 
Right-of-use assets
 
Additional information on the right-of-use assets by class of assets is as follows:
 
   
Carrying
amount
    
Depreciation
Charge
    
Impairment
Charge
  
   
At
December 31, 2023
    
Year ended
December 31, 2023
    
Year ended
December 31, 2023
  
   
US$000
    
US$000
    
US$000
  
Buildings
    
229
      
(196
)
    
(1,930
)
Computer equipment
    
166
      
(51
)
    
-
  
Plant and Equipment, vehicles
    
-
      
(26
)
    
(86
)
                         
     
395
      
(273
)
    
(2,016
)
 
   
Carrying
amount
    
Depreciation
Charge
    
Impairment
Charge
  
   
At
December 31, 2022
    
Year ended
December 31, 2022
    
Year ended
December 31, 2022
  
   
US$000
    
US$000
    
US$000
  
Buildings
    
2,482
      
(398
)
    
(48
)
Computer equipment
    
217
      
(40
)
    
-
  
Plant and Equipment, vehicles
    
-
      
(17
)
    
(200
)
                         
     
2,699
      
(455
)
    
(248
)
 
Income from sub-letting right-of-use buildings amounted to US$3,000 in the year ended December 31, 2023 (2022: US$3,000).

 

Right-of-Use assets at 31 December 2023
  
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
  
7
    
1 to 10
    
5
    
1
    
-
    
-
    
-
  
Vehicle
  
22
    
1 to 3
    
2
    
-
    
22
    
-
    
22
  
I.T. and office equipment
  
5
    
3
    
3
    
-
    
-
    
-
    
-
  

 

Right-of-Use assets at 31 December 2022
  
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
  
9
    
1 to 11
    
5
    
2
    
-
    
-
    
-
  
Vehicle
  
20
    
0.4 to 3
    
2
    
-
    
20
    
-
    
20
  
I.T. and office equipment
  
5
  
 
 4  
 
 4  
 
 -  
 
 -  
 
 -  
 
 -  
 
The details of the impairment review are described in Note 12. 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$3.8 million was allocated to property, plant and equipment as at December 31, 2023 (2022: US$0.7 million). 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, 2023 and 2022 is US$Nil following full write down of the assets due to group impairment. Depreciation charged on these assets in 2023 amounted to US$Nil (2022: US$34,000).