XML 94 R68.htm IDEA: XBRL DOCUMENT v3.25.1
CAPITAL AND FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract]  
Schedule of Fair Values of Financial Assets/Liabilities
 
        
Level 1
    
Level 2
    
Level 3
    
Total
carrying
amount
    
Fair
Value
  
 
  
Note
    
US$’000
    
US$’000
    
US$’000
    
US$’000
    
US$’000
  
December 31, 2024
                                    
Loans and receivables at amortised cost
                                    
Trade receivables
  
17
      
13,416
      
-
      
-
      
13,416
      
13,416
  
Cash and cash equivalents
  
18
      
5,167
      
-
      
-
      
5,167
      
5,167
  
 
          
18,583
      
-
       -      
18,583
      
18,583
  
                                               
Liabilities at amortised cost
                                              
Senior secured term loan
  
23
      
-
      
(72,391
)
    
-
      
(72,391
)
    
(72,391
)
Convertible note
  
23
      
-
      
(15,401
)
    
-
      
(15,401
)
    
(15,401
)
Exchangeable note
  
23
      
-
      
(210
)
    
-
      
(210
)
    
(210
)
Lease liabilities
  
24
      
(12,762
)
    
-
      
-
      
(12,762
)
    
(12,762
)
Trade and other payables (excluding deferred income)
  
21
      
(26,585
)
    
-
      
-
      
(26,585
)
    
(26,585
)
Provisions
  
22
      
(2,529
)
    
-
      
-
      
(2,529
)
    
(2,529
)
 
                                              
 
          
(41,876
)
    
(88,002
)
    
-
      
(129,878
)
    
(129,878
)
 
                                              
Fair value through profit and loss (FVPL)
                                              
Derivative liability - warrants
  
23
      
-
      
(1,658
)
    
-
      
(1,658
)
    
(1,658
)
Derivative asset – prepayment option
  
23
      
-
      
166
      
-
      
166
      
166
  
Equity investments in Novus
  
13
      
-
      
-
      
2,455
      
2,455
      
2,455
  
 
                                              
 
          
-
      
(1,492
)
    
2,455
      
963
      
963
  
 
                                              
 
          
(23,293
)
    
(89,494
)
    
2,455
      
(110,332
)
    
(110,332
)
 
        
Level 1
    
Level 2
    
Level 3
    
Total
carrying
amount
    
Fair
Value
  
 
  
Note
    
US$’000
    
US$’000
    
US$’000
    
US$’000
    
US$’000
  
December 31, 2023
                                    
Loans and receivables at amortised cost
                                    
Trade receivables
  
17
      
10,698
      
-
      
-
      
10,698
      
10,698
  
Cash and cash equivalents
  
18
      
3,691
      
-
      
-
      
3,691
      
3,691
  
Finance lease receivable
  
15, 17
      
155
      
-
      
-
      
155
      
155
  
                                               
 
          
14,544
      
-
      
-
      
14,544
      
14,544
  
                                               
Liabilities at amortised cost
                                              
Senior secured term loan
  
23
      
-
      
(40,109
)
    
-
      
(40,109
)
    
(40,109
)
Convertible note
  
23
      
-
      
(14,542
)
    
-
      
(14,542
)
    
(14,542
)
Exchangeable note¹
  
23
      
-
      
(210
)
    
-
      
(210
)
    
(210
)
Lease liabilities
  
24
      
(12,566
)
    
-
      
-
      
(12,566
)
    
(12,566
)
Trade and other payables (excluding deferred income)
  
21
      
(12,752
)
    
-
      
-
      
(12,752
)
    
(12,752
)
Provisions
  
22
      
(50
)
    
-
      
-
      
(50
)
    
(50
)
 
                                              
 
          
(25,368
)
    
(54,861
)
    
-
      
(80,229
)
    
(80,229
)
 
                                              
Fair value through profit and loss (FVPL)
                                              
Derivative liability - warrants
  
23
      
-
      
(526
)
    
-
      
(526
)
    
(526
)
Derivative asset – prepayment option
  
23
      
-
      
178
      
-
      
178
      
178
  
 
                                              
 
          
-
      
(348
)
    
-
      
(348
)
    
(348
)
 
                                              
 
          
(10,824
)
    
(55,209
)
    
-
      
(66,033
)
    
(66,033
)
Schedule of Interest Rate Risk Effective and Repricing Analysis
As at December 31, 2024
  
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
  
18
      
0.00
%
    
5,167
      
5,167
      
-
      
-
      
-
      
-
  
Exchangeable note1
  
23
      
4.0
%
    
(210
)
    
-
      
-
      
-
      
-
      
(210
)
Senior secured term loan2
  
23
      
16.3
%
    
(72,391
)
    
-
      
-
      
(72,391
)
    
-
      
-
  
Convertible note3
  
23
      
1.5
%
    
(15,401
)
    
-
      
-
      
-
      
(15,401
)
    
-
  
    Lease payable on Right of Use assets
  
24
      
5.0
%
    
(12,762
)
    
(1,150
)
    
(1,135
)
    
(1,742
)
    
(4,532
)
    
(4,203
)
 
                                                              
Total
                  
(95,597
)
    
4,017
      
(1,135
)
    
(74,133
)
    
(19,933
)
    
(4,413
)
 
As at December 31, 2023
  
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
  
18
      
0.00
%
    
3,691
      
3,691
      
-
      
-
      
-
      
-
  
Lease receivable
  
15,17
      
4.0
%
    
155
      
62
      
39
      
49
      
5
      
-
  
Exchangeable note1
  
23
      
4.8
%
    
(210
)
    
-
      
-
      
-
      
-
      
(210
)
Senior secured term loan2
  
23
      
16.3
%
    
(40,109
)
    
-
      
-
      
-
      
(40,109
)
    
-
  
Convertible note3
  
23
      
1.5
%
    
(14,542
)
    
-
      
-
      
-
      
-
      
(14,542
)
Lease payable on Right of Use assets
  
24
      
5.0
%
    
(12,566
)
    
(812
)
    
(832
)
    
(1,745
)
    
(4,425
)
    
(4,752
)
 
                                                              
Total
                  
(63,581
)
    
2,941
      
(793
)
    
(1,696
)
    
(44,529
)
    
(19,504
)
 
1 The maturity of the exchangeable notes is based on the contractual maturity date of April 1, 2045.
2 The senior secured term loan is a variable instrument. In January 2024, the amended term loan agreement reduced the annual rate of interest on the loan by 2.5% to 8.75% plus the greater of (a) Term Secured Overnight Financing Rate or (b) 4.0% per annum, and allows for a further 2.5% reduction in the base rate to 6.25% once the outstanding principal under the term loan falls below US$35 million.  The loan matures in July 2026.
3 The 7-year convertible note was issued in May 2022 and is a fixed rate instrument which bears a fixed rate of interest of 1.5% per annum.
Schedule of Interest Rate Profile of Financial Assets/Liabilities
 
  
December 31,
2024
US$‘000
    
December 31,
2023
US$‘000
  
Variable rate instruments
            
Cash at bank and in hand
    
5,167
      
3,691
  
Variable rate financial liabilities (senior secured term loan)
    
(72,391
)
    
(40,109
)
 
                
 
    
(67,224
)
    
(36,418
)
                 
Fixed rate instruments
                
Fixed rate financial liabilities (exchangeable note)
    
(210
)
    
(210
)
Fixed rate financial liabilities (convertible note)
    
(15,401
)
    
(14,542
)
Fixed rate financial liabilities (lease payables)
    
(12,762
)
    
(12,566
)
Financial assets (lease receivables)
    
-
      
155
  
 
                
 
    
(28,373
)
    
(27,163
)
Schedule of Liquidity Risk Estimated Interest Payments of Maturities
As at December 31, 2024
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 and other payables (excluding deferred income)
    
25,286
      
25,286
      
25,286
      
-
      
-
      
-
      
-
  
Lease payable on Right of Use assets
    
12,762
      
15,214
      
1,454
      
1,408
      
2,213
      
5,487
      
4,652
  
Senior secured term loan¹
    
72,391
      
81,438
      
1,703
      
3,319
      
76,416
      
-
      
-
  
Convertible note
    
15,401
      
21,350
      
150
      
150
      
300
      
900
      
19,850
  
Exchangeable notes
    
210
      
380
      
4
      
4
      
8
      
24
      
340
  
 
                                                        
 
    
126,050
      
143,668
      
28,597
      
4,881
      
78,937
      
6,411
      
24,842
  
As at December 31, 2023
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 and other payables (excluding deferred income)
    
12,752
      
12,752
      
12,752
      
-
      
-
      
-
      
-
  
Lease payable on Right of Use assets
    
12,566
      
15,306
      
1,107
      
1,114
      
2,243
      
5,442
      
5,400
  
Senior secured term loan¹
    
40,109
      
56,121
      
3,461
      
3,461
      
6,922
      
42,277
      
-
  
Convertible note
    
14,542
      
21,650
      
150
      
150
      
300
      
900
      
20,150
  
Exchangeable notes
    
210
      
389
      
4
      
4
      
8
      
24
      
349
  
                                                         
     
80,179
      
106,218
      
17,474
      
4,729
      
9,473
      
48,643
      
25,899
  
 
¹ The contractual cash flows of interest on the senior secured term loan is estimated based on the prevailing interest rate at December 31, 2023.
Schedule of Foreign Currency Risk Short Term Financial Assets and Liabilities
 
EUR
    
GBP
    
SEK
    
CAD
    
BRL
    
Other
  
As at December 31, 2024
  
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
  
Cash
    
116
      
50
      
20
      
293
      
373
      
-
  
Trade and other receivable
    
1,009
      
74
      
-
      
294
      
1,019
      
-
  
Trade and other payables
    
(7,098
)
    
(453
)
    
(12
)
    
(114
)
    
(135
)
    
(1
)
Lease liabilities
    
(6,867
)
    
-
      
-
      
-
      
(171
)
    
-
  
 
                                                
Total exposure
    
(12,840
)
    
(329
)
    
8
      
473
      
1,086
      
(1
)
 
 
EUR
    
GBP
    
SEK
    
CAD
    
BRL
    
Other
  
As at December 31, 2023
  
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
    
US$‘000
  
Cash
    
219
      
15
      
5
      
191
      
854
      
-
  
Trade and other receivable
    
856
      
100
      
-
      
533
      
1,533
      
-
  
Trade and other payables
    
(3,766
)
    
(100
)
    
(12
)
    
(220
)
    
(704
)
    
(1
)
Lease liabilities
    
(8,349
)
    
-
      
-
      
-
      
(241
)
    
-
  
 
                                                
Total exposure
    
(11,040
)
    
15
      
(7
)
    
504
      
1,442
      
(1
)
Schedule of Sensitivity Analysis
A 10% strengthening of the US Dollar against the Euro at December 31, 2024 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, 2024
      
Euro
    
1,167
  
         
December 31, 2023
        
Euro
    
1,004
  
 
A 10% weakening of the US Dollar against the Euro at December 31, 2024 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, 2024
      
Euro
    
(1,427
)
         
December 31, 2023
        
Euro
    
(1,227
)
Schedule of Maximum Credit Exposure of Financial Assets
 
  
Carrying Value
December 31,
2024
US$’000
    
Carrying Value
December 31,
2023
US$’000
  
Third party trade receivables (Note 17)
    
13,416
      
10,698
  
Finance lease income receivable (Note 17)
    
-
      
155
  
Cash and cash equivalents (Note 18)
    
5,167
      
3,691
  
 
                
 
    
18,583
      
14,544
  
Schedule of Exposure of Trade Receivables by Geographic Location
 
  
Carrying Value
December 31,
2024
US$’000
    
Carrying Value
December 31,
2023
US$’000
  
United States
    
4,185
      
4,041
  
Euro-zone countries
    
742
      
851
  
United Kingdom
    
741
      
126
  
Other regions
    
7,748
      
5,835
  
 
                
 
    
13,416
      
10,853
  
Schedule of Exposure of Trade Receivables by Customer
 
  
Carrying Value
December 31,
2024
US$’000
    
Carrying Value
December 31,
2023
US$’000
  
End-user customers
    
3,828
      
5,029
  
Distributors
    
8,236
      
5,399
  
Non-governmental organisations
    
1,352
      
425
  
 
                
 
    
13,416
      
10,853
  
Schedule of Ageing of Trade Receivables
 
  
Gross
    
Impairment
    
Expected Credit Loss Rate
    
Gross
    
Impairment
    
Expected Credit Loss Rate
  
 
  
2024
    
2024
    
2024
    
2023
    
2023
    
2023
  
 
  
US$’000
    
US$’000
    
%
    
US$’000
    
US$’000
    
%
  
Not past due
    
9,363
      
-
      
-
      
8,031
      
-
      
-
  
Past due 0-30 days
    
1,455
      
-
      
-
      
1,534
      
-
      
-
  
Past due 31-120 days
    
1,753
      
31
      
1.8
%
    
856
      
22
      
2.6
%
Greater than 120 days
    
3,131
      
2,255
      
72.0
%
    
2,601
      
2,302
      
88.5
%
 
                                                
 
    
15,702
      
2,286
      
-
      
13,022
      
2,324
      
-
  
Schedule of Movement in Allowance for Impairment of Trade Receivables
 
  
2024
    
2023
  
 
  
US$’000
    
US$’000
  
Balance at January 1
    
2,324
      
2,691
  
Charged to costs and expenses
    
225
      
715
  
Amounts written off during the year
    
(263
)
    
(977
)
Eliminated on disposal of business
    
-
      
(105
)
 
                
Balance at December 31
    
2,286
      
2,324