Notes to the Condensed Consolidated Financial Statements |
F-7 - F-21 |
Notes |
At June 30
2022
US$'000 |
At December 31
2021
US$'000 | |||||||||
(Unaudited) |
(Unaudited) | ||||||||||
ASSETS | |||||||||||
Non-current assets | |||||||||||
Property, plant and equipment |
6,261 |
5,918 | |||||||||
Goodwill and intangible assets |
7 |
38,743 |
35,981 | ||||||||
Deferred tax assets |
4,553 |
4,101 | |||||||||
Derivative financial asset |
11 |
140 |
- | ||||||||
Other assets |
207 |
207 | |||||||||
Total non-current assets |
49,904 |
46,207 | |||||||||
Current assets | |||||||||||
Inventories |
9 |
29,109 |
29,123 | ||||||||
Trade and other receivables |
15,913 |
16,116 | |||||||||
Income tax receivable |
1,762 |
1,539 | |||||||||
Cash and cash equivalents |
10,453 |
25,910 | |||||||||
Total current assets |
57,237 |
72,688 | |||||||||
TOTAL ASSETS |
3 |
107,141 |
118,895 | ||||||||
EQUITY AND LIABILITIES | |||||||||||
Equity attributable to the equity holders of the parent | |||||||||||
Share capital |
12 |
1,963 |
1,213 | ||||||||
Share premium |
12 |
53,297 |
16,187 | ||||||||
Treasury shares |
12 |
(24,922 |
) |
(24,922 |
) | ||||||
Accumulated (deficit)/surplus |
(9,103 |
) |
12,559 | ||||||||
Translation reserve |
(5,439 |
) |
(5,379 |
) | |||||||
Other reserves |
23 |
23 | |||||||||
Total equity/(deficit) |
15,819 |
(319 |
) | ||||||||
Current liabilities | |||||||||||
Income tax payable |
21 |
22 | |||||||||
Trade and other payables |
11,782 |
15,127 | |||||||||
Exchangeable notes |
11 |
210 |
83,312 | ||||||||
Provisions |
50 |
50 | |||||||||
Lease liabilities |
1,818 |
1,980 | |||||||||
Total current liabilities |
13,881 |
100,491 | |||||||||
Non-current liabilities | |||||||||||
Senior secured term loan |
11 |
43,990 |
- | ||||||||
Convertible loan note |
11 |
13,372 |
- | ||||||||
Derivative financial liabilities |
11 |
2,002 |
- | ||||||||
Lease liabilities |
12,723 |
13,865 | |||||||||
Deferred tax liabilities |
5,354 |
4,858 | |||||||||
Total non-current liabilities |
77,441 |
18,723 | |||||||||
TOTAL LIABILITIES |
3 |
91,322 |
119,214 | ||||||||
TOTAL EQUITY AND LIABILITIES |
107,141 |
118,895 |
F - 2 |
Notes |
Six-month
period ended
June 30, 2022
Total
US$'000 |
Six-month
period ended
June 30, 2021
Total
US$'000 | |||||||||
Revenues |
3 |
37,240 |
51,437 | ||||||||
Cost of sales |
(23,443 |
) |
(29,497 |
) | |||||||
Gross profit |
13,797 |
21,940 | |||||||||
Other operating income |
4 |
1 |
2,907 | ||||||||
Research and development expenses |
(1,949 |
) |
(2,493 |
) | |||||||
Selling, general and administrative expenses |
(13,190 |
) |
(12,990 |
) | |||||||
Impairment charges |
6 |
(519 |
) |
(6,068 |
) | ||||||
Operating profit/(loss) |
(1,860 |
) |
3,296 | ||||||||
Financial income |
5 |
- |
1,019 | ||||||||
Financial expenses |
5 |
(20,303 |
) |
(2,736 |
) | ||||||
Net financing expense |
(20,303 |
) |
(1,717 |
) | |||||||
Profit/(loss) before tax |
(22,163 |
) |
1,579 | ||||||||
Total income tax credit/(expense) |
3 |
180 |
(760 |
) | |||||||
Profit/(loss) for the period on continuing operations |
3 |
(21,983 |
) |
819 | |||||||
Profit/(loss) for the period on discontinued operations |
(2 |
) |
- | ||||||||
Profit/(loss) for the period (all attributable to owners of the parent) |
3 |
(21,985 |
) |
819 | |||||||
Basic earnings/(loss) per ADS (US Dollars) |
8 |
(0.75 |
) |
0.04 | |||||||
Diluted earnings/(loss) per ADS (US Dollars) |
8 |
(0.75 |
) |
0.04 | |||||||
Basic earnings/(loss) per 'A' ordinary share (US Dollars) |
8 |
(0.19 |
) |
0.01 | |||||||
Diluted earnings/(loss) per 'A' ordinary share (US Dollars) |
8 |
(0.19 |
) |
0.01 |
F - 3 |
Notes |
Six-month
period ended
June 30, 2022
Total
US$'000 |
Six-month
period ended
June 30, 2021
Total
US$'000 | |||||||||
Profit/(loss) for the period |
(21,985 |
) |
819 | ||||||||
Other comprehensive income/(loss) | |||||||||||
Items that will be reclassified subsequently to profit or loss | |||||||||||
Foreign exchange translation differences |
(60 |
) |
203 | ||||||||
Other comprehensive income/(loss) |
(60 |
) |
203 | ||||||||
Total Comprehensive Profit/(loss) (all attributable to owners of the parent) |
(22,045 |
) |
1,022 |
F - 4 |
Share capital 'A' ordinary shares US$'000 |
Share premium US$'000 |
Treasury Shares US$'000 |
Translation reserve US$'000 |
Hedging reserves US$'000 |
Accumulated surplus US$'000 |
Total US$'000 | ||||||||||||||||||||||
Balance at January 1, 2021 |
1,213 |
16,187 |
(24,922 |
) |
(5,293 |
) |
23 |
10,573 |
(2,219 |
) | ||||||||||||||||||
Profit for the period |
- |
- |
- |
- |
- |
819 |
819 | |||||||||||||||||||||
Other comprehensive income |
- |
- |
- |
203 |
- |
- |
203 | |||||||||||||||||||||
Total comprehensive profit |
- |
- |
- |
203 |
- |
819 |
1,022 | |||||||||||||||||||||
Share-based payments |
- |
- |
- |
- |
- |
701 |
701 | |||||||||||||||||||||
Balance at June 30, 2021 |
1,213 |
16,187 |
(24,922 |
) |
(5,090 |
) |
23 |
12,093 |
(496 |
) | ||||||||||||||||||
Balance at January 1, 2022 |
1,213 |
16,187 |
(24,922 |
) |
(5,379 |
) |
23 |
12,559 |
(319 |
) | ||||||||||||||||||
Loss for the period |
- |
- |
- |
- |
- |
(21,985 |
) |
(21,985 |
) | |||||||||||||||||||
Other comprehensive loss |
- |
- |
- |
(60 |
) |
- |
- |
(60 |
) | |||||||||||||||||||
Total comprehensive loss |
- |
- |
- |
(60 |
) |
- |
(21,985 |
) |
(22,045 |
) | ||||||||||||||||||
Shares issued during the period |
750 |
37,110 |
- |
- |
- |
- |
37,860 | |||||||||||||||||||||
Share-based payments |
- |
- |
- |
- |
- |
323 |
323 | |||||||||||||||||||||
Balance at June 30, 2022 |
1,963 |
53,297 |
(24,922 |
) |
(5,439 |
) |
23 |
(9,103 |
) |
15,819 |
F - 5 |
Notes |
Six-month
period ended
June 30, 2022
US$'000 |
Six-month
period ended
June 30, 2021
US$'000 | |||||||||
Cash flows from operating activities | |||||||||||
Profit/(loss) for the period |
(21,985 |
) |
819 | ||||||||
Adjustments to reconcile net profit/(loss) to cash provided by operating activities: | |||||||||||
Depreciation |
479 |
1,136 | |||||||||
Amortisation |
7 |
442 |
458 | ||||||||
Income tax (credit)/expense |
(180 |
) |
760 | ||||||||
Financial income |
5 |
- |
(1,019 |
) | |||||||
Financial expense |
5 |
20,303 |
2,736 | ||||||||
Share-based payments |
319 |
693 | |||||||||
Foreign exchange gains on operating cash flows |
(149 |
) |
(67 |
) | |||||||
Impairment of prepayments |
6 |
482 |
277 | ||||||||
Impairment of property, plant and equipment |
6 |
37 |
1,938 | ||||||||
Impairment of intangible assets |
6 |
- |
3,853 | ||||||||
Other non-cash items |
305 |
(3,144 |
) | ||||||||
Operating cash flows before changes in working capital | 53 | 8,440 | |||||||||
Net movement on working capital |
(3,481 |
) |
(1,326 |
) | |||||||
Cash (used)/generated from operations |
(3,428 |
) |
7,114 | ||||||||
Interest paid |
(3 |
) |
(25 |
) | |||||||
Interest received |
2 |
2 | |||||||||
Income taxes received |
1 |
120 | |||||||||
Net cash (used)/generated by operating activities |
(3,428 |
) |
7,211 | ||||||||
Cash flows from investing activities | |||||||||||
Payments to acquire intangible assets |
(3,211 |
) |
(3,288 |
) | |||||||
Acquisition of property, plant and equipment |
(305 |
) |
(969 |
) | |||||||
Net cash used in investing activities |
(3,516 |
) |
(4,257 |
) | |||||||
Cash flows from financing activities | |||||||||||
Issue of ordinary share capital including share premium (net of issuance costs) |
12 |
25,019 |
- | ||||||||
Net proceeds from new senior secured term loan |
11 |
80,014 |
- | ||||||||
Proceeds for convertible note issued |
11 |
20,000 | |||||||||
Expenses paid in connection with debt financing |
(2,356 |
) |
- | ||||||||
Repayment of senior secured term loan |
11 |
(34,500 |
) |
- | |||||||
Penalty for early settlement of term loan |
11 |
(3,450 |
) |
- | |||||||
Purchase of exchangeable notes |
11 |
(86,730 |
) |
- | |||||||
Interest paid on senior secured term loan |
5 |
(3,706 |
) |
- | |||||||
Interest paid on convertible note |
5 |
(49 |
) |
- | |||||||
Proceeds from Paycheck Protection loans |
- |
1,764 | |||||||||
Interest payment on exchangeable notes |
5 |
(1,289 |
) |
(1,998 |
) | ||||||
Payment of lease liabilities |
(1,500 |
) |
(1,472 |
) | |||||||
Net cash used in financing activities |
(8,547 |
) |
(1,706 |
) | |||||||
(Decrease)/increase in cash and cash equivalents and short-term investments |
(15,491 |
) |
1,248 | ||||||||
Effects of exchange rate movements on cash held |
34 |
43 | |||||||||
Cash and cash equivalents and short-term investments at beginning of period |
25,910 |
27,327 | |||||||||
Cash and cash equivalents and short-term investments at end of period |
10,453 |
28,618 |
F - 6 |
1. | GENERAL INFORMATION |
2. | BASIS OF PREPARATION AND ACCOUNTING POLICIES |
3. | SEGMENT INFORMATION |
i) | The distribution of revenue by major product group was as follows: |
Six-month period ended | ||||||||
Revenue |
June 30, 2022
US$'000 |
June 30, 2021
US$'000 | ||||||
Clinical laboratory goods |
29,534 |
43,509 | ||||||
Clinical laboratory services |
3,702 |
4,082 | ||||||
Point-of-Care products |
4,004 |
3,846 | ||||||
37,240 |
51,437 |
ii) | The distribution of segment results by geographical area was as follows: |
Rest of World | ||||||||||||||||
Americas |
Ireland |
Other |
Total | |||||||||||||
Six-month period ended June 30, 2022 |
US$'000 |
US$'000 |
US$'000 |
US$'000 | ||||||||||||
Result before impairment and unallocated expenses |
(388 |
) |
(259 |
) |
(5 |
) |
(652 |
) | ||||||||
Impairment |
(519 |
) |
- |
- |
(519 |
) | ||||||||||
Result after impairment |
(907 |
) |
(259 |
) |
(5 |
) |
(1,171 |
) | ||||||||
Unallocated expenses * |
(689 |
) | ||||||||||||||
Operating loss |
(1,860 |
) | ||||||||||||||
Net financing expense |
(20,303 |
) | ||||||||||||||
Loss before tax |
(22,163 |
) | ||||||||||||||
Income tax credit |
180 | |||||||||||||||
Loss for the period on continuing operations |
(21,983 |
) | ||||||||||||||
Loss for the period on discontinued operations |
(2 |
) | ||||||||||||||
Loss for the six-month period |
(21,985 |
) |
3. | SEGMENT INFORMATION (CONTINUED) |
Rest of World | ||||||||||||||||
Americas |
Ireland |
Other |
Total | |||||||||||||
Six-month period ended June 30, 2021 |
US$'000 |
US$'000 |
US$'000 |
US$'000 | ||||||||||||
Result before impairment and unallocated expenses |
7,658 |
2,340 |
(50 |
) |
9,948 | |||||||||||
Impairment |
(5,212 |
) |
(856 |
) |
- |
(6,068 |
) | |||||||||
Result after impairment |
2,446 |
1,484 |
(50 |
) |
3,880 | |||||||||||
Unallocated expenses * |
(584 |
) | ||||||||||||||
Operating profit |
3,296 | |||||||||||||||
Net financing expense |
(1,717 |
) | ||||||||||||||
Profit before tax |
1,579 | |||||||||||||||
Income tax charge |
(760 |
) | ||||||||||||||
Profit for the period on continuing operations |
819 | |||||||||||||||
Profit for the period on discontinued operations |
- | |||||||||||||||
Profit for the six-month period |
819 |
* | Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area. |
iii) | The distribution of segment assets and liabilities by geographical area was as follows: |
Rest of World | ||||||||||||||||
Americas |
Ireland |
Other |
Total | |||||||||||||
As at June 30, 2022 |
US$'000 |
US$'000 |
US$'000 |
US$'000 | ||||||||||||
Assets and liabilities | ||||||||||||||||
Segment assets |
47,835 |
42,513 |
25 |
90,373 | ||||||||||||
Unallocated assets: | ||||||||||||||||
Income tax assets (current and deferred) |
6,315 | |||||||||||||||
Cash and cash equivalents and short-term investments |
10,453 | |||||||||||||||
Total assets as reported in the Statement of Financial Position |
107,141 | |||||||||||||||
Segment liabilities |
58,462 |
27,155 |
330 |
85,947 | ||||||||||||
Unallocated liabilities: | ||||||||||||||||
Income tax liabilities (current and deferred) |
5,375 | |||||||||||||||
Total liabilities as reported in the Statement of Financial Position |
91,322 |
3. | SEGMENT INFORMATION (CONTINUED) |
Rest of World | ||||||||||||||||
Americas |
Ireland |
Other |
Total | |||||||||||||
As at December 31, 2021 |
US$'000 |
US$'000 |
US$'000 |
US$'000 | ||||||||||||
Assets and liabilities | ||||||||||||||||
Segment assets |
45,891 |
41,453 |
1 |
87,345 | ||||||||||||
Unallocated assets: | ||||||||||||||||
Income tax assets (current and deferred) |
5,640 | |||||||||||||||
Cash and cash equivalents and short-term investments |
25,910 | |||||||||||||||
Total assets as reported in the Statement of Financial Position |
118,895 | |||||||||||||||
Segment liabilities |
12,382 |
101,927 |
25 |
114,334 | ||||||||||||
Unallocated liabilities: | ||||||||||||||||
Income tax liabilities (current and deferred) |
4,880 | |||||||||||||||
Total liabilities as reported in the Statement of Financial Position |
119,214 |
June 30, 2022
US$'000 |
June 30, 2021
US$'000 | |||||||
Government supports - COVID-19 |
- |
2,906 | ||||||
Rental income from premises |
1 |
1 | ||||||
1 |
2,907 |
5. | FINANCIAL INCOME AND EXPENSES |
Six month period ended | ||||||||
June 30, 2022
US$'000 |
June 30, 2021
US$'000 | |||||||
Financial income: | ||||||||
Fair value adjustments of derivative financial instruments |
- |
1,017 | ||||||
Interest income |
- |
2 | ||||||
- |
1,019 | |||||||
Financial expense: | ||||||||
Interest on leases |
(330 |
) |
(415 |
) | ||||
Penalty for early repayment of senior secured term loan (Note 11) |
(3,450 |
) |
- | |||||
Loss on disposal of exchangeable notes (Note 11) |
(9,678 |
) |
- | |||||
Cash interest on convertible & exchangeable notes |
(341 |
) |
(1,998 |
) | ||||
Cash interest on senior secured term loan (Note 11) |
(3,647 |
) |
- | |||||
Accretion interest on convertible & exchangeable notes (Note 11) |
(204 |
) |
(323 |
) | ||||
Accretion on senior secured term loan (Note 11) |
(2,461 |
) |
- | |||||
Fair value adjustments of derivative financial instruments (Note 11) |
(192 |
) |
- | |||||
(20,303 |
) |
(2,736 |
) | |||||
Net Financing Expense |
(20,303 |
) |
(1,717 |
) |
6. | IMPAIRMENT CHARGES |
Six month period ended | ||||||||
June 30, 2022 |
June 30, 2021 | |||||||
US$'000 |
US$'000 | |||||||
Selling, general & administration expenses | ||||||||
Impairment of PP&E |
37 |
1,938 | ||||||
Impairment of goodwill and other intangible assets |
- |
3,853 | ||||||
Impairment of prepayments |
482 |
277 | ||||||
Total impairment loss |
519 |
6,068 |
7. | GOODWILL AND INTANGIBLE ASSETS |
June 30,
2022 |
December 31,
2021 | |||||||
US$000 | US$000 | |||||||
Cost | ||||||||
Goodwill |
79,182
|
79,182
| ||||||
Development costs |
124,310
|
121,173
| ||||||
Patents and licenses |
8,718
|
8,707
| ||||||
Other |
33,254
|
33,198
| ||||||
Total cost |
245,464
|
242,260
| ||||||
Less accumulated amortization and impairment |
(206,721
| ) |
(206,279
| ) | ||||
Carrying amount |
38,743
|
35,981
|
8. | EARNINGS/(LOSS) PER SHARE |
June 30,
2022 |
June 30,
2021 | |||||||
Basic earnings per share denominator |
117,158,466 |
83,606,810 | ||||||
Potentially Dilutive Instruments: | ||||||||
Issuable on conversion of Exchangeable notes |
2,858,707 |
18,263,254 | ||||||
Issuable on conversion of Convertible note |
7,912,148 |
- | ||||||
Issuable on exercise of options |
1,290,542 |
6,162,708 | ||||||
Issuable on exercise of warrants |
8,508,287 |
- | ||||||
Diluted earnings per share denominator |
137,728,150 |
108,032,772 |
June 30, 2022
US$'000
|
June 30, 2021
US$'000
| |||||||
Profit/(loss) after tax for the period
|
(21,985
|
)
|
819
| |||||
Fair value adjustments of derivative financial instruments related to Exchangeable Notes
|
-
|
(1,017
|
)
| |||||
Fair value adjustments of derivative financial instruments related to warrants
|
130
|
-
| ||||||
Cash interest expense for Exchangeable notes
|
292
|
1,998
| ||||||
Accretion interest on Exchangeable notes
|
84
|
323
| ||||||
Accretion interest on Convertible note
|
120
|
-
| ||||||
Cash interest expense for Convertible note
|
49
|
-
| ||||||
Adjusted profit/(loss) after tax
|
(21,310
|
)
|
2,123
|
9. | INVENTORIES |
June 30,
2022 |
December 31,
2021 | |||||||
US$'000 | US$'000 | |||||||
Raw materials and consumables |
13,954 |
13,650 | ||||||
Work-in-progress |
4,455 |
5,546 | ||||||
Finished goods |
10,700 |
9,927 | ||||||
29,109 |
29,123 |
10. | SHARE OPTIONS AND SHARE WARRANTS |
Options and warrants | Weighted- average exercise price US$ | Range
US$ | ||||||||||
'A' Ordinary Shares | Per 'A'
Ordinary
Share | Per 'A' | ||||||||||
Outstanding January 1, 2021 |
19,485,990 |
0.79 |
0.19 -4.36 | |||||||||
Granted |
- |
- |
- | |||||||||
Exercised |
- |
- |
- | |||||||||
Forfeited |
- |
- |
- | |||||||||
Outstanding at June 30, 2021 |
19,485,990 |
0.79 |
0.19 -4.36 | |||||||||
Exercisable at June 30, 2021 |
12,666,00 |
0.96 |
0.19 -4.36 | |||||||||
Outstanding January 1, 2022 |
18,727,990 |
0.78 |
0.19 -4.36 | |||||||||
Granted |
1,400,000 |
0.27 |
0.27-0.27 | |||||||||
Exercised |
(2,733,328 |
) |
0.19 |
0.19-0.19 | ||||||||
Forfeited |
(79,990 |
) |
3.80 |
2.71-4.36 | ||||||||
Outstanding at June 30, 2022 |
17,314,672 |
0.82 |
0.19 -4.36 | |||||||||
Exercisable at June 30, 2022 |
13,071,388 |
0.70 |
0.19 -4.36 |
10. | SHARE OPTIONS AND SHARE WARRANTS (continued) |
11. | BORROWINGS |
Six-month
period ended
June 30, 2022 |
Year ended
December 31,
2021 | |||||||
US$000 | US$000 | |||||||
Balance at January 1 |
(83,312 |
) |
(82,664 |
) | ||||
Accretion interest |
(83 |
) |
(648 |
) | ||||
Repaid to Note holders |
86,730 |
0 | ||||||
Shares issued to Note holders as consideration |
6,133 |
0 | ||||||
Loss on disposal |
(9,678 |
) |
0 | |||||
Liability |
(210 |
) |
(83,312 |
) |
11. | BORROWINGS (continued) |
(i) | Senior secured term loan |
(ii) | 7-year convertible note |
11. | BORROWINGS (continued) |
Senior secured term loan |
7-year Convertible Note | |||||||
US$000 |
US$000 | |||||||
Balance at January 1, 2022 |
0 |
0 | ||||||
Principal amount loaned |
(81,250 |
) |
(20,000 |
) | ||||
Loan origination costs |
3,551 |
39 | ||||||
Derivative financial liability at date of issue |
1,872 |
0 | ||||||
Derivative financial asset at date of issue |
(202 |
) |
0 | |||||
Equity component at date of issue |
0 |
6,709 | ||||||
Accretion interest |
(2,461 |
) |
(120 |
) | ||||
Cash repayment of principal |
34,500 |
0 | ||||||
Non-current liability at June 30, 2022 |
(43,990 |
) |
(13,372 |
) |
US$000 | ||||
Balance at January 1, 2022 |
0 | |||
Derivative financial liability at date of issue of Term Loan |
(1,872 |
) | ||
Fair value adjustments in the period |
(130 |
) | ||
Non-current liability at June 30, 2022 |
(2,002 |
) |
US$000 | ||||
Balance at January 1, 2022 |
0 | |||
Derivative financial asset at date of issue of Term Loan |
202 | |||
Fair value adjustments in the period |
(62 |
) | ||
Non-current asset at June 30, 2022 |
140 |
12. | SHARE CAPITAL |
Six-months
ended June 30,
2022 |
Year ended
December 31,
2021 | |||||||
Class 'A' Ordinary shares | Class 'A' Ordinary shares | |||||||
In thousands of shares | ||||||||
In issue at January 1 |
96,162 |
96,162 | ||||||
Issued for cash (a) |
47,492 |
- | ||||||
Issued as consideration for Exchangeable Notes purchase (b) |
21,332 |
- | ||||||
At period end |
164,986 |
96,162 |
Six-months
ended June 30,
2022 |
Year ended
December 31,
2021 | |||||||
ADS |
ADS | |||||||
In thousands of ADSs | ||||||||
Balance at January 1 |
24,041 |
24,041 | ||||||
Issued for cash |
11,873 |
- | ||||||
Issued as consideration for Exchangeable Notes purchase |
5,333 |
- | ||||||
At period end |
41,247 |
24,041 |
Six-months
ended June 30,
2022 |
Year ended
December 31,
2021 | |||||||
Class 'A' | Class 'A' | |||||||
In thousands of shares | ||||||||
Balance at January 1 |
12,556 |
12,556 | ||||||
Purchased during period |
- |
- | ||||||
At period end |
12,556 |
12,556 |
Six-months
ended June 30,
2022 |
Year ended
December 31,
2021 | |||||||
ADS Treasury shares | ADS Treasury shares | |||||||
In thousands of ADSs | ||||||||
Balance at January 1 |
3,139 |
3,139 | ||||||
Purchased during period |
- |
- | ||||||
At period end |
3,139 |
3,139 |
(a) | During the six-months ended June 30, 2022, the Company issued 47,492,000 'A' Ordinary shares for a consideration of US$25,707,000 settled in cash. The Company incurred US$475,000 in connection with the issues of shares. The total shares issued for cash comprises 44,759,000 'A' Ordinary shares issued to the MiCo Group and 2,733,328 'A' Ordinary from the exercise of employee share options. For more information on the investment by the MiCo Group, refer to Note 11. |
(b) | During the six-months ended June 30, 2022, the Company issued 21,332,000 'A' Ordinary shares, with a market value of US$6,130,000, as consideration for the purchase of Exchangeable Notes. The Company incurred US$213,000 in connection with this issue of shares. For more information on the purchase of Exchangeable Notes, refer to Note 11. |
13. | CAPITAL MANAGEMENT |
Level 1: | quoted prices (unadjusted) in active markets for identical assets or liabilities |
Level 2: | valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly |
Level 3: | valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data. |
Level 1 |
Level 2 |
Total
carrying
amount |
Fair
Value | |||||||||||||
US$'000 |
US$'000 |
US$'000 |
US$'000 | |||||||||||||
June 30, 2022 | ||||||||||||||||
Loans and receivables at amortised cost | ||||||||||||||||
Trade receivables |
12,793 |
- |
12,793 |
12,793 | ||||||||||||
Cash and cash equivalents |
10,453 |
- |
10,453 |
10,453 | ||||||||||||
Finance lease receivable |
200 |
- |
200 |
200 | ||||||||||||
23,446 |
- |
23,446 |
23,446 | |||||||||||||
Liabilities at amortised cost | ||||||||||||||||
Exchangeable note |
- |
(210 |
) |
(210 |
) |
(210 |
) | |||||||||
Senior secured term loan |
- |
(43,990 |
) |
(43,990 |
) |
(43,990 |
) | |||||||||
Convertible loan note |
- |
(13,372 |
) |
(13,372 |
) |
(13,372 |
) | |||||||||
Lease liabilities |
(14,541 |
) |
- |
(14,541 |
) |
(14,541 |
) | |||||||||
Trade and other payables (excluding deferred income) |
(11,704 |
) |
- |
(11,704 |
) |
(11,704 |
) | |||||||||
Provisions |
(50 |
) |
- |
(50 |
) |
(50 |
) | |||||||||
(26,295 |
) |
(57,572 |
) |
(83,867 |
) |
(83,867 |
) | |||||||||
Fair value through profit and loss (FVPL) | ||||||||||||||||
Derivative financial asset - early repayment option |
- |
140 |
140 |
140 | ||||||||||||
Derivative financial liability - warrant |
- |
(2,002 |
) |
(2,002 |
) |
(2,002 |
) | |||||||||
- |
(1,862 |
) |
(1,862 |
) |
(1,862 |
) | ||||||||||
(2,849 |
) |
(59,434 |
) |
(62,283 |
) |
(62,283 |
) |
13. | CAPITAL MANAGEMENT (CONTINUED) |
Level 1 |
Level 2 |
Total
carrying
amount |
Fair
Value | |||||||||||||
US$'000 |
US$'000 |
US$'000 |
US$'000 | |||||||||||||
December 31, 2021 | ||||||||||||||||
Loans and receivables at amortised cost | ||||||||||||||||
Trade receivables |
13,290 |
- |
13,290 |
13,290 | ||||||||||||
Cash and cash equivalents |
25,910 |
- |
25,910 |
25,910 | ||||||||||||
Finance lease receivable |
293 |
- |
293 |
293 | ||||||||||||
39,493 |
- |
39,493 |
39,493 | |||||||||||||
Liabilities at amortised cost | ||||||||||||||||
Exchangeable note |
- |
(83,312 |
) |
(83,312 |
) |
(83,312 |
) | |||||||||
Lease liabilities |
(15,845 |
) |
- |
(15,845 |
) |
(15,845 |
) | |||||||||
Trade and other payables (excluding deferred income) |
(14,986 |
) |
- |
(14,986 |
) |
(14,986 |
) | |||||||||
Provisions |
(50 |
) |
- |
(50 |
) |
(50 |
) | |||||||||
(30,881 |
) |
(83,312 |
) |
(114,193 |
) |
(114,193 |
) | |||||||||
8,612 |
(83,312 |
) |
(74,700 |
) |
(74,700 |
) |
14. |
CONTINGENCIES |
(a) |
Government Grant Contingencies |
14. |
CONTINGENCIES (continued)
|
(b) | Other Contingencies |
15. | POST BALANCE SHEET EVENTS |
• | to alter the Memorandum of Association of the Company. |
• | to adopt new Articles of Association of the Company to take account of certain changes to Irish company law resulting from the Companies Act 2014 (the "Act") and certain related developments. |
• | to renew the authority for the Company and/or any of its subsidiaries to purchase the Company's own shares and American Depositary Receipts evidencing such shares ("ADRs") on NASDAQ within certain prescribed limits. |
15. |
POST BALANCE SHEET EVENTS (continued) |
16. |
AUTHORISATION FOR ISSUE |
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Trinity Biotech plc published this content on 15 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2022 21:12:10 UTC.