Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document And Entity Information | |
Entity Registrant Name | TRINITY BIOTECH PLC |
Entity Central Index Key | 888,721 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 96,162,410 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,017 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of classes of share capital [line items] | |||
Revenues | $ 99,140 | $ 99,611 | $ 100,195 |
Cost of sales | (57,250) | (56,127) | (53,683) |
Gross profit | 41,890 | 43,484 | 46,512 |
Other operating income | 100 | 239 | 288 |
Research and development expenses | (5,657) | (5,040) | (5,069) |
Selling, general and administrative expenses | (32,246) | (30,366) | (28,225) |
Impairment charges and inventory provisioning | (41,755) | (48,165) | |
Operating (loss)/profit | (37,668) | (39,848) | 13,506 |
Financial income | 3,198 | 3,147 | 13,491 |
Financial expenses | (5,405) | (5,439) | (4,054) |
Net financing (expense)/income | (2,207) | (2,292) | 9,437 |
(Loss)/Profit before tax | (39,875) | (42,140) | 22,943 |
Total income tax credit/(expense) | 1,214 | 3,557 | (756) |
(Loss)/Profit for the year | (38,661) | (38,583) | 22,187 |
(Loss)/Profit for the year (all attributable to equity holders) | (40,270) | (100,625) | 21,796 |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Loss for the year on discontinued operations | $ (1,609) | $ (62,042) | $ (391) |
Basic (loss)/earnings per ADS (US Dollars) - continuing operations | $ (0.45) | $ (0.42) | $ 0.24 |
Diluted (loss)/earnings per ADS (US Dollars) - continuing operations | (0.45) | (0.42) | 0.12 |
Basic (loss)/earnings per ADS (US Dollars) - group | (0.47) | (1.10) | 0.24 |
Diluted (loss)/earnings per ADS (US Dollars) - group | (0.47) | (1.10) | 0.12 |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic (loss)/earnings per ADS (US Dollars) - continuing operations | (1.79) | (1.68) | 0.96 |
Diluted (loss)/earnings per ADS (US Dollars) - continuing operations | (1.79) | (1.68) | 0.48 |
Basic (loss)/earnings per ADS (US Dollars) - group | (1.86) | (4.38) | 0.94 |
Diluted (loss)/earnings per ADS (US Dollars) - group | $ (1.86) | $ (4.38) | $ 0.46 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statement Of Comprehensive Income | |||
(Loss)/Profit for the year | $ (40,270) | $ (100,625) | $ 21,796 |
Other comprehensive income | |||
Items that will be reclassified subsequently to profit or loss | |||
Foreign exchange translation differences | 3,086 | 3,122 | (4,872) |
Other comprehensive income | 3,086 | 3,122 | (4,872) |
Total Comprehensive (Loss)/Income (all attributable to owners of the parent) | $ (37,184) | $ (97,503) | $ 16,924 |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current assets | ||
Property, plant and equipment | $ 5,800 | $ 13,403 |
Goodwill and intangible assets | 64,754 | 87,275 |
Deferred tax assets | 8,698 | 14,556 |
Derivative financial instruments | 360 | |
Other assets | 771 | 870 |
Total non-current assets | 80,383 | 116,104 |
Current assets | ||
Inventories | 32,805 | 32,589 |
Trade and other receivables | 20,740 | 22,585 |
Income tax receivable | 1,439 | 1,205 |
Cash and cash equivalents | 23,564 | 77,109 |
Short-term investments | 34,043 | |
Total current assets | 112,591 | 133,488 |
TOTAL ASSETS | 192,974 | 249,592 |
Equity attributable to the equity holders of the parent | ||
Share capital | 1,213 | 1,213 |
Share premium | 16,187 | 16,187 |
Treasury shares | (24,783) | (17,327) |
Accumulated surplus | 75,802 | 110,434 |
Translation reserve | (3,246) | (6,332) |
Other reserves | 23 | 4,552 |
Total equity | 65,196 | 108,727 |
Current liabilities | ||
Income tax payable | 310 | 175 |
Trade and other payables | 20,515 | 24,757 |
Provisions | 50 | 75 |
Finance lease liabilities | 354 | 273 |
Total current liabilities | 21,229 | 25,280 |
Non-current liabilities | ||
Borrowings | 92,955 | 92,232 |
Derivative financial instruments | 2,230 | 4,260 |
Finance lease liabilities | 532 | 732 |
Deferred tax liabilities | 10,832 | 18,361 |
Total non-current liabilities | 106,549 | 115,585 |
TOTAL LIABILITIES | 127,778 | 140,865 |
TOTAL EQUITY AND LIABILITIES | $ 192,974 | $ 249,592 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Share Capital 'A' Ordinary shares [Member] | Share premium [Member] | Treasury Shares [Member] | Translation reserve [Member] | Other reserves Warrant reserve [Member] | Other reserves Hedging reserves [Member] | Accumulated surplus [Member] | Total |
Balance at Dec. 31, 2014 | $ 1,192 | $ 12,422 | $ (7,367) | $ (4,582) | $ 4,529 | $ 23 | $ 190,755 | $ 196,972 |
Profit loss for the period | 21,796 | 21,796 | ||||||
Other comprehensive income | (4,872) | (4,872) | ||||||
Total comprehensive income | (4,872) | 21,796 | 16,924 | |||||
Share-based payments (Note 21) | 1,974 | 1,974 | ||||||
Options or warrants exercised | 17 | 3,110 | 3,127 | |||||
Share issue expenses | (6) | (6) | ||||||
Dividends | (5,099) | (5,099) | ||||||
Balance at Dec. 31, 2015 | 1,209 | 15,526 | (7,367) | (9,454) | 4,529 | 23 | 209,426 | 213,892 |
Profit loss for the period | (100,625) | (100,625) | ||||||
Other comprehensive income | 3,122 | 3,122 | ||||||
Total comprehensive income | 3,122 | (100,625) | (97,503) | |||||
Share-based payments (Note 21) | 1,633 | 1,663 | ||||||
Options or warrants exercised | 4 | 669 | 673 | |||||
Shares purchased | (9,960) | (9,960) | ||||||
Share issue expenses | (8) | (8) | ||||||
Dividends | ||||||||
Balance at Dec. 31, 2016 | 1,213 | 16,187 | (17,327) | (6,332) | 4,529 | 23 | 110,434 | 108,727 |
Profit loss for the period | (40,270) | (40,270) | ||||||
Other comprehensive income | 3,086 | 3,086 | ||||||
Total comprehensive income | 3,086 | (40,270) | (37,184) | |||||
Transfer of warrant reserve (Note 21) | (4,529) | 4,529 | ||||||
Share-based payments (Note 21) | 1,109 | 1,109 | ||||||
Shares purchased | (7,456) | (7,456) | ||||||
Balance at Dec. 31, 2017 | $ 1,213 | $ 16,187 | $ (24,783) | $ (3,246) | $ 23 | $ 75,802 | $ 65,196 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
(Loss)/Profit for the year | $ (40,270) | $ (100,625) | $ 21,796 |
Adjustments to reconcile net profit to cash provided by operating activities: | |||
Depreciation | 1,896 | 3,159 | 2,989 |
Amortisation | 3,303 | 2,973 | 2,653 |
Income tax (credit)/expense | (374) | (8,630) | 1,080 |
Financial income | (3,198) | (3,147) | (13,491) |
Financial expense | 5,405 | 5,444 | 4,063 |
Share-based payments | 928 | 1,414 | 1,550 |
Foreign exchange (gains)/losses on operating cash flows | 307 | (226) | (2,115) |
Loss on disposal or retirement of property, plant and equipment | 3 | 15 | 15 |
Movement in inventory provision | 2,275 | (533) | 852 |
Impairment of inventory | 7,405 | ||
Impairment of prepayments | 1,651 | 757 | |
Impairment of property, plant and equipment | 10,437 | 9,029 | |
Impairment of intangible assets | 29,667 | 87,673 | |
Provision for closure costs | (1,794) | 3,431 | |
Other non-cash items | (728) | 4,087 | 563 |
Operating cash flows before changes in working capital | 9,508 | 12,226 | 19,955 |
Decrease / (increase) in trade and other receivables | 306 | 682 | (772) |
Increase in inventories | (2,461) | (3,622) | (2,336) |
Increase / (decrease) in trade and other payables | 2,017 | 1,270 | (3,329) |
Cash generated from operations | 9,370 | 10,556 | 13,518 |
Interest paid | (53) | (60) | (34) |
Interest received | 776 | 901 | 135 |
Income taxes paid | (843) | (1,169) | (463) |
Net cash generated by operating activities | 9,250 | 10,228 | 13,156 |
Cash flows from investing activities | |||
Payments to acquire intangible assets | (10,229) | (16,548) | (19,492) |
Acquisition of property, plant and equipment | (4,839) | (4,215) | (7,094) |
Licence fees | (1,112) | (1,112) | (1,112) |
Net cash used in investing activities | (16,180) | (21,875) | (27,698) |
Cash flows from financing activities | |||
Proceeds from issue of ordinary share capital | 857 | 2,943 | |
Share buyback | (7,799) | (9,322) | |
Expenses paid in connection with share issue and debt financing | (8) | (6) | |
Dividends paid to equity holders of the parent | (5,099) | ||
Proceeds from issuance of exchangeable notes | 115,000 | ||
Fees relating to issuance of exchangeable notes | (4,471) | ||
Interest payment on exchangeable notes | (4,600) | (4,600) | (2,198) |
Proceeds from new finance leases | 51 | 1,489 | |
Payment of finance lease liabilities | (295) | (282) | (138) |
Net cash generated by / (used in) financing activities | (12,643) | (13,355) | 107,520 |
Increase / (Decrease) in cash and cash equivalents and short term investments | (19,573) | (25,002) | 92,978 |
Effects of exchange rate movements on cash held | 71 | 158 | (127) |
Cash and cash equivalents and short-term investments at beginning of year | 77,109 | 101,953 | 9,102 |
Cash and cash equivalents and short term investments at end of year | $ 23,564 | $ 77,109 | $ 101,953 |
BASIS OF PREPARATION AND SIGNIF
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of basis of preparation and significant accounting policies [Abstract] | |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | 1. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted by Trinity Biotech plc (“the Company”) and its subsidiaries (“the Group”) are set out below. i) General information Trinity Biotech develops, acquires, manufactures and markets medical diagnostic products for the clinical laboratory and point-of-care segments of the diagnostic market. These products are used to detect autoimmune, infectious and sexually transmitted diseases, diabetes and disorders of the liver and intestine. Trinity Biotech also is a significant provider of raw materials to the life sciences and research industries globally. ii) Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) both as issued by the International Accounting Standards Board (“IASB”) and as subsequently adopted by the European Union (“EU”) (together “IFRS”). The IFRS applied are those effective for accounting periods beginning January 1, 2016. Consolidated financial statements are required by Irish law to comply with IFRS as adopted by the EU which differ in certain respects from IFRS as issued by the IASB. These differences predominantly relate to the timing of adoption of new standards by the EU. However, as none of the differences are relevant in the context of Trinity Biotech, the consolidated financial statements for the periods presented comply with IFRS both as issued by the IASB and as adopted by the EU. iii) Basis of preparation The consolidated financial statements have been prepared in United States Dollars (US$), rounded to the nearest thousand, under the historical cost basis of accounting, except for derivative financial instruments, certain balances arising on acquisition of subsidiary entities and share-based payments which are initially recorded at fair value. Derivative financial instruments are also subsequently carried at fair value. The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and amounts reported in the financial statements and accompanying notes. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Judgements made by management that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in Note 31. Having considered the Group’s current financial position and cashflow projections, the directors believe that the Group will be able to continue in operational existence for at least the next 12 months from the date of approval of these consolidated financial statements and that it is appropriate to continue to prepare the consolidated financial statements on a going concern basis. The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. The accounting policies have been applied consistently by all Group entities. iv) Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Company. Control exists when the Company has the power, directly or indirectly, to govern the financial and reporting policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Transactions eliminated on consolidation Intra-group balances and any unrealised gains or losses or income and expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements. v) Property, plant and equipment Owned assets Items of property, plant and equipment are stated at cost less any accumulated depreciation and any impairment losses (see Note 1(viii)). The cost of self-constructed assets includes the cost of materials, direct labour and attributable overheads. It is not Group policy to revalue any items of property, plant and equipment. Depreciation is charged to the statement of operations on a straight-line basis to write-off the cost of the assets over their expected useful lives as follows: • Leasehold improvements 5-15 years • Buildings 50 years • Office equipment and fittings 10 years • Computer equipment 3-5 years • Plant and equipment 5-15 years Land is not depreciated. The residual values, if not insignificant, useful lives and depreciation methods of property, plant and equipment are reviewed and adjusted if appropriate on a prospective basis, at each balance sheet date. There were no changes to useful lives in the year. Leased assets – as lessee Leases under terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Property, plant and equipment acquired by way of finance lease is stated at an amount equal to the lower of its fair value and present value of the minimum lease payments at inception of the lease, less accumulated depreciation and any impairment losses. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised in financial expenses in the statement of operations. Depreciation is calculated in order to write-off the amounts capitalised over the estimated useful lives of the assets, or the lease term if shorter, by equal annual instalments. The excess of the total rentals under a lease over the amount capitalised is treated as interest, which is charged to the statement of operations in proportion to the amount outstanding under the lease. Leased assets are reviewed for impairment (see Note 1(viii)). Leases other than finance leases are classified as “operating leases”, and the rentals thereunder are charged to the statement of operations on a straight-line basis over the period of the leases. Lease incentives are recognised in the statement of operations on a straight-line basis over the lease term. Leased assets – as lessor Leases where the Group substantially transfers the risks and benefits of ownership of the asset to the customer are classified as finance leases within finance lease receivables. The Group recognises the amount receivable from assets leased under finance leases at an amount equal to the net investment in the lease. Finance lease income is recognised as revenue in the statement of operations reflecting a constant periodic rate of return on the Group’s net investment in the lease. Assets provided to customers under leases other than finance leases are classified as operating leases and carried in property, plant and equipment at cost and are depreciated on a straight-line basis over the useful life of the asset or the lease term, if shorter. Subsequent costs The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the Group and the cost of the replaced item can be measured reliably. All other costs are recognised in the statement of operations as an expense as incurred. vi) Goodwill In respect of business combinations that have occurred since January 1, 2004 (being the transition date to IFRS), goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. In respect of acquisitions prior to this date, goodwill is included on the basis of its deemed cost, which represents the amount recorded under the old basis of accounting, Irish GAAP, (“Previous GAAP”). Save for retrospective restatement of deferred tax as an adjustment to retained earnings in accordance with IAS 12, Income Taxes, To the extent that the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds the cost of a business combination, the identification and measurement of the related assets, liabilities and contingent liabilities are revisited accompanied by a reassessment of the cost of the transaction, and any remaining balance is immediately recognised in the statement of operations. At the acquisition date, any goodwill is allocated to each of the cash generating units expected to benefit from the combination’s synergies. Following initial recognition, goodwill is stated at cost less any accumulated impairment losses (see Note 1(viii)). vii) Intangibles, including research and development (other than goodwill) An intangible asset, which is an identifiable non-monetary asset without physical substance, is recognised to the extent that it is probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be measured reliably. The asset is deemed to be identifiable when it is separable (that is, capable of being divided from the entity and sold, transferred, licensed, rented or exchanged, either individually or together with a related contract, asset or liability) or when it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the Group or from other rights and obligations. Intangible assets acquired as part of a business combination are capitalised separately from goodwill if the intangible asset meets the definition of an asset and the fair value can be reliably measured on initial recognition. Subsequent to initial recognition, these intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses (Note 1(viii)). Intangible assets with definite useful lives are reviewed for indicators of impairment annually while intangible assets with indefinite useful lives and those not yet brought into use are tested for impairment annually, either individually or at the cash generating unit level. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalised if the product or process is technically and commercially feasible and the Group has sufficient resources to complete the development. The expenditure capitalised includes the cost of materials, direct labour and attributable overheads and third party costs. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. The technical feasibility of a new product is determined by a specific feasibility study undertaken at the first stage of any development project. The majority of our new product developments involve the transfer of existing product know-how to a new application. Since the technology is already proven in an existing product which is being used by customers, this facilitates the proving of the technical feasibility of that same technology in a new product. The results of the feasibility study are reviewed by a design review committee comprising senior managers. The feasibility study occurs in the initial research phase of a project and costs in this phase are not capitalised. The commercial feasibility of a new product is determined by preparing a discounted cash flow projection. This projection compares the discounted sales revenues for future periods with the relevant costs. As part of preparing the cash flow projection, the size of the relevant market is determined, feedback is sought from customers and the strength of the proposed new product is assessed against competitors’ offerings. Once the technical and commercial feasibility has been established and the project has been approved for commencement, the project moves into the development phase. All other development expenditure is expensed as incurred. Subsequent to initial recognition, the capitalised development expenditure is carried at cost less any accumulated amortisation and any accumulated impairment losses (Note 1(viii)). Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognised in the statement of operations as an expense as incurred. Expenditure on internally generated goodwill and brands is recognised in the statement of operations as an expense as incurred. Amortisation Amortisation is charged to the statement of operations on a straight-line basis over the estimated useful lives of intangible assets, unless such lives are indefinite. Intangible assets are amortised from the date they are available for use in its intended market. The estimated useful lives are as follows: • Capitalised development costs 15 years • Patents and licences 6-15 years • Other (including acquired customer and supplier lists) 6-15 years The Group uses a useful economic life of 15 years for capitalised development costs. This is a conservative estimate of the likely life of the products. The Group is confident that products have a minimum of 15 years life given the inertia that characterizes the medical diagnostics industry and the barriers to enter into the industry. The following factors have been considered in estimating the useful life of developed products: (a) once a diagnostic test becomes established, customers are reluctant to change to new technology until it is fully proven, thus resulting in relatively long product life cycles. There is also reluctance in customers to change to a new product as it can be costly both in terms of the initial changeover cost and as new technology is typically more expensive. (b) demand for the diagnostic tests is enduring and robust within a wide geographic base. The diseases that the products diagnose are widely prevalent (HIV, Diabetes and Chlamydia being just three examples) in many countries. There is a general consensus that these diseases will continue to be widely prevalent in the future. (c) there are significant barriers to new entrants in this industry. Patents and/or licences are in place for many of our products, though this is not the only barrier to entry. There is a significant cost and time to develop new products, it is necessary to obtain regulatory approval and tests are protected by proprietary know-how, manufacturing techniques and trade secrets. Certain trade names acquired are deemed to have an indefinite useful life as there is no foreseeable limit to the period over which these assets are expected to generate cash inflows for the Group. Where amortisation is charged on assets with finite lives, this expense is taken to the statement of operations through the ‘selling, general and administrative expenses’ line. Useful lives are examined on an annual basis and adjustments, where applicable, are made on a prospective basis. viii) Impairment The carrying amount of the Group’s assets, other than inventories, accounts receivable, cash and cash equivalents, short-term investments and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount (being the greater of fair value less costs to sell and value in use) is assessed at each balance sheet date. Fair value less costs to sell is defined as the amount obtainable from the sale of an asset or cash-generating unit in an arm’s length transaction between knowledgeable and willing parties, less the costs that would be incurred on disposal. Value in use is defined as the present value of the future cash flows expected to be derived through the continued use of an asset or cash-generating unit. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the future cash flow estimates have not yet been adjusted. The estimates of future cash flows exclude cash inflows or outflows attributable to financing activities. For an asset that does not generate largely independent cash flows, the recoverable amount is determined by reference to the cash generating unit to which the asset belongs. For goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use, the recoverable amount is estimated at each balance sheet date at the cash generating unit level. The goodwill and indefinite-lived assets were reviewed for impairment at December 31, 2016 and December 31, 2017. See Note 13. In-process research and development (IPR&D) is tested for impairment on an annual basis, in the fourth quarter, or more frequently if impairment indicators are present, using projected discounted cash flow models. If IPR&D becomes impaired or is abandoned, the carrying value of the IPR&D is written down to its revised fair value with the related impairment charge recognised in the period in which the impairment occurs. If the fair value of the asset becomes impaired as the result of unfavorable data from any ongoing or future clinical trial, changes in assumptions that negatively impact projected cash flows, or because of any other information regarding the prospects of successfully developing or commercializing our programs, we could incur significant charges in the period in which the impairment occurs. The valuation techniques utilized in performing impairment tests incorporate significant assumptions and judgments to estimate the fair value, as described above. The use of different valuation techniques or different assumptions could result in materially different fair value estimates. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the statement of operations. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units and then to reduce the carrying amount of other assets in the cash-generating units on a pro-rata basis. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. An impairment loss in respect of goodwill is not reversed. Following recognition of any impairment loss (and on recognition of an impairment loss reversal), the depreciation or amortisation charge applicable to the asset or cash generating unit is adjusted prospectively with the objective of systematically allocating the revised carrying amount, net of any residual value, over the remaining useful life. ix) Inventories Inventories are stated at the lower of cost and net realisable value. Cost is based on the first-in, first-out principle and includes all expenditure which has been incurred in bringing the products to their present location and condition, and includes an appropriate allocation of manufacturing overhead based on the normal level of operating capacity. Net realisable value is the estimated selling price of inventory on hand in the ordinary course of business less all further costs to completion and costs expected to be incurred in selling these products. The Group provides for inventory, based on estimates of the expected realisability. The estimated realisability is evaluated on a case-by-case basis and any inventory that is approaching its “use-by” date and for which no further re-processing can be performed is written off. Any reversal of an inventory provision is recognised in the statement of operations in the year in which the reversal occurs. x) Trade and other receivables Trade receivables are amounts due from customers for products sold or services provided in the ordinary course of business. Trade and other receivables are stated at their amortised cost less impairment losses incurred. Cost approximates fair value given the short term nature of these assets. xi) Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business. Trade and other payables are stated at cost. Cost approximates fair value given the short term nature of these liabilities. xii) Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term deposits which are readily available at year-end. Deposits with maturities greater than six months are recognised as short-term investments and are carried at fair value. The Group has no short-term bank overdraft facilities. Where restrictions are imposed by third parties, such as lending institutions, on cash balances held by the Group these are treated as financial assets in the financial statements. xiii) Short-term investments Short-term investments comprise short-term deposits which have maturities greater than six months. Where restrictions are imposed by third parties, such as lending institutions, on short-term deposits held by the Group these are treated as financial assets in the financial statements. xiv) Share-based payments For equity-settled share-based payments (share options), the Group measures the services received and the corresponding increase in equity at fair value at the measurement date (which is the grant date) using a trinomial model. Given that the share options granted do not vest until the completion of a specified period of service, the fair value, which is assessed at the grant date, is recognised on the basis that the services to be rendered by employees as consideration for the granting of share options will be received over the vesting period. The share options issued by the Group are not subject to market-based vesting conditions as defined in IFRS 2, Share-based Payment The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The Group does not operate any cash-settled share-based payment schemes or share-based payment transactions with cash alternatives as defined in IFRS 2. xv) Government grants Grants that compensate the Group for expenses incurred such as research and development, employment and training are recognised as income in the statement of operations on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the Group for the cost of an asset are recognised in the statement of operations as other operating income on a systematic basis over the useful life of the asset. xvi) Revenue recognition Goods sold and services rendered Revenue from the sale of goods is recognised in the statement of operations when the significant risks and rewards of ownership have been transferred to the buyer. Revenue from products is generally recorded as of the date of shipment, consistent with typical ex-works shipment terms. Where the shipment terms do not permit revenue to be recognised as of the date of shipment, revenue is recognised when the Group has satisfied all of its obligations to the customer in accordance with the shipping terms. Revenue, including any amounts invoiced for shipping and handling costs, represents the value of goods supplied to external customers, net of discounts and excluding sales taxes. Revenue from services rendered is recognised in the statement of operations in proportion to the stage of completion of the transaction at the balance sheet date. Revenue is recognised to the extent that it is probable that economic benefit will flow to the Group, that the risks and rewards of ownership have passed to the buyer and the revenue can be measured. No revenue is recognised if there is uncertainty regarding recovery of the consideration due at the outset of the transaction or the possible return of goods. The Group leases instruments under operating and finance leases as part of its business. In cases where the risks and rewards of ownership of the instrument pass to the customer, the fair value of the instrument is recognised as revenue at the commencement of the lease and is matched by the related cost of sale. In the case of operating leases of instruments which typically involve commitments by the customer to pay a fee per test run on the instruments, revenue is recognised on the basis of customer usage of the instruments. See also Note 1(v). Other operating income Other income comprises income recognised under Transitional Services Agreements (TSA) with Diagnostica Stago. xvii) Employee benefits Defined contribution plans The Group operates defined contribution schemes in various locations where its subsidiaries are based. Contributions to the defined contribution schemes are recognised in the statement of operations in the period in which the related service is received from the employee. Other long-term benefits Where employees participate in the Group’s other long-term benefit schemes (such as permanent health insurance schemes under which the scheme insures the employees), or where the Group contributes to insurance schemes for employees, the Group pays an annual fee to a service provider, and accordingly the Group expenses such payments as incurred. Termination benefits Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. xviii) Foreign currency A majority of the revenue of the Group is generated in US Dollars. The Group’s management has determined that the US Dollar is the primary currency of the economic environment in which the Company and its subsidiaries (with the exception of the Group’s subsidiaries in Sweden, Brazil and Canada) principally operate. Thus the functional currency of the Company and its subsidiaries (other than the Swedish, Brazilian and Canadian subsidiaries) is the US Dollar. The functional currency of the Swedish subsidiary is the Swedish Kroner, the functional currency of the Brazilian entity is the Brazilian Real, and the functional currency of the Canadian subsidiary is the Canadian Dollar. The presentation currency of the Company and Group is the US Dollar. Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. The resulting gains and losses are included in the statement of operations. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Results and cash flows of subsidiary undertakings, which have a functional currency other than the US Dollar, are translated into US Dollars at average exchange rates for the year, and the related balance sheets have been translated at the rates of exchange ruling on the balance sheet date. Any exchange differences arising from the translations are recognised in the currency translation reserve via the statement of changes in equity. Where Euro, Brazilian Real, Canadian Dollar or Swedish Kroner amounts have been referenced in this document, their corresponding US Dollar equivalent has also been included and these equivalents have been calculated with reference to the foreign exchange rates prevailing at December 31, 2017. xix) Hedging The activities of the Group expose it primarily to changes in foreign exchange rates and interest rates. The Group uses derivative financial instruments, from time to time, such as forward foreign exchange contracts to hedge these exposures. The Group enters into forward contracts to sell US Dollars forward for Euro. The principal exchange risk identified by the Group is with respect to fluctuations in the Euro as a substantial portion of its expenses are denominated in Euro but its revenues are primarily denominated in US Dollars. Trinity Biotech monitors its exposure to foreign currency movements and may use these forward contracts as cash flow hedging instruments whose objective is to cover a portion of this Euro expense. At the inception of a hedging transaction entailing the use of derivatives, the Group documents the relationship between the hedged item and the hedging instrument together with its risk management objective and the strategy underlying the proposed transaction. The Group also documents its quarterly assessment of the effectiveness of the hedge in offsetting movements in the cash flows of the hedged items. Derivative financial instruments are recognised at fair value. Where derivatives do not fulfil the criteria for hedge accounting, they are classified as held-for-trading and changes in fair values are reported in the statement of operations. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles and equates to the current market price at the balance sheet date. The portion of the gain or loss on a hedging instrument that is deemed to be an effective cash flow hedge is recognised directly in the hedging reserve in equity and the ineffective portion is recognised in the statement of operations. As the forward contracts are exercised the net cumulative gain or loss recognised in the hedging reserve is transferred to the statement of operations and reflected in the same line as the hedged item. xx) Exchangeable notes and derivative financial instruments The exchangeable notes are treated as a host debt instrument with embedded derivatives attached. On initial recognition, the host debt instrument is recognised at the residual value of the total net proceeds of the bond issue less fair value of the embedded derivatives. Subsequently, the host debt instrument is measured at amortised cost using the effective interest rate method. The embedded derivatives are initially recognised at fair value and are restated at their fair value at each reporting date. The fair value changes of the embedded derivatives are recognised in the statement of operations. xxi) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors. xxii) Tax (current and deferred) Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the statement of operations except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax represents the expected tax payable (or recoverable) on the taxable profit for the year using tax rates enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate income, and taking into account any adjustments stemming from prior years. Deferred tax is provided on the basis of the balance sheet liability method on all temporary differences at the balance sheet date which is defined as the difference between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets and liabilities are not subject to discounting and are measured at the tax rates that are anticipated to apply in the period in which the asset is realised or the liability is settled based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets a |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating segments [abstract] | |
SEGMENT INFORMATION | 2. SEGMENT INFORMATION Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the Board of Directors. Management has determined the operating segments based on the reports reviewed by the Board of Directors, which are used to make strategic decisions. The Board considers the business from a geographic perspective based on the Group’s management and internal reporting structure. Sales of product between companies in the Group are made on commercial terms which reflect the nature of the relationship between the relevant companies. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise interest-bearing loans, borrowings and expenses and corporate expenses. Segment capital expenditure is the total cost during the year to acquire segment plant, property and equipment and intangible assets that are expected to be used for more than one period, whether acquired on acquisition of a business combination or through acquisitions as part of the current operations. The Group comprises two main geographical segments (i) the Americas and (ii) Rest of World. The Group’s geographical segments are determined by the location of the Group’s assets and operations. The Group has also presented a geographical analysis of the segmental data for Ireland as is consistent with the information used by the Board of Directors. The reportable operating segments derive their revenue primarily from one source (i.e. the market for diagnostic tests for a range of diseases and other medical conditions). In determining the nature of its segmentation, the Group has considered the nature of the products, their risks and rewards, the nature of the production base, the customer base and the nature of the regulatory environment. The Group acquires, manufactures and markets a range of diagnostic products. The Group’s products are sold to a similar customer base and the main body whose regulation the Group’s products must comply with is the Food and Drug Administration (“FDA”) in the US. The following presents revenue and profit information and certain asset and liability information regarding the Group’s geographical segments. i) The distribution of revenue by geographical area based on location of assets was as follows: Rest of World Revenue Americas Ireland Other Eliminations Total Year ended December 31, 2017 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Revenue from external customers 66,092 33,048 — — 99,140 Inter-segment revenue 42,147 3,587 — (45,734 ) — Total revenue 108,239 36,635 — (45,734 ) 99,140 Rest of World Americas Ireland Other Eliminations Total Year ended December 31, 2016 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Revenue from external customers 63,889 35,718 4 — 99,611 Inter-segment revenue 39,322 5,349 348 (45,019 ) — Total revenue 103,211 41,067 352 (45,019 ) 99,611 Rest of World Americas Ireland Other Eliminations Total Year ended December 31, 2015 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Revenue from external customers 60,431 38,521 1,243 — 100,195 Inter-segment revenue 38,996 6,750 10,484 (56,230 ) — Total revenue 99,427 45,271 11,727 (56,230 ) 100,195 ii) The distribution of revenue by customers’ geographical area was as follows: Revenue December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Americas 59,539 61,613 62,421 Asia / Africa 27,131 25,501 22,346 Europe (including Ireland) * 12,470 12,497 15,428 99,140 99,611 100,195 * Revenue from customers in Ireland is not disclosed separately due to the immateriality of these revenues. iii) The distribution of revenue by major product group was as follows: Revenue December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Clinical laboratory 73,366 74,166 73,576 Point-of-Care 16,774 16,908 18,810 Laboratory services 9,000 8,537 7,809 99,140 99,611 100,195 iv) The distribution of segment results by geographical area was as follows: Rest of World Americas Ireland Other Total Year ended December 31, 2017 US$‘000 US$‘000 US$‘000 US$‘000 Result before impairment 3,744 1,125 (44 ) 4,825 Impairment (9,194 ) (32,561 ) — (41,755 ) Result after impairment (5,450 ) (31,436 ) (44 ) (36,930 ) Unallocated expenses * (738 ) Operating loss (37,668 ) Net financing expense (Note 3) (2,207 ) Loss before tax (39,875 ) Income tax credit (Note 9) 1,214 Loss for the year on continuing operations (38,661 ) Loss for the year on discontinued operations (Note 10) (1,609 ) Loss for the year (40,270 ) Rest of World Americas Ireland Other Total Year ended December 31, 2016 US$‘000 US$‘000 US$‘000 US$‘000 Result before exceptional expenses 4,564 4,270 384 9,218 Impairment (22,989 ) (20,390 ) — (43,379 ) Inventory provision (335 ) (4,451 ) — (4,786 ) Result after exceptional expenses (18,760 ) (20,571 ) 384 (38,947 ) Unallocated expenses * (901 ) Operating profit (39,848 ) Net financing expense (Note 3) (2,292 ) Loss before tax (42,140 ) Income tax credit (Note 9) 3,557 Loss for the year on continuing operations (38,583 ) Loss for the year on discontinued operations (Note 10) (62,042 ) Loss for the year (100,625 ) Rest of World Americas Ireland Other Total Year ended December 31, 2015 US$‘000 US$‘000 US$‘000 US$‘000 Result 4,183 9,782 524 14,489 Unallocated expenses * (983 ) Operating profit 13,506 Net financing income (Note 3) 9,437 Profit before tax 22,943 Income tax expense (Note 9) (756 ) Profit for the year on continuing operations 22,187 Loss for the year on discontinued operations (Note 10) (391 ) Profit for the year 21,796 * Unallocated expenses represent head office general and administration costs of the Group which cannot be allocated to the results of any specific geographical area. v) The distribution of segment assets and segment liabilities by geographical area was as follows: Rest of World Americas Ireland Other Total As at December 31, 2017 US$‘000 US$‘000 US$‘000 US$‘000 Assets and liabilities Segment assets 88,714 36,513 3 125,230 Unallocated assets: Income tax assets (current and deferred) 10,137 Cash and cash equivalents and short-term investments 57,607 Total assets as reported in the Group balance sheet 192,974 Segment liabilities 11,486 104,901 249 116,636 Unallocated liabilities: Income tax liabilities (current and deferred) 11,142 Total liabilities as reported in the Group balance sheet 127,778 Rest of World Americas Ireland Other Total As at December 31, 2016 US$‘000 US$‘000 US$‘000 US$‘000 Assets and liabilities Segment assets 93,589 63,062 71 156,722 Unallocated assets: Income tax assets (current and deferred) 15,761 Cash and cash equivalents and short-term investments 77,109 Total assets as reported in the Group balance sheet 249,592 Segment liabilities 9,746 108,049 4,534 122,329 Unallocated liabilities: Income tax liabilities (current and deferred) 18,536 Total liabilities as reported in the Group balance sheet 140,865 vi) The distribution of long-lived assets, which are property, plant and equipment, goodwill and intangible assets and other non-current assets (excluding deferred tax assets), by geographical area was as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 Rest of World – Ireland 15,873 41,909 Rest of World – Other — — Americas 55,812 59,639 71,685 101,548 vii) The distribution of depreciation and amortisation by geographical area was as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Depreciation: Rest of World – Ireland 1,186 1,072 825 Rest of World – Other — 304 151 Americas 1,238 2,197 2,081 2,424 3,573 3,057 Amortisation: Rest of World – Ireland 1,164 1,533 1,468 Americas 2,139 1,440 1,185 3,303 2,973 2,653 viii) The distribution of share-based payment expense by geographical area was as follows: December 31, 2017 December 31, 2016 December 31, 2015 Rest of World – Ireland 841 1,187 1,415 Rest of World – Other — 41 13 Americas 87 153 122 928 1,381 1,550 Share based-payments – discontinued operations — 33 — 928 1,414 1,550 See Note 21 for further information on share-based payments. ix) The distribution of interest income and interest expense by geographical area was as follows: Rest of World Interest Income Year ended December 31, 2017 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$‘000 Total US$‘000 Interest income earned 44 764 — — 808 Non-cash financial income — 2,390 — — 2,390 Inter-segment interest income — — 4,853 (4,853 ) — Total 44 3,154 4,853 (4,853 ) 3,198 Rest of World Interest Expense Year ended December 31, 2017 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$‘000 Total US$’000 Interest on licence fee — 40 — — 40 Interest on finance leases — 42 — — 42 Cash interest on exchangeable notes — 4,600 — — 4,600 Non-cash interest on exchangeable notes — 723 — — 723 Inter-segment interest expense 4,853 — — (4,853 ) — Total 4,853 5,405 — (4,853 ) 5,405 Rest of World Interest Income Year ended December 31, 2016 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$‘000 Total US$‘000 Interest income earned 21 856 — — 877 Non-cash financial income — 2,270 — — 2,270 Inter-segment interest income — — 4,853 (4,853 ) — Total 21 3,126 4,853 (4,853 ) 3,147 Rest of World Interest Expense Year ended December 31, 2016 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$‘000 Total US$’000 Interest on deferred consideration and licence fee — 66 — — 66 Interest on finance leases — 55 — — 55 Cash interest on exchangeable notes — 4,600 — — 4,600 Non-cash interest on exchangeable notes — 718 — — 718 Inter-segment interest expense 4,853 — — (4,853 ) — Total 4,853 5,439 — (4,853 ) 5,439 Rest of World Interest Income Americas Ireland Other Eliminations Total Year ended December 31, 2015 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Interest income earned 4 472 — — 476 Non-cash financial income — 13,015 — — 13,015 Inter-segment interest income — — 4,854 (4,854 ) — Total 4 13,487 4,854 (4,854 ) 13,491 Rest of World Interest Expense Year ended December 31, 2015 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$’000 Total US$‘000 Interest on deferred consideration and licence fee — 138 — — 138 Interest on finance leases — 33 — — 33 Cash interest on exchangeable notes — 3,348 — — 3,348 Non-cash interest on exchangeable notes — 535 — — 535 Inter-segment interest expense 4,854 — — (4,854 ) — Total 4,854 4,054 — (4,854 ) 4,054 Interest expense in 2016 does not include US$5,000) (2015: US$9,000) that has been stated in Note 10 in respect of the discontinued operations in Fiomi. x) The distribution of taxation (expense)/credit by geographical area was as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Rest of World – Ireland 192 2,038 (1,050 ) Rest of World – Other (81 ) (48 ) (72 ) Americas 1,103 1,567 366 1,214 3,557 (756 ) xi) During 2017, 2016 and 2015 there were no customers generating 10% or more of total revenues. xii) The distribution of capital expenditure by geographical area was as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 Rest of World – Ireland 7,602 14,431 Rest of World – Other — 763 Americas 8,080 7,591 15,682 22,785 |
FINANCIAL INCOME AND EXPENSES
FINANCIAL INCOME AND EXPENSES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of financial income and expenses [Abstract] | |
FINANCIAL INCOME AND EXPENSES | 3. FINANCIAL INCOME AND EXPENSES December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Financial income: Non-cash financial income 2,390 2,270 13,015 Interest income 808 877 476 3,198 3,147 13,491 Financial expense: Interest on finance leases (42 ) (55 ) (33 ) Cash interest on exchangeable notes (4,600 ) (4,600 ) (3,348 ) Non-cash interest on exchangeable notes (Note 24) (723 ) (718 ) (535 ) Interest on deferred consideration and licence fee (40 ) (66 ) (138 ) (5,405 ) (5,439 ) (4,054 ) Net Financing (Expense) / Income (2,207 ) (2,292 ) 9,437 Exchangeable note interest expense and non-cash financial income and expense relate to the exchangeable senior notes issued in 2015. For further information, refer to Note 24. Interest expense in 2016 does not include US$5,000 (2015: US$9,000) that has been stated in Note 10 in respect of the discontinued operations in Fiomi. |
OTHER OPERATING INCOME
OTHER OPERATING INCOME | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other operating income [Abstract] | |
OTHER OPERATING INCOME | 4. OTHER OPERATING INCOME December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Rental income from premises - 135 201 Other income 100 104 87 100 239 288 Other income mainly comprises income recognised under Transitional Services Agreements (TSA) with Diagnostica Stago. As part of the divestiture of the Coagulation product line in April 2010, the Group entered into a TSA. The services provided by the Group to Stago under the TSA comprise canteen services. This income has not been treated as revenue since the TSA activities are incidental to the main revenue-generating activities of the Group. |
(LOSS)_PROFIT BEFORE TAX
(LOSS)/PROFIT BEFORE TAX | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of loss profit before tax [Abstract] | |
LOSS PROFIT BEFORE TAX | 5. (LOSS)/PROFIT BEFORE TAX The following amounts were charged / (credited) to the statement of operations: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Directors’ emoluments (including non- executive directors): Remuneration 1,800 1,946 1,596 Pension 44 41 23 Share based payments 727 1,121 1,242 Auditor’s remuneration Audit fees 568 469 492 Tax fees 73 33 12 Other non audit fees - 19 8 Depreciation* 1,896 2,856 2,839 Amortisation 3,303 2,973 2,653 Loss on the disposal of property, plant and equipment 3 15 15 Net foreign exchange differences** (17 ) 888 (1,018 ) Operating lease rentals: Land and buildings 2,846 2,811 2,828 Other equipment 163 114 69 * Note that US$528,000 (2016: US$414,000) (2015: US$68,000) of depreciation was capitalised to research and development projects during 2017 in line with the Group’s capitalisation policy for Intangible projects. In 2016, the depreciation expense did not include the amount of US$303,000 (2015: US$150,000) that was included in the operating expenses that were stated in Note 10 in respect of the discontinued operations in Fiomi. In 2017, no depreciation expense arose for the discontinued operation. ** The net foreign exchange differences do not include US$440,000 (2016: US$253,000) which were included in the operating expenses that were stated in Note 10 in respect of the discontinued operations in Fiomi. |
IMPAIRMENT CHARGES AND INVENTOR
IMPAIRMENT CHARGES AND INVENTORY PROVISIONING | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of impairment charges and inventory provisioning [Abstract] | |
IMPAIRMENT CHARGES AND INVENTORY PROVISIONING | 6. IMPAIRMENT CHARGES AND INVENTORY PROVISIONING In accordance with IAS 36, Impairment of Assets The impact of the above items on the statement of operations for the year ended December 31, 2017 was as follows: US$’000 Selling, general & administration expenses Impairment of PP&E (note 12) 10,437 Impairment of goodwill and other intangible assets (note 13) 29,667 Impairment of prepayments (note 17) 1,651 Total impairment loss before tax 41,755 Income tax impact of impairment loss (517 ) Total impairment loss after tax 41,238 The impact of impairment charges and inventory provisioning on the statement of operations for the year ended December 31, 2016 was as follows: Impairment charges US$’000 Product Cull US$’000 Total US$‘000 Selling, general & administration expenses Impairment of PP&E (note 12) 4,382 — 4,382 Impairment of goodwill and other intangible assets (note 13) 38,240 — 38,240 Impairment of prepayments (note 17) 757 — 757 Product discontinuation (note 16) — 4,786 4,786 Total impairment loss and inventory provisioning costs before tax 43,379 4,786 48,165 Income tax impact of impairment loss and inventory provisioning costs (3,094 ) (689 ) (3,783 ) Total impairment loss and inventory provisioning costs after tax 40,285 4,097 44,382 In 2016, the decision to withdraw the Meritas Troponin premarket submission to the U.S. Food and Drug Administration, Trinity Biotech’s led to a significant reduction in the Group’s share price. Given that the market capitalization was then significantly below the book value of the net assets, the Group decided to recognise at December 31, 2016 a non-cash impairment charge of US$28,390,000. The impairment was taken against goodwill and other intangible assets, property, plant and equipment and prepayments (see notes 12, 13 and 17). Certain capitalised development projects were judged to be specifically impaired and their total carrying value of US$14,989,000 was expensed. Total impairment charges were US$43,379,000. Also in 2016, the Group recognised a charge of US$4,786,000 in relation to a number of products that were culled. This mainly represented inventory provisioning for the Bartels and Microtrak product lines that were acquired over 15 years. Revenues for these products had been declining significantly over the last number of years and had reached the end of their economic life, especially given the level of technical support required to keep older products of this nature on the market. |
PERSONNEL EXPENSES
PERSONNEL EXPENSES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |
PERSONNEL EXPENSES | 7. PERSONNEL EXPENSES December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Wages and salaries 26,316 25,901 24,531 Social welfare costs 2,424 2,542 2,418 Pension costs 459 552 711 Share-based payments 928 1,414 1,550 Restructuring costs - 1,276 — 30,127 31,685 29,210 Personnel expenses are shown net of capitalisations. Total personnel expenses, inclusive of amounts capitalised for wages and salaries, social welfare costs and pension costs, for the year ended December 31, 2017 amounted to US$37,351,000 (2016: US$40,980,000) (2015: US$38,671,000). Total share based payments, inclusive of amounts capitalised in the balance sheet, amounted to US$1,109,000 for the year ended December 31, 2017 (2016: US$1,633,000) (2015: US$1,974,000). See Note 20 for further details. There were no restructuring costs incurred for the years ended December 31, 2017 and December 31, 2015. Restructuring costs for the year ended December 31, 2016 were US$1,276,000 and related to Swedish operations. The average number of persons employed by the Group in the financial year was 556 (2016: 582) (2015: 555) and is analysed into the following categories: December 31, 2017 December 31, 2016 December 31, 2015 Research and development 60 73 69 Administration and sales 162 161 156 Manufacturing and quality 334 348 330 556 582 555 |
PENSION SCHEMES
PENSION SCHEMES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of pension schemes [Abstract] | |
PENSION SCHEMES | 8. PENSION SCHEMES The Group operates defined contribution pension schemes for certain of its full time employees. The benefits under these schemes are financed by both Group and employee contributions. Total contributions made by the Group in the financial year and charged against income amounted to US$458,000 (2016: US$708,000) (2015: US$711,000) of which $Nil (2016: $156,000) is included within the restructuring costs in Note 7. The pension accrual for the Group at December 31, 2017 was US$33,000 (2016: US$83,000), (2015: US$205,000). |
INCOME TAX (CREDIT)_EXPENSE
INCOME TAX (CREDIT)/EXPENSE | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Creditexpense Schedule Of Overseas Tax Jurisdictions Details | |
INCOME TAX (CREDIT)/EXPENSE | 9. INCOME TAX (CREDIT)/EXPENSE The charge for tax based on the profit comprises: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Current tax expense Irish Corporation tax (51 ) (240 ) (251 ) Foreign taxes (a) 358 222 472 Adjustment in respect of prior years 150 (271 ) 82 Total current tax (credit)/expense 457 (289 ) 303 Deferred tax expense Origination and reversal of temporary differences (see Note 14) (5,969 ) (2,872 ) 2,411 Origination and reversal of net operating losses (see Note 14) 4,298 (396 ) (1,958 ) Total deferred tax (credit)/expense (1,671 ) (3,268 ) 453 Total income tax (credit)/charge on continuing operations in statement of operations (1,214 ) (3,557 ) 756 (a) The foreign taxes relate primarily to USA and Canada. (b) In 2017, there was a deferred tax credit of US$170,000 (2016: credit of US$1,804,000; 2015: charge of US$1,246,000) recognised in respect of Ireland and a deferred tax credit of US$1,501,000 (2016: US$1,464,000 credit; 2015: US$793,000 credit) recognised in respect of overseas tax jurisdictions. Effective tax rate December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Profit/(Loss) before taxation (39,875 ) (42,140 ) 22,943 As a percentage of profit/loss before tax: Current tax 1.14 % (0.69 )% 1.32 % Total (current and deferred) (3.05 )% (8.44 )% 3.30 % The following table reconciles the applicable Republic of Ireland statutory tax rate to the effective total tax rate for the Group: December 31, 2017 December 31, 2016 December 31, 2015 Irish corporation tax (12.5 )% (12.5 )% 12.5 % Effect of current year net operating losses and temporary differences for which no deferred tax asset was recognised (a) 12.05 % 6.22 % (1.94 )% Effect of changes in US tax code (b) (1.89 )% - - Effect of tax rates on overseas earnings (2.09 )% (1.39 )% (1.34 )% Effect of Irish income taxable at higher tax rate - 0.05 % 0.06 % Adjustments in respect of prior years 0.38 % (0.64 )% 2.53 % R&D tax credits (c) (0.17 )% (0.65 )% (3.98 )% Other items (d) 1.17 % 0.47 % (4.53 )% Effective tax rate (3.05 )% (8.44 )% 3.30 % (a) The effect of current year net operating losses and temporary differences for which no deferred tax asset was recognised is analyzed further in the table below (see also Note 14). No deferred tax asset was recognised because there was no reversing deferred tax liability in the same jurisdiction reversing in the same period and no future taxable income in the same jurisdiction. (b) In 2017, a number of changes were made to the USA tax code, the most significant of which was the reduction in the federal corporation tax rate to 21%. This resulted in a once-off tax credit of US$753,000 arising from the reduction in deferred tax balances due to the tax rate change, partially offset by the effect of mandatory deemed repatriation of certain deferred foreign earnings. (c) A lower amount of R&D tax credits has been recorded in 2017 compared to prior years because several of the R&D projects in Ireland are at an advanced stage where they no longer qualify for such a tax credit. (d) Other items comprise items not chargeable to tax/expenses not deductible for tax. In 2017, other items mainly comprise the movement in the Loan Note’s embedded derivatives value and the accretion of notional interest on the Loan Note’s host contract, both of which are exempt from deferred taxation recognition under IAS 12, Income Taxes Unrecognised deferred tax assets – continuing operations Effect in 2017 US$’000 Percentage effect in 2017 Effect in 2016 US$’000 Percentage effect in 2016 Temporary differences arising in the US 68 0.17 % 2 0.01 % (Decrease)/increase in net operating losses arising in Brazil (714 ) (1.79 )% 1,670 3.96 % Net operating losses arising in Ireland 5,452 13.67 % 947 2.25 % 4,806 12.05 % 2,619 6.22 % The distribution of (loss) / profit before taxes by geographical area was as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Rest of World – Ireland (35,821 ) (23,787 ) 18,232 Rest of World – Other 4,809 5,241 5,378 Americas (8,863 ) (23,594 ) (667 ) (39,875 ) (42,140 ) 22,943 At December 31, 2017, the Group had unutilised net operating losses as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 USA 7,737 8,896 11,026 Ireland 57,206 40,652 22,609 Brazil 4,060 6,159 1,245 69,003 55,707 34,880 In the USA, the utilisation of net operating loss carryforwards is limited to future profits in the USA. The net operating losses for the US arising prior to January 1, 2018 have a maximum carryforward of 20 years. In respect of the US, US$3,943,000 will expire by December 31, 2033, US$21,000 will expire by December 31, 2034, US$2,021,000 will expire by December 31, 2035, and US$1,752,000 will expire by December 31, 2036. At December 31, 2017, the Group had unrecognised deferred tax assets in respect of unused tax losses and unused tax credits as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 US – unused tax credits 345 277 275 Brazil – unused tax losses 1,380 2,094 423 Ireland – unused tax losses 8,471 3,019 724 Unrecognised deferred tax asset 10,196 5,390 1,422 The accounting policy for deferred tax is to calculate the deferred tax asset that is deemed recoverable, considering all sources for future taxable profits. The deferred tax assets in the above table have not been recognised due to uncertainty regarding the full utilization of these losses in the related tax jurisdiction in future periods. Only when it is probable that future profits will be available to utilize the forward losses or temporary differences is a deferred tax asset recognised. When there is a reversing deferred tax liability in that jurisdiction that reverses in the same period, the deferred tax asset is restricted so that it equals the reversing deferred tax liability. The Group has US state credit carryforwards of US$436,000 at December 31, 2017 (2016: US$ 420,000; 2015: US$ 417,000). A deferred tax asset of US$345,000 (2016: US$ 277,000; 2015: US$ 275,000) in respect of US state credit carryforwards was not recognised in 2017 due to uncertainties regarding future full utilisation of these state credit carryforwards in the related tax jurisdiction in future periods. |
LOSS FOR THE YEAR ON DISCONTINU
LOSS FOR THE YEAR ON DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of loss on discontinued operations [Abstract] | |
LOSS ON DISCONTINUED OPERATIONS | 10 . LOSS FOR THE YEAR In October 2016, management decided to cease the development of Cardiac point-of-care tests on the Meritas platform. These products were being developed by the Group’s subsidiary Fiomi Diagnostics (“Fiomi”) located in Sweden. The decision to cease the development work and to close the Swedish operation came after the company held a meeting with the U.S. Food and Drug Administration (“FDA”) in order to obtain an update on the Meritas Troponin premarket submission. At that meeting the FDA suggested that the submission should be withdrawn. The FDA made it known that any new point-of-care Troponin product would be required to demonstrate performance equivalent to the most recently cleared laboratory-based device. As there was no certainty that this level of performance could ever be achieved by the point-of-care Meritas product, even with the benefit of further development efforts, management decided to cease the development work on Troponin I and the analyzer and its sister products, BNP and D-dimer. Expenses, gains and losses relating to the discontinuation of the Cardiac point-of-care tests operation have been eliminated from profit or loss from the Group’s continuing operations and are shown as a single line item (net of related taxes) on the face of the Consolidated Statement of Operations. The discontinued operation had no revenues since commencement as the products were still in their development phase. In 2016, the loss on discontinued operations included the write off of the carrying value of all capitalised development costs, goodwill, property, plant and equipment, inventories and other assets associated with the Meritas project. It also included a provision for the cost of closing the Swedish facility, mainly consisting of contractual obligations associated with terminating premises and supplier contracts, as well as redundancy costs for 41 employees. In 2017, settlements were negotiated with a number of counterparties that were lower than had been estimated in the previous years’ financial statements. The resultant excess provision for closure costs has been released to the Consolidated Statement of Operations. As at December 31, 2017, the discontinued operation does not have any remaining employees and all operating lease obligations have been terminated. The loss on discontinued operations also includes a charge in relation to foreign translation reserves that had been recognised in previous periods as a reserve movement. The operating loss for the Cardiac point-of-care tests operation in Sweden and the loss on remeasurement of its assets and liabilities are summarised as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Revenues — — — Operating expenses — (827 ) (58 ) Operating loss — (827 ) (58 ) Interest expenses — (5 ) (9 ) Loss from discontinued operations before tax — (832 ) (67 ) Income tax credit/(expense) — 186 (324 ) Loss for the year — (646 ) (391 ) Loss on remeasurement of assets and liabilities: Property, plant and equipment (note 12) — (4,647 ) — Goodwill and intangible assets (note 13) — (49,433 ) — Inventories — (2,578 ) — Closure costs 1,794 (5,846 ) — Foreign currency translation reserve (3,080 ) (3,779 ) — Taxation (323 ) 4,887 — Total loss (1,609 ) (61,396 ) — Loss for the year from discontinued operations (1,609 ) (62,042 ) (391 ) Basic earnings per ordinary share – discontinued operations Basic (loss)/earnings per ordinary share for discontinued operations is computed by dividing the loss after taxation on discontinued operations of US$1,609,000 (2016: US$62,042,000) (2015: US$391,000) for the financial year by the weighted average number of 'A' ordinary shares in issue. As at December 31, 2017, this amounted to 86,486, 409 Diluted earnings per ordinary share – discontinued operations Diluted earnings per ordinary share for discontinued operations is computed by dividing the loss after taxation on discontinued operations of US$1,609,000 (2016: US$62,042,000) (2015: US$391,000) for the financial year by the diluted weighted average number of ordinary shares in issue of 107,510, 179 is Earnings per ADS In June 2005, Trinity Biotech adjusted its ADS ratio from 1 ADS: 1 ordinary share to 1 ADS: 4 ordinary shares. Earnings per ADS for all periods presented have been restated to reflect this exchange ratio. Basic (loss)/earnings per ADS for discontinued operations is computed by dividing the loss after taxation on discontinued operations of US$1,609,000 (2016: US$62,042,000) (2015: US$391,000) for the financial year by the weighted average number of ADS in issue of 21,621,602 (2016: 22,964,703); (2015: 23,161,773), see note 11 for further details. Diluted (loss)/earnings per ADS for discontinued operations is computed by dividing the loss after taxation on discontinued operations of US$1,609,000 (2016: US$62,042,000) (2015: US$391,000) for the financial year, by the diluted weighted average number of ADS in issue of 26,877, 544 399 December 31, December 31, December 31, Basic (loss)/earnings per ADS (US Dollars) – discontinued operations (0.07 ) (2.70 ) (0.02 ) Diluted (loss)/earnings per ADS (US Dollars) – discontinued operations (0.07 ) (2.70 ) (0.02 ) Basic (loss)/earnings per ‘A’ share (US Dollars) – discontinued operations (0.02 ) (0.68 ) (0.004 ) Diluted (loss)/earnings per ‘A’ share (US Dollars) – discontinued operations (0.02 ) (0.68 ) (0.004 ) Cash flows The cash flows attributable to discontinued operations are as follows: December 31, December 31, December 31, Cash flows from operating activities (2,847 ) (1,623 ) (11,135 ) Cash flows from investing activities - (8,989 ) (10,802 ) There were no cash flows from financing activities attributable to discontinued operations for the years ended December 31, 2017, 2016 or 2015. |
(LOSS)_EARNINGS PER SHARE
(LOSS)/EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
LOSS EARNINGS PER SHARE | 11. (LOSS)/EARNINGS PER SHARE Basic earnings per ordinary share Basic earnings per ordinary share for the group is computed by dividing the loss after taxation of US$40,270,000 (2016: loss of US$100,625,000) (2015: profit of US$21,796,000) for the financial year by the weighted average number of ‘A’ ordinary shares in issue. Basic earnings per ordinary share for continuing operations is computed by dividing the loss after taxation for continued operations of US$38,661,000 (2016: profit of US$38,583,000) (2015: profit of US$22,187,000) for the financial year by the weighted average number of ‘A’ ordinary shares in issue. As at December 31, 2017, this amounted to 86,486,409 shares (2016: 91,858,813 shares) (2015: 92,647,091 shares). December 31, December 31, December 31, ‘A’ ordinary shares 86,486,409 91,858,813 92,647,091 Basic earnings per share denominator 86,486,409 91,858,813 92,647,091 Reconciliation to weighted average earnings per share denominator: Number of ‘A’ ordinary shares at January 1 (Note 20) 96,162,410 95,840,138 94,308,358 Weighted average number of shares issued during the year* - 120,396 974,161 Weighted average number of treasury shares (9,676,001 ) (4,101,721 ) (2,635,428 ) Basic earnings per share denominator 86,486,409 91,858,813 92,647,091 *The weighted average number of shares issued during the year is calculated by taking the number of shares issued multiplied by the number of days in the year each share is in issue, divided by 365 days. Diluted earnings per ordinary share Diluted earnings per ordinary share for the group is computed by dividing the adjusted loss after tax of US$37,337,000 (2016: loss of US$97,577,000) (2015: profit of US$12,658,000) for the financial year by the diluted weighted average number of ordinary shares in issue of 107,510,179 (2016: 113,197,598) (2015: 109,631,172). Diluted earnings per ordinary share for continuing operations is computed by dividing the adjusted loss after tax on continuing operations of US$35,728,000 (2016: loss of US$35,536,000) (2015: profit of US$13,049,000) for the financial year by the diluted weighted average number of ordinary shares in issue of 107,510,179 (2016: 113,197,598) (2015: 109,631,172). The adjusted loss after tax on continuing operations is computed by adding back the interest expense, accretion interest and movements in the fair value of the derivatives on the exchangeable notes to the loss after taxation for continuing operations. Under IAS 33 Earnings per Share, diluted earnings per share cannot be anti-dilutive. Therefore, diluted loss per ADS in accordance with IFRS would be equal to basic earnings per ADS. The basic weighted average number of ordinary shares for the Group may be reconciled to the number used in the diluted earnings per ordinary share calculation as follows: December 31, 2017 December 31, 2016 December 31, 2015 Basic earnings per share denominator (see above) 86,486,409 91,858,813 92,647,091 Issuable on exercise of options and warrants - 315,019 1,700,733 Issuable on conversion of exchangeable notes 21,023,770 21,023,766 15,283,348 Diluted earnings per share denominator 107,510,179 113,197,598 109,631,172 The profit/(loss) after tax for the year may be reconciled to the amount used in the diluted earnings per ordinary share calculation as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 (Loss)/Profit after tax for the year (40,270 ) (100,625 ) 21,796 Non-cash financial income (2,390 ) (2,270 ) (13,020 ) Cash interest expense 4,600 4,600 3,348 Non-cash interest on exchangeable notes 723 718 534 Adjusted (loss)/profit after tax (37,337 ) (97,577 ) 12,658 Earnings per ADS In June 2005, Trinity Biotech adjusted its ADS ratio from 1 ADS: 1 ordinary share to 1 ADS: 4 ordinary shares. Earnings per ADS for all periods presented have been restated to reflect this exchange ratio. Basic earnings per ADS for the Group is computed by dividing the loss after taxation of US$40,270,000 (2016: loss of US$100,625,000) (2015: profit of US$21,796,000) for the financial year by the weighted average number of ADS in issue of 21,621,602 (2016: 22,964,703); (2015: 23,161,773). Basic earnings per ADS for continuing operations is computed by dividing the loss after taxation of US$38,661,000 (2016: loss of US$38,583,000) (2015: profit of US$22,187,000) for the financial year by the weighted average number of ADS in issue of 21,621,602 (2016: 22,964,703); (2015: 23,161,773). December 31, 2017 December 31, 2016 December 31, 2015 ADS 21,621,602 22,964,703 23,161,773 Basic earnings per share denominator 21,621,602 22,964,703 23,161,773 Reconciliation to weighted average earnings per share denominator: Number of ADS at January 1 (Note 20) 24,040,602 23,960,035 23,577,090 Weighted average number of shares issued during the year* - 30,098 243,540 Weighted average number of treasury shares (2,419,000 ) (1,025,430 ) (658,857 ) Basic earnings per share denominator 21,621,602 22,964,703 23,161,773 Diluted earnings per ADS for the Group is computed by dividing the adjusted loss after taxation of US$37,337,000 (2016: loss of US$97,577,000) (2015: profit of US$12,658,000) for the financial year, by the diluted weighted average number of ADS in issue of 26,877, 544 399 *The weighted average number of shares issued during the year is calculated by taking the number of shares issued multiplied by the number of days in the year each share is in issue, divided by 365 days. The basic weighted average number of ADS shares for the Group may be reconciled to the number used in the diluted earnings per ADS share calculation as follows: December 31, 2017 December 31, 2016 December 31, 2015 Basic earnings per share denominator (see above) 21,621,602 22,964,703 23,161,773 Issuable on exercise of options and warrants - 78,755 425,183 Issuable on conversion of exchangeable notes 5,255,942 5,255,941 3,820,837 Diluted earnings per share denominator 26,877,544 28,299,399 27,407,793 The number of shares issuable on conversion of exchangeable notes is prorated for the 2015 financial year to reflect the fact the exchangeable notes were issued in April, 2015. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 12. PROPERTY, PLANT AND EQUIPMENT Freehold land and buildings US$‘000 Leasehold improvements US$‘000 Computers, fixtures and fittings US$‘000 Plant and equipment US$‘000 Total US$‘000 Cost At January 1, 2016 2,581 2,899 5,873 31,720 43,073 Other additions 8 143 391 4,735 5,277 Disposals or retirements — — (257 ) (268 ) (525 ) Exchange adjustments 14 (11 ) (12 ) 297 288 At December 31, 2016 2,603 3,031 5,995 36,484 48,113 At January 1, 2017 2,603 3,031 5,995 36,484 48,113 Other additions — 465 302 4,491 5,258 Disposals or retirements (9 ) (488 ) (404 ) (3,083 ) (3,984 ) Exchange adjustments 30 (4 ) 1 3 30 At December 31, 2017 2,624 3,004 5,894 37,895 49,417 Accumulated depreciation and impairment losses At January 1, 2016 (1,123 ) (2,527 ) (4,828 ) (13,936 ) (22,414 ) Charge for the year (82 ) (144 ) (367 ) (2,980 ) (3,573 ) Impairment loss — (53 ) (109 ) (8,867 ) (9,029 ) Disposals or retirements — — 234 253 487 Exchange adjustments (1 ) 8 6 (194 ) (181 ) At December 31, 2016 (1,206 ) (2,716 ) (5,064 ) (25,724 ) (34,710 ) At January 1, 2017 (1,206 ) (2,716 ) (5,064 ) (25,724 ) (34,710 ) Charge for the year (82 ) (165 ) (263 ) (1,914 ) (2,424 ) Impairment loss — (267 ) (383 ) (9,787 ) (10,437 ) Disposals or retirements 9 488 402 3,062 3,961 Exchange adjustments (4 ) 1 — (4 ) (7 ) At December 31, 2017 (1,283 ) (2,659 ) (5,308 ) (34,367 ) (43,617 ) 7 Carrying amounts At December 31, 2017 1,341 345 586 3.,528 5,800 At December 31, 2016 1,397 315 931 10,760 13,403 The annual impairment review performed at December 31, 2017 showed that the carrying value of the Group’s assets exceeded the amount to be recovered through use or sale of the assets by a total of US$85,603,000. The details of the impairment review are described in note 13. 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$10,437,000 was allocated to property, plant and equipment in 2017. The recoverable amount of property, plant and equipment was determined to be the value in use of each cash generating unit. The annual impairment review performed at December 31, 2016, showed that the carrying value of the Group’s assets exceeded the amount to be recovered through use or sale of the assets by a total of US$38,257,000. The details of the impairment review are described in note 13. 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$4,382,000 was allocated to property, plant and equipment in 2016. The recoverable amount of property, plant and equipment was determined to be the value in use of each cash generating unit. The remaining impairment loss comprises the write down of the recoverable amount of the property, plant and equipment of the discontinued operation (refer to Note 10) of US$4,647,000. Assets held under operating leases (where the Company is the lessor) Included in the carrying amount of property, plant and equipment are a number of assets included in plant and equipment which generate operating lease revenue for the Group. The net book value of these assets as at December 31, 2017 and 2016 is US$Nil following full write down of the assets due to group impairment (refer to Note 13). Depreciation charged on these assets in 2017 amounted to US$30,000 (2016: US$1,119,000). Included in disposals/retirements in 2017 is US$Nil (2016: US$25,000) relating to the net book value of leased instruments reclassified as inventory on return from customers. Property, plant and equipment under construction Included in property, plant and equipment at December 31, 2017 is an amount of US$561,000 (2016: US$778,000) relating to assets in the course of construction. Assets held under finance leases Included in the carrying amount of property, plant and equipment is an amount for capitalised leased assets of US$51,000 (2016: US$1,515,000). Movement in the carrying amount of capitalised leased assets during 2017 is due to group impairments. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Schedule Of Significant Goodwill And Intangible Assets Details | |
GOODWILL AND INTANGIBLE ASSETS | 13. GOODWILL AND INTANGIBLE ASSETS Goodwill US$‘000 Development costs US$‘000 Patents and licences US$‘000 Other US$‘000 Total US$‘000 Cost At January 1, 2016 82,112 109,443 9,968 33,624 235,147 Other additions — 17,431 — 77 17,508 Exchange adjustments (423 ) (255 ) (43 ) — (721 ) At December 31, 2016 81,689 126,619 9,925 33,701 251,934 At January 1, 2017 81,689 126,619 9,925 33,701 251,934 Other additions — 10,402 22 — 10,424 Disposals (15 ) (15 ) Reclassification — (132 ) — 132 — Exchange adjustments — 29 — — (29 ) At December 31, 2017 81,689 136,918 9,947 33,818 262,372 Accumulated amortisation and Impairment losses At January 1, 2016 (29,426 ) (20,199 ) (6,280 ) (17,884 ) (73,789 ) Charge for the year — (1,259 ) (86 ) (1,628 ) (2,973 ) Impairment losses (26,489 ) (58,195 ) (2,948 ) (41 ) (87,673 ) Exchange adjustments — — (224 ) — (224 ) At December 31, 2016 (55,915 ) (79,653 ) (9,538 ) (19,553 ) (164,659 ) At January 1, 2017 (55,915 ) (79,653 ) (9,538 ) (19,553 ) (164,659 ) Charge for the year — (1,708 ) (17 ) (1,578 ) (3,303 ) Disposals — — — 8 8 Impairment losses (7,876 ) (20,782 ) (173 ) (836 ) (29,667 ) Exchange adjustments — 3 — — 3 At December 31, 2017 (63,791 ) (102,140 ) (9,728 ) (21,959 ) (197,618 ) Carrying amounts At December 31, 2017 17,898 34,778 219 11,859 64,754 At December 31, 2016 25,774 46,966 387 14,148 87,275 Included within development costs are costs of US$31, 904 10,560 Intangible assets written off relating to Discontinued operation In 2016, development of Cardiac point-of-care tests on the Meritas platform was terminated. The decision to cease the development came after the company held a meeting with the U.S. Food and Drug Administration (“FDA”) in order to obtain an update on the Meritas Troponin premarket submission. At that meeting the FDA suggested that the submission should be withdrawn. The FDA made it known that any new point-of-care Troponin product would be required to demonstrate performance equivalent to the most recently cleared laboratory-based device. As there was no certainty that this level of performance could ever be achieved by the point-of-care Meritas product, even with the benefit of further development efforts, management decided to cease the development work on Troponin I and the analyzer and its sister products, BNP and D-dimer. In the financial statements for the year ended December 31, 2016, all capitalised development work for the Troponin I assay and analyser, BNP assay and the D-dimer test totalling US$41,374,000 was written off. The carrying value of the intangible asset relating to the underlying micropillar technology (US$2,946,000) was written off, as well as the goodwill arising on the Fiomi Diagnostics acquisition (US$5,109,000). Other intangible assets of US$4,000 brought the total write down of intangible assets of the cardiac point-of-care operation in 2016 to US$49,433,000 (refer to Note 10). The following represents the costs incurred during each period presented for each of the principal development projects: Product Name 2017 US$’000 2016 US$’000 Premier Instrument for Haemoglobin A1c testing 1 2,601 2,810 HIV screening rapid test 1,514 1,085 US Lyme 1,156 1,003 Uni-gold test enhancement 1,134 1,154 G-6-PDH test 812 - Tri-stat Point-of-Care instrument 764 678 Sjogrens monoclonal antibodies 376 166 HIV screening Africa 289 650 Autoimmune FDA registrations 273 341 Uni-Gold antigen improvement 258 287 Premier Resolution 252 259 Brain Natriuretic Peptide (BNP) assay - 2,904 Troponin I assay and reader - 1,932 Cardiac analyser - 1,056 Enhanced TPHA/CMV - 810 Malaria Point-of-Care test - 411 D-Dimer development - 332 Other projects with spend less than US$250,000 in 2017 973 1,553 Total capitalised development costs 10,402 17,431 1 The Premier project entails the development of a High Performance Liquid Chromotography (HPLC) instrument for testing All of the development projects for which costs have been capitalised are judged to be technically feasible, commercially viable and likely to produce future economic benefits. In reaching this conclusion, many factors have been considered including the following: (a) The Group only develops products within its field of expertise. The R&D team is experienced in developing new products in this field and this experience means that only products which have a high probability of technical success are put forward for consideration as potential new products. (b) A technical feasibility study is undertaken in advance of every project. The feasibility study for each project is reviewed by the R&D team leader, and by other senior management depending on the size of the project. The feasibility study occurs in the initial research phase of the project and costs in this phase are not capitalised. (c) Nearly all of our new product developments involve the transfer of our existing product know-how to a new application. The Group does not engage in pure research. Every development project is undertaken with the intention of bringing a particular new product to market for which there is a known demand. (d) The commercial feasibility of each new product is established prior to commencement of a project by ensuring it is projected to achieve an acceptable income after applying appropriate discount rates. Other intangible assets Other intangible assets consist primarily of acquired customer and supplier lists, trade names, website and software costs. Amortisation Amortisation is charged to the statement of operations through the selling, general and administrative expenses line. Impairment testing for intangibles including goodwill and indefinite lived assets Goodwill and other intangibles are subject to impairment testing on an annual basis. In determining whether a potential asset impairment exists, a range of internal and external factors are considered. A number of factors impacted this calculation including the Company’s market capitalisation at the end of the year which was significantly lower compared to the end of 2016. This factor as well as recent volatility in the Company’s share price resulted in a higher cost of capital being attributable to the Company’s expected future cash flows. As the future discounted cash flows for a number of cash generating units (“CGUs”) was below the carrying value of their net assets, the Group decided to recognise at December 31, 2017 a non-cash impairment charge of US$41,755,000. The impairment test performed as at December 31, 2017 identified a total impairment loss of US$85,603,000 in six CGUs, of which US$41,755,000 has been recorded in the 2017 financial statements. Not all of the total impairment loss was recorded in the financial statements due to the allocation method proscribed in IAS 36, Impairment of Assets. The impairment loss arose from the impairment review performed on Trinity Biotech Manufacturing Limited, Immco Diagnostics Inc,, Mardx Diagnostic Inc, Clark Laboratories Inc, Phoenix Bio-tech Corp and Biopool US Inc. An impairment loss arose in these entities due to the carrying value of their net assets exceeding the entity’s discounted future cashflows. The recoverable amount of each of the CGUs is determined based on a value-in-use computation, which is the only methodology applied by the Group and which has been selected due to the impracticality of obtaining fair value less costs to sell measurements for each reporting period. For the purpose of the annual impairment tests, goodwill is allocated to the relevant CGU. The annual impairment analysis is based on a valuation technique involving level 3 inputs, see Note 1 (viii). The value-in-use calculations use cash flow projections based on the 2018 budget and projections for a further four years using projected revenue and cost growth rates of between 7% and minus 20%. At the end of the five year forecast period, terminal values for each CGU, based on a long term growth rate of 2%, are used in the value-in-use calculations. The value-in-use represents the present value of the future cash flows, including the terminal value, discounted at a rate appropriate to each CGU. The key assumptions employed in arriving at the estimates of future cash flows are subjective and include projected EBITDA, net cash flows, discount rates and the duration of the discounted cash flow model. The assumptions and estimates used were derived from a combination of internal and external factors based on historical experience. The pre-tax discount rates used range from 15% to 26% (2016: 13% to 36%). The table below sets forth the impairment loss recorded for each of the CGU’s at December 31, 2017. US$’000 Trinity Biotech Manufacturing Limited 32,561 Immco Diagnostics Inc. 1,094 Clark Laboratories Inc. 978 Mardx Diagnostic Inc. 4,690 Phoenix Bio-tech Corp 1,801 Biopool US Inc. 631 Total impairment loss 41,755 The table below sets forth the breakdown of the impairment loss for each class of asset at December 31, 2017: US$’000 Goodwill and other intangible assets (see note 13) 29,667 Property, plant and equipment (see note 12) 10,437 Prepayments (see note 17) 1,651 Total impairment loss 41,755 The impairment loss at December 31, 2017 allocated to goodwill arose on the following CGUs: US$’000 Mardx Diagnostic Inc. 3,572 Phoenix Bio-tech Corp. 1,801 Clark Laboratories Inc. 978 Immco Diagnostics Inc. 1,094 Blood bank screening business 431 Total impairment loss allocated to goodwill 7,876 The value-in-use calculation is subject to significant estimation, uncertainty and accounting judgements and is particularly sensitive in the following areas; • In the event that there was a variation of 10% in the assumed level of future growth in revenues, which would represent a reasonably likely range of outcomes, there would be an additional impairment loss of US$835,000 at December 31, 2017. • In the event there was a 10% variation in the discount rate used to calculate the potential impairment of the carrying values, which would represent a reasonably likely range of outcomes, there would be an additional impairment loss of US$4, 786 Significant Goodwill and Intangible Assets with Indefinite Useful Lives CGUs or combinations of CGUs for which the carrying amount of goodwill is significant for the purposes of impairment testing in comparison with the Group’s total carrying amount of goodwill are those where the percentage is greater than 20% of the total. The additional disclosures required for the CGU with significant goodwill are as follows: Fitzgerald Industries December 31, December 31, Carrying amount of goodwill (US$’000) 12,592 12,592 Discount rate applied (real pre-tax) 17.70 % 13.56 % Excess value-in-use over carrying amount (US$’000) 8,397 17,762 % EBITDA would need to decrease for an impairment to arise 30.4 % 46.8 % Long-term growth rate 2.0 % 2.0 % The key assumptions and methodology used in respect of this CGU are consistent with those described above. The assumptions and estimates used are specific to the individual CGU and were derived from a combination of internal and external factors based on historical experience. Intangible Assets with Indefinite Useful lives (included in other intangibles) December 31, 2017 US$‘000 December 31, 2016 US$‘000 Fitzgerald Industries International CGU Fitzgerald trade name 970 970 RDI trade name 560 560 Primus Corporation CGU Primus trade name 670 670 Immco Diagnostic CGU Immco Diagnostic trade name 3,393 3,393 Total 5,593 5,593 The trade name assets purchased as part of the acquisition of Fitzgerald in 2004, Primus and RDI in 2005 and Immco Diagnostics in 2013 were valued using the relief from royalty method and based on factors such as (1) the market and competitive trends and (2) the expected usage of the name. It was considered that these trade names will generate net cash inflows for the Group for an indefinite period. |
DEFERRED TAX ASSETS AND LIABILI
DEFERRED TAX ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of deferredc tax assets and liabilities [Abstract] | |
DEFERRED TAX ASSETS AND LIABILITIES | 14. DEFERRED TAX ASSETS AND LIABILITIES Recognised deferred tax assets and liabilities Deferred tax assets and liabilities of the Group are attributable to the following: Assets Liabilities Net 2017 2016 2017 2016 2017 2016 Property, plant and equipment 448 — (98 ) (574 ) 350 (574 ) Intangible assets — — (9,443 ) (16,430 ) (9,443 ) (16,430 ) Inventories 1,006 897 — — 1,006 897 Provisions 3,510 5,701 — — 3,510 5,701 Other items 2,109 2,035 (1,291 ) (1,357 ) 818 678 Tax value of loss carryforwards recognised 1,625 5,923 — — 1,625 5,923 Deferred tax assets/(liabilities) 8,698 14,556 (10,832 ) (18,361 ) (2,134 ) (3,805 ) The deferred tax asset in 2017 is mainly due to deductible temporary differences relating to provisions, property, plant and equipment, net operating losses, share-based payments and the elimination of unrealised intercompany inventory profit. The deferred tax asset decreased by US$5,858,000 in 2017 principally due to the reduction in the tax value of loss carryforwards due to a change in US tax rate. The deferred tax liability is caused by the net book value of non-current assets being greater than the tax written down value of non-current assets, temporary differences due to the acceleration of the recognition of certain charges in calculating taxable income permitted in Ireland and the US and deferred tax recognised on fair value asset uplifts in connection with business combinations. The deferred tax liability decreased by US$7,529,000 in 2017, principally because of the reduction in the US tax rate and because of the impairment of intangible assets on which the deferred tax liabilities were recognised. Deferred tax assets and liabilities are only offset when the entity has a legally enforceable right to set off current tax assets against current tax liabilities and where the intention is to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. At December 31, 2017 and at December 31, 2016 no deferred tax assets and liabilities are offset as it is not certain as to whether there is a legally enforceable right to set off current tax assets against current tax liabilities and it is also uncertain as to what current tax assets may be set off against current tax liabilities and in what periods. The vast majority of temporary differences are expected to reverse after 2021. Unrecognised deferred tax assets Deferred tax assets have not been recognised by the Group in respect of the following items: December 31, December 31, US$’000 US$’000 Capital losses 8,293 8,293 Net operating losses 61,264 23,630 US state credit carryforwards 345 277 69,902 32,200 There was an increase of US$37,702,000 in the unrecognised deferred tax assets during the year ended December 31, 2017. For comments on the uncertainty prompting less than full recognition refer to Note 9. The movement in the unrecognised deferred tax assets during the year ended December 31, 2017 is analysed as follows: Movement in unrecognised deferred tax assets Increase / US$’000 Applicable tax rate % Tax US$’000 US state credit carryforwards 68 n/a 68 Net operating losses Brazil (2,100 ) 34 % (714 ) Net operating losses Ireland 39,734 12.5% -25 % 5,452 Total – continuing operations 37,702 4,806 A deferred tax asset of US$345,000 (2016: US$277,000) in respect of US state credit carryforwards was not recognised due to uncertainties regarding the timing of the utilisation of these state credit carryforwards in the related tax jurisdiction in future periods. A deferred tax asset of US$1,380,000 (2016: US$2,094,000) was not recognised in respect of net operating losses in Brazil. The entity in Brazil was incorporated in 2012 and has cumulative losses to date. The deferred tax asset has not been recognised for Brazil due to uncertainty regarding the full utilization of these losses in the related tax jurisdiction in future periods. Only when it is probable that future profits will be available to utilize the forward losses or temporary differences is a deferred tax asset recognised. A deferred tax asset of US$2,641,000 (2016: US$1,671,000) was not recognised in respect of net operating losses of Trinity Biotech Investments Ltd. (“TBIL”). TBIL, which is tax resident in Ireland, issued an exchangeable note of US$115 million in 2015 following its incorporation earlier in that year. To date this entity has interest expenses and no income. The deferred tax asset has not been recognised due to uncertainty regarding the full utilization of these losses in future periods. Only when it is probable that future profits will be available to utilize the forward losses is a deferred tax asset recognised. In accordance with IAS 12, Income Taxes, A deferred tax asset of US$5,829,875 (2016: US$1,348,000 was not recognised in respect of net operating losses in Trinity Biotech Manufacturing Ltd. The deferred tax asset has not been recognised due to insufficient deferred tax liabilities following the impairment charge relating to fixed assets in this entity. When there is a reversing deferred tax liability in a jurisdiction that reverses in the same period, the deferred tax asset is restricted so that it equals the reversing deferred tax liability. No deferred tax asset is recognised in respect of a capital loss forward of US$8,293,000 (2016: US$8,293,000) in Ireland as it is not probable that there will be future capital gains against which to offset these capital losses. Unrecognised deferred tax liabilities At December 31, 2017 and 2016, there was no recognised or unrecognised deferred tax liability for taxes that would be payable on the unremitted earnings of certain of the Group’s subsidiaries. The Company is able to control the timing of the reversal of the temporary differences of its subsidiaries and it is probable that these temporary differences will not reverse in the foreseeable future. Movement in temporary differences during the year Balance January, 1 Recognised Recognised Foreign Balance December 31, US$’000 US$’000 US$’000 US$’000 US$’000 Property, plant and equipment (574 ) 924 — — 350 Intangible assets (16,430 ) 6,987 — — (9,443 ) Inventories 897 109 — — 1,006 Provisions 5,701 (2,191 ) — — 3,510 Other items 678 140 — — 818 Tax value of loss carryforwards recognised 5,923 (4,298 ) — — 1,625 (3,805 ) 1,671 — — (2,134 ) Balance January, 1 Recognised Recognised Foreign Balance December 31, US$’000 US$’000 US$’000 US$’000 US$’000 Property, plant and equipment (830 ) 256 — — (574 ) Intangible assets (22,319 ) (214 ) 6,036 67 (16,430 ) Inventories 1,015 (118 ) — — 897 Provisions 2,960 2,741 — — 5,701 Other items 471 207 — — 678 Tax value of loss carryforwards recognised 6,676 396 (1,149 ) — 5,923 (12,027 ) 3,268 4,887 67 (3,805 ) |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other assets [Abstract] | |
OTHER ASSETS | 15. OTHER ASSETS December 31, 2017 US$‘000 December 31, 2016 US$‘000 Finance lease receivables (see Note 17) 685 788 Other assets 86 82 771 870 The Group leases instruments as part of its business. For details of future minimum finance lease receivables with non-cancellable terms, please refer to Note 17. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2017 | |
Classes of current inventories [abstract] | |
INVENTORIES | 16. INVENTORIES December 31, 2017 US$‘000 December 31, 2016 US$‘000 Raw materials and consumables 10,345 9,176 Work-in-progress 7,236 7,288 Finished goods 15,224 16,125 32,805 32,589 All inventories are stated at the lower of cost or net realisable value. The replacement cost of inventories does not differ from cost. Total inventories for the Group are shown net of provisions of US$7,543,000 (2016: US$10,017,000). Cost of sales in 2017 includes inventories expensed of US$54,904,000 (2016: US$50,259,000), (2015: US$53,098,000). The movement on the inventory provision for the three year period to December 31, 2017 is as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, US$‘000 Opening provision at January 1 10,017 4,822 4,636 Charged during the year 2,561 6,390 892 Utilised during the year (4,749 ) (1,065 ) (666 ) Released during the year (286 ) (130 ) (40 ) Closing provision at December 31 7,543 10,017 4,822 During 2017, US$286,000 (2016: US$130,000), (2015: US$40,000) of inventory provision relating to net realisable value was released to the statement of operations following a current year review of inventory usage. In 2016, a provision was created of US$4,786,000 in relation to a number of products which have been culled during the year. This mainly relates to the Bartels and Microtrak product lines which were acquired over 15 years ago. Revenues for these products have been declining significantly over the last number of years and have now reached the end of their economic life, especially given the level of technical support required to keep older products of this nature on the market. |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2017 | |
Trade and other current receivables [abstract] | |
TRADE AND OTHER RECEIVABLES | 17. TRADE AND OTHER RECEIVABLES December 31, 2017 US$‘000 December 31, 2016 US$‘000 Trade receivables, net of impairment losses 17,242 18,340 Prepayments 2,998 3,634 Value added tax - 69 Finance lease receivables 500 542 20,740 22,585 Trade receivables are shown net of an impairment losses provision of US$3,590,000 (2016: US$3,171,000) (see Note 28). Prepayments are shown net of impairment of US$1,651,000 (2016: US$757,000) (see note 6). Leases as lessor (i) Finance lease commitments – Group as lessor The Group leases instruments as part of its business. Future minimum finance lease receivables with non-cancellable terms are as follows: December 31, 2017 US$‘000 Gross investment Unearned income Minimum payments receivable Less than one year 860 360 500 Between one and five years (Note 15) 1,204 519 685 2,064 879 1,185 December 31, 2016 US$‘000 Gross investment Unearned income Minimum payments receivable Less than one year 949 407 542 Between one and five years (Note 15) 1,388 600 788 2,337 1,007 1,330 The Group classified future minimum lease receivables between one and five years of US$685,000 (2016: US$788,000) as Other Assets, see Note 15. Under the terms of the lease arrangements, no contingent rents are receivable. (ii) Operating lease commitments – Group as lessor The Group leases instruments under operating leases as part of its business. Future minimum rentals receivable under non-cancellable operating leases are as follows: December 31, 2017 US$‘000 Instruments Total Less than one year 3,959 3,959 Between one and five years 90 90 4,049 4,049 December 31, 2016 US$‘000 Instruments Total Less than one year 3,671 3,671 Between one and five years 184 184 3,855 3,855 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2017 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | 18. CASH AND CASH EQUIVALENTS December 31, 2017 US$’000 December 31, 2016 US$’000 Cash at bank and in hand 9,561 9,845 Short-term deposits 14,003 67,264 Cash and cash equivalents 23,564 77,109 |
SHORT-TERM INVESTMENTS
SHORT-TERM INVESTMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of short-term investments [Abstract] | |
SHORT-TERM INVESTMENTS | 19. SHORT-TERM INVESTMENTS All liquid investments with a maturity greater than six months are considered to be short-term investments. As of 31, December 2017, the short-term investments are deposits amounting to US$34,043,000 (2016: all deposits matured within six months of the year end date and were classified as cash and cash equivalents). December 31, 2017 US$’000 December 31, 2016 US$’000 Investments (deposits) 34,043 - |
CAPITAL AND RESERVES
CAPITAL AND RESERVES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of classes of share capital [abstract] | |
CAPITAL AND RESERVES | 20. CAPITAL AND RESERVES Share capital Class ‘A’ Class ‘A’ In thousands of shares 2017 2016 In issue at January 1 96,162 95,840 Issued for cash - 322 In issue at December 31 96,162 96,162 ADS ADS In thousands of ADSs 2017 2016 Balance at January 1 24,041 23,960 Issued for cash - 81 Balance at December 31 24,041 24,041 Class ‘A’ Class ‘A’ In thousands of shares 2017 2016 Balance at January 1 7,073 2,635 Purchased during the year 5,375 4,438 Balance at December 31 12,448 7,073 ADS Treasury shares ADS In thousands of ADSs 2017 2016 Balance at January 1 1,768 659 Purchased during the year 1,344 1,109 Balance at December 31 3,112 1,768 The Group had authorised share capital of 200,700,000 ‘A’ ordinary shares of US$0.0109 each (2016: 200,700,000 ‘A’ ordinary shares of US$0.0109 each) as at December 31, 2017. The amounts above relating to treasury shares purchased during 2016 and the balance at 31 December 2016 (in ‘A’ ordinary shares and ADSs) have been restated due to a prior year disclosure error. (a) During 2017, the Group did not issue any shares from the exercise of employee options (2016: 322,272 ‘A’ Ordinary shares were issued from the exercise of employee options for a consideration of US$673,000 settled in cash). During 2016, the Group incurred costs of US$8,000 in connection with the issue of shares. At December 31, 2017, there were no amounts receivable on issuance share capital (2016: US$nil) relating to the exercise of share options. (b) During 2017, the Group repurchased 5,374,692 'A' ordinary shares (1,343,673 ADS's) under its share buyback program. (2016: 4,437,740 'A' ordinary shares or 1,109,435 ADS's). (c) There were no dividends paid during 2017 in respect of the 2016 financial year, (nil in respect of the 2015 financial year), (22 cents per ADS in respect of the 2014 financial year). As provided in the Articles of Association of the Company, dividends or other distributions are declared and paid in US Dollars. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign currency denominated operations of the Group since January 1, 2004. Warrant reserve The Group calculates the fair value of warrants at the date of issue taking the amount directly to a separate reserve within equity. The fair value is calculated using the trinomial model. The fair value which is assessed at the grant date is calculated on the basis of the contractual term of the warrants. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions entered into but not yet crystallised. The warrant and hedging reserves form Other Reserves in the Consolidated Statement of Financial Position. Treasury shares During 2017, the Group purchased 5,374,692 ‘A’ Ordinary shares (1,343,673 ADS’s) ‘Treasury shares’. The total cost of these shares was US$7,456,000. |
SHARE OPTIONS AND SHARE WARRANT
SHARE OPTIONS AND SHARE WARRANTS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of share options and share warrants [Abstract] | |
SHARE OPTIONS AND SHARE WARRANTS | 21. SHARE OPTIONS AND SHARE WARRANTS Warrants There were no warrants outstanding at the beginning of 2017, and there were no warrants granted in either 2017 or 2016. As there were no warrants outstanding, the warrant reserve was transferred to the accumulated surplus reserve during 2017. Options Under the terms of the Company’s Employee Share Option Plans, options to purchase 10,727,376‘A’ Ordinary Shares (2,681,844 ADSs) were outstanding at December 31, 2017. Under these Plans, options are granted to officers, employees and consultants of the Group at the discretion of the Compensation Committee (designated by the board of directors), under the terms outlined below. Certain options have been granted to consultants of the Group and, where this is the case, the Group has measured the fair value of the services provided by these consultants by reference to the fair value of the equity instruments granted. This approach has been adopted in these cases as it is impractical for the Group to reliably estimate the fair value of such services. The terms and conditions of the grants are as follows, whereby all options are settled by physical delivery of shares: Vesting conditions The options vest following a period of service by the officer or employee. The required period of service is determined by the Compensation Committee at the date of grant of the options (usually the date of approval by the Compensation Committee) and it is generally over a three to four year period. There are no market conditions associated with the share option vesting periods. Contractual life The term of an option is determined by the Board, Compensation Committee and Remuneration Committee provided that the term may not exceed a period of between seven to ten years from the date of grant. All options will terminate 90 days after termination of the option holder’s employment, service or consultancy with the Group (or one year after such termination because of death or disability) except where a longer period is approved by the Board of Directors. Under certain circumstances involving a change in control of the Group, the Compensation Committee may accelerate the exercisability and termination of options. The number and weighted average exercise price of share options and warrants per ordinary share is as follows (as required by IFRS 2, this information relates to all grants of share options and warrants by the Group): Options and Weighted- US$ Range US$ ‘A’ Ordinary Per ‘A’ Ordinary Share Per ‘A’ Ordinary Outstanding January 1, 2015 9,291,652 3.20 0.66 –4.79 Granted 976,000 3.20 2.71 –4.47 Exercised (1,602,000 ) 1.95 1.07 –4.21 Forfeited (507,200 ) 3.96 2.50 –4.79 Outstanding at end of year 8,158,452 3.36 0.66 –4.47 Exercisable at end of year 4,679,323 3.03 0.66 –4.23 Outstanding January 1, 2016 8,158,452 3.36 0.66 –4.47 Granted 2,160,000 2.39 1.67 –2.80 Exercised (322,272 ) 2.09 0.66 –2.65 Forfeited (165,997 ) 3.39 2.52 –3.61 Outstanding at end of year 9,830,183 3.19 0.66 –4.47 Exercisable at end of year 5,838,851 3.31 0.75 –4.23 Outstanding January 1, 2017 9,830,183 3.19 0.66 –4.47 Granted 5,630,000 1.31 1.24 –1.44 Exercised - - - Forfeited (4,732,807 ) 3.86 0.75 –4.47 Outstanding at end of year 10,727,376 1.92 1.24 –4.36 Exercisable at end of year 3,268,707 2.57 1.66 –4.36 Options and Weighted- US$ Range US$ ‘ADS’ Equivalent Per ‘ADS’ Per ‘ADS’ Outstanding January 1, 2015 2,322,913 12.80 2.63 –19.15 Granted 244,000 12.80 10.84 –17.88 Exercised (400,500 ) 7.80 4.28 –16.84 Forfeited (126,800 ) 15.84 10.00 –19.16 Outstanding at end of year 2,039,613 13.44 2.63 –17.88 Exercisable at end of year 1,169,831 12.12 2.63 –16.92 Outstanding January 1, 2016 2,039,613 13.44 2.63 –17.88 Granted 540,000 9.57 6.69 –11.20 Exercised (80,568 ) 8.35 2.64 –10.61 Forfeited (41,499 ) 13.58 10.08 –14.44 Outstanding at end of year 2,457,546 13.43 2.64 –17.88 Exercisable at end of year 1,459,713 13.24 3.00 –16.92 Outstanding January 1, 2017 2,457,546 12.74 2.64 - 17.88 Granted 1,407,500 5.25 4.95 – 5.75 Exercised - - - Forfeited (1,183,202 ) 10.26 3.00 –17.88 Outstanding at end of year 2,681,844 7.69 4.96–17.44 Exercisable at end of year 817,179 10.29 6.64 –17.45 There were no share options exercised during 2017. The weighted average share price per ‘A’ Ordinary share at the date of exercise for options exercised in 2016 was: US$2.96 per ‘A’ Ordinary share (US$11.84 per ADS) and 2015: US$4.25 per ‘A’ Ordinary share (US$17.00 per ADS). The opening share price per ‘A’ Ordinary share at the start of the financial year was US$1.73 or US$6.93 per ADS (2016: US$2.92 or US$11.69 per ADS) (2015: US$4.38 or US$17.50 per ADS) and the closing share price at December 31, 2017 was US$1.28 or US$5.10 per ADS (2016: US$1.73 or US$6.92 per ADS) (2015: US$2.94 or US$11.76 per ADS). The average share price for the year ended December 31, 2017 was US$1.42 per ‘A’ Ordinary share or US$5.66 per ADS. A summary of the range of prices for the Company’s stock options for the year ended December 31, 2017 follows: Outstanding Exercisable Exercise price range No. of options ‘A’ ordinary shares Weighted– average exercise price Weighted- average contractual life remaining (years) No. of options ‘A’ ordinary shares Weighted– average exercise price Weighted- average contractual life remaining (years) US$1.00-US$2.05 6,075,644 1.38 6.52 215,652 1.69 2.57 US$2.06- US$2.99 4,333,732 2.52 3.20 2,861,061 2.53 2.20 US$3.00 -US$4.47 318,000 4.21 3.95 192,002 4.21 3.92 10,727,376 3,268,715 Outstanding Exercisable Exercise price range No. of options ‘ADS equivalent’ Weighted– average exercise price Weighted- average contractual life remaining (years) No. of options ‘ADS equivalent’ Weighted– average exercise price Weighted- average contractual life remaining (years) US$4.00-US$8.20 1,518,911 5.52 6.52 53,913 6.76 2.57 US$8.24- US$11.96 1,083,433 10.08 3.20 715,265 10.12 2.20 US$12.00 -US$17.88 79,500 16.84 3.95 48,001 16.84 3.92 2,681,844 817,179 The weighted-average remaining contractual life of options outstanding at December 31, 2017 was 5.10 years (2016: 4.16 years). A summary of the range of prices for the Company’s stock options for the year ended December 31, 2016 follows: Outstanding Exercisable Exercise price range No. of options ‘A’ ordinary shares Weighted– average exercise price Weighted- average contractual life remaining (years) No. of options ‘A’ ordinary shares Weighted– average exercise price Weighted- average contractual life remaining (years) US$0.66-US$0.99 14,000 0.80 1.70 14,000 0.80 1.70 US$1.00-US$2.05 801,652 1.63 2.71 571,652 1.59 1.01 US$2.06- US$2.99 4,776,531 2.54 4.29 2,230,534 2.54 2.20 US$3.00 -US$4.47 4,238,000 4.22 4.21 3,022,665 4.21 3.89 9,830,183 5,838,851 Outstanding Exercisable Exercise price range No. of options ‘ADS equivalent’ Weighted– average exercise price Weighted- average contractual life remaining (years) No. of options ‘ADS equivalent’ Weighted– average exercise price Weighted- average contractual life remaining (years) US$2.63-US$3.96 3,500 3.20 1.70 3,500 3.20 1.70 US$4.00-US$8.20 200,413 6.52 2.71 142,913 6.36 1.01 US$8.24- US$11.96 1,194,133 10.16 4.29 557,634 10.16 2.20 US$12.00 -US$17.88 1,059,500 16.88 4.21 755,666 16.84 3.89 2,457,546 1,459,713 The recognition and measurement principles of IFRS 2 have been applied to share options granted under the Company’s Share Option Plans since November 7, 2002 which have not vested by January 1, 2005 in accordance with IFRS 2. Charge for the year under IFRS 2 The charge for the year is calculated based on the fair value of the options granted which have not yet vested. The fair value of the options is expensed over the vesting period of the option. US$928,000 was charged to the statement of operations in 2017, (2016: US$1,381,446), (2015: US$1,550,000) split as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Share-based payments – cost of sales 35 32 9 Share-based payments – selling, general and administrative 893 1,349 1,541 Total – continuing operations 928 1,381 1,550 Share-based payments – discontinued operations - 33 — Total 928 1,414 1,550 The total share based payments charge for the year was US$1,109,000 (2016: US$1,633,000) (2015: US$1,974,000). However, a total of US$181,000 (2016: US$219,000) (2015: US$424,000) of share based payments was capitalised in intangible development project assets during the year. The fair value of services received in return for share options granted are measured by reference to the fair value of share options granted. The estimate of the fair value of services received is measured based on a trinomial model. The following are the input assumptions used in determining the fair value of share options granted in 2017, 2016 and 2015: Key management personnel Other employees Key management personnel Other employees Key management personnel Other employees 2017 2017 2016 2016 2015 2015 Weighted average fair value at measurement date per ‘A’ share / (per ADS) US$0.43 / (US$1.72) US$0.44 / (US$1.76) US$0.58 / (US$2.32) US$0.57 / (US$2.28) Nil US$0.68 / (US$2.72) Total ‘A’ share options granted / (ADS’s equivalent) 5,150,000 / 480,000 / (120,000) 1,700,000 / 460,000 / (115,000) Nil 976,000 / (244,000) Weighted average share price per ‘A’ share / (per ADS) US$1.34 / US$1.31 / US$2.43 / US$2.25 / Nil US$3.20 / Weighted average exercise price per ‘A’ share / (per ADS) US$1.34 / US$1.31 / US$2.43 / US$2.25 / Nil US$3.20 / Weighted average expected volatility 40.62% 40.48% 29.63% 36.73% Nil 29.27% Weighted average expected life 4.45 4.69 4.81 3.74 Nil 3.73 Weighted average risk free interest rate 1.59% 1.91% 1.21% 1.29% Nil 1.46% Expected dividend yield 0.81% 0.81% 1.14% 0.96% Nil 1.14% The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility is based on the historic volatility (calculated based on the expected life of the options). The Group has considered how future experience may affect historical volatility. The profile and activities of the Group are not expected to change in the immediate future and therefore Trinity Biotech would expect estimated volatility to be consistent with historical volatility. |
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2017 | |
Trade and other current payables [abstract] | |
TRADE AND OTHER PAYABLES | 22. TRADE AND OTHER PAYABLES December 31, 2017 US$’000 December 31, 2016 US$’000 Trade payables 8,045 9,017 Payroll taxes 423 489 Employee related social insurance 151 416 Accrued liabilities 11,618 10,877 Deferred income 278 224 Restructuring accrual - 3,734 20,515 24,757 Accrued liabilities include US$1,112,000 (2016: US$2,195,000) relating to contracted licence payments for HIV-2 licence. The restructuring accrual in 2016 represented the cost of closing the Swedish facility, Fiomi Diagnostics (refer to Note 10), and mainly comprised contractual obligations associated with terminating premises and supplier contracts, as well as unpaid redundancy costs for 20 employees. For more information refer to Note 10, Loss on Discontinued Operations. |
PROVISIONS
PROVISIONS | 12 Months Ended |
Dec. 31, 2017 | |
Provisions [abstract] | |
PROVISIONS | 23. PROVISIONS December 31, 2017 US$’000 December 31, 2016 US$’000 Provisions 50 75 The provision for warranty claims was reduced by US$25,000 in 2017 based on a revised assessment of future claims. During 2017 and 2016 the Group experienced no significant product warranty claims. However, the Group believes that it is appropriate to retain a product warranty provision to cover any future claims. The provision at December 31, 2017 represents the estimated cost of product warranties, the exact amount which cannot be determined. US$50,000 represents management’s best estimate of these obligations at December 31, 2017. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2017 | |
Borrowings [abstract] | |
BORROWINGS | 24. BORROWINGS Exchangeable notes During 2015, the Group issued US$115,000,000 of exchangeable senior notes which will mature on April 1, 2045, subject to earlier repurchase, redemption or exchange. The notes are senior unsecured obligations and accrue interest at an annual rate of 4%, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2015. The notes are convertible into ordinary shares of the parent entity at the applicable exchange rate, at any time prior to the close of business on the second business day immediately preceding the maturity date, at the option of the holder, or repayable on April 1, 2045. The conversion rate is 47.112 ADSs per $1,000 principal amount of notes, equivalent to an exchange price of approximately $21.88 per ADS. The exchange rate is subject to adjustment upon the occurrence of certain events, but will not be adjusted for any accrued and unpaid interest. The notes include a number of non-financial covenants, all of which were complied with at December 31, 2017. The notes include a number of put and call options, and these embedded derivatives are measured at fair value through the Consolidated Statement of Operations. The first date on which holders can exercise their put option is April 1, 2022. If the put option is exercised, the issuer has to repurchase the notes at par. The embedded derivatives are summarised as follows: December 31, 2017 US$’000 December 31, 2016 US$’000 Non-current assets Exchangeable note bond call option 360 — Non-current liabilities Exchangeable note equity conversion option 440 3,970 Exchangeable note bond put option 1,790 290 2,230 4,260 Total value of embedded derivatives – net liability 1,870 4,260 Financial income in the consolidated statement of operations for the year includes US$2,390,000 (2016: US$2,270,000) arising from the revaluation of embedded derivatives at fair value at December 31, 2017. The exchangeable notes are treated as a host debt instrument with embedded derivatives attached. On initial recognition, the host debt instrument is recognised at the residual value of the total net proceeds of the bond issue less fair value of the embedded derivatives. Subsequently, the host debt instrument is measured at amortised cost using the effective interest rate method. The carrying value of exchangeable senior notes is calculated as follows: December 31, 2017 US$’000 December 31, 2016 US$’000 Balance at 1 January 92,232 91,514 Accretion interest 723 718 92,955 92,232 December 31, 2017 US$’000 December 31, 2016 US$’000 Exchangeable senior notes 92,955 92,232 Total value of embedded derivatives – liability 2,230 4,260 Total non-current liabilities 95,185 96,492 This liability will accrete back to its nominal value of US$115,000,000 over the term of the debt using an effective interest rate methodology. Financial expense in the consolidated statement of operations for the year includes US$723,000 (2016: US$718,000) of accretion interest. |
FINANCE LEASE LIABILITIES
FINANCE LEASE LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of finance lease liabilities [Abstract] | |
FINANCE LEASE LIABILITIES | 25. FINANCE LEASE LIABILITIES Certain manufacturing equipment are held under finance lease arrangements following sale and leaseback transactions during the year, with a carrying value of US$51,000 as of December 31, 2017 (2016: US$1,459,000). The repayment period of finance leases is between 3 and 5 years. Finance leases are secured by the related assets held under the finance lease, and the carrying values of finance lease liabilities at December 31, 2017 are as follows: December 31, 2017 US$’000 December 31, 2016 US$’000 Current liabilities Finance lease liabilities 354 273 354 273 Non-current liabilities 532 732 Finance lease liabilities 532 732 Finance lease liabilities Finance lease liabilities are payable as follows: December 31, 2017 US$’000 Minimum lease payments Interest Principal Less than one year 387 33 354 In more than one year, but not more than two 381 17 364 In more than two years but not more than five 170 2 168 938 52 886 December 31, 2016 US$’000 Minimum lease payments Interest Principal Less than one year 313 40 273 In more than one year, but not more than two 313 27 286 In more than two years but not more than five 462 16 446 1,088 83 1,005 Terms and debt repayment schedule The terms and conditions of outstanding interest bearing loans and borrowings at December 31, 2017 are as follows: Facility Currency Nominal interest Year of maturity Fair Value Carrying Value Finance lease liabilities Euro 4.54 % 2020 835 835 Finance lease liabilities USD 5.51 % 2019 51 51 Total interest-bearing loans and borrowings 886 886 The terms and conditions of outstanding interest bearing loans and borrowings at December 31, 2016 were as follows: Facility Currency Nominal interest Year of maturity Fair Value Carrying Value Finance lease liabilities Euro 4.54 % 2020 1,005 1,005 Total interest-bearing loans and borrowings 1,005 1,005 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of commitments and contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 26. COMMITMENTS AND CONTINGENCIES (a) Capital Commitments The Group has capital commitments authorised and contracted for of US$121,000 as at December 31, 2017 (2016: US$220,000). (b) Leasing Commitments The Group leases a number of premises under operating leases. The leases typically run for periods up to 25 years. Lease payments are reviewed periodically (typically on a 5 year basis) to reflect market rentals. Operating lease commitments payable during the next 12 months amount to US$2,693,000 (2016: US$3,215,000) payable on leases of buildings at Bray, Ireland, Jamestown, Buffalo and Amherst, New York, Acton, Massachusetts, Carlsbad, California, Sao Paulo, Brazil and Extrema, Brazil. US$92,000 (2016: US$663,000) of these operating lease commitments relates to leases whose remaining term will expire within one year, US$182,000 (2016: US$Nil) relates to leases whose remaining term expires between one and two years, US$1,014,000 (2016: US$1,323,000) between two and five years and the balance of US$1,405,000 (2016: US$1,229,000) relates to leases which expire after more than five years. See Note 27 for related party leasing arrangements. Future minimum operating lease commitments with non-cancellable terms in excess of one year are as follows: Year ended 2017 Operating leases US$’000 2018 2,693 2019 2,409 2020 1,947 2021 1,776 2022 1,654 Later years 11,660 Total lease obligations 22,139 Year ended 2016 Operating leases US$’000 2017 3,215 2018 2,483 2019 2,183 2020 1,855 2021 1,261 Later years 11,451 Total lease obligations 22,448 For future minimum finance lease commitments, in respect of which the lessor has a charge over the related assets, see Note 25. (c) Bank Security The Group repaid in full its bank borrowings in April 2010, at which point all previous charges against Group assets were released. At December 31, 2017 Group borrowings were at fixed rates of interest and consisted entirely of Euro denominated finance leases, refer to Note 25. The banks providing the finance leases have a charge over the equipment for which the lease pertains. (d) Group Company Guarantees Pursuant to the provisions of Section 357, Irish Companies Act, 2014, the Company has guaranteed the liabilities of Trinity Biotech Manufacturing Limited, Trinity Research Limited, Benen Trading Limited and Trinity Biotech Financial Services Limited subsidiary undertakings in the Republic of Ireland, for the financial year to December 31, 2017 and, as a result, these subsidiary undertakings have been exempted from the filing provisions of Section 357, Irish Companies Act, 2014. Where the Company enters into these guarantees of the indebtedness of other companies within its Group, the Company considers these to be insurance arrangements and accounts for them as such. The Company treats the guarantee contract as a contingent liability until such time as it becomes probable that the company will be required to make a payment under the guarantee. The Company does not enter into financial guarantees with third parties. (e) Government Grant Contingencies The Group has received training and employment grant income from Irish development agencies. Subject to existence of certain conditions specified in the grant agreements, this income may become repayable. No such conditions existed as at December 31, 2017. However if the income were to become repayable, the maximum amounts repayable as at December 31, 2017 would amount to US$3,033,000 (2016: US$2,659,000). (f) Litigation There are also a small number of legal cases being brought against the Group by certain of its former employees. There is a provision for cases where payment is considered by management to be probable. The ultimate resolution of the aforementioned proceedings is not expected to have a material adverse effect on the Group’s financial position, results of operations or cash flows. (g) Licence Agreement Dispute A dispute arose over the application of the terms of a licence agreement to which the Company is a party. Rather than undergo a lengthy and costly legal dispute, both parties reached a mutually acceptable agreement in early 2018. The parties intend to sign an agreement in 2018 that extends the term of the licence and settles the dispute in relation to past royalties. There is an accrual of US$497,000 relating to the pending settlement, comprising the agreed amount of back royalties covering a period of five years plus estimated legal fees incurred up to the point of settlement. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY TRANSACTIONS | 27. RELATED PARTY TRANSACTIONS The Group has related party relationships with its subsidiaries, and with its directors and executive officers. Leasing arrangements with related parties The Group has entered into various arrangements with JRJ Investments (“JRJ”), a partnership owned by Mr O’Caoimh and Dr Walsh, directors of the Company, to provide for current and potential future needs to extend its premises at IDA Business Park, Bray, Co. Wicklow, Ireland. In November 2002 In December 2007, the Group entered into an agreement with Mr. O’Caoimh and Dr Walsh pursuant to which the Group took a 25-year Trinity Biotech and its directors (excepting Mr O’Caoimh and Dr Walsh who express no opinion on this point) believe that the arrangements entered into represent a fair and reasonable basis on which the Group can meet its ongoing requirements for premises. At December 31, 2017 there were no rental payments outstanding (2016: Nil). Compensation of key management personnel of the Group At December 31, 2017, 2016 and 2015 the key management personnel of the Group were made up of three key personnel: the two executive directors; Mr Ronan O’Caoimh and Dr Jim Walsh and Mr Kevin Tansley, our Chief Financial Officer/Executive Director. Kevin Tansley was appointed to the board in September 2016 as an Executive Director. Compensation for the year ended December 31, 2017 of these personnel is detailed below: December 31, 2017 December 31, 2016 US$’000 US$’000 Short-term employee benefits 1,177 1,298 Performance related bonus 223 248 Post-employment benefits 44 41 Share-based compensation benefits 663 1,114 2,107 2,701 The amounts disclosed in respect of directors emoluments in note 5 includes non-executive directors' fees of US$400,000 (2016: US$400,000) and share-based compensation benefits of US$156,000 (2016: US$181,000). Total directors' remuneration is also included in "personnel expenses" (Note 7 ) and "(loss)/profit before tax" (Note 5). Share-based compensation benefits included in note 5 exclude capitalised amounts of US$92,000 (2016: US$174,000). On March 30, 2011, the service agreement with Ronan O’Caoimh as Chief Executive Officer was terminated and replaced by an agreement with Darnick Company, a company wholly-owned by members of Mr O’Caoimh’s immediate family. Directors’ compensation includes payments made to Darnick Company. Directors’ compensation also includes payments made to Diagnostic Polymers, a company wholly-owned by Jim Walsh and members of his immediate family. Directors’ and Company Secretary’s interests in the Company’s shares and share option plan ‘A’ Ordinary Shares Share options At January 1, 2017 5,719,706 7,655,004 Exercised — — Granted — 5,150,000 Expired — (315,000 ) Forfeited — (3,720,000 ) At December 31, 2017 5,719,706 8,770,004 ‘A’ Ordinary Shares Share options At January 1, 2016 5,695,306 6,015,004 Exercised — (60,000 ) Granted — 1,700,000 Shares purchased during the year 24,400 — At December 31, 2016 5,719,706 7,655,004 Rayville Limited, an Irish registered company, which is wholly owned by the three executive directors and certain other executives of the Group, owns all of the ‘B’ non-voting Ordinary Shares in Trinity Research Limited, one of the Group’s subsidiaries. The ‘B’ shares do not entitle the holders thereof to receive any assets of the company on a winding up. All of the ‘A’ voting ordinary shares in Trinity Research Limited are held by the Group. Trinity Research Limited may, from time to time, declare dividends to Rayville Limited and Rayville Limited may declare dividends to its shareholders out of those amounts. Any such dividends paid by Trinity Research Limited are ordinarily treated as a compensation expense by the Group in the consolidated financial statements prepared in accordance with IFRS, notwithstanding their legal form of dividends to minority interests, as this best represents the substance of the transactions. The last paid was in June 2009 for US$2,830,000. At the time this immediately Limited Since then US$1,788,000 of these loans have been repaid and recognised as a compensation expense by the Group. of December 31, 2016 and December 31, 2017, the remaining amount of loan was US$1,042,000. As this remaining amount of the original |
DERIVATIVES AND FINANCIAL INSTR
DERIVATIVES AND FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
DERIVATIVES AND FINANCIAL INSTRUMENTS | 28. DERIVATIVES AND FINANCIAL INSTRUMENTS The Group uses a range of financial instruments (including cash, finance leases, receivables, payables and derivatives) to fund its operations. These instruments are used to manage the liquidity of the Group in a cost effective, low-risk manner. Working capital management is a key additional element in the effective management of overall liquidity. The Group does not trade in financial instruments or derivatives. The main risks arising from the utilization of these financial instruments are interest rate risk, liquidity risk and credit risk. Interest rate risk Effective and repricing analysis The following table sets out all interest-earning financial assets and interest bearing financial liabilities held by the Group at December 31, indicating their effective interest rates and the period in which they re-price: As at December 31, 2017 Note Effective interest Total US$’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$’000 Cash and cash equivalents 18 1.4 % 23,564 23,564 — — — — Short-term investments 19 1.4 % 34,043 — 34,043 — — — Finance lease receivable 17 4.0 % 1,185 267 233 333 352 — Licence payments 22 3.0 % (1,112 ) (1,112 ) — — — — Finance lease payable 25 4.6 % (886 ) (176 ) (178 ) (364 ) (168 ) — Exchangeable note 24 4.8 % (92,955 ) — — — — (92,955 ) Total (36,161 ) 22,543 34,098 (31 ) 184 (92,955 ) As at December 31, 2016 Note Effective Total US$’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$’000 Cash and cash equivalents 18 0.8 % 77,109 77,109 — — — — Finance lease receivable 17 4.1 % 1,330 289 253 392 396 — Licence payments 22 3.0 % (2,195 ) (1,112 ) (1,083 ) — — — Finance lease payable 25 4.5 % (1,005 ) (135 ) (138 ) (286 ) (446 ) — Exchangeable note 24 4.8 % (92,232 ) — — — — (92,232 ) Total (16,993 ) 76,151 (968 ) 106 (50 ) (92,232 ) In broad terms, a one-percentage point increase in interest rates would increase interest income by US480 480 Interest rate profile of financial assets / liabilities The interest rate profile of financial assets/liabilities of the Group was as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 Fixed rate instruments Fixed rate financial liabilities (licence fees) (1,112 ) (2,195 ) Fixed rate financial liabilities (exchangeable note) (92,955 ) (92,232 ) Fixed rate financial liabilities (finance lease payables) (886 ) (1,005 ) Financial assets (short-term deposits and short-term investments) 48,046 67,265 Financial assets (finance lease receivables) 1,185 1,330 Variable rate instruments Financial assets (cash and short-term deposits) 9,561 9,844 (36,161 ) (16,993 ) Financial assets comprise cash and cash equivalents and short-term investments as at December 31, 2017 and December 31, 2016 (see Note 18 and 19). Fair value sensitivity analysis for fixed rate instruments The Group does not account for any fixed rate financial liabilities at fair value through profit and loss. Therefore a change in interest rates at December 31, 2017 would not affect profit or loss. Cash flow sensitivity analysis for variable rate instruments A change of 100 basis points in interest rates at the reporting date would increase interest income by US$ 480 480 . There was no significant difference between the fair value and carrying value of the Group’s trade receivables and trade and other payables at December 31, 2017 and December, 31 2016 as all fell due within 6 months. Liquidity risk The Group’s operations are cash generating. Short-term flexibility is achieved through the management of the Group’s short-term deposits. The following are the contractual maturities of financial liabilities, including estimated interest payments: As at December 31, 2017 US$’000 Carrying US$’000 Contractual US$’000 6 mths or US$’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 20,515 20,515 20,515 — — — — Exchangeable notes 92,955 115,000 — — — — 115,000 Exchangeable note interest 1,150 126,500 2,300 2,300 4,600 13,800 103,500 114,620 262,015 22,815 2,300 4,600 13,800 218,500 As at December 31, 2016 US$’000 Carrying US$’000 Contractual US$’000 6 mths or US$’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 23,607 23,607 22,524 1,083 — — — Exchangeable notes 92,232 115,000 — — — — 115,000 Exchangeable note interest 1,150 131,100 2,300 2,300 4,600 13,800 108,100 116,989 269,707 24,824 3,383 4,600 13,800 223,100 Foreign exchange risk The majority of the Group’s activities are conducted in US Dollars. Foreign exchange risk arises from the fluctuating value of the Group’s Euro denominated expenses as a result of the movement in the exchange rate between the US Dollar and the Euro. Arising from this, where considered necessary, the Group pursues a treasury policy which periodically aims to sell US Dollars forward to match a portion of its uncovered Euro expenses at exchange rates lower than budgeted exchange rates. These forward contracts are primarily cashflow hedging instruments whose objective is to cover a portion of these Euro forecasted transactions. Forward contracts normally have maturities of less than one year after the balance sheet date. There were no forward contracts in place as at December 31, 2017. Foreign currency short term financial assets and liabilities which expose the Group to currency risk are disclosed below. The amounts shown are those reported to key management translated into US Dollars at the closing rate: EUR GBP SEK CAD BRL Other As at December 31, 2017 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 Cash 235 443 5 2,107 443 16 Trade and other receivable 1,396 101 298 1,958 6 Trade and other payables (1,936 ) (16 ) (239 ) (86 ) (2,235 ) — Total exposure (305 ) 528 (234 ) 2,319 166 22 As at December 31, 2016 EUR GBP SEK CAD BRL Other US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 Cash 214 520 46 845 371 7 Trade and other receivable 852 157 68 414 1,103 — Trade and other payables (1,983 ) (29 ) (4,528 ) (85 ) (1,976 ) — Total exposure (917 ) 648 (4,414 ) 1,174 (502 ) 7 The Group states its forward exchange contracts at fair value in the balance sheet. The Group classifies its forward exchange contracts as hedging forecasted transactions and thus accounts for them as cash flow hedges. There were no forward exchange contracts in place at December 31, 2017 or December 31, 2016. Sensitivity analysis A 10% strengthening of the US Dollar against the Euro at December 31, 2017 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$’000 December 31, 2017 Euro 2,158 December 31, 2016 Euro 1,093 A 10% weakening of the US Dollar against the Euro at December 31, 2017 would have decreased profit and other equity by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. Profit or loss US$’000 December 31, 2017 Euro (2,637 ) December 31, 2016 Euro (1,336 ) Credit Risk The Group has no significant concentrations of credit risk. Exposure to credit risk is monitored on an ongoing basis. The Group maintains specific provisions for potential credit losses. To date such losses have been within management’s expectations. Due to the large number of customers and the geographical dispersion of these customers, the Group has no significant concentrations of accounts receivable. With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash equivalents and deferred consideration, the Group’s exposure to credit risk arises from default of the counter-party, with a maximum exposure equal to the carrying amount of these instruments. The Group’s management considers that all of the above financial assets that are not impaired or past due for each of the 31 December reporting dates under review are of good credit quality. The Group maintains cash and cash equivalents and enters into forward contracts, when necessary, with various financial institutions. The Group performs regular and detailed evaluations of these financial institutions to assess their relative credit standing. The carrying amount reported in the balance sheet for cash and cash equivalents and forward contracts approximate their fair value. Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk is as follows: Carrying Value December 31, 2017 US$’000 Carrying Value December 31, 2016 US$’000 Third party trade receivables (Note 17) 17,242 18,340 Finance lease income receivable (Note 17) 1,185 1,330 Cash & cash equivalents (Note 18) 23,564 77,109 Short-term investments (Note 19) 34,043 — 76,034 96,779 The maximum exposure to credit risk for trade receivables and finance lease income receivable by geographic location is as follows: Carrying Value Carrying Value December 31, 2016 US$’000 United States 8,682 10,201 Euro-zone countries 1,789 1,645 United Kingdom 185 252 Other European countries 21 10 Other regions 7,750 7,562 18,427 19,670 The maximum exposure to credit risk for trade receivables and finance lease income receivable by type of customer is as follows: Carrying Value December 31, 2017 US$’000 Carrying Value December 31, 2016 US$’000 End-user customers 8,200 11,882 Distributors 10,003 7,127 Non-governmental organisations 224 661 18,427 19,670 Due to the large number of customers and the geographical dispersion of these customers, the Group has no significant concentrations of accounts receivable. Impairment Losses The ageing of trade receivables at December 31, 2017 is as follows: Gross Impairment Gross Impairment 2017 2017 2016 2016 US$’000 US$’000 US$’000 US$’000 Not past due 10,770 — 12,275 — Past due 0-30 days 3,190 31 2,741 8 Past due 31-120 days 1,906 50 1,807 67 Greater than 120 days 4,966 3,509 4,688 3,096 20,832 3,590 21,511 3,171 The movement in the allowance for impairment in respect of trade receivables during the year was as follows: 2017 2016 2015 US$’000 US$’000 US$’000 Balance at January 1 3,171 2,812 2,205 Charged to costs and expenses 662 415 780 Amounts written off during the year (243 ) (56 ) (173 ) Balance at December 31 3,590 3,171 2,812 The allowance for impairment in respect of trade receivables is used to record impairment losses unless the Group is satisfied that no recovery of the account owing is possible. At this point the amount is considered irrecoverable and is written off against the financial asset directly. Capital Management The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Board of Directors monitors earnings per share as a measure of performance, which the Group defines as profit after tax divided by the weighted average number of shares in issue. Following the divestiture of the Coagulation product line in 2010, the Group eliminated all bank debt. In the past, the Group has funded acquisitions using both equity and long term debt depending on the size of the acquisition and the capital structure in place at the time of the acquisition. Although at December 31, 2017 the Group has no bank debt, it maintains a relationship with a number of lending banks and Trinity Biotech is listed on the NASDAQ which allows the Group to raise funds through equity financing where necessary. During 2015, the Group raised US$115,000,000 through the issuance of 30 year exchangeable senior notes which will mature on April 1, 2045, subject to earlier repurchase, redemption or exchange. The Board of Directors is authorised to purchase its own shares on the market on the following conditions; • the aggregate nominal value of the shares authorised to be acquired shall not exceed 10% of the aggregate nominal value of the issued share capital of the Company at the close of business on the date of the passing of the resolution: • the minimum price (exclusive of taxes and expenses) which may be paid for a share shall be the nominal value of that share: • the maximum price (exclusive of taxes and expenses) which may be paid for a share shall not be more than the average of the closing bid price on NASDAQ in respect of the ten business days immediately preceding the day on which the share is purchased. Fair Values The table below sets out the Group’s classification of each class of financial assets/liabilities, their fair values and under which valuation method they are valued: Level 1 Level 2 Total carrying amount Fair Value Note US$'000 US$'000 US$'000 US$'000 December 31, 2017 Loans and receivables Trade receivables 17 17,242 — 17,242 17,242 Cash and cash equivalents 18 23,564 — 23,564 23,564 Short-term investments 19 34,043 — 34,043 34,043 Finance lease receivable 15,17 1,185 — 1,185 1,185 76,034 — 76,034 76,034 Liabilities at amortised cost Exchangeable note 24 — (92,955 ) (92,955 ) (92,955 ) Finance lease payable 25 (886 ) — (886 ) (886 ) Trade and other payables (excluding deferred income) 22 (20,237 ) — (20,237 ) (20,237 ) Provisions 23 (50 ) — (50 ) (50 ) (21,173 ) (92,955 ) (114,128 ) (114,128 ) Fair value through profit and loss (FVPL) Exchangeable note bond call option 24 — 360 360 360 Exchangeable note equity conversion option 24 — (440 ) (440 ) (440 ) Exchangeable note bond put option 24 — (1,790 ) (1,790 ) (1,790 ) — (1,870 ) (1,870 ) (1,870 ) 54,861 (94,825 ) (39,964 ) (39,964 ) For financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data Note Level 1 Level 2 Total Fair Value US$'000 December 31, 2016 Loans and receivables Trade receivables 17 18,340 — 18,340 18,340 Cash and cash equivalents 18 77,109 — 77,109 77,109 Finance lease receivable 15,17 1,330 — 1,330 1,330 96,779 — 96,779 96,779 Liabilities at amortised cost Exchangeable note 24 — (92,232 ) (92,232 ) (92,232 ) Finance lease payable 25 (1,005 ) — (1,005 ) (1,005 ) Trade and other payables (excluding deferred income) 22 (24,533 ) — (24,533 ) (24,533 ) Provisions 23 (75 ) — (75 ) (75 ) (25,613 ) (92,232 ) (117,845 ) (117,845 ) Fair value through profit and loss (FVPL) Exchangeable note bond call option 24 — — — — Exchangeable note equity conversion option 24 — (3,970 ) (3,970 ) (3,970 ) Exchangeable note bond put option 24 — (290 ) (290 ) (290 ) — (4,260 ) (4,260 ) (4,260 ) 71,166 (96,492 ) (25,326 ) (25,326 ) The valuation techniques used for instruments categorised as level 2 are described below: The fair values of the options associated with the exchangeable notes are calculated in consultation with third-party valuation specialists due to the complexity of their nature. There are a number of inputs utilised in the valuation of the options, including share price, historical share price volatility, risk-free rate and the expected borrowing cost spread over the risk-free rate. |
RECONCILIATION OF LIABILITIES A
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES | 29. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES The changes in the Group’s liabilities arising from financing activities can be classified as follows: Note Borrowings & derivative financial instruments Short-term lease liabilities Long-term lease liabilities Balance at 1 January 2017 24,25 96,492 273 732 Cash-flows: Interest paid (4,600 ) — — Repayment — (295 ) — Proceeds — 28 24 Non-cash: Interest charged 4,600 — — Exchange adjustment — 53 71 Accretion interest 723 — — Fair value (2,030 ) — — Reclassification — 295 (295 ) 24,25 98,185 354 532 Note Borrowings & derivative financial instruments Short-term lease liabilities Long-term lease liabilities Balance at 1 January 2016 102,734 271 1,042 Cash-flows: Interest paid (4,600 ) — — Repayment — (282 ) — Non-cash: Interest charged 4,600 — — Exchange adjustment — (5 ) (21 ) Accretion interest 718 — — Fair value (6,960 ) — — Reclassification — 289 (289 ) 24,25 96,492 273 732 |
POST BALANCE SHEET EVENTS
POST BALANCE SHEET EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of post balance sheet events [Abstract] | |
POST BALANCE SHEET EVENTS | 30. POST BALANCE SHEET EVENTS On January 30, 2018 the Company guaranteed a 15 year lease entered into by its subsidiary Immco Diagnostics, Inc. The space, which will be used to relocate the Diagnostic Laboratory business and increase manufacturing capacity, is 31,731 square feet located in Amherst, New York. Rent will commence following a construction period as well as a three month free base rent period, which is currently estimated to be in the fourth quarter of 2018. Annual rent will average US$422,000 and construction costs are expected to be one million after the tenant improvement allowance from the landlord is applied. There are no other matters or circumstances that have arisen since the end of the year that have significantly affected or may significantly affect either: • The entity’s operations in future financial years; • The results of those operations in future financial years; or • The entity’s state of affairs in future financial years. |
ACCOUNTING ESTIMATES AND JUDGEM
ACCOUNTING ESTIMATES AND JUDGEMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of accounting estimates and judgements [Abstract] | |
ACCOUNTING ESTIMATES AND JUDGEMENTS | 31. ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of these financial statements requires the Group to make estimates and judgements that affect the reported amount of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Group evaluates these estimates, including those related to intangible assets, contingencies and litigation. The estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Key sources of estimation uncertainty Note 13 contains information about the assumptions and the risk factors relating to goodwill impairment. Note 21 outlines information regarding the valuation of share options and warrants. Note 24 outlines the valuation techniques used by the Company in determining the fair value of exchangeable notes and the associated embedded derivatives. In Note 28, detailed analysis is given about the interest rate risk, credit risk, liquidity risk and foreign exchange risk of the Group. Critical accounting judgements in applying the Group’s accounting policies Certain critical accounting judgements in applying the Group’s accounting policies are described below: Research and development expenditure Under IFRS as adopted by the EU, the Group writes off research and development expenditure as incurred, with the exception of expenditure on projects whose outcome has been assessed with reasonable certainty as to technical feasibility, commercial viability and recovery of costs through future revenues. Such expenditure is capitalised at cost within intangible assets and amortised over its expected useful life of 15 years, which commences when commercial production starts. For further information, refer to note 13. Acquired in-process research and development (IPR&D) is valued at its fair value at acquisition date in accordance with IFRS 3. The Company determines this fair value by adopting the income approach valuation technique. Once the fair value has been determined, the Company will recognise the IPR&D as an intangible asset when it: (a) meets the definition of an asset and (b) is identifiable (i.e. is separable or arises from contractual or other legal rights). Factors which impact our judgement to capitalise certain research and development expenditure include the degree of regulatory approval for products and the results of any market research to determine the likely future commercial success of products being developed. We review these factors each year to determine whether our previous estimates as to feasibility, viability and recovery should be changed. Impairment of intangible assets and goodwill Definite lived intangible assets are reviewed for indicators of impairment annually while goodwill and indefinite lived assets are tested for impairment annually, individually or at the cash generating unit level. Factors considered important, as part of an impairment review, include the following: • Significant underperformance relative to expected historical or projected future operating results; • Significant changes in the manner of our use of the acquired assets or the strategy for our overall business; • Obsolescence of products; • Significant decline in our stock price for a sustained period; and • Our market capitalisation relative to net book value. When we determine that the carrying value of intangibles, non-current assets and related goodwill may not be recoverable based upon the existence of one or more of the above indicators of impairment, any impairment is measured based on our estimates of projected net discounted cash flows expected to result from that asset, including eventual disposition. Our estimated impairment could prove insufficient if our analysis overestimated the cash flows or conditions change in the future. For further information, refer to note 13. Allowance for slow-moving and obsolete inventory We evaluate the realisability of our inventory on a case-by-case basis and make adjustments to our inventory provision based on our estimates of expected losses. We write-off any inventory that is approaching its “use-by” date and for which no further re-processing can be performed. We also consider recent trends in revenues for various inventory items and instances where the realisable value of inventory is likely to be less than its carrying value. For further information, refer to note 16. Allowance for impairment of receivables We make judgements as to our ability to collect outstanding receivables and where necessary make allowances for impairment. Such impairments are made based upon a specific review of all significant outstanding receivables. In determining the allowance, we analyse our historical collection experience and current economic trends. If the historical data we use to calculate the allowance for impairment of receivables does not reflect the future ability to collect outstanding receivables, additional allowances for impairment of receivables may be needed and the future results of operations could be materially affected. For further information, refer to note 28. Accounting for income taxes Significant judgement is required in determining our worldwide income tax expense provision. In the ordinary course of a global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise as a consequence of revenue sharing and cost reimbursement arrangements among related entities, the process of identifying items of revenue and expense that qualify for preferential tax treatment and segregation of foreign and domestic income and expense to avoid double taxation. In addition, we operate within multiple taxing jurisdictions and are subject to audits in these jurisdictions. These audits can involve complex issues that may require an extended period of time for resolution. Although we believe that our estimates are reasonable, no assurance can be given that the final tax outcome of these matters will not be different than that which is reflected in our historical income tax provisions and accruals. Such differences could have a material effect on our income tax provision and profit in the period in which such determination is made. In management’s opinion, adequate provisions for income taxes have been made. Deferred tax assets and liabilities are determined for the effects of net operating losses and temporary differences between the book and tax bases of assets and liabilities, using tax rates projected to be in effect for the year in which the differences are expected to reverse. While we have considered future taxable income and ongoing prudent and feasible tax planning strategies in assessing whether deferred tax assets can be recognised, there is no assurance that these deferred tax assets may be realisable. The extent to which recognised deferred tax assets are not realisable could have a material adverse impact on our income tax provision and net income in the period in which such determination is made. Note 14 to the consolidated financial statements outlines the basis for the deferred tax assets and liabilities and includes details of the unrecognised deferred tax assets at year end. The Group derecognised deferred tax assets arising on unused tax losses except to the extent that there are sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity which will result in taxable amounts against which the unused tax losses can be utilized before they expire. The derecognition of these deferred tax assets was considered appropriate in light of the increased tax losses caused by the restructuring and uncertainty over the timing of the utilization of the tax losses. Except for the derecognition of deferred tax assets there were no material changes in estimates used to calculate the income tax expense provision during 2017, 2016 or 2015. |
GROUP UNDERTAKINGS
GROUP UNDERTAKINGS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of group undertakings [Abstract] | |
GROUP UNDERTAKINGS | 32. GROUP UNDERTAKINGS The consolidated financial statements include the financial statements of Trinity Biotech plc and the following principal subsidiary undertakings: Name and registered office Principal activity Principal Country of Group % holding Trinity Biotech plc IDA Business Park, Bray Co. Wicklow, Ireland Investment and holding Ireland Holding company Trinity Biotech Manufacturing Limited IDA Business Park, Bray Co. Wicklow, Ireland Manufacture and sale Ireland 100% Trinity Research Limited IDA Business Park, Bray Co. Wicklow, Ireland Research and Ireland 100% Benen Trading Limited IDA Business Park, Bray Co. Wicklow, Ireland Trading Ireland 100% Trinity Biotech Manufacturing Services Limited IDA Business Park, Bray Co. Wicklow, Ireland Dormant Ireland 100% Trinity Biotech Luxembourg Sarl 1, rue Bender, L-1229 Luxembourg Investment and Luxembourg 100% Trinity Biotech Inc Girts Road, Jamestown, NY 14702, USA Holding Company U.S.A. 100% Clark Laboratories Inc Trading as Trinity Biotech (USA) Girts Road, Jamestown NY14702, USA Manufacture and sale U.S.A. 100% Mardx Diagnostics Inc 5919 Farnsworth Court Carlsbad CA 92008, USA Manufacture and sale U.S.A. 100% Fitzgerald Industries International, Inc 2711 Centerville Road, Suite 400 Wilmington, New Castle Delaware, 19808, USA Management services U.S.A. 100% Biopool US Inc (trading as Trinity Biotech Distribution) Girts Road, Jamestown NY14702, USA Sale of diagnostic test U.S.A. 100% Primus Corporation 4231 E 75 th Kansas City, MO 64132, USA Manufacture and sale U.S.A. 100% Name and registered office Principal activity Principal Country of Group % holding Phoenix Bio-tech Corp. 1166 South Service Road West Oakville, ON L6L 5T7 Canada. Manufacture and sale of Canada 100% Fiomi Diagnostics Holding AB Dag Hammarskjöldsv 52A SE-752 37 Uppsala Sweden Holding Company Sweden 100% Fiomi Diagnostics AB Dag Hammarskjöldsv 52A SE-752 37 Uppsala Sweden Discontinued operation Sweden 100% Trinity Biotech Do Brasil Rua Claudio Soares Sao Paulo Brazil Sale of diagnostic test Brazil 100% Trinity Biotech (UK) Ltd 184 Cambridge Science Park Cambridge CB4 0GA United Kingdom Sales & marketing UK 100% Immco Diagnostics Inc 60 Pineview Drive Buffalo NY 14228, USA Manufacture and sale of U.S.A. 100% Nova Century Scientific Inc 5022 South Service Road Burlington Ontario Canada Manufacture and sale of Canada 100% Trinity Biotech Investment Ltd PO Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands Investment and Cayman Islands (Incorporated 100% |
AUTHORISATION FOR ISSUE
AUTHORISATION FOR ISSUE | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of authorisation for issue [Abstract] | |
AUTHORISATION FOR ISSUE | 33. AUTHORISATION FOR ISSUE These Group consolidated financial statements were authorised for issue by the Board of Directors on April 30, 2018. The Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorised the undersigned to sign this Annual Report on its behalf. TRINITY BIOTECH PLC By /s/ RONAN O’CAOIMH Mr Ronan O’Caoimh Director/ Chief Executive Officer Date: April 20, 2018 By: /s/ KEVIN TANSLEY Mr Kevin Tansley Company secretary/ Chief Financial Officer Date: April 20, 2018 |
BASIS OF PREPARATION AND SIGN40
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (POLICIES) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of basis of preparation and significant accounting policies [Abstract] | |
General information | i) General information Trinity Biotech develops, acquires, manufactures and markets medical diagnostic products for the clinical laboratory and point-of-care segments of the diagnostic market. These products are used to detect autoimmune, infectious and sexually transmitted diseases, diabetes and disorders of the liver and intestine. Trinity Biotech also is a significant provider of raw materials to the life sciences and research industries globally. |
Statement of compliance | ii) Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) both as issued by the International Accounting Standards Board (“IASB”) and as subsequently adopted by the European Union (“EU”) (together “IFRS”). The IFRS applied are those effective for accounting periods beginning January 1, 2016. Consolidated financial statements are required by Irish law to comply with IFRS as adopted by the EU which differ in certain respects from IFRS as issued by the IASB. These differences predominantly relate to the timing of adoption of new standards by the EU. However, as none of the differences are relevant in the context of Trinity Biotech, the consolidated financial statements for the periods presented comply with IFRS both as issued by the IASB and as adopted by the EU. |
Basis of preparation | iii) Basis of preparation The consolidated financial statements have been prepared in United States Dollars (US$), rounded to the nearest thousand, under the historical cost basis of accounting, except for derivative financial instruments, certain balances arising on acquisition of subsidiary entities and share-based payments which are initially recorded at fair value. Derivative financial instruments are also subsequently carried at fair value. The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and amounts reported in the financial statements and accompanying notes. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Judgements made by management that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in Note 31. Having considered the Group’s current financial position and cashflow projections, the directors believe that the Group will be able to continue in operational existence for at least the next 12 months from the date of approval of these consolidated financial statements and that it is appropriate to continue to prepare the consolidated financial statements on a going concern basis. The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. The accounting policies have been applied consistently by all Group entities. |
Basis of consolidation | iv) Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Company. Control exists when the Company has the power, directly or indirectly, to govern the financial and reporting policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Transactions eliminated on consolidation Intra-group balances and any unrealised gains or losses or income and expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements. |
Property, plant and equipment | v) Property, plant and equipment Owned assets Items of property, plant and equipment are stated at cost less any accumulated depreciation and any impairment losses (see Note 1(viii)). The cost of self-constructed assets includes the cost of materials, direct labour and attributable overheads. It is not Group policy to revalue any items of property, plant and equipment. Depreciation is charged to the statement of operations on a straight-line basis to write-off the cost of the assets over their expected useful lives as follows: • Leasehold improvements 5-15 years • Buildings 50 years • Office equipment and fittings 10 years • Computer equipment 3-5 years • Plant and equipment 5-15 years Land is not depreciated. The residual values, if not insignificant, useful lives and depreciation methods of property, plant and equipment are reviewed and adjusted if appropriate on a prospective basis, at each balance sheet date. There were no changes to useful lives in the year. Leased assets – as lessee Leases under terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Property, plant and equipment acquired by way of finance lease is stated at an amount equal to the lower of its fair value and present value of the minimum lease payments at inception of the lease, less accumulated depreciation and any impairment losses. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised in financial expenses in the statement of operations. Depreciation is calculated in order to write-off the amounts capitalised over the estimated useful lives of the assets, or the lease term if shorter, by equal annual instalments. The excess of the total rentals under a lease over the amount capitalised is treated as interest, which is charged to the statement of operations in proportion to the amount outstanding under the lease. Leased assets are reviewed for impairment (see Note 1(viii)). Leases other than finance leases are classified as “operating leases”, and the rentals thereunder are charged to the statement of operations on a straight-line basis over the period of the leases. Lease incentives are recognised in the statement of operations on a straight-line basis over the lease term. Leased assets – as lessor Leases where the Group substantially transfers the risks and benefits of ownership of the asset to the customer are classified as finance leases within finance lease receivables. The Group recognises the amount receivable from assets leased under finance leases at an amount equal to the net investment in the lease. Finance lease income is recognised as revenue in the statement of operations reflecting a constant periodic rate of return on the Group’s net investment in the lease. Assets provided to customers under leases other than finance leases are classified as operating leases and carried in property, plant and equipment at cost and are depreciated on a straight-line basis over the useful life of the asset or the lease term, if shorter. Subsequent costs The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the Group and the cost of the replaced item can be measured reliably. All other costs are recognised in the statement of operations as an expense as incurred. |
Goodwill | vi) Goodwill In respect of business combinations that have occurred since January 1, 2004 (being the transition date to IFRS), goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. In respect of acquisitions prior to this date, goodwill is included on the basis of its deemed cost, which represents the amount recorded under the old basis of accounting, Irish GAAP, (“Previous GAAP”). Save for retrospective restatement of deferred tax as an adjustment to retained earnings in accordance with IAS 12, Income Taxes, To the extent that the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds the cost of a business combination, the identification and measurement of the related assets, liabilities and contingent liabilities are revisited accompanied by a reassessment of the cost of the transaction, and any remaining balance is immediately recognised in the statement of operations. At the acquisition date, any goodwill is allocated to each of the cash generating units expected to benefit from the combination’s synergies. Following initial recognition, goodwill is stated at cost less any accumulated impairment losses (see Note 1(viii)). |
Intangibles, including research and development (other than goodwill) | vii) Intangibles, including research and development (other than goodwill) An intangible asset, which is an identifiable non-monetary asset without physical substance, is recognised to the extent that it is probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be measured reliably. The asset is deemed to be identifiable when it is separable (that is, capable of being divided from the entity and sold, transferred, licensed, rented or exchanged, either individually or together with a related contract, asset or liability) or when it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the Group or from other rights and obligations. Intangible assets acquired as part of a business combination are capitalised separately from goodwill if the intangible asset meets the definition of an asset and the fair value can be reliably measured on initial recognition. Subsequent to initial recognition, these intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses (Note 1(viii)). Intangible assets with definite useful lives are reviewed for indicators of impairment annually while intangible assets with indefinite useful lives and those not yet brought into use are tested for impairment annually, either individually or at the cash generating unit level. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalised if the product or process is technically and commercially feasible and the Group has sufficient resources to complete the development. The expenditure capitalised includes the cost of materials, direct labour and attributable overheads and third party costs. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. The technical feasibility of a new product is determined by a specific feasibility study undertaken at the first stage of any development project. The majority of our new product developments involve the transfer of existing product know-how to a new application. Since the technology is already proven in an existing product which is being used by customers, this facilitates the proving of the technical feasibility of that same technology in a new product. The results of the feasibility study are reviewed by a design review committee comprising senior managers. The feasibility study occurs in the initial research phase of a project and costs in this phase are not capitalised. The commercial feasibility of a new product is determined by preparing a discounted cash flow projection. This projection compares the discounted sales revenues for future periods with the relevant costs. As part of preparing the cash flow projection, the size of the relevant market is determined, feedback is sought from customers and the strength of the proposed new product is assessed against competitors’ offerings. Once the technical and commercial feasibility has been established and the project has been approved for commencement, the project moves into the development phase. All other development expenditure is expensed as incurred. Subsequent to initial recognition, the capitalised development expenditure is carried at cost less any accumulated amortisation and any accumulated impairment losses (Note 1(viii)). Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognised in the statement of operations as an expense as incurred. Expenditure on internally generated goodwill and brands is recognised in the statement of operations as an expense as incurred. Amortisation Amortisation is charged to the statement of operations on a straight-line basis over the estimated useful lives of intangible assets, unless such lives are indefinite. Intangible assets are amortised from the date they are available for use in its intended market. The estimated useful lives are as follows: • Capitalised development costs 15 years • Patents and licences 6-15 years • Other (including acquired customer and supplier lists) 6-15 years The Group uses a useful economic life of 15 years for capitalised development costs. This is a conservative estimate of the likely life of the products. The Group is confident that products have a minimum of 15 years life given the inertia that characterizes the medical diagnostics industry and the barriers to enter into the industry. The following factors have been considered in estimating the useful life of developed products: (a) once a diagnostic test becomes established, customers are reluctant to change to new technology until it is fully proven, thus resulting in relatively long product life cycles. There is also reluctance in customers to change to a new product as it can be costly both in terms of the initial changeover cost and as new technology is typically more expensive. (b) demand for the diagnostic tests is enduring and robust within a wide geographic base. The diseases that the products diagnose are widely prevalent (HIV, Diabetes and Chlamydia being just three examples) in many countries. There is a general consensus that these diseases will continue to be widely prevalent in the future. (c) there are significant barriers to new entrants in this industry. Patents and/or licences are in place for many of our products, though this is not the only barrier to entry. There is a significant cost and time to develop new products, it is necessary to obtain regulatory approval and tests are protected by proprietary know-how, manufacturing techniques and trade secrets. Certain trade names acquired are deemed to have an indefinite useful life as there is no foreseeable limit to the period over which these assets are expected to generate cash inflows for the Group. Where amortisation is charged on assets with finite lives, this expense is taken to the statement of operations through the ‘selling, general and administrative expenses’ line. Useful lives are examined on an annual basis and adjustments, where applicable, are made on a prospective basis. |
Impairment | viii) Impairment The carrying amount of the Group’s assets, other than inventories, accounts receivable, cash and cash equivalents, short-term investments and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount (being the greater of fair value less costs to sell and value in use) is assessed at each balance sheet date. Fair value less costs to sell is defined as the amount obtainable from the sale of an asset or cash-generating unit in an arm’s length transaction between knowledgeable and willing parties, less the costs that would be incurred on disposal. Value in use is defined as the present value of the future cash flows expected to be derived through the continued use of an asset or cash-generating unit. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the future cash flow estimates have not yet been adjusted. The estimates of future cash flows exclude cash inflows or outflows attributable to financing activities. For an asset that does not generate largely independent cash flows, the recoverable amount is determined by reference to the cash generating unit to which the asset belongs. For goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use, the recoverable amount is estimated at each balance sheet date at the cash generating unit level. The goodwill and indefinite-lived assets were reviewed for impairment at December 31, 2016 and December 31, 2017. See Note 13. In-process research and development (IPR&D) is tested for impairment on an annual basis, in the fourth quarter, or more frequently if impairment indicators are present, using projected discounted cash flow models. If IPR&D becomes impaired or is abandoned, the carrying value of the IPR&D is written down to its revised fair value with the related impairment charge recognised in the period in which the impairment occurs. If the fair value of the asset becomes impaired as the result of unfavorable data from any ongoing or future clinical trial, changes in assumptions that negatively impact projected cash flows, or because of any other information regarding the prospects of successfully developing or commercializing our programs, we could incur significant charges in the period in which the impairment occurs. The valuation techniques utilized in performing impairment tests incorporate significant assumptions and judgments to estimate the fair value, as described above. The use of different valuation techniques or different assumptions could result in materially different fair value estimates. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the statement of operations. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units and then to reduce the carrying amount of other assets in the cash-generating units on a pro-rata basis. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. An impairment loss in respect of goodwill is not reversed. Following recognition of any impairment loss (and on recognition of an impairment loss reversal), the depreciation or amortisation charge applicable to the asset or cash generating unit is adjusted prospectively with the objective of systematically allocating the revised carrying amount, net of any residual value, over the remaining useful life. |
Inventories | ix) Inventories Inventories are stated at the lower of cost and net realisable value. Cost is based on the first-in, first-out principle and includes all expenditure which has been incurred in bringing the products to their present location and condition, and includes an appropriate allocation of manufacturing overhead based on the normal level of operating capacity. Net realisable value is the estimated selling price of inventory on hand in the ordinary course of business less all further costs to completion and costs expected to be incurred in selling these products. The Group provides for inventory, based on estimates of the expected realisability. The estimated realisability is evaluated on a case-by-case basis and any inventory that is approaching its “use-by” date and for which no further re-processing can be performed is written off. Any reversal of an inventory provision is recognised in the statement of operations in the year in which the reversal occurs. |
Trade and other receivables | x) Trade and other receivables Trade receivables are amounts due from customers for products sold or services provided in the ordinary course of business. Trade and other receivables are stated at their amortised cost less impairment losses incurred. Cost approximates fair value given the short term nature of these assets. |
Trade and other payables | xi) Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business. Trade and other payables are stated at cost. Cost approximates fair value given the short term nature of these liabilities. |
Cash and cash equivalents | xii) Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term deposits which are readily available at year-end. Deposits with maturities greater than six months are recognised as short-term investments and are carried at fair value. The Group has no short-term bank overdraft facilities. Where restrictions are imposed by third parties, such as lending institutions, on cash balances held by the Group these are treated as financial assets in the financial statements. |
Short-term investments | xiii) Short-term investments Short-term investments comprise short-term deposits which have maturities greater than six months. Where restrictions are imposed by third parties, such as lending institutions, on short-term deposits held by the Group these are treated as financial assets in the financial statements. |
Share-based payments | xiv) Share-based payments For equity-settled share-based payments (share options), the Group measures the services received and the corresponding increase in equity at fair value at the measurement date (which is the grant date) using a trinomial model. Given that the share options granted do not vest until the completion of a specified period of service, the fair value, which is assessed at the grant date, is recognised on the basis that the services to be rendered by employees as consideration for the granting of share options will be received over the vesting period. The share options issued by the Group are not subject to market-based vesting conditions as defined in IFRS 2, Share-based Payment The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The Group does not operate any cash-settled share-based payment schemes or share-based payment transactions with cash alternatives as defined in IFRS 2. |
Government grants | xv) Government grants Grants that compensate the Group for expenses incurred such as research and development, employment and training are recognised as income in the statement of operations on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the Group for the cost of an asset are recognised in the statement of operations as other operating income on a systematic basis over the useful life of the asset. |
Revenue recognition | xvi) Revenue recognition Goods sold and services rendered Revenue from the sale of goods is recognised in the statement of operations when the significant risks and rewards of ownership have been transferred to the buyer. Revenue from products is generally recorded as of the date of shipment, consistent with typical ex-works shipment terms. Where the shipment terms do not permit revenue to be recognised as of the date of shipment, revenue is recognised when the Group has satisfied all of its obligations to the customer in accordance with the shipping terms. Revenue, including any amounts invoiced for shipping and handling costs, represents the value of goods supplied to external customers, net of discounts and excluding sales taxes. Revenue from services rendered is recognised in the statement of operations in proportion to the stage of completion of the transaction at the balance sheet date. Revenue is recognised to the extent that it is probable that economic benefit will flow to the Group, that the risks and rewards of ownership have passed to the buyer and the revenue can be measured. No revenue is recognised if there is uncertainty regarding recovery of the consideration due at the outset of the transaction or the possible return of goods. The Group leases instruments under operating and finance leases as part of its business. In cases where the risks and rewards of ownership of the instrument pass to the customer, the fair value of the instrument is recognised as revenue at the commencement of the lease and is matched by the related cost of sale. In the case of operating leases of instruments which typically involve commitments by the customer to pay a fee per test run on the instruments, revenue is recognised on the basis of customer usage of the instruments. See also Note 1(v). Other operating income Other income comprises income recognised under Transitional Services Agreements (TSA) with Diagnostica Stago. |
Employee benefits | xvii) Employee benefits Defined contribution plans The Group operates defined contribution schemes in various locations where its subsidiaries are based. Contributions to the defined contribution schemes are recognised in the statement of operations in the period in which the related service is received from the employee. Other long-term benefits Where employees participate in the Group’s other long-term benefit schemes (such as permanent health insurance schemes under which the scheme insures the employees), or where the Group contributes to insurance schemes for employees, the Group pays an annual fee to a service provider, and accordingly the Group expenses such payments as incurred. Termination benefits Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. |
Foreign currency | xviii) Foreign currency A majority of the revenue of the Group is generated in US Dollars. The Group’s management has determined that the US Dollar is the primary currency of the economic environment in which the Company and its subsidiaries (with the exception of the Group’s subsidiaries in Sweden, Brazil and Canada) principally operate. Thus the functional currency of the Company and its subsidiaries (other than the Swedish, Brazilian and Canadian subsidiaries) is the US Dollar. The functional currency of the Swedish subsidiary is the Swedish Kroner, the functional currency of the Brazilian entity is the Brazilian Real, and the functional currency of the Canadian subsidiary is the Canadian Dollar. The presentation currency of the Company and Group is the US Dollar. Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. The resulting gains and losses are included in the statement of operations. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Results and cash flows of subsidiary undertakings, which have a functional currency other than the US Dollar, are translated into US Dollars at average exchange rates for the year, and the related balance sheets have been translated at the rates of exchange ruling on the balance sheet date. Any exchange differences arising from the translations are recognised in the currency translation reserve via the statement of changes in equity. Where Euro, Brazilian Real, Canadian Dollar or Swedish Kroner amounts have been referenced in this document, their corresponding US Dollar equivalent has also been included and these equivalents have been calculated with reference to the foreign exchange rates prevailing at December 31, 2017. |
Hedging | xix) Hedging The activities of the Group expose it primarily to changes in foreign exchange rates and interest rates. The Group uses derivative financial instruments, from time to time, such as forward foreign exchange contracts to hedge these exposures. The Group enters into forward contracts to sell US Dollars forward for Euro. The principal exchange risk identified by the Group is with respect to fluctuations in the Euro as a substantial portion of its expenses are denominated in Euro but its revenues are primarily denominated in US Dollars. Trinity Biotech monitors its exposure to foreign currency movements and may use these forward contracts as cash flow hedging instruments whose objective is to cover a portion of this Euro expense. At the inception of a hedging transaction entailing the use of derivatives, the Group documents the relationship between the hedged item and the hedging instrument together with its risk management objective and the strategy underlying the proposed transaction. The Group also documents its quarterly assessment of the effectiveness of the hedge in offsetting movements in the cash flows of the hedged items. Derivative financial instruments are recognised at fair value. Where derivatives do not fulfil the criteria for hedge accounting, they are classified as held-for-trading and changes in fair values are reported in the statement of operations. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles and equates to the current market price at the balance sheet date. The portion of the gain or loss on a hedging instrument that is deemed to be an effective cash flow hedge is recognised directly in the hedging reserve in equity and the ineffective portion is recognised in the statement of operations. As the forward contracts are exercised the net cumulative gain or loss recognised in the hedging reserve is transferred to the statement of operations and reflected in the same line as the hedged item. |
Exchangeable notes and derivative financial instruments | xx) Exchangeable notes and derivative financial instruments The exchangeable notes are treated as a host debt instrument with embedded derivatives attached. On initial recognition, the host debt instrument is recognised at the residual value of the total net proceeds of the bond issue less fair value of the embedded derivatives. Subsequently, the host debt instrument is measured at amortised cost using the effective interest rate method. The embedded derivatives are initially recognised at fair value and are restated at their fair value at each reporting date. The fair value changes of the embedded derivatives are recognised in the statement of operations. |
Segment reporting | xxi) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors. |
Tax (current and deferred) | xxii) Tax (current and deferred) Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the statement of operations except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax represents the expected tax payable (or recoverable) on the taxable profit for the year using tax rates enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate income, and taking into account any adjustments stemming from prior years. Deferred tax is provided on the basis of the balance sheet liability method on all temporary differences at the balance sheet date which is defined as the difference between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets and liabilities are not subject to discounting and are measured at the tax rates that are anticipated to apply in the period in which the asset is realised or the liability is settled based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognised when it is probable that future taxable profits will be available to utilize the associated losses or temporary differences. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred tax assets and liabilities are recognised for all temporary differences (that is, differences between the carrying amount of the asset or liability and its tax base) with the exception of the following: i. Where the deferred tax liability arises from goodwill not deductible for tax purposes or the initial recognition of an asset or a liability in a transaction that is not a business combination and affects neither the accounting profit nor the taxable profit or loss at the time of the transaction; and ii. Where, in respect of temporary differences associated with investments in subsidiary undertakings, the timing of the reversal of the temporary difference is subject to control and it is probable that the temporary difference will not reverse in the foreseeable future. Where goodwill is tax deductible, a deferred tax liability is not recognised on initial recognition of goodwill. It is recognised subsequently for the taxable temporary difference which arises when the goodwill is amortised for tax with no corresponding adjustment to the carrying value of the goodwill. The carrying amounts of deferred tax assets are subject to review at each balance sheet date and are derecognised to the extent that future taxable profits are considered to be inadequate to allow all or part of any deferred tax asset to be utilised. |
Provisions | xxiii) Provisions A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. |
Cost of sales | xxiv) Cost of sales Cost of sales comprises product cost including manufacturing and payroll costs, quality control, shipping, handling, and packaging costs and the cost of services provided. |
Finance income and costs | xxv) Finance income and costs Financing expenses comprise interest costs payable on leases and exchangeable notes. Interest payable on finance leases is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Financing expenses also includes the financing element of long term liabilities which have been discounted. Finance income includes interest income on deposits and is recognised in the statement of operations as it accrues, using the effective interest method. Finance income also includes fair value adjustments to embedded derivatives associated with exchangeable notes. |
Treasury shares | xxvi) Treasury shares When the Group purchases its |
Equity | xxvii) Equity Share capital represents the nominal (par) value of shares that have been issued. Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits. |
Profit or loss from discontinued operations | xxviii) Profit or loss from discontinued operations A discontinued operation is a component of the Group that either has been disposed of, or is classified as held for sale. Profit or loss from discontinued operations comprises the post-tax profit or loss of discontinued operations and the post-tax gain or loss resulting from the measurement and disposal of assets classified as held for sale. |
Fair values | xxiv) Fair values For financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: 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 |
New IFRS Standards and Interpretations not applied | xxix) New IFRS Standards and Interpretations not applied The IASB and IFRIC have issued additional standards and interpretations which are effective for periods starting after January 1, 2017, all of which have not yet been adopted by the EU. The following standards and interpretations have yet to be adopted by the Group: International Financial Reporting Standards (IFRS/IAS) Effective date IFRS 9 Financial Instruments January 1, 2018 (adopted by the EU with effectivity date of January 1, 2018) IFRS 15 Revenue from Contracts with Customers January 1, 2018 (adopted by the EU with effectivity date of January 1, 2018) IFRS 16 Leases January 1, 2019 (not yet adopted by the EU) IFRS 2 Share-based Payments – Classification and Measurement of Share-based Payment Transactions January 1, 2018 (not yet adopted by the EU) IFRIC 22 Foreign Currency Transactions and Advance Consideration January 1, 2018 (not yet adopted by the EU) IFRS 9 'Financial Instruments' will replace IAS 39 'Financial Instruments: Recognition and Measurement' and includes requirements for classification and measurement of financial assets and liabilities, impairment of financial assets and hedge accounting. The new requirements become effective as of January 1, 2018. Trinity Biotech will adopt the new standard on the required effective date and will not restate comparative information. During 2017, we performed a detailed impact assessment of IFRS 9. The new standard introduces changes for financial liabilities where movements in own credit for financial liabilities designated at fair value through statement of operations will be presented in other comprehensive income. This will impact on the recording of fair value movements in embedded derivatives. The new standard also introduces expanded disclosure requirements, that are expected to change the nature and extent of the Company's disclosures about its financial instruments particularly in the year of the adoption of the new standard. IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised. It replaces existing revenue recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programs. IFRS 15 is effective for annual periods beginning on or after January 1, 2018 The updated standard is effective for Trinity Biotech in the first quarter of the year ended December 31, 2018. We have elected to adopt the updated standard by applying the modified retrospective application method. We have evaluated the effect that the updated standard may have on our consolidated financial statements and related disclosures. While we are continuing to assess all potential impacts of the new standard, the adoption of the IFRS 15 is not expected to have a significant impact on the financial statements. Our preparatory work is also focused on the increased disclosure obligations including in respect of expanded disclosure in respect of disaggregated revenue disclosures from contracts with customers, separate disclosure of contract assets and liabilities, disclosure of retrospective revenue and disclosure of the remaining performance obligations by product/service (or backlog). Due to the complexity of certain of our contracts, the actual revenue recognition treatment required under the new standard for these arrangements may be dependent on contract-specific terms and vary in some instances The Group has adopted the following standards and amendments during the year: • IAS 7 Statement of Cash Flows (Amendment) – Disclosure Initiative • IAS 12 Income Taxes (Amendment) – Recognition of Deferred Tax Assets for Unrealised Losses The application of the above standards did not result in material changes in the Group’s consolidated accounts. |
BASIS OF PREPARATION AND SIGN41
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of basis of preparation and significant accounting policies [Abstract] | |
Schedule of Estimated Useful Lives of Owned Assets | Depreciation is charged to the statement of operations on a straight-line basis to write-off the cost of the assets over their expected useful lives as follows: • Leasehold improvements 5-15 years • Buildings 50 years • Office equipment and fittings 10 years • Computer equipment 3-5 years • Plant and equipment 5-15 years |
Schedule of Estimated Useful Lives of Intangible Assets | Intangible assets are amortised from the date they are available for use in its intended market. The estimated useful lives are as follows: • Capitalised development costs 15 years • Patents and licences 6-15 years • Other (including acquired customer and supplier lists) 6-15 years |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating segments [abstract] | |
Schedule of Revenue by Geographical Area Based on Location of Assets | The distribution of revenue by geographical area based on location of assets was as follows: Rest of World Revenue Americas Ireland Other Eliminations Total Year ended December 31, 2017 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Revenue from external customers 66,092 33,048 — — 99,140 Inter-segment revenue 42,147 3,587 — (45,734 ) — Total revenue 108,239 36,635 — (45,734 ) 99,140 Rest of World Americas Ireland Other Eliminations Total Year ended December 31, 2016 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Revenue from external customers 63,889 35,718 4 — 99,611 Inter-segment revenue 39,322 5,349 348 (45,019 ) — Total revenue 103,211 41,067 352 (45,019 ) 99,611 Rest of World Americas Ireland Other Eliminations Total Year ended December 31, 2015 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Revenue from external customers 60,431 38,521 1,243 — 100,195 Inter-segment revenue 38,996 6,750 10,484 (56,230 ) — Total revenue 99,427 45,271 11,727 (56,230 ) 100,195 |
Schedule of Revenue by Customers' Geographical Area | The distribution of revenue by customers’ geographical area was as follows: Revenue December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Americas 59,539 61,613 62,421 Asia / Africa 27,131 25,501 22,346 Europe (including Ireland) * 12,470 12,497 15,428 99,140 99,611 100,195 * Revenue from customers in Ireland is not disclosed separately due to the immateriality of these revenues. |
Schedule of Revenue by Major Product Group | The distribution of revenue by major product group was as follows: Revenue December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Clinical laboratory 73,366 74,166 73,576 Point-of-Care 16,774 16,908 18,810 Laboratory services 9,000 8,537 7,809 99,140 99,611 100,195 |
Schedule of Segment Results by Geographical Area | The distribution of segment results by geographical area was as follows: Rest of World Americas Ireland Other Total Year ended December 31, 2017 US$‘000 US$‘000 US$‘000 US$‘000 Result before impairment 3,744 1,125 (44 ) 4,825 Impairment (9,194 ) (32,561 ) — (41,755 ) Result after impairment (5,450 ) (31,436 ) (44 ) (36,930 ) Unallocated expenses * (738 ) Operating loss (37,668 ) Net financing expense (Note 3) (2,207 ) Loss before tax (39,875 ) Income tax credit (Note 9) 1,214 Loss for the year on continuing operations (38,661 ) Loss for the year on discontinued operations (Note 10) (1,609 ) Loss for the year (40,270 ) Rest of World Americas Ireland Other Total Year ended December 31, 2016 US$‘000 US$‘000 US$‘000 US$‘000 Result before exceptional expenses 4,564 4,270 384 9,218 Impairment (22,989 ) (20,390 ) — (43,379 ) Inventory provision (335 ) (4,451 ) — (4,786 ) Result after exceptional expenses (18,760 ) (20,571 ) 384 (38,947 ) Unallocated expenses * (901 ) Operating profit (39,848 ) Net financing expense (Note 3) (2,292 ) Loss before tax (42,140 ) Income tax credit (Note 9) 3,557 Loss for the year on continuing operations (38,583 ) Loss for the year on discontinued operations (Note 10) (62,042 ) Loss for the year (100,625 ) Rest of World Americas Ireland Other Total Year ended December 31, 2015 US$‘000 US$‘000 US$‘000 US$‘000 Result 4,183 9,782 524 14,489 Unallocated expenses * (983 ) Operating profit 13,506 Net financing income (Note 3) 9,437 Profit before tax 22,943 Income tax expense (Note 9) (756 ) Profit for the year on continuing operations 22,187 Loss for the year on discontinued operations (Note 10) (391 ) Profit for the year 21,796 * Unallocated expenses represent head office general and administration costs of the Group which cannot be allocated to the results of any specific geographical area. |
Schedule of Segment Assets and Segment Liabilities by Geographical Area | The distribution of segment assets and segment liabilities by geographical area was as follows: Rest of World Americas Ireland Other Total As at December 31, 2017 US$‘000 US$‘000 US$‘000 US$‘000 Assets and liabilities Segment assets 88,714 36,513 3 125,230 Unallocated assets: Income tax assets (current and deferred) 10,137 Cash and cash equivalents and short-term investments 57,607 Total assets as reported in the Group balance sheet 192,974 Segment liabilities 11,486 104,901 249 116,636 Unallocated liabilities: Income tax liabilities (current and deferred) 11,142 Total liabilities as reported in the Group balance sheet 127,778 Rest of World Americas Ireland Other Total As at December 31, 2016 US$‘000 US$‘000 US$‘000 US$‘000 Assets and liabilities Segment assets 93,589 63,062 71 156,722 Unallocated assets: Income tax assets (current and deferred) 15,761 Cash and cash equivalents and short-term investments 77,109 Total assets as reported in the Group balance sheet 249,592 Segment liabilities 9,746 108,049 4,534 122,329 Unallocated liabilities: Income tax liabilities (current and deferred) 18,536 Total liabilities as reported in the Group balance sheet 140,865 |
Schedule of Long-Lived Assets | The distribution of long-lived assets, which are property, plant and equipment, goodwill and intangible assets and other non-current assets (excluding deferred tax assets), by geographical area was as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 Rest of World – Ireland 15,873 41,909 Rest of World – Other — — Americas 55,812 59,639 71,685 101,548 |
Schedule of Depreciation and Amortisation by Geographical Area | The distribution of depreciation and amortisation by geographical area was as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Depreciation: Rest of World – Ireland 1,186 1,072 825 Rest of World – Other — 304 151 Americas 1,238 2,197 2,081 2,424 3,573 3,057 Amortisation: Rest of World – Ireland 1,164 1,533 1,468 Americas 2,139 1,440 1,185 3,303 2,973 2,653 |
Schedule of Share-Based Payment Expense by Geographical Area | The distribution of share-based payment expense by geographical area was as follows: December 31, 2017 December 31, 2016 December 31, 2015 Rest of World – Ireland 841 1,187 1,415 Rest of World – Other — 41 13 Americas 87 153 122 928 1,381 1,550 Share based-payments – discontinued operations — 33 — 928 1,414 1,550 |
Schedule of Interest Income and Interest Expense by Geographical Area | The distribution of interest income and interest expense by geographical area was as follows: Rest of World Interest Income Year ended December 31, 2017 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$‘000 Total US$‘000 Interest income earned 44 764 — — 808 Non-cash financial income — 2,390 — — 2,390 Inter-segment interest income — — 4,853 (4,853 ) — Total 44 3,154 4,853 (4,853 ) 3,198 Rest of World Interest Expense Year ended December 31, 2017 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$‘000 Total US$’000 Interest on licence fee — 40 — — 40 Interest on finance leases — 42 — — 42 Cash interest on exchangeable notes — 4,600 — — 4,600 Non-cash interest on exchangeable notes — 723 — — 723 Inter-segment interest expense 4,853 — — (4,853 ) — Total 4,853 5,405 — (4,853 ) 5,405 Rest of World Interest Income Year ended December 31, 2016 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$‘000 Total US$‘000 Interest income earned 21 856 — — 877 Non-cash financial income — 2,270 — — 2,270 Inter-segment interest income — — 4,853 (4,853 ) — Total 21 3,126 4,853 (4,853 ) 3,147 Rest of World Interest Expense Year ended December 31, 2016 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$‘000 Total US$’000 Interest on deferred consideration and licence fee — 66 — — 66 Interest on finance leases — 55 — — 55 Cash interest on exchangeable notes — 4,600 — — 4,600 Non-cash interest on exchangeable notes — 718 — — 718 Inter-segment interest expense 4,853 — — (4,853 ) — Total 4,853 5,439 — (4,853 ) 5,439 Rest of World Interest Income Americas Ireland Other Eliminations Total Year ended December 31, 2015 US$‘000 US$‘000 US$‘000 US$’000 US$‘000 Interest income earned 4 472 — — 476 Non-cash financial income — 13,015 — — 13,015 Inter-segment interest income — — 4,854 (4,854 ) — Total 4 13,487 4,854 (4,854 ) 13,491 Rest of World Interest Expense Year ended December 31, 2015 Americas US$‘000 Ireland US$‘000 Other US$‘000 Eliminations US$’000 Total US$‘000 Interest on deferred consideration and licence fee — 138 — — 138 Interest on finance leases — 33 — — 33 Cash interest on exchangeable notes — 3,348 — — 3,348 Non-cash interest on exchangeable notes — 535 — — 535 Inter-segment interest expense 4,854 — — (4,854 ) — Total 4,854 4,054 — (4,854 ) 4,054 |
Schedule of Taxation Expense by Geographical Area | The distribution of taxation (expense)/credit by geographical area was as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Rest of World – Ireland 192 2,038 (1,050 ) Rest of World – Other (81 ) (48 ) (72 ) Americas 1,103 1,567 366 1,214 3,557 (756 ) |
Schedule of Capital Expenditure by Geographical Area | The distribution of capital expenditure by geographical area was as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 Rest of World – Ireland 7,602 14,431 Rest of World – Other — 763 Americas 8,080 7,591 15,682 22,785 |
FINANCIAL INCOME AND EXPENSES (
FINANCIAL INCOME AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of financial income and expenses [Abstract] | |
Schedule of Financial Income and Expenses | December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Financial income: Non-cash financial income 2,390 2,270 13,015 Interest income 808 877 476 3,198 3,147 13,491 Financial expense: Interest on finance leases (42 ) (55 ) (33 ) Cash interest on exchangeable notes (4,600 ) (4,600 ) (3,348 ) Non-cash interest on exchangeable notes (Note 24) (723 ) (718 ) (535 ) Interest on deferred consideration and licence fee (40 ) (66 ) (138 ) (5,405 ) (5,439 ) (4,054 ) Net Financing (Expense) / Income (2,207 ) (2,292 ) 9,437 |
OTHER OPERATING INCOME (Tables)
OTHER OPERATING INCOME (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other operating income [Abstract] | |
Schedule of Other Operating Income | December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Rental income from premises - 135 201 Other income 100 104 87 100 239 288 |
(LOSS)_PROFIT BEFORE TAX (Table
(LOSS)/PROFIT BEFORE TAX (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of loss profit before tax [Abstract] | |
Schedule of (Loss)/Profit Before Tax | The following amounts were charged / (credited) to the statement of operations: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Directors’ emoluments (including non- executive directors): Remuneration 1,800 1,946 1,596 Pension 44 41 23 Share based payments 727 1,121 1,242 Auditor’s remuneration Audit fees 568 469 492 Tax fees 73 33 12 Other non audit fees - 19 8 Depreciation* 1,896 2,856 2,839 Amortisation 3,303 2,973 2,653 Loss on the disposal of property, plant and equipment 3 15 15 Net foreign exchange differences** (17 ) 888 (1,018 ) Operating lease rentals: Land and buildings 2,846 2,811 2,828 Other equipment 163 114 69 * Note that US$528,000 (2016: US$414,000) (2015: US$68,000) of depreciation was capitalised to research and development projects during 2017 in line with the Group’s capitalisation policy for Intangible projects. In 2016, the depreciation expense did not include the amount of US$303,000 (2015: US$150,000) that was included in the operating expenses that were stated in Note 10 in respect of the discontinued operations in Fiomi. In 2017, no depreciation expense arises for the discontinued operation. ** The net foreign exchange differences do not include US$440,000 (2016: US$253,000) which were included in the operating expenses that were stated in Note 10 in respect of the discontinued operations in Fiomi. |
IMPAIRMENT CHARGES AND INVENT46
IMPAIRMENT CHARGES AND INVENTORY PROVISIONING (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of impairment charges and inventory provisioning [Abstract] | |
Schedule of Impairment Charges and Inventory Provisioning | The impact of the above items on the statement of operations for the year ended December 31, 2017 was as follows: US$’000 Selling, general & administration expenses Impairment of PP&E (note 12) 10,437 Impairment of goodwill and other intangible assets (note 13) 29,667 Impairment of prepayments (note 17) 1,651 Total impairment loss before tax 41,755 Income tax impact of impairment loss (517 ) Total impairment loss after tax 41,238 The impact of impairment charges and inventory provisioning on the statement of operations for the year ended December 31, 2016 was as follows: Impairment charges US$’000 Product Cull US$’000 Total US$‘000 Selling, general & administration expenses Impairment of PP&E (note 12) 4,382 — 4,382 Impairment of goodwill and other intangible assets (note 13) 38,240 — 38,240 Impairment of prepayments (note 17) 757 — 757 Product discontinuation (note 16) — 4,786 4,786 Total impairment loss and inventory provisioning costs before tax 43,379 4,786 48,165 Income tax impact of impairment loss and inventory provisioning costs (3,094 ) (689 ) (3,783 ) Total impairment loss and inventory provisioning costs after tax 40,285 4,097 44,382 |
PERSONNEL EXPENSES (Tables)
PERSONNEL EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |
Schedule of Personnel Expenses | December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Wages and salaries 26,316 25,901 24,531 Social welfare costs 2,424 2,542 2,418 Pension costs 459 552 711 Share-based payments 928 1,414 1,550 Restructuring costs - 1,276 — 30,127 31,685 29,210 |
Schedule of Persons Employed by the Group in the Financial Year | The average number of persons employed by the Group in the financial year was 556 (2016: 582) (2015: 555) and is analysed into the following categories: December 31, 2017 December 31, 2016 December 31, 2015 Research and development 60 73 69 Administration and sales 162 161 156 Manufacturing and quality 334 348 330 556 582 555 |
INCOME TAX (CREDIT)_EXPENSE (Ta
INCOME TAX (CREDIT)/EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Creditexpense Schedule Of Overseas Tax Jurisdictions Details | |
Schedule of Charge for Tax | The charge for tax based on the profit comprises: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Current tax expense Irish Corporation tax (51 ) (240 ) (251 ) Foreign taxes (a) 358 222 472 Adjustment in respect of prior years 150 (271 ) 82 Total current tax (credit)/expense 457 (289 ) 303 Deferred tax expense Origination and reversal of temporary differences (see Note 14) (5,969 ) (2,872 ) 2,411 Origination and reversal of net operating losses (see Note 14) 4,298 (396 ) (1,958 ) Total deferred tax (credit)/expense (1,671 ) (3,268 ) 453 Total income tax (credit)/charge on continuing operations in statement of operations (1,214 ) (3,557 ) 756 (a) The foreign taxes relate primarily to USA and Canada. (b) In 2017, there was a deferred tax credit of US$170,000 (2016: credit of US$1,804,000; 2015: charge of US$1,246,000) recognised in respect of Ireland and a deferred tax credit of US$1,501,000 (2016: US$1,464,000 credit; 2015: US$793,000 credit) recognised in respect of overseas tax jurisdictions. Effective tax rate December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Profit/(Loss) before taxation (39,875 ) (42,140 ) 22,943 As a percentage of profit/loss before tax: Current tax 1.14 % (0.69 )% 1.32 % Total (current and deferred) (3.05 )% (8.44 )% 3.30 % |
Schedule of Overseas Tax Jurisdictions | Effective tax rate December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Profit/(Loss) before taxation (39,875 ) (42,140 ) 22,943 As a percentage of profit/loss before tax: Current tax 1.14 % (0.69 )% 1.32 % Total (current and deferred) (3.05 )% (8.44 )% 3.30 % |
Schedule of Statutory Tax Rate | The following table reconciles the applicable Republic of Ireland statutory tax rate to the effective total tax rate for the Group: December 31, 2017 December 31, 2016 December 31, 2015 Irish corporation tax (12.5 )% (12.5 )% 12.5 % Effect of current year net operating losses and temporary differences for which no deferred tax asset was recognised (a) 12.05 % 6.22 % (1.94 )% Effect of changes in US tax code (b) (1.89 )% - - Effect of tax rates on overseas earnings (2.09 )% (1.39 )% (1.34 )% Effect of Irish income taxable at higher tax rate - 0.05 % 0.06 % Adjustments in respect of prior years 0.38 % (0.64 )% 2.53 % R&D tax credits (c) (0.17 )% (0.65 )% (3.98 )% Other items (d) 1.17 % 0.47 % (4.53 )% Effective tax rate (3.05 )% (8.44 )% 3.30 % (a) The effect of current year net operating losses and temporary differences for which no deferred tax asset was recognized is analyzed further in the table below (see also Note 14). No deferred tax asset was recognized because there was no reversing deferred tax liability in the same jurisdiction reversing in the same period and no future taxable income in the same jurisdiction. (b) In 2017, a number of changes were made to the USA tax code, the most significant of which was the reduction in the federal corporation tax rate to 21%. This resulted in a once-off tax credit of US$753,000 arising from the reduction in deferred tax balances due to the tax rate change, partially offset by the effect of mandatory deemed repatriation of certain deferred foreign earnings. (c) A lower amount of R&D tax credits has been recorded in 2017 compared to prior years because several of the R&D projects in Ireland are at an advanced stage where they no longer qualify for such a tax credit. (d) Other items comprise items not chargeable to tax/expenses not deductible for tax. In 2017, other items mainly comprise the movement in the Loan Note’s embedded derivatives value and the accretion of notional interest on the Loan Note’s host contract, both of which are exempt from deferred taxation recognition under IAS 12, Income Taxes |
Schedule of Unrecognised Deferred Tax Assets | Unrecognised deferred tax assets – continuing operations Effect in 2017 US$’000 Percentage effect in 2017 Effect in 2016 US$’000 Percentage effect in 2016 Temporary differences arising in the US 68 0.17 % 2 0.01 % (Decrease)/increase in net operating losses arising in Brazil (714 ) (1.79 )% 1,670 3.96 % Net operating losses arising in Ireland 5,452 13.67 % 947 2.25 % 4,806 12.05 % 2,619 6.22 % |
Schedule of (Loss)/Profit Before Taxes | The distribution of (loss) / profit before taxes by geographical area was as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Rest of World – Ireland (35,821 ) (23,787 ) 18,232 Rest of World – Other 4,809 5,241 5,378 Americas (8,863 ) (23,594 ) (667 ) (39,875 ) (42,140 ) 22,943 |
Schedule of Unutilised Net Operating Losses | At December 31, 2017, the Group had unutilised net operating losses as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 USA 7,737 8,896 11,026 Ireland 57,206 40,652 22,609 Brazil 4,060 6,159 1,245 69,003 55,707 34,880 |
Schedule of Unused Tax Losses and Unused Tax Credits | At December 31, 2017, the Group had unrecognised deferred tax assets in respect of unused tax losses and unused tax credits as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 US – unused tax credits 345 277 275 Brazil – unused tax losses 1,380 2,094 423 Ireland – unused tax losses 8,471 3,019 724 Unrecognised deferred tax asset 10,196 5,390 1,422 |
LOSS FOR THE YEAR ON DISCONTI49
LOSS FOR THE YEAR ON DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of loss on discontinued operations [Abstract] | |
Schedule of Loss on Remeasurement of Assets and Liabilities | The operating loss for the Cardiac point-of-care tests operation in Sweden and the loss on remeasurement of its assets and liabilities are summarised as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Revenues — — — Operating expenses — (827 ) (58 ) Operating loss — (827 ) (58 ) Interest expenses — (5 ) (9 ) Loss from discontinued operations before tax — (832 ) (67 ) Income tax credit/(expense) — 186 (324 ) Loss for the year — (646 ) (391 ) Loss on remeasurement of assets and liabilities: Property, plant and equipment (note 12) — (4,647 ) — Goodwill and intangible assets (note 13) — (49,433 ) — Inventories — (2,578 ) — Closure costs 1,794 (5,846 ) — Foreign currency translation reserve (3,080 ) (3,779 ) — Taxation (323 ) 4,887 — Total loss (1,609 ) (61,396 ) — Loss for the year from discontinued operations (1,609 ) (62,042 ) (391 ) |
Schedule of Earnings Per ADS for Discontinued Operations | December 31, December 31, December 31, Basic (loss)/earnings per ADS (US Dollars) – discontinued operations (0.07 ) (2.70 ) (0.02 ) Diluted (loss)/earnings per ADS (US Dollars) – discontinued operations (0.07 ) (2.70 ) (0.02 ) Basic (loss)/earnings per ‘A’ share (US Dollars) – discontinued operations (0.02 ) (0.68 ) (0.004 ) Diluted (loss)/earnings per ‘A’ share (US Dollars) – discontinued operations (0.02 ) (0.68 ) (0.004 ) |
Schedule of Cash Flows Attributable to Discontinued Operations | The cash flows attributable to discontinued operations are as follows: December 31, December 31, December 31, Cash flows from operating activities (2,847 ) (1,623 ) (11,135 ) Cash flows from investing activities - (8,989 ) (10,802 ) |
(LOSS)_EARNINGS PER SHARE (Tabl
(LOSS)/EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Schedule of Basic Earnings Per Ordinary Share | As at December 31, 2017, this amounted to 86,486,409 shares (2016: 91,858,813 shares) (2015: 92,647,091 shares). December 31, December 31, December 31, ‘A’ ordinary shares 86,486,409 91,858,813 92,647,091 Basic earnings per share denominator 86,486,409 91,858,813 92,647,091 Reconciliation to weighted average earnings per share denominator: Number of ‘A’ ordinary shares at January 1 (Note 20) 96,162,410 95,840,138 94,308,358 Weighted average number of shares issued during the year* - 120,396 974,161 Weighted average number of treasury shares (9,676,001 ) (4,101,721 ) (2,635,428 ) Basic earnings per share denominator 86,486,409 91,858,813 92,647,091 *The weighted average number of shares issued during the year is calculated by taking the number of shares issued multiplied by the number of days in the year each share is in issue, divided by 365 days. |
Schedule of Diluted Earnings Per Ordinary Share | The basic weighted average number of ordinary shares for the Group may be reconciled to the number used in the diluted earnings per ordinary share calculation as follows: December 31, 2017 December 31, 2016 December 31, 2015 Basic earnings per share denominator (see above) 86,486,409 91,858,813 92,647,091 Issuable on exercise of options and warrants - 315,019 1,700,733 Issuable on conversion of exchangeable notes 21,023,770 21,023,766 15,283,348 Diluted earnings per share denominator 107,510,179 113,197,598 109,631,172 |
Schedule of Profit After Tax Diluted Earnings Per Ordinary Share Calculation | The profit/(loss) after tax for the year may be reconciled to the amount used in the diluted earnings per ordinary share calculation as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 (Loss)/Profit after tax for the year (40,270 ) (100,625 ) 21,796 Non-cash financial income (2,390 ) (2,270 ) (13,020 ) Cash interest expense 4,600 4,600 3,348 Non-cash interest on exchangeable notes 723 718 534 Adjusted (loss)/profit after tax (37,337 ) (97,577 ) 12,658 |
Schedule of Basic Earning per ADS | December 31, 2017 December 31, 2016 December 31, 2015 ADS 21,621,602 22,964,703 23,161,773 Basic earnings per share denominator 21,621,602 22,964,703 23,161,773 Reconciliation to weighted average earnings per share denominator: Number of ADS at January 1 (Note 20) 24,040,602 23,960,035 23,577,090 Weighted average number of shares issued during the year* - 30,098 243,540 Weighted average number of treasury shares (2,419,000 ) (1,025,430 ) (658,857 ) Basic earnings per share denominator 21,621,602 22,964,703 23,161,773 Diluted earnings per ADS for the Group is computed by dividing the adjusted loss after taxation of US$37,337,000 (2016: loss of US$97,577,000) (2015: profit of US$12,658,000) for the financial year, by the diluted weighted average number of ADS in issue of 26,877,545 (2016: 28,299,400) (2015: 27,407,793). |
Schedule of Diluted Earning per ADS | The basic weighted average number of ADS shares for the Group may be reconciled to the number used in the diluted earnings per ADS share calculation as follows: December 31, 2017 December 31, 2016 December 31, 2015 Basic earnings per share denominator (see above) 21,621,602 22,964,703 23,161,773 Issuable on exercise of options and warrants - 78,755 425,183 Issuable on conversion of exchangeable notes 5,255,942 5,255,941 3,820,837 Diluted earnings per share denominator 26,877,544 28,299,399 27,407,793 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | Freehold land and buildings US$‘000 Leasehold improvements US$‘000 Computers, fixtures and fittings US$‘000 Plant and equipment US$‘000 Total US$‘000 Cost At January 1, 2016 2,581 2,899 5,873 31,720 43,073 Other additions 8 143 391 4,735 5,277 Disposals or retirements — — (257 ) (268 ) (525 ) Exchange adjustments 14 (11 ) (12 ) 297 288 At December 31, 2016 2,603 3,031 5,995 36,484 48,113 At January 1, 2017 2,603 3,031 5,995 36,484 48,113 Other additions — 465 302 4,491 5,258 Disposals or retirements (9 ) (488 ) (404 ) (3,083 ) (3,984 ) Exchange adjustments 30 (4 ) 1 3 30 At December 31, 2017 2,624 3,004 5,894 37,895 49,417 Accumulated depreciation and impairment losses At January 1, 2016 (1,123 ) (2,527 ) (4,828 ) (13,936 ) (22,414 ) Charge for the year (82 ) (144 ) (367 ) (2,980 ) (3,573 ) Impairment loss — (53 ) (109 ) (8,867 ) (9,029 ) Disposals or retirements — — 234 253 487 Exchange adjustments (1 ) 8 6 (194 ) (181 ) At December 31, 2016 (1,206 ) (2,716 ) (5,064 ) (25,724 ) (34,710 ) At January 1, 2017 (1,206 ) (2,716 ) (5,064 ) (25,724 ) (34,710 ) Charge for the year (82 ) (165 ) (263 ) (1,914 ) (2,424 ) Impairment loss — (267 ) (383 ) (9,787 ) (10,437 ) Disposals or retirements 9 488 402 3,062 3,961 Exchange adjustments (4 ) 1 — (4 ) (7 ) At December 31, 2017 (1,283 ) (2,659 ) (5,308 ) (34,367 ) (43,617 ) 7 Carrying amounts At December 31, 2017 1,341 345 586 3.,528 5,800 At December 31, 2016 1,397 315 931 10,760 13,403 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Schedule Of Significant Goodwill And Intangible Assets Details | |
Schedule of Goodwill and Intangible Assets | Goodwill US$‘000 Development costs US$‘000 Patents and licences US$‘000 Other US$‘000 Total US$‘000 Cost At January 1, 2016 82,112 109,443 9,968 33,624 235,147 Other additions — 17,431 — 77 17,508 Exchange adjustments (423 ) (255 ) (43 ) — (721 ) At December 31, 2016 81,689 126,619 9,925 33,701 251,934 At January 1, 2017 81,689 126,619 9,925 33,701 251,934 Other additions — 10,402 22 — 10,424 Disposals (15 ) (15 ) Reclassification — (132 ) — 132 — Exchange adjustments — 29 — — (29 ) At December 31, 2017 81,689 136,918 9,947 33,818 262,372 Accumulated amortisation and Impairment losses At January 1, 2016 (29,426 ) (20,199 ) (6,280 ) (17,884 ) (73,789 ) Charge for the year — (1,259 ) (86 ) (1,628 ) (2,973 ) Impairment losses (26,489 ) (58,195 ) (2,948 ) (41 ) (87,673 ) Exchange adjustments — — (224 ) — (224 ) At December 31, 2016 (55,915 ) (79,653 ) (9,538 ) (19,553 ) (164,659 ) At January 1, 2017 (55,915 ) (79,653 ) (9,538 ) (19,553 ) (164,659 ) Charge for the year — (1,708 ) (17 ) (1,578 ) (3,303 ) Disposals — — — 8 8 Impairment losses (7,876 ) (20,782 ) (173 ) (836 ) (29,667 ) Exchange adjustments — 3 — — 3 At December 31, 2017 (63,791 ) (102,140 ) (9,728 ) (21,959 ) (197,618 ) Carrying amounts At December 31, 2017 17,898 34,778 219 11,859 64,754 At December 31, 2016 25,774 46,966 387 14,148 87,275 |
Schedule of Principal Development Projects | The following represents the costs incurred during each period presented for each of the principal development projects: Product Name 2017 US$’000 2016 US$’000 Premier Instrument for Haemoglobin A1c testing 1 2,601 2,810 HIV screening rapid test 1,514 1,085 US Lyme 1,156 1,003 Uni-gold test enhancement 1,134 1,154 G-6-PDH test 812 - Tri-stat Point-of-Care instrument 764 678 Sjogrens monoclonal antibodies 376 166 HIV screening Africa 289 650 Autoimmune FDA registrations 273 341 Uni-Gold antigen improvement 258 287 Premier Resolution 252 259 Brain Natriuretic Peptide (BNP) assay - 2,904 Troponin I assay and reader - 1,932 Cardiac analyser - 1,056 Enhanced TPHA/CMV - 810 Malaria Point-of-Care test - 411 D-Dimer development - 332 Other projects with spend less than US$250,000 in 2017 973 1,553 Total capitalised development costs 10,402 17,431 1 The Premier project entails the development of a High Performance Liquid Chromotography (HPLC) instrument for testing |
Schedule of Impairment Loss Recorded on Discontinued Assets | The table below sets forth the impairment loss recorded for each of the CGU’s at December 31, 2017. US$’000 Trinity Biotech Manufacturing Limited 32,561 Immco Diagnostics Inc. 1,094 Clark Laboratories Inc. 978 Mardx Diagnostic Inc. 4,690 Phoenix Bio-tech Corp 1,801 Biopool US Inc. 631 Total impairment loss 41,755 |
Schedule of Impairment Loss for Each Class of Asset | The table below sets forth the breakdown of the impairment loss for each class of asset at December 31, 2017: US$’000 Goodwill and other intangible assets (see note 13) 29,667 Property, plant and equipment (see note 12) 10,437 Prepayments (see note 17) 1,651 Total impairment loss 41,755 |
Schedule of Impairment Loss of Intangible Assets | The impairment loss at December 31, 2017 allocated to goodwill arose on the following CGUs: US$’000 Mardx Diagnostic Inc. 3,572 Phoenix Bio-tech Corp. 1,801 Clark Laboratories Inc. 978 Immco Diagnostics Inc. 1,094 Blood bank screening business 431 Total impairment loss allocated to goodwill 7,876 |
Schedule of Significant Goodwill | The additional disclosures required for the CGU with significant goodwill are as follows: Fitzgerald Industries December 31, December 31, Carrying amount of goodwill (US$’000) 12,592 12,592 Discount rate applied (real pre-tax) 17.70 % 13.56 % Excess value-in-use over carrying amount (US$’000) 8,397 17,762 % EBITDA would need to decrease for an impairment to arise 30.4 % 46.8 % Long-term growth rate 2.0 % 2.0 % |
Schedule of Internal and External Factors Based on Historical Experience | The assumptions and estimates used are specific to the individual CGU and were derived from a combination of internal and external factors based on historical experience. Intangible Assets with Indefinite Useful lives (included in other intangibles) December 31, 2017 US$‘000 December 31, 2016 US$‘000 Fitzgerald Industries International CGU Fitzgerald trade name 970 970 RDI trade name 560 560 Primus Corporation CGU Primus trade name 670 670 Immco Diagnostic CGU Immco Diagnostic trade name 3,393 3,393 Total 5,593 5,593 |
DEFERRED TAX ASSETS AND LIABI53
DEFERRED TAX ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of deferredc tax assets and liabilities [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities of the Group are attributable to the following: Assets Liabilities Net 2017 2016 2017 2016 2017 2016 Property, plant and equipment 448 — (98 ) (574 ) 350 (574 ) Intangible assets — — (9,443 ) (16,430 ) (9,443 ) (16,430 ) Inventories 1,006 897 — — 1,006 897 Provisions 3,510 5,701 — — 3,510 5,701 Other items 2,109 2,035 (1,291 ) (1,357 ) 818 678 Tax value of loss carryforwards recognised 1,625 5,923 — — 1,625 5,923 Deferred tax assets/(liabilities) 8,698 14,556 (10,832 ) (18,361 ) (2,134 ) (3,805 ) |
Schedule of Deferred Tax Assets Not Recognised | Deferred tax assets have not been recognised by the Group in respect of the following items: December 31, December 31, US$’000 US$’000 Capital losses 8,293 8,293 Net operating losses 61,264 23,630 US state credit carryforwards 345 277 69,902 32,200 |
Schedule of Unrecognised Deferred Tax Assets | The movement in the unrecognised deferred tax assets during the year ended December 31, 2017 is analysed as follows: Movement in unrecognised deferred tax assets Increase / US$’000 Applicable tax rate % Tax US$’000 US state credit carryforwards 68 n/a 68 Net operating losses Brazil (2,100 ) 34 % (714 ) Net operating losses Ireland 39,734 12.5% -25 % 5,452 Total – continuing operations 37,702 4,806 |
Schedule of Unrecognised Deferred Tax Liabilities | Balance January, 1 Recognised Recognised Foreign Balance December 31, US$’000 US$’000 US$’000 US$’000 US$’000 Property, plant and equipment (574 ) 924 — — 350 Intangible assets (16,430 ) 6,987 — — (9,443 ) Inventories 897 109 — — 1,006 Provisions 5,701 (2,191 ) — — 3,510 Other items 678 140 — — 818 Tax value of loss carryforwards recognised 5,923 (4,298 ) — — 1,625 (3,805 ) 1,671 — — (2,134 ) Balance January, 1 Recognised Recognised Foreign Balance December 31, US$’000 US$’000 US$’000 US$’000 US$’000 Property, plant and equipment (830 ) 256 — — (574 ) Intangible assets (22,319 ) (214 ) 6,036 67 (16,430 ) Inventories 1,015 (118 ) — — 897 Provisions 2,960 2,741 — — 5,701 Other items 471 207 — — 678 Tax value of loss carryforwards recognised 6,676 396 (1,149 ) — 5,923 (12,027 ) 3,268 4,887 67 (3,805 ) |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other assets [Abstract] | |
Schedule of Other Assets | December 31, 2017 US$‘000 December 31, 2016 US$‘000 Finance lease receivables (see Note 17) 685 788 Other assets 86 82 771 870 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Classes of current inventories [abstract] | |
Schedule of Inventories | December 31, 2017 US$‘000 December 31, 2016 US$‘000 Raw materials and consumables 10,345 9,176 Work-in-progress 7,236 7,288 Finished goods 15,224 16,125 32,805 32,589 |
Schedule of Movement on Inventory Provision | The movement on the inventory provision for the three year period to December 31, 2017 is as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, US$‘000 Opening provision at January 1 10,017 4,822 4,636 Charged during the year 2,561 6,390 892 Utilised during the year (4,749 ) (1,065 ) (666 ) Released during the year (286 ) (130 ) (40 ) Closing provision at December 31 7,543 10,017 4,822 |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Trade and other receivables [abstract] | |
Schedule of Trade and Other Receivables | December 31, 2017 US$‘000 December 31, 2016 US$‘000 Trade receivables, net of impairment losses 17,242 18,340 Prepayments 2,998 3,634 Value added tax - 69 Finance lease receivables 500 542 20,740 22,585 |
Schedule of Future Minimum Finance Lease Receivables | The Group leases instruments as part of its business. Future minimum finance lease receivables with non-cancellable terms are as follows: December 31, 2017 US$‘000 Gross investment Unearned income Minimum payments receivable Less than one year 860 360 500 Between one and five years (Note 15) 1,204 519 685 2,064 879 1,185 December 31, 2016 US$‘000 Gross investment Unearned income Minimum payments receivable Less than one year 949 407 542 Between one and five years (Note 15) 1,388 600 788 2,337 1,007 1,330 |
Schedule of Future Minimum Rentals Receivable Under Non-Cancellable Operating Leases | Future minimum rentals receivable under non-cancellable operating leases are as follows: December 31, 2017 US$‘000 Instruments Total Less than one year 3,959 3,959 Between one and five years 90 90 4,049 4,049 December 31, 2016 US$‘000 Instruments Total Less than one year 3,671 3,671 Between one and five years 184 184 3,855 3,855 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | December 31, 2017 US$’000 December 31, 2016 US$’000 Cash at bank and in hand 9,561 9,845 Short-term deposits 14,003 67,264 Cash and cash equivalents 23,564 77,109 |
SHORT-TERM INVESTMENTS (Tables)
SHORT-TERM INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of short-term investments [Abstract] | |
Schedule of Short-Term Investments | As of 31, December 2017, the short-term investments are deposits amounting to US$34,043,000 (2016: all deposits matured within six months of the year end date and were classified as cash and cash equivalents). December 31, 2017 US$’000 December 31, 2016 US$’000 Investments (deposits) 34,043 - |
CAPITAL AND RESERVES (Tables)
CAPITAL AND RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Share Capital | Class ‘A’ Class ‘A’ In thousands of shares 2017 2016 In issue at January 1 96,162 95,840 Issued for cash - 322 In issue at December 31 96,162 96,162 ADS ADS In thousands of ADSs 2017 2016 Balance at January 1 24,041 23,960 Issued for cash - 81 Balance at December 31 24,041 24,041 Class ‘A’ Class ‘A’ In thousands of shares 2017 2016 Balance at January 1 7,073 2,635 Purchased during the year 5,375 4,438 Balance at December 31 12,448 7,073 ADS Treasury shares ADS In thousands of ADSs 2017 2016 Balance at January 1 1,768 659 Purchased during the year 1,344 1,109 Balance at December 31 3,112 1,768 |
SHARE OPTIONS AND SHARE WARRA60
SHARE OPTIONS AND SHARE WARRANTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of share options and share warrants [Abstract] | |
Schedule of Grants of Share Options and Warrants | The number and weighted average exercise price of share options and warrants per ordinary share is as follows (as required by IFRS 2, this information relates to all grants of share options and warrants by the Group): Options and Weighted- US$ Range US$ ‘A’ Ordinary Per ‘A’ Ordinary Share Per ‘A’ Ordinary Outstanding January 1, 2015 9,291,652 3.20 0.66 –4.79 Granted 976,000 3.20 2.71 –4.47 Exercised (1,602,000 ) 1.95 1.07 –4.21 Forfeited (507,200 ) 3.96 2.50 –4.79 Outstanding at end of year 8,158,452 3.36 0.66 –4.47 Exercisable at end of year 4,679,323 3.03 0.66 –4.23 Outstanding January 1, 2016 8,158,452 3.36 0.66 –4.47 Granted 2,160,000 2.39 1.67 –2.80 Exercised (322,272 ) 2.09 0.66 –2.65 Forfeited (165,997 ) 3.39 2.52 –3.61 Outstanding at end of year 9,830,183 3.19 0.66 –4.47 Exercisable at end of year 5,838,851 3.31 0.75 –4.23 Outstanding January 1, 2017 9,830,183 3.19 0.66 –4.47 Granted 5,630,000 1.31 1.24 –1.44 Exercised - - - Forfeited (4,732,807 ) 3.86 0.75 –4.47 Outstanding at end of year 10,727,376 1.92 1.24 –4.36 Exercisable at end of year 3,268,707 2.57 1.66 –4.36 Options and Weighted- US$ Range US$ ‘ADS’ Equivalent Per ‘ADS’ Per ‘ADS’ Outstanding January 1, 2015 2,322,913 12.80 2.63 –19.15 Granted 244,000 12.80 10.84 –17.88 Exercised (400,500 ) 7.80 4.28 –16.84 Forfeited (126,800 ) 15.84 10.00 –19.16 Outstanding at end of year 2,039,613 13.44 2.63 –17.88 Exercisable at end of year 1,169,831 12.12 2.63 –16.92 Outstanding January 1, 2016 2,039,613 13.44 2.63 –17.88 Granted 540,000 9.57 6.69 –11.20 Exercised (80,568 ) 8.35 2.64 –10.61 Forfeited (41,499 ) 13.58 10.08 –14.44 Outstanding at end of year 2,457,546 13.43 2.64 –17.88 Exercisable at end of year 1,459,713 13.24 3.00 –16.92 Outstanding January 1, 2017 2,457,546 12.74 2.64 - 17.88 Granted 1,407,500 5.25 4.95 – 5.75 Exercised - - - Forfeited (1,183,202 ) 10.26 3.00 –17.88 Outstanding at end of year 2,681,844 7.69 4.96–17.44 Exercisable at end of year 817,179 10.29 6.64 –17.45 |
Summary of Range of Prices of Stock Options | A summary of the range of prices for the Company’s stock options for the year ended December 31, 2017 follows: Outstanding Exercisable Exercise price range No. of options ‘A’ ordinary shares Weighted– average exercise price Weighted- average contractual life remaining (years) No. of options ‘A’ ordinary shares Weighted– average exercise price Weighted- average contractual life remaining (years) US$1.00-US$2.05 6,075,644 1.38 6.52 215,652 1.69 2.57 US$2.06- US$2.99 4,333,732 2.52 3.20 2,861,061 2.53 2.20 US$3.00 -US$4.47 318,000 4.21 3.95 192,002 4.21 3.92 10,727,376 3,268,715 Outstanding Exercisable Exercise price range No. of options ‘ADS equivalent’ Weighted– average exercise price Weighted- average contractual life remaining (years) No. of options ‘ADS equivalent’ Weighted– average exercise price Weighted- average contractual life remaining (years) US$4.00-US$8.20 1,518,911 5.52 6.52 53,913 6.76 2.57 US$8.24- US$11.96 1,083,433 10.08 3.20 715,265 10.12 2.20 US$12.00 -US$17.88 79,500 16.84 3.95 48,001 16.84 3.92 2,681,844 817,179 The weighted-average remaining contractual life of options outstanding at December 31, 2017 was 5.10 years (2016: 4.16 years). A summary of the range of prices for the Company’s stock options for the year ended December 31, 2016 follows: Outstanding Exercisable Exercise price range No. of options ‘A’ ordinary shares Weighted– average exercise price Weighted- average contractual life remaining (years) No. of options ‘A’ ordinary shares Weighted– average exercise price Weighted- average contractual life remaining (years) US$0.66-US$0.99 14,000 0.80 1.70 14,000 0.80 1.70 US$1.00-US$2.05 801,652 1.63 2.71 571,652 1.59 1.01 US$2.06- US$2.99 4,776,531 2.54 4.29 2,230,534 2.54 2.20 US$3.00 -US$4.47 4,238,000 4.22 4.21 3,022,665 4.21 3.89 9,830,183 5,838,851 Outstanding Exercisable Exercise price range No. of options ‘ADS equivalent’ Weighted– average exercise price Weighted- average contractual life remaining (years) No. of options ‘ADS equivalent’ Weighted– average exercise price Weighted- average contractual life remaining (years) US$2.63-US$3.96 3,500 3.20 1.70 3,500 3.20 1.70 US$4.00-US$8.20 200,413 6.52 2.71 142,913 6.36 1.01 US$8.24- US$11.96 1,194,133 10.16 4.29 557,634 10.16 2.20 US$12.00 -US$17.88 1,059,500 16.88 4.21 755,666 16.84 3.89 2,457,546 1,459,713 |
Schedule of Fair Value of the Options Vesting Period | The fair value of the options is expensed over the vesting period of the option. US$928,000 was charged to the statement of operations in 2017, (2016: US$1,381,446), (2015: US$1,550,000) split as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 December 31, 2015 US$‘000 Share-based payments – cost of sales 35 32 9 Share-based payments – selling, general and administrative 893 1,349 1,541 Total – continuing operations 928 1,381 1,550 Share-based payments – discontinued operations - 33 — Total 928 1,414 1,550 |
Schedule of Assumption Determining Fair Value of Share Options | The estimate of the fair value of services received is measured based on a trinomial model. The following are the input assumptions used in determining the fair value of share options granted in 2017, 2016 and 2015: Key management personnel Other employees Key management personnel Other employees Key management personnel Other employees 2017 2017 2016 2016 2015 2015 Weighted average fair value at measurement date per ‘A’ share / (per ADS) US$0.43 / (US$1.72) US$0.44 / (US$1.76) US$0.58 / (US$2.32) US$0.57 / (US$2.28) Nil US$0.68 / (US$2.72) Total ‘A’ share options granted / (ADS’s equivalent) 5,150,000 / 480,000 / (120,000) 1,700,000 / 460,000 / (115,000) Nil 976,000 / (244,000) Weighted average share price per ‘A’ share / (per ADS) US$1.34 / US$1.31 / US$2.43 / US$2.25 / Nil US$3.20 / Weighted average exercise price per ‘A’ share / (per ADS) US$1.34 / US$1.31 / US$2.43 / US$2.25 / Nil US$3.20 / Weighted average expected volatility 40.62% 40.48% 29.63% 36.73% Nil 29.27% Weighted average expected life 4.45 4.69 4.81 3.74 Nil 3.73 Weighted average risk free interest rate 1.59% 1.91% 1.21% 1.29% Nil 1.46% Expected dividend yield 0.81% 0.81% 1.14% 0.96% Nil 1.14% |
TRADE AND OTHER PAYABLES (Table
TRADE AND OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Trade and other current payables [abstract] | |
Schedule of Trade and Other Payables | December 31, 2017 US$’000 December 31, 2016 US$’000 Trade payables 8,045 9,017 Payroll taxes 423 489 Employee related social insurance 151 416 Accrued liabilities 11,618 10,877 Deferred income 278 224 Restructuring accrual - 3,734 20,515 24,757 |
PROVISIONS (Tables)
PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Provisions [abstract] | |
Schedule of Provisions | December 31, 2017 US$’000 December 31, 2016 US$’000 Provisions 50 75 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Borrowings [abstract] | |
Schedule of Exchangeable Notes | The first date on which holders can exercise their put option is April 1, 2022. If the put option is exercised, the issuer has to repurchase the notes at par. The embedded derivatives are summarised as follows: December 31, 2017 US$’000 December 31, 2016 US$’000 Non-current assets Exchangeable note bond call option 360 — Non-current liabilities Exchangeable note equity conversion option 440 3,970 Exchangeable note bond put option 1,790 290 2,230 4,260 Total value of embedded derivatives – net liability 1,870 4,260 |
Schedule of Carrying Value of Exchangeable Senior Notes | Subsequently, the host debt instrument is measured at amortised cost using the effective interest rate method. The carrying value of exchangeable senior notes is calculated as follows: December 31, 2017 US$’000 December 31, 2016 US$’000 Balance at 1 January 92,232 91,514 Accretion interest 723 718 92,955 92,232 December 31, 2017 US$’000 December 31, 2016 US$’000 Exchangeable senior notes 92,955 92,232 Total value of embedded derivatives – liability 2,230 4,260 Total non-current liabilities 95,185 96,492 |
FINANCE LEASE LIABILITIES (Tabl
FINANCE LEASE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of finance lease liabilities [Abstract] | |
Schedule of Carrying Values of Finance Lease Liabilities | Finance leases are secured by the related assets held under the finance lease, and the carrying values of finance lease liabilities at December 31, 2017 are as follows: December 31, 2017 US$’000 December 31, 2016 US$’000 Current liabilities Finance lease liabilities 354 273 354 273 Non-current liabilities 532 732 Finance lease liabilities 532 732 |
Schedule of Finance Lease Liabilities Payable | Finance lease liabilities are payable as follows: December 31, 2017 US$’000 Minimum lease payments Interest Principal Less than one year 387 33 354 In more than one year, but not more than two 381 17 364 In more than two years but not more than five 170 2 168 938 52 886 December 31, 2016 US$’000 Minimum lease payments Interest Principal Less than one year 313 40 273 In more than one year, but not more than two 313 27 286 In more than two years but not more than five 462 16 446 1,088 83 1,005 |
Schedule of Outstanding Interest Bearing Loans and Borrowings | The terms and conditions of outstanding interest bearing loans and borrowings at December 31, 2017 are as follows: Facility Currency Nominal interest Year of maturity Fair Value Carrying Value Finance lease liabilities Euro 4.54 % 2020 835 835 Finance lease liabilities USD 5.51 % 2019 51 51 Total interest-bearing loans and borrowings 886 886 The terms and conditions of outstanding interest bearing loans and borrowings at December 31, 2016 were as follows: Facility Currency Nominal interest Year of maturity Fair Value Carrying Value Finance lease liabilities Euro 4.54 % 2020 1,005 1,005 Total interest-bearing loans and borrowings 1,005 1,005 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of commitments and contingencies [Abstract] | |
Schedule of Future Minimum Operating Lease Commitments with Non-Cancellable | Future minimum operating lease commitments with non-cancellable terms in excess of one year are as follows: Year ended 2017 Operating leases US$’000 2018 2,693 2019 2,409 2020 1,947 2021 1,776 2022 1,654 Later years 11,660 Total lease obligations 22,139 Year ended 2016 Operating leases US$’000 2017 3,215 2018 2,483 2019 2,183 2020 1,855 2021 1,261 Later years 11,451 Total lease obligations 22,448 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Compensation | Compensation for the year ended December 31, 2017 of these personnel is detailed below: December 31, 2017 December 31, 2016 US$’000 US$’000 Short-term employee benefits 1,177 1,298 Performance related bonus 223 248 Post-employment benefits 44 41 Share-based compensation benefits 663 1,114 2,107 2,701 |
Schedule of Company's Shares and Share Option Plan | Directors’ and Company Secretary’s interests in the Company’s shares and share option plan ‘A’ Ordinary Shares Share options At January 1, 2017 5,719,706 7,655,004 Exercised — — Granted — 5,150,000 Expired — (315,000 ) Fortified — (3,720,000 ) At December 31, 2017 5,719,706 8,770,004 ‘A’ Ordinary Shares Share options At January 1, 2016 5,695,306 6,015,004 Exercised — (60,000 ) Granted — 1,700,000 Shares purchased during the year 24,400 — At December 31, 2016 5,719,706 7,655,004 |
DERIVATIVES AND FINANCIAL INS67
DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Interest Rate Risk Effective and Repricing Analysis | The following table sets out all interest-earning financial assets and interest bearing financial liabilities held by the Group at December 31, indicating their effective interest rates and the period in which they re-price: As at December 31, 2017 Note Effective interest Total US$’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$’000 Cash and cash equivalents 18 1.4 % 23,564 23,564 — — — — Short-term investments 19 1.4 % 34,043 — 34,043 — — — Finance lease receivable 17 4.0 % 1,185 267 233 333 352 — Licence payments 22 3.0 % (1,112 ) (1,112 ) — — — — Finance lease payable 25 4.6 % (886 ) (176 ) (178 ) (364 ) (168 ) — Exchangeable note 24 4.8 % (92,955 ) — — — — (92,955 ) Total (36,161 ) 22,543 34,098 (31 ) 184 (92,955 ) As at December 31, 2016 Note Effective Total US$’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$’000 Cash and cash equivalents 18 0.8 % 77,109 77,109 — — — — Finance lease receivable 17 4.1 % 1,330 289 253 392 396 — Licence payments 22 3.0 % (2,195 ) (1,112 ) (1,083 ) — — — Finance lease payable 25 4.5 % (1,005 ) (135 ) (138 ) (286 ) (446 ) — Exchangeable note 24 4.8 % (92,232 ) — — — — (92,232 ) Total (16,993 ) 76,151 (968 ) 106 (50 ) (92,232 ) |
Schedule of Interest Rate Profile of Financial Assets/Liabilities | The interest rate profile of financial assets/liabilities of the Group was as follows: December 31, 2017 US$‘000 December 31, 2016 US$‘000 Fixed rate instruments Fixed rate financial liabilities (licence fees) (1,112 ) (2,195 ) Fixed rate financial liabilities (exchangeable note) (92,955 ) (92,232 ) Fixed rate financial liabilities (finance lease payables) (886 ) (1,005 ) Financial assets (short-term deposits and short-term investments) 48,046 67,265 Financial assets (finance lease receivables) 1,185 1,330 Variable rate instruments Financial assets (cash and short-term deposits) 9,561 9,844 (36,161 ) (16,993 ) |
Schedule of Liquidity Risk Estimated Interest Payments of Maturities | The following are the contractual maturities of financial liabilities, including estimated interest payments: As at December 31, 2017 US$’000 Carrying US$’000 Contractual US$’000 6 mths or US$’000 6 mths – 12 mths US$’000 1-2 years US$’000 2-5 years US$’000 >5 years US$’000 Financial liabilities Trade & other payables 20,515 20,515 20,515 — — — — Exchangeable notes 92,955 115,000 — — — — 115,000 Exchangeable note interest 1,150 126,500 2,300 2,300 4,600 13,800 103,500 114,620 262,015 22,815 2,300 4,600 13,800 218,500 As at December 31, 2016 US$’000 Carrying US$’000 Contractual US$’000 6 mths or US$’000 6 mths – 12 mths US$’000 1-2 years US$’000 2-5 years US$’000 >5 years US$’000 Financial liabilities Trade & other payables 23,607 23,607 22,524 1,083 — — — Exchangeable notes 92,232 115,000 — — — — 115,000 Exchangeable note interest 1,150 131,100 2,300 2,300 4,600 13,800 108,100 116,989 269,707 24,824 3,383 4,600 13,800 223,100 |
Schedule of Foreign Currency Risk Short Term Financial Assets and Liabilities | Foreign currency short term financial assets and liabilities which expose the Group to currency risk are disclosed below. The amounts shown are those reported to key management translated into US Dollars at the closing rate: EUR GBP SEK CAD BRL Other As at December 31, 2017 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 Cash 235 443 5 2,107 443 16 Trade and other receivable 1,396 101 298 1,958 6 Trade and other payables (1,936 ) (16 ) (239 ) (86 ) (2,235 ) — Total exposure (305 ) 528 (234 ) 2,319 166 22 As at December 31, 2016 EUR GBP SEK CAD BRL Other US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 Cash 214 520 46 845 371 7 Trade and other receivable 852 157 68 414 1,103 — Trade and other payables (1,983 ) (29 ) (4,528 ) (85 ) (1,976 ) — Total exposure (917 ) 648 (4,414 ) 1,174 (502 ) 7 |
Schedule of Sensitivity Analysis | A 10% strengthening of the US Dollar against the Euro at December 31, 2017 would have increased profit and other equity by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. Profit or loss US$’000 December 31, 2017 Euro 2,158 December 31, 2016 Euro 1,093 A 10% weakening of the US Dollar against the Euro at December 31, 2017 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$’000 December 31, 2017 Euro (2,637 ) December 31, 2016 Euro (1,336 ) |
Schedule of Maximum Credit Exposure of Financial Assets | The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk is as follows: Carrying Value December 31, 2017 US$’000 Carrying Value December 31, 2016 US$’000 Third party trade receivables (Note 17) 17,242 18,340 Finance lease income receivable (Note 17) 1,185 1,330 Cash & cash equivalents (Note 18) 23,564 77,109 Short-term investments (Note 19) 34,043 — 76,034 96,779 |
Schedule of Exposure of Trade Receivables by Geographic Location | The maximum exposure to credit risk for trade receivables and finance lease income receivable by geographic location is as follows: Carrying Value Carrying Value December 31, 2016 US$’000 United States 8,682 10,201 Euro-zone countries 1,789 1,645 United Kingdom 185 252 Other European countries 21 10 Other regions 7,750 7,562 18,427 19,670 |
Schedule of Exposure of Trade Receivables by Customer | The maximum exposure to credit risk for trade receivables and finance lease income receivable by type of customer is as follows: Carrying Value December 31, 2017 US$’000 Carrying Value December 31, 2016 US$’000 End-user customers 8,200 11,882 Distributors 10,003 7,127 Non-governmental organisations 224 661 18,427 19,670 |
Schedule of Ageing of Trade Receivables | The ageing of trade receivables at December 31, 2017 is as follows: Gross Impairment Gross Impairment 2017 2017 2016 2016 US$’000 US$’000 US$’000 US$’000 Not past due 10,770 — 12,275 — Past due 0-30 days 3,190 31 2,741 8 Past due 31-120 days 1,906 50 1,807 67 Greater than 120 days 4,966 3,509 4,688 3,096 20,832 3,590 21,511 3,171 |
Schedule of Movement in Allowance for Impairment of Trade Receivables | The movement in the allowance for impairment in respect of trade receivables during the year was as follows: 2017 2016 2015 US$’000 US$’000 US$’000 Balance at January 1 3,171 2,812 2,205 Charged to costs and expenses 662 415 780 Amounts written off during the year (243 ) (56 ) (173 ) Balance at December 31 3,590 3,171 2,812 |
Schedule of Fair Values of Financial Assets/Liabilities | The table below sets out the Group’s classification of each class of financial assets/liabilities, their fair values and under which valuation method they are valued: Level 1 Level 2 Total carrying amount Fair Value Note US$'000 US$'000 US$'000 US$'000 December 31, 2017 Loans and receivables Trade receivables 17 17,242 — 17,242 17,242 Cash and cash equivalents 18 23,564 — 23,564 23,564 Short-term investments 19 34,043 — 34,043 34,043 Finance lease receivable 15,17 1,185 — 1,185 1,185 76,034 — 76,034 76,034 Liabilities at amortised cost Exchangeable note 24 — (92,955 ) (92,955 ) (92,955 ) Finance lease payable 25 (886 ) — (886 ) (886 ) Trade and other payables (excluding deferred income) 22 (20,237 ) — (20,237 ) (20,237 ) Provisions 23 (50 ) — (50 ) (50 ) (21,173 ) (92,955 ) (114,128 ) (114,128 ) Fair value through profit and loss (FVPL) Exchangeable note bond call option 24 — 360 360 360 Exchangeable note equity conversion option 24 — (440 ) (440 ) (440 ) Exchangeable note bond put option 24 — (1,790 ) (1,790 ) (1,790 ) — (1,870 ) (1,870 ) (1,870 ) 54,861 (94,825 ) (39,964 ) (39,964 ) For financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data Note Level 1 Level 2 Total Fair Value US$'000 December 31, 2016 Loans and receivables Trade receivables 17 18,340 — 18,340 18,340 Cash and cash equivalents 18 77,109 — 77,109 77,109 Finance lease receivable 15,17 1,330 — 1,330 1,330 96,779 — 96,779 96,779 Liabilities at amortised cost Exchangeable note 24 — (92,232 ) (92,232 ) (92,232 ) Finance lease payable 25 (1,005 ) — (1,005 ) (1,005 ) Trade and other payables (excluding deferred income) 22 (24,533 ) — (24,533 ) (24,533 ) Provisions 23 (75 ) — (75 ) (75 ) (25,613 ) (92,232 ) (117,845 ) (117,845 ) Fair value through profit and loss (FVPL) Exchangeable note bond call option 24 — — — — Exchangeable note equity conversion option 24 — (3,970 ) (3,970 ) (3,970 ) Exchangeable note bond put option 24 — (290 ) (290 ) (290 ) — (4,260 ) (4,260 ) (4,260 ) 71,166 (96,492 ) (25,326 ) (25,326 ) |
RECONCILIATION OF LIABILITIES68
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Schedule of Liabilities Arising from Financing Activities | The changes in the Group’s liabilities arising from financing activities can be classified as follows: Note Borrowings & derivative financial instruments Short-term lease liabilities Long-term lease liabilities Balance at 1 January 2017 24,25 96,492 273 732 Cash-flows: Interest paid (4,600 ) — — Repayment — (295 ) — Proceeds — 28 24 Non-cash: Interest charged 4,600 — — Exchange adjustment — 53 71 Accretion interest 723 — — Fair value (2,030 ) — — Reclassification — 295 (295 ) 24,25 98,185 354 532 Note Borrowings & derivative financial instruments Short-term lease liabilities Long-term lease liabilities Balance at 1 January 2016 102,734 271 1,042 Cash-flows: Interest paid (4,600 ) — — Repayment — (282 ) — Non-cash: Interest charged 4,600 — — Exchange adjustment — (5 ) (21 ) Accretion interest 718 — — Fair value (6,960 ) — — Reclassification — 289 (289 ) 24,25 96,492 273 732 |
BASIS OF PREPARATION AND SIGN69
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule of Owned Assets) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Leasehold improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of owned assets (In years) | 5-15 years |
Buildings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of owned assets (In years) | 50 years |
Office equipment and fittings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of owned assets (In years) | 10 years |
Computers, fixtures and fittings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of owned assets (In years) | 3-5 years |
Plant and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of owned assets (In years) | 5-15 years |
BASIS OF PREPARATION AND SIGN70
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule of Amortisation) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Capitalised development costs [Member] | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Estimated useful lives of intangible assets (In years) | 15 years |
Patents and licences [Member] | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Estimated useful lives of intangible assets (In years) | 6-15 years |
Intangible assets [Member] | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Estimated useful lives of intangible assets (In years) | 6-15 years |
SEGMENT INFORMATION (Narrative)
SEGMENT INFORMATION (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fiomi [Member] | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Interest expense from discontinued operations | $ 5 | $ 9 |
SEGMENT INFORMATION (Schedule o
SEGMENT INFORMATION (Schedule of Revenue by Geographical Area Based on Location of Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | $ 99,140 | $ 99,611 | $ 100,195 |
Inter-segment revenue | |||
Total revenue | 99,140 | 99,611 | 100,195 |
USA [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | 66,092 | 63,889 | 60,431 |
Inter-segment revenue | 42,147 | 39,322 | 38,996 |
Total revenue | 108,239 | 103,211 | 99,427 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | 33,048 | 35,718 | 38,521 |
Inter-segment revenue | 3,587 | 5,349 | 6,750 |
Total revenue | 36,635 | 41,067 | 45,271 |
Other [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | 4 | 1,243 | |
Inter-segment revenue | 348 | 10,484 | |
Total revenue | 352 | 11,727 | |
Eliminations [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers | |||
Inter-segment revenue | (45,734) | (45,019) | (56,230) |
Total revenue | $ (45,734) | $ (45,019) | $ (56,230) |
SEGMENT INFORMATION (Schedule73
SEGMENT INFORMATION (Schedule of Revenue by Customers Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from external customers | $ 99,140 | $ 99,611 | $ 100,195 | |
Americas [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from external customers | 59,539 | 61,613 | 62,421 | |
Asia / Africa [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from external customers | 27,131 | 25,501 | 22,346 | |
Europe (including Ireland) [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from external customers | [1] | $ 12,470 | $ 12,497 | $ 15,428 |
[1] | Revenue from customers in Ireland is not disclosed separately due to the immateriality of these revenues. |
SEGMENT INFORMATION (Schedule74
SEGMENT INFORMATION (Schedule of Revenue by Major Product Group) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of products and services [line items] | |||
Revenue | $ 99,140 | $ 99,611 | $ 100,195 |
Clinical laboratory [Member] | |||
Disclosure of products and services [line items] | |||
Revenue | 73,366 | 74,166 | 73,576 |
Point-of-Care [Member] | |||
Disclosure of products and services [line items] | |||
Revenue | 16,774 | 16,908 | 18,810 |
Laboratory services [Member] | |||
Disclosure of products and services [line items] | |||
Revenue | $ 9,000 | $ 8,537 | $ 7,809 |
SEGMENT INFORMATION (Schedule75
SEGMENT INFORMATION (Schedule of Segment Results by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Result before impairment | $ 4,825 | $ 9,218 | ||
Impairment | (41,755) | (43,379) | ||
Inventory provision | (4,786) | |||
Result after impairment | (36,930) | (38,947) | $ 14,489 | |
Unallocated expenses | [1] | (738) | (901) | (983) |
Operating profit loss | (37,668) | (39,848) | 13,506 | |
Net financing expense (Note 3) | (2,207) | (2,292) | 9,437 | |
Loss before tax | (39,875) | (42,140) | 22,943 | |
Income tax credit (Note 9) | 1,214 | 3,557 | (756) | |
Loss for the year on continuing operations | (38,661) | (38,583) | 22,187 | |
(Loss)/Profit for the year | (40,270) | (100,625) | 21,796 | |
Americas [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Result before impairment | 3,744 | 4,564 | ||
Impairment | (9,194) | (22,989) | ||
Inventory provision | (335) | |||
Result after impairment | (5,450) | (18,760) | 4,183 | |
Loss before tax | (8,863) | (23,594) | (667) | |
Ireland [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Result before impairment | 1,125 | 4,270 | ||
Impairment | (32,561) | (20,390) | ||
Inventory provision | (4,451) | |||
Result after impairment | (31,436) | (20,571) | 9,782 | |
Loss before tax | (35,821) | (23,787) | 18,232 | |
Other [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Result before impairment | (44) | 384 | ||
Impairment | ||||
Inventory provision | ||||
Result after impairment | (44) | 384 | 524 | |
Loss before tax | $ 4,809 | $ 5,241 | $ 5,378 | |
[1] | Unallocated expenses represent head office general and administration costs of the Group which cannot be allocated to the results of any specific geographical area. |
SEGMENT INFORMATION (Schedule76
SEGMENT INFORMATION (Schedule of Segment Assets and Segment Liabilities by Geographical Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets and liabilities | ||||
Segment assets | $ 125,230 | $ 156,722 | ||
Unallocated assets: | ||||
Income tax assets (current and deferred) | 10,137 | 15,761 | ||
Cash and cash equivalents and short-term investments | 23,564 | 77,109 | $ 101,953 | $ 9,102 |
Total assets as reported in the Group balance sheet | 192,974 | 249,592 | ||
Segment liabilities | 116,636 | 122,329 | ||
Unallocated liabilities: | ||||
Income tax liabilities (current and deferred) | 11,142 | 18,361 | ||
Total liabilities as reported in the Group balance sheet | 127,778 | 140,865 | ||
Americas [Member] | ||||
Assets and liabilities | ||||
Segment assets | 88,714 | 93,589 | ||
Unallocated assets: | ||||
Segment liabilities | 11,486 | 9,746 | ||
Ireland [Member] | ||||
Assets and liabilities | ||||
Segment assets | 36,513 | 63,062 | ||
Unallocated assets: | ||||
Segment liabilities | 104,901 | 108,049 | ||
Other [Member] | ||||
Assets and liabilities | ||||
Segment assets | 3 | 71 | ||
Unallocated assets: | ||||
Segment liabilities | $ 249 | $ 4,534 |
SEGMENT INFORMATION (Schedule77
SEGMENT INFORMATION (Schedule of Long Lived Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Long lived asstes | $ 71,685 | $ 101,548 |
Ireland [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Long lived asstes | 15,873 | 41,909 |
Other [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Long lived asstes | ||
Americas [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Long lived asstes | $ 55,812 | $ 59,639 |
SEGMENT INFORMATION (Schedule78
SEGMENT INFORMATION (Schedule of Depreciation and Amortisation by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
IfrsStatementLineItems [Line Items] | |||
Depreciation | $ 2,424 | $ 3,573 | $ 3,057 |
Amortisation | 3,303 | 2,973 | 2,653 |
Ireland [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Depreciation | 1,186 | 1,072 | 825 |
Amortisation | 1,164 | 1,533 | 1,468 |
Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Depreciation | 304 | 151 | |
Americas [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Depreciation | 1,238 | 2,197 | 2,081 |
Amortisation | $ 2,139 | $ 1,440 | $ 1,185 |
SEGMENT INFORMATION (Schedule79
SEGMENT INFORMATION (Schedule of Share Based Payment Expense by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Share-based payments - continuing operations | $ 928 | $ 1,381 | $ 1,550 |
Share-based payments - discontinued operations | 33 | ||
Total Share-based payments | 928 | 1,414 | 1,550 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Share-based payments - continuing operations | 841 | 1,187 | 1,415 |
Other [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Share-based payments - continuing operations | 41 | 13 | |
Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Share-based payments - continuing operations | $ 87 | $ 153 | $ 122 |
SEGMENT INFORMATION (Schedule80
SEGMENT INFORMATION (Schedule of Interest Income and Interest Expense by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Income | |||
Interest income earned | $ 808 | $ 877 | $ 476 |
Non-cash financial income | 2,390 | 2,270 | 13,015 |
Inter-segment interest income | |||
Total | 3,198 | 3,147 | 13,491 |
Interest Expense | |||
Interest on licence fee | 40 | 66 | 138 |
Interest on finance leases | 42 | 55 | 33 |
Cash interest on exchangeable notes | 4,600 | 4,600 | 3,348 |
Non-cash interest on exchangeable notes | 723 | 718 | 535 |
Inter-segment interest expense | |||
Total | 5,405 | 5,439 | 4,054 |
Americas [Member] | |||
Interest Income | |||
Interest income earned | 44 | 21 | 4 |
Non-cash financial income | |||
Inter-segment interest income | |||
Total | 44 | 21 | 4 |
Interest Expense | |||
Interest on licence fee | |||
Interest on finance leases | |||
Cash interest on exchangeable notes | |||
Non-cash interest on exchangeable notes | |||
Inter-segment interest expense | 4,853 | 4,853 | 4,854 |
Total | 4,853 | 4,853 | 4,854 |
Ireland [Member] | |||
Interest Income | |||
Interest income earned | 764 | 856 | 472 |
Non-cash financial income | 2,390 | 2,270 | 13,015 |
Inter-segment interest income | |||
Total | 3,154 | 3,126 | 13,487 |
Interest Expense | |||
Interest on licence fee | 40 | 66 | 138 |
Interest on finance leases | 42 | 55 | 33 |
Cash interest on exchangeable notes | 4,600 | 4,600 | 3,348 |
Non-cash interest on exchangeable notes | 723 | 718 | 535 |
Inter-segment interest expense | |||
Total | 5,405 | 5,439 | 4,054 |
Other [Member] | |||
Interest Income | |||
Interest income earned | |||
Non-cash financial income | |||
Inter-segment interest income | 4,853 | 4,853 | 4,854 |
Total | 4,853 | 4,853 | 4,854 |
Interest Expense | |||
Interest on licence fee | |||
Interest on finance leases | |||
Cash interest on exchangeable notes | |||
Non-cash interest on exchangeable notes | |||
Inter-segment interest expense | |||
Total | |||
Eliminations [Member] | |||
Interest Income | |||
Interest income earned | |||
Non-cash financial income | |||
Inter-segment interest income | (4,853) | (4,853) | (4,854) |
Total | (4,853) | (4,853) | (4,854) |
Interest Expense | |||
Interest on licence fee | |||
Interest on finance leases | |||
Cash interest on exchangeable notes | |||
Non-cash interest on exchangeable notes | |||
Inter-segment interest expense | (4,853) | (4,853) | (4,854) |
Total | $ (4,853) | $ (4,853) | $ (4,854) |
SEGMENT INFORMATION (Schedule81
SEGMENT INFORMATION (Schedule of Taxation Expense by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Taxation expense | $ 1,214 | $ 3,557 | $ (756) |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Taxation expense | 192 | 2,038 | (1,050) |
Other [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Taxation expense | (81) | (48) | (72) |
Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Taxation expense | $ 1,103 | $ 1,567 | $ 366 |
SEGMENT INFORMATION (Schedule82
SEGMENT INFORMATION (Schedule of Capital Expenditure by Geographical Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Capital expenditure | $ 15,682 | $ 22,785 |
Ireland [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Capital expenditure | 7,602 | 14,431 |
Other [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Capital expenditure | 763 | |
Americas [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Capital expenditure | $ 8,080 | $ 7,591 |
FINANCIAL INCOME AND EXPENSES83
FINANCIAL INCOME AND EXPENSES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fiomi [Member] | ||
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | ||
Interest expense from discontinued operations | $ 5 | $ 9 |
FINANCIAL INCOME AND EXPENSES84
FINANCIAL INCOME AND EXPENSES (Schedule of Financial Income (Expenses), Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financial income: | |||
Non-cash financial income | $ 2,390 | $ 2,270 | $ 13,015 |
Interest income | 808 | 877 | 476 |
Financial expense | 3,198 | 3,147 | 13,491 |
Financial expense: | |||
Interest on finance leases | (42) | (55) | (33) |
Cash interest on exchangeable notes | (4,600) | (4,600) | (3,348) |
Non-cash interest on exchangeable notes (Note 24) | (723) | (718) | (535) |
Interest on deferred consideration and licence fee | (40) | (66) | (138) |
Financial expense | (5,405) | (5,439) | (4,054) |
Net Financing (Expense) / Income | $ (2,207) | $ (2,292) | $ 9,437 |
OTHER OPERATING INCOME (Schedul
OTHER OPERATING INCOME (Schedule of Other Operating Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of other operating income [Abstract] | |||
Rental income from premises | $ 135 | $ 201 | |
Other income | 100 | 104 | 87 |
Other operating income | $ 100 | $ 239 | $ 288 |
(LOSS)_PROFIT BEFORE TAX (Narra
(LOSS)/PROFIT BEFORE TAX (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about business combination [line items] | |||
Depreciation on capitalised Intangible projects | $ 528 | $ 414 | $ 68 |
Fiomi [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Operating expense | 303 | $ 150 | |
Fiomi [Member] | Foreign Exchange Differences [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Operating expense | $ 440 | $ 253 |
(LOSS)_PROFIT BEFORE TAX (Sched
(LOSS)/PROFIT BEFORE TAX (Schedule of Amount Charged to Statement of Operation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Directors' emoluments (including non- executive directors): | ||||
Remuneration | $ 1,800 | $ 1,946 | $ 1,596 | |
Pension | 44 | 41 | 23 | |
Share based payments | 727 | 1,121 | 1,242 | |
Auditor's remuneration | ||||
Audit fees | 568 | 469 | 492 | |
Tax fees | 73 | 33 | 12 | |
Other non audit fees | 19 | 8 | ||
Depreciation | [1] | 1,896 | 2,856 | 2,839 |
Amortisation | 3,303 | 2,973 | 2,653 | |
Loss on the disposal of property, plant and equipment | 3 | 15 | 15 | |
Net foreign exchange differences | [2] | (17) | 888 | (1,018) |
Freehold land and buildings [Member] | ||||
Operating lease rentals: | ||||
Operating lease rentals | 2,846 | 2,811 | 2,828 | |
Property, plant and equipment [Member] | ||||
Operating lease rentals: | ||||
Operating lease rentals | $ 163 | $ 114 | $ 69 | |
[1] | Note that US$528,000 (2016: US$414,000) (2015: US$68,000) of depreciation was capitalised to research and development projects during 2017 in line with the Group's capitalisation policy for Intangible projects. | |||
[2] | The net foreign exchange differences do not include US$440,000 (2016: US$253,000) which were included in the operating expenses that were stated in Note 10 in respect of the discontinued operations in Fiomi. |
IMPAIRMENT CHARGES AND INVENT88
IMPAIRMENT CHARGES AND INVENTORY PROVISIONING (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of impairment charges and inventory provisioning [Abstract] | ||
Non-cash impairment charge | $ 41,755 | $ 28,390 |
Capitalised development projects - impaired | $ 14,989 | 14,989 |
Cost incured on product selection | $ 4,786 |
IMPAIRMENT CHARGES AND INVENT89
IMPAIRMENT CHARGES AND INVENTORY PROVISIONING (Schedule of Statement of Operation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Impairment of PP&E (note 12) | $ 10,437 | $ 4,382 |
Impairment of goodwill and other intangible assets (note 13) | 29,667 | 38,240 |
Impairment of prepayments (note 17) | 1,651 | 757 |
Product discontinuation (note 16) | 4,786 | |
Total impairment loss and inventory provisioning costs before tax | 41,755 | 48,165 |
Income tax impact of impairment loss and inventory provisioning costs | (517) | (3,783) |
Total impairment loss and inventory provisioning costs after tax | $ 41,238 | 44,382 |
Impairment Charges [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Impairment of PP&E (note 12) | 4,382 | |
Impairment of goodwill and other intangible assets (note 13) | 38,240 | |
Impairment of prepayments (note 17) | 757 | |
Product discontinuation (note 16) | ||
Total impairment loss and inventory provisioning costs before tax | 43,379 | |
Income tax impact of impairment loss and inventory provisioning costs | (3,094) | |
Total impairment loss and inventory provisioning costs after tax | 40,285 | |
Product Cull [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Impairment of PP&E (note 12) | ||
Impairment of goodwill and other intangible assets (note 13) | ||
Impairment of prepayments (note 17) | ||
Product discontinuation (note 16) | 4,786 | |
Total impairment loss and inventory provisioning costs before tax | 4,786 | |
Income tax impact of impairment loss and inventory provisioning costs | (689) | |
Total impairment loss and inventory provisioning costs after tax | $ 4,097 |
PERSONNEL EXPENSES (Narrative)
PERSONNEL EXPENSES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |||
Total personnel expenses, inclusive of amounts capitalised for wages and salaries, social welfare costs and pension costs | $ 37,351 | $ 40,980 | $ 38,671 |
Total share based payments, inclusive of amounts capitalised | $ 1,109 | $ 1,663 | $ 1,974 |
PERSONNEL EXPENSES (Schedule of
PERSONNEL EXPENSES (Schedule of Personnel Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |||
Wages and salaries | $ 26,316 | $ 25,901 | $ 24,531 |
Social welfare costs | 2,424 | 2,542 | 2,418 |
Pension costs | 459 | 552 | 711 |
Share-based payments | 928 | 1,414 | 1,550 |
Restructuring costs | 1,276 | ||
PERSONNEL EXPENSES | $ 30,127 | $ 31,685 | $ 29,210 |
PERSONNEL EXPENSES (Schedule 92
PERSONNEL EXPENSES (Schedule of Average Number of Persons Employed) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of defined benefit plans [line items] | |||
Number of persons employed | 556 | 582 | 555 |
Research and development [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of persons employed | 60 | 73 | 69 |
Administration and sales [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of persons employed | 162 | 161 | 156 |
Manufacturing and quality [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of persons employed | 334 | 348 | 330 |
PENSION SCHEMES (Details)
PENSION SCHEMES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of pension schemes [Abstract] | |||
Employees contribution | $ 458 | $ 708 | $ 711 |
Restructuring costs | 156 | ||
Pension accrual | $ 33 | $ 83 | $ 205 |
INCOME TAX (CREDIT)_EXPENSE (Na
INCOME TAX (CREDIT)/EXPENSE (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total deferred tax (credit)/expense | $ (1,671) | $ (3,268) | $ 453 |
Corporation tax rate | (12.50%) | (12.50%) | 12.50% |
Federal corporation tax rate [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Once-off tax credit | $ 753 | ||
Corporation tax rate | 21.00% | ||
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total deferred tax (credit)/expense | $ 170 | $ 1,804 | $ 1,246 |
Other [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total deferred tax (credit)/expense | 1,501 | 1,464 | 793 |
USA [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total deferred tax (credit)/expense | 345 | 277 | 275 |
Net operating loss carryforwards | $ 436 | $ 420 | $ 417 |
Net operating loss period | 20 Years | ||
USA [Member] | December 31, 2033 [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net operating loss carryforwards | $ 3,943 | ||
USA [Member] | December 31, 2034 [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net operating loss carryforwards | 21 | ||
USA [Member] | December 31, 2035 [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net operating loss carryforwards | 2,021 | ||
USA [Member] | December 31, 2036 [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net operating loss carryforwards | $ 1,752 |
INCOME TAX (CREDIT)_EXPENSE (Sc
INCOME TAX (CREDIT)/EXPENSE (Schedule of Charge for Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Current tax expense | ||||
Irish Corporation tax | $ (51) | $ (240) | $ (251) | |
Foreign taxes | [1] | 358 | 222 | 472 |
Adjustment in respect of prior years | 150 | (271) | 82 | |
Total current tax (credit)/expense | 457 | (289) | 303 | |
Deferred tax expense | ||||
Origination and reversal of temporary differences (see Note 14) | (5,969) | (2,872) | 2,411 | |
Origination and reversal of net operating losses (see Note 14) | 4,298 | (396) | (1,958) | |
Total deferred tax (credit)/expense | (1,671) | (3,268) | 453 | |
Total income tax (credit)/charge on continuing operations in statement of operations | $ (1,214) | $ (3,557) | $ 756 | |
[1] | The foreign taxes relate primarily to USA and Canada. |
INCOME TAX (CREDIT)_EXPENSE (96
INCOME TAX (CREDIT)/EXPENSE (Schedule of Overseas Tax Jurisdictions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective tax rate | |||
Profit/(Loss) before taxation | $ (39,875) | $ (42,140) | $ 22,943 |
As a percentage of profit/loss before tax: | |||
Current tax | 1.14% | (0.69%) | 1.32% |
Total (current and deferred) | 3.05% | (8.44%) | 3.30% |
INCOME TAX (CREDIT)_EXPENSE (97
INCOME TAX (CREDIT)/EXPENSE (Schedule of Statutory Tax Rate) (Details) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Income Tax Creditexpense Schedule Of Overseas Tax Jurisdictions Details | ||||
Irish corporation tax | (12.50%) | (12.50%) | 12.50% | |
Effect of current year net operating losses and temporary differences for which no deferred tax asset was recognised (a) | [1] | 12.05% | 6.22% | (1.94%) |
Effect of changes in US tax code | [2] | (1.89%) | ||
Effect of tax rates on overseas earnings | (2.09%) | (1.39%) | (1.34%) | |
Effect of Irish income taxable at higher tax rate | 0.05% | 0.06% | ||
Adjustments in respect of prior years | 0.38% | (0.64%) | 2.53% | |
R&D tax credits | [3] | (0.17%) | (0.65%) | (3.98%) |
Other items | [4] | 1.17% | 0.47% | (4.53%) |
Effective tax rate | 3.05% | (8.44%) | 3.30% | |
[1] | The effect of current year net operating losses and temporary differences for which no deferred tax asset was recognized is analyzed further in the table below (see also Note 14). No deferred tax asset was recognized because there was no reversing deferred tax liability in the same jurisdiction reversing in the same period and no future taxable income in the same jurisdiction. | |||
[2] | In 2017, a number of changes were made to the USA tax code, the most significant of which was the reduction in the federal corporation tax rate to 21%. This resulted in a once-off tax credit of US$753,000 arising from the reduction in deferred tax balances due to the tax rate change, partially offset by the effect of mandatory deemed repatriation of certain deferred foreign earnings. | |||
[3] | A lower amount of R&D tax credits has been recorded in 2017 compared to prior years because several of the R&D projects in Ireland are at an advanced stage where they no longer qualify for such a tax credit. | |||
[4] | Other items comprise items not chargeable to tax/expenses not deductible for tax. In 2017, other items mainly comprise the movement in the Loan Note's embedded derivatives value and the accretion of notional interest on the Loan Note's host contract, both of which are exempt from deferred taxation recognition under IAS 12, Income Taxes. |
INCOME TAX (CREDIT)_EXPENSE (98
INCOME TAX (CREDIT)/EXPENSE (Schedule of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Unrecognised deferred tax assets - continuing operations | ||
(Decrease)/increase in net operating losses | $ 4,806 | $ 2,619 |
Increase in net operating losses, percentage | 12.05% | 6.22% |
USA [Member] | ||
Unrecognised deferred tax assets - continuing operations | ||
Temporary differences | $ 68 | $ 2 |
Temporary differences, percentage | 0.17% | 0.01% |
Brazil [Member] | ||
Unrecognised deferred tax assets - continuing operations | ||
(Decrease)/increase in net operating losses | $ (714) | $ 1,670 |
Increase in net operating losses, percentage | (1.79%) | 3.96% |
Ireland [Member] | ||
Unrecognised deferred tax assets - continuing operations | ||
(Decrease)/increase in net operating losses | $ 5,452 | $ 947 |
Increase in net operating losses, percentage | 13.67% | 2.25% |
INCOME TAX (CREDIT)_EXPENSE (99
INCOME TAX (CREDIT)/EXPENSE (Schedule of Loss Profit Before Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Loss profit before taxes | $ (39,875) | $ (42,140) | $ 22,943 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Loss profit before taxes | (35,821) | (23,787) | 18,232 |
Other [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Loss profit before taxes | 4,809 | 5,241 | 5,378 |
Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Loss profit before taxes | $ (8,863) | $ (23,594) | $ (667) |
INCOME TAX (CREDIT)_EXPENSE 100
INCOME TAX (CREDIT)/EXPENSE (Schedule of Net Operating Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unutilised net operating losses | $ 69,003 | $ 55,707 | $ 34,880 |
USA [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unutilised net operating losses | 7,737 | 8,896 | 11,026 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unutilised net operating losses | 57,206 | 40,652 | 22,609 |
Brazil [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unutilised net operating losses | $ 4,060 | $ 6,159 | $ 1,245 |
INCOME TAX (CREDIT)_EXPENSE 101
INCOME TAX (CREDIT)/EXPENSE (Schedule of Unrecognised Deferred Tax Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unrecognised deferred tax asset | $ 10,196 | $ 5,390 | $ 1,422 |
USA [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unrecognised deferred tax asset | 345 | 277 | 275 |
Brazil [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unrecognised deferred tax asset | 1,380 | 2,094 | 423 |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Unrecognised deferred tax asset | $ 8,471 | $ 3,019 | $ 724 |
LOSS FOR THE YEAR ON DISCONT102
LOSS FOR THE YEAR ON DISCONTINUED OPERATIONS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of classes of share capital [line items] | |||
Basic weighted average number of ordinary shares | 86,486,409 | 91,858,813 | 92,647,091 |
Diluted weighted average number of ordinary shares | 107,510,179 | 113,197,598 | 109,631,172 |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Loss for the year on discontinued operations | $ (1,609) | $ (62,042) | $ (391) |
Basic weighted average number of ordinary shares | 86,486,409 | 91,858,813 | 92,647,091 |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic weighted average number of ordinary shares | 21,621,602 | 22,964,703 | 23,161,773 |
Diluted weighted average number of ordinary shares | 26,877,544 | 28,299,399 | 27,407,793 |
LOSS FOR THE YEAR ON DISCONT103
LOSS FOR THE YEAR ON DISCONTINUED OPERATIONS (Schedule of Operating Loss for Cardiac) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | $ 99,140 | $ 99,611 | $ 100,195 |
Operating loss | (37,668) | (39,848) | 13,506 |
Loss for the year | (38,661) | (38,583) | 22,187 |
Loss on remeasurement of assets and liabilities: | |||
Goodwill and intangible assets (note 13) | 49,433 | ||
Inventories | (2,461) | (3,622) | (2,336) |
Taxation | (374) | (8,630) | 1,080 |
Sweden [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | |||
Operating expenses | (827) | (58) | |
Operating loss | (827) | (58) | |
Interest expenses | (5) | (9) | |
Loss from discontinued operations before tax | (832) | (67) | |
Income tax credit/(expense) | 186 | (324) | |
Loss for the year | (646) | (391) | |
Loss on remeasurement of assets and liabilities: | |||
Property, plant and equipment (note 12) | (4,647) | ||
Goodwill and intangible assets (note 13) | (49,433) | ||
Inventories | (2,578) | ||
Closure costs | 1,794 | (5,846) | |
Foreign currency translation reserve | (3,080) | (3,779) | |
Taxation | (323) | 4,887 | |
Total loss | (1,609) | (61,396) | |
Loss for the year from discontinued operations | $ (1,609) | $ (62,042) | $ (391) |
LOSS FOR THE YEAR ON DISCONT104
LOSS FOR THE YEAR ON DISCONTINUED OPERATIONS (Schedule of Earnings Per ADS) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic (loss)/earnings per (US Dollars) - discontinued operations | $ (0.07) | $ (2.70) | $ (0.02) |
Diluted (loss)/earnings per (US Dollars) - discontinued operations | (0.07) | (2.70) | (0.02) |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic (loss)/earnings per (US Dollars) - discontinued operations | (0.02) | (0.68) | (0.004) |
Diluted (loss)/earnings per (US Dollars) - discontinued operations | $ (0.02) | $ (0.68) | $ (0.004) |
LOSS FOR THE YEAR ON DISCONT105
LOSS FOR THE YEAR ON DISCONTINUED OPERATIONS (Schedule of Cash Flows Attributable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of loss on discontinued operations [Abstract] | |||
Cash flows from operating activities | $ (2,847) | $ (1,623) | $ (11,135) |
Cash flows from investing activities | $ (8,989) | $ (10,802) |
(LOSS)_EARNINGS PER SHARE (Narr
(LOSS)/EARNINGS PER SHARE (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of classes of share capital [line items] | |||
(Loss)/Profit for the year | $ (40,270) | $ (100,625) | $ 21,796 |
Diluted earnings per share denominator | 107,510,179 | 113,197,598 | 109,631,172 |
Diluted earnings per ordinary share for continuing operations | $ (35,728) | $ (35,536) | $ 13,049 |
Adjusted (loss)/profit after tax | (37,337) | (97,577) | 12,658 |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic earnings per ordinary share for continuing operations | 38,661 | 38,583 | 22,187 |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic earnings per ordinary share for continuing operations | $ 38,661 | $ 38,583 | $ 22,187 |
Diluted earnings per share denominator | 26,877,544 | 28,299,399 | 27,407,793 |
Adjusted (loss)/profit after tax | $ 37,337 | $ 97,577 | $ 12,658 |
(LOSS)_EARNINGS PER SHARE (Sche
(LOSS)/EARNINGS PER SHARE (Schedule of Basic Earnings Per Ordinary Share) (Details) - shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of classes of share capital [line items] | ||||
Basic earnings per share denominator | 86,486,409 | 91,858,813 | 92,647,091 | |
Reconciliation to weighted average earnings per share denominator: | ||||
In issue at January 1 | 96,162,410 | 95,840,138 | 94,308,358 | |
Weighted average number of shares issued | [1] | 120,396 | 974,161 | |
Weighted average number of treasury shares | (9,676,001) | (4,101,721) | (2,635,428) | |
Basic earnings per share denominator | 86,486,409 | 91,858,813 | 92,647,091 | |
Class A Ordinary shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Basic earnings per share denominator | 86,486,409 | 91,858,813 | 92,647,091 | |
Reconciliation to weighted average earnings per share denominator: | ||||
In issue at January 1 | 96,162,410 | 95,840,138 | 94,308,358 | |
Basic earnings per share denominator | 86,486,409 | 91,858,813 | 92,647,091 | |
[1] | The weighted average number of shares issued during the year is calculated by taking the number of shares issued multiplied by the number of days in the year each share is in issue, divided by 365 days. |
(LOSS)_EARNINGS PER SHARE (S108
(LOSS)/EARNINGS PER SHARE (Schedule of Diluted Earnings Per Ordinary Share) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share [abstract] | |||
Basic earnings per share denominator | 86,486,409 | 91,858,813 | 92,647,091 |
Issuable on exercise of options and warrants | 315,019 | 1,700,733 | |
Issuable on conversion of exchangeable notes | 21,023,770 | 21,023,766 | 15,283,348 |
Diluted earnings per share denominator | 107,510,179 | 113,197,598 | 109,631,172 |
(LOSS)_EARNINGS PER SHARE (S109
(LOSS)/EARNINGS PER SHARE (Schedule of Profit After Tax Diluted Earnings Per Ordinary Share Calculation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share [abstract] | |||
(Loss)/Profit for the year | $ (40,270) | $ (100,625) | $ 21,796 |
Non-cash financial income | (2,390) | (2,270) | (13,015) |
Cash interest expense | 4,600 | 4,600 | 3,348 |
Non-cash interest on exchangeable notes | 723 | 718 | 535 |
Adjusted (loss)/profit after tax | $ (37,337) | $ (97,577) | $ 12,658 |
(LOSS)_EARNINGS PER SHARE (S110
(LOSS)/EARNINGS PER SHARE (Schedule of Earnings Per ADS) (Details) - shares | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | ||
Disclosure of classes of share capital [line items] | |||||
Ordinary shares | 96,162,410 | 95,840,138 | 94,308,358 | ||
Basic earnings per share denominator | 86,486,409 | 91,858,813 | 92,647,091 | ||
Reconciliation to weighted average earnings per share denominator: | |||||
In issue at January 1 | 96,162,410 | 95,840,138 | 94,308,358 | ||
Weighted average number of shares issued during the year | [1] | 120,396 | 974,161 | ||
Weighted average number of treasury shares | (9,676,001) | (4,101,721) | (2,635,428) | ||
Basic earnings per share denominator | 86,486,409 | 91,858,813 | 92,647,091 | ||
American depositary share [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Ordinary shares | 24,040,602 | 23,960,035 | 23,577,090 | 24,041,000 | |
Basic earnings per share denominator | 21,621,602 | 22,964,703 | 23,161,773 | ||
Reconciliation to weighted average earnings per share denominator: | |||||
In issue at January 1 | 24,040,602 | 23,960,035 | 23,577,090 | ||
Weighted average number of shares issued during the year | 30,098 | 243,540 | |||
Weighted average number of treasury shares | (2,419,000) | (1,025,430) | (658,857) | ||
Basic earnings per share denominator | 21,621,602 | 22,964,703 | 23,161,773 | ||
[1] | The weighted average number of shares issued during the year is calculated by taking the number of shares issued multiplied by the number of days in the year each share is in issue, divided by 365 days. |
(LOSS)_EARNINGS PER SHARE (S111
(LOSS)/EARNINGS PER SHARE (Schedule of Diluted Earnings Per ADS Share Calculation) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of classes of share capital [line items] | |||
Basic earnings per share denominator | 86,486,409 | 91,858,813 | 92,647,091 |
Issuable on exercise of options and warrants | 315,019 | 1,700,733 | |
Issuable on conversion of exchangeable notes | 21,023,770 | 21,023,766 | 15,283,348 |
Diluted earnings per share denominator | 107,510,179 | 113,197,598 | 109,631,172 |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Basic earnings per share denominator | 21,621,602 | 22,964,703 | 23,161,773 |
Issuable on exercise of options and warrants | 78,755 | 425,183 | |
Issuable on conversion of exchangeable notes | 5,255,942 | 5,255,941 | 3,820,837 |
Diluted earnings per share denominator | 26,877,544 | 28,299,399 | 27,407,793 |
PROPERTY, PLANT AND EQUIPMEN112
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Impairment through use or sale of the assets | $ 85,603 | |
Impairment loss | 10,437 | $ 4,382 |
Remaining impairment loss | 4,647 | |
Net book value of assets held under operating lease | ||
Depreciation charged on assets under operating lease | 30 | 1,119 |
Lease instruments reclassified as inventory on return from customers | 25 | |
Property, plant and equipment under construction | 561 | 778 |
Assets held under finance leases | 51 | 1,515 |
Depreciation charge of capitalized leased assets | $ 181 | $ 181 |
PROPERTY AND EQUIPMENT (Schedul
PROPERTY AND EQUIPMENT (Schedule of Composition of Property and Equipment and Related to Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | $ 13,403 | |
Impairment loss | 10,437 | $ 4,382 |
Balance at end of year | 5,800 | 13,403 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | 48,113 | 43,073 |
Other additions | 5,258 | 5,277 |
Disposals or retirements | (3,984) | (525) |
Exchange adjustments | 30 | 288 |
Balance at end of year | 49,417 | 48,113 |
Cost [Member] | Freehold land and buildings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | 2,603 | 2,581 |
Other additions | 8 | |
Disposals or retirements | (9) | |
Exchange adjustments | 30 | 14 |
Balance at end of year | 2,624 | 2,603 |
Cost [Member] | Leasehold improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | 3,031 | 2,899 |
Other additions | 465 | 143 |
Disposals or retirements | (488) | |
Exchange adjustments | (4) | (11) |
Balance at end of year | 3,004 | 3,031 |
Cost [Member] | Computers, fixtures and fittings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | 5,995 | 5,873 |
Other additions | 302 | 391 |
Disposals or retirements | (404) | (257) |
Exchange adjustments | 1 | (12) |
Balance at end of year | 5,894 | 5,995 |
Cost [Member] | Office equipment and fittings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | 36,484 | 31,720 |
Other additions | 4,491 | 4,735 |
Disposals or retirements | (3,083) | (268) |
Exchange adjustments | 3 | 297 |
Balance at end of year | 37,895 | 36,484 |
Accumulated depreciation and impairment losses [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | (34,710) | (22,414) |
Charge for the year | (2,424) | (3,573) |
Impairment loss | (10,437) | (9,029) |
Disposals or retirements | 3,961 | 487 |
Exchange adjustments | (7) | (181) |
Balance at end of year | (43,617) | (34,710) |
Accumulated depreciation and impairment losses [member] | Freehold land and buildings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | (1,206) | (1,123) |
Charge for the year | (82) | (82) |
Impairment loss | ||
Disposals or retirements | 9 | |
Exchange adjustments | (4) | (1) |
Balance at end of year | (1,283) | (1,206) |
Accumulated depreciation and impairment losses [member] | Leasehold improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | (2,716) | (2,527) |
Charge for the year | (165) | (144) |
Impairment loss | (267) | (53) |
Disposals or retirements | 488 | |
Exchange adjustments | 1 | 8 |
Balance at end of year | (2,659) | (2,716) |
Accumulated depreciation and impairment losses [member] | Computers, fixtures and fittings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | (5,064) | (4,828) |
Charge for the year | (263) | (367) |
Impairment loss | (383) | (109) |
Disposals or retirements | 402 | 234 |
Exchange adjustments | 6 | |
Balance at end of year | (5,308) | (5,064) |
Accumulated depreciation and impairment losses [member] | Office equipment and fittings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | (25,724) | (13,936) |
Charge for the year | (1,914) | (2,980) |
Impairment loss | (9,787) | (8,867) |
Disposals or retirements | 3,062 | 253 |
Exchange adjustments | (4) | (194) |
Balance at end of year | (34,367) | (25,724) |
Carrying amounts [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | 13,403 | |
Balance at end of year | 5,800 | 13,403 |
Carrying amounts [Member] | Freehold land and buildings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | 1,397 | |
Balance at end of year | 1,341 | 1,397 |
Carrying amounts [Member] | Leasehold improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | 315 | |
Balance at end of year | 345 | 315 |
Carrying amounts [Member] | Computers, fixtures and fittings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | 931 | |
Balance at end of year | 586 | 931 |
Carrying amounts [Member] | Office equipment and fittings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning year | 10,760 | |
Balance at end of year | $ 3,528 | $ 10,760 |
GOODWILL AND INTANGIBLE ASSE114
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)yr | Dec. 31, 2016USD ($) | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Development costs not amortised | $ 31,904 | $ 15,872 |
Description of project completion period | January 1, 2018 to December 31, 2019 | |
Additional project cost | $ 10,560 | |
Goodwill and other intangible assets | $ 49,433 | |
Amortisation period for project | yr | 15 | |
Non-cash impairment charge | $ 41,755 | $ 28,390 |
Impairment through use or sale of the assets | 85,603 | |
Total impairment loss allocated to goodwill | $ 7,876 | |
Long term growth rate on fifth year | 2.00% | 2.00% |
Additional impairment loss due to growth in revenues | $ 835 | |
Variation in discount rate | 10.00% | |
Additional impairment loss | $ 4,786 | |
Top of range [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Cash flow projections | 7.00% | |
Pre tax discount rates | 0.26 | 0.36 |
Bottom of range [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Cash flow projections | 20.00% | |
Pre tax discount rates | 0.15 | 0.13 |
Premier Instrument for Haemoglobin A1c Testing [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Carrying amount | $ 22,955 | |
Troponin I, BNP assay, D-dimer [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Capitalised development cost write off | 41,374 | |
Micropillar Technology [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Capitalised development cost write off | 2,946 | |
Fiomi [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Goodwill write off | 5,109 | |
Point-of-Care [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Other intangible assets | $ 4 | |
Biopool US Inc [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Impairment through use or sale of the assets | $ 32,177 | |
Total impairment loss allocated to goodwill | 41,755 | |
Trinity Biotech Manufacturing Limited [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Impairment through use or sale of the assets | 9,769 | |
Total impairment loss allocated to goodwill | 85,603 | |
Mardx Diagnostic Inc [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Impairment through use or sale of the assets | 1,902 | |
Total impairment loss allocated to goodwill | $ 3,572 |
GOODWILL AND INTANGIBLE ASSE115
GOODWILL AND INTANGIBLE ASSETS (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | $ 87,275 | ||
Other additions | 49,433 | ||
Impairment losses | 29,667 | $ 87,673 | |
Balance at end of year | 64,754 | 87,275 | |
Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 251,934 | 235,147 | |
Other additions | 10,424 | 17,508 | |
Disposals | (15) | ||
Reclassification | |||
Exchange adjustments | (29) | (721) | |
Balance at end of year | 262,372 | 251,934 | 235,147 |
Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 87,275 | ||
Balance at end of year | 64,754 | 87,275 | |
Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (164,659) | (73,789) | |
Disposals | 8 | ||
Charge for the year | (3,303) | (2,973) | |
Impairment losses | (29,667) | (87,673) | |
Exchange adjustments | 3 | (224) | |
Balance at end of year | (197,618) | (164,659) | (73,789) |
Goodwill [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 81,689 | 82,112 | |
Other additions | |||
Reclassification | |||
Exchange adjustments | (423) | ||
Balance at end of year | 81,689 | 81,689 | 82,112 |
Goodwill [Member] | Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 25,774 | ||
Balance at end of year | 17,898 | 25,774 | |
Goodwill [Member] | Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (55,915) | (29,426) | |
Disposals | |||
Charge for the year | |||
Impairment losses | (7,876) | (26,489) | |
Exchange adjustments | |||
Balance at end of year | (63,791) | (55,915) | (29,426) |
Development cost [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 126,619 | 109,443 | |
Other additions | 10,402 | 17,431 | |
Reclassification | (132) | ||
Exchange adjustments | 29 | (255) | |
Balance at end of year | 136,918 | 126,619 | 109,443 |
Development cost [Member] | Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 46,966 | ||
Balance at end of year | 34,778 | 46,966 | |
Development cost [Member] | Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (79,653) | (20,199) | |
Disposals | |||
Charge for the year | (1,708) | (1,259) | |
Impairment losses | (20,782) | (58,195) | |
Exchange adjustments | 3 | ||
Balance at end of year | (102,140) | (79,653) | (20,199) |
Patents and licences [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 9,925 | 9,968 | |
Other additions | 22 | ||
Reclassification | |||
Exchange adjustments | (43) | ||
Balance at end of year | 9,947 | 9,925 | 9,968 |
Patents and licences [Member] | Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 387 | ||
Balance at end of year | 219 | 387 | |
Patents and licences [Member] | Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (9,538) | (6,280) | |
Disposals | |||
Charge for the year | (17) | (86) | |
Impairment losses | (173) | (2,948) | |
Exchange adjustments | (224) | ||
Balance at end of year | (9,728) | (9,538) | (6,280) |
Intangible assets [Member] | Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 33,701 | 33,624 | |
Other additions | 77 | ||
Disposals | (15) | ||
Reclassification | 132 | ||
Exchange adjustments | |||
Balance at end of year | 33,818 | 33,701 | 33,624 |
Intangible assets [Member] | Carrying amounts [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 14,148 | ||
Balance at end of year | 11,859 | 14,148 | |
Intangible assets [Member] | Accumulated depreciation and impairment losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | (19,553) | (17,884) | |
Disposals | 8 | ||
Charge for the year | (1,578) | (1,628) | |
Impairment losses | (836) | (41) | |
Exchange adjustments | |||
Balance at end of year | $ (21,959) | $ (19,553) | $ (17,884) |
GOODWILL AND INTANGIBLE ASSE116
GOODWILL AND INTANGIBLE ASSETS (Schedule of Principal Development Projects) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | $ 10,402 | $ 17,431 |
Premier Instrument for Haemoglobin A1c Testing [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 2,601 | 2,810 |
HIV screening rapid test [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 1,514 | 1,085 |
US Lyme [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 1,156 | 1,003 |
Uni-Gold Test Enhancement [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 1,134 | 1,154 |
G-6-PDH test [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 812 | |
Tri-stat Point-of-Care instrument [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 764 | 678 |
Sjogrens monoclonal antibodies [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 376 | 166 |
HIV screening Africa [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 289 | 650 |
Autoimmune FDA Registrations [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 273 | 341 |
Uni-Gold Antigen Improvement [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 258 | 287 |
Premier Resolution [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 252 | 259 |
Brain Natriuretic Peptide (BNP) assay [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 2,904 | |
Troponin I Assay and Reader [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 1,932 | |
Cardiac Analyser [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 1,056 | |
Enhanced TPHA/CMV [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 810 | |
Malaria Point-of-Care Test [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 411 | |
D-Dimer development [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | 332 | |
Other Projects with Spend less than US$125,000 in 2017 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Capitalised development costs | $ 973 | $ 1,553 |
GOODWILL AND INTANGIBLE ASSE117
GOODWILL AND INTANGIBLE ASSETS (Schedule of Impairment Loss) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Disclosure of detailed information about intangible assets [line items] | |
Total impairment loss | $ 41,755 |
Trinity Biotech Manufacturing Limited [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Total impairment loss | 32,561 |
Immco Diagnostics [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Total impairment loss | 1,094 |
Clark Laboratories Inc [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Total impairment loss | 978 |
Mardx Diagnostic Inc [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Total impairment loss | 4,690 |
Phoenix Bio-tech Corp [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Total impairment loss | 1,801 |
Biopool US Inc [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Total impairment loss | $ 631 |
GOODWILL AND INTANGIBLE ASSE118
GOODWILL AND INTANGIBLE ASSETS (Schedule of Breakdown of Impairment Loss) (Details) (USD $) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Intangible Assets Schedule Of Significant Goodwill And Intangible Assets Details | ||
Goodwill and other intangible assets (see note 13) | $ 29,667 | |
Property, plant and equipment (see note 12) | 10,437 | |
Prepayments (see note 17) | 1,651 | $ 757 |
Total impairment loss | $ 41,755 |
GOODWILL AND INTANGIBLE ASSE119
GOODWILL AND INTANGIBLE ASSETS (Schedule of Impairment Loss Allocated to Goodwill) (Details) (USD $) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Disclosure of detailed information about intangible assets [line items] | |
Total impairment loss allocated to goodwill | $ 7,876 |
Mardx Diagnostic Inc [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Total impairment loss allocated to goodwill | 3,572 |
Phoenix Bio-tech Corp [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Total impairment loss allocated to goodwill | 1,801 |
Clark Laboratories Inc [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Total impairment loss allocated to goodwill | 978 |
Immco Diagnostics [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Total impairment loss allocated to goodwill | 1,094 |
Blood Bank Screening Business [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Total impairment loss allocated to goodwill | $ 431 |
GOODWILL AND INTANGIBLE ASSE120
GOODWILL AND INTANGIBLE ASSETS (Schedule of Significant Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Intangible Assets Schedule Of Significant Goodwill And Intangible Assets Details | ||
Carrying amount of goodwill | $ 12,592 | $ 12,592 |
Discount rate applied (real pre-tax) | 17.70% | 13.56% |
Excess value-in-use over carrying amount | $ 8,397 | $ 17,762 |
EBITDA would need to decrease for an impairment to arise | 30.40% | 46.80% |
Long-term growth rate | 2.00% | 2.00% |
GOODWILL AND INTANGIBLE ASSE121
GOODWILL AND INTANGIBLE ASSETS (Schedule of Intangible Assets with Indefinite Useful lives) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets with indefinite useful lives | $ 5,593 | $ 5,593 |
Fitzgerald Industries International CGU Trade Name [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets with indefinite useful lives | 970 | 970 |
Fitzgerald Industries International CGU RDI Trade Name [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets with indefinite useful lives | 560 | 560 |
Primus Corporation CGU Trade Name [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets with indefinite useful lives | 670 | 670 |
Immco Diagnostic CGU Trade Name [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets with indefinite useful lives | $ 3,393 | $ 3,393 |
DEFERRED TAX ASSETS AND LIAB122
DEFERRED TAX ASSETS AND LIABILITIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Deferred tax asset increased due to increase in provision | $ 5,858 | ||
Deferred tax liability decreased | 7,529 | ||
Increased in unrecognised deferred tax assets | $ 37,702 | ||
Deferred tax asset | 8,698 | 14,556 | |
Issuence of exchangeable note | $ 15,000 | ||
USA [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Deferred tax asset | 345 | 277 | |
Brazil [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Deferred tax asset | 1,380 | 2,094 | |
TBIL [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Deferred tax asset | 2,641 | 1,671 | |
TBML [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Deferred tax asset | $ 8,293 | $ 8,293 |
DEFERRED TAX ASSETS AND LIAB123
DEFERRED TAX ASSETS AND LIABILITIES (Schedule of Recognised Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 8,698 | $ 14,556 | |
Deferred tax liabilities | 10,832 | 18,361 | |
Net deferred tax assets/(liabilities) | (2,134) | (3,805) | $ (12,027) |
Property, plant and equipment [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 448 | ||
Deferred tax liabilities | (98) | (574) | |
Net deferred tax assets/(liabilities) | 350 | (574) | (830) |
Intangible assets [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | |||
Deferred tax liabilities | (9,443) | (16,430) | |
Net deferred tax assets/(liabilities) | (9,443) | (16,430) | (22,319) |
Inventories [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,006 | 897 | |
Deferred tax liabilities | |||
Net deferred tax assets/(liabilities) | 1,006 | 897 | 1,015 |
Provisions [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 3,510 | 5,701 | |
Deferred tax liabilities | |||
Net deferred tax assets/(liabilities) | 3,510 | 5,701 | 2,960 |
Other items [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 2,109 | 2,035 | |
Deferred tax liabilities | (1,291) | (1,357) | |
Net deferred tax assets/(liabilities) | 818 | 678 | 471 |
Tax value of loss carryforwards recognised [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,625 | 5,923 | |
Deferred tax liabilities | |||
Net deferred tax assets/(liabilities) | $ 1,625 | $ 5,923 | $ 6,676 |
DEFERRED TAX ASSETS AND LIAB124
DEFERRED TAX ASSETS AND LIABILITIES (Schedule of Unrecognised Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of deferredc tax assets and liabilities [Abstract] | ||
Capital losses | $ 8,293 | $ 8,293 |
Net operating losses | 61,264 | 23,630 |
US state credit carryforwards | 345 | 277 |
Unrecognised deferred tax assets | $ 69,902 | $ 32,200 |
DEFERRED TAX ASSETS AND LIAB125
DEFERRED TAX ASSETS AND LIABILITIES (Schedule of Movement In Deferred Tax Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax assets - continuing operations | $ 37,702 | ||
Tax effect - continuing operations | $ 4,806 | ||
Applicable tax rate | (12.50%) | (12.50%) | 12.50% |
US state credit carryforwards [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax assets - continuing operations | $ 68 | ||
Tax effect - continuing operations | $ 68 | ||
Applicable tax rate | |||
Operating Losses Brazil [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax assets - continuing operations | $ (2,100) | ||
Tax effect - continuing operations | $ (714) | ||
Applicable tax rate | 34.00% | ||
Operating Losses Ireland [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Increase (decrease) in deferred tax assets - continuing operations | $ 39,734 | ||
Tax effect - continuing operations | $ 5,452 | ||
Operating Losses Ireland [Member] | Bottom of range [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Applicable tax rate | 12.50% | ||
Operating Losses Ireland [Member] | Top of range [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Applicable tax rate | 25.00% |
DEFERRED TAX ASSETS AND LIAB126
DEFERRED TAX ASSETS AND LIABILITIES (Schedule of Unrecognised Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | $ (3,805) | $ (12,027) |
Recognised in income | 1,671 | 3,268 |
Recognised in loss on discontinued operations | 4,887 | |
Foreign Exchange movement | 67 | |
Balance at end of year | (2,134) | (3,805) |
Property, plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | (574) | (830) |
Recognised in income | 924 | 256 |
Recognised in loss on discontinued operations | ||
Foreign Exchange movement | ||
Balance at end of year | 350 | (574) |
Intangible assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | (16,430) | (22,319) |
Recognised in income | 6,987 | (214) |
Recognised in loss on discontinued operations | 6,036 | |
Foreign Exchange movement | 67 | |
Balance at end of year | (9,443) | (16,430) |
Inventories [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | 897 | 1,015 |
Recognised in income | 109 | (118) |
Recognised in loss on discontinued operations | ||
Foreign Exchange movement | ||
Balance at end of year | 1,006 | 897 |
Provisions [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | 5,701 | 2,960 |
Recognised in income | (2,191) | 2,741 |
Recognised in loss on discontinued operations | ||
Foreign Exchange movement | ||
Balance at end of year | 3,510 | 5,701 |
Other items [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | 678 | 471 |
Recognised in income | 140 | 207 |
Recognised in loss on discontinued operations | ||
Foreign Exchange movement | ||
Balance at end of year | 818 | 678 |
Tax value of loss carryforwards recognised [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at beginning of year | 5,923 | 6,676 |
Recognised in income | (4,298) | 396 |
Recognised in loss on discontinued operations | (1,149) | |
Foreign Exchange movement | ||
Balance at end of year | $ 1,625 | $ 5,923 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of other assets [Abstract] | ||
Finance lease receivables | $ 685 | $ 788 |
Other assets | 86 | 82 |
Total other assets | $ 771 | $ 870 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Classes of current inventories [abstract] | |||
Cost of sales | $ 54,904 | $ 50,259 | $ 53,098 |
Provision | $ 4,786 | ||
Product acquired term | 15 Years ago |
INVENTORIES (Schedule of invent
INVENTORIES (Schedule of inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Classes of current inventories [abstract] | ||
Raw materials and consumables | $ 10,345 | $ 9,176 |
Work-in-progress | 7,236 | 7,288 |
Finished goods | 15,224 | 16,125 |
Total inventories | $ 32,805 | $ 32,589 |
INVENTORIES (Schedule of Moveme
INVENTORIES (Schedule of Movement on the Inventory Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of other provisions [line items] | |||
Released during the year | $ 4,786 | ||
Provision for inventories [Member] | |||
Disclosure of other provisions [line items] | |||
Opening provision at January 1 | $ 10,017 | 4,822 | $ 4,636 |
Charged during the year | 2,561 | 6,390 | 892 |
Utilised during the year | (4,749) | (1,065) | (666) |
Released during the year | (286) | (130) | (40) |
Closing provision at December 31 | $ 7,543 | $ 10,017 | $ 4,822 |
TRADE AND OTHER RECEIVABLES (Na
TRADE AND OTHER RECEIVABLES (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of finance lease and operating lease by lessor [line items] | ||||
Trade receivables, net impairment losses provision | $ 3,590 | $ 3,171 | $ 2,812 | $ 2,205 |
Prepayments of impairment | 1,651 | 757 | ||
Finance lease receivable | 1,185 | 1,330 | ||
More than five years [Member] | ||||
Disclosure of finance lease and operating lease by lessor [line items] | ||||
Finance lease receivable | $ 685 | $ 788 |
TRADE AND OTHER RECEIVABLES (Sc
TRADE AND OTHER RECEIVABLES (Schedule of Trade and Other Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Trade and other current receivables [abstract] | ||
Trade receivables, net of impairment losses | $ 17,242 | $ 18,340 |
Prepayments | 2,998 | 3,634 |
Value added tax | 69 | |
Finance lease receivables | 500 | 542 |
Total and other receivables | $ 20,740 | $ 22,585 |
TRADE AND OTHER RECEIVABLES 133
TRADE AND OTHER RECEIVABLES (Schedule of Future Minimum Finance Lease Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Gross investment | $ 2,064 | $ 2,337 |
Unearned income | 879 | 1,007 |
Finance lease receivable | 1,185 | 1,330 |
Less than one year [Member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Gross investment | 860 | 949 |
Unearned income | 360 | 407 |
Finance lease receivable | 500 | 542 |
Between one and five years [Member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Gross investment | 1,204 | 1,388 |
Unearned income | 519 | 600 |
Finance lease receivable | $ 685 | $ 788 |
TRADE AND OTHER RECEIVABLES 134
TRADE AND OTHER RECEIVABLES (Schedule of Future Minimum Rentals Receivable Under Non-Cancellable Operating Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | $ 4,049 | $ 3,855 |
Instruments [Member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | 4,049 | 3,855 |
Less than one year [Member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | 3,959 | 3,671 |
Less than one year [Member] | Instruments [Member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | 3,959 | 3,671 |
Between one and five years [Member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | 90 | 184 |
Between one and five years [Member] | Instruments [Member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Future minimum rentals receivable under non-cancellable operating leases | $ 90 | $ 184 |
CASH AND CASH EQUIVALENTS (Sche
CASH AND CASH EQUIVALENTS (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and cash equivalents [abstract] | ||||
Cash at bank and in hand | $ 9,561 | $ 9,845 | ||
Short-term deposits | 14,003 | 67,264 | ||
Cash and cash equivalents | $ 23,564 | $ 77,109 | $ 101,953 | $ 9,102 |
SHORT-TERM INVESTMENTS (Schedul
SHORT-TERM INVESTMENTS (Schedule of Short-Term Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of short-term investments [Abstract] | ||
Investments (deposits) | $ 34,043 |
CAPITAL AND RESERVES (Narrative
CAPITAL AND RESERVES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of classes of share capital [line items] | ||
Consideration from employee options settled in cash | $ 673 | |
Cost incurred issue of shares | $ 8 | |
Share repurchased under buyback program | 5,375,000 | |
Class A Ordinary shares [Member] | ||
Disclosure of classes of share capital [line items] | ||
Authorised share capital | 200,700,000 | 200,700,000 |
Par value of share | $ 0.0109 | $ 0.0109 |
Share issued | 322,272 | |
Treasury shares purchased | 5,374,692 | 4,437,740 |
ADS Treasury shares [Member] | ||
Disclosure of classes of share capital [line items] | ||
Cost incurred issue of shares | $ 7,456,000 | |
Treasury shares purchased | 1,343,673 | 1,109,435 |
CAPITAL AND RESERVES (Schedule
CAPITAL AND RESERVES (Schedule of Share Capital) (Details) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of classes of share capital [line items] | ||
In issue at January 1 | 96,162,410 | 95,840,138 |
In issue at December 31 | 96,162,410 | |
Class A Ordinary shares [Member] | ||
Disclosure of classes of share capital [line items] | ||
In issue at January 1 | 96,162,410 | 95,840,138 |
Issued for cash | 322,000 | |
In issue at December 31 | 96,162,410 | 96,162,410 |
American depositary share [Member] | ||
Disclosure of classes of share capital [line items] | ||
In issue at January 1 | 24,040,602 | 23,960,035 |
Issued for cash | 81,000 | |
In issue at December 31 | 24,041,000 | 24,040,602 |
Class A Treasury shares [Member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at January 1 | 7,071,000 | 2,635,000 |
Purchased during the year | 5,375,000 | 4,436,000 |
Balance at December 31 | 12,446,000 | 7,071,000 |
ADS Treasury shares [Member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at January 1 | 1,768,000 | 659,000 |
Purchased during the year | 1,344,000 | 1,109,000 |
Balance at December 31 | 3,112,000 | 1,768,000 |
SHARE OPTIONS AND SHARE WARR139
SHARE OPTIONS AND SHARE WARRANTS (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)yr | Dec. 31, 2016USD ($)yr | Dec. 31, 2015USD ($) | |
Disclosure of classes of share capital [line items] | |||
Weighted-average remaining contractual life of options outstanding | yr | 5.10 | 4.16 | |
Share based payments charge | $ 1,109,000 | $ 1,663,000 | $ 1,974,000 |
share based payments capitalised in intangible development project assets | 181,000 | 219,000 | 424,000 |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Weighted average share price date of exercise for options exercised | 2.96 | 4.25 | |
Opening share price | 1.73 | 2.94 | 4.38 |
Closing share price | 1.28 | 1.73 | 2.94 |
Average share price | 1.42 | ||
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Weighted average share price date of exercise for options exercised | 11.84 | 17 | |
Opening share price | 6.93 | 11.76 | 17.5 |
Closing share price | 5.1 | $ 6.93 | $ 11.76 |
Average share price | $ 5.66 |
SHARE OPTIONS AND SHARE WARR140
SHARE OPTIONS AND SHARE WARRANTS (Schedule of Grants of Share Options and Warrants) (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Outstanding Beginning Balance | shares | 10,727,376 | 8,158,452 | 9,291,652 |
Granted | shares | 5,630,000 | 2,160,000 | 976,000 |
Exercised | shares | (322,272) | (1,602,000) | |
Forfeited | shares | (4,732,807) | (165,997) | (507,200) |
Outstanding at end of year | shares | 10,727,376 | 10,727,376 | 8,158,452 |
Exercisable at end of year | shares | 3,268,707 | 3,268,707 | 4,679,323 |
Weighted Average exercise price | |||
Outstanding Beginning Balance | $ 3.19 | $ 3.36 | $ 3.2 |
Granted | 1.31 | 2.39 | 3.2 |
Exercised | 2.09 | 1.95 | |
Forfeited | 3.86 | 3.39 | 3.96 |
Outstanding at end of year | 1.92 | 3.19 | 3.36 |
Exercisable at end of year | 2.57 | 3.31 | 3.03 |
Class A Ordinary shares [Member] | Bottom of range [Member] | |||
Weighted Average exercise price | |||
Outstanding Beginning Balance | 0.66 | 0.66 | 0.66 |
Granted | 1.24 | 1.67 | 2.71 |
Exercised | 0.66 | 1.07 | |
Forfeited | 0.75 | 2.52 | 2.5 |
Outstanding at end of year | 1.24 | 0.66 | 0.66 |
Exercisable at end of year | 1.66 | 0.75 | 0.66 |
Class A Ordinary shares [Member] | Top of range [Member] | |||
Weighted Average exercise price | |||
Outstanding Beginning Balance | 4.47 | 4.47 | 4.79 |
Granted | 1.44 | 2.8 | 4.47 |
Exercised | 2.65 | 4.21 | |
Forfeited | 4.47 | 3.61 | 4.79 |
Outstanding at end of year | 4.36 | 4.47 | 4.47 |
Exercisable at end of year | $ 4.36 | $ 4.23 | $ 4.23 |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
Outstanding Beginning Balance | shares | 2,681,844 | 2,039,613 | 2,322,913 |
Granted | shares | 1,407,500 | 540,000 | 244,000 |
Exercised | shares | (80,568) | (400,500) | |
Forfeited | shares | (1,183,202) | (41,499) | (126,800) |
Outstanding at end of year | shares | 2,681,844 | 2,681,844 | 2,039,613 |
Exercisable at end of year | shares | 817,179 | 817,177 | 1,169,831 |
Weighted Average exercise price | |||
Outstanding Beginning Balance | $ 12.74 | $ 13.44 | $ 12.8 |
Granted | 5.25 | 9.57 | 12.8 |
Exercised | 8.35 | 7.8 | |
Forfeited | 10.26 | 13.58 | 15.84 |
Outstanding at end of year | 7.69 | 12.74 | 13.44 |
Exercisable at end of year | 10.29 | 13.24 | 12.12 |
American depositary share [Member] | Bottom of range [Member] | |||
Weighted Average exercise price | |||
Outstanding Beginning Balance | 2.64 | 2.63 | 2.63 |
Granted | 4.95 | 6.69 | 10.84 |
Exercised | 2.64 | 4.28 | |
Forfeited | 3 | 10.08 | 10 |
Outstanding at end of year | 4.96 | 2.64 | 2.63 |
Exercisable at end of year | 6.64 | 3 | 2.63 |
American depositary share [Member] | Top of range [Member] | |||
Weighted Average exercise price | |||
Outstanding Beginning Balance | 17.88 | 17.88 | 19.15 |
Granted | 5.75 | 11.2 | 17.88 |
Exercised | 10.61 | 16.84 | |
Forfeited | 17.88 | 14.44 | 19.16 |
Outstanding at end of year | 17.44 | 17.88 | 17.88 |
Exercisable at end of year | $ 17.45 | $ 16.92 | $ 16.92 |
SHARE OPTIONS AND SHARE WARR141
SHARE OPTIONS AND SHARE WARRANTS (Summary of Range of Prices of Stock Options) (Details) | 12 Months Ended | |||
Dec. 31, 2017USD ($)sharesyr | Dec. 31, 2016USD ($)sharesyr | Dec. 31, 2015USD ($)shares | Dec. 31, 2014shares | |
Outstanding | ||||
Weighted average contractual life remaining (years) | yr | 5.10 | 4.16 | ||
Class A Ordinary shares [Member] | ||||
Outstanding | ||||
Number of Options | 10,727,376 | 10,727,376 | 8,158,452 | 9,291,652 |
Exercisable | ||||
Number of Options | 3,268,707 | 3,268,707 | 4,679,323 | |
Weighted average exercise price | $ | $ 2.09 | $ 1.95 | ||
Class A Ordinary shares [Member] | US$1.00-US$2.05 [Member] | ||||
Outstanding | ||||
Number of Options | 6,075,644 | 801,652 | ||
Weighted average exercise price | $ | $ 1.38 | $ 1.63 | ||
Weighted average contractual life remaining (years) | yr | 6.52 | 2.71 | ||
Exercisable | ||||
Number of Options | 215,652 | 571,652 | ||
Weighted average exercise price | $ | $ 1.69 | $ 1.59 | ||
Weighted average contractual life remaining (years) | yr | 2.57 | 1.01 | ||
Class A Ordinary shares [Member] | US$2.06- US$2.99 [Member] | ||||
Outstanding | ||||
Number of Options | 4,333,732 | 4,776,531 | ||
Weighted average exercise price | $ | $ 2.52 | $ 2.54 | ||
Weighted average contractual life remaining (years) | yr | 3.20 | 4.29 | ||
Exercisable | ||||
Number of Options | 2,861,061 | 2,230,534 | ||
Weighted average exercise price | $ | $ 2.53 | $ 2.54 | ||
Weighted average contractual life remaining (years) | yr | 2.20 | 2.20 | ||
Class A Ordinary shares [Member] | US$3.00 -US$4.47 [Member] | ||||
Outstanding | ||||
Number of Options | 318,000 | 4,238,000 | ||
Weighted average exercise price | $ | $ 4.21 | $ 4.22 | ||
Weighted average contractual life remaining (years) | yr | 3.95 | 4.21 | ||
Exercisable | ||||
Number of Options | 192,002 | 3,022,665 | ||
Weighted average exercise price | $ | $ 4.21 | $ 4.21 | ||
Weighted average contractual life remaining (years) | yr | 3.92 | 3.89 | ||
Class A Ordinary shares [Member] | US$0.66-US$0.99 [Member] | ||||
Outstanding | ||||
Number of Options | 14,000 | |||
Weighted average exercise price | $ | $ 0.8 | |||
Weighted average contractual life remaining (years) | yr | 1.70 | |||
Exercisable | ||||
Number of Options | 14,000 | |||
Weighted average exercise price | $ | $ 0.8 | |||
Weighted average contractual life remaining (years) | yr | 1.70 | |||
American depositary share [Member] | ||||
Outstanding | ||||
Number of Options | 2,681,844 | 2,681,844 | 2,039,613 | 2,322,913 |
Exercisable | ||||
Number of Options | 817,179 | 817,177 | 1,169,831 | |
Weighted average exercise price | $ | $ 8.35 | $ 7.8 | ||
American depositary share [Member] | US$4.00-US$8.20 [Member] | ||||
Outstanding | ||||
Number of Options | 1,518,911 | 200,413 | ||
Weighted average exercise price | $ | $ 5.52 | $ 6.52 | ||
Weighted average contractual life remaining (years) | yr | 6.52 | 2.71 | ||
Exercisable | ||||
Number of Options | 53,913 | 142,913 | ||
Weighted average exercise price | $ | $ 6.76 | $ 6.36 | ||
Weighted average contractual life remaining (years) | yr | 2.57 | 1.01 | ||
American depositary share [Member] | US$8.24- US$11.96 [Member] | ||||
Outstanding | ||||
Number of Options | 1,083,433 | 1,194,133 | ||
Weighted average exercise price | $ | $ 10.08 | $ 10.16 | ||
Weighted average contractual life remaining (years) | yr | 3.20 | 4.29 | ||
Exercisable | ||||
Number of Options | 715,265 | 557,634 | ||
Weighted average exercise price | $ | $ 10.12 | $ 10.16 | ||
Weighted average contractual life remaining (years) | yr | 2.20 | 2.20 | ||
American depositary share [Member] | US$12.00 -US$17.88 [Member] | ||||
Outstanding | ||||
Number of Options | 79,500 | 1,059,500 | ||
Weighted average exercise price | $ | $ 16.84 | $ 16.88 | ||
Weighted average contractual life remaining (years) | yr | 3.95 | 4.21 | ||
Exercisable | ||||
Number of Options | 48,001 | 755,666 | ||
Weighted average exercise price | $ | $ 16.84 | $ 16.84 | ||
Weighted average contractual life remaining (years) | yr | 3.92 | 3.89 | ||
American depositary share [Member] | US$2.63-US$3.96 [Member] | ||||
Outstanding | ||||
Number of Options | 3,500 | |||
Weighted average exercise price | $ | $ 3.2 | |||
Weighted average contractual life remaining (years) | yr | 1.70 | |||
Exercisable | ||||
Number of Options | 3,500 | |||
Weighted average exercise price | $ | $ 3.2 | |||
Weighted average contractual life remaining (years) | yr | 1.70 |
SHARE OPTIONS AND SHARE WARR142
SHARE OPTIONS AND SHARE WARRANTS (Schedule of Fair Value of the Options Vesting Period) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of share options and share warrants [Abstract] | |||
Share-based payments - cost of sales | $ 35 | $ 32 | $ 9 |
Share-based payments - selling, general and administrative | 893 | 1,349 | 1,541 |
Total - continuing operations | 928 | 1,381 | 1,550 |
Share-based payments - discontinued operations | 33 | ||
Total Share-based payments | $ 928 | $ 1,414 | $ 1,550 |
SHARE OPTIONS AND SHARE WARR143
SHARE OPTIONS AND SHARE WARRANTS (Schedule of Assumption Determining Fair Value of Share Options) (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)yr | Dec. 31, 2016USD ($)yr | Dec. 31, 2015USD ($)yr | |
Key management personnel [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average expected volatility | 40.62% | 29.63% | |
Weighted average expected life | yr | 4.45 | 4.81 | |
Weighted average risk free interest rate | 1.59% | 1.21% | |
Expected dividend yield | 0.81% | 1.14% | |
Key management personnel [Member] | Bottom of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value at measurement date per 'A' share / (per ADS) | $ 0.43 | $ 0.58 | |
Total 'A' share options granted / (ADS's equivalent) | 5,150,000 | 1,700,000 | |
Weighted average share price per 'A' share / (per ADS) | $ 1.34 | $ 2.43 | |
Weighted average exercise price per 'A' share / (per ADS) | 1.34 | 2.43 | |
Key management personnel [Member] | Top of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value at measurement date per 'A' share / (per ADS) | $ 1.72 | $ 2.32 | |
Total 'A' share options granted / (ADS's equivalent) | (1,287,500) | (425,000) | |
Weighted average share price per 'A' share / (per ADS) | $ 5.36 | $ 9.72 | |
Weighted average exercise price per 'A' share / (per ADS) | $ 5.36 | $ 9.72 | |
Other employees [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average expected volatility | 40.48% | 36.73% | 29.27% |
Weighted average expected life | yr | 4.69 | 3.74 | 3.73 |
Weighted average risk free interest rate | 1.91% | 1.29% | 1.46% |
Expected dividend yield | 0.81% | 0.96% | 1.14% |
Other employees [Member] | Bottom of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value at measurement date per 'A' share / (per ADS) | $ 0.44 | $ 0.57 | $ 0.68 |
Total 'A' share options granted / (ADS's equivalent) | 480,000 | 460,000 | 976,000 |
Weighted average share price per 'A' share / (per ADS) | $ 1.31 | $ 2.25 | $ 3.2 |
Weighted average exercise price per 'A' share / (per ADS) | 1.31 | 2.25 | 3.2 |
Other employees [Member] | Top of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value at measurement date per 'A' share / (per ADS) | $ 1.76 | $ 2.28 | $ 2.72 |
Total 'A' share options granted / (ADS's equivalent) | (120,000) | (115,000) | (244,000) |
Weighted average share price per 'A' share / (per ADS) | $ 5.24 | $ 9 | $ 12.8 |
Weighted average exercise price per 'A' share / (per ADS) | $ 5.24 | $ 9 | $ 12.8 |
TRADE AND OTHER PAYABLES (Narra
TRADE AND OTHER PAYABLES (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Trade and other current payables [abstract] | ||
Deferred consideration payable | ||
Accrued liabilities to contracted licence payments | $ 1,112 | $ 2,195 |
TRADE AND OTHER PAYABLES (Sched
TRADE AND OTHER PAYABLES (Schedule of Trade and Other Payables) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Trade and other current payables [abstract] | ||
Trade payables | $ 8,045 | $ 9,017 |
Payroll taxes | 423 | 489 |
Employee related social insurance | 151 | 416 |
Accrued liabilities | 11,618 | 10,877 |
Deferred income | 278 | 224 |
Restructuring accrual | 3,734 | |
Total trade and other payables | $ 20,515 | $ 24,757 |
PROVISIONS (Narrative) (Details
PROVISIONS (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Provisions [abstract] | |
Estimated obligations | $ 50 |
Provision for reduced warranty claims | $ 25 |
PROVISIONS (Schedule of Provisi
PROVISIONS (Schedule of Provisions) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Provisions [abstract] | ||
Provisions | $ 50 | $ 75 |
BORROWINGS (Narrative) (Details
BORROWINGS (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about borrowings [line items] | |||
Accrue interest | 4.54% | ||
Principal amount | $ 1,042,000 | $ 1,042,000 | |
Financial income | 2,390,000 | 2,270,000 | $ 13,015,000 |
Nominal value | 115,000,000 | ||
Financial expense | 5,405,000 | 5,439,000 | $ 4,054,000 |
Senior Notes [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Notes maturity | April 1, 2045 | ||
Accrue interest | 4.00% | ||
Conversion rate per ADS | $ 47 | ||
Principal amount | 1,000 | ||
Exchange rate price per ADS | $ 22 | ||
Financial expense | $ 723,000 | $ 718,000 |
BORROWINGS (Schedule of Exchang
BORROWINGS (Schedule of Exchangeable Notes) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current assets | ||
Exchangeable note bond call option | $ 360 | |
Non-current liabilities | ||
Exchangeable note equity conversion option | 440 | 3,970 |
Exchangeable note bond put option | 1,790 | 290 |
Total non-current liabilities | 2,230 | 4,260 |
Total value of embedded derivatives - net liability | $ 1,870 | $ 4,260 |
BORROWINGS (Schedule of Carryin
BORROWINGS (Schedule of Carrying Value of Exchangeable Senior Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Borrowings [abstract] | |||
Balance at 1 January | $ 92,232 | $ 91,514 | |
Accretion interest | 723 | 718 | $ 535 |
Balance at 31 December | $ 92,955 | $ 92,232 | $ 91,514 |
BORROWINGS (Schedule of Carr151
BORROWINGS (Schedule of Carrying Value of Exchangeable Notes) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Borrowings [abstract] | |||
Exchangeable senior notes | $ 92,955 | $ 92,232 | $ 91,514 |
Total value of embedded derivatives - liability | 2,230 | 4,260 | |
Total non-current liabilities | $ 95,185 | $ 96,492 |
FINANCE LEASE LIABILITIES (Narr
FINANCE LEASE LIABILITIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance lease liabilities [Abstract] | ||
Finance lease transaction, Carrying value | $ 51 | $ 1,459 |
Repayment of finance lease | 3 and 5 years |
FINANCE LEASE LIABILITIES (Sche
FINANCE LEASE LIABILITIES (Schedule of Carrying Values of Finance Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current liabilities | ||
Finance lease liabilities | $ 354 | $ 273 |
Total current liabilities | 354 | 273 |
Non-current liabilities | 532 | 732 |
Finance lease liabilities | $ 532 | $ 732 |
FINANCE LEASE LIABILITIES (S154
FINANCE LEASE LIABILITIES (Schedule of Finance Lease Liabilities Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments | $ 938 | $ 1,088 |
Interest | 52 | 83 |
Principal | 886 | 1,005 |
Less than one year [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments | 387 | 313 |
Interest | 33 | 40 |
Principal | 354 | 273 |
In more than one year, but not more than two [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments | 381 | 313 |
Interest | 17 | 27 |
Principal | 364 | 286 |
In more than two years but not more than five [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments | 170 | 462 |
Interest | 2 | 16 |
Principal | $ 52 | $ 446 |
FINANCE LEASE LIABILITIES (S155
FINANCE LEASE LIABILITIES (Schedule of Outstanding Interest Bearing Loans and Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
IfrsStatementLineItems [Line Items] | |||
Nominal interest rate | 4.54% | ||
Fair value | $ 886 | $ 1,005 | |
Carrying value | $ 886 | $ 1,005 | |
Finance lease liabilities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Currency | Euro | Euro | |
Nominal interest rate | 4.54% | 4.54% | |
Year of maturity | 2,020 | 2,020 | |
Fair value | $ 835 | $ 1,005 | |
Carrying value | $ 835 | $ 1,005 | |
Finance lease liabilities Two [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Currency | USD | ||
Nominal interest rate | 5.51% | ||
Year of maturity | 2,019 | ||
Fair value | $ 51 | ||
Carrying value | $ 51 |
COMMITMENTS AND CONTINGENCIE156
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Capital Commitments | $ 121 | $ 220 |
Term of operating lease | 25 Years | |
Operating lease commitments payable | $ 2,693 | 3,215 |
Grant contingencies maximum amount payable | 3,033 | 2,659 |
Accrued pending settlement | $ 497 | |
Term of agreement | 5 years | |
Less than one year [Member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Operating lease commitments payable | $ 92 | 663 |
In more than one year, but not more than two [Member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Operating lease commitments payable | 182 | |
In more than two years but not more than five [Member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Operating lease commitments payable | 1,014 | 1,323 |
More than five years [Member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Operating lease commitments payable | $ 1,405 | $ 1,229 |
COMMITMENTS AND CONTINGENCIE157
COMMITMENTS AND CONTINGENCIES (Schedule of Future Minimum Operating Lease Commitments with Non-Cancellable) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Total lease obligations | $ 22,139 | $ 22,448 |
2018 [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Total lease obligations | 2,693 | 2,483 |
2019 [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Total lease obligations | 2,409 | 2,183 |
2020 [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Total lease obligations | 1,947 | 1,855 |
2021 [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Total lease obligations | 1,776 | 1,261 |
2022 [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Total lease obligations | 1,654 | |
Later years [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Total lease obligations | $ 11,660 | 11,451 |
2017 [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Total lease obligations | $ 3,215 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) | Jun. 06, 2009USD ($) | Dec. 31, 2007USD ($) | Dec. 31, 2007EUR (€) | Nov. 30, 2002USD ($) | Nov. 30, 2002EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Disclosure of transactions between related parties [line items] | ||||||||
Non executive directors fees | $ 1,800,000 | $ 1,946,000 | $ 1,596,000 | |||||
share-based compensation benefits | 663,000 | 1,114,000 | ||||||
Adjustment for share-based compensation benefits | 928,000 | 1,414,000 | $ 1,550,000 | |||||
Remaining amount of loan | 1,042,000 | 1,042,000 | ||||||
JRJ [Member] | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Term of lease | 25 Years | 25 Years | ||||||
Annual rent payable | $ 432,000 | |||||||
JRJ [Member] | Euro [Member] | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Annual rent payable | € | € 381,000 | |||||||
Mr. O'Caoimh and Dr Walsh [Member] | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Annual rent payable | $ 892,000 | |||||||
Mr. O'Caoimh and Dr Walsh [Member] | Euro [Member] | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Annual rent payable | € | € 787,000 | |||||||
Rate of rent per squre foot | € | € 17.94 | |||||||
Director [Member] | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Non executive directors fees | 400,000 | 400,000 | ||||||
share-based compensation benefits | 156,000 | 181,000 | ||||||
Adjustment for share-based compensation benefits | $ 92,000 | $ 174,000 | ||||||
Rayville Limited [Member] | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Payment of dividend | $ 2,830,000 | |||||||
Compensation expense | $ 1,788,000 |
RELATED PARTY TRANSACTIONS (Sch
RELATED PARTY TRANSACTIONS (Schedule of Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [abstract] | ||
Short-term employee benefits | $ 1,177 | $ 1,298 |
Performance related bonus | 223 | 248 |
Post-employment benefits | 44 | 41 |
Share-based compensation benefits | 663 | 1,114 |
Total compensation | $ 2,107 | $ 2,701 |
RELATED PARTY TRANSACTIONS (160
RELATED PARTY TRANSACTIONS (Schedule of Company's Shares and Share Option Plan) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class A Ordinary shares [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding Beginning Balance | 10,727,376 | 8,158,452 | 9,291,652 |
Exercised | (322,272) | (1,602,000) | |
Granted | 5,630,000 | 2,160,000 | 976,000 |
Fortified | (4,732,807) | (165,997) | (507,200) |
Outstanding at end of year | 10,727,376 | 10,727,376 | 8,158,452 |
Class A Ordinary shares [Member] | Directors' and Company Secretary's [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding Beginning Balance | 5,719,706 | 5,695,306 | |
Exercised | |||
Granted | |||
Expired | |||
Fortified | |||
Shares purchased during the year | 24,400 | ||
Outstanding at end of year | 5,719,706 | 5,719,706 | 5,695,306 |
Share Option [Member] | Directors' and Company Secretary's [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding Beginning Balance | 7,655,004 | 6,015,004 | |
Exercised | (60,000) | ||
Granted | 5,150,000 | 1,700,000 | |
Expired | (315,000) | ||
Fortified | (3,720,000) | ||
Shares purchased during the year | |||
Outstanding at end of year | 7,655,004 | 7,655,004 | 6,015,004 |
DERIVATIVES AND FINANCIAL IN161
DERIVATIVES AND FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Increase interest income | $ 480 | $ 770 | |
Issuance of exchangeable senior notes | $ 115,000 | ||
Term of exchangeable senior notes | 30 years | ||
Maturity date of exchangeable senior notes | April 1, 2045 |
DERIVATIVES AND FINANCIAL IN162
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Interest Rate Risk Effective and Repricing Analysis) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Cash and cash equivalents | $ 23,564 | $ 77,109 | $ 101,953 | $ 9,102 |
Short-term investments | 34,043 | |||
Finance lease receivable | 1,185 | 1,330 | ||
Licence payments | (1,112) | (2,195) | ||
Finance lease payable | (886) | (1,005) | ||
Exchangeable notes | (92,955) | (92,232) | $ (91,514) | |
Total interest earning financial and interest bearing financial liabilities | $ (36,161) | $ (16,993) | ||
Cash and cash equivalents [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Effective interest rate | 1.40% | 0.80% | ||
Short-term investments [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Effective interest rate | 140.00% | |||
Finance lease receivable [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Effective interest rate | 4.00% | 4.10% | ||
Licence payments [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Effective interest rate | 3.00% | 3.00% | ||
Finance lease payable [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Effective interest rate | 4.60% | 4.50% | ||
Exchangeable note [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Effective interest rate | 4.80% | 4.80% | ||
6 mths or less [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Cash and cash equivalents | $ 23,564 | $ 77,109 | ||
Short-term investments | ||||
Finance lease receivable | 267 | 289 | ||
Licence payments | (1,112) | (1,112) | ||
Finance lease payable | (176) | (135) | ||
Exchangeable notes | ||||
Total interest earning financial and interest bearing financial liabilities | 22,543 | 76,151 | ||
6 mths - 12 mths [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Cash and cash equivalents | ||||
Short-term investments | 34,043 | |||
Finance lease receivable | 233 | 253 | ||
Licence payments | (1,083) | |||
Finance lease payable | (178) | (138) | ||
Exchangeable notes | ||||
Total interest earning financial and interest bearing financial liabilities | 34,098 | (968) | ||
1-2 years [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Cash and cash equivalents | ||||
Short-term investments | ||||
Finance lease receivable | 333 | 392 | ||
Licence payments | ||||
Finance lease payable | (364) | (286) | ||
Exchangeable notes | ||||
Total interest earning financial and interest bearing financial liabilities | (31) | 106 | ||
2-5 years [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Cash and cash equivalents | ||||
Short-term investments | ||||
Finance lease receivable | 352 | 396 | ||
Licence payments | ||||
Finance lease payable | (168) | (446) | ||
Exchangeable notes | ||||
Total interest earning financial and interest bearing financial liabilities | 184 | (50) | ||
>5 years [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Cash and cash equivalents | ||||
Finance lease receivable | ||||
Deferred consideration | ||||
Licence payments | ||||
Finance lease payable | ||||
Exchangeable notes | (92,955) | (92,232) | ||
Total interest earning financial and interest bearing financial liabilities | $ (92,955) | $ (92,232) |
DERIVATIVES AND FINANCIAL IN163
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of interest Rate Profile of Financial Assets/Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fixed rate instruments | |||
Fixed rate financial liabilities (licence fees) | $ (1,112) | $ (2,195) | |
Fixed rate financial liabilities (exchangeable note) | (92,955) | (92,232) | $ (91,514) |
Fixed rate financial liabilities (finance lease payables) | (886) | (1,005) | |
Financial assets (short-term deposits and short-term investments) | 14,003 | 67,264 | |
Financial assets (finance lease receivables) | 1,185 | 1,330 | |
Variable rate instruments | |||
Financial assets (cash and short-term deposits) | 9,561 | 9,844 | |
Total interest earning financial and interest bearing financial liabilities | $ (36,161) | $ (16,993) |
DERIVATIVES AND FINANCIAL IN164
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Liquidity Risk Estimated Interest Payments of Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial liabilities | |||
Exchangeable notes | $ 92,955 | $ 92,232 | $ 91,514 |
Carrying Amount [Member] | Liquidity risk [Member] | |||
Financial liabilities | |||
Trade & other payables | 20,515 | 23,607 | |
Exchangeable notes | 92,955 | 92,232 | |
Exchangeable note interest | 1,150 | 1,150 | |
Total maturities of financial liabilities | 114,620 | 116,989 | |
Contractual cash flows [Member] | Liquidity risk [Member] | |||
Financial liabilities | |||
Trade & other payables | 20,515 | 23,607 | |
Exchangeable notes | 115,000 | 115,000 | |
Exchangeable note interest | 126,500 | 131,100 | |
Total maturities of financial liabilities | 262,015 | 269,707 | |
6 mths or less [Member] | |||
Financial liabilities | |||
Exchangeable notes | |||
6 mths or less [Member] | Liquidity risk [Member] | |||
Financial liabilities | |||
Trade & other payables | 20,515 | 22,524 | |
Exchangeable notes | |||
Exchangeable note interest | 2,300 | 2,300 | |
Total maturities of financial liabilities | 22,815 | 24,824 | |
6 mths - 12 mths [Member] | |||
Financial liabilities | |||
Exchangeable notes | |||
6 mths - 12 mths [Member] | Liquidity risk [Member] | |||
Financial liabilities | |||
Trade & other payables | 1,083 | ||
Exchangeable notes | |||
Exchangeable note interest | 2,300 | 2,300 | |
Total maturities of financial liabilities | 2,300 | 3,383 | |
1-2 years [Member] | |||
Financial liabilities | |||
Exchangeable notes | |||
1-2 years [Member] | Liquidity risk [Member] | |||
Financial liabilities | |||
Trade & other payables | |||
Exchangeable notes | |||
Exchangeable note interest | 4,600 | 4,600 | |
Total maturities of financial liabilities | 4,600 | 4,600 | |
2-5 years [Member] | |||
Financial liabilities | |||
Exchangeable notes | |||
2-5 years [Member] | Liquidity risk [Member] | |||
Financial liabilities | |||
Trade & other payables | |||
Exchangeable notes | |||
Exchangeable note interest | 13,800 | 13,800 | |
Total maturities of financial liabilities | 13,800 | 13,800 | |
>5 years [Member] | |||
Financial liabilities | |||
Exchangeable notes | 92,955 | 92,232 | |
>5 years [Member] | Liquidity risk [Member] | |||
Financial liabilities | |||
Trade & other payables | |||
Exchangeable notes | 115,000 | 115,000 | |
Exchangeable note interest | 103,500 | 108,100 | |
Total maturities of financial liabilities | $ 218,500 | $ 223,100 |
DERIVATIVES AND FINANCIAL IN165
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Foreign Currency Risk Short Term Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about financial instruments [line items] | ||
Cash | $ 9,561 | $ 9,845 |
Euro [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 235 | 214 |
Trade and other receivable | 1,396 | 852 |
Trade and other payables | (1,936) | (1,983) |
Total exposure | (305) | (917) |
GBP [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 443 | 520 |
Trade and other receivable | 101 | 157 |
Trade and other payables | (16) | (29) |
Total exposure | 528 | 648 |
SEK [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 5 | 46 |
Trade and other receivable | 68 | |
Trade and other payables | (239) | (4,528) |
Total exposure | (234) | (4,414) |
CAD [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 2,107 | 845 |
Trade and other receivable | 298 | 414 |
Trade and other payables | (86) | (85) |
Total exposure | 2,319 | 1,174 |
BRL [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 443 | 371 |
Trade and other receivable | 1,958 | 1,103 |
Trade and other payables | (2,235) | (1,976) |
Total exposure | 166 | (502) |
Other [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 16 | 7 |
Trade and other receivable | 6 | |
Trade and other payables | ||
Total exposure | $ 22 | $ 7 |
DERIVATIVES AND FINANCIAL IN166
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Sensitivity Analysis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Profit or loss | $ (38,661) | $ (38,583) | $ 22,187 |
Euro [Member] | 10% Strengthening US Dollar [Member] | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Profit or loss | 2,158 | 1,093 | |
Euro [Member] | 10% Weakening US Dollar [Member] | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Profit or loss | $ (2,637) | $ (1,336) |
DERIVATIVES AND FINANCIAL IN167
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Maximum Credit Exposure of Financial Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of detailed information about financial instruments [abstract] | ||||
Third party trade receivables (Note 17) | $ 17,242 | $ 18,340 | ||
Finance lease income receivable (Note 17) | 1,185 | 1,330 | ||
Cash & cash equivalents (Note 18) | 23,564 | 77,109 | $ 101,953 | $ 9,102 |
Short-term investments (Note 19) | 34,043 | |||
Total maximum credit exposure | $ 76,034 | $ 96,779 |
DERIVATIVES AND FINANCIAL IN168
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Exposure of Trade Receivables by Geographic Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | $ 18,427 | $ 19,670 |
United States [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 8,682 | 10,201 |
Euro-zone countries [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 1,789 | 1,645 |
United Kingdom [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 185 | 252 |
Other European countries [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 21 | 10 |
Other regions [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | $ 7,750 | $ 7,562 |
DERIVATIVES AND FINANCIAL IN169
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Exposure of Trade Receivables by Customer) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | $ 18,427 | $ 19,670 |
End-user customers [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 8,200 | 11,882 |
Distributors [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | 10,003 | 7,127 |
Non-government customers [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum Exposure to credit risk for trade receivables and finance lease income receivable | $ 224 | $ 661 |
DERIVATIVES AND FINANCIAL IN170
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Ageing of Trade Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | $ 3,590 | $ 3,171 | $ 2,812 | $ 2,205 |
Cost [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 20,832 | 21,511 | ||
Cost [Member] | Not past due [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 10,770 | 12,275 | ||
Cost [Member] | Past due 0-30 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 3,190 | 2,741 | ||
Cost [Member] | Past due 31-120 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 1,906 | 1,807 | ||
Cost [Member] | Greater than 120 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 4,966 | 4,688 | ||
Impairment [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 3,590 | 3,171 | ||
Impairment [Member] | Not past due [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | ||||
Impairment [Member] | Past due 0-30 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 31 | 8 | ||
Impairment [Member] | Past due 31-120 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | 50 | 67 | ||
Impairment [Member] | Greater than 120 days [Member] | ||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||||
Trade receivables | $ 3,509 | $ 3,096 |
DERIVATIVES AND FINANCIAL IN171
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Movement in the Allowance for Impairment of Trade Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Balance at January 1 | $ 3,171 | $ 2,812 | $ 2,205 |
Charged to costs and expenses | 662 | 415 | 780 |
Amounts written off during the year | (243) | (56) | (173) |
Balance at December 31 | $ 3,590 | $ 3,171 | $ 2,812 |
DERIVATIVES AND FINANCIAL IN172
DERIVATIVES AND FINANCIAL INSTRUMENTS (Schedule of Fair Values of Financial Assets/Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans and receivables | ||||
Trade receivables | $ (3,590) | $ (3,171) | $ (2,812) | $ (2,205) |
Cash and cash equivalents | (23,564) | (77,109) | (101,953) | $ (9,102) |
Short-term investments | 34,043 | |||
Finance lease receivable | (1,185) | (1,330) | ||
Total maximum credit exposure | (76,034) | (96,779) | ||
Liabilities at amortised cost | ||||
Exchangeable notes | 92,955 | 92,232 | $ 91,514 | |
Finance lease payable | 886 | 1,005 | ||
Provisions | 50 | 75 | ||
Net Deferred Consideration Payable ('Fiomi') | ||||
Fair value through profit and loss (FVPL) | ||||
Exchangeable note bond call option | (360) | |||
Exchangeable note equity conversion option | 440 | 3,970 | ||
Exchangeable note bond put option | 1,790 | 290 | ||
Level 1 [Member] | ||||
Loans and receivables | ||||
Trade receivables | 17,242 | 18,340 | ||
Cash and cash equivalents | 23,564 | 77,109 | ||
Short-term investments | 34,043 | |||
Finance lease receivable | 1,185 | 1,330 | ||
Total maximum credit exposure | 76,034 | 96,779 | ||
Liabilities at amortised cost | ||||
Exchangeable notes | ||||
Finance lease payable | (886) | (1,005) | ||
Trade and other payables (excluding deferred income) | (20,237) | (24,533) | ||
Provisions | (50) | (75) | ||
Total Liabilities at amortised cost | (21,173) | (25,613) | ||
Fair value through profit and loss (FVPL) | ||||
Exchangeable note bond call option | ||||
Exchangeable note equity conversion option | ||||
Exchangeable note bond put option | ||||
Total fair value through profit and loss (FVPL) | ||||
Total fair value of financial assets liabilities | (54,861) | 71,166 | ||
Level 2 [Member] | ||||
Loans and receivables | ||||
Trade receivables | ||||
Cash and cash equivalents | ||||
Short-term investments | ||||
Finance lease receivable | ||||
Total maximum credit exposure | ||||
Liabilities at amortised cost | ||||
Exchangeable notes | (92,955) | (92,232) | ||
Finance lease payable | ||||
Trade and other payables (excluding deferred income) | ||||
Provisions | (92,955) | |||
Total Liabilities at amortised cost | (92,232) | |||
Fair value through profit and loss (FVPL) | ||||
Exchangeable note bond call option | (360) | |||
Exchangeable note equity conversion option | (440) | (3,970) | ||
Exchangeable note bond put option | (1,790) | (290) | ||
Total fair value through profit and loss (FVPL) | (1,870) | (4,260) | ||
Total fair value of financial assets liabilities | (94,825) | (96,492) | ||
Carrying Amount [Member] | ||||
Loans and receivables | ||||
Trade receivables | 17,242 | 18,340 | ||
Cash and cash equivalents | 23,564 | 77,109 | ||
Short-term investments | 34,043 | |||
Finance lease receivable | 1,185 | 1,330 | ||
Total maximum credit exposure | 76,034 | 96,779 | ||
Liabilities at amortised cost | ||||
Exchangeable notes | (92,955) | (92,232) | ||
Finance lease payable | (886) | (1,005) | ||
Trade and other payables (excluding deferred income) | (20,237) | (24,533) | ||
Provisions | (50) | (75) | ||
Total Liabilities at amortised cost | (114,128) | (117,845) | ||
Fair value through profit and loss (FVPL) | ||||
Exchangeable note bond call option | 360 | |||
Exchangeable note equity conversion option | (440) | (3,970) | ||
Exchangeable note bond put option | (1,790) | (290) | ||
Total fair value through profit and loss (FVPL) | (1,870) | (4,260) | ||
Total fair value of financial assets liabilities | (39,964) | (25,326) | ||
Fair Value [Member] | ||||
Loans and receivables | ||||
Trade receivables | 17,242 | 18,340 | ||
Cash and cash equivalents | 23,564 | 77,109 | ||
Short-term investments | 34,043 | |||
Finance lease receivable | 1,185 | 1,330 | ||
Total maximum credit exposure | 76,034 | 96,779 | ||
Liabilities at amortised cost | ||||
Exchangeable notes | (92,955) | (92,232) | ||
Finance lease payable | (886) | (1,005) | ||
Trade and other payables (excluding deferred income) | (20,237) | (24,533) | ||
Provisions | (50) | (75) | ||
Total Liabilities at amortised cost | (114,128) | (117,845) | ||
Fair value through profit and loss (FVPL) | ||||
Exchangeable note bond call option | 360 | |||
Exchangeable note equity conversion option | (440) | (3,970) | ||
Exchangeable note bond put option | (1,790) | (290) | ||
Total fair value through profit and loss (FVPL) | (1,870) | (4,260) | ||
Total fair value of financial assets liabilities | $ (39,964) | $ (25,326) |
RECONCILIATION OF LIABILITIE173
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES (Schedule of Liabilities Arising from Financing) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash-flows: | |||
Interest paid | $ 4,600,000 | $ 4,600,000 | $ 2,198,000 |
Borrowings & derivative financial instruments [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at 1 January 2017 | 96,492 | 102,734 | |
Cash-flows: | |||
Interest paid | (4,600) | (4,600) | |
Repayment | |||
Proceeds | |||
Non-cash: | |||
Interest charged | 4,600 | 4,600 | |
Exchange adjustment | |||
Accretion interest | 723 | 718 | |
Fair value | (2,030) | (6,960) | |
Reclassification | |||
Balance at 31 December 2017 | 98,185 | 96,492 | 102,734 |
Short-term lease liabilities [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at 1 January 2017 | 273 | 271 | |
Cash-flows: | |||
Interest paid | |||
Repayment | (295) | (282) | |
Proceeds | 28 | ||
Non-cash: | |||
Interest charged | |||
Exchange adjustment | 53 | (5) | |
Accretion interest | |||
Fair value | |||
Reclassification | 295 | 289 | |
Balance at 31 December 2017 | 354 | 273 | 271 |
Long-term lease liabilities [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at 1 January 2017 | 732 | 1,042 | |
Cash-flows: | |||
Interest paid | |||
Repayment | |||
Proceeds | 24 | ||
Non-cash: | |||
Interest charged | |||
Exchange adjustment | 71 | (21) | |
Accretion interest | |||
Fair value | |||
Reclassification | (295) | (289) | |
Balance at 31 December 2017 | $ 532 | $ 732 | $ 1,042 |
POST BALANCE SHEET EVENTS (Narr
POST BALANCE SHEET EVENTS (Narrative) (Details) - Post BS Events [Member] - Immco Diagnostics [Member] | Jan. 30, 2018USD ($)ft² |
Disclosure of non-adjusting events after reporting period [line items] | |
Area of capital lease | ft² | 31,731 |
Annual rent | $ | $ 422,000 |
Lease term period | 15 years |