Exhibit		Description
99.1		Trinity Biotech plc Annual Report 2021

TABLE OF CONTENTS
	Page
Corporate Information	1
Market, Industry and Other Data	2
Cautionary Statement Regarding Forward-Looking Statements	2
Board of Directors & Executive Officers	3
Business Overview	4
Directors’ Report	7
Statement of Directors’ Responsibilities in respect of the annual report and the   financial statements	18
Risk Factors	19
Performance Review	47
Independent Auditor’s Report to the members of Trinity Biotech plc	55
Financial Statements
Consolidated Statement of Operations	62
Consolidated Statement of Comprehensive Income	63
Consolidated Statement of Financial Position	64
Consolidated Statement of Changes in Equity	65
Consolidated Statements of Cash Flows	66
Notes to the Consolidated Financial Statements	67
Company Statement of Comprehensive Income	137
Company Statement of Financial Position	138
Company Statement of Changes in Equity	139
Company Statement of Cash Flows	140
Notes to the Company Financial Statements	141

Mr. Sun-Q Jeon	South Korea	Appointed May 3, 2022
Mr Ronan O’Caoimh
Dr Jim Walsh
Mr John Gillard
Mr. Aris Kekedjian	US	Appointed May 3, 2022
Mr. Michael Sung Soo Kim	South Korea	Appointed May 3, 2022
Mr Kevin Tansley		Resigned May 3, 2022
Mr Clint Severson	US	Resigned May 3, 2022
Mr James Merselis	US	Resigned May 3, 2022

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Infectious diseases;

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Glycated haemoglobin (for diabetes monitoring and diagnosis) and haemoglobin variants for the detection of haemoglobinopathies (haemoglobin abnormalities);

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Autoimmune diseases.

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Sexually transmitted diseases, including Syphilis and Herpes;

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Markers for Epstein Barr, Measles, Mumps, Toxoplasmosis, Cytomegalovirus, Rubella, Varicella and other viral pathogens and;

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SARS-CoV-2.

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Immunofluorescence Assay (“IFA”);

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Enzyme-linked immunosorbent (“ELISA”);

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Western Blot (“WB”); and

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Line immunoassay (“LIA”).

		2021				2020
		US$’000				US$’000
Revenue			92,965				101,980
Operating profit			6,625				82
Profit/(loss) for the year			875				(6,388	)

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the Group paid a total amount of US$86,730,000 to retire Exchangeable Notes with a carrying value of US$83,312,000 at December 31, 2021. Each holder that was party to the agreement received US$0.87 of cash per $1 nominal value of the Notes, and

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the Company also issued 5,333,000 ADSs (21,332,000 ‘A’ Ordinary shares) representing the equivalent of $0.08 of the Company’s ADS (based upon the 5-day trailing VWAP of the ADSs on NASDAQ on December 9, 2021, discounted by 13%) per $1 nominal value of the Notes, as partial consideration for the exchange of the notes.

		Number of ‘A’ Ordinary Shares December 31, 2021				Number of ‘A’ Ordinary Shares December 31, 2020				Number of options* December 31, 2021				Number of options* December 31, 2020				Weighted average exercise price of options outstanding at December 31, 2021				Weighted average exercise price of options outstanding at December 31, 2020
Directors
Sun-Q Jeon			-				-				-				-				-				-
Ronan O’Caoimh**			7,057,501				7,057,501				11,704,000				11,704,000			US$0.69				US$0.69
John Gillard			-				-				600,000				600,000			US$0.67				US$0.67
Jim Walsh			1,393,612				1,393,612				1,510,000				1,510,000			US$1.00				US$1.00
Kevin Tansley			150,000				150,000				1,664,000				1,664,000			US$0.79				US$0.79
Aris Kekedjian			-				-				-				-				-				-
Michael Sung Soo Kim			-				-				-				-				-				-
James Merselis			188,600				188,600				630,000				630,000			US$0.79				US$0.79
Clint Severson			288,000				288,000				630,000				630,000			US$0.79				US$0.79

		Number of options held at January 1, 2021				Options granted during the year				Options lapsed /exercised/forfeited during the year				Number of options held at December 31, 2021
Directors
Sun-Q Jeon			-				-				-				-
Ronan O’Caoimh			11,704,000				-				-				11,704,000
John Gillard			600,000				-				-				600,000
Jim Walsh			1,510,000				-				-				1,510,000
Kevin Tansley			1,664,000				-				-				1,664,000
Aris Kekedjian			-				-				-				-
Michael Sung Soo Kim			-				-				-				-
James Merselis			630,000				-				-				630,000
Clint Severson			630,000				-				-				630,000

Director		Title		Salary/ Benefits US$’000				Performance related bonus US$’000				Defined contribution pension US$’000				Total 2021 US$’000
Sun-Q Jeon		Chairperson			—				—				—				—
Ronan O’Caoimh		CEO			643				—				—				643
Jim Walsh		Executive Director			20				—				—				20
John Gillard		Chief Financial Officer			346				227				20				593
Kevin Tansley		Executive Director			56				—				4				60
Aris Kekedjian		Non-Executive director			—				—				—				—
Michael Sung Soo Kim		Non-Executive director			—				—				—				—
James Merselis		Non-Executive director			49				—				—				49
Clint Severson		Non-Executive director			49				—				—				49
					1,163				227				24				1,414

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select suitable accounting policies and then apply them consistently;

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make judgments and accounting estimates that are reasonable and prudent;

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state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and

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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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Competition and trading conditions - our ability to sell products could be adversely affected by competition from new and existing diagnostic products, changing conditions in the diagnostic market, including, inter alia, reductions in government funding and sector consolidation.

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New product development - our long-term success depends upon the successful development and commercialization of new products.

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Capital structure - we may require future additional capital.

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Borrowings - we have incurred substantial debt, which could impair our flexibility and access to capital and adversely affect our financial position. To the extent we are unable to repay our debt as it becomes due with cash on hand or from other sources, we will need to refinance our debt, sell assets or repay the debt with the proceeds from equity offerings in order to continue in business. Our ability to obtain additional funding may determine our ability to continue as a going concern.  Failure to comply with the terms of the credit agreement for our Term Loan could result in a default under its terms and, if uncured, could result in action against our pledged assets.

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Product recalls and claims - our products may in the future be subject to product recalls that could harm our reputation, business and financial results. If our products cause or contribute to a death or a serious injury, or malfunction in certain ways, we will be subject to medical device reporting regulations, which can result in voluntary corrective actions or regulatory agency enforcement actions. We may be subject to liability resulting from our products or services.

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Corporate strategy - failure to achieve our financial and strategic objectives could have a material adverse impact on our business prospects.

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Global economic conditions – changes in global economic conditions may have a material adverse impact on our results.

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Pandemic impact - the Covid-19 outbreak could significantly disrupt our operations and adversely affect our results of operations.

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People - we are highly dependent on our senior management team and other key employees, and the loss of one or more of these employees or the inability to attract and retain qualified personnel as necessary could adversely affect our operations.

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Supply chains - significant interruptions in production at our principal manufacturing facilities and/or third-party manufacturing facilities would adversely affect our business and operating results. We are dependent on third-party suppliers for certain critical components and the primary raw materials required for our test kits. Our inability to manufacture products in accordance with applicable specifications, performance standards or quality requirements could adversely affect our business.

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Distributor network - our revenues are highly dependent on a network of distributors worldwide. Our success depends on our ability to service and support our products directly or in collaboration with our strategic partners.

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Cyber security - our ability to protect our information systems and electronic transmissions of sensitive data from data corruption, cyber-based attacks, security breaches or privacy violations is critical to the success of our business.

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Foreign exchange - our sales and operations are subject to the risks of fluctuations in currency exchange rates.

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Financial impairment - the large amount of intangible assets and goodwill recorded on our balance sheet may lead to significant impairment charges in the future.

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Taxation - tax matters, including disagreements with taxing authorities, the changes in corporate tax rates and imposition of new taxes could impact our results of operations and financial condition.

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Acquisitions - future acquisitions may be less successful than expected, not generate the expected benefits, disrupt our ongoing business, distract our management, increase our expenses and adversely affect our business, and therefore, growth may be limited.

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Brexit - the United Kingdom’s withdrawal from the European Union could potentially impact our supply chains and the market for our products in the United Kingdom.

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Environmental, Social and Governance - increasing scrutiny and changing expectations from investors, lenders, customers and other market participants with respect to our Environmental, Social and Governance, or ESG, policies may impose additional costs on us or expose us to additional risks.

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Clinical trials - clinical trials necessary to support future premarket submissions will be expensive and will require enrolment of suitable patients who may be difficult to identify and recruit. Delays or failures in our clinical trials will prevent us from commercializing any modified or new products and will adversely affect our business, operating results and prospects. If the third parties on whom we rely to conduct our pre-clinical studies and clinical trials and to assist in pre-clinical development do not perform as contractually required or expected, we may not be able to obtain regulatory approval or commercialize our products. The results of our clinical trials may not support our product candidate claims.

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Regulatory compliance - we may be subject to fines, penalties or injunctions if we are determined to be promoting the use of our products for unapproved or “off-label” uses. If the FDA were to modify its policy of enforcement discretion with respect to our laboratory developed tests, we could incur substantial costs and delays associated with trying to obtain premarket clearance or other approvals.

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Product approvals - if we fail to maintain regulatory approvals and clearances our ability to commercially distribute and market these products could suffer. Failure to comply with FDA or other regulatory requirements may require us to suspend production of our products or institute a recall which could result in higher costs and a loss of revenues. Modifications to our products may require new 510(k) clearances or pre-market approvals, or may require us to cease marketing or recall the modified products until clearances or approvals are obtained. Our laboratory business could be harmed from the loss or suspension of a licence or imposition of a fine or penalties under, or future changes in, the law or regulations of the Clinical Laboratory Improvement Amendments of 1988 (“CLIA”), or those of other state or local agencies.

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International regulations - we face risks relating to our international sales and business operations, including regulatory risks, which could impact our current business operations and growth strategy.

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Healthcare industry laws - we are subject to various laws targeting fraud and abuse in the healthcare industry. Changes in healthcare regulation could affect our revenues, costs and financial condition.

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Public company regulations - compliance with regulations governing public company corporate governance and reporting is complex and expensive.

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Proprietary rights - we may be unable to protect or obtain proprietary rights that we utilise or intend to utilise.

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Patent protection – our patent protection may not be sufficiently broad to compete effectively, the existing patents could be challenged; and trade secrets and confidential know-how could be obtained by competitors.  Our patent protection could be reduced or eliminated for non-compliance with various procedural requirements or due to changes in patent law. We may be involved in lawsuits to enforce our patents, the patents of our licensors or our other intellectual property rights, which could be expensive, time consuming and unsuccessful. Product infringement claims by other companies could result in costly disputes and could limit our ability to sell our products.

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require us to use a substantial portion of our cash flow from operations to make debt service payments;

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limit our ability to use our cash flow or obtain additional financing for working capital, capital expenditures, acquisitions or other general business purposes;

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limit our flexibility to plan for, or react to, changes in our business and industry;

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result in dilution to our existing shareholders in the event we issue equity to fund our debt obligations;

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place us at a competitive disadvantage compared to our less leveraged competitors; and

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increase our vulnerability to the impact of adverse economic and industry conditions.

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incur, assume or guarantee additional indebtedness; or

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repurchase capital stock;

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make other restricted payments, including paying dividends and making investments;

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create liens;

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sell or otherwise dispose of assets, including capital stock of subsidiaries;

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enter into agreements that restrict dividends from subsidiaries;

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acquire another company or business or enter into mergers or consolidations;

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The costs and timing of expansion of sales and marketing activities;

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The timing and size of any repayment requirements for existing debt obligations;

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The timing and success of the commercial launch of new products;

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The extent to which we gain or expand market acceptance for existing, new or enhanced products;

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The costs and timing of the expansion of our manufacturing capacity;

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The success of our research and product development efforts;

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The time, cost and degree of success of conducting clinical trials and obtaining regulatory approvals;

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The magnitude of capital expenditures;

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Changes in existing and potential relationships with distributors and other business partners;

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The costs involved in obtaining and enforcing patents, proprietary rights and necessary licences;

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The costs and liability associated with patent infringement or other types of litigation;

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Competing technological and market developments; and

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The scope and timing of strategic acquisitions.

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Decreased demand for our products;

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Lost revenues;

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Damage to our image or reputation;

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Costs related to litigation; and

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Diversion of management time and attention;

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contract manufacturers or suppliers may fail to comply with regulatory requirements or make errors in manufacturing that could negatively affect the efficacy or safety of our products or cause delays in shipments of our products;

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we or our contract manufacturers and suppliers may not be able to respond to unanticipated changes in customer orders, and if orders do not match forecasts, we or our suppliers may have excess or inadequate inventory of materials and components;

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we or our contract manufacturers and suppliers may be subject to price fluctuations due to a lack of long-term supply arrangements for key components;

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we or our contract manufacturers and suppliers may lose access to critical services and components, resulting in an interruption in the manufacture, assembly and shipment of our systems;

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we may experience delays in delivery by our contract manufacturers and suppliers due to changes in demand from us or their other customers;

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fluctuations in demand for products that our contract manufacturers and suppliers manufacture for others may affect their ability or willingness to deliver components to us in a timely manner;

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our suppliers or those of our contract manufacturer may wish to discontinue supplying components or services to us for risk management reasons;

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we may not be able to find new or alternative components or reconfigure our system and manufacturing processes in a timely manner if the necessary components become unavailable; and

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our contract manufacturers and suppliers may encounter financial hardships unrelated to our demand, which could inhibit their ability to fulfill our orders and meet our requirements.

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Suitable acquisitions or investments may not be found or consummated on terms or schedules that are satisfactory to us or consistent with our objectives;

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The benefits expected to be derived from an acquisition may not materialize and could be affected by numerous factors, such as regulatory developments, insurance reimbursement, general economic conditions and increased competition;

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We may be unable to successfully integrate an acquired company’s personnel, assets, management systems, products and/or technology into our business;

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Worse than expected performance of an acquired business may result in the impairment of intangible assets;

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Acquisitions may require substantial expense and management time and could disrupt our business;

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We may not be able to accurately forecast the performance or ultimate impact of an acquired business;

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An acquisition and subsequent integration activities may require greater capital and other resources than originally anticipated at the time of acquisition;

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An acquisition may result in the incurrence of unexpected expenses, the dilution of our earnings or our existing stockholders’ percentage ownership, or potential losses from undiscovered liabilities not covered by an indemnification from the seller(s) of the acquired business;

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An acquisition may result in the loss of our or the acquired company’s key personnel, customers, distributors or suppliers;

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An acquisition of a foreign business may involve additional risks, including, but not limited to, foreign currency exposure, liability or restrictions under foreign laws or regulations, and our inability to successfully assimilate differences in foreign business practices or overcome language or cultural barriers; and

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Our ability to integrate future acquisitions may be adversely affected by inexperience in dealing with new technologies.

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WMA Declaration of Helsinki – Ethical Principles for Medical Research Involving Human Subjects (2008);

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ICH Harmonised Guidelines - Integrated Addendum to ICH E6 (R2) Guideline for Good Clinical Practice (Nov 2016);

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ISO 20916:2019 In vitro diagnostic medical devices — Clinical performance studies using specimens from human subjects — Good study practice;

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ISO 14155:2011: Clinical investigation of medical devices for human subjects – Good clinical practice.

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our inability to demonstrate to the FDA’s satisfaction that our products are safe and effective for their intended users;

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insufficient data from our pre-clinical studies and clinical trials to support clearance or approval, where required; and

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the failure of the manufacturing process or facilities we use to meet applicable requirements.

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untitled letters, warning letters, fines, injunctions, consent decrees and civil penalties;

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unanticipated expenditures to address or defend such actions;

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customer notifications for repair, replacement and refunds;

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recall, detention or seizure of our products;

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operating restrictions or partial suspension or total shutdown of production;

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refusing or delaying our requests for 510(k) clearance or premarket approval of new products or modified products;

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operating restrictions;

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withdrawing 510(k) clearances on PMA approvals that have already been granted;

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refusal to grant export approval for our products; or

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criminal prosecution.

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the federal Anti-Kickback Statute, which prohibits, among other things, persons from knowingly and wilfully soliciting, receiving, offering or paying remuneration, directly or indirectly, in exchange for or to induce either the referral of an individual for, or the purchase, order or recommendation of, any good or service for which payment may be made under federal healthcare programs, such as the Medicare and Medicaid programs. A person or entity does not need to have actual knowledge of the federal Anti-Kickback Statute or specific intent to violate it to have committed a violation; in addition, the government may assert that a claim including items or services resulting from a violation of the federal Anti-Kickback Statute constitutes a false or fraudulent claim for purposes of the False Claims Act;

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the Physician Self-Referral Law, also known as the “Stark Law”, which provides for strict liability for referrals by physicians to entities with which they or their immediate family members have a financial arrangement for certain designated health services, including clinical laboratory services provided by our CLIA-certified laboratory owned and operated by our subsidiary Immco Diagnostics Inc., that are reimbursable by federal healthcare programs, unless an exception applies. Penalties for violating the Stark Law include denial of payment, civil monetary penalties of up to fifteen thousand dollars per claim submitted, and exclusion from federal health care programs, as well as a penalty of up to one-hundred thousand dollars for attempts to circumvent the law;

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federal false claims laws which prohibit, among other things, individuals or entities from knowingly presenting, or causing to be presented, claims for payment from Medicare, Medicaid or other federal third-party payers that are false or fraudulent. Suits filed under the False Claims Act, known as “qui tam” actions, can be brought by any individual on behalf of the government and such individuals, commonly known as “whistleblowers”, may share in any amounts paid by the entity to the government in fines or settlement. When an entity is determined to have violated the False Claims Act, it may be required to pay up to three times the actual damages sustained by the government, plus civil penalties for each separate false claim. Often, to avoid the threat of treble damages and penalties under the False Claims Act, which in 2020 were $11,665 to $23,331 per false claim, companies will resolve allegations in a settlement without admitting liability to avoid the potential treble damages. Any such settlement could materially affect our business, financial operations, and reputation;

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the federal Civil Monetary Penalties Law, which prohibits, among other things, offering or transferring remuneration to a federal healthcare beneficiary that a person knows or should know is likely to influence the beneficiary’s decision to order or receive items or services reimbursable by the government from a particular provider or supplier;

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federal criminal laws that prohibit executing a scheme to defraud any federal healthcare benefit program or making false statements relating to healthcare matters. Similar to the federal Anti-Kickback Statute, a person or entity does not need to have actual knowledge of the statute or specific intent to violate it to have committed a violation;

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the federal Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act, which governs the conduct of certain electronic healthcare transactions and protects the security and privacy of protected health information;

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the federal Physician Payment Sunshine Act, which requires manufacturers of drugs, devices, biologics and medical supplies for which payment is available under Medicare, Medicaid or the Children’s Health Insurance Program (with certain exceptions) to report annually to the CMS, information related to payments or other “transfers of value” made to physicians (defined to include doctors, dentists, optometrists, podiatrists and chiropractors) and teaching hospitals, and requires applicable manufacturers to report annually to the government ownership and investment interests held by the physicians described above and their immediate family members and payments or other “transfers of value” to such physician owners. Manufacturers are required to submit reports to CMS by the 90th day of each calendar year. We cannot assure you that we have and will successfully report all transfers of value by us, and any failure to comply could result in significant fines and penalties. Failure to submit the required information may result in civil monetary penalties up to an aggregate of $150,000 per year (and up to an aggregate of $1 million per year for “knowing failures”) for all payments, transfers of value or ownership or investment interests not reported in an annual submission, and may result in liability under other federal laws or regulations;

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federal and state laws governing the certification and licensing of clinical laboratories, including operational, personnel and quality requirements designed to ensure that testing services are accurate and timely, and federal and state laws governing the health and safety of clinical laboratory employees;

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the U.S. Foreign Corrupt Practices Act, or the FCPA, which prohibits corporations and individuals from paying, offering to pay or authorising the payment of anything of value to any foreign government official, government staff member, political party or political candidate in an attempt to obtain or retain business or to otherwise influence a person working in an official capacity; the UK Bribery Act, which prohibits both domestic and international bribery, as well as bribery across both public and private sectors; and bribery provisions contained in the German Criminal Code, which makes the corruption and corruptibility of physicians in private practice and other healthcare professionals a criminal offense; and

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analogous state and foreign law equivalents of each of the above federal laws, such as anti-kickback and false claims laws which may apply to items or services reimbursed by any payor, including commercial insurers; state laws that require device companies to comply with the industry’s voluntary compliance guidelines and the applicable compliance guidance promulgated by the federal government or otherwise restrict payments that may be made to healthcare providers and other potential referral sources; state laws that require device manufacturers to report information related to payments and other transfers of value to physicians and other healthcare providers or marketing expenditures; and state laws governing the privacy and security of health information in certain circumstances, many of which differ from each other in significant ways and may not have the same effect, thus complicating compliance efforts.

	●	announcements of new products by us or others;
	●	announcements by us of significant acquisitions, strategic partnerships, in-licensing, joint ventures or capital commitments;
	●	the developments of the businesses and projects of our various subsidiaries;
	●	expiration or terminations of licences, research contracts or other collaboration agreements;
	●	public concern as to the safety of the products we sell;
	●	the volatility of market prices for shares of companies with whom we compete;

	●	developments concerning intellectual property rights or regulatory approvals;
	●	variations in our and our competitors’ results of operations;
	●	changes in revenues, gross profits and earnings announced by us;
	●	changes in estimates or recommendations by securities analysts, if the ADSs are covered by analysts;
	●	fluctuations in the share price of our publicly traded subsidiaries;
	●	changes in government regulations or patent decisions; and
	●	general market conditions and other factors, including factors unrelated to our operating performance.

		Year ended December 31,
		2021 US$’000				2020 US$’000				% Change
Revenues
Clinical laboratory goods			74,700				84,280				(11.4	)%
Clinical laboratory services			7,928				8,485				(6.6	)%
Point-of-Care			10,337				9,215				12.2	%
			92,965				101,980				(8.8	)%

		Year ended December 31,
		2021 US$‘000				2020 US$‘000				% Change
Revenues
Americas			57,799				70,408				(17.9	)%
Asia/Africa			25,504				22,567				13.0	%
Europe			9,662				9,005				7.3	%
Total			92,965				101,980				(8.8	)%

		Year ended December 31,
		2020 US$’000				2019 US$’000				% Change
Revenues
Clinical laboratory goods			84,280				68,127				23.7	%
Clinical laboratory services			8,485				10,915				(22.3	)%
Point-of-Care			9,215				11,393				(19.1	)%
			101,980				90,435				12.8	%

		Year ended December 31,
		2020 US$‘000				2019 US$‘000				% Change
Revenues
Americas			70,408				52,183				34.9	%
Asia/Africa			22,567				27,686				(18.5	)%
Europe			9,005				10,566				(14.8	)%
Total			101,980				90,435				12.8	%

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A range of cost saving measures implemented in response to the Covid-19 pandemic including the furloughing of employees in the second quarter of 2020, the receipt of government payroll subsidies, significantly reduced travel costs and the cancellation of trade shows and other marketing activities.

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Partially offsetting these savings were increased foreign currency losses mainly due to the re-translation of Euro-denominated lease liabilities for right-of-use assets and increased performance-related pay due to higher revenues and profits.

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the consolidated financial statements give a true and fair view in accordance with IFRS as adopted by the European Union of the assets, liabilities and financial position of the group as at December 31, 2021 and of its loss and cash flows for the financial year then ended;

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the parent company financial statements give a true and fair view, in accordance with IFRS as adopted by the European Union, of the assets, liabilities and financial position of the parent company as at December 31, 2021 and cash flows for the financial year then ended; and

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the financial statements have been properly prepared in accordance with the requirements of the Companies Act 2014.

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Examining management assessment on going concern and performed an independent assessment of the inputs and assumptions used by management in preparing their assessment on going concern by comparing the assumptions and estimates used elsewhere in the preparation of the financial statements;

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Reviewing the new financing agreement in January 2022, the new investment received in April 2022 and the subsequent repayment of the Exchangeable notes;

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Evaluating management’s assessment of any liquidity issues with the company by reviewing if the company has enough liquidity sources from operating activities;

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Making inquiries with the Directors and reviewing board minutes available up to and including the date of authorisation of the financial statements in order to understand the future plans of the company;

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Assessing the adequacy of the disclosures with respect to the going concern assertion; and

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Obtaining a signed letter of representation from the Directors that it is appropriate to prepare the financial statements on a going concern basis and the Directors have considered various financing options to meet its repayment obligations under the exchangeable notes over the next 12 months.

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We examined the supporting documents of internally generated intangible asset additions in the financial year to determine if they constituted development phase costs allowable for capitalisation as stipulated by accounting standards.

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We tested the key assumptions used by management in concluding that intangible projects capitalised at year-end demonstrate the required characteristics to permit capitalisation, particularly the commercial and technical feasibility of on-going development projects.

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We conducted detailed discussions with senior intangible project personnel to understand their rationale for concluding on the appropriateness of capitalisation of the development phase costs and, where necessary, challenged the underlying reasoning.

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We obtained a detailed understanding of the role of the employees in the development of the intangibles whose salaries are capitalized.

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We tested the design and effectiveness of management review controls (including specific controls for review of revenue recognition and year end cut-off analyses).

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We selected a statistical sample of revenue transactions from each revenue stream and vouched to underlying documents.

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We examined contracts specific to the company’s Covid-19 related portfolio of products for unusual terms. The company made significant revenue from these contracts during the year and some contracts have rights of return included in the agreement; and

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We examined post year-end sales activity, the assumptions made and the inputs used in the calculation of the return deferral.

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We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

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In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited.

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The financial statements are in agreement with the accounting records.

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In our opinion the information given in the Directors’ report is consistent with the financial statements.  Based solely on the work undertaken in the course of our audit, in our opinion, the Directors’ report has been prepared in accordance with the requirements of the Companies Act 2014.

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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for their opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group and parent company’s internal control.

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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

•

Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent company’s ability to continue as a going concern. If they conclude that a material uncertainty exists, they are required to draw attention in the auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify their opinion. Their conclusions are based on the audit evidence obtained up to the date of the auditor’s report. However, future events or conditions may cause the group or parent company to cease to continue as a going concern.

•

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.

						Year ended December 31
		Notes				2021 US$‘000				2020 US$‘000				2019 US$‘000
Profit/(Loss) for the year			2				875				(6,388	)			(28,914	)
Other comprehensive loss
Items that will be reclassified subsequently to profit or loss
Foreign exchange translation differences							(86	)			(1,360	)			(167	)
						·				·				·
Other comprehensive loss							(86	)			(1,360	)			(167	)
						·				·				·
Total Comprehensive Profit/(Loss) (all attributable to owners of the parent)							789				(7,748	)			(29,081	)

						At December 31
		Notes				2021 US$‘000				2020 US$‘000
ASSETS
Non-current assets
Property, plant and equipment			13				5,918				8,547
Goodwill and intangible assets			14				35,981				33,860
Deferred tax assets			15				4,101				4,185
Derivative financial instruments			24				-				150
Other assets			16				207				355
						·				·
Total non-current assets							46,207				47,097
						·				·
Current assets
Inventories			17				29,123				30,219
Trade and other receivables			18				16,116				22,668
Income tax receivable							1,539				3,086
Cash and cash equivalents			19				25,910				27,327
						·				·
Total current assets							72,688				83,300
						·				·
TOTAL ASSETS			2				118,895				130,397
EQUITY AND LIABILITIES
Equity attributable to the equity holders of the parent
Share capital			20				1,213				1,213
Share premium			20				16,187				16,187
Treasury shares			20				(24,922	)			(24,922	)
Accumulated surplus			20				12,559				10,573
Translation reserve			20				(5,379	)			(5,293	)
Other reserves			20				23				23
						·				·
Total deficit							(319	)			(2,219	)
						·				·
Current liabilities
Income tax payable							22				154
Trade and other payables			22				15,127				24,335
Provisions			23				50				416
Exchangeable notes and other borrowings			24				83,312				-
Lease liabilities			25				1,980				2,153
						·				·
Total current liabilities							100,491				27,058
						·				·
Non-current liabilities
Exchangeable notes and other borrowings			24				-				82,695
Derivative financial instruments			24				-				1,370
Lease liabilities			25				13,865				16,588
Deferred tax liabilities			15				4,858				4,905
						·				·
Total non-current liabilities							18,723				105,558
						·				·
TOTAL LIABILITIES			2				119,214				132,616
						·				·
TOTAL EQUITY AND LIABILITIES							118,895				130,397

		Share capital ‘A’ ordinary shares US$’000				Share premium US$’000				Treasury Shares US$’000				Translation reserve US$’000				Hedging reserves US$’000				Accumulated surplus US$’000				Total US$’000
Balance at January 1, 2019			1,213				16,187				(24,922	)			(3,766	)			23				55,319				44,054
Loss for the period			-				-				-				-				-				(28,914	)			(28,914	)
Other comprehensive income			-				-				-				(167	)			-				-				(167	)
		·				·				·				·				·				·				·
Total comprehensive loss			-				-				-				(167	)			-				(28,914	)			(29,081	)
Share-based payments			-				-				-				-				-				839				839
Adjustment on transition to IFRS 16 (Note 13)			-				-				-				-				-				(11,099	)			(11,099	)
		·				·				·				·				·				·				·
Balance at December 31, 2019			1,213				16,187				(24,922	)			(3,933	)			23				16,145				4,713
		·				·				·				·				·				·				·
Balance at January 1, 2020			1,213				16,187				(24,922	)			(3,933	)			23				16,145				4,713
Loss for the period			-				-				-				-				-				(6,388	)			(6,388	)
Other comprehensive income			-				-				-				(1,360	)			-				-				(1,360	)
			•				•-				•-				•				•			·				·
Total comprehensive loss			-				-				-				(1,360	)			-				(6,388	)			(7,748	)
Share-based payments (Note 21)			-				-				-				-				-				816				816
			•				•-				•-				•				•			·				·
Balance at December 31, 2020			1,213				16,187				(24,922	)			(5,293	)			23				10,573				(2,219	)
		·				·				·				·				·				·				·
Balance at January 1, 2021			1,213				16,187				(24,922	)			(5,293	)			23				10,573				(2,219	)
Profit for the period			-				-				-				-				-				875				875
Other comprehensive income			-				-				-				(86	)			-				-				(86	)
			•				•-				•-				•				•			·				·
Total comprehensive profit/(loss)			-				-				-				(86	)			-				875				789
Share-based payments (Note 21)			-				-				-				-				-				1,111				1,111
			•				•-				•-				•				•			·				·
Balance at December 31, 2021			1,213				16,187				(24,922	)			(5,379	)			23				12,559				(319	)

						Year ended December 31,
		Notes					2021 US$ 000				2020 US$‘000				2019 US$ 000
Cash flows from operating activities
Profit/(Loss) for the year							875				(6,388	)			(28,914	)
Adjustments to reconcile net profit/(loss) to cash provided by operating activities:
Depreciation			11				1,827				1,674				2,526
Amortisation			11,14				917				1,403				2,368
Income tax credit			9				(167	)			(182	)			(1,006	)
Financial income			8				(1,223	)			(36	)			(697	)
Financial expense			8				7,097				6,751				6,582
Share-based payments (net of capitalized amounts)			21				1,100				792				758
Foreign exchange gains on operating cash flows							(251	)			(663	)			(93	)
(Gain)/Loss on disposal or retirement of property, plant and equipment			11				(1	)			30				17
Movement in inventory provision			17				5,589				5,059				1,567
Impairment of prepayments			7, 18				583				562				1,376
Impairment of property, plant and equipment			7, 13				2,508				1,795				6,349
Impairment of intangible assets			7, 14				3,853				15,422				16,570
Other non-cash items							(5,317	)			(634	)			835
						·				·				·
Operating cash flows before changes in working capital							17,390				25,585				8,238
Decrease / (Increase) in trade and other receivables							6,236				(2,489	)			445
(Increase) in inventories							(4,406	)			(3,419	)			(2,959	)
(Decrease) / Increase in trade and other payables							(7,591	)			4,994				151
						·				·				·
Cash generated from operations							11,629				24,671				5,875
Interest paid							(11	)			(48	)			(1,000	)
Interest received							1				104				560
Income taxes received / (paid)							1,619				(972	)			(18	)
						·				·				·
Net cash generated by operating activities							13,238				23,755				5,417
Cash flows from investing activities
Payments to acquire intangible assets							(6,879	)			(6,990	)			(9,718	)
Acquisition of property, plant and equipment							(1,812	)			(3,178	)			(2,118	)
Disposal of property, plant and equipment							-				(30	)			(17	)
Net cash used in investing activities							(8,691	)			(10,198	)			(11,853	)
Cash flows from financing activities
Proceeds from Paycheck Protection loans							1,764				4,520				-
Interest payment on exchangeable notes			29				(3,996	)			(3,996	)			(3,996	)
Refinancing Costs							(848	)			-				-
Payment of lease liabilities			29				(2,939	)			(3,240	)			(3,533	)
							•				•				•
Net cash used in financing activities							(6,019	)			(2,716	)			(7,529	)
(Decrease) / Increase in cash and cash equivalents and short term investments							(1,472	)			10,841				(13,965	)
Effects of exchange rate movements on cash held							55				86				88
Cash and cash equivalents and short-term investments at beginning of year							27,327				16,400				30,277
							•				•				•
Cash and cash equivalents and short-term investments at end of year			19				25,910				27,327				16,400

1.	BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

i)	General information

ii)	Statement of compliance

iii)	Basis of preparation

1.	BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES  (CONTINUED)

iv)	Basis of consolidation

v)	Property, plant and equipment

•    Leasehold improvements		5-15 years
•    Buildings		50 years
•    Office equipment and fittings		10 years
•    Computer equipment		3-5 years
•    Plant and equipment		2-15 years

•

the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Group

•

the Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract

•

the Group has the right to direct the use of the identified asset throughout the period of use. The Group assess whether it has the right to direct ‘how and for what purpose’ the asset is used throughout the period of use.

vi)

Goodwill

vii)	Intangibles, including research and development (other than goodwill)

•    Capitalised development costs		15 years
•    Patents and licences		6-15 years
•    Other (including acquired customer and supplier lists)		6-15 years

(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 several 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.

viii)

Impairment

1.	BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

x)	Trade and other receivables

xi)	Trade and other payables

xii)	Cash and cash equivalents

xiii)

Short-term investments

1.	BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

xiv)	Share-based payments

xv)	Government grants and financial support

xvi)	Revenue recognition

1.	BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

xvii)

Employee benefits

1.	BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

xviii)

Foreign currency

1.	BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

xx)	Exchangeable notes and derivative financial instruments

xxi)	Segment reporting

xxii)

Tax (current and deferred)

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.

xxiii)

Provisions

1.	BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

xxiv)

Cost of sales

xxv)	Finance income and costs

xxvi)

Treasury shares

xxvii)

Equity

xxviii)

Profit or loss from discontinued operations

xxix)

Fair values

xxx)	New IFRS Standards and Interpretations not applied

•

Amendments IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and measurement

•

IFRS 7 Financial Instruments: Disclosures

•

IFRS 4 Insurance Contracts

•

IFRS 16 Leases – Interest Rate Benchmark Reform – Phase 2

1.	BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

•

Amendments to IFRS 16 – COVID-19-Related Rent Concessions beyond 30 June 2021. The amendment was adopted effective 1 January 2021 and did not result in a material impact on the Group’s results.

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, 2021		US$‘000				US$‘000				US$‘000				US$’000				US$‘000
Revenue from external customers			67,249				25,716				-				-				92,965
Inter-segment revenue			49,059				2,517				-				(51,576	)			-
		·				·				·				·				·
Total revenue			116,308				28,233				-				(51,576	)			92,965

						Rest of World
Revenue		Americas				Ireland				Other				Eliminations				Total
Year ended December 31, 2020		US$‘000				US$‘000				US$‘000				US$’000				US$‘000
Revenue from external customers			77,688				24,292				-				-				101,980
Inter-segment revenue			59,304				1,095				-				(60,399	)			-
		·				·				·				·				·
Total revenue			136,992				25,387				-				(60,399	)			101,980

2.	SEGMENT INFORMATION (CONTINUED)

						Rest of World
		Americas				Ireland				Other				Eliminations				Total
Year ended December 31, 2019		US$‘000				US$‘000				US$‘000				US$’000				US$‘000
Revenue from external customers			64,045				26,390				-				-				90,435
Inter-segment revenue			39,563				1,629				-				(41,192	)			-
		·				·				·				·				·
Total revenue			103,608				28,019				-				(41192	)			90,435

ii)	The distribution of revenue by customers’ geographical area was as follows:

Revenue		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Americas			57,799				70,408				52,183
Asia / Africa			25,504				22,567				27,686
Europe (including Ireland) *			9,662				9,005				10,566
		·				·				·
			92,965				101,980				90,435

*

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, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Clinical laboratory goods			74,700				84,280				68,127
Clinical laboratory services			7,928				8,485				10,915
Point-of-Care			10,337				9,215				11,393
		·				·				·
			92,965				101,980				90,435

iv)	The group has recognised the following amounts relating to revenue in the consolidated statement of operations:

Revenue		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Revenue from contracts with customers (a)			92,965				101,980				90,435
Revenue from other sources			-				-				-
		·				·				·
			92,965				101,980				90,435

(a)

Disaggregation of revenue from contracts with customers:

Timing of revenue recognition		Americas				Ireland				Other				Total
Year ended December 31, 2021		US$‘000				US$‘000				US$‘000				US$‘000
At a point in time			66,806				25,716				—				92,522
Over time			443				—				—				443
Total			67,249				25,716				—				92,965

Timing of revenue recognition		Americas				Ireland				Other				Total
Year ended December 31, 2020		US$‘000				US$‘000				US$‘000				US$‘000
At a point in time			77,060				24,292				—				101,352
Over time			628				—				—				628
Total			77,688				24,292				—				101,980

Timing of revenue recognition		Americas				Ireland				Other				Total
Year ended December 31, 2019		US$‘000				US$‘000				US$‘000				US$‘000
At a point in time			63,300				26,390				—				89,690
Over time			745				—				—				745
Total			64,045				26,390				—				90,435

(b)

The Group derives revenue from the transfer of goods and services over time and at a point in time based on customers’ geographical area as follows:

Timing of revenue recognition		Americas				Asia / Africa				Europe				Total
Year ended December 31, 2021		US$‘000				US$‘000				US$‘000				US$‘000
At a point in time			57,356				25,504				9,662				92,522
Over time			443				—				—				443
Total			57,799				25,504				9,662				92,965

2.	SEGMENT INFORMATION (CONTINUED)

Timing of revenue recognition		Americas				Asia / Africa				Europe				Total
Year ended December 31, 2020		US$‘000				US$‘000				US$‘000				US$‘000
At a point in time			69,780				22,567				9,005				101,352
Over time			628				—				—				628
Total			70,408				22,567				9,005				101,980

Timing of revenue recognition		Americas				Asia / Africa				Europe				Total
Year ended December 31, 2019		US$‘000				US$‘000				US$‘000				US$‘000
At a point in time			51,438				27,686				10,566				89,690
Over time			745				—				—				745
Total			52,183				27,686				10,566				90,435

						Rest of World
		Americas				Ireland				Other				Total
Year ended December 31, 2021		US$‘000				US$‘000				US$‘000				US$‘000
Result before impairment and unallocated expenses			9,276				5,084				(12	)			14,348
Impairment			(6,088	)			(856	)			—				(6,944	)
		·				·				·				·
Result after impairment			3,188				4,228				(12	)			7,404
Unallocated expenses *															(779	)
		·				·				·				·
Operating profit															6,625
Net financing expense (Note 8)															(5,874	)
														·
Profit before tax															751
Income tax credit (Note 9)															178
														·
Profit for the year on continuing operations															929
Loss for the year on discontinued operations (Note 10)															(54	)
														·
Profit for the year															875

						Rest of World
		Americas				Ireland				Other				Total
Year ended December 31, 2020		US$‘000				US$‘000				US$‘000				US$‘000
Result before impairment and unallocated expenses			14,495				4,264				(71	)			18,688
Impairment			(17,779	)			-				—				(17,779	)
		·				·				·				·
Result after impairment			(3,284	)			4,264				(71	)			909
Unallocated expenses *															(827	)
		·				·				·				·
Operating profit															82
Net financing expense (Note 8)															(6,715	)
														·
Loss before tax															(6,633	)
Income tax credit (Note 9)															620
														·
Loss for the year on continuing operations															(6,013	)
Loss for the year on discontinued operations (Note 10)															(375	)
														·
Loss for the year															(6,388	)

2.	SEGMENT INFORMATION (CONTINUED)

						Rest of World
		Americas				Ireland				Other				Total
Year ended December 31, 2019		US$‘000				US$‘000				US$‘000				US$‘000
Result before impairment and unallocated expenses			5,239				(4,334	)			(108	)			797
Impairment			(14,562	)			(9,733	)			—				(24,295	)
		·				·				·				·
Result after impairment			(9,323	)			(14,067	)			(108	)			(23,498	)
Unallocated expenses *															(614	)
		·				·				·				·
Operating loss															(24,112	)
Net financing expense (Note 8)															(5,885	)
														·
Loss before tax															(29,997	)
Income tax credit (Note 9)															1,006
														·
Loss for the year on continuing operations															(28,991	)
Profit for the year on discontinued operations (Note 10)															77
														·
Loss for the year															(28,914	)

*	Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area.

vi)	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, 2021

US$‘000

US$‘000

US$‘000

US$‘000

Assets and liabilities

Segment assets

45,891

41,453

1

87,345

Unallocated assets:

Income tax assets (current and deferred)

5,640

Cash and cash equivalents and short-term investments

25,910

Total assets as reported in the Group balance sheet

118,895

Segment liabilities

12,382

101,927

25

114,334

Unallocated liabilities:

Income tax liabilities (current and deferred)

4,880

Total liabilities as reported in the Group balance sheet

119,214

2.	SEGMENT INFORMATION (CONTINUED)

Rest of World

Americas

Ireland

Other

Total

As at December 31, 2020

US$‘000

US$‘000

US$‘000

US$‘000

Assets and liabilities

Segment assets

58,164

37,632

3

95,799

Unallocated assets:

Income tax assets (current and deferred)

7,271

Cash and cash equivalents and short-term investments

27,327

Total assets as reported in the Group balance sheet

130,397

Segment liabilities

20,431

107,080

46

127,557

Unallocated liabilities:

Income tax liabilities (current and deferred)

5,059

Total liabilities as reported in the Group balance sheet

132,616

vii)	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 and derivative financial instruments), by geographical area was as follows:

		December 31, 2021 US$‘000				December 31, 2020 US$‘000
Rest of World – Ireland			22,617				19,927
Americas			19,489				22,835
		·				·
			42,106				42,762

viii)

The distribution of depreciation and amortisation by geographical area was as follows:

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Depreciation:
Rest of World – Ireland			204				127				322
Americas			1,662				1,587				2,208
		·				·				·
			1,866				1,714				2,530
Amortisation:
Rest of World – Ireland			69				32				642
Americas			848				1,371				1,726
		·				·				·
			917				1,403				2,368

ix)	The distribution of share-based payment expense by geographical area was as follows:

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Rest of World – Ireland			1,072				722				659
Americas			28				70				99
		·				·				·
			1,100				792				758

2.	SEGMENT INFORMATION (CONTINUED)

x)	The distribution of taxation (expense)/credit by geographical area was as follows:

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Rest of World – Ireland			540				293				831
Rest of World – Other			(2	)			(8	)			—
Americas			(360	)			335				175
		·				·				·
			178				620				1,006

xi)	During 2020 and 2019 there were no customers generating 10% or more of total revenues. In 2021, one customer accounted for more than 10% of total revenues.

xii)	The distribution of capital expenditure by geographical area was as follows:

		December 31, 2021 US$‘000				December 31, 2020 US$‘000
Rest of World – Ireland			3,826				5,609
Rest of World – Other			-				-
Americas			4,776				4,317
			•				•
			8,602				9,926

3.	EMPLOYMENT

		December 31, 2021				December 31, 2020				December 31, 2019
Research and development			41				52				57
Administration and sales			134				148				159
Manufacturing and quality			302				343				363
		·				·				·
			477				543				579

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Wages and salaries			26,561				26,187				25,885
Social welfare costs			2,403				2,195				2,538
Pension costs			352				447				503
Tax settlement (Note 6)			-				-				5,094
Share-based payments			1,100				792				758
Restructuring Cost			270				388				-
Recognition of contingent asset (Note 26)			-				(1,316	)			-
		·				·				·
			30,686				28,693				34,778

3.	EMPLOYMENT (CONTINUED)

4.	OTHER OPERATING INCOME

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Government supports  - COVID-19			4,668				1,840				-
Other income			-				17				88
Rental income from premises			4				3				3
		·				·				·
			4,672				1,860				91

5.	SELLING, GENERAL AND ADMINISTRATIVE EXPENSES – CLOSURE COSTS

6.	SELLING, GENERAL AND ADMINISTRATIVE EXPENSES – TAX AUDIT SETTLEMENT

6.	SELLING, GENERAL AND ADMINISTRATIVE EXPENSES – TAX AUDIT SETTLEMENT (CONTINUED)

7.	IMPAIRMENT CHARGES

		December				December				December
			31, 2021				31, 2020				31, 2019
		US$’000				US$’000				US$’000
Selling, general & administration expenses
Impairment of PP&E (Note 13)			2,508				1,795				6,349
Impairment of goodwill and other intangible assets (Note 14)			3,853				15,422				16,570
Impairment of prepayments (Note 18)			583				562				1,376
Total impairment loss			6,944				17,779				24,295
Income tax impact of impairment loss			-				-				148
Total impairment loss after tax			6,944				17,779				24,443

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Financial income:
Non-cash financial income			1,220				-				233
Interest income			3				36				464
		·				·				·
			1,223				36				697
		·				·				·
Financial expense:
Interest on leases			(815	)			(896	)			(947	)
Interest on tax audit settlement (Note 6)			-				-				(1,000	)
Cash interest on exchangeable notes			(3,996	)			(3,996	)			(3,996	)
Loan origination costs			(1,638	)			-				-
Non-cash interest on exchangeable notes (Note 24)			(648	)			(643	)			(639	)
Non-cash financial expense			-				(1,216	)			-
		·				·				·
			(7,097	)			(6,751	)			(6,582	)
Net Financing Expense			(5,874	)			(6,715	)			(5,885	)

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Current tax (credit)/expense
Irish Corporation tax			(511	)			(480	)			(312	)
Foreign taxes (a)			296				179				197
Adjustment in respect of prior years			-				(152	)			(50	)
			•				•
Total current tax credit			(215	)			(453	)			(165	)
			•				•
Deferred tax credit (b)
Origination and reversal of temporary differences (see Note 15)			620				48				(625	)
Origination and reversal of net operating losses (see Note 15)			(583	)			(215	)			(216	)
			•				•
Total deferred tax credit			37				(167	)			(841	)
			•				•
Total income tax credit on continuing operations in statement of operations			(178	)			(620	)			(1,006	)
			•				•
Tax charge on discontinued operations (see Note 10)			11				438				-
			•				•				•00
Total tax credit			(167	)			(182	)			(1,006	)

(a)	In 2021, the foreign taxes relate primarily to USA and Canada.

(b)	In 2021, there was a deferred tax charge of US$118,000  (2020: charge of US$53,000; 2019: credit of US$444,000) recognised in respect of Ireland and a deferred tax credit of US$81,000 (2020: credit of US$220,000;2019: credit of US$397,000) recognised in respect of overseas tax jurisdictions.

Effective tax rate		December 31, 2021				December 31, 2020				December 31, 2019
Profit/(Loss) before taxation – continuing operations  (US$‘000)			751				(6,633	)			(29,997	)
As a percentage of loss before tax:
Current tax %			28.63	%			(6.83	)%			(0.55	)%
Total (current and deferred) %			23.70	%			(9.35	)%			(3.36	)%

9.	INCOME TAX CREDIT (CONTINUED)

		December 31, 2021				December 31, 2020				December 31, 2019
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)			49.63	%			24.13	%			13.21	%
Effect of tax rates on overseas earnings			(0.22	)%			(9.92	)%			(3.05	)%
Effect of Irish income taxable at higher tax rate			98.68	%			5.92	%			0.04	%
Adjustments in respect of prior years			(0.01	)%			(10.66	)%			(0.17	)
R&D tax credits			(79.22	)%			(11.00	)%			(2.69	)%
Other items (b)			(105.06	)%			4.68	%			1.80	%
Effective tax rate			(23.70	)%			(9.35	)%			(3.36	)%

(a)	No deferred tax asset was recognised because there was no reversing deferred tax liability in the same jurisdiction reversing in the same period and insufficient future projected taxable income in the same jurisdiction.

(b)	Other items comprise items not chargeable to tax/expenses not deductible for tax purposes. In 2021, this mainly comprises the income from the Paycheck Protection Program loans which is not chargeable for tax purposes.

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Rest of World – Ireland			1,862				296				(20,318	)
Rest of World – Other			3,939				3,304				4,760
Americas			(5,050	)			(10,233	)			(14,439	)
			•				•				•
			751				(6,633	)			(29,997	)

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Rest of World – Ireland			68,132				78,700				73,754
Rest of World – Other			1,000				2,185				-
Americas			4,761				4,313				6,823
			73,893				85,198				80,577

9.	INCOME TAX CREDIT (CONTINUED)

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Rest of World – Ireland – unused tax losses			9,272				12,514				12,062
Rest of World – Other – unused tax losses			279				546				-
Americas – unused tax losses			5,891				1,466				5,259
Americas – unused tax credits			3,368				2,862				493
			18,810				18,810
Unrecognised deferred tax asset			18,810				17,388				17,814

10.	(LOSS)/PROFIT FOR THE YEAR ON DISCONTINUED OPERATION

10.	(LOSS)/PROFIT FOR THE YEAR ON DISCONTINUED OPERATION (CONTINUED)

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
(Loss)/Profit on re-measurement of assets and liabilities:
Closure provision			(42	)			127				(8	)
Foreign currency translation reserve			—				(64	)			85
Tax (expense)/credit			(12	)			(438	)			—
		·				·				·
Total (loss)/profit			(54	)			(375	)			77
(Loss)/Profit for the year from discontinued operations			(54	)			(375	)			77

		December 31, 2021				December 31, 2020				December 31, 2019
Basic earnings/(loss) per ADS (US Dollars) – discontinued operations			0.00				(0.02	)			0.00
Diluted earnings/(loss) per ADS (US Dollars) – discontinued operations			0.00				(0.02	)			0.00
Basic earnings/(loss) per ‘A’ share (US Dollars) – discontinued operations			0.00				0.00				0.00
Diluted earnings/(loss) per ‘A’ share (US Dollars) – discontinued operations			0.00				0.00				0.00

10.	(LOSS)/PROFIT FOR THE YEAR ON DISCONTINUED OPERATION (CONTINUED)

		December 31, 2021				December 31, 2020				December 31, 2019
		US$000				US$000				US$000
Cash flows from operating activities			(40	)			(22	)			(5	)

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Directors’ emoluments (including non- executive directors):
Remuneration			1,391				2,020				1,238
Pension			24				41				42
Share based payments			986				678				624
Auditor’s remuneration
Audit fees			549				533				523
Tax fees			77				146				172
Other non-audit fees			31				25				-
Depreciation*			1,827				1,674				2,526
Amortisation (Note 14)			917				1,403				2,368
(Profit)/Loss on the disposal of property, plant and equipment			(1	)			30				17
Net foreign exchange differences			(789	)			583				(179	)

*	Note that US$38,000 (2020: US$40,000) (2019: US$4,000) of depreciation was capitalised to research and development projects during 2021 in line with the Group’s capitalisation policy for Intangible projects.

		December 31, 2021				December 31, 2020				December 31, 2019
‘A’ ordinary shares			83,606,810				83,606,810				83,606,810
Basic earnings per share denominator			83,606,810				83,606,810				83,606,810
Reconciliation to weighted average earnings per share denominator:
Number of ‘A’ ordinary shares at January 1 (Note 20)			96,162,410				96,162,410				96,162,410
Weighted average number of shares issued during the year*			-				-				-
Weighted average number of treasury shares			(12,555,600	)			(12,555,600	)			(12,555,600	)
Basic earnings per share denominator			83,606,810				83,606,810				83,606,810

		December 31, 2021				December 31, 2020				December 31, 2019
Basic earnings per share denominator (see above)			83,606,810				83,606,810				83,606,810
Issuable on exercise of options and warrants			4,648,586				3,154,668				-
Issuable on conversion of exchangeable notes			18,263,254				18,263,254				18,263,254
		·				·				·
Diluted earnings per share denominator			106,518,650				105,024,732				101,870,064

12.	PROFIT/(LOSS) PER SHARE (CONTINUED)

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Profit/(Loss) after tax for the year			875				(6,388	)			(28,914	)
Non-cash financial (income)/expense (Note 8)			(1,220	)			1,216				(233	)
Cash interest expense (Note 8)			3,996				3,996				3,996
Non-cash interest on exchangeable notes (Note 8)			648				643				639
		·				·				·
Adjusted profit/(loss) after tax			4,299				(533	)			(24,512	)

		December 31, 2020				December 31, 2020				December 31, 2019
ADS			20,901,703				20,901,703				20,901,703
		·				·				·
Basic earnings per share denominator			20,901,703				20,901,703				20,901,703
		·				·				·
Reconciliation to weighted average earnings per share denominator:
Number of ADS at January 1 (Note 20)			24,040,602				24,040,602				24,040,602
Weighted average number of shares issued during the year*			-				-				-
Weighted average number of treasury shares			(3,138,899	)			(3,138,899	)			(3,138,899	)
		·				·				·
Basic earnings per share denominator			20,901,703				20,901,703				20,901,703

		December 31, 2021				December 31, 2020				December 31, 2019
Basic earnings per share denominator (see above)			20,901,703				20,901,703				20,901,703
Issuable on exercise of options and warrants			1,162,146				788,666				-
Issuable on conversion of exchangeable notes			4,565,814				4,565,814				4,565,814
		·				·				·
Diluted earnings per share denominator			26,629,663				26,256,183				25,467,517

13.	PROPERTY, PLANT AND EQUIPMENT

		Land & Buildings US$‘000				Leasehold Improvements US$‘000				Computer & Office Equipment US$‘000				Plant & Equipment US$‘000				Total US$‘000
Cost
At January 1, 2020			24,269				3,005				4,292				38,676				70,242
Additions			8				41				96				2,766				2,911
Disposals or retirements			—				(299	)			(66	)			(5,758	)			(6,123	)
Exchange adjustments			10				(77	)			(13	)			(1,845	)			(1,925	)
		·				·				·				·				·
At December 31, 2020			24,287				2,670				4,309				33,839				65,105
		·				·				·				·				·
At January 1, 2021			24,287				2,670				4,309				33,839				65,105
Additions			46				126				144				1,392				1,708
Disposals or retirements			—				(186	)			(255	)			(2,410	)			(2,851	)
Reallocations/ reclassifications			—				—				—				—				—
Exchange adjustments			1				(18	)			2				(484	)			(499	)
		·				·				·				·				·
At December 31, 2021			24,334				2,592				4,200				32,337				63,463
		·				·				·				·				·
Accumulated amortisation and Impairment losses
At January 1, 2020			(18,493	)			(2,037	)			(3,682	)			(36,740	)			(60,952	)
Charge for the year			(783	)			(146	)			(181	)			(604	)			(1,714	)
Impairment losses as at December 31, 2020			(347	)			(78	)			(180	)			(1,190	)			(1,795	)
Disposals or retirements			—				299				84				5,590				5,973
Exchange adjustments			(6	)			78				13				1,845				1,930
		·				·				·				·				·
At December 31, 2020			(19,629	)			(1,884	)			(3,946	)			(31,099	)			(56,558	)
		·				·				·				·				·
At January 1, 2021			(19,629	)			(1,884	)			(3,946	)			(31,099	)			(56,558	)
Charge for the year			(628	)			(149	)			(115	)			(974	)			(1,866	)
Disposals or retirements			—				186				255				2,410				2,851
Impairment losses			(1,196	)			(279	)			(98	)			(935	)			(2,508	)
Reallocations/ reclassifications			—				—				—				—				—
Exchange adjustments			21				(5	)			(46	)			566				536
		·				·				·				·				·
At December 31, 2021			(21,432	)			(2,131	)			(3,950	)			(30,032	)			(57,545	)
		·				·				·				·				·
Carrying amounts
At December 31, 2021			2,902				461				250				2,305				5,918
At December 31, 2020			4,658				786				363				2,740				8,547

13.	PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

		US$000
Right-of-use assets cost at transition before impairment			21,185
Impairment adjustment on transition			(11,099	)
Right-of-use assets value at transition after impairment			10,086

		Carrying amount				Depreciation Charge				Impairment Charge
		At December 31, 2021				Year ended December 31, 2021				Year ended December 31, 2021
		US$000				US$000				US$000
Buildings			2,549				(609	)			(1,089	)
Computer equipment			23				(5	)			-
Plant and Equipment			-				-				-
·		·				·
			2,572				(614	)			(1,089	)

		Carrying amount				Depreciation Charge				Impairment Charge
		At December 31, 2020				Year ended December 31, 2020				Year ended December 31, 2020
		US$000				US$000				US$000
Buildings			4,200				(673	)			(347	)
Computer equipment			3				(4	)			-
Plant and Equipment			-				(70	)			(154	)
·		·				·
			4,203				(747	)			(501	)

Right-of-Use assets at 31 December 2021		No. of Right-of-Use leased assets			Range of remaining term in years		Average remaining lease term (years)				No. of Leases with extension options				No. of Leases with options to purchase				No. of leases with variable payments linked to index				No. of leases with termination options
Building			11		1 to 12			3				1				-				2				4
Vehicle			16		1 to 3			2				-				16				-				16
I.T. and office equipment			2		1 to 5			4				-				-				-				-

13.	PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

Right-of-Use assets at 31 December 2020		No. of Right-of-Use leased assets			Range of remainingױ term in years		Average remaining lease term (years)				No. of Leases with extension options				No. of Leases with options to purchase				No. of leases with variable payments linked to index				No. of leases with termination options
Building			12		1 to 13			4				1				-				2				4
Vehicle			16		1 to 3			2				-				16				-				16
I.T. and office equipment			10		1 to 2			1				-				-				-				1

14.	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, 2020			81,689				156,377				9,951				34,266				282,283
Additions			—				6,896				30				89				7,015
Disposals or retirements			(2,507	)			(34,318	)			(1,034	)			(1,044	)			(38,903	)
Exchange adjustments			—				22				—				—				22
		·				·				·				·				·
At December 31, 2020			79,182				128,977				8,947				33,311				250,417
		·				·				·				·				·
At January 1, 2021			79,182				128,977				8,947				33,311				250,417
Additions			—				6,771				102				21				6,894
Disposals or retirements			—				(14,576	)			(342	)			(134	)			(15,052	)
Exchange adjustments			—				1				—				—				1
		·				·				·				·				·
At December 31, 2021			79,182				121,173				8,707				33,198				242,260
		·				·				·				·				·
Accumulated amortisation and Impairment losses
At January 1, 2020			(69,098	)			(133,599	)			(9,819	)			(26,113	)			(238,629	)
Charge for the year			—				(959	)			(5	)			(439	)			(1,403	)
Disposals or retirements			2,507				34,318				1,034				1,044				38,903
Impairment losses			—				(15,287	)			—				(135	)			(15,422	)
Exchange adjustments			—				(6	)			—				—				(6	)
		·				·				·				·				·
At December 31, 2020			(66,591	)			(115,533	)			(8,790	)			(25,643	)			(216,557	)
		·				·				·				·				·
At January 1, 2021			(66,591	)			(115,533	)			(8,790	)			(25,643	)			(216,557	)
Charge for the year			—				(482	)			(7	)			(428	)			(917	)
Disposals or retirements			—				14,573				342				132				15,047
Impairment losses			(54	)			(2,053	)			(106	)			(1,640	)			(3,853	)
Exchange adjustments			—				1				—				—				1
		·				·				·				·				·
At December 31, 2021			(66,645	)			(103,494	)			(8,561	)			(27,579	)			(206,279	)
		·				·				·				·				·
Carrying amounts
At December 31, 2021			12,537				17,679				146				5,619				35,981
At December 31, 2020			12,591				13,444				157				7,668				33,860

14.	GOODWILL AND INTANGIBLE ASSETS (CONTINUED)

Product Name		2021 US$’000				2020 US$’000
Premier Instrument for Haemoglobin A1c testing			2,538				1,359
HIV screening rapid test			1,488				2,278
COVID tests			1,320				467
Autoimmune Smart Reader			550				666
Mid-tier haemoglobins instrument			303				243
Tri-stat point-of-care instrument			245				203
Uni-gold raw material stabilisation			144				-
Sjögrens tests			88				99
Uni-Gold antigen improvement			-				556
Syphilis point-of-care test			-				618
Column enhancement			-				151
Other projects			95				256
Total capitalised development costs			6,771				6,896

(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 an expected 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.

14.	GOODWILL AND INTANGIBLE ASSETS (CONTINUED)

		December 31, 2021				December 31, 2020
		US$’000				US$’000
Immco Diagnostics Inc			4,979				-
Trinity Biotech Manufacturing Limited			856				-
Trinity Biotech Do Brasil			956				919
Biopool US Inc.			153				154
Primus Corp			-				16,706
Total impairment loss			6,944				17,779

14.	GOODWILL AND INTANGIBLE ASSETS (CONTINUED)

		December 31, 2021				December 31, 2020
		US$’000				US$’000
Goodwill and other intangible assets (see Note 14)			3,853				15,422
Property, plant and equipment (see Note 13)			2,508				1,795
Prepayments (see Note 18)			583				562
Total impairment loss			6,944				17,779

•

In the event that there was a reduction of 10% in the assumed level of future growth in revenue growth rate, which would represent a reasonably likely range of outcomes, there would be no additional impairment loss recorded at December 31, 2021.

•

In the event there was a 10% increase 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 no additional impairment loss recorded at December 31, 2021.

14.	GOODWILL AND INTANGIBLE ASSETS (CONTINUED)

Fitzgerald Industries		December 31, 2021				December 31, 2020
Carrying amount of goodwill (US$’000)			12,591				12,591
Discount rate applied (real pre-tax)			19.66	%			19.98	%
Excess value-in-use over carrying amount (US$’000)			3,496				7,915
% EBITDA would need to decrease for an impairment to arise			18.15	%			31.98	%
Long-term growth rate			2.0	%			2.0	%

Intangible Assets with Indefinite Useful lives (included in other intangibles)		December 31, 2021 US$‘000				December 31, 2020 US$‘000
Fitzgerald Industries International CGU
Fitzgerald trade name			970				970
RDI trade name			560				560
Primus Corporation CGU
Primus trade name			365				365
Immco Diagnostic CGU
Immco Diagnostic trade name			2,069				2,938
Total			3,964				4,833

		Assets								Liabilities								Net
		2021 US$’000				2020 US$’000				2021 US$’000				2020 US$’000				2021 US$’000				2020 US$’000
Property, plant and equipment			477				733				(11	)			(9	)			466				724
Intangible assets			—				—				(3,969	)			(4,072	)			(3,969	)			(4,072	)
Inventories			620				750				—				—				620				750
Provisions			1,871				2,159				—				—				1,871				2,159
Tax value of loss carry-forwards			1,016				433				—				—				1,016				433
Other items			117				110				(878	)			(824	)			(761	)			(714	)
Deferred tax assets/(liabilities)			4,101				4,185				(4,858	)			(4,905	)			(757	)			(720	)

		Balance January, 1 2021				Recognised in income				Balance December 31, 2021
		US$’000				US$’000				US$’000
Property, plant and equipment			724				(258	)			466
Intangible assets			(4,072	)			103				(3,969	)
Inventories			750				(130	)			620
Provisions			2,159				(288	)			1,871
Tax value of loss carry-forwards			433				583				1,016
Other items			(714	)			(47	)			(761	)
			(720	)			(37	)			(757	)

		Balance January, 1 2020				Recognised in income				Balance December 31, 2020
		US$’000				US$’000				US$’000
Property, plant and equipment			1,018				(294	)			724
Intangible assets			(6,099	)			2,027				(4,072	)
Inventories			642				108				750
Provisions			3,622				(1,463	)			2,159
Tax value of loss carry-forwards			216				217				433
Other items			(286	)			(428	)			(714	)
			(887	)			167				(720	)

		December 31, 2021				December 31, 2020
		US$’000				US$’000
Capital losses			8,293				8,293
Net operating losses			73,893				85,198
US alternative minimum tax credits			1,704				1,848
Other temporary timing differences			21,301				21,878
US state credit carry-forwards			1,664				802
			106,855				118,019

16.	OTHER NON-CURRENT ASSETS

		December 31, 2021 US$‘000				December 31, 2020 US$‘000
Finance lease receivables (see Note 18)			151				291
Other assets			56				64
			207				355

17.	INVENTORIES

		December 31, 2021 US$‘000				December 31, 2020 US$‘000
Raw materials and consumables			13,650				12,168
Work-in-progress			5,546				5,169
Finished goods			9,927				12,882
			29,123				30,219

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Opening provision at January 1			9,781				6,716				6,299
Charged during the year			5,589				5,179				1,567
Utilised during the year			(3,307	)			(1,994	)			(1,150	)
Released during the year			-				(120	)			-
Closing provision at December 31			12,063				9,781				6,716

18.	TRADE AND OTHER RECEIVABLES

		December 31, 2021 US$‘000				December 31, 2020 US$‘000
Trade receivables, net of impairment losses			13,290				20,025
Prepayments			1,945				1,159
Contract assets			739				1,177
Value added tax			-				92
Finance lease receivables			142				215
			16,116				22,668

18.	TRADE AND OTHER RECEIVABLES (CONTINUED)

		December 31, 2021 US$‘000
		Gross investment				Unearned income				Minimum payments receivable
Less than one year			292				150				142
Between one and five years (Note 16)			310				159				151
			602				309				293

		December 31, 2020 US$‘000
		Gross investment				Unearned income				Minimum payments receivable
Less than one year			415				200				215
Between one and five years (Note 16)			591				300				291
			1,006				500				506

		December 31, 2021
		US$‘000
		Instruments				Total
Less than one year			3,953				3,953
Between one and five years			171				171
			4,124				4,124

		December 31, 2020
		US$‘000
		Instruments				Total
Less than one year			2,767				2,767
Between one and five years			171				171
			2,938				2,938

19.	CASH AND CASH EQUIVALENTS

		December 31, 2021 US$’000				December 31, 2020 US$’000
Cash at bank and in hand			22,790				24,209
Short-term deposits			3,120				3,118
Cash and cash equivalents			25,910				27,327

20.	CAPITAL AND RESERVES

		Class ‘A’ Ordinary shares				Class ‘A’ Ordinary shares
In thousands of shares		2021				2020
In issue at January 1			96,162				96,162
Issued for cash			-				-
In issue at December 31			96,162				96,162

		ADS				ADS
In thousands of ADSs		2021				2020
Balance at January 1			24,041				24,041
Issued for cash			-				-
Balance at December 31			24,041				24,041

		Class ‘A’ Treasury shares				Class ‘A’ Treasury shares
In thousands of shares		2021				2020
Balance at January 1			12,556				12,556
Purchased during the year			-				-
Balance at December 31			12,556				12,556

		ADS Treasury shares				ADS Treasury shares
In thousands of ADSs		2021				2020
Balance at January 1			3,139				3,139
Purchased during the year			-				-
Balance at December 31			3,139				3,139

20.	CAPITAL AND RESERVES (CONTINUED)

21.	SHARE OPTIONS

21.	SHARE OPTIONS (CONTINUED)

		Options and warrants				Weighted- average exercise price US$				Range US$
		‘A’ Ordinary Shares				Per ‘A’ Ordinary Share				Per ‘A’ Ordinary Share
Outstanding January 1, 2019			10,908,200				1.83				0.67 –4.36
Granted			4,370,000				0.68				0.46 –0.78
Exercised			-				-				-
Expired / Forfeited			(2,974,210	)			2.25				0.66 –4.23
Outstanding at end of year			12,303,990				1.31				0.46 –4.36
Exercisable at end of year			6,622,667				1.73				1.24 –4.36
Outstanding January 1, 2020			12,303,990				1.31				0.46 –4.36
Granted			9,100,000				0.38				0.19 –1.10
Exercised			-				-				-
Expired / Forfeited			(1,918,000	)			2.14				0.19-4.21
Outstanding at end of year			19,485,990				0.79				0.19-4.36
Exercisable at end of year			7,959,323				1.27				0.66-4.36
Outstanding January 1, 2021			19,485,990				0.79				0.19-4.36
Granted			-				-				-
Exercised			-				-				-
Expired / Forfeited			(758,000	)			1.07				0.19-4.21
Outstanding at end of year			18,727,990				0.78				0.19-4.36
Exercisable at end of year			13,401,322				0.93				0.19-4.36

21.	SHARE OPTIONS (CONTINUED)

		Options and warrants				Weighted- average exercise price US$				Range US$
		‘ADS’ Equivalent				Per ‘ADS’				Per ‘ADS’
Outstanding January 1, 2019			2,727,050				7.32				2.68–17.44
Granted			1,092,500				2.72				1.83 - 3.10
Exercised			-				-				-
Expired / Forfeited			(743,552	)			8.99				2.64 – 16.92
Outstanding at end of year			3,075,998				5.24				1.83 – 17.45
Exercisable at end of year			1,655,667				6.92				4.95 –17.45
Outstanding January 1, 2020			3,075,998				5.24				1.83 – 17.45
Granted			2,275,000				1.52				0.77-4.41
Exercised			-				-				-
Expired / Forfeited			(479,500	)			8.56				0.77-16.84
Outstanding at end of year			4,871,498				3.15				0.77-17.45
Exercisable at end of year			1,989,831				5.08				2.64-17.45

Outstanding January 1, 2021			4,871,498				3.15				0.77-17.45
Granted			-				-				-
Exercised			-				-				-
Expired / Forfeited			(189,500	)			4.28				0.76-16.84
Outstanding at end of year			4,681,998				3.12				0.76-17.44
Exercisable at end of year			3,350,331				3.72				0.76-17.44

		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$0.19-US$0.99			13,000,006				0.48				3.54				7,960,004				0.55				2.92
US$1.00-US$2.05			5,228,000				1.34				0.79				4,941,334				1.35				0.99
US$2.06- US$2.99			439,984				2.53				0.03				439,984				2.53				0.04
US$3.00 -US$4.36			60,000				4.17				0.00				60,000				4.17				0.00
		18,727,990												13,401,322

21.	SHARE OPTIONS (CONTINUED)

		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$0.77-US$3.96			3,250,002				1.94				3.54				1,990,001				2.19				2.92
US$4.00-US$8.20			1,307,000				5.36				0.79				1,235,334				5.40				0.99
US$8.24- US$11.96			109,996				10.13				0.03				109,996				10.13				0.04
US$12.00 -US$17.45			15,000				16.67				0.00				15,000				16.67				0.00
			4,681,998												3,350,331

		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$0.19-US$0.99			13,260,006				0.48				4.14				2,106,673				0.69				1.44
US$1.00-US$2.05			5,664,000				1.34				1.11				5,290,667				1.35				2.44
US$2.06- US$2.99			499,984				2.52				0.05				499,984				2.52				0.13
US$3.00 -US$4.36			62,000				4.17				0.00				62,000				4.17				0.01
			19,485,990												7,959,324

		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$0.77-US$3.96			3,315,002				1.92				4.17				526,668				2.76				1.44
US$4.00-US$8.20			1,416,000				5.36				1.10				1,322,667				5.40				2.44
US$8.24- US$11.96			124,996				10.08				0.05				124,996				10.08				0.13
US$12.00 -US$17.45			15,500				16.68				0.00				15,500				16.68				0.01
			4,871,498												1,989,831

21.	SHARE OPTIONS (CONTINUED)

		December 31, 2021 US$‘000				December 31, 2020 US$‘000				December 31, 2019 US$‘000
Share-based payments – cost of sales			5				12				26
Share-based payments – selling, general and administrative			1,095				780				732
Total – continuing operations			1,100				792				758
Share-based payments – discontinued operations			-				-				-
Total			1,100				792				758

Key management personnel

Other employees

Key management personnel

Other employees

Key management personnel

Other employees

2021

2021

2020

2020

2019

2019

Weighted average fair value at measurement date per ‘A’ share / (per ADS)

- / -

- / -

US$0.20 / (US$0.80)

US$0.27 / (US$1.08)

US$0.14 / (US$0.56)

US$0.25 / (US$1.02)

Total ‘A’ share options granted / (ADS’s equivalent)

- / -

- / -

8,480,000 / (2,120,000)

620,000 / (155,000)

4,060,000 / (1,015,000)

310,000 / (77,500)

Weighted average share price per ‘A’ share / (per ADS)

- / -

- / -

US$0.38 / (US$1.52)

US$0.48 / (US$1.96)

US$0.46 / (US$1.84)

US$0.64 / (US$2.53)

Weighted average exercise price per ‘A’ share / (per ADS)

- / -

- / -

US$0.38 / (US$1.52)

US$0.48 / (US$1.96)

US$0.69 / (US$2.74)

US$0.64 / (US$2.53)

Weighted average expected volatility

-%

-%

66.98%

65.89%

51.18%

47.31%

Weighted average expected life

-

-

4.34

4.35

4.15

4.42

Weighted average risk free interest rate

-%

-%

0.44%

0.42%

1.84%

2.23%

21.	SHARE OPTIONS (CONTINUED)

22.	TRADE AND OTHER PAYABLES

		December 31, 2021 US$’000				December 31, 2020 US$’000
Trade payables			6,763				7,103
Payroll taxes			398				688
Employee related social insurance			130				344
Accruals and other liabilities			7,595				8,850
Deferred income			141				4,445
Deferred government grants			69				-
Other payables			31				-
Government COVID-19 loans (Note 4)			-				2,905
			15,127				24,335

23.	PROVISIONS

		December 31, 2021 US$’000				December 31, 2020 US$’000
Product warranty provision			50				50
Other provisions			-				366
			50				416

24.	EXCHANGEABLE NOTES AND OTHER BORROWINGS

		December 31, 2021 US$’000				December 31, 2020 US$’000
Current liabilities
Exchangeable senior notes			83,312				-
Total non-current liabilities			83,312				-

		December 31, 2021 US$’000				December 31, 2020 US$’000
Non-Current liabilities
Exchangeable senior notes			-				82,664
Other borrowings			-				31
Total value of embedded derivatives – liability			-				1,370
Total non-current liabilities			-				84,065

24.	EXCHANGEABLE NOTES AND OTHER BORROWINGS (CONTINUED)

		December 31, 2021 US$’000				December 31, 2020 US$’000
Balance at 1 January			82,664				82,021
Accretion interest (Note 8)			648				643
			83,312				82,664

		December 31, 2021 US$’000				December 31, 2020 US$’000
Non-current assets
Exchangeable note bond call option			-				150
			•				•
Non-current liabilities
Exchangeable note equity conversion option			-				1,370
Exchangeable note bond put option			-				-
			-				1,370
Total value of embedded derivatives – net liability			-				1,220

24.	EXCHANGEABLE NOTES AND OTHER BORROWINGS (CONTINUED)

25.	LEASE LIABILITIES

		December 31, 2021 US$’000				December 31, 2020 US$’000
Current liabilities
Lease liabilities related to Right of Use assets			1,878				2,054
Sale and leaseback liabilities			102				99
			1,980				2,153
Non-Current liabilities
Lease liabilities related to Right of Use assets			13,790				16,407
Sale and leaseback liabilities			75				181
			13,865				16,588

25.	LEASE LIABILITIES (CONTINUED)

		December 31, 2021 US$’000												December 31, 2021 US$’000
		Lease liabilities related to Right of Use assets												Sale and leaseback Liabilities
		Minimum lease payments				Interest				Principal				Minimum lease payments				Interest				Principal
Less than one year			2,575				697				1,878				109				7				102
In more than one year, but not more than two			2,175				621				1,554				77				2				75
In more than two years but not more than five			5,985				1,469				4,516				-				-				-
more than five years			8,992				1,272				7,720				-				-				-
			19,727				4,059				15,668				186				9				177

		December 31, 2020 US$’000												December 31, 2020 US$’000
		Lease liabilities related to Right of Use assets												Sale and leaseback liabilities
		Minimum lease payments				Interest				Principal				Minimum lease payments				Interest				Principal
Less than one year			2,877				823				2,054				111				12				99
In more than one year, but not more than two			2,644				730				1,914				111				7				104
In more than two years but not more than five			6,621				1,765				4,856				79				2				77
more than five years			11,389				1,752				9,637				-				-				-
			23,531				5,070				18,461				301				21				280

Facility		Currency		Nominal interest rate				Year of maturity			Fair Value				Carrying Value
Sale and leaseback liabilities		Euro			4.53	%		2023				65				65
Sale and leaseback liabilities		USD			5.51	%		2023				111				111
Total interest-bearing loans and borrowings												176				176

25.	LEASE LIABILITIES (CONTINUED)

Facility		Currency		Nominal interest rate				Year of maturity			Fair Value				Carrying Value
Sale and leaseback liabilities		Euro			4.53	%		2023				106				106
Sale and leaseback liabilities		USD			5.51	%		2023				174				174
Total interest-bearing loans and borrowings												280				280

26.	COMMITMENTS AND CONTINGENCIES

(a)	Capital Commitments

(b)	Leasing Commitments

(d)	Group Company Guarantees

26.	COMMITMENTS AND CONTINGENCIES (CONTINUED)

(f)	Government Grant Contingencies

(g)	Other Contingencies

27.	RELATED PARTY TRANSACTIONS (CONTINUED)

		December 31, 2021				December 31, 20120
		US$’000				US$’000
Short-term employee benefits			1,054				1,274
Performance related bonus			227				584
Post-employment benefits			24				41
Share-based compensation benefits			965				626
			2,270				2,525

		‘A’ Ordinary Shares				Share options
At January 1, 2021			9,077,706				17,394,004
Shares of retired director			—				—
Options of retired director			—				(656,000	)
Shares purchased during the year			—				—
Shares sold during the year			—				—
Granted			—				—
Expired / forfeited			—				—
At December 31, 2021			9,077,706				16,738,004

27.	RELATED PARTY TRANSACTIONS (CONTINUED)

		‘A’ Ordinary Shares				Share options
At January 1, 2020			9,077,709				10,414,004
Shares of retired director			—				—
Options of retired director			—				—
Shares purchased during the year			—				—
Shares sold during the year			—				—
Granted			—				8,480,000
Expired / forfeited			—				(1,500,000	)
At December 31, 2020			9,077,706				17,394,004

28.	CAPITAL AND FINANCIAL RISK MANAGEMENT

28.	CAPITAL AND FINANCIAL RISK MANAGEMENT (CONTINUED)

					Level 1				Level 2				Total carrying amount				Fair Value
		Note			US$’000				US$’000				US$’000				US$’000
December 31, 2021
Loans and receivables at amortised cost
Trade receivables		18				13,290				—				13,290				13,290
Cash and cash equivalents		19				25,910				—				25,910				25,910
Finance lease receivable		16, 18				293				—				293				293
						39,493				—				39,493				39,493
Liabilities at amortised cost
Exchangeable note¹		24				—				(83,312	)			(83,312	)			(83,312	)
Lease liabilities		25				(15,845	)			—				(15,845	)			(15,845	)
Trade and other payables (excluding deferred income)		22				(14,986	)			—				(14,986	)			(14,986	)
Provisions		23				(50	)			—				(50	)			(50	)
						(30,881	)			(83,312	)			(114,193	)			(114,193	)
					·				·				·				·
Fair value through profit and loss (FVPL)
Exchangeable note bond call option		24				—				—				—				—
Exchangeable note equity conversion option		24				—				—				—				—
						—				—				—				—
					·				·				·				·
						8,612				(83,312	)			(74,700	)			(74,700	)

28.	CAPITAL AND FINANCIAL RISK MANAGEMENT (CONTINUED)

					Level 1				Level 2				Total carrying amount				Fair Value
		Note			US$’000				US$’000				US$’000				US$’000
December 31, 2020
Loans and receivables at amortised cost
Trade receivables		18				20,025				—				20,025				20,025
Cash and cash equivalents		19				27,327				—				27,327				27,327
Finance lease receivable		16, 18				506				—				506				506
						47,858				—				47,858				47,858
Liabilities at amortised cost
Exchangeable note		24				—				(82,664	)			(82,664	)			(82,664	)
Lease liabilities		25				(18,741	)			—				(18,741	)			(18,741	)
Trade and other payables (excluding deferred income)		22				(19,890	)			—				(19,890	)			(19,890	)
Provisions		23				(416	)			—				(416	)			(416	)
						(39,047	)			(82,664	)			(121,711	)			(121,711	)
					·				·				·				·
Fair value through profit and loss (FVPL)
Exchangeable note bond call option		24				—				150				150				150
Exchangeable note equity conversion option		24				—				(1,370	)			(1,370	)			(1,370	)
						—				(1,220	)			(1,220	)			(1,220	)
					·				·				·				·
						8,811				(83,884	)			(75,073	)			(75,073	)

28.	CAPITAL AND FINANCIAL RISK MANAGEMENT (CONTINUED)

As at December 31, 2021		Note			Effective interest rate				Total US$’000				6 mths or less US$’000				6 –12 mths US$’000				1-2 years US$’000				2-5 years US$’000				> 5 years US$’000
Cash and cash equivalents		19				0.01	%			25,910				25,910				—				—				—				—
Lease receivable		16,18				4.0	%			293				81				61				89				62				—
Exchangeable note¹		24				4.8	%			(83,312	)			—				—				—				—				(83,312	)
Other borrowings		22				0	%			(31	)			—				(31	)			—				—				—
Lease payable on Right of Use assets		25				5.0	%			(15,668	)			(973	)			(905	)			(1,554	)			(4,516	)			(7,720	)
Lease payable on sale & leaseback transactions		25				5.0	%			(177	)			(51	)			(51	)			(75	)			—				—
Total										(72,985	)			24,967				(926	)			(1,540	)			(4,454	)			(91,032	)

As at December 31, 2020		Note			Effective interest rate				Total US$’000				6 mths or less US$’000				6 –12 mths US$’000				1-2 years US$’000				2-5 years US$’000				> 5 years US$’000
Cash and cash equivalents		19				0.1	%			27,327				27,327				—				—				—				—
Lease receivable		16,18				4.0	%			506				120				95				142				149				—
Licence payments		23				8.1	%			(194	)			(194	)			—				—				—				—
Exchangeable note¹		24				4.8	%			(82,664	)			—				—				—				—				(82,664	)
Other borrowings		22				0	%			(31	)			—				—				(31	)			—				—
Lease payable on Right of Use assets		25				5.0	%			(18,461	)			(1,022	)			(1,032	)			(1,914	)			(4,856	)			(9,637	)
Lease payable on sale & leaseback transactions		25				5.0	%			(280	)			(49	)			(50	)			(104	)			(77	)			—
Total										(73,797	)			26,182				(987	)			(1,907	)			(4,784	)			(92,301	)

		December 31, 2021 US$‘000				December 31, 2020 US$‘000
Fixed rate instruments
Fixed rate financial liabilities (licence fees)			-				(194	)
Fixed rate financial liabilities (exchangeable note)			(83,312	)			(82,664	)
Fixed rate financial liabilities (borrowings)			(31	)			(31	)
Fixed rate financial liabilities (lease payables)			(15,844	)			(18,741	)
Financial assets (short-term deposits and short-term investments)			3,121				3,118
Financial assets (lease receivables)			298				506
			(95,768	)			(98,006	)

As at December 31, 2021 US$’000		Carrying amount US$’000				Contractual cash flows US$’000				6 mths or less US$’000				6 mths – 12 mths US$’000				1-2 years US$’000				2-5 years US$’000				>5 years US$’000
Financial liabilities
Trade & other payables			15,127				15,127				15,127				—				—				—				—
Lease payable on Right of Use assets			15,668				15,668				973				905				1,554				4,516				7,720
Lease payable on sale & leaseback transactions			177				177				51				51				75				—				—
Other borrowings			31				31				—				31				—				—				—
Exchangeable notes ¹			83,312				99,900				—				—				—				—				99,900
Exchangeable note interest			999				93,906				1,998				1,998				3,996				11,988				73,926
			115,314				224,809				18,149				2,985				5,625				16,504				181,546

28.	CAPITAL AND FINANCIAL RISK MANAGEMENT (CONTINUED)

As at December 31, 2020 US$’000		Carrying amount US$’000				Contractual cash flows US$’000				6 mths or less US$’000				6 mths – 12 mths US$’000				1-2 years US$’000				2-5 years US$’000				>5 years US$’000
Financial liabilities
Trade & other payables			24,335				24,335				24,335				—				—				—				—
Lease payable on Right of Use assets			18,461				18,461				1,022				1,032				1,914				4,856				9,637
Lease payable on sale & leaseback transactions			280				280				49				50				104				77				—
Other borrowings			31				31				—				—				31				—				—
Exchangeable notes ¹			82,664				99,900				—				—				—				—				99,900
Exchangeable note interest			999				97,902				1,998				1,998				3,996				11,988				77,922
			126,770				240,909				27,404				3,080				6,045				16,921				187,459

		EUR				GBP				SEK				CAD				BRL				Other
As at December 31, 2021		US$‘000				US$‘000				US$‘000				US$‘000				US$‘000				US$‘000
Cash			327				115				5				4,617				1,370				—
Trade and other receivable			464				58				—				488				1,538				—
Trade and other payables			(2,456	)			(28	)			(11	)			(166	)			(629	)			—
Total exposure			(1,665	)			145				(6	)			4,939				2,279				—

		EUR				GBP				SEK				CAD				BRL				Other
As at December 31, 2020		US$‘000				US$‘000				US$‘000				US$‘000				US$‘000				US$‘000
Cash			1,229				152				9				2,859				776				—
Trade and other receivable			1,105				63				—				3,191				1,357				—
Trade and other payables			(2,821	)			(57	)			(1	)			(449	)			(529	)			—
Total exposure			(487	)			158				8				5,601				1,604				—

28.	CAPITAL AND FINANCIAL RISK MANAGEMENT (CONTINUED)

		Profit or loss US$’000
December 31, 2021
Euro			780
December 31, 2020
Euro			541

		Profit or Loss US$000
December 31, 2021
Euro			(953	)
December 31, 2020
Euro			(661	)

28.	CAPITAL AND FINANCIAL RISK MANAGEMENT (CONTINUED)

		Carrying Value December 31, 2021 US$’000				Carrying Value December 31, 2020 US$’000
Third party trade receivables (Note 18)			13,290				20,025
Finance lease income receivable (Note 18)			293				506
Cash and cash equivalents (Note 19)			25,910				27,327
			39,493				47,858

		Carrying Value December 31, 2021 US$’000				Carrying Value December 31, 2020 US$’000
United States			5,822				10,730
Euro-zone countries			1,072				1,360
United Kingdom			118				98
Other European countries			-				13
Other regions			6,571				8,330
			13,583				20,531

		Carrying Value December 31, 2021 US$’000				Carrying Value December 31, 2020 US$’000
End-user customers			6,923				11,812
Distributors			6,220				8,186
Non-governmental organisations			440				533
			13,583				20,531

28.	CAPITAL AND FINANCIAL RISK MANAGEMENT (CONTINUED)

		Gross				Impairment				Expected Credit Loss Rate				Gross				Impairment				Expected Credit Loss Rate
		2021				2021				2021				2020				2020				2020
		US$’000				US$’000				%				US$’000				US$’000				%
Not past due			8,461				-				-	%			16,754				112				0.7	%
Past due 0-30 days			2,423				1				0.1	%			1,829				222				12.1	%
Past due 31-120 days			1,981				97				4.9	%			1,755				60				3.4	%
Greater than 120 days			3,011				2,888				73.0	%			3,609				3,528				97.8	%
			15,876				2,986				—				23,947				3,922				—

		2021				2020				2019
		US$’000				US$’000				US$’000
Balance at January 1			3,922				5,443				4,202
Charged to costs and expenses			76				166				1,276
Amounts written off during the year			(1,012	)			(1,687	)			(35	)
Balance at December 31			2,986				3,922				5,443

		Note			Borrowings & derivative financial instruments US$’000				Lease liabilities US$’000
Balance at January 1, 2021		22,24,25				84,065				18,741
Cash-flows:
Interest paid						(3,996	)			(11	)
Repayment						—				(2,939	)
Non-cash:
Interest charged						3,996				—
Additions (related to Right of Use assets)						—				71
Exchange adjustment						—				(820	)
Accretion interest						648				803
Fair value		8				(1,370	)			—
Balance at December 31, 2021		24,25				83,343				15,845

		Note			Borrowings & derivative financial instruments US$’000				Lease liabilities US$’000
Balance at 1 January 2020		22,24,25				82,025				20,149
Cash-flows:
Interest paid						(3,996	)			—
Proceeds from government Covid-19 loan (Note 24)						31				—
Repayment						—				(3,240	)
Non-cash:
Interest charged						3,996				—
Additions (related to Right of Use assets)						—				224
Disposals¹						—				(216	)
Exchange adjustment						—				928
Accretion interest		8				643				896
Fair value						1,366				—
Balance at 31 December 2020		24,25				84,065				18,741

30.	POST BALANCE SHEET EVENTS

•

the Group paid a total amount of US$86,730,000 to retire Exchangeable Notes with a carrying value of US$83,312,000 at December 31, 2021. Each holder that was party to the agreement received US$0.87 of cash per $1 nominal value of the Notes, and

•

the Company also issued 5,333,000 ADSs (21,332,000 ‘A’ Ordinary shares) representing the equivalent of $0.08 of the Company’s ADS (based upon the 5-day trailing VWAP of the ADSs on NASDAQ on December 9, 2021, discounted by 13%) per $1 nominal value of the Notes, as partial consideration for the exchange of the notes.

30.	POST BALANCE SHEET EVENTS (CONTINUED)

•

Significant underperformance relative to expected historical or projected future operating results;

•

Obsolescence of products;

•

Significant decline in our stock price for a sustained period; and

•

Our market capitalisation relative to net book value.

•

Determining whether or not a contract contains a lease. Company assessed if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

•

Significant judgement is also required in establishing whether or not it is reasonably certain that an extension option will be exercised, considering whether or not it is reasonably certain that a termination option will not be exercised. In making this decision, management considered the facts and circumstances that create a significant economic incentive. Factors specific to the asset, the entity and the wider market were also considered.

•

Further, critical judgement is involved in determining whether or not variable lease payments are truly variable, or in-substance fixed. In-substance variable lease payments are treated as fixed lease payments.

32.	GROUP UNDERTAKINGS

Name and registered office		Principal activity		Principal Country of incorporation and operation		Group % holding
Trinity Biotech Manufacturing Limited IDA Business Park, Bray Co. Wicklow, Ireland		Manufacture and sale of diagnostic test kits		Ireland		100%
Trinity Research Limited IDA Business Park, Bray Co. Wicklow, Ireland		Research and development		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 provision of financial services		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 of diagnostic test kits		U.S.A.		100%
Mardx Diagnostics Inc 5919 Farnsworth Court Carlsbad CA 92008, USA		Manufacture and sale of diagnostic test kits		U.S.A.		100%
Fitzgerald Industries International, Inc 2711 Centerville Road, Suite 400 Wilmington, New Castle Delaware, 19808, USA		Management services company		U.S.A.		100%
Biopool US Inc (trading as Trinity Biotech Distribution) Girts Road, Jamestown NY14702, USA		Sale of diagnostic test kits		U.S.A.		100%
Primus Corporation 4231 E 75th Terrace Kansas City, MO 64132, USA		Manufacture and sale of diagnostic test kits and instrumentation		U.S.A.		100%

32.	GROUP UNDERTAKINGS (CONTINUED)

Name and registered office		Principal activity		Principal Country of incorporation and operation		Group % holding
Phoenix Bio-tech Corp. 1166 South Service Road West Oakville, ON L6L 5T7 Canada.		Dormant		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 Comercio e Importacao Ltda Rua Silva Bueno 1.660 – Cj. 101/102 Ipiranga Sao Paulo Brazil		Sale of diagnostic test kits		Brazil		100%
Trinity Biotech (UK) Ltd Mills and Reeve LLP Botanic House 100 Hills Road Cambridge, CB2 1PH United Kingdom		Sales & marketing activties		UK		100%
Immco Diagnostics Inc 60 Pineview Drive Buffalo NY 14228, USA		Manufacture and sale of autoimmune products and laboratory services		U.S.A.		100%
Nova Century Scientific Inc 5022 South Service Road Burlington Ontario Canada		Manufacture and sale of autoimmune products and infectious diseases		Canada		100%
Trinity Biotech Investment Ltd PO Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands		Investment and provision of financial services		Cayman Islands		100%

		Year ended December 31,
		2021 US$‘000				2020 US$‘000
Profit/(loss) for the year			2,627				(2,255	)
Total comprehensive income/(loss) (all attributable to equity holders)			2,627				(2,255	)

		Notes			December 31, 2021 US$‘000				December 31, 2020 US$‘000
ASSETS
Non-current assets
Investment in subsidiaries		36				21,812				19,939
Advances to subsidiaries		37				38,730				36,755
Total non-current assets						60,542				56,694
Current assets
Receivables from group undertakings and other receivables						7,026				31
Cash and cash equivalents		39				3,798				11,452
Total current assets						10,824				11,483
TOTAL ASSETS						71,366				68,177
EQUITY AND LIABILITIES
Equity attributable to the equity holders of the parent
Share capital						1,213				1,213
Share premium						16,187				16,187
Treasury Shares		41				(24,922	)			(24,922	)
Retained earnings		40				10,062				6,324
Total (deficit)/equity						2,540				(1,198	)
Current liabilities
Other payables		42				68,767				69,316
Total current liabilities						68,767				69,316
Non-Current liabilities
Deferred tax liability		38				59				59
TOTAL LIABILITIES						68,826				69,375
TOTAL EQUITY AND LIABILITIES						71,366				68,177