0001213900-23-039111 | 20-F | XBRL Viewer

903

297,796

298,699

Capital restructuring of Crynssen Pharma Group Limited (at exchange ratio of 1:33.4448)

2,904

352,208

42,749

(431,059)

(27,778)

(60,976)

(940)

(61,916)

(1,933)

1,933

971

354,141

42,749

(431,059)

(27,778)

(60,976)

(940)

(61,916)

202

174,738

174,940

Shares held in escrow

(117)

(106,247)

(106,364)

Other comprehensive (loss)/income for the year

(45)

(44,955)

(45,000)

Transfer to reserves

2,852

(2,852)

(889)

(1,717)

(2,606)

Non-controlling interest

(1,717)

Balance at Dec. 31, 2021

1,011

377,677

42,749

(431,059)

(27,778)

(37,400)

(940)

(38,340)

Income (Loss) for the year

42,540

Transfer to reserves

2,994

(2,994)

Other comprehensive (loss)/income for the year

(6,084)

(6,081)

Non-controlling interest

Balance at Dec. 31, 2022

$ 1,011

$ 377,677

$ 45,743

$ (391,513)

$ (33,859)

$ (941)

$ (937)

$ (1,878)

[1]	Includes the appropriate values from net income to comply with legal provisions related to asset protection according to applicable jurisdictions with cumulative earnings.
[2]	Includes the OCI related to exchange difference from liquidated foreign transactions reclassified to Other Expenses, net for the year ended December 31, 2021.

Trade and other payables (Details) - Schedule of trade and other payables, net - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Trade and Other Payables Net [Abstract]
Trade payables	$ 81,477	$ 70,167
Other payables
Trade current accounts	808	3,259
Interest payable	3,307	1,870
Withholdings and payroll contributions	2,512	6,619
Others	2,082	3,466
Total other payables	8,709	15,214
Total accounts payable	$ 90,187	$ 85,381

Goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Goodwill Text Block [Abstract]

Schedule of goodwill

	2022			2021
Balance as of January 1	$	6,803		$	6,863
Effect of movements in foreign exchange		(174	)		(60	)
Impairment losses	$	(838	)	$	—
Balance as of December 31	$	5,791		$	6,803

Schedule of key assumptions and inputs used to extrapolate cash flow projections

	Procaps S.A. de C.V.						Biokemical S.A. de C.V.						Rymco
	2022			2021			2022			2021			2022			2021
Post-Tax Discount Rate		16.5	%		12.2	%		16.5	%		13.3	%		17.5	%		11.5	%
No. of years used In projection (In Years)		6			6			6			6			5			5
Fixed annual growth rate¹		3	%		1	%		3	%		1	%		3.0	%		3.1	%
Average sales growth rate		15.0	%		6.2	%		12.6	%		3.8	%		(3.5	)%		11.6	%
Average gross margin²		52.6	%		49	%		41.2	%		41.4	%		27.9	%		18	%
Expected market share³		6.5	%		6.2	%		7.5	%		3.8	%		18.1	%		19.9	%

¹	This rate is consistent with the growth of the pharmaceutical and medical supplies markets in the current and potential operating areas of the cash-generating units.

²	Fixed gross margins were used in the cash flow projections for Procaps S.A. de C.V.

³	Management considers that the planned growth of market share for the next five to eight years is reasonably achievable.

Investment in joint ventures

12 Months Ended

Dec. 31, 2022

Disclosure of Joint Ventures [Abstract]

Investment in joint ventures

Note 16. Investment in joint ventures

Name of joint venture

Principal activity

Place of incorporation and principal place of business

Proportion of ownership interest and voting rights held by the Company

As of
December 31,
2022

As of
December 31,
2021

Promedical S.A.

Marketing and pharmaceuticals

Santa Cruz de la Sierra, Bolivia

Promedical S.A. is accounted for using the equity method in these Consolidated Financial Statements. Pursuant to a shareholder agreement, the Group has the right to cast 50% of the votes at shareholder meetings of Promedical S.A.

The financial year end dates of Promedical S.A. are December 31, 2022 and 2021. For the purposes of applying the equity method of accounting, the financial statements of Promedical S.A. for the years ended December 31, 2022, 2021 and 2020 have been used.

The other summary information that precedes the reconciliation to the Group’s carrying amount represents amounts included in the IFRS financial statements of the joint venture, not the entity’s share of these amounts, although they are adjusted to reflect fair value adjustments upon acquisition or accounting policy alignments.

Summarized financial information of Promedical S.A is set out below. The summarized financial information below represents amounts in the Promedical S.A.’s financial statements prepared in accordance with IFRS Standards, adjusted by the Group for equity accounting purposes.

	As of December 31
	2022			2021
Current assets	$	10,107		$	10,324
Non-current assets		2,970			3,136
Current liabilities		8,422			6,231
Non-current liabilities		866			795
Equity		3,789			6,434
Revenue		19,844			23,704
(Loss)/income for the year		(2,040	)		1,423
Total comprehensive (loss)/income		(2,040	)		1,423

	As of December 31
	2022			2021
Net assets of Promedical S.A.	$	3,789		$	6,434
Proportion of the Group’s ownership interest in Promedical S.A.		1,895			3,217
Other adjustments		(390	)		(774	)
Carrying amount of the Group’s interest in Promedical S.A.	$	1,505		$	2,443

Other Expenses, Net (Details) - Schedule of other expenses, net - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Schedule Of Other Expenses Net [Abstract]

Currency exchange rate differences

$ 15,984

$ 4,026

$ 3,905

Economic emergency contribution expenses

1,301

1,385

811

Fines, surcharges, penalties and taxes assumed

1,119

775

1,440

Donations

814

720

716

Listing expense

^[1]

73,917

^[2]

6,018

Other

(1,832)

844

$ 25,299

$ 78,991

$ 7,716

[1]	Corresponds to the difference between the fair value of the net assets received through SPAC and the value of the equity interest issued, adjusted by dilutive effect of shares held in escrow at a weighted average fair value per share. Refer to Note 26.1. Reverse reorganization for further information related to the Transaction.
[2]	Refer to Note 12. Goodwill for further details regarding the impairment loss and to Note 14. Property, plant and equipment, net, Note 13. Intangible assets and Note 15. Leases for the impairment recognized within each asset group.

Inventories, net

12 Months Ended

Dec. 31, 2022

Inventories, net [Abstract]

Inventories, net

Note 17. Inventories, net

	2022			2021
Raw materials and supplies	$	42,701		$	38,024
Products in process		7,412			6,240
Finished products and merchandise		41,492			31,791
Inventory in transit		11,531			9,645
Subtotal		103,136			85,700
Less: Provision		(6,303	)		(6,270	)
Total	$	96,833		$	79,430

Inventories recognized as cost of goods sold during the year ended December 31, 2022 amounted to $170,351 (2021: $174,029). Inventories used as samples for the year ended December 31, 2022 amounted to $6,659 (2021: $3,867) were recognized as marketing expenses.

Write-downs of inventories to net realizable value and obsolescence adjustments amounted to $5,717 (2021: $5,391), were recognized within sales expenses during the year ended December 31, 2022.

Acquisitions (Details) - Schedule of assets and liabilities $ in Thousands	Dec. 31, 2021 USD ($)
Schedule Of Assets And Liabilities Abstract
Cash held in trust	$ 138,046
Cash and cash equivalents	100,000
Redemption liability	(77,997)
Warrants liability	(28,963)
Total SPAC identifiable net assets at fair value	$ 131,086

Warrant Liabilities

12 Months Ended

Dec. 31, 2022

Warrant Liabilities [Abstract]

Warrant Liabilities

Note 25. Warrant Liabilities

	As of December 31
	2022		2021
Public warrants	$	9,200	$	16,000
Private warrants¹		1,716		7,112
	$	10,916	$	23,112

¹	Private warrants include 2,875,000 held by the former SPAC sponsors deposited in an escrow account.

Note 25.1. Public warrants

	2022			2021
As of January 1	$	16,000		$	—
Acquired public warrants		—			21,600
Fair value remeasurement		(6,800	)		(5,600	)
As of December 31	$	9,200		$	16,000

Public warrants were issued by the SPAC to certain shareholders whereas prior to the Transaction such public warrants (together with the private warrants issued to the SPAC sponsors) were exchanged, on a one per one basis, for warrants in the Group’s ordinary shares. The public warrants have the following terms:

●

Each whole warrant entitles the holder to purchase one ordinary share at an exercise price of $11.50

●

The warrant is exercisable post Transaction and expires on the earlier of:

–

5 years after the completion of the Transaction, i.e., September 29, 2026

–

the Redemption Date, or

–

the liquidation of the Group.

●

The Group may redeem the outstanding warrants, in whole and not in part, at a price of $0.01 per warrant at any time while the warrants are exercisable upon a minimum of 30 days prior written notice of redemption:

–

if, and only if, the last sales price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalization and the like) on each of twenty (20) trading days within any thirty (30) trading day period ending on the third trading day prior to the date on which notice of redemption is given.

–

however, that if and when the Public Warrants become redeemable by the Group, the Group may not exercise such redemption right if the issuance of Ordinary Shares upon exercise of the Public Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Group is unable to effect such registration or qualification.

●

The Public Warrants may be exercised, for cash (or on a “cashless basis”) at any time after notice of redemption shall have been given by the Group and prior to the Redemption Date.

The Public Warrants are redeemable on the occurrence of change in control (merger, re-organization, tender offer, exchange), and the Group does not have an unconditional right to avoid delivering cash, the Public Warrants meet the criteria for classification as a financial liability. In addition, Warrants may be settled in a variable number of shares in case of cashless basis of exercise. Therefore, the Public Warrants meet the criteria for classification as financial liability.

Additionally, Public Warrants also meet the definition of a derivative, which may be settled other than by the exchange of a fixed amount of cash for a fixed number of the entity’s shares. Therefore, Public Warrants are derivatives that are classified as financial liability.

The public warrants were traded on Nasdaq and the closing trade price on 29 September, 2021 was used to measure their initial fair value. On September 30, 2021, the warrants had a fair value of $21,600 (20,000,000 warrants valued at $1.08 each).

Note 25.2. Private warrants

	2022			2021
As of January 1	$	7,112		$	—
Acquired private warrants		—			7,363
Fair value remeasurement		(5,396	)		(251	)
As of December 31	$	1,716		$	7,112

Simultaneously with the closing of the initial public offering of the SPAC, the SPAC consummated the sale of 6,250,000 warrants (the “SPAC Private Placement Warrants”) at a price of $1.00 per warrant in a private placement to the SPAC Sponsors, generating gross proceeds of $6,250. Pursuant to the Business Combination Agreement, the Group entered into an Assignment, Assumption and Amendment Agreement with SPAC and the Warrant agent to amend and assume SPAC’s obligations under the existing Warrant Agreement and to give effect to the conversion of SPAC public warrants and SPAC Private Placement Warrants to Holdco public warrants and Holdco private warrants (the “Private Warrants”), respectively.

Additionally, immediately prior to the consummation of the Transaction, the SPAC Sponsors forfeited 2,875,000 SPAC Private Placement Warrants and, in connection with consummation of the Transaction, placed 2,875,000 Private Warrants in escrow.

The Private Warrants have the following terms:

●

Each warrant entitles the holder to purchase one ordinary share at an exercise price of $11.50 per share. Only whole warrants are exercisable.

●

Exercisable post Transaction and expires on the earlier of:

–

5 years after the completion of the Transaction,

–

the Redemption Date, or

–

the liquidation of the Group.

●

Redemption for cash shall not apply.

The Private Warrants are redeemable on the occurrence of change in control (merger, re-organization, tender offer, exchange), and the Group does not have an unconditional right to avoid delivering cash, the Private Warrants meet the criteria for classification as a financial liability. In addition, Warrants may be settled in a variable number of shares in case of cashless basis of exercise. Therefore, the Private Warrants meet the criteria for classification as a financial liability.

Additionally, Private Warrants are classified as derivatives and financial liabilities, these shall be initially measured at fair value, with subsequent changes in fair value recognized in profit or loss. Refer to Note 9. Finance income (expenses), net.

Warrants in escrow

On March 31, 2021, concurrently with the execution of the Business Combination Agreement, the SPAC, Holdco, OpCo, certain OpCo Shareholders and certain shareholders of the SPAC prior to the consummation of the Transaction (including the SPAC Sponsors), entered into the Transaction Support Agreement, pursuant to which the SPAC Sponsors agreed to forfeit 2,875,000 of their Private Placement Warrants immediately prior to the Merger and to subject certain of their Holdco Ordinary Shares and Private Warrants to certain restrictions by depositing such securities in an escrow account.

Warrants in Escrow shall be treated as follows:

●

First Level Release Target: The escrow agent shall hold 1,437,500 SPAC Sponsor Private Warrants (the “First Level Sponsor Escrow Warrants”) in escrow until the earlier to occur of (a) the date on which the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $12.50 per Holdco Ordinary Share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-day trading period, or (b) the date that is the fifth (5th) anniversary of the closing of the Transaction (the “Five Year Expiration Date”).

●

Second Level Release Target: The escrow agent shall hold 1,437,500 SPAC Sponsor Private Warrants (the “Second Level Sponsor Escrow Warrants”) in escrow until the earlier to occur of (a) the date on which the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $13.00 per Holdco Ordinary Share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-day trading period, or (b) the Five-Year Expiration Date.

●

Automatic Release: if Group shall consummate a liquidation, merger, stock exchange or other similar transaction which results in all of the holders having the right to exchange their Holdco Ordinary Shares for cash, securities or other property, then the escrow agent shall (subject to customary escrow notification provisions) promptly release all the First Level Sponsor Escrow Warrants and Second Level Sponsor Escrow Warrants to the SPAC Sponsors.

●

Cancellation: On the Five-Year Expiration Date, any First Level Sponsor Escrow Warrants and Second Level Sponsor Escrow Warrants that have not been released and remain in escrow, shall be released by the escrow agent to the Group for cancellation.

Private Warrants issued by the Holdco which are deposited in escrow and are subject to cancellation if certain conditions are not met are recorded as contingent consideration and therefore initially measured at fair value. Further, since they are liability classified instruments, subsequent changes in fair value are recognized in profit or loss as a Finance Income/Expense. Refer to Note 9. Finance income (expenses), net.

Basis of Preparation and Accounting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basis of preparation and accounting [Abstract]
Current liability	$ 139,155
Net working capital deficit	70,931
Working capital deficit		$ 110,095	$ 54,926
Current borrowings	257,525	74,646
Current borrowings relates to the breach	139,155
Trade and other payables	90,187
Owed to the related parties	2,914
Current tax liabilities	6,133	11,756
Provisions	138
Other liabilities	11,477
Current assets	$ 297,443	$ 298,059

Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments (Details) [Line Items]
Concentration of credit risk percentage	10.00%	10.00%
Additions of impairment loss allowance	$ 2,673
Additions of reversal impairment loss allowance		$ 818	$ 1,915
Impairment losses related to related parties	$ 195
Percentage of increase and decrease in the U.S. dollar	10.00%
Change in exchange rates, percenatage.	10.00%
Interest at a variable rate	$ 102,799
Interest at available rate percentage	35.95%
Bears interest (in Shares)		87,421
Variable rate, percentage		34.50%
Interest rate Spread	1.00%
Decreased profit before tax	$ 1,028	$ 875
Profit before tax, percentage	1.00%
Borrowings	$ 139,155
Debt renegotiations	19,000
Syndicated balance	38,626
Level 1 [Member]
Financial Instruments (Details) [Line Items]
Fair value of the exhibited figures	9,200	16,000
Level 3 [Member]
Financial Instruments (Details) [Line Items]
Fair value of the exhibited figures	$ 41,780	$ 108,971
Bottom of range [Member]
Financial Instruments (Details) [Line Items]
Receivable concentration	5.00%

Segment Reporting (Details) - Schedule of basis of geographical segments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting (Details) - Schedule of basis of geographical segments [Line Items]
Segment revenue	$ 409,920	$ 409,742	$ 331,467
South America [Member]
Segment Reporting (Details) - Schedule of basis of geographical segments [Line Items]
Segment revenue	275,933	284,068	249,983
Central America [Member]
Segment Reporting (Details) - Schedule of basis of geographical segments [Line Items]
Segment revenue	86,679	72,188	58,082
North America [Member]
Segment Reporting (Details) - Schedule of basis of geographical segments [Line Items]
Segment revenue	37,115	44,857	12,576
Europe [Member]
Segment Reporting (Details) - Schedule of basis of geographical segments [Line Items]
Segment revenue	$ 10,193	$ 8,629	$ 10,826

Income Tax (Details) - Schedule of tax losses and excess - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Tax Losses and Excess [Abstract]
Tax Losses not utilized	$ 4,752	$ 3,242
Total	$ 4,752	$ 3,242

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Revenue [Abstract]
Revenue	$ 7,098	$ 3,637	$ 2,213

Financial Instruments (Details) - Schedule of balances of other financial liabilities such as suppliers and accounts payable have no financial cost and their payment period ranges - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Carrying amount [Member]

$ 251,743

$ 221,619

90,187

85,381

34,192

31,747

2,914

8,450

Contractual cash flows [Member]

379,036

347,197

278,853

253,011

90,187

85,381

46,001

39,904

2,914

8,450

Less than 1 year [Member]

417,955

386,746

^[1],[2]

274,648

71,987

^[1],[2]

90,187

85,381

^[1],[2]

11,174

9,853

^[1],[2]

2,914

8,450

^[1],[2]

378,923

175,671

1-2 years [Member]

3,642

16,895

6,629

7,403

10,271

24,298

2-3 years [Member]

563

15,330

5,962

5,333

6,525

20,663

3-5 years [Member]

20,323

7,962

8,314

More than 5 years [Member]

7,962

28,637

128,476

14,274

9,001

Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]

$ 14,274

$ 137,477

[1]	As mentioned in Note 19. Borrowings, $139,155 in the aggregate, is classified as payable in less than 1 year as a result of a breach in certain covenants included under the NPA, the Syndicated Loan Agreement, and BTG Credit Agreement. Refer to Note 28. Events after the reporting period for the Group’s executed waivers with the lenders mentioned above.
[2]	As mentioned in Note 2.1. Going concern the Group is renegotiating $19,000 balance with BTG, and Syndicated balance of $38,626 with Bancolombia and Davivienda. Additionally, the Group expects to maintain revolving credit lines with other lending parties.

Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

$ 253,366

$ 454,518

(130,881)

(281,155)

179,417

^[1]

336,216

^[2]

(15,967)

^[3]

(256,213)

^[4]

Syndicated Term Loan [Member]

285,935

253,366

Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]

46,505

81,906

(7,850)

(28,239)

7,923

^[1]

^[2]

(7,952)

^[3]

(7,162)

^[4]

Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]

38,626

46,505

Other Term Loan [Member]

51,593

85,645

(93,592)

(224,380)

143,786

^[1]

193,120

^[2]

(6,067)

^[3]

(2,792)

^[4]

Lease liabilities [member]

95,720

51,593

Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]

31,747

36,799

(6,679)

(8,854)

12,647

^[1]

7,283

^[2]

(3,523)

^[3]

(3,481)

^[4]

Factoring Obligations [Member]

34,192

31,747

Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]

10,609

9,993

(21,943)

(18,779)

14,042

^[1]

22,956

^[2]

(391)

^[3]

(3,561)

^[4]

Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]

2,317

10,609

Bank Overdraft [Member]

902

(817)

(903)

1,019

^[1]

^[2]

(177)

^[3]

^[4]

Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]

Senior Note [Member]

112,857

^[1]

112,857

^[2]

2,143

^[3]

^[4]

Put Option Agreement [Member]

$ 115,000

112,857

Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]

239,273

^[2]

Related party transactions

^[4]

$ (239,273)

[1]	New liabilities include non-cash activities for invoices from suppliers financed via reverse factoring $32,358 and new lease liabilities for $12,647.
[2]	New liabilities include non-cash activities for invoices from suppliers financed via reverse factoring $48,138 and acquisition of right-of-use assets $7,283.
[3]	Other changes include exchange differences, the write-off of the Notes unamortized transaction costs of $1,600 due to the debt extinguishment, and cost amortization of $360.
[4]	Other changes include exchange differences and the termination of the put option agreements in exchange for new equity instruments in Procaps Group, S.A.

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Note 29. Related party transactions

Balances and transactions between the Group and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its related parties are disclosed below.

Outstanding activities

During the year, the Group entities carried out the following transactions with joint ventures and other related parties:

	For the year ended December 31
	2022		2021¹		2020¹
Sale of finished products	$	8,038	$	5,628	$	5,583
Revenue from services and consulting		1,034		116		87
Purchases of raw materials and other services		12,367		10,240		11,339

The Group corrected the disclosure of transactions with related parties for the years ended December 31, 2021 and 2020 to conform with the current period presentation. The modification includes the disclosure of sales that are performed through an agent with Industrias Intercaps de Venezuela C.A. and Laboratorios Vivax Pharmaceuticals C.A. in the amount of $1,803 for the year ended December 31, 2021 (2020: $1,826) and does not impact the results presented in the prior period.

For the year ended December 31, 2022 interest expense derived from related parties amount to $76 (2021: $61, 2020: $49).

The following current amounts were outstanding at the reporting date:

	As of December 31
	2022			2021
Trade and other receivables by related parties	$	14,028			12,491
Loans owed by related parties		215			276
Less: provisions		(11,769	)		(11,620	)
Amounts owed by related parties, net	$	2,474		$	1,147

As of December 31, 2022 and 2021, the Group's balance for non-current trade and other receivables by related parties is comprised of $18,060 with Industrias Intercaps de Venezuela and $5,333 with Laboratorios Vivax Pharmaceuticals, which are fully provisioned.

	As of December 31
	2022		2021
Trade and other payables to related parties	$	2,853	$	1,335
Loans owed to related parties		61		7,115
Amounts owed to related parties	$	2,914	$	8,450

Current	$	2,914	$	8,450
Non-current	$	—	$	—

For the year ended December 31, 2022 donations to Fundación Procaps amount to $494 (2021: $427, 2020: $325) and are recognized as other expenses in profit or loss.

Goods and services were sold or provided parties during the year based on the price lists in force and terms that would be available to third parties.

All outstanding balances with these related parties are priced on an arm’s length basis and are to be settled in cash within two months of the reporting date. None of the balances are secured. No expense has been recognized in the current year or prior year for bad or doubtful debts in respect of amounts owed by related parties.

Loans to and from related parties

Loans to related parties	2022			2021			2020
Balance as of January 1	$	276		$	304		$	499
Loans advanced		—			—			—
Loan repayments received		(61	)		(28	)		(195	)
Balance as of December 31	$	215		$	276		$	304

Loans from related parties	2022			2021			2020
Balance as of January 1	$	7,115		$	15,844		$	20,963
Loans advanced		61			—			32
Loan repayments		(7,191	)		(9,154	)		(5,856	)
Interest accrued		76			425			705
Balance as of December 31	$	61		$	7,115		$	15,844

The loans to and from related parties are repayable between one year from the reporting date. The average interest rate on the loans during the year was 6% (2021: 6%). Outstanding balances are unsecured and are repayable in cash.

No loss allowance was recognized in expense in 2022 or 2021.

For 2021, put option agreements with IFC and Hoche for the right to put back all or some of the ordinary shares they held in Crynssen was presented as a separate financial liability, until the effectiveness of the Transaction, even though both are related parties. See Note 19. Borrowings for further detail.

Transactions with directors and executive board management members

Total management compensation included in the Consolidated Statement of Profit or Loss and Other Comprehensive Income are as follows:

	For the year ended December 31
	2022		2021¹		2020¹
Short-term employee benefits	$	2,415	$	2,202	$	1,972
Consulting fees		3,357		2,730		1,971
Total	$	5,772	$	4,932	$	3,943

¹	The Group corrected the disclosure of short-term employee benefits and consulting fees for the year ended December 31, 2021 and 2020. The correction does not impact the results presented in the prior period.

Events After the Reporting Period

12 Months Ended

Dec. 31, 2022

Disclosure Of Events After Reporting Period [Abstract]

Events after the reporting period

Note 28. Events after the reporting period

Management has considered subsequent events through the date these Consolidated Financial Statements were issued and identified the following events that require disclosure.

Grupo Somar and Pearl Mexico Acquisition

Refer to Note 1. General Company Information for background information on the Acquisition of Grupo Somar and Pearl Mexico. The time required for resolution of the lien remains uncertain and is not in the Group’s control. Following the failure of the transaction to close on December 31, 2022, the Group provided the Sellers a formal notice on January 1, 2023 terminating the SPA in accordance with the terms thereof.

Bridge Loan Credit Agreement

Following the Group’s termination of the SPA, by delivering the notice of termination, the Group advised the joint arrangers and book runners on January 1, 2023 of its desire to terminate the transaction documents (including, without limitation, the commitments under the Bridge Credit Agreement and, for the avoidance of doubt, any commitments under the Commitment Letter) and pay all outstanding obligations, amounting to $5,719, under the Bridge Credit Agreement and any other transaction document as of January 10, 2023.

Waiver for Breach of Indebtedness Covenants

Refer to Note 2.1. Going concern and Note 19. Borrowings for background information on breach of Loan Covenants. On March 28, March 31 and May 2, 2023 the Group obtained waivers for the applicable covenant breaches under the NPA, the Syndicated Loan Agreement, and the BTG Credit Agreement. Under the terms of the waivers, the lenders agreed to waive the event of default as of December 31, 2022. In addition, the Group negotiated with the lenders for additional waivers to adjust the covenant ratios as noted below:

BTG Credit Agreement

For the period ending June 30, 2023, as part of the waiver negotiations, the lenders agreed to adjust the convent ratios as noted below (the covenants will return to the original terms from December 31, 2023, onwards):

●

The Company’s consolidated Indebtedness Indicator (Indebtedness / EBITDA) must not be greater than 4.5x (original covenant: greater than 3.5x).

●

The Company’s consolidated EBITDA/Finance expense must not be less than 1.8x (original covenant: less than 3.0x).

Syndicated Loan Agreement

●

Indebtedness Indicator (Indebtedness/EBITDA) must be less than or equal to 4.5 times (original covenant: less than or equal to 3.5 times). If the indicator is greater than 4.1 and less than 4.3 (original covenant: greater than 3.0 and less than 3.5), it proceeds to the extent that this value is originated by causes other than additional debt and the justification of the increase must be presented to the agent.

●

Short-term leverage ratio less than 1.6 (original covenant: less than 1.0).

●

EBITDA ratio / financial expenses greater than or equal to 1.8 (original covenant: greater than or equal to 3.0).

NPA

For the periods ending March 31, June 30 and September 30, 2023, as part of the waiver negotiations, the lenders agreed to adjust the convent ratios as noted below (the covenants. will return to the original terms from December 31, 2023, onwards):

●

The consolidated total debt of Procaps, S.A., the Group and the other obligors thereunder to consolidated EBITDA for the last twelve months of 4:00:1.00 or less (original covenant: 3.50:1.00 or less).

●

An EBITDA interest coverage ratio in excess of, or equal to, 2.20:1.00 (original covenant: in excess of, or equal to, 3.00:1.00).

●

Short-term leverage ratio equal to or less than 2.00:1:00 (original covenant: equal to or less than 1.00:1.00).

Headcount Reduction

During the first quarter of 2023, the Group announced adjustments to their workforce, which involved an overall reduction in headcount of approximately 200.

Deferred tax

12 Months Ended

Dec. 31, 2022

Disclosure of Deferred [Abstract]

Deferred tax

Note 20. Deferred tax

The deferred tax assets and liabilities by type of temporary difference are as follows:

	As of December 31
	2022			2021
Net deferred tax asset (liability)
Trade and other receivables	$	449		$	(1,357	)
Inventories		3,930			3,142
Property, plant and equipment		(4,019	)		(3,486	)
Intangibles		(5,112	)		(875	)
Borrowings and Trade and other payables		2,648			3,639
Provisions and Other liabilities		1,780			1,005
Others¹		(523	)		(1,071	)
Total net deferred tax asset (liability)	$	(847	)	$	997

¹	As of December 31, 2022, includes a deferred tax asset of $381 related to Procaps S.A. tax losses of $1,088 generated during the year. As of December 31, 2021, the deferred tax asset balance does not comprise unused tax losses.

	As of December 31
	2022			2021
Deferred Tax Asset	$	6,974		$	7,067
Deferred Tax Liability		(7,821	)		(6,070	)
Net Deferred Tax Asset (Liability)	$	(847	)	$	997

	2022			2021			2020
Balance as of January 1	$	997		$	2,879		$	8,556
Recognized in Profit or Loss		(1,763	)		(1,455	)		(3,805	)
Recognized in Other Comprehensive Income ¹		107			(58	)		16
Others ²		(188	)		(369	)		(1,888	)
Balance as of December 31	$	(847	)	$	997		$	2,879

¹	Deferred tax related to employee defined benefit plans.

² Deferred tax related to the purchase price acquisition of intangible assets in Procaps S.A. de C.V.

The deferred tax assets are ordinary in character and comprised of temporary differences primarily related to the impairment of trade receivable for financial reporting purposes, differences in the financial statement carrying amount and tax basis of inventories, property, plant and equipment, intangibles, borrowings, provisions, and others. Given the expected near-term reversal of the deductible temporary differences giving rise to deferred tax assets, it is probable that future taxable profit will be available as a result of reversing taxable temporary differences to realize the tax benefit of the deferred tax assets either in the year of reversal or within the twelve-year carryforward period permitted by Colombian income tax law.

There was a deferred tax asset that would have been recognized for $1,663 as of December 31, 2022 (2021: $1,135) for temporary differences of $4,752 (2021: $3,242) related to subsidiary Rymco Medical’s fiscal losses. However, this asset was not recognized because the Group’s management considers that there is no certainty of future taxable income available for compensation. Likewise, no deferred tax liabilities have been recognized from those entities in which the Group has control and in the foreseeable future it is not expected that the same will be carried out.

Leases (Details) - Schedule of consolidated statement of profit or loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Consolidated Statement of Profit or Loss [Abstract]
Interest on lease liabilities	$ 1,033	$ 720
Expense relating to leases of low-value assets	115	123
Expense relating to short-term leases	$ 862	$ 1,217

Goodwill (Details) - Schedule of goodwill - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Goodwill [Abstract]
Balance at beginning of the year	$ 6,803	$ 6,863
Effect of movements in foreign exchange	(174)	(60)
Impairment losses	(838)
Balance at end of the year	$ 5,791	$ 6,803

Property, plant and equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment, Net [Abstract]

Schedule of property, plant and equipment, net

Cost	Land and buildings			Machinery and equipment, furniture and fixtures			Projects in progress			Other ¹			Total
Balance as of January 1, 2021		26,819			69,664			9,330			9,478			115,291
Additions		487			4,764			10,019			167			15,437
Disposals		(289	)		(350	)		—			(15	)		(654	)
Effect of exchange differences in foreign currency		(1,180	)		(8,930	)		(1,130	)		(515	)		(11,755	)
Transfers		4,482			6,518			(7,578	)		(5,087	)		(1,665	)
Balance as of December 31, 2021		30,319			71,666			10,641			4,028			116,654
Additions		4,425			2,556			16,055			121			23,157
Disposals		(2,072	)		(2,071	)		—			(2	)		(4,145	)
Effect of exchange differences in foreign currency		(1,283	)		(9,698	)		(2,008	)		(512	)		(13,501	)
Transfers		759			1,667			(2,872	)		179			(267	)
Balance as of December 31, 2022		32,148			64,120			21,816			3,814			121,898

Accumulated depreciation and impairment losses	Land and buildings			Machinery and equipment, furniture and fixtures			Projects in progress		Other ¹			Total
Balance as of January 1, 2021		8,071			32,624			—		4,261			44,956
Disposals		(70	)		(91	)		—		(16	)		(177	)
Depreciation expense		871			4,653			—		548			6,072
Effect of exchange differences in foreign currency		(328	)		(3,743	)		—		(472	)		(4,543	)
Transfers		(907	)		(587	)		—		(798	)		(2,292	)
Balance as of December 31, 2021		7,637			32,856			—		3,523			44,016
Disposals		—			(2,013	)		—		(1	)		(2,014	)
Depreciation expense		775			4,662			—		219			5,656
Impairment loss		—			4,247			403		39			4,689
Effect of exchange differences in foreign currency		508			(4,648	)		—		(315	)		(4,455	)
Transfers		—			39			—		2			41
Balance as of December 31, 2022		8,920			35,143			403		3,467			47,933

As of December 31, 2021
Net book value		22,682			38,810			10,641		505			72,638
As of December 31, 2022
Net book value		23,228			28,977			21,413		347			73,965

¹	‘Other’ includes computer equipment and other office furniture and equipment.

Warrant Liabilities (Details) - Schedule of private warrants - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Schedule Of Private Warrants Abstract

Balance at beginning

$ 7,112

^[1]

Acquired private warrants

7,363

Fair value remeasurement

(5,396)

(251)

Balance at ending

^[1]

$ 1,716

$ 7,112

[1]	Private warrants include 2,875,000 held by the former SPAC sponsors deposited in an escrow account.

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Disclosure of Earnings Per Share Text Block [Abstract]

Earnings Per Share

Note 24. Earnings Per Share

The Group reports net earnings per share in accordance with IAS 33 - Earnings Per Share. The income/(loss) per share is calculated by dividing the income/(loss) for the year attributable to ordinary equity holders of the Group by the weighted average number of ordinary shares outstanding in the year.

The income/(loss) per fully diluted share shall be calculated based on the income/(loss) for the year divided by the weighted average number of fully diluted shares. No dilutive effect has been identified for the years ended December 31, 2022, 2021 and 2020.

	2022		2021			2020
Net income/(loss) of the year		42,540		(100,863	)		(10,447	)
Number of ordinary shares issued at December 31*		101,110		101,110			97,129
Weighted average basic number of ordinary shares		101,110		98,143			97,129
Assumed exercise of share equivalents		—		—			—
Weighted average diluted number of shares		101,110		98,143			97,129
Basic and diluted income/(loss) per share in the year		0.42		(1.03	)		(0.11	)

*	Includes 903,075 shares held under put option before the transaction as such ordinary shareholders were entitled to receive dividends.

Other Expenses, Net (Tables)

12 Months Ended

Dec. 31, 2022

Other expenses, net [Abstract]

Schedule of other expenses, net

	For the year ended December 31
	2022		2021			2020
Currency exchange rate differences	$	15,984	$	4,026		$	3,905
Economic emergency contribution expenses		1,301		1,385			811
Fines, surcharges, penalties and taxes assumed		1,119		775			1,440
Donations		814		720			716
Listing expense ¹		—		73,917			—
Impairment loss ²		6,018		—			—
Other		63		(1,832	)		844
Total	$	25,299	$	78,991		$	7,716

Corresponds to the difference between the fair value of the net assets received through SPAC and the value of the equity interest issued, adjusted by dilutive effect of shares held in escrow at a weighted average fair value per share. Refer to Note 26.1. Reverse reorganization for further information related to the Transaction.

²	Refer to Note 12. Goodwill for further details regarding the impairment loss and to Note 14. Property, plant and equipment, net, Note 13. Intangible assets and Note 15. Leases for the impairment recognized within each asset group.

Warrant Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2022	Sep. 30, 2021
Warrant Liabilities (Details) [Line Items]
Private warrants		2,875,000
Warrant per share, description		●Each whole warrant entitles the holder to purchase one ordinary share at an exercise price of $11.50 ●The warrant is exercisable post Transaction and expires on the earlier of: –5 years after the completion of the Transaction, i.e., September 29, 2026 –the Redemption Date, or –the liquidation of the Group.
Per warrant (in Dollars per share)		$ 0.01
Exceeds per share (in Dollars per share)		$ 18
Fair value (in Dollars)			$ 21,600
Warrants shares			20,000,000
Warrants per share (in Dollars per share)			$ 1.08
Sale of warrants		6,250,000
Private placement warrant per share (in Dollars per share)		$ 1
Generating gross proceeds (in Dollars)		$ 6,250
Forfeited shares of private placement warrants		2,875,000
Private warrants in escrow shares		2,875,000
Warrant purchase of ordinary share		1
Exercise price of per share (in Dollars per share)		$ 11.5
Business combination expires		5 years
Sponsors agreed to forfeit of private placement warrants	2,875,000
Expiration date		5 years
First Level Release Target [Member]
Warrant Liabilities (Details) [Line Items]
Sponsor private warrants shares		1,437,500
Exceeds ordinary per shares (in Dollars per share)		$ 12.5
Expiration date		5 years
Second Level Release Target [Member]
Warrant Liabilities (Details) [Line Items]
Exceeds ordinary per shares (in Dollars per share)		$ 13
Sponsor private warrants shares		1,437,500

Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates [Line Items]
Weighted-average loss rate	14.07%	14.67%
Gross carrying amount	$ 169,352	$ 147,590
Impairment loss allowance	(23,834)	(21,650)
Total	$ 145,518	$ 125,940
Current (not past due) [Member]
Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates [Line Items]
Weighted-average loss rate	0.39%	0.60%
Gross carrying amount	$ 124,219	$ 98,776
Impairment loss allowance	(483)	(591)
Total	$ 123,736	$ 98,185
1-30 days past due [Member]
Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates [Line Items]
Weighted-average loss rate	3.42%	2.11%
Gross carrying amount	$ 11,816	$ 11,265
Impairment loss allowance	(404)	(238)
Total	$ 11,412	$ 11,027
31-60 days past due [Member]
Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates [Line Items]
Weighted-average loss rate	4.50%	2.35%
Gross carrying amount	$ 3,864	$ 3,147
Impairment loss allowance	(174)	(74)
Total	$ 3,690	$ 3,073
61-90 days past due [Member]
Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates [Line Items]
Weighted-average loss rate	14.25%	3.38%
Gross carrying amount	$ 1,958	$ 1,981
Impairment loss allowance	(279)	(67)
Total	$ 1,679	$ 1,914
91-120 days past due [Member]
Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates [Line Items]
Weighted-average loss rate	19.89%	3.26%
Gross carrying amount	$ 890	$ 1,843
Impairment loss allowance	(177)	(60)
Total	$ 713	$ 1,783
More than 120 days past due [Member]
Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates [Line Items]
Weighted-average loss rate	83.88%	67.43%
Gross carrying amount	$ 26,605	$ 30,578
Impairment loss allowance	(22,317)	(20,620)
Total	$ 4,288	$ 9,958

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies [Abstract]

Schedule of useful lives of property, plant and equipment

Buildings	20 - 40 years
Machinery and equipment	10 - 20 years
Furniture and fixtures	2 - 10 years
Other equipment	2 - 5 years

Schedule of useful lives are used to calculate amortization

Trademarks and sanitary records	3 – 20 years
Licenses, customers and agreements	3 – 10 years
Product development	3 years

Schedule of summary describes the operations of each reportable segment

Reportable segment		Operations
NextGel		Development and manufacturing of Softgel and related technologies in USA, Brazil and Colombia
Procaps Colombia		Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Colombia
CAN		Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Northern Central America: Salvador, Guatemala, Nicaragua and Honduras
CASAND		Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Southern Central America (Panama and Costa Rica) and the North Andes District (Ecuador, Peru and Bolivia)
Diabetrics		Diabetes solutions and chronic disease management tool

Intangible Assets

12 Months Ended

Dec. 31, 2022

Disclosure Of Intangible Assets Text Block Abstract

Intangible assets

Note 13. Intangible assets

Cost	Trademarks and sanitary records			Licenses, customers and agreements			Product development			Total
Balance as of January 1, 2021		13,176			17,174			18,272			48,622
Additions		1,672			755			—			2,427
Additions from internal developments		—			—			7,976			7,976
Derecognition of assets		—			(7	)		—			(7	)
Foreign currency exchange		(631	)		(1,475	)		(2,986	)		(5,092	)
Transfers		489			(512	)		23			—
Balance as of December 31, 2021		14,706			15,935			23,285			53,926
Additions		1,684			566			—			2,250
Additions from internal developments		—			—			8,713			8,713
Derecognition of assets		—			(49	)		(154	)		(203	)
Foreign currency exchange		(1,180	)		(1,574	)		(4,697	)		(7,451	)
Transfers		233			363			—			596
Balance as of December 31, 2022		15,443			15,241			27,147			57,831

Accumulated amortization and impairment losses	Trademarks and sanitary records			Licenses, customers and agreements			Product development			Total
Balance as of January 1, 2021		3,481			12,768			4,790			21,039
Amortization expense		787			965			3,064			4,816
Derecognition of assets		—			(7	)		—			(7	)
Foreign currency exchange		(277	)		(976	)		(840	)		(2,093	)
Transfers		241			(237	)		(4	)		—
Balance as of December 31, 2021		4,232			12,513			7,010			23,755

Amortization expense		1,205			995			2,733			4,933
Impairment loss		114			21			—			135
Foreign currency exchange		(495	)		(1,201	)		(1,504	)		(3,200	)
Balance as of December 31, 2022		5,056			12,328			8,239			25,623

As of December 31, 2021
Net book value		10,474			3,422			16,275			30,171
As of December 31, 2022
Net book value		10,387			2,913			18,908			32,208

For the years ended December 31, 2022, 2021 and 2020 amortization expenses are recognized within the Consolidated Statement of Profit or Loss and Other Comprehensive Income as administrative expenses.

Impairment loss recognized in Other expenses, net relates to the Rymco cash-generating unit. Refer to Note 12. Goodwill for further information.

Foreign currency exchange corresponds to the effect of translating the intangible asset amounts attributable to the subsidiaries of the Group whose functional currencies are different from that of the Group.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of Acquisition [Abstract]

Schedule of assets and liabilities

(Amount in thousands)	2021
Cash held in trust	$	138,046
Cash and cash equivalents		100,000
Redemption liability		(77,997	)
Warrants liability		(28,963	)
Total SPAC identifiable net assets at fair value	$	131,086

Schedule of transactions value of equity interest

	After Redemption
Step 1 - Deemed cost of shares issued
Fair value of OpCo	$	926,287
Equity interest in Holdco issued to SPAC shareholders & PIPE investors		19	%
Equity interest in Holdco of Selling shareholders		81	%
Deemed costs of shares issued*	$	213,584
SPAC identifiable net assets at fair value	$	131,086
Deemed cost of shares issued	$	82,498

Step 2 - Dilutive impact of shares held in escrow
Dilutive effect of 945,036 shares held in escrow at a weighted average fair value per share of $9.08	$	8,581
Step 3 - IFRS 2 ‘listing expense’	$	73,917

*	The deem cost of the shares was estimated based on the fair value of the OpCo issued shares (legacy Crynssen Pharma Group Limited) prior to the merger with SPAC and Holdco.

Schedule of changes in fair values

	2022			2021
As of January 1	$	101,859		$	—
Escrowed shares		—			106,364
Fair value remeasurement		(61,795	)		(4,505	)
As of December 31	$	40,064		$	101,859

Schedule of estimated fair values

(Amount in thousands)	2021
Property, Plant and Equipment	$	1,487
Inventories		133
Other receivables		193
Right of Use Assets		4,533
Lease Liabilities		(4,533	)
Total	$	1,813

Consolidated Statement of Profit or Loss and Other Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statement of Profit or Loss and Other Comprehensive Income [Abstract]
Revenue	$ 409,920	$ 409,742	$ 331,467
Cost of sales	(170,351)	(174,029)	(140,153)
Gross profit	239,569	235,713	191,314
Sales and marketing expenses	(93,566)	(83,057)	(69,629)
Administrative expenses	(105,911)	(82,187)	(58,631)
Finance income (expenses), net	37,917	(78,636)	(54,489)
Other expenses, net	(25,299)	(78,991)	(7,716)
Income/(loss) before tax	52,710	(87,158)	849
Income tax expense	(10,170)	(13,705)	(11,296)
Income/(loss) for the year	42,540	(100,863)	(10,447)
Income/(loss) for the year attributable to:
Owners of the Company	42,540	(100,863)	(10,447)
Non-controlling interests
Earnings per share:
Basic, income/(loss) for the year attributable to ordinary equity holders (in Dollars per share)	$ 0.42	$ (1.03)	$ (0.11)
Other comprehensive income/(loss)
Remeasurement of net defined benefit liability	$ (222)	$ 195	$ (47)
Income tax relating to items that will not be reclassified subsequently to profit or loss	107	(58)	16
Net of Tax	(115)	137	(31)
Items that will be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations	(5,966)	(2,743)	(637)
Exchange difference from liquidated foreign transactions reclassified to profit or loss		(751)
Other comprehensive income/(loss) for the year, net of tax	(6,081)	(3,357)	(668)
Total comprehensive income/(loss) for the year	36,459	(104,220)	(11,115)
Total comprehensive income/(loss) for the year attributable to:
Owners of the Company	36,456	(102,503)	(11,546)
Non-controlling interests	$ 3	$ (1,717)	$ 431

Provisions and contingencies

12 Months Ended

Dec. 31, 2022

Disclosure of Other Provisions Contingent Liabilities And Contingent Assets [Abstract]

Provisions and contingencies

Note 22. Provisions and contingencies

	2022			2021
Provisions and contingencies
Balance as of January 1	$	501		$	1,829
Effect of changes in foreign exchange rates		9			(209	)
Provisions made		43			—
Provisions used		(415	)		(1,119	)
Balance as of December 31	$	138		$	501

Provisions

The Group recognizes provisions for contingencies that are probable of requiring an outflow of resources due to adverse effects. The Group recognized the estimated probable losses against the company for labor, administrative and ligation, which are calculated based on the best estimate of the disbursement required to cancel the obligation at the date of preparation of the Consolidated Financial Statements. Such contingencies are disclosed with possible adverse effects for the entity, as follows:

Legal provisions

Softcaps legal proceedings – The total balance of $76 (2021: $459) is comprised of labor, administrative, and civil litigation. As of December 31, 2021, the balance also included $347 (2020: $368) for tax litigation.

The remaining balance of $62 (2021: $42) is for labor litigation in the following entities: Procaps, S.A., Unimed del Perú, and Rymco Medical.

Tax provisions

Transfer pricing Procaps, S.A. – The Procaps, S.A. and CI Procaps companies used to recognize provisions for the impact of transfer pricing in an amount of 2020: $354 However, as of December 31, 2021, those provisions were reversed under the risk analysis carried out by the Group’s external advisors.

Contingencies

Procaps SA de CV legal proceedings - The General Tax Directorate of El Salvador (DGII), determined that the company failed to declare taxable and presumed income from revenue obtained and loans made to non-domiciled companies in 2018, the proposed tax charge and sanction amounts to $1,087. Also, the DGII determined that the company incurred in the infraction of non-intentional evasion due to the incorrect filing of the “VAT” declarations for 2019. The proposed tax charge and penalty amounts to $348.

However, the Group’s external advisor indicates that it is not probable for this claim to proceed, therefore, there is no provision for the effect of this contingency.

Consolidated Statement of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Statement of cash flows [abstract]

Income/(loss) for the year

$ 42,540

$ (100,863)

$ (10,447)

Adjustments to reconcile net income/(loss) with cash flow from operating activities before changes in working capital:

Depreciation of property, plant and equipment

5,656

6,072

5,900

Depreciation of right-of-use assets

6,255

4,223

4,598

Amortization of intangibles

4,933

4,816

5,979

Income tax expense

10,170

13,705

11,296

Finance (income)/expenses

(37,917)

78,636

54,489

IFRS 2 Share-based payment expense (listing expense)

73,917

Unrealized currency exchange rate differences

1,652

Share of result of joint ventures

919

305

(806)

Net (gain)/loss on sale of property, plant and equipment

(555)

(317)

134

Net loss on sale or disposal of intangibles

203

161

Impairment loss on property, plant and equipment

4,689

Impairment loss on right-of-use assets

356

Impairment loss on intangible assets

135

Impairment loss on goodwill

838

Inventory provision

5,717

5,391

1,616

Provision/(reversed provision) for bad debt

2,673

(818)

(1,915)

Provisions

761

Cash flow from operating activities before changes in working capital

48,307

85,067

71,766

Changes in working capital:

Amounts owed by related parties

(16,582)

(21,257)

1,889

474

1,387

(613)

Inventories, net

(32,690)

(20,536)

(898)

Current tax assets, net

895

(5,308)

(10,077)

Other current assets, net

1,500

(5,441)

(9,635)

14,210

32,825

11,795

Current tax liabilities, net

1,998

(3,448)

1,354

(6,643)

2,103

7,499

Other liabilities

10,865

(12,936)

12,014

Provisions

(415)

(821)

Other financial assets

505

370

Other assets

710

(2,699)

1,256

Cash generated from operations

22,675

50,262

85,899

Interest paid

(1,261)

(1,697)

(1,839)

Dividends received

300

Income tax paid

(7,308)

(11,562)

(13,140)

Cash flow provided by operating activities

14,106

37,303

70,920

Investing activities

Acquisition of property, plant and equipment

(20,612)

(14,122)

(7,699)

Proceeds from sale of property, plant and equipment

2,686

794

632

Acquisition and development of intangibles

(10,963)

(10,403)

(10,219)

Proceeds from related parties

195

Cash flow used in investing activities

(28,828)

(23,703)

(17,091)

Financing activities

Proceeds from borrowings

134,412

280,795

106,736

Payments on borrowings

(124,202)

(272,301)

(120,586)

Advances from related parties

Payments to related parties

(7,191)

(9,154)

(5,856)

Interest paid on borrowings

(10,028)

(17,428)

(15,102)

Payment of lease liabilities

(6,679)

(8,854)

(5,733)

Redeemed shares

(45,000)

Cash obtained in acquisition

129,986

Cash flow (used in) generated from financing activities

(13,627)

58,044

(40,509)

Net (decrease) increase in cash

(28,349)

71,644

13,320

Cash at beginning of the year

72,112

4,229

2,042

Effect of exchange rate fluctuations

(760)

(3,761)

(11,133)

Cash at end of the year

43,003

72,112

4,229

Non-cash financing and investing activities

^[1]

$ 50,897

$ (145,286)

$ 40,759

[1]

For the year ended December 31, 2022, non-cash investing and financing activities include new lease liabilities $12,647 (2021: $7,283, 2020: 11,022), interest capitalization on property, plant and equipment under IAS 23 $196 (2021: 571), invoices from suppliers financed via reverse factoring classified as Trade and other payables $5,696 (2021: $8,288, 2020: 7,311), and invoices from suppliers financed via reverse factoring classified as Borrowings $32,358 (2021: $48,138 2020: 22,426). For the year ended December 31, 2021, it also included 50% purchase price of acquisition of Pharmaceutical Production Facility $744, termination of the put option agreements in exchange for new equity instruments in Procaps Group, S.A. $(239,273) (Refer to Note 23), and conversion of SPAC Warrants to Warrants in Procaps Group, S.A. $28,963.

Shareholder’s Equity (Details) - Schedule of reserves - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Schedule Of Reserves [Abstract]

Legal

^[1]

$ 4,892

Working Capital

^[2]

40,851

37,857

Increase in working capital reserves

45,743

42,749

Balance as of January 1

42,749

39,897

2,994

2,852

Balance as of December 31

$ 45,743

$ 42,749

[1]	Legal Reserve - Includes the appropriate values from net income to comply with legal provisions related to asset protection according to applicable jurisdictions with cumulative earnings.
[2]	Reserves for working capital – These are eventually used to transfer earnings from the retained earnings for appropriation purposes.

General Company Information (Details) - USD ($)		1 Months Ended	12 Months Ended
General Company Information (Details) - USD ($)	Nov. 12, 2021	Nov. 30, 2022	Dec. 31, 2022
General Company Information (Details) [Line Items]
Annual gross revenue			$ 1,235,000,000
Non-affiliates exceeds			700,000,000
Non convertible debt securities			1,000,000,000
Bridge loan			$ 485,000,000
Aggregate principal amount percentage	4.75%		4.75%
Aggregate purchase price			$ 1,488,204,600
Waiver fee percentage		3.75%
Senior Note [Member]
General Company Information (Details) [Line Items]
Waiver fee percentage		3.75%

Investment in joint ventures (Details)	12 Months Ended
Investment in joint ventures (Details)	Dec. 31, 2022
Disclosure of Joint Ventures [Abstract]
Voting rights percentage	50.00%

Financial Instruments (Details) - Schedule of indebtedness index for the reporting period - Indebtedness Index [Member]
$ in Thousands

12 Months Ended

Mar. 31, 2022

USD ($)

Mar. 31, 2021

USD ($)

Financial Instruments (Details) - Schedule of indebtedness index for the reporting period [Line Items]

Total assets

^[1]

$ 460,187

$ 462,135

Total liabilities

^[2]

$ 462,065

$ 500,475

Liabilities to assets ratio

1.08

[1]	Defined as short-term assets plus long-term assets
[2]	Defined as short-term liabilities plus long-term liabilities

Deferred tax (Details) - Schedule of deferred tax assets and liabilities - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Deferred Tax Assets And Liabilities Abstract
Deferred Tax Asset	$ 6,974	$ 7,067
Deferred Tax Liability	(7,821)	(6,070)
Net Deferred Tax Asset (Liability)	$ (847)	$ 997	$ 2,879	$ 8,556

Investment in joint ventures (Details) - Schedule of carrying amount of the company’s interest in Promedical S.A - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investment in joint ventures (Details) - Schedule of carrying amount of the company’s interest in Promedical S.A [Line Items]
Net assets of Promedical S.A.	$ 3,789	$ 6,434
Proportion of the Group’s ownership interest in Promedical S.A.	1,895	3,217
Other adjustments	(390)	(774)
Carrying amount of the Group’s interest in Promedical S.A.	$ 1,505	$ 2,443
Promedical S.A [Member]
Investment in joint ventures (Details) - Schedule of carrying amount of the company’s interest in Promedical S.A [Line Items]
Promedical S.A.	50.00%	50.00%

Critical Accounting Judgements and Key Sources of Estimation Uncertainty

12 Months Ended

Dec. 31, 2022

Disclosure of Critical Accounting Judgements and Key Sources of Estimation Uncertainty [Abstract]

Critical accounting judgements and key sources of estimation uncertainty

Note 4. Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, which are described in Note 3. Summary of significant accounting policies, management must make judgments, estimates and assumptions about the carrying amounts of the assets and liabilities that are not readily observable in other sources. The estimates and underlying assumptions are based on historical experience and other relevant factors. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed regularly. Changes to accounting estimates are recognized in the period of the review, if the change only affects that period, or in future periods if the change affects both the current and subsequent periods.

Note 4.1. Critical accounting judgements

4.1.1 Reverse factoring

Significant judgement is involved to evaluate whether a liability under a reverse factoring arrangement is in essence a continuation of an operating liability or a derecognition of the operating liability and recognition of a financing liability. The Group evaluates the requirements under IFRS 9 and applies judgment to the facts and circumstances as a whole. Specifically, whether interest charged from the suppliers to the Group creates a substantial change in the amount payable, i.e., financing.

4.1.2 Factoring

The Group enters into factoring arrangements where it sells or assigns certain trade receivables to third parties under both recourse and non-recourse programs. Similar, to reverse factoring, significant judgment is required under IFRS 9 to assess whether the Group has substantially transferred all risk and rewards incidental to the trade receivables to the factor. Specifically, whether or not the factor has the right to collect the unpaid invoice amount from the transferor (seller).

4.1.3 Going Concern

Refer Note 2.1. Going concern for judgements related to going concern.

Note 4.2. Key sources of estimation uncertainty

4.2.1 Goodwill impairment

Determining whether goodwill has been impaired involves calculating the value in use of the cash generating units to which the goodwill has been assigned. The calculation of value in use requires the entity to determine the future cash flows that should arise from the cash-generating units and an appropriate discount rate to calculate the present value. When actual future cash flows are less than expected, an impairment loss may arise.

Goodwill impairment testing relies on a number of critical judgments, estimates and assumptions. Goodwill is tested for impairment at the cash generating unit level. The Group tests at least annually whether goodwill have suffered any impairment by calculating the recoverable amount of the cash generating unit and comparing this to its carrying value.

The Group’s impairment testing methodology is in accordance with IAS 36, where the value in use approach is taken into consideration.

The value in use calculations primarily use cash flow projections. There are a number of assumptions and estimates involved for the preparation of cash flow projections. Key assumptions include the growth rate, expected market share, expected gross margin and selection of discount rates, to reflect the risks involved.

Management prepared the financial projections reflecting actual and prior year/period performance and market development expectations. Judgement is required to determine key assumptions adopted in the cash flow projections and changes to key assumptions can significantly affect these cash flow projections and therefore the results of the impairment reviews. Refer Note 12. Goodwill for further information on the goodwill exposure and estimates applied.

4.2.2 Useful life of property, plant and equipment and amortization of intangibles with finite useful lives

The Group reviews the estimated useful lives of property, plant and equipment and intangibles with finite useful lives at the end of each annual period.

4.2.3 Provisions for contingencies, litigation and lawsuits

The litigation and lawsuits to which the Group is exposed are managed by appropriate legal personnel and are primarily related to labor, civil and administrative disputes. The Group considers that a past event has given rise to a present obligation if there is no realistic alternative to settling the present obligation, independent of future events, considering all the evidence available at the reporting date. It is understood that the probability of an event is more likely than not when the probability of occurrence is greater than 50%, in which case the provision is recorded. The possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one to more uncertain future events that are not entirely under the control of the Group are not recognized in the Consolidated Statement of Financial Position, but are disclosed as contingent liabilities. The occurrence or non-occurrence of events that are deemed remote are not recorded or disclosed. The Group utilizes the professional judgment of internal and external specialists to determine the possibility of the occurrence of a present obligation. In the estimation of the provision for litigation and lawsuits, Management considers assumptions such as appraisal of the attorneys, estimated duration of the litigation or lawsuit and statistical information of litigation or lawsuits with similar characteristics, among others.

4.2.4 Impairment of accounts receivable

The Group evaluates the impairment of its accounts receivable by the expected credit loss model where it determines its value based on the probability of default, the loss due to default (i.e., the extent of the loss in case of default) and the exposure in the default. The assessment of the probability of default and the loss due to default is based on historical data adjusted by prospective information. Further details of other judgments are in Note 3. Summary of significant accounting policies.

4.2.5 Useful lives of right-of-use assets

Right-of-use assets depreciate during the shorter of the lease term and the useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the asset related to the right of use depreciates during the useful life of the underlying asset. Depreciation begins at the commencement of the lease.

4.2.6 Recognition of deferred tax assets

Deferred tax assets are recognized for all deductible temporary differences only to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized. In determining whether it is probable that taxable profit will be available to realize the Group’s deferred tax assets, the management considered the following sources of taxable income:

	●	Reversal of taxable temporary differences

	●	Future taxable profit excluding reversal of temporary differences

●

Tax planning opportunities

4.2.7 Reverse reorganization

The excess between the fair value of the shares and equity instruments issued and the net assets acquired is treated as an expense under IFRS 2 (the ‘listing expense’) and it includes certain elements of judgement and estimation. This centers around the estimation of the fair value of OpCo prior to the Transaction and the fair value of the private warrants. Refer to Note 26.1. Reverse reorganization for further information related to the Transaction.

The fair value of OpCo was estimated using a combination of a market and income approach under IFRS 13 where the Group forecasted an annual adjusted EBITDA. A market based multiple, as negotiated amongst the independent parties to the Transaction, was then applied to the adjusted EBITDA to arrive at the enterprise value which was then adjusted for OpCo’s net debt.

4.2.8 Private warrants

The private warrants are recorded as financial liabilities on the Consolidated Statement of Financial Position and are remeasured on each reporting date. In assessing the fair value of the private warrants, a Black-Scholes option pricing formula for European calls was used since the warrants are not publicly traded. The model requires the input of subjective assumptions, including the volatility of its own ordinary shares, the expected life, and strike price of the warrants. Any changes in these assumptions can significantly affect the estimate of the fair value of the warrants.

4.2.9 Shares held in escrow

Significant judgement is involved to evaluate whether a contract that may be settled in the issuer’s own equity instruments meets the equity or liability classification. The shares to be delivered in an escrow are recorded as financial liabilities on the Consolidated Statement of Financial Position and are remeasured on each reporting date. In assessing the fair value of the shares, Monte Carlo simulation was applied in a risk-neutral framework assuming a Geometric Brownian Motion for the future stock price. This model is consistent with the Black-Scholes option pricing framework, and was used to account for the path-dependent + 20 out of 30 day features.

Shareholder’s Equity (Details) - Schedule of reconciliation of share capital and share premium

12 Months Ended

Dec. 31, 2021

Number of shares [Member]

Shareholder’s Equity (Details) - Schedule of reconciliation of share capital and share premium [Line Items]

Balance pre-restructuring

2,001,071

903,075

^[1]

Capital restructuring of Crynssen (1:33.4448 exchange ratio)

2,904,146

94,224,544

^[2]

97,128,690

20,195,494

^[3]

Escrowed shares

(11,714,612)

^[4]

Share capital amount [Member]

(4,500,000)

^[5]

Balance restructured

101,109,572

Shareholder’s Equity (Details) - Schedule of reconciliation of share capital and share premium [Line Items]

Balance pre-restructuring

2,001

903

^[1]

Capital restructuring of Crynssen (1:33.4448 exchange ratio)

2,904

(1,933)

^[2]

971

202

^[3]

Escrowed shares

(117)

^[4]

Shareholder’s Equity (Details) - Schedule of reconciliation of share capital and share premium [Line Items]

(45)

^[5]

Balance restructured

1,011

Share premium [Member]

Balance pre-restructuring

54,412

297,796

^[1]

Capital restructuring of Crynssen (1:33.4448 exchange ratio)

352,208

1,933

^[2]

354,141

174,738

^[3]

Escrowed shares

(106,247)

^[4]

Procaps S.A. de C.V [Member]

(44,955)

^[5]

Balance restructured

377,677

[1]	On the effectiveness of the Transaction, September 29, 2021, the put option agreements were terminated in exchange for new equity instruments in Procaps Group SA.
[2]	On completion of the Transaction, each of the OpCo Shareholders, contributed its respective OpCo Ordinary Shares to Holdco in exchange for Holdco Ordinary Shares, and, in the case of IFC for Holdco Ordinary Shares and 4,500,000 Holdco Redeemable B Shares, subscribed for by each OpCo Shareholder. The OpCo Shareholders were issued 97,128,690 new shares in the Group (92,628,689 Holdco Ordinary Shares and 4,500,000 Holdco Redeemable B Shares) in exchange of the 2,904,146 outstanding OpCO ordinary Shares. The resultant share exchange ratio being 33.4448.
[3]	SPAC Ordinary Shares outstanding (including those held by the PIPE Investors and Union Group International Holdings Limited and Union Acquisition Associates II, LLC (the “SPAC Sponsors”) were exchanged with Holdco for Holdco Ordinary Shares pursuant to a share capital increase of HoldCo.
[4]	1,250,000 Holdco Ordinary Shares issued to the SPAC Sponsors and 10,464,612 Holdco Ordinary Shares issued to certain Opco Shareholders in connection with the Transaction are subject to an escrow arrangement that is applicable to both SPAC Sponsors and to such OpCo Shareholders. On September 29, 2021, considering that the condition to deliver a fixed number of shares for a consideration that is settled in One’s own equity instruments is not met for the 11,714,612 Holdco Ordinary Shares issued to the SPAC Sponsors and certain Opco Shareholders, the escrow shares were classified as a financial liability with changes in fair value through profit or loss for the amount of $106,364.
[5]	Immediately following the Exchange, the Group redeemed 4,500,000 Holdco Redeemable B from IFC for a total purchase price of $45,000 in accordance with that certain share redemption agreement entered into by and between the Group and IFC on March 31, 2021, and subsequently amended on September 29, 2021.

Goodwill (Details) - Schedule of key assumptions and inputs used to extrapolate cash flow projections

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Goodwill (Details) - Schedule of key assumptions and inputs used to extrapolate cash flow projections [Line Items]

Post-Tax Discount Rate

16.50%

12.20%

No. of years used In projection (In Years)

6 years

Fixed annual growth rate

^[1]

3.00%

1.00%

Average sales growth rate

15.00%

6.20%

Average gross margin

^[2]

52.60%

49.00%

Expected market share

^[3]

6.50%

6.20%

Biokemical S.A. de C.V. [Member]

Goodwill (Details) - Schedule of key assumptions and inputs used to extrapolate cash flow projections [Line Items]

Post-Tax Discount Rate

16.50%

13.30%

No. of years used In projection (In Years)

6 years

Fixed annual growth rate

^[1]

3.00%

1.00%

Average sales growth rate

12.60%

3.80%

Average gross margin

^[2]

41.20%

41.40%

Expected market share

^[3]

7.50%

3.80%

Rymco S.A. [Member]

Goodwill (Details) - Schedule of key assumptions and inputs used to extrapolate cash flow projections [Line Items]

Post-Tax Discount Rate

17.50%

11.50%

No. of years used In projection (In Years)

5 years

Fixed annual growth rate

^[1]

3.00%

3.10%

Average sales growth rate

(3.50%)

11.60%

Average gross margin

^[2]

27.90%

18.00%

Expected market share

^[3]

18.10%

19.90%

[1]	This rate is consistent with the growth of the pharmaceutical and medical supplies markets in the current and potential operating areas of the cash-generating units.
[2]	Fixed gross margins were used in the cash flow projections for Procaps S.A. de C.V.
[3]	Management considers that the planned growth of market share for the next five to eight years is reasonably achievable.

Intangible Assets (Details) - Schedule of intangible assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2021
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	$ 30,171
Impairment loss	135
Balance ending	32,208	30,171
Net book value	32,208	30,171
Trademarks and sanitary records [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	10,474
Balance ending	10,387	10,474
Net book value	10,387	10,474
Licenses, customers and agreements [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	3,422
Balance ending	2,913	3,422
Net book value	2,913	3,422
Product development [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	16,275
Balance ending	18,908	16,275
Net book value	18,908	16,275
Cost [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	53,926	48,622
Additions	2,250	2,427
Additions from internal developments	8,713	7,976
Derecognition of assets	(203)	(7)
Foreign currency exchange	(7,451)	(5,092)
Transfers	596
Balance ending	57,831	53,926	48,622
Net book value	57,831	53,926	48,622
Cost [Member] \| Trademarks and sanitary records [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	14,706	13,176
Additions	1,684	1,672
Additions from internal developments
Derecognition of assets
Foreign currency exchange	(1,180)	(631)
Transfers	233	489
Balance ending	15,443	14,706	13,176
Net book value	15,443	14,706	13,176
Cost [Member] \| Licenses, customers and agreements [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	15,935	17,174
Additions	566	755
Additions from internal developments
Derecognition of assets	(49)	(7)
Foreign currency exchange	(1,574)	(1,475)
Transfers	363	(512)
Balance ending	15,241	15,935	17,174
Net book value	15,241	15,935	17,174
Cost [Member] \| Product development [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	23,285	18,272
Additions
Additions from internal developments	8,713	7,976
Derecognition of assets	(154)
Foreign currency exchange	(4,697)	(2,986)
Transfers		23
Balance ending	27,147	23,285	18,272
Net book value	27,147	23,285	$ 18,272
Accumulated amortization and impairment losses [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	23,755
Amortization expense	4,933	4,816
Impairment loss	135
Derecognition of assets		(7)
Foreign currency exchange	(3,200)	(2,093)
Transfers
Balance ending	25,623	23,755
Net book value	25,623	23,755		$ 21,039
Accumulated amortization and impairment losses [Member] \| Trademarks and sanitary records [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	4,232
Amortization expense	1,205	787
Impairment loss	114
Derecognition of assets
Foreign currency exchange	(495)	(277)
Transfers		241
Balance ending	5,056	4,232
Net book value	5,056	4,232		3,481
Accumulated amortization and impairment losses [Member] \| Licenses, customers and agreements [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	12,513
Amortization expense	995	965
Impairment loss	21
Derecognition of assets		(7)
Foreign currency exchange	(1,201)	(976)
Transfers		(237)
Balance ending	12,328	12,513
Net book value	12,328	12,513		12,768
Accumulated amortization and impairment losses [Member] \| Product development [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	7,010
Amortization expense	2,733	3,064
Impairment loss
Derecognition of assets
Foreign currency exchange	(1,504)	(840)
Transfers		(4)
Balance ending	8,239	7,010
Net book value	$ 8,239	$ 7,010		$ 4,790

Summary of Significant Accounting Policies (Details) - Schedule of useful lives are used to calculate amortization	12 Months Ended
	Dec. 31, 2022
Product development [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives are used to calculate amortization [Line Items]
Useful life	3 years
Bottom of range [Member] \| Trademarks and sanitary records [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives are used to calculate amortization [Line Items]
Useful life	3 years
Bottom of range [Member] \| Licenses, customers and agreements [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives are used to calculate amortization [Line Items]
Useful life	3 years
Top of range [Member] \| Trademarks and sanitary records [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives are used to calculate amortization [Line Items]
Useful life	20 years
Top of range [Member] \| Licenses, customers and agreements [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives are used to calculate amortization [Line Items]
Useful life	10 years

Related Party Transactions (Details) - Schedule of consolidated statement of profit or loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Consolidated Statement of Profit or Loss [Abstract]
Short-term employee benefits	$ 2,415	$ 2,202	$ 1,972
Consulting fees	3,357	2,730	1,971
Total	$ 5,772	$ 4,932	$ 3,943

Income Tax (Details) - Schedule of current tax assets and current tax liabilities - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Current Tax Assets and Current Tax Liabilities [Abstract]
Income Tax Advance	$ 9,227	$ 6,081
Surplus in Private Liquidation	9,563	15,732
Other Tax Assets	2,397	269
Total	21,187	22,082
Current tax liabilities
Withholding Income Tax	(2,274)	(8,982)
Income Tax Payable	(2,797)	(2,652)
Other Tax Liabilities	(1,062)	(122)
Total	$ (6,133)	$ (11,756)

Warrant Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Warrant Liabilities [Abstract]

Schedule of warrant liability

	As of December 31
	2022		2021
Public warrants	$	9,200	$	16,000
Private warrants¹		1,716		7,112
	$	10,916	$	23,112

¹	Private warrants include 2,875,000 held by the former SPAC sponsors deposited in an escrow account.

Schedule of public warrants

	2022			2021
As of January 1	$	16,000		$	—
Acquired public warrants		—			21,600
Fair value remeasurement		(6,800	)		(5,600	)
As of December 31	$	9,200		$	16,000

Schedule of private warrants

	2022			2021
As of January 1	$	7,112		$	—
Acquired private warrants		—			7,363
Fair value remeasurement		(5,396	)		(251	)
As of December 31	$	1,716		$	7,112

Shareholder’s Equity (Tables)

12 Months Ended

Dec. 31, 2022

Shareholder’s equity [Abstract]

Schedule of reconciliation of share capital and share premium

Ordinary authorized and issued shares	Number of shares			Share capital amount			Share premium
As of January 1, 2021 pre-restructuring		2,001,071			2,001			54,412
Termination of put option agreements (a)		903,075			903			297,796
Subtotal		2,904,146			2,904			352,208
Capital restructuring of Crynssen (1:33.4448 exchange ratio) (b)		94,224,544			(1,933	)		1,933
Subtotal - restructured		97,128,690			971			354,141
Acquisition of Union Acquisition Corp. II (c)		20,195,494			202			174,738
Escrowed shares (d)		(11,714,612	)		(117	)		(106,247	)
Redemption of redeemable shares (e)		(4,500,000	)		(45	)		(44,955	)
As of December 31, 2021		101,109,572			1,011			377,677

On the effectiveness of the Transaction, September 29, 2021, the put option agreements were terminated in exchange for new equity instruments in Procaps Group SA.

Schedule of aggregate subscription price

	Number of shares		Aggregate value
Public shares		5,895,494		58,955
Founder shares		4,300,000		43,000
PIPE Shares		10,000,000		100,000
		20,195,494		201,955

Schedule of cost-basis of the exchange reflects

	Share premium
SPAC net assets		131,086
Transactions costs		(30,063	)
IFRS 2 Share-based payment expense		73,917
Share Capital issued		(202	)
		174,738

Schedule of reserves

	As of December 31
	2022		2021
Legal¹	$	4,892	$	4,892
Working Capital²		40,851		37,857
	$	45,743	$	42,749

	2022		2021
Balance as of January 1	$	42,749	$	39,897
Increase in working capital reserves		2,994		2,852
Balance as of December 31	$	45,743	$	42,749

¹	Legal Reserve - Includes the appropriate values from net income to comply with legal provisions related to asset protection according to applicable jurisdictions with cumulative earnings.

²	Reserves for working capital – These are eventually used to transfer earnings from the retained earnings for appropriation purposes.

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Revenue [Abstract]

Schedule of primary geographical market and major products

	Reportable segments
For the year ended December 31 2022	NextGel			Procaps Colombia			CAN			CASAND			Diabetrics			Corporate		Total

Segment revenue		256,112			145,330			77,928			83,392			34,459			—		597,221
Inter-segment revenue		(131,047	)		(2,985	)		(22,461	)		(17,062	)		(13,746	)		—		(187,301	)
Revenue from contracts with customers		125,065			142,345			55,467			66,330			20,713			—		409,920

Timing of revenue recognition
Goods transferred at a point in time		118,394			142,345			55,467			65,903			20,713			—		402,822
Services transferred over time		6,671			—			—			427			—			—		7,098
Total revenue from contracts with customers		125,065			142,345			55,467			66,330			20,713			—		409,920

	Reportable segments
For the year ended December 31 2021	NextGel			Procaps Colombia			CAN			CASAND			Diabetrics			Corporate		Total

Segment revenue		244,791			156,820			67,842			68,242			47,835			—		585,530
Inter-segment revenue		(123,964	)		(1,493	)		(16,905	)		(14,286	)		(19,140	)		—		(175,788	)
Revenue from contracts with customers		120,827			155,327			50,937			53,956			28,695			—		409,742

Timing of revenue recognition
Goods transferred at a point in time		117,190			155,327			50,937			53,956			28,695			—		406,105
Services transferred over time		3,637			—			—			—			—			—		3,637
Total revenue from contracts with customers		120,827			155,327			50,937			53,956			28,695			—		409,742

	Reportable segments
For the year ended December 31 2020	NextGel			Procaps Colombia			CAN		CASAND			Diabetrics			Corporate		Total

Segment revenue		201,294			121,532			44,808		40,094			39,221			2,431		449,380
Inter-segment revenue		(95,315	)		(6,637	)		805		(1,538	)		(16,432	)		1,204		(117,913	)
Revenue from contracts with customers		105,979			114,895			45,613		38,556			22,789			3,635		331,467

Timing of revenue recognition
Goods transferred at a point in time		103,766			114,895			45,613		38,556			22,789			3,635		329,254
Services transferred over time		2,213			—			—		—			—			—		2,213
Total revenue from contracts with customers		105,979			114,895			45,613		38,556			22,789			3,635		331,467

Borrowings (Details) - Schedule of borrowings - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Borrowings (Details) - Schedule of borrowings [Line Items]

^[1]

$ 38,626

$ 46,505

^[1]

95,720

51,593

Total Factoring obligations

^[1]

34,192

31,747

^[1]

2,317

10,609

Syndicated Term Loan One [Member]

$ 115,000

112,857

Borrowings (Details) - Schedule of borrowings [Line Items]

COP

IBR+ 5.3% (Variable)

2023-2025

Syndicated Term Loan Two [Member]

$ 39,156

39,521

Borrowings (Details) - Schedule of borrowings [Line Items]

USD

Libor+ 4.8% (Variable)

2022

Borrowings (Details) - Schedule of borrowings [Line Items]

7,850

Amortized Cost [Member]

COP

N/A

2023

Other Term Loan One [Member]

$ (530)

(866)

Borrowings (Details) - Schedule of borrowings [Line Items]

COP

IBR+ 5.0%, DTF+ 3%, 13.99%- 25.3% (2021: IBR+ 2.25%-5.0%)

2022-2025

Other Term Loan Two [Member]

$ 9,549

9,442

Borrowings (Details) - Schedule of borrowings [Line Items]

COP

IBR+2.25%-10.2% (2021: DTF + 6.74%, 10%-30%)

2022-2025

Other Term Loan Three [Member]

$ 21,267

17,552

Borrowings (Details) - Schedule of borrowings [Line Items]

Soles

8.0% - 12.79% (Fixed) (2021: 5.00% - 10.01%)

2022-2024

Other Term Loan Four [Member]

$ 6,837

5,953

Borrowings (Details) - Schedule of borrowings [Line Items]

Reales

9.84% - 18% N.A.

2023-2024

Other Term Loan Five [Member]

$ 2,176

1,762

Borrowings (Details) - Schedule of borrowings [Line Items]

USD

SOFR+ (4.80%-5.80%) (2021: Libor + 4.49%)

2023

Other Term Loan Six [Member]

$ 23,454

739

Borrowings (Details) - Schedule of borrowings [Line Items]

USD

6.36%-16.8% (2021: Libor + 2.99% / 6.5% - 8.7%)

2022-2025

Lease Liabilities One [Member]

$ 32,437

16,145

Borrowings (Details) - Schedule of borrowings [Line Items]

COP

DTF + (5,18% - 10,11%) T.A., IBR+7.5%

2022-2030

Lease Liabilities Two [Member]

$ 10,475

10,334

Borrowings (Details) - Schedule of borrowings [Line Items]

COP

DTF+ 4.54%-10.42 T.A.

2022-2025

Lease Liabilities Three [Member]

$ 3,653

6,662

Borrowings (Details) - Schedule of borrowings [Line Items]

USD 1

0.75%-21.48% (2021: 8.29% - 21.48% E.A.)

2022-2032

Lease Liabilities Four [Member]

$ 14,787

9,374

Borrowings (Details) - Schedule of borrowings [Line Items]

COP

1.91%-12.23%, IBR+4.68% (2021: 8.29% - 21.48% E.A.)

2022-2027

Lease Liabilities Five [Member]

$ 4,703

5,315

Borrowings (Details) - Schedule of borrowings [Line Items]

Reales

0.70% - 8.72% (Fixed) (2021: 1.68%)

2023-2024

Portfolio Factoring One [Member]

$ 574

Borrowings (Details) - Schedule of borrowings [Line Items]

COP

DTF+8%

Total Factoring obligations

2023

$ 1,508

1,383

Portfolio Factoring Two [Member]

Borrowings (Details) - Schedule of borrowings [Line Items]

COP

15.0% - 27% N.A. (2021: DTF+8% / 24.6%)

Total Factoring obligations

2023

$ 809

9,226

Overdrafts and Credit Cards [Member]

Borrowings (Details) - Schedule of borrowings [Line Items]

COP

19.68% - 32% E.A. (Fixed)

Overdrafts and credit cards

2023

$ 80

The Prudential Insurance Company Of America [Member]

Borrowings (Details) - Schedule of borrowings [Line Items]

USD

8.50% (Fixed) (2021: 4.75%)

2031

Prudential Annuities Life Assurance Corporation [Member]

$ 60,020

58,906

Borrowings (Details) - Schedule of borrowings [Line Items]

USD

8.50% (Fixed) (2021: 4.75%)

2031

Healthspring Life & Health Insurance Company, Inc [Member]

$ 29,980

29,423

Borrowings (Details) - Schedule of borrowings [Line Items]

USD

8.50% (Fixed) (2021: 4.75%)

2031

CIGNA Health and Life Insurance Company [Member]

$ 18,350

18,007

Borrowings (Details) - Schedule of borrowings [Line Items]

USD

8.50% (Fixed) (2021: 4.75%)

2031

Schedule of carrying amounts of financial assets and financial liabilities

$ 6,650

$ 6,521

[1]	Borrowings at amortized cost are unsecured, with the exception of factoring obligations which are collateralized by trade receivables. Refer to Note 18. Trade and other receivables, net.

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

	As of December 31, 2022				As of December 31, 2021
	FVTPL¹		Amortized cost²		FVTPL¹		Amortized cost²
Financial assets not measured at fair value
Trade and other receivables, net	$	—	$	129,602	$	—	$	117,449
Amounts owed by related parties		—		2,474		—		1,147
Cash		—		43,003		—		72,112
Other financial assets		—		210		—		256
Total financial assets not measured at fair value	$	—	$	175,289	$	—	$	190,964

Financial liabilities measured at fair value
Warrant liabilities	$	10,916	$	—	$	23,112	$	—
Shares held in escrow		40,064		—		101,859		—
Total financial liabilities measured at fair value	$	50,980	$	—	$	124,971	$	—
Financial liabilities not measured at fair value
Borrowings	$	—	$	285,934	$	—	$	253,365
Trade and other payables		—		90,187		—		85,381
Amounts owed to related parties		—		2,914		—		8,450
Total financial liabilities not measured at fair value	$	—	$	379,035	$	—	$	347,196

¹	The fair value is comprised of $9,200 level 1 and $41,780 level 3 as of December 31, 2022 (2021: $16,000 and $108,971, respectively).

²	The amortized cost approximates fair value as of December 31, 2022 and 2021, respectively.

Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position

Type

Fair value

Valuation Technique

Significant
unobservable
input

Relationship between significant unobservable input to fair value

Sensitivity of significant unobservable input to fair value

+5%

-5%

Private warrants

1,466

The fair value of the Private Warrants is estimated using the Black-Scholes option pricing formula for European calls, since the underlying stock is not expected to pay dividends over the term of the Warrants.

Volatility of 36.6% (2021: 30.0%)

The higher (lower) the volatility, the higher (lower) the fair value.

1,883

934

Private warrants in escrow

250

The fair value of the Private Warrants is estimated using Monte Carlo simulation in a risk-neutral framework assuming a Geometric Brownian Motion for the future stock price.

Volatility of 37.5% (2021: 30.0%)

The higher (lower) the volatility, the higher (lower) the fair value.

340

165

Shares held in escrow

40,064

The fair value of the shares to be delivered is estimated using Monte Carlo simulation in a risk-neutral framework assuming a Geometric Brownian Motion for the future stock price.

Volatility
of 36.5% (2021: 30.0%)

The higher (lower) the volatility, the higher (lower) the fair value.

43,696

35,905

Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates

December 31, 2022	Current (not past due)			1-30 days past due			31-60 days past due			61-90 days past due			91-120 days past due			More than 120 days past due			Total
Weighted-average loss rate		0.39	%		3.42	%		4.50	%		14.25	%		19.89	%		83.88	%		14.07	%
Gross carrying amount		124,219			11,816			3,864			1,958			890			26,605			169,352
Impairment loss allowance		(483	)		(404	)		(174	)		(279	)		(177	)		(22,317	)		(23,834	)
		123,736			11,412			3,690			1,679			713			4,288			145,518

December 31, 2021	Current (not past due)			1-30 days past due			31-60 days past due			61-90 days past due			91-120 days past due			More than 120 days past due			Total
Weighted-average loss rate		0.60	%		2.11	%		2.35	%		3.38	%		3.26	%		67.43	%		14.67	%
Gross carrying amount		98,776			11,265			3,147			1,981			1,843			30,578			147,590
Impairment loss allowance		(591	)		(238	)		(74	)		(67	)		(60	)		(20,620	)		(21,650	)
		98,185			11,027			3,073			1,914			1,783			9,958			125,940

Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities

	Assets				Liabilities
	2022		2021		2022			2021
COP		105,048		124,545		(79,476	)		(99,371	)
Reales		25,479		7,002		(9,962	)		(9,125	)
Quetzales		—		1,946		—			(4,115	)
Soles		14,667		7,024		(8,905	)		—
Dominican Peso		1,064		809		(3,563	)		(2,869	)
Colones		1,346		1,270		(2,814	)		(2,371	)

	+10% Impact to profit or loss before tax									-10% Impact to profit or loss before tax
	2022			2021			2020			2022			2021			2020
COP		(2,325	)		(2,289	)		2,262			2,841			2,797			(2,764	)
Reales		(1,411	)		193			52			1,724			(236	)		(64	)
Quetzales		—			197			(8	)		—			(241	)		10
Soles		(524	)		(639	)		301			640			781			(368	)
Dominican Peso		227			187			207			(278	)		(229	)		(253	)
Colones		133			100			107			(163	)		(122	)		(131	)

Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates

	2022						2021
	Carrying amount		+1%		-1%		Carrying amount		+1%		-1%
DTF/IBR		79,345		80,138		78,551		67,970		68,650		67,290
SOFR		23,454		23,688		23,219		19,451		19,646		19,256
Total		102,799		103,827		101,771		87,421		88,296		86,546

Schedule of balances of other financial liabilities such as suppliers and accounts payable have no financial cost and their payment period ranges

	As of December 31, 2022
	Carrying amount		Contractual cash flows		Less than 1 year ^{1, 2}		1-2 years		2-3 years		3-5 years		More than 5 years
Non-derivative financial liabilities
Borrowings	$	251,743	$	278,853	$	274,648	$	3,642	$	563	$	—	$	—
Trade and other payables		90,187		90,187		90,187		—		—		—		—
Lease liabilities		34,192		46,001		11,174		6,629		5,962		7,962		14,274
Amounts owed to related parties		2,914		2,914		2,914		—		—		—		—
	$	379,036	$	417,955	$	378,923	$	10,271	$	6,525	$	7,962	$	14,274

As mentioned in Note 19. Borrowings, $139,155 in the aggregate, is classified as payable in less than 1 year as a result of a breach in certain covenants included under the NPA, the Syndicated Loan Agreement, and BTG Credit Agreement. Refer to Note 28. Events after the reporting period for the Group’s executed waivers with the lenders mentioned above.

² As mentioned in Note 2.1. Going concern the Group is renegotiating $19,000 balance with BTG, and Syndicated balance of $38,626 with Bancolombia and Davivienda. Additionally, the Group expects to maintain revolving credit lines with other lending parties.

	As of December 31, 2021
	Carrying amount		Contractual cash flows		Less than 1 year		1-2 years		2-3 years		3-5 years		More than 5 years
Non-derivative financial liabilities
Borrowings	$	221,619	$	253,011	$	71,987	$	16,895	$	15,330	$	20,323	$	128,476
Trade and other payables		85,381		85,381		85,381		—		—		—		—
Lease liabilities		31,747		39,904		9,853		7,403		5,333		8,314		9,001
Amounts owed to related parties		8,450		8,450		8,450		—		—		—		—
	$	347,197	$	386,746	$	175,671	$	24,298	$	20,663	$	28,637	$	137,477

Schedule of indebtedness index for the reporting period

	2022		2021
Total assets ¹		460,187		462,135
Total liabilities ²		462,065		500,475
Liabilities to assets ratio		1.00		1.08

¹	Defined as short-term assets plus long-term assets

²	Defined as short-term liabilities plus long-term liabilities

Document And Entity Information	12 Months Ended
Document And Entity Information	Dec. 31, 2022 shares
Document Information Line Items
Entity Registrant Name	Procaps Group, S.A.
Document Type	20-F
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	112,824,183
Amendment Flag	false
Entity Central Index Key	0001863362
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38354
Entity Incorporation, State or Country Code	N4
Entity Address, Address Line One	9 rue de Bitbourg
Entity Address, Postal Zip Code	L-1273
Entity Address, City or Town	Luxembourg
Entity Address, Country	LU
Entity Interactive Data Current	Yes
Document Accounting Standard	International Financial Reporting Standards
Auditor Location	Bogotá, Colombia
Auditor Name	Deloitte & Touche S.A.S
Auditor Firm ID	1183
Ordinary Shares, U.S.$0.01 nominal value per share
Document Information Line Items
Trading Symbol	PROC
Title of 12(b) Security	Ordinary Shares, U.S.$0.01 nominal value per share
Security Exchange Name	NASDAQ
Warrants
Document Information Line Items
Trading Symbol	PROCW
Title of 12(b) Security	Warrants
Security Exchange Name	NASDAQ
Business Contact
Document Information Line Items
Contact Personnel Name	Ruben Minski
Entity Address, Address Line One	9 rue de Bitbourg
Entity Address, Postal Zip Code	L-1273
Entity Address, City or Town	Luxembourg
Entity Address, Country	LU
City Area Code	356
Local Phone Number	7995-6138
Contact Personnel Email Address	ir@procapsgroup.com

Investment in joint ventures (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of Joint Ventures [Abstract]

Schedule of carrying amount of the company’s interest in Promedical S.A

Name of joint venture

Principal activity

Place of incorporation and principal place of business

Proportion of ownership interest and voting rights held by the Company

As of
December 31,
2022

As of
December 31,
2021

Promedical S.A.

Marketing and pharmaceuticals

Santa Cruz de la Sierra, Bolivia

	As of December 31
	2022			2021
Net assets of Promedical S.A.	$	3,789		$	6,434
Proportion of the Group’s ownership interest in Promedical S.A.		1,895			3,217
Other adjustments		(390	)		(774	)
Carrying amount of the Group’s interest in Promedical S.A.	$	1,505		$	2,443

Schedule of financial information of joint venture

	As of December 31
	2022			2021
Current assets	$	10,107		$	10,324
Non-current assets		2,970			3,136
Current liabilities		8,422			6,231
Non-current liabilities		866			795
Equity		3,789			6,434
Revenue		19,844			23,704
(Loss)/income for the year		(2,040	)		1,423
Total comprehensive (loss)/income		(2,040	)		1,423

Borrowings (Details) - Schedule of unsecured borrowings at amortized cost - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Borrowings at amortized cost 1

Syndicated term loan

^[1]

$ 38,626

$ 46,505

Other term loan

^[1]

95,720

51,593

Total Interest bearing liabilities

^[1]

34,192

31,747

Factoring obligations

^[1]

2,317

10,609

Bank overdrafts

^[1]

Notes

^[1]

115,000

112,857

^[1]

285,935

253,366

Current

257,525

74,646

Non- Current

$ 28,410

$ 178,720

[1]	Borrowings at amortized cost are unsecured, with the exception of factoring obligations which are collateralized by trade receivables. Refer to Note 18. Trade and other receivables, net.

Other Expenses, Net

12 Months Ended

Dec. 31, 2022

Other expenses, net [Abstract]

Other expenses, net

Note 10. Other expenses, net

	For the year ended December 31
	2022		2021			2020
Currency exchange rate differences	$	15,984	$	4,026		$	3,905
Economic emergency contribution expenses		1,301		1,385			811
Fines, surcharges, penalties and taxes assumed		1,119		775			1,440
Donations		814		720			716
Listing expense ¹		—		73,917			—
Impairment loss ²		6,018		—			—
Other		63		(1,832	)		844
Total	$	25,299	$	78,991		$	7,716

²	Refer to Note 12. Goodwill for further details regarding the impairment loss and to Note 14. Property, plant and equipment, net, Note 13. Intangible assets and Note 15. Leases for the impairment recognized within each asset group.

Inventories, net (Details) - Schedule of inventories, net - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of inventories, net [Abstract]
Raw materials and supplies	$ 42,701	$ 38,024
Products in process	7,412	6,240
Finished products and merchandise	41,492	31,791
Inventory in transit	11,531	9,645
Subtotal	103,136	85,700
Less: Provision	(6,303)	(6,270)
Total	$ 96,833	$ 79,430

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 2022
Disclosure Of Entitys Operating Segments Text Block Abstract
Revenue concentration percentage	10.00%

Acquisitions (Details) - Schedule of transactions value of equity interest - Asset Acquisition Union Acquisition Corp II SPAC [Member]
$ in Thousands

12 Months Ended

Dec. 31, 2022

USD ($)

Step 1 - Deemed cost of shares issued

Fair value of OpCo

$ 926,287

Equity interest in Holdco issued to SPAC shareholders & PIPE investors

19.00%

Equity interest in Holdco of Selling shareholders

81.00%

Deemed costs of shares issued

$ 213,584

^[1]

SPAC identifiable net assets at fair value

131,086

Deemed cost of shares issued

82,498

Step 2 - Dilutive impact of shares held in escrow

Dilutive effect of 945,036 shares held in escrow at a weighted average fair value per share of $9.08

8,581

Step 3 - IFRS 2 ‘listing expense’

$ 73,917

[1]	The deem cost of the shares was estimated based on the fair value of the OpCo issued shares (legacy Crynssen Pharma Group Limited) prior to the merger with SPAC and Holdco.

Income Tax (Details) - Schedule of tax losses and excess - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Tax Losses and Excess [Abstract]
Current year	$ 8,407	$ 12,250	$ 7,491
Current tax expense	8,407	12,250	7,491
Origination and reversal of temporary differences	1,763	1,455	3,805
Deferred tax (income) expense	1,763	1,455	3,805
Total tax expense	$ 10,170	$ 13,705	$ 11,296

Recent Accounting Pronouncements Not Yet Adopted [Abstract]

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Income Tax

12 Months Ended

Dec. 31, 2022

Income tax [Abstract]

Income tax

Note 11. Income tax

Income tax recognized through profit or loss

	For the year ended December 31
	2022		2021		2020
Current year		8,407		12,250		7,491
Current tax expense		8,407		12,250		7,491

Origination and reversal of temporary differences		1,763		1,455		3,805
Deferred tax (income) expense		1,763		1,455		3,805

Total tax expense		10,170		13,705		11,296

Reconciliation of effective tax rate

	For the year ended December 31
	2022			2021			2020
Profit/ (loss) before tax	52,710			(87,158)			849
Income tax (benefit)/expense		8,961			(14,817	)		297
Tax effect of expenses that are not deductible in determining taxable profit		27,187			49,442			13,525
Tax effect of income not taxable in determining taxable profit		(30,292	)		(8,822	)		(7,754	)
Effect of different tax rates of subsidiaries operating in other jurisdictions		(1,249	)		(9,423	)		1,960
Others - Includes exchange effects for reversal rates of long-term temporary differences, income taxed at differential rates, effect of change in deferred tax rate and tax discounts		5,563			(2,675	)		3,200
Tax effect of utilization of tax losses not previously recognized		—			—			68
Tax expense for the year		10,170			13,705			11,296

The tax rate used for 2022 represents the corporate tax rate of 17% (2021: 17%, 2020: 35%) from Luxembourg on the taxable income payable by the Group, in accordance with the tax laws of said jurisdiction. Income tax for other jurisdictions is calculated based on the substantially enacted nominal tax rates prevailing in the respective jurisdictions. After effectiveness of the Transaction on September 29, 2021, the Group’s corporate tax jurisdiction changed from Malta to Luxembourg where the corporate tax rate is 17%.

On September 14, 2021, Colombia’s President approved the Social Investment Law (Ley de Inversión Social, or the “2021 Colombian Tax Reform”), which includes certain tax measures intended to generate additional tax revenues to fund social programs for purposes of mitigating the impact of the COVID-19 pandemic. The 2021 Colombian Tax Reform took effect beginning in 2022 and, among other things, includes a corporate tax rate increase from 30% to 35% for both domestic and foreign entities, permanent establishments and branches.

On December 13, 2022, the Colombian President enacted Law 2277 of 2022, which contains the tax reform proposals previously approved by congress. The purpose of the amendments is to promote equality and social justice, as well as to consolidate adjustments to the tax system. These tax measures include, among other things, corporate tax rate to remain unchanged at 35%. However, a new net tax rate will be introduced, under which Colombian companies, including free trade zone users, will be subject to a minimum 15% effective tax rate, calculated based on financial net profit, in accordance with the OECD Pillar Two global minimum tax rules. Some changes that alter substantial matters concerning periodic taxes enter into force as from January 1, 2023, and certain other provisions enter into force on a date specified in the legislation. The Group is evaluating the potential impact of this tax reform and cannot anticipate the impact it may have on the Group.

Current tax assets and current tax liabilities:

	As of December 31
Current tax assets	2022			2021
Income Tax Advance		9,227			6,081
Surplus in Private Liquidation		9,563			15,732
Other Tax Assets		2,397			269
Total		21,187			22,082

Current tax liabilities
Withholding Income Tax		(2,274	)		(8,982	)
Income Tax Payable		(2,797	)		(2,652	)
Other Tax Liabilities		(1,062	)		(122	)
Total		(6,133	)		(11,756	)

As of December 31, 2022 and 2021, the following is the detail of the tax losses of the Group that have not been used and on which no active deferred tax has been recognized:

	As of December 31
	2022		2021
Tax Losses not utilized		4,752		3,242
Total		4,752		3,242

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statement of Profit or Loss and Other Comprehensive Income [Abstract]
Diluted, income/(loss) for the year attributable to ordinary equity holders	$ 0.50	$ (1.03)	$ (0.11)

Recent accounting pronouncements not yet adopted

12 Months Ended

Dec. 31, 2022

Recent accounting pronouncements not yet adopted

Note 6. Recent accounting pronouncements not yet adopted

Certain new accounting standards and interpretations have been published that are not mandatory for the year ended December 31, 2022 and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.

As of the issue date of these Consolidated Financial Statements, the following new and revised IFRS standards have been issued, but are not yet effective:

IFRS 17 Insurance Contracts - Effective January 1, 2023

IFRS 17 provides the first comprehensive guidance on accounting for insurance contracts under IFRS accounting standards. Its objective is to increase transparency and reduce diversity in the accounting for insurance contracts. The Group does not have insurance contracts, as such, this new standard is not applicable to the Group.

Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) - Effective January 1, 2023

The IASB has issued amendments to IAS 1 Presentation of Financial Statements and an update to IFRS Practice Statement 2 Making Materiality Judgements to provide further clarification on the applying the concept of materiality and to help companies provide useful accounting policy disclosures.

The key amendments to IAS 1 include:

	●	requiring companies to disclose their material accounting policies rather than their significant accounting policies;

	●	clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves immaterial and as such need not be disclosed; and

●

clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves material to a company’s financial statements.

The IASB also amended IFRS Practice Statement 2 to include guidance and two additional examples on the application of materiality to accounting policy disclosures.

The Group is in the process of performing its assessment of the impacts of the new amendment and anticipate a change in the disclosure of accounting policies upon adoption. However, early adoption was not elected.

Definition of Accounting Estimate (Amendments to IAS 8) - Effective January 1, 2023

The amendments introduce a new definition for accounting estimates, clarifying that they are monetary amounts in the financial statements that are subject to measurement uncertainty.

The amendments also clarify the relationship between accounting policies and accounting estimates by specifying that a company develops an accounting estimate to achieve the objective set out by an accounting policy. The distinction between the two is important because changes in accounting policies are applied retrospectively, whereas changes in accounting estimates are applied prospectively.

The Group is in the process of performing its assessment of the impacts of the amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, but does not anticipate a significant change in its accounting estimates upon adoption. However, early adoption was not elected.

Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction – Amendments to IAS 12 Income Taxes - Effective January 1, 2023

Targeted amendments to IAS 12 Income Taxes clarify how companies should account for deferred tax on transactions such as leases and decommissioning provisions.

The amendments narrow the scope of the initial recognition exemption (IRE) so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognize a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision.

For leases and decommissioning liabilities, the associated deferred tax asset and liabilities will need to be recognized from the beginning of the earliest comparative period presented, with any cumulative effect recognized as an adjustment to retained earnings or other components of equity at that date. The Group is in the process of performing its assessment of the impacts of the new standard and anticipate a change in the recognition of deferred assets and liabilities upon adoption. However, early adoption was not elected.

Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1) - Effective January 1, 2024

The narrow-scope amendments to IAS 1 Presentation of Financial Statements clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant).

The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity.

In addition, the amendments also indicate that a company should classify a liability as non-current if it has a right to defer settlement for at least 12 months after the reporting date. This right may be subject to a company complying with conditions (covenants) specified in a loan arrangement. Covenants with which the company must comply after the reporting date (i.e., future covenants) do not affect a liability’s classification at the reporting date. However, when non-current liabilities are subject to future covenants, companies will now need to disclose information to help users understand the risk that those liabilities could become repayable within 12 months after the reporting date.

The amendments must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The Group is in the process of performing its assessment of the impacts of the new standard and anticipate a change in the classification of warrants and shares held in escrow upon adoption from non-current to current liabilities. However, early adoption was not elected.

Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) - Effective January 1, 2024

The amendments require a seller-lessee to subsequently measure lease liabilities arising from a leaseback in a way that it does not recognize any amount of the gain or loss that relates to the right of use it retains. The new requirements do not prevent a seller-lessee from recognizing in profit or loss any gain or loss relating to the partial or full termination of a lease. The Group is in the process of performing its assessment of the impacts of the new standard. However, early adoption was not elected.

IFRS 10 and IAS 28 - Amendments - Sales or contributions of assets between an investor and its associate or joint venture.

The IASB has made limited scope amendments to IFRS 10 Consolidated financial statements and IAS 28 Investments in associates and joint ventures.

The amendments clarify the accounting treatment for sales or contributions of assets between an investor and its associates or joint ventures. They confirm that the accounting treatment depends on whether the non-monetary assets sold or contributed to an associate or joint venture constitute a ‘business’ (as defined in IFRS 3 Business Combinations).

Where the non-monetary assets constitute a business, the investor will recognize the full gain or loss on the sale or contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognized by the investor only to the extent of the other investor’s interests in the associate or joint venture. The amendments apply prospectively.

The effective date of the amendments has been deferred indefinitely by the IASB; however, early application of the amendments is permitted.

Finance Income (Expenses), Net

12 Months Ended

Dec. 31, 2022

Finance Income (Expenses), Net [Abstract]

Finance income (expenses), net

Note 9. Finance income (expenses), net

	For the year ended December 31
	2022			2021			2020
Banking expenses	$	(781	)	$	(1,056	)	$	(590	)
Bank fees		(8,498	)		(2,263	)		(986	)
Other financial expenses		(1,033	)		(354	)		(281	)
Net fair value gain of warrant liabilities		12,196			5,851			—
Net fair value gain of shares held in escrow		61,795			4,506			—
Interest expense		(25,762	)		(85,320	)		(52,632	)
Total income (expense)	$	37,917		$	(78,636	)	$	(54,489	)

In 2022, $6,076 of the bank fees relate to the amortization of upfront and commitment fees incurred under the Bridge Credit Agreement which was subsequently terminated, as mentioned in Note 1. General Company Information and Note 28. Events after the reporting period. The upfront and commitment fees are amortized using the straight-line method over the commitment period.

Refer to Note 25. Warrant Liabilities, Note 26.1. Reverse reorganization and Note 27. Financial instruments for further information related to net fair value gains for the years ended December 31, 2022 and 2021.

For the years ended December 31, 2021 and 2020, interest expense includes the finance expense related to the obligation to repurchase the Group’s ordinary shares from IFC and Hoche under the Put Option Agreements and is measured using the effective interest rate method, inclusive of eligible transaction costs. The amount of interest expense, related to the put options recognized in 2021 and 2020, amounts to $23,506 and $27,344, respectively. Additionally, an extinguishment loss of $35,920 was recognized in 2021, reflecting the re-negotiated commencement date for the annual return of the obligation under the Put Option Agreement with Hoche. On the effectiveness of the Transaction, September 29, 2021, both Put Option Agreements were terminated in exchange for ordinary shares issued by Holdco. The termination of the put option resulted in the associated liabilities to be reclassified into Company’s equity.

In 2022, interest on lease liabilities amounted to $1,033 (2021: $720, 2020: $601). Refer to Note 3.3. Leases - Right-of-use assets & lease liabilities for method of recognition of interest expense applied by the Group.

In 2022, interest expense includes an extinguishment loss of $1,601, as a result of the substantially modified terms of the Senior Notes. Refer to Note 19. Borrowings for further information related to the debt extinguishment.

Net fair value gains recognized in Finance income (expenses), net during 2022 and 2021 are unrealized. The Group did not realize any significant finance income during 2020.

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Intangible Assets Text Block Abstract

Schedule of intangible assets

Cost	Trademarks and sanitary records			Licenses, customers and agreements			Product development			Total
Balance as of January 1, 2021		13,176			17,174			18,272			48,622
Additions		1,672			755			—			2,427
Additions from internal developments		—			—			7,976			7,976
Derecognition of assets		—			(7	)		—			(7	)
Foreign currency exchange		(631	)		(1,475	)		(2,986	)		(5,092	)
Transfers		489			(512	)		23			—
Balance as of December 31, 2021		14,706			15,935			23,285			53,926
Additions		1,684			566			—			2,250
Additions from internal developments		—			—			8,713			8,713
Derecognition of assets		—			(49	)		(154	)		(203	)
Foreign currency exchange		(1,180	)		(1,574	)		(4,697	)		(7,451	)
Transfers		233			363			—			596
Balance as of December 31, 2022		15,443			15,241			27,147			57,831

Accumulated amortization and impairment losses	Trademarks and sanitary records			Licenses, customers and agreements			Product development			Total
Balance as of January 1, 2021		3,481			12,768			4,790			21,039
Amortization expense		787			965			3,064			4,816
Derecognition of assets		—			(7	)		—			(7	)
Foreign currency exchange		(277	)		(976	)		(840	)		(2,093	)
Transfers		241			(237	)		(4	)		—
Balance as of December 31, 2021		4,232			12,513			7,010			23,755

Amortization expense		1,205			995			2,733			4,933
Impairment loss		114			21			—			135
Foreign currency exchange		(495	)		(1,201	)		(1,504	)		(3,200	)
Balance as of December 31, 2022		5,056			12,328			8,239			25,623

As of December 31, 2021
Net book value		10,474			3,422			16,275			30,171
As of December 31, 2022
Net book value		10,387			2,913			18,908			32,208

Trade and Other Receivables, Net (Details) - Schedule of trade and other receivables, net - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Schedule of Trade and Other Receivables Net [Abstract]

Trade receivables, net of discounts

^[1]

$ 126,456

$ 111,071

Other receivables

15,211

16,408

Impairment of trade and other receivables

^[2]

(12,065)

(10,030)

Trade receivables, net of discounts and impairment

$ 129,602

$ 117,449

[1]	Discount and return provision amounts to $13,443 (2021: $7,345).
[2]	Total impairment balance is comprised of $10,768 (2021: $8,755) for trade receivables and $1,297 (2021: $1,275) for other receivables.

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

$ 72,638

135

73,965

72,638

Land and buildings [Member]

73,965

72,638

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

Machinery and equipment, furniture and fixtures [Member]

23,228

22,682

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

Projects in progress [Member]

28,977

38,810

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

21,413

10,641

Other [Member]

Gross carrying amount [member]

^[1]

347

505

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

116,654

115,291

23,157

15,437

(4,145)

(654)

(13,501)

(11,755)

(267)

(1,665)

Gross carrying amount [member] | Land and buildings [Member]

121,898

116,654

115,291

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

30,319

26,819

4,425

487

(2,072)

(289)

(1,283)

(1,180)

759

4,482

Gross carrying amount [member] | Machinery and equipment, furniture and fixtures [Member]

32,148

30,319

26,819

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

71,666

69,664

2,556

4,764

(2,071)

(350)

(9,698)

(8,930)

1,667

6,518

Gross carrying amount [member] | Projects in progress [Member]

64,120

71,666

69,664

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

10,641

9,330

16,055

10,019

(2,008)

(1,130)

(2,872)

(7,578)

Gross carrying amount [member] | Other [Member]

21,816

10,641

9,330

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

^[1]

4,028

9,478

121

167

^[1]

(2)

(15)

^[1]

(512)

(515)

^[1]

179

(5,087)

^[1]

Accumulated depreciation and amortisation [member]

3,814

4,028

^[1]

9,478

^[1]

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

44,016

44,956

(2,014)

(177)

5,656

6,072

4,689

(4,455)

(4,543)

(2,292)

Accumulated depreciation and amortisation [member] | Land and buildings [Member]

47,933

44,016

44,956

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

7,637

8,071

(70)

775

871

508

(328)

(907)

Accumulated depreciation and amortisation [member] | Machinery and equipment, furniture and fixtures [Member]

8,920

7,637

8,071

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

32,856

32,624

(2,013)

(91)

4,662

4,653

4,247

(4,648)

(3,743)

(587)

Accumulated depreciation and amortisation [member] | Projects in progress [Member]

35,143

32,856

32,624

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

403

Accumulated depreciation and amortisation [member] | Other [Member]

403

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]

^[1]

3,523

4,261

(1)

(16)

^[1]

219

548

^[1]

(315)

(472)

^[1]

^[1]

(798)

$ 3,467

$ 3,523

^[1]

$ 4,261

^[1]

[1]	Other’ includes computer equipment and other office furniture and equipment.

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

$ 597,221

$ 585,530

$ 449,380

151,514

153,896

^[1]

110,940

^[1]

105,911

82,187

58,631

(37,917)

78,636

54,489

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

25,299

78,991

7,716

Income (loss) before tax

58,221

(85,918)

(9,896)

Total | NextGel [Member]

256,112

244,791

201,294

Total | Procaps Colombia [Member]

66,752

66,679

^[1]

52,679

^[1]

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

145,330

156,820

121,532

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

44,594

51,431

^[1]

43,926

^[1]

Total | CAN [Member]

77,928

67,842

44,808

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

18,681

18,767

^[1]

9,197

^[1]

Total | CASAND [Member]

83,392

68,242

40,094

Total | Diabetrics [Member]

14,602

9,949

^[1]

9,001

^[1]

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

34,459

47,835

39,221

2,965

6,981

^[1]

6,294

^[1]

Total | Corporate [Member]

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

2,431

3,920

^[1]

(10,157)

^[1]

105,911

82,187

58,631

(37,917)

78,636

54,489

Elimination of intersegment amounts [member]

25,299

78,991

7,716

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

(187,301)

(175,788)

(117,913)

(5,511)

(1,240)

^[1]

10,745

^[1]

Elimination of intersegment amounts [member] | NextGel [Member]

Income (loss) before tax

(5,511)

(1,240)

10,745

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

(131,047)

(123,964)

(95,315)

Elimination of intersegment amounts [member] | Procaps Colombia [Member]

(14,307)

(12,573)

^[1]

(5,790)

^[1]

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

(2,985)

(1,493)

(6,637)

Elimination of intersegment amounts [member] | CAN [Member]

156

490

^[1]

(1,695)

^[1]

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

(22,461)

(16,905)

805

Elimination of intersegment amounts [member] | CASAND [Member]

(1,861)

(231)

^[1]

6,324

^[1]

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

(17,062)

(14,286)

(1,538)

Elimination of intersegment amounts [member] | Diabetrics [Member]

14,869

11,754

^[1]

813

^[1]

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

(13,746)

(19,140)

(16,432)

116

(133)

^[1]

(807)

^[1]

Elimination of intersegment amounts [member] | Corporate [Member]

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

1,204

(4,484)

(547)

^[1]

11,901

^[1]

Unallocated amounts [member]

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

409,920

409,742

331,467

146,003

152,656

^[1]

121,685

^[1]

105,911

82,187

58,631

(37,917)

78,636

54,489

Unallocated amounts [member] | NextGel [Member]

25,299

78,991

7,716

Income (loss) before tax

52,710

(87,158)

849

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

125,065

120,827

105,979

Unallocated amounts [member] | Procaps Colombia [Member]

52,445

54,106

^[1]

46,889

^[1]

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

142,345

155,327

114,895

Unallocated amounts [member] | CAN [Member]

44,750

51,921

^[1]

42,231

^[1]

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

55,467

50,937

45,613

Unallocated amounts [member] | CASAND [Member]

16,820

18,536

^[1]

15,521

^[1]

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

66,330

53,956

38,556

Unallocated amounts [member] | Diabetrics [Member]

29,471

21,703

^[1]

9,814

^[1]

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

20,713

28,695

22,789

3,081

6,848

^[1]

5,487

^[1]

Unallocated amounts [member] | Corporate [Member]

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]

3,635

(564)

(458)

^[1]

1,744

^[1]

105,911

82,187

58,631

(37,917)

78,636

54,489

Schedule of unsecured borrowings at amortized cost

$ 25,299

$ 78,991

$ 7,716

[1]	Contribution margin is determined by subtracting sales and marketing expenses from gross profit. The Group’s customer revenue recognition (external revenue) policy has been consistent with inter-segment revenue generated.

Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of Borrowings [Abstract]

	2022		2021
Borrowings at amortized cost ¹
Syndicated term loan (1)	$	38,626	$	46,505
Other term loan (2)		95,720		51,593
Lease liabilities (3)		34,192		31,747
Factoring obligations (4)		2,317		10,609
Bank overdrafts (5)		80		55
Notes (6)		115,000		112,857
Total Interest bearing liabilities	$	285,935	$	253,366

Current	$	257,525	$	74,646
Non- Current	$	28,410	$	178,720

¹	Borrowings at amortized cost are unsecured, with the exception of factoring obligations which are collateralized by trade receivables. Refer to Note 18. Trade and other receivables, net.

Schedule of borrowings

	Currency	Range of Interest	Maturity Year		2022			2021
Syndicated term loan	COP	IBR+ 5.3% (Variable)		2023-2025	$	39,156		$	39,521
Syndicated term loan	USD	Libor+ 4.8% (Variable)		2022		—			7,850
Amortized cost	COP	N/A		2023		(530	)		(866	)
Total Syndicated term loan					$	38,626		$	46,505

	Currency	Range of Interest	Maturity Year		2022		2021
Other term loan	COP	IBR+ 5.0%, DTF+ 3%, 13.99%- 25.3% (2021: IBR+ 2.25%-5.0%)		2022-2025	$	9,549	$	9,442
	COP	IBR+2.25%-10.2% (2021: DTF + 6.74%, 10%-30%)		2022-2025		21,267		17,552
	Soles	8.0% - 12.79% (Fixed) (2021: 5.00% - 10.01%)		2022-2024		6,837		5,953
	Reales	9.84% - 18% N.A.		2023-2024		2,176		1,762
	USD	SOFR+ (4.80%-5.80%) (2021: Libor + 4.49%)		2023		23,454		739
	USD	6.36%-16.8% (2021: Libor + 2.99% / 6.5% - 8.7%)		2022-2025		32,437		16,145
Total Other term loans					$	95,720	$	51,593

	Currency	Range of Interest	Maturity Year	2022		2021
Lease liabilities	COP	DTF + (5,18% - 10,11%) T.A., IBR+7.5%	2022-2030	$	10,475	$	10,334
	COP	DTF+ 4.54%-10.42 T.A.	2022-2025		3,653		6,662
	USD ¹	0.75%-21.48% (2021: 8.29% - 21.48% E.A.)	2022-2032		14,787		9,374
	COP	1.91%-12.23%, IBR+4.68% (2021: 8.29% - 21.48% E.A.)	2022-2027		4,703		5,315
	Reales	0.70% - 8.72% (Fixed) (2021: 1.68%)	2023-2024		574		62
Total Lease liabilities				$	34,192	$	31,747

Currency Range of Interest Maturity Year 2022 2021

Portfolio factoring COP DTF+8% 2023 $ 1,508 $ 1,383

COP 15.0% - 27% N.A.
(2021: DTF+8% / 24.6%) 2023 809 9,226

Total Factoring obligations $ 2,317 $ 10,609

		Currency		Range of Interest		Maturity Year				2022				2021
Overdrafts and credit cards		COP		19.68% - 32% E.A. (Fixed)			2023			$	80			$	55

	Currency	Range of Interest	Maturity Year		2022		2021
The Prudential Insurance Company Of America	USD	8.50% (Fixed) (2021: 4.75%)		2031	$	60,020	$	58,906
Prudential Annuities Life Assurance Corporation	USD	8.50% (Fixed) (2021: 4.75%)		2031		29,980		29,423
Healthspring Life & Health Insurance Company, Inc	USD	8.50% (Fixed) (2021: 4.75%)		2031		18,350		18,007
CIGNA Health and Life Insurance Company	USD	8.50% (Fixed) (2021: 4.75%)		2031		6,650		6,521
Total Notes					$	115,000	$	112,857

Schedule of reconciliation of liabilities from financing activities

	January 1, 2022		Payment cash flows			New liabilities ¹		Other changes ²			December 31, 2022
Syndicated term loan	$	46,505		(7,850	)		7,923		(7,952	)	$	38,626
Other term loan	$	51,593		(93,592	)		143,786		(6,067	)	$	95,720
Lease liabilities	$	31,747		(6,679	)		12,647		(3,523	)	$	34,192
Factoring obligations	$	10,609		(21,943	)		14,042		(391	)	$	2,317
Bank overdrafts	$	55		(817	)		1,019		(177	)	$	80
Notes	$	112,857		—			—		2,143		$	115,000
Total liabilities from financing activities	$	253,366	$	(130,881	)	$	179,417	$	(15,967	)	$	285,935

¹ New liabilities include non-cash activities for invoices from suppliers financed via reverse factoring $32,358 and new lease liabilities for $12,647.

² Other changes include exchange differences, the write-off of the Notes unamortized transaction costs of $1,600 due to the debt extinguishment, and cost amortization of $360.

	January 1, 2021		Payment cash flows			New liabilities ¹		Other changes ²			December 31, 2021
Syndicated term loan	$	81,906		(28,239	)		—		(7,162	)	$	46,505
Other term loan	$	85,645		(224,380	)		193,120		(2,792	)	$	51,593
Lease liabilities	$	36,799		(8,854	)		7,283		(3,481	)	$	31,747
Factoring obligations	$	9,993		(18,779	)		22,956		(3,561	)	$	10,609
Put option agreement	$	239,273		—			—		(239,273	)	$	—
Bank overdrafts	$	902		(903	)		—		56		$	55
Notes	$	—		—			112,857		—		$	112,857
Total liabilities from financing activities	$	454,518	$	(281,155	)	$	336,216	$	(256,213	)	$	253,366

¹ New liabilities include non-cash activities for invoices from suppliers financed via reverse factoring $48,138 and acquisition of right-of-use assets $7,283.

² Other changes include exchange differences and the termination of the put option agreements in exchange for new equity instruments in Procaps Group, S.A.

Deferred tax (Details) - Schedule of deferred tax - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Schedule Of Deferred Tax Abstract

Balance as of January 1

$ 997

$ 2,879

$ 8,556

Recognized in Profit or Loss

(1,763)

(1,455)

(3,805)

Recognized in Other Comprehensive Income

^[1]

107

(58)

Others

^[2]

(188)

(369)

(1,888)

Balance as of December 31

$ (847)

$ 997

$ 2,879

[1]	Deferred tax related to employee defined benefit plans.
[2]	Deferred tax related to the purchase price acquisition of intangible assets in Procaps S.A. de C.V.

Income Tax (Details) - Schedule of reconciliation of effective tax rate - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Reconciliation of Effective Tax Rate [Abstract]
Profit/ (loss) before tax	$ 52,710	$ (87,158)	$ 849
Income tax (benefit)/expense	8,961	(14,817)	297
Tax effect of expenses that are not deductible in determining taxable profit	27,187	49,442	13,525
Tax effect of income not taxable in determining taxable profit	(30,292)	(8,822)	(7,754)
Effect of different tax rates of subsidiaries operating in other jurisdictions	(1,249)	(9,423)	1,960
Others - Includes exchange effects for reversal rates of long-term temporary differences, income taxed at differential rates, effect of change in deferred tax rate and tax discounts	5,563	(2,675)	3,200
Tax effect of utilization of tax losses not previously recognized			68
Tax expense for the year	$ 10,170	$ 13,705	$ 11,296

General Company Information [Abstract]

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Financial Instruments (Details) - Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments (Details) - Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities [Line Items]
Assets	$ 105,048	$ 124,545
Liabilities	(79,476)	(99,371)
+10% Impact to profit or loss before tax	(2,325)	(2,289)	$ 2,262
-10% Impact to profit or loss before tax	2,841	2,797	(2,764)
Reales [Member]
Financial Instruments (Details) - Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities [Line Items]
Assets	25,479	7,002
Liabilities	(9,962)	(9,125)
+10% Impact to profit or loss before tax	(1,411)	193	52
-10% Impact to profit or loss before tax	1,724	(236)	(64)
Quetzales [Member]
Financial Instruments (Details) - Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities [Line Items]
Assets		1,946
Liabilities		(4,115)
+10% Impact to profit or loss before tax		197	(8)
-10% Impact to profit or loss before tax		(241)	10
Soles [Member]
Financial Instruments (Details) - Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities [Line Items]
Assets	14,667	7,024
Liabilities	(8,905)
+10% Impact to profit or loss before tax	(524)	(639)	301
-10% Impact to profit or loss before tax	640	781	(368)
Dominican Peso [Member]
Financial Instruments (Details) - Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities [Line Items]
Assets	1,064	809
Liabilities	(3,563)	(2,869)
+10% Impact to profit or loss before tax	227	187	207
-10% Impact to profit or loss before tax	(278)	(229)	(253)
Colones [Member]
Financial Instruments (Details) - Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities [Line Items]
Assets	1,346	1,270
Liabilities	(2,814)	(2,371)
+10% Impact to profit or loss before tax	133	100	107
-10% Impact to profit or loss before tax	$ (163)	$ (122)	$ (131)

General Company Information (Tables)

12 Months Ended

Dec. 31, 2022

Schedule group’s principal subsidiaries

	Place of	Ownership interests held by:
	business/country	The Group									Non-controlling interests									Principal
Name of entity	of incorporation	2022			2021			2020			2022			2021			2020			activities
Procaps S.A.	Colombia		100	%		100	%		100	%		—	%		—	%		—	%	Manufacturing and distribution of prescription and over-the-counter pharmaceutical products.
C.I. Procaps S.A.	Colombia		100	%		100	%		100	%		—	%		—	%		—	%
Procaps S.A. de C.V	El Salvador		100	%		100	%		100	%		—	%		—	%		—	%
Softcaps - Colbras	Brazil		100	%		100	%		100	%		—	%		—	%		—	%
Diabetrics Healthcare S.A.S.	Colombia		100	%		100	%		100	%		—	%		—	%		—	%	Diabetes solutions and chronic disease management tool.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of Earnings Per Share Text Block [Abstract]

Schedule of weighted average number of shares considers the ordinary shares

	2022		2021			2020
Net income/(loss) of the year		42,540		(100,863	)		(10,447	)
Number of ordinary shares issued at December 31*		101,110		101,110			97,129
Weighted average basic number of ordinary shares		101,110		98,143			97,129
Assumed exercise of share equivalents		—		—			—
Weighted average diluted number of shares		101,110		98,143			97,129
Basic and diluted income/(loss) per share in the year		0.42		(1.03	)		(0.11	)

*	Includes 903,075 shares held under put option before the transaction as such ordinary shareholders were entitled to receive dividends.

Property, plant and equipment, net (Details) - Property, Plant and Equipment [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment, net (Details) [Line Items]
Cost of goods sold	$ 4,504	$ 4,382
Administrative expense	1,152	1,690
Acquire capital expenditures	$ 2,304	$ 3,585
Asset purchase agreement, description	As of December 31, 2021 the Group acquired an 86,000 sq. ft. pharmaceutical production facility. The purchase price allocated to property, plant and equipment based on the estimated fair value of the assets acquired at the date of the asset acquisition was $1,487. Please refer to Note 26.2. Asset acquisition - Pharmaceutical production facility.

General Company Information

12 Months Ended

Dec. 31, 2022

General Company Information [Abstract]

General Company Information

Note 1. General Company Information

Procaps Group, S.A, (the “Company”), a public limited liability company (société anonyme) governed by the laws of the Grand Duchy of Luxembourg and its subsidiaries (collectively, the “Group”) primarily engages in developing, producing and marketing pharmaceutical solutions. Further information about the Group’s business activities, reportable segments and related party relationships of the Group is included in Note 7. Revenue, Note 8. Segment reporting and Note 29. Related party transactions, respectively.

The Group’s principal subsidiaries as of December 31, 2022, 2021 and 2020 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business.

	Place of	Ownership interests held by:
	business/country	The Group									Non-controlling interests									Principal
Name of entity	of incorporation	2022			2021			2020			2022			2021			2020			activities
Procaps S.A.	Colombia		100	%		100	%		100	%		—	%		—	%		—	%	Manufacturing and distribution of prescription and over-the-counter pharmaceutical products.
C.I. Procaps S.A.	Colombia		100	%		100	%		100	%		—	%		—	%		—	%
Procaps S.A. de C.V	El Salvador		100	%		100	%		100	%		—	%		—	%		—	%
Softcaps - Colbras	Brazil		100	%		100	%		100	%		—	%		—	%		—	%
Diabetrics Healthcare S.A.S.	Colombia		100	%		100	%		100	%		—	%		—	%		—	%	Diabetes solutions and chronic disease management tool.

There are no significant restrictions on the ability of the Group to access or use assets and settle liabilities.

The Consolidated Financial Statements of the Group for the years ended December 31, 2022, 2021 and 2020 comprise the Group and its interest in joint ventures, investments and operations. The Group prepares and publishes its Consolidated Financial Statements in United States Dollars (“USD”), and the numbers are rounded to the thousands of USD unless otherwise stated. Foreign operations are included in accordance with the policies set out in Note 2.2. Functional and reporting currency.

The Consolidated Financial Statements were authorized for issue by the Group’s Audit Committee on May 10, 2023.

Reverse reorganization

On March 31, 2021, Union Acquisition Corp. II, a publicly-traded special purpose acquisition company previously listed on the NASDAQ under “LATNU” domiciled in the Cayman Islands (“SPAC”), Crynssen Pharma Group Limited, a private limited liability company registered under the laws of Malta (“OpCo”), Procaps Group, S.A. (“Holdco”) and OZLEM Limited, an exempted company incorporated under the laws of the Cayman Islands (“Merger Sub”), entered into a Business Combination Agreement (the “Business Combination Agreement” or “BCA” or the “Transaction”).

The Transaction was approved at an Extraordinary General Meeting of LATNU’s shareholders on September 22, 2021 and subsequently consummated on September 29, 2021.

As a result of the consummation of the Transaction, OpCo and SPAC had become direct wholly-owned subsidiaries of Holdco and the OpCo shareholders and SPAC shareholders became holders of issued and outstanding Holdco Ordinary Shares: Procaps Group, S.A.

Emerging Growth Company Status

Procaps Group, S.A. is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The Group will remain an emerging growth company until the earliest of:

●

The last day of the first fiscal year (a) following the fifth anniversary of a public equity offering, (b) in which its annual gross revenue totals at least $1.235 billion or (c) when the Group is deemed to be a large accelerated filer, which means the market value of the Group’s ordinary shares held by non-affiliates exceeds $700.0 million as of the prior June 30th; and

●

The date on which the Group has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

Grupo Somar and Pearl Mexico Acquisition

On May 16, 2022, Procaps Group, S.A. entered into a Stock Purchase Agreement (the “SPA”) with AI Global Investments PCC Limited (Netherlands), a protected cell company limited by shares organized under the laws of the Island of Guernsey (“PCC”), acting for and on behalf of the Soar Cell, Triana Capital S.A. de C.V., a corporation organized under the laws of Mexico (“Triana”), AI Pearl (Netherlands) B.V., a private limited company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (“Pearl Holding Seller”), Perrigo Ireland 7 DAC, a company duly organized and validly existing under the laws of the Republic of Ireland (“Pearl Ireland”, and together with PCC, Triana and Pearl Holding Seller, each a “Seller” and collectively, the “Sellers”), AI Soar (Netherlands) BV, a (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (“Somar Holding Company”), Química y Farmacia S.A. de C.V., a Sociedad Anónima de Capital Variable duly organized and validly existing under the laws of Mexico (“Quifa”), PDM Acondifarma S.A. de C.V., a Sociedad Anónima de Capital Variable duly organized and validly existing under the laws of Mexico (“PDM”), Gelcaps Exportadora de México S.A. de C.V., a Sociedad Anónima de Capital Variable duly organized and validly existing under the laws of Mexico (“Gelcaps”, and together with Quifa and PDM, “Pearl Mexico”) and Grupo Farmacéutico Somar S.A.P.I. de C.V., a Sociedad Anónima Promotora de Inversión de Capital Variable organized under the laws of Mexico (“Somar” and together with Somar Holding Company, “Grupo Somar”, and together with Pearl Mexico, the “Targets”) (the “Acquisition”).

The Acquisition, which was expected to close in the fourth quarter of 2022, was delayed indefinitely and subsequently terminated on January 1, 2023 (refer to Note 28. Events after the reporting period) after the Group was informed by the Sellers that a court in Mexico City issued a precautionary lien affecting a portion of capital stock of Grupo Somar in connection with a pending dispute that involves an investment by a fund managed by Advent International but that is otherwise unrelated to the Sellers, Grupo Somar, the Group, or the Acquisition.

Debt Commitment Letter and Bridge Loan Credit Agreement

Concurrently with the execution of the SPA, the Group, as borrower, entered into a Commitment Letter with Bank of America, N.A., BofA Securities, Inc., JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc. (“Commitment Letter”) for a bridge loan of up to $485 million (the “Bridge Loan”), which would have been guaranteed by each existing and future direct and indirect material subsidiary of the Group, and the Targets and each of their subsidiaries upon the Closing. The Bridge Loan would have also been secured by a pledge from the Group of its shares in the Targets. The proceeds of the Bridge Loan would have been used, together with the Group’s cash on hand, to finance the cash portion of the purchase price of the Acquisition (including related fees and expenses) and, in the event necessary, to prepay certain of the Group’s existing debt.

On October 11, 2022, Procaps Group, S.A. entered into a Credit Agreement with Bank of America, N.A., BofA Securities, Inc., JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc. who are the book runners and joint arrangers (the “Bridge Credit Agreement”) for the Bridge Loan. The Bridge Credit Agreement terms are consistent with the terms of the Commitment Letter. The Bridge Credit Agreement effectively replaced the Commitment Letter upon its execution.

Refer to Note 28. Events after the reporting period for further details regarding the Group’s termination of the SPA, leading to the termination of commitments under the Bridge Credit Agreement and the Commitment Letter. For information regarding the financial impact of the Bridge Credit Agreement on the Group’s results, refer to Note 9. Finance income (expenses), net.

Senior Notes Amendment

The Group intended to prepay in full the aggregate principal amount of the 4.75% guaranteed senior notes due November 12, 2031 (the “Senior Notes”) issued by Procaps, S.A., the Group’s subsidiary, pursuant to a note purchase agreement (the “NPA”) entered into on November 5, 2021, with the noteholders thereunder (collectively, the “Noteholders”), together with interest accrued thereon to the date of such prepayment and the make-whole amount determined for the date of such prepayment pursuant to the NPA (the “Notes Payoff”). The Group previously expected that the closing of the Grupo Somar and Pearl Mexico Acquisition would occur on October 14, 2022, and accordingly, pursuant to the requirements of the NPA, delivered advance notice to the Noteholders of the Notes Payoff to occur on such date. As a result of a delay and subsequent termination in the closing of the Grupo Somar and Pearl Mexico Acquisition, the expected borrowing under the Credit Agreement did not occur, and the Group was unable to complete the Notes Payoff on the date scheduled, which technically constituted an event of default under the NPA. The Noteholders informed the Group that they would not exercise any rights or remedies under the NPA due to such technical default pending entry into an amendment to the NPA formally waiving such default, and the Group and the Noteholders executed temporary waivers in connection therewith. On November 1, 2022, the Group and the Noteholders entered into an amendment to the NPA (the “NPA Amendment”), formally waiving the technical default and which also (i) provided the Group the ability, until November 30, 2022, to prepay the Senior Notes with two business days’ notice, (ii) provided that the make-whole amount under the NPA shall in no case be less than USD 1,488,204.60, and (iii) provided that, if the Notes Payoff did not occur on or prior to November 30, 2022, a waiver fee of 3.75% per annum on the outstanding principal amount of Senior Notes outstanding shall (a) accrue from (and including) October 14, 2022 and (b) be payable to the Noteholders on the 12th day of February, May, August and November in each year (commencing on February 12, 2023), on the maturity date of such Senior Note and on each other date on which interest on such Senior Note is due and payable in accordance with the terms of the NPA and such Senior Note. The Notes Payoff did not occur on or prior to November 30, 2022, therefore triggering the 3.75% per annum waiver fee on the outstanding principal amount of Senior Notes with the terms mentioned above. Refer to Note 19. Borrowings for further detail on impact of the NPA Amendment.

Ongoing Military Operation in Ukraine and Related Sanctions

The ongoing military operation in Ukraine and the related sanctions targeted against the Russian Federation have disrupted international commerce and the global economy. The Group does not have any direct exposure to Ukraine, Russia or Belarus considering there are not any existing operations or sales in those locations.

Although the Group does not currently operate in Ukraine or Russia, the duration and severity of the effects on its business and the global economy are inherently unpredictable. Management will continue to monitor the effects of the war in Ukraine and its potential further impacts, including global supply chain disruptions, inflation, and rising interest rates, when making certain estimates and judgments relating to the preparation of the Consolidated Financial Statements of the Group.

Leases (Details) - Schedule of reconciliation of asset balances - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Leases (Details) - Schedule of reconciliation of asset balances [Line Items]

$ 40,167

$ 43,195

39,013

40,167

$ 43,195

10,261

7,282

(6,255)

(4,223)

(470)

(270)

(356)

309

(628)

Land and Buildings [Member]

(4,643)

(5,189)

Leases (Details) - Schedule of reconciliation of asset balances [Line Items]

^[1]

34,393

34,886

^[1]

32,696

34,393

34,886

^[1]

6,749

6,573

^[1]

(4,323)

(3,311)

^[1]

(437)

(126)

^[1]

^[1]

201

559

Equipment and Machinery [Member]

^[1]

(3,887)

(4,188)

Leases (Details) - Schedule of reconciliation of asset balances [Line Items]

5,076

6,975

4,999

5,076

6,975

2,293

709

(1,343)

(463)

(33)

(58)

(356)

(1,155)

Leases (Details) - Schedule of reconciliation of asset balances [Line Items]

(685)

(932)

Vehicles [Member]

(7)

(32)

Leases (Details) - Schedule of reconciliation of asset balances [Line Items]

Computers [Member]

698

1,302

1,263

698

$ 1,302

1,219

(582)

(449)

(86)

Schedule of finance expenses, net

$ (72)

$ (69)

[1]	Includes net right-of-use assets of $1,373 (2021: $1,537) with related party WM Partners, LP.

Finance Income (Expenses), Net (Tables)

12 Months Ended

Dec. 31, 2022

Finance Expenses, Net [Abstract]

	For the year ended December 31
	2022			2021			2020
Banking expenses	$	(781	)	$	(1,056	)	$	(590	)
Bank fees		(8,498	)		(2,263	)		(986	)
Other financial expenses		(1,033	)		(354	)		(281	)
Net fair value gain of warrant liabilities		12,196			5,851			—
Net fair value gain of shares held in escrow		61,795			4,506			—
Interest expense		(25,762	)		(85,320	)		(52,632	)
Total income (expense)	$	37,917		$	(78,636	)	$	(54,489	)

Segment Reporting

12 Months Ended

Dec. 31, 2022

Disclosure Of Entitys Operating Segments Text Block Abstract

Segment reporting

Note 8. Segment reporting

Segment information is presented at a combination of geographical segments and business units, consistent with the information that is available and evaluated regularly by the chief operating decision maker.

The Group operates its business through five segments which are its reportable segments for financial reporting purposes: Procaps Colombia, Central America North (“CAN”), Central America South and North Andes (“CASAND”), NextGel and Diabetrics. Segment management, the respective Vice Presidents, are responsible for managing performance, underlying risks and operations. Management uses a broad set of performance indicators, to measure segment performance and to make decisions around resource allocation.

The Group’s customer revenue recognition (external revenue) policy has been consistent with inter-segment revenue generated.

	NextGel							Procaps Colombia							CAN							CASAND
Year 2022	Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External
Revenue		256,112		(131,047	)		125,065		145,330		(2,985	)		142,345		77,928		(22,461	)		55,467		83,392		(17,062	)		66,330
Contribution margin ¹		66,752		(14,307	)		52,445		44,594		156			44,750		18,681		(1,861	)		16,820		14,602		14,869			29,471

	Diabetrics							Corporate									Total
Year 2022	Total		Inter- segment eliminations			External		Total			Inter- segment eliminations			External			Total			Inter- segment eliminations			External
Revenue		34,459		(13,746	)		20,713		—			—			—			597,221			(187,301	)		409,920
Contribution margin ¹		2,965		116			3,081		3,920			(4,484	)		(564	)		151,514			(5,511	)		146,003
Administrative expenses		—		—			—		105,911			—			105,911			105,911			—			105,911
Finance expenses		—		—			—		(37,917	)		—			(37,917	)		(37,917	)		—			(37,917	)
Other expenses		—		—			—		25,299			—			25,299			25,299			—			25,299
Income (loss) before tax																		58,221			(5,511	)		52,710

	NextGel							Procaps Colombia							CAN							CASAND
Year 2021	Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External
Revenue		244,791		(123,964	)		120,827		156,820		(1,493	)		155,327		67,842		(16,905	)		50,937		68,242		(14,286	)		53,956
Contribution margin ¹		66,679		(12,573	)		54,106		51,431		490			51,921		18,767		(231	)		18,536		9,949		11,754			21,703

	Diabetrics							Corporate								Total
Year 2021	Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External			Total			Inter- segment eliminations			External
Revenue		47,835		(19,140	)		28,695		—		—			—			585,530			(175,788	)		409,742
Contribution margin ¹		6,981		(133	)		6,848		89		(547	)		(458	)		153,896			(1,240	)		152,656
Administrative expenses		—		—			—		82,187		—			82,187			82,187			—			82,187
Finance expenses		—		—			—		78,636		—			78,636			78,636			—			78,636
Other expenses		—		—			—		78,991		—			78,991			78,991			—			78,991
Income (loss) before tax																	(85,918	)		(1,240	)		(87,158	)

	NextGel							Procaps Colombia							CAN						CASAND
Year 2020	Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External		Total		Inter- segment eliminations		External		Total		Inter- segment eliminations			External
Revenue		201,294		(95,315	)		105,979		121,532		(6,637	)		114,895		44,808		805		45,613		40,094		(1,538	)		38,556
Contribution margin ¹		52,679		(5,790	)		46,889		43,926		(1,695	)		42,231		9,197		6,324		15,521		9,001		813			9,814

	Diabetrics							Corporate							Total
Year 2020	Total		Inter- segment eliminations			External		Total			Inter- segment eliminations		External		Total			Inter- segment eliminations			External
Revenue		39,221		(16,432	)		22,789		2,431			1,204		3,635		449,380			(117,913	)		331,467
Contribution margin ¹		6,294		(807	)		5,487		(10,157	)		11,901		1,744		110,940			10,745			121,685
Administrative expenses		—		—			—		58,631			—		58,631		58,631			—			58,631
Finance expenses		—		—			—		54,489			—		54,489		54,489			—			54,489
Other expenses		—		—			—		7,716			—		7,716		7,716			—			7,716
Income (loss) before tax																(9,896	)		10,745			849

¹	Contribution Margin is determined by subtracting sales and marketing expenses from gross profit. The Group’s customer revenue recognition (external revenue) policy has been consistent with inter-segment revenue generated.

Major customer

The Group does not have revenue from a single customer comprising more than ten percent of its consolidated revenue.

Geographical information

In presenting information based on geographical segments, segment revenue is based on the geographical location of the customers.

	For the year ended December 31
	2022		2021		2020
South America		275,933		284,068		249,983
Central America		86,679		72,188		58,082
North America		37,115		44,857		12,576
Europe		10,193		8,629		10,826
Total		409,920		409,742		331,467

Deferred tax (Details) - USD ($) $ in Thousands	12 Months Ended
Deferred tax (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax (Details) [Line Items]
Deferred tax asset	$ 381
Tax losses	1,088
Rymco Medical [Member]
Deferred tax (Details) [Line Items]
Deferred tax asset	1,663	$ 1,135
Temporary differences	$ 4,752	$ 3,242

Related Party Transactions (Details) - Schedule of transactions with joint ventures - Joint Ventures and Other Related Parties [Member] - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

^[1]

Dec. 31, 2020

^[1]

Sale of finished products

$ 8,038

$ 5,628

$ 5,583

Revenue from services and consulting

1,034

116

Purchases of raw materials and other services

$ 12,367

$ 10,240

$ 11,339

[1]

Earnings Per Share (Details)	12 Months Ended
Earnings Per Share (Details)	Dec. 31, 2022 shares
Disclosure of Earnings Per Share [Abstract]
Earnings per shares held under put option	903,075

Borrowings (Details) $ in Millions		1 Months Ended			12 Months Ended
Borrowings (Details) $ in Millions	Nov. 12, 2021 USD ($)	Nov. 30, 2022 USD ($)	Nov. 20, 2018 USD ($)	Nov. 20, 2018 COP ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 28, 2022 USD ($)
Borrowings (Details) [Line Items]
Loan amounts			$ 35,000,000	$ 200,434
Loan installment term					5 years
Percentage of interest rate					5.30%
Internal rate		3.75%
Financial covenants, description					●Indebtedness Indicator (Indebtedness/EBITDA) as of June 30 and December 30 of each year, during the loan term, must be less than or equal to 3.5 times. If the indicator is greater than 3.0 and less than 3.5, it proceeds to the extent that this value is originated by causes other than additional debt and the justification of the increase must be presented to the agent. ●Short-term leverage ratio must be less than 1.0 on the last day of each semester. ●EBITDA ratio / financial expenses ratio must be greater than or equal to 3.0 on the last day of each semester.
Other covenants, description					●The Syndicated Loan Agreement establishes that each of the jointly obligated parties, unless they have the express, prior and written authorization of the agent, will refrain from incurring any type of financial debt when the proforma indebtedness indicator, once acquired the additional financial debt, is greater than 3.0 times and maintaining any type of financial debt when the pro forma indebtedness indicator, once the national debt is acquired, is greater than 3.5 times. ●Each of the joint obligated parties, except with express, prior and written authorization of the agent to do otherwise, will refrain from contracting finance and/or operating lease obligations with purchase option with a joint balance payable greater than $85,000,000 (Eighty-Five Billion Pesos, local currency) or its equivalent in another currency. For purposes of clarity, the reclassification of obligations as financial lease obligations by application of the accounting standards will not consume the balance set forth herein and may not be renewed. ●The payment of dividends is restricted to anyone other than the jointly obligated parties.
Unpaid principal balance					$ 115,000,000
Borrow amount							$ 8,672,000
Other term loan, description					●Consolidated Indebtedness Indicator (Indebtedness / EBITDA) must not be greater than 3.5 times. ●Consolidated EBITDA/Finance expense must not be less than 3 times.
Additional banks amount					$ 13,566,000
Lease liabilities					$ 1,501	$ 1,632
Aggregate principal amount	$ 115,000,000
Aggregate principal amount percentage	4.75%				4.75%
Issuance costs related					$ 2,142
Initial purchasers					1,390
Attorneys’ costs					752
Increase debt extinguishment amount		$ 113,400,000
Expensed unamortized transaction costs		1,600,000
Recognized liability amount		$ 115,000,000
Reverse factoring amount					32,358,000	48,138,000
Right-of-use assets					12,647,000	$ 7,283,000
Cost amortization					$ 360,000
COP and Libor [Member]
Borrowings (Details) [Line Items]
Internal rate					4.80%
Syndicated Loan Agreement [Member]
Borrowings (Details) [Line Items]
Unpaid principal balance					$ 19,665,000
Senior Notes require Procaps, S.A. [Member]
Borrowings (Details) [Line Items]
Description of financial ratios					●The consolidated total debt of Procaps, S.A., the Group and the other obligors thereunder to consolidated EBITDA for the last twelve months of 3.50:1.00 or less (Indebtedness Indicator), measured at certain dates of determination and; ●An EBITDA interest coverage ratio (calculated as the consolidated EBITDA for the last twelve months of Procaps, S.A., the Group and the other obligors thereunder divided by the consolidated interest expenses of Procaps, S.A., the Group and the other obligors thereunder) in excess of, or equal to, 3.00:1.00, calculated at certain dates of determination. ●Short-term leverage ratio equal to or less than 1.00 Complying with the NPA protocols and as a result of the more favorable provisions of the Syndicated Loan Agreement, the Group gave notice on April 7, 2022 that specific provisions related to reporting covenants, affirmative covenants, negative covenants, events of default, and mandatory prepayment events, as set forth in the Syndicated Loan Agreement, shall apply to the Senior Notes.
Bridge loans [Member]
Borrowings (Details) [Line Items]
Expensed unamortized transaction costs					$ 1,600,000
Bottom of range [Member]
Borrowings (Details) [Line Items]
Internal rate		4.75%
Top of range [Member]
Borrowings (Details) [Line Items]
Internal rate		8.50%
BTG Credit Agreement [Member]
Borrowings (Details) [Line Items]
Unpaid principal balance					4,490,000
Borrow amount					$ 19,000,000

Warrant Liabilities (Details) - Schedule of public warrants - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Public Warrants Abstract
Balance at beginning	$ 16,000
Acquired public warrants		21,600
Fair value remeasurement	(6,800)	(5,600)
Balance at ending	$ 9,200	$ 16,000

Deferred tax (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of Deferred [Abstract]

Schedule of deferred tax assets and liabilities by type of temporary

	As of December 31
	2022			2021
Net deferred tax asset (liability)
Trade and other receivables	$	449		$	(1,357	)
Inventories		3,930			3,142
Property, plant and equipment		(4,019	)		(3,486	)
Intangibles		(5,112	)		(875	)
Borrowings and Trade and other payables		2,648			3,639
Provisions and Other liabilities		1,780			1,005
Others¹		(523	)		(1,071	)
Total net deferred tax asset (liability)	$	(847	)	$	997

¹	As of December 31, 2022, includes a deferred tax asset of $381 related to Procaps S.A. tax losses of $1,088 generated during the year. As of December 31, 2021, the deferred tax asset balance does not comprise unused tax losses.

Schedule of deferred tax assets and liabilities

	As of December 31
	2022			2021
Deferred Tax Asset	$	6,974		$	7,067
Deferred Tax Liability		(7,821	)		(6,070	)
Net Deferred Tax Asset (Liability)	$	(847	)	$	997

Schedule of deferred tax

	2022			2021			2020
Balance as of January 1	$	997		$	2,879		$	8,556
Recognized in Profit or Loss		(1,763	)		(1,455	)		(3,805	)
Recognized in Other Comprehensive Income ¹		107			(58	)		16
Others ²		(188	)		(369	)		(1,888	)
Balance as of December 31	$	(847	)	$	997		$	2,879

¹	Deferred tax related to employee defined benefit plans.

² Deferred tax related to the purchase price acquisition of intangible assets in Procaps S.A. de C.V.

Trade and other payables

12 Months Ended

Dec. 31, 2022

Trade and Other Payables, Net [Abstract]

Schedule of inventories, net

Note 21. Trade and other payables

	As of December 31
	2022		2021
Trade payables	$	81,477	$	70,167

Other payables
Trade current accounts		808		3,259
Interest payable		3,307		1,870
Withholdings and payroll contributions		2,512		6,619
Others		2,082		3,466
Total other payables		8,709		15,214
Total accounts payable	$	90,187	$	85,381

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2022

Inventories, net [Abstract]

	2022			2021
Raw materials and supplies	$	42,701		$	38,024
Products in process		7,412			6,240
Finished products and merchandise		41,492			31,791
Inventory in transit		11,531			9,645
Subtotal		103,136			85,700
Less: Provision		(6,303	)		(6,270	)
Total	$	96,833		$	79,430

Acquisitions (Details) ft² in Thousands, $ / shares in Millions		12 Months Ended
	Nov. 05, 2021 ft² $ / shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Acquisitions (Details) [Line Items]
Current assets (liabilities)		$ 131,086,000
Current prepaid expenses			$ 4,602,000
Shares issued (in Shares) \| shares		10,464,612
Asset purchase agreement to acquire (in Square Feet) \| ft²	86,000
Production capacity (in Dollars per share) \| $ / shares	$ 1,800.0
Purchase price (in Dollars per share) \| $ / shares	$ 1.6
Transactions costs			$ 213,600
Purchase price percentage			50.00%
Remaining purchase price percentage			50.00%
Fair value of acquired assets			$ 1,813,000
SPAC Sponsors [Member]
Acquisitions (Details) [Line Items]
Shares issued (in Shares) \| shares		1,250,000
Opco Shareholders [Member]
Acquisitions (Details) [Line Items]
Description of shares in escrow		10,464,612
Top of range [member]
Acquisitions (Details) [Line Items]
Escrow measured at fair value		$ 35,789	90,990
Bottom of range [member]
Acquisitions (Details) [Line Items]
Escrow measured at fair value		$ 2,138	$ 5,434
Sponsors’ Holdco Ordinary Shares in escrow [Member]
Acquisitions (Details) [Line Items]
Description of shares in escrow		On the closing of the Transaction, 1,250,000 Holdco Ordinary Shares received in exchange for the equivalent number of SPAC Ordinary Shares upon the consummation of the Merger (the “Sponsor Escrowed Securities”) held by the SPAC Sponsors were deposited in escrow. Fifty percent (50%) of the Sponsor Escrowed Securities will be released to the SPAC Sponsors if the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $12.50 per Holdco Ordinary Share for any 20 trading days within any 30-day trading period, and the remaining 50% of the Sponsor Escrowed Securities will be released to the Sponsors if the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $13.00 per Holdco Ordinary Share for any 20 trading days within any 30-day trading period (in each case, subject to any applicable lock-up restrictions under the Registration Rights and Lock-Up Agreement or any other applicable escrow arrangement).
Eligible Procaps Shareholders Holdco Ordinary Shares in escrow [Member]
Acquisitions (Details) [Line Items]
Description of shares in escrow		On the closing of the Transaction, 10,464,612 Holdco Ordinary Shares received in the Exchange (the “ECS Escrowed Securities”) by certain OpCo Shareholders were deposited in escrow. Fifty percent (50%) of the ECS Escrowed Securities will be released to such OpCo Shareholders if the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $12.50 per Holdco Ordinary Share for any 20 trading days within any 30-day trading period, and the remaining 50% of the ECS Escrowed Securities will be released to such OpCo Shareholders if the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $13.00 per Holdco Ordinary Share for any 20 trading days within any 30-day trading period.

Income Tax (Details)		1 Months Ended	12 Months Ended
Income Tax (Details)	Sep. 14, 2021	Sep. 29, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax (Details) [Line Items]
Tax rate			17.00%	17.00%	35.00%
Corporate tax rate			35.00%
Minimum [Member]
Income Tax (Details) [Line Items]
Tax rate			15.00%
Malta to Luxembourg [Member]
Income Tax (Details) [Line Items]
Tax rate		17.00%
Bottom of Range [Member]
Income Tax (Details) [Line Items]
Corporate tax rate	30.00%
Top of Range [Member]
Income Tax (Details) [Line Items]
Corporate tax rate	35.00%

Critical Accounting Judgements and Key Sources of Estimation Uncertainty (Details)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Accounting Judgements And Estimates [Abstract]
Provision percentage	50.00%

Leases (Details) - Schedule of group’s lease liabilities are guaranteed by the lessor’s title to the leased assets - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Schedule of Group'S Lease Liabilities are Guaranteed by the Lessor STitle to the Leased Assets [Abstract]

Non-current

$ 25,139

$ 21,894

Current

9,053

9,853

Disclosure Of Entitys Operating Segments Text Block Abstract

^[1]

$ 34,192

$ 31,747

[1]	Borrowings at amortized cost are unsecured, with the exception of factoring obligations which are collateralized by trade receivables. Refer to Note 18. Trade and other receivables, net.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of customer revenue recognition (external revenue)

	NextGel							Procaps Colombia							CAN							CASAND
Year 2022	Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External
Revenue		256,112		(131,047	)		125,065		145,330		(2,985	)		142,345		77,928		(22,461	)		55,467		83,392		(17,062	)		66,330
Contribution margin ¹		66,752		(14,307	)		52,445		44,594		156			44,750		18,681		(1,861	)		16,820		14,602		14,869			29,471

	Diabetrics							Corporate									Total
Year 2022	Total		Inter- segment eliminations			External		Total			Inter- segment eliminations			External			Total			Inter- segment eliminations			External
Revenue		34,459		(13,746	)		20,713		—			—			—			597,221			(187,301	)		409,920
Contribution margin ¹		2,965		116			3,081		3,920			(4,484	)		(564	)		151,514			(5,511	)		146,003
Administrative expenses		—		—			—		105,911			—			105,911			105,911			—			105,911
Finance expenses		—		—			—		(37,917	)		—			(37,917	)		(37,917	)		—			(37,917	)
Other expenses		—		—			—		25,299			—			25,299			25,299			—			25,299
Income (loss) before tax																		58,221			(5,511	)		52,710

	NextGel							Procaps Colombia							CAN							CASAND
Year 2021	Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External
Revenue		244,791		(123,964	)		120,827		156,820		(1,493	)		155,327		67,842		(16,905	)		50,937		68,242		(14,286	)		53,956
Contribution margin ¹		66,679		(12,573	)		54,106		51,431		490			51,921		18,767		(231	)		18,536		9,949		11,754			21,703

	Diabetrics							Corporate								Total
Year 2021	Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External			Total			Inter- segment eliminations			External
Revenue		47,835		(19,140	)		28,695		—		—			—			585,530			(175,788	)		409,742
Contribution margin ¹		6,981		(133	)		6,848		89		(547	)		(458	)		153,896			(1,240	)		152,656
Administrative expenses		—		—			—		82,187		—			82,187			82,187			—			82,187
Finance expenses		—		—			—		78,636		—			78,636			78,636			—			78,636
Other expenses		—		—			—		78,991		—			78,991			78,991			—			78,991
Income (loss) before tax																	(85,918	)		(1,240	)		(87,158	)

	NextGel							Procaps Colombia							CAN						CASAND
Year 2020	Total		Inter- segment eliminations			External		Total		Inter- segment eliminations			External		Total		Inter- segment eliminations		External		Total		Inter- segment eliminations			External
Revenue		201,294		(95,315	)		105,979		121,532		(6,637	)		114,895		44,808		805		45,613		40,094		(1,538	)		38,556
Contribution margin ¹		52,679		(5,790	)		46,889		43,926		(1,695	)		42,231		9,197		6,324		15,521		9,001		813			9,814

	Diabetrics							Corporate							Total
Year 2020	Total		Inter- segment eliminations			External		Total			Inter- segment eliminations		External		Total			Inter- segment eliminations			External
Revenue		39,221		(16,432	)		22,789		2,431			1,204		3,635		449,380			(117,913	)		331,467
Contribution margin ¹		6,294		(807	)		5,487		(10,157	)		11,901		1,744		110,940			10,745			121,685
Administrative expenses		—		—			—		58,631			—		58,631		58,631			—			58,631
Finance expenses		—		—			—		54,489			—		54,489		54,489			—			54,489
Other expenses		—		—			—		7,716			—		7,716		7,716			—			7,716
Income (loss) before tax																(9,896	)		10,745			849

¹	Contribution Margin is determined by subtracting sales and marketing expenses from gross profit. The Group’s customer revenue recognition (external revenue) policy has been consistent with inter-segment revenue generated.

Schedule of basis of geographical segments

	For the year ended December 31
	2022		2021		2020
South America		275,933		284,068		249,983
Central America		86,679		72,188		58,082
North America		37,115		44,857		12,576
Europe		10,193		8,629		10,826
Total		409,920		409,742		331,467

Inventories, net (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventories, net [Abstract]
Inventories recognized	$ 170,351	$ 174,029
Recognized as marketing expenses	6,659	3,867
Write-down to net realizable value	$ 5,717	$ 5,391

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions (Details) [Line Items]
Sales through an agent		$ 1,803,000	$ 1,826,000
Interest expense	$ 76,000	61,000	49,000
Trade and other receivables	18,060	5,333
Other expenses	$ 25,299,000	$ 78,991,000	7,716,000
Related parties repayable, term	1 year
Average interest rate	6.00%	6.00%
Related Parties [Member]
Related Party Transactions (Details) [Line Items]
Other expenses	$ 494,000	$ 427,000	$ 325,000

Consolidated Statement of Financial Position - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Non-current assets
Property, plant and equipment, net	$ 73,965	$ 72,638
Right-of-use assets, net	39,013	40,167
Goodwill	5,791	6,803
Intangible assets, net	32,208	30,171
Investments in joint ventures	1,505	2,443
Other financial assets	210	256
Deferred tax assets, net	6,974	7,067
Other assets	3,078	4,531
Total non-current assets	162,744	164,076
Current assets
Cash	43,003	72,112
Trade and other receivables, net	129,602	117,449
Inventories, net	96,833	79,430
Amounts owed by related parties, net	2,474	1,147
Current tax assets, net	21,187	22,082
Other current assets, net	4,344	5,839
Total current assets	297,443	298,059
Total assets	460,187	462,135
Liabilities and Shareholders’ Equity (Deficit)
Share capital	1,011	1,011
Share premium	377,677	377,677
Reserves	45,743	42,749
Accumulated deficit	(391,513)	(431,059)
Accumulated other comprehensive loss	(33,859)	(27,778)
Equity (deficit) attributable to owners of the Company	(941)	(37,400)
Non-controlling interest	(937)	(940)
Total equity (deficit)	(1,878)	(38,340)
Non-Current liabilities
Borrowings	28,410	178,720
Warrant liabilities	10,916	23,112
Shares held in escrow	40,064	101,859
Deferred tax liabilities, net	7,821	6,070
Other liabilities	6,480	2,750
Total non-current liabilities	93,691	312,511
Current liabilities
Borrowings	257,525	74,646
Trade and other payables	90,187	85,381
Amounts owed to related parties	2,914	8,450
Current tax liabilities, net	6,133	11,756
Provisions	138	501
Other liabilities	11,477	7,230
Total current liabilities	368,374	187,964
Total liabilities and shareholders’ equity (deficit)	$ 460,187	$ 462,135

Provisions and contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of Other Provisions Contingent Liabilities And Contingent Assets [Abstract]

Schedule of provisions and contingencies

	2022			2021
Provisions and contingencies
Balance as of January 1	$	501		$	1,829
Effect of changes in foreign exchange rates		9			(209	)
Provisions made		43			—
Provisions used		(415	)		(1,119	)
Balance as of December 31	$	138		$	501

Trade and Other Receivables, Net (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Disclosure of Trade and Other Receivables Text Block [Abstract]

Discount and return provision amounts

$ 13,443

$ 7,345

Receivable

^[1]

12,065

10,030

Trade receivables

2,547

11,973

Trade Receivables [Member]

Disclosure of Trade and Other Receivables Text Block [Abstract]

Receivable

10,768

8,755

Other Receivable [Member]

Disclosure of Trade and Other Receivables Text Block [Abstract]

Receivable

$ 1,297

$ 1,275

[1]	Total impairment balance is comprised of $10,768 (2021: $8,755) for trade receivables and $1,297 (2021: $1,275) for other receivables.

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right of use assets	$ 1,373	$ 1,537
Administrative costs	4,469	3,633
Cost of goods sold	1,786	590
Acquisition transaction amount		4,533
Acquisition transaction pending balance		4,533
Cash outflow for leases	$ 6,679	$ 8,854

Trade and Other Receivables, Net

12 Months Ended

Dec. 31, 2022

Trade and Other Receivables, Net [Abstract]

Disclosure Of Trade And Other Receivables Text Block [Abstract]

Note 18. Trade and other receivables, net

	As of December 31
	2022			2021
Trade receivables, net of discounts ¹	$	126,456		$	111,071
Other receivables		15,211			16,408
Impairment of trade and other receivables ²		(12,065	)		(10,030	)
Trade receivables, net of discounts and impairment	$	129,602		$	117,449

¹	Discount and return provision amounts to $13,443 (2021: $7,345).

²	Total impairment balance is comprised of $10,768 (2021: $8,755) for trade receivables and $1,297 (2021: $1,275) for other receivables.

Refer to Note 27. Financial instruments for the Group’s disclosures on credit risk management and expected credit losses.

The Group has entered into factoring arrangements to sell certain trade receivables to third parties under recourse programs, retaining all risk and rewards incidental to the trade receivables, so no derecognition of the financial assets has been performed. Trade receivables which collateralize factoring obligations as of December 31, 2022 amount to $2,547 (2021: $11,973).

Trade and Other Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of trade and other receivables, net

	As of December 31
	2022			2021
Trade receivables, net of discounts ¹	$	126,456		$	111,071
Other receivables		15,211			16,408
Impairment of trade and other receivables ²		(12,065	)		(10,030	)
Trade receivables, net of discounts and impairment	$	129,602		$	117,449

¹	Discount and return provision amounts to $13,443 (2021: $7,345).

²	Total impairment balance is comprised of $10,768 (2021: $8,755) for trade receivables and $1,297 (2021: $1,275) for other receivables.

Events After the Reporting Period (Details) $ in Thousands	12 Months Ended
Events After the Reporting Period (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Events After the Reporting Period (Details) [Line Items]
Outstanding obligation amount	$ 5,719
BTG Credit Agreement [Member]
Events After the Reporting Period (Details) [Line Items]
Description of indicative facts of indebtedness	●The Company’s consolidated Indebtedness Indicator (Indebtedness / EBITDA) must not be greater than 4.5x (original covenant: greater than 3.5x).●The Company’s consolidated EBITDA/Finance expense must not be less than 1.8x (original covenant: less than 3.0x)
Syndicated Loan Agreement [Member]
Events After the Reporting Period (Details) [Line Items]
Description of indicative facts of indebtedness and leverage ratio at CP	●Indebtedness Indicator (Indebtedness/EBITDA) must be less than or equal to 4.5 times (original covenant: less than or equal to 3.5 times). If the indicator is greater than 4.1 and less than 4.3 (original covenant: greater than 3.0 and less than 3.5), it proceeds to the extent that this value is originated by causes other than additional debt and the justification of the increase must be presented to the agent. ●Short-term leverage ratio less than 1.6 (original covenant: less than 1.0). ●EBITDA ratio / financial expenses greater than or equal to 1.8 (original covenant: greater than or equal to 3.0)
NPA [Member]
Events After the Reporting Period (Details) [Line Items]
Description of total consolidated debt of the group and the interest coverage ratio and finally the indebtedness ratio	●The consolidated total debt of Procaps, S.A., the Group and the other obligors thereunder to consolidated EBITDA for the last twelve months of 4:00:1.00 or less (original covenant: 3.50:1.00 or less). ●An EBITDA interest coverage ratio in excess of, or equal to, 2.20:1.00 (original covenant: in excess of, or equal to, 3.00:1.00). ●Short-term leverage ratio equal to or less than 2.00:1:00 (original covenant: equal to or less than 1.00:1.00).

Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 01, 2022	Dec. 31, 2021	Dec. 01, 2021
Carrying amount [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total	$ 102,799		$ 87,421
+1% [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total		$ 103,827		$ 88,296
-1% [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total		101,771		86,546
DTF/IBR [Member] \| Carrying amount [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total	79,345		67,970
DTF/IBR [Member] \| +1% [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total		80,138		68,650
DTF/IBR [Member] \| -1% [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total		78,551		67,290
SOFR [Member] \| Carrying amount [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total	$ 23,454		$ 19,451
SOFR [Member] \| +1% [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total		23,688		19,646
SOFR [Member] \| -1% [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total		$ 23,219		$ 19,256

Trade and other receivables

The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]

+ References + Details

Investment in joint ventures (Details) - Schedule of financial information of joint venture - Promedical S.A [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investment in joint ventures (Details) - Schedule of financial information of joint venture [Line Items]
Current assets	$ 10,107	$ 10,324
Non-current assets	2,970	3,136
Current liabilities	8,422	6,231
Non-current liabilities	866	795
Equity	3,789	6,434
Revenue	19,844	23,704
(Loss)/income for the year	(2,040)	1,423
Total comprehensive (loss)/income	$ (2,040)	$ 1,423

Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill (Details) [Line Items]
Impairment loss expense	$ 6,018
Impairment loss on goodwill	838
Impairment loss on ROU asset	356
Impairment of intangible assets	135
Unrecognized impairment loss	5,723
Goodwill [member]
Goodwill (Details) [Line Items]
Impairment loss on goodwill	838
Remaining carrying amount	0
Property, plant and equipment [member]
Goodwill (Details) [Line Items]
Remaining carrying amount	1,596
Impairment of property plant and equipment	4,689
Other intangible assets [member]
Goodwill (Details) [Line Items]
Remaining carrying amount	0
Impairment of intangible assets	135
Rymco S.A. [Member]
Goodwill (Details) [Line Items]
Impairment loss expense	6,018
Right-of-use assets [member]
Goodwill (Details) [Line Items]
Remaining carrying amount	$ 2,744

Deferred tax (Details) - Schedule of deferred tax assets and liabilities by type of temporary - Temporary Difference [Member] - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Net deferred tax asset (liability)

$ 449

$ (1,357)

Inventories

3,930

3,142

Property, plant and equipment

(4,019)

(3,486)

Intangibles

(5,112)

(875)

Borrowings and Trade and other payables

2,648

3,639

Provisions and Other liabilities

1,780

1,005

Others

^[1]

(523)

(1,071)

Total net deferred tax asset (liability)

$ (847)

$ 997

[1]	As of December 31, 2022, includes a deferred tax asset of $380 related to Procaps S.A. tax losses generated during the year. As of December 31, 2021, the deferred tax asset balance does not comprise unused tax losses.

New and Amended IFRS Standards That Are Effective For the Current Year

12 Months Ended

Dec. 31, 2022

New and amended IFRS Standards that are effective for the current year [Abstract]

New and amended IFRS Standards that are effective for the current year

Note 5. New and amended IFRS Standards that are effective for the current year

The Group adopted the following accounting standard amendments from January 1, 2022. The evaluation performed by management determined that these amendments did not result in a significant impact in relation to the Group as of December 31, 2022.

Reference to the Conceptual Framework – Amendments to IFRS 3 - Effective January 1, 2022

Minor amendments were made to IFRS 3 Business Combinations to update the references to the Conceptual Framework for Financial Reporting and add an exception for the recognition of liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IFRIC 21 Levies. The amendments also confirm that contingent assets should not be recognized at the acquisition date.

No business combinations were consummated for the year ended December 31, 2022 and therefore, this amendment has not impacted the Group.

Onerous Contracts – Cost of Fulfilling a Contract - Amendments to IAS 37 - Effective January 1, 2022

The amendment to IAS 37 clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts. Before recognizing a separate provision for an onerous contract, the entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract.

Due to the nature of contractual arrangements with customers, this amendment has not impacted the Group.

Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) - Effective January 1, 2022

The amendment to IAS 16 Property, Plant and Equipment (“PP&E”) prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is ‘testing whether the asset is functioning properly’ when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment.

Entities must disclose separately the amounts of proceeds and costs relating to items produced that are not an output of the entity’s ordinary activities.

The Group did not sell any items produced by PP&E while the entity was preparing such asset for its intended use and therefore, this amendment has not impacted the Group.

Annual Improvements to IFRS Standards 2018-2020 - Effective January 1, 2022

The following improvements were finalized in May 2020:

IFRS 9 Financial Instruments – clarifies which fees should be included in the 10% test for the derecognition of financial liabilities. No significant financial instruments were modified during the year ended December 31, 2022 and therefore, this improvement has not impacted the Group.

IFRS 16 Leases – amendment of illustrative example 13 to remove the illustration of payments from the lessor relating to leasehold improvements in order to remove any confusion about the treatment of lease incentives. No payments were received from lessors related to leasehold improvements during the year ended December 31, 2022 and therefore, this amendment has not impacted the Group.

The evaluation performed by Management determined that there was not significant impact in relation to the Group as of December 31, 2022.

Warrant Liabilities (Details) - Schedule of warrant liability - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Schedule Of Warrant Liability Abstract

Public warrants

$ 9,200

$ 16,000

Private warrants

1,716

^[1]

7,112

^[1]

Warrant liability

$ 10,916

$ 23,112

[1]	Private warrants include 2,875,000 held by the former SPAC sponsors deposited in an escrow account.

Shareholder’s Equity (Details) - USD ($) $ in Thousands		12 Months Ended
Shareholder’s Equity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shareholder’s Equity (Details) [Line Items]
Shares authorized		800,000,000	800,000,000	2,001,071
Outstanding shares		112,824,184	112,824,184	2,001,071
Cent		one
Shares issued		112,824,184	112,824,184	2,001,071
Ordinary share vote		one
Right to dividend		one
Opco shares issued		10,464,612
Ordinary shares		101,110	98,143	97,129
Aggregate subscription price (in Dollars)		$ 201,955
Total aggregate amount (in Dollars)		$ 202
Ordinary shares issued		11,714,612
Profit or loss amount (in Dollars)		$ 106,364
Redeemed share	4,500,000
Purchase price (in Dollars)	$ 45,000
Redeemable A Shares [Member]
Shareholder’s Equity (Details) [Line Items]
Redeemable shares		4,000,000
Class B Redeemable shares [Member]
Shareholder’s Equity (Details) [Line Items]
Redeemable shares		4,500,000
Holdco ordinary shares		4,500,000
OpCo Ordinary Shares [Member]
Shareholder’s Equity (Details) [Line Items]
Outstanding shares		2,904,146
Opco shares issued		97,128,690
Holdco Redeemable B Shares [Member]
Shareholder’s Equity (Details) [Line Items]
Redeemable B shares		4,500,000
Top of range [Member] \| Class B Redeemable shares [Member]
Shareholder’s Equity (Details) [Line Items]
Ordinary shares		92,628,689
Bottom of range [Member] \| Class B Redeemable shares [Member]
Shareholder’s Equity (Details) [Line Items]
Ordinary shares		1,250,000

Related Party Transactions (Details) - Schedule of loans to and from related parties - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans to related parties [Member]
Related Party Transactions (Details) - Schedule of loans to and from related parties [Line Items]
Beginning Balance	$ 276	$ 304	$ 499
Loans advanced
Loan repayments received	(61)	(28)	(195)
Ending Balance	215	276	304
Loans from related parties [Member]
Related Party Transactions (Details) - Schedule of loans to and from related parties [Line Items]
Beginning Balance	7,115	15,844	20,963
Loans advanced	61		32
Loan repayments	(7,191)	(9,154)	(5,856)
Interest accrued	76	425	705
Ending Balance	$ 61	$ 7,115	$ 15,844

General Company Information (Details) - Schedule group’s principal subsidiaries	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Procaps S.A. [Member]
General Company Information (Details) - Schedule group’s principal subsidiaries [Line Items]
Place of business/country of incorporation	Colombia
Percentage of Ownership Interests	100.00%	100.00%	100.00%
Percentage of Non-controlling interests
Principal activities	Manufacturing and distribution of prescription and over-the-counter pharmaceutical products.
C.I. Procaps S.A. [Member]
General Company Information (Details) - Schedule group’s principal subsidiaries [Line Items]
Place of business/country of incorporation	Colombia
Percentage of Ownership Interests	100.00%	100.00%	100.00%
Percentage of Non-controlling interests
Procaps S.A. de C.V (previously Laboratorios Lopez S.A. de C.V.) [Member]
General Company Information (Details) - Schedule group’s principal subsidiaries [Line Items]
Place of business/country of incorporation	El Salvador
Percentage of Ownership Interests	100.00%	100.00%	100.00%
Percentage of Non-controlling interests
Softcaps - Colbras [Member]
General Company Information (Details) - Schedule group’s principal subsidiaries [Line Items]
Place of business/country of incorporation	Brazil
Percentage of Ownership Interests	100.00%	100.00%	100.00%
Percentage of Non-controlling interests
Diabetrics Healthcare S.A.S. [Member]
General Company Information (Details) - Schedule group’s principal subsidiaries [Line Items]
Place of business/country of incorporation	Colombia
Percentage of Ownership Interests	100.00%	100.00%	100.00%
Percentage of Non-controlling interests
Principal activities	Diabetes solutions and chronic disease management tool.

Financial Instruments (Details) - Schedule of carrying amounts of financial assets and financial liabilities - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

FVTPL [Member]

Financial assets not measured at fair value

Amounts owed by related parties

^[1]

^[1]

Cash

^[1]

Other financial assets

^[1]

Total financial assets not measured at fair value

^[1]

Financial liabilities measured at fair value

Warrant liabilities

10,916

^[1]

23,112

Shares held in escrow

40,064

^[1]

101,859

Total financial liabilities measured at fair value

50,980

^[1]

124,971

Financial liabilities not measured at fair value

^[1]

^[1]

Total financial liabilities not measured at fair value

^[1]

^[1]

Amortized cost [Member]

Financial assets not measured at fair value

Amounts owed by related parties

^[2]

129,602

117,449

^[2]

2,474

1,147

Cash

^[2]

43,003

72,112

Other financial assets

^[2]

210

256

Total financial assets not measured at fair value

^[2]

175,289

190,964

Financial liabilities measured at fair value

Warrant liabilities

^[2]

Shares held in escrow

^[2]

Total financial liabilities measured at fair value

^[2]

Financial liabilities not measured at fair value

^[2]

285,934

253,365

^[2]

90,187

85,381

Total financial liabilities not measured at fair value

^[2]

2,914

8,450

^[2]

$ 379,035

$ 347,196

[1]	The fair value is comprised of $9,200 level 1 and $41,780 level 3 as of December 31, 2022 (2021: $16,000 and $108,971, respectively).
[2]	The amortized cost approximates fair value as of December 31, 2022 and 2021, respectively.

Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Private warrants [Member] \| Level 3 of fair value hierarchy [member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Fair value	$ 1,466
Valuation Technique	The fair value of the Private Warrants is estimated using the Black-Scholes option pricing formula for European calls, since the underlying stock is not expected to pay dividends over the term of the Warrants.
Significant unobservable input	Volatility of 36.6% (2021: 30.0%)
Relationship between significant unobservable input to fair value	The higher (lower) the volatility, the higher (lower) the fair value.
Private warrants [Member] \| +5% [Member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Sensitivity of significant unobservable input to fair value	$ 1,883
Private warrants [Member] \| -5% [Member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Sensitivity of significant unobservable input to fair value	934
Private warrants in escrow [Member] \| Level 3 of fair value hierarchy [member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Fair value	$ 250
Valuation Technique	The fair value of the Private Warrants is estimated using Monte Carlo simulation in a risk-neutral framework assuming a Geometric Brownian Motion for the future stock price.
Significant unobservable input	Volatility of 37.5% (2021: 30.0%)
Relationship between significant unobservable input to fair value	The higher (lower) the volatility, the higher (lower) the fair value.
Private warrants in escrow [Member] \| +5% [Member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Sensitivity of significant unobservable input to fair value	$ 340
Private warrants in escrow [Member] \| -5% [Member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Sensitivity of significant unobservable input to fair value	165
Shares held in escrow [Member] \| Level 3 of fair value hierarchy [member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Fair value	$ 40,064
Valuation Technique	The fair value of the shares to be delivered is estimated using Monte Carlo simulation in a risk-neutral framework assuming a Geometric Brownian Motion for the future stock price.
Significant unobservable input	Volatility of 36.5% (2021: 30.0%)
Relationship between significant unobservable input to fair value	The higher (lower) the volatility, the higher (lower) the fair value.
Shares held in escrow [Member] \| +5% [Member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Sensitivity of significant unobservable input to fair value	$ 43,696
Shares held in escrow [Member] \| -5% [Member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Sensitivity of significant unobservable input to fair value	$ 35,905

Finance Income (Expenses), Net (Details) - Schedule of finance expenses, net - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Finance Expenses Net [Abstract]
Banking expenses	$ (781)	$ (1,056)	$ (590)
Bank fees	(8,498)	(2,263)	(986)
Other financial expenses	(1,033)	(354)	(281)
Net fair value gain of warrant liabilities	12,196	5,851
Net fair value gain of shares held in escrow	61,795	4,506
Interest expense	(25,762)	(85,320)	(52,632)
Total income (expense)	$ 37,917	$ (78,636)	$ (54,489)

Property, plant and equipment, net

12 Months Ended

Dec. 31, 2022

Disclosure of Property, Plant and Equipment, Net [Abstract]

Property, plant and equipment, net

Note 14. Property, plant and equipment, net

Cost	Land and buildings			Machinery and equipment, furniture and fixtures			Projects in progress			Other ¹			Total
Balance as of January 1, 2021		26,819			69,664			9,330			9,478			115,291
Additions		487			4,764			10,019			167			15,437
Disposals		(289	)		(350	)		—			(15	)		(654	)
Effect of exchange differences in foreign currency		(1,180	)		(8,930	)		(1,130	)		(515	)		(11,755	)
Transfers		4,482			6,518			(7,578	)		(5,087	)		(1,665	)
Balance as of December 31, 2021		30,319			71,666			10,641			4,028			116,654
Additions		4,425			2,556			16,055			121			23,157
Disposals		(2,072	)		(2,071	)		—			(2	)		(4,145	)
Effect of exchange differences in foreign currency		(1,283	)		(9,698	)		(2,008	)		(512	)		(13,501	)
Transfers		759			1,667			(2,872	)		179			(267	)
Balance as of December 31, 2022		32,148			64,120			21,816			3,814			121,898

Accumulated depreciation and impairment losses	Land and buildings			Machinery and equipment, furniture and fixtures			Projects in progress		Other ¹			Total
Balance as of January 1, 2021		8,071			32,624			—		4,261			44,956
Disposals		(70	)		(91	)		—		(16	)		(177	)
Depreciation expense		871			4,653			—		548			6,072
Effect of exchange differences in foreign currency		(328	)		(3,743	)		—		(472	)		(4,543	)
Transfers		(907	)		(587	)		—		(798	)		(2,292	)
Balance as of December 31, 2021		7,637			32,856			—		3,523			44,016
Disposals		—			(2,013	)		—		(1	)		(2,014	)
Depreciation expense		775			4,662			—		219			5,656
Impairment loss		—			4,247			403		39			4,689
Effect of exchange differences in foreign currency		508			(4,648	)		—		(315	)		(4,455	)
Transfers		—			39			—		2			41
Balance as of December 31, 2022		8,920			35,143			403		3,467			47,933

As of December 31, 2021
Net book value		22,682			38,810			10,641		505			72,638
As of December 31, 2022
Net book value		23,228			28,977			21,413		347			73,965

¹	‘Other’ includes computer equipment and other office furniture and equipment.

As of December 31, 2022, depreciation expense was recognized as follows: $4,504 was recognized as Cost of sales (2021: $4,382), for manufacturing costs, and $1,152 (2021: $1,690) within Administrative expenses.

Impairment loss recognized in Other expenses, net relates to the Rymco cash-generating unit. Refer to Note 12. Goodwill for further information.

Financial Commitments

As of year-end 2022, the Group has commitments to acquire capital expenditures for $2,304 (2021: $3,585).

Asset Acquisition of a Pharmaceutical Production Facility

As of December 31, 2021 the Group acquired an 86,000 sq. ft. pharmaceutical production facility. The purchase price allocated to property, plant and equipment based on the estimated fair value of the assets acquired at the date of the asset acquisition was $1,487. Please refer to Note 26.2. Asset acquisition - Pharmaceutical production facility.

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of transactions with joint ventures

	For the year ended December 31
	2022		2021¹		2020¹
Sale of finished products	$	8,038	$	5,628	$	5,583
Revenue from services and consulting		1,034		116		87
Purchases of raw materials and other services		12,367		10,240		11,339

Schedule of current amounts were outstanding

	As of December 31
	2022			2021
Trade and other receivables by related parties	$	14,028			12,491
Loans owed by related parties		215			276
Less: provisions		(11,769	)		(11,620	)
Amounts owed by related parties, net	$	2,474		$	1,147

	As of December 31
	2022		2021
Trade and other payables to related parties	$	2,853	$	1,335
Loans owed to related parties		61		7,115
Amounts owed to related parties	$	2,914	$	8,450

Current	$	2,914	$	8,450
Non-current	$	—	$	—

Schedule of loans to and from related parties

Loans to related parties	2022			2021			2020
Balance as of January 1	$	276		$	304		$	499
Loans advanced		—			—			—
Loan repayments received		(61	)		(28	)		(195	)
Balance as of December 31	$	215		$	276		$	304

Loans from related parties	2022			2021			2020
Balance as of January 1	$	7,115		$	15,844		$	20,963
Loans advanced		61			—			32
Loan repayments		(7,191	)		(9,154	)		(5,856	)
Interest accrued		76			425			705
Balance as of December 31	$	61		$	7,115		$	15,844

Schedule of consolidated statement of profit or loss

	For the year ended December 31
	2022		2021¹		2020¹
Short-term employee benefits	$	2,415	$	2,202	$	1,972
Consulting fees		3,357		2,730		1,971
Total	$	5,772	$	4,932	$	3,943

Finance Income (Expenses), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finance Income (Expenses), Net [Abstract]
Bank fees	$ 6,076
Amount of interest expense		$ 23,506	$ 27,344
Extinguishment loss			35,920
Interest on lease liabilities	1,033	$ 720	$ 601
Interest expense	$ 1,601

Revenue

12 Months Ended

Dec. 31, 2022

Disclosure Of Revenue [Abstract]

Schedule of Weighted Average Number of Shares Considers the Ordinary Shares [Abstract]

Note 7. Revenue

The Group recognizes its revenues from the transfer of goods and services to the fulfillment of its performance obligations. The Group’s annual revenue includes $7,098 (2021: $3,637, 2020: $2,213) recognized from intellectual property licensing and dossier generation.

Products

The Group primarily engages in developing, producing and marketing pharmaceutical solutions. It is considered an integrated international healthcare and pharmaceutical company across the three core therapeutical areas: hospitals/clinics, pharmacies (prescription) and over-the-counter (non-prescription).

The Group’s main products for the years ended December 31, 2022, 2021 and 2020 are:

Business to Business

Nextgel

Softgel: Integrated CMDO, soft gelatin capsules, softgels, gummy-gels and GTabs.

Business to Consumer

Procaps Colombia, CAN and CASAND

VitalCare: Branded drugs, consumer over-the-counter and generics.

Clinical Specialties: High-complexity drugs and medical devices.

ii.

Farma: Branded prescription drugs.

Diabetrics

Diabetrics: Diabetes solutions and chronic disease management tool.

Disaggregation of revenue from contracts with customers

Revenue from contracts with customers is disaggregated by primary geographical market and major products (refer to Note 8. Segment reporting) and by timing of revenue recognition in the table below.

	Reportable segments
For the year ended December 31 2022	NextGel			Procaps Colombia			CAN			CASAND			Diabetrics			Corporate		Total

Segment revenue		256,112			145,330			77,928			83,392			34,459			—		597,221
Inter-segment revenue		(131,047	)		(2,985	)		(22,461	)		(17,062	)		(13,746	)		—		(187,301	)
Revenue from contracts with customers		125,065			142,345			55,467			66,330			20,713			—		409,920

Timing of revenue recognition
Goods transferred at a point in time		118,394			142,345			55,467			65,903			20,713			—		402,822
Services transferred over time		6,671			—			—			427			—			—		7,098
Total revenue from contracts with customers		125,065			142,345			55,467			66,330			20,713			—		409,920

	Reportable segments
For the year ended December 31 2021	NextGel			Procaps Colombia			CAN			CASAND			Diabetrics			Corporate		Total

Segment revenue		244,791			156,820			67,842			68,242			47,835			—		585,530
Inter-segment revenue		(123,964	)		(1,493	)		(16,905	)		(14,286	)		(19,140	)		—		(175,788	)
Revenue from contracts with customers		120,827			155,327			50,937			53,956			28,695			—		409,742

Timing of revenue recognition
Goods transferred at a point in time		117,190			155,327			50,937			53,956			28,695			—		406,105
Services transferred over time		3,637			—			—			—			—			—		3,637
Total revenue from contracts with customers		120,827			155,327			50,937			53,956			28,695			—		409,742

	Reportable segments
For the year ended December 31 2020	NextGel			Procaps Colombia			CAN		CASAND			Diabetrics			Corporate		Total

Segment revenue		201,294			121,532			44,808		40,094			39,221			2,431		449,380
Inter-segment revenue		(95,315	)		(6,637	)		805		(1,538	)		(16,432	)		1,204		(117,913	)
Revenue from contracts with customers		105,979			114,895			45,613		38,556			22,789			3,635		331,467

Timing of revenue recognition
Goods transferred at a point in time		103,766			114,895			45,613		38,556			22,789			3,635		329,254
Services transferred over time		2,213			—			—		—			—			—		2,213
Total revenue from contracts with customers		105,979			114,895			45,613		38,556			22,789			3,635		331,467

Revenue recognized from goods transferred at a point in time include revenues related to “sales of goods” and “sales of trademarks and sanitary records”. Revenue recognized from services transferred over time include revenues related to “intellectual property licensing” and “dossier generation”. Revenues, other than sales of goods, are not material to the Group.

Earnings Per Share (Details) - Schedule of weighted average number of shares considers the ordinary shares - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Net income/(loss) of the year (in Dollars)

$ 42,540

$ (100,863)

$ (10,447)

Number of ordinary shares issued at December 31

^[1]

101,110

97,129

Weighted average basic number of ordinary shares

101,110

98,143

97,129

Assumed exercise of share equivalents

Weighted average diluted number of shares

101,110

98,143

97,129

Basic and diluted income/(loss) per share in the year (in Dollars per share)

$ 0.42

$ (1.03)

$ (0.11)

[1]	Includes 903,075 shares held under put option before the transaction as such ordinary shareholders were entitled to receive dividends.

Basis of preparation and accounting [Abstract]

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2022-03-24
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2022-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2022-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2022-03-24
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2022-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2022-03-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2022-03-24
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2022-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2022-03-24

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2022-03-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2022-03-24
-Paragraph 39L
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2022-en-b&anchor=para_39L_e&doctype=Standard
-URIDate 2022-03-24

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_23&doctype=Standard
-URIDate 2022-03-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2022-03-24
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2022-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2022-03-24

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2023-01-01
-Name IFRS
-Number 17
-IssueDate 2022-03-24
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2022-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2022-03-24

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2022-03-24

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2022-03-24

+ Details

Revenue (Details) - Schedule of primary geographical market and major products - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue (Details) - Schedule of primary geographical market and major products [Line Items]
Segment revenue	$ 597,221	$ 585,530	$ 449,380
Inter-segment revenue	(187,301)	(175,788)	(117,913)
Revenue from contracts with customers	409,920	409,742	331,467
Timing of revenue recognition
Goods transferred at a point in time	402,822	406,105	329,254
Services transferred over time	7,098	3,637	2,213
Total revenue from contracts with customers	409,920	409,742	331,467
NextGel [Member]
Revenue (Details) - Schedule of primary geographical market and major products [Line Items]
Segment revenue	256,112	244,791	201,294
Inter-segment revenue	(131,047)	(123,964)	(95,315)
Revenue from contracts with customers	125,065	120,827	105,979
Timing of revenue recognition
Goods transferred at a point in time	118,394	117,190	103,766
Services transferred over time	6,671	3,637	2,213
Total revenue from contracts with customers	125,065	120,827	105,979
Procaps Colombia [Member]
Revenue (Details) - Schedule of primary geographical market and major products [Line Items]
Segment revenue	145,330	156,820	121,532
Inter-segment revenue	(2,985)	(1,493)	(6,637)
Revenue from contracts with customers	142,345	155,327	114,895
Timing of revenue recognition
Goods transferred at a point in time	142,345	155,327	114,895
Services transferred over time
Total revenue from contracts with customers	142,345	155,327	114,895
CAN [Member]
Revenue (Details) - Schedule of primary geographical market and major products [Line Items]
Segment revenue	77,928	67,842	44,808
Inter-segment revenue	(22,461)	(16,905)	805
Revenue from contracts with customers	55,467	50,937	45,613
Timing of revenue recognition
Goods transferred at a point in time	55,467	50,937	45,613
Services transferred over time
Total revenue from contracts with customers	55,467	50,937	45,613
CASAND [Member]
Revenue (Details) - Schedule of primary geographical market and major products [Line Items]
Segment revenue	83,392	68,242	40,094
Inter-segment revenue	(17,062)	(14,286)	(1,538)
Revenue from contracts with customers	66,330	53,956	38,556
Timing of revenue recognition
Goods transferred at a point in time	65,903	53,956	38,556
Services transferred over time	427
Total revenue from contracts with customers	66,330	53,956	38,556
Diabetrics [Member]
Revenue (Details) - Schedule of primary geographical market and major products [Line Items]
Segment revenue	34,459	47,835	39,221
Inter-segment revenue	(13,746)	(19,140)	(16,432)
Revenue from contracts with customers	20,713	28,695	22,789
Timing of revenue recognition
Goods transferred at a point in time	20,713	28,695	22,789
Services transferred over time
Total revenue from contracts with customers	20,713	28,695	22,789
Corporate [Member]
Revenue (Details) - Schedule of primary geographical market and major products [Line Items]
Segment revenue			2,431
Inter-segment revenue			1,204
Revenue from contracts with customers			3,635
Timing of revenue recognition
Goods transferred at a point in time			3,635
Services transferred over time
Total revenue from contracts with customers			$ 3,635

New and Amended IFRS Standards That Are Effective For the Current Year (Details)	Dec. 31, 2022
New and amended IFRS Standards that are effective for the current year [Abstract]
Percentage of fees	10.00%

Financial Instruments

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

Financial instruments

Note 27. Financial instruments

27.1 Accounting classification and fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring fair value, the Group uses observable market data whenever possible. Fair values are categorized into different levels in a hierarchy based on the inputs used in the valuation techniques as follows:

●

Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

●

Level 2: inputs are observable either directly (e.g. as prices) or indirectly (e.g. derived from prices).

●

Level 3: fair value measurements incorporate significant inputs that are based on unobservable market data.

The following table shows the carrying amounts of financial assets and financial liabilities. The amortized cost basis of the financial assets and liabilities not measured at fair value approximates their fair value.

	As of December 31, 2022				As of December 31, 2021
	FVTPL¹		Amortized cost²		FVTPL¹		Amortized cost²
Financial assets not measured at fair value
Trade and other receivables, net	$	—	$	129,602	$	—	$	117,449
Amounts owed by related parties		—		2,474		—		1,147
Cash		—		43,003		—		72,112
Other financial assets		—		210		—		256
Total financial assets not measured at fair value	$	—	$	175,289	$	—	$	190,964

Financial liabilities measured at fair value
Warrant liabilities	$	10,916	$	—	$	23,112	$	—
Shares held in escrow		40,064		—		101,859		—
Total financial liabilities measured at fair value	$	50,980	$	—	$	124,971	$	—
Financial liabilities not measured at fair value
Borrowings	$	—	$	285,934	$	—	$	253,365
Trade and other payables		—		90,187		—		85,381
Amounts owed to related parties		—		2,914		—		8,450
Total financial liabilities not measured at fair value	$	—	$	379,035	$	—	$	347,196

¹	The fair value is comprised of $9,200 level 1 and $41,780 level 3 as of December 31, 2022 (2021: $16,000 and $108,971, respectively).

²	The amortized cost approximates fair value as of December 31, 2022 and 2021, respectively.

27.2 Measurement of fair values

The following table shows the valuation techniques used in measuring Level 3 fair values for financial instruments in the Consolidated Statement of Financial Position, as well as the significant unobservable inputs used.

Type

Fair value

Valuation Technique

Significant
unobservable
input

Relationship between significant unobservable input to fair value

Sensitivity of significant unobservable input to fair value

+5%

-5%

Private warrants

1,466

Volatility of 36.6% (2021: 30.0%)

The higher (lower) the volatility, the higher (lower) the fair value.

1,883

934

Private warrants in escrow

250

The fair value of the Private Warrants is estimated using Monte Carlo simulation in a risk-neutral framework assuming a Geometric Brownian Motion for the future stock price.

Volatility of 37.5% (2021: 30.0%)

The higher (lower) the volatility, the higher (lower) the fair value.

340

165

Shares held in escrow

40,064

The fair value of the shares to be delivered is estimated using Monte Carlo simulation in a risk-neutral framework assuming a Geometric Brownian Motion for the future stock price.

Volatility
of 36.5% (2021: 30.0%)

The higher (lower) the volatility, the higher (lower) the fair value.

43,696

35,905

27.3 Financial risk management

The Group has exposure to the following risks arising from financial instruments:

●

Credit risk

●

Liquidity risk

●

Market risk, including: currency and interest rate risk

27.3.1. Risk management framework

The Group analyzes each of these risks individually as well as on a combined basis and defines strategies to manage the economic impact on the Group’s performance in line with its financial risk management policy. The Group does not subscribe or negotiate hedging instruments.

The Group’s Financial Administrative Unit (“UAC”) supports, monitors and manages financial risks through internal reports, which are analyzed individually in each country depending on the degree and magnitude of the risks thereof. The financial UAC periodically reports to the shareholders the conclusions of such risk monitoring and proposes the plans and policies necessary to mitigate exposures.

27.3.2. Credit risk

Credit risk refers to the risk that one of the parties fails to comply with its contractual obligations, resulting in a financial loss for the Group. As a corporate policy, the Group conducts business only with strong financial institutions and credit institutions with renowned national and international prestige. For banks, only independently rated parties with a minimum rating of ‘A’ are accepted.

The Group only makes transactions with financial entities that have risk certifications and/or that are monitored by the relevant authorities in each country. The information provided by rating agencies is consistently monitored and, if not available, the Group uses other available financial information and its own business records to qualify its main customers and finance providers. Before accepting any new customer, the Group uses a rating system to assess the credit quality of the potential customer and defines the credit limits for each customer. Limits and ratings attributed to customers are reviewed twice a year. Trade accounts receivable that are not past due or impaired have the best credit rating according to the credit rating system used by the Group.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure of the Group. The carrying amount is presented net of impairment losses. None of the receivable balances as of December 31, 2022 or 2021 constitutes a significant concentration of credit risk. There are no other single customers representing more than 10% of total gross trade receivables for the years ended December 31, 2022 and 2021.

Expected credit losses

The average credit period on the sale of medicines is 60 to 120 days. In some cases, depending on market conditions and strategy, longer payment periods are granted. No interest surcharge is made on commercial accounts receivable. Refer to Note 3.4. Financial Instruments for further information on financial instruments significant accounting policies.

The Group has recognized a provision for doubtful accounts. The Group evaluates the impairment of its accounts receivable for the expected credit loss model, where it determines its value based on the probability of default, the loss due to default (i.e., the extent of the loss in case of default) and the exposure, by the application of the ‘simplified method’ for trade receivables without a significant financing component. The assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates to reflect information about current conditions and reasonable and supportable forecasts of future economic conditions.

The following table provides information about the exposure to credit risk and expected credit losses for Trade and other receivables and Amounts owed by related parties as of December 31, 2022 and 2021:

December 31, 2022	Current (not past due)			1-30 days past due			31-60 days past due			61-90 days past due			91-120 days past due			More than 120 days past due			Total
Weighted-average loss rate		0.39	%		3.42	%		4.50	%		14.25	%		19.89	%		83.88	%		14.07	%
Gross carrying amount		124,219			11,816			3,864			1,958			890			26,605			169,352
Impairment loss allowance		(483	)		(404	)		(174	)		(279	)		(177	)		(22,317	)		(23,834	)
		123,736			11,412			3,690			1,679			713			4,288			145,518

December 31, 2021	Current (not past due)			1-30 days past due			31-60 days past due			61-90 days past due			91-120 days past due			More than 120 days past due			Total
Weighted-average loss rate		0.60	%		2.11	%		2.35	%		3.38	%		3.26	%		67.43	%		14.67	%
Gross carrying amount		98,776			11,265			3,147			1,981			1,843			30,578			147,590
Impairment loss allowance		(591	)		(238	)		(74	)		(67	)		(60	)		(20,620	)		(21,650	)
		98,185			11,027			3,073			1,914			1,783			9,958			125,940

As of December 31, 2022, additions of $2,673 (2021: reversal of $818, 2020: reversal of $1,915) to the impairment loss allowance were recognized within Sales and marketing expenses. As of December 31, 2022, this amount includes $195 of impairment losses recognized for balances in connection with related parties. In addition, an allowance exists from prior periods for open balances related to goods sold to Industrias Intercaps de Venezuela C.A and Laboratorios Vivax Pharmaceuticals C.A., due to the critical political and social situation that the location country of precedence is experiencing, See Note 29. Related party transactions.

27.3.3. Market risk

Foreign currency risk

The Group carries out transactions denominated in foreign currency, mainly imports, exports and indebtedness; thereby generating exposures to exchange rate fluctuations. The Group does not usually cover exposures to the exchange rate, but rather monitors frequently the foreign exchange market as a strategy to prevent significant loss in the short- and medium-term.

The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:

	Assets				Liabilities
	2022		2021		2022			2021
COP		105,048		124,545		(79,476	)		(99,371	)
Reales		25,479		7,002		(9,962	)		(9,125	)
Quetzales		—		1,946		—			(4,115	)
Soles		14,667		7,024		(8,905	)		—
Dominican Peso		1,064		809		(3,563	)		(2,869	)
Colones		1,346		1,270		(2,814	)		(2,371	)

The following table details sensitivity per company to a 10% increase and decrease in the U.S. dollar against the relevant foreign currencies. The sensitivity analysis includes only the outstanding monetary items denominated in foreign currency and adjusts its conversion at the end of the period for a 10% change in exchange rates.

	+10% Impact to profit or loss before tax									-10% Impact to profit or loss before tax
	2022			2021			2020			2022			2021			2020
COP		(2,325	)		(2,289	)		2,262			2,841			2,797			(2,764	)
Reales		(1,411	)		193			52			1,724			(236	)		(64	)
Quetzales		—			197			(8	)		—			(241	)		10
Soles		(524	)		(639	)		301			640			781			(368	)
Dominican Peso		227			187			207			(278	)		(229	)		(253	)
Colones		133			100			107			(163	)		(122	)		(131	)

Interest rate risk

The Group is exposed to interest rate risks because it borrows money at both fixed and variable interest rates connected with Secured Overnight Financing Rate (“SOFR”) and IBR/DTF (according to its Spanish acronym of “Indicador bancario de referencia” which is the benchmark banking indicator, in Colombia). The risk is managed by the Group, by monitoring the macroeconomic variables that determine the variation of the interest rates and generating an appropriate mix between fixed rate and variable rate loans.

A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates. In 2022, the Group undertook amendments to its financial obligations with contractual terms indexed to IBORs such that they incorporate new benchmark rates. As of December 31, 2022, the Group modified all of its variable rate liabilities indexed to LIBOR to reference SOFR.

The following sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates:

	2022						2021
	Carrying amount		+1%		-1%		Carrying amount		+1%		-1%
DTF/IBR		79,345		80,138		78,551		67,970		68,650		67,290
SOFR		23,454		23,688		23,219		19,451		19,646		19,256
Total		102,799		103,827		101,771		87,421		88,296		86,546

$102,799 or 35.95% as of December 31, 2022 and 87,421 or 34.50% as of December 31, 2021, of the Group’s interest-bearing financial liabilities bears interest at a variable rate. An increase of 1% in interest rates for the year ended December 31, 2022 would have decreased profit before tax by $1,028 in 2022 and decreased profit before tax by $875 in 2021. A decrease of 1% will have an equal and opposite effect on profit before tax. This sensitivity does not include the balances of financial obligations with a fixed rate.

27.3.4. Liquidity risk

The Group’s Financial UAC has ultimate responsibility for the liquidity management of each of the companies and has established an appropriate framework so that Management can make decisions on short-, medium- and long-term financing, as well as liquidity management. The Group manages liquidity risk by maintaining reserves, adequate financial and loan facilities, continuously monitoring projected and actual cash flows, and reconciling the maturity profiles of financial assets and liabilities. In the same sense, financial assets to afford obligations represent cash and trade receivables intended to be collected in short term, net of the expectations of recoverability.

As part of other liabilities within borrowings, the Group includes obligations to factors associated with factoring and reverse factoring arrangements. Ordinary payment terms with suppliers range between 60 and 90 days but may be extended through reverse factoring arrangements up to 180 days in aggregate.

The Group’s obligations to individual factors typically is less than 5% of the Group’s total indebtedness. The majority of the Group’s factoring and reverse factoring obligations are concentrated with Sufactura S.A, Corredores Asociados S.A. and Banco Serfinansa S.A.

The following table details the most representative remaining contractual maturity and repayment periods of the Group’s financial liabilities. This reflects the undiscounted cash flows of financial liabilities, considering the date on which the Group must make the final payments.

	As of December 31, 2022
	Carrying amount		Contractual cash flows		Less than 1 year ^{1, 2}		1-2 years		2-3 years		3-5 years		More than 5 years
Non-derivative financial liabilities
Borrowings	$	251,743	$	278,853	$	274,648	$	3,642	$	563	$	—	$	—
Trade and other payables		90,187		90,187		90,187		—		—		—		—
Lease liabilities		34,192		46,001		11,174		6,629		5,962		7,962		14,274
Amounts owed to related parties		2,914		2,914		2,914		—		—		—		—
	$	379,036	$	417,955	$	378,923	$	10,271	$	6,525	$	7,962	$	14,274

	As of December 31, 2021
	Carrying amount		Contractual cash flows		Less than 1 year		1-2 years		2-3 years		3-5 years		More than 5 years
Non-derivative financial liabilities
Borrowings	$	221,619	$	253,011	$	71,987	$	16,895	$	15,330	$	20,323	$	128,476
Trade and other payables		85,381		85,381		85,381		—		—		—		—
Lease liabilities		31,747		39,904		9,853		7,403		5,333		8,314		9,001
Amounts owed to related parties		8,450		8,450		8,450		—		—		—		—
	$	347,197	$	386,746	$	175,671	$	24,298	$	20,663	$	28,637	$	137,477

Capital risk management

The Group manages its capital to ensure that it will be able to continue as a going concern, while maximizing returns to its shareholders through the optimization of debt and asset balances. The Group’s capital structure consists of net debt (loans offset by cash and bank balances) and Group assets (comprised of issued and paid-in capital, reserves, retained earnings and non-controlling interests).

The Group is not subject to any externally imposed capital requirement. The main indebtedness of the Group is associated with the balances of a Syndicated Loan and the Senior Notes, and are subject to covenants that obligate it to comply with a series of financial indicators, primarily financial leverage (Debt/EBITDA), short-term leverage ratio and EBITDA on interest expense. These financial indicators serve as local management parameters.

The executive members of the UAC of the Group, who provide support for the analysis and management of capital risk to the Group, review their capital structure on a quarterly basis. As part of this review, the committee considers the cost of capital and the risks associated with each class of capital. The Group is reviewed in an internal administrative manner, with the same covenants that apply to the Syndicated Procaps S.A. The main financial covenant is determined as the ratio of the debt to the EBITDA generated by the Group.

Indebtedness Index

The indebtedness index for the reporting period is the following:

	2022		2021
Total assets ¹		460,187		462,135
Total liabilities ²		462,065		500,475
Liabilities to assets ratio		1.00		1.08

¹	Defined as short-term assets plus long-term assets

²	Defined as short-term liabilities plus long-term liabilities

Earnings Per Share (Details) - Schedule of weighted average number of shares considers the ordinary shares (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Weighted Average Number of Shares Considers the Ordinary Shares [Abstract]
Basic and diluted loss per share in the year	$ 0.50	$ (1.03)	$ (0.11)

Basis of Preparation and Accounting

12 Months Ended

Dec. 31, 2022

Basis of preparation and accounting

Note 2. Basis of preparation and accounting

The Consolidated Financial Statements of the Group as of December 31, 2022, 2021 and 2020 have been prepared on a going concern basis in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board (“IASB”).

The Consolidated Financial Statements consist of the Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows and have been prepared under a historical cost basis, except for certain financial instruments that have been measured at fair value.

The Group opted to present a single Consolidated Statement of Profit or Loss and Other Comprehensive Income, combining the presentation of profit or loss and comprehensive income in the same statement. Due to the activities of the Group, costs and expenses presented in the Consolidated Statement of Profit or Loss and Other Comprehensive Income were classified according to their function.

The Consolidated Statement of Financial Position has been prepared based on the nature of the Group’s operations, distinguishing: (a) current assets from non-current assets, where current assets are intended as the assets that should be realized, sold or used during the normal operating cycle, or the assets owned with the aim of being sold in the short term (within 12 months); (b) current liabilities from non-current liabilities, where current liabilities are intended as the liabilities that should be paid during the normal operating cycle, or over the 12-month period subsequent to the reporting date.

The Consolidated Statement of Cash Flows has been prepared using the indirect method.

The Consolidated Financial Statements present comparative information in respect of the previous periods, 2021 and 2020 for Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows and related notes. Foreign operations are included in accordance with the policies set out in Note 2.2. Functional and reporting currency.

The accounting policies set out in Note 3. Summary of significant accounting policies have been applied in preparing the Consolidated Financial Statements for the year ended December 31, 2022, and the comparative information presented for the years ended December 31, 2021 and 2020.

The Group has applied accounting judgments, estimates and significant accounting assumptions described in Note 4. Critical accounting judgements and key sources of estimation uncertainty in preparing the Consolidated Financial Statements.

Note 2.1. Going concern

Management identified the following events and conditions which cast significant doubt on the Group’s ability to continue as a going concern:

As of December 31, 2022, the Group was in breach of certain of the covenants included under the NPA, the Syndicated Loan Agreement and the BTG Credit Agreement. Refer to Note 19. Borrowings for further details regarding the breach of each covenant. Although none of the lenders declared an event of default under the applicable agreements, these breaches resulted in the lenders having the right to require immediate repayment of the applicable indebtedness and as a result, the Group has classified the respective indebtedness, amounting to $139,155 in the aggregate, to current liabilities.

On March 28, March 31 and May 2, 2023 the Group obtained Waiver Agreements (“Waivers” or “Waiver”) from each lender under the NPA, the Syndicated Loan Agreement and the BTG Credit Agreement for the applicable covenant breaches. Under the terms of the Waivers, the lenders permanently waived their rights to accelerate the repayment of the loans related to the events of default as of December 31, 2022. In addition, the Group executed Waivers with the lenders to adjust the applicable covenant ratios for the periods ending March 31, June 30, and September 30, 2023, if applicable, as noted further within Note 28. Events after the reporting period. For the period ending December 31, 2023, the applicable covenant ratios in the original borrowing arrangements are unmodified.

Working capital

As of December 31, 2022, the Group had a net working capital deficit of $70,931 (2021: working capital surplus of $110,095, 2020: working capital deficit of $54,926), which consists of $257,525 of current borrowings ($139,155 of current borrowings relates to the breach in loan covenants), $90,187 of trade and other payables, $2,914 of amounts owed to related parties, $6,133 of current tax liabilities, net, $138 of provisions, $11,477 of other liabilities, and $297,443 of current assets.

Management’s assessment

Management assessed the Group’s cash flow projections, ability to meet future covenants and other measures of liquidity for the next twelve months from the balance sheet date. Based on the Group’s cash flow projections and adjusted financial covenant ratios as a result of the Waivers, Management believes they will have sufficient funds to repay their obligations as they fall due and to meet its financial covenants in 2023. However, due to the uncertainty caused by current economic conditions, including rapid growth in inflation, increasing interest rates, global disruption to the supply chain, volatility in foreign exchange rates and industry price regulations, there is material uncertainty regarding the Group’s ability to meet its financial covenants. The Group’s failure to comply with such financial covenants would result in an event of default, which if that were to occur would materially and adversely affect the Group’s business, financial condition, liquidity and results of operations. In that event, the Group would seek additional waivers or alternative financing arrangements. As a result of these material uncertainties, Management concluded the above conditions and events raise significant doubt about the Group’s ability to continue as a going concern.

Management has implemented or is in the process of implementing the following plans to mitigate the effect of these events and conditions:

Cost saving and revenue growth

The Group has implemented certain measures with an aim to reduce its operating costs and generate additional revenue in 2023 including: 1) strict controlling and reducing business marketing and advertising expenses; 2) reducing headcount across multiple business units; and 3) focus on increasing sales volumes for core products and sell trademarks and sanitary records to generate additional revenue.

Renegotiation of existing loans

The Group is in the process of renegotiating the terms of the Syndicated Loan balance with Bancolombia and Davivienda, with the expectation of extending payment terms. In addition, the Group is in negotiations with BTG to restructure their short-term loan and negotiating their short-term revolving credit facilities. Refer to Note 27. Financial instruments for details regarding the carrying balance of loans that will be renegotiated as mentioned above. The Group has historically been successful in their negotiations with lenders to maintain and meet its liquidity needs and requirements. However, the Group’s ability to renegotiate with its lenders is not within the Group’s control. As of the date of these financial statements, the Group cannot assure that it will be able to reach an agreement with its lenders, or to waive any potential non-compliance.

Additional measures

If the above actions do not generate sufficient liquidity for the Group to meet its contractual obligations, Management has identified additional measures which could be implemented to further reduce costs and increase total revenues in order to provide sufficient cash flow to meet obligations as they fall due including: 1) reduce discretionary spending on research and development, marketing and capital expenditures; 2) sell additional trademarks and sanitary records; and 3) further reduce headcount.

Summary

Management has evaluated the Group’s capital position, its ability to continue in the normal course of business for the foreseeable future and ability to meet its financial obligations for the next twelve months from the balance sheet date. While Management believes that their cost savings, revenue growth and loan renegotiation will allow the group to be able to meet its financial obligations and finance its growth, there is no assurance that these plans can be successfully implemented to generate the liquidity required to meet the Group’s need. Failure to successfully implement these plans may have a material adverse effect on the Group’s business, results of operations and financial position, and may materially adversely affect its ability to continue as a going concern. As a result, Management concluded there is material uncertainty related to the events and conditions noted above that cast significant doubt on the entity’s ability to continue as a going concern.

However, Management believes that the Group will be successful in implementing the above plan and, accordingly, have prepared the financial statements on a going concern basis. As a result, the consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Group be unable to continue as a going concern.

Note 2.2. Functional and reporting currency

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The Consolidated Financial Statements are presented in US Dollars (USD), which is Procaps Group, S.A. functional and presentation currency.

Note 2.3. Basis of consolidation

The Group’s subsidiaries are fully consolidated from the date on which control is transferred to the Group. Consolidation ceases from the date on which control ends.

All financial results are consolidated with similar items on a line-by-line basis. If necessary, adjustments are made to the financial statements of the consolidated companies in order to adapt their accounting policies to those used by the Group.

All transactions, balances, revenues and related expenses between the consolidated companies are eliminated.

2.3.1. Reverse reorganization

The SPAC did not meet the definition of a business because it lacked substantive processes as defined by IFRS 3. Thus, the Transaction was accounted for as an asset acquisition in exchange for a share based payment within the scope of IFRS 2.

The Transaction was treated as a common control transaction due to the fact both OpCo and Holdco are ultimately controlled by the same party or parties, that are all controlled by the Minski family, both before and after the Transaction, and that control is not transitory. Management concluded that it would be appropriate to account for it as a restructuring using book value accounting in Holdco’s Consolidated Financial Statements, on the basis that there has been no business combination between Opco and Holdco.

For purposes of calculating earnings per share, shareholders’ equity of the Group prior to the Transaction was retrospectively adjusted as a capital restructuring for the equivalent number of shares received and on a pro rata basis for prior reporting periods. Retained earnings and relevant reserves of the Group were carried forward after the Transaction. Any difference to shareholders’ equity of Group arising from the restructuring of share capital and equity instruments issued was recorded in equity under share premium.

Refer to Note 26.1. Reverse reorganization for further information related to the accounting and presentation of the Transaction.

For purposes of calculating basic earnings per share, the ordinary shares associated with Put Option Agreements previous to the transaction were included. Note 24. Earnings Per Share.

Acquisitions

12 Months Ended

Dec. 31, 2022

Disclosure of Acquisition [Abstract]

Acquisitions

Note 26. Acquisitions

Note 26.1. Reverse reorganization

As further outlined in Note 2.3, the Group underwent a reverse reorganization as a result of the Transaction consummated on September 29, 2021.

The amount of the net identifiable assets of $131,086 acquired on the date of Transaction, were as follows:

(Amount in thousands)	2021
Cash held in trust	$	138,046
Cash and cash equivalents		100,000
Redemption liability		(77,997	)
Warrants liability		(28,963	)
Total SPAC identifiable net assets at fair value	$	131,086

Procaps Group, S.A. was considered to be the accounting acquirer and the merger between Procaps Group, S.A. and SPAC was accounted for as an asset acquisition under IFRS, considering SPAC was not considered a business. Therefore, IFRS 2 was applied to recognize the value of equity interests issued in excess of the assets received.

	After Redemption
Step 1 - Deemed cost of shares issued
Fair value of OpCo	$	926,287
Equity interest in Holdco issued to SPAC shareholders & PIPE investors		19	%
Equity interest in Holdco of Selling shareholders		81	%
Deemed costs of shares issued*	$	213,584
SPAC identifiable net assets at fair value	$	131,086
Deemed cost of shares issued	$	82,498

Step 2 - Dilutive impact of shares held in escrow
Dilutive effect of 945,036 shares held in escrow at a weighted average fair value per share of $9.08	$	8,581
Step 3 - IFRS 2 ‘listing expense’	$	73,917

*	The deem cost of the shares was estimated based on the fair value of the OpCo issued shares (legacy Crynssen Pharma Group Limited) prior to the merger with SPAC and Holdco.

The IFRS 2 ‘listing expense’ per above, has been recognized in profit or loss within Other expenses, net for the year ended December 31, 2021. Refer to Note 10. Other expenses, net.

As a result of the transaction, prepaid expenses of $4,602 have been recognized in Other current assets as of December 31, 2021.

Shares in an escrow

Holdco Ordinary Shares in an escrow are subject to an arrangement that is applicable to 1,250,000 Holdco Ordinary Shares issued to the SPAC Sponsors and 10,464,612 Holdco Ordinary Shares issued to certain Opco Shareholders.

Certain market conditions will be required to be met after the Transaction for these securities in escrow to be released to the eligible securities owners. If the market conditions wouldn’t be met within a defined time period (five years for warrants in escrow and ten years for Holdco Ordinary Shares in escrow), such securities in escrow would be forfeited.

a) Sponsors’ Holdco Ordinary Shares in escrow: On the closing of the Transaction, 1,250,000 Holdco Ordinary Shares received in exchange for the equivalent number of SPAC Ordinary Shares upon the consummation of the Merger (the “Sponsor Escrowed Securities”) held by the SPAC Sponsors were deposited in escrow. Fifty percent (50%) of the Sponsor Escrowed Securities will be released to the SPAC Sponsors if the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $12.50 per Holdco Ordinary Share for any 20 trading days within any 30-day trading period, and the remaining 50% of the Sponsor Escrowed Securities will be released to the Sponsors if the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $13.00 per Holdco Ordinary Share for any 20 trading days within any 30-day trading period (in each case, subject to any applicable lock-up restrictions under the Registration Rights and Lock-Up Agreement or any other applicable escrow arrangement).

b) Eligible Procaps Shareholders Holdco Ordinary Shares in escrow: On the closing of the Transaction, 10,464,612 Holdco Ordinary Shares received in the Exchange (the “ECS Escrowed Securities”) by certain OpCo Shareholders were deposited in escrow. Fifty percent (50%) of the ECS Escrowed Securities will be released to such OpCo Shareholders if the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $12.50 per Holdco Ordinary Share for any 20 trading days within any 30-day trading period, and the remaining 50% of the ECS Escrowed Securities will be released to such OpCo Shareholders if the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $13.00 per Holdco Ordinary Share for any 20 trading days within any 30-day trading period.

If the market conditions wouldn’t be met within a defined time period (ten years for ordinary shares in escrow), such securities in escrow would be forfeited. All dividends payable, whether in cash, stock or other non-cash property with respect to the Sponsor Escrowed Securities and the ECS Escrowed Securities while such securities are held in escrow will be delivered to the escrow agent to hold and distribute in the same manner as the Sponsor Escrowed Securities and the ECS Escrowed Securities held in escrow.

If Holdco consummates a liquidation, merger, stock exchange or other similar transaction which results in all of its shareholders having the right to exchange their Holdco Ordinary Shares for cash, securities or other property, then all Sponsor Escrowed Securities and the ECS Escrowed Securities will be released to the SPAC Sponsors and those certain OpCo Shareholders. Any Sponsor Escrowed Securities and the ECS Escrowed Securities not released from escrow within ten years from the date of the closing of the Transaction will be released by the escrow agent to Holdco for cancellation.

Shares held in escrow subject to cancellation if certain conditions are not met, are recorded as contingent consideration and therefore, initially measured at fair value. Because the shares held in escrow will be settled in a variable number of the Group’s own equity instruments, they are classified as a liability. As a result, subsequent changes in fair value are recognized in the Consolidated Statement of Profit or Loss and Other Comprehensive Income as Finance income (expenses), net. Refer to Note 9. Finance income (expenses), net.

	2022			2021
As of January 1	$	101,859		$	—
Escrowed shares		—			106,364
Fair value remeasurement		(61,795	)		(4,505	)
As of December 31	$	40,064		$	101,859

As of December 31, 2022, shares held in escrow measured at fair value include $35,789 and $2,138 (2021: $90,990 and $5,434) owned by the Minski Family and Union Acquisition Associates II, LLC, respectively, which are related parties.

Note 26.2. Asset acquisition - Pharmaceutical production facility

On November 5, 2021, Procaps Group entered into an asset purchase agreement to acquire an 86,000 sq. ft. pharmaceutical production facility located in West Palm Beach, Florida with production capacity of approximately 1.8 billion capsules per year for its CDMO (integrated Contract and Manufacturing Organization) business unit.

The pharmaceutical production facility was purchased from Strides Pharma, Inc., a U.S. subsidiary of the Indian-based pharmaceutical corporation, the Strides Group. The core assets of this asset acquisition includes several soft gelatin capsule (“Softgel”) encapsulation lines, new critical support systems, automated packaging line capabilities, as well as development facilities including pilot and scale up capabilities. Softgels are designed to deliver high precision dosage by achieving homogeneity of ingredients. The Softgel capsules are well recognized in the supplement, OTC, and the prescription market for improving patient adherence to the drug and therapy by facilitating swallowing due to the texture of its shell.

The purchase price for the purchased assets is $1.6 million, and transaction costs of $213.6. On the Closing Date, December 31, 2021, the Group paid the amount corresponding to the 50% of the Purchase Price and the remaining 50% will be paid on December 31, 2023.

The fair value of the identifiable assets acquired on December 31, 2021, the date of the Transaction, were of $1,813.

The following table summarizes the final allocation of the purchase price based on the estimated fair values of the assets acquired and liabilities assumed at the date of asset acquisition.

(Amount in thousands)	2021
Property, Plant and Equipment	$	1,487
Inventories		133
Other receivables		193
Right of Use Assets		4,533
Lease Liabilities		(4,533	)
Total	$	1,813

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Leases of assets	$ 5,000
Customers trade receivable percentage	50.00%
Net interest expense	$ 268	$ 67	$ 60
Remeasurements	222	195	47
Non current other liabilities	2,329
Other liabilities	185
Increasing cost of sales	1,639
Sales and marketing expense	232
Administrative expense	643
Costs of defined benefit plans	28,494	25,051	27,421
Administrative expenses of defined benefit plans	41,329	31,973	29,139
Sales and marketing expense	$ 36,304	$ 30,227	$ 19,774
Interest joint venture	50.00%
Voting rights, percentage	50.00%

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Note 15. Leases

The Group has leases of office and warehouse buildings, land, vehicles, machinery and computer hardware. Rental contracts are for fixed terms varying between one and seven years.

Information about leases for which the Group is a lessee is presented below.

Right-of-use assets

Reconciliation of asset balances:

	Land and Buildings ¹			Equipment and Machinery			Vehicles			Computers			Total
Balance as of January 1, 2021		34,886			6,975			32			1,302			43,195
Addition to right-of-use asset		6,573			709			—			—			7,282
Depreciation		(3,311	)		(463	)		—			(449	)		(4,223	)
Derecognition of contracts		(126	)		(58	)		—			(86	)		(270	)
Transfers		559			(1,155	)		(32	)		—			(628	)
Effect of changes in foreign exchange rates		(4,188	)		(932	)		—			(69	)		(5,189	)
Balance as of December 31, 2021		34,393			5,076			—			698			40,167
Addition to right-of-use asset		6,749			2,293			—			1,219			10,261
Depreciation		(4,323	)		(1,343	)		(7	)		(582	)		(6,255	)
Derecognition of contracts		(437	)		(33	)		—			—			(470	)
Impairment loss		—			(356	)		—			—			(356	)
Transfers		201			47			61			—			309
Effect of changes in foreign exchange rates		(3,887	)		(685	)		1			(72	)		(4,643	)
Balance as of December 31, 2022		32,696			4,999			55			1,263			39,013

¹	Includes net right-of-use assets of $1,373 (2021: $1,537) with related party WM Partners, LP.

As of December 31, 2022 depreciation expense was recognized as follows: $4,469 was recognized within administrative costs (2021: $3,633) and $1,786 (2021: $590) within cost of goods sold, related to plant leases.

Impairment loss recognized in Other expenses, net relates to the Rymco cash-generating unit. Refer to Note 12. Goodwill for further information.

As of December 31, 2021 the Group assumed rights of use for an amount of $4,533 that were part of the asset acquisition transaction of a pharmaceutical production facility that was purchased from Strides Pharma, Inc. Refer to Note 26.2. Asset acquisition - Pharmaceutical production facility.

Lease Liabilities

The Group’s lease liabilities are guaranteed by the lessor’s title to the leased assets. As of December 31, 2022 and 2021, the Group maintains the following opened balances:

	2022		2021
Non-current	$	25,139	$	21,894
Current		9,053		9,853
Total	$	34,192	$	31,747

The remaining contractual maturity and repayment periods of the Group’s leases liabilities are exhibited in Note 27. Financial instruments.

Carrying amounts of lease liabilities are included in Borrowings’ balance, refer to Note 19. Borrowings.

As of December 31, 2021 the Group assumed all obligations and liabilities undertaken as sublessee under the Sublease Agreement with a pending balance of $4,533 that were part of the asset acquisition transaction of a pharmaceutical production facility that was purchased from Strides Pharma, Inc. Refer to Note 26.2. Asset acquisition - Pharmaceutical production facility.

Amounts recognized in the Consolidated Statement of Profit or Loss and Other Comprehensive Income

	For the year ended December 31
	2022		2021
Interest on lease liabilities	$	1,033	$	720
Expense relating to leases of low-value assets		115		123
Expense relating to short-term leases		862		1,217

Amounts recognized in Consolidated Statements of Cash Flows

The total cash outflow for leases amounts to $6,679 (2021: $8,854). The principal amount of the lease liabilities and estimated interest payments contractual maturity and repayment periods are included in Note 27. Financial instruments.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies [Abstract]

Summary of significant accounting policies

Note 3. Summary of significant accounting policies

Note 3.1. Goodwill

Goodwill arising from the acquisition of a business is recorded at cost at the acquisition date, less accumulated impairment losses, if any.

Goodwill is stated at cost and not amortized but is tested for impairment on an annual basis and whenever there is an indicator that the cash-generating unit to which goodwill has been allocated may be impaired.

3.1.1 Goodwill impairment

Goodwill is tested for impairment annually at the cash-generating unit level, which is the level at which the assets generate largely independent cash inflows and are monitored for internal management purposes. An impairment loss is recognized whenever the carrying amount of an asset or the related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the Consolidated Statement of Profit or Loss and Other Comprehensive Income.

Impairment losses recognized for cash-generating units first reduce allocated goodwill and then the carrying amounts of the other non-financial assets in the unit on a pro rata basis.

Refer to Note 12. Goodwill and Note 4. Critical accounting judgements and key sources of estimation uncertainty or further information on the goodwill exposure and estimates applied, respectively.

Note 3.2. Transactions in foreign currency

When preparing the financial statements of the individual underlying entities of the Group, transactions in a currency other than the functional currency of the entity (“foreign currency”) are recorded using the exchange rates in effect on the transaction date. At the end of each reporting period, monetary items denominated in a foreign currency are reconverted at the exchange rates prevailing at that date. Non-monetary items calculated in terms of historical cost, in foreign currency, have not been reconverted.

For purposes of presenting the Consolidated Financial Statements, the assets and liabilities of the Group’s foreign currency transactions are expressed in USD, using the exchange rates prevailing at the end of the respective reporting period. Revenues and expenses are translated at the average exchange rates for the respective period. The exchange differences that arise, if applicable, are recognized through other comprehensive income and are accumulated in equity (attributed to the non-controlling interests when appropriate).

Note 3.3. Leases - Right-of-use assets & lease liabilities

The Group assesses whether a contract is or contains a lease at inception of a contract. The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (defined as assets with a value less than $5,000). For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease, and payments for these leases are presented in the combined statements of cash flows from operating activities.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date, any initial direct costs and less any lease incentives received. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated starting at the commencement date and over the shorter period of useful life of the underlying asset (in the case the lease transfers ownership of the underlying asset to the Group by the end of the lease term or cost of the right-of-use assert reflects that the Group will exercise a purchase option) and lease term.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate specific to the country, term and currency of the contract. In addition, the Group considers its recent indebtedness as well as publicly available data for instruments with similar characteristics when calculating the incremental borrowing rates.

Lease payments include fixed payments, less any lease incentives receivable, variable lease payments that depend on an index or a rate known at the commencement date, and purchase options or extension option payments if the Group is reasonably certain to exercise these options. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and right-of-use asset and are recognized as an expense in the Consolidated Statement of Profit or Loss and Other Comprehensive Income in the year/period in which the event or condition that triggers those payments occurs.

A lease liability is remeasured upon a change in the lease term, changes in an index or rate used to determine the lease payments or reassessment of exercise of a purchase option. The corresponding adjustment is made to the related right-of-use asset.

The lease liability is presented in the ‘Borrowings’ line and the right-of-use assets are presented in a single line in the Consolidated Statement of Financial Position. In addition, the principal portion of the lease payments is presented within financing activities and the interest component is presented within operating activities in the Consolidated Statement of Cash Flows.

Note 3.4. Financial Instruments

Financial assets and liabilities are recognized when an entity of the Group becomes party to the contractual provisions of an instrument.

Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and liabilities (other than those designated at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or liabilities, when appropriate, at initial recognition. Transaction costs directly attributable to the acquisition of financial assets or liabilities designated at fair value through profit or loss are recognized immediately through profit or loss.

3.4.1 Classification of financial assets

If and when applicable the Group follows the framework and requirements outlined in IFRS 9 to classify financial assets based on whether:

●

The financial asset is held within a business model whose objective is to collect contractual cash flows or whose objective is achieved through the collection of contractual cash flows and the sale of financial assets; and

●

The contractual terms give rise to cash flows that are only payments of principal and interest.

By default, all other financial assets are subsequently measured at fair value through profit or loss.

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components, when they are recognized at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method.

3.4.2 Gains and losses in foreign currency

Trade receivables denominated in a currency other than the subsidiaries’ functional currency are determined in that foreign currency and converted to the subsidiaries’ functional currency at the end of each reporting period using the then prevailing spot rate. Exchange differences are recognized through profit or loss and are classified within other expenses.

3.4.3 Impairment of financial assets

The Group recognizes an impairment for expected credit losses on trade and other receivables.

The Group applies the ‘simplified’ approach as required by IFRS 9 since generally the Group’s trade receivables do not include a significant financing component. The Group therefore recognizes the lifetime expected credit losses over the life of the trade receivables.

Other receivables are generally assessed individually and a lifetime expected credit loss is estimated based on the receivable and debtor specific facts and circumstances.

3.4.4 Definition of default

The Group considers that an event of default has occurred when more than 50% of the customers trade receivable balance is more than 90 days overdue, unless there is reasonable and supportable information to demonstrate that such default is not in existence.

3.4.5 Impaired trade receivables

A financial asset has been impaired when one or more events have occurred that have a negative impact on the estimated future cash flows of the trade receivable. The evidence of credit impairment includes observable data on the following events:

●

significant financial difficulty of the customer;

●

customer enters into or is likely to enter into bankruptcy;

●

a breach of contract, such as an expired event; and

●

for economic or contractual reasons one or more concessions have been granted.

3.4.6 Measurement of impairment

The expected credit losses on trade receivables are estimated using a methodology where a probability of default is estimated based on historical information, adjusted for current and forecasted economic conditions, if applicable. If applicable and significant, the Group may adjust the provision based on a probability weighing of various scenarios and factors in the time value of money:

●

Probability of default (‘PD’): The PD is derived by analyzing a rolling dataset of twenty-four months in which trade receivables are tracked and analyzed as they move through the aging buckets.

●

Loss given default: The Group typically defines the loss given default to be one hundred percent.

●

Exposure at default: The trade receivable balance as of the reporting date, net of advances and credit notes.

As of the reporting dates presented, the Group has not deemed these to be significant.

The Group estimates the probability of default at the pool level and then applies such pool level PD to the trade receivables within that pool. The Group generally defines each pool within its main subsidiaries as:

●

Domestic

●

Export

●

Government

●

Related parties

The Group recognizes an impairment loss or gain in the aggregate for all trade receivables as a provision with corresponding amount recognized in Sales and marketing expenses.

The Group writes-off individual trade receivables when uncollected when they become 365 days past due.

3.4.7 Derecognition of financial assets

The Group derecognizes a financial asset only when the contractual rights to the asset’s cash flows expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group does not transfer or substantially retains all risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its interest retained in the asset and an associated liability for the amounts to be paid. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a loan secured by the revenue received.

Upon derecognition of a financial asset measured at amortized cost, the difference between the carrying amount of the asset and the sum of the consideration received and receivable is recognized through profit or loss.

The Group also derecognizes a financial asset when there is information which indicates that the counterparty is in serious financial difficulty and there is no realistic prospect of recovery. The derecognized financial assets may still be subject to compliance activities in accordance with the Group’s recovery procedures, taking into account legal advice when appropriate. Any recovery is recognized through profit or loss.

Accounts receivable factoring

As part of the regular business and in case of immediate cash needs, the Group could sell its accounts receivable (i.e., invoices) to a third party (factor) at a discount. The Group analyzes whether these transactions are with recourse or without recourse and applies the recognition criteria in IFRS 9 to assess whether the arrangement transfers substantially all risks and rewards to the factor. For arrangements with recourse, where substantially all risks and rewards have not been transferred, the cash received from the factor is accounted for as a secured borrowing. In the case of arrangements with recourse, the transferred assets are not derecognized.

Note 3.5. Inventories, net

Inventories are presented at the lower of acquisition cost or net realizable value. Cost is determined by the weighted average method. The net realizable value represents the estimated sale price less all the estimated termination and selling costs. The cost of finished products and products in progress includes the costs of raw materials, direct labor, other direct costs and the respective direct production expenses (based on normal operating capacity), excluding borrowing costs. Inventories are presented net of the allowances for obsolescence and, in consolidation, net of eliminations of unrealized profit on inventories.

Note 3.6. Property, plant and equipment, net

Property, plant and equipment assets are measured at historical cost less accumulated depreciation and any impairment loss, except for those acquired in a business combination, which are then recorded at fair value; assets under construction and land are not depreciated. The cost of the property, plant and equipment is the fair value of the consideration initially provided to acquire or construct the item and prepare it for use. Subsequent costs incurred for repair and maintenance, are expensed in the Consolidated Statement of Profit or Loss and Other Comprehensive Income unless these costs meet the criteria for capitalization (i.e., extension of the useful life). Depreciation commences when the assets are ready for use.

Property, plant and equipment is depreciated based on the straight-line method over estimated useful lives.

An item of property, plant and equipment will be derecognized upon disposal or when future economic benefits from the continued use of the asset are no longer expected. The gain or loss arising from the derecognition is measured as the difference between the net disposal proceeds and the carrying amount of the asset and is recognized through profit or loss.

The useful lives of property, plant and equipment are:

Buildings	20 - 40 years
Machinery and equipment	10 - 20 years
Furniture and fixtures	2 - 10 years
Other equipment	2 - 5 years

Note 3.7. Intangible assets

3.7.1 Intangible assets generated internally

Disbursements originated by research activities are recognized as an expense in the period in which they are incurred.

An intangible asset generated internally as a result of development activities (or the development phase of an internal project) is recognized if, and only if, the following conditions are met:

●

It is commercially and technically feasible to complete the production of the intangible asset so that it can be available for use or sale;

●

Management intends to complete the intangible asset in question in order to use or sell it or can demonstrate the way in which the intangible asset will likely generate future economic benefits;

●

Adequate technical, financial or other resources are available to complete the development and to use or sell the intangible asset; and

●

The Group is able to reliably measure the disbursement attributable to the intangible asset during its development.

The expenses incurred in developing new pharmaceutical technologies, combination of active ingredients and formulation improvements meet the conditions of the previous paragraph, usually from the beginning of pilot batches (completion of the experimental batch stage), at which point Management considers that achieving regulatory approval (sanitary records) is a legal formality.

The amount initially recognized for an internally generated intangible asset will be the sum of the disbursements incurred once the element meets the recognition conditions. When an internally generated intangible asset cannot be recognized, development disbursements are charged through profit or loss in the period in which they are incurred.

Subsequent to initial recognition, an internally generated intangible asset will be accounted for at cost less accumulated amortization and the accumulated amount of impairment losses, on the same basis as intangible assets that are acquired separately.

3.7.2 Disposal of intangible assets

An intangible asset is written off at the time of its disposal, or when future economic benefits of its use or disposal are not expected. Gains or losses arising from the write-off of an intangible asset, measured as the difference between the net proceeds from the sale and the carrying amount of the asset, are recognized through profit or loss when the asset is written off.

3.7.3 Impairment of definite-lived tangible and intangible assets and intangibles not yet available for use, and other assets

At the end of each reporting period, the Group evaluates the carrying amounts of its definite-lived tangible and intangible assets in order to identify any indication that these assets have been impaired. In such a case, the recoverable amount of the asset is calculated in order to determine the extent of the impairment loss (if any). Intangible assets not yet available for use are tested for impairment annually to determine if an impairment loss should be recognized. When it is not possible to estimate the recoverable amount of an individual asset, the Group calculates the recoverable amount of the cash generating unit to which the asset belongs. When a reasonable and consistent basis of distribution is identified, the common assets are also allocated to the individual cash generating units or distributed to the smallest group of cash generating units for which a reasonable and consistent distribution base can be identified.

The recoverable amount is the higher of the fair value less disposal costs and the value in use. When estimating the value in use, the estimated future cash flows are discounted to the present value, using a pre-tax discount rate that reflects the current market valuations with respect to the time value of money and the specific risks for the asset for which the future cash flow estimates have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) calculated is less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. Impairment losses are recognized immediately through profit or loss. If an impairment loss is subsequently reversed, the carrying amount of the asset (or cash-generating unit) increases to the revised estimated value of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been calculated if the impairment loss had not been recognized for said asset (or cash-generating unit) in previous years. The reversal of an impairment loss is automatically recognized through profit or loss.

3.7.4 Amortization of internally generated intangibles

Internally-generated intangible assets such as licenses, bioequivalence studies, new platforms, tablet improvements, combinations and concentrations, and soft gel capsule improvements, among others, are of finite useful lives and their amortization period will begin only when the following two milestones are met:

●

The pre-industrial batch is completed with satisfactory results.

●

The regulatory body approves the corresponding sanitary records.

When these milestones are met, the capitalized developments will have met the necessary conditions to generate economic benefits in accordance with management’s expectations, so the amortization of the assets begins using the straight-line method through profit or loss during the minimum projected time of generated economic benefits.

The amortization will also cease at the earliest of either the date when the asset is classified as held for sale or the date when the asset is derecognized.

3.7.5 Useful lives of intangibles

The following useful lives are used to calculate amortization:

Trademarks and sanitary records	3 – 20 years
Licenses, customers and agreements	3 – 10 years
Product development	3 years

Note 3.8. Financial liabilities and equity instruments

3.8.1 Classification as debt or equity

Debt and equity instruments are classified as financial liabilities or equity in accordance with the substance of the contractual agreement and definitions of financial liability and equity instrument.

3.8.2 Equity instruments

An equity instrument consists of any contract that evidences a residual interest in the assets of an entity, after deducting all of its liabilities. Equity instruments issued by a Group entity are recognized for income received, net of direct issue costs.

The repurchase of equity instruments of the Group is recognized and deducted directly in equity. No gain or loss is recognized through profit or loss, arising from the purchase, sale, issue or cancellation of the equity instruments of the Group.

3.8.3 Financial liabilities

Financial liabilities are classified at their inception at fair value minus transaction costs directly attributable to the transaction through profit or loss and subsequently measured at amortized cost, using the effective interest amortization method.

3.8.4 Warrant liabilities

The Group has warrants that are initially recognized at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. Gains and losses will be recorded in profit or loss.

3.8.5 Shares held in escrow

The shares to be delivered, in an escrow, are initially recognized at fair value of the equity instruments granted for services received in an equity-settled share-based payment determined at grant date, and they are subsequently remeasured to their fair value at the end of each reporting period until they are released from escrow or are forfeited.

Note 3.9. Trade and other payables

Trade and other payables are recognized when the Group has a legal or a constructive obligation, as a result of a past event, and it is probable that there may be an outflow of resources embodying economic benefits to settle the obligation and the obligation can be measured reliably. These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The average credit period for purchases is between 90 and 180 days, including cases in which the invoices have been assigned by the supplier to third parties. Other payables correspond mainly to employment obligations and provisions.

Reverse factoring

Suppliers of the Group initiate and enter into reverse factoring arrangements in which the Group participates. Under such arrangements suppliers sell or assign their receivables from the Group to third parties (i.e., ‘the factor’), after which the Group pays and settles the underlying invoices directly with the factors. Provided that certain conditions are met, the invoices sold or assigned to factors remain classified within trade and other payables. The criteria are that: 1) the assignment is contractually initiated and decided by the supplier, 2) it does not extend the period in which the Group regularly pays the supplier, 3) the amount of the invoices is not modified, and there are no charges in this regard by third parties. Otherwise, the Group reclassifies those balances as a financial liability, other term loans with a corresponding reclassification from operating cash flows to financing cash flows, for the amount paid to factors.

Note 3.10. Taxes

Income tax expense represents the sum of current income tax payable and deferred tax.

3.10.1 Current tax

Current tax is based on the taxable income registered during the year. The taxable income differs from the income reported in the Consolidated Statement of Profit or Loss and Other Comprehensive Income, due to the items of income or expenses that are taxable or deductible in other years and items that are never taxable or deductible. The liabilities of the Group for current tax purposes are calculated using the tax rates enacted or substantially approved at the end of the respective reporting period.

3.10.2 Deferred tax

Deferred tax is recognized on temporary differences between the carrying amount of the assets and liabilities included in the Consolidated Financial Statements and the corresponding tax basis used to determine the taxable income. The deferred tax liability is generally recognized for all temporary tax differences. A deferred tax asset will be recognized, as a result of all deductible temporary differences, to the extent that it is likely that each entity will have future taxable income against which to charge those deductible temporary differences. These assets and liabilities are not recognized if the temporary differences arise from the initial recognition (rather than through a business combination) of other assets and liabilities in an operation that does not affect the taxable income or the accounting income. In addition, deferred tax liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill.

A deferred liability should be recognized for taxable temporary differences associated with investments in subsidiaries and joint ventures, and interests in joint ventures, except for those in which the Group is able to control the reversal of the temporary difference and when there is a possibility that it cannot be reversed in the near future. Deferred tax assets arising from the deductible temporary differences associated with such investments and participation are only recognized to the extent that it is likely that each entity will have future taxable profits against which to charge those temporary differences and when there is the possibility that these can be reversed in the near future.

The carrying amount of a deferred tax asset must be reviewed at the end of each reporting period and reduced, to the extent that it is likely that it will not have sufficient taxable income in the future to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities should be measured using the tax rates expected to be applied in the period in which the asset is realized or the liability is settled, based on the rates (and tax laws) enacted or substantively enacted at the end of the respective reporting period.

The measurement of deferred tax liabilities and deferred tax assets will reflect the tax consequences that would arise based on each Group company’s expectations, at the end of the reporting period, to recover or settle the carrying amount of their assets and liabilities.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and relate to taxes levied by the same tax authority on the same taxable entity, or on different taxable entities.

3.10.3 Current and deferred taxes

Current and deferred taxes should be recognized through profit or loss, except when they relate to items listed in other comprehensive income or directly in equity, in which case the current or deferred tax is also recognized though other comprehensive income or directly in the equity, respectively. In cases of business combinations, when the current tax or deferred tax arises from the initial accounting of the business combination, the tax effect is considered within the accounting of the business combination.

Note 3.11. Provisions

Provisions are recognized when (i) the Group has a present legal or constructive obligation as a result of past events, (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

3.11.1 Disputes and litigation

A provision for disputes and litigation is recognized when it is more likely than not that the Group will be required to make future payments as a result of past events, such items may include but are not limited to claims, lawsuits and actions relating to employment related disputes and claims from tax authorities.

Note 3.12. Employee benefits

Note 3.12.1. Retirement and termination benefit costs

Payments to defined contribution retirement benefit plans are recognized as an expense when employees has rendered service entitling them to the contributions. Payments made to state-managed retirement benefit plans are accounted for as payments to defined contribution plans where the Group’s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan.

For defined benefit retirement benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurements for actuarial gains and losses are recognized immediately in the Consolidated Statement of Financial Position with a charge or credit to other comprehensive income in the period in which they occur. Remeasurements recognized in other comprehensive income are not reclassified. Past service cost is recognized in profit or loss when the plan amendment or curtailment occurs or when the Group recognizes related restructuring costs or termination benefits, if earlier. Gains or losses on settlement of a defined benefit plan are recognized when the settlement occurs. Net interest is calculated by applying a discount rate to the net defined benefit liability.

Defined benefit costs are split into three categories:

●

service cost, which includes current service cost, past service cost and gains and losses on curtailments and settlements;

●

net interest expense; and

●

remeasurements.

The retirement benefit obligation recognized in the Consolidated Statement of Financial Position represents the deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

A liability for a termination benefit is recognized at the earlier of when the Group can no longer withdraw the offer of the termination benefit and when the Group recognizes any related restructuring costs.

Discretionary contributions made by employees or third parties reduce service cost upon payment of these contributions to the plan.

The Group recognized a net interest expense within finance costs for the year ended December 31, 2022 of $268 (2021: $67, 2020: $60) while remeasurements of the calculations are reflected in the Statement of Other Comprehensive Income. Remeasurements of the calculations represented a decrease of $222 (decrease 2021: $195 and increase 2020: $47).

During the preparation of the Consolidated Financial Statements for the year ended December 31, 2022, the Group identified an understatement in Other Liabilities in prior periods for unrecorded long-term employee benefits corresponding to seniority premiums and retirement bonuses. Management assessed the materiality of the error on all the prior periods presented and determined that the error was not material to any of the periods and that a restatement of previously issued financial statements was not required. Under SEC Staff Accounting Bulletin (SAB) No. 108, prior periods misstatements may be corrected in the current year provided that such correction does not result in a material misstatement to the current year financial statements. As such, the Group corrected the misstatement in the Consolidated Financial Statements for the year ended December 31, 2022 as an out-of-period adjustment, increasing non-current other liabilities by $2,329 and current other liabilities by $185 and increasing cost of sales by $1,639, sales and marketing expense by $232, and administrative expense by $643.

Note 3.12.2. Short-term and other long-term employee benefits

A liability is recognized for benefits accruing to employees in the form of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.

Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.

Liabilities recognized in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Group in respect of services provided by employees up to the reporting date. As of December 31, 2022, the Group recognized employee benefits costs within profit or loss as cost of sales of $28,494 (2021: $25,051 and 2020: $27,421), $41,329 (2021: $31,973 and 2020: $29,139) as administrative expenses and $36,304 (2021: $30,227 and 2020: $19,774) as sales and marketing expense.

Note 3.13. Revenue recognition

The Group recognizes revenues from the sale of pharmaceutical products and the provision of services primarily related to product development projects.

Revenue is measured based on the consideration specified in a contract with a customer and excludes balances collected on behalf of third parties. The Group recognizes revenue when transferring control of a product or service to a customer.

3.13.1 Sale of goods

Revenue from the sale of goods is recognized when the control of the goods is transferred (both in export and domestic operations) and the performance obligations have been fulfilled by the Group, which occurs when the product is delivered to the location specified by the customer, according to the negotiating conditions agreed upon. Revenues are reduced by discounts or rebates and other similar allowances estimated for customers.

3.13.2 License revenues

Revenue from the sale of intellectual property (licenses) is recognized based on the evaluation of whether an entity’s commitment to grant a license provides the customer with a right of access to intellectual property, which is transferred over time, or a right to use the intellectual property of an entity, which is transferred at a point in time.

The license is a commitment to provide a right of access to the entity’s intellectual property if all the following criteria are met:

	●	the contract requires, or the customer reasonably expects, that the entity carries out activities that significantly affect the intellectual property to which the customer is entitled;

	●	the rights granted by the license directly expose the customer to the positive or negative effects of the entity’s activities identified in subsection a above; and

●

those activities do not result in the transfer of a good or service to the customer as such activities take place.

If these criteria are not met, the license grants the customer a right to use the license, and the transaction is recognized when the license is granted to the customer.

3.13.3 Service provision

Revenue from service contracts is recognized based on the status of completion of the contract. If the Group transfers control of a service to satisfy the performance obligation over time, it then recognizes revenue over time, if one of the following criteria is met:

	●	the customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs;

	●	the entity’s performance creates or enhances an asset that the customer controls as it is created or enhanced; or

●

the entity’s performance does not create an asset with an alternative use for the entity and the entity has an enforceable right to payment for performance that has been completed to date.

3.13.4 Sale of trademarks and sanitary records

Revenue from contracts for the sale of a trademark or sanitary records is recognized at the point of the transfer of possession, use, enjoyment and other real and personal rights at the price agreed in the contract, fulfilling the following conditions:

	●	The customer has the right to all the benefits of the commercial use of the trademark or sanitary records.

	●	The customer can redirect the use of the trademark or sanitary records.

	●	The customer is responsible for sales, marketing and advertising activities.

●

The customer obtains control of the trademark or sanitary records, which includes the ability to prevent other entities from directing the use of, and obtaining the benefits from, the trademark or sanitary records.

Note 3.14. Segment reporting

An operating segment is a component that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the other components, and for which discrete financial information is available. The Group is engaged in the business of developing, producing and marketing pharmaceutical solutions and related activities and is considered an integrated international healthcare and pharmaceutical company across the three core therapeutic areas: hospitals/clinics, pharmacies (prescription) and over-the-counter (non-prescription).

The Group’s customer revenue recognition (external revenue) policy has been consistent with inter-segment revenue generated.

The Group’s business is organized and managed through a combination of geographical regions and business units through 40 legal entities, of which 23 are operating entities, divided in five strategic divisions, which are its operating segments. These divisions offer different products and services and are managed separately as they require different technology and marketing strategies. The five operating segments correspond to each of its five reportable segments for financial reporting purposes.

The following summary describes the operations of each reportable segment:

Reportable segment		Operations
NextGel		Development and manufacturing of Softgel and related technologies in USA, Brazil and Colombia
Procaps Colombia		Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Colombia
CAN		Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Northern Central America: Salvador, Guatemala, Nicaragua and Honduras
CASAND		Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Southern Central America (Panama and Costa Rica) and the North Andes District (Ecuador, Peru and Bolivia)
Diabetrics		Diabetes solutions and chronic disease management tool

The Group’s chief executive officer reviews the internal management reports of each division at least quarterly.

Note 3.15. Principles of consolidation and equity accounting

Non-controlling interests in the results and equity of subsidiaries are shown separately in the Consolidated Statement of Profit or loss and Other Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Statement of Financial Position respectively.

3.15.1. Joint ventures

Joint ventures are arrangements whereby the Group maintains joint control of the underlying net assets of the arrangement with the counterparties. The Group holds a single 50% interest in one joint venture and the Group holds 50% of the voting rights and management board representation. Investments in joint ventures are accounted for using the equity method of accounting, after initially being recognized at cost.

3.15.2. Equity method

Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from joint ventures are recognized as a reduction in the carrying amount of the investment.

Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity.

Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group.

The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in 3.7.3 Impairment of definite-lived tangible and intangible assets and intangibles not yet available for use, and other assets.

3.15.3. Changes in ownership interests

The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Group.

When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.

If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income are reclassified to profit or loss where appropriate.

Note 3.16. Earnings Per Share

Earnings per share was computed by dividing basic net income attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding. Diluted income per ordinary share is computed by dividing diluted net income attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding plus dilutive potential ordinary shares, if any. Dilutive potential ordinary shares include outstanding warrants or other contracts to issue ordinary stock and are determined by applying the treasury stock method or if-converted method, as applicable, if dilutive.

For the years ended December 31, 2022, 2021 and 2020 no dilutive effect has been identified.

Number of shares prior to the Transaction is retrospectively adjusted as a capital restructuring for the equivalent number of shares received and on a pro rata basis for prior reporting periods.

Trade and other payables (Tables)

12 Months Ended

Dec. 31, 2022

Trade and Other Payables, Net [Abstract]

Schedule of trade and other payables, net

	As of December 31
	2022		2021
Trade payables	$	81,477	$	70,167

Other payables
Trade current accounts		808		3,259
Interest payable		3,307		1,870
Withholdings and payroll contributions		2,512		6,619
Others		2,082		3,466
Total other payables		8,709		15,214
Total accounts payable	$	90,187	$	85,381

Provisions and contingencies (Details) - Schedule of provisions and contingencies - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Provisions and contingencies
Balance as of January 1	$ 501	$ 1,829
Effect of changes in foreign exchange rates	9	(209)
Provisions made	43
Provisions used	(415)	(1,119)
Balance as of December 31	$ 138	$ 501

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of reconciliation of asset balances

	Land and Buildings ¹			Equipment and Machinery			Vehicles			Computers			Total
Balance as of January 1, 2021		34,886			6,975			32			1,302			43,195
Addition to right-of-use asset		6,573			709			—			—			7,282
Depreciation		(3,311	)		(463	)		—			(449	)		(4,223	)
Derecognition of contracts		(126	)		(58	)		—			(86	)		(270	)
Transfers		559			(1,155	)		(32	)		—			(628	)
Effect of changes in foreign exchange rates		(4,188	)		(932	)		—			(69	)		(5,189	)
Balance as of December 31, 2021		34,393			5,076			—			698			40,167
Addition to right-of-use asset		6,749			2,293			—			1,219			10,261
Depreciation		(4,323	)		(1,343	)		(7	)		(582	)		(6,255	)
Derecognition of contracts		(437	)		(33	)		—			—			(470	)
Impairment loss		—			(356	)		—			—			(356	)
Transfers		201			47			61			—			309
Effect of changes in foreign exchange rates		(3,887	)		(685	)		1			(72	)		(4,643	)
Balance as of December 31, 2022		32,696			4,999			55			1,263			39,013

¹	Includes net right-of-use assets of $1,373 (2021: $1,537) with related party WM Partners, LP.

Schedule of group’s lease liabilities are guaranteed by the lessor’s title to the leased assets

	2022		2021
Non-current	$	25,139	$	21,894
Current		9,053		9,853
Total	$	34,192	$	31,747

Schedule of consolidated statement of profit or loss

	For the year ended December 31
	2022		2021
Interest on lease liabilities	$	1,033	$	720
Expense relating to leases of low-value assets		115		123
Expense relating to short-term leases		862		1,217

Goodwill

12 Months Ended

Dec. 31, 2022

Disclosure of Goodwill Text Block [Abstract]

Goodwill

Note 12. Goodwill

	2022			2021
Balance as of January 1	$	6,803		$	6,863
Effect of movements in foreign exchange		(174	)		(60	)
Impairment losses	$	(838	)	$	—
Balance as of December 31	$	5,791		$	6,803

The Group completed its annual impairment test for goodwill for the years ended December 31, 2022 and 2021 and concluded that no impairment charge was warranted for Procaps S.A. de C.V. and Biokemical S.A. de C.V. cash generating units. However, as of December 31, 2022 an impairment loss was recognized for the Rymco cash generating unit (in regards to prior periods, goodwill impairment losses hadn’t previously been recognized). The Group cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the value of the asset reported. The Group believes that all of its estimates are reasonable and are consistent with the Group’s internal reporting and reflect management’s best estimates.

Allocation of goodwill to cash generating units

For the purpose of impairment testing, goodwill has been allocated to the following cash-generating units, which belong to different reportable segments:

The Group has three cash generating units - Procaps, S.A, de C.V., is engaged in the manufacturing and distribution of pharmaceutical products, Biokemical S.A. de C.V. which also manufactures and distributes pharmaceutical products, and Rymco, a manufacturer and seller of syringes, needles, and infusion equipment.

To determine the recoverable amount for each of these cash generating units, a value-in-use calculation was conducted using cash flow projections from approved financial budgets over a specific period, along with an annual discount rate. For cash flows beyond the number of years used in projection, a fixed annual growth rate was used to extrapolate the projections. The chosen period for the cash flow projection represents the stable long-term position, and hence, the cash flows were extrapolated using a steady growth rate in the second stage. The sales growth rate and fixed gross margins were used as inputs for the cash flow projections during the budgeted period, and the directors estimated the growth rate based on past performance and their expectations of market development. The following key assumptions and inputs were considered in the calculation of projected the cash flows of the cash generating units:

	Procaps S.A. de C.V.						Biokemical S.A. de C.V.						Rymco
	2022			2021			2022			2021			2022			2021
Post-Tax Discount Rate		16.5	%		12.2	%		16.5	%		13.3	%		17.5	%		11.5	%
No. of years used In projection (In Years)		6			6			6			6			5			5
Fixed annual growth rate¹		3	%		1	%		3	%		1	%		3.0	%		3.1	%
Average sales growth rate		15.0	%		6.2	%		12.6	%		3.8	%		(3.5	)%		11.6	%
Average gross margin²		52.6	%		49	%		41.2	%		41.4	%		27.9	%		18	%
Expected market share³		6.5	%		6.2	%		7.5	%		3.8	%		18.1	%		19.9	%

¹	This rate is consistent with the growth of the pharmaceutical and medical supplies markets in the current and potential operating areas of the cash-generating units.

²	Fixed gross margins were used in the cash flow projections for Procaps S.A. de C.V.

³	Management considers that the planned growth of market share for the next five to eight years is reasonably achievable.

The table below indicates the amount by which estimated recoverable amount of the cash generated units exceeded its carrying amount:

The impairment in Rymco is due to the decrease in sales and declining market conditions. During 2021, the production capacity of Rymco’s manufacturing facilities was expanded to meet the increased demand for its products that helped reduce the spread of the COVID-19 virus. However, during 2022, due to the end of the COVID-19 epidemic, the demand for those products significantly declined and, as a result, so did the selling prices due to oversupply in the marketplace.

As a result of the impairment identified as of December 31, 2022, the Group assessed the assets within Rymco subject to IAS 36 and recognized an impairment loss up to the greater of the recoverable amount of the individual assets or zero. The recoverable amount of the assets is its individual Level 2 fair value less costs of disposal, which is calculated based on observable market prices for similar assets. Therefore, a total impairment loss expense of $6,018, which was allocated to the non-financial assets of Rymco as follows:

–

Impairment of Goodwill of $838, with $0 remaining carrying amount;

–

Impairment of Property Plan and Equipment of $4,689, with a remaining carrying amount of $1,596;

–

Impairment of Right-of-use assets of $356, with a remaining carrying amount of $2,744; and

–

Impairment of Intangible assets of $135, with $0 remaining carrying amount.

After impairing assets within the scope of IAS 36 by $6,018, an unallocated impairment of $5,723 remained unrecognized by the Group.

The impairment losses are recognized in the Consolidated Statement of Profit or Loss and Other Comprehensive Income as Other expenses, net.

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Goodwill

Goodwill arising from the acquisition of a business is recorded at cost at the acquisition date, less accumulated impairment losses, if any.

3.1.1 Goodwill impairment

Impairment losses recognized for cash-generating units first reduce allocated goodwill and then the carrying amounts of the other non-financial assets in the unit on a pro rata basis.

Refer to Note 12. Goodwill and Note 4. Critical accounting judgements and key sources of estimation uncertainty or further information on the goodwill exposure and estimates applied, respectively.

Transactions in foreign currency

Leases - Right-of-use assets & lease liabilities

Financial Instruments

Financial assets and liabilities are recognized when an entity of the Group becomes party to the contractual provisions of an instrument.

3.4.1 Classification of financial assets

If and when applicable the Group follows the framework and requirements outlined in IFRS 9 to classify financial assets based on whether:

●

The contractual terms give rise to cash flows that are only payments of principal and interest.

By default, all other financial assets are subsequently measured at fair value through profit or loss.

3.4.2 Gains and losses in foreign currency

3.4.3 Impairment of financial assets

The Group recognizes an impairment for expected credit losses on trade and other receivables.

Other receivables are generally assessed individually and a lifetime expected credit loss is estimated based on the receivable and debtor specific facts and circumstances.

3.4.4 Definition of default

3.4.5 Impaired trade receivables

●

significant financial difficulty of the customer;

●

customer enters into or is likely to enter into bankruptcy;

●

a breach of contract, such as an expired event; and

●

for economic or contractual reasons one or more concessions have been granted.

3.4.6 Measurement of impairment

●

Probability of default (‘PD’): The PD is derived by analyzing a rolling dataset of twenty-four months in which trade receivables are tracked and analyzed as they move through the aging buckets.

●

Loss given default: The Group typically defines the loss given default to be one hundred percent.

●

Exposure at default: The trade receivable balance as of the reporting date, net of advances and credit notes.

As of the reporting dates presented, the Group has not deemed these to be significant.

●

Domestic

●

Export

●

Government

●

Related parties

The Group recognizes an impairment loss or gain in the aggregate for all trade receivables as a provision with corresponding amount recognized in Sales and marketing expenses.

The Group writes-off individual trade receivables when uncollected when they become 365 days past due.

3.4.7 Derecognition of financial assets

Accounts receivable factoring

Inventories, net

Property, plant and equipment, net

Note 3.6. Property, plant and equipment, net

Property, plant and equipment is depreciated based on the straight-line method over estimated useful lives.

The useful lives of property, plant and equipment are:

Buildings	20 - 40 years
Machinery and equipment	10 - 20 years
Furniture and fixtures	2 - 10 years
Other equipment	2 - 5 years

Intangible assets

3.7.1 Intangible assets generated internally

Disbursements originated by research activities are recognized as an expense in the period in which they are incurred.

An intangible asset generated internally as a result of development activities (or the development phase of an internal project) is recognized if, and only if, the following conditions are met:

●

It is commercially and technically feasible to complete the production of the intangible asset so that it can be available for use or sale;

●

Management intends to complete the intangible asset in question in order to use or sell it or can demonstrate the way in which the intangible asset will likely generate future economic benefits;

●

Adequate technical, financial or other resources are available to complete the development and to use or sell the intangible asset; and

●

The Group is able to reliably measure the disbursement attributable to the intangible asset during its development.

3.7.2 Disposal of intangible assets

3.7.3 Impairment of definite-lived tangible and intangible assets and intangibles not yet available for use, and other assets

3.7.4 Amortization of internally generated intangibles

●

The pre-industrial batch is completed with satisfactory results.

●

The regulatory body approves the corresponding sanitary records.

The amortization will also cease at the earliest of either the date when the asset is classified as held for sale or the date when the asset is derecognized.

3.7.5 Useful lives of intangibles

The following useful lives are used to calculate amortization:

Trademarks and sanitary records	3 – 20 years
Licenses, customers and agreements	3 – 10 years
Product development	3 years

Financial liabilities and equity instruments

3.8.1 Classification as debt or equity

3.8.2 Equity instruments

3.8.3 Financial liabilities

3.8.4 Warrant liabilities

3.8.5 Shares held in escrow

Trade and other payables, net

Trade and other payables

Reverse factoring

Taxes

Income tax expense represents the sum of current income tax payable and deferred tax.

3.10.1 Current tax

3.10.2 Deferred tax

3.10.3 Current and deferred taxes

Provisions

3.11.1 Disputes and litigation

Employee benefits

Note 3.12.1. Retirement and termination benefit costs

Defined benefit costs are split into three categories:

●

service cost, which includes current service cost, past service cost and gains and losses on curtailments and settlements;

●

net interest expense; and

●

remeasurements.

Discretionary contributions made by employees or third parties reduce service cost upon payment of these contributions to the plan.

Note 3.12.2. Short-term and other long-term employee benefits

Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.

Revenue recognition

The Group recognizes revenues from the sale of pharmaceutical products and the provision of services primarily related to product development projects.

3.13.1 Sale of goods

3.13.2 License revenues

The license is a commitment to provide a right of access to the entity’s intellectual property if all the following criteria are met:

	●	the contract requires, or the customer reasonably expects, that the entity carries out activities that significantly affect the intellectual property to which the customer is entitled;

	●	the rights granted by the license directly expose the customer to the positive or negative effects of the entity’s activities identified in subsection a above; and

●

those activities do not result in the transfer of a good or service to the customer as such activities take place.

If these criteria are not met, the license grants the customer a right to use the license, and the transaction is recognized when the license is granted to the customer.

3.13.3 Service provision

	●	the customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs;

	●	the entity’s performance creates or enhances an asset that the customer controls as it is created or enhanced; or

●

the entity’s performance does not create an asset with an alternative use for the entity and the entity has an enforceable right to payment for performance that has been completed to date.

3.13.4 Sale of trademarks and sanitary records

	●	The customer has the right to all the benefits of the commercial use of the trademark or sanitary records.

	●	The customer can redirect the use of the trademark or sanitary records.

	●	The customer is responsible for sales, marketing and advertising activities.

●

Segment reporting

The Group’s customer revenue recognition (external revenue) policy has been consistent with inter-segment revenue generated.

The following summary describes the operations of each reportable segment:

Reportable segment		Operations
NextGel		Development and manufacturing of Softgel and related technologies in USA, Brazil and Colombia
Procaps Colombia		Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Colombia
CAN		Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Northern Central America: Salvador, Guatemala, Nicaragua and Honduras
CASAND		Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Southern Central America (Panama and Costa Rica) and the North Andes District (Ecuador, Peru and Bolivia)
Diabetrics		Diabetes solutions and chronic disease management tool

The Group’s chief executive officer reviews the internal management reports of each division at least quarterly.

Principles of consolidation and equity accounting

3.15.1. Joint ventures

3.15.2. Equity method

Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group.

3.15.3. Changes in ownership interests

Earnings Per Share

For the years ended December 31, 2022, 2021 and 2020 no dilutive effect has been identified.

Number of shares prior to the Transaction is retrospectively adjusted as a capital restructuring for the equivalent number of shares received and on a pro rata basis for prior reporting periods.

Acquisitions (Details) - Schedule of changes in fair values - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Changes In Fair Values Abstract
Balance at the beginning	$ 101,859
Escrowed shares		106,364
Fair value remeasurement	(61,795)	(4,505)
Balance at the ending	$ 40,064	$ 101,859

Summary of Significant Accounting Policies (Details) - Schedule of summary describes the operations of each reportable segment	12 Months Ended
	Dec. 31, 2022
NextGel [Member]
Summary of Significant Accounting Policies (Details) - Schedule of summary describes the operations of each reportable segment [Line Items]
Operations	Development and manufacturing of Softgel and related technologies in USA, Brazil and Colombia
Procaps Colombia [Member]
Summary of Significant Accounting Policies (Details) - Schedule of summary describes the operations of each reportable segment [Line Items]
Operations	Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Colombia
CAN [Member]
Summary of Significant Accounting Policies (Details) - Schedule of summary describes the operations of each reportable segment [Line Items]
Operations	Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Northern Central America: Salvador, Guatemala, Nicaragua and Honduras
CASAND [Member]
Summary of Significant Accounting Policies (Details) - Schedule of summary describes the operations of each reportable segment [Line Items]
Operations	Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Southern Central America (Panama and Costa Rica) and the North Andes District (Ecuador, Peru and Bolivia)
Diabetrics [Member]
Summary of Significant Accounting Policies (Details) - Schedule of summary describes the operations of each reportable segment [Line Items]
Operations	Diabetes solutions and chronic disease management tool

Borrowings

12 Months Ended

Dec. 31, 2022

Disclosure of Borrowings [Abstract]