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"entity": "scheme:549300B8BGP6YLHH0K80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
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"Fxbrl_20230404004904622": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300B8BGP6YLHH0K80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Fxbrl_20230404004901432": {
"value": "Norway",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Fxbrl_20230404005338929": {
"value": "manufactures products from thermal plasma processes and produces thermal plasmasystems.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300B8BGP6YLHH0K80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Fxbrl_20230403175909453": {
"value": "\n \n
The Company was incorporated on 30 June 2020. The Company's audited financial statements for 2022 have
\n
been prepared in accordance with International Financial Reporting Standards (IFRS). Following the admission
\n
to trading on Euronext Growth Oslo in 2021 and Oslo Stock Exchange per 1 July 2022, the Group has report-
\n
ed consolidated financial statements in accordance with IFRS, with the Company as the parent company, in-
\n
cluding quarterly financial statements.
\n
\n
Significant accounting policies
\n
This note provides a list of the significant accounting policies adopted in the preparation of these consolidat-
\n
ed financial statements. These policies have been consistently applied to the previous year presented, unless
\n
otherwise stated.
\n \n
\n
Basis for preparation
\n \n
\n
The consolidated financial statements have been prepared in accordance with International Financial Report-
\n
ing Standards (IFRS) adopted by the European Union and associated interpretations, as well as Norwegian
\n
\n \n
disclosure requirements pursuant to the Norwegian Accounting Act applicable as of 31 December 2022. The
\n
consolidated financial statements were approved by the board of directors on 10 April 2023. The company
\n
was incorporated on 30 June 2020 but did not have any activity before Arendals Fossekompani ASA
\n
(\u201c
\n
AFK
\n
\u201d)
\n
increased the share capital by contribution in kind in form of shares in Tekna Holding AS on 11 March 2021.
\n
The transaction represents a capital reorganization and is not in scope of IFRS 3 Business combinations.
\n
Management has determined that predecessor accounting best reflects the economic substance of the trans-
\n
action, since AFK
\n
\u2019
\n
s ownership and control is not changed as a result of the transaction. The financial state-
\n
ments are based on predecessor values from Tekna Holdings Canada Inc.
\n
\u2018
\n
s consolidated financial statements.
\n
To be able to provide relevant historical financial information, predecessor accounting is applied retrospec-
\n
tively, and the financial statements are therefore presented based on the assumption that the transaction was
\n
completed 1 January 2019 (opening balance for these financial statements). The financial statements have
\n
been prepared using the historical cost principle, except for financial instruments at fair value through profit
\n
\n \n
\n \n
\n
or loss. The Group recognizes changes in equity arising from transactions with owners in the statement of
\n
changes in equity. Other changes in equity are presented in the statement of other comprehensive income.
\n
Preparation of financial statements in accordance with IFRS requires the use of assessments, estimates and
\n
assumptions that influence which accounting policies shall be applied, and influence recognized amounts for
\n
assets and liabilities, revenues, and costs. Actual amounts can deviate from estimated amounts. Estimates and
\n
underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates are recognized
\n
in the period in which they arise if they only apply to that period. If the changes also apply to subsequent
\n
periods, the effect is allocated over the current and subsequent periods.
\n
\n \n
Accounting policies
\n
The accounting policies applied in the preparation of the consolidated financial statements are described
\n
below. In case that subsidiaries have used other principles to prepare their separate annual financial state-
\n
ments, adjustments have been made so the consolidated financial statements are prepared according to
\n
common policies.
\n \n
\n
Principles of consolidation
\n \n
\n
Business combinations
\n
The acquisition method of accounting is used to account for the acquisition of shares that lead to control
\n
over another company. The Group's consideration is allocated to identifiable assets and liabilities. These are
\n
recognized in the consolidated financial statements at fair value at the date when control is obtained. Good-
\n
will is calculated when the consideration exceeds identifiable assets and liabilities:
\n
\u2022
\n
The consideration transferred; plus
\n
\u2022
\n
Any non-controlling interest in the acquired entity; plus, any gradual acquisition, the fair value of existing
\n
shareholdings in the acquired entity; less
\n
\u2022
\n
Net value (normally fair value) of identifiable net assets included in the transaction
\n
If those amounts are less than the fair value of the net identifiable assets of the business acquired, the differ-
\n
ence is recognized directly in profit or loss as a bargain purchase. If the business combination is achieved in
\n
stages, the investment changes classification from associated company to subsidiary, the upward adjustment
\n
of the existing shareholding at fair value is recognized as a gain in the income statement. A buyout of non-
\n
controlling interests is considered a transaction with owners and does not require a calculation of goodwill.
\n
Non-controlling interests for such transactions are adjusted based on a proportionate share of the subsidi-
\n
ary's equity.
\n
\n \n
\n \n
\n \n
\n
Losses in the parent company
\n
\u2019
\n
s financial statements
\n
When an investment is reclassified from fair value through other comprehensive income to subsidiary or as-
\n
sociated company, the investment
\n
\u2019
\n
s carrying amount at the time control or significant influence is obtained is
\n
used as recognized cost.
\n \n
\n
Subsidiaries
\n
Subsidiaries are all entities over which the Group has control. Control exists when the investor is exposed or
\n
has rights to variable returns from its investment in the company and when it has the ability to influence the
\n
return through its power over the company. To determine the level of control, the potential voting rights that
\n
can be exercised or converted must be considered. Subsidiaries are fully consolidated from the date on
\n
which control is transferred to the group. They are deconsolidated from the date that control ceases.
\n
\n \n \n
\n
Associated companies
\n
Associated companies are entities where the company and/or the Group has significant influence, but not
\n
control over financial and operational management. Significant influence is assumed to exist when the Group
\n
has between 20 per cent to 50 per cent of the voting rights in a company. The consolidated financial state-
\n
ments include the Group's share of the profits/losses from associated companies are accounted for using the
\n
equity method, from the date significant influence was achieved until it ceases.
\n
\n \n
Elimination of intercompany transactions
\n
Intercompany transactions, balances and unrealized gains and losses on transactions between group compa-
\n
nies are eliminated.
\n \n
\n
Foreign currency translation
\n
Functional and presentation currency Items included in the financial statements of each of the group
\n
\u2019
\n
s entities
\n
are measured using the currency of the primary economic environment in which the entity operates
\n
(\u2018
\n
the
\n
functional currency
\n
\u2019).
\n
All amounts disclosed in the consolidated financial statements have been rounded off
\n
to the nearest thousand CAD units unless otherwise stated. From the date of incorporation, the functional
\n
currency of the parent company has been determined to be Norwegian kroner (NOK) due to its ties to Aren-
\n
dals Fossekompani ASA and predominantly NOK financing. With effect from 1 January 2022, the parent com-
\n
pany changed its functional currency from NOK to CAD to reflect the Group
\n
\u2019
\n
s current financing, underlying
\n
operations and reduced ties to AFK.
\n
\n \n
\n \n
\n \n
\n \n
\n
Transactions and balances
\n
Foreign currency transactions are translated into the functional currency using the exchange rates at the
\n
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transac-
\n
tions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year
\n
end exchange rates, are generally recognized in profit or loss. They are deferred in equity if they relate to
\n
qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net in-
\n
vestment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented
\n
in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are pre-
\n
sented in the statement of profit or loss on a net basis within other gains/(losses).
\n
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange
\n
rates at the date when the fair value was determined. Translation differences on assets and liabilities carried
\n
at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-
\n
monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit
\n
or loss as part of the fair value gain or loss, and translation differences on non-monetary assets such as equi-
\n
ties classified as at fair value through other comprehensive income are recognized in other comprehensive
\n
income.
\n
\n \n \n
\n
Group companies
\n
The results and financial position of foreign operations that have a functional currency different from the
\n
presentation currency are translated into the presentation currency as follows:
\n
\u2022
\n
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that
\n
balance sheet
\n
\u2022
\n
income and expenses for each statement of profit or loss and statement of comprehensive income are
\n
translated at average exchange rates, and
\n
\u2022
\n
all resulting exchange differences are recognized in other comprehensive income.
\n
On consolidation, exchange differences arising from the translation of any net investment in foreign entities,
\n
and of borrowings and other financial instruments designated as hedges of such investments, are recognized
\n
in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net
\n
investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the
\n
gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are
\n
treated as assets and liabilities of the foreign operation and translated at the closing rate.
\n
\n \n
\n \n
\n \n
\n
Revenue recognition
\n
Revenues from contracts with customers
\n
Under IFRS 15, Tekna recognizes as revenue the agreed transaction price in a contract with a customer at the
\n
time when the Group transfers the control of a distinct product or service to the customer at an amount that
\n
reflects the consideration to which the Group expects to be entitled in exchange for those goods and ser-
\n
vices. For each performance obligation identified at the inception of the contract, it is separately determined
\n
if those performance obligations are satisfied at a point in time or on an over-time basis. Revenue regarding
\n
each performance obligation is recognized when that performance obligation is satisfied. Consequently, rev-
\n
enue is recognized in full upon completion of a contract if it includes only one performance obligation or
\n
more than one performance obligations that are satisfied at the same time. The Group
\n
\u2019
\n
s main revenues come
\n
from the sale of metal powders and delivers plasma systems for powder production of advanced materials.
\n
There are several types of customer contracts depending on what the customer needs. Some contracts may
\n
include only one type of service while other contracts include two or more types of services, hence the trans-
\n
action price will be allocated between different types of revenue depending on the performance obligation.
\n
Transaction price - Sale of metal powders
\n
The Group determines the transaction price to be the amount of consideration which it expects to be entitled
\n
in exchange for transferring the promised goods and services to the customer, net of discounts and sales
\n
related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group considers
\n
whether there are other promises in the contract that are separate performance obligations to which a por-
\n
tion of the transaction price needs to be allocated.
\n
Fixed price contracts - Sale of plasma systems for powder production of advanced materials
\n
The Group transfers control of plasma systems over time, and therefore, satisfies a performance obligation
\n
and recognizes revenue over time. The asset has no alternative use and the entity has enforceable right to
\n
payment for performance completed to date. Revenue from manufacturing and distribution of thermal plas-
\n
ma systems are recorded under the percentage-of-completion method. Under this method, contract income
\n
and profits are recognized proportionally with the degree of completion of work when persuasive evidence
\n
of an arrangement exists, the sales price is fixed or determinable and collection is reasonably assured. The
\n
degree of completion is determined using the cost-to-cost method, which consists in comparing the actual
\n
costs incurred with the total expected costs.
\n
\n \n
\n \n
\n
Contract balances
\n
Contract balances consist of client-related assets and liabilities. Contract assets relate to consideration for
\n
work complete, but not yet invoiced at the reporting date. The contract assets are transferred to trade receiv-
\n
ables when the right to payment has become unconditional, which usually occurs when invoices are issued to
\n
the customers. When a client pays consideration in advance, or an amount of consideration is due contractu-
\n
ally before transferring of the license or service, then the amount received in advance presented as a liability.
\n
Contract liabilities represent mainly prepayments from clients for unsatisfied or partially satisfied performance
\n
obligations in relation to licenses and services. Contract assets are within the scope of impairment require-
\n
ments in IFRS 9. For contract assets the simplified approach is applied, and the expected loss provision is
\n
measured at the estimate of the lifetime expected credit losses.
\n
\n \n \n
\n
\u00a0
\n \n
\n
Income tax
\n
Income tax on the profit for the period consists of current and deferred tax. Income tax is recognized in the
\n
income statement with the exception of tax on items that are recognized directly in equity or in other com-
\n
prehensive income. The tax effect of the latter items is recognized directly in equity or in other comprehen-
\n
sive income. Current tax is the forecast tax payable on the year's taxable income at current tax rates at the
\n
balance sheet date, and any adjustments of tax payable for previous years less tax paid in advance. Deferred
\n
tax liabilities are calculated based on the balance sheet-oriented liability method taking into account tempo-
\n
rary differences between the carrying amount of assets and liabilities for financial reporting and tax values.
\n
The following temporary differences are not considered: goodwill not deductible for income tax purposes,
\n
the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences
\n
relating to investments in subsidiaries that are not expected to reverse in the foreseeable future. The provi-
\n
sion for deferred tax is based on the expected manner of realization or settlement of the carrying amount of
\n
assets and liabilities, measured at the tax rates in force at the balance sheet date. Deferred tax assets are rec-
\n
ognized only to the extent that it is probable that the asset can be utilized against future taxable results. De-
\n
ferred tax assets are reduced to the extent that it is no longer probable that the related tax asset will be real-
\n
ized. Tax assets that can only be utilized via group contributions from the parent company are not recog-
\n
nized until the contribution has actually been paid and is recognized in the individual companies.
\n
\n \n
\u00a0
\n
\n \n
\n \n
\n
Leases
\n
The company's and the group's leases consist mainly of office space, machines, cars, IT equipment and other
\n
office machines. Assets and liabilities arising from a lease are initially measured on a present value basis.
\n
Right-of-use assets are measured at cost comprising the following:
\n
\u2022
\n
the amount of the initial measurement of lease liability
\n
\u2022
\n
any lease payments made at or before the commencement date less any lease incentives received
\n
\u2022
\n
any initial direct costs, and restoration costs.
\n
Lease liabilities include the net present value of the following lease payments:
\n
\u2022
\n
fixed payments (including in-substance fixed payments), less any lease incentives receivable
\n
\u2022
\n
variable lease payment that are based on an index or a rate, initially measured using the index or rate as
\n
at the commencement date
\n
\u2022
\n
amounts expected to be payable by the group under residual value guarantees
\n
\u2022
\n
the exercise price of a purchase option if the group is reasonably certain to exercise that option,
\n
\u2022
\n
and payments of penalties for terminating the lease, if the lease term reflects the group exercising that
\n
option.
\n
Lease payments to be made under reasonably certain extension options are also included in the measure-
\n
ment of the liability. The lease payments are discounted using the lessee
\n
\u2019
\n
s incremental borrowing rate, being
\n
the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of sim-
\n
ilar value to the right-of-use asset in a similar economic environment with similar terms, security and condi-
\n
tions.
\n
\n \n \n
\n
Impairment of assets
\n
Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are test-
\n
ed annually for impairment, or more frequently if events or changes in circumstances indicate that they might
\n
be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate
\n
that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which
\n
the asset
\n
\u2019
\n
s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an as-
\n
\n \n
\n \n
\n \n
\n
set
\n
\u2019
\n
s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are
\n
grouped at the lowest levels for which there are separately identifiable cash inflows which are largely inde-
\n
pendent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial as-
\n
sets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at
\n
the end of each reporting period.
\n
\n \n
\n \n \n
\n \n
\n
Cash and cash equivalents
\n
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on
\n
hand and deposits held at call with financial institutions.
\n
\n \n
\n \n \n
\n
Trade receivables
\n
Trade receivables are recognized initially at the amount of consideration that is unconditional, unless they
\n
contain significant financing components when they are recognized at fair value. They are subsequently
\n
measured at amortized cost using the effective interest method, less loss allowance. See note 9 for further
\n
information about the group
\n
\u2019
\n
s accounting for trade receivables.
\n
\n \n \n
\n
Inventories
\n
Raw materials and stores, work in progress and finished goods are recognized at the lower of cost and net
\n
realizable value. Net realizable value is the estimated sales price in ordinary operations, less the estimated
\n
costs for completion and sales costs. Cost is based on an average historical cost for raw material and includes
\n
costs incurred upon procurement of goods and the costs of bringing them to their present condition and
\n
location. For finished goods and work in progress, cost is calculated as a share of the indirect costs based on
\n
normal utilization of capacity.
\n
\n \n \n
\n
Financial instruments
\n
Non-derivative financial instruments
\n
Non-derivative financial instruments consist of investments in debt and equity instruments, trade and other
\n
receivables, cash and loans, trade payables and other debts.
\n
Trade and other receivables that fall due in less than three months are not discounted. Non-derivative finan-
\n
cial instruments are measured on initial recognition at fair value plus any directly attributable transaction
\n
costs. After initial recognition, the instruments are measured as described below.
\n
\n \n
\n \n
\n
Interest-bearing loans are valued at fair value less transaction costs on initial recognition in the balance sheet.
\n
Instruments are subsequently measured at amortized cost, with any differences between cost and redemp-
\n
tion value recognized over the term of the loan as part of the effective interest rate.
\n \n
\n
Financial assets are derecognized when the contractual rights to the cash flows from an asset expire, or when
\n
the Group has transferred the contractual rights in a transaction where the risk and return of ownership of
\n
the financial asset have substantively been transferred.
\n
Financial assets classified as held for trading
\n
A financial instrument is classified at fair value through profit or loss if it is held for trading. The instrument is
\n
measured at fair value and the changes in fair value are recognized in the income statement.
\n
\n \n
Other
\n
Other non-derivative financial instruments are measured at amortized cost less any impairment losses.
\n
\n \n \n
\n \n
\n
Property, plant and equipment
\n
The depreciation methods and periods used by the group are disclosed in note 11. The assets
\n
\u2019
\n
residual values
\n
and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
\n
\n \n
An asset
\n
\u2019
\n
s carrying amount is written down immediately to its recoverable amount if the asset
\n
\u2019
\n
s carrying
\n
amount is greater than its estimated recoverable amount.
\n
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are in-
\n
cluded in profit or loss. When revalued assets are sold, it is group policy to transfer any amounts included in
\n
other reserves in respect of those assets to retained earnings.
\n
\n \n
\n
\u00a0
\n \n
\n
Intangible assets
\n \n
\n
Other intangible assets and development
\n
Development costs that are directly attributable to the design and testing of identifiable and unique software
\n
products controlled by the group are recognized as intangible assets where the following criteria are met:
\n
\u2022
\n
it is technically feasible to complete the product so that it will be available for use
\n
\u2022
\n
management intends to complete the product and use or sell it
\n
\u2022
\n
there is an ability to use or sell the product
\n
\u2022
\n
it can be demonstrated how the product will generate probable future economic benefits
\n
\u2022
\n
adequate technical, financial and other resources to complete the development and to use or sell the
\n
product are available, and
\n
\u2022
\n
the expenditure attributable to the product during its development can be reliably measured.
\n
Directly attributable costs that are capitalized as part of the product include employee costs and an appropri-
\n
ate portion of relevant overheads. Capitalized development costs are recorded as intangible assets and
\n
amortized from the point at which the asset is ready for use.
\n
Development expenditure that does not meet the criteria above are recognized as an expense as incurred.
\n
Development costs previously recognized as an expense are not recognized as an asset in a subsequent pe-
\n
riod.
\n
Amortizations methods and periods Refer to note 12 for details about amortization methods and periods
\n
used by the group for intangible assets.
\n
\n \n
\n \n
\u00a0
\n \n
\n
Trade and other payables
\n
These amounts represent liabilities for goods and services provided to the group prior to the end of the fi-
\n
nancial year which are unpaid. The amounts are unsecured and are usually paid within 60 days of recogni-
\n
tion. Trade and other payables are presented as current liabilities unless payment is not due within 12 months
\n
after the reporting period. They are recognized initially at their fair value and subsequently measured at
\n
amortized cost using the effective interest method.
\n
\n \n
\n \n
\n
Borrowings
\n
Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequent-
\n
ly measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the re-
\n
demption amount is recognized in profit or loss over the period of the borrowings using the effective interest
\n
method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to
\n
the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is de-
\n
ferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of
\n
the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized
\n
over the period of the facility to which it relates.
\n
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement
\n
of the liability for at least 12 months after the reporting period.
\n
\n \n \n
\n
Pensions
\n
For defined contribution plans, the group pays contributions to publicly or privately administered pension
\n
plans. The group has no further payment obligations once the contributions have been paid. The contribu-
\n
tions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized
\n
as an asset to the extent that a cash refund or a reduction in the future payments is available.
\n
\n \n \n
\n
Share-based compensation
\n
For share-based compensation by equity instruments granted that do not vest until the employee completes
\n
a specified period of service, it is assumed that the services to be rendered as consideration for the equity
\n
instruments will be received in the future, during the vesting period. Such services are accounted for as they
\n
are rendered by the employee during the vesting period, with a corresponding increase in equity.
\n
\n \n \n
\n
Government Grants
\n
Government grants are recognized when there is reasonable assurance that the grant will be received, and
\n
all attached conditions will be complied with. The grants related to an expense are presented as other reve-
\n
nues, not against the expense. The grants related to fixed assets or intangible assets are recorded against the
\n
cost on a systematic basis over the periods that the related costs, for which it is intended to compensate, are
\n
expensed. When the grant relates to an asset, it is presented in the statement of financial position by deduct-
\n
ing the grant in arriving at the carrying amount of the asset. The grant is recognized in the income statement
\n
over the useful life of a depreciable asset as a reduced depreciation.
\n
\n \n
\n \n
\n
Contributed equity
\n
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
\n
options are recognized as a deduction, net of tax, from the proceeds. On the repurchase of treasury shares,
\n
the purchase amount including directly attributable costs are recognized as a change in equity. Purchased
\n
shares are classified as treasury shares and reduce total equity. When treasury shares are sold, the received
\n
amount is recorded as an increase in equity, and the subsequent gain on the transaction is recognized in
\n
share premium.
\n
\n \n \n
\n
Dividends
\n
Provision is made for the amount of any dividend declared, being appropriately authorized and no longer at
\n
the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the
\n
reporting period.
\n
\n \n \n
\n
Earnings per share
\n
Basic earnings per share is calculated by dividing:
\n
\u2022
\n
the profit attributable to owners of the company, excluding any costs of servicing equity other than ordi-
\n
nary shares by
\n
\u2022
\n
the weighted average number of ordinary shares outstanding during the financial year, adjusted for bo-
\n
nus elements in ordinary shares issued during the year and excluding treasury shares (note 20).
\n
\u2022
\n
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
\n
take into account:
\n
\u2022
\n
the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary
\n
shares, and
\n
\u2022
\n
the weighted average number of additional ordinary shares that would have been outstanding assuming
\n
the conversion of all dilutive potential ordinary shares.
\n
\n \n \n
\n
Segment information
\n
The Chief Operating Decision Maker (CODM) assesses the financial performance and position of the Group
\n
and makes strategic decisions. The internal financial reporting to the CODM is on a consolidated basis. As a
\n
result, the Group has only one reportable segment. The CODM is identified as the Board of Directors.
\n
\n \n
\n
Basis for preparation
\n \n
\n
The consolidated financial statements have been prepared in accordance with International Financial Report-
\n
ing Standards (IFRS) adopted by the European Union and associated interpretations, as well as Norwegian
\n
\n \n
disclosure requirements pursuant to the Norwegian Accounting Act applicable as of 31 December 2022. The
\n
consolidated financial statements were approved by the board of directors on 10 April 2023. The company
\n
was incorporated on 30 June 2020 but did not have any activity before Arendals Fossekompani ASA
\n
(\u201c
\n
AFK
\n
\u201d)
\n
increased the share capital by contribution in kind in form of shares in Tekna Holding AS on 11 March 2021.
\n
The transaction represents a capital reorganization and is not in scope of IFRS 3 Business combinations.
\n
Management has determined that predecessor accounting best reflects the economic substance of the trans-
\n
action, since AFK
\n
\u2019
\n
s ownership and control is not changed as a result of the transaction. The financial state-
\n
ments are based on predecessor values from Tekna Holdings Canada Inc.
\n
\u2018
\n
s consolidated financial statements.
\n
To be able to provide relevant historical financial information, predecessor accounting is applied retrospec-
\n
tively, and the financial statements are therefore presented based on the assumption that the transaction was
\n
completed 1 January 2019 (opening balance for these financial statements). The financial statements have
\n
been prepared using the historical cost principle, except for financial instruments at fair value through profit
\n
\n
or loss. The Group recognizes changes in equity arising from transactions with owners in the statement of
\n
changes in equity. Other changes in equity are presented in the statement of other comprehensive income.
\n
Preparation of financial statements in accordance with IFRS requires the use of assessments, estimates and
\n
assumptions that influence which accounting policies shall be applied, and influence recognized amounts for
\n
assets and liabilities, revenues, and costs. Actual amounts can deviate from estimated amounts. Estimates and
\n
underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates are recognized
\n
in the period in which they arise if they only apply to that period. If the changes also apply to subsequent
\n
periods, the effect is allocated over the current and subsequent periods.
\n
\n
The consolidated financial statements have been prepared in accordance with International Financial Report-
\n
ing Standards (IFRS) adopted by the European Union and associated interpretations, as well as Norwegian
\n
\n
Principles of consolidation
\n \n
\n
Business combinations
\n
The acquisition method of accounting is used to account for the acquisition of shares that lead to control
\n
over another company. The Group's consideration is allocated to identifiable assets and liabilities. These are
\n
recognized in the consolidated financial statements at fair value at the date when control is obtained. Good-
\n
will is calculated when the consideration exceeds identifiable assets and liabilities:
\n
\u2022
\n
The consideration transferred; plus
\n
\u2022
\n
Any non-controlling interest in the acquired entity; plus, any gradual acquisition, the fair value of existing
\n
shareholdings in the acquired entity; less
\n
\u2022
\n
Net value (normally fair value) of identifiable net assets included in the transaction
\n
If those amounts are less than the fair value of the net identifiable assets of the business acquired, the differ-
\n
ence is recognized directly in profit or loss as a bargain purchase. If the business combination is achieved in
\n
stages, the investment changes classification from associated company to subsidiary, the upward adjustment
\n
of the existing shareholding at fair value is recognized as a gain in the income statement. A buyout of non-
\n
controlling interests is considered a transaction with owners and does not require a calculation of goodwill.
\n
Non-controlling interests for such transactions are adjusted based on a proportionate share of the subsidi-
\n
ary's equity.
\n
\n \n
\n
Losses in the parent company
\n
\u2019
\n
s financial statements
\n
When an investment is reclassified from fair value through other comprehensive income to subsidiary or as-
\n
sociated company, the investment
\n
\u2019
\n
s carrying amount at the time control or significant influence is obtained is
\n
used as recognized cost.
\n \n
\n
Subsidiaries
\n
Subsidiaries are all entities over which the Group has control. Control exists when the investor is exposed or
\n
has rights to variable returns from its investment in the company and when it has the ability to influence the
\n
return through its power over the company. To determine the level of control, the potential voting rights that
\n
can be exercised or converted must be considered. Subsidiaries are fully consolidated from the date on
\n
which control is transferred to the group. They are deconsolidated from the date that control ceases.
\n
\n \n \n
\n
Associated companies
\n
Associated companies are entities where the company and/or the Group has significant influence, but not
\n
control over financial and operational management. Significant influence is assumed to exist when the Group
\n
has between 20 per cent to 50 per cent of the voting rights in a company. The consolidated financial state-
\n
ments include the Group's share of the profits/losses from associated companies are accounted for using the
\n
equity method, from the date significant influence was achieved until it ceases.
\n
\n \n
Elimination of intercompany transactions
\n
Intercompany transactions, balances and unrealized gains and losses on transactions between group compa-
\n
nies are eliminated.
\n \n
\n
Foreign currency translation
\n
Functional and presentation currency Items included in the financial statements of each of the group
\n
\u2019
\n
s entities
\n
are measured using the currency of the primary economic environment in which the entity operates
\n
(\u2018
\n
the
\n
functional currency
\n
\u2019).
\n
All amounts disclosed in the consolidated financial statements have been rounded off
\n
to the nearest thousand CAD units unless otherwise stated. From the date of incorporation, the functional
\n
currency of the parent company has been determined to be Norwegian kroner (NOK) due to its ties to Aren-
\n
dals Fossekompani ASA and predominantly NOK financing. With effect from 1 January 2022, the parent com-
\n
pany changed its functional currency from NOK to CAD to reflect the Group
\n
\u2019
\n
s current financing, underlying
\n
operations and reduced ties to AFK.
\n
\n \n
\n \n
\n
Transactions and balances
\n
Foreign currency transactions are translated into the functional currency using the exchange rates at the
\n
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transac-
\n
tions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year
\n
end exchange rates, are generally recognized in profit or loss. They are deferred in equity if they relate to
\n
qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net in-
\n
vestment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented
\n
in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are pre-
\n
sented in the statement of profit or loss on a net basis within other gains/(losses).
\n
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange
\n
rates at the date when the fair value was determined. Translation differences on assets and liabilities carried
\n
at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-
\n
monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit
\n
or loss as part of the fair value gain or loss, and translation differences on non-monetary assets such as equi-
\n
ties classified as at fair value through other comprehensive income are recognized in other comprehensive
\n
income.
\n
\n \n \n
\n
Group companies
\n
The results and financial position of foreign operations that have a functional currency different from the
\n
presentation currency are translated into the presentation currency as follows:
\n
\u2022
\n
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that
\n
balance sheet
\n
\u2022
\n
income and expenses for each statement of profit or loss and statement of comprehensive income are
\n
translated at average exchange rates, and
\n
\u2022
\n
all resulting exchange differences are recognized in other comprehensive income.
\n
On consolidation, exchange differences arising from the translation of any net investment in foreign entities,
\n
and of borrowings and other financial instruments designated as hedges of such investments, are recognized
\n
in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net
\n
investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the
\n
gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are
\n
treated as assets and liabilities of the foreign operation and translated at the closing rate.
\n
\n \n
\n
Business combinations
\n
The acquisition method of accounting is used to account for the acquisition of shares that lead to control
\n
over another company. The Group's consideration is allocated to identifiable assets and liabilities. These are
\n
recognized in the consolidated financial statements at fair value at the date when control is obtained. Good-
\n
will is calculated when the consideration exceeds identifiable assets and liabilities:
\n
\u2022
\n
The consideration transferred; plus
\n
\u2022
\n
Any non-controlling interest in the acquired entity; plus, any gradual acquisition, the fair value of existing
\n
shareholdings in the acquired entity; less
\n
\u2022
\n
Net value (normally fair value) of identifiable net assets included in the transaction
\n
If those amounts are less than the fair value of the net identifiable assets of the business acquired, the differ-
\n
ence is recognized directly in profit or loss as a bargain purchase. If the business combination is achieved in
\n
stages, the investment changes classification from associated company to subsidiary, the upward adjustment
\n
of the existing shareholding at fair value is recognized as a gain in the income statement. A buyout of non-
\n
controlling interests is considered a transaction with owners and does not require a calculation of goodwill.
\n
Non-controlling interests for such transactions are adjusted based on a proportionate share of the subsidi-
\n
ary's equity.
\n
\n
Subsidiaries
\n
Subsidiaries are all entities over which the Group has control. Control exists when the investor is exposed or
\n
has rights to variable returns from its investment in the company and when it has the ability to influence the
\n
return through its power over the company. To determine the level of control, the potential voting rights that
\n
can be exercised or converted must be considered. Subsidiaries are fully consolidated from the date on
\n
which control is transferred to the group. They are deconsolidated from the date that control ceases.
\n
\n
Associated companies
\n
Associated companies are entities where the company and/or the Group has significant influence, but not
\n
control over financial and operational management. Significant influence is assumed to exist when the Group
\n
has between 20 per cent to 50 per cent of the voting rights in a company. The consolidated financial state-
\n
ments include the Group's share of the profits/losses from associated companies are accounted for using the
\n
equity method, from the date significant influence was achieved until it ceases.
\n
\n
Foreign currency translation
\n
Functional and presentation currency Items included in the financial statements of each of the group
\n
\u2019
\n
s entities
\n
are measured using the currency of the primary economic environment in which the entity operates
\n
(\u2018
\n
the
\n
functional currency
\n
\u2019).
\n
All amounts disclosed in the consolidated financial statements have been rounded off
\n
to the nearest thousand CAD units unless otherwise stated. From the date of incorporation, the functional
\n
currency of the parent company has been determined to be Norwegian kroner (NOK) due to its ties to Aren-
\n
dals Fossekompani ASA and predominantly NOK financing. With effect from 1 January 2022, the parent com-
\n
pany changed its functional currency from NOK to CAD to reflect the Group
\n
\u2019
\n
s current financing, underlying
\n
operations and reduced ties to AFK.
\n
\n
Transactions and balances
\n
Foreign currency transactions are translated into the functional currency using the exchange rates at the
\n
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transac-
\n
tions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year
\n
end exchange rates, are generally recognized in profit or loss. They are deferred in equity if they relate to
\n
qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net in-
\n
vestment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented
\n
in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are pre-
\n
sented in the statement of profit or loss on a net basis within other gains/(losses).
\n
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange
\n
rates at the date when the fair value was determined. Translation differences on assets and liabilities carried
\n
at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-
\n
monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit
\n
or loss as part of the fair value gain or loss, and translation differences on non-monetary assets such as equi-
\n
ties classified as at fair value through other comprehensive income are recognized in other comprehensive
\n
income.
\n
\n
Group companies
\n
The results and financial position of foreign operations that have a functional currency different from the
\n
presentation currency are translated into the presentation currency as follows:
\n
\u2022
\n
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that
\n
balance sheet
\n
\u2022
\n
income and expenses for each statement of profit or loss and statement of comprehensive income are
\n
translated at average exchange rates, and
\n
\u2022
\n
all resulting exchange differences are recognized in other comprehensive income.
\n
On consolidation, exchange differences arising from the translation of any net investment in foreign entities,
\n
and of borrowings and other financial instruments designated as hedges of such investments, are recognized
\n
in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net
\n
investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the
\n
gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are
\n
treated as assets and liabilities of the foreign operation and translated at the closing rate.
\n
\n
Revenue recognition
\n
Revenues from contracts with customers
\n
Under IFRS 15, Tekna recognizes as revenue the agreed transaction price in a contract with a customer at the
\n
time when the Group transfers the control of a distinct product or service to the customer at an amount that
\n
reflects the consideration to which the Group expects to be entitled in exchange for those goods and ser-
\n
vices. For each performance obligation identified at the inception of the contract, it is separately determined
\n
if those performance obligations are satisfied at a point in time or on an over-time basis. Revenue regarding
\n
each performance obligation is recognized when that performance obligation is satisfied. Consequently, rev-
\n
enue is recognized in full upon completion of a contract if it includes only one performance obligation or
\n
more than one performance obligations that are satisfied at the same time. The Group
\n
\u2019
\n
s main revenues come
\n
from the sale of metal powders and delivers plasma systems for powder production of advanced materials.
\n
There are several types of customer contracts depending on what the customer needs. Some contracts may
\n
include only one type of service while other contracts include two or more types of services, hence the trans-
\n
action price will be allocated between different types of revenue depending on the performance obligation.
\n
Transaction price - Sale of metal powders
\n
The Group determines the transaction price to be the amount of consideration which it expects to be entitled
\n
in exchange for transferring the promised goods and services to the customer, net of discounts and sales
\n
related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group considers
\n
whether there are other promises in the contract that are separate performance obligations to which a por-
\n
tion of the transaction price needs to be allocated.
\n
Fixed price contracts - Sale of plasma systems for powder production of advanced materials
\n
The Group transfers control of plasma systems over time, and therefore, satisfies a performance obligation
\n
and recognizes revenue over time. The asset has no alternative use and the entity has enforceable right to
\n
payment for performance completed to date. Revenue from manufacturing and distribution of thermal plas-
\n
ma systems are recorded under the percentage-of-completion method. Under this method, contract income
\n
and profits are recognized proportionally with the degree of completion of work when persuasive evidence
\n
of an arrangement exists, the sales price is fixed or determinable and collection is reasonably assured. The
\n
degree of completion is determined using the cost-to-cost method, which consists in comparing the actual
\n
costs incurred with the total expected costs.
\n
\n
Contract balances
\n
Contract balances consist of client-related assets and liabilities. Contract assets relate to consideration for
\n
work complete, but not yet invoiced at the reporting date. The contract assets are transferred to trade receiv-
\n
ables when the right to payment has become unconditional, which usually occurs when invoices are issued to
\n
the customers. When a client pays consideration in advance, or an amount of consideration is due contractu-
\n
ally before transferring of the license or service, then the amount received in advance presented as a liability.
\n
Contract liabilities represent mainly prepayments from clients for unsatisfied or partially satisfied performance
\n
obligations in relation to licenses and services. Contract assets are within the scope of impairment require-
\n
ments in IFRS 9. For contract assets the simplified approach is applied, and the expected loss provision is
\n
measured at the estimate of the lifetime expected credit losses.
\n
\n
\u00a0
\n \n
\n
Income tax
\n
Income tax on the profit for the period consists of current and deferred tax. Income tax is recognized in the
\n
income statement with the exception of tax on items that are recognized directly in equity or in other com-
\n
prehensive income. The tax effect of the latter items is recognized directly in equity or in other comprehen-
\n
sive income. Current tax is the forecast tax payable on the year's taxable income at current tax rates at the
\n
balance sheet date, and any adjustments of tax payable for previous years less tax paid in advance. Deferred
\n
tax liabilities are calculated based on the balance sheet-oriented liability method taking into account tempo-
\n
rary differences between the carrying amount of assets and liabilities for financial reporting and tax values.
\n
The following temporary differences are not considered: goodwill not deductible for income tax purposes,
\n
the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences
\n
relating to investments in subsidiaries that are not expected to reverse in the foreseeable future. The provi-
\n
sion for deferred tax is based on the expected manner of realization or settlement of the carrying amount of
\n
assets and liabilities, measured at the tax rates in force at the balance sheet date. Deferred tax assets are rec-
\n
ognized only to the extent that it is probable that the asset can be utilized against future taxable results. De-
\n
ferred tax assets are reduced to the extent that it is no longer probable that the related tax asset will be real-
\n
ized. Tax assets that can only be utilized via group contributions from the parent company are not recog-
\n
nized until the contribution has actually been paid and is recognized in the individual companies.
\n
\n \n
\u00a0
\n
\n
Income tax
\n
Income tax on the profit for the period consists of current and deferred tax. Income tax is recognized in the
\n
income statement with the exception of tax on items that are recognized directly in equity or in other com-
\n
prehensive income. The tax effect of the latter items is recognized directly in equity or in other comprehen-
\n
sive income. Current tax is the forecast tax payable on the year's taxable income at current tax rates at the
\n
balance sheet date, and any adjustments of tax payable for previous years less tax paid in advance. Deferred
\n
tax liabilities are calculated based on the balance sheet-oriented liability method taking into account tempo-
\n
rary differences between the carrying amount of assets and liabilities for financial reporting and tax values.
\n
The following temporary differences are not considered: goodwill not deductible for income tax purposes,
\n
the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences
\n
relating to investments in subsidiaries that are not expected to reverse in the foreseeable future. The provi-
\n
sion for deferred tax is based on the expected manner of realization or settlement of the carrying amount of
\n
assets and liabilities, measured at the tax rates in force at the balance sheet date. Deferred tax assets are rec-
\n
ognized only to the extent that it is probable that the asset can be utilized against future taxable results. De-
\n
ferred tax assets are reduced to the extent that it is no longer probable that the related tax asset will be real-
\n
ized. Tax assets that can only be utilized via group contributions from the parent company are not recog-
\n
nized until the contribution has actually been paid and is recognized in the individual companies.
\n
\n
Leases
\n
The company's and the group's leases consist mainly of office space, machines, cars, IT equipment and other
\n
office machines. Assets and liabilities arising from a lease are initially measured on a present value basis.
\n
Right-of-use assets are measured at cost comprising the following:
\n
\u2022
\n
the amount of the initial measurement of lease liability
\n
\u2022
\n
any lease payments made at or before the commencement date less any lease incentives received
\n
\u2022
\n
any initial direct costs, and restoration costs.
\n
Lease liabilities include the net present value of the following lease payments:
\n
\u2022
\n
fixed payments (including in-substance fixed payments), less any lease incentives receivable
\n
\u2022
\n
variable lease payment that are based on an index or a rate, initially measured using the index or rate as
\n
at the commencement date
\n
\u2022
\n
amounts expected to be payable by the group under residual value guarantees
\n
\u2022
\n
the exercise price of a purchase option if the group is reasonably certain to exercise that option,
\n
\u2022
\n
and payments of penalties for terminating the lease, if the lease term reflects the group exercising that
\n
option.
\n
Lease payments to be made under reasonably certain extension options are also included in the measure-
\n
ment of the liability. The lease payments are discounted using the lessee
\n
\u2019
\n
s incremental borrowing rate, being
\n
the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of sim-
\n
ilar value to the right-of-use asset in a similar economic environment with similar terms, security and condi-
\n
tions.
\n
\n \n
\n
set
\n
\u2019
\n
s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are
\n
grouped at the lowest levels for which there are separately identifiable cash inflows which are largely inde-
\n
pendent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial as-
\n
sets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at
\n
the end of each reporting period.
\n
\n \n
\n
Impairment of assets
\n
Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are test-
\n
ed annually for impairment, or more frequently if events or changes in circumstances indicate that they might
\n
be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate
\n
that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which
\n
the asset
\n
\u2019
\n
s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an as-
\n
\n
set
\n
\u2019
\n
s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are
\n
grouped at the lowest levels for which there are separately identifiable cash inflows which are largely inde-
\n
pendent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial as-
\n
sets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at
\n
the end of each reporting period.
\n
\n \n
\n
Cash and cash equivalents
\n
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on
\n
hand and deposits held at call with financial institutions.
\n
\n \n
\n
Cash and cash equivalents
\n
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on
\n
hand and deposits held at call with financial institutions.
\n
\n
Trade receivables
\n
Trade receivables are recognized initially at the amount of consideration that is unconditional, unless they
\n
contain significant financing components when they are recognized at fair value. They are subsequently
\n
measured at amortized cost using the effective interest method, less loss allowance. See note 9 for further
\n
information about the group
\n
\u2019
\n
s accounting for trade receivables.
\n
\n
Inventories
\n
Raw materials and stores, work in progress and finished goods are recognized at the lower of cost and net
\n
realizable value. Net realizable value is the estimated sales price in ordinary operations, less the estimated
\n
costs for completion and sales costs. Cost is based on an average historical cost for raw material and includes
\n
costs incurred upon procurement of goods and the costs of bringing them to their present condition and
\n
location. For finished goods and work in progress, cost is calculated as a share of the indirect costs based on
\n
normal utilization of capacity.
\n
\n
Financial instruments
\n
Non-derivative financial instruments
\n
Non-derivative financial instruments consist of investments in debt and equity instruments, trade and other
\n
receivables, cash and loans, trade payables and other debts.
\n
Trade and other receivables that fall due in less than three months are not discounted. Non-derivative finan-
\n
cial instruments are measured on initial recognition at fair value plus any directly attributable transaction
\n
costs. After initial recognition, the instruments are measured as described below.
\n
\n
Interest-bearing loans are valued at fair value less transaction costs on initial recognition in the balance sheet.
\n
Instruments are subsequently measured at amortized cost, with any differences between cost and redemp-
\n
tion value recognized over the term of the loan as part of the effective interest rate.
\n \n
\n
Financial assets are derecognized when the contractual rights to the cash flows from an asset expire, or when
\n
the Group has transferred the contractual rights in a transaction where the risk and return of ownership of
\n
the financial asset have substantively been transferred.
\n
Financial assets classified as held for trading
\n
A financial instrument is classified at fair value through profit or loss if it is held for trading. The instrument is
\n
measured at fair value and the changes in fair value are recognized in the income statement.
\n
\n \n
Other
\n
Other non-derivative financial instruments are measured at amortized cost less any impairment losses.
\n
\n
Financial assets are derecognized when the contractual rights to the cash flows from an asset expire, or when
\n
the Group has transferred the contractual rights in a transaction where the risk and return of ownership of
\n
the financial asset have substantively been transferred.
\n
Financial assets classified as held for trading
\n
A financial instrument is classified at fair value through profit or loss if it is held for trading. The instrument is
\n
measured at fair value and the changes in fair value are recognized in the income statement.
\n
\n \n
\n
Property, plant and equipment
\n
The depreciation methods and periods used by the group are disclosed in note 11. The assets
\n
\u2019
\n
residual values
\n
and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
\n
\n \n
An asset
\n
\u2019
\n
s carrying amount is written down immediately to its recoverable amount if the asset
\n
\u2019
\n
s carrying
\n
amount is greater than its estimated recoverable amount.
\n
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are in-
\n
cluded in profit or loss. When revalued assets are sold, it is group policy to transfer any amounts included in
\n
other reserves in respect of those assets to retained earnings.
\n
\n
Property, plant and equipment
\n
The depreciation methods and periods used by the group are disclosed in note 11. The assets
\n
\u2019
\n
residual values
\n
and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
\n
\n
Intangible assets
\n \n
\n
Other intangible assets and development
\n
Development costs that are directly attributable to the design and testing of identifiable and unique software
\n
products controlled by the group are recognized as intangible assets where the following criteria are met:
\n
\u2022
\n
it is technically feasible to complete the product so that it will be available for use
\n
\u2022
\n
management intends to complete the product and use or sell it
\n
\u2022
\n
there is an ability to use or sell the product
\n
\u2022
\n
it can be demonstrated how the product will generate probable future economic benefits
\n
\u2022
\n
adequate technical, financial and other resources to complete the development and to use or sell the
\n
product are available, and
\n
\u2022
\n
the expenditure attributable to the product during its development can be reliably measured.
\n
Directly attributable costs that are capitalized as part of the product include employee costs and an appropri-
\n
ate portion of relevant overheads. Capitalized development costs are recorded as intangible assets and
\n
amortized from the point at which the asset is ready for use.
\n
Development expenditure that does not meet the criteria above are recognized as an expense as incurred.
\n
Development costs previously recognized as an expense are not recognized as an asset in a subsequent pe-
\n
riod.
\n
Amortizations methods and periods Refer to note 12 for details about amortization methods and periods
\n
used by the group for intangible assets.
\n
\n \n
\n
Other intangible assets and development
\n
Development costs that are directly attributable to the design and testing of identifiable and unique software
\n
products controlled by the group are recognized as intangible assets where the following criteria are met:
\n
\u2022
\n
it is technically feasible to complete the product so that it will be available for use
\n
\u2022
\n
management intends to complete the product and use or sell it
\n
\u2022
\n
there is an ability to use or sell the product
\n
\u2022
\n
it can be demonstrated how the product will generate probable future economic benefits
\n
\u2022
\n
adequate technical, financial and other resources to complete the development and to use or sell the
\n
product are available, and
\n
\u2022
\n
the expenditure attributable to the product during its development can be reliably measured.
\n
Directly attributable costs that are capitalized as part of the product include employee costs and an appropri-
\n
ate portion of relevant overheads. Capitalized development costs are recorded as intangible assets and
\n
amortized from the point at which the asset is ready for use.
\n
Development expenditure that does not meet the criteria above are recognized as an expense as incurred.
\n
Development costs previously recognized as an expense are not recognized as an asset in a subsequent pe-
\n
riod.
\n
Amortizations methods and periods Refer to note 12 for details about amortization methods and periods
\n
used by the group for intangible assets.
\n
\n
Trade and other payables
\n
These amounts represent liabilities for goods and services provided to the group prior to the end of the fi-
\n
nancial year which are unpaid. The amounts are unsecured and are usually paid within 60 days of recogni-
\n
tion. Trade and other payables are presented as current liabilities unless payment is not due within 12 months
\n
after the reporting period. They are recognized initially at their fair value and subsequently measured at
\n
amortized cost using the effective interest method.
\n
\n
Borrowings
\n
Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequent-
\n
ly measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the re-
\n
demption amount is recognized in profit or loss over the period of the borrowings using the effective interest
\n
method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to
\n
the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is de-
\n
ferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of
\n
the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized
\n
over the period of the facility to which it relates.
\n
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement
\n
of the liability for at least 12 months after the reporting period.
\n
\n
Pensions
\n
For defined contribution plans, the group pays contributions to publicly or privately administered pension
\n
plans. The group has no further payment obligations once the contributions have been paid. The contribu-
\n
tions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized
\n
as an asset to the extent that a cash refund or a reduction in the future payments is available.
\n
\n
Share-based compensation
\n
For share-based compensation by equity instruments granted that do not vest until the employee completes
\n
a specified period of service, it is assumed that the services to be rendered as consideration for the equity
\n
instruments will be received in the future, during the vesting period. Such services are accounted for as they
\n
are rendered by the employee during the vesting period, with a corresponding increase in equity.
\n
\n
Government Grants
\n
Government grants are recognized when there is reasonable assurance that the grant will be received, and
\n
all attached conditions will be complied with. The grants related to an expense are presented as other reve-
\n
nues, not against the expense. The grants related to fixed assets or intangible assets are recorded against the
\n
cost on a systematic basis over the periods that the related costs, for which it is intended to compensate, are
\n
expensed. When the grant relates to an asset, it is presented in the statement of financial position by deduct-
\n
ing the grant in arriving at the carrying amount of the asset. The grant is recognized in the income statement
\n
over the useful life of a depreciable asset as a reduced depreciation.
\n
\n
Contributed equity
\n
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
\n
options are recognized as a deduction, net of tax, from the proceeds. On the repurchase of treasury shares,
\n
the purchase amount including directly attributable costs are recognized as a change in equity. Purchased
\n
shares are classified as treasury shares and reduce total equity. When treasury shares are sold, the received
\n
amount is recorded as an increase in equity, and the subsequent gain on the transaction is recognized in
\n
share premium.
\n
\n
Dividends
\n
Provision is made for the amount of any dividend declared, being appropriately authorized and no longer at
\n
the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the
\n
reporting period.
\n
\n
Earnings per share
\n
Basic earnings per share is calculated by dividing:
\n
\u2022
\n
the profit attributable to owners of the company, excluding any costs of servicing equity other than ordi-
\n
nary shares by
\n
\u2022
\n
the weighted average number of ordinary shares outstanding during the financial year, adjusted for bo-
\n
nus elements in ordinary shares issued during the year and excluding treasury shares (note 20).
\n
\u2022
\n
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
\n
take into account:
\n
\u2022
\n
the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary
\n
shares, and
\n
\u2022
\n
the weighted average number of additional ordinary shares that would have been outstanding assuming
\n
the conversion of all dilutive potential ordinary shares.
\n
\n
Segment information
\n
The Chief Operating Decision Maker (CODM) assesses the financial performance and position of the Group
\n
and makes strategic decisions. The internal financial reporting to the CODM is on a consolidated basis. As a
\n
result, the Group has only one reportable segment. The CODM is identified as the Board of Directors.
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Salaries
\n
1,850
\n
1,776
\n
Materials and other costs
\n
1,135
\n
1,021
\n
R & D Tax credits
\n
-253
\n
-249
\n
Research and Development costs
\n
2,732
\n
2,548
\n
Less: development capitalized
\n
-532
\n
-782
\n
Research expensed
\n
2,200
\n
1,766
\n
\n \n
\n
Note 3 Revenue from contracts with customers
\n
Accounting principles and information related to external customers are described in the Accounting Princi-
\n
ples. There are no customers that represent 10 per cent or more of the Group's total revenues on an annual
\n
basis.
\n
Disaggregation of revenue from contracts with customers
\n
Notes to the Consolidated Financial Statements (continued)
\n
2022
\n
Amounts in CAD 1000
\n
Revenue recognized at a point in time
\n
-
\n
18,909
\n
1,521
\n
222
\n
20,652
\n
Revenue recognized over time
\n
6,238
\n
-
\n
-
\n
-
\n
6,238
\n
Revenue from external customers
\n
6,238
\n
18,909
\n
1,521
\n
222
\n
26,889
\n
Contribution margin
\n
2,794
\n
5,677
\n
657
\n
222
\n
9,350
\n
Contribution margin %
\n
44.8%
\n
30.0%
\n
43.2%
\n
100.0%
\n
34.8%
\n
Revenue from external customers
\n
specified per geographical area:
\n
North America
\n
1,608
\n
7,204
\n
760
\n
111
\n
9,684
\n
Europe
\n
-
\n
9,827
\n
760
\n
111
\n
10,698
\n
Asia
\n
4,629
\n
1,878
\n
-
\n
-
\n
6,507
\n
Total
\n
6,238
\n
18,909
\n
1521
\n
222
\n
26,889
\n
\n \n
\n \n
\n
2021
\n
Amounts in CAD 1000
\n
Revenue recognized at a point in time
\n
-
\n
17,492
\n
974
\n
414
\n
18,879
\n
Revenue recognized over time
\n
7,931
\n
-
\n
-
\n
-
\n
7,931
\n
Revenue from external customers
\n
7,931
\n
17,492
\n
974
\n
414
\n
26,810
\n
Contribution margin
\n
4,440
\n
6,368
\n
545
\n
151
\n
11,503
\n
Contribution margin %
\n
56.0%
\n
36.4%
\n
56.0%
\n
36.4%
\n
42.9%
\n
Revenue from external customers
\n
specified per geographical area:
\n
North America
\n
4,354
\n
6,726
\n
487
\n
207
\n
11,774
\n
Europe
\n
-
\n
8,159
\n
487
\n
207
\n
8,853
\n
Asia
\n
3,577
\n
2,606
\n
-
\n
-
\n
6,183
\n
Total
\n
7,931
\n
17,492
\n
974
\n
414
\n
26,810
\n
\n \n
\n
Note 3 Revenue from contracts with customers
\n
Accounting principles and information related to external customers are described in the Accounting Princi-
\n
ples. There are no customers that represent 10 per cent or more of the Group's total revenues on an annual
\n
basis.
\n
Disaggregation of revenue from contracts with customers
\n
Notes to the Consolidated Financial Statements (continued)
\n
2022
\n
Amounts in CAD 1000
\n
Revenue recognized at a point in time
\n
-
\n
18,909
\n
1,521
\n
222
\n
20,652
\n
Revenue recognized over time
\n
6,238
\n
-
\n
-
\n
-
\n
6,238
\n
Revenue from external customers
\n
6,238
\n
18,909
\n
1,521
\n
222
\n
26,889
\n
Contribution margin
\n
2,794
\n
5,677
\n
657
\n
222
\n
9,350
\n
Contribution margin %
\n
44.8%
\n
30.0%
\n
43.2%
\n
100.0%
\n
34.8%
\n
Revenue from external customers
\n
specified per geographical area:
\n
North America
\n
1,608
\n
7,204
\n
760
\n
111
\n
9,684
\n
Europe
\n
-
\n
9,827
\n
760
\n
111
\n
10,698
\n
Asia
\n
4,629
\n
1,878
\n
-
\n
-
\n
6,507
\n
Total
\n
6,238
\n
18,909
\n
1521
\n
222
\n
26,889
\n
\n
2021
\n
Amounts in CAD 1000
\n
Revenue recognized at a point in time
\n
-
\n
17,492
\n
974
\n
414
\n
18,879
\n
Revenue recognized over time
\n
7,931
\n
-
\n
-
\n
-
\n
7,931
\n
Revenue from external customers
\n
7,931
\n
17,492
\n
974
\n
414
\n
26,810
\n
Contribution margin
\n
4,440
\n
6,368
\n
545
\n
151
\n
11,503
\n
Contribution margin %
\n
56.0%
\n
36.4%
\n
56.0%
\n
36.4%
\n
42.9%
\n
Revenue from external customers
\n
specified per geographical area:
\n
North America
\n
4,354
\n
6,726
\n
487
\n
207
\n
11,774
\n
Europe
\n
-
\n
8,159
\n
487
\n
207
\n
8,853
\n
Asia
\n
3,577
\n
2,606
\n
-
\n
-
\n
6,183
\n
Total
\n
7,931
\n
17,492
\n
974
\n
414
\n
26,810
\n
\n \n
\n
Note 4 Other income
\n
Accounting principles and information related to grants and other income are described in the Accounting
\n
Principles.
\n
Disaggregation of other income
\n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Grant
\n
755
\n
476
\n
Gain/loss disposals
\n
12
\n
10
\n
Other
\n
-
\n
-
\n
Other Income
\n
767
\n
486
\n
\n \n
\n \n
\n \n
\n \n
\n
Note 6
\n
Other operating expenses
\n
\n \n
\n \n
\n \n
\n \n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Maintenance equipment & buildings
\n
831
\n
750
\n
Marketing, travel and representation costs
\n
1,616
\n
1,039
\n
Consultants and professional fees
\n
5,717
\n
3,841
\n
IT costs
\n
1,482
\n
2,036
\n
Manufacturing overhead costs
\n
1,189
\n
734
\n
Total operating expenses
\n
10,835
\n
8,401
\n
\n \n
\n \n
\n \n
\n \n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Statutory audit
\n
374
\n
254
\n
Other assurance services
\n
261
\n
60
\n
Tax advisory
\n
30
\n
16
\n
Other non-audit services
\n
22
\n
-
\n
Total remuneration to auditor
\n
687
\n
330
\n
\n \n
\n \n
\n \n
\n
Note 4 Other income
\n
Accounting principles and information related to grants and other income are described in the Accounting
\n
Principles.
\n
Disaggregation of other income
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Grant
\n
755
\n
476
\n
Gain/loss disposals
\n
12
\n
10
\n
Other
\n
-
\n
-
\n
Other Income
\n
767
\n
486
\n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Salaries
\n
16,903
\n
13,965
\n
Social security contributions
\n
2,721
\n
2,175
\n
Pension costs
\n
438
\n
364
\n
Other benefits
\n
738
\n
434
\n
Capitalized as development, inventories etc.
\n
-4,791
\n
-4,206
\n
Total employee benefit expenses
\n
16,009
\n
12,733
\n
Average number of full time employees
\n
219
\n
190
\n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Salaries
\n
16,903
\n
13,965
\n
Social security contributions
\n
2,721
\n
2,175
\n
Pension costs
\n
438
\n
364
\n
Other benefits
\n
738
\n
434
\n
Capitalized as development, inventories etc.
\n
-4,791
\n
-4,206
\n
Total employee benefit expenses
\n
16,009
\n
12,733
\n
Average number of full time employees
\n
219
\n
190
\n
\n \n
\n \n
\n
Note 6
\n
Other operating expenses
\n
\n \n
\n \n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Maintenance equipment & buildings
\n
831
\n
750
\n
Marketing, travel and representation costs
\n
1,616
\n
1,039
\n
Consultants and professional fees
\n
5,717
\n
3,841
\n
IT costs
\n
1,482
\n
2,036
\n
Manufacturing overhead costs
\n
1,189
\n
734
\n
Total operating expenses
\n
10,835
\n
8,401
\n
\n \n
\n \n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Statutory audit
\n
374
\n
254
\n
Other assurance services
\n
261
\n
60
\n
Tax advisory
\n
30
\n
16
\n
Other non-audit services
\n
22
\n
-
\n
Total remuneration to auditor
\n
687
\n
330
\n
\n \n
\n \n
\n \n
\n
Note 6
\n
Other operating expenses
\n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Maintenance equipment & buildings
\n
831
\n
750
\n
Marketing, travel and representation costs
\n
1,616
\n
1,039
\n
Consultants and professional fees
\n
5,717
\n
3,841
\n
IT costs
\n
1,482
\n
2,036
\n
Manufacturing overhead costs
\n
1,189
\n
734
\n
Total operating expenses
\n
10,835
\n
8,401
\n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Statutory audit
\n
374
\n
254
\n
Other assurance services
\n
261
\n
60
\n
Tax advisory
\n
30
\n
16
\n
Other non-audit services
\n
22
\n
-
\n
Total remuneration to auditor
\n
687
\n
330
\n
\n \n
\n
Note 6
\n
Other operating expenses
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Maintenance equipment & buildings
\n
831
\n
750
\n
Marketing, travel and representation costs
\n
1,616
\n
1,039
\n
Consultants and professional fees
\n
5,717
\n
3,841
\n
IT costs
\n
1,482
\n
2,036
\n
Manufacturing overhead costs
\n
1,189
\n
734
\n
Total operating expenses
\n
10,835
\n
8,401
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Statutory audit
\n
374
\n
254
\n
Other assurance services
\n
261
\n
60
\n
Tax advisory
\n
30
\n
16
\n
Other non-audit services
\n
22
\n
-
\n
Total remuneration to auditor
\n
687
\n
330
\n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Tax payable on ordinary income
\n
114
\n
-114
\n
Adjustment for previous years
\n
-
\n
Current tax expense
\n
114
\n
-114
\n
Deferred tax expense
\n
-
\n
-
\n
Total tax expense in the income statement
\n
114
\n
-114
\n
Reconciliation of effective tax rate
\n
Profit / (loss) before income tax
\n
-22,404
\n
-14,201
\n
Tax based on current ordinary tax rate
\n
-5,937
\n
-3,763
\n
Effect of non-deductible expenses
\n
29
\n
375
\n
Effect of unrecognised tax loss carryforward
\n
5,908
\n
3,274
\n
Effect of changed tax assessments for previous years
\n
114
\n
-
\n
Total tax expense
\n
114
\n
-114
\n
Effective tax rate
\n
-0.51%
\n
0.80%
\n
\n \n
\n \n
\n
2022
\n
Assets
\n
Liabilities
\n
Net assets
\n
Property, plant and equipment
\n
-
\n
-208
\n
-208
\n
Intangible assets
\n
-
\n
-1,216
\n
-1,216
\n
Other items
\n
719
\n
-
\n
719
\n
Tax loss carryforward
\n
25,254
\n
-
\n
25,254
\n
Unrecognised tax assets
\n
-24,549
\n
-
\n
-24,549
\n
Recognised tax loss carryforward
\n
705
\n
-
\n
705
\n
Deferred tax asset/liability
\n
1,424
\n
-1,424
\n
-
\n
Offsetting of assets and liabilities
\n
Net deferred tax asset/liability
\n
1,424
\n
-1,424
\n
-
\n
2021
\n
Assets
\n
Liabilities
\n
Net assets
\n
Property, plant and equipment
\n
-
\n
-200
\n
-200
\n
Intangible assets
\n
-
\n
-1,883
\n
-1,883
\n
Other items
\n
-668
\n
-668
\n
-1,336
\n
Tax loss carryforward
\n
9,767
\n
-
\n
9,767
\n
Unrecognised tax assets
\n
-6,348
\n
-
\n
-6,348
\n
Recognised tax loss carryforward
\n
3,419
\n
-
\n
3,419
\n
Deferred tax asset/liability
\n
2,751
\n
-2,751
\n
-
\n
Offsetting of assets and liabilities
\n
-2,751
\n
2,751
\n
Net deferred tax asset/liability
\n
-
\n
-
\n
-
\n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Tax payable on ordinary income
\n
114
\n
-114
\n
Adjustment for previous years
\n
-
\n
Current tax expense
\n
114
\n
-114
\n
Deferred tax expense
\n
-
\n
-
\n
Total tax expense in the income statement
\n
114
\n
-114
\n
Reconciliation of effective tax rate
\n
Profit / (loss) before income tax
\n
-22,404
\n
-14,201
\n
Tax based on current ordinary tax rate
\n
-5,937
\n
-3,763
\n
Effect of non-deductible expenses
\n
29
\n
375
\n
Effect of unrecognised tax loss carryforward
\n
5,908
\n
3,274
\n
Effect of changed tax assessments for previous years
\n
114
\n
-
\n
Total tax expense
\n
114
\n
-114
\n
Effective tax rate
\n
-0.51%
\n
0.80%
\n
\n
2022
\n
Assets
\n
Liabilities
\n
Net assets
\n
Property, plant and equipment
\n
-
\n
-208
\n
-208
\n
Intangible assets
\n
-
\n
-1,216
\n
-1,216
\n
Other items
\n
719
\n
-
\n
719
\n
Tax loss carryforward
\n
25,254
\n
-
\n
25,254
\n
Unrecognised tax assets
\n
-24,549
\n
-
\n
-24,549
\n
Recognised tax loss carryforward
\n
705
\n
-
\n
705
\n
Deferred tax asset/liability
\n
1,424
\n
-1,424
\n
-
\n
Offsetting of assets and liabilities
\n
Net deferred tax asset/liability
\n
1,424
\n
-1,424
\n
-
\n
2021
\n
Assets
\n
Liabilities
\n
Net assets
\n
Property, plant and equipment
\n
-
\n
-200
\n
-200
\n
Intangible assets
\n
-
\n
-1,883
\n
-1,883
\n
Other items
\n
-668
\n
-668
\n
-1,336
\n
Tax loss carryforward
\n
9,767
\n
-
\n
9,767
\n
Unrecognised tax assets
\n
-6,348
\n
-
\n
-6,348
\n
Recognised tax loss carryforward
\n
3,419
\n
-
\n
3,419
\n
Deferred tax asset/liability
\n
2,751
\n
-2,751
\n
-
\n
Offsetting of assets and liabilities
\n
-2,751
\n
2,751
\n
Net deferred tax asset/liability
\n
-
\n
-
\n
-
\n
\n
Note 8 Inventories
\n
Inventory stock
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Raw materials
\n
10,840
\n
5,258
\n
Work in progress
\n
712
\n
455
\n
Finished goods
\n
9,039
\n
8,702
\n
Total inventories (net after provision for obsolescence)
\n
20,592
\n
14,415
\n
\n
Provision for obsolescence related to finished goods
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Balance at 1 january
\n
3,648
\n
2,716
\n
New provisions recognised during the year
\n
2,218
\n
938
\n
Provisions reversed
\n
-871
\n
-6
\n
Balance at 31 December
\n
4,996
\n
3,648
\n
\n
Provision slow moving
\n
When producing powder of a specific alloy, the process generates a distribution of size fractions, which are
\n
dedicated to various markets and applications.
\n
Some of the size fractions could accumulate in inventory,
\n
depending on the demand and on the level of market penetration.
\n
A provision for slow moving inventory is
\n
recorded by Tekna following a periodic review of historical sales data for each fraction as well as the growth
\n
rate of sales and order intake.
\n
The provision could fluctuate depending on the level of inventory and the
\n
historic performance of sales.
\n
\n
Note 9
\n
Trade and other receivables
\n
Trade receivables
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Trade receivables from contracts with customers
\n
5,676
\n
3,727
\n
Loss allowance
\n
-42
\n
-26
\n
Total
\n
5,634
\n
3,701
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Balance at 1 january
\n
-26
\n
-
\n
New write-downs recognised during the year
\n
-38
\n
-26
\n
Write-downs reversed
\n
22
\n
-
\n
Balance at 31 December
\n
-42
\n
-26
\n
\n
*For more information about credit risk and write-downs, see note 16
\n
Other receivables
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Indirect Tax Receivable
\n
599
\n
565
\n
Refundable deposit on Raw mat
\n
703
\n
453
\n
Grant and Investment tax credit receivable
\n
440
\n
444
\n
Prepaid Expenses
\n
505
\n
517
\n
Total
\n
2,246
\n
1,979
\n
Total trade and other receivables
\n
7,880
\n
5,680
\n
\n
Note 10 Cash and cash equivalents
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Total cash at bank
\n
11,364
\n
38,649
\n
Restricted cash
\n
-
\n
-
\n
\n
Note 11 Property, plant and equipment
\n
\n \n
\n
Amounts in CAD 1000
\n
Vehicles,
\n
machinery,
\n
equipment
\n
Buildings
\n
and land
\n
RoU assets
\n
Total
\n
Year ended 31 December 2021
\n
Cost at 1 January 2021
\n
17,512
\n
9,929
\n
1,132
\n
28,573
\n
Additions, net of tax credits & Translation adjustments
\n
1,429
\n
1,953
\n
-
\n
3,382
\n
Grants
\n
-402
\n
-71
\n
-
\n
-473
\n
Disposal
\n
-110
\n
-
\n
-
\n
-110
\n
Cost at 31 December 2021
\n
18,429
\n
11,811
\n
1,132
\n
31,372
\n
Accumulated depreciation at 1 January 2021
\n
8,539
\n
3,076
\n
475
\n
12,090
\n
Depreciation
\n
1,288
\n
1,287
\n
226
\n
2,801
\n
Disposal
\n
-92
\n
-
\n
-
\n
-92
\n
9,735
\n
4,363
\n
701
\n
14,799
\n
Carrying amount at 31 December 2021
\n
8,694
\n
7,448
\n
431
\n
16,573
\n
Accumulated depreciation at 31 December 2021
\n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
Vehicles,
\n
machinery,
\n
equipment
\n
Buildings
\n
and land
\n
RoU assets
\n
Total
\n
Year ended 31 December 2022
\n
Cost at 1 January 2022
\n
18,429
\n
11,811
\n
1,132
\n
31,372
\n
Additions, net of tax credits & Translation adjustments
\n
3,830
\n
758
\n
1,983
\n
6,571
\n
Grants
\n
-1,059
\n
-109
\n
-
\n
-1,168
\n
Disposal
\n
-
\n
-
\n
-
\n
-
\n
Cost at 31 December 2022
\n
21,200
\n
12,460
\n
3,115
\n
36,775
\n
Accumulated depreciation at 1 January 2022
\n
9,735
\n
4,363
\n
701
\n
14,799
\n
Depreciation
\n
1,414
\n
569
\n
823
\n
2,806
\n
Translation adjustments
\n
-43
\n
-28
\n
1
\n
-70
\n
11,106
\n
4,904
\n
1,525
\n
17,535
\n
Carrying amount at 31 December 2022
\n
10,094
\n
7,556
\n
1,590
\n
19,240
\n
Accumulated depreciation at 31 December 2022
\n
\n \n
\n \n
\n
Property, plant and equipment is recognized at historical cost less depreciation. Depreciation is calculated
\n
using the straight-line method over their estimated useful lives as follows:
\n
Asset
\n
Period
\n
Building
\n
25 years
\n
Equipment incl. development cost
\n
5-8 years
\n
Mobile infrastructure incl. development cost
\n
25 years
\n
Permanent systems incl. development cost
\n
10 years
\n
RoU assets
\n
5-8 years
\n
\n \n
\n
Amounts in CAD 1000
\n
Vehicles,
\n
machinery,
\n
equipment
\n
Buildings
\n
and land
\n
RoU assets
\n
Total
\n
Year ended 31 December 2021
\n
Cost at 1 January 2021
\n
17,512
\n
9,929
\n
1,132
\n
28,573
\n
Additions, net of tax credits & Translation adjustments
\n
1,429
\n
1,953
\n
-
\n
3,382
\n
Grants
\n
-402
\n
-71
\n
-
\n
-473
\n
Disposal
\n
-110
\n
-
\n
-
\n
-110
\n
Cost at 31 December 2021
\n
18,429
\n
11,811
\n
1,132
\n
31,372
\n
Accumulated depreciation at 1 January 2021
\n
8,539
\n
3,076
\n
475
\n
12,090
\n
Depreciation
\n
1,288
\n
1,287
\n
226
\n
2,801
\n
Disposal
\n
-92
\n
-
\n
-
\n
-92
\n
9,735
\n
4,363
\n
701
\n
14,799
\n
Carrying amount at 31 December 2021
\n
8,694
\n
7,448
\n
431
\n
16,573
\n
Accumulated depreciation at 31 December 2021
\n
\n
Amounts in CAD 1000
\n
Vehicles,
\n
machinery,
\n
equipment
\n
Buildings
\n
and land
\n
RoU assets
\n
Total
\n
Year ended 31 December 2022
\n
Cost at 1 January 2022
\n
18,429
\n
11,811
\n
1,132
\n
31,372
\n
Additions, net of tax credits & Translation adjustments
\n
3,830
\n
758
\n
1,983
\n
6,571
\n
Grants
\n
-1,059
\n
-109
\n
-
\n
-1,168
\n
Disposal
\n
-
\n
-
\n
-
\n
-
\n
Cost at 31 December 2022
\n
21,200
\n
12,460
\n
3,115
\n
36,775
\n
Accumulated depreciation at 1 January 2022
\n
9,735
\n
4,363
\n
701
\n
14,799
\n
Depreciation
\n
1,414
\n
569
\n
823
\n
2,806
\n
Translation adjustments
\n
-43
\n
-28
\n
1
\n
-70
\n
11,106
\n
4,904
\n
1,525
\n
17,535
\n
Carrying amount at 31 December 2022
\n
10,094
\n
7,556
\n
1,590
\n
19,240
\n
Accumulated depreciation at 31 December 2022
\n
\n
Property, plant and equipment is recognized at historical cost less depreciation. Depreciation is calculated
\n
using the straight-line method over their estimated useful lives as follows:
\n
Asset
\n
Period
\n
Building
\n
25 years
\n
Equipment incl. development cost
\n
5-8 years
\n
Mobile infrastructure incl. development cost
\n
25 years
\n
Permanent systems incl. development cost
\n
10 years
\n
RoU assets
\n
5-8 years
\n
\n \n
\n
Note 12
\n
Intangible assets
\n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
Technologies
\n
IP and licenses
\n
Development
\n
Total
\n
Year ended 31 December 2021
\n
Cost at 1 January 2021
\n
10,767
\n
4,393
\n
1,837
\n
16,997
\n
Additions, net of tax credits
\n
-
\n
327
\n
455
\n
782
\n
Grants
\n
-
\n
-31
\n
-24
\n
-55
\n
Cost at 31 December 2021
\n
10,767
\n
4,689
\n
2,268
\n
17,724
\n
Accumulated amortization at 1 January
\n
2021
\n
5,384
\n
2,099
\n
83
\n
7,566
\n
Amortization
\n
718
\n
149
\n
74
\n
941
\n
Disposal
\n
-
\n
-
\n
-
\n
-
\n
Accumulated amortzation and
\n
impairment at 31 December 2021
\n
6,102
\n
2,248
\n
157
\n
8,507
\n
Carrying amount at 31 December 2021
\n
4,666
\n
2,441
\n
2,111
\n
9,217
\n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
Technologies
\n
IP and licenses
\n
Development
\n
Total
\n
Year ended 31 December 2022
\n
Cost at 1 January 2022
\n
10,767
\n
4,689
\n
2,268
\n
17,724
\n
Additions, net of tax credits
\n
-
\n
311
\n
221
\n
532
\n
Grants
\n
-
\n
-22
\n
-23
\n
-45
\n
Cost at 31 December 2022
\n
10,767
\n
4,978
\n
2,466
\n
18,211
\n
Accumulated amortization at 1 January
\n
2022
\n
6,102
\n
2,248
\n
157
\n
8,507
\n
Amortization
\n
718
\n
259
\n
190
\n
1,167
\n
Disposal
\n
-
\n
-
\n
-
\n
-
\n
Accumulated amortzation and
\n
impairment at 31 December 2022
\n
6,820
\n
2,507
\n
347
\n
9,674
\n
Carrying amount at 31 December 2022
\n
3,948
\n
2,471
\n
2,119
\n
8,537
\n
Estimated useful lives
\n
15 years
\n
15 years
\n
10 years
\n
\n \n
\n \n
\n
Intangible assets are recognized at historical cost less amortization. Amortization is calculated using straight-
\n
line method to allocate the cost over their estimated useful lives. Intangible assets with definite useful life
\n
consists of acquired technology, internally generated intangible assets arising from development costs as well
\n
licenses for software. Useful life varies between four and ten years.
\n
If there are indications of impairment for the intangible assets with defined useful life, an impairment test is
\n
performed. For 2022, there are no such indications.
\n
Development cost is recognized as an asset when it is identifiable and the company has the power to obtain
\n
the future economic benefits following from the underlying resource and to restrict the access of others to
\n
those benefits.
\n
\n \n
\n
Note 12
\n
Intangible assets
\n
\n
Amounts in CAD 1000
\n
Technologies
\n
IP and licenses
\n
Development
\n
Total
\n
Year ended 31 December 2021
\n
Cost at 1 January 2021
\n
10,767
\n
4,393
\n
1,837
\n
16,997
\n
Additions, net of tax credits
\n
-
\n
327
\n
455
\n
782
\n
Grants
\n
-
\n
-31
\n
-24
\n
-55
\n
Cost at 31 December 2021
\n
10,767
\n
4,689
\n
2,268
\n
17,724
\n
Accumulated amortization at 1 January
\n
2021
\n
5,384
\n
2,099
\n
83
\n
7,566
\n
Amortization
\n
718
\n
149
\n
74
\n
941
\n
Disposal
\n
-
\n
-
\n
-
\n
-
\n
Accumulated amortzation and
\n
impairment at 31 December 2021
\n
6,102
\n
2,248
\n
157
\n
8,507
\n
Carrying amount at 31 December 2021
\n
4,666
\n
2,441
\n
2,111
\n
9,217
\n
\n
Amounts in CAD 1000
\n
Technologies
\n
IP and licenses
\n
Development
\n
Total
\n
Year ended 31 December 2022
\n
Cost at 1 January 2022
\n
10,767
\n
4,689
\n
2,268
\n
17,724
\n
Additions, net of tax credits
\n
-
\n
311
\n
221
\n
532
\n
Grants
\n
-
\n
-22
\n
-23
\n
-45
\n
Cost at 31 December 2022
\n
10,767
\n
4,978
\n
2,466
\n
18,211
\n
Accumulated amortization at 1 January
\n
2022
\n
6,102
\n
2,248
\n
157
\n
8,507
\n
Amortization
\n
718
\n
259
\n
190
\n
1,167
\n
Disposal
\n
-
\n
-
\n
-
\n
-
\n
Accumulated amortzation and
\n
impairment at 31 December 2022
\n
6,820
\n
2,507
\n
347
\n
9,674
\n
Carrying amount at 31 December 2022
\n
3,948
\n
2,471
\n
2,119
\n
8,537
\n
Estimated useful lives
\n
15 years
\n
15 years
\n
10 years
\n
\n
Intangible assets are recognized at historical cost less amortization. Amortization is calculated using straight-
\n
line method to allocate the cost over their estimated useful lives. Intangible assets with definite useful life
\n
consists of acquired technology, internally generated intangible assets arising from development costs as well
\n
licenses for software. Useful life varies between four and ten years.
\n
If there are indications of impairment for the intangible assets with defined useful life, an impairment test is
\n
performed. For 2022, there are no such indications.
\n
Development cost is recognized as an asset when it is identifiable and the company has the power to obtain
\n
the future economic benefits following from the underlying resource and to restrict the access of others to
\n
those benefits.
\n
\n
Note 13
\n
Non-current receivables
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Loan to employees
\n
933
\n
1,331
\n
R&D Tax Credit Receivable
\n
4,406
\n
4,267
\n
Total non-current receivables
\n
5,339
\n
5,598
\n
\n
Note 14 Leases
\n
This note provides information for leases where the group is a lessee.
\n
Amounts recognised in the balance sheet
\n
The balance sheet shows the following amounts relating to leases:
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Total right-of-use assets
\n
1,590
\n
431
\n
Current lease liabilities
\n
459
\n
235
\n
Non-current lease liabilities
\n
1,161
\n
227
\n
Total lease liabilities
\n
1620
\n
462
\n
\n
Amounts recognised in the statement of income
\n
The statement of income shows the following amounts relating to leases:
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Total depreciation charge right-of-use assets
\n
823
\n
226
\n
Interest expense
\n
77
\n
29
\n
\n
The group has no variable rate leases. Expenses in the statement of income related low value leases are im-
\n
material to these financial statements.
\n
\n \n
\n
Note 15 Trade payables and other current liabilities
\n
\n \n
\n
Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying amounts of
\n
trade and other payables are considered to be the same as their fair values, due to their short-term nature.
\n
Specification of other current liabilities
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Trade payables
\n
7,852
\n
4,772
\n
Other current liabilities
\n
2,059
\n
1,744
\n
Total
\n
9,911
\n
6,516
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Accrued expenses and other current liabilities
\n
2,059
\n
1,744
\n
Total
\n
2,059
\n
1,744
\n
\n
Note 15 Trade payables and other current liabilities
\n
\n \n
\n
Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying amounts of
\n
trade and other payables are considered to be the same as their fair values, due to their short-term nature.
\n
Specification of other current liabilities
\n
\n \n
\n
The accrued expenses include restructuring fees for an amount of CAD 150 thousand.
\n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Trade payables
\n
7,852
\n
4,772
\n
Other current liabilities
\n
2,059
\n
1,744
\n
Total
\n
9,911
\n
6,516
\n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Accrued expenses and other current liabilities
\n
2,059
\n
1,744
\n
Total
\n
2,059
\n
1,744
\n
\n \n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Accrued expenses and other current liabilities
\n
2,059
\n
1,744
\n
Total
\n
2,059
\n
1,744
\n
\n \n
\n \n
\n \n
\n \n
\n
Note 16 Financial risk and financial instruments
\n
This note explains the group
\n
\u2019
\n
s exposure to financial risks and how these risks could affect the group
\n
\u2019
\n
s future
\n
financial performance. Current year profit and loss information has been included where relevant to add fur-
\n
ther context.
\n
Tekna operates on an international level, and produces spherical powders and nano powders, and delivers
\n
plasma systems for powder production of advanced materials. The Group's metal powders and plasma sys-
\n
tems are produced for and delivered to a number of industrial sectors, such as aviation, aerospace, medical,
\n
mining and drilling, energy storage and microelectronics, and are delivered to its customers worldwide. The
\n
Group is headquartered in Canada and operates manufacturing centres in Canada and France, as well as
\n
sales and distribution offices in China and South Korea.
\n
COVID-19
\n
Signs are positive that the COVID19 pandemic is coming to an end. However, should the situation persist,
\n
absenteeism and quarantines could continue to affect Tekna
\n
\u2019
\n
s own day-to-day operations as well as its sup-
\n
ply chain performance. The opportunities to market its systems depend highly on tradeshows, which have
\n
frequently been cancelled due to the pandemic.
\n
Climate risk
\n
The most material climate risks in the short and medium term are physical risks in the supply chain and in
\n
Tekna
\n
\u2019
\n
s own operations. There is a risk of extreme weather events impacting Chinese suppliers and their abil-
\n
ity to supply Tekna with titanium and nickel. Also, higher temperatures put the health and safety of workers in
\n
China at risk. Physical climate risks might also impact goods transportation. In the medium and long term,
\n
physical risks might impact where the company considers establishing new production locations.
\n \n
\n
Market risk
\n
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
\n
changes in market prices. Market risk comprises three types of risk:
\n
currency risk, interest rate risk and other
\n
price risk.
\n
\n \n
\n \n
\n \n
\n \n
\n \n
\n \n
\n
Currency risk
\n
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
\n
of changes in foreign exchange rates. Currency risk arises when financial assets or financial liabilities are de-
\n
nominated in a currency other than the Company's functional currency. The foreign exchange rate risk for
\n
the Group relates to the fact that the Group's business transactions, operations and sales are made in several
\n
currencies, including Canadian dollar (CAD), U.S dollar, euro, Chinese Yuan, Indian rupee, South Korean won.
\n
Unfavourable fluctuations in exchange rates could have an adverse effect on the Group's business, financial
\n
positions and profits.
\n
Interest rate risk
\n
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate be-
\n
cause of changes in market interest rates. The Company is exposed to interest rate risk on its fixed and float-
\n
ing interest rate financial instruments. Fixed interest rate instruments subject the Company to fair value risk,
\n
while floating rate instruments subject it to cash flow risk.
\n
As at December 31, 2022, the Company's exposure to interest rate risk is as follows:
\n
Cash:
\n
Floating rate
\n
Accounts receivable:
\n
Non-interest bearing
\n
Bank loan:
\n
Floating rate
\n
Accounts payable and accrued liabilities: Non-interest bearing
\n
Obligations under capital leases:
\n
fixed rate of 3,31%
\n
Long-term debt:
\n
Floating rate on loans totalling CAD 1,1m and
\n
non-interest bearing on other loans
\n
\n \n
Price risk
\n
The Group's business is subject to price risk. There is no guarantee that the Group will be able to obtain the
\n
expected prices for its metal powders and plasma systems, and any change in the market conditions, includ-
\n
ing in the global technology and powder markets or in a specific regional and/or end markets in which the
\n
Group operates, could lead to lower sales prices or volumes of the Group's products and systems. If expected
\n
prices for products and systems are not obtained or the Group experiences lower sales volumes, this may
\n
adversely impact the Group's business, financial position and profits.
\n
\n \n
\n \n
\n \n
\n \n
\n
Liquidity risk
\n
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with its finan-
\n
cial liabilities. The Company is exposed to liquidity risk mainly in respect of its accounts payable and accrued
\n
liabilities, and long-term debt.
\n
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the avail-
\n
ability of funding through an adequate amount of committed credit facilities to meet obligations when due
\n
and to close out market positions. The group maintains flexibility in funding by maintaining availability under
\n
committed credit lines.
\n
Management monitors rolling forecasts of the group
\n
\u2019
\n
s liquidity reserve (comprising the undrawn borrowing
\n
facilities) and cash and cash equivalents on the basis of expected cash flows.
\n
The committed credit facilities may be drawn at any time, subject to a limit of USD $0,75 million and CAD $4
\n
million and may be terminated by the bank without notice.
\n
The group
\n
\u2019
\n
s main interest rate risk arises from the bank credit facilities, which expose the group to cash flow
\n
interest rate risk.
\n
At year end all bank credit facilities are using base rate +2% as fixed rate. The amounts are
\n
carried at amortised cost.
\n
\n \n
\n \n
\n \n
\n \n
\n \n
\n
Credit Risk
\n
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by
\n
failing to discharge an obligation. Financial instruments which potentially subject the Company to credit risk
\n
consist principally of cash and accounts receivable. The Company's cash is maintained at major financial insti-
\n
tutions; therefore, the Company considers the risk of non-performance of this instrument to be remote. In
\n
addition, the Company has provided for this risk through the allowance it has taken on its accounts receiva-
\n
ble. No trade receivables mature beyond one year. To mitigate the credit risk on trade receivables, the group
\n
is following up credit risk on a regular basis and require down payments and letters of credit to cover the
\n
value of the systems contracts signed with its customers.
\n
Historically, the group has not experienced
\n
signifi-
\n
cant adverse impacts in relation to trade receivable collection.
\n
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing
\n
to engage in a repayment plan with the company. Where loans or receivables have been written off, the
\n
company continues to engage in enforcement activity to attempt to recover the receivable due. Where
\n
recoveries are made, these are recognised in profit or loss.
\n
\n \n
Trade receivables
\n
\n \n
\n \n
\n \n
\n
2022
\n
Amounts in CAD 1000
\n
Lease liabilities
\n
1,620
\n
1,838
\n
337
\n
320
\n
526
\n
655
\n
-
\n
Trade and other payables
\n
7,852
\n
7,852
\n
7,852
\n
-
\n
-
\n
-
\n
-
\n
Bank loan
\n
1,197
\n
1,197
\n
1,197
\n
-
\n
-
\n
-
\n
-
\n
Borrowings
\n
4,651
\n
8,050
\n
462
\n
461
\n
790
\n
2,607
\n
3,730
\n
2021
\n
Amounts in CAD 1000
\n
Lease liabilities
\n
462
\n
489
\n
126
\n
126
\n
142
\n
94
\n
-
\n
Trade and other payables
\n
4,772
\n
4,772
\n
4,772
\n
-
\n
-
\n
-
\n
-
\n
Bank loan
\n
3,733
\n
3,733
\n
-
\n
3,733
\n
-
\n
-
\n
-
\n
Borrowings
\n
3,978
\n
7,139
\n
154
\n
263
\n
728
\n
2,083
\n
3,911
\n
2 to 5
\n
years
\n
1 to 2
\n
years
\n
6 months
\n
or less
\n
Carrying
\n
amount
\n
Contractual
\n
cash flows
\n
6 months
\n
or less
\n
Over 5
\n
years
\n
Carrying
\n
amount
\n
Contractual
\n
cash flows
\n
Over 5
\n
years
\n
6 to 12
\n
months
\n
6 to 12
\n
months
\n
1 to 2
\n
years
\n
2 to 5
\n
yea
\n
\n \n
\n \n
\n \n
\n \n
\n
External
\n
customer rec
\n
not due
\n
External
\n
customer rec 1-
\n
30 days past
\n
due
\n
External
\n
customer rec
\n
31-60 days
\n
past due
\n
External
\n
customer rec
\n
61-90 days
\n
past due
\n
External
\n
customer rec
\n
> 90 days past
\n
due
\n
Trade
\n
accounts
\n
receivable
\n
Amounts in CAD 1000
\n
2022
\n
Outstanding trade receivables
\n
2,276
\n
1,218
\n
833
\n
463
\n
885
\n
5,676
\n
Provision for losses
\n
-
\n
-
\n
-
\n
-
\n
-42
\n
-42
\n
2021
\n
Outstanding trade receivables
\n
1,653
\n
888
\n
709
\n
-103
\n
578
\n
3,727
\n
Provision for losses
\n
-
\n
-
\n
-
\n
-
\n
-26
\n
-26
\n
\n \n
\n \n
\n \n
\n \n
\n \n
\n
Provisions for losses are based on individual assessment of each item and customer. Expected loss in catego-
\n
ries without any provisions made is based on the
\n
assumption that there are not risk of any material losses.
\n
\n \n
\n \n
\n \n
\n
Note 16 Financial risk and financial instruments
\n
This note explains the group
\n
\u2019
\n
s exposure to financial risks and how these risks could affect the group
\n
\u2019
\n
s future
\n
financial performance. Current year profit and loss information has been included where relevant to add fur-
\n
ther context.
\n
Tekna operates on an international level, and produces spherical powders and nano powders, and delivers
\n
plasma systems for powder production of advanced materials. The Group's metal powders and plasma sys-
\n
tems are produced for and delivered to a number of industrial sectors, such as aviation, aerospace, medical,
\n
mining and drilling, energy storage and microelectronics, and are delivered to its customers worldwide. The
\n
Group is headquartered in Canada and operates manufacturing centres in Canada and France, as well as
\n
sales and distribution offices in China and South Korea.
\n
COVID-19
\n
Signs are positive that the COVID19 pandemic is coming to an end. However, should the situation persist,
\n
absenteeism and quarantines could continue to affect Tekna
\n
\u2019
\n
s own day-to-day operations as well as its sup-
\n
ply chain performance. The opportunities to market its systems depend highly on tradeshows, which have
\n
frequently been cancelled due to the pandemic.
\n
Climate risk
\n
The most material climate risks in the short and medium term are physical risks in the supply chain and in
\n
Tekna
\n
\u2019
\n
s own operations. There is a risk of extreme weather events impacting Chinese suppliers and their abil-
\n
ity to supply Tekna with titanium and nickel. Also, higher temperatures put the health and safety of workers in
\n
China at risk. Physical climate risks might also impact goods transportation. In the medium and long term,
\n
physical risks might impact where the company considers establishing new production locations.
\n \n
\n
Market risk
\n
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
\n
changes in market prices. Market risk comprises three types of risk:
\n
currency risk, interest rate risk and other
\n
price risk.
\n
\n \n
\n \n
\n \n
\n \n
\n
Currency risk
\n
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
\n
of changes in foreign exchange rates. Currency risk arises when financial assets or financial liabilities are de-
\n
nominated in a currency other than the Company's functional currency. The foreign exchange rate risk for
\n
the Group relates to the fact that the Group's business transactions, operations and sales are made in several
\n
currencies, including Canadian dollar (CAD), U.S dollar, euro, Chinese Yuan, Indian rupee, South Korean won.
\n
Unfavourable fluctuations in exchange rates could have an adverse effect on the Group's business, financial
\n
positions and profits.
\n
Interest rate risk
\n
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate be-
\n
cause of changes in market interest rates. The Company is exposed to interest rate risk on its fixed and float-
\n
ing interest rate financial instruments. Fixed interest rate instruments subject the Company to fair value risk,
\n
while floating rate instruments subject it to cash flow risk.
\n
As at December 31, 2022, the Company's exposure to interest rate risk is as follows:
\n
Cash:
\n
Floating rate
\n
Accounts receivable:
\n
Non-interest bearing
\n
Bank loan:
\n
Floating rate
\n
Accounts payable and accrued liabilities: Non-interest bearing
\n
Obligations under capital leases:
\n
fixed rate of 3,31%
\n
Long-term debt:
\n
Floating rate on loans totalling CAD 1,1m and
\n
non-interest bearing on other loans
\n
\n \n
Price risk
\n
The Group's business is subject to price risk. There is no guarantee that the Group will be able to obtain the
\n
expected prices for its metal powders and plasma systems, and any change in the market conditions, includ-
\n
ing in the global technology and powder markets or in a specific regional and/or end markets in which the
\n
Group operates, could lead to lower sales prices or volumes of the Group's products and systems. If expected
\n
prices for products and systems are not obtained or the Group experiences lower sales volumes, this may
\n
adversely impact the Group's business, financial position and profits.
\n
\n \n
\n \n
\n
Liquidity risk
\n
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with its finan-
\n
cial liabilities. The Company is exposed to liquidity risk mainly in respect of its accounts payable and accrued
\n
liabilities, and long-term debt.
\n
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the avail-
\n
ability of funding through an adequate amount of committed credit facilities to meet obligations when due
\n
and to close out market positions. The group maintains flexibility in funding by maintaining availability under
\n
committed credit lines.
\n
Management monitors rolling forecasts of the group
\n
\u2019
\n
s liquidity reserve (comprising the undrawn borrowing
\n
facilities) and cash and cash equivalents on the basis of expected cash flows.
\n
The committed credit facilities may be drawn at any time, subject to a limit of USD $0,75 million and CAD $4
\n
million and may be terminated by the bank without notice.
\n
The group
\n
\u2019
\n
s main interest rate risk arises from the bank credit facilities, which expose the group to cash flow
\n
interest rate risk.
\n
At year end all bank credit facilities are using base rate +2% as fixed rate. The amounts are
\n
carried at amortised cost.
\n
\n \n
\n \n
\n \n
\n
Credit Risk
\n
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by
\n
failing to discharge an obligation. Financial instruments which potentially subject the Company to credit risk
\n
consist principally of cash and accounts receivable. The Company's cash is maintained at major financial insti-
\n
tutions; therefore, the Company considers the risk of non-performance of this instrument to be remote. In
\n
addition, the Company has provided for this risk through the allowance it has taken on its accounts receiva-
\n
ble. No trade receivables mature beyond one year. To mitigate the credit risk on trade receivables, the group
\n
is following up credit risk on a regular basis and require down payments and letters of credit to cover the
\n
value of the systems contracts signed with its customers.
\n
Historically, the group has not experienced
\n
signifi-
\n
cant adverse impacts in relation to trade receivable collection.
\n
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing
\n
to engage in a repayment plan with the company. Where loans or receivables have been written off, the
\n
company continues to engage in enforcement activity to attempt to recover the receivable due. Where
\n
recoveries are made, these are recognised in profit or loss.
\n
\n \n
Trade receivables
\n
\n \n
\n
2022
\n
Amounts in CAD 1000
\n
Lease liabilities
\n
1,620
\n
1,838
\n
337
\n
320
\n
526
\n
655
\n
-
\n
Trade and other payables
\n
7,852
\n
7,852
\n
7,852
\n
-
\n
-
\n
-
\n
-
\n
Bank loan
\n
1,197
\n
1,197
\n
1,197
\n
-
\n
-
\n
-
\n
-
\n
Borrowings
\n
4,651
\n
8,050
\n
462
\n
461
\n
790
\n
2,607
\n
3,730
\n
2021
\n
Amounts in CAD 1000
\n
Lease liabilities
\n
462
\n
489
\n
126
\n
126
\n
142
\n
94
\n
-
\n
Trade and other payables
\n
4,772
\n
4,772
\n
4,772
\n
-
\n
-
\n
-
\n
-
\n
Bank loan
\n
3,733
\n
3,733
\n
-
\n
3,733
\n
-
\n
-
\n
-
\n
Borrowings
\n
3,978
\n
7,139
\n
154
\n
263
\n
728
\n
2,083
\n
3,911
\n
2 to 5
\n
years
\n
1 to 2
\n
years
\n
6 months
\n
or less
\n
Carrying
\n
amount
\n
Contractual
\n
cash flows
\n
6 months
\n
or less
\n
Over 5
\n
years
\n
Carrying
\n
amount
\n
Contractual
\n
cash flows
\n
Over 5
\n
years
\n
6 to 12
\n
months
\n
6 to 12
\n
months
\n
1 to 2
\n
years
\n
2 to 5
\n
yea
\n
\n \n
\n \n
\n
External
\n
customer rec
\n
not due
\n
External
\n
customer rec 1-
\n
30 days past
\n
due
\n
External
\n
customer rec
\n
31-60 days
\n
past due
\n
External
\n
customer rec
\n
61-90 days
\n
past due
\n
External
\n
customer rec
\n
> 90 days past
\n
due
\n
Trade
\n
accounts
\n
receivable
\n
Amounts in CAD 1000
\n
2022
\n
Outstanding trade receivables
\n
2,276
\n
1,218
\n
833
\n
463
\n
885
\n
5,676
\n
Provision for losses
\n
-
\n
-
\n
-
\n
-
\n
-42
\n
-42
\n
2021
\n
Outstanding trade receivables
\n
1,653
\n
888
\n
709
\n
-103
\n
578
\n
3,727
\n
Provision for losses
\n
-
\n
-
\n
-
\n
-
\n
-26
\n
-26
\n
\n \n
\n \n
\n \n
\n
Provisions for losses are based on individual assessment of each item and customer. Expected loss in catego-
\n
ries without any provisions made is based on the
\n
assumption that there are not risk of any material losses.
\n
\n \n
\n
Note 16 Financial risk and financial instruments
\n
This note explains the group
\n
\u2019
\n
s exposure to financial risks and how these risks could affect the group
\n
\u2019
\n
s future
\n
financial performance. Current year profit and loss information has been included where relevant to add fur-
\n
ther context.
\n
Tekna operates on an international level, and produces spherical powders and nano powders, and delivers
\n
plasma systems for powder production of advanced materials. The Group's metal powders and plasma sys-
\n
tems are produced for and delivered to a number of industrial sectors, such as aviation, aerospace, medical,
\n
mining and drilling, energy storage and microelectronics, and are delivered to its customers worldwide. The
\n
Group is headquartered in Canada and operates manufacturing centres in Canada and France, as well as
\n
sales and distribution offices in China and South Korea.
\n
COVID-19
\n
Signs are positive that the COVID19 pandemic is coming to an end. However, should the situation persist,
\n
absenteeism and quarantines could continue to affect Tekna
\n
\u2019
\n
s own day-to-day operations as well as its sup-
\n
ply chain performance. The opportunities to market its systems depend highly on tradeshows, which have
\n
frequently been cancelled due to the pandemic.
\n
Climate risk
\n
The most material climate risks in the short and medium term are physical risks in the supply chain and in
\n
Tekna
\n
\u2019
\n
s own operations. There is a risk of extreme weather events impacting Chinese suppliers and their abil-
\n
ity to supply Tekna with titanium and nickel. Also, higher temperatures put the health and safety of workers in
\n
China at risk. Physical climate risks might also impact goods transportation. In the medium and long term,
\n
physical risks might impact where the company considers establishing new production locations.
\n \n
\n
Market risk
\n
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
\n
changes in market prices. Market risk comprises three types of risk:
\n
currency risk, interest rate risk and other
\n
price risk.
\n
\n \n
\n \n
\n
Currency risk
\n
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
\n
of changes in foreign exchange rates. Currency risk arises when financial assets or financial liabilities are de-
\n
nominated in a currency other than the Company's functional currency. The foreign exchange rate risk for
\n
the Group relates to the fact that the Group's business transactions, operations and sales are made in several
\n
currencies, including Canadian dollar (CAD), U.S dollar, euro, Chinese Yuan, Indian rupee, South Korean won.
\n
Unfavourable fluctuations in exchange rates could have an adverse effect on the Group's business, financial
\n
positions and profits.
\n
Interest rate risk
\n
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate be-
\n
cause of changes in market interest rates. The Company is exposed to interest rate risk on its fixed and float-
\n
ing interest rate financial instruments. Fixed interest rate instruments subject the Company to fair value risk,
\n
while floating rate instruments subject it to cash flow risk.
\n
As at December 31, 2022, the Company's exposure to interest rate risk is as follows:
\n
Cash:
\n
Floating rate
\n
Accounts receivable:
\n
Non-interest bearing
\n
Bank loan:
\n
Floating rate
\n
Accounts payable and accrued liabilities: Non-interest bearing
\n
Obligations under capital leases:
\n
fixed rate of 3,31%
\n
Long-term debt:
\n
Floating rate on loans totalling CAD 1,1m and
\n
non-interest bearing on other loans
\n
\n \n
Price risk
\n
The Group's business is subject to price risk. There is no guarantee that the Group will be able to obtain the
\n
expected prices for its metal powders and plasma systems, and any change in the market conditions, includ-
\n
ing in the global technology and powder markets or in a specific regional and/or end markets in which the
\n
Group operates, could lead to lower sales prices or volumes of the Group's products and systems. If expected
\n
prices for products and systems are not obtained or the Group experiences lower sales volumes, this may
\n
adversely impact the Group's business, financial position and profits.
\n
\n
Liquidity risk
\n
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with its finan-
\n
cial liabilities. The Company is exposed to liquidity risk mainly in respect of its accounts payable and accrued
\n
liabilities, and long-term debt.
\n
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the avail-
\n
ability of funding through an adequate amount of committed credit facilities to meet obligations when due
\n
and to close out market positions. The group maintains flexibility in funding by maintaining availability under
\n
committed credit lines.
\n
Management monitors rolling forecasts of the group
\n
\u2019
\n
s liquidity reserve (comprising the undrawn borrowing
\n
facilities) and cash and cash equivalents on the basis of expected cash flows.
\n
The committed credit facilities may be drawn at any time, subject to a limit of USD $0,75 million and CAD $4
\n
million and may be terminated by the bank without notice.
\n
The group
\n
\u2019
\n
s main interest rate risk arises from the bank credit facilities, which expose the group to cash flow
\n
interest rate risk.
\n
At year end all bank credit facilities are using base rate +2% as fixed rate. The amounts are
\n
carried at amortised cost.
\n
\n \n
\n
Credit Risk
\n
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by
\n
failing to discharge an obligation. Financial instruments which potentially subject the Company to credit risk
\n
consist principally of cash and accounts receivable. The Company's cash is maintained at major financial insti-
\n
tutions; therefore, the Company considers the risk of non-performance of this instrument to be remote. In
\n
addition, the Company has provided for this risk through the allowance it has taken on its accounts receiva-
\n
ble. No trade receivables mature beyond one year. To mitigate the credit risk on trade receivables, the group
\n
is following up credit risk on a regular basis and require down payments and letters of credit to cover the
\n
value of the systems contracts signed with its customers.
\n
Historically, the group has not experienced
\n
signifi-
\n
cant adverse impacts in relation to trade receivable collection.
\n
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing
\n
to engage in a repayment plan with the company. Where loans or receivables have been written off, the
\n
company continues to engage in enforcement activity to attempt to recover the receivable due. Where
\n
recoveries are made, these are recognised in profit or loss.
\n
\n \n
Trade receivables
\n
\n \n
\n \n
\n
2022
\n
Amounts in CAD 1000
\n
Lease liabilities
\n
1,620
\n
1,838
\n
337
\n
320
\n
526
\n
655
\n
-
\n
Trade and other payables
\n
7,852
\n
7,852
\n
7,852
\n
-
\n
-
\n
-
\n
-
\n
Bank loan
\n
1,197
\n
1,197
\n
1,197
\n
-
\n
-
\n
-
\n
-
\n
Borrowings
\n
4,651
\n
8,050
\n
462
\n
461
\n
790
\n
2,607
\n
3,730
\n
2021
\n
Amounts in CAD 1000
\n
Lease liabilities
\n
462
\n
489
\n
126
\n
126
\n
142
\n
94
\n
-
\n
Trade and other payables
\n
4,772
\n
4,772
\n
4,772
\n
-
\n
-
\n
-
\n
-
\n
Bank loan
\n
3,733
\n
3,733
\n
-
\n
3,733
\n
-
\n
-
\n
-
\n
Borrowings
\n
3,978
\n
7,139
\n
154
\n
263
\n
728
\n
2,083
\n
3,911
\n
2 to 5
\n
years
\n
1 to 2
\n
years
\n
6 months
\n
or less
\n
Carrying
\n
amount
\n
Contractual
\n
cash flows
\n
6 months
\n
or less
\n
Over 5
\n
years
\n
Carrying
\n
amount
\n
Contractual
\n
cash flows
\n
Over 5
\n
years
\n
6 to 12
\n
months
\n
6 to 12
\n
months
\n
1 to 2
\n
years
\n
2 to 5
\n
yea
\n
\n \n
\n \n
r
\n
\n \n
\n
External
\n
customer rec
\n
not due
\n
External
\n
customer rec 1-
\n
30 days past
\n
due
\n
External
\n
customer rec
\n
31-60 days
\n
past due
\n
External
\n
customer rec
\n
61-90 days
\n
past due
\n
External
\n
customer rec
\n
> 90 days past
\n
due
\n
Trade
\n
accounts
\n
receivable
\n
Amounts in CAD 1000
\n
2022
\n
Outstanding trade receivables
\n
2,276
\n
1,218
\n
833
\n
463
\n
885
\n
5,676
\n
Provision for losses
\n
-
\n
-
\n
-
\n
-
\n
-42
\n
-42
\n
2021
\n
Outstanding trade receivables
\n
1,653
\n
888
\n
709
\n
-103
\n
578
\n
3,727
\n
Provision for losses
\n
-
\n
-
\n
-
\n
-
\n
-26
\n
-26
\n
\n \n
\n
Provisions for losses are based on individual assessment of each item and customer. Expected loss in catego-
\n
ries without any provisions made is based on the
\n
assumption that there are not risk of any material losses.
\n
\n
Market risk
\n
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
\n
changes in market prices. Market risk comprises three types of risk:
\n
currency risk, interest rate risk and other
\n
price risk.
\n
\n
Currency risk
\n
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
\n
of changes in foreign exchange rates. Currency risk arises when financial assets or financial liabilities are de-
\n
nominated in a currency other than the Company's functional currency. The foreign exchange rate risk for
\n
the Group relates to the fact that the Group's business transactions, operations and sales are made in several
\n
currencies, including Canadian dollar (CAD), U.S dollar, euro, Chinese Yuan, Indian rupee, South Korean won.
\n
Unfavourable fluctuations in exchange rates could have an adverse effect on the Group's business, financial
\n
positions and profits.
\n
Interest rate risk
\n
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate be-
\n
cause of changes in market interest rates. The Company is exposed to interest rate risk on its fixed and float-
\n
ing interest rate financial instruments. Fixed interest rate instruments subject the Company to fair value risk,
\n
while floating rate instruments subject it to cash flow risk.
\n
As at December 31, 2022, the Company's exposure to interest rate risk is as follows:
\n
Cash:
\n
Floating rate
\n
Accounts receivable:
\n
Non-interest bearing
\n
Bank loan:
\n
Floating rate
\n
Accounts payable and accrued liabilities: Non-interest bearing
\n
Obligations under capital leases:
\n
fixed rate of 3,31%
\n
Long-term debt:
\n
Floating rate on loans totalling CAD 1,1m and
\n
non-interest bearing on other loans
\n
\n \n
\n \n
\n \n
\n
Liquidity risk
\n
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with its finan-
\n
cial liabilities. The Company is exposed to liquidity risk mainly in respect of its accounts payable and accrued
\n
liabilities, and long-term debt.
\n
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the avail-
\n
ability of funding through an adequate amount of committed credit facilities to meet obligations when due
\n
and to close out market positions. The group maintains flexibility in funding by maintaining availability under
\n
committed credit lines.
\n
Management monitors rolling forecasts of the group
\n
\u2019
\n
s liquidity reserve (comprising the undrawn borrowing
\n
facilities) and cash and cash equivalents on the basis of expected cash flows.
\n
The committed credit facilities may be drawn at any time, subject to a limit of USD $0,75 million and CAD $4
\n
million and may be terminated by the bank without notice.
\n
The group
\n
\u2019
\n
s main interest rate risk arises from the bank credit facilities, which expose the group to cash flow
\n
interest rate risk.
\n
At year end all bank credit facilities are using base rate +2% as fixed rate. The amounts are
\n
carried at amortised cost.
\n
\n \n
\n \n
\n \n
\n \n
\n \n
\n \n
\n
2022
\n
Amounts in CAD 1000
\n
Lease liabilities
\n
1,620
\n
1,838
\n
337
\n
320
\n
526
\n
655
\n
-
\n
Trade and other payables
\n
7,852
\n
7,852
\n
7,852
\n
-
\n
-
\n
-
\n
-
\n
Bank loan
\n
1,197
\n
1,197
\n
1,197
\n
-
\n
-
\n
-
\n
-
\n
Borrowings
\n
4,651
\n
8,050
\n
462
\n
461
\n
790
\n
2,607
\n
3,730
\n
2021
\n
Amounts in CAD 1000
\n
Lease liabilities
\n
462
\n
489
\n
126
\n
126
\n
142
\n
94
\n
-
\n
Trade and other payables
\n
4,772
\n
4,772
\n
4,772
\n
-
\n
-
\n
-
\n
-
\n
Bank loan
\n
3,733
\n
3,733
\n
-
\n
3,733
\n
-
\n
-
\n
-
\n
Borrowings
\n
3,978
\n
7,139
\n
154
\n
263
\n
728
\n
2,083
\n
3,911
\n
2 to 5
\n
years
\n
1 to 2
\n
years
\n
6 months
\n
or less
\n
Carrying
\n
amount
\n
Contractual
\n
cash flows
\n
6 months
\n
or less
\n
Over 5
\n
years
\n
Carrying
\n
amount
\n
Contractual
\n
cash flows
\n
Over 5
\n
years
\n
6 to 12
\n
months
\n
6 to 12
\n
months
\n
1 to 2
\n
years
\n
2 to 5
\n
yea
\n
\n \n
\n \n
r
\n
\n \n
\n
Credit Risk
\n
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by
\n
failing to discharge an obligation. Financial instruments which potentially subject the Company to credit risk
\n
consist principally of cash and accounts receivable. The Company's cash is maintained at major financial insti-
\n
tutions; therefore, the Company considers the risk of non-performance of this instrument to be remote. In
\n
addition, the Company has provided for this risk through the allowance it has taken on its accounts receiva-
\n
ble. No trade receivables mature beyond one year. To mitigate the credit risk on trade receivables, the group
\n
is following up credit risk on a regular basis and require down payments and letters of credit to cover the
\n
value of the systems contracts signed with its customers.
\n
Historically, the group has not experienced
\n
signifi-
\n
cant adverse impacts in relation to trade receivable collection.
\n
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing
\n
to engage in a repayment plan with the company. Where loans or receivables have been written off, the
\n
company continues to engage in enforcement activity to attempt to recover the receivable due. Where
\n
recoveries are made, these are recognised in profit or loss.
\n
\n
External
\n
customer rec
\n
not due
\n
External
\n
customer rec 1-
\n
30 days past
\n
due
\n
External
\n
customer rec
\n
31-60 days
\n
past due
\n
External
\n
customer rec
\n
61-90 days
\n
past due
\n
External
\n
customer rec
\n
> 90 days past
\n
due
\n
Trade
\n
accounts
\n
receivable
\n
Amounts in CAD 1000
\n
2022
\n
Outstanding trade receivables
\n
2,276
\n
1,218
\n
833
\n
463
\n
885
\n
5,676
\n
Provision for losses
\n
-
\n
-
\n
-
\n
-
\n
-42
\n
-42
\n
2021
\n
Outstanding trade receivables
\n
1,653
\n
888
\n
709
\n
-103
\n
578
\n
3,727
\n
Provision for losses
\n
-
\n
-
\n
-
\n
-
\n
-26
\n
-26
\n
\n \n
\n \n
\n \n
\n
Provisions for losses are based on individual assessment of each item and customer. Expected loss in catego-
\n
ries without any provisions made is based on the
\n
assumption that there are not risk of any material losses.
\n
\n \n
\n \n
\n \n
\n
Note 17 Borrowings
\n
This note provides information on the contractual terms of the Group
\n
\u2019
\n
s interest-bearing loans and borrow-
\n
ings. For more information on the Group
\n
\u2019
\n
s interest rate risk and foreign exchange risk see Note 16.
\n
Tekna Holding ASA has complied with the financial covenants of its borrowing facilities at year end 2022. The
\n
credit limit on the bank credit facilities is CAD 4 million and USD 0.75 million.
\n
The table below reconciles the movement in financial liabilities to cash flow from financing activities.
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
2022
\n
2021
\n
2022
\n
2021
\n
2022
\n
2021
\n
Balance at 1 January
\n
3,978
\n
24,250
\n
462
\n
688
\n
3,733
\n
633
\n
8,173
\n
25,571
\n
New loan
\n
1,286
\n
17,898
\n
2,031
\n
-
\n
-
\n
3,100
\n
3,317
\n
20,998
\n
Cash Flow - repayment
\n
-263
\n
-37,535
\n
-873
\n
-226
\n
-2,536
\n
-
\n
-3,672
\n
-37,761
\n
Non cash changes
\n
FX variation loss (gain)
\n
-
\n
-515
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-515
\n
Conversion to equity
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Amortization
\n
-640
\n
-378
\n
-
\n
-
\n
-
\n
-
\n
-640
\n
-378
\n
Debt accretion on long-
\n
term debt
\n
290
\n
258
\n
-
\n
-
\n
-
\n
-
\n
290
\n
258
\n
Total debt
\n
4,651
\n
3,978
\n
1,620
\n
462
\n
1,197
\n
3,733
\n
7,468
\n
8,173
\n
Short-term portion
\n
-532
\n
-200
\n
-459
\n
-235
\n
-1,197
\n
-3,733
\n
-2,188
\n
-4,168
\n
Balance long-term
\n
portion at 31 December
\n
4,119
\n
3,778
\n
1,161
\n
227
\n
-
\n
-
\n
5,280
\n
4,005
\n
Total financial liabilities
\n
Borrowings
\n
Bank Loan (ST)
\n
Lease liabilities
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Loans secured by pledged assets
\n
Building and land
\n
1,144
\n
1,213
\n
Machinery and equipment
\n
-
\n
-
\n
1,218
\n
682
\n
Total non-current borrowings secured by pledged assets
\n
2,362
\n
1,895
\n
Universality of movable and immovable property, tangible and intangible, current
\n
and future
\n
\n \n
\n
Note 18 Finance items
\n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Interest income
\n
20
\n
-
\n
Currency exchange income
\n
124
\n
400
\n
Total Finance income
\n
144
\n
400
\n
IFRS 16 interest
\n
77
\n
29
\n
Interest expense
\n
255
\n
627
\n
Total finance cost
\n
332
\n
656
\n
Net finance items
\n
-188
\n
-256
\n
\n
Note 18 Finance items
\n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Interest income
\n
20
\n
-
\n
Currency exchange income
\n
124
\n
400
\n
Total Finance income
\n
144
\n
400
\n
IFRS 16 interest
\n
77
\n
29
\n
Interest expense
\n
255
\n
627
\n
Total finance cost
\n
332
\n
656
\n
Net finance items
\n
-188
\n
-256
\n
\n \n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Interest income
\n
20
\n
-
\n
Currency exchange income
\n
124
\n
400
\n
Total Finance income
\n
144
\n
400
\n
IFRS 16 interest
\n
77
\n
29
\n
Interest expense
\n
255
\n
627
\n
Total finance cost
\n
332
\n
656
\n
Net finance items
\n
-188
\n
-256
\n
\n \n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Ordinary shares
\n
125,227
\n
125,227
\n
Share capital
\n
37,277
\n
37,277
\n
Share premium
\n
451,473
\n
451,473
\n
\n \n
\n
At 31 December 2022 there were 125.227.346 ordinary shares each with a par value of NOK 2,00. They entitle
\n
the holder to participate in dividends, and to share in the proceeds of winding up the company in proportion
\n
to the number of and amounts paid on the shares held.
\n
\n \n
\n
There were no paid out dividends in 2022.
\n
\n \n
\n
Number of shares
\n
% of total
\n
Country
\n
Arendals Fossekompani ASA
\n
89,046,452
\n
71.11%
\n
NOR
\n
Ulfoss Invest AS
\n
2,941,975
\n
2.35%
\n
NOR
\n
Havfonn AS
\n
2,913,580
\n
2.33%
\n
NOR
\n
Must Invest AS
\n
2,821,245
\n
2.25%
\n
NOR
\n
Kvantia AS
\n
2,354,862
\n
1.88%
\n
NOR
\n
Skandinaviska Enskilda Banken AB
\n
2,154,711
\n
1.72%
\n
LUX
\n
Victoria India Fund AS
\n
1,331,883
\n
1.06%
\n
NOR
\n
Other
\n
21,662,638
\n
17.30%
\n
Various
\n
Total number of shares
\n
125,227,346
\n
100.00%
\n
Major shareholders at year-end 2022
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Ordinary shares
\n
125,227
\n
125,227
\n
Share capital
\n
37,277
\n
37,277
\n
Share premium
\n
451,473
\n
451,473
\n
\n \n
\n
At 31 December 2022 there were 125.227.346 ordinary shares each with a par value of NOK 2,00. They entitle
\n
the holder to participate in dividends, and to share in the proceeds of winding up the company in proportion
\n
to the number of and amounts paid on the shares held.
\n
\n \n
\n
There were no paid out dividends in 2022.
\n
\n
Note 20 Earnings per share
\n
Basic earnings per share are based on profit attributable to the equity holders of the parent and the
\n
weighted average number of outstanding ordinary shares.
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Net profit for the year
\n
-22,517
\n
-14,087
\n
Attributable to non-controlling interests
\n
-829
\n
-486
\n
Attributable to ordinary shares
\n
-21,688
\n
-13,601
\n
Weighted number of ordinary shares, basic and diluted
\n
125,227,346
\n
100,272,679
\n
Number of shares end of period
\n
125,227,346
\n
125,227,346
\n
Basic and diluted
\n
earnings per share
\n
-0.17
\n
-0.14
\n
\n \n
\n \n
\n
Note 21 Investment in joint ventures
\n
The Imphytek Powders S.A.S. joint venture is owned in equal parts by the Group (TPE; Tekna Plasma Europe
\n
S.A.S.) and Aperam. The business is organized as a company with limited liability corresponding to Norwe-
\n
gian corporations. Guidelines for the operation of companies are based on the shareholders agreement. Ac-
\n
cording to the shareholder agreement it is required unanimity between the parties for making decisions
\n
about relevant activities. Accordingly, participants in the companies have joint control over the activities. The
\n
Group's responsibility as a participant in Imphytek Powder S.A.S. is limited to the capital contribution, and the
\n
return equals the Group's share of profit. Thus, the group as a participant is entitled to the arrangements net
\n
assets.
\n
The investments in joint ventures are accounted for according to the equity method.
\n
\n \n
\n \n
\n \n
\n \n
\n
Entity
\n
Country
\n
Activities
\n
Ownership
\n
interest
\n
Imphytek Powders S.A.S.
\n
France
\n
Production of
\n
powders
\n
50%
\n
\n \n
\n \n
\n \n
\n \n
\n
Based on an overall assessment where the size and complexity is taken into consideration Imphytek Powders
\n
S.A.S. is considered to be significant joint ventures. Further information regarding this company is disclosed
\n
below
\n
\n \n
\n \n
\n \n
\n \n
\n
The company has no observable market value in form of market price or similar.
\n
Description of the business
\n
Imphytek Powders S.A.S. has its headquarters and operations in Macon in France. The company is combining
\n
Aperam's expertise in Nickel & Specialty Alloys with Tekna's unique wire plasma atomization technology. The
\n
joint venture has the exclusive right to sell nickel alloy powder in Europe, and benefits from all market and
\n
product developments made by Tekna and Aperam in the past years. The company's main activities are the
\n
production of high-performance powder for advanced manufacturing technologies. The company is orga-
\n
nized as a company with limited liability similar to Norwegian private limited liability companies, and the
\n
company is not publicly traded. The company is strategically important company in the business segment
\n
Advanced Materials.
\n
Imphytek Powders S.A.S. has no contingent liabilities or capital commitments as of 31.12.2022. The partners
\n
have an agreement with Imphytek Powders S.A.S. that profits of the company will not be distributed until it
\n
has the consent of both partners. The partners have not given consent at the reporting date.
\n
The table on the right shows the condensed financial information of the joint venture, based on 100% owner-
\n
ship.
\n
\n \n
\n \n
\n \n
\n \n
\n
Imphytek Powders S.A.S.
\n
The joint venture has the same reporting period as the Group.
\n
\n \n
\n \n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
Imphytek
\n
Powders
\n
Book value 31.12.2020
\n
1,407
\n
1,407
\n
Share of profit after tax 2021
\n
-1,472
\n
Investment during the period
\n
1,442
\n
FX variations
\n
-146
\n
Book value 31.12.2021
\n
1,231
\n
1,231
\n
Share of profit after tax 2022
\n
-1,509
\n
Investment during the period
\n
680
\n
FX variations
\n
177
\n
Book value 31.12.2022
\n
579
\n
Book value as at 01.01.2022
\n
Book value as at 01.01.2021
\n
\n \n
\n \n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Total revenue
\n
1,447
\n
884
\n
Depreciations
\n
-174
\n
-255
\n
Interest income
\n
-
\n
-
\n
Interest expenses
\n
-41
\n
-2
\n
Tax expenses
\n
-
\n
-
\n
Profit
\n
-3,110
\n
-3,258
\n
Other income and expenses
\n
-
\n
-
\n
Comprehensive income
\n
-
\n
-
\n
The Groups share of comprehensive income
\n
1
\n
1
\n
Current assets
\n
4,228
\n
4,304
\n
whereof cash and cash equivalents
\n
995
\n
781
\n
Non-current assets
\n
-
\n
-
\n
Current liabilities
\n
2,966
\n
264
\n
Long-term liabilities
\n
4,374
\n
2,882
\n
Equity
\n
-1,166
\n
1,158
\n
\n \n
\n \n
\n \n
\n \n
\n
The values are tested annually for impairment. In this testing each segment/subgroup is assessed as a cash
\n
generating unit. The recoverable amount is estimated based on value in use. Estimated value in use is based
\n
on discounted future cash flows. This measures the cash flows based on market requirements of return and
\n
risk. Value in use for 2022 has been calculated in the same way as in 2021. Budgets have been used for 2023
\n
and long-term budgets from strategy plans for the period up to 2027. A terminal value is applied based on a
\n
growth rate of 2%. A risk premium of 3% was used in the calculations.
\n
The Required Rate of Return (pre-tax WACC) for the investment in the joint venture has been set to 12.2%.
\n
The risk-free rate of return has been set to 3.1%. When calculating the WACC consideration is given to the
\n
fact that the company's earnings are mainly in EUR. A sensitivity analysis based on a unilateral change in esti-
\n
mated future EBITDA shows that a reduction of more than 20% may lead to impairment. Equivalently, a
\n
change in pre-tax WACC from 12.2% to 14.5% may cause impairment.
\n
The cash-generating unit in the impairment testing suggests excess value. Reasonable changes in the as-
\n
sumptions will not result in additional impairment losses.
\n
\n \n
\n \n
\n
Note 22 Subsidiaries
\n
\n
Company
\n
Ownership
\n
held by the
\n
group
\n
Ownership
\n
held by
\n
the non-
\n
controlling
\n
interests
\n
Domicile
\n
Tekna Holdings Canada Inc.
\n
96.54%
\n
3.46%
\n
Canada
\n
Tekna Plasma Systems Inc.
\n
96.54%
\n
3.46%
\n
Canada
\n
Tekna Advanced Materials Inc.
\n
96.54%
\n
3.46%
\n
Canada
\n
Tekna Plasma Europe S.A.S.
\n
96.54%
\n
3.46%
\n
France
\n
Tekna Plasma Systems Suzhou Co Ltd.
\n
96.54%
\n
3.46%
\n
China
\n
Tekna Plasma India Pr Ltd.
\n
96.54%
\n
3.46%
\n
India
\n
Tekna Inc.
\n
96.54%
\n
3.46%
\n
USA
\n
Tekna Plasma Korea Co Ltd.
\n
96.54%
\n
3.46%
\n
South Korea
\n
\n \n
\n
Note 21 Investment in joint ventures
\n
The Imphytek Powders S.A.S. joint venture is owned in equal parts by the Group (TPE; Tekna Plasma Europe
\n
S.A.S.) and Aperam. The business is organized as a company with limited liability corresponding to Norwe-
\n
gian corporations. Guidelines for the operation of companies are based on the shareholders agreement. Ac-
\n
cording to the shareholder agreement it is required unanimity between the parties for making decisions
\n
about relevant activities. Accordingly, participants in the companies have joint control over the activities. The
\n
Group's responsibility as a participant in Imphytek Powder S.A.S. is limited to the capital contribution, and the
\n
return equals the Group's share of profit. Thus, the group as a participant is entitled to the arrangements net
\n
assets.
\n
The investments in joint ventures are accounted for according to the equity method.
\n
\n \n
\n \n
\n
Entity
\n
Country
\n
Activities
\n
Ownership
\n
interest
\n
Imphytek Powders S.A.S.
\n
France
\n
Production of
\n
powders
\n
50%
\n
\n \n
\n \n
\n
Based on an overall assessment where the size and complexity is taken into consideration Imphytek Powders
\n
S.A.S. is considered to be significant joint ventures. Further information regarding this company is disclosed
\n
below
\n
\n \n
\n \n
\n
The company has no observable market value in form of market price or similar.
\n
Description of the business
\n
Imphytek Powders S.A.S. has its headquarters and operations in Macon in France. The company is combining
\n
Aperam's expertise in Nickel & Specialty Alloys with Tekna's unique wire plasma atomization technology. The
\n
joint venture has the exclusive right to sell nickel alloy powder in Europe, and benefits from all market and
\n
product developments made by Tekna and Aperam in the past years. The company's main activities are the
\n
production of high-performance powder for advanced manufacturing technologies. The company is orga-
\n
nized as a company with limited liability similar to Norwegian private limited liability companies, and the
\n
company is not publicly traded. The company is strategically important company in the business segment
\n
Advanced Materials.
\n
Imphytek Powders S.A.S. has no contingent liabilities or capital commitments as of 31.12.2022. The partners
\n
have an agreement with Imphytek Powders S.A.S. that profits of the company will not be distributed until it
\n
has the consent of both partners. The partners have not given consent at the reporting date.
\n
The table on the right shows the condensed financial information of the joint venture, based on 100% owner-
\n
ship.
\n
\n \n
\n \n
\n
Imphytek Powders S.A.S.
\n
The joint venture has the same reporting period as the Group.
\n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
Imphytek
\n
Powders
\n
Book value 31.12.2020
\n
1,407
\n
1,407
\n
Share of profit after tax 2021
\n
-1,472
\n
Investment during the period
\n
1,442
\n
FX variations
\n
-146
\n
Book value 31.12.2021
\n
1,231
\n
1,231
\n
Share of profit after tax 2022
\n
-1,509
\n
Investment during the period
\n
680
\n
FX variations
\n
177
\n
Book value 31.12.2022
\n
579
\n
Book value as at 01.01.2022
\n
Book value as at 01.01.2021
\n
\n \n
\n \n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Total revenue
\n
1,447
\n
884
\n
Depreciations
\n
-174
\n
-255
\n
Interest income
\n
-
\n
-
\n
Interest expenses
\n
-41
\n
-2
\n
Tax expenses
\n
-
\n
-
\n
Profit
\n
-3,110
\n
-3,258
\n
Other income and expenses
\n
-
\n
-
\n
Comprehensive income
\n
-
\n
-
\n
The Groups share of comprehensive income
\n
1
\n
1
\n
Current assets
\n
4,228
\n
4,304
\n
whereof cash and cash equivalents
\n
995
\n
781
\n
Non-current assets
\n
-
\n
-
\n
Current liabilities
\n
2,966
\n
264
\n
Long-term liabilities
\n
4,374
\n
2,882
\n
Equity
\n
-1,166
\n
1,158
\n
\n \n
\n \n
\n
The values are tested annually for impairment. In this testing each segment/subgroup is assessed as a cash
\n
generating unit. The recoverable amount is estimated based on value in use. Estimated value in use is based
\n
on discounted future cash flows. This measures the cash flows based on market requirements of return and
\n
risk. Value in use for 2022 has been calculated in the same way as in 2021. Budgets have been used for 2023
\n
and long-term budgets from strategy plans for the period up to 2027. A terminal value is applied based on a
\n
growth rate of 2%. A risk premium of 3% was used in the calculations.
\n
The Required Rate of Return (pre-tax WACC) for the investment in the joint venture has been set to 12.2%.
\n
The risk-free rate of return has been set to 3.1%. When calculating the WACC consideration is given to the
\n
fact that the company's earnings are mainly in EUR. A sensitivity analysis based on a unilateral change in esti-
\n
mated future EBITDA shows that a reduction of more than 20% may lead to impairment. Equivalently, a
\n
change in pre-tax WACC from 12.2% to 14.5% may cause impairment.
\n
The cash-generating unit in the impairment testing suggests excess value. Reasonable changes in the as-
\n
sumptions will not result in additional impairment losses.
\n
\n \n
\n
Note 21 Investment in joint ventures
\n
The Imphytek Powders S.A.S. joint venture is owned in equal parts by the Group (TPE; Tekna Plasma Europe
\n
S.A.S.) and Aperam. The business is organized as a company with limited liability corresponding to Norwe-
\n
gian corporations. Guidelines for the operation of companies are based on the shareholders agreement. Ac-
\n
cording to the shareholder agreement it is required unanimity between the parties for making decisions
\n
about relevant activities. Accordingly, participants in the companies have joint control over the activities. The
\n
Group's responsibility as a participant in Imphytek Powder S.A.S. is limited to the capital contribution, and the
\n
return equals the Group's share of profit. Thus, the group as a participant is entitled to the arrangements net
\n
assets.
\n
The investments in joint ventures are accounted for according to the equity method.
\n
\n
Entity
\n
Country
\n
Activities
\n
Ownership
\n
interest
\n
Imphytek Powders S.A.S.
\n
France
\n
Production of
\n
powders
\n
50%
\n
\n
Based on an overall assessment where the size and complexity is taken into consideration Imphytek Powders
\n
S.A.S. is considered to be significant joint ventures. Further information regarding this company is disclosed
\n
below
\n
\n
The company has no observable market value in form of market price or similar.
\n
Description of the business
\n
Imphytek Powders S.A.S. has its headquarters and operations in Macon in France. The company is combining
\n
Aperam's expertise in Nickel & Specialty Alloys with Tekna's unique wire plasma atomization technology. The
\n
joint venture has the exclusive right to sell nickel alloy powder in Europe, and benefits from all market and
\n
product developments made by Tekna and Aperam in the past years. The company's main activities are the
\n
production of high-performance powder for advanced manufacturing technologies. The company is orga-
\n
nized as a company with limited liability similar to Norwegian private limited liability companies, and the
\n
company is not publicly traded. The company is strategically important company in the business segment
\n
Advanced Materials.
\n
Imphytek Powders S.A.S. has no contingent liabilities or capital commitments as of 31.12.2022. The partners
\n
have an agreement with Imphytek Powders S.A.S. that profits of the company will not be distributed until it
\n
has the consent of both partners. The partners have not given consent at the reporting date.
\n
The table on the right shows the condensed financial information of the joint venture, based on 100% owner-
\n
ship.
\n
\n
Imphytek Powders S.A.S.
\n
The joint venture has the same reporting period as the Group.
\n
\n
Amounts in CAD 1000
\n
Imphytek
\n
Powders
\n
Book value 31.12.2020
\n
1,407
\n
1,407
\n
Share of profit after tax 2021
\n
-1,472
\n
Investment during the period
\n
1,442
\n
FX variations
\n
-146
\n
Book value 31.12.2021
\n
1,231
\n
1,231
\n
Share of profit after tax 2022
\n
-1,509
\n
Investment during the period
\n
680
\n
FX variations
\n
177
\n
Book value 31.12.2022
\n
579
\n
Book value as at 01.01.2022
\n
Book value as at 01.01.2021
\n
\n
Amounts in CAD 1000
\n
2022
\n
2021
\n
Total revenue
\n
1,447
\n
884
\n
Depreciations
\n
-174
\n
-255
\n
Interest income
\n
-
\n
-
\n
Interest expenses
\n
-41
\n
-2
\n
Tax expenses
\n
-
\n
-
\n
Profit
\n
-3,110
\n
-3,258
\n
Other income and expenses
\n
-
\n
-
\n
Comprehensive income
\n
-
\n
-
\n
The Groups share of comprehensive income
\n
1
\n
1
\n
Current assets
\n
4,228
\n
4,304
\n
whereof cash and cash equivalents
\n
995
\n
781
\n
Non-current assets
\n
-
\n
-
\n
Current liabilities
\n
2,966
\n
264
\n
Long-term liabilities
\n
4,374
\n
2,882
\n
Equity
\n
-1,166
\n
1,158
\n
\n
The values are tested annually for impairment. In this testing each segment/subgroup is assessed as a cash
\n
generating unit. The recoverable amount is estimated based on value in use. Estimated value in use is based
\n
on discounted future cash flows. This measures the cash flows based on market requirements of return and
\n
risk. Value in use for 2022 has been calculated in the same way as in 2021. Budgets have been used for 2023
\n
and long-term budgets from strategy plans for the period up to 2027. A terminal value is applied based on a
\n
growth rate of 2%. A risk premium of 3% was used in the calculations.
\n
The Required Rate of Return (pre-tax WACC) for the investment in the joint venture has been set to 12.2%.
\n
The risk-free rate of return has been set to 3.1%. When calculating the WACC consideration is given to the
\n
fact that the company's earnings are mainly in EUR. A sensitivity analysis based on a unilateral change in esti-
\n
mated future EBITDA shows that a reduction of more than 20% may lead to impairment. Equivalently, a
\n
change in pre-tax WACC from 12.2% to 14.5% may cause impairment.
\n
The cash-generating unit in the impairment testing suggests excess value. Reasonable changes in the as-
\n
sumptions will not result in additional impairment losses.
\n
\n \n
\n
Company
\n
Ownership
\n
held by the
\n
group
\n
Ownership
\n
held by
\n
the non-
\n
controlling
\n
interests
\n
Domicile
\n
Tekna Holdings Canada Inc.
\n
96.54%
\n
3.46%
\n
Canada
\n
Tekna Plasma Systems Inc.
\n
96.54%
\n
3.46%
\n
Canada
\n
Tekna Advanced Materials Inc.
\n
96.54%
\n
3.46%
\n
Canada
\n
Tekna Plasma Europe S.A.S.
\n
96.54%
\n
3.46%
\n
France
\n
Tekna Plasma Systems Suzhou Co Ltd.
\n
96.54%
\n
3.46%
\n
China
\n
Tekna Plasma India Pr Ltd.
\n
96.54%
\n
3.46%
\n
India
\n
Tekna Inc.
\n
96.54%
\n
3.46%
\n
USA
\n
Tekna Plasma Korea Co Ltd.
\n
96.54%
\n
3.46%
\n
South Korea
\n
\n \n
\n
Note 23 Related parties
\n
At year end Arendals Fossekompani ASA (AFK) owned 89,046,452 shares, representing 71,11 % of the total
\n
number of shares in Tekna.
\n
See table on the next page.
\n
The CEO
\n
\u2019
\n
s period of notice is eight (8) weeks, with a period of pay of twelve (12) months after termination of
\n
employment if the CEO is dismissed by the company.
\n
The other members of the Group Executive have a period of notice varying from four (4) weeks to eight (8)
\n
weeks.
\n
The purpose of Tekna's compensation and benefits policy is to attract personnel with the competence that
\n
the Group requires, develop and retain employees with key expertise and promote a long-term perspective
\n
and continuous improvement supporting achievement of Tekna's business goals. The general approach
\n
adopted in Tekna's policy is to pay fixed salaries and pensions in line market prices, while offering variable
\n
pay linked to results for bonus.
\n
a) Fixed elements
\n
b) Variable elements \u2013
\n
annual bonus
\n
\n
Executives in Tekna participate in the Group
\n
\u2019
\n
s central annual bonus program. The program has a maximum
\n
ceiling of 25% of the executive
\n
\u2019
\n
s fixed salary and 35% for CEO. The basis for bonus payments is based on
\n
financial targets and performance strategic KPIs.
\n
In addition, the Group has share-based incentive programs described in (c) below.
\n
(c) Shared incentive program
\n
On February 18, 2021, the Board of Directors of the Company resolved to establish a share incentive program
\n
for key employees of the Company. The share incentive program is based on a structure in which certain
\n
members of the Company's Management and management of the Portfolio Companies are offered the op-
\n
portunity to subscribe for Shares in Tekna Holdings Canada Inc., and where the Company will provide partial
\n
financing of their subscription of Shares under the share incentive program. The total number of Shares in-
\n
cluded in the share incentive program of Tekna Holdings Canada Inc is 3 482 408. As part of the share incen-
\n
tive program, the key employees purchased Shares subject to a lock-up undertaking of 36 months following
\n
the date of the purchase of the Shares. The company has originally provided full loan financing of the pur-
\n
chase price of the Shares under the share incentive program, for a total of CAD $1,3 million. As of December
\n
31, 2022, the loan financing balance is CAD $0,93 million. The share incentive program is based on a struc-
\n
ture in which certain members of the management within the Group were offered the opportunity to sub-
\n
scribe for Shares in Tekna Holdings Canada at fair value less a discount reflecting the lock-up period. The
\n
vested portion of the discount is reflected in as share-based compensation with an amount totalling CAD $
\n
63 K for the executive team for 2022 as disclosed above.
\n
\n
Board of Directors compensation 2022 and number of shares owned 31 December 2022
\n
Name
\n
Title
\n
Board of
\n
Directors
\n
remunera-
\n
ted
\n
Remunera-
\n
tion
\n
provision
\n
Own
\n
Holdings
\n
Related
\n
Parties
\n
Number of
\n
shares in
\n
Tekna
\n
Holding ASA
\n
Dag Teigland
\n
1,2
\n
Chair
\n
-
\n
21,000
\n
-
\n
52,000
\n
52,000
\n
Morten Henriksen
\n
2
\n
Member of Board
\n
-
\n
-
\n
51,500
\n
4,125
\n
55,625
\n
Torkil Sigurd Mogstad
\n
2
\n
Member of Board
\n
-
\n
-
\n
48,000
\n
4,125
\n
52,125
\n
Anne-Lise Meyer
\n
3
\n
Member of Board
\n
-
\n
38,667
\n
-
\n
-
\n
-
\n
Barbara Thierart Perrin
\n
4
\n
Member of Board
\n
-
\n
43,500
\n
-
\n
-
\n
-
\n
Total
\n
-
\n
103,167
\n
99,500
\n
60,250
\n
159,750
\n
Name
\n
Title
\n
Fixed
\n
salary
\n
Paid
\n
bonus
\n
Pension
\n
Share-based
\n
compensa-
\n
tion
\n
Other
\n
benefits
\n
Number of
\n
shares in
\n
Tekna
\n
Holdings
\n
Canada Inc
\n
Loan from
\n
Tekna
\n
Plasma
\n
Systems Inc
\n
Luc Dionne
\n
CEO
\n
335
\n
45
\n
3
\n
21
\n
36
\n
588,576
\n
169,859
\n
Serge Blackburn
\n
CFO
\n
246
\n
26
\n
10
\n
7
\n
8
\n
196,192
\n
56,620
\n
Other executive management
\n
901
\n
77
\n
42
\n
35
\n
33
\n
980,960
\n
338,873
\n
\n
1: Dag Teigland representing Tibidabo Industrier AS, elected from October 2022. The remuneration is subject
\n
to approval by the general assembly.
\n
2: Representing Arendals Fossekompani ASA with 89 046 452 shares
\n
3: Anne-Lise Meyer elected from May 2022
\n
4: Barbara Thierart-Perrin elected from April 2022
\n
\n \n
\n
Board of Directors compensation 2022 and number of shares owned 31 December 2022
\n
Name
\n
Title
\n
Board of
\n
Directors
\n
remunera-
\n
ted
\n
Remunera-
\n
tion
\n
provision
\n
Own
\n
Holdings
\n
Related
\n
Parties
\n
Number of
\n
shares in
\n
Tekna
\n
Holding ASA
\n
Dag Teigland
\n
1,2
\n
Chair
\n
-
\n
21,000
\n
-
\n
52,000
\n
52,000
\n
Morten Henriksen
\n
2
\n
Member of Board
\n
-
\n
-
\n
51,500
\n
4,125
\n
55,625
\n
Torkil Sigurd Mogstad
\n
2
\n
Member of Board
\n
-
\n
-
\n
48,000
\n
4,125
\n
52,125
\n
Anne-Lise Meyer
\n
3
\n
Member of Board
\n
-
\n
38,667
\n
-
\n
-
\n
-
\n
Barbara Thierart Perrin
\n
4
\n
Member of Board
\n
-
\n
43,500
\n
-
\n
-
\n
-
\n
Total
\n
-
\n
103,167
\n
99,500
\n
60,250
\n
159,750
\n
Name
\n
Title
\n
Fixed
\n
salary
\n
Paid
\n
bonus
\n
Pension
\n
Share-based
\n
compensa-
\n
tion
\n
Other
\n
benefits
\n
Number of
\n
shares in
\n
Tekna
\n
Holdings
\n
Canada Inc
\n
Loan from
\n
Tekna
\n
Plasma
\n
Systems Inc
\n
Luc Dionne
\n
CEO
\n
335
\n
45
\n
3
\n
21
\n
36
\n
588,576
\n
169,859
\n
Serge Blackburn
\n
CFO
\n
246
\n
26
\n
10
\n
7
\n
8
\n
196,192
\n
56,620
\n
Other executive management
\n
901
\n
77
\n
42
\n
35
\n
33
\n
980,960
\n
338,873
\n
\n \n
\n \n
\n
1: Dag Teigland representing Tibidabo Industrier AS, elected from October 2022. The remuneration is subject
\n
to approval by the general assembly.
\n
2: Representing Arendals Fossekompani ASA with 89 046 452 shares
\n
3: Anne-Lise Meyer elected from May 2022
\n
4: Barbara Thierart-Perrin elected from April 2022
\n
\n \n
\n \n
\n
Note 24 Contingent liabilities
\n
The Company's subsidiary and the operating company of
\n
the Group, Tekna Plasma Systems Inc., is currently involved
\n
in a dispute with AP&C Advanced Powders & Coatings Inc.
\n
regarding competing patent rights for the production of
\n
titanium powder in Canada, and more precisely to a specific
\n
patent which is part of the same patent type as one of the
\n
Group's significant patents. Proceedings were conducted
\n
and parties are waiting for the court decision. If the dispute
\n
is not resolved in favor of Tekna Plasma Systems Inc., the
\n
Group's production and sales of titanium powder in Canada
\n
may be restricted, which could have a negative effect on the
\n
Group's business operations.
\n
There are no provisions booked for future income or
\n
expenses regarding the legal dispute in the financial state-
\n
ments
\n
\n \n
\n
Note 24 Contingent liabilities
\n
The Company's subsidiary and the operating company of
\n
the Group, Tekna Plasma Systems Inc., is currently involved
\n
in a dispute with AP&C Advanced Powders & Coatings Inc.
\n
regarding competing patent rights for the production of
\n
titanium powder in Canada, and more precisely to a specific
\n
patent which is part of the same patent type as one of the
\n
Group's significant patents. Proceedings were conducted
\n
and parties are waiting for the court decision. If the dispute
\n
is not resolved in favor of Tekna Plasma Systems Inc., the
\n
Group's production and sales of titanium powder in Canada
\n
may be restricted, which could have a negative effect on the
\n
Group's business operations.
\n
There are no provisions booked for future income or
\n
expenses regarding the legal dispute in the financial state-
\n
ments
\n
\n
Note 25 Subsequent events
\n
Arendals Fossekompani ASA, Tekna
\n
\u2019
\n
s majority shareholder,
\n
and Tekna Plasma Systems Inc have signed an agreement
\n
for a CAD 25 million loan facility.
\n
\n
Use of estimates
\n
In the preparation of the annual accounts, estimates and assumptions have been applied that have affected
\n
the statement of income and the valuation of assets and liabilities, as well as doubtful assets and liabilities on
\n
the balance sheet date in accordance with generally accepted accounting principles. Areas that to a large
\n
extent contain such discretionary assessments, a high degree of complexity, or areas where assumptions and
\n
estimates are material to the financial statements, are described in the notes.
\n