Idex ASA. Transition to International Financial Reporting Standards (IFRS)
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1 Idex ASA Transition to International Financial Reporting Standards (IFRS) Fornebu, 29 th November 2005
2 page 2 / 11 INTRODUCTION The financial statements of Idex ASA comprise only one single entity. The proposed change in the Norwegian Accounting act that will allow Norwegian companies to use International Financial Reporting Standards in the company accounts with effect from 2005 has not yet been formally ratified. However, the change is expected to be formalized during Idex ASA intends to convert to IFRS with effect from 1 January The differences between IFRS and Norwegian Accounting Act and generally accepted accounting principles in Norway (NGAAP) identified to date as potentially having a significant effect on the financial statements are summarized below. IFRS income statements for each quarter in 2004 and 2005 and balance sheets as of January 1 st 2004, December 31 st 2004 and September 30 th 2005 will be disclosed. The content of this document is as follows: 1. Identified differences between NGAAP and IFRS for Idex ASA 2. Unaudited financial statements with reconciliation between NGAAP and IFRS 3. Idex ASA IFRS accounting principles 1. IDENTIFIED DIFFERENCES BETWEEN NGAAP AND IFRS FOR IDEX ASA Research and development In accordance with NGAAP, all research and development expenses are expensed in full in the period in which they are incurred. According to IAS 38 costs related to research are to be expensed as they incurred, i.e. which is equal to the treatment Idex ASA has chosen under NGAAP, 5-6 of the Norwegian Accounting Act. According to IAS 38, all development cost related to internally generated intangible assets shall be capitalized if the following criteria for capitalization are met: a) it is technologically feasible to complete the development of the intangible asset b) it is probable that the expected future economic benefit that are attributable to the asset will flow to the entity, and c) the cost of the asset can be measured reliably. The criteria for capitalization are considered to be met when the company has entered into commercial agreements with joint partners. As Idex ASA at present does not have any commercial contracts, all cost related to development are expensed as they incur.
3 page 3 / 11 Idex ASA can measure the cost reliably and will capitalize development costs as intangible assets when it has entered into a commercial contract. The intangible asset will be depreciated in accordance with its expected lifetime. Share-based remuneration IFRS impose a requirement for options and subscription rights allocated to employees to be accounted for at fair value at the time of allocation. As a consequence Idex ASA has chosen to account for option and subscription rights allocated to employees and members of the Board of Directors at their fair value at the time of allocation. Idex ASA has deemed Black and Scholes pricing model for options to give an adequate and fair value of options and subscription rights allocated to employees and members of the Board of Directors of Idex ASA. Cost related to share based remuneration is capitalized and expensed evenly over the lifetime of the option and subscription right, i.e. until they are vested. Idex ASA applied the intrinsic value method in its Financial Statements according to NGAAP until the issuance of the report for Q However, on September 26 th 2005 Norsk Regnskapsstiftelse issued a consultative statement (NRS - Høringsutkast - Aksjebasert Betaling ) related to 5-9a Share based remuneration of the Norwegian Accounting Act, which is effective from January 1 st 2005, according to which share-based remuneration is to be accounted for in accordance with IFRS 2 also in NGAAP as of January 1 st Thus, as of January 1 st 2005 IFRS 2 is applied also in the Financial Statements of Idex ASA according to NGAAP. To summarize: Financial Statements of Idex ASA according to IFRS respectively NGAAP adheres to IFRS 2 from January 1 st 2004 respectively January 1 st There are no differences between NGAAP and IFRS statements of Idex ASA as of January 1 st 2005 in regard to IFRS 2. Deferred tax asset According to IFRS, a deferred tax asset may only be recognized to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. IFRS, in contradiction to NGAAP, anticipates that the existence of unused tax losses is strong evidence that future taxable profit may not be available. The entire deferred tax asset recognized by Idex ASA according to NGAAP relates to unused tax losses. To reflect the strict recognition criteria according to IFRS, no deferred tax assets are recognized at the date of transition to IFRS and subsequent periods.
4 page 4 / UNAUDITED FINANCIAL STATEMENTS (with reconciliation between NGAAP and IFRS) 2004 Balance Sheet ASSETS NGAAP IFRS NGAAP IFRS NGAAP IFRS NGAAP IFRS Long-term assets Intangible fixed assets Deferred tax asset Total intangible assets Fixt assets Machinery and office equipment Total fixed assets Financial assets Long-term receivables and other assets Total financial assets Total long-term assets Current assets Receivables Accounts receivables Other receivables Prepaid expenses Total receivables Cash and bank deposits Cash and bank deposits Total cash and bank deposits Total current assets TOTAL ASSETS EQUITY AND LIABILITIES NGAAP IFRS NGAAP IFRS NGAAP IFRS NGAAP IFRS Equity Paid-in-capital Share Capital Share premium reserve Capital increase not registered Total paid-in-capital Other equity Total equity Liabilities Short-term liabilities Trade account payable Payroll taxes payable and social security Other short-term liabilities Total short term liabilities Total liabilities TOTAL EQUITY AND LIABILITIES
5 page 5 / 11 Profit & Loss Account Q Q Q Q Q Q Q Q OPERATING REVENUE AND EXPENSES NGAAP IFRS NGAAP IFRS NGAAP IFRS NGAAP IFRS NGAAP IFRS Operating income (amount in NOK) Sales revenue Other operating revenue Total revenues Operating expenses Payroll expense Research and development expense Depreciation expense Other operating expenses Total operating expenses Operating loss FINANCIAL INCOME AND EXPENSES Interest income Other financial income Interest expenses Other financial expenses Net financial profit Net results before taxes and extraordinary items Tax on ordinary result Net loss Reconciliations of Equity and Net Losses according to NGAAP and IFRS quarter by quarter 2004 are stated on the next page.
6 page 6 / 11 Reconciliations Q1-Q Reconciliations 1st quarter 2004 Reconciliations 2nd quarter 2004 Loss after tax NGAAP 1Q Loss after tax NGAAP 2Q Share-based compensation -497 Share-based compensation -729 FoU costs 0 FoU costs 0 Deferred tax movement 0 Deferred tax movement 0 Loss after tax IFRS Loss after tax IFRS Total equity 31 Mar 04 NGAAP Total equity 30 Jun 04 NGAAP Opening balance effect deferred tax asset Opening balance effect deferred tax asset Share-based compensation 0 Share-based compensation 0 Change in profit due to IFRS 0 Change in profit due to IFRS 0 Total equity 31 Mar 04 IFRS Total equity 30 Jun 04 IFRS Reconciliations 3rd quarter 2004 Reconciliations 4th quarter 2004 Loss after tax NGAAP 3Q Loss after tax NGAAP 4Q Share-based compensation -629 Share-based compensation -339 FoU costs 0 FoU costs 0 Deferred tax movement 0 Deferred tax movement 0 Loss after tax IFRS Loss after tax IFRS Total equity 30 Sep 04 NGAAP Total equity 31 Dec 04 NGAAP Opening balance effect deferred tax asset Opening balance effect deferred tax asset Share-based compensation 0 Share-based compensation 0 Change in profit due to IFRS 0 Change in profit due to IFRS 0 Total equity 30 Sep 04 IFRS Total equity 31 Dec 04 IFRS Reconciliations 2004 Loss after tax NGAAP Share-based compensation FoU costs 0 Deferred tax movement 0 Loss after tax IFRS
7 page 7 / Balance Sheet ASSETS NGAAP IFRS NGAAP IFRS NGAAP IFRS Long-term assets Intangible fixed assets Deferred tax asset Total intangible assets Fixt assets Machinery and office equipment Total fixed assets Financial assets Long-term receivables and other assets Total financial assets Total long-term assets Current assets Receivables Accounts receivables Other receivables Prepaid expenses Total receivables Cash and bank deposits Cash and bank deposits Total cash and bank deposits Total current assets TOTAL ASSETS EQUITY AND LIABILITIES NGAAP IFRS NGAAP IFRS NGAAP IFRS Equity Paid-in-capital Share Capital Share premium reserve Capital increase not registered Total paid-in-capital Other equity Total equity Liabilities Short-term liabilities Trade account payable Payroll taxes payable and social security Other short-term liabilities Total short term liabilities Total liabilities TOTAL EQUITY AND LIABILITIES
8 page 8 / 11 Profit & Loss Account YTD 2005 YTD 2005 OPERATING REVENUE AND EXPENSES NGAAP IFRS NGAAP IFRS NGAAP IFRS NGAAP IFRS Operating income (amount in NOK) Sales revenue Other operating revenue Total revenues Operating expenses Payroll expense Research and development expense Depreciation expense Other operating expenses Total operating expenses Operating loss FINANCIAL INCOME AND EXPENSES Interest income Other financial income Interest expenses Other financial expenses Net financial profit Net results before taxes and extraordinary items Tax on ordinary result Net loss Earnings per share (NOK) -0,43-0,43-0,51-0,51-0,58-0,58-1,51-1,51 Diluted earnings per share (NOK) -0,43-0,43-0,51-0,51-0,58-0,58-1,51-1,51 Reconciliations of Equity and Net Losses according to NGAAP and IFRS quarter by quarter 2004 are stated on the next page.
9 page 9 / 11 Reconciliations Q1-Q Reconciliations 1st quarter 2005 Reconciliations 2nd quarter 2005 Loss after tax NGAAP 1Q Loss after tax NGAAP 2Q Share-based compensation 0 Share-based compensation 0 FoU costs 0 FoU costs 0 Deferred tax movement 0 Deferred tax movement 0 Loss after tax IFRS Loss after tax IFRS Total equity 31 Mar 05 NGAAP Total equity 30 Jun 05 NGAAP Opening balance effect deferred tax asset Opening balance effect deferred tax asset Share-based compensation 0 Share-based compensation 0 Change in profit due to IFRS 0 Change in profit due to IFRS 0 Total equity 31 Mar 05 IFRS Total equity 30 Jun 05 IFRS Reconciliations 3rd quarter 2005 Loss after tax NGAAP 3Q Share-based compensation 0 FoU costs 0 Deferred tax movement 0 Loss after tax IFRS Total equity 30 Sep 05 NGAAP Opening balance effect deferred tax asset Share-based compensation 0 Change in profit due to IFRS 0 Total equity 30 Sep 05 IFRS Reconciliations YTD 2005 Loss after tax NGAAP YTD Share-based compensation 0 FoU costs 0 Deferred tax movement 0 Loss after tax IFRS
10 page 10 / IDEX ASA IFRS ACCOUNTING PRICIPLES Revenue Revenue will be recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Royalty fees Revenue will be recognized at the time the licensee generates income which makes royalty payments to Idex ASA due. Development and milestone payments Revenue will be recognized at the time of delivery, and when the risk of the delivery has passed to the buyer and can be reliably measured. Rendering of services Revenue in connection with services provided is recognized as the services are delivered. Delivery of products Revenue will be recognized at the time of delivery, and when the risk of the delivery has passed to the buyer and can be reliably measured. Classification and evaluation of balance sheet items Assets of a long-term nature are classified as fixed assets. Other assets are classified as current assets. Receivables that will be collected within one year are classified as current assets. The classification of short and long term liabilities is based on the same criteria as for assets. Fixed assets are valued at cost, but are written down to realizable value if the decline in value is expected to be permanent. Fixed assets are depreciated over their economic useful lives. Current assets are valued at the lower of cost and net realizable value. Short-term debt is stated at the historical nominal balance. Short-term debt is not revalued to market value following changes in the interest rates. Currency Foreign currency accounts are converted using year-end exchange rates. Research and development costs Research costs are expensed as incurred. An intangible asset arising from the development expenditure on an individual project is recognized only when Idex can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate the future economic benefits, the availability of resources to complete and
11 page 11 / 11 the ability to measure reliably the expenditure during the development. Due to the relative high level of risks involved in the development phase of the Smart Finger concept, the criteria for capitalization are considered met when the company has entered into commercial agreements with joint partners. As Idex at present does not have any commercial contracts all cost related to development have been expensed. Fixed assets Fixed assets are valued at cost and depreciated over their economic life. Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Accounts receivable Trade accounts receivable and other debtors are stated at face value reduced by a provision for anticipated losses. Bad debts are written off when identified. Taxes The tax expense in the profit and loss account includes the tax on the ordinary result for the period as well as the change in deferred taxes. Deferred tax is calculated with 28% on the temporary differences between the recorded and tax values, as well as on any tax loss carry-forward at the balance sheet closing date. Any temporary differences increasing or reducing tax that will, or may reverse in the same period, are netted. Contingent gains and losses Contingent losses that are probable and quantifiable are expensed as incurred. Contingent gains and income are not recorded. Share-based remuneration Option and subscription rights granted to employees and members of the Board of Directors are charged against the profit and loss at their fair value over the period from they were granted until they will be vested. The fair value of share based awards is determined using the Black & Scholes option-pricing-model. Earnings per share Earnings per share are calculated by dividing the profit / loss for the period by the weighted average number of ordinary shares outstanding over the course of the period. Cash flow The cash flow statement has been drawn up in accordance with the indirect method and reports cash flows during the period classified by operating, investing and financing activities.
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