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2008, the following items are expressed in foreign currencies:
The Company does not use financial derivatives to hedge its exposure to interest rates.
If the value of foreign currencies had been 10% higher than the Canadian dollar, assuming that all other variables remain constant, the net result for
the year ended April 30, 2009 would have been higher by the following amounts:
45
CLEMEX TECHNOLOGIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL 30, 2009 AND 2008
20. FINANCIAL INSTRUMENTS (Continued)
ii) INTEREST RATE RISK
FAIR VALUE
The fair value of the liability component of the convertible debenture and obligations under capita leases was determined by computing the current
value of the difference between the current financing rate negotiated by the Company and the rate that would be renegotiated according to market
conditions.
Bank debt, the demand loan, and the term loan bear interest at variable rates and therefore expose the Company to a cash flow risk arising from
changes in interest rates.
Term deposits, obligations under capital leases and the liability component of the convertible debenture bear interest at fixed rates and therefore
expose the Company to the risk of changes in fair value arising from fluctuations in interest rates.
The Company does not use any financial derivatives to reduce its interest rate exposure. If the interest rate had fluctuated by 1% in either direction,
assuming that all other variables remained constant, the Company's net loss for the year ended April 30, 2009 would have been $1,255 higher or
lower.
30 Where the fair value of variable rate financial instruments is concerned, management is of the opinion that the prevailing market conditions as at April
30, 2009 are similar to the conditions when the loans were issued. As a result, the fair values are equivalent to the carrying amounts.
The fair value of accounts receivable, the bank debt, the demand bank loan and accounts payable is similar to the carrying amount due to the shortterm
maturities.
Carrying amount Fair value
$ $
Financial assets
Held-for-trading financial assets
Cash 48,440 48,440
Loans and receivables
925,548 925,548
973,988 973,988
Financial liabilities
Other financial liabilities
Bank indebtedness 125,000 125,000
Demand loan 131,189 131,189
Accounts payable 532,726 532,726
Term loan 125,530 125,530
164,629 164,629
174,440 174,440
1,253,514 1,253,514
21. CAPITAL MANAGEMENT
Obligation under capital
Accounts receivable (excluding commodity taxes)
In managing its capital, the Company groups together equity components, long-term debt and the liability component of the convertible debenture
under the definition of capital. As at April 30, 2009, the Company's capital, as defined above, totalled $1,636,624 ($1,120,725 as at April 30, 2008).
The Company manages its capital in several ways, in particular by maintaining a debt service coverage ratio of at least 1.1, maintaining a debt ratio
of no more than 2.00 and maintaining a tangible net worth of at least $1,200,000.
The following table shows the carrying amount and fair value of financial instruments at April 30, 2009:
The Company's primary objective in managing its capital is to ensure that it has sufficient financial resources to finance its research and development
activities, to continue its marketing efforts and to support its current activities. In order to guarantee the necessary capital to continue with these
plans, the Company may try to obtain additional funds by issuing new debt securities or new shares, or by signing licensing and distribution
agreements.
Liability component of the convertible debenture
Tangible net worth includes capital stock, the deficit, contributed surplus, the equity component of the convertible debenture and the liability
component of the convertible debenture.
46
CLEMEX TECHNOLOGIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL 30, 2009 AND 2008
21. CAPITAL MANAGEMENT (continued)
2009 2008
0.61 0.91
1.13 0.92
1,346,465 $ 1,042,328 $
22. SEGMENTED INFORMATION
2009 2008
$ $
Canada 715,379 1,373,387
United States 2,710,257 2,897,960
Europe 707,079 291,826
India 440,436 363,122
Asia 187,024 192,836
Other countries 360,743 534,970
The Company's management has identified only one business sector, from which it generates its revenues: the image analysis systems. All of the
Company's fixed assets are located in Canada. Sales related to the segmented information for the years ended April 30, 2009 and 2008 are
summarized as follows :
Debt ratio
The Company is not subject to any capital requirements imposed by the regulatory authorities.
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