Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Information [Line Items] | |
Document Type | 40-F/A |
Document Registration Statement | false |
Document Annual Report | true |
Entity Central Index Key | 0001453015 |
Entity Primary SIC Number | 3620 |
Entity Registrant Name | Ballard Power Systems Inc. |
Entity Incorporation, State or Country Code | A1 |
Entity Address, Address Line One | 9000 Glenlyon Parkway |
Entity Address, City or Town | Burnaby |
Entity Address, State or Province | BC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V5J 5J8 |
City Area Code | 604 |
Local Phone Number | 454-0900 |
Title of 12(b) Security | Common Shares |
Trading Symbol | BLDP |
Security Exchange Name | NASDAQ |
Security Reporting Obligation | 15(d) |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Common Stock, Shares Outstanding | 298,394,203 |
Entity File Number | 000-53543 |
ICFR Auditor Attestation Flag | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Business Contact | |
Entity Information [Line Items] | |
Entity Address, Address Line One | 19 West 44th street, Suite 200 |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 1000510036 |
City Area Code | 800 |
Local Phone Number | 927-9800 |
Contact Personnel Name | CORPORATION SERVICE COMPANY (CSC |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 85 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 913,730 | $ 1,123,895 |
Short-term investments | 2,011 | 3,004 |
Trade and other receivables | 48,696 | 46,395 |
Inventories | 58,050 | 51,518 |
Prepaid expenses and other current assets | 6,020 | 4,374 |
Total current assets | 1,028,507 | 1,229,186 |
Non-current assets: | ||
Property, plant and equipment | 82,361 | 56,061 |
Intangible assets | 5,214 | 20,788 |
Goodwill | 64,268 | 64,268 |
Investments | 66,357 | 70,292 |
Other long-term assets | 370 | 348 |
Total assets | 1,247,077 | 1,440,943 |
Current liabilities: | ||
Trade and other payables | 40,333 | 39,555 |
Deferred revenue | 8,030 | 12,109 |
Provisions and other current liabilities | 20,910 | 28,257 |
Current lease liabilities | 3,895 | 3,238 |
Total current liabilities | 73,168 | 83,159 |
Non-current liabilities: | ||
Non-current lease liabilities | 11,836 | 13,882 |
Deferred gain on finance lease liability | 902 | 1,318 |
Provisions and other non-current liabilities | 1,805 | 8,895 |
Employee future benefits | 455 | 1,894 |
Deferred income tax liability | 0 | 3,578 |
Total liabilities | 88,166 | 112,726 |
Equity: | ||
Share capital | 2,420,396 | 2,416,256 |
Contributed surplus | 300,764 | 297,819 |
Accumulated deficit | (1,560,759) | (1,387,579) |
Foreign currency reserve | (1,490) | 1,721 |
Total equity | 1,158,911 | 1,328,217 |
Total liabilities and equity | $ 1,247,077 | $ 1,440,943 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | ||
Product and service revenues | $ 83,786 | $ 104,505 |
Cost of product and service revenues | 96,881 | 90,492 |
Gross margin | (13,095) | 14,013 |
Operating expenses: | ||
Research and product development | 95,952 | 62,162 |
General and administrative | 28,754 | 24,725 |
Sales and marketing | 12,851 | 12,904 |
Other expense | 8,247 | 2,325 |
Total operating expenses | 145,804 | 102,116 |
Results from operating activities | (158,899) | (88,103) |
Finance loss and other | (2,102) | (8,813) |
Finance expense | (1,279) | (1,294) |
Net finance loss | (3,381) | (10,107) |
Equity in loss of investment in joint venture and associates | (11,617) | (16,140) |
Impairment charges on property, plant and equipment | (7) | (263) |
Impairment on intangible assets (note 27) | (13,017) | 0 |
Recovery on settlement of contingent consideration | 9,891 | 0 |
Loss before income taxes | (177,030) | (114,613) |
Income tax recovery | 3,536 | 216 |
Net loss from continued operations | (173,494) | (114,397) |
Net income from discontinued operations | 0 | 164 |
Net loss | (173,494) | (114,233) |
Items that will not be reclassified to profit or loss: | ||
Actuarial gain on defined benefit plans | 1,514 | 2,170 |
Items that will not be reclassified to profit or loss | 1,514 | 2,170 |
Items that may be reclassified subsequently to profit or loss: | ||
Foreign currency translation differences | (3,211) | 814 |
Items that may be reclassified subsequently to profit or loss | (3,211) | 814 |
Other comprehensive income (loss), net of tax | (1,697) | 2,984 |
Total comprehensive loss | $ (175,191) | $ (111,249) |
Basic and diluted loss per share | ||
Basic loss per share (in USD per share) | $ (0.58) | $ (0.39) |
Diluted loss per share (in USD per share) | $ (0.58) | $ (0.39) |
Weighted average number of common shares outstanding (shares) | 298,093,270 | 295,293,438 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity $ in Thousands | USD ($) shares | Opening balance after adjustment, cumulative effect at date of initial application USD ($) | Share capital USD ($) shares | Share capital Opening balance after adjustment, cumulative effect at date of initial application USD ($) shares | Contributed surplus USD ($) | Contributed surplus Opening balance after adjustment, cumulative effect at date of initial application USD ($) | Accumulated deficit USD ($) | Accumulated deficit Opening balance after adjustment, cumulative effect at date of initial application USD ($) | Foreign currency reserve USD ($) | Foreign currency reserve Opening balance after adjustment, cumulative effect at date of initial application USD ($) | DSUs USD ($) | DSUs Share capital USD ($) shares | DSUs Contributed surplus USD ($) | RSUs USD ($) shares | RSUs Share capital USD ($) shares | RSUs Contributed surplus USD ($) |
Beginning balance (in shares) at Dec. 31, 2020 | shares | 282,078,177 | |||||||||||||||
Beginning balance at Dec. 31, 2020 | $ 900,887 | $ 1,884,735 | $ 290,761 | $ (1,275,516) | $ 907 | |||||||||||
Changes in Stock Holders Equity [Roll Forward] | ||||||||||||||||
Net loss | (114,233) | (114,233) | ||||||||||||||
Deferred share consideration related to acquisition (notes 7 & 21) | 4,851 | 4,851 | ||||||||||||||
Equity offerings (in shares) | shares | 14,870,000 | |||||||||||||||
Equity offerings (note 21) | $ 527,291 | $ 527,291 | ||||||||||||||
Redeemed/exercised (in shares) | shares | 549,281 | 549,281 | 46,388 | 156,449 | 156,449 | |||||||||||
Redeemed/exercised | $ 2,415 | $ 3,526 | (1,111) | $ (1,290) | $ 127 | $ (1,417) | $ (4,357) | $ 577 | $ (4,934) | |||||||
Share-based compensation (note 21) | 9,669 | 9,669 | 1,290 | $ 4,357 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Defined benefit plan actuarial gain (note 20) | 2,170 | 2,170 | ||||||||||||||
Foreign currency translation for foreign operations | 814 | 814 | ||||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | shares | 297,700,295 | |||||||||||||||
Ending balance at Dec. 31, 2021 | 1,328,217 | $ 1,328,217 | $ 2,416,256 | $ 297,819 | $ (1,387,579) | $ 1,721 | ||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Onerous contracts provision (notes 4 & 18) | (1,200) | (1,200) | ||||||||||||||
Net loss | (173,494) | (173,494) | ||||||||||||||
Deferred share consideration related to acquisition (notes 7 & 21) | $ (20) | $ 1,762 | (1,782) | |||||||||||||
Deferred share consideration related to acquisition (in shares) | shares | 112,451 | |||||||||||||||
Equity offerings (in shares) | shares | 112,451 | |||||||||||||||
Redeemed/exercised (in shares) | shares | 304,635 | 304,635 | 58,990 | 217,832 | 217,832 | |||||||||||
Redeemed/exercised | $ 916 | $ 1,349 | (433) | (753) | $ 244 | $ (997) | $ (2,466) | $ 785 | $ (3,251) | |||||||
Share-based compensation (note 21) | 9,408 | 9,408 | $ 753 | $ 2,466 | ||||||||||||
Defined benefit plan actuarial gain (note 20) | 1,514 | 1,514 | ||||||||||||||
Foreign currency translation for foreign operations | (3,211) | (3,211) | ||||||||||||||
Ending balance (in shares) at Dec. 31, 2022 | shares | 298,394,203 | |||||||||||||||
Ending balance at Dec. 31, 2022 | 1,158,911 | $ 2,420,396 | $ 300,764 | $ (1,560,759) | $ (1,490) | |||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Onerous contracts provision (notes 4 & 18) | $ (4,400) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | ||
Net loss for the year | $ (173,494) | $ (114,233) |
Adjustments for: | ||
Depreciation and amortization | 13,357 | 9,752 |
Impairment loss on trade receivables | 73 | 54 |
Unrealized loss on forward contracts | 862 | 519 |
Equity in loss of investment in joint venture and associates | 11,617 | 16,140 |
Net decrease in fair value of investments | 16,877 | 9,024 |
Impairment charges on property, plant and equipment | 7 | 263 |
Impairment on intangible assets (note 27) | 13,017 | 0 |
Recovery on settlement of contingent consideration | (9,891) | 0 |
Accretion (dilution) on decommissioning liabilities | (73) | 113 |
Employee future benefits | 82 | 131 |
Employee future benefits plan contributions | (7) | (8) |
Share-based compensation | 9,408 | 9,669 |
Deferred income tax recovery | (3,578) | (300) |
Total adjustments | (121,743) | (68,876) |
Changes in non-cash working capital: | ||
Trade and other receivables | (2,945) | 9,640 |
Inventories | (6,532) | (22,996) |
Prepaid expenses and other current assets | (1,668) | (810) |
Trade and other payables | 2,182 | 1,408 |
Deferred revenue | (4,079) | 2,221 |
Warranty provision | 2,614 | (1,063) |
Changes in non-cash working capital: | (10,428) | (11,600) |
Cash used in operating activities | (132,171) | (80,476) |
Investing activities: | ||
Net decrease in short-term investments | 1,010 | 336 |
Contributions to long-term investments | (17,913) | (51,757) |
Additions to property, plant and equipment | (33,932) | (13,158) |
Investment in intangible assets | (550) | (1,543) |
Investment in joint venture and associates | (9,272) | (12,351) |
Consideration paid related to acquisition | (14,900) | (7,157) |
Cash used in investing activities | (75,557) | (85,630) |
Financing activities: | ||
Principal payments of lease liabilities | (3,322) | (2,798) |
Net proceeds on issuance of share capital from share option exercises | 916 | 2,415 |
Net proceeds on issuance of share capital from equity offering | 0 | 527,291 |
Cash provided by (used in) financing activities | (2,406) | 526,908 |
Effect of exchange rate fluctuations on cash and cash equivalents held | (31) | (337) |
Increase (decrease) in cash and cash equivalents | (210,165) | 360,465 |
Cash and cash equivalents, beginning of year | 1,123,895 | 763,430 |
Cash and cash equivalents, end of year | $ 913,730 | $ 1,123,895 |
Reporting entity
Reporting entity | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Reporting entity | Reporting entity: The principal business of Ballard Power Systems Inc. (the “Corporation”) is the design, development, manufacture, sale and service of proton exchange membrane ("PEM") fuel cell products for a variety of applications, focusing on the power product markets of Heavy-Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling and Stationary Power Generation, as well as the delivery of Technology Solutions, including engineering services, technology transfer, and the license and sale of the Corporation's extensive intellectual property portfolio and fundamental knowledge for a variety of PEM fuel cell applications. A fuel cell is an environmentally clean electrochemical device that combines hydrogen fuel with oxygen (from the air) to produce electricity. The Corporation is a company domiciled in Canada and its registered office is located at 9000 Glenlyon Parkway, Burnaby, British Columbia, Canada, V5J 5J8. The consolidated financial statements of the Corporation as at and for the years ended December 31, 2022 and 2021 comprise the Corporation and its subsidiaries (note 4(a)). |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of preparation | Basis of preparation: (a) Statement of compliance: These consolidated financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were authorized for issue by the Board of Directors on March 16, 2023. Details of the Corporation's significant accounting policies are included in note 4. (b) Basis of measurement: The consolidated financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position: • Financial assets classified as measured at fair value through profit or loss (FVTPL); and • Employee future benefits liability is recognized as the net of the present value of the defined benefit obligation, less the fair value of plan assets. (c) Functional and presentation currency: These consolidated financial statements are presented in U.S. dollars, which is the Corporation’s functional currency. (d) Use of estimates: The preparation of the consolidated financial statements in conformity with IFRS requires the Corporation’s management to make estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Significant areas having estimation uncertainty include revenue recognition, asset impairment, warranty provision, inventory provision, and employee future benefits. These estimates and judgments are discussed further in note 5. 2. Basis of preparation (cont'd): (e) Future operations: The Corporation is required to assess its ability to continue as a going concern or whether substantial doubt exists as to the Corporation’s ability to continue as a going concern into the foreseeable future. The Corporation has forecast its cash flows for the foreseeable future and despite the ongoing volatility and uncertainties inherent in the business, the Corporation believes it has adequate liquidity in cash and working capital to achieve its liquidity objective. The Corporation’s ability to continue as a going concern and realize its assets and discharge its liabilities and commitments in the normal course of business is dependent upon the Corporation having adequate liquidity and achieving profitable operations that are sustainable. The Corporation’s strategy to mitigate this uncertainty is to continue its drive to attain profitable operations that are sustainable by executing a business plan that continues to focus on revenue growth, improving overall gross margins, maintaining discipline over cash operating expenses, managing working capital and capital expenditure requirements, and securing additional financing to fund operations as needed until the Corporation does achieve profitable operations that are sustainable. Failure to implement this plan could have a material adverse effect on the Corporation’s financial condition and or results of operations. |
Changes in accounting policies
Changes in accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Changes in accounting policies | Changes in accounting policies: The Corporation has consistently applied the accounting policies set out in note 4 to all periods presented in these consolidated financial statements. The Corporation has initially adopted Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37), effective January 1, 2022. Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) IAS 37 does not specify which costs are included as a cost of fulfilling a contract when determining whether a contract is onerous. The IASB’s amendments address this issue by clarifying that the "costs of fulfilling a contract" comprise both: • the incremental costs – e.g. direct labour and materials; and • an allocation of other direct costs – e.g. an allocation of the depreciation charge for an item of PPE used in fulfilling the contract. The amendments are effective for annual periods beginning on or after January 1, 2022 and apply to contracts existing at the date when the amendments are first applied. At the date of initial application of the amendments to IAS 37 , the cumulative effect of applying the amendments is recognized as an opening balance adjustment to retained earnings or other component of equity, as appropriate. The comparatives are not restated. On completion of a review of the Corporation's "open" contracts as of December 31, 2021, it was determined that on adoption of the Amendments to IAS 37 on January 1, 202 2 , additional onerous contract costs of $1,200,000 were recognized as an opening balance adjustment to accumulated deficit. As of December 31, 2022, total onerous contract cost provisions of $4,400,000 have been accrued in provisions and other current liabilities. A number of new standards and interpretations became effective from January 1, 2022 however, they did not have a material impact on the Corporation's consolidated financial statements. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Significant accounting policies | Significant accounting policies: The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, unless otherwise indicated. (a) Basis of consolidation: The consolidated financial statements include the accounts of the Corporation and its principal subsidiaries as follows: Percentage ownership 2022 2021 Ballard Motive Solutions 100 % 100 % Guangzhou Ballard Power Systems Co., Ltd. 100 % 100 % Ballard Power Systems Europe A/S 100 % 100 % Ballard Hong Kong Ltd. 100 % 100 % Ballard US Inc. 100 % 100 % Ballard Services Inc. 100 % 100 % Ballard Fuel Cell Systems Inc. 100 % 100 % Ballard Power Corporation 100 % 100 % Subsidiary Entities Subsidiaries are entities controlled by the Corporation. The Corporation controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns though its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances and transactions are eliminated in the consolidated financial statements. (i) Ballard Motive Solutions On November 11, 2021, the Corporation acquired Ballard Motive Solutions (formerly Arcola Energy Limited), a UK-based systems engineering company specializing in hydrogen fuel cell systems and powertrain integration. (ii) Guangzhou Ballard Power Systems On January 10, 2017, the Corporation incorporated Guangzhou Ballard Power Systems Co., Ltd. ("GBPS"), a 100% wholly foreign-owned enterprise ("WFOE") in China to serve as the Corporation's operations entity for all of China. (iii) Ballard Power Systems Europe A/S On January 18, 2010, the Corporation acquired a 45% interest in its European subsidiary, Ballard Power Systems Europe A/S ("BPSE"). BPSE (formerly Dantherm Power A/S) has been consolidated since acquisition. In August 2010, the Corporation acquired an additional 7% interest and a further 5% interest in December 2012. On January 5, 2017, the Corporation purchased the remaining 43% interest in its subsidiary, held by Dansk Industri Invest A/S, thus resulting in the Corporation now owning 100% of BPSE. BPSE supports a growing market and customer base with sales, business development, engineering, manufacturing and service capabilities. (iv) Ballard Hong Kong Ltd. On July 19, 2016, the Corporation incorporated Ballard Hong Kong Ltd. (“BHKL”), a 100% owned holding company in Hong Kong, China. 4. Significant accounting policies (cont'd): (a) Basis of consolidation (cont'd): (v) Ballard Unmanned Systems On October 1, 2015, the Corporation acquired Ballard Unmanned Systems (formerly Protonex Technology Corporation), a designer and manufacturer of advanced power management products and portable fuel cell solutions. On October 14, 2020, the Corporation completed an agreement to sell the remaining business assets of this subsidiary (note 8). The entity will remain held by the Corporation and has been re-named Ballard US Inc. Equity Investment Entities The Corporation also has a non-controlling, 49% interest (2021 - 49%), in Weichai Ballard Hy-Energy Technologies Co., Ltd ("Weichai Ballard JV") and a non-controlling, 10% interest (2021 - 10%), in Guangdong Synergy Ballard Hydrogen Power Co., Ltd (“Synergy Ballard JVCo”). Both of these associated companies are accounted for using the equity method of accounting. (i) Weichai Ballard JV On November 13, 2018, the Corporation, through Ballard Hong Kong Ltd. ("BHKL"), established a joint venture company, Weichai Ballard Hy-Energy Technologies Co., Ltd. ("Weichai Ballard JV"), in Shandong province to support China's fuel cell electric vehicle market, with Weichai Power ("Weichai") holding a controlling ownership interest of 51% and the Corporation holding a non-controlling 49% ownership position. Weichai Ballard JV's business is to manufacture fuel cell products utilizing the Corporation's liquid-cooled fuel cell stack ("LCS") and LCS-based power modules for bus, commercial truck and forklift applications with certain exclusive rights in China. During the years 2018 through 2022, Weichai has made all of its committed capital contributions totaling RMB 561,000,000 and the Corporation has made all of its committed capital contributions totaling RMB 539,000,000 ($79,369,000). Weichai holds three of five Weichai Ballard JV board seats and Ballard holds two, with Ballard having certain shareholder protection provisions. Weichai Ballard JV is not controlled by the Corporation and therefore is not consolidated. The Corporation's 49% investment in Weichai Ballard JV is accounted for using the equity method of accounting. (ii) Synergy Ballard JVCo On September 26, 2016, the Corporation, through BHKL, established a joint venture company, Guangdong Synergy Hydrogen Power Co., Ltd (“Synergy Ballard JVCo”), located in Guangdong province in China. Synergy Ballard JVCo's business is to manufacture fuel cell products utilizing the Corporation's FCvelocity®-9SSL fuel cell stack technology for use primarily in fuel cell engines assembled and sold in China. The Corporation holds a non-controlling 10% interest in the joint venture, Synergy Ballard JVCo, together with Guangdong Nation Synergy Hydrogen Power Technology Co., Ltd. (a member of the “Synergy Group”) who holds a controlling 90% interest. Synergy Ballard JVCo is not controlled by the Corporation and therefore is not consolidated. The Corporation’s 10% investment in Synergy Ballard JVCo is accounted for using the equity method of accounting. 4. Significant accounting policies (cont'd): (b) Foreign currency: (i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Corporation and its subsidiaries at the exchange rate in effect at the transaction date. Monetary assets and liabilities denominated in other than the functional currency are translated at the exchange rates in effect at the statement of financial position date. The resulting exchange gains and losses are recognized in earnings. Non-monetary assets and liabilities denominated in other than the functional currency that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items that are measured in terms of historical cost in other than the functional currency are translated using the exchange rate at the date of the transaction. (ii) Foreign operations The assets and liabilities of foreign operations are translated to the presentation currency using exchange rates at the reporting date. The income and expenses of foreign operations are translated to the presentation currency using exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income. (c) Financial instruments: (i) Financial assets The Corporation initially recognizes loans and receivables and deposits on the date that they originated and all other financial assets on the trade date at which the Corporation becomes a party to the contractual provisions of the instrument. The Corporation de-recognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers substantially all the risks and rewards of ownership of the financial asset. Financial assets are classified as measured at: amortized cost; fair value through other comprehensive income ("FVOCI") or fair value through profit or loss ("FVTPL"). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification. The Corporation's financial assets which consist primarily of cash and cash equivalents, short-term investments, trade and other receivables, and contract assets are classified at amortized cost. The Corporation also periodically enters into foreign exchange forward contracts to limit its exposure to foreign currency rate fluctuations. These derivatives are recognized initially at fair value and are recorded as either assets or liabilities based on their fair value. Subsequent to initial recognition, these derivatives are measured at fair value and changes to their value are recorded through profit or loss. (ii) Financial liabilities Financial liabilities comprise the Corporation’s trade and other payables. The financial liabilities are initially recognized on the date they are originated and are derecognized when the contractual obligations are discharged or cancelled or expire. These financial liabilities are recognized initially at fair value and subsequently are measured at amortized cost using the effective interest method, when materially different from the initial amount. Fair value is determined based on the present value of future cash flows, discounted at the market rate of interest. 4. Significant accounting policies (cont'd): (c) Financial instruments (cont'd): (iii) Share capital Share capital is classified as equity. Incremental costs directly attributable to the issue of shares and share options are recognized as a deduction from equity. When share capital is repurchased, the amount of the consideration paid, including directly attributable costs, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented as a deduction from equity. When treasury shares are subsequently reissued, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to or from retained earnings (deficit). (d) Inventories: Inventories are recorded at the lower of cost and net realizable value. The cost of inventories is based on the first-in first-out principle, and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes materials, labor and appropriate share of production overhead based on normal operating capacity. Costs of materials are determined on an average per unit basis. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. In establishing any impairment of inventory, management estimates the likelihood that inventory carrying values will be affected by changes in market demand, technology and design, which would impair the value of inventory on hand. (e) Property, plant and equipment: (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of self-constructed assets includes the cost of materials, costs directly attributable to bringing the assets to a working condition for their intended use, and the costs of dismantling and removing items and restoring the site on which they are located. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognized in profit or loss. (ii) Subsequent expenditures Subsequent expenditures are capitalized only if it is probable that the future economic benefits associated with the expenditures will flow to the Corporation. (iii) Depreciation Depreciation is calculated to write-off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives, and is recognized in profit or loss. 4. Significant accounting policies (cont'd): (e) Property, plant and equipment (cont'd): (iii) Depreciation (cont'd) The estimated useful lives of property, plant and equipment for current and comparative periods are as follows: Computer equipment 3 to 10 years Furniture and fixtures 5 to 10 years Leasehold improvements The shorter of initial term of the respective lease and estimated useful life Production and test equipment 4 to 15 years Leased assets are depreciated over the shorter of the lease term or their useful lives unless it is reasonably certain that the Corporation will obtain ownership by the end of the lease term. Right-of-use asset - Property 1 to 7 years Right-of-use asset - Office equipment 4 to 5 years Right-of-use asset - Vehicles 1 to 5 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. (f) Leases: IFRS 16 Leases introduced a single, on-balance sheet accounting model for lessees. As a result, the Corporation, as a lessee, has recognized right-of-use assets representing its rights to use the underlying assets, and lease liabilities representing its obligation to make lease payments. Lessor accounting remains similar to previous accounting policies. At inception of a contract, the Corporation assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Corporation assesses whether: • the contract involves the use of an identified asset - this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; • the Corporation has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and • the Corporation has the right to direct the use of the asset. The Corporation has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where all the decisions about how and for what purpose the asset is used are predetermined, the Corporation has the right to direct the use of the asset if either: ◦ the Corporation has the right to operate the asset; or ◦ the Corporation designed the asset in a way that predetermines how and for what purpose it will be used. 4. Significant accounting policies (cont'd): (f) Leases (cont'd): i. As a Lessee The Corporation recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Corporation’s incremental borrowing rate. Generally, the Corporation uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise: • Fixed payments, including in-substance fixed payments; • Variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date; • Amounts expected to be payable under a residual value guarantee; and • The exercise price under a purchase option that the Corporation is reasonably certain to exercise, lease payments in an optional renewal period if the Corporation is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Corporation is reasonably certain not to terminate early. The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Corporation’s estimate of the amount expected to be payable under a residual value guarantee or if the Corporation changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Corporation presents right-of-use assets in ‘Property, plant and equipment’ and lease liabilities in ‘Lease liability’ in the statement of financial position. The Corporation has elected not to recognize right-of-use assets and lease liabilities for short-term leases of properties, equipment and vehicles that have a lease term of 12 months or less. The Corporation has elected not to recognize right-of-use assets and lease liabilities for low value leases that have initial values of less than $5,000. The Corporation recognizes the lease payments associated with these leases as an operating expense on a straight-line basis over the lease term. 4. Significant accounting policies (cont'd): (f) Leases (cont'd): ii. As a Lessor When the Corporation is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset, and makes an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards of ownership incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Corporation considers certain indicators such as whether the lease is for the major part of the economic life of the asset. (g) Goodwill and intangible assets: (i) Recognition and measurement Goodwill Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Research and development Expenditure on research activities is recognized in profit or loss as incurred. Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Corporation intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses. Intangible assets Intangible assets, including patents, know-how, in-process research and development, trademarks and service marks, customer contracts and relationships, non-compete agreements, and software systems that are acquired or developed by the Corporation and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. (ii) Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditures on internally generated goodwill, are recognized in profit or loss as incurred. (iii) Amortization Amortization is calculated to write-off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is recognized in profit or loss. Goodwill is not amortized. The estimated useful lives for current and comparative periods are as follows: Acquired patents, know-how and in-process research & development 5 to 20 years ERP management reporting software system 5 to 10 years Acquired customer contracts and relationships 7 to 10 years Acquired non-compete agreements 1 to 3 years Domain names 15 years Acquired trademarks and service marks 15 years Internally generated fuel cell intangible assets 3 to 5 years Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. 4. Significant accounting policies (cont'd): (h) Impairment: (i) Financial assets An ‘expected credit loss’ ("ECL") model applies to financial assets measured at amortized cost and debt investments at FVOCI, but not to investments in equity instruments. The Corporation's financial assets measured at amortized cost and subject to the ECL model consist primarily of trade receivables and contract assets. In applying the ECL model, loss allowances are measured on either of the following bases: • 12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and • lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument. The Corporation measures loss allowances for trade receivables and contract assets at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Corporation considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on historical experience and informed credit assessment and including forward-looking information. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Corporation expects to receive). ECLs are discounted at the effective interest rate of the financial asset. At each reporting date, we assess whether financial assets carried at amortized cost are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Impairment (losses) recoveries related to trade receivables and contract assets are presented separately in the statement of profit or loss. (ii) Non-financial assets The carrying amounts of the Corporation’s non-financial assets other than inventories are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For goodwill and intangible assets that have indefinite useful lives, the recoverable amount is estimated annually. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Fair value less costs to sell is defined as the estimated price that would be received on the sale of the asset in an orderly transaction between market participants at the measurement date. For the purposes of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other groups of assets. The allocation of goodwill to cash-generating units reflects the lowest level at which goodwill is monitored for internal reporting purposes. 4. Significant accounting policies (cont'd): (h) Impairment (cont'd): (ii) Non-financial assets (cont'd) An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of the cash generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. (i) Provisions: A provision is recognized if, as a result of a past event, the Corporation has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the liability. The unwinding of the discount is recognized as a finance expense. Warranty provision A provision for warranty costs is recorded on product sales at the time the sale is recognized. In establishing the warranty provision, management estimates the likelihood that products sold will experience warranty claims and the estimated cost to resolve claims received, taking into account the nature of the contract and past and projected experience with the products. Decommissioning liabilities Legal obligations to retire tangible long-lived assets are recorded at the net present value of the expected costs of settlement at acquisition with a corresponding increase in asset value. These include assets leased under operating leases. The liability is accreted over the life of the asset to the ultimate settlement amount and the increase in asset value is depreciated over the remaining useful life of the asset. (j) Revenue recognition: The Corporation generates revenues primarily from product sales, the license and sale of intellectual property and fundamental knowledge, and the provision of engineering services and technology transfer services. Product revenues are derived primarily from standard product sales contracts and from long-term fixed price contracts. Intellectual property and fundamental knowledge license revenues are derived primarily from standard licensing and technology transfer agreements. Engineering service and technology transfer services revenues are derived primarily from cost-plus reimbursable contracts and from long-term fixed price contracts. Revenue is recognized when a customer obtains control of the goods or services. Determining the timing of the transfer of control, at a point in time or over time, requires judgment. On standard product sales contracts, revenues are recognized when customers obtain control of the product, that is when transfer of title and risks and rewards of ownership of goods have passed and when obligation to pay is considered certain. Invoices are generated and revenue is recognized at that point in time. Provisions for warranties are made at the time of sale. 4. Significant accounting policies (cont'd): (j) Revenue recognition (cont'd): On standard licensing and technology transfer agreements, revenues are recognized on the transfer of rights to a licensee, when it is determined to be distinct from other performance obligations, and if the customer can direct the use of, and obtain substantially all of the remaining benefits from the license as it exists at the time of transfer. In other cases, the proceeds are considered to relate to the right to use the asset over the license period and the revenue is recognized over that period. If it is determined that the license is not distinct from other performance obligations, revenue is recognized over time as the customer simultaneously receives and consumes the benefit. On cost-plus reimbursable contracts, revenues are recognized as costs are incurred, and include applicable fees earned as services are provided. On long-term fixed price contracts, the customer controls all of the work in progress as the services are being provided. This is because under these contracts, the deliverables are made to a customer’s specification, and if a contract is terminated by the customer, then the Corporation is entitled to reimbursement of the costs incurred to date plus the applicable gross margin. Therefore, revenue from these contracts and the associated costs are recognized as the costs are incurred over time. On long-term fixed price contracts, revenues are recognized over time using cumulative costs incurred to date relative to total estimated costs at completion to measure progress towards satisfying performance obligations. Generally, revenue is recognized by multiplying the expected consideration by the ratio of cumulative costs incurred to date to the sum of incurred and estimated costs for completing the performance obligation. The cumulative effect of changes to estimated revenues and estimated costs for completing a contract are recognized in the period in which the revisions are identified. In the event that the estimated costs for completing the contract exceed the expected revenues on a contract, such loss is recognized in its entirety in the period it becomes known. Deferred revenue (i.e. contract liabilities) represents cash received from customers in excess of revenue recognized on uncompleted contracts. (k) Finance income and expense: Finance income comprises interest income on funds invested, gains (losses) on the disposal of available-for-sale financial assets, foreign exchange gains (losses), and changes in the fair value of financial assets at fair value through profit or loss, pension administration expense, and employee future benefit plan expense. Interest income is recognized as it accrues in income, using the effective interest method. Finance expense comprises interest expense on leases and the unwinding of the discount on provisions. (l) Income taxes: The Corporation follows the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the financial statement carrying values of assets and liabilities and their respective income tax bases (temporary differences) and for loss carry forwards. The resulting changes in the net deferred tax asset or liability are included in income. Deferred tax assets and liabilities are measured using enacted, or substantively enacted, tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities, of a change in tax rates, is included in income in the period that includes the substantive enactment date. Deferred income tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. 4. Significant accounting policies (cont'd): (m) Employee benefits: Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amoun |
Critical judgments in applying
Critical judgments in applying accounting policies and key sources of estimation uncertainty | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Changes in Accounting Policies, Accounting Estimates and Errors [Abstract] | |
Critical judgments in applying accounting policies and key sources of estimation uncertainty | Critical judgments in applying accounting policies and key sources of estimation uncertainty: Critical judgments in applying accounting policies: Critical judgments that management has made in the process of applying the Corporation’s accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements are limited to management’s assessment of the Corporation’s ability to continue as a going concern (note 2(e)). Key sources of estimation uncertainty: The following are key assumptions concerning the future and other key sources of estimation uncertainty that have significant risk of resulting in a material adjustment to the reported amount of assets, liabilities, income and expenses within the next financial year. (a) Revenue recognition: On long-term fixed price contracts, revenues are recorded over time using costs incurred to date relative to total estimated costs at completion to measure progress towards satisfying performance obligations. Revenue is recognized by multiplying the expected consideration by the ratio of cumulative costs incurred to date to the sum of incurred and estimated costs for completing the performance obligation. The cumulative effect of changes to expected revenues and expected costs for completing a contract are recognized in the period in which the revisions are identified. If the expected costs exceed the expected revenues on a contract, such loss is recognized in its entirety in the period it becomes known. (i) The determination of expected costs for completing a contract is based on estimates that can be affected by a variety of factors such as variances in the timeline to completion, the cost of materials, the availability and cost of labour, as well as productivity. (ii) The determination of potential revenues includes the contractually agreed amount and may be adjusted based on the estimate of the Corporation’s attainment on achieving certain defined contractual milestones. Management’s estimation is required in determining the amount of consideration to which the Corporation expects to be entitled and in determining when a performance obligation has been met. Estimates used to determine revenues and costs of long-term fixed price contracts involve uncertainties that ultimately depend on the outcome of future events and are periodically revised as projects progress. There is a risk that a customer may ultimately disagree with management’s assessment of the progress achieved against milestones, or that the Corporation's estimates of the work required to complete a contract may change. 5. Critical judgments in applying accounting policies and key sources of estimation uncertainty (cont'd): Key sources of estimation uncertainty (cont'd): (b) Asset impairment: The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In assessing fair value less costs to sell, the price that would be received on the sale of an asset in an orderly transaction between market participants at the measurement date is estimated. For the purposes of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other groups of assets. The allocation of goodwill to cash-generating units reflects the lowest level at which goodwill is monitored for internal reporting purposes. Many of the factors used in assessing fair value are outside the control of management and it is reasonably likely that assumptions and estimates will change from period to period. These changes may result in future impairments. For example, the revenue growth rate could be lower than projected due to economic, industry or competitive factors, or the discount rate used in the value in use model could increase due to a change in market interest rates. In addition, future goodwill impairment charges may be necessary if the market capitalization decreased due to a decline in the trading price of the Corporation’s common stock, which could negatively impact the fair value of the Corporation’s cash generating units. (c) Warranty provision: A provision for warranty costs is recorded on product sales at the time of shipment. In establishing the warranty provision, management estimates the likelihood that products sold will experience warranty claims and the cost to resolve claims received. In making such determinations, the Corporation uses estimates based on the nature of the contract and past and projected experience with the products. Should these estimates prove to be incorrect, the Corporation may incur costs different from those provided for in the warranty provision. Management reviews warranty assumptions and makes adjustments to the provision at each reporting date based on the latest information available, including the expiry of contractual obligations. Adjustments to the warranty provision are recorded in cost of product and service revenues. (d) Inventory provision: In determining the lower of cost and net realizable value of inventory and in establishing the appropriate provision for inventory obsolescence, management estimates the likelihood that inventory carrying values will be affected by changes in market pricing or demand for the products and by changes in technology or design which could make inventory on hand obsolete or recoverable at less than the recorded value. Management performs regular reviews to assess the impact of changes in technology and design, sales trends and other changes on the carrying value of inventory. Where it is determined that such changes have occurred and will have a negative impact on the value of inventory on hand, appropriate provision are made. If there is a subsequent increase in the value of inventory on hand, reversals of previous write-downs to net realizable value are made. Unforeseen changes in these factors could result in additional inventory provisions, or reversals of previous provisions, being required. (e) Employee future benefits: The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that have terms to maturity approximating the terms of the related pension liability. Determination of benefit expense requires assumptions such as the discount rate to measure obligations, expected plan investment performance, expected healthcare cost trend rate, and retirement ages of employees. Actual results will differ from the recorded amounts based on these estimates and assumptions. |
Recent accounting pronouncement
Recent accounting pronouncements and future accounting policy changes | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Recent accounting pronouncements and future accounting policy changes | Recent accounting pronouncements and future accounting policy changes: The following is an overview of accounting standard changes that the Corporation will be required to adopt in future years. The Corporation expects to adopt these standards as at their effective dates and will continue to evaluate the impact of these standards on the consolidated financial statements. (a) Classification of Liabilities as Current or Non-current (Amendments to IAS 1) On January 23, 2020, the IASB issued amendments to IAS 1 Presentation of Financial Statements (the "2020 amendments"), to clarify the classification of liabilities as current or non-current. On October 31, 2022, the IASB issued Non-current Liabilities with Covenants (Amendments to IAS 1) (the “2022 amendments”), to improve the information a company provides about long-term debt with covenants. For the purposes of non-current classification, the 2020 amendments and the 2022 amendments (collectively "the amendments") removed the requirement for a right to defer settlement or roll over of a liability for at least twelve months to be unconditional. Instead, such a right must have substance and exist at the end of the reporting period. The amendments reconfirmed that only covenants with which a company must comply on or before the reporting date affect the classification of a liability as current or non-current. Covenants with which a company must comply after the reporting date do not affect a liability’s classification at that date. The amendments also clarify how a company classifies a liability that includes a counterparty conversion option. The amendments state that: • settlement of a liability includes transferring a company’s own equity instruments to the counterparty, and • when classifying liabilities as current or non-current a company can ignore only those conversion options that are recognized as equity. The amendments are effective for annual periods beginning on or after January 1, 2024. Early adoption is permitted. A company that applies the 2020 amendments early is required to also apply the 2022 amendments. The extent of the impact of adoption of the Amendments to IAS 1 has not yet been determined. (b) Definition of Accounting Estimates (Amendments to IAS 8) On February 12, 2021, the IASB issued Definition of Accounting Estimates (Amendments to IAS 8). The amendments introduce a new definition for accounting estimates, clarifying that they are monetary amounts in the financial statements that are subject to measurement uncertainty. The amendments also clarify the relationship between accounting policies and accounting estimates by specifying that a company develops an accounting estimate to achieve the objective set out by an accounting policy. The amendments are effective for annual periods beginning on or after January 1, 2023. Early adoption is permitted. The extent of the impact of adoption of Amendments to IAS 8 is not expected to have a material impact on the Corporation's financial statements. (c) Disclosure Initiative – Accounting Policies ( Amendments to IAS 1 and IFRS Practice Statement 2 ) On February 12, 2021, the IASB issued Disclosure Initiative – Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements). The amendments help companies provide useful accounting policy disclosures. The key amendments include: • requiring companies to disclose their material accounting policies rather than their significant accounting policies; • clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves immaterial and as such need not be disclosed; and • clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves material to a company’s financial statements. 6. Recent accounting pronouncements and future accounting policy changes (cont'd): (c) Disclosure Initiative – Accounting Policies ( Amendments to IAS 1 and IFRS Practice Statement 2) (cont'd) The amendments are effective for annual periods beginning on or after January 1, 2023. Early adoption is permitted. The extent of the impact of adoption of the amendments to IAS 1 and IFRS Practice Statement 2 is not expected to have a material impact on the Corporation's financial statements. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition: On November 11, 2021, the Corporation acquired Ballard Motive Solutions (formerly Arcola Energy Limited), a UK-based systems engineering company specializing in hydrogen fuel cell systems and powertrain integration. The Corporation acquired 100% of Arcola for total consideration of up to $40,000,000, consisting of up-front net cash consideration of $7,157,000, and including 337,353 shares of the Corporation with an acquisition date fair value of approximately $4,851,000 (112,451 shares issued as of December 31, 2022 ) that vest over a two year period from the acquisition date, and $26,258,000 in earn-out cash contingent consideration ($14,900,000 paid as of December 31, 2022) based on the achievement of certain performance milestones over an up to three year period from the acquisition date. The Corporation completed detailed valuation studies and prepared the purchase price allocation for Ballard Motive Solutions using the acquisition method of accounting in accordance with IFRS 3 Business Combinations , with the Corporation considered as the accounting acquirer and Ballard Motive Solutions as the accounting acquiree. As the accounting acquirer, consideration given by the Corporation to acquire Ballard Motive Solutions had been allocated to the assets acquired, and the liabilities assumed, based on their fair values as of the acquisition date of November 11, 2021. As consideration for the transaction: (i) the Corporation paid cash and assumed and paid certain of Ballard Motive Solutions' debt obligations and transaction costs on closing of $7,477,000; (ii) will issue 337,353 shares of the Corporation in three future tranches (first tranche of 112,451 shares issued as of December 31, 2022) at a fair value of $18.30 per share discounted for the timing delay in receiving the shares using an Asian put option pricing model, or $4,851,000; (iii) will make future cash payments of up to $27,000,000 ($14,900,000 paid as of December 31, 2022) based on the successful attainment of numerous milestone objectives over a three-year period discounted for the estimated probability of successful occurrence and for the timing delay in receiving the cash payments using a credit adjusted risk-free rate observed for bonds of a similar duration, or $26,258,000; and (iv) an actual working capital adjustment of $611,000, for total purchase consideration of $39,197,000. In accordance with IFRS 3 , the fair value of the 337,353 shares has been measured for accounting purposes using the $18.30 5-day weighted average price of the Corporation's shares immediately preceding the acquisition date. The fair value of purchase consideration was as follows: Cash and debt paid on closing $ 7,477 Deferred share consideration 4,851 Contingent cash consideration 26,258 Working capital adjustment 611 Total Fair Value of Purchase Consideration $ 39,197 7. Acquisition (cont'd): In accordance with IFRS 3 , the identifiable assets acquired and liabilities assumed as part of a business combination are recognized separately from goodwill at the acquisition date if they meet the definition of an asset or liability and are exchanged as part of the business combination. The identifiable assets acquired and liabilities assumed are then measured at their acquisition date fair values based on the contractual terms, economic conditions, the Corporation’s operating and accounting policies and other pertinent conditions as of the acquisition date. The fair value review of Ballard Motive Solutions' assets and liabilities commenced with a review of the carrying amount of each respective asset and liability. The carrying amounts of all assets and liabilities were subject to due diligence procedures and included confirmation of existence and a review of potential impairment of all significant assets and a review for completeness of all liabilities. Each asset and liability was then reviewed and measured for potential fair value adjustments from carrying cost to arrive at the fair value of each asset and liability as of the acquisition date of November 11, 2021. The fair values of assets acquired and liabilities assumed are as follows: Cash and cash equivalents $ 320 Trade and other receivables 3,112 Property, plant & equipment 190 Intangible assets 17,279 Goodwill 23,991 Accounts payable and accrued liabilities (1,817) Deferred income tax liability (3,878) Fair Value of Assets Acquired and Liabilities Assumed $ 39,197 The fair value of each of the acquired identifiable assets and liabilities assumed was determined as follows: • The fair value of certain of the acquired working capital balances including trade and other receivables, and accounts payable and accrued liabilities, had been assessed at their respective carrying amounts on November 11, 2021, which was considered to approximately equate to fair value as a result of the short-term to maturity of each of these accounts. • Acquired property, plant and equipment consist primarily of specialized manufacturing and research and development equipment, as well as miscellaneous other items, all physically located in Ballard Motive Solutions' operating facilities in the UK. As there was no market-based evidence of fair value for these specialized assets that are rarely sold other than as part of a continuing business, fair value was estimated using a depreciated replacement cost approach in accordance with IAS 16 Property Plant and Equipment . A depreciated replacement cost approach considers how much it would cost to reproduce an asset after adjusting for depreciation and optimization. The adjustment for depreciation takes into account the age of the asset in relation to its useful life and its residual value. The fair value of property, plant and equipment was considered to approximately equate to its carrying amount. • Acquired identified intangible assets consisted of technology (patents, know-how and in-process research and development), customer contracts and relationships, and non-compete arrangement. The Corporation concluded that each of the identified intangible assets met the definition of an identified intangible asset (or non-monetary asset without physical substance) under IAS 38 Intangible Assets as the acquired IP met the definition of an asset and was identifiable. The fair value of all identified intangible assets included a fair value adjustment of $17,279,000 from their original carrying amounts. 7. Acquisition (cont'd): Identified intangible assets of $17,279,000 consisted of the following and are being amortized based on the following useful lives: Useful life in yrs Technology (patents, know-how and in-process research & development) $ 15,976 12 Customer contracts and relationships 1,048 7 Non-compete arrangement 255 3 Fair Value of Identified Intangible Assets $ 17,279 The fair value of acquired identified intangible assets were calculated with the assistance of an independent valuator and were determined through a variety of valuation techniques. • The fair value of the acquired technology including patents, know-how and in-process research & development totaling $15,976,000 had been calculated using the Multi-Period Excess Earnings Method (“MPEEM”) approach which is a variant of the Income Approach. The basic principle of the MPEEM Approach is that a single asset, in isolation, is not capable of generating cash flow for an enterprise. Several assets are brought together and exploited to generate cash flow. Therefore, to determine cash flow from the exploitation of existing technology, one must deduct the related expenses incurred for the exploitation of other assets used for the generation of overall cash flow and revenues. The fair value of existing technology was estimated by discounting the net cash flow derived from the expected revenues attributable to the acquired technology. • The fair value of the acquired customer contracts and relationships totaling $1,048,000 had also been calculated using the MPEEM approach. The fair value of existing customer contracts/relationships was estimated by discounting the net cash flow derived from the expected revenues attributable to the acquired customer contracts and relationships. • The fair value of the acquired non-compete covenants of $255,000 were calculated using the Income Approach whereby the fair value of the non-compete covenants was estimated by calculating the expected decrease or loss in forecasted cash flows if the employees compete with the target’s business without the non-compete covenants. • The fair value of the deferred income tax liability of $3,878,000 represented the excess of the accounting basis of the acquired intangible assets of $17,279,000 over their tax basis of $1,768,000 at the current UK tax rate of 25.0%. The remaining unallocated $23,991,000 of the total purchase price consideration of $39,197,000 had been ascribed as goodwill, which is not deductible for tax purposes. The goodwill of $23,991,000 resulting from the acquisition consists largely of the expectation that the acquisition will complement the Corporation’s Fuel Cell Products and Services growth platform by delivering strategic benefits in diversification, growth, scale, and profitability. The amount of revenue and net loss attributable to Ballard Motive Solutions included in the consolidated statement of loss from the acquisition date of November 11, 2021 through the period ended December 31, 2021 was $138,000 and ($1,114,000), respectively. The following table presents the unaudited pro forma results of Ballard Motive Solutions for the year ended December 31, 2021. The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of fiscal 2021. The pro forma financial information presented includes: amortization charges for acquired tangible and intangible assets based on the values assigned in the purchase price allocation; and income tax recovery on deferred income tax liability arising from the purchase price allocation. 7. Acquisition (cont'd): Proforma Information December 31, 2021 Revenue 4,243 Loss from operations (7,336) Net loss (5,966) Acquisition costs of $463,000 (2021 - $1,170,000) were incurred a result of this transaction, and are recognized in other operating expense. Subsequent to the acquisition, the Corporation re-evaluated the business model of Ballard Motive Solutions and made certain restructuring changes to its operations. As a result of the post-acquisition restructuring of Ballard Motive Solutions' operations during the year ended December 31, 2022, the Corporation recognized a net charge to restructuring costs of $4,835,000 (note 25) consisting primarily of contract exit and modification costs, grant adjustment charges, personnel change costs, and legal and advisory costs, net of expected recoveries; recovery on settlement of contingent consideration of $9,891,000 (note 28) related to the cancellation of certain contingent and outstanding cash milestones no longer payable; and intangible asset impairment of $13,017,000 (note 27) consisting of a write-down of acquired technology, customer contracts, and non-compete intangible assets to their estimated fair value of $2,500,000. |
Discontinued operations
Discontinued operations | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations [Abstract] | |
Discontinued operations | Discontinued operations:On October 14, 2020, the Corporation completed an agreement to sell certain remaining business assets of its subsidiary, Ballard Unmanned Systems, which has been classified and accounted for as a discontinued operation. The historic operating results of this business for 2021 have been removed from continued operating results and are instead presented separately in the statements of loss and comprehensive income (loss) as net income from discontinued operations. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables | Trade and other receivables: December 31, 2022 December 31, 2021 Trade accounts receivable $ 25,812 $ 19,423 Other receivables 10,103 6,586 Contract assets 12,781 20,386 $ 48,696 $ 46,395 Contract assets Contract assets primarily relate to the Corporation's rights to consideration for work completed but not billed as at December 31, 2022 for engineering services and technology transfer services. Contract assets December 31, 2022 At January 1, 2022 $ 20,386 Additions to contract assets 13,306 Invoiced during the year (20,911) At December 31, 2022 $ 12,781 Information about the Corporation's exposure to credit and market risks, and impairment losses for trade receivables and contract assets is included in note 33. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Inventories | Inventories: December 31, 2022 December 31, 2021 Raw materials and consumables $ 29,016 $ 22,395 Work-in-progress 17,171 19,795 Finished goods 8,502 5,350 Service inventory 3,361 3,978 $ 58,050 $ 51,518 In 2022, the amount of raw materials and consumables, finished goods and work-in-progress recognized as cost of product and service revenues amounted to $68,870,000 (2021 - $60,803,000). In 2022, the write-down of inventories to net realizable value amounted to $5,762,000 (2021 - $1,246,000) and the reversal of previously recorded write-downs amounted to $589,000 (2021 - $136,000), resulting in a net write-down of $5,173,000 (2021 - $1,110,000). Write-downs and reversals are included in either cost of product and service revenues, or research and product development expense, depending on the nature of inventory. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment: December 31, 2022 December 31, 2021 Property, plant and equipment owned $ 70,344 $ 43,855 Right-of-use assets 12,017 12,206 $ 82,361 $ 56,061 Property, plant and equipment owned: Net carrying amounts December 31, 2022 December 31, 2021 Computer equipment $ 1,207 $ 1,599 Furniture and fixtures 1,323 762 Leasehold improvements 1,550 1,518 Production and test equipment 66,264 39,976 $ 70,344 $ 43,855 Cost December 31, 2021 Additions Impairment Transfers Effect of movements in exchange rates December 31, 2022 Computer equipment $ 6,852 $ 181 $ — $ (290) $ (2) $ 6,741 Furniture and fixtures 1,914 700 — (208) — 2,406 Leasehold improvements 9,450 388 — (185) (3) 9,650 Production and test equipment 77,644 32,663 (7) (1,109) 11 109,202 $ 95,860 $ 33,932 $ (7) $ (1,792) $ 6 $ 127,999 During the year ended December 31, 2022, an impairment loss of $7,000 (2021 - $263,000) was recorded for production and test equipment that was never placed in service and was determined not required to support the Corporation's future manufacturing or testing capabilities. 11. Property, plant and equipment (cont'd): Property, plant and equipment owned (cont'd): Accumulated depreciation December 31, 2021 Depreciation Transfers Effect of movements in exchange rates December 31, 2022 Computer equipment $ 5,253 $ 574 $ (290) $ (3) $ 5,534 Furniture and fixtures 1,152 139 (208) — 1,083 Leasehold improvements 7,932 353 (185) — 8,100 Production and test equipment 37,668 6,368 (1,109) 11 42,938 $ 52,005 $ 7,434 $ (1,792) $ 8 $ 57,655 Cost December 31, 2020 Additions Additions through Acquisition Impairment Transfers Effect of movements in exchange rates December 31, 2021 Computer equipment $ 6,635 $ 442 $ — $ — $ (225) $ — $ 6,852 Furniture and fixtures 1,754 164 — — (4) — 1,914 Leasehold improvements 9,196 274 — — (18) (2) 9,450 Production and test equipment 66,392 12,278 16 (263) (775) (4) 77,644 $ 83,977 $ 13,158 $ 16 $ (263) $ (1,022) $ (6) $ 95,860 During 2021, additions through acquisition of property, plant and equipment related to the acquisition of Ballard Motive Solutions on November 11, 2021. Accumulated depreciation December 31, 2020 Depreciation Transfers Effect of movements in exchange rates December 31, 2021 Computer equipment $ 4,789 $ 654 $ (175) $ (15) $ 5,253 Furniture and fixtures 1,097 63 (4) (4) 1,152 Leasehold improvements 7,638 331 (18) (19) 7,932 Production and test equipment 33,893 4,607 (825) (7) 37,668 $ 47,417 $ 5,655 $ (1,022) $ (45) $ 52,005 Right-of-use assets: The Corporation leases certain assets under lease agreements, comprising primarily of leases of land and buildings, office equipment and vehicles (note 19). Net carrying amounts December 31, 2022 December 31, 2021 Property $ 11,487 $ 11,837 Equipment 116 139 Vehicle 414 230 $ 12,017 $ 12,206 11. Property, plant and equipment (cont'd): Right-of-use assets (cont'd): Cost December 31, 2021 Additions De-recognition Transfer Effect of movements in exchange rates December 31, 2022 Property $ 26,427 $ 2,746 $ — $ (341) $ 12 $ 28,844 Equipment 175 13 — — — 188 Vehicle 372 290 (25) — — 637 $ 26,974 $ 3,049 $ (25) $ (341) $ 12 $ 29,669 Accumulated depreciation December 31, 2021 Depreciation De-recognition Transfer Effect of movements in exchange rates December 31, 2022 Property $ 14,590 $ 3,108 $ — $ (341) $ — $ 17,357 Equipment 36 36 — — — 72 Vehicle 142 87 (6) — — 223 $ 14,768 $ 3,231 $ (6) $ (341) $ — $ 17,652 Cost December 31, 2020 Additions Additions through acquisition Transfer Effect of movements in exchange rates December 31, 2021 Property $ 24,665 $ 1,967 $ — $ (137) $ (68) $ 26,427 Equipment 149 46 — (22) 2 175 Vehicle 208 — 174 — (10) 372 $ 25,022 $ 2,013 $ 174 $ (159) $ (76) $ 26,974 During 2021, additions through acquisition of right-of-use assets related to the acquisition of Ballard Motive Solutions on November 11, 2021. Accumulated depreciation December 31, 2020 Depreciation Transfer Effect of movements in exchange rates December 31, 2021 Property $ 12,128 $ 2,633 $ (137) $ (34) $ 14,590 Equipment 28 28 (22) 2 36 Vehicle 92 54 — (4) 142 $ 12,248 $ 2,715 $ (159) $ (36) $ 14,768 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets [Abstract] | |
Intangible assets | Intangible assets: December 31, 2022 December 31, 2021 Intellectual property acquired from UTC $ — $ 74 ERP management reporting software system 2,714 3,631 Intellectual property acquired from Ballard Motive Solutions (notes 7 and 27) 2,500 17,083 $ 5,214 $ 20,788 12. Intangible assets (cont'd): Accumulated Net carrying Cost amortization amount At January 1, 2021 $ 59,855 $ 56,091 $ 3,764 Acquisition of intangible assets 17,279 — 17,279 Additions to intangible assets 1,543 — 1,543 Amortization expense — 1,798 (1,798) At December 31, 2021 78,677 57,889 20,788 Additions to intangible assets 550 — 550 Amortization expense — 3,107 (3,107) Impairment on intangible assets (note 27) — 13,017 (13,017) At December 31, 2022 $ 79,227 $ 74,013 $ 5,214 Acquisition of intangible assets of $17,279,000 in 2021 related to the acquisition of Ballard Motive Solutions. During the year ended December 31, 2022, impairment charges of $13,017,000 were recognized primarily as a result of the post-acquisition restructuring of operations at Ballard Motive Solutions (notes 7 and 27). Additions to intangible assets in 2022 of $550,000 (2021 - $1,543,000) consist primarily of costs to enhance the capabilities of the ERP management reporting software system. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets [Abstract] | |
Goodwill | Goodwill: For the purpose of impairment testing, goodwill is allocated to the Corporation’s cash-generating units which represent the lowest level within the Corporation at which the goodwill is monitored for internal management purposes, which is not higher than the Corporation’s operating segments (note 32). As of December 31, 2022, the aggregate carrying amount of the Corporation’s goodwill is $64,268,000 (2021 - $64,268,000). The impairment testing requires a comparison of the carrying value of the asset to the higher of (i) value in use; and (ii) fair value less costs to sell. Value in use is defined as the present value of future cash flows expected to be derived from the asset in its current state. The Corporation’s fair value less costs to sell test is a modified market capitalization assessment, whereby the fair value of the Fuel Cell Products and Services segment is determined by first calculating the value of the Corporation at December 31, 2022 based on the average closing share price in the month of December, adding a reasonable estimated control premium to determine the Corporation’s enterprise value on a controlling basis after adjusting for excess cash balances, deducting the fair value of long-term financial investments, and then deducting the estimated costs to sell to arrive at the fair value of the Fuel Cell Products and Services segment. Based on the fair value less costs to sell test, the Corporation has determined that the fair value of the Fuel Cell Products and Services segment exceeds its carrying value as of December 31, 2022, indicating that no goodwill impairment charge is required for 2022 ($nil in 2021). |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Interests In Other Entities [Abstract] | |
Investments | Investments: December 31, 2022 December 31, 2021 Investment in Weichai Ballard JV (note 4) $ 24,026 $ 28,982 Investment in Synergy Ballard JVCo (note 4) — — Investment in Forsee Power 18,470 33,335 Investment in Wisdom Motor 10,000 — Investment in Quantron AG 5,333 — Investment in HyCap Fund I SCSp 7,963 7,636 Investment in CleanH2 Fund 565 339 $ 66,357 $ 70,292 For the year ended December 31, 2022 , the Corporation recorded $11,617,000 (2021 - $16,140,000) in equity loss of investment in JV and associates, consisting of equity loss in Weichai Ballard JV of $11,599,000 (2021 - $16,084,000) and equity loss in Synergy Ballard JVCo of $18,000 (2021 - $56,000). Investment in Weichai Ballard JV Investment in Weichai Ballard JV December 31, December 31, Beginning balance $ 28,982 $ 27,561 Capital contribution to JV 9,272 12,351 Recognition of 49% profit on inventory not yet sold to third party, net 549 3,909 Equity in loss (11,599) (16,084) Cumulative translation adjustment due to foreign exchange (3,178) 1,245 Ending balance $ 24,026 $ 28,982 Weichai Ballard JV is an associate in which the Corporation has significant influence and a 49% ownership interest. During the year ended December 31, 2022, the Corporation made committed capital contributions of $9,272,000 (RMB 62,475,000 equivalent) (2021 - $12,351,000 (RMB 79,625,000 equivalent)) to Weichai Ballard JV. At December 31, 2022, as specified in the Equity Joint Venture Agreement, the Corporation has fulfilled its capital contribution commitments to Weichai Ballard JV. The following tables summarize the financial information of Weichai Ballard JV as included in its own financial statements as of December 31, 2022, adjusted for foreign exchange differences, the application of the Corporation's accounting policies, and the Corporation's incorporation costs. December 31, December 31, 2021 Percentage ownership interest (49%) Current assets $ 80,088 $ 104,907 Non-current assets 2,618 2,339 Current liabilities (23,460) (36,385) Non-current liabilities (2,314) (2,861) Net assets (100%) 56,932 68,000 Corporation's share of net assets (49%) 27,895 33,320 Incorporation costs 324 324 Elimination of unrealized profit on downstream sales, net of sale to third party (4,193) (4,662) Carrying amount of investment in Weichai Ballard JV $ 24,026 $ 28,982 14. Investments: Investment in Weichai Ballard JV (cont'd) December 31, December 31, 2022 2021 Revenue (100%) $ 6,476 $ 38,260 Net loss (100%) 23,672 32,825 Corporation's share of net loss (49%) $ 11,599 $ 16,084 Investment in Synergy Ballard JVCo Investment in Synergy Ballard JVCo December 31, December 31, Beginning balance $ — $ — Recognition of 10% profit on inventory sold to third party, net 18 56 Equity in loss (18) (56) Ending balance $ — $ — Synergy Ballard JVCo is an associate in which the Corporation has significant influence and a 10% ownership interest. During the year ended December 31, 2022, the Corporation made committed capital contributions of $nil (2021 - $nil) to Synergy Ballard JVCo. Other Long-term Investments In addition to the above equity-accounted investments, the Corporation has also acquired ownership interest in various other investments. Net carrying value December 31, 2021 Contributions Change in Fair Value December 31, 2022 Long-term investment - Forsee Power $ 33,335 $ — $ (14,865) $ 18,470 Long-term investment - Wisdom Motor — 10,000 — 10,000 Long-term investment - Quantron AG — 5,183 150 5,333 Long-term investment - HyCap Fund 7,636 1,924 (1,597) 7,963 Long-term investment - Clean H2 Fund 339 806 (580) 565 $ 41,310 $ 17,913 $ (16,892) $ 42,331 Net carrying value December 31, 2020 Contributions Change in Fair Value December 31, 2021 Long-term investment - Forsee Power $ — $ 43,809 $ (10,474) $ 33,335 Long-term investment - HyCap Fund — 7,610 26 7,636 Long-term investment - Clean H2 Fund — 338 1 339 $ — $ 51,757 $ (10,447) $ 41,310 During the year ended December 31, 2022, changes in fair value and foreign exchange adjustments for long -term investments totalling $16,877,000 (2021 -$9,025,000) were comprised of decreases in long-term investments of $16,892,000 (2021 - $10,447,000) offset by increases in short-term investments of $15,000 (2021 -$1,422,000) and were recognized as an unrealized loss in the consolidated statements of loss and comprehensive income (loss) and included in finance loss and other (notes 26 and 33). 14. Investments (cont'd): Investment in Forsee Power In October 2021, the Corporation acquired a non-controlling 9.77% equity interest in Forsee Power SA ("Forsee Power"), a French company specializing in the design, development, manufacture, commercialization, and financing of smart battery systems for sustainable electric transport. During the year ended December 31, 2022, changes in fair value and foreign exchange adjustments totalling $(14,865,000) (2021 - $(10,474,000)) were recognized as an unrealized loss in the consolidated statements of loss and comprehensive income (loss) and included in finance loss and other (notes 26 and 33), resulting in net fair value investment in Forsee Power of $18,470,000 as of December 31, 2022 (2021 - $33,335,000). Investment in Wisdom Motor In June 2022, the Corporation invested $10,000,000 and acquired a non-controlling 7.169% interest in Wisdom Group Holdings Ltd. ("Wisdom Motor"), a Cayman Island holding company with operating subsidiaries whose business includes the design and manufacture of vehicles, including zero emission fuel cell electric buses, trucks, and battery-electric vehicles. During the year ended December 31, 2022, changes in fair value totalling $nil were recognized in the consolidated statements of loss and comprehensive income (loss), resulting in net fair value investment in Wisdom Motor of $10,000,000 as of December 31, 2022. Investment in Quantron AG In September 2022, the Corporation invested €5,000,000 and acquired a non-controlling 1.89% in Quantron AG, a global electric vehicle integrator and an emerging specialty OEM, to accelerate fuel cell truck adoption. During the year ended December 31, 2022, changes in foreign exchange adjustments totalling $150,000 were recognized as an unrealized gain in the consolidated statements of loss and comprehensive income (loss) and included in finance loss and other (notes 26 and 33), resulting in net fair value investment in Quantron AG of $5,333,000 as of December 31, 2022. Investment in Hydrogen Funds The Corporation has invested in two hydrogen infrastructure and growth equity funds. HyCap Fund In August 2021, the Corporation invested in HyCap Fund I SCSp (“HyCap”), a special limited partnership registered in Luxembourg. During the year ended December 31, 2022, the Corporation made additional contributions of £1,550,000 ($1,924,000) (2021 - £5,665,000 ($7,610,000)) for total contributions of £7,215,000 ($9,534,000). During the year ended December 31, 2022, changes in fair value and foreign exchange adjustments totalling $(1,597,000) (2021 - $26,000) were recognized as an unrealized loss in the consolidated statements of loss and comprehensive income( loss) and included in finance loss and other (notes 26 and 33), resulting in net fair value investment in HyCap of $7,963,000 as of December 31, 2022 (2021 - $7,636,000). Clean H2 Infrastructure Fund In December 2021, the Corporation invested in Clean H2 Infrastructure Fund I ("Clean H2"), a special limited partnership registered in France. During the year ended December 31, 2022, the Corporation made additional contributions of €696,000 ($806,000) (2021 - €300,000 ($338,000)) for total contributions of €996,000 ($1,144,000). 14. Investments (cont'd): Investment in Hydrogen Funds (cont'd) Clean H2 Infrastructure Fund (cont'd) During the year ended December 31, 2022, changes in fair value and foreign exchange adjustments totalling $(580,000) (2021 - $1,000) were recognized as an unrealized loss in the consolidated statements of loss and comprehensive income (loss) and included in finance loss and other (notes 26 and 33), resulting in net fair value investment in Clean H2 of $565,000 as of December 31, 2022 (2021 - $339,000). |
Bank facilities
Bank facilities | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Bank facilities | Bank facilities: The Corporation has the following bank facilities available to it. Letter of Guarantee Facility The Corporation has a Letter of Guarantee Facility (“LG Facility”), enabling the bank to issue letters of guarantees, standby letters of credit, performance bonds, counter guarantees, counter standby letters of credit or similar credits on the Corporation's behalf from time to time up to a maximum of $2,000,000. At December 31, 2022, $nil (2021 - $nil) was outstanding on the LG Facility. Foreign Exchange Facility The Corporation also has a $25,000,000 Foreign Exchange Facility (“FX Facility”) that enables the Corporation to enter into foreign exchange currency contracts (at face value amounts in excess of the FX facility) secured by a guarantee from Export Development Canada. At December 31, 2022, the Corporation had outstanding foreign exchange currency contracts to purchase a total of CDN $38,000,000 (2021 – CDN $26,500,000) at an average rate of 1.31 CDN per U.S. dollar, resulting in an unrealized loss of CDN $1,201,000 at December 31, 2022 (2021 – $33,000). The unrealized loss on forward foreign exchange contracts is presented in prepaid expenses and other current assets on the statement of financial position. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other payables | Trade and other payables: December 31, 2022 December 31, 2021 Trade accounts payable $ 20,440 $ 13,689 Compensation payable 13,248 15,830 Other liabilities 6,059 9,130 Taxes payable 586 906 $ 40,333 $ 39,555 |
Deferred revenue
Deferred revenue | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Deferred revenue | Deferred revenue: Deferred revenue (i.e. contract liabilities) represents cash received from customers in excess of revenue recognized on uncompleted contracts. Deferred revenue December 31, 2022 December 31, 2021 Beginning Balance $ 12,109 $ 9,888 Additions to deferred revenue 21,650 23,618 Revenue recognized during the year (25,729) (21,397) Ending Balance $ 8,030 $ 12,109 |
Provisions and other liabilitie
Provisions and other liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Provisions and other liabilities | Provisions and other liabilities: Restructuring Warranty Onerous Contingent Legal Other Balance provision provision contracts consideration provision liabilities Total At January 1, 2021 $ 10 $ 9,625 $ — $ — $ — $ 1,764 $ 11,399 Provisions made during year 131 4,102 300 26,258 — 109 30,900 Provisions used/paid during year (136) (3,894) — — — — (4,030) Provisions reversed/expired during year — (1,112) — — — — (1,112) Effect of movements in exchange rates — (9) — — — 4 (5) At December 31, 2021 5 8,712 300 26,258 — 1,877 37,152 Opening retained earnings adjustment (note 3) — — 1,200 — — — 1,200 Provisions made during year 455 5,851 2,900 — 2,968 45 12,219 Provisions used/paid during year (320) (2,391) — (14,900) — — (17,611) Provisions reversed/expired during year — (860) — (9,280) — — (10,140) Effect of movements in exchange rates (3) 15 — — — (117) (105) At December 31, 2022 $ 137 $ 11,327 $ 4,400 $ 2,078 $ 2,968 $ 1,805 $ 22,715 At December 31, 2021 Current $ 5 $ 8,712 $ 300 $ 19,240 $ — $ — $ 28,257 Non-current — — — 7,018 — 1,877 8,895 $ 5 $ 8,712 $ 300 $ 26,258 $ — $ 1,877 $ 37,152 At December 31, 2022 Current $ 137 $ 11,327 $ 4,400 $ 2,078 $ 2,968 $ — $ 20,910 Non-current — — — — — 1,805 1,805 $ 137 $ 11,327 $ 4,400 $ 2,078 $ 2,968 $ 1,805 $ 22,715 Restructuring provision Restructuring charges relate to minor restructurings focused on overhead cost reductions and relate primarily to employee termination benefits. Restructuring charges are recognized in other operating expense. Warranty provision The Corporation recorded warranty provisions of $5,851,000 (2021 - $4,102,000), comprised of $4,580,000 (2021 - $2,711,000) related to new product sales and $1,271,000 (2021 - $1,391,000) related to upward warranty adjustments. This was offset by warranty expenditures of $2,391,000 (2021 - $3,894,000) and downward warranty adjustments of $860,000 (2021 - $1,112,000), due primarily to contractual expirations and changes in estimated and actual costs to repair. As of December 31, 2022, total warranty provision of $11,327,000 has been accrued in provisions and other current liabilities. Onerous Contracts On completion of a review of the Corporation's "open" contracts as of December 31, 2021, it was determined that on adoption of the Amendments to IAS 37 on January 1, 202 2 , additional onerous contract costs of $1,200,000 were recognized as an opening balance adjustment to accumulated deficit. As of December 31, 2022, total onerous contract costs of $4,400,000 have been accrued in provisions and other current liabilities. 18. Provisions and other liabilities (cont'd): Onerous Contracts (cont'd) The Corporation will continue to review open contracts on a quarterly basis to determine if any ongoing or new contracts become onerous, and if any of the underlying conditions or assumptions change which would require an adjustment to the accrued provision. Contingent Consideration As part of the acquisition of Ballard Motive Solutions in November 2021 (note 7), total consideration included earn-out cash consideration payable by the Corporation, based on the achievement of certain performance milestones over a three year period from the acquisition date. These future cash payments of up to $27,000,000 are contingently based on the successful attainment of numerous milestone objectives over a three-year period discounted for the estimated probability of successful occurrence and for the timing delay in receiving the cash payments, or $26,258,000. As part of the post-acquisition restructuring of operations at Ballard Motive Solutions in the UK, there was a change in estimate in the fair value of contingent consideration due to changes in expectation of achieving milestones. During the year ended December 31, 2022, the Corporation recognized a recovery of expected contingent consideration no longer payable of $9,891,000, consisting of the cancellation of certain milestones. The contingent consideration provision now comprises the last remaining milestone at its estimated value of $2,078,000. During the year ended December 31, 2022, cash payments of $14,900,000 were made by the Corporation upon successful achievement of certain performance milestones. Legal provision As part of the post-acquisition restructuring of operations at Ballard Motive Solutions in the UK (note 7), the Corporation recorded a legal provision for various contract exit and modification costs, grant adjustment charges, and legal and advisory costs, net of expected recoveries. As at December 31, 2022, costs totalling $2,968,000 were accrued in other operating expense (note 25). Other liabilities: Decommissioning liabilities A provision for decommissioning liabilities has been recorded for the Corporation’s head office building in Burnaby, British Columbia and is related to estimated site restoration obligations at the end of the lease term. The Corporation has made certain modifications to the leased building to facilitate the manufacturing and testing of its fuel cell products. Consequently, the site restoration obligations relate primarily to dismantling and removing various manufacturing and test equipment and restoring the infrastructure of the leased building to its original state of when the lease was entered into. Due to the long-term nature of the liability, the most significant uncertainty in estimating the provision is the costs that will be incurred. The Corporation has determined a range of reasonably possible outcomes of the total costs for the head office building. In determining the fair value of the decommissioning liabilities, the estimated future cash flows have been discounted at 3.41% per annum (2021 – 1.25%). The Corporation performed an assessment of the estimated cash flows required to settle the obligations for the building as of December 31, 2022. Based on the assessment, an increase of $nil in the provision (2021 - $65,000) was recorded against decommissioning liabilities, in addition to accretion costs of $44,000 (2021 - $44,000) and offset by the effect of movements in exchange rates of $(117,000) (2021 - $4,000). Other liabilities: Decommissioning liabilities (cont'd) The net discounted amount of estimated cash flows required to settle the obligation for the building is $1,805,000 (2021 - $1,877,000) which is expected to be settled at the end of the lease term in 2025. |
Lease liability
Lease liability | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease liability | Lease liability: The Corporation leases certain assets under lease agreements. The lease liability consists primarily of leases of land and buildings, office equipment and vehicles. The leases have interest rates ranging from 2.95% to 8.28% per annum and expire between January 2023 and June 2032. December 31, 2022 December 31, 2021 Property $ 3,743 $ 3,117 Equipment 39 38 Vehicle 113 83 Lease Liability, Current $ 3,895 $ 3,238 Property $ 11,505 $ 13,647 Equipment 73 105 Vehicle 258 130 Lease Liability, Non-current $ 11,836 $ 13,882 Lease Liability $ 15,731 $ 17,120 The Corporation is committed to minimum lease payments as follows: Maturity Analysis December 31, 2022 Less than one year $ 4,854 Between one and five years 12,794 More than five years 548 Total undiscounted lease liabilities $ 18,196 During the year ended December 31, 2022, the Corporation made principal payments on its lease liabilities of $3,322,000 (2021 - $2,798,000). Deferred gains were also recorded on closing of the finance lease agreement and are amortized over the lease term. At December 31, 2022, the outstanding deferred gain was $902,000 (2021 – $1,318,000). |
Employee future benefits
Employee future benefits | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
Employee future benefits | Employee future benefits: December 31, 2022 December 31, 2021 Net defined benefit pension plan liability $ 348 $ 1,814 Net other post-retirement benefit plan liability 107 80 Employee future benefits $ 455 $ 1,894 The Corporation maintains a defined benefit pension plan covering existing and former employees in the United States. The benefits under the pension plan are based on years of service and salary levels accrued as of December 31, 2009. In 2009, amendments were made to the defined benefit pension plan to freeze benefits accruing to employees at their respective years of service and salary levels obtained as of December 31, 2009. Certain employees in the United States are also eligible for post-retirement healthcare, life insurance, and other benefits. The Corporation accrues the present value of its obligations under employee future benefit plans and related costs, net of the present value of plan assets. 20. Employee future benefits (cont'd): The measurement date used to determine pension and other post-retirement benefit obligations and expense is December 31 of each year. The most recent actuarial valuation of the employee future benefit plans for funding purposes was as of January 1, 2022. The next actuarial valuation of the employee future benefit plans for funding purposes is expected to be performed as of January 1, 2023. The Corporation expects contributions of $nil to be paid to its defined benefit plans in 2023. The following tables reconcile the opening balances to the closing balances for the net defined benefit liability and its components for the two plans. The expense recognized in profit or loss is recorded in finance loss and other (note 26). Defined benefit obligation Fair value of plan assets Net defined benefit liability Defined benefit pension plan 2022 2021 2022 2021 2022 2021 Balance at January 1 $ 19,187 $ 20,203 $ (17,373) $ (16,347) $ 1,814 $ 3,856 Included in profit or loss Current service cost 30 37 — — 30 37 Interest cost (income) 518 476 (468) (383) 50 93 Benefits payable — — — — — — 548 513 (468) (383) 80 130 Included in other comprehensive income Remeasurements loss (gain): Actuarial loss (gain) arising from: Demographic assumptions — 56 — — — 56 Financial assumptions (4,547) (986) — — (4,547) (986) Experience adjustment (91) 92 — — (91) 92 Return on plan assets excluding interest — — 3,092 (1,334) 3,092 (1,334) income Plan expenses (24) (30) 24 30 — — (4,662) (868) 3,116 (1,304) (1,546) (2,172) Other Contributions paid by the employer — — — — — — Benefits paid (671) (661) 671 661 — — (671) (661) 671 661 — — Balance at December 31 $ 14,402 $ 19,187 $ (14,054) $ (17,373) $ 348 $ 1,814 20. Employee future benefits (cont'd): Defined benefit obligation Fair value of plan assets Net defined benefit liability Other post-retirement benefit plan 2022 2021 2022 2021 2022 2021 Balance at January 1 $ 80 $ 85 $ — $ — $ 80 $ 85 Included in profit or loss Interest cost (income) 2 1 — — 2 1 2 1 — — 2 1 Included in other comprehensive income Remeasurements loss (gain): Actuarial loss (gain) arising from: Demographic assumptions — — — — — — Financial assumptions (23) (2) — — (23) (2) Experience adjustment 55 4 — — 55 4 32 2 — — 32 2 Other Contributions paid by the employer — — (7) (8) (7) (8) Benefits paid (7) (8) 7 8 — — (7) (8) — — (7) (8) Balance at December 31 $ 107 $ 80 $ — $ — $ 107 $ 80 Included in other comprehensive income (loss) December 31, 2022 December 31, 2021 Defined benefit pension plan actuarial gain $ 1,546 $ 2,172 Other post-retirement benefit plan actuarial loss (32) (2) $ 1,514 $ 2,170 Pension plan assets comprise: 2022 2021 Cash and cash equivalents 3 % 3 % Equity securities 60 % 60 % Debt securities 37 % 37 % Total 100 % 100 % The significant actuarial assumptions adopted in measuring the fair value of benefit obligations at December 31 were as follows: 2022 2021 Pension plan Other benefit plan Pension plan Other benefit plan Discount rate 5.00 % 4.89 % 2.76 % 2.25 % Rate of compensation increase n/a n/a n/a n/a The significant actuarial assumptions adopted in determining net expense for the years ended December 31 were as follows: 2022 2021 Pension plan Other benefit plan Pension plan Other benefit plan Discount rate 2.76 % 4.89 % 2.40 % 2.25 % Rate of compensation increase n/a n/a n/a n/a 20. Employee future benefits (cont'd): Impacts of assumed health care cost trend rates applicable to the other post-retirement benefit plan at December 31, 2022 including a one-percentage-point change in assumed health care cost trend rates would not have a material impact on the Corporation’s financial statements. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Equity | Equity: Share-based compensation December 31, 2022 December 31, 2021 Option Expense $ 6,101 $ 6,093 DSU Expense 529 672 RSU Expense 2,778 2,904 Total share-based compensation $ 9,408 $ 9,669 (a) Share capital: Upon acquisition of Ballard Motive Solutions in November 2021 (note 7), part of the total consideration of $39,917,000 included the issuance of 337,353 shares of the Corporation in three future tranches at a fair value of $18.30 per share discounted for the timing delay in receiving the shares using an Asian put option pricing model, or $4,851,000. During the year ended December 31, 2022, the Corporation issued the first tranche of 112,451 common shares with a fair value of $1,782,000 as per the acquisition date, offset by miscellaneous deferred financing costs of $20,000. On February 23, 2021, the Corporation completed a bought deal offering with a syndicate of financial institutions for 14,870,000 shares of the Corporation at $37.00 per share, resulting in gross offering proceeds of $550,190,000 and net offering proceeds of $527,291,000. Shares Transacted 14,870,000 Average Share Price $ 37.00 Gross offering proceeds $ 550,190 Less: Underwriting expenses (22,186) Less: Other financing expenses (713) Net offering proceeds $ 527,291 During March 2021, the Corporation filed a short form base Shelf Prospectus, which provides the flexibility to make offerings of securities up to an aggregate initial offering price of $1,500,000,000 during the effective period of the Prospectus, until April 2023. At December 31, 2022, 298,394,203 ( 2021 - 297,700,295) common shares were issued and outstanding. (b) Share options: The Corporation has options outstanding under a consolidated share option plan. All directors, officers and employees of the Corporation, and its subsidiaries, are eligible to participate in the share option plans although as a matter of policy, options are currently not issued to directors. Option exercise prices are denominated in either Canadian or U.S. dollars, depending on the residency of the recipient. Canadian dollar denominated options have been converted to U.S. dollars using the year-end exchange rate for presentation purposes. All options have a term of seven years from the date of grant unless otherwise determined by the board of directors. One-third of the options vest and may be exercised, at the beginning of each of the second, third, and fourth years after granting. 21. Equity (cont'd): (b) Share options (cont'd): As at December 31, options outstanding from the consolidated share option plan were as follows: Balance Options for common shares Weighted average exercise price At January 1, 2021 4,149,639 $ 7.07 Options granted 540,116 21.12 Options exercised (549,281) 4.33 Options forfeited (98,907) 10.09 Options expired — — At December 31, 2021 4,041,567 8.70 Options granted 1,263,685 8.97 Options exercised (304,635) 2.87 Options forfeited (184,496) 12.75 Options expired (8,501) 2.20 At December 31, 2022 4,807,620 $ 9.00 The following table summarizes information about the Corporation’s share options outstanding as at December 31, 2022: Options outstanding Options exercisable Number Weighted average Weighted Number Weighted Range of exercise price outstanding (years) price exercisable exercise price $1.33 - $3.06 1,174,815 2.6 $ 2.69 1,174,815 $ 2.69 $3.56 - $5.50 484,493 3.3 4.04 389,085 3.68 $6.92 - $10.64 2,226,069 5.2 9.87 721,156 10.51 $12.63 - $26.13 922,243 5.1 17.53 455,966 16.66 4,807,620 4.3 $ 9.00 2,741,022 $ 7.21 During 2022, compensation expense of $6,101,000 (2021 – $6,093,000) was recorded in net loss based on the grant date fair value of the awards recognized over the vesting period. During 2022, 304,635 options were exercised for an equal amount of common shares for proceeds of $916,000. During 2021, 549,281 options were exercised for an equal amount of common shares for proceeds of $2,415,000. During 2022, options to purchase 1,263,685 common shares were granted with a weighted average fair value of $4.92 (2021 – 540,116 options and $10.76 fair value). The granted options vest annually over three years. The fair values of the options granted were determined using the Black-Scholes valuation model under the following weighted average assumptions: 2022 2021 Expected life 4 years 4 years Expected dividends Nil Nil Expected volatility 69 % 67 % Risk-free interest rate 2 % 1 % As at December 31, 2022, options to purchase 4,807,620 common shares were outstanding (2021 – 4,041,567). 21. Equity (cont'd): (c) Share distribution plan: The Corporation has a consolidated share distribution plan that permits the issuance of common shares for no cash consideration to employees of the Corporation to recognize their past contribution and to encourage future contribution to the Corporation. At December 31, 2022, there were 18,844,127 (2021 – 19,540,514) shares available to be issued under this plan. During 2021 and 2022, no shares were issued under this plan and therefore no compensation expense was recorded against profit or loss. (d) Deferred share units: Deferred share units (“DSUs”) are granted to the board of directors and executives. Eligible directors must elect to receive at least half of their annual retainers and executives may elect to receive all or part of their annual bonuses in DSUs. Each DSU is redeemable for one common share in the capital of the Corporation after the director or executive ceases to provide services to the Corporation. Shares will be issued from the Corporation’s share distribution plan. Balance DSUs for common shares At January 1, 2021 820,031 DSUs granted 35,953 DSUs exercised (99,761) At December 31, 2021 756,223 DSUs granted 80,319 DSUs exercised (126,862) At December 31, 2022 709,680 During 2022, compensation expense of $529,000 (2021 - $672,000) was recorded in net loss relating to 80,319 DSUs (2021 - 35,953) granted during the year. During 2022, 126,862 DSUs (2021 – 99,761) were exercised, net of applicable taxes, which resulted in the issuance of 58,990 common shares (2021 – 46,388), resulting in an impact on equity of $753,000 (2021 - $1,290,000). As at December 31, 2022, 709,680 deferred share units were outstanding (2021 – 756,223). (e) Restricted share units: Restricted share units (“RSUs”) are granted to employees and executives. Each RSU is convertible into one common share. The RSUs vest after a specified number of years from the date of issuance, and under certain circumstances, are contingent on achieving specified performance criteria. A performance factor adjustment is made if there is an over-achievement (or under-achievement) of specified performance criteria, resulting in additional (or fewer) RSUs being converted. The Corporation has two plans under which RSUs may be granted, the consolidated share distribution plan and the market purchase RSU plan. Awards under the consolidated share distribution plan are satisfied by the issuance of treasury shares on maturity. 21. Equity (cont'd): (e) Restricted share units (cont'd): Balance RSUs for common shares At January 1, 2021 1,129,946 RSUs granted 195,838 RSU performance factor adjustment (12,128) RSUs exercised (325,863) RSUs forfeited (21,573) At December 31, 2021 966,220 RSUs granted 567,693 RSU performance factor adjustment (29,004) RSUs exercised (460,681) RSUs forfeited (42,148) At December 31, 2022 1,002,080 During 2022, compensation expense of $2,778,000 (2021 - $2,904,000) was recorded in net loss. During 2022, 567,693 RSUs were issued (2021 – 195,838). The fair value of RSU grants is measured based on the stock price of the shares underlying the RSU on the date of grant. During 2022, 460,681 RSUs (2021 – 325,863) were exercised, net of applicable taxes, which resulted in the issuance of 217,832 common shares (2021 – 156,449), resulting in an impact on equity of $2,466,000 (2021 - $4,357,000). As at December 31, 2022, 1,002,080 RSUs were outstanding (2021 – 966,220). |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Commitments and contingencies | Commitments and contingencies: As at December 31, 2022, as specified in the Equity Joint Venture Agreement, the Corporation has fulfilled its capital contribution commitments to Weichai Ballard JV (note 14). The Corporation is committed to minimum lease payments (note 19). Long-term investments include two investments committing the Corporation to be a limited partner in newly-created hydrogen infrastructure and growth equity funds (note 14). The Corporation has committed to investing £25,000,000 (including £7,215,000 invested as of December 31, 2022) into HyCap. The Corporation has committed to investing €30,000,000 (including €996,000 invested as of December 31, 2022) into Clean H2. As at December 31, 2022, the Corporation has outstanding commitments aggregating up to a maximum of $42,576,000 relating primarily to purchases of property, plant and equipment. In connection with the acquisition of intellectual property from UTC in April 2014, the Corporation retains a royalty obligation in certain circumstances to pay UTC a portion of any future intellectual property sale and licensing income generated from certain of the Corporation's intellectual property portfolio for a period of 15 years expiring in April 2029. No royalties were paid to UTC in the years ended December 31, 2022 and December 31, 2021. The Corporation retains a previous funding obligation to pay royalties of 2% of revenues, to a maximum of $4,613,000 (CDN $5,351,000), on sales of certain fuel cell products for commercial distributed utility applications. As of December 31, 2022, no royalties have been incurred to date for this agreement. The Corporation also retains a previous funding obligation to pay royalties of 2% of revenues, to a maximum of $1,896,000 (CDN $2,200,000), on sales of certain fuel cell products for commercial transit applications. As of December 31, 2022, no royalties have been incurred to date for this agreement. 22. Commitments and contingencies (cont'd): In the ordinary course of business or as required by certain acquisition or disposition agreements, the Corporation is not periodically required to provide certain indemnities to other parties. As of December 31, 2022, the Corporation has not accrued any significant amount owing, or receivable, due to any indemnity agreements undertaken in the ordinary course of business. |
Disaggregation of revenue
Disaggregation of revenue | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Disaggregation of revenue | Disaggregation of revenue: The Corporation's operations and main revenue streams are the same as those described in note 4. The Corporation's revenue is derived from contracts with customers. In the following table, revenue is disaggregated by geographical market, by market application, and by timing of revenue recognition. December 31, December 31, 2022 2021 Geographical markets China $ 9,127 $ 38,818 Europe 40,370 42,588 North America 28,572 20,599 Other 5,717 2,500 $ 83,786 $ 104,505 Market application Heavy Duty Motive 38,914 51,663 Material Handling 6,353 8,140 Stationary Power Generation 10,917 8,214 Technology Solutions 27,602 36,488 $ 83,786 $ 104,505 Timing of revenue recognition Products transferred at a point in time 52,749 65,208 Products and services transferred over time 31,037 39,297 $ 83,786 $ 104,505 |
Personnel expenses
Personnel expenses | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Personnel expenses | Personnel expenses: Personnel expenses are included in cost of product and service revenues, research and product development expense, general and administrative expense, sales and marketing expense, and other expense. December 31, 2022 December 31, 2021 Salaries and employee benefits $ 99,778 $ 84,555 Share-based compensation (note 21) 9,408 9,669 $ 109,186 $ 94,224 |
Other operating expense
Other operating expense | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Other operating expense | Other operating expense: December 31, 2022 December 31, 2021 Net impairment loss on trade receivables $ 73 $ 54 Impairment loss allowance — — Restructuring and related costs 5,317 156 Acquisition related costs 2,857 2,115 $ 8,247 $ 2,325 During the year ended December 31, 2022, the Corporation recorded a net impairment loss on trade receivables of $73,000 (2021 - $54,000), consisting primarily of various miscellaneous receivables no longer deemed collectible. In the event that the Corporation recovers any amounts previously recorded as impairment losses, the recovered amount will be recognized as a reversal of the impairment loss in the period of recovery. During the year ended December 31, 2022, total restructuring and related charges of $5,317,000 were comprised of: cost reduction initiatives of $482,000 (2021 - $156,000) and additional charges of $4,835,000 (2021 - $nil) related to the post-acquisition restructuring of operations at Ballard Motive Solutions in the UK (note 7) including contract exit and modification costs, grant adjustment charges, personnel change costs, and legal and advisory costs, net of expected recoveries. Acquisition related costs of $2,857,000 (2021 - $2,115,000) for the year ended December 31, 2022 consist primarily of other legal, advisory, and transaction related costs incurred due to certain corporate development activities. |
Finance income and expense
Finance income and expense | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Finance income and expense | Finance income and expense: 2022 2021 Employee future benefit plan expense (note 20) $ (189) $ (251) Investment income 19,609 3,743 Mark to market and foreign exchange loss on financial assets (notes 14 & 33) (16,877) (9,024) Foreign exchange loss (4,545) (1,336) Government levies (100) (1,945) Finance loss and other $ (2,102) $ (8,813) Finance expense $ (1,279) $ (1,294) |
Impairment charges on intangibl
Impairment charges on intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Impairment of Assets [Abstract] | |
Impairment charges on intangible assets | Impairment charges on intangible assets:Upon acquisition of Ballard Motive Solutions (note 7), acquired intangible assets consisting of technology (patents, know-how and in-process research and development), customer contracts and relationships, and non-compete agreement were recognized. In connection with the post-acquisition restructuring of operations at Ballard Motive Solutions, management noted indicators of impairment for the acquired intangible assets, resulting in a write-down totalling $13,017,000. 27. Impairment charges on intangible assets (cont'd): Acquired intangible assets with a net book value of $15,517,000 were assessed for impairment. The fair value of the technology intangible assets was determined by using the Discounted Cash Flow (“DCF”) approach which is a variant of the Income Approach. The fair value of the acquired technology was estimated by calculating the net present value of the future economic benefits expected to accrue to the acquired technology. As a result of this review, the Corporation estimated that the fair value of the acquired Ballard Motive Solutions' technology intangible assets to be $2,500,000 as at December 31, 2022, resulting in an impairment charge of $11,978,000 on the technology intangible assets for the year ended December 31, 2022. Furthermore, as part of this review, the Corporation estimated the fair value of the acquired customer contracts and relationships (net book value of $880,000) and non-compete agreement (net book value of $159,000) to be $nil and $nil respectively as at December 31, 2022, resulting in impairment charges of $880,000 and $159,000 respectively for the year ended December 31, 2022. Acquired Accumulated Net carrying Ending intangible assets Cost amortization amount Impairment Balance Technology $ 15,976 $ 1,498 $ 14,478 $ 11,978 $ 2,500 Customer contracts and relationships 1,048 168 880 880 — Non-compete agreement 255 96 159 159 — $ 17,279 $ 1,762 $ 15,517 $ 13,017 $ 2,500 |
Recovery on settlement of conti
Recovery on settlement of contingent consideration | 12 Months Ended |
Dec. 31, 2022 | |
Recovery on Settlement of Contingent Consideration [Abstract] | |
Recovery on settlement of contingent consideration | Recovery on settlement of contingent consideration:Total contingent cash consideration payable from the acquisition of Ballard Motive Solutions of up to $27,000,000 ($14,900,000 paid as of December 31, 2022) was measured at fair value of $26,258,000 on the acquisition date in November 2021 (note 7). Since the payment of the cash consideration is contingent on the achievement of various performance conditions (milestones) over an up to three-year period from the acquisition date, any change in the fair value of contingent payables due to changes in expectation of meeting milestones is recognized in the consolidated statements of loss and comprehensive income (loss). During the year ended December 31, 2022, the Corporation recognized a recovery on expected contingent consideration no longer payable of $9,891,000, representing the total estimated change in the fair value of remaining contingent consideration payable for certain milestones that have been cancelled by legal agreement. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Income taxes | Income taxes: (a) Current tax expense: The components of income tax benefit (expense) included in the determination of the profit (loss) from continuing operations comprise of: 2022 2021 Current tax expense Current period income tax $ 39 $ 63 Withholding tax 3 21 Total current tax expense $ 42 $ 84 Deferred tax expense Origination and reversal of temporary differences $ (18,849) $ (31,581) Adjustments for prior periods 304 (565) Change in unrecognized deductible temporary differences 14,967 31,846 Total deferred tax expense $ (3,578) $ (300) Total income tax expense (recovery) from continuing operations $ (3,536) $ (216) 29. Income taxes (cont'd): (a) Current tax expense (cont'd): The Corporation’s effective income tax rate differs from the combined Canadian federal and provincial statutory income tax rate for companies. The principal factors causing the difference are as follows: 2022 2021 Net loss before income taxes (from continuing operations) $ (177,030) $ (114,613) Expected tax recovery at 27.00% (2021 – 27.00% ) $ (47,798) $ (30,945) Increase (reduction) in income taxes resulting from: Non-deductible expenses (non-taxable income) 13,865 6,330 Expiry of losses and ITC 1,515 64 Investment tax credits earned (3,782) (3,677) Foreign tax rate and tax rate differences 4,884 3,341 Change in unrecognized deductible temporary differences 27,777 24,651 Other 3 20 Income taxes (recovery) from continuing operations $ (3,536) $ (216) (b) Recognized deferred tax assets and liabilities: The components of the Corporation's deferred tax assets and liabilities as at December 31, 2022 are as follows: 2022 2021 Deferred tax assets Losses from operations carried forward $ 596 $ 665 Research and development tax credits 29 32 $ 625 $ 697 Deferred tax liabilities Intangible assets $ (625) $ (4,275) Deferred tax liabilities $ — $ (3,578) (c) Unrecognized deferred tax asset: At December 31, 2022, the Corporation did not recognize any deferred tax assets resulting from the following deductible temporary differences for financial statement and income tax purposes. 2022 2021 Scientific research expenditures $ 127,482 $ 122,742 Investments 21,463 9,357 Share issuance costs 23,588 33,100 Losses from operations carried forward 284,468 219,326 Investment tax credits 43,451 42,939 Property, plant and equipment and intangible assets 206,491 217,142 $ 706,943 $ 644,606 Deferred tax assets have not been recognized in respect of these deductible temporary differences because it is not currently probable that future taxable profit will be available against which the Corporation can utilize the benefits. 29. Income taxes (cont'd): The Corporation has available to carry forward the following as at December 31: 2022 2021 Canadian scientific research expenditures $ 127,482 $ 122,742 Canadian losses from operations 165,647 131,514 Canadian investment tax credits 40,877 42,939 German losses from operations for corporate tax purposes 501 232 US federal losses from operations 49,237 50,103 Denmark losses from operations 50,495 35,996 Hong Kong losses from operations 61 50 UK losses from operations 14,304 2,659 UK research and development tax credits 115 129 The Canadian scientific research expenditures may be carried forward indefinitely. The Canadian losses from operations may be used to offset future Canadian taxable income and expire over the period from 2032 to 2042. The German, Hong Kong, Denmark and UK losses from operations may be used to offset future taxable income in Germany, Hong Kong, Denmark and UK for corporate tax and trade tax purposes and may be carried forward indefinitely. The US federal losses from operations incurred prior to January 1, 2018 may be used to offset future US taxable income and expire over the period from 2022 to 2037 and may be carried forward indefinitely for losses incurred after January 1, 2018. The Canadian investment tax credits may be used to offset future Canadian income taxes otherwise payable and expire over the period from 2022 to 2042. The UK scientific research and development tax credits may be carried forward indefinitely. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party [Abstract] | |
Related party transactions | Related party transactions: Related parties include shareholders with a significant ownership interest in the Corporation, including its subsidiaries and affiliates, and the Corporation’s equity accounted investees: Weichai Ballard JV and Synergy Ballard JVCo (note 14). For the year ended December 31, 2022 and 2021, related party transactions and balances with the Corporation's 49% owned equity accounted investee, Weichai Ballard JV, were as follows: Balances with related party - Weichai Ballard JV 2022 2021 Trade and other receivables $ 13,320 $ 10,794 Investments 24,026 28,982 Deferred revenue 2,095 2,730 Transactions during the year with related party - Weichai Ballard JV 2022 2021 Revenues $ 8,115 $ 35,239 30. Related party transactions (cont'd): For the year ended December 31, 2022 and 2021, related party transactions and balances with the Corporation's 10% owned equity accounted investee, Synergy Ballard JVCo, were as follows: Balances with related party - Synergy Ballard JVCo 2022 2021 Trade and other receivables $ 99 $ 99 Investments — — Deferred revenue — 16 Transactions during the year with related party - Synergy Ballard JVCo 2022 2021 Revenues $ 54 $ 3,441 Corporation Directors and Executive Officers The Corporation provides key management personnel, being board directors and executive officers, certain benefits, in addition to their salaries. Key management personnel also participate in the Corporation’s share-based compensation plans (note 21). In addition to cash and equity compensation, the Corporation provides the executive officers with certain personal benefits, including car allowance, medical benefit program, long and short-term disability coverage, life insurance and an annual medical, financial planning allowance and relocation allowances and services as necessary. The employment agreements for the executive officers are substantially the same with slight variations by individual. The maximum obligation that is required to be provided in the event of termination is notice of 12 months plus one month for every year of employment completed with the Corporation (to a maximum of 24 months), or payment in lieu of such notice, consisting of the salary, bonus and other benefits that would have been earned during such notice period. If there is a change of control, and if the executive officer’s employment is terminated, including a constructive dismissal, within 2 years following the date of a change of control, the executive officer is entitled to a payment equivalent to payment in lieu of a 24 month notice period. The minimum obligation that is required is limited to that required by employment standards legislation plus one day for every full month of employment since hire date, with no distinction made for a change of control situation. Key management personnel compensation is comprised of: 2022 2021 Salaries and employee benefits $ 3,416 $ 3,767 Post-employment retirement benefits 61 74 Termination benefits 247 — Share-based compensation (note 21) 1,793 2,411 $ 5,517 $ 6,252 |
Supplemental disclosure of cash
Supplemental disclosure of cash flow information | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flow Statement [Abstract] | |
Supplemental disclosure of cash flow information | Supplemental disclosure of cash flow information: Non-cash financing and investing activities: 2022 2021 Compensatory shares $ 1,029 $ 704 |
Operating segments
Operating segments | 12 Months Ended |
Dec. 31, 2022 | |
Operating Segments [Abstract] | |
Operating segments | Operating segments: The Corporation operates in a single segment, Fuel Cell Products and Services, which consists of the design, development, manufacture, sale and service of PEM fuel cell products for a variety of applications, focusing on the power product markets of Heavy-Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling and Stationary Power Generation, as well as the delivery of Technology Solutions, including engineering services, technology transfer, and the license and sale of the Corporation's extensive intellectual property portfolio and fundamental knowledge for a variety of PEM fuel cell applications. Revenues of Ballard Motive Solutions are included in the Technology Solutions or Heavy Duty Motive market depending on the nature of the contracted revenue. In 2022, revenues included sales to two individual customer of $9,426,000 and $8,115,000, respectively, which exceeded 10% of total revenue. In 2021, revenues included sales to one individual customer of $35,239,000, which exceeded 10% of total revenue. Revenues from continuing operations by geographic area, which are attributed to countries based on customer location for the years ended December 31, are as follows: Revenues 2022 2021 United States $ 24,052 $ 17,536 Germany 13,685 22,063 United Kingdom 9,893 8,968 China 9,127 38,818 France 6,903 1,827 Canada 4,520 3,063 Australia 3,711 36 Belgium 3,430 2,121 Denmark 2,529 3,026 Poland 1,769 541 Spain 763 926 India 656 439 Taiwan 640 912 Norway 591 2,521 Japan 541 954 Other countries 976 754 $ 83,786 $ 104,505 Non-current assets by geographic area are as follows: December 31, December 31, Non-current assets 2022 2021 Canada $ 180,421 $ 157,805 China 24,047 29,009 United States 6,791 4,121 Denmark 4,398 3,270 United Kingdom 2,913 17,552 $ 218,570 $ 211,757 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Financial instruments | Financial instruments: (a) Fair value: The Corporation’s financial instruments consist of cash and cash equivalents, short-term investments, trade and other receivables, investments, and trade and other payables. The fair values of cash and cash equivalents, trade and other receivables, and trade and other payables approximate their carrying values because of the short-term nature of these instruments. Short-term investments comprise term deposits with terms of greater than 90 days and a previously held investment in a Danish public company held by Ballard Power Systems Europe ("BPSE"). BPSE had an investment of approximately $5,000 in a Danish private company, Green Hydrogen Systems A/S which issued an initial public offering on the Danish stock exchange in June 2021. On June 17, 2021, BPSE received 259,551 shares in the new publicly-owned investment company (after relinquishing its shares in the previous privately-held company) initially valued at $1,681,000. During the year ended December 31, 2022, the Corporation sold its remaining Green Hydrogen shares for net proceeds of $1,010,000 (2021 - $336,000). Long-term investments comprise newly-created hydrogen infrastructure and growth equity funds: HyCap Fund and Clean H2 Fund, and an investment in Forsee Power, Wisdom Motor, and Quantron AG, as well as equity-accounted investments. Changes in fair value and foreign exchange adjustments are recognized as gains or losses in the consolidated statements of loss and comprehensive income (loss) and included in finance loss and other (note 26). During the year ended December 31, 2022, the Corporation recognized net mark to market and foreign exchange losses of $16,877,000 (2021 - $9,024,000). Increase (decrease) in fair value due to MTM and foreign exchange December 31, 2022 December 31, 2021 Short-term investment - Green Hydrogen $ 15 $ 1,422 Long-term investment - Forsee Power (14,865) (10,474) Long-term investment - Wisdom Motor — — Long-term investment - Quantron AG 150 — Long-term investment - HyCap Fund (1,597) 26 Long-term investment - Clean H2 Fund (580) 2 Decrease in fair value of investments $ (16,877) $ (9,024) Fair value measurements recognized in the statement of financial position must be categorized in accordance with the following levels: (i) Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; (ii) Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); (iii) Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Corporation's above-mentioned investments in Green Hydrogen and Forsee Power are categorized as Level 1 whereas the other investments are all categorized as Level 3. (b) Financial risk management: The Corporation primarily has exposure to foreign currency exchange rate risk, commodity risk, interest rate risk, and credit risk. 33. Financial instruments (cont'd): (b) Financial risk management (cont'd): Foreign currency exchange rate risk Foreign currency exchange rate risk is the risk that the fair value of deferred cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Corporation is exposed to currency risks primarily due to its holdings of Canadian dollar denominated cash equivalents and its Canadian dollar denominated purchases and accounts payable. Substantially all receivables are denominated in U.S. dollars. Periodically, the Corporation uses foreign exchange currency contracts to manage exposure to currency rate fluctuations. These contracts are recorded at their fair value as either assets or liabilities on the statement of financial position. Any changes in fair value are either (i) recorded in the statement of comprehensive income (loss) if formally designated and qualified under hedge accounting criteria; or (ii) recorded in the statements of loss and comprehensive income (loss) if either not designated, or not qualified, under hedge accounting criteria.The outstanding foreign exchange currency contracts are not qualified under hedge accounting. The Corporation limits its exposure to foreign currency risk by holding Canadian denominated cash and cash equivalents in amounts up to 100% of forecasted twelve month Canadian dollar net expenditures and up to 50% of the following twelve months of forecasted Canadian dollar net expenditures, thereby creating an economic hedge. Periodically, the Corporation also enters into forward foreign exchange contracts to further limit its exposure. At December 31, 2022, the Corporation held Canadian dollar denominated cash and cash equivalents of CDN $75,206,000 and outstanding forward foreign exchange contracts to buy a total of CDN $38,000,000 in 2022 at an average rate of CDN $1.31 to US $1.00. The following exchange rates applied during the year ended December 31, 2022: $US to $1.00 CDN $CDN to $1.00 US January 1, 2022 Opening rate $0.787 $1.271 December 31, 2022 Closing rate $0.739 $1.354 Fiscal 2022 Average rate $0.769 $1.301 Based on cash and cash equivalents and forward foreign exchange contracts held at December 31, 2022, a 10% increase in the Canadian dollar against the U.S. dollar, with all other variables held constant, would result in an increase in foreign exchange gains of approximately $8,361,000 recorded against net income. If the Canadian dollar weakened 10% against the US dollar, there would be an equal, and opposite impact, on net income. This sensitivity analysis includes foreign currency denominated monetary items, and adjusts their translation at year-end, for a 10% change in foreign currency rates. Commodity risk Commodity risk is the risk of financial loss due to fluctuations in commodity prices, in particular, for the price of platinum and palladium, which are key components of the Corporation’s fuel cell products. Platinum and palladium are scarce natural resources and therefore the Corporation is dependent upon a sufficient supply of these commodities. To manage its exposure to commodity price fluctuations, the Corporation may include platinum and or palladium pricing adjustments directly into certain significant customer contracts. Interest rate risk Interest rate risk is the risk that the fair value of deferred cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Corporation is exposed to interest rate risk arising primarily from fluctuations in interest rates on its cash and cash equivalents. The Corporation limits its exposure to interest rate risk by continually monitoring and adjusting portfolio duration to align to forecasted cash requirements and anticipated changes in interest rates. 33. Financial instruments (cont'd): (b) Financial risk management (cont'd): Interest rate risk (cont'd) Based on cash and cash equivalents at December 31, 2022, a 1.0% decline in interest rates, with all other variables held constant, would result in a decrease in investment income of $9,127,700. If interest rates had been 1.0% higher, there would be an equal and opposite impact on net income. Credit risk Credit risk is the risk of financial loss to the Corporation if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Corporation’s receivables from customers. IFRS 9 Financial Instruments requires impairment losses to be recognized based on “expected losses” that will occur in the future, incorporating forward looking information relating to defaults and applies a single ECL impairment model that applies to all financial assets within scope. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Corporation in accordance with the contract and the cash flows that the Corporation expects to receive). Under IFRS 9 , at each reporting date the Corporation is required to assess whether financial assets carried at amortized cost are credit-impaired. As a result of this review for the year ended December 31, 2022, the Corporation did not recognize any additional estimated ECL impairment losses. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of consolidation | Basis of consolidation:Subsidiaries are entities controlled by the Corporation. The Corporation controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns though its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances and transactions are eliminated in the consolidated financial statements. |
Foreign currency | Foreign currency: (i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Corporation and its subsidiaries at the exchange rate in effect at the transaction date. Monetary assets and liabilities denominated in other than the functional currency are translated at the exchange rates in effect at the statement of financial position date. The resulting exchange gains and losses are recognized in earnings. Non-monetary assets and liabilities denominated in other than the functional currency that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items that are measured in terms of historical cost in other than the functional currency are translated using the exchange rate at the date of the transaction. (ii) Foreign operations The assets and liabilities of foreign operations are translated to the presentation currency using exchange rates at the reporting date. The income and expenses of foreign operations are translated to the presentation currency using exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income. |
Financial assets | Financial assets The Corporation initially recognizes loans and receivables and deposits on the date that they originated and all other financial assets on the trade date at which the Corporation becomes a party to the contractual provisions of the instrument. The Corporation de-recognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers substantially all the risks and rewards of ownership of the financial asset. Financial assets are classified as measured at: amortized cost; fair value through other comprehensive income ("FVOCI") or fair value through profit or loss ("FVTPL"). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification. The Corporation's financial assets which consist primarily of cash and cash equivalents, short-term investments, trade and other receivables, and contract assets are classified at amortized cost. The Corporation also periodically enters into foreign exchange forward contracts to limit its exposure to foreign currency rate fluctuations. These derivatives are recognized initially at fair value and are recorded as either assets or liabilities based on their fair value. Subsequent to initial recognition, these derivatives are measured at fair value and changes to their value are recorded through profit or loss. |
Financial liabilities | Financial liabilitiesFinancial liabilities comprise the Corporation’s trade and other payables. The financial liabilities are initially recognized on the date they are originated and are derecognized when the contractual obligations are discharged or cancelled or expire. These financial liabilities are recognized initially at fair value and subsequently are measured at amortized cost using the effective interest method, when materially different from the initial amount. Fair value is determined based on the present value of future cash flows, discounted at the market rate of interest. |
Share capital | Share capitalShare capital is classified as equity. Incremental costs directly attributable to the issue of shares and share options are recognized as a deduction from equity. When share capital is repurchased, the amount of the consideration paid, including directly attributable costs, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented as a deduction from equity. When treasury shares are subsequently reissued, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to or from retained earnings (deficit). |
Inventories | Inventories: Inventories are recorded at the lower of cost and net realizable value. The cost of inventories is based on the first-in first-out principle, and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes materials, labor and appropriate share of production overhead based on normal operating capacity. Costs of materials are determined on an average per unit basis. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. In establishing any impairment of inventory, management estimates the likelihood that inventory carrying values will be affected by changes in market demand, technology and design, which would impair the value of inventory on hand. |
Property, plant and equipment | Property, plant and equipment: (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of self-constructed assets includes the cost of materials, costs directly attributable to bringing the assets to a working condition for their intended use, and the costs of dismantling and removing items and restoring the site on which they are located. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognized in profit or loss. (ii) Subsequent expenditures Subsequent expenditures are capitalized only if it is probable that the future economic benefits associated with the expenditures will flow to the Corporation. (iii) Depreciation Depreciation is calculated to write-off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives, and is recognized in profit or loss. 4. Significant accounting policies (cont'd): (e) Property, plant and equipment (cont'd): (iii) Depreciation (cont'd) The estimated useful lives of property, plant and equipment for current and comparative periods are as follows: Computer equipment 3 to 10 years Furniture and fixtures 5 to 10 years Leasehold improvements The shorter of initial term of the respective lease and estimated useful life Production and test equipment 4 to 15 years Leased assets are depreciated over the shorter of the lease term or their useful lives unless it is reasonably certain that the Corporation will obtain ownership by the end of the lease term. Right-of-use asset - Property 1 to 7 years Right-of-use asset - Office equipment 4 to 5 years Right-of-use asset - Vehicles 1 to 5 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. |
Leases | Leases: IFRS 16 Leases introduced a single, on-balance sheet accounting model for lessees. As a result, the Corporation, as a lessee, has recognized right-of-use assets representing its rights to use the underlying assets, and lease liabilities representing its obligation to make lease payments. Lessor accounting remains similar to previous accounting policies. At inception of a contract, the Corporation assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Corporation assesses whether: • the contract involves the use of an identified asset - this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; • the Corporation has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and • the Corporation has the right to direct the use of the asset. The Corporation has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where all the decisions about how and for what purpose the asset is used are predetermined, the Corporation has the right to direct the use of the asset if either: ◦ the Corporation has the right to operate the asset; or ◦ the Corporation designed the asset in a way that predetermines how and for what purpose it will be used. 4. Significant accounting policies (cont'd): (f) Leases (cont'd): i. As a Lessee The Corporation recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Corporation’s incremental borrowing rate. Generally, the Corporation uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise: • Fixed payments, including in-substance fixed payments; • Variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date; • Amounts expected to be payable under a residual value guarantee; and • The exercise price under a purchase option that the Corporation is reasonably certain to exercise, lease payments in an optional renewal period if the Corporation is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Corporation is reasonably certain not to terminate early. The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Corporation’s estimate of the amount expected to be payable under a residual value guarantee or if the Corporation changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Corporation presents right-of-use assets in ‘Property, plant and equipment’ and lease liabilities in ‘Lease liability’ in the statement of financial position. The Corporation has elected not to recognize right-of-use assets and lease liabilities for short-term leases of properties, equipment and vehicles that have a lease term of 12 months or less. The Corporation has elected not to recognize right-of-use assets and lease liabilities for low value leases that have initial values of less than $5,000. The Corporation recognizes the lease payments associated with these leases as an operating expense on a straight-line basis over the lease term. 4. Significant accounting policies (cont'd): (f) Leases (cont'd): ii. As a Lessor When the Corporation is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset, and makes an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards of ownership incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Corporation considers certain indicators such as whether the lease is for the major part of the economic life of the asset. |
Goodwill and Intangible assets | Goodwill and intangible assets: (i) Recognition and measurement Goodwill Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Research and development Expenditure on research activities is recognized in profit or loss as incurred. Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Corporation intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses. Intangible assets Intangible assets, including patents, know-how, in-process research and development, trademarks and service marks, customer contracts and relationships, non-compete agreements, and software systems that are acquired or developed by the Corporation and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. (ii) Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditures on internally generated goodwill, are recognized in profit or loss as incurred. (iii) Amortization Amortization is calculated to write-off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is recognized in profit or loss. Goodwill is not amortized. The estimated useful lives for current and comparative periods are as follows: Acquired patents, know-how and in-process research & development 5 to 20 years ERP management reporting software system 5 to 10 years Acquired customer contracts and relationships 7 to 10 years Acquired non-compete agreements 1 to 3 years Domain names 15 years Acquired trademarks and service marks 15 years Internally generated fuel cell intangible assets 3 to 5 years Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. |
Impairment, Financial assets | Financial assets An ‘expected credit loss’ ("ECL") model applies to financial assets measured at amortized cost and debt investments at FVOCI, but not to investments in equity instruments. The Corporation's financial assets measured at amortized cost and subject to the ECL model consist primarily of trade receivables and contract assets. In applying the ECL model, loss allowances are measured on either of the following bases: • 12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and • lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument. The Corporation measures loss allowances for trade receivables and contract assets at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Corporation considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on historical experience and informed credit assessment and including forward-looking information. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Corporation expects to receive). ECLs are discounted at the effective interest rate of the financial asset. At each reporting date, we assess whether financial assets carried at amortized cost are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Impairment (losses) recoveries related to trade receivables and contract assets are presented separately in the statement of profit or loss. |
Impairment, Non-financial assets | Non-financial assets The carrying amounts of the Corporation’s non-financial assets other than inventories are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For goodwill and intangible assets that have indefinite useful lives, the recoverable amount is estimated annually. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Fair value less costs to sell is defined as the estimated price that would be received on the sale of the asset in an orderly transaction between market participants at the measurement date. For the purposes of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other groups of assets. The allocation of goodwill to cash-generating units reflects the lowest level at which goodwill is monitored for internal reporting purposes. 4. Significant accounting policies (cont'd): (h) Impairment (cont'd): (ii) Non-financial assets (cont'd) An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of the cash generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Provisions | Provisions: A provision is recognized if, as a result of a past event, the Corporation has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the liability. The unwinding of the discount is recognized as a finance expense. Warranty provision A provision for warranty costs is recorded on product sales at the time the sale is recognized. In establishing the warranty provision, management estimates the likelihood that products sold will experience warranty claims and the estimated cost to resolve claims received, taking into account the nature of the contract and past and projected experience with the products. Decommissioning liabilities Legal obligations to retire tangible long-lived assets are recorded at the net present value of the expected costs of settlement at acquisition with a corresponding increase in asset value. These include assets leased under operating leases. The liability is accreted over the life of the asset to the ultimate settlement amount and the increase in asset value is depreciated over the remaining useful life of the asset. |
Revenue recognition | Revenue recognition: The Corporation generates revenues primarily from product sales, the license and sale of intellectual property and fundamental knowledge, and the provision of engineering services and technology transfer services. Product revenues are derived primarily from standard product sales contracts and from long-term fixed price contracts. Intellectual property and fundamental knowledge license revenues are derived primarily from standard licensing and technology transfer agreements. Engineering service and technology transfer services revenues are derived primarily from cost-plus reimbursable contracts and from long-term fixed price contracts. Revenue is recognized when a customer obtains control of the goods or services. Determining the timing of the transfer of control, at a point in time or over time, requires judgment. On standard product sales contracts, revenues are recognized when customers obtain control of the product, that is when transfer of title and risks and rewards of ownership of goods have passed and when obligation to pay is considered certain. Invoices are generated and revenue is recognized at that point in time. Provisions for warranties are made at the time of sale. 4. Significant accounting policies (cont'd): (j) Revenue recognition (cont'd): On standard licensing and technology transfer agreements, revenues are recognized on the transfer of rights to a licensee, when it is determined to be distinct from other performance obligations, and if the customer can direct the use of, and obtain substantially all of the remaining benefits from the license as it exists at the time of transfer. In other cases, the proceeds are considered to relate to the right to use the asset over the license period and the revenue is recognized over that period. If it is determined that the license is not distinct from other performance obligations, revenue is recognized over time as the customer simultaneously receives and consumes the benefit. On cost-plus reimbursable contracts, revenues are recognized as costs are incurred, and include applicable fees earned as services are provided. On long-term fixed price contracts, the customer controls all of the work in progress as the services are being provided. This is because under these contracts, the deliverables are made to a customer’s specification, and if a contract is terminated by the customer, then the Corporation is entitled to reimbursement of the costs incurred to date plus the applicable gross margin. Therefore, revenue from these contracts and the associated costs are recognized as the costs are incurred over time. On long-term fixed price contracts, revenues are recognized over time using cumulative costs incurred to date relative to total estimated costs at completion to measure progress towards satisfying performance obligations. Generally, revenue is recognized by multiplying the expected consideration by the ratio of cumulative costs incurred to date to the sum of incurred and estimated costs for completing the performance obligation. The cumulative effect of changes to estimated revenues and estimated costs for completing a contract are recognized in the period in which the revisions are identified. In the event that the estimated costs for completing the contract exceed the expected revenues on a contract, such loss is recognized in its entirety in the period it becomes known. Deferred revenue (i.e. contract liabilities) represents cash received from customers in excess of revenue recognized on uncompleted contracts. |
Finance income and expense | Finance income and expense: Finance income comprises interest income on funds invested, gains (losses) on the disposal of available-for-sale financial assets, foreign exchange gains (losses), and changes in the fair value of financial assets at fair value through profit or loss, pension administration expense, and employee future benefit plan expense. Interest income is recognized as it accrues in income, using the effective interest method. Finance expense comprises interest expense on leases and the unwinding of the discount on provisions. |
Income taxes | Income taxes: The Corporation follows the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the financial statement carrying values of assets and liabilities and their respective income tax bases (temporary differences) and for loss carry forwards. The resulting changes in the net deferred tax asset or liability are included in income. Deferred tax assets and liabilities are measured using enacted, or substantively enacted, tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities, of a change in tax rates, is included in income in the period that includes the substantive enactment date. Deferred income tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. |
Employee benefits | Employee benefits: Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. Contributions to a defined contribution plan that are due more than 12 months after the end of the period in which the employees render the service are discounted to their present value. Defined benefit plans A defined benefit plan is a post-employment pension plan other than a defined contribution plan. The Corporation’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. Any unrecognized past service costs and the fair value of any plan assets are deducted. The discount rate is the yield at the reporting date on AA credit-rated bonds that have maturity dates approximating the terms of the Corporation’s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Corporation, the recognized asset is limited to the total of any unrecognized past service costs and the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Corporation. An economic benefit is available to the Corporation if it is realizable during the life of the plan, or on settlement of the plan liabilities. The Corporation recognizes all remeasurements arising from defined benefit plans, which comprise actuarial gains and losses, immediately in other comprehensive income. Remeasurements recognized in other comprehensive income are not recycled through profit or loss in subsequent periods. Other long-term employee benefits The Corporation’s net obligation in respect of long-term employee benefits other than pension plans is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The discount rate is the yield at the reporting date on AA credit-rated bonds that have maturity dates approximating the terms of the Corporation’s obligations. The calculation is performed using the projected unit credit method. Any actuarial gains and losses are recognized in other comprehensive income or loss in the period in which they arise. Termination benefits Termination benefits are recognized as an expense (restructuring expense recorded in other operating expense) when the Corporation is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognized as an expense if the Corporation has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting period, then they are discounted to their present value. 4. Significant accounting policies (cont'd): (m) Employee benefits (cont'd): Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit sharing plans if the Corporation has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. |
Share-based compensation plans | Share-based compensation plans: The Corporation uses the fair-value based method of accounting for share-based compensation for all awards of shares, share options, restricted share units, and deferred share units granted. The resulting compensation expense, based on the fair value of the awards granted, excluding the impact of any non-market service and performance vesting conditions, is charged to income over the period that the employees unconditionally become entitled to the award, with a corresponding increase to contributed surplus. Fair values of share options are calculated using the Black-Scholes valuation method as of the grant date and adjusted for estimated forfeitures. Restricted share units and deferred share units are valued at the fair-value price at grant date. For awards with graded vesting, the fair value of each tranche is calculated separately and recognized over its respective vesting period. Non-market vesting conditions are considered in making assumptions about the number of awards that are expected to vest. At each reporting date, the Corporation reassesses its estimates of the number of awards that are expected to vest and recognizes the impact of any revision in the income statement with a corresponding adjustment to contributed surplus. The Corporation issues shares, share options, restricted share units, and deferred share units under its share-based compensation plans as described in note 21. Any consideration paid by employees on exercise of share options or purchase of shares, together with the amount initially recorded in contributed surplus, is credited to share capital. The redemption of restricted share units and deferred share units are non-cash transactions that are recorded in contributed surplus and share capital. |
Earnings (loss) per share | Earnings (loss) per share: Basic earnings (loss) per share is computed using the weighted average number of common shares outstanding during the period, adjusted for treasury shares. Diluted earnings per share is calculated using the treasury stock method. Under the treasury stock method, the dilution is calculated based upon the number of common shares issued should deferred share units (“DSUs”), restricted share units (“RSUs”), and “in the money” options, if any, be exercised. When the effects of outstanding stock-based compensation arrangements would be anti-dilutive, diluted loss per share is not shown separately. |
Government assistance and investment tax credits | Government assistance and investment tax credits:Government assistance and investment tax credits are recorded as either a reduction of the cost of the applicable assets, or credited against the related expense incurred in the statement of comprehensive loss, as determined by the terms and conditions of the agreements under which the assistance is provided to the Corporation or the nature of the expenditures which gave rise to the credits. Government assistance and investment tax credit receivables are recorded when their receipt is reasonably assured. |
Segment reporting | Segment reporting:An operating segment is a component of the Corporation that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Corporation’s other components. Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets, head office expenses, and income tax assets and liabilities. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Schedule of Subsidiaries | The consolidated financial statements include the accounts of the Corporation and its principal subsidiaries as follows: Percentage ownership 2022 2021 Ballard Motive Solutions 100 % 100 % Guangzhou Ballard Power Systems Co., Ltd. 100 % 100 % Ballard Power Systems Europe A/S 100 % 100 % Ballard Hong Kong Ltd. 100 % 100 % Ballard US Inc. 100 % 100 % Ballard Services Inc. 100 % 100 % Ballard Fuel Cell Systems Inc. 100 % 100 % Ballard Power Corporation 100 % 100 % |
Schedule of Detailed Information About Property, Plant and Equipment | The estimated useful lives of property, plant and equipment for current and comparative periods are as follows: Computer equipment 3 to 10 years Furniture and fixtures 5 to 10 years Leasehold improvements The shorter of initial term of the respective lease and estimated useful life Production and test equipment 4 to 15 years December 31, 2022 December 31, 2021 Property, plant and equipment owned $ 70,344 $ 43,855 Right-of-use assets 12,017 12,206 $ 82,361 $ 56,061 Property, plant and equipment owned: Net carrying amounts December 31, 2022 December 31, 2021 Computer equipment $ 1,207 $ 1,599 Furniture and fixtures 1,323 762 Leasehold improvements 1,550 1,518 Production and test equipment 66,264 39,976 $ 70,344 $ 43,855 Cost December 31, 2021 Additions Impairment Transfers Effect of movements in exchange rates December 31, 2022 Computer equipment $ 6,852 $ 181 $ — $ (290) $ (2) $ 6,741 Furniture and fixtures 1,914 700 — (208) — 2,406 Leasehold improvements 9,450 388 — (185) (3) 9,650 Production and test equipment 77,644 32,663 (7) (1,109) 11 109,202 $ 95,860 $ 33,932 $ (7) $ (1,792) $ 6 $ 127,999 During the year ended December 31, 2022, an impairment loss of $7,000 (2021 - $263,000) was recorded for production and test equipment that was never placed in service and was determined not required to support the Corporation's future manufacturing or testing capabilities. 11. Property, plant and equipment (cont'd): Property, plant and equipment owned (cont'd): Accumulated depreciation December 31, 2021 Depreciation Transfers Effect of movements in exchange rates December 31, 2022 Computer equipment $ 5,253 $ 574 $ (290) $ (3) $ 5,534 Furniture and fixtures 1,152 139 (208) — 1,083 Leasehold improvements 7,932 353 (185) — 8,100 Production and test equipment 37,668 6,368 (1,109) 11 42,938 $ 52,005 $ 7,434 $ (1,792) $ 8 $ 57,655 Cost December 31, 2020 Additions Additions through Acquisition Impairment Transfers Effect of movements in exchange rates December 31, 2021 Computer equipment $ 6,635 $ 442 $ — $ — $ (225) $ — $ 6,852 Furniture and fixtures 1,754 164 — — (4) — 1,914 Leasehold improvements 9,196 274 — — (18) (2) 9,450 Production and test equipment 66,392 12,278 16 (263) (775) (4) 77,644 $ 83,977 $ 13,158 $ 16 $ (263) $ (1,022) $ (6) $ 95,860 During 2021, additions through acquisition of property, plant and equipment related to the acquisition of Ballard Motive Solutions on November 11, 2021. Accumulated depreciation December 31, 2020 Depreciation Transfers Effect of movements in exchange rates December 31, 2021 Computer equipment $ 4,789 $ 654 $ (175) $ (15) $ 5,253 Furniture and fixtures 1,097 63 (4) (4) 1,152 Leasehold improvements 7,638 331 (18) (19) 7,932 Production and test equipment 33,893 4,607 (825) (7) 37,668 $ 47,417 $ 5,655 $ (1,022) $ (45) $ 52,005 |
Schedule of Quantitative Information About Right-of-Use Assets | Leased assets are depreciated over the shorter of the lease term or their useful lives unless it is reasonably certain that the Corporation will obtain ownership by the end of the lease term. Right-of-use asset - Property 1 to 7 years Right-of-use asset - Office equipment 4 to 5 years Right-of-use asset - Vehicles 1 to 5 years Net carrying amounts December 31, 2022 December 31, 2021 Property $ 11,487 $ 11,837 Equipment 116 139 Vehicle 414 230 $ 12,017 $ 12,206 11. Property, plant and equipment (cont'd): Right-of-use assets (cont'd): Cost December 31, 2021 Additions De-recognition Transfer Effect of movements in exchange rates December 31, 2022 Property $ 26,427 $ 2,746 $ — $ (341) $ 12 $ 28,844 Equipment 175 13 — — — 188 Vehicle 372 290 (25) — — 637 $ 26,974 $ 3,049 $ (25) $ (341) $ 12 $ 29,669 Accumulated depreciation December 31, 2021 Depreciation De-recognition Transfer Effect of movements in exchange rates December 31, 2022 Property $ 14,590 $ 3,108 $ — $ (341) $ — $ 17,357 Equipment 36 36 — — — 72 Vehicle 142 87 (6) — — 223 $ 14,768 $ 3,231 $ (6) $ (341) $ — $ 17,652 Cost December 31, 2020 Additions Additions through acquisition Transfer Effect of movements in exchange rates December 31, 2021 Property $ 24,665 $ 1,967 $ — $ (137) $ (68) $ 26,427 Equipment 149 46 — (22) 2 175 Vehicle 208 — 174 — (10) 372 $ 25,022 $ 2,013 $ 174 $ (159) $ (76) $ 26,974 During 2021, additions through acquisition of right-of-use assets related to the acquisition of Ballard Motive Solutions on November 11, 2021. Accumulated depreciation December 31, 2020 Depreciation Transfer Effect of movements in exchange rates December 31, 2021 Property $ 12,128 $ 2,633 $ (137) $ (34) $ 14,590 Equipment 28 28 (22) 2 36 Vehicle 92 54 — (4) 142 $ 12,248 $ 2,715 $ (159) $ (36) $ 14,768 |
Schedule of Recognition and Measurement of Goodwill and Intangible Assets | Recognition and measurement Goodwill Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Research and development Expenditure on research activities is recognized in profit or loss as incurred. Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Corporation intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses. Intangible assets Intangible assets, including patents, know-how, in-process research and development, trademarks and service marks, customer contracts and relationships, non-compete agreements, and software systems that are acquired or developed by the Corporation and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. |
Schedule of Intangible Assets with Indefinite Useful Life | The estimated useful lives for current and comparative periods are as follows: Acquired patents, know-how and in-process research & development 5 to 20 years ERP management reporting software system 5 to 10 years Acquired customer contracts and relationships 7 to 10 years Acquired non-compete agreements 1 to 3 years Domain names 15 years Acquired trademarks and service marks 15 years Internally generated fuel cell intangible assets 3 to 5 years |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Schedule of Detailed Information About Business Combinations | The fair value of purchase consideration was as follows: Cash and debt paid on closing $ 7,477 Deferred share consideration 4,851 Contingent cash consideration 26,258 Working capital adjustment 611 Total Fair Value of Purchase Consideration $ 39,197 The fair values of assets acquired and liabilities assumed are as follows: Cash and cash equivalents $ 320 Trade and other receivables 3,112 Property, plant & equipment 190 Intangible assets 17,279 Goodwill 23,991 Accounts payable and accrued liabilities (1,817) Deferred income tax liability (3,878) Fair Value of Assets Acquired and Liabilities Assumed $ 39,197 Identified intangible assets of $17,279,000 consisted of the following and are being amortized based on the following useful lives: Useful life in yrs Technology (patents, know-how and in-process research & development) $ 15,976 12 Customer contracts and relationships 1,048 7 Non-compete arrangement 255 3 Fair Value of Identified Intangible Assets $ 17,279 Proforma Information December 31, 2021 Revenue 4,243 Loss from operations (7,336) Net loss (5,966) |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Trade and Other Receivables | December 31, 2022 December 31, 2021 Trade accounts receivable $ 25,812 $ 19,423 Other receivables 10,103 6,586 Contract assets 12,781 20,386 $ 48,696 $ 46,395 |
Schedule of Explanation of Significant Changes in Contract Assets | Contract assets December 31, 2022 At January 1, 2022 $ 20,386 Additions to contract assets 13,306 Invoiced during the year (20,911) At December 31, 2022 $ 12,781 Deferred revenue December 31, 2022 December 31, 2021 Beginning Balance $ 12,109 $ 9,888 Additions to deferred revenue 21,650 23,618 Revenue recognized during the year (25,729) (21,397) Ending Balance $ 8,030 $ 12,109 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Schedule of Detailed Information About Inventories | December 31, 2022 December 31, 2021 Raw materials and consumables $ 29,016 $ 22,395 Work-in-progress 17,171 19,795 Finished goods 8,502 5,350 Service inventory 3,361 3,978 $ 58,050 $ 51,518 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Schedule of Detailed Information About Property, Plant and Equipment | The estimated useful lives of property, plant and equipment for current and comparative periods are as follows: Computer equipment 3 to 10 years Furniture and fixtures 5 to 10 years Leasehold improvements The shorter of initial term of the respective lease and estimated useful life Production and test equipment 4 to 15 years December 31, 2022 December 31, 2021 Property, plant and equipment owned $ 70,344 $ 43,855 Right-of-use assets 12,017 12,206 $ 82,361 $ 56,061 Property, plant and equipment owned: Net carrying amounts December 31, 2022 December 31, 2021 Computer equipment $ 1,207 $ 1,599 Furniture and fixtures 1,323 762 Leasehold improvements 1,550 1,518 Production and test equipment 66,264 39,976 $ 70,344 $ 43,855 Cost December 31, 2021 Additions Impairment Transfers Effect of movements in exchange rates December 31, 2022 Computer equipment $ 6,852 $ 181 $ — $ (290) $ (2) $ 6,741 Furniture and fixtures 1,914 700 — (208) — 2,406 Leasehold improvements 9,450 388 — (185) (3) 9,650 Production and test equipment 77,644 32,663 (7) (1,109) 11 109,202 $ 95,860 $ 33,932 $ (7) $ (1,792) $ 6 $ 127,999 During the year ended December 31, 2022, an impairment loss of $7,000 (2021 - $263,000) was recorded for production and test equipment that was never placed in service and was determined not required to support the Corporation's future manufacturing or testing capabilities. 11. Property, plant and equipment (cont'd): Property, plant and equipment owned (cont'd): Accumulated depreciation December 31, 2021 Depreciation Transfers Effect of movements in exchange rates December 31, 2022 Computer equipment $ 5,253 $ 574 $ (290) $ (3) $ 5,534 Furniture and fixtures 1,152 139 (208) — 1,083 Leasehold improvements 7,932 353 (185) — 8,100 Production and test equipment 37,668 6,368 (1,109) 11 42,938 $ 52,005 $ 7,434 $ (1,792) $ 8 $ 57,655 Cost December 31, 2020 Additions Additions through Acquisition Impairment Transfers Effect of movements in exchange rates December 31, 2021 Computer equipment $ 6,635 $ 442 $ — $ — $ (225) $ — $ 6,852 Furniture and fixtures 1,754 164 — — (4) — 1,914 Leasehold improvements 9,196 274 — — (18) (2) 9,450 Production and test equipment 66,392 12,278 16 (263) (775) (4) 77,644 $ 83,977 $ 13,158 $ 16 $ (263) $ (1,022) $ (6) $ 95,860 During 2021, additions through acquisition of property, plant and equipment related to the acquisition of Ballard Motive Solutions on November 11, 2021. Accumulated depreciation December 31, 2020 Depreciation Transfers Effect of movements in exchange rates December 31, 2021 Computer equipment $ 4,789 $ 654 $ (175) $ (15) $ 5,253 Furniture and fixtures 1,097 63 (4) (4) 1,152 Leasehold improvements 7,638 331 (18) (19) 7,932 Production and test equipment 33,893 4,607 (825) (7) 37,668 $ 47,417 $ 5,655 $ (1,022) $ (45) $ 52,005 |
Schedule of Quantitative Information About Right-of-Use Assets | Leased assets are depreciated over the shorter of the lease term or their useful lives unless it is reasonably certain that the Corporation will obtain ownership by the end of the lease term. Right-of-use asset - Property 1 to 7 years Right-of-use asset - Office equipment 4 to 5 years Right-of-use asset - Vehicles 1 to 5 years Net carrying amounts December 31, 2022 December 31, 2021 Property $ 11,487 $ 11,837 Equipment 116 139 Vehicle 414 230 $ 12,017 $ 12,206 11. Property, plant and equipment (cont'd): Right-of-use assets (cont'd): Cost December 31, 2021 Additions De-recognition Transfer Effect of movements in exchange rates December 31, 2022 Property $ 26,427 $ 2,746 $ — $ (341) $ 12 $ 28,844 Equipment 175 13 — — — 188 Vehicle 372 290 (25) — — 637 $ 26,974 $ 3,049 $ (25) $ (341) $ 12 $ 29,669 Accumulated depreciation December 31, 2021 Depreciation De-recognition Transfer Effect of movements in exchange rates December 31, 2022 Property $ 14,590 $ 3,108 $ — $ (341) $ — $ 17,357 Equipment 36 36 — — — 72 Vehicle 142 87 (6) — — 223 $ 14,768 $ 3,231 $ (6) $ (341) $ — $ 17,652 Cost December 31, 2020 Additions Additions through acquisition Transfer Effect of movements in exchange rates December 31, 2021 Property $ 24,665 $ 1,967 $ — $ (137) $ (68) $ 26,427 Equipment 149 46 — (22) 2 175 Vehicle 208 — 174 — (10) 372 $ 25,022 $ 2,013 $ 174 $ (159) $ (76) $ 26,974 During 2021, additions through acquisition of right-of-use assets related to the acquisition of Ballard Motive Solutions on November 11, 2021. Accumulated depreciation December 31, 2020 Depreciation Transfer Effect of movements in exchange rates December 31, 2021 Property $ 12,128 $ 2,633 $ (137) $ (34) $ 14,590 Equipment 28 28 (22) 2 36 Vehicle 92 54 — (4) 142 $ 12,248 $ 2,715 $ (159) $ (36) $ 14,768 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets [Abstract] | |
Schedule of Detailed Information About Intangible Assets | December 31, 2022 December 31, 2021 Intellectual property acquired from UTC $ — $ 74 ERP management reporting software system 2,714 3,631 Intellectual property acquired from Ballard Motive Solutions (notes 7 and 27) 2,500 17,083 $ 5,214 $ 20,788 |
Schedule of Reconciliation of Changes in Intangible Assets | Accumulated Net carrying Cost amortization amount At January 1, 2021 $ 59,855 $ 56,091 $ 3,764 Acquisition of intangible assets 17,279 — 17,279 Additions to intangible assets 1,543 — 1,543 Amortization expense — 1,798 (1,798) At December 31, 2021 78,677 57,889 20,788 Additions to intangible assets 550 — 550 Amortization expense — 3,107 (3,107) Impairment on intangible assets (note 27) — 13,017 (13,017) At December 31, 2022 $ 79,227 $ 74,013 $ 5,214 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interests In Other Entities [Abstract] | |
Schedule of Interests in Other Entities | December 31, 2022 December 31, 2021 Investment in Weichai Ballard JV (note 4) $ 24,026 $ 28,982 Investment in Synergy Ballard JVCo (note 4) — — Investment in Forsee Power 18,470 33,335 Investment in Wisdom Motor 10,000 — Investment in Quantron AG 5,333 — Investment in HyCap Fund I SCSp 7,963 7,636 Investment in CleanH2 Fund 565 339 $ 66,357 $ 70,292 Investment in Weichai Ballard JV December 31, December 31, Beginning balance $ 28,982 $ 27,561 Capital contribution to JV 9,272 12,351 Recognition of 49% profit on inventory not yet sold to third party, net 549 3,909 Equity in loss (11,599) (16,084) Cumulative translation adjustment due to foreign exchange (3,178) 1,245 Ending balance $ 24,026 $ 28,982 The following tables summarize the financial information of Weichai Ballard JV as included in its own financial statements as of December 31, 2022, adjusted for foreign exchange differences, the application of the Corporation's accounting policies, and the Corporation's incorporation costs. December 31, December 31, 2021 Percentage ownership interest (49%) Current assets $ 80,088 $ 104,907 Non-current assets 2,618 2,339 Current liabilities (23,460) (36,385) Non-current liabilities (2,314) (2,861) Net assets (100%) 56,932 68,000 Corporation's share of net assets (49%) 27,895 33,320 Incorporation costs 324 324 Elimination of unrealized profit on downstream sales, net of sale to third party (4,193) (4,662) Carrying amount of investment in Weichai Ballard JV $ 24,026 $ 28,982 14. Investments: Investment in Weichai Ballard JV (cont'd) December 31, December 31, 2022 2021 Revenue (100%) $ 6,476 $ 38,260 Net loss (100%) 23,672 32,825 Corporation's share of net loss (49%) $ 11,599 $ 16,084 Investment in Synergy Ballard JVCo Investment in Synergy Ballard JVCo December 31, December 31, Beginning balance $ — $ — Recognition of 10% profit on inventory sold to third party, net 18 56 Equity in loss (18) (56) Ending balance $ — $ — |
Schedule of Equity- Accounted Investments | In addition to the above equity-accounted investments, the Corporation has also acquired ownership interest in various other investments. Net carrying value December 31, 2021 Contributions Change in Fair Value December 31, 2022 Long-term investment - Forsee Power $ 33,335 $ — $ (14,865) $ 18,470 Long-term investment - Wisdom Motor — 10,000 — 10,000 Long-term investment - Quantron AG — 5,183 150 5,333 Long-term investment - HyCap Fund 7,636 1,924 (1,597) 7,963 Long-term investment - Clean H2 Fund 339 806 (580) 565 $ 41,310 $ 17,913 $ (16,892) $ 42,331 Net carrying value December 31, 2020 Contributions Change in Fair Value December 31, 2021 Long-term investment - Forsee Power $ — $ 43,809 $ (10,474) $ 33,335 Long-term investment - HyCap Fund — 7,610 26 7,636 Long-term investment - Clean H2 Fund — 338 1 339 $ — $ 51,757 $ (10,447) $ 41,310 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Trade and Other Payables | December 31, 2022 December 31, 2021 Trade accounts payable $ 20,440 $ 13,689 Compensation payable 13,248 15,830 Other liabilities 6,059 9,130 Taxes payable 586 906 $ 40,333 $ 39,555 |
Deferred revenue (Tables)
Deferred revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Explanation of Significant Changes in Contract Assets | Contract assets December 31, 2022 At January 1, 2022 $ 20,386 Additions to contract assets 13,306 Invoiced during the year (20,911) At December 31, 2022 $ 12,781 Deferred revenue December 31, 2022 December 31, 2021 Beginning Balance $ 12,109 $ 9,888 Additions to deferred revenue 21,650 23,618 Revenue recognized during the year (25,729) (21,397) Ending Balance $ 8,030 $ 12,109 |
Provisions and other liabilit_2
Provisions and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Provisions | Restructuring Warranty Onerous Contingent Legal Other Balance provision provision contracts consideration provision liabilities Total At January 1, 2021 $ 10 $ 9,625 $ — $ — $ — $ 1,764 $ 11,399 Provisions made during year 131 4,102 300 26,258 — 109 30,900 Provisions used/paid during year (136) (3,894) — — — — (4,030) Provisions reversed/expired during year — (1,112) — — — — (1,112) Effect of movements in exchange rates — (9) — — — 4 (5) At December 31, 2021 5 8,712 300 26,258 — 1,877 37,152 Opening retained earnings adjustment (note 3) — — 1,200 — — — 1,200 Provisions made during year 455 5,851 2,900 — 2,968 45 12,219 Provisions used/paid during year (320) (2,391) — (14,900) — — (17,611) Provisions reversed/expired during year — (860) — (9,280) — — (10,140) Effect of movements in exchange rates (3) 15 — — — (117) (105) At December 31, 2022 $ 137 $ 11,327 $ 4,400 $ 2,078 $ 2,968 $ 1,805 $ 22,715 At December 31, 2021 Current $ 5 $ 8,712 $ 300 $ 19,240 $ — $ — $ 28,257 Non-current — — — 7,018 — 1,877 8,895 $ 5 $ 8,712 $ 300 $ 26,258 $ — $ 1,877 $ 37,152 At December 31, 2022 Current $ 137 $ 11,327 $ 4,400 $ 2,078 $ 2,968 $ — $ 20,910 Non-current — — — — — 1,805 1,805 $ 137 $ 11,327 $ 4,400 $ 2,078 $ 2,968 $ 1,805 $ 22,715 |
Lease liability (Tables)
Lease liability (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Lease Liabilities | December 31, 2022 December 31, 2021 Property $ 3,743 $ 3,117 Equipment 39 38 Vehicle 113 83 Lease Liability, Current $ 3,895 $ 3,238 Property $ 11,505 $ 13,647 Equipment 73 105 Vehicle 258 130 Lease Liability, Non-current $ 11,836 $ 13,882 Lease Liability $ 15,731 $ 17,120 |
Schedule of Maturity Analysis of Finance Lease Payments Receivable | The Corporation is committed to minimum lease payments as follows: Maturity Analysis December 31, 2022 Less than one year $ 4,854 Between one and five years 12,794 More than five years 548 Total undiscounted lease liabilities $ 18,196 During the year ended December 31, 2022, the Corporation made principal payments on its lease liabilities of $3,322,000 (2021 - $2,798,000). |
Employee future benefits (Table
Employee future benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
Schedule of Net Defined Benefit Liability (Asset) | December 31, 2022 December 31, 2021 Net defined benefit pension plan liability $ 348 $ 1,814 Net other post-retirement benefit plan liability 107 80 Employee future benefits $ 455 $ 1,894 Defined benefit obligation Fair value of plan assets Net defined benefit liability Defined benefit pension plan 2022 2021 2022 2021 2022 2021 Balance at January 1 $ 19,187 $ 20,203 $ (17,373) $ (16,347) $ 1,814 $ 3,856 Included in profit or loss Current service cost 30 37 — — 30 37 Interest cost (income) 518 476 (468) (383) 50 93 Benefits payable — — — — — — 548 513 (468) (383) 80 130 Included in other comprehensive income Remeasurements loss (gain): Actuarial loss (gain) arising from: Demographic assumptions — 56 — — — 56 Financial assumptions (4,547) (986) — — (4,547) (986) Experience adjustment (91) 92 — — (91) 92 Return on plan assets excluding interest — — 3,092 (1,334) 3,092 (1,334) income Plan expenses (24) (30) 24 30 — — (4,662) (868) 3,116 (1,304) (1,546) (2,172) Other Contributions paid by the employer — — — — — — Benefits paid (671) (661) 671 661 — — (671) (661) 671 661 — — Balance at December 31 $ 14,402 $ 19,187 $ (14,054) $ (17,373) $ 348 $ 1,814 20. Employee future benefits (cont'd): Defined benefit obligation Fair value of plan assets Net defined benefit liability Other post-retirement benefit plan 2022 2021 2022 2021 2022 2021 Balance at January 1 $ 80 $ 85 $ — $ — $ 80 $ 85 Included in profit or loss Interest cost (income) 2 1 — — 2 1 2 1 — — 2 1 Included in other comprehensive income Remeasurements loss (gain): Actuarial loss (gain) arising from: Demographic assumptions — — — — — — Financial assumptions (23) (2) — — (23) (2) Experience adjustment 55 4 — — 55 4 32 2 — — 32 2 Other Contributions paid by the employer — — (7) (8) (7) (8) Benefits paid (7) (8) 7 8 — — (7) (8) — — (7) (8) Balance at December 31 $ 107 $ 80 $ — $ — $ 107 $ 80 |
Schedule of Comprehensive Income by Plan Type | Included in other comprehensive income (loss) December 31, 2022 December 31, 2021 Defined benefit pension plan actuarial gain $ 1,546 $ 2,172 Other post-retirement benefit plan actuarial loss (32) (2) $ 1,514 $ 2,170 |
Schedule of Fair Value of Plan Assets | Pension plan assets comprise: 2022 2021 Cash and cash equivalents 3 % 3 % Equity securities 60 % 60 % Debt securities 37 % 37 % Total 100 % 100 % |
Schedule of Defined Benefit Plans | The significant actuarial assumptions adopted in measuring the fair value of benefit obligations at December 31 were as follows: 2022 2021 Pension plan Other benefit plan Pension plan Other benefit plan Discount rate 5.00 % 4.89 % 2.76 % 2.25 % Rate of compensation increase n/a n/a n/a n/a The significant actuarial assumptions adopted in determining net expense for the years ended December 31 were as follows: 2022 2021 Pension plan Other benefit plan Pension plan Other benefit plan Discount rate 2.76 % 4.89 % 2.40 % 2.25 % Rate of compensation increase n/a n/a n/a n/a |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Schedule of Share-Based Compensation | Share-based compensation December 31, 2022 December 31, 2021 Option Expense $ 6,101 $ 6,093 DSU Expense 529 672 RSU Expense 2,778 2,904 Total share-based compensation $ 9,408 $ 9,669 |
Schedule of Classes of Share Capital | Shares Transacted 14,870,000 Average Share Price $ 37.00 Gross offering proceeds $ 550,190 Less: Underwriting expenses (22,186) Less: Other financing expenses (713) Net offering proceeds $ 527,291 |
Schedule of Number and Weighted Average Exercise Prices of Share Options | As at December 31, options outstanding from the consolidated share option plan were as follows: Balance Options for common shares Weighted average exercise price At January 1, 2021 4,149,639 $ 7.07 Options granted 540,116 21.12 Options exercised (549,281) 4.33 Options forfeited (98,907) 10.09 Options expired — — At December 31, 2021 4,041,567 8.70 Options granted 1,263,685 8.97 Options exercised (304,635) 2.87 Options forfeited (184,496) 12.75 Options expired (8,501) 2.20 At December 31, 2022 4,807,620 $ 9.00 |
Schedule of Number and Weighted Average Remaining Contractual Life of Outstanding Share Options | The following table summarizes information about the Corporation’s share options outstanding as at December 31, 2022: Options outstanding Options exercisable Number Weighted average Weighted Number Weighted Range of exercise price outstanding (years) price exercisable exercise price $1.33 - $3.06 1,174,815 2.6 $ 2.69 1,174,815 $ 2.69 $3.56 - $5.50 484,493 3.3 4.04 389,085 3.68 $6.92 - $10.64 2,226,069 5.2 9.87 721,156 10.51 $12.63 - $26.13 922,243 5.1 17.53 455,966 16.66 4,807,620 4.3 $ 9.00 2,741,022 $ 7.21 |
Schedule of Range of Exercise Prices of Outstanding Share Options | The following table summarizes information about the Corporation’s share options outstanding as at December 31, 2022: Options outstanding Options exercisable Number Weighted average Weighted Number Weighted Range of exercise price outstanding (years) price exercisable exercise price $1.33 - $3.06 1,174,815 2.6 $ 2.69 1,174,815 $ 2.69 $3.56 - $5.50 484,493 3.3 4.04 389,085 3.68 $6.92 - $10.64 2,226,069 5.2 9.87 721,156 10.51 $12.63 - $26.13 922,243 5.1 17.53 455,966 16.66 4,807,620 4.3 $ 9.00 2,741,022 $ 7.21 |
Schedule of Indirect Measurement of Fair Value of Goods or Services Received, Share Options Granted During Period | The fair values of the options granted were determined using the Black-Scholes valuation model under the following weighted average assumptions: 2022 2021 Expected life 4 years 4 years Expected dividends Nil Nil Expected volatility 69 % 67 % Risk-free interest rate 2 % 1 % |
Schedule of Number and Weighted Average Exercise Prices of Other Equity Instruments | Balance DSUs for common shares At January 1, 2021 820,031 DSUs granted 35,953 DSUs exercised (99,761) At December 31, 2021 756,223 DSUs granted 80,319 DSUs exercised (126,862) At December 31, 2022 709,680 Balance RSUs for common shares At January 1, 2021 1,129,946 RSUs granted 195,838 RSU performance factor adjustment (12,128) RSUs exercised (325,863) RSUs forfeited (21,573) At December 31, 2021 966,220 RSUs granted 567,693 RSU performance factor adjustment (29,004) RSUs exercised (460,681) RSUs forfeited (42,148) At December 31, 2022 1,002,080 |
Disaggregation of revenue (Tabl
Disaggregation of revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Schedule of Disaggregation of Revenue from Contracts with Customers | In the following table, revenue is disaggregated by geographical market, by market application, and by timing of revenue recognition. December 31, December 31, 2022 2021 Geographical markets China $ 9,127 $ 38,818 Europe 40,370 42,588 North America 28,572 20,599 Other 5,717 2,500 $ 83,786 $ 104,505 Market application Heavy Duty Motive 38,914 51,663 Material Handling 6,353 8,140 Stationary Power Generation 10,917 8,214 Technology Solutions 27,602 36,488 $ 83,786 $ 104,505 Timing of revenue recognition Products transferred at a point in time 52,749 65,208 Products and services transferred over time 31,037 39,297 $ 83,786 $ 104,505 |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Schedule of Detailed Information on Personnel Expenses | December 31, 2022 December 31, 2021 Salaries and employee benefits $ 99,778 $ 84,555 Share-based compensation (note 21) 9,408 9,669 $ 109,186 $ 94,224 |
Other operating expense (Tables
Other operating expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Schedule of Detailed Information on Other Operating Expense | December 31, 2022 December 31, 2021 Net impairment loss on trade receivables $ 73 $ 54 Impairment loss allowance — — Restructuring and related costs 5,317 156 Acquisition related costs 2,857 2,115 $ 8,247 $ 2,325 |
Finance income and expense (Tab
Finance income and expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Schedule of Detailed Information of Finance Income and Expense | 2022 2021 Employee future benefit plan expense (note 20) $ (189) $ (251) Investment income 19,609 3,743 Mark to market and foreign exchange loss on financial assets (notes 14 & 33) (16,877) (9,024) Foreign exchange loss (4,545) (1,336) Government levies (100) (1,945) Finance loss and other $ (2,102) $ (8,813) Finance expense $ (1,279) $ (1,294) |
Impairment charges on intangi_2
Impairment charges on intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Impairment of Assets [Abstract] | |
Schedule of Intangible Assets | Acquired Accumulated Net carrying Ending intangible assets Cost amortization amount Impairment Balance Technology $ 15,976 $ 1,498 $ 14,478 $ 11,978 $ 2,500 Customer contracts and relationships 1,048 168 880 880 — Non-compete agreement 255 96 159 159 — $ 17,279 $ 1,762 $ 15,517 $ 13,017 $ 2,500 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Schedule of Major Components of Tax Expense (income) | The components of income tax benefit (expense) included in the determination of the profit (loss) from continuing operations comprise of: 2022 2021 Current tax expense Current period income tax $ 39 $ 63 Withholding tax 3 21 Total current tax expense $ 42 $ 84 Deferred tax expense Origination and reversal of temporary differences $ (18,849) $ (31,581) Adjustments for prior periods 304 (565) Change in unrecognized deductible temporary differences 14,967 31,846 Total deferred tax expense $ (3,578) $ (300) Total income tax expense (recovery) from continuing operations $ (3,536) $ (216) 29. Income taxes (cont'd): (a) Current tax expense (cont'd): |
Schedule of Reconciliation of Accounting Profit | The Corporation’s effective income tax rate differs from the combined Canadian federal and provincial statutory income tax rate for companies. The principal factors causing the difference are as follows: 2022 2021 Net loss before income taxes (from continuing operations) $ (177,030) $ (114,613) Expected tax recovery at 27.00% (2021 – 27.00% ) $ (47,798) $ (30,945) Increase (reduction) in income taxes resulting from: Non-deductible expenses (non-taxable income) 13,865 6,330 Expiry of losses and ITC 1,515 64 Investment tax credits earned (3,782) (3,677) Foreign tax rate and tax rate differences 4,884 3,341 Change in unrecognized deductible temporary differences 27,777 24,651 Other 3 20 Income taxes (recovery) from continuing operations $ (3,536) $ (216) |
Schedule of Components of Deferred Tax Assets and Liabilities | The components of the Corporation's deferred tax assets and liabilities as at December 31, 2022 are as follows: 2022 2021 Deferred tax assets Losses from operations carried forward $ 596 $ 665 Research and development tax credits 29 32 $ 625 $ 697 Deferred tax liabilities Intangible assets $ (625) $ (4,275) Deferred tax liabilities $ — $ (3,578) |
Schedule of Temporary Difference, Unused Tax Losses and Unused Tax Credits | At December 31, 2022, the Corporation did not recognize any deferred tax assets resulting from the following deductible temporary differences for financial statement and income tax purposes. 2022 2021 Scientific research expenditures $ 127,482 $ 122,742 Investments 21,463 9,357 Share issuance costs 23,588 33,100 Losses from operations carried forward 284,468 219,326 Investment tax credits 43,451 42,939 Property, plant and equipment and intangible assets 206,491 217,142 $ 706,943 $ 644,606 The Corporation has available to carry forward the following as at December 31: 2022 2021 Canadian scientific research expenditures $ 127,482 $ 122,742 Canadian losses from operations 165,647 131,514 Canadian investment tax credits 40,877 42,939 German losses from operations for corporate tax purposes 501 232 US federal losses from operations 49,237 50,103 Denmark losses from operations 50,495 35,996 Hong Kong losses from operations 61 50 UK losses from operations 14,304 2,659 UK research and development tax credits 115 129 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party [Abstract] | |
Schedule of Transactions Between Related Parties | For the year ended December 31, 2022 and 2021, related party transactions and balances with the Corporation's 49% owned equity accounted investee, Weichai Ballard JV, were as follows: Balances with related party - Weichai Ballard JV 2022 2021 Trade and other receivables $ 13,320 $ 10,794 Investments 24,026 28,982 Deferred revenue 2,095 2,730 Transactions during the year with related party - Weichai Ballard JV 2022 2021 Revenues $ 8,115 $ 35,239 For the year ended December 31, 2022 and 2021, related party transactions and balances with the Corporation's 10% owned equity accounted investee, Synergy Ballard JVCo, were as follows: Balances with related party - Synergy Ballard JVCo 2022 2021 Trade and other receivables $ 99 $ 99 Investments — — Deferred revenue — 16 Transactions during the year with related party - Synergy Ballard JVCo 2022 2021 Revenues $ 54 $ 3,441 Corporation Directors and Executive Officers Key management personnel compensation is comprised of: 2022 2021 Salaries and employee benefits $ 3,416 $ 3,767 Post-employment retirement benefits 61 74 Termination benefits 247 — Share-based compensation (note 21) 1,793 2,411 $ 5,517 $ 6,252 |
Supplemental disclosure of ca_2
Supplemental disclosure of cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flow Statement [Abstract] | |
Schedule of Non-cash Financing and Investing Activities | Non-cash financing and investing activities: 2022 2021 Compensatory shares $ 1,029 $ 704 |
Operating segments (Tables)
Operating segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Operating Segments [Abstract] | |
Schedule of Geographical Areas | Revenues from continuing operations by geographic area, which are attributed to countries based on customer location for the years ended December 31, are as follows: Revenues 2022 2021 United States $ 24,052 $ 17,536 Germany 13,685 22,063 United Kingdom 9,893 8,968 China 9,127 38,818 France 6,903 1,827 Canada 4,520 3,063 Australia 3,711 36 Belgium 3,430 2,121 Denmark 2,529 3,026 Poland 1,769 541 Spain 763 926 India 656 439 Taiwan 640 912 Norway 591 2,521 Japan 541 954 Other countries 976 754 $ 83,786 $ 104,505 Non-current assets by geographic area are as follows: December 31, December 31, Non-current assets 2022 2021 Canada $ 180,421 $ 157,805 China 24,047 29,009 United States 6,791 4,121 Denmark 4,398 3,270 United Kingdom 2,913 17,552 $ 218,570 $ 211,757 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Schedule of Investments | Increase (decrease) in fair value due to MTM and foreign exchange December 31, 2022 December 31, 2021 Short-term investment - Green Hydrogen $ 15 $ 1,422 Long-term investment - Forsee Power (14,865) (10,474) Long-term investment - Wisdom Motor — — Long-term investment - Quantron AG 150 — Long-term investment - HyCap Fund (1,597) 26 Long-term investment - Clean H2 Fund (580) 2 Decrease in fair value of investments $ (16,877) $ (9,024) |
Schedule of Nature and Extent of Risks Arising from Financial Instruments | The following exchange rates applied during the year ended December 31, 2022: $US to $1.00 CDN $CDN to $1.00 US January 1, 2022 Opening rate $0.787 $1.271 December 31, 2022 Closing rate $0.739 $1.354 Fiscal 2022 Average rate $0.769 $1.301 |
Changes in accounting policies
Changes in accounting policies (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |||
Onerous contracts provision (notes 4 & 18) | $ 4,400 | $ 1,200 | $ 1,200 |
Significant accounting polici_4
Significant accounting policies - Schedule of Subsidiaries (Details) | 12 Months Ended | |||||
Jan. 10, 2017 | Jan. 05, 2017 | Jul. 19, 2016 | Jan. 18, 2010 | Dec. 31, 2022 | Dec. 31, 2021 | |
Ballard Motive Solutions | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||||
Guangzhou Ballard Power Systems Co., Ltd. | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | |||
Ballard Power Systems Europe A/S | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in subsidiary | 100% | 45% | 100% | 100% | ||
Ballard Hong Kong Ltd. | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | |||
Ballard US Inc. | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||||
Ballard Services Inc. | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||||
Ballard Fuel Cell Systems Inc. | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||||
Ballard Power Corporation | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in subsidiary | 100% | 100% |
Significant accounting polici_5
Significant accounting policies (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | 60 Months Ended | ||||||||||||
Nov. 13, 2018 | Jan. 10, 2017 | Jan. 05, 2017 | Sep. 26, 2016 | Jul. 19, 2016 | Jan. 18, 2010 | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 CNY (¥) seat tranche | Dec. 31, 2022 USD ($) seat tranche | Dec. 31, 2012 | Aug. 31, 2010 | |
Disclosure of joint ventures [line items] | ||||||||||||||
Number of board seats | tranche | 2 | 2 | ||||||||||||
Synergy Ballard JVCo | ||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||
Proportion of ownership interest in joint venture | 90% | 10% | 10% | 10% | 10% | |||||||||
Synergy Ballard JVCo | Synergy Ballard JVCo | ||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||
Proportion of ownership interest in joint venture | 10% | |||||||||||||
Weichai Ballard JV | ||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||
Proportion of ownership interest in subsidiary | 49% | |||||||||||||
Number of board seats | 5 | 5 | ||||||||||||
Proportion of ownership interest in joint venture | 49% | 49% | 49% | 49% | ||||||||||
Expected contributions to acquire interests in joint venture | ¥ | ¥ 561,000 | |||||||||||||
Contributions | ¥ 62,475 | $ 9,272 | ¥ 79,625 | $ 12,351 | ||||||||||
Weichai Ballard JV | Weichai Power | ||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||
Proportion of ownership interest in subsidiary | 51% | |||||||||||||
Number of board seats | 3 | 3 | ||||||||||||
Expected contributions to acquire interests in joint venture | ¥ 539,000 | $ 79,369 | ||||||||||||
Guangzhou Ballard Power Systems Co., Ltd. | ||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | 100% | 100% | |||||||||
Intellectual property acquired from Ballard Motive Solutions (notes 7 and 27) | ||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||
Proportion of ownership interest in subsidiary | 100% | 45% | 100% | 100% | 100% | 100% | ||||||||
Additional interests acquired | 5% | 7% | ||||||||||||
Intellectual property acquired from Ballard Motive Solutions (notes 7 and 27) | Dansk Industri Invest A/S | ||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||
Proportion of ownership interest in subsidiary | 43% | |||||||||||||
Ballard Hong Kong Ltd. | ||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | 100% | 100% |
Significant accounting polici_6
Significant accounting policies - Schedule of Detailed Information About Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Computer equipment | Bottom of range | |
Disclosure of joint ventures [line items] | |
Property, plant and equipment useful lives (in years) | 3 years |
Computer equipment | Top of range | |
Disclosure of joint ventures [line items] | |
Property, plant and equipment useful lives (in years) | 10 years |
Furniture and fixtures | Bottom of range | |
Disclosure of joint ventures [line items] | |
Property, plant and equipment useful lives (in years) | 5 years |
Furniture and fixtures | Top of range | |
Disclosure of joint ventures [line items] | |
Property, plant and equipment useful lives (in years) | 10 years |
Production and test equipment | Bottom of range | |
Disclosure of joint ventures [line items] | |
Property, plant and equipment useful lives (in years) | 4 years |
Production and test equipment | Top of range | |
Disclosure of joint ventures [line items] | |
Property, plant and equipment useful lives (in years) | 15 years |
Significant accounting polici_7
Significant accounting policies - Schedule of Quantitative Information About Right-of-Use Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Property | Bottom of range | |
Disclosure of joint ventures [line items] | |
Right-of-use assets, useful lives (in years) | 1 year |
Property | Top of range | |
Disclosure of joint ventures [line items] | |
Right-of-use assets, useful lives (in years) | 7 years |
Equipment | Bottom of range | |
Disclosure of joint ventures [line items] | |
Right-of-use assets, useful lives (in years) | 4 years |
Equipment | Top of range | |
Disclosure of joint ventures [line items] | |
Right-of-use assets, useful lives (in years) | 5 years |
Vehicle | Bottom of range | |
Disclosure of joint ventures [line items] | |
Right-of-use assets, useful lives (in years) | 1 year |
Vehicle | Top of range | |
Disclosure of joint ventures [line items] | |
Right-of-use assets, useful lives (in years) | 5 years |
Significant accounting polici_8
Significant accounting policies - Schedule of Intangible Assets with Indefinite Useful Life (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Acquired patents, know-how and in-process research & development | Bottom of range | |
Disclosure of joint ventures [line items] | |
Intangibles, useful life (in years) | 5 years |
Acquired patents, know-how and in-process research & development | Top of range | |
Disclosure of joint ventures [line items] | |
Intangibles, useful life (in years) | 20 years |
ERP management reporting software system | Bottom of range | |
Disclosure of joint ventures [line items] | |
Intangibles, useful life (in years) | 5 years |
ERP management reporting software system | Top of range | |
Disclosure of joint ventures [line items] | |
Intangibles, useful life (in years) | 10 years |
Acquired customer contracts and relationships | Bottom of range | |
Disclosure of joint ventures [line items] | |
Intangibles, useful life (in years) | 7 years |
Acquired customer contracts and relationships | Top of range | |
Disclosure of joint ventures [line items] | |
Intangibles, useful life (in years) | 10 years |
Acquired non-compete agreements | Bottom of range | |
Disclosure of joint ventures [line items] | |
Intangibles, useful life (in years) | 1 year |
Acquired non-compete agreements | Top of range | |
Disclosure of joint ventures [line items] | |
Intangibles, useful life (in years) | 3 years |
Domain names | |
Disclosure of joint ventures [line items] | |
Intangibles, useful life (in years) | 15 years |
Acquired trademarks and service marks | |
Disclosure of joint ventures [line items] | |
Intangibles, useful life (in years) | 15 years |
Internally generated fuel cell intangible assets | Bottom of range | |
Disclosure of joint ventures [line items] | |
Intangibles, useful life (in years) | 3 years |
Internally generated fuel cell intangible assets | Top of range | |
Disclosure of joint ventures [line items] | |
Intangibles, useful life (in years) | 5 years |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | |||
Nov. 11, 2021 USD ($) shares $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Nov. 30, 2021 USD ($) | |
Disclosure of detailed information about business combination [line items] | |||||
Total purchase consideration | $ 1,782 | ||||
Payment of contingent consideration liability | 14,900 | ||||
Contingent consideration | 2,078 | ||||
Goodwill | $ 64,268 | 64,268 | $ 64,268 | ||
Product and service revenues | 83,786 | 104,505 | |||
Net loss | (173,494) | (114,233) | |||
Acquisition related costs | 2,857 | 2,115 | |||
Recovery on settlement of contingent consideration | 9,891 | 0 | |||
Amortization expense | $ 3,107 | 1,798 | |||
Arcola Energy Limited | |||||
Disclosure of detailed information about business combination [line items] | |||||
Product and service revenues | 138 | ||||
Net loss | $ 1,114 | ||||
Share capital | |||||
Disclosure of detailed information about business combination [line items] | |||||
Deferred share consideration related to acquisition (in shares) | shares | 112,451 | ||||
Top of range | |||||
Disclosure of detailed information about business combination [line items] | |||||
Payment of contingent consideration liability | $ 27,000 | ||||
Arcola Energy Limited | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 100% | ||||
Total purchase consideration | $ 39,197 | ||||
Cash consideration | $ 7,157 | ||||
Shares issued (in shares) | shares | 337,353 | ||||
Equity total value | $ 26,258 | 4,851 | |||
Vesting period | 2 years | ||||
Performance milestones, term | 3 years | ||||
Cash and debt paid on closing | $ 7,477 | ||||
Share price at fair value (usd per share) | $ / shares | $ 18.30 | ||||
Equity value, discounted | $ 4,851 | ||||
Liabilities incurred | 26,258 | ||||
Working capital adjustment | 611 | ||||
intangible assets fair value | 17,279 | ||||
Deferred income tax liabilities | 3,878 | ||||
Intangible assets, tax basis | 1,768 | ||||
Goodwill | 23,991 | ||||
Identifiable assets acquired (liabilities assumed) | 39,197 | ||||
Acquisition related costs | $ 463 | 4,835 | $ 1,170 | ||
Recovery on settlement of contingent consideration | 9,891 | ||||
Amortization expense | 13,017 | ||||
Arcola Energy Limited | Technology | |||||
Disclosure of detailed information about business combination [line items] | |||||
Technology (patents, know-how and in-process research & development) | 15,976 | ||||
Arcola Energy Limited | Technology | Multi-period excess earnings method | |||||
Disclosure of detailed information about business combination [line items] | |||||
Technology (patents, know-how and in-process research & development) | 15,976 | ||||
Arcola Energy Limited | Acquired customer contracts and relationships | |||||
Disclosure of detailed information about business combination [line items] | |||||
Fair value of acquired customer contracts and relationships | 1,048 | ||||
Arcola Energy Limited | Acquired customer contracts and relationships | Multi-period excess earnings method | |||||
Disclosure of detailed information about business combination [line items] | |||||
Fair value of acquired customer contracts and relationships | 1,048 | ||||
Arcola Energy Limited | Acquired non-compete agreements | |||||
Disclosure of detailed information about business combination [line items] | |||||
Fair value of acquired customer contracts and relationships | 255 | ||||
Arcola Energy Limited | Top of range | |||||
Disclosure of detailed information about business combination [line items] | |||||
Total purchase consideration | 40,000 | ||||
Contingent consideration | $ 27,000 | ||||
Ballard Motive Solutions | |||||
Disclosure of detailed information about business combination [line items] | |||||
Total purchase consideration | $ 39,917 | ||||
intangible assets fair value | 2,500 | $ 15,517 | |||
Technology (patents, know-how and in-process research & development) | $ 2,500 |
Acquisition - The Fair Value of
Acquisition - The Fair Value of Purchase Consideration (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Nov. 11, 2021 |
Disclosure of detailed information about business combination [line items] | ||
Total Fair Value of Purchase Consideration | $ 1,782 | |
Arcola Energy Limited | ||
Disclosure of detailed information about business combination [line items] | ||
Cash and debt paid on closing | $ 7,477 | |
Deferred share consideration | 4,851 | |
Liabilities incurred | 26,258 | |
Working capital adjustment | 611 | |
Total Fair Value of Purchase Consideration | $ 39,197 |
Acquisition - The Fair Values o
Acquisition - The Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 11, 2021 |
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 64,268 | $ 64,268 | |
Arcola Energy Limited | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | $ 320 | ||
Trade and other receivables | 3,112 | ||
Property, plant & equipment | 190 | ||
Intangible assets | 17,279 | ||
Goodwill | 23,991 | ||
Accounts payable and accrued liabilities | (1,817) | ||
Deferred income tax liability | (3,878) | ||
Fair Value of Assets Acquired and Liabilities Assumed | $ 39,197 |
Acquisition - Identified Intang
Acquisition - Identified Intangible Assets Based on The Following Useful Lives (Details) - Arcola Energy Limited $ in Thousands | Nov. 11, 2021 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Fair Value of Identified Intangible Assets | $ 17,279 |
Technology | |
Disclosure of detailed information about business combination [line items] | |
Technology (patents, know-how and in-process research & development) | $ 15,976 |
Intangibles, useful life (in years) | 12 years |
Acquired customer contracts and relationships | |
Disclosure of detailed information about business combination [line items] | |
Customer contracts and relationships and Non-compete agreements | $ 1,048 |
Intangibles, useful life (in years) | 7 years |
Acquired non-compete agreements | |
Disclosure of detailed information about business combination [line items] | |
Customer contracts and relationships and Non-compete agreements | $ 255 |
Intangibles, useful life (in years) | 3 years |
Acquisition - Pro Form Informat
Acquisition - Pro Form Information (Details) - Arcola Energy Limited $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about business combination [line items] | |
Revenue | $ 4,243 |
Loss from operations | (7,336) |
Net loss | $ (5,966) |
Trade and other receivables - T
Trade and other receivables - Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade accounts receivable | $ 25,812 | $ 19,423 |
Other receivables | 10,103 | 6,586 |
Contract assets | 12,781 | 20,386 |
Trade and other receivables | $ 48,696 | $ 46,395 |
Trade and other receivables - C
Trade and other receivables - Contract Assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Contract Assets [Roll Forward] | |
Beginning balance | $ 20,386 |
Additions to contract assets | 13,306 |
Invoiced during the year | (20,911) |
Ending balance | $ 12,781 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Trade and other current receivables [abstract] | ||
Raw materials and consumables | $ 29,016 | $ 22,395 |
Work-in-progress | 17,171 | 19,795 |
Finished goods | 8,502 | 5,350 |
Service inventory | 3,361 | 3,978 |
Inventories | 58,050 | 51,518 |
Changes in raw materials and consumables, finished goods and work-in-progress recognized as cost of product and service revenues | 68,870 | 60,803 |
Inventory write-down | 5,762 | 1,246 |
Reversal of inventory write-down | 589 | 136 |
Inventory net write-down | $ 5,173 | $ 1,110 |
Property, plant and equipment -
Property, plant and equipment - Net Carrying Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 82,361 | $ 56,061 |
Property, plant and equipment owned | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 70,344 | 43,855 |
Right-of-use assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 12,017 | 12,206 |
Computer equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 1,207 | 1,599 |
Furniture and fixtures | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 1,323 | 762 |
Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 1,550 | 1,518 |
Production and test equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 66,264 | $ 39,976 |
Property, plant and equipment_2
Property, plant and equipment - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | $ 56,061 | |
Impairment | (7) | $ (263) |
Property, plant and equipment, ending balance | 82,361 | 56,061 |
Cost | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 95,860 | 83,977 |
Additions | 33,932 | 13,158 |
Additions through Acquisition | 16 | |
Impairment | (7) | (263) |
Transfers | (1,792) | (1,022) |
Effect of movements in exchange rates | 6 | (6) |
Property, plant and equipment, ending balance | 127,999 | 95,860 |
Accumulated amortization | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | (52,005) | (47,417) |
Transfers | (1,792) | (1,022) |
Effect of movements in exchange rates | 8 | (45) |
Depreciation | 7,434 | 5,655 |
Property, plant and equipment, ending balance | (57,655) | (52,005) |
Computer equipment | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 1,599 | |
Property, plant and equipment, ending balance | 1,207 | 1,599 |
Computer equipment | Cost | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 6,852 | 6,635 |
Additions | 181 | 442 |
Additions through Acquisition | 0 | |
Impairment | 0 | 0 |
Transfers | (290) | (225) |
Effect of movements in exchange rates | (2) | 0 |
Property, plant and equipment, ending balance | 6,741 | 6,852 |
Computer equipment | Accumulated amortization | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | (5,253) | (4,789) |
Transfers | (290) | (175) |
Effect of movements in exchange rates | (3) | (15) |
Depreciation | 574 | 654 |
Property, plant and equipment, ending balance | (5,534) | (5,253) |
Furniture and fixtures | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 762 | |
Property, plant and equipment, ending balance | 1,323 | 762 |
Furniture and fixtures | Cost | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 1,914 | 1,754 |
Additions | 700 | 164 |
Additions through Acquisition | 0 | |
Impairment | 0 | 0 |
Transfers | (208) | (4) |
Effect of movements in exchange rates | 0 | 0 |
Property, plant and equipment, ending balance | 2,406 | 1,914 |
Furniture and fixtures | Accumulated amortization | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | (1,152) | (1,097) |
Transfers | (208) | (4) |
Effect of movements in exchange rates | 0 | (4) |
Depreciation | 139 | 63 |
Property, plant and equipment, ending balance | (1,083) | (1,152) |
Leasehold improvements | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 1,518 | |
Property, plant and equipment, ending balance | 1,550 | 1,518 |
Leasehold improvements | Cost | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 9,450 | 9,196 |
Additions | 388 | 274 |
Additions through Acquisition | 0 | |
Impairment | 0 | 0 |
Transfers | (185) | (18) |
Effect of movements in exchange rates | (3) | (2) |
Property, plant and equipment, ending balance | 9,650 | 9,450 |
Leasehold improvements | Accumulated amortization | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | (7,932) | (7,638) |
Transfers | (185) | (18) |
Effect of movements in exchange rates | 0 | (19) |
Depreciation | 353 | 331 |
Property, plant and equipment, ending balance | (8,100) | (7,932) |
Production and test equipment | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 39,976 | |
Property, plant and equipment, ending balance | 66,264 | 39,976 |
Production and test equipment | Cost | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | 77,644 | 66,392 |
Additions | 32,663 | 12,278 |
Additions through Acquisition | 16 | |
Impairment | (7) | (263) |
Transfers | (1,109) | (775) |
Effect of movements in exchange rates | 11 | (4) |
Property, plant and equipment, ending balance | 109,202 | 77,644 |
Production and test equipment | Accumulated amortization | ||
Property, Plant and Equipment [Roll Forward] | ||
Property, plant and equipment, beginning balance | (37,668) | (33,893) |
Transfers | (1,109) | (825) |
Effect of movements in exchange rates | 11 | (7) |
Depreciation | 6,368 | 4,607 |
Property, plant and equipment, ending balance | $ (42,938) | $ (37,668) |
Property, plant and equipment_3
Property, plant and equipment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, plant and equipment [abstract] | ||
Impairment loss | $ (7) | $ (263) |
Property, plant and equipment_4
Property, plant and equipment - Right-of-Use Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | $ 12,017 | $ 12,206 |
Property | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 11,487 | 11,837 |
Equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 116 | 139 |
Vehicle | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | $ 414 | $ 230 |
Property, plant and equipment_5
Property, plant and equipment - Right-of-Use Assets Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Right-of-Use Assets [Roll Forward] | ||
Beginning, Right-of-use assets | $ 12,206 | |
Ending, Right-of-use assets | 12,017 | $ 12,206 |
Property | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning, Right-of-use assets | 11,837 | |
Ending, Right-of-use assets | 11,487 | 11,837 |
Equipment | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning, Right-of-use assets | 139 | |
Ending, Right-of-use assets | 116 | 139 |
Vehicle | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning, Right-of-use assets | 230 | |
Ending, Right-of-use assets | 414 | 230 |
Cost | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning, Right-of-use assets | 26,974 | 25,022 |
Additions | 3,049 | 2,013 |
De-recognition | (25) | |
Additions through acquisition | 174 | |
Transfer | (341) | (159) |
Effect of movements in exchange rates | 12 | (76) |
Ending, Right-of-use assets | 29,669 | 26,974 |
Cost | Property | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning, Right-of-use assets | 26,427 | 24,665 |
Additions | 2,746 | 1,967 |
De-recognition | 0 | |
Additions through acquisition | 0 | |
Transfer | (341) | (137) |
Effect of movements in exchange rates | 12 | (68) |
Ending, Right-of-use assets | 28,844 | 26,427 |
Cost | Equipment | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning, Right-of-use assets | 175 | 149 |
Additions | 13 | 46 |
De-recognition | 0 | |
Additions through acquisition | 0 | |
Transfer | 0 | (22) |
Effect of movements in exchange rates | 0 | 2 |
Ending, Right-of-use assets | 188 | 175 |
Cost | Vehicle | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning, Right-of-use assets | 372 | 208 |
Additions | 290 | 0 |
De-recognition | (25) | |
Additions through acquisition | 174 | |
Transfer | 0 | 0 |
Effect of movements in exchange rates | 0 | (10) |
Ending, Right-of-use assets | 637 | 372 |
Accumulated depreciation | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning, Right-of-use assets | (14,768) | (12,248) |
De-recognition | (6) | |
Transfer | (341) | (159) |
Depreciation | 3,231 | 2,715 |
Effect of movements in exchange rates | 0 | (36) |
Ending, Right-of-use assets | (17,652) | (14,768) |
Accumulated depreciation | Property | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning, Right-of-use assets | (14,590) | (12,128) |
De-recognition | 0 | |
Transfer | (341) | (137) |
Depreciation | 3,108 | 2,633 |
Effect of movements in exchange rates | 0 | (34) |
Ending, Right-of-use assets | (17,357) | (14,590) |
Accumulated depreciation | Equipment | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning, Right-of-use assets | (36) | (28) |
De-recognition | 0 | |
Transfer | 0 | (22) |
Depreciation | 36 | 28 |
Effect of movements in exchange rates | 0 | 2 |
Ending, Right-of-use assets | (72) | (36) |
Accumulated depreciation | Vehicle | ||
Right-of-Use Assets [Roll Forward] | ||
Beginning, Right-of-use assets | (142) | (92) |
De-recognition | (6) | |
Transfer | 0 | 0 |
Depreciation | 87 | 54 |
Effect of movements in exchange rates | 0 | (4) |
Ending, Right-of-use assets | $ (223) | $ (142) |
Intangible assets - Acquired (D
Intangible assets - Acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 5,214 | $ 20,788 | $ 3,764 |
ERP management reporting software system | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 2,714 | 3,631 | |
Intellectual property acquired from UTC | Acquired patents, know-how and in-process research & development | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 0 | 74 | |
Intellectual property acquired from Ballard Motive Solutions (notes 7 and 27) | Acquired patents, know-how and in-process research & development | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 2,500 | $ 17,083 |
Intangible assets - Rollforward
Intangible assets - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Changes in Intangible assets [Roll Forward] | ||
Beginning balance | $ 20,788 | $ 3,764 |
Acquisition of intangible assets | 17,279 | |
Additions to intangible assets | 550 | 1,543 |
Amortization expense | (3,107) | (1,798) |
Impairment on intangible assets (note 27) | (13,017) | 0 |
Ending balance | 5,214 | 20,788 |
Cost | ||
Reconciliation of Changes in Intangible assets [Roll Forward] | ||
Beginning balance | 78,677 | 59,855 |
Acquisition of intangible assets | 17,279 | |
Additions to intangible assets | 550 | 1,543 |
Amortization expense | 0 | 0 |
Impairment on intangible assets (note 27) | 0 | |
Ending balance | 79,227 | 78,677 |
Accumulated amortization | ||
Reconciliation of Changes in Intangible assets [Roll Forward] | ||
Beginning balance | (57,889) | (56,091) |
Acquisition of intangible assets | 0 | |
Additions to intangible assets | 0 | 0 |
Amortization expense | 3,107 | 1,798 |
Impairment on intangible assets (note 27) | (13,017) | |
Ending balance | $ (74,013) | $ (57,889) |
Intangible assets - Narrative (
Intangible assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | ||
Acquisition of intangible assets | $ 17,279 | |
Impairment on intangible assets (note 27) | $ 13,017 | 0 |
Additions to intangible assets | 550 | 1,543 |
Amortization expense | 3,107 | 1,798 |
Arcola Energy Limited | ||
Disclosure of detailed information about intangible assets [line items] | ||
Acquisition of intangible assets | 17,279 | |
Additions to intangible assets | 550 | $ 1,543 |
Amortization expense | $ 13,017 |
Goodwill (Details)
Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets [Abstract] | ||
Goodwill | $ 64,268,000 | $ 64,268,000 |
Impairment loss | $ 0 | $ 0 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) € in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 EUR (€) | Jun. 30, 2022 USD ($) | Oct. 31, 2021 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of joint ventures [line items] | |||||
Investments | $ 66,357 | $ 70,292 | |||
Join Ventures Investment [Roll Forward] | |||||
Investments, beginning balance | 70,292 | ||||
Capital contribution to JV | 9,272 | 12,351 | |||
Equity in loss | (11,617) | (16,140) | |||
Cumulative translation adjustment due to foreign exchange | (4,545) | (1,336) | |||
Investments, ending balance | 66,357 | 70,292 | |||
Weichai Ballard JV | |||||
Disclosure of joint ventures [line items] | |||||
Investments | 24,026 | 28,982 | |||
Join Ventures Investment [Roll Forward] | |||||
Investments, beginning balance | 28,982 | 27,561 | |||
Capital contribution to JV | 9,272 | 12,351 | |||
Recognition of 49% profit on inventory not yet sold to third party, net | 549 | 3,909 | |||
Equity in loss | (11,599) | (16,084) | |||
Cumulative translation adjustment due to foreign exchange | (3,178) | 1,245 | |||
Investments, ending balance | $ 24,026 | $ 28,982 | |||
Proportion of ownership interest in joint venture | 49% | 49% | |||
Synergy Ballard JVCo | |||||
Disclosure of joint ventures [line items] | |||||
Investments | $ 0 | $ 0 | |||
Join Ventures Investment [Roll Forward] | |||||
Investments, beginning balance | 0 | ||||
Investments, ending balance | $ 0 | 0 | |||
Proportion of ownership interest in joint venture | 10% | ||||
Forsee Power | |||||
Disclosure of joint ventures [line items] | |||||
Investments | $ 18,470 | 33,335 | |||
Join Ventures Investment [Roll Forward] | |||||
Investments, beginning balance | 33,335 | ||||
Investments, ending balance | 18,470 | 33,335 | |||
Proportion of ownership interest in joint venture | 9.77% | ||||
Wisdom Motor | |||||
Disclosure of joint ventures [line items] | |||||
Investments | $ 10,000 | 10,000 | 0 | ||
Join Ventures Investment [Roll Forward] | |||||
Investments, beginning balance | 0 | ||||
Investments, ending balance | $ 10,000 | 10,000 | 0 | ||
Proportion of ownership interest in joint venture | 7.169% | ||||
Quantron AG | |||||
Disclosure of joint ventures [line items] | |||||
Investments | € 5,000 | 5,333 | 0 | ||
Join Ventures Investment [Roll Forward] | |||||
Investments, beginning balance | 0 | ||||
Investments, ending balance | € 5,000 | 5,333 | 0 | ||
Proportion of ownership interest in joint venture | 1.89% | ||||
HyCap Fund | |||||
Disclosure of joint ventures [line items] | |||||
Investments | 7,963 | 7,636 | |||
Join Ventures Investment [Roll Forward] | |||||
Investments, beginning balance | 7,636 | ||||
Investments, ending balance | 7,963 | 7,636 | |||
CleanH2 Fund | |||||
Disclosure of joint ventures [line items] | |||||
Investments | 565 | 339 | |||
Join Ventures Investment [Roll Forward] | |||||
Investments, beginning balance | 339 | ||||
Investments, ending balance | $ 565 | $ 339 |
Investments - Narrative (Detail
Investments - Narrative (Details) € in Thousands, ¥ in Thousands, £ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||
Sep. 26, 2016 | Sep. 30, 2022 EUR (€) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Oct. 31, 2021 | Aug. 31, 2021 USD ($) | Aug. 31, 2021 GBP (£) | Dec. 31, 2022 USD ($) hydrogen_Fund | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 GBP (£) | Dec. 31, 2020 USD ($) | |
Disclosure of joint ventures [line items] | |||||||||||||||||
Equity in loss of investment in joint venture and associates | $ 11,617,000 | $ 16,140,000 | |||||||||||||||
Number of hydrogens | hydrogen_Fund | 2 | ||||||||||||||||
Investments | $ 70,292,000 | $ 66,357,000 | 70,292,000 | ||||||||||||||
Foreign exchange gain (loss) | (16,877,000) | (9,025,000) | |||||||||||||||
Decrease in short term investments | (16,892,000) | (10,447,000) | |||||||||||||||
Increase in short term investment | 15,000 | 1,422,000 | |||||||||||||||
Synergy Ballard JVCo | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Equity in loss of investment in joint venture and associates | $ 18,000 | $ 56,000 | |||||||||||||||
Proportion of ownership interest in joint venture | 90% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | ||||||||
Investments | 0 | $ 0 | $ 0 | $ 0 | |||||||||||||
Weichai Ballard JV | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Equity in loss of investment in joint venture and associates | $ 11,599,000 | $ 16,084,000 | |||||||||||||||
Proportion of ownership interest in joint venture | 49% | 49% | 49% | 49% | 49% | 49% | 49% | 49% | |||||||||
Contributions | $ 9,272,000 | ¥ 62,475 | $ 12,351,000 | ¥ 79,625 | |||||||||||||
Investments | 28,982,000 | $ 24,026,000 | 28,982,000 | $ 27,561,000 | |||||||||||||
Synergy Ballard JVCo | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Proportion of ownership interest in joint venture | 10% | 10% | 10% | 10% | |||||||||||||
Contributions | $ 0 | 0 | |||||||||||||||
Investments | 0 | 0 | 0 | ||||||||||||||
Forsee Power | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Proportion of ownership interest in joint venture | 9.77% | ||||||||||||||||
Investments | 33,335,000 | 18,470,000 | 33,335,000 | ||||||||||||||
Foreign exchange gain (loss) | (14,865,000) | (10,474,000) | |||||||||||||||
Forsee Power | Subsequent Contribution | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Investments | 33,335,000 | 18,470,000 | 33,335,000 | ||||||||||||||
Hydrogen Funds | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Foreign exchange gain (loss) | (580,000) | 1,000 | |||||||||||||||
HyCap Fund | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Contributions | $ 9,534,000 | £ 7,215 | £ 7,215 | ||||||||||||||
Investments | 7,636,000 | 7,963,000 | 7,636,000 | ||||||||||||||
HyCap Fund | Initial Contribution | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Contributions | 1,924,000 | £ 1,550 | 7,610,000 | £ 5,665 | |||||||||||||
HyCap Fund | Subsequent Contribution | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Contributions | 1,597,000 | 26,000 | |||||||||||||||
Investments | 7,636,000 | 7,963,000 | 7,636,000 | ||||||||||||||
CleanH2 Fund | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Contributions | 1,144,000 | € 996 | € 996 | ||||||||||||||
Investments | 339,000 | 565,000 | 339,000 | ||||||||||||||
CleanH2 Fund | Initial Contribution | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Contributions | 806,000 | € 696 | 338,000 | € 300 | |||||||||||||
CleanH2 Fund | Subsequent Contribution | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Investments | 339,000 | 565,000 | 339,000 | ||||||||||||||
Wisdom Motor | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Proportion of ownership interest in joint venture | 7.169% | ||||||||||||||||
Investments | $ 10,000,000 | 0 | 10,000,000 | 0 | |||||||||||||
Foreign exchange gain (loss) | 0 | ||||||||||||||||
Wisdom Motor | Subsequent Contribution | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Investments | 10,000,000 | ||||||||||||||||
Quantron AG | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Proportion of ownership interest in joint venture | 1.89% | ||||||||||||||||
Investments | € 5,000 | $ 0 | 5,333,000 | $ 0 | |||||||||||||
Foreign exchange gain (loss) | 150,000 | ||||||||||||||||
Quantron AG | Subsequent Contribution | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Investments | $ 5,333,000 |
Investments - Financial Informa
Investments - Financial Information of Weichai Ballard (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of joint ventures [line items] | |||
Current assets | $ 1,028,507 | $ 1,229,186 | |
Current liabilities | (73,168) | (83,159) | |
Carrying amount of investment | 66,357 | 70,292 | |
Net loss | 173,494 | 114,233 | |
Corporate share of net loss | $ 11,617 | $ 16,140 | |
Weichai Ballard JV | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 49% | 49% | |
Net assets | $ 27,895 | $ 33,320 | |
Carrying amount of investment | 24,026 | 28,982 | $ 27,561 |
Corporate share of net loss | 11,599 | 16,084 | |
Weichai Ballard JV | Weichai Ballard JV | |||
Disclosure of joint ventures [line items] | |||
Current assets | 80,088 | 104,907 | |
Non-current assets | 2,618 | 2,339 | |
Current liabilities | (23,460) | (36,385) | |
Non-current liabilities | (2,314) | (2,861) | |
Net assets | 56,932 | 68,000 | |
Incorporation costs | 324 | 324 | |
Elimination of unrealized profit on downstream sales, net of sale to third party | (4,193) | (4,662) | |
Carrying amount of investment | 24,026 | 28,982 | |
Revenue | 6,476 | 38,260 | |
Net loss | 23,672 | 32,825 | |
Corporate share of net loss | $ 11,599 | $ 16,084 |
Investments - Financial Infor_2
Investments - Financial Information of Synergy Ballard JVCo (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2016 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investment Other Entities [Roll Forward] | |||
Investments, beginning balance | $ 70,292 | ||
Equity in loss | (11,617) | $ (16,140) | |
Investments, ending balance | 66,357 | 70,292 | |
Synergy Ballard JVCo | |||
Investment Other Entities [Roll Forward] | |||
Investments, beginning balance | 0 | 0 | |
Recognition of 49% profit on inventory not yet sold to third party, net | 18 | 56 | |
Equity in loss | (18) | (56) | |
Investments, ending balance | $ 0 | $ 0 | |
Proportion of ownership interest in joint venture | 90% | 10% | 10% |
Investments - Schedule of Equit
Investments - Schedule of Equity- Accounted Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Investment Other Entities [Roll Forward] | ||
Investments, beginning balance | $ 70,292 | |
Investments, ending balance | 66,357 | $ 70,292 |
Long- Term Investment | ||
Investment Other Entities [Roll Forward] | ||
Investments, beginning balance | 41,310 | 0 |
Contributions | 17,913 | 51,757 |
Change in Fair Value | (16,892) | (10,447) |
Investments, ending balance | 42,331 | 41,310 |
Forsee Power | Long- Term Investment | ||
Investment Other Entities [Roll Forward] | ||
Investments, beginning balance | 33,335 | 0 |
Contributions | 0 | 43,809 |
Change in Fair Value | (14,865) | (10,474) |
Investments, ending balance | 18,470 | 33,335 |
Wisdom Motor | Long- Term Investment | ||
Investment Other Entities [Roll Forward] | ||
Investments, beginning balance | 0 | |
Contributions | 10,000 | |
Change in Fair Value | 0 | |
Investments, ending balance | 10,000 | 0 |
Quantron AG | Long- Term Investment | ||
Investment Other Entities [Roll Forward] | ||
Investments, beginning balance | 0 | |
Contributions | 5,183 | |
Change in Fair Value | 150 | |
Investments, ending balance | 5,333 | 0 |
HyCap Fund | Long- Term Investment | ||
Investment Other Entities [Roll Forward] | ||
Investments, beginning balance | 7,636 | 0 |
Contributions | 1,924 | 7,610 |
Change in Fair Value | (1,597) | 26 |
Investments, ending balance | 7,963 | 7,636 |
CleanH2 Fund | Long- Term Investment | ||
Investment Other Entities [Roll Forward] | ||
Investments, beginning balance | 339 | 0 |
Contributions | 806 | 338 |
Change in Fair Value | (580) | 1 |
Investments, ending balance | $ 565 | $ 339 |
Bank facilities (Details)
Bank facilities (Details) | Dec. 31, 2022 CAD ($) $ / $ | Dec. 31, 2021 CAD ($) |
Disclosure of detailed information about borrowings [line items] | ||
Unrealized loss on forward foreign exchange contracts | $ (1,201,000) | $ (33,000) |
Currency risk | ||
Disclosure of detailed information about borrowings [line items] | ||
Foreign exchange contracts | $ 38,000,000 | 26,500,000 |
Average price of hedging instrument (CDN per USD) | 1.31 | |
LG Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Facility, maximum borrowing capacity | $ 2,000,000 | |
Borrowings outstanding | 0 | $ 0 |
FX Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Foreign exchange facility | $ 25,000,000 |
Trade and other payables (Detai
Trade and other payables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade accounts payable | $ 20,440 | $ 13,689 |
Compensation payable | 13,248 | 15,830 |
Other liabilities | 6,059 | 9,130 |
Taxes payable | 586 | 906 |
Trade and other payables | $ 40,333 | $ 39,555 |
Deferred revenue (Details)
Deferred revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Revenue [Roll Forward] | ||
Beginning Balance | $ 12,109 | $ 9,888 |
Additions to deferred revenue | 21,650 | 23,618 |
Revenue recognized during the year | (25,729) | (21,397) |
Ending Balance | $ 8,030 | $ 12,109 |
Provisions and other liabilit_3
Provisions and other liabilities - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2022 | |
Other Provisions [Roll Forward] | |||
Provisions and other current liabilities, beginning balance | $ 37,152 | $ 11,399 | |
Opening retained earnings adjustment (note 3) | 1,200 | ||
Provisions made during year | 12,219 | 30,900 | |
Provisions used/paid during year | (17,611) | (4,030) | |
Provisions reversed/expired during year | (10,140) | (1,112) | |
Effect of movements in exchange rates | (105) | (5) | |
Provisions and other current liabilities, ending balance | 22,715 | 37,152 | |
Onerous contracts provision (notes 4 & 18) | 4,400 | 1,200 | $ 1,200 |
Current provisions | 20,910 | 28,257 | |
Non-current provisions | 1,805 | 8,895 | |
Provisions and other current liabilities | 22,715 | 37,152 | |
Restructuring provision | |||
Other Provisions [Roll Forward] | |||
Provisions and other current liabilities, beginning balance | 5 | 10 | |
Opening retained earnings adjustment (note 3) | 0 | ||
Provisions made during year | 455 | 131 | |
Provisions used/paid during year | (320) | (136) | |
Provisions reversed/expired during year | 0 | 0 | |
Effect of movements in exchange rates | (3) | 0 | |
Provisions and other current liabilities, ending balance | 137 | 5 | |
Current provisions | 137 | 5 | |
Non-current provisions | 0 | 0 | |
Provisions and other current liabilities | 137 | 5 | |
Warranty provision | |||
Other Provisions [Roll Forward] | |||
Provisions and other current liabilities, beginning balance | 8,712 | 9,625 | |
Opening retained earnings adjustment (note 3) | 0 | ||
Provisions made during year | 5,851 | 4,102 | |
Provisions used/paid during year | (2,391) | (3,894) | |
Provisions reversed/expired during year | (860) | (1,112) | |
Effect of movements in exchange rates | 15 | (9) | |
Provisions and other current liabilities, ending balance | 11,327 | 8,712 | |
Current provisions | 11,327 | 8,712 | |
Non-current provisions | 0 | 0 | |
Provisions and other current liabilities | 11,327 | 8,712 | |
Onerous contracts | |||
Other Provisions [Roll Forward] | |||
Provisions and other current liabilities, beginning balance | 300 | 0 | |
Opening retained earnings adjustment (note 3) | 1,200 | ||
Provisions made during year | 2,900 | 300 | |
Provisions used/paid during year | 0 | 0 | |
Provisions reversed/expired during year | 0 | 0 | |
Effect of movements in exchange rates | 0 | 0 | |
Provisions and other current liabilities, ending balance | 4,400 | 300 | |
Current provisions | 4,400 | 300 | |
Non-current provisions | 0 | 0 | |
Provisions and other current liabilities | 4,400 | 300 | |
Contingent consideration | |||
Other Provisions [Roll Forward] | |||
Provisions and other current liabilities, beginning balance | 26,258 | 0 | |
Opening retained earnings adjustment (note 3) | 0 | ||
Provisions made during year | 0 | 26,258 | |
Provisions used/paid during year | (14,900) | 0 | |
Provisions reversed/expired during year | (9,280) | 0 | |
Effect of movements in exchange rates | 0 | 0 | |
Provisions and other current liabilities, ending balance | 2,078 | 26,258 | |
Current provisions | 2,078 | 19,240 | |
Non-current provisions | 0 | 7,018 | |
Provisions and other current liabilities | 2,078 | 26,258 | |
Legal provision | |||
Other Provisions [Roll Forward] | |||
Provisions and other current liabilities, beginning balance | 0 | 0 | |
Opening retained earnings adjustment (note 3) | 0 | ||
Provisions made during year | 2,968 | 0 | |
Provisions used/paid during year | 0 | 0 | |
Provisions reversed/expired during year | 0 | 0 | |
Effect of movements in exchange rates | 0 | 0 | |
Provisions and other current liabilities, ending balance | 2,968 | 0 | |
Current provisions | 2,968 | 0 | |
Non-current provisions | 0 | 0 | |
Provisions and other current liabilities | 2,968 | 0 | |
Other current liabilities | |||
Other Provisions [Roll Forward] | |||
Provisions and other current liabilities, beginning balance | 1,877 | 1,764 | |
Opening retained earnings adjustment (note 3) | 0 | ||
Provisions made during year | 45 | 109 | |
Provisions used/paid during year | 0 | 0 | |
Provisions reversed/expired during year | 0 | 0 | |
Effect of movements in exchange rates | (117) | 4 | |
Provisions and other current liabilities, ending balance | 1,805 | 1,877 | |
Current provisions | 0 | 0 | |
Non-current provisions | 1,805 | 1,877 | |
Provisions and other current liabilities | $ 1,805 | $ 1,877 |
Provisions and other liabilit_4
Provisions and other liabilities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2022 | Nov. 30, 2021 | Nov. 11, 2021 | |
Disclosure of other provisions [line items] | |||||
Provisions made during year | $ 12,219 | $ 30,900 | |||
Upward adjustments / increase in provision | 0 | ||||
Expenditures | 17,611 | 4,030 | |||
Downward adjustments / provision eliminated | 10,140 | 1,112 | |||
Effect of movements in exchange rates | (105) | (5) | |||
Onerous contracts provision (notes 4 & 18) | 4,400 | 1,200 | $ 1,200 | ||
Contingent consideration | $ 2,078 | ||||
Numerous milestone objective period | 3 years | ||||
Payment of contingent consideration liability | $ 14,900 | ||||
Top of range | |||||
Disclosure of other provisions [line items] | |||||
Payment of contingent consideration liability | 27,000 | ||||
Arcola Energy Limited | |||||
Disclosure of other provisions [line items] | |||||
Liabilities incurred | $ 26,258 | ||||
Arcola Energy Limited | Top of range | |||||
Disclosure of other provisions [line items] | |||||
Contingent consideration | $ 27,000 | ||||
Ballard Services Inc. | |||||
Disclosure of other provisions [line items] | |||||
Contingent consideration | $ 27,000 | ||||
Liabilities incurred | $ 26,258 | ||||
Contingent consideration liability | 9,891 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Onerous Contracts-Cost of Fulfilling Contract | |||||
Disclosure of other provisions [line items] | |||||
Onerous contracts provision (notes 4 & 18) | $ 1,200 | ||||
Warranty provision | |||||
Disclosure of other provisions [line items] | |||||
Provisions made during year | 5,851 | 4,102 | |||
New additions to provision | 4,580 | 2,711 | |||
Upward adjustments / increase in provision | 1,271 | 1,391 | |||
Expenditures | 2,391 | 3,894 | |||
Downward adjustments / provision eliminated | 860 | 1,112 | |||
Effect of movements in exchange rates | 15 | (9) | |||
Decommissioning liabilities | |||||
Disclosure of other provisions [line items] | |||||
Provisions made during year | 45 | 109 | |||
New additions to provision | 44 | 44 | |||
Upward adjustments / increase in provision | 65 | ||||
Expenditures | 0 | 0 | |||
Downward adjustments / provision eliminated | 0 | 0 | |||
Effect of movements in exchange rates | $ (117) | $ 4 | |||
Estimated future cash flows discounted percentage | 3.41% | 1.25% | |||
Undiscounted amount of the estimated cash flows | $ 1,805 | $ 1,877 | |||
Legal provision | |||||
Disclosure of other provisions [line items] | |||||
Provisions made during year | 2,968 | 0 | |||
Expenditures | 0 | 0 | |||
Downward adjustments / provision eliminated | 0 | 0 | |||
Effect of movements in exchange rates | 0 | $ 0 | |||
Contract termination | $ 2,968 |
Lease liability - Narrative (De
Lease liability - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Deferred gain on finance lease liability | $ 902 | $ 1,318 |
Payments of lease liabilities | $ 3,322 | $ 2,798 |
Bottom of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Interest rate | 2.95% | |
Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Interest rate | 8.28% |
Lease liability - Summary of Le
Lease liability - Summary of Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Lease Liability, Current | $ 3,895 | $ 3,238 |
Non-current lease liabilities | 11,836 | 13,882 |
Lease Liability | 15,731 | 17,120 |
Property | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Lease Liability, Current | 3,743 | 3,117 |
Non-current lease liabilities | 11,505 | 13,647 |
Equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Lease Liability, Current | 39 | 38 |
Non-current lease liabilities | 73 | 105 |
Vehicle | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Lease Liability, Current | 113 | 83 |
Non-current lease liabilities | $ 258 | $ 130 |
Lease liability - Maturity Anal
Lease liability - Maturity Analysis (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total undiscounted lease liabilities | $ 18,196 |
Less than one year | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total undiscounted lease liabilities | 4,854 |
Between one and five years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total undiscounted lease liabilities | 12,794 |
More than five years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total undiscounted lease liabilities | $ 548 |
Employee future benefits - Net
Employee future benefits - Net Defined Benefit Liability (Asset) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee future benefits | $ 455 | $ 1,894 | |
Net defined benefit pension plan liability | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee future benefits | 348 | 1,814 | $ 3,856 |
Net other post-retirement benefit plan liability | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee future benefits | $ 107 | $ 80 | $ 85 |
Employee future benefits - Addi
Employee future benefits - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) plan | |
Disclosure of net defined benefit liability (asset) [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | $ | $ 0 |
Number of plans | plan | 2 |
Actuarial assumption of medical cost trend rates | |
Disclosure of net defined benefit liability (asset) [line items] | |
Percentage of reasonably possible decrease in actuarial assumption | 1% |
Percentage of reasonably possible increase in actuarial assumption | 1% |
Employee future benefits - Futu
Employee future benefits - Future Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefits Future Plans [Roll Forward] | ||
Net defined benefit liability (asset), beginning balance | $ 1,894 | |
Other | ||
Net defined benefit liability (asset), ending balance | 455 | $ 1,894 |
Defined benefit pension plan | ||
Employee Benefits Future Plans [Roll Forward] | ||
Net defined benefit liability (asset), beginning balance | 1,814 | 3,856 |
Included in profit or loss | ||
Current service cost | 30 | 37 |
Interest cost (income) | 50 | 93 |
Benefits payable | 0 | 0 |
Future plan expense | 80 | 130 |
Actuarial loss (gain) arising from: | ||
Demographic assumptions | 0 | 56 |
Financial assumptions | (4,547) | (986) |
Experience adjustment | (91) | 92 |
Return on plan assets excluding interest | 3,092 | (1,334) |
Plan expenses | 0 | 0 |
Remeasurement (gains) losses | (1,546) | (2,172) |
Other | ||
Contributions paid by the employer | 0 | 0 |
Benefits paid | 0 | 0 |
Other total | 0 | 0 |
Net defined benefit liability (asset), ending balance | 348 | 1,814 |
Defined benefit pension plan | Defined benefit obligation | ||
Employee Benefits Future Plans [Roll Forward] | ||
Net defined benefit liability (asset), beginning balance | 19,187 | 20,203 |
Included in profit or loss | ||
Current service cost | 30 | 37 |
Interest cost (income) | 518 | 476 |
Benefits payable | 0 | 0 |
Future plan expense | 548 | 513 |
Actuarial loss (gain) arising from: | ||
Demographic assumptions | 0 | 56 |
Financial assumptions | (4,547) | (986) |
Experience adjustment | (91) | 92 |
Return on plan assets excluding interest | 0 | 0 |
Plan expenses | (24) | (30) |
Remeasurement (gains) losses | (4,662) | (868) |
Other | ||
Contributions paid by the employer | 0 | 0 |
Benefits paid | (671) | (661) |
Other total | (671) | (661) |
Net defined benefit liability (asset), ending balance | 14,402 | 19,187 |
Defined benefit pension plan | Fair value of plan assets | ||
Employee Benefits Future Plans [Roll Forward] | ||
Net defined benefit liability (asset), beginning balance | (17,373) | (16,347) |
Included in profit or loss | ||
Current service cost | 0 | 0 |
Interest cost (income) | (468) | (383) |
Benefits payable | 0 | 0 |
Future plan expense | (468) | (383) |
Actuarial loss (gain) arising from: | ||
Demographic assumptions | 0 | 0 |
Financial assumptions | 0 | 0 |
Experience adjustment | 0 | 0 |
Return on plan assets excluding interest | 3,092 | (1,334) |
Plan expenses | 24 | 30 |
Remeasurement (gains) losses | 3,116 | (1,304) |
Other | ||
Contributions paid by the employer | 0 | 0 |
Benefits paid | 671 | 661 |
Other total | 671 | 661 |
Net defined benefit liability (asset), ending balance | (14,054) | (17,373) |
Net other post-retirement benefit plan liability | ||
Employee Benefits Future Plans [Roll Forward] | ||
Net defined benefit liability (asset), beginning balance | 80 | 85 |
Included in profit or loss | ||
Interest cost (income) | 2 | 1 |
Future plan expense | 2 | 1 |
Actuarial loss (gain) arising from: | ||
Demographic assumptions | 0 | 0 |
Financial assumptions | (23) | (2) |
Experience adjustment | 55 | 4 |
Remeasurement (gains) losses | 32 | 2 |
Other | ||
Contributions paid by the employer | (7) | (8) |
Benefits paid | 0 | 0 |
Other total | (7) | (8) |
Net defined benefit liability (asset), ending balance | 107 | 80 |
Net other post-retirement benefit plan liability | Defined benefit obligation | ||
Employee Benefits Future Plans [Roll Forward] | ||
Net defined benefit liability (asset), beginning balance | 80 | 85 |
Included in profit or loss | ||
Interest cost (income) | 2 | 1 |
Future plan expense | 2 | 1 |
Actuarial loss (gain) arising from: | ||
Demographic assumptions | 0 | 0 |
Financial assumptions | (23) | (2) |
Experience adjustment | 55 | 4 |
Remeasurement (gains) losses | 32 | 2 |
Other | ||
Contributions paid by the employer | 0 | 0 |
Benefits paid | (7) | (8) |
Other total | (7) | (8) |
Net defined benefit liability (asset), ending balance | 107 | 80 |
Net other post-retirement benefit plan liability | Fair value of plan assets | ||
Employee Benefits Future Plans [Roll Forward] | ||
Net defined benefit liability (asset), beginning balance | 0 | 0 |
Included in profit or loss | ||
Interest cost (income) | 0 | 0 |
Future plan expense | 0 | 0 |
Actuarial loss (gain) arising from: | ||
Demographic assumptions | 0 | 0 |
Financial assumptions | 0 | 0 |
Experience adjustment | 0 | 0 |
Remeasurement (gains) losses | 0 | 0 |
Other | ||
Contributions paid by the employer | (7) | (8) |
Benefits paid | 7 | 8 |
Other total | 0 | 0 |
Net defined benefit liability (asset), ending balance | $ 0 | $ 0 |
Employee future benefits - Incl
Employee future benefits - Included in Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Actuarial gain on defined benefit plans | $ 1,514 | $ 2,170 |
Net defined benefit pension plan liability | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Actuarial gain on defined benefit plans | 1,546 | 2,172 |
Net other post-retirement benefit plan liability | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Actuarial gain on defined benefit plans | $ (32) | $ (2) |
Employee future benefits - Comp
Employee future benefits - Composition of Plan Assets (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Employee Benefits [Abstract] | ||
Cash and cash equivalents | 3% | 3% |
Equity securities | 60% | 60% |
Debt securities | 37% | 37% |
Total | 100% | 100% |
Employee future benefits - Actu
Employee future benefits - Actuarial Assumptions (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Net defined benefit pension plan liability | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate, fair value benefit obligation | 5% | 2.76% |
Discount rate, net expense | 2.76% | 2.40% |
Net other post-retirement benefit plan liability | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate, fair value benefit obligation | 4.89% | 2.25% |
Discount rate, net expense | 4.89% | 2.25% |
Equity - Share-based compensati
Equity - Share-based compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation | $ 9,408 | $ 9,669 |
Total share-based compensation | 9,408 | 9,669 |
Option Expense | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation | 6,101 | 6,093 |
DSU Expense | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation | 529 | 672 |
Total share-based compensation | 753 | 1,290 |
RSU Expense | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation | 2,778 | 2,904 |
Total share-based compensation | $ 2,466 | $ 4,357 |
Equity - Narrative (Details)
Equity - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||
Feb. 23, 2021 USD ($) $ / shares shares | Nov. 30, 2021 USD ($) tranche $ / shares shares | Dec. 31, 2022 USD ($) shares plan $ / shares | Dec. 31, 2021 USD ($) shares | Mar. 31, 2021 USD ($) | Dec. 31, 2020 shares | |
Disclosure of classes of share capital [line items] | ||||||
Total purchase consideration | $ | $ 1,782,000 | |||||
Number of shares issued (in shares) | 112,451 | |||||
Deferred finance cost | $ | $ 20,000 | |||||
Number of tranches | tranche | 3 | |||||
Shares issued (in shares) | 298,394,203 | 297,700,295 | ||||
Compensation expense | $ | $ 9,408,000 | $ 9,669,000 | ||||
Options exercised (in shares) | 304,635 | 549,281 | ||||
Proceeds from exercise of options | $ | $ 916,000 | $ 2,415,000 | ||||
Options granted (in shares) | 1,263,685 | 540,116 | ||||
Weighted average fair value, share options granted (usd per share) | $ | $ 4.92 | $ 10.76 | ||||
Options outstanding (in shares) | 4,807,620 | 4,041,567 | 4,149,639 | |||
Shares to be issued (in shares) | 18,844,127 | 19,540,514 | ||||
Share-based compensation | $ | $ 9,408,000 | $ 9,669,000 | ||||
Ballard Motive Solutions | ||||||
Disclosure of classes of share capital [line items] | ||||||
Total purchase consideration | $ | $ 39,917,000 | |||||
Number of shares issued (in shares) | 337,353 | |||||
Price per share (usd per share) | $ / shares | $ 18.30 | |||||
Net proceeds | $ | $ 4,851,000 | |||||
Bought Deal Offering | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares issued (in shares) | 14,870,000 | 14,870,000 | ||||
Price per share (usd per share) | $ / shares | $ 37 | $ 37 | ||||
Net proceeds | $ | $ 527,291,000 | $ 527,291,000 | ||||
Gross proceeds from offering | $ | $ 550,190,000 | $ 550,190,000 | ||||
Prospectus | ||||||
Disclosure of classes of share capital [line items] | ||||||
Sale of stock authorized amount | $ | $ 1,500,000,000 | |||||
Common shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Options exercised (in shares) | 304,635 | 549,281 | ||||
Proceeds from exercise of options | $ | $ 916,000 | $ 2,415,000 | ||||
Stock Option | ||||||
Disclosure of classes of share capital [line items] | ||||||
Award term (years) | 7 years | |||||
Award vesting percentage | 33.33% | |||||
Compensation expense | $ | $ 6,101,000 | 6,093,000 | ||||
Award vesting period (years) | 3 years | |||||
DSUs | ||||||
Disclosure of classes of share capital [line items] | ||||||
Compensation expense | $ | $ 529,000 | $ 672,000 | ||||
Number of common shares each unit is redeemable for (in shares) | 1 | |||||
Number of shares granted (in shares) | 80,319 | 35,953 | ||||
Exercised (in shares) | 126,862 | 99,761 | ||||
Common shares issued (in shares) | 58,990 | 46,388 | ||||
Share-based compensation | $ | $ 753,000 | $ 1,290,000 | ||||
Outstanding (in shares) | 709,680 | 756,223 | 820,031 | |||
Granted (in shares) | 80,319 | 35,953 | ||||
RSUs | ||||||
Disclosure of classes of share capital [line items] | ||||||
Compensation expense | $ | $ 2,778,000 | $ 2,904,000 | ||||
Options exercised (in shares) | 217,832 | 156,449 | ||||
Number of common shares each unit is redeemable for (in shares) | 1 | |||||
Exercised (in shares) | 460,681 | 325,863 | ||||
Share-based compensation | $ | $ 2,466,000 | $ 4,357,000 | ||||
Outstanding (in shares) | 1,002,080 | 966,220 | 1,129,946 | |||
Number of plans | plan | 2 | |||||
Granted (in shares) | 567,693 | 195,838 |
Equity - Share Capital (Details
Equity - Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Feb. 23, 2021 | Dec. 31, 2022 | |
Disclosure of classes of share capital [line items] | ||
Shares Transacted (in shares) | 112,451 | |
Bought Deal Offering | ||
Disclosure of classes of share capital [line items] | ||
Shares Transacted (in shares) | 14,870,000 | 14,870,000 |
Average Share Price (usd per share) | $ 37 | $ 37 |
Gross offering proceeds | $ 550,190 | $ 550,190 |
Less: Underwriting expenses | (22,186) | |
Less: Other financing expenses | (713) | |
Net offering proceeds | $ 527,291 | $ 527,291 |
Equity - Share Options, Roll fo
Equity - Share Options, Roll forward (Details) | 12 Months Ended | |
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Share-Based Payment Arrangements Options Outstanding [Roll Forward] | ||
Options outstanding beginning balance (in shares) | shares | 4,041,567 | 4,149,639 |
Options granted (in shares) | shares | 1,263,685 | 540,116 |
Options exercised (in shares) | shares | (304,635) | (549,281) |
Options forfeited (in shares) | shares | (184,496) | (98,907) |
Options expired (in shares) | shares | (8,501) | 0 |
Options outstanding ending balance (in shares) | shares | 4,807,620 | 4,041,567 |
Share-Based Payment Arrangement Weighted Average Exercise Price [Roll Forward] | ||
Weighted average exercise price of options outstanding beginning balance (in usd per share) | $ / shares | $ 8.70 | $ 7.07 |
Weighted average exercise price of options granted (in usd per share) | $ / shares | 8.97 | 21.12 |
Weighted average exercise price of options exercised (in usd per share) | $ / shares | 2.87 | 4.33 |
Weighted average exercise price of options forfeited (in usd per share) | $ / shares | 12.75 | 10.09 |
Weighted average exercise price of options expired (in usd per share) | $ / shares | 2.20 | 0 |
Weighted average exercise price of options outstanding ending balance (in usd per share) | $ / shares | $ 9 | $ 8.70 |
Equity - Share Options, Range o
Equity - Share Options, Range of Exercise Prices (Details) | 12 Months Ended | ||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options outstanding (in shares) | shares | 4,807,620 | 4,041,567 | 4,149,639 |
Weighted average remaining contractual life | 4 years 3 months 18 days | ||
Weighted average exercise price of options outstanding (in usd per share) | $ 9 | $ 8.70 | $ 7.07 |
Number of options exercisable (in shares) | shares | 2,741,022 | ||
Weighted average exercise price of options exercisable (in usd per share) | $ 7.21 | ||
$1.33 - $3.06 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options outstanding (in shares) | shares | 1,174,815 | ||
Weighted average remaining contractual life | 2 years 7 months 6 days | ||
Weighted average exercise price of options outstanding (in usd per share) | $ 2.69 | ||
Number of options exercisable (in shares) | shares | 1,174,815 | ||
Weighted average exercise price of options exercisable (in usd per share) | $ 2.69 | ||
$1.33 - $3.06 | Bottom of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | 1.33 | ||
$1.33 - $3.06 | Top of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | $ 3.06 | ||
$3.56 - $5.50 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options outstanding (in shares) | shares | 484,493 | ||
Weighted average remaining contractual life | 3 years 3 months 18 days | ||
Weighted average exercise price of options outstanding (in usd per share) | $ 4.04 | ||
Number of options exercisable (in shares) | shares | 389,085 | ||
Weighted average exercise price of options exercisable (in usd per share) | $ 3.68 | ||
$3.56 - $5.50 | Bottom of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | 3.56 | ||
$3.56 - $5.50 | Top of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | $ 5.5 | ||
$6.92 - $10.64 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options outstanding (in shares) | shares | 2,226,069 | ||
Weighted average remaining contractual life | 5 years 2 months 12 days | ||
Weighted average exercise price of options outstanding (in usd per share) | $ 9.87 | ||
Number of options exercisable (in shares) | shares | 721,156 | ||
Weighted average exercise price of options exercisable (in usd per share) | $ 10.51 | ||
$6.92 - $10.64 | Bottom of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | 6.92 | ||
$6.92 - $10.64 | Top of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | $ 10.64 | ||
$12.63 - $26.13 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options outstanding (in shares) | shares | 922,243 | ||
Weighted average remaining contractual life | 5 years 1 month 6 days | ||
Weighted average exercise price of options outstanding (in usd per share) | $ 17.53 | ||
Number of options exercisable (in shares) | shares | 455,966 | ||
Weighted average exercise price of options exercisable (in usd per share) | $ 16.66 | ||
$12.63 - $26.13 | Bottom of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | 12.63 | ||
$12.63 - $26.13 | Top of range | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | $ 26.13 |
Equity - Share Options, Fair Va
Equity - Share Options, Fair Value Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangements [Abstract] | ||
Expected life (years) | 4 years | 4 years |
Expected volatility | 69% | 67% |
Risk-free interest rate | 2% | 1% |
Equity - Deferred Share Units (
Equity - Deferred Share Units (Details) - DSUs - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Share Units [Roll Forward] | ||
Beginning balance at (in shares) | 756,223 | 820,031 |
DSUs Granted (in shares) | 80,319 | 35,953 |
DSUs Exercised (in shares) | (126,862) | (99,761) |
Ending balance at (in shares) | 709,680 | 756,223 |
Equity - Restricted Share Units
Equity - Restricted Share Units (Details) - RSUs - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units [Roll Forward] | ||
Beginning balance at (in shares) | 966,220 | 1,129,946 |
RSUs Granted (in shares) | 567,693 | 195,838 |
RSU performance factor adjustment (in shares) | (29,004) | (12,128) |
RSUs Exercised (in shares) | (460,681) | (325,863) |
RSUs Forfeited (in shares) | (42,148) | (21,573) |
Ending balance at (in shares) | 1,002,080 | 966,220 |
Commitments and contingencies (
Commitments and contingencies (Details) € in Thousands, £ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Aug. 31, 2021 USD ($) | Aug. 31, 2021 GBP (£) | Dec. 31, 2022 USD ($) investment | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 EUR (€) | Dec. 31, 2022 GBP (£) investment | Dec. 31, 2022 EUR (€) investment | Dec. 31, 2022 CAD ($) investment | |
Disclosure of other provisions [line items] | |||||||||||||
Number of investments committing | investment | 2 | 2 | 2 | 2 | |||||||||
Capital commitments | $ 42,576,000 | ||||||||||||
Royalty related to UTC, revenue obligations | |||||||||||||
Disclosure of other provisions [line items] | |||||||||||||
Expiration period (years) | 15 years | 15 years | 15 years | ||||||||||
Royalty payments | $ 0 | $ 0 | |||||||||||
Royalty obligation, percentage | 2% | 2% | 2% | ||||||||||
Maximum royalty expense | $ 4,613,000 | $ 5,351 | |||||||||||
Royalty expense | $ 0 | ||||||||||||
Royalty of other revenue obligations | |||||||||||||
Disclosure of other provisions [line items] | |||||||||||||
Royalty obligation, percentage | 2% | 2% | 2% | ||||||||||
Maximum royalty expense | $ 1,896,000 | $ 2,200 | |||||||||||
Royalty expense | 0 | ||||||||||||
HyCap Fund | |||||||||||||
Disclosure of other provisions [line items] | |||||||||||||
Contributions | $ 9,534,000 | £ 7,215 | £ 7,215 | ||||||||||
HyCap Fund | Initial Contribution | |||||||||||||
Disclosure of other provisions [line items] | |||||||||||||
Capital commitments | £ | £ 25,000 | ||||||||||||
Contributions | 1,924,000 | £ 1,550 | 7,610,000 | £ 5,665 | |||||||||
CleanH2 Fund | |||||||||||||
Disclosure of other provisions [line items] | |||||||||||||
Contributions | $ 1,144,000 | € 996 | € 996 | ||||||||||
CleanH2 Fund | Initial Contribution | |||||||||||||
Disclosure of other provisions [line items] | |||||||||||||
Capital commitments | € | € 30,000 | ||||||||||||
Contributions | $ 806,000 | € 696 | $ 338,000 | € 300 |
Disaggregation of revenue (Deta
Disaggregation of revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 83,786 | $ 104,505 |
Products transferred at a point in time | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 52,749 | 65,208 |
Products and services transferred over time | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 31,037 | 39,297 |
Heavy Duty Motive | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 38,914 | 51,663 |
Material Handling | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 6,353 | 8,140 |
Stationary Power Generation | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 10,917 | 8,214 |
Technology Solutions | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 27,602 | 36,488 |
China | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 9,127 | 38,818 |
Europe | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 40,370 | 42,588 |
North America | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 28,572 | 20,599 |
Other | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 5,717 | $ 2,500 |
Personnel expenses (Details)
Personnel expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of income and expense [abstract] | ||
Salaries and employee benefits | $ 99,778 | $ 84,555 |
Share-based compensation (note 21) | 9,408 | 9,669 |
Personnel expenses | $ 109,186 | $ 94,224 |
Other operating expense (Detail
Other operating expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | ||
Net impairment loss on trade receivables | $ 73 | $ 54 |
Impairment loss allowance | 0 | 0 |
Restructuring and related costs | 5,317 | 156 |
Acquisition related costs | 2,857 | 2,115 |
Other operating expense | 8,247 | 2,325 |
Cost Reduction Initiatives and Additional Charges | ||
Disclosure of attribution of expenses by nature to their function [line items] | ||
Restructuring and related costs | 482 | 156 |
Ballard Motive Solutions | ||
Disclosure of attribution of expenses by nature to their function [line items] | ||
Restructuring and related costs | 5,317 | |
Ballard Motive Solutions | Contract Exit and Modification Costs, Grant Adjustments Charges, Legal and Advisory Costs | ||
Disclosure of attribution of expenses by nature to their function [line items] | ||
Restructuring and related costs | $ 4,835 | $ 0 |
Finance income and expense (Det
Finance income and expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of income and expense [abstract] | ||
Employee future benefit plan expense (note 20) | $ (189) | $ (251) |
Investment income | 19,609 | 3,743 |
Mark to market and foreign exchange loss on financial assets (notes 14 & 33) | (16,877) | (9,024) |
Foreign exchange loss | (4,545) | (1,336) |
Government levies | (100) | (1,945) |
Finance loss and other | (2,102) | (8,813) |
Finance expense | $ (1,279) | $ (1,294) |
Impairment charges on intangi_3
Impairment charges on intangible assets - Narrative (Details) - Ballard Motive Solutions - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Nov. 30, 2021 | Nov. 11, 2021 | |
Impairment of Assets and Intangible Assets [Line Items] | |||
intangible assets fair value | $ 2,500 | $ 15,517 | |
Technology (patents, know-how and in-process research & development) | 2,500 | ||
Technology | |||
Impairment of Assets and Intangible Assets [Line Items] | |||
intangible assets fair value | 2,500 | ||
Non-compete agreement | |||
Impairment of Assets and Intangible Assets [Line Items] | |||
intangible assets fair value | 0 | $ 159 | |
Impairment charges on intangible assets | 159 | ||
Acquired customer contracts and relationships | |||
Impairment of Assets and Intangible Assets [Line Items] | |||
intangible assets fair value | 0 | $ 880 | |
Impairment charges on intangible assets | $ 880 |
Impairment charges on intangi_4
Impairment charges on intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Nov. 11, 2021 | Dec. 31, 2020 | |
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | $ 5,214 | $ 20,788 | $ 3,764 | ||
Impairment on intangible assets (note 27) | 13,017 | 0 | |||
Ballard Motive Solutions | |||||
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | 15,517 | ||||
Impairment on intangible assets (note 27) | 13,017 | ||||
Ending Balance | 2,500 | $ 15,517 | |||
Technology | Ballard Motive Solutions | |||||
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | 14,478 | ||||
Impairment on intangible assets (note 27) | 11,978 | ||||
Ending Balance | 2,500 | ||||
Acquired customer contracts and relationships | Ballard Motive Solutions | |||||
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | 880 | ||||
Impairment on intangible assets (note 27) | 880 | ||||
Ending Balance | 0 | $ 880 | |||
Non-compete agreement | Ballard Motive Solutions | |||||
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | 159 | ||||
Impairment on intangible assets (note 27) | 159 | ||||
Ending Balance | 0 | $ 159 | |||
Cost | |||||
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | 79,227 | 78,677 | 59,855 | ||
Impairment on intangible assets (note 27) | 0 | ||||
Cost | Ballard Motive Solutions | |||||
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | 17,279 | ||||
Cost | Technology | Ballard Motive Solutions | |||||
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | 15,976 | ||||
Cost | Acquired customer contracts and relationships | Ballard Motive Solutions | |||||
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | 1,048 | ||||
Cost | Non-compete agreement | Ballard Motive Solutions | |||||
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | 255 | ||||
Accumulated amortization | |||||
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | (74,013) | $ (57,889) | $ (56,091) | ||
Impairment on intangible assets (note 27) | 13,017 | ||||
Accumulated amortization | Ballard Motive Solutions | |||||
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | (1,762) | ||||
Accumulated amortization | Technology | Ballard Motive Solutions | |||||
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | (1,498) | ||||
Accumulated amortization | Acquired customer contracts and relationships | Ballard Motive Solutions | |||||
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | (168) | ||||
Accumulated amortization | Non-compete agreement | Ballard Motive Solutions | |||||
Impairment of Assets and Intangible Assets [Line Items] | |||||
Intangible assets | $ (96) |
Recovery on settlement of con_2
Recovery on settlement of contingent consideration (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 11, 2021 | |
Disclosure of contingent liabilities [line items] | ||||
Payment of contingent consideration liability | $ 14,900 | |||
Recovery on settlement of contingent consideration | 9,891 | $ 0 | ||
Arcola Energy Limited | ||||
Disclosure of contingent liabilities [line items] | ||||
Equity total value | 4,851 | $ 26,258 | ||
Date of acquisition | 3 years | |||
Recovery on settlement of contingent consideration | 9,891 | |||
Top of range | ||||
Disclosure of contingent liabilities [line items] | ||||
Payment of contingent consideration liability | $ 27,000 |
Income taxes - Current Tax Expe
Income taxes - Current Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Current period income tax | $ 39 | $ 63 |
Withholding tax | 3 | 21 |
Total current tax expense | 42 | 84 |
Origination and reversal of temporary differences | (18,849) | (31,581) |
Adjustments for prior periods | 304 | (565) |
Change in unrecognized deductible temporary differences | 14,967 | 31,846 |
Total deferred tax expense | (3,578) | (300) |
Total income tax expense (recovery) from continuing operations | $ (3,536) | $ (216) |
Income taxes - Tax Rate Reconci
Income taxes - Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Net loss before income taxes (from continuing operations) | $ (177,030) | $ (114,613) |
Expected Tax Recovery | 27% | 27% |
Expected tax recovery at 27.00% (2021 – 27.00% ) | $ (47,798) | $ (30,945) |
Non-deductible expenses (non-taxable income) | 13,865 | 6,330 |
Expiry of losses and ITC | 1,515 | 64 |
Investment tax credits earned | (3,782) | (3,677) |
Foreign tax rate and tax rate differences | 4,884 | 3,341 |
Change in unrecognized deductible temporary differences | 27,777 | 24,651 |
Other | 3 | 20 |
Total income tax expense (recovery) from continuing operations | $ (3,536) | $ (216) |
Income taxes - Deferred Tax Ass
Income taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 625 | $ 697 |
Deferred tax liabilities | 0 | (3,578) |
Losses from operations carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 596 | 665 |
Research and development tax credits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 29 | 32 |
Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liabilities | $ (625) | $ (4,275) |
Income taxes - Unrecognized Def
Income taxes - Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | $ 706,943 | $ 644,606 |
Deferred tax assets | 625 | 697 |
Scientific research expenditures | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 127,482 | 122,742 |
Scientific research expenditures | Canada | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 127,482 | 122,742 |
Investments | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 21,463 | 9,357 |
Share issuance costs | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 23,588 | 33,100 |
Losses from operations carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 284,468 | 219,326 |
Deferred tax assets | 596 | 665 |
Losses from operations carried forward | Canada | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 165,647 | 131,514 |
Losses from operations carried forward | Germany | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 501 | 232 |
Losses from operations carried forward | United States | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 49,237 | 50,103 |
Losses from operations carried forward | Denmark | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 50,495 | 35,996 |
Losses from operations carried forward | Hong Kong | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 61 | 50 |
Losses from operations carried forward | United Kingdom | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 14,304 | 2,659 |
Investment tax credits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 43,451 | 42,939 |
Investment tax credits | Canada | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 40,877 | 42,939 |
Property, plant and equipment and intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 206,491 | 217,142 |
Research and development tax credits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 29 | 32 |
Research and development tax credits | United Kingdom | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 115 | $ 129 |
Related party transactions - Tr
Related party transactions - Transactions with Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2016 | Dec. 31, 2022 | Dec. 31, 2021 | |
Synergy Ballard JVCo | |||
Disclosure of transactions between related parties [line items] | |||
Proportion of ownership interest in joint venture | 90% | 10% | 10% |
Synergy Ballard JVCo | Joint venture | |||
Disclosure of transactions between related parties [line items] | |||
Trade and other receivables | $ 99 | $ 99 | |
Investments | 0 | 0 | |
Deferred revenue | 0 | 16 | |
Revenues | $ 54 | $ 3,441 | |
Weichai Ballard JV | |||
Disclosure of transactions between related parties [line items] | |||
Proportion of ownership interest in joint venture | 49% | 49% | |
Weichai Ballard JV | Associates | |||
Disclosure of transactions between related parties [line items] | |||
Trade and other receivables | $ 13,320 | $ 10,794 | |
Investments | 24,026 | 28,982 | |
Deferred revenue | 2,095 | 2,730 | |
Revenues | $ 8,115 | $ 35,239 |
Related party transactions - Ke
Related party transactions - Key Management Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | ||
Maximum obligation, notice period (months) | 12 months | |
Maximum obligation, notice period per each year (months) | 1 month | |
Number of years due to change in control | 2 years | |
Payment equivalent period (months) | 24 months | |
Salaries and employee benefits | $ 3,416 | $ 3,767 |
Post-employment retirement benefits | 61 | 74 |
Termination benefits | 247 | 0 |
Share-based compensation (note 21) | 1,793 | 2,411 |
Key management personnel compensation | $ 5,517 | $ 6,252 |
Maximum | ||
Disclosure of transactions between related parties [line items] | ||
Maximum obligation, notice period per each year (months) | 24 months |
Supplemental disclosure of ca_3
Supplemental disclosure of cash flow information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flow Statement [Abstract] | ||
Compensatory shares | $ 1,029 | $ 704 |
Operating segments - Narrative
Operating segments - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) customer | Dec. 31, 2021 USD ($) | |
Disclosure of major customers [line items] | ||
Number of customers | customer | 2 | |
Revenue | $ 83,786 | $ 104,505 |
Individual customer one | ||
Disclosure of major customers [line items] | ||
Revenue | 9,426 | $ 35,239 |
Individual customer two | ||
Disclosure of major customers [line items] | ||
Revenue | $ 8,115 |
Operating segments - Geographic
Operating segments - Geographical (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [line items] | ||
Revenue | $ 83,786 | $ 104,505 |
Non-current assets | 218,570 | 211,757 |
United States | ||
Disclosure of geographical areas [line items] | ||
Revenue | 24,052 | 17,536 |
Non-current assets | 6,791 | 4,121 |
Germany | ||
Disclosure of geographical areas [line items] | ||
Revenue | 13,685 | 22,063 |
United Kingdom | ||
Disclosure of geographical areas [line items] | ||
Revenue | 9,893 | 8,968 |
Non-current assets | 2,913 | 17,552 |
China | ||
Disclosure of geographical areas [line items] | ||
Revenue | 9,127 | 38,818 |
Non-current assets | 24,047 | 29,009 |
France | ||
Disclosure of geographical areas [line items] | ||
Revenue | 6,903 | 1,827 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Revenue | 4,520 | 3,063 |
Non-current assets | 180,421 | 157,805 |
Australia | ||
Disclosure of geographical areas [line items] | ||
Revenue | 3,711 | 36 |
Belgium | ||
Disclosure of geographical areas [line items] | ||
Revenue | 3,430 | 2,121 |
Denmark | ||
Disclosure of geographical areas [line items] | ||
Revenue | 2,529 | 3,026 |
Non-current assets | 4,398 | 3,270 |
Poland | ||
Disclosure of geographical areas [line items] | ||
Revenue | 1,769 | 541 |
Spain | ||
Disclosure of geographical areas [line items] | ||
Revenue | 763 | 926 |
India | ||
Disclosure of geographical areas [line items] | ||
Revenue | 656 | 439 |
Taiwan | ||
Disclosure of geographical areas [line items] | ||
Revenue | 640 | 912 |
Norway | ||
Disclosure of geographical areas [line items] | ||
Revenue | 591 | 2,521 |
Japan | ||
Disclosure of geographical areas [line items] | ||
Revenue | 541 | 954 |
Other countries | ||
Disclosure of geographical areas [line items] | ||
Revenue | $ 976 | $ 754 |
Financial instruments - Narrati
Financial instruments - Narrative (Details) | 12 Months Ended | ||||
Jun. 17, 2021 USD ($) shares | Dec. 31, 2022 USD ($) $ / $ | Dec. 31, 2021 USD ($) | Dec. 31, 2022 CAD ($) $ / $ | Jun. 16, 2021 USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Investment income | $ 19,609,000 | $ 3,743,000 | |||
Mark-to-market gain (loss) on financial assets | (16,877,000) | (9,024,000) | |||
Impairment loss on trade receivables | 73,000 | 54,000 | |||
Net impairment loss on trade receivables | 73,000 | 54,000 | |||
Impairment loss allowance | 0 | 0 | |||
Green Hydrogen | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Mark-to-market gain (loss) on financial assets | 15,000 | 1,422,000 | |||
Forsee Power | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Mark-to-market gain (loss) on financial assets | (16,877,000) | (9,024,000) | |||
Ballard Power Systems Europe A/S | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Number of shares received in sale of stock transaction (in shares) | shares | 259,551 | ||||
Ballard Power Systems Europe A/S | Green Hydrogen | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Proceeds from sales of investment | $ 1,010,000 | $ 336,000 | |||
Currency risk | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Exposure to risk holding Canadian denominated cash and cash equivalents, percentage (up to) | 100% | ||||
Exposure to risk holding Canadian dollar net expenditures, percentage (up to) | 50% | ||||
Average price of hedging instrument (CDN per USD) | 1.31 | 1.31 | |||
Reasonably possible change in risk variable, percent | 10% | 10% | |||
Increase in the corresponding risk variable on income | $ 8,361,000 | ||||
Interest rate risk | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Reasonably possible change in risk variable, percent | 1% | 1% | |||
Decrease in the corresponding risk variable on investment income | $ 9,127,700 | ||||
Equity investments | Ballard Power Systems Europe A/S | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Current investments | $ 1,681,000 | $ 5,000 | |||
Cash and cash equivalents | Currency risk | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Risk exposure associated with instruments sharing characteristic | $ 75,206,000 | ||||
Foreign exchange contracts | Currency risk | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Risk exposure associated with instruments sharing characteristic | $ 38,000,000 |
Financial instruments - Investm
Financial instruments - Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | ||
Mark-to-market gain (loss) on financial assets | $ (16,877) | $ (9,024) |
Green Hydrogen | ||
Disclosure of financial assets [line items] | ||
Mark-to-market gain (loss) on financial assets | 15 | 1,422 |
Forsee Power | ||
Disclosure of financial assets [line items] | ||
Mark-to-market gain (loss) on financial assets | (14,865) | (10,474) |
Wisdom Motor | ||
Disclosure of financial assets [line items] | ||
Mark-to-market gain (loss) on financial assets | 0 | 0 |
Quantron AG | ||
Disclosure of financial assets [line items] | ||
Mark-to-market gain (loss) on financial assets | 150 | 0 |
HyCap Fund | ||
Disclosure of financial assets [line items] | ||
Mark-to-market gain (loss) on financial assets | (1,597) | 26 |
CleanH2 Fund | ||
Disclosure of financial assets [line items] | ||
Mark-to-market gain (loss) on financial assets | $ (580) | $ 2 |
Financial instruments - Schedul
Financial instruments - Schedule of Nature and Extent of Risks Arising from Financial Instruments (Details) - Currency risk | 12 Months Ended | ||||
Dec. 31, 2022 $ / $ | Dec. 31, 2022 $ / $ $ / $ | Dec. 31, 2022 $ / $ | Dec. 31, 2021 $ / $ | Dec. 31, 2021 $ / $ | |
Disclosure of financial assets [line items] | |||||
January 1, 2022 Opening rate | 0.787 | 1.271 | |||
December 31, 2022 Closing rate | 0.739 | 0.739 | 1.354 | ||
Fiscal 2022 Average rate | 0.769 | 1.301 |
Uncategorized Items - _IXDS
Label | Element | Value |
Additional paid-in capital [member] | ||
Equity | ifrs-full_Equity | $ 297,819,000 |
Reserve of exchange differences on translation [member] | ||
Equity | ifrs-full_Equity | 1,721,000 |
Issued capital [member] | ||
Equity | ifrs-full_Equity | $ 2,416,256,000 |
Number of shares outstanding | ifrs-full_NumberOfSharesOutstanding | 297,700,295 |
Retained earnings [member] | ||
Equity | ifrs-full_Equity | $ (1,388,779,000) |