67382218 2023-01-01 2023-12-31 67382218 2023-01-01 2023-12-31 auditor_1 67382218 2023-01-01 2023-12-31 auditor_2 67382218 2023-01-01 2023-12-31 memberOfBoardIdentifier_1 67382218 2023-01-01 2023-12-31 memberOfBoardIdentifier_2 67382218 2023-01-01 2023-12-31 memberOfBoardIdentifier_1 67382218 2023-01-01 2023-12-31 memberOfBoardIdentifier_2 67382218 2023-01-01 2023-12-31 memberOfBoardIdentifier_3 67382218 2023-01-01 2023-12-31 memberOfBoardIdentifier_4 67382218 2023-01-01 2023-12-31 memberOfBoardIdentifier_5 67382218 2023-01-01 2023-12-31 memberOfBoardIdentifier_6 67382218 2022-01-01 2022-12-31 67382218 2023-12-31 67382218 2022-12-31 67382218 2022-12-31 fsa:ContributedCapitalMember 67382218 2022-12-31 fsa:RevaluationReserveMember 67382218 2022-12-31 fsa:RestOfOtherReservesMember 67382218 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 67382218 2022-12-31 fsa:RetainedEarningsMember 67382218 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 67382218 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 67382218 2023-01-01 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 67382218 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 67382218 2023-01-01 2023-12-31 fsa:RevaluationReserveMember 67382218 2023-01-01 2023-12-31 fsa:RestOfOtherReservesMember 67382218 2023-01-01 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 67382218 2023-12-31 fsa:ContributedCapitalMember 67382218 2023-12-31 fsa:RevaluationReserveMember 67382218 2023-12-31 fsa:RestOfOtherReservesMember 67382218 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 67382218 2023-12-31 fsa:RetainedEarningsMember 67382218 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 67382218 2022-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 67382218 2023-01-01 2023-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 67382218 2023-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 67382218 2022-12-31 fsa:LandAndBuildingsMember 67382218 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 67382218 2023-01-01 2023-12-31 fsa:LandAndBuildingsMember 67382218 2023-01-01 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 67382218 2023-12-31 fsa:LandAndBuildingsMember 67382218 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 67382218 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 67382218 2022-12-31 fsa:ParticipatingInterestsMember 67382218 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 67382218 2023-12-31 fsa:ParticipatingInterestsMember 67382218 2023-01-01 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 67382218 2023-01-01 2023-12-31 fsa:ParticipatingInterestsMember 67382218 2023-12-31 fsa:LongtermMortgageLoansMember 67382218 2022-12-31 fsa:LongtermMortgageLoansMember 67382218 2023-12-31 fsa:LongtermDebtToBanksMember 67382218 2022-12-31 fsa:LongtermDebtToBanksMember 67382218 2023-12-31 fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember 67382218 2022-12-31 fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember 67382218 2023-12-31 fsa:OtherLongtermPayablesMember 67382218 2022-12-31 fsa:OtherLongtermPayablesMember iso4217:DKK pure Årsrapport 2023-01-01 2022-01-01 2023-12-31 2022-12-31 2024-04-24 67382218 2024-04-24 1982-03-23 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements Copenhagen 2024-04-24 KPMG 25578198 Dampfærgevej 28 2100 KPMG 25578198 Dampfærgevej 28 2100 true Bernd Petersen The Board of Directors and the Executive Board have today discussed and approved the annual report for Tantec A/S for the financial year 1 January - 31 December 2023. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Morten Thrane Kim Egede Saabye Bernd Petersen Chairman Kurt Holmsted Deputy Chairman Kim Egede Saabye Morten Thrane Christen Højgaard Nielsen Christian Dalum Independent auditor's report To the shareholder of Tantec A/S Opinion We have audited the financial statements of Tantec A/S for the financial year 1 January - 31 December 2023, comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report.We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of financial statement users made on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We alsoidentify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Klaus Rytz mne33205 Stine Inger Pedersen mne47771 Tantec A/S Industrivej 6 DK-6640 Lunderskov www.tantec.com mail@tantec.com Kolding Principal activities The Company´s main activities are production and sales of pretreatment plants for plastic and metal. Development in activities and financial position The Company's income statement for 2023 shows a profit of DKK 16,695 thousand as against a profit of DKK 22,088 thousand in 2022. Equity in the Company's balance sheet at 31 December 2023 stood at DKK 18,710 thousand as against DKK 26,555 thousand at 31 December 2022. Events after the balance sheet date No events materially affecting the assessment of the annual report have occurred after the balance sheet date. 44226000 49596000 23740000 21923000 1594000 1026000 18892000 26647000 2549000 1387000 589000 471000 1296000 502000 20734000 28003000 4039000 5915000 16695000 22088000 2154000 2313000 16000000 24500000 -1459000 -4725000 240000 0 15407000 7745000 3019000 2440000 18426000 10185000 886000 492000 75000 75000 961000 567000 19627000 10752000 12761000 7635000 5690000 4224000 452000 242000 18903000 12101000 12053000 5578000 5545000 27832000 2247000 2112000 233000 268000 20078000 35790000 1594000 4077000 40575000 51968000 60202000 62720000 1300000 1300000 650000 722000 0 92000 760000 -59000 16000000 24500000 18710000 26555000 289000 361000 244000 278000 1559000 1718000 8500000 9500000 1550000 1487000 11609000 12705000 163000 165000 5585000 500000 9194000 7952000 6044000 6309000 133000 113000 4090000 5799000 4141000 1983000 29350000 22821000 60202000 62720000 1300000 722000 0 0 33000 24500000 0 -24500000 0 0 0 -60000 0 0 0 -92000 0 0 92000 0 0 0 2154000 -1459000 16000000 20000 0 0 -2094000 2094000 1300000 650000 0 0 760000 16000000 The annual report of Tantec A/S for 2023 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Omission of presentation of consolidated financial statementsPursuant to section 110(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Non-current assets purchased in foreign currency are translated at the exchange rate on the transaction date. Revenue Income from the sale of goods, comprising the sale of pretreatments plants for plastic and metal, is recognised in revenue when delivery and transfer of risk to the buyer have taken place, and the income may be measured reliably and is expected to be received. Revenue is recognized excl. VAT and taxes and less discounts in connection with the sale. Cost of sales Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale. Other operating income Other operating income comprises items secondary to the activities of the Company, including goverment grants. Other external costs Other external costs comprise costs for distribution and sales costs, costs for advertising, administrative expenses, costs of premises, bad debts, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Income from equity investments in group entities The proportionate share of the individual subsidiaries' profit/loss after tax is recognised in the Parent Company's income statement after full elimination of intra-group gains/losses and amortisation of goodwill. Dividends from participating interest measured at cost are recognised as income in the income statement in the financial year when the diviends are declared. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses on payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax on profit for the year The Company is jointly taxed with FPE Fem B ApS groups other entities. On payment of joint taxation contributions, current Danish corporation tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have used the losses to reduce their own taxable profit. Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Intangible assets Development projects in progress are recognised and measured at cost at the balance sheet date. Upon entry into service, the cost is transferred to the relevant group of property, plant and equipment. Property, plant and equipmentOn initial recognition, tangible fixed assets are measured at cost. Cost includes the purchase price and costs directly related to the acquisition util the time the asset is ready for use.Land and buildings are subsequently measured at fair value.The fair value is determined by regularly recurring assessments of all fair value.Changes in the fair value in relation to the cost of the assets are offset against equity, taking into account deferred tax. If the fair value is lower than the cost, value adjustments are recognized in the income statement.The fair value is divided into separate components, which are separately written if the useful life of the individual components is different.Fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Buildings25 yearsFixtures, fittings, tools and equipment5 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.Land is not depreciated. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Investments Equity investments in group entities are measured at the proportionate share of the entities' net asset value calculated in accordance with the Parent Company's accounting policies plus or minus unrealised intra-group gains or losses and plus or minus the residual value of positive and negative goodwill calculated in accordance with the acquisition method. Equity investments in group entities with negative net asset values are measured at DKK 0, and any receivables from these entities are written down to the extent that the receivables are deemed irrecoverable. To the extent that the Parent Company has a legal or constructive obligation to cover a negative balance exceeding the receivable, the residual amount is recognised as provsions. Participating interests are measured at cost. In case of indication of impairment, an impairment test is conducted. When the cost exceeds the recoverable amount, write-down is made to this lower value. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Inventories Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries. Indirect production overheads and borrowing costs are not recognised in cost. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. EquityNet revaluation reserve according to the equity methodNet revaluation reserve according to the equity method comprises net revaluation of equity investments in group entities in proportion to cost.Dividends The expected dividend payment for the year is disclosed as a separate item under equity. Provisions Provisions include expected costs for guarantee commitments and tax. Warranties comprise obligations to make good any defects within the warranty period of 1-5 years. Provisions are recognised based on the Company's experience with warranties. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Liabilities other than provisions Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at amortised cost. 20424000 18800000 2987000 2866000 329000 257000 34000 33000 535000 457000 54000 14000 Current tax for the year4,0905,799Deferred tax adjustment for the year-511164,039 5,915 0 240000 240000 240000 14627000 7958000 8221000 1614000 22848000 9572000 2309000 0 2309000 0 -9191000 -5518000 -559000 -1035000 -9750000 -6553000 15407000 3019000 1417000 75000 1417000 75000 -925000 0 -60000 0 2236000 0 -2094000 0 312000 0 -531000 0 886000 75000 163000 165000 694000 690000 865000 1028000 5585000 500000 8500000 4000000 0 5500000 4141000 1983000 1550000 1487000 21498000 15353000 11609000 12705000 9889000 2648000 Contingent liabilitiesThe Company is jointly taxed with other Danish companies in the FPE Fem B ApS.Together with the other companies in the joint taxatio, the Company has joint and several liability for Danish corporation taxes and VAT and withholding taxes on dividens, interest and royalties within the joint taxaion. Remaining operating lease obligation at the balance sheet data fall due at DKK 249 thousand within 11 months (2022: DKK 138 thousand). For mortgages to credit institutes, DKK 1,722 thousand (2022: DKK 1,883 thousand), have been pledged as collateral in land and buildings, the carrying amount of which is DKK 15,407 thousand (2022: DKK 7,745 thousand).The company has ownership mortgages totaling DKK 7,800 thousand, which are in the company's possession. The company has issued a corporate mortgage of DKK 4,000 Thousand. The company corporate mortgage includes the following assets with carrying out amount of:Fixtures and fittings, tools and equipment3,0192,440Inventories16,94012,101The company mortgage includes the following assets with carrying out amount of:Trade receivables12,0535,578The company has provided a guarantee to clients via a bank with a total of DKK 1,668 thousand.