37157031 2023-01-01 2023-12-31 37157031 2023-01-01 2023-12-31 auditor_1 37157031 2023-01-01 2023-12-31 memberOfBoardIdentifier_1 37157031 2023-01-01 2023-12-31 memberOfBoardIdentifier_1 37157031 2023-01-01 2023-12-31 memberOfBoardIdentifier_2 37157031 2023-01-01 2023-12-31 memberOfBoardIdentifier_3 37157031 2022-01-01 2022-12-31 37157031 2021-01-01 2021-12-31 37157031 2020-01-01 2020-12-31 37157031 2019-01-01 2019-12-31 37157031 2023-12-31 37157031 2022-12-31 37157031 2021-12-31 37157031 2020-12-31 37157031 2019-12-31 37157031 2022-12-31 fsa:ContributedCapitalMember 37157031 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 37157031 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 37157031 2022-12-31 fsa:RetainedEarningsMember 37157031 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 37157031 2023-01-01 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 37157031 2023-01-01 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 37157031 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 37157031 2023-12-31 fsa:ContributedCapitalMember 37157031 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 37157031 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 37157031 2023-12-31 fsa:RetainedEarningsMember 37157031 2022-12-31 fsa:CompletedDevelopmentProjectsMember 37157031 2022-12-31 fsa:AcquiredIntangibleAssetsMember 37157031 2022-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 37157031 2023-01-01 2023-12-31 fsa:CompletedDevelopmentProjectsMember 37157031 2023-01-01 2023-12-31 fsa:AcquiredIntangibleAssetsMember 37157031 2023-01-01 2023-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 37157031 2023-12-31 fsa:CompletedDevelopmentProjectsMember 37157031 2023-12-31 fsa:AcquiredIntangibleAssetsMember 37157031 2023-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 37157031 2022-12-31 fsa:LandAndBuildingsMember 37157031 2022-12-31 fsa:PlantAndMachineryMember 37157031 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 37157031 2022-12-31 fsa:LeaseholdImprovementsMember 37157031 2023-01-01 2023-12-31 fsa:LandAndBuildingsMember 37157031 2023-01-01 2023-12-31 fsa:PlantAndMachineryMember 37157031 2023-01-01 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 37157031 2023-01-01 2023-12-31 fsa:LeaseholdImprovementsMember 37157031 2023-12-31 fsa:LandAndBuildingsMember 37157031 2023-12-31 fsa:PlantAndMachineryMember 37157031 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 37157031 2023-12-31 fsa:LeaseholdImprovementsMember 37157031 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 37157031 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 37157031 2023-01-01 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember iso4217:DKK pure Årsrapport 2023-01-01 2022-01-01 2023-12-31 2022-12-31 2024-06-04 37157031 2024-06-04 2015-09-25 Reporting class C, medium-size enterprise KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements Copenhagen 2024-05-15 KPMG 25578198 Dampfærgevej 28 2100 true Torben Alexander von Lowzow The Board of Directors and the Executive Board have today discussed and approved the annual report for Simatek 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 development in the Company's activities and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting. Frank Erik Just Poulsen Kenneth Emil Ajslev Chairman Torben Alexander von Lowzow Deputy Chairman Frank Erik Just Poulsen Independent auditor's report To the shareholders of Simatek A/S Opinion We have audited the financial statements of Simatek 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. Martin Eiler mne32271 Simatek A/S Energivej 3 DK-4180 Sorø Sorø 58233000 39394000 41042000 39502000 31424000 3591000 -7921000 -395000 2651000 -6899000 -2157000 -1196000 -181000 -117000 348000 1265000 -8769000 100000 2362000 -5631000 114201000 91130000 54505000 40104000 37708000 178000 579000 839000 453000 540000 17869000 16623000 18425000 -19325000 -16963000 73 -500 5 130 -346 156 182 338 482 450 76000 68000 62000 55000 58000 The financial ratios have been calculated as follows:Return on equityProfit/loss after tax x 100 / Averrage equitySolvency ratioEquity ex. non-controlling interests year end x 100 / Total equity and liabilities at year end Principal activities Simatek's main activity is development, production, sales and service of DCA (Dust Collection & Aspiration) filters, process filters and high temperature filters to customers world-wide as filter systems, key components and flange-flange filters. Development in activities and financial position Profit for the year (including comparison with forecasts previously announced) The Company's income statement for 2023 shows a profit of DKK 1,265 thousand as against a loss of DKK 8,769 thousand in 2022. Equity in the Company's balance sheet at 31 December 2023 stood at DKK 17,869 thousand as against DKK 16,623 thousand at 31 December 2022. The net result is below expectations. Among others with reference to customer projects ordered later than expected. Outlook Based on current project backlog and expected new project orders net profit in 2024 is expected at the same level as in 2023. To a large extent the result depends on timing of new orders. Intellectual capital It is the Company's goal to maintain and consolidate the position as one of the leading suppliers of bag filters in the global marketplace. Environmental matters The Company is Part 5-approved under the Danish Environmental Protection Act. Research and development activities Significant resources have been allocated to optimization and integration of IT tools related to product handling and supply chain during 2023. Further optimization as well as implementation of new applications are planned in 2024. Further developments in products and technologies are planned for 2024. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2023. 58233000 39394000 52449000 45139000 2193000 2176000 3591000 -7921000 91000 476000 345000 114000 2502000 1310000 1525000 -8641000 260000 128000 1265000 -8769000 4623000 5699000 200000 561000 2520000 1301000 7343000 7561000 3331000 3633000 298000 411000 501000 674000 164000 122000 4294000 4840000 525000 453000 12162000 12854000 11838000 12788000 2862000 3573000 14700000 16361000 38093000 44305000 34532000 9604000 7431000 1743000 1046000 1121000 5160000 3774000 1077000 1368000 87339000 61915000 102039000 78276000 114201000 91130000 1500000 1500000 515000 443000 2911000 2737000 12943000 11943000 17869000 16623000 2143000 919000 3936000 19604000 3918000 6827000 46783000 36189000 32228000 3499000 7324000 7469000 94189000 73588000 114201000 91130000 1500000 443000 2737000 11943000 0 -19000 0 0 0 91000 174000 1000000 1500000 515000 2911000 12943000 The annual report of Simatek A/S for 2023 has been prepared in accordance with the provisions applying to reporting class C medium-sized entities under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year.Few reclassifications have been made in the comparison figures to comply with the current year presentation. Omission of presentation of consolidated financial statementsPursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of Simatek A/S and group entities are included in the consolidated financial statements of Ordyhna Holding A/S, c/o Simatek A/S Energivej 3, 4180 Sorø, CVR-nr. 27616127. Omission of cash flow statementPursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are included in the cash flow statement in the consolidated financial statements of Ordyhna Holding A/S. 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. Revenue Income from sale of goods for resale, finished goods and contract work in progress, which cannot be recognised under the production method, is recognised in revenue when transfer of the most significant rewards and risks to the buyer have taken place, and provided that the income can be reliably measured and payment is expected to be received. The revenue is recognised excluding VAT and taxes charged on behalf of third parties. Contract work in progress is recognised in revenue, based on the stage of completion. Revenue is recognised, when the total income and expenses on construction contracts and the stage of completion on the balance sheet date can be recognised reliably, and it is plausible that payments accrue to the Company. 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 external costs Other external costs comprise distribution costs and costs related to sales, sales campaigns, administration, office premises, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. Refunds received from public authorities are deducted from staff 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. Financial income and expenses Financial income and expenses comprise interest income and expenses, gains and losses on securities, 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. Interest and other costs from loans to fund the production of intangible assets and property, plant and equipment, and which relate to the production period, are recognised in costs. Tax on profit/loss for the year The current Danish corporation tax is allocated by settlement of joint taxation contributions between the jointly taxed companies in proportion to their taxable income. In this respect, companies with tax loss carryforwards receive joint taxation contributions from companies that have used these losses to reduce their own taxable profits. Tax for the year comprises current tax for the year and changes in deferred tax. The tax expenses relating to the profit/loss for the year are recognised in the income statement, and the tax expenses relating to amounts directly recognised in equity are recognised directly in equity. Intangible assets Development projects Development costs comprise costs and salaries directly or indirectly attributable to the Company's development activities. Development projects that are clearly defined and identifiable, and where the technical feasibility, sufficient resources and a potential future market or development opportunities in the Company are evidenced, and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement when incurred. Development costs recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. Upon completion of development work, development costs are amortised on a straight-line basis over the estimated useful lives. The amortisation period does not exceed 10 years. The amortisation period only exceeds 5 years if the development project has strategic importance and a long expected useful life. Patents, licences and trademarks Patents, product rights and licences are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining patent period, licences are amortised over the licence period, although not exceeding 10 years. Software Software is measured at cost less accumulated amortisation and impairment losses. Software is amortised over the expected useful lifetime, although not exceeding 3 years. Intangible assets are impaired to recoverable amount, if it is lower than the booked value. Gains and losses on the disposal of development projects, patents and licences are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains or losses are recognised in the income statement as other operating income or other operating costs, respectively. Property, plant and equipmentLand and buildings, plant and machinery, fixtures and fittings, tools and equipment and leasehold improve­ments 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. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, and wages and salaries. The cost of financial leased assets is the lowest fair value of the asset and the present value of the future leases. Financial leased assets are handled as the Company's other property, plant and equipment.Interest expense on loans to finance the production of property, plant and equipment which concerns the production period is included in cost. All other borrowing costs are recognised in the income statement.The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight-line basis over the expected useful life. The expected useful lives are as follows:Buildings25-40 yearsPlant and machinery4-10 yearsFixtures, fittings, tools and equipment2-10 yearsLeasehold improve­ments10-20 years 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 subsidiaries in the Parent Company are measured according to the equity method. Equity investments in subsidiaries 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 subsidiaries 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 provisions. Net revaluation of equity investments in subsidiaries is recognised in the reserve for net revaluation according to the equity method and in equity to the extent that the carrying amount exceeds cost. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment as well as equity investments in subsidiaries 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 and indirect production overheads. Indirect production overheads comprise indirect materials and wages and salaries as well as the maintenance of depreciation of production machinery, buildings and equipment as well as factory administration and management. Borrowing costs are not included 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, which usually means nominal value. Write-down is made for bad debt losses where there is an objective indication that a receivable or a receivable portfolio has been impaired. If there is an objective indication that an individual receivable has been impaired, a writedown is made. Simatek A/S is part of a cash pool agreement with Ordyhna Holding A/S and cash is therefore presented as intercompany receivables or payables. Contract work in progress Construction contracts are measured at the selling price of the work performed. The selling price is measured by reference to the stage of completion at the balance sheet date and total expected income from the contract. When the selling price of a construction contract cannot be measured reliably, the selling price is measured at the lower of costs incurred and net realisable value. Individual construction contracts are recognised in the balance sheet under either receivables or payables. Net assets are determined as the sum of construction contracts where the selling price of the work performed exceeds progress billings. Net liabilities are determined as the sum of construction contracts where progress billings exceed the selling price. Selling costs and costs incurred in securing contracts are recognised in the income statement when incurred. 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. Joint taxation contribution payable and receivable is recognised in the balance sheet as "Corporation tax receivable" or "Corporation tax payable". Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities. Where different tax rules can be applied to determine the tax base, deferred tax is measured based on Management's planned use of the asset or settlement of the liability, respectively. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation; 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 and jurisdiction. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. EquityDividends Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). The expected dividend payment for the year is disclosed as a separate item under equity. Provisions Provisions comprise anticipated costs related to warranties, losses on work in progress, restructurings, etc. Provisions are recognised when, as a result of past events, the Company has a legal or a constructive obligation and it is probable that there may be an outflow of resources embodying economic benefits to settle the obligation. Provisions are measured at net realisable value or fair value. lf the obligation is expected to be settled far into the future, the obligation is measured at fair value. Provisions for warranties are measured at net realisable value and recognised based on past experience. If it is likely that total costs will exceed total income from a construction contract, a provision is made for the total loss anticipated on the contract. The provision is recognised in production costs. Liabilities other than provisions Other liabilities are measured at amortised cost. 47873000 41690000 3957000 2874000 619000 575000 76000 68000 345000 54000 0 15000 0 42000 0 3000 648000 275000 576000 22000 491000 546000 787000 467000 Current tax for the year1850Deferred tax adjustment for the year75128260 128 174000 2737000 91000 0 1000000 -11982000 32040000 8596000 1301000 0 25000 1219000 32040000 8621000 2520000 -26341000 -8035000 0 -1076000 -386000 0 -27417000 -8421000 0 4623000 200000 2520000 Completed development projectsCompleted development projects comprise intellectual property rights and related cost acquired in 2021 which is amortised over 10 years and software solutions developed for integration of existing administrative systems with IT tools related to new products which is amortised over 3 years. Furthermore, completed development projects comprise internal product development cost.Development projects in progressDevelopment projects in progress primarily includes software development and customisation of an interface for a product configurator solution related to product rights acquired in 2021 as well as optimisation of other software solutions related to these product rights. These projects are expected to be completed in 2024. 10033000 4529000 3528000 161000 0 32000 82000 64000 0 0 -88000 0 10033000 4561000 3522000 225000 -6400000 -4118000 -2854000 -39000 -302000 -145000 -255000 -22000 0 0 88000 0 -6702000 -4263000 -3021000 -61000 3331000 298000 501000 164000 10000 10000 443000 -19000 91000 515000 525000 174913000 70503000 -144317000 -80503000 34532000 9604000 3936000 19604000 Receivables from group entities include a cashpool amounting to DKK 7,431 thousand (2022: DKK 0 thousand). 1121000 1249000 -75000 -128000 The contributed capital comprises 1,500,000 shares, split in 1,350,000 A-shares and 150,000 B-shares, each having a nominal value of DKK 1 per share. A-shares carry 1 vote. B-shares carry no vote and is without right of representation. DKK'00031/12 202331/12 2022Other provisions at 1 January 2023919858Provisions for the year2,098627 Employed during the year-874-566Other provisions at 31 December 20232,143919 Payables to group entities include a cashpool amounting to DKK 0 thousand (2022: DKK 10,223 thousand). Contingent assetsThe Company has deferred tax assets of DKK 4,184 thousand (2022: DKK 4,484 thousand), of which DKK 1,046 thousand has been recognised in the financial statements (2022: DKK 1,121 thousand).Contingent liabilitiesThe Company has jointly with other group entities provided suretyship for a number of affiliated companies' banking arrangements with Danske Bank. The group balance is positive as at 31 December 2023.The Company is jointly taxed with other Danish companies in the Ordyhna Group. The companies included in the joint taxation are jointly and severally unlimited liable for Danish corporation taxes and withholding taxes on dividends, interest and royalties.At 31 December 2023, the net taxes payable to the Danish tax authorities by the companies included in the joint taxation amounted to DKK 0 thousand.Any subsequent corrections of the taxable income subject to joint taxation or withholding taxes on dividends, etc., may entail that the companies' liability will increase. The Group as a whole is not liable to others.The Company has provided delivery and performance guarantees in contracts regarding projects. These guarantees may result in an obligation which will not become relevant until the plants in question are in operation. In Management's opinion, the Company is able to meet the provided guarantees, and consequently no guarantee costs have been recognised. Bank guarantees of DKK 23,319 thousand (2022: DKK 37,797 thousand) have been provided as security for the contractual obligations.Operating lease obligationsLease obligations (operating leases) amount to DKK 3,932 thousand covering 2024-2028 (2022: DKK 2,696 thousand). Rental obligations (building) amount to DKK 1,084 thousand covering 2024 (2022: DKK 852 thousand). Simatek A/S' related parties comprise the following:Control Ordyhna Holding A/S, Energivej 3, 4180 Sorø. Ordyhna Holding A/S holds the majority of the contributed capital in the Company. Simatek A/S is part of the consolidated financial statements of Ordyhna Holding A/S, Energivej 3, 4180 Sorø, which is the smallest and largest group, in which the Company is included as a subsidiary.DKK'00031/12 202331/12 2022 Sale of goods to related parties2,6292,377 Sale of services to related parties485558 Purchase of services from related parties5,375790 Remuneration to the Parent Company's Executive Board and Board of Directors is disclosed in note 2. Payables and receivables to/from related parties are disclosed in the balance sheet, and expensed and received interest are disclosed in notes 3 and 4.