31891035 2023-01-01 2023-12-31 cmn:ConsolidatedMember 31891035 2023-01-01 2023-12-31 cmn:ConsolidatedMember 2 31891035 2022-01-01 2022-12-31 cmn:ConsolidatedMember 31891035 2023-01-01 2023-12-31 31891035 2022-01-01 2022-12-31 31891035 2023-12-31 cmn:ConsolidatedMember 31891035 2022-12-31 cmn:ConsolidatedMember 31891035 2023-12-31 31891035 2022-12-31 31891035 2022-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 31891035 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 31891035 2023-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 31891035 2022-12-31 cmn:ConsolidatedMember fsa:ReserveForDevelopmentExpenditureMember 31891035 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:ReserveForDevelopmentExpenditureMember 31891035 2023-12-31 cmn:ConsolidatedMember fsa:ReserveForDevelopmentExpenditureMember 31891035 2022-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 31891035 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 31891035 2023-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 31891035 2022-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 31891035 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 31891035 2023-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 31891035 2022-12-31 cmn:ConsolidatedMember fsa:OtherReservesMember 31891035 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:OtherReservesMember 31891035 2023-12-31 cmn:ConsolidatedMember fsa:OtherReservesMember 31891035 2022-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 31891035 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 31891035 2023-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 31891035 2022-12-31 fsa:ContributedCapitalMember 31891035 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 31891035 2023-12-31 fsa:ContributedCapitalMember 31891035 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 31891035 2023-01-01 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 31891035 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 31891035 2022-12-31 fsa:RetainedEarningsMember 31891035 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 31891035 2023-12-31 fsa:RetainedEarningsMember 31891035 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 31891035 2023-01-01 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 31891035 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 31891035 2022-12-31 fsa:OtherReservesMember 31891035 2023-01-01 2023-12-31 fsa:OtherReservesMember 31891035 2023-12-31 fsa:OtherReservesMember 31891035 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 31891035 2022-01-01 2022-12-31 cmn:ConsolidatedMember 1 31891035 2021-12-31 cmn:ConsolidatedMember 31891035 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 31891035 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 iso4217:DKK xbrli:pure Jacob Csizmadia The Executive Boardhas today discussed and approved the annual report of CERAMICSPEEDHOLDING ApS for the financial year1 January – 31 December 2023.The annual report has been prepared in accordance with the Danish Financial Statements Act.In my opinion, the consolidated financial statements and the parent company financial statements give atrue and fair view of the Group's and the Parent Company's assets, liabilities and financial position at 31December 2023 and of the results of the Group's and the Parent Company's operations and consolidatedcash flows for the financial year1 January – 31 December 2023.Further, in my opinion, the Management's review gives a fair review of the development in the Group'sand the Parent Company's activities and financial matters, of the results for the year and of the Group'sand the Parent Company's financial position.I recommend that the annual report be approved at the annual general meeting. Holstebro Jacob Csizmadia To the shareholder of CERAMICSPEED HOLDING ApS We have audited the consolidated financial statements and the parent company financial statements ofCERAMICSPEED HOLDING ApS for the financial year1 January – 31 December 2023 comprisingincome statement, balance sheet, statement of changes in equity and notes, including accountingpolicies, for the Group as well as for the Parent Company and a cash flow statement for the Group. Theconsolidated financial statements and the parent company financial statements are prepared inaccordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent company financial statements give atrue and fair view of the Group's and the Parent Company's assets, liabilities and financial position at 31December 2023 and of the results of the Group's and the Parent Company's operations and consolidatedcash flows for the financial year1 January – 31 December 2023 in accordance with the Danish FinancialStatements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additionalrequirements applicable in Denmark. Our responsibilities under those standards and requirements arefurther described in the "Auditor's responsibilities for the audit of the consolidated financial statementsand the parent company financial statements" section of our report. We are independent of the Group in accordance with the International Ethics Standards Board forAccountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additionalethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the IESBA Code.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion. Management is responsible for the preparation of consolidated financial statements and parent companyfinancial statements that give a true and fair view in accordance with the Danish Financial Statements Actand for such internal control that Management determines is necessary to enable the preparation ofconsolidated financial statements and parent company financial statements that are free from materialmisstatement, whether due to fraud or error.In preparing the consolidated financial statements and the parent company financial statements,Management is responsible for assessing the Group's and the Parent Company's ability to continue as agoing concern, disclosing, as applicable, matters related to going concern and using the going concernbasis of accounting in preparing the consolidated financial statements and the parent company financialstatements unless Management either intends to liquidate the Group or the Company or to ceaseoperations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance as to whether the consolidated financial statementsand the parent company financial statements as a whole are free from material misstatement, whetherdue to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance isa high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and theadditional 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 theaggregate, they could reasonably be expected to influence the economic decisions of financial statementusers made on the basis of these consolidated financial statements and parent company financialstatements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable inDenmark, we exercise professional judgement and maintain professional scepticism throughout the audit.We also— identify and assess the risks of material misstatement of the consolidated financial statements andparent company financial statements, whether due to fraud or error, design and perform auditprocedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraudis higher than for one resulting from error as fraud may involve collusion, forgery, intentionalomissions, misrepresentations or the override of internal control.— obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Group's and the Parent Company's internal control.— evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by Management.— conclude on the appropriateness of Management's use of the going concern basis of accounting inpreparing the consolidated financial statements and the parent company financial statements and,based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Group's and the Parent Company's ability tocontinue as a going concern. If we conclude that a material uncertainty exists, we are required todraw attention in our auditor's report to the related disclosures in the consolidated financialstatements and the parent company financial statements or, if such disclosures are inadequate, tomodify our opinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However, future events or conditions may cause the Group and the Company tocease to continue as a going concern.— evaluate the overall presentation, structure and contents of the consolidated financial statements andthe parent company financial statements, including the disclosures, and whether the consolidatedfinancial statements and the parent company financial statements represent the underlyingtransactions and events in a manner that gives a true and fair view.— obtain sufficient appropriate audit evidence regarding the financial information of the entities orbusiness activities within the Group to express an opinion on the Consolidated Financial Statements.We are responsible for the direction, supervision and performance of the group audit. We remainsolely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit. Management is responsible for the Management's review.Our opinion on the consolidated financial statements and the parent company financial statements doesnot cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the consolidated financial statements and the parent company financialstatements, our responsibility is to read the Management's review and, in doing so, consider whether theManagement's review is materially inconsistent with the consolidated financial statements or the parentcompany financial statements or our knowledge obtained during the audit, or otherwise appears to bematerially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the informationrequired under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance withthe consolidated financial statements and the parent company financial statements and has beenprepared in accordance with the requirements of the Danish Financial Statements Act. We did notidentify any material misstatement of the Management's review. Aarhus, KPMGStatsautoriseret Revisionspartnerselskab 25578198 Mikkel Trabjerg Knudsen Katrine Gybel State AuthorisedPublic Accountant mne34459 State AuthorisedPublic Accountant mne45848 CERAMICSPEED HOLDING ApS Nørgårdsvej 3 DK 7500 Holstebro 31891035 Holstebro Frederiks Plads 42 DK 8000 Aarhus C Financial highlights for the GroupDKK'0002023 2022202120202019Key figuresGross profit67,12964,00259,32243,53530,047Profit before financialincome and expenses25,11729,76435,80117,3914,785Loss from financial incomeand expenses-1,460-1,057-384-1,061-809Profit for the year17,41521,49327,49012,9933,059Total assets133,82193,34179,35448,09541,319Equity58,72352,23041,49424,18318,050Investment in property,plant and equipment-41,402-7,493-7,421-1,895-363RatiosReturn on invested capital18.77%31.90%44.70%36.20%11.60%Return on equity31.40%45.90%45.90%53.10%14.50%Solvency ratio39.03%55.96%56.00%64.10%50.30%Average number of full-time employees10297746366The financial ratios have been calculated as follows:Operating profit * 100Return on invested capitalAverage invested capitalProfit from ordinary activities after tax x 100Return on equityAverage equityEquity ex. non-controlling interests at year-end x 100Solvency ratioTotal equity and liabilities at year-endDevelopment in activities and financial positionThe Group's income statement for 2023 shows a profit of DKK'00018,659 as against DKK'00021,493 in2022. Equity in the Company's balance sheet at 31 December 2023 stood at DKK'00059,920 as againstDKK'000 52,230 at 31 December 2022.The result is considered satisfactory. The high inflation in 2023, which has led to a rising cost level andrising raw material prices, has affected the assumptions for the expectations for the year's result, which iswhy we consider the year's result to be satisfactory, despite the fact that the company did not fully meetexpectations at the start of the year.Expected developmentIn 2023, the focus on the ability to deliver to end customers has meant a further increase in the stock ofraw materials and finished goods. We work actively with existing suppliers as well as new suppliers sothat the group can ensure a stable flow of raw materials.New products for new applications enable the group to reach new customers in other segments. Here, anincreased pressure on our internal production is expected. Construction of new production facilities hasbegun in 2022, so all processes and workflows can be significantly improved when they are put into usein the second half of 2023.The company is budgeting for continued growth for 2024 despite the effects of the high inflation in 2023and its continuation in 2024, and the group therefore expects a result that is slightly above the level ofwhat was realized in 2023.Knowledge resourcesThe group's knowledge resources consist of knowledge held by the group's employees about the group'sproducts and development.The knowledge resources of employees play a major role in the continued development of the company'sproducts. Against this background, it is a high priority to continuously ensure that the right knowledgeresources are present.Environmental mattersThe Group works actively with waste sorting in relation to optimal recycling of materials, such as e.g.aluminium, cardboard and paper. In addition, the group is working towards an environmental certificationduring the next 1-2 years.The Group has a quality management certification according to the ISO 9001 standard.Research and development activitiesThe Group's development projects concern the development of new projects to supplement thecompany's existing product lines and webshop solution. The projects are progressing as planned usingthe resources that the management has set aside for development.Financial instrumentsActivities in and with foreign countries mean that results, cash flows and equity are affected by exchangerate developments for a number of currencies. The overall impact for foreign currencies is minimal, whythese risks are generally not hedged through for example currency futures transactions. The Group's principal activitiesThe Group's principal activities are the development, production and sale of ceramic ball bearings,components and lubricants. Events after the balance sheet dateNo events have occurred after the balance sheet date of material importance to the annual report for2023. 67129000 64002000 -92000 -3000 37296000 30525000 0 0 4716000 3209000 0 0 0 504000 0 0 25117000 29764000 -92000 -3000 0 0 37458000 16574000 136000 108000 2443000 4000 1596000 1165000 3000 19000 23657000 28707000 39806000 16556000 6242000 7214000 517000 -4000 17415000 21493000 39289000 16560000 7586000 1272000 0 0 42000 125000 0 0 8687000 10821000 0 0 16315000 12218000 0 0 53645000 13623000 0 0 3828000 1834000 0 0 276000 297000 0 0 4032000 5757000 2801000 187000 61781000 21511000 2801000 187000 0 0 9797000 50466000 169000 169000 0 0 261000 243000 0 0 430000 412000 9797000 50466000 78526000 34141000 12598000 50653000 14251000 11975000 0 0 0 0 73792000 9700000 3585000 2333000 275000 344000 908000 855000 4194000 6351000 505000 1010000 0 0 19249000 16173000 78261000 16395000 5903000 8333000 1175000 2973000 55295000 59200000 79436000 19368000 133821000 93341000 92034000 70021000 125000 125000 125000 125000 0 0 8970000 48554000 12692000 9432000 0 0 44565000 40626000 78972000 3099000 1500000 2000000 1500000 2000000 -159000 47000 -206000 0 58723000 52230000 89361000 53778000 19913000 15454000 0 0 2491000 1819000 0 0 2491000 1819000 0 0 7967000 3061000 0 0 0 0 206000 206000 7967000 3061000 206000 206000 176000 178000 0 0 23151000 643000 0 0 14216000 13770000 0 0 0 0 2464000 15987000 5445000 5313000 3000 2000 1038000 803000 0 0 701000 70000 0 48000 44727000 20777000 2467000 16037000 52694000 23838000 2673000 16243000 133821000 93341000 92034000 70021000 125000 9432000 40627000 2000000 47000 15454000 0 0 0 2000000 0 2000000 2562000 0 0 0 0 -206000 -206000 -196000 0 3260000 5438000 1500000 0 7217000 0 0 1500000 0 0 1500000 0 125000 12692000 44565000 1500000 -159000 19964000 125000 48554000 3098000 2000000 0 0 0 0 2000000 0 2000000 0 0 0 0 -206000 -206000 0 -39584000 77374000 1500000 0 0 0 1500000 0 0 1500000 125000 8970000 78972000 1500000 -206000 12203000 11599000 29619000 33092000 2948000 -290000 32567000 32802000 29000 108000 1564000 844000 5563000 7306000 25469000 24760000 7848000 7871000 41402000 7493000 0 100000 -49250000 -15264000 -4904000 197000 -22509000 5633000 Dividens non-controlling interests Dividens non-controlling interests -2562000 -2920000 3500000 4500000 21351000 -13250000 -2431000 -3754000 8334000 12088000 5903000 The annual report of CERAMICSPEED HOLDING ApS for 2023 has been prepared in accordance withthe provisions applying to reporting class C medium-sized entities under the Danish Financial StatementsAct.Consolidated financial statementsThe consolidated financial statements comprise the Parent Company, , and subsidiaries in which directlyor indirectly holds more than 50% of the votes or in some other way exercises control over. Entities inwhich the Group holds between 20% and 50% of the votes and exercises significant influence but notcontrol are considered associates. A group chart is included on page .On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividendsand realised and unrealised gains and losses on intra-group transactions are eliminated.Investments in subsidiaries are set off against the proportionate share of subsidiaries' fair value of netassets and liabilities at the date of acquisition.Non-controlling interestsItems of subsidiaries are fully recognised in the consolidated financial statements. The non-controllinginterests' proportionate share of the subsidiaries' profit and of equity is included as part of the Group'sprofit and equity, respectively, but is presented separately.Foreign currency translationOn initial recognition, transactions denominated in foreign currencies are translated at the exchangerates at the transaction date. Foreign exchange differences arising between the exchange rates at thetransaction date and the date of payment are recognised in the income statement as financial income orfinancial expenses.Receivables, payables and other monetary items denominated in foreign currencies are translated at theexchange rates at the balance sheet date. The difference between the exchange rates at the balancesheet date and the date at which the receivable or payable arose or was recognised in the latest financialstatements is recognised in the income statement as financial income or financial expenses.Upon recognition of foreign subsidiaries and associates that are independent entities, the incomestatements are translated into Danish kroner at average exchange rates for the month, and balancesheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differencesarising upon translation of foreign subsidiaries' opening equity and results at the exchange rates at thebalance sheet date are recognised directly in equity.Income statementGross profitPursuant to section 32 of the Danish Financial Statements Act, the Company has decided only todisclose gross profit.RevenueIncome from the sale of goods, is recognised in revenue when delivery and transfer of risk to the buyerhave taken place, and the income may be measured reliably and is expected to be received. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged onbehalf of third parties. All discounts granted are recognised in revenue.Cost of salesCost of sales comprises costs incurred to generate revenue for the year. This item also comprises directcosts for goods for resale and changes to inventory of goods for resale.Other external costsOther external costs comprise distribution costs and costs related to sales, sales campaigns,administration, office premises, operating leases, etc.Staff costsStaff costs comprise wages and salaries, including holiday allowance, pension and other social securitycosts, etc., to the Company's employees, excluding reimbursements from public authorities.Other operating incomeOther operating income comprises items secondary to the activities of the entity, including gains on thedisposal of intangible assets and property, plant and equipment.Other operating costsOther operating costs comprise items secondary to the activities of the entity, including losses on thedisposal of intangible assets and property, plant and equipment.Income from equity investments in subsidiariesThe proportionate share of the individual subsidiaries' profit/loss after tax is recognised in the ParentCompany's income statement after full elimination of intra-group gains/losses and amortisation ofgoodwill.Financial income and expensesFinancial income and expenses comprise interest income and expense, payables and transactionsdenominated in foreign currencies as well as surcharges and refunds under the on-account tax scheme,etc.Tax on profit for the yearOn payment of joint taxation contributions, current Danish corporation tax is allocated between the jointlytaxed entities in proportion to their taxable income. Entities with tax losses receive joint taxationcontributions 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, includingchanges in tax rates. The tax expense relating to the profit/loss for the year is recognised in the incomestatement, and the tax expense relating to amounts directly recognised in equity is recognised directly inequity.Balance sheetIntangible assetsDevelopment projectsDevelopment costs comprise costs, wages, salaries and amortisation directly and indirectly attributable todevelopment activities.Development projects that are clearly defined and identifiable, where the technical feasibility, sufficientresources and a potential future market or development opportunities are evidenced, and where theCompany intends to produce, market or use the project, are recognised as intangible assets providedthat the cost can be measured reliably and that there is sufficient assurance that future earnings cancover production costs, selling costs and administrative expenses as well development costs. Otherdevelopment costs are recognised in the income statement as incurred.Development costs recognised in the balance sheet are measured at cost less accumulated amortisationand impairment losses.Capitalized development costs are measured at cost less accumulated depreciation and write-downs orrecoverable amount, if this is lower. An amount corresponding to the recognized development costs isreserved in the item "Reserve for development costs" under equity. The reserve only includesdevelopment costs which are recognized in financial years beginning on or after 1 January 2016. Thereserve is continuously reduced with depreciation and write-downs on the development projects.Upon completion of development work, development costs are amortised on a straight-line basis over theestimated useful lives. The amortisation period is usually 3-5 years.Patents, licences and trademarksPatents and licenses are measured at cost less accumulated depreciation and write-downs or at therecoverable amount, if this is lower.Patents are amortized over the remaining patent period or a shorter economic life. The depreciationperiod is 5-10 years. Software licenses are depreciated over the agreement period, which is 5 years.Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and impairmentlosses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date onwhich the asset is available for use. Indirect production overheads and borrowing costs are notrecognised 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 livesare as follows:Land and buildings40 yearsFixtures and fittings, tools and equipment3-10 yearsLeasehold improvements3-5 yearsThe useful life and residual value are reassessed annually. Changes are treated as accountingestimates, and the effect on depreciation is recognised prospectively.Land is not depreciated.InvestmentsEquity investments in subsidiaries and associates are measured at the proportionate share of the entities'net asset value calculated in accordance with the Parent Company's accounting policies plus or minusunrealised intra-group gains or losses and plus or minus the residual value of positive and negativegoodwill calculated in accordance with the acquisition method.Equity investments in subsidiaries and associates 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 deemedirrecoverable. To the extent that the Parent Company has a legal or constructive obligation to cover anegative balance exceeding the receivable, the residual amount is recognised as provisions.Deposits are recognised at amortised cost.Impairment of fixed assetsThe carrying amount of intangible assets and property, plant and equipment as well as equityinvestments in group entities and associates is subject to an annual test for indications of impairmentother 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 thatthey may be impaired. Write-down is made to the recoverable amount if this is lower than the carryingamount.The recoverable amount is the higher of an asset's net selling price and its value in use. The value in useis determined as the present value of the forecast net cash flows from the use of the asset or the group ofassets, including forecast net cash flows from the disposal of the asset or the group of assets after theend of the useful life.InventoriesInventories are measured at cost in accordance with the FIFO method. Where the net realisable value islower than cost, inventories are written down to this lower value.Goods for resale and raw materials and consumables are measured at cost, comprising purchase priceplus 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 productionoverheads comprise indirect materials and wages and salaries as well as the maintenance ofdepreciation of production machinery, buildings and equipment as well as factory administration andmanagement. Borrowing costs are not included in cost.The net realisable value of inventories is calculated as the sales amount less costs of completion andcosts necessary to make the sale and is determined taking into account marketability, obsolescence anddevelopment in expected selling price.ReceivablesReceivables are measured at amortised cost.Write-down is made for bad debt losses where there is an objective indication that a receivable or aportfolio of receivables has been impaired. If there is an objective indication that an individual receivablehas been impaired, write-down is made on an individual basis.PrepaymentsPrepayments comprise prepayment of costs incurred relating to subsequent financial years.EquityDividendsThe expected dividends payment for the year is disclosed as a separate item under equity.Corporation tax and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the taxableincome for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.Deferred tax is measured using the balance sheet liability method on all temporary differences betweenthe carrying amount and the tax value of assets and liabilities based on the planned use of the asset orsettlement of the liability. However, deferred tax is not recognised on temporary differences relating togoodwill non-deductible for tax purposes and on office premises and other items where the temporarydifferences arise at the date of acquisition without affecting either profit/loss or taxable income.Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expectedvalue of their utilisation within the foreseeable future; either as a set-off against tax on future income or asa set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measuredat net realisable value.Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balancesheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as aresult of changes in tax rates are recognised in the income statement or equity, respectively.Liabilities other than provisionsFinancial liabilities are recognised at cost at the date of borrowing, corresponding to the proceedsreceived less transaction costs paid. In subsequent periods, the financial liabilities are measured atamortised cost using the effective interest method. Accordingly, the difference between cost and thenominal value is recognised in the income statement over the term of the loan together with interestexpenses.Other liabilities are measured at net realisable value.Deferred incomeDeferred income comprises advance invoicing regarding income in subsequent years.Cash flow statementThe cash flow statement shows the Group's cash flows from operating, investing and financing activitiesfor the year, the year's changes in cash and cash equivalents as well as the Group's cash and cashequivalents at the beginning and end of the year.The cash flow effect of acquisitions and divestment of entities is shown separately in cash flows frominvesting activities. Cash flows relating to acquired entities are recognised in the cash flow statementfrom the date of acquisition, and cash flows relating to divested entities are recognised up to the date ofdivestment.Cash flows from operating activitiesCash flows from operating activities are calculated as the 2023 share of profit/loss for the year adjustedfor non-cash operating items, changes in working capital and corporation tax paid.Cash flows from investing activitiesCash flows from investing activities comprise payments in connection with acquisitions and disposals ofentities and activities, intangible assets, property, plant and equipment and investments.Cash flows from financing activitiesCash flows from financing activities comprise changes in size or composition of the Company's sharecapital and costs in this respect as well as raising of loans, instalments on interest-bearing debt anddistribution of dividends to owners.Cash and cash equivalentsCash and cash equivalents comprise cash, bank deposits and short-term marketable securities with aterm of three months or less which are easily convertible into cash and which are subject to only aninsignificant risk of changes in value. true Staff costsGroup Parent CompanyDKK'0002023 2022 2023 2022Wages and salaries31,79425,38000Pensions4,3753,86600Other social security costs77279100Other staff costs3554880037,296 30,525 0 0 102 97 0 0 Pursuant to section 98b (3) of the Danish Financial Statements Act, the Company has not disclosedexecutive remuneration. Other financial incomeInterest income from group entities002,4430Other financial income135904Exchange gains19900136 108 2,443 4 Other financial expensesOther financial costs1,474668319Exchange rate adjustments costs122497001,596 1,165 3 19 Tax on profit for the yearCurrent tax for the year5,5616,771517-4Deferred tax for the year73114300Adjustment of tax concerning previous years-33-1700Adjustment of deferred tax concerningprevious years-17317006,242 7,214 517 -4 7217000 6006000 0 0 3260000 0 0 0 0 0 -39585000 13666000 5438000 13487000 77374000 894000 Intangible assetsGroupCompletedDevelopmentdevelopmentAcquiredprojects inDKK'000projectspatentsprogressTotalCost at 1 January 202318,0725584,47923,109Additions for the year3,588534,2087,849Disposals for the year0-5420-542Cost at 31 December 2023 21,660 69 8,687 30,416Amortisation and impairment losses at 1January 2023-10,567-4320-10,999Amortisation for the year-3,507-250-3,532Reversed amortisation and impairmentlosses on assets sold04300430Amortisation and impairment losses at 31December 2023 -14,074 -27 0 -14,101Carrying amount at 31 December 2023 7,586 42 8,687 16,315Development projects in progressThe group's development projects relate to the development of new projects to complement thecompany's existing product lines. The projects are progressing as planned using the resources thatmanagement has set aside for development. Property, plant and equipmentGroupProperty,Fixtures andplant andfittings, toolsLeaseholdequipmentLand andandimprovementunderDKK'000buildingsequipmentsconstructionTotalCost at 1 January 202316,0406,0051,2835,57328,901Additions for the year35,2022,35403,84541,401Disposals for the year0-40600-406Transfers for the year5,38600-5,3860Cost at 31 December 2023 56,628 7,953 1,283 4,032 69,896Depreciation and impairmentlosses at 1 January 2023-2,477-3,966-9260-7,369Depreciation for the year-506-565-810-1,152Reversed depreciation andimpairment losses onassets sold040600406Depreciation and impairmentlosses at 31 December2023 -2,983 -4,125 -1,007 0 -8,115Carrying amount at 31December 2023 53,645 3,828 276 4,032 61,781 InvestmentsGroupEquityinvestmentsin groupDKK'000entitiesCost at 1 January 20231,912Additions for the year28Disposals for the year-1,000Cost at 31 December 2023 940Revaluations at 1 January 2023 48,554Disposals for the year-45,107Exchange rate adjustment-206Net profit/loss for the year7,211Dividends to the Parent Company-1,5958,857Revaluations 31 December 2023Carrying amount at 31 December 2023 9,797Voting rightsandRegisteredownershipNameofficeinterestCeramicSpeed Group ApSDenmark70%CeramicSpeed Sport Americas LLCUSA70,3% ProvisionsGroup Parent CompanyDKK'000 31/12 2023 31/12 2022 31/12 2023 31/12 2022Deferred tax 1 January 1,8191,32000Deferred tax adjustment for the year in theincome statement723499002,542 1,819 0 0 Non-current liabilities other than provisionsLiabilities other than provisions can be specified as follows:Group Parent CompanyDKK'000 31/12 2023 31/12 2022 31/12 2023 31/12 2022Mortgage loans:0-1 years17617800>5 years7,9673,06100Payables to group entities:0-1 years002,46515,9871-5 years00206206Other payables, including taxes payable:0-1 years5,4345,31322Total liabilities other than provisions13,577 8,552 2,673 16,195 Contractual obligations, contingencies, etc.Operating lease obligationsA lease agreement has been entered into for Måbjerg Skolevej 17, DK-7500 Holstebro, which isirrevocable by both parties until 31 March 2027. Annual rent DKK 120,000, corresponding to a totalobligation of DKK 390 thousand. A lease agreement has been entered into for Nørgårdsvej 4, DK-7500 Holstebro, which is irrevocable byboth parties for a minimum of 3 months, corresponding to a total obligation of DKK 230 thousand. A lease agreement has been entered into a location in USA, which is irrevocable by both parties for aminimum of 49 months, corresponding to a total obligation of DKK 1.860 thousand. Mortgages and collateralGroup Parent CompanyDKK'000 2023 2022 2023 2022The following assets are pledged assecurity for mortgage credit institutions:Land and buildings with an accounting valueof18,90213,62300The following assets are pledged assecurity for bank connections:Owner mortgage deeds of DKK 600thousand which give mortgages on landand buildings Nørgårdsvej 3, DK-7500Holstebro.13,48313,48300Owner mortgage deeds of DKK 1.300thousand which give mortgages on landand buildings Nørgårdsvej 4, DK-7500Holstebro.13,62313,62300 Related party disclosuresCERAMICSPEED HOLDING ApS related parties comprise the following:ControlJacob Csizmadia holds the majority of the contributed capital in the Company.CeramicSpeed Holding ApS is the smallest and largest group that submits consolidated financialstatements.Related party transactionsThe parent company has not had transactions from purchases and sales with related parties during theyear.Payables to group entities are disclosed in the balance sheet, and interest income is disclosed in note 3. GroupDKK'000 2023 2022Other adjustmentsFinancial income-136-108Financial expenses1,5961,164Tax for the year6,2427,214Depreciation 4,7163,209Exchange adjustments on equity-401-251Other adjustments18637112,203 11,599Change in working capitalChanges in inventory4,550-10,057Changes in receivables-3,0404,800Change in suppliers and other debts1,4384,9672,948 -290 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-01 2022-12-31 2024-05-22 Regnskabsklasse C, mellemstor virksomhed 2008-12-01 2024-05-22 25578198 KPMG P/S Dampfærgevej 28 2100 København Ø Opinion Basis for Opinion 2024-05-22 25578198 KPMG Statsautoriseret Revisionspartnerselskab Frederiks Plads 42 8000 Aarhus C DK 22209000 25932000 0 0 3585000 3787000 0 0 4349000 4975000 0 0 30143000 34694000 0 0