Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2021-01-01 2021-12-31 2020-01-01 2020-12-31 70603810 MOCON Europe A/S Rønnedevej 18 4100 Ringsted 1983-11-07 Ringsted 57660088 www.dansensor.com EY Godkendt Revisionspartnerselskab 30700228 Dirch Passers Allé 36 2000 Frederiksberg 2022-05-24 Camilla C. Collet Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2022-05-20 2022-05-24 CaseWare Working Papers Copenhagen Erik Gustav Børgesen Joel Frie Chair Henrik Allan Olsen Erik Gustav Børgesen Steen Helt Hansen Kenneth Weber Copenhagen Kennet Hartmann State Authorised Public Accountant mne40036 18461000 32197000 24512000 -570000 -803000 -261000 -577000 -677000 18001000 51328000 20071000 137861000 122914000 90217000 117336000 99335000 48007000 28.6 19.9 14.2 30.2 19.9 79.9 81.5 85.1 80.8 53.2 33.3 22.4 16.6 69.7 24.1 54 58 64 107746000 96888000 16927000 15438000 47626000 51767000 43193000 29683000 3327000 1381000 2977000 2669000 52000 61000 622000 864000 48927000 32930000 8372000 6363000 40555000 26567000 1706000 833000 0 1028000 1706000 1861000 1462000 2279000 1082000 0 2544000 2279000 8872000 5545000 9317000 6340000 35186000 35186000 329000 329000 53704000 47400000 57954000 51540000 16175000 9363000 868000 834000 3074000 1437000 20117000 11634000 11697000 12665000 16407000 9807000 562000 658000 3341000 2075000 948000 1540000 32955000 26745000 43354000 57358000 96426000 95737000 154380000 147277000 27792000 27792000 9716000 5191000 1245000 1475000 84655000 48395000 0 37250000 123408000 120103000 224000 189000 224000 189000 0 4192000 0 4192000 16418000 9261000 3119000 2613000 1636000 2992000 9575000 7927000 30748000 22793000 30748000 26985000 154380000 147277000 27792000 1606000 756000 63381000 23800000 3585000 719000 -14986000 37250000 0 23800000 27792000 5191000 1475000 48395000 37250000 4525000 -230000 36260000 0 0 37250000 27792000 9716000 1245000 84655000 0 52000 60000 0 1000 220000 244000 335000 557000 67000 63000 8797000 6571000 96000 -208000 -521000 0 8372000 6363000 13781000 1028000 422000 0 56000 0 1028000 -1028000 15175000 0 12948000 0 577000 0 56000 0 13469000 0 1706000 0 14550000 0 406000 1082000 462000 0 14494000 1082000 12271000 0 931000 0 170000 0 13032000 0 1462000 1082000 3712000 4761000 35186000 329000 3712000 4761000 35186000 329000 1833000 1579000 0 0 -1000 0 0 0 3489000 2573000 -161000 404000 5160000 4556000 0 0 8872000 9317000 35186000 329000 Dansensor Espania S.L, Spain 100 6379 3489 Ametek Italy S.r.l., Italy 30 7541 2573 Ametek SAS, France Ametek GmbH, Germany 27792000 27792000 27792000 89200000 0 0 0 61408000 27792000 27792000 27792000 27792000 -658000 -450000 40842000 36691000 3700000 3745000 -988000 138000 43554000 40574000 43554000 40574000 55 53 0 37250000 4525000 3585000 -230000 719000 36260000 -14987000 Today, the Board of Directors and the Executive Board have discussed and approved the annual report of MOCON Europe A/S for the financial year 1 January - 31 December 2021. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January - 31 December 2021. Further, in our opinion, the Management's review gives a fair review of the development in the Company's operations and financial matters and the results of the Company's operations and financial position. We recommend that the annual report be approved at the annual general meeting. To the shareholders of MOCON Europe A/S We have audited the financial statements of MOCON Europe A/S for the financial year 1 January - 31 December 2021, which comprise 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 financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence 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. Management 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 as 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. Our 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 applicable in Denmark will always detect a material misstatement when it exists. Misstatements can 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 users taken on the basis of the 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 also: Identify and assess the risks of material misstatement of the 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 note 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. Management 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. For terms and definitions, please see the accounting policies. The main activity of MOCON Europe A/S is development, manufacturing and sale of quality assurance and quality control equipment mainly for the food and health care industry. MOCON Europe A/S operates directly from sales&service points out of Denmark, China, United States, France, Germany, Italy and Spain. The activities on the remaining core markets are managed by distributors and through sales via Original Equipment Manufacturers. MOCON Europe A/S is part of the AMETEK Inc, a leading global manufacturer of electronic instruments and electromechanical devices with annualized sales of more than $5.5 billion. The income statement for 2021 shows a profit of DKK 40,555 thousand against a profit of DKK 26,567 thousand last year, and the balance sheet at 31 December 2021 shows equity of DKK 123,408 thousand. We have had a strong 2021 performance despite impact from COVID-19. This is due to the food industry is less impacted by COVID-19 compared with other industries. With strong sales and low spending (ie. travel restrictions) we have delivered a result in line with expectations. In 2021 the Gross profit resulted in 107,746 thousand. This is in alignment with expectations and is considered satisfactory. The profit before tax is 48,925 thousand. The result for the year is according to expected. The result is indicating a positive trend in the MAP industry in general as MOCON Europe A/S has experienced growth within most product ranges and sales channels. Capital resources The company is firmly based. The equity amounts to 123,406 thousand, equal to an equity ratio of 79,9%. The cash resources of the group at year end amount to 43,354 thousand. In order to secure continuous growth, MOCON Europe A/S must maintain the ability to attract and keep highly educated staff, primarily within management, technology development, production and marketing. In order to secure a high and competitive quality, the Company applies outsourcing to a great extent. Thus MOCON Europe A/S has current access to the newest technology without binding own resources in plant and equipment. General risk The growth potential of MOCON Europe A/s is dependent on a strong positioning on the focus markets in the EU, North America, and South East Asia. Furthermore, it is essential for the Company to keep fully updated on the technological development within sensor technology and associated applications. Financial risks To some extent the group is exposed to fluctuations in foreign currency rate and MOCON Europe A/S not entering into hedges and other financial instruments. Foreign Currency Risks The Company is exposed to general foreign currency risks in respect of the current operation, however primarily related to USD. Sales as well as purchasing are carried out in EURO, USD and DKK. Credit Risks The Company is not exposed to material risk in respect of individual customers or collaborators. The Company credit policy demands current credit rating of all major customers and collaborators. The direct environmental effects from the daily operation are limited to very small quantities, primarily dissolutions, which are disposed of in compliance with the Danish legislation. Optimisation of energy consumption and indoor climate is a current focus area. MOCON Europe is not obliged to submit an environmental report, but is constantly aware of the values of such. In the financial year, MOCON Europe A/S has invested 10,954 thousand in development costs compared to 10,054 thousand in 2020. The increase is due to restart activity in 2nd half after Covid-19. No events materially affecting the Company's financial position have occurred after the financial year end. In addition, the ongoing war in Ukraine is not considered to have any significant impact on the company and operations in 2022 We have had a difficult start to 2022 due to the global Supply chain situation. Shortage on parts are limiting the efficiency in production and increasing parts purchase prices. We therefore expect to deliver a 2022 profit of DKK 30,000 - 35,000 thousand. The share capital consists of DKK 27,792,000 shares at a nominal value of DKK 27,792,000. No shares carry any special rights. The annual report of MOCON Europe A/S for 2021 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities. In accordance with section 112(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The Financial statements of MOCON Europe A/S has not prepared consolidated financial statemens of the MOCON Europe A/S and subsidiaries are included in the consolidated financial statements of Ametek Inc. USA. The accounting policies used in the preparation of the financial statements are consistent with those of last year. In accordance with the Danish Business Authority’s clarification in May 2021, financial statement items regarding equity investments in associates have been renamed to equity investments in participating interests as the financial statement items must be designated as such when the entity only holds equity investments in associates. With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement is prepared for the parent company, as its cash flows are reflected in the consolidated cash flow statement for the Parent Company, Ametek Inc., USA. Reporting currency The financial statements are presented in Danish kroner (DKK'000). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate 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 and payables and other monetary items denominated in foreign currencies are translated at the exchange rate 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 most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition. Income from the sale of goods for resale and finished goods, is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2010. Income from the rendering of services is recognised as revenue as the services are rendered. Accordingly, revenue corresponds to the market value of the services rendered during the year (percentage-of-completion method). The items revenue, production costs and other operating income have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Production costs comprise costs incurred in generating the revenue for the year. Such costs include direct and indirect costs of raw materials, consumables and production staff, rent and leases, as well as depreciation on production plant. Production costs also comprise research and development costs that do not qualify for capitalisation and amortisation of capitalised development costs. Also, provision for losses on construction contracts is recognised. Distribution costs comprise costs related to the distribution of goods sold in the year and to sales campaigns, etc. carried out in the year, including costs related to sales staff, advertising, exhibitions and amortisation/depreciation. Sales and marketing costs are recognised in the income statement when the Company obtains control of the sales or marketing product. Administrative expenses include expenses incurred in the year for company management and administration, including expenses relating to administrative staff, Management, office premises, recharge cost, royalty fee and expenses as well as amortisation/depreciation of assets used for administrative purposes. Other operating income and operating expenses comprise items of a secondary nature relative to the Company's core activities, including gains or losses on the sale of fixed assets. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment. The basis of amortisation, which is calculated as cost less any residual value, is amortised on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows: Development projects in progress and prepayments for intangible assets 5 years Software 5 years Other plant, fixtures and fittings, tools and 3-5 years equipment 3-5 years Intangible assets and property, plant and equipment are impaired in accordance with the accounting policies referred to in the ‘Impaiment losses on fixed assets’ section. Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised. In the case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates. A proportionate share of the underlying entities' profit/loss after tax is recognised in the income statement according to the equity method. Shares of profit/loss after tax in subsidiaries and associates are presented as separate line items in the income statement. Full elimination of intra-group gains/losses is made for equity investments in subsidiaries. Only proportionate elimination of intra-group gains/losses is made for equity investments in associates. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption). Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities. Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities areidentifiable 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 as incurred. Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually 5 years and cannot exceed 5 years. Intangible assets Software is amortised using the straight-line method based on useful lives, which are stated in the ‘Depreciation, amortisation and impairment losses’ section. Gains and losses on the sale of intangible assets are recognised in the income statement under "Other operating income" or "Other operating expenses", respectively. Gains and losses are calculated as the difference between the selling price less selling expenses and the carrying amount at the time of sale. Property, plant and equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The Company has chosen IAS 17 as interpretation for classification and recognition of leases. On initial recognition, leases for assets that transfer substantially all the risks and rewards incident to the ownership to the Company (finance leases) are measured in the balance sheet at the lower of fair value and the present value of the future lease payments. In calculating the net present value, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently accounted for in the same way as the Company's other assets. The capitalised residual lease liability is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease. Equity investments in subsidiaries and associates are measured according to the equity method. On initial recognition, equity investments in subsidiaries and associates are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations. The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses. Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement. Dividend received is deduced from the carrying amount. Equity investments in subsidiaries and associates measured at net asset value are subject to impairment test requirements if there is any indication of impairment. Other securities and investments consisting of un-listed shares. Investments not admitted to trading on an active market are measured at cost. The carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries and associates is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. 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. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price. The cost of raw materials and consumables comprises the cost of acquisition plus delivery costs. The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct labour and indirect production overheads. Indirect production overheads include the indirect cost of material and labour as well as maintenance and depreciation of production machinery, buildings and equipment and expenses relating to plant administration and management. Borrowing costs are not recognised in the sales price. Receivables are measured at amortised cost. The Company has chosen IAS 39 as interpretation for impairment of financial receivables. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value. Reserve for net revaluation according to the equity method The net revaluation reserve according to the equity method includes net revaluations of investments in subsidiaries and associates relative to cost. The reserve can be eliminated in case of losses, realisation of investments or a change in accounting estimates. The reserve cannot be recognised at a negative amount. Reserve for development costs The reserve for development costs comprises recognised development costs. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development costs are amortised or are no longer part of the Company's operations by a transfer directly to the distributable reserves under equity. Proposed dividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Provisions comprise anticipated expenses relating to warranty commitments, onerous contracts, restructurings, etc. Provisions are recognised when the Company has a legal or constructive obligation at the balance sheet date as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled far into the future. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to 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. Deferred tax assets 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. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. Other payables Other payables are measured at net realisable value. Deferred income Deferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. The financial ratios stated under "Financial highlights" have been calculated as follows: Operating profit/loss Profit/loss before financial items adjusted for other operating income and other operating expenses Return on assets Profit/loss from operating activites x 100 Average assets Equity ratio Equity, year-end x 100 Total equity and liabilities, year-end Return on equity Profit/loss after tax x 100 Average equity No events materially affecting the Company's financial position have occured subsequent to the financial year end. Other operating income includes compensation that Mocon Europe A/S applied for and obtained related to salaries under the goverment's COVID-19 compensation programs. This amounted to 1.1 million DKK in 2020 and 0 in 2021 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Tax assets consist of timing differences between carrying amount and taxable value for certain assets and liabilities. Staff costs are recognised as follows in the financial statements: DKK'000 2021 2020 Production 19,300 14,804 Distribution 16,927 15,438 Administration 7,327 10,332 43,554 40,574 By reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to Management is not disclosed. Contingent liabilities MOCON Europe A/S is jointly taxed with its sister company, which acts as management company. The company has joint and several unlimited liability, together with the group companies, for all Danish income taxes and withholding taxes on dividend, interest and royalties within the group of jointly taxed entities. Any subsequent corrections of income subject to joint taxation and withholding taxes, etc. could entail an increase in the entities’ tax liability. The Group as a whole is not liable vis-à-vis any third parties. Lease commitments: The Company has concluded lease agreements with terms to maturity of 5 years and a total of DKK 901 thousand. Rent commitments: The Company has rent commitments in total of DKK 845 thousand. The Company has not provided any security or other collateral in assets at 31 December 2021. Parties exercising control Related party Domicile Basis for control MOCON Europe SårI Luxemborg Participating interest AMETEK Inc. AMETEK, Inc.Corporate Headquarters1100 Cassatt Road Berwyn, PA 19312  Ultimative parant companywith controlling interest Information about consolidated financial statements Parent Domicile Requisitioning of the parent company's consolidated financial statements Ametek Inc. AMETEK, Inc.Corporate Headquarters1100 Cassatt Road Berwyn, PA 19312  https://www.ametek.com/ Related party transactions MOCON Europe A/S was engaged in the below related party transactions: DKK'000 2021 2020 Sales of goods to parent company 28,904 23,963 Sales of goods to subsidiaries 6,980 8,062 Sales of goods to associated companies 61,388 64,008 Sales of services to other group companies 11,307 399 Sales of services to parent company 0 310 Receivables from subsidiaries 1,666 748 Receivables from associated companies 9,721 5,656 Receivables from parent company 3,356 6,269 Receivables from other group entities 1,664 456 Payables to associated companies 2,759 2,716 Payables to parent company 244 2,863 Payables to other group entities 116 98 70603810 2021-01-01 2021-12-31 70603810 2021-01-01 70603810 2020-12-31 70603810 2021-12-31 70603810 2020-01-01 70603810 2021-01-01 2021-12-31 1 70603810 2021-01-01 2021-12-31 2 70603810 2021-01-01 2021-12-31 3 70603810 2021-01-01 2021-12-31 4 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