21607584 2020-12-31 cmn:TwoYearsAgoMember 21607584 2019-12-31 cmn:ThreeYearsAgoMember 21607584 2018-12-31 cmn:FourYearsAgoMember 21607584 2022-12-31 21607584 2021-12-31 21607584 2022-01-01 fsa:ContributedCapitalMember 21607584 2022-01-01 fsa:RetainedEarningsMember 21607584 2022-01-01 fsa:ProposedDividendRecognisedInEquityMember 21607584 2022-12-31 fsa:ContributedCapitalMember 21607584 2022-12-31 fsa:RetainedEarningsMember 21607584 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 21607584 2022-01-01 fsa:InvestmentsInGroupEnterprisesMember 21607584 2021-01-01 fsa:InvestmentsInGroupEnterprisesMember 21607584 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 21607584 2021-12-31 fsa:InvestmentsInGroupEnterprisesMember 21607584 2022-12-31 relatedEntityIdentifier_asso_list_1 fsa:SubsidiaryMember 21607584 2022-12-31 relatedEntityIdentifier_asso_list_2 fsa:SubsidiaryMember 21607584 2022-12-31 relatedEntityIdentifier_asso_list_3 fsa:SubsidiaryMember 21607584 2022-01-01 2022-12-31 21607584 2022-01-01 2022-12-31 1 21607584 2022-01-01 2022-12-31 memberOfBoardIdentifier_executive_board_1 21607584 2022-01-01 2022-12-31 memberOfBoardIdentifier_executive_board_2 21607584 2022-01-01 2022-12-31 2 21607584 2020-01-01 2020-12-31 cmn:TwoYearsAgoMember 21607584 2019-01-01 2019-12-31 cmn:ThreeYearsAgoMember 21607584 2018-01-01 2018-12-31 cmn:FourYearsAgoMember 21607584 2021-01-01 2021-12-31 21607584 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 21607584 2021-01-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 21607584 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 21607584 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 21607584 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 21607584 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 21607584 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 21607584 2022-01-01 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 21607584 2021-01-01 2021-12-31 fsa:InvestmentsInGroupEnterprisesMember 21607584 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_1 fsa:SubsidiaryMember 21607584 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_2 fsa:SubsidiaryMember 21607584 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_3 fsa:SubsidiaryMember iso4217:DKK pure Årsrapport 21607584 QUAKER DENMARK ApS Sundkrogsgade 21 2100 Copenhagen Ø 2022-01-01 2021-01-01 2022-12-31 2021-12-31 21607584 QUAKER DENMARK ApS Sundkrogsgade 21 2100 Copenhagen Ø 1999-04-01 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2023-08-04 Harm Blok Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board has today considered and adopted the Financial Statements of QUAKER DENMARK ApS for the financial year 1 January - 31 December 2022. 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 at 31 December 2022 of the Company and of the results of the Company operations for 2022. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Financial Statements be adopted at the Annual General Meeting. 2023-08-04 Copenhagen Joseph A. Berquist CEO Harm Blok Executive officer To the shareholder of QUAKER DENMARK ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company´s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of QUAKER DENMARK ApS for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). 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 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 about 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 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 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 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 Management’s Review. Our opinion on the Financial Statements does not cover 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 Management’s Review and, in doing so, consider whether 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 Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup 2023-08-04 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Bo Schou-Jacobsen State Authorised Public Accountant mne28703 Anders Røjleskov State Authorised Public Accountant mne28699 134006000 405362000 -15000 120091000 364463000 -241000 66817000 129487000 67444000 66963000 130984000 68986000 -0.1 -0.2 -0.6 -0.2 -0.3 85.5 99.2 99.8 98.9 97.8 108.7 84.0 122.4 370.1 -0.7 Key activities The Company´s core activity is to hold shares in other companies, which are capital investments and moreover administering the Company's capital. The underlying operating companies produce and sell chemical products. Development in the year The income statement of the Company for 2022 shows a profit of DKK 274,434,140, and at 31 December 2022 the balance sheet of the Company shows positive equity of DKK 341,212,703. Results for the year are considered as satisfactory. Targets and expectations for the year ahead As the main source of income is dividends from group enterprises, Management can not provide a target for the year ahead as it depends on the underlying performance of the group enterprises. But a positive result is expected. External environment As the Company is a holding company, the activities of the Company has no material effect on external environment. Intellectual capital resources The Company's earnings are not dependent on intellectual capital resources. Uncertainty relating to recognition and measurement In connection with the preparation of the Financial Statements, Management perform estimates and judgements, which may entail a risk of material adjustments.In particular in the determination of withholding tax payable in China of dividend received and not reinvested in China. Ie., the Company reinvests part of dividend received from a Chinese subsidiary in another Chinese subsidiary. According to local laws, no withholding tax has to be paid on the part, which is reinvested. Thus, Management performs an estimate and judgement in respect of the dividend received, which is expected to be reinvested. Unusual events The financial position at 31 December 2022 of the Company and the results of the activities of the Company for the financial year for 2022 have not been affected by any unusual events. Subsequent events Reference is made to note 10 in the Financial Statements. 540774 366842 -540774 -366842 303868687 107535823 350987 0 10426247 68675 293252653 107100306 18818513 10356466 274434140 96743840 53953016 96781922 220481124 -38082 284147144 98342151 399045063 164942687 114897919 66600536 114897919 66600536 114897919 66600536 283842133 97556702 0 0 68000 0 283910133 97556702 237011 785449 125100 125100 53953016 96781922 43469635 0 14104906 1258202 125100 125100 287134587 66653463 341212703 163560485 257819 124000 57832360 1382202 57832360 1382202 399045063 164942687 125100 66653463 96781922 0 0 -96781922 0 220481124 53953016 125100 287134587 53953016 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Dividend received 303,868,687 107,535,823 303,868,687 107,535,823 350987 0 174734 13356 10251513 55319 10426247 68675 18876122 10657768 -57609 -301302 18818513 10356466 66600536 66600536 48297383 0 114897919 66600536 Quaker Chemical China Co Ltd Shanghai, China 100 404056000 127658000 Quaker Houghton Material Science & Technology (Suzhou) Co. Ltd Suzhou, China 100 56815000 11500000 Quaker Shanghai International Trading Co. Ltd. China 100 28568000 1281000 Financial information is based on latest financial statements for 2022 prepared according local laws. Deferred tax asset at 1 January 0 0 Amounts recognised in the income statement for the year 0 0 Amounts recognised in equity for the year 0 0 Intangible assets 0 0 Property, plant and equipment 0 0 Fixed asset investments 0 0 Inventories 0 0 Trade receivables 0 0 Contract work in progress 0 0 Current asset investments 0 0 Intercompany profit on inventories 0 0 Amortization 0 0 Tax loss carry-forward 0 0 Transferred to deferred tax assets 0 0 0 0 0 0 Deferred tax has been provided at % corresponding to the current tax rate. Deferred tax asset Calculated tax assets 0 0 Carrying amount 0 0 Write down to assessed value 0 0 At year-end 2022, the Company has an unrecognised deferred tax asset of DKK 2.4 million. 0 0 Contingent liabilities The Company is committed to make capital contributions of USD 50 million in the form of equivalent RMB from the profit after tax within China of Quaker Chemical (China) Co., Ltd within the year 2047. At year-end 2022, the remaining commitment amounts to approx. RMB 305 million.The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. There are no other contingent assets, liabilities or financial obligations at 31 December 2022. Controlling interest Quaker Chemical CorporationPennsylvania, USA Parent - Ultimate controlling interest Quaker Chemical Corporation, Wilmington Delaware, USA Parent - controlling interest GH Holdings Inc.Wilmington Delaware, USA Parent - controlling interest Quaker Houghton PA, Inc.Pennsylvania, USA Parent - controlling interest EFHCO, LLCWilmington Deleware, USA Parent - controlling interest QH Europe B.V.Uithoorn, the Netherlands Parent - controlling interest Quaker Chemical Europe B.V.Uithoorn, the Netherlands Parent - controlling interest Quaker Houghton B.V.Uithoorn, the Netherlands Parent - controlling interest Quaker China Holdings B.V.Uithoorn, Netherlands Parent - controlling interest Tel Nordic ApSSorø, Denmark Parent - controlling interest Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. The Company is included in the Group Annual Report of: Name Place of registered office Quaker Chemical Corporation Pennsylvania, USA The Group Annual Report of Quaker Chemical Corporation may be obtained at the following address:Quaker Chemical CorporationOne Quaker Park901 Hector StreetConshohockenPA 19428USAThe Company's intermediate parent companies does not prepare consolidated financial statements. The Annual Report of QUAKER DENMARK ApS for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2022 are presented in DKK. With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2022 of , the Company has not prepared consolidated financial statements. 1 With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of , the Company has not prepared a cash flow statement. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting. Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. Other external expenses comprise expenses for premises, sales as well as office expenses, etc. Dividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Any changes in deferred tax due to changes to tax rates are recognised in the income statement. The Company is jointly taxed with group companies. The tax effect of the joint taxation with the subsidiaries is allocated to Danish enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, writedown is made to this lower value. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Dividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Debts are measured at amortised cost, substantially corresponding to nominal value. Return on assets Profit before financials x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity