15683309 2025-01-01 2025-12-31 2 15683309 2025-01-01 2025-12-31 3 15683309 2025-01-01 2025-12-31 6 15683309 2025-01-01 2025-12-31 15683309 2025-01-01 2025-12-31 1 15683309 2024-01-01 2024-12-31 15683309 2025-12-31 15683309 2024-12-31 15683309 2025-01-01 c:AcquiredIntangibleAssetsMember 15683309 2025-01-01 2025-12-31 c:AcquiredIntangibleAssetsMember 15683309 2025-12-31 c:AcquiredIntangibleAssetsMember 15683309 2025-01-01 c:PlantAndMachineryMember 15683309 2025-01-01 2025-12-31 c:PlantAndMachineryMember 15683309 2025-12-31 c:PlantAndMachineryMember 15683309 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 15683309 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 15683309 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 15683309 2025-01-01 c:LeaseholdImprovementsMember 15683309 2025-01-01 2025-12-31 c:LeaseholdImprovementsMember 15683309 2025-12-31 c:LeaseholdImprovementsMember 15683309 2025-01-01 c:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 15683309 2025-01-01 2025-12-31 c:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 15683309 2025-12-31 c:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 15683309 2025-01-01 c:InvestmentsInGroupEnterprisesMember 15683309 2024-01-01 c:InvestmentsInGroupEnterprisesMember 15683309 2025-12-31 c:InvestmentsInGroupEnterprisesMember 15683309 2024-12-31 c:InvestmentsInGroupEnterprisesMember 15683309 2025-01-01 2025-12-31 c:SubsidiaryMember 1 15683309 2025-12-31 c:SubsidiaryMember 1 15683309 2025-01-01 2025-12-31 c:SubsidiaryMember 2 15683309 2025-12-31 c:SubsidiaryMember 2 15683309 2025-01-01 2025-12-31 c:SubsidiaryMember 3 15683309 2025-12-31 c:SubsidiaryMember 3 15683309 2025-01-01 c:ReceivablesFromGroupEnterprisesMember 15683309 2025-01-01 2025-12-31 c:ReceivablesFromGroupEnterprisesMember 15683309 2025-12-31 c:ReceivablesFromGroupEnterprisesMember 15683309 2025-01-01 c:DepositsLongtermInvestmentsAndReceivablesMember 15683309 2025-01-01 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 15683309 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 15683309 2025-01-01 c:ContributedCapitalMember 15683309 2024-01-01 c:ContributedCapitalMember 15683309 2025-12-31 c:ContributedCapitalMember 15683309 2024-12-31 c:ContributedCapitalMember 15683309 2025-01-01 c:RetainedEarningsMember 15683309 2024-01-01 c:RetainedEarningsMember 15683309 2025-01-01 2025-12-31 c:RetainedEarningsMember 15683309 2024-01-01 2024-12-31 c:RetainedEarningsMember 15683309 2025-12-31 c:RetainedEarningsMember 15683309 2024-12-31 c:RetainedEarningsMember 15683309 2024-01-01 2024-12-31 1 15683309 2025-01-01 2025-12-31 1 15683309 2025-01-01 2025-12-31 1 15683309 2025-01-01 2025-12-31 2 15683309 2025-01-01 2025-12-31 3 15683309 2025-01-01 2025-12-31 4 15683309 2025-01-01 2025-12-31 5 15683309 2023-01-01 2023-12-31 15683309 2022-01-01 2022-12-31 15683309 2021-01-01 2021-12-31 15683309 2023-12-31 15683309 2022-12-31 15683309 2021-12-31 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 15683309 Struers ApS Pederstrupvej 84 2750 Ballerup Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Michael Beuchert statsautoriseret revisor mne32794 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-06-29 Neuman Leverett III Regnskabsklasse C, stor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark anpartshaverne København 2026-06-29 Ballerup 2026-06-29 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Gross margin ratio Gross profit x 100 / RevenueProfit margin (EBIT margin) Operating profit or loss (EBIT) x 100 / RevenueSolvency ratio Equity, closing balance x 100 / Total assets, closing balanceReturn on equity Net profit or loss for the year x 100 / Average equity 995280000 995282000 414209000 418036000 77520000 71413000 503551000 505833000 211212000 203825000 9292000 6279000 283047000 295729000 229091000 212083000 1109000 2923000 23531000 19000 489716000 510716000 157015000 122836000 332701000 387880000 332701000 387880000 13218000 15971000 13218000 15971000 20000 294000 6820000 8271000 683000 499000 13377000 2630000 20900000 11694000 621572000 621572000 4986242000 4693266000 4493000 4768000 5612307000 5319606000 5646425000 5347271000 28547000 29097000 4340000 2719000 51728000 52148000 84615000 83964000 28559000 32466000 662111000 78844000 2663000 2225000 5111000 3716000 14603000 11898000 713047000 129149000 87597000 57346000 885259000 270459000 6531684000 5617730000 0 3000000 3000000 5541436000 5208735000 5544436000 5211735000 706000 988000 706000 988000 13113000 11701000 13113000 11701000 39975000 28527000 799657000 139860000 86766000 173589000 43751000 49517000 3280000 1813000 973429000 393306000 986542000 405007000 6531684000 5617730000 179331000 176302000 20626000 17698000 11255000 9825000 211212000 203825000 243 231 27907000 3134000 31041000 11936000 5887000 17823000 13218000 12864000 24000 12840000 12570000 274000 -24000 12820000 20000 30930000 1497000 32427000 22659000 2948000 25607000 6820000 7782000 346000 38000 8090000 7283000 162000 -38000 7407000 683000 2630000 10747000 13377000 13377000 621572000 621572000 621572000 621572000 621572000 621572000 Struers K.K. Japan 100 1401351 67971 Indicor UK Investments Ltd England 100 56532 1503 Indicor Scot LP Scotland 81.43 77838 2953 4693266000 292976000 4986242000 4986242000 4768000 275000 4493000 4493000 3000000 3000000 3000000 3000000 5208735000 4820855000 332701000 387880000 5541436000 5208735000 360000 360000 Today, the Board of Directors and the Managing Director have approved the annual report of Struers ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Steen Arne Jensen Neuman Leverett III Steen Arne Jensen Michael Patrick Morgan Heidi Schwartz Jan Martin Pedersen We have audited the financial statements of Struers ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies, for the Company. The financial statements are prepared under 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 2025, and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe 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 judgment and maintain professional skepticism 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. Statement on Management’s ReviewManagement 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, we conclude that 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 Management’s Review. 971350000 904729000 770991000 506680000 449123000 399834000 304958000 267243000 224565000 206669000 214987000 195295000 167162000 163441000 394949000 391149000 303123000 5107606000 4597877000 4249979000 12590000 4416000 21787000 25496000 3905000 4824489000 4429541000 4038392000 231 217 215 50.6 50.8 52.2 49.6 51.9 28.4 29.7 31.4 29.5 29.1 84.9 92.8 94.5 96.3 95.0 6.2 7.7 8.5 9.2 7.8 Description of key activities of the companyStruers is the world's leading provider of solutions for materialographic sample preparation and microstructure analysis of solid materials. The market for Struers’ products is found mainly within the manufacturing and processing industry, where customers need to perform microstructure analysis in connection with quality control or failure analysis of solid materials - typically metals. Struers offers unique solutions including equipment, consumables and application knowledge for optimal solution of customers’ needs for achieving the best possible sample results at the lowest possible cost. Struers covers the entire spectrum of equipment and consumables from uncomplicated manual equipment to sophisticated, fully automated equipment intended for laboratories of every size. Moreover Struers offers the relevant application knowledge within the business area to its customers. Struers’ customers are found all over the world and cover many different segments such as automotive industry, aerospace, communications and electronics industry, metal industry and the educational sector. The need for Struers’ products typically exists in the development and quality laboratories of these companies, where the companies perform material analysis of products. Development in activities and financial mattersThe revenue for the year totals DKK 995m against DKK 995m last year. Net profit or loss for the year totals DKK 333m against DKK 388m last year. Management considers the net profit or loss for the year satisfactory. Development for the year relative to the expectationsRevenue and profit or loss from ordinary activities after tax have developed as expected for the financial year.  Expected developmentsThe market for Struers ApS' products is dependent on the international market cycles, where industrial investment- and activity level influence the development in sales. The current geopolitical tensions and unrest in the Middle East may have repercussions for global industrial production and implicit Struers ApS' revenue and result for 2026. Furthermore, the uncertainty of macroeconomic conditions could also impact Struers ApS through volatility in exchange rates and interest rates.  The majority of the Company’s income is achieved in EUR, USD and JPY, whereas the majority of the production costs and development expenses are paid in DKK. Struers ApS has not established any currency hedging instruments.  Interest income and expenses derive from loan accounts with group enterprises where the Company has established no interest hedging instruments. Struers is experiencing continued positive progress. A moderate improvement in revenue and operating profit is therefore also expected in 2026 compared to the previous year. Branches abroadThe company has branches in Sweden, Norway, Finland, Singapore and Australia.  Corporate social responsibility report pursuant to section 99 a of the Danish Financial Statements Act Struers develops and manufactures equipment, applications and consumables in Struers ApS, which also handles the overall marketing support, sales and technical support to the sales and distribution departments.  Sales and distribution are handled via a worldwide network of sales companies, branches and independent dealers and agents. These are in charge of direct marketing and sales as well as technical service to the customers.  As supplier of solutions for quality control and materials analysis to the global manufacturing industry, it  is the aspiration and strategy of Struers to participate in creating a safer and more sustainable society. With the help of Struers’ unique solutions and competences, Struers’ customers develop and produce new products, materials, and manufacturing processes that continuously push standards for safety, durability, and sustainability.  Struers is committed to pursuing the high standards of ethical behavior, integrity, and social responsibility. These standards and policies, which also include human rights, social and employee responsibilities, anti-bribery etc. are described in the “Business Code of Ethics and Standards of Conduct” available at Code of conduct (indicor.com). The standards, policies and initiatives apply to all Indicor’s employees, including Struers employees worldwide. As owner of Struers ApS, Indicor is dedicated tocorporate responsibility through robust Environmental, Social, and Governance (ESG) standards. Indicor’s operations actively reduce environmental impact, while social programs and ethical governance ensure to contribute positively to the communities where  their employees live and work. Struers’ environmental management system is certified according to the ISO 14001 standard. Through this standard and the company’s Environmental Policy, we are committed to continuously improving the environmental impact. Among other things by integrating environmental considerations in the development of new and existing products. Struers has continued to substitute substances with environmentally friendly alternatives. Also in 2025, Struers continued to substitute substances with environmentally friendly alternatives following our internal policies.  Climate change and greenhouse gas emissions continue to be key priorities of both Indicor and Struers ESG program. In Struers, we apply a conscious effort to implement energy saving initiates both when establishing new production facilities and at repair.  Waste disposal activities are consistent with environmental protection regulations and in 2025 we have continued our internal initiatives within production to secure a high recyclable waste. Struers takes responsibility and set requirements for the basic manufacturing and working conditions that apply to all parts when we purchase a product or a service. This is implemented in a structured way through our procurement policy. This ensures that we protect human rights and prevent child labour, discrimination, etc. Struers strictly abides by all applicable antibribery and anti-corruption laws, including the Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act. Struers prohibits giving anything of value, directly or indirectly, to government officials or political candidates in order to obtain or retain business. Again in 2025, all employees received training in the understanding of the Business Code of Ethics with particular focus on avoiding discrimination, harassment, and corruption. Management is not aware of any incidents of this kind during the year.  It is the policy of Struers to uphold a high standard of human rights, including to maintain a work environment that is free of all forms of harassment and discrimination of any person because of race, color, religion, gender, gender identity, gender expression, sexual orientation, national origin, citizenship, age or disability. Any such harassment or discrimination, including disparaging comments or insults are not tolerated. The relationship between Struers and its personnel at every level is one based on mutual respect, reciprocal trust and shared objectives. Treating each other with respect is the foundation of good business conduct. We work continuously to improve the employee experience. Beginning 2026, an employee satisfaction and engagement survey was again undertaken which forms the basis for dialogue and continuous improvement of employee conditions.   Report on the company’s policy on data ethics according to section 99 d of the Danish Financial Statements ActStruers’ policy for data ethics is described in the “Business Code of Ethics and Standards of Conduct” available at Code of conduct (indicor.com). The policy is complemented by "Struers Privacy Notice" describing data processing practices, see also https://www.struers.com/en/Privacy-and-Cookie-Policy.  The policy and procedures reflect Struers’ obligation to handle data responsibly and based on principles of honesty and transparency. Struers complies with these principles in addition to applicable law to ensure that employees, customers, suppliers and consumers feel safe when entrusting Struers with their data.  Struers primarily processes data in connection with HR administration, customer interaction and supplier contact. Internal controls ensure that data is collected for specific and legitimate purposes and is processed in a lawful and fair manner, including that the processing includes only data necessary to fulfill the purpose of the processing. Furthermore, Struers strives to ensure that the data collected is  always sufficient, relevant and correct.  Data controllers ensures that personal data is not stored longer than necessary, that processing takes place with respect for the person’s privacy, and that stored data is protected against unauthorized destruction, alteration or publication. Struers enters into data processor agreements with third parties and does not sell data.  Events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the the Company's financial position. 14.Deferred tax assetsDeferred tax assets opening balance2.2252.681Deferred tax of the net profit or loss for the year438-456 2.6632.225 The recognised tax asset primarily consists of deferred tax relating to tax loss carryforward. Management estimates future earnings in connection with the assessment of whether and when deferred tax assets will be utilised. Management has prepared a plan for the utilisation of the recognised tax asset. The recognised tax asset is expected to be utilised within the next 5 years. 19.Contractual obligations and contingencies, etc. Lease liabilities:The company has entered into operational leases with a total obligations amount to TDKK 57.659 (31 December 2024: TDKK 65.219).  Recourse guarantee commitments:The company has guaranteed the bank loans of the group enterprises. On 31 December 2025,  totalled TDKK 100. Joint taxationWith Indicor Industries Denmark ApS, company reg. no 26 13 25 76 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. 20.Related partiesControlling interest Struers SAS, FranceMajority shareholder TransactionsDisclosure of related party transactions: 20252024 Sales to group enterprises743.373691.521 Purchases from group enterprises139.936139.075 Interests income from group enterprises229.091212.083 Receivables from group enterprises662.11178.844 Payables to group enterprises799.657139.225 Consolidated financial statementsThe company is included in the consolidated financial statements of Indicor LLC, North Carolina, USA. The annual report for Struers ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (large enterprises).   The accounting policies are unchanged from last year, and the annual report is presented in DKK. No consolidated financial statements have been prepared pursuant to section 112 (1) of the Danish Financial Statements Act. The financial statements of Struers ApS and its group enterprises are included in the consolidated financial statements for Indicor LCC, USA, reg. no. 12401448. Pursuant to section 86 (4) of the Danish Financial Statements Act, no statement of cash flows for the enterprise has been prepared, as the relevant information is included in the consolidated financial statements of Indicor LCC. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of the transaction. Group enterprises abroad, associates, and equity investments are considered to be independent entities. The income statements are translated at an average exchange rate for the month, and the balance sheet items are translated at the closing rates. Currency translation differences, arising from the translation of the equity of group enterprises abroad at the beginning of the year to the closing rate and from the translation of income statements from average prices to the closing rate, are recognised directly in equity in the fair value reserve in the Consolidated Financial Statement. This also applies to differences arising from translation of income statements from average exchange rate to closing rate. Translation adjustment of balances with group enterprises abroad that are considered part of the total investment in group enterprises are recognised directly in equity in the fair value reserve. Likewise, foreign exchange gains and losses on loans and derived financial instruments for currency hedging independent group enterprises abroad are recognised directly in equity. When recognising foreign group enterprises which are integral units, the monetary items are translated using the closing rate. Non-monetary items are translated using the exchange rate prevailing at the time of acquisition or at the time of the subsequent revaluation or write-down for impairment of the asset. Income statement items are translated using the exchange rate prevailing at the date of the transaction. However, items in the income statement derived from non-monetary items are translated using historical prices. RevenueThe enterprise is applying IAS 11 and IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of salesCost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other external expensesOther external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise of depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Results from investments in group enterprisesDividend from investments in group enterprises is recognised in the financial year in which the dividend is declared. If the dividend received exceeds the proportionate share of the year's result, this is considered an indication of impairment, which entails a requirement to prepare an impairment test. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Intangible assetsDevelopment projects, patents, and licencesDevelopment costs and internally generated rights are recognised in the income statement as costs in the acquisition year. Patents and licenses are measured at cost less accrued amortisation. Patents are amortised on a straightline basis over the remaining patent period and licenses are amortised over the contract period, however, for a maximum of 10 years. Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Useful lifePlant and machinery5-10yearsOther fixtures and fittings, tools and equipment3-5years Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Property, plant, and equipment in progressProperty, plant, and equipment in progress are measured and recognised as the total costs incurred. When the work has been completed, the total value is transferred to the relevant item under property, plant, and equipment and is amortised from the date of entry into service. Leasehold improvementsLeasehold improvements are measured at cost less accrued depreciations. Depreciation is done on a straightline basis over the estimated useful life of the asset, which is set at 3-5 years. Investments in group enterprisesInvestments in group enterprises are recognised and measured at cost. If the recoverable amount is lower than the cost price, it shall be written down for impairment to this lower value. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets as well as equity investments in group enterprises are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. InventoriesInventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale, raw materials, and consumables comprise acquisition costs plus delivery costs. Costs of manufactured goods and work in progress comprise the cost of raw materials, consumables, direct wages, and indirect production costs. Indirect production costs comprise indirect materials and wages, maintenance and depreciation of machinery, factory buildings, and equipment used in the production process, and costs for factory administration and factory management. Borrowing expenses are not recognised in cost. The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise of cash at bank and on hand. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, Struers ApS is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. ProvisionsProvisions comprise expected costs of warranty commitments, etc. Provisions are recognised when the company has a legal or actual commitment resulting from a previously occurred event and when it is probable that the settlement of the liability will result in consumption of the financial resources of the company. Provisions are measured at net realisable value or at fair value. If the fulfilment of a liability is expected to take place far in the future, the liability is measured at fair value. Guarantee liabilities comprise liabilities for repairs within the guarantee period of 1 year. Provisions for warranty commitments are measured on basis of the obtained experience with guarantee work.  Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Deferred incomePayments received concerning future income are recognised under deferred income.