Key figures and financial ratios

Key figures and financial ratios – year

	2021 (DKK million)	2020 (DKK million)	2019 (DKK million)	2018 (DKK million)	2017 (DKK million)
Hearing Healthcare
Sales	17,235	13,163	14,946	13,937	13,189
Growth in sales	31%	-13%	4%	7%	9%
Operating profit margin	77.0%	73.6%	75.8%	77.4%	76.0%
EBITA	3,508	1,211	2,085	2,428	2,295
EBITA margin	20.4%	9.2%	14.0%	17.4%	17.4%
Communications
Sales	1,183	1,306	-	-	-
Growth in sales	-9%
Operating profit margin	48.3%	50.3%
EBITA	-122	102	66	104	43
EBITA margin	-10.3%	7.8%
Group
Total comprehensive income
Sales	18,418	14,469	14,946	13,937	13,189
Sales	18,388	14,469	14,946	13,937	13,189
Growth in sales	27%	-13%	4%	7%	9%
Operating profit margin	75.2%	71.5%	75.8%	77.7%	76.3%
Operating profit margin	74.8%	70.4%	75.8%	77.4%	76.0%
EBITA	4,536	2,578	3,110	2,978	2,742
EBITA margin	24.7%	17.8%	20.8%	21.4%	20.8%
EBITA	3,386	1,313	2,151	2,652	2,504
EBITA margin	18.4%	9.1%	14.4%	19.0%	19.0%
EBITA	3,445	1,530	2,151	2,532	2,338
EBITA margin	18.7%	10.6%	14.4%	18.2%	17.7%
Net financial items	-202	-194	-240	-164	-111
Profit after tax	2,528	1,134	1,467	1,830	1,759

EBITA for 2017 is restated in accordance with the EBITA definition in this report.
The EBITA margin for 2017 is stated based on EBITA for the full year 2017.
The EBITA margin for 2018 is stated based on EBITA for the full year 2018.
The EBITA margin for 2019 is stated based on EBITA for the full year 2019.

Key figures and financial ratios – year

	2021 (DKK million)	2020 (DKK million)	2019 (DKK million)	2018 (DKK million)	2017 (DKK million)
Total income
Sales	24,860	21,927	21,798	17,935	16,222
Profit from underlying operations after tax	9,150	7,135	8,185	5,835	4,030
Cost of goods sold	7,981	8,279	7,645	7,059	7,433
Assets
Total assets
Depreciation, amortisation and impairment
Depreciation, amortisation and impairment of intangible assets	3,275	2,710	2,149	1,765	2,023
Depreciation, amortisation and impairment of intangible assets	3,275	2,621	2,149	1,683	1,872
Personnel expenses and external costs	542	493	561	409	292
Operating assets	2,525	2,023	1,338	1,185	1,387
Goodwill and intangible assets	3,200	197	946	1,751	1,031
Total assets
Return on Investment (ROI)
Capital Employed
Gross profit margin	30.7%	14.3%	19.5%	25.7%	24.0%
Cost of goods sold	32.1%	37.8%	35.1%	39.4%	45.8%
EBITDA and EBITA margin in relation to sales
EBITDA and EBITA margin in relation to sales	2.0	2.8	2.6	2.0	1.5
EBITDA margin	10.70	4.68	6.00	7.32	6.84
Profit after tax for the period, related to equity	10.75	8.44	5.49	4.76	5.41
Equity ratio	31.3	51.4	35.0	25.3	25.4
Net interest-bearing debt to EBITDA	335.10	240.60	209.80	184.90	173.50
Average number of employees in full-time equivalents	234.82	239.78	243.55	249.14	256.56
Total assets	77,117	57,718	50,470	45,308	43,864
Total assets	17,500	16,155	15,352	14,250	13,280
Total assets	30,588	23,140	27,596	24,811	24,265
Number of employees	35	36	35	33	36
Number of employees	62/38%	60/40%	***	***	***
Number of employees	43/57%	42/58%	41/59%	37/63%	***
Number of employees	40/60%	40/60%	20/80%	20/80%	20/80%

Key figures and financial ratios – year

	2021 (DKK million)	2020 (DKK million)	2019 (DKK million)	2018 (DKK million)	2017 (DKK million)
Total income
Sales	24,860	23,579	21,927	22,067	21,798
Profit from underlying operations after tax	9,150	8,573	7,135	8,388	8,185
Cost of goods sold	7,981	7,796	8,279	7,449	7,645
Assets
Total assets
Depreciation, amortisation and impairment
Depreciation, amortisation and impairment of intangible assets	1,764	1,511	1,944	766	1,102
Depreciation, amortisation and impairment of intangible assets	1,764	1,511	1,892	729	1,102
Personnel expenses and external costs	339	203	251	242	310
Operating assets	1,291	1,234	1,534	489	636
Goodwill and intangible assets	1,387	1,813	-	197	682
Total assets
Return on Investment (ROI)
Capital Employed
Gross profit margin	31.3%	28.3%	25.7%	3.2%	18.0%
Cost of goods sold	32.1%	33.1%	37.8%	33.8%	35.1%
EBITDA and EBITA margin in relation to sales
EBITDA and EBITA margin in relation to sales	2.0	2.1	2.8	3.9	2.6
EBITDA margin	5.76	4.94	4.18	0.50	2.87
Profit after tax for the period, related to equity	5.56	5.19	6.40	2.04	2.62
Equity ratio	58.8	71.5	57.6	349.8	73.1
Net interest-bearing debt to EBITDA	335.10	353.00	240.60	174.90	209.80
Average number of employees in full-time equivalents	234.82	237.66	239.78	239.90	243.55
Total assets	77,117	82,569	57,718	41,917	50,470
Total assets	17,817	17,184	16,203	16,107	15,660

Key figures and financial ratios – half-year

	H1 2021 (DKK million)	H2 2021 (DKK million)	H1 2020 (DKK million)	H2 2020 (DKK million)	H1 2019 (DKK million)	H2 2019 (DKK million)
Hearing Healthcare
Sales	8,844	8,391	7,631	5,532	7,596	7,350
Growth in sales	14%	55%	2%	-27%	3%	5%
Operating profit margin	77.5%	76.5%	74.5%	72.3%	74.0%	77.6%
EBITA	1,826	1,682	1,425	-214	1,000	1,085
EBITA margin	20.6%	20.0%	18.7%	-3.9%	13.2%	14.8%
Communications
Sales	562	621	760	546	-	-
Growth in sales	-27%	16%	-	-	-	-
Operating profit margin	48.2%	48.3%	52.9%	46.7%	-	-
EBITA	-78	-44	81	21	38	28
EBITA margin	-13.9%	-7.1%	10.7%	3.8%	-	-
Group
Total comprehensive income
Sales	9,406	9,012	8,391	6,078	7,596	7,350
Sales	9,376	9,012	8,391	6,078	7,596	7,350
Growth in sales	10%	51%	2%	-27%	3%	5%
Operating profit margin	75.8%	74.5%	72.5%	70.0%	74.0%	77.6%
Operating profit margin	75.0%	74.5%	72.1%	68.2%	74.0%	77.6%
EBITA	2,374	2,162	1,949	629	1,528	1,582
EBITA margin	25.3%	24.0%	23.2%	10.3%	20.1%	21.5%
EBITA	1,748	1,638	1,506	-193	1,038	1,113
EBITA margin	18.6%	18.2%	17.9%	-3.2%	13.7%	15.1%
EBITA	1,807	1,638	1,416	114	1,038	1,113
EBITA margin	19.3%	18.2%	16.9%	1.9%	13.7%	15.1%
Net financial items	-100	-102	-106	-88	-121	-119
Profit after tax	1,345	1,183	1,013	121	700	767

EBITA for 2017 is restated in accordance with the EBITA definition in this report.
The EBITA margin for 2017 is stated based on EBITA for the full year 2017.
The EBITA margin for 2018 is stated based on EBITA for the full year 2018.
The EBITA margin for 2019 is stated based on EBITA for the full year 2019.

Key figures and financial ratios – half-year

	H1 2021 (DKK million)	H2 2021 (DKK million)	H1 2020 (DKK million)	H2 2020 (DKK million)	H1 2019 (DKK million)	H2 2019 (DKK million)
Total income
Sales	24,860	23,579	21,927	22,067	21,798	20,759
Profit from underlying operations after tax	9,150	8,573	7,135	8,388	8,185	7,613
Cost of goods sold	7,981	7,796	8,279	7,449	7,645	7,596
Assets
Total assets
Depreciation, amortisation and impairment
Depreciation, amortisation and impairment of intangible assets	1,764	1,511	1,944	766	1,102	1,047
Depreciation, amortisation and impairment of intangible assets	1,764	1,511	1,892	729	1,102	1,047
Personnel expenses and external costs	339	203	251	242	310	251
Operating assets	1,291	1,234	1,534	489	636	702
Goodwill and intangible assets	1,387	1,813	-	197	682	264
Total assets
Return on Investment (ROI)
Capital Employed
Gross profit margin	31.3%	28.3%	25.7%	3.2%	18.0%	21.0%
Cost of goods sold	32.1%	33.1%	37.8%	33.8%	35.1%	36.6%
EBITDA and EBITA margin in relation to sales
EBITDA and EBITA margin in relation to sales	2.0	2.1	2.8	3.9	2.6	2.3
EBITDA margin	5.76	4.94	4.18	0.50	2.87	3.12
Profit after tax for the period, related to equity	5.56	5.19	6.40	2.04	2.62	2.87
Equity ratio	58.8	71.5	57.6	349.8	73.1	65.4
Net interest-bearing debt to EBITDA	335.10	353.00	240.60	174.90	209.80	204.10
Average number of employees in full-time equivalents	234.82	237.66	239.78	239.90	243.55	244.40
Total assets	77,117	82,569	57,718	41,917	50,470	49,783
Total assets	17,817	17,184	16,203	16,107	15,660	15,044

CEO letter

Interacting with the world enriches our life, and hearing is essential for our ability to share our thoughts, interact and connect with friends, family and colleagues. In short, to be actively engaged without constraints. In 2021, we once again saw that our pur- pose to create life-changing differences through hearing health is more meaningful than ever. The developments of the past year confirm our belief that the activities of this global hearing healthcare and audio technology Group are essential for people to be present and act in the world. Whether it is about helping people with hearing loss through diagnosis, care and cutting-edge technology or collaborating by means of audio and video solutions.

Despite high ambitions from the beginning of the year, we upgraded our expectations of operating profit for the year three times in 2021, ending with a record-high EBIT. We can look back on a year where the Demant Group has proven healthy and where we once again showed that when we pull to- gether, we stand strong as a Group. Let me illustrate our progress through a few highlights from our business areas in 2021.

Providing the best care

Hearing Care

Our global network of clin- ics performed very well in 2021, as we continued to develop and train our staff, benefitted from the harmonisation of brands, exploited digital opportunities and expanded our clinic network. Our work to refine Audika Group, which comprises our well-reputed brands Audika, Hidden Hear- ing and HearingLife, and to disseminate personalised hearing care resulted in very strong performances in almost all countries. The good results in Hearing Care were firmly backed by the positive trends result- ing from the French hearing healthcare re- form, which offers a public/private treat- ment setting that has equal focus on qual- ity by offering high-quality hearing aids and on quantity by helping more people. The success of the reform is a testament to the strong model of combining personal- ised care with state-of-the-art technology.

High standards for innovation

Oticon, Philips HearLink, Bernafon, and Sonic: innovation power in Hearing Aids.

The innovation power in Hearing Aids has considerably advanced by our innovation power in Hearing Aids. For the benefit of our customers and users, we completed the roll-out of premium products, Oticon More, Philips HearLink, Bernafon Alpha and Sonic Radiant, all based on a new technology platform.# CEO letter

2021 was a great year for Demant. Our employees delivered an extraordinary effort to keep activities running at a high pace, leading to excellent results. We are in a very strong position and enter 2022 with great confidence in our new ambitious financial and sustainability targets.

Insights and highlights

Our business

Towards the end of the year, we had shipped more than one million premium hearing aids powered by an on-board Deep Neural Network that mimics the way the brain works – a major advancement in artificial intelligence in hearing aid technology, I am proud to say. We are now looking forward to expanding and completing the product families, enabling us to help even more people hear better and experience the joy of a rich soundscape.

Market leader in Diagnostics

Having performed well for many years, our Diagnostics business has seen very positive development in 2021. If we look at the different areas, particularly balance equipment, hearing aid fitting equipment as well as service and calibration stood out in 2021 and contributed to the further consolidation of our Diagnostics business area as market leader.

Committed to high quality

Up until the fourth quarter, Hearing Implants focused largely on product launches, most prominently the very successful introduction of Ponto 5 mini, the first bone anchored sound processor, and on gaining US approval of our cochlear implants system Neuro in the US. In the second half-year, however, we had to shift focus in our cochlear implants business, and for the first time ever, the Group performed a voluntary field corrective action in relation to performance issues in a small subset of cochlear implants. We recalled a number of non-implanted Neuro Zti cochlear implants and by doing so we confirm our commitment to only deliver products of the highest quality. We deeply regret the inconvenience this has caused our stakeholders and users, but we have done our utmost to handle the situation, and after having identified the root cause, we have initiated the implementation of a solution to the issue.

Expanding the business

Our plans for the Communications business area revolve around expanding the business in several markets by establishing the EPOS brand as a strong premium brand in audio and also by offering video collaboration solutions. Our ambitious plans for EPOS are intact in a long-term perspective, but in a short-term perspective, they have turned out to be more difficult to realise than anticipated, so, on the back of an exceptional 2020, we saw a decline in revenue in 2021, albeit with an increase in the number of orders towards the end of the year.

Sustainability progress

At Demant, sustainability is embedded in our solutions and culture: Our core commitment to society is to help people overcome hearing loss and improve their quality of life through care and innovative solutions. Our priority in 2021 has been to continue to implement our sustainability strategy and to further develop our two main priorities, diversity and climate action. Sustainability is becoming an increasingly integrated part of the way we work, which can be illustrated by the progress we have made with our two main priorities:

We aspire to have zero environmental impact by 2050, and in 2021, we committed to the Science Based Targets initiative. With this Annual Report, we disclose our ambitious targets to reduce greenhouse gas emissions: By 2030, we must reduce our carbon footprint from own direct and indirect emissions by a minimum of 50% from a 2019 baseline year. We have also taken ambitious steps to assess and disclose emissions from our entire value chain, which gives us a platform for submission of our targets and for validation of the targets against the Science Based Targets initiative in 2022.

The promotion of diversity was high on our agenda in 2021. The Demant Group employs a diverse group of people from all parts of the world and with many different backgrounds, and our ability to embrace the strengths that this diversity brings to the table is one of the pillars of our success. Our key achievement in 2021 was the development of a diversity, equity and inclusion programme, which will – along with an inclusion survey – form the basis of policy-making and target-setting in the area of diversity in 2022. An aspect of inclusion is to succeed in promoting a unique culture, and to that end, we have adopted new ways of organising and leading by introducing global guidelines on workplace flexibility in 2021. Developing and engaging employees is becoming increasingly important in relation to the recruitment and retention of talent, and also in this area, we keep increasing our focus and activities.

Positive outlook

We owe our customers, shareholders and employees a very special thank you for their tireless and impressive commitment and support in 2021. Having now entered a new financial year, we continue, despite continuous coronavirus dynamics, to see a resilient hearing healthcare market with intact fundamental market drivers. In 2022, and in the years to come, we expect to see strong growth and market share gains. With an ambition to become world-leading and a purpose to create life-changing differences through hearing health, we promise to keep delivering high-quality and individualised support to our users to enable them to get the maximum benefit of our solutions.

Søren Nielsen

We owe our customers, shareholders and employees a very special thank you for their tireless and impressive commitment and support in 2021.

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This is Demant
Demant - Annual Report 2021 6

Demant is a global hearing healthcare and audio technology Group that offers people the possibility to be actively engaged without constraints. We operate in niche markets with a number of major players, intense competition and a high level of innovation. From this platform, we have added a growing business in premium audio and video solutions. As a Group, we have the scale necessary to compete effectively, and each of our business areas pursues its own strategy in such a way that we ensure a customer-centric approach, while leveraging synergies across the business. Demant thus has a unique position from which to grow and develop.

This is Demant

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This is Demant
Demant - Annual Report 2021 7

At every touchpoint, Demant is active and engaged

Hearing Care
- Global network of more than 2,600 clinics, providing hearing care to people with hearing loss in more than 20 countries
- Performing hearing tests and fitting hearing aids to help users get the right hearing aid for their specific hearing loss
- Providing individualised counselling and service as well as care and aftercare to ensure that every user gets the best solution and every hearing aid provides maximum benefits for the user
Hearing Aids
- Covering all ranges of hearing loss from mild to profound
- A global centre of excellence for research in audiology and hearing loss and the development of hearing aids
- Manufacturing and distributing hearing aids to hearing clinics, benefitting people in more than 100 countries
- Providing local service, support and training of hearing care professionals
Hearing Implants
- Providing implantable hearing solutions to patients facing the hardest hearing challenges
- Helping people hear better by means of cochlear implants and bone anchored hearing systems that can bypass the challenged parts of the inner, outer or middle ear
- Performing surgical procedures at hospitals or in outpatient settings
Diagnostics
- Developing, manufacturing and marketing a wide range of solutions for hearing and balance assessment, including instruments, consumables, services and installation
Offering products that include audiometers, ABR equipment for hearing screening of new-borns, tympanometers, hearing aid fitting solutions, balance equipment, otoacoustic emission instruments and other solutions used by audiologists, ENT doctors and healthcare professionals
Communications
Designing, manufacturing and selling pioneering high-end audio and video solutions for business professionals and serious gamers, including headsets, speakerphones, video conferencing devices, software and accessories
- Building on strong audio expertise and operating under the EPOS brand in a global market with offices and partners in more than 60 countries

Demant - Annual Report 2021 7

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This is Demant
Demant - Annual Report 2021 8

Purpose and strategy

To create life-changing differences through hearing health

Demant is a global hearing healthcare and technology Group built on a heritage of care, health and innovation since 1904. The Group offers solutions and services to help people connect and communicate with the world around them. In the Demant Group, our roots are in hearing health, and our shared purpose is to create life-changing differences through hearing health. Our purpose is based on our past, present and future. It sums up why Demant exists and our legacy to the world. And it captures that what we deliver to individuals and society matters.# Demant - Annual Report 2021

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This is Demant

Strategic ambition: Becoming the world’s leading hearing healthcare company

Our ambition is to further expand our position as a leading global hearing healthcare company with the broadest, deepest and most innovative product and service offerings in the industry. Historically and currently, our strategy is to operate multiple businesses that share important synergies in such areas as technology, distribution and global infrastructure. We build on four enablers: a strong organisation, focus on people & culture, commitment to sustainability and a well-founded operating model, all designed to serve our purpose and enable us to execute our strategy:

Organisation

All our business areas have dedicated organisations to enable them to service their individual markets, ensure a customer-centric approach and execute their specific strategic initiatives. Each business area is supported by a global shared service set-up to enable the business area to exploit the competitive advantages and economies of scale that derive from being part of a large Group.

People & culture

Our employees are our most valuable resource and key to executing our strategy. The people & culture agenda is based on a set of global focus areas and initiatives. We strive to drive strong employee engagement, and we believe that world-class leadership is key to attracting and retaining the brightest minds in the industry, including leaders that do their utmost to create engagement and an innovative work environment. Furthermore, diversity, equity and inclusion are important drivers for us, not only with a view to attracting talent broadly but also to remaining an open, fair and inclusive Group that nurtures diversity.

Sustainability

We are an impact business and contribute positively to society. By contributing directly and indirectly to the sustainable development goals, we take part in solving global challenges, while ensuring sustainability in our operational practices. Our strategy entails a range of sustainability efforts that we elaborate on in the Sustainability section.

Operating model

Our operating model is based on a strategy to ensure dedicated focus on excelling in the different business areas and equally important to harvest synergies across the Group in innovation, infrastructure and distribution. The operating model supports a strong collaboration culture across business areas. There is a clear technology overlap between hearing aids and hearing implants and also between hearing aids and headsets, and we exploit the synergies, but essentially, Hearing Healthcare and Communications address different markets in different ways and are run as two individual segments. Innovation is the core driver of our operating model, and it is a key objective for Demant to become the leading global hearing healthcare company. Hence, Demant will continue to invest heavily in R&D and focus on harvesting synergies across our R&D functions. In the coming years, we will therefore keep a steady and high cadence when it comes to launching new and innovative products.

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Sustainability

Our Sustainability Strategy at a glance

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Sustainability highlights

With a new Group Sustainability Strategy in hand, we have strengthened our sustainability performance and continued our work to integrate sustainability considerations in everything we do. Important milestones of the year were the advancements we have made on our two main sustainability priorities: diversity, equity and inclusion and climate impact (see next page). However, the Group made progress in all material areas of our strategy.

Facilitated the hearing screening of approx. 20 million children
11 million years with improved quality of life based on the lifetime of fitted hearing aids
Above 75,000 hearing implant users living with profound, conductive or single-sided hearing loss had an Oticon Medical implant
Supported more than 4 million with headsets for collaborative work and gaming
Facilitated the screening and diagnosing of over 200 million people with suspected hearing loss
More than 100 bachelor and master projects and 73 PhD studies across different fields

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New position on diversity, equity and inclusion

To guide our work and form the basis for a new policy and target-setting for diversity, equity and inclusion (DE&I), we launched a global DE&I position, which identifies initial activities and focus areas for the policy and programme work ahead. The work includes the development of a DE&I baseline check, DE&I leadership training and initiatives to increase the number of female managers in senior management.

Commitment to the Science Based Targets initiative

Demant joined the Science Based Targets initiative (SBTi), committing the company to set targets in line with what climate science deems necessary to limit global warming to 1.5°C. Based on this scenario and our baseline data, Demant targets minimum 50% reduction of scope 1 and 2 emissions in 2030 with 2019 as the baseline year and net-zero emissions in scope 1, 2 and 3 before 2050.

Overview of scope 3 emissions

We conducted a thorough materiality assessment to identify the categories that are most material for Demant to work on to reduce our scope 3 emissions. The assessment showed that our scope 3 emissions amount to approx. 500,000 tonnes of CO2e a year. Of the 15 categories defined by the greenhouse gas (GHG) protocol, our purchased goods and services account for most of our scope 3 emissions.

Large donations by William Demant Foundation

William Demant Foundation granted a total of DKK 124.1 million to 1,627 projects in 2021 of which amount DKK 71.4 million was allocated to projects to prevent and alleviate hearing loss. The remaining amount was allocated to cultural, social and humanitarian causes and education. William Demant Foundation reinvests in society by donating to altruistic causes and by expanding its sustainable investments. Since 1957, the Foundation has donated more than DKK 1 billion.

New Data Ethics Policy

Our new Data Ethics Policy adds an extra layer of protection to our data handling practices by going beyond legal requirements and comprising all types of data beyond personal data. The Data Ethics Policy applies globally, and it is mandatory for management and employees in the companies belonging to the Demant Group to comply with the policy.

Sustainability reporting

In the context of our annual reporting, Demant publishes a separate Sustainability Report on an additional Environmental, Social and Governance on Progress report to the United Nations Global Compact and as the statutory report to be presented under sections 99a, 99b, 99d and 107d of the Danish Financial Statements Act. It also includes the disclosure requirements of the EU taxonomy for sustainable activities. The full report is available on our website: www.demant.com/about/sustainability

DKK MILLION
124.1

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2021 in brief

Group revenue

	FY 2021
DKK 18,418 MILLION	27% growth

Revenue by business area
Hearing Aids DKK 7,347 MILLION	27% growth
Communications DKK 1,183 MILLION	27% growth
Diagnostics DKK 1,823 MILLION	12% growth
Hearing Implants DKK 512 MILLION	41% growth
Hearing Care DKK 7,553 MILLION	3% growth
Hearing Healthcare DKK 17,235 MILLION	10% growth

Revenue by geographic region
North America 39%
Europe 44%
Asia 8%
Pacific 6%
Other 2%

	H1
	41%
	10%
	40%

Gross margin

75.2%

EBIT

3,386 DKK MILLION

EBIT MARGIN

18.4%

Financial results are based on adjusted figures, i.e. figures are shown before net positive one-offs.

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Hearing Healthcare

Hearing Healthcare saw high growth throughout the year, reflecting very strong business performance and low comparative figures.

Communications

Communications saw a slowdown in revenue compared to the strong 2020, resulting in negative EBIT, but momentum improved towards the end of the year.# Insights and highlights

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Highlights in 2021

Demant - Annual Report 2021 | 15

Interacoustics launches Luna, a ground-breaking audiometer built into a headset
Bernafon celebrates its 75-year anniversary
New Oticon research shows that wearing effective hearing aids could reduce stress
EPOS teams up with Aston Martin Cognizant Formula One Team
Oticon More sparks US success within Veterans Affairs
Oticon Medical receives FDA pre-market approval of the Neuro cochlear implant system
EPOS takes the first steps into the video collaboration space with EXPAND Vision
3T Hearing Aids reduces plastic waste by 11.5 tonnes
Demant signs pledge to increase gender diversity

Read more at demant.com/investor-relations/annual-report-2021

Audika: At the forefront of digital innovation within digital marketing and modern learning

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Highlights in 2021

Demant - Annual Report 2021 | 16

Visual reinforcement helps screen difficult-to-test children
EPOS launches gaming headset series H6PRO – the hero product in the portfolio
Demant expands production capacity in the North American region with new factory
New device ensures CI users’ access to 3T MRI scans
William Demant Foundation donates DKK 3.5 million to UNICEF to fight coronavirus
Oticon MyMusic captures CES 2022 Innovation Award
Oticon Medical launches new processor for Bone Anchored Hearing Systems
Oticon Medical introduces one-step drilling procedure for Bone Anchored Hearing Systems
Demant commits to setting ambitious climate targets through the Science Based Targets initiative
Audika continues to expand the business through acquisitions

Read more at demant.com/investor-relations/annual-report-2021

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Group financial review

Demant - Annual Report 2021 | 17

| | :---------------------------------------------------------------------------------------------------------- | FY | | 2021 | 2020 | 2021 | 2020 | 27% | Revenue | | | Earnings per share (Group) | | Cash flow from operating activities (Group) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |# Group financial review | | | | | | | | | |
| :------ | :------- | :------ | :----- | :---- | :---- | :---- | :---- | :---- | :---- |
| | | | | | | | | |
| -30 | 2021 | 2020 | 27% |
| 17,235 | 1,183 | 18,418 | 14,469 | | | 18,388 | 14,469 | |
| | | | | | | | | |
| | | | | | | | | |
| -3,962 | -612 | -4,574 | -4,129 | 11% | -60 | -4,634 | -4,276 | 8% |
| | | | | | | | | |
| 13,273 | 571 | 13,844 | 10,340 | 34% | -90 | 13,754 | 10,193 | 35% |
| | | | | | | | | |
| 77.0% | 48.3% | 75.2% | 71.5% | - | | 74.8% | 70.4% | |
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Operating profit (EBIT)

EBIT for H2 amounted to DKK 1,748 million. Hearing Healthcare contributed DKK 1,826 million and Communications DKK -78 million. Compared to H2 2020, growth in EBIT was 16%. The resulting EBIT margin for H2 was 18.6%, which is an increase of 0.7 percentage point. The EBIT margin was negatively affected by a slowdown in our Communications business from around mid-March, which carried into H2, and by our voluntary field corrective action in Hearing Implants in October 2021. However, very strong performance in the remaining part of Hearing Healthcare, including material tailwind from the hearing healthcare reform in France and an improving gross margin despite supply chain headwinds, substantially outweighed these negative impacts, and the Group delivered the strongest EBIT in any half-year in the history of the company.

EBIT for the full year amounted to DKK 3,386 million, corresponding to an EBIT margin of 18.4%.

In 2021, we recognised certain one-off items with a combined net positive impact on EBIT of DKK 59 million. These items all relate entirely to H2 and comprise the following elements:

A gain of DKK 99 million related to the divestment of our 75% ownership of FrontRow Calypso LLC. The divestment had a positive effect of DKK 161 million on the cash flow. The gain from this divestment is recognised in Other operating income.
A net negative effect of DKK -100 million from the voluntary field corrective action in our Hearing Implants business. The adjustments are recognised with DKK -30 million in revenue, DKK -60 million in production costs and DKK -10 million in administrative expenses but had no cash flow effect in 2021.
A positive impact of DKK 60 million from the reversal of part of a provision for additional bad debt recognised in H1 2020, which is no longer deemed appropriate. Originally, the provision amounted to DKK 150 million, but DKK 50 million was reversed in H2 2020, and DKK 40 million has been realised. The reversal is recognised in distribution costs and has no cashflow effect.

Adjusted full-year EBIT (DKK million)

	2017	2018	2019*	2020	2021
* EBIT for 2019 was negatively impacted by DKK 550 million as a result of the IT incident.
	2,504	2,652	2,151	1,313	3,386
0	750	1,500	2,250	3,000	3,750
2017
2018
2019*
2020
2021

Adjusted half-year EBIT (DKK million)

	H1 2019	H2 2019*	H1 2020	H2 2020	H1 2021	H2 2021
* EBIT for H2 2019 was negatively impacted by DKK 550 million as a result of the IT incident.
	1,113	1,038	-193	1,506	1,638	1,748
-500	0	500	1,000	1,500	2,000

Adjusted full-year EBIT (DKK million) after one-offs amounted to DKK 1,807 million in H2 and to DKK 3,445 million for the full year.

As a consequence of our acquisition strategy, we realised certain fair value adjustments of non-controlling interests in step acquisitions, of contingent considerations etc. These totalled a net positive fair value adjustment of DKK 64 million (DKK 17 million in 2020, excluding the effect of the consolidation of EPOS). Please refer to Note 6.1 for more details.

Financial items

Reported net financial items for H2 amounted to DKK -100 million, or a decrease of DKK 6 million on the same period in 2020. For the full year, net financial items amounted to DKK -202 million, or an increase of DKK 8 million on 2020.

Profit for the year

Profit before tax for H2 amounted to DKK 1,707 million, or an increase of 30% compared to the same period in 2020. Tax amounted to DKK 362 million, resulting in an effective tax rate of 21.2%, which was positively impacted by certain R&D tax credits.

For the full year, profit before tax amounted to DKK 3,243 million, or an increase of 143% on 2020, while tax amounted to DKK 715 million. The resulting effective tax rate was 22.0%, which is slightly below our guidance of 23%. This is a significant increase of 6.4 percentage points from 2020, which reflects that in 2020, the Group was exempt from paying tax on the positive one-off fair value adjustment related to the consolidation of EPOS.

Reported net profit for H2 was DKK 1,345 million, or an increase of 33% on H2 2020, resulting in earnings per share (EPS) of DKK 5.76, which is an increase of 38% from DKK 4.18 in H2 2020.

For the full year, net profit was DKK 2,528 million, or an increase of 123%, resulting in EPS of DKK 10.70. As outlined earlier, growth rates in net profit and EPS were driven by low comparative figures, continued recovery after the coronavirus pandemic and strong business performance.

At the annual general meeting, the Board of Directors will propose that the entire profit for the year be retained and trans- ferred to reserves.

Earnings per share (EPS) (DKK per share)

	2017	2018	2019	2020	2021
	6.84	7.32	6.00	4.68	10.70
0.00	2.00	4.00	6.00	8.00	10.00
2017
2018
2019
2020
2021

Cash flow statement

In H2 2021, cash flow from operating activities (CFFO) declined by 7% to DKK 1,764 million, and we saw an increase in net working capital, as revenue continued to grow in H2. CFFO for the full year amounted to DKK 3,275 million, corresponding to an increase of 25% compared to 2020. One-offs did not have any effect on CFFO in 2021.

In H2, our net investments in tangible and intangible assets (CAPEX) amounted to DKK 432 million, which is an increase of 27% on H2 2020. The increase is mainly related to timing. For 2021 as a whole, CAPEX increased by 3% to DKK 706 million and ended slightly below 4% of revenue, which we view as the medium- to long-term level.

Net investments in other non-current assets, which comprise customer loans, amounted to DKK 41 million in H2, a minor increase compared to DKK 18 million in H2 2020. For the full year, net investments in other non-current assets amounted to DKK 44 million. Our net investments totalled DKK 750 million in 2021.

Free cash flow before acquisitions and divestments decreased by 16% to DKK 1,291 million in H2 but increased by 25% to DKK 2,525 million for the year as a whole.

Cash flow relating to acquisitions and divestments increased by 40% to DKK 141 million in H2. This includes the divestment of FrontRow Calypso LLC, which benefitted our cash flow by DKK 161 million. Adjusted for this, cash flow related to acquisitions and divestments increased by 199% to DKK 302 million, as the comparative period saw a temporary pause in transactions during the coronavirus pandemic. This level has now normalised.

For the full year, cash flow relating to acquisitions and divestments amounted to DKK 547 million, an increase of 39%. Adjusted for the divestment of FrontRow Calypso LLC, cash flow from acquisitions and divestments increased by 80% due to the temporary pause in M&A activities in 2020.

Share buy-backs amounted to DKK 1,387 million in H2 and DKK 3,200 million for 2021 as a whole.

Other financing activities amounted to DKK 179 million in H2, which mainly stems from changes in short-term bank facilities. The net cash flow in H2 was DKK -58 million. For the full year, the net cash flow was DKK 199 million.

CFFO (DKK million)

	2017	2018	2019	2020	2021
	1,872	1,683	2,149	2,621	3,275
0	750	1,500	2,250	3,000	3,750
2017
2018
2019
2020
2021

CAPEX (DKK million)

	2017	2018	2019	2020	2021
	418	598	756	667	706
0%	2%	4%	6%
0	200	400	600	800
2017
2018
2019
2020
2021

CAPEX % of sales

Cash flow by main items (DKK million)

	H1	H2	Full Year	H1	H2	Full Year
CFFO	1,764	1,944	3,275	2,673	-9%	23%
Cash flow from operations
Net working capital	-52	-	-52	-	n.a	n.a
Cash flow from operations before net working capital	1,764	1,892	3,275	2,621	-7%	25%
CAPEX	-473	-358	-750	-598	32%	25%
Net investments in tangible and intangible assets
Free cash flow before acquisitions and divestments	1,291	1,534	2,525	2,023	-16%	25%
Other investments	-141	-101	-547	-394	40%	39%
Cash flow from acquisitions and divestments
Share buy-backs	-1,387	-	-3,200	-197	n.a	1524%
Other financing activities	179	-1,381	1,421	-1,238	n.a	n.a
Net cash flow	-58	52	199	194	n.a	3%

Balance sheet

As of 31 December 2021, total assets amounted to DKK 24,860 million, which is an increase of 5% compared to 30 June 2021. The increase is primarily due to an increase in goodwill, mostly related to acquisitions, and higher inventories. The increase in total assets relative to sales remained largely unchanged in H2 compared to H1. Relative to the end of 2020, total assets increased by 13%, partly driven by acquisitive growth of 4%, primarily in the form of goodwill. Organic growth in total assets was 6%, driven mainly by higher inventories and receivables, which increased concurrently with the Group’s revenue growth. Exchange rate effects were 3%.Reflecting continued tight working capital, capital was DKK 3,025 million at the end of 2021, an increase of 5% since 30 June 2021. Relative to the end of 2020, our net working capital increased by 23%. The higher net working capital levels reflect the increased activity level. Please refer to Note 9.1 for our definition of net working capital.

In 2021, our net interest-bearing debt (NIBD) increased by 7% in H2 and by 28% for the full year and amounted to DKK 9,150 million at 31 December 2021. Despite the increase during 2021, our current gearing (NIBD/EBITDA) was 2.0, which is at the lower end of our gearing target of 2.0-2.5. The significant decrease in our gearing from 2.8 in 2020 is driven by strong development in our profits. The increase in net interest-bearing debt can mainly be attributed to short- to medium- term financing.

Total equity increased by 2% in H2 to DKK 7,981 million of which DKK 4 million is attributable to non-controlling interests and DKK 7,977 million to the shareholders of Demant A/S. The increase was mainly a result of the profit and positive customary currency translation adjustments of subsidiaries reported as other comprehensive income, which more than offset share buy-backs during the period.

Positively impacted by strong profit and currency translation but offset by increased share buy-backs, equity for the full year decreased by 4%. Share buy-backs during the period in Demant A/S balance sheet totalled 9,763,327 shares bought at an average price of DKK 321.97, totalling DKK 3,143 million. The difference between this amount and the DKK 3,200 million share buy-back consideration relates to shares bought back as part of a voluntary share salary arrangement offered to most Danish employees. These shares are expensed as OPEX in the income statement and amounted to DKK 57 million in 2021.

Employees

As of 31 December 2021, the Group had 18,116 employees (2,171 in Denmark) compared to 17,556 (2,069 in Denmark) as of 30 June 2021, an increase of 3% of which 2 percentage points were organic. The total number of employees increased by 9% for the full year relative to the 16,591 employees (2,016 in Denmark) at the end of 2020. The increase relates to staffing at our production sites and to acquisitions.

Events after the balance sheet date

There have been no events that materially change the assessment of this Annual Report 2021 from the balance sheet date and up to today.

Balance sheet by main items

	2021	2020	2019	2021 vs 2020	2021 vs 2020
				(%)	(%)
Assets (DKK million)
Goodwill	2,079	2,024	1,847	3%	13%
Property, plant and equipment	14,895	14,064	13,393	6%	11%
Right-of-use assets	2,366	2,088	1,968	13%	20%
Financial assets	3,203	3,140	2,808	2%	14%
Other assets	1,172	1,221	952	-4%	23%
Property, plant and equipment	1,145	1,042	959	10%	19%
Total assets	24,860	23,579	21,927	5%	13%
Equity	7,981	7,796	8,279	2%	-4%
Share capital	2,121	2,077	1,893	2%	12%
Other reserves	4,296	4,728	4,837	-9%	-11%
Retained earnings	808	753	802	7%	1%
Property, plant and equipment	9,654	8,225	6,116	17%	58%
Total equity	24,860	23,579	21,927	5%	13%

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Outlook for 2022

Demant - Annual Report 2021 | 24

Our outlook for 2022 is summarised in the table above. In the following sections, we provide commentary on recent developments in our markets as well as on the key expectations on which the outlook is based.

Recent developments

In 2021, the hearing healthcare market saw strong recovery, albeit with large differences between regions and between the three market segments that we address: hearing aids, hearing implants and diagnostic solutions. At the very end of the year, however, we saw a slight softening of demand in some markets due to rapid increases in infection rates, and in some areas, coronavirus also made it difficult to fully staff hearing aid clinics. At the beginning of 2022, we have seen impacts of coronavirus in some markets, but we consider these impacts to be temporary and underlying market fundamentals to be intact.

The market for audio and video solutions for enterprises and gaming saw mixed developments in 2021, but we consider demand to have largely normalised at the beginning of 2022. In the first part of the year, the market may, however, be negatively impacted by the current global supply chain dynamics.

Outlook expectations

Given these recent developments, our outlook for 2022 is clearly subject to greater uncertainty than usual. Below, we highlight the key expectations on which our outlook is based:

The hearing healthcare market to normalise, resulting in unit growth in the hearing aid market of 4-6% and additional growth due to the release of some pent-up demand, albeit with significant differences between individual markets and channels. Such differences will not least be driven by different comparative bases going into the year. Due to changes in geography and channel mixes, we expect ASP growth in the hearing aid market to be slightly more negative in 2022 than the normal 1-2% annual decline.
Growth in the French hearing aid market to be negative in 2022 following the extraordinary demand in 2021, which impacted Demant revenue by DKK 300 million and EBIT by DKK 150 million. We do not expect this benefit to recur.
The market for enterprise and gaming headsets and video solutions to grow in line with the estimated structural growth level of around 12%.
Both segments, Hearing Healthcare and Communications, to gain market share in 2022, but Communications to realise double-digit negative organic revenue growth in Q1 2022 due to very high comparative figures.
The supply chain situation to remain dynamic throughout the year and to result in higher-than-normal component costs and freight charges with an impact that is roughly similar to the impact in 2021 but with no material disruption to sales activities.
We do not see benefit from temporary cost savings in 2022, which we estimate amounted to DKK 150-200 million in H1 2021.
Sales of new cochlear implants to be resumed in Q3 2022 and to be gradually ramped up.
Communications to realise a slightly negative EBIT in 2022.

Outlook for 2022

Metric	Outlook for 2022
Organic growth	5-9%
Acquisitive growth	1% based on revenue from acquisitions completed as of 7 February 2022
FX growth	2% based on exchange rates as of 7 February 2022 and including the impact of exchange rate hedging
EBIT	DKK 3,450-3,750 million
Effective tax rate	22-23%
Gearing	Gearing in line with medium- to long-term target of 2.0-2.5 (NIBD relative to EBITDA)
Share buy-backs	At least DKK 2.5 billion

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Medium- to long-term outlook

Demant - Annual Report 2021 | 25

At Demant, a key objective is to continue our long-standing track record of growing our business. Thus, our ambition is to further expand our position as a leading global hearing healthcare company by offering the broadest, deepest and most innovative portfolios of products and services, while succeeding in the highly attractive and fast-growing market for premium audio and video solutions.

Our markets

At their core, the two markets that we address today, hearing healthcare and audio and video solutions for enterprises and gaming, both benefit from strong structural drivers of demand:

As regards our Hearing Healthcare segment, the market is first and foremost driven by favourable demographic trends, including the increasing size of the ageing population and the increasing average life expectancy. At the same time, penetration rates are increasing in several emerging markets, as awareness of hearing deficiencies grows, hearing healthcare infrastructures improve and purchasing power increases. The coronavirus pandemic has naturally impacted the market in 2020 and 2021, but we believe that the structural growth drivers are intact and that the market could even see tailwind from the release of some pent-up demand in the coming years.

With regard to our Communications segment, the market for audio and video solutions for enterprises is driven by the secular trend of increasing virtual collaboration and digital communication. The coronavirus pandemic has significantly accelerated the adoption of virtual collaboration tools, and we expect continuous growth in the number of employees working remotely. As far as headsets are concerned, the key driver is increasing focus on home entertainment, including gaming, and the increasing extent to which gaming involves live communication between players.

Our ambitions

In Hearing Healthcare, we aim to gain market share in organic terms in all our business areas in the medium to long term. This translates into an organic growth rate of at least 5% p.a.

In Communications, we aim to grow revenue in organic terms at least in line with the market growth rate, implying an organic growth rate of at least 12% p.a.

For the Group, we aim to deliver organic growth of 6-8% p.a., which is in line with our historical performance. Additionally, we expect to add 1-2% p.a. to growth from bolt-on acquisitions, primarily in our Hearing Care business. Consequently, we expect to deliver combined growth of 7-10% p.a. in local currencies.

We aim to increase EBIT margins in each of our business areas. In Hearing Aids, Hearing Care and Diagnostics, we expect the potential for improvement to be incremental as we further grow these businesses, whereas the potential is transformative in Hearing Implants and Communications, which were both loss-making in 2021.

For the Group, the EBIT margin is subject to changes in our business mix. We expect to invest around 4% of the revenue in R&D, and we will continue to prioritise value-adding acquisitions.# Insights and highlights

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Hearing Healthcare

Demant - Annual Report 2021

26

Financial review

Hearing Healthcare

GROWTH 32% IN LOCAL CURRENCIES
REVENUE 17,235 DKK MILLION

Income statement

DKK million	H1 2021	H1 2020	% change	H2 2021	H2 2020	% change	Full year 2021	Full year 2020	% change
Revenue	8,391	5,532	52%	8,844	7,631	16%	17,235	13,163	31%
COGS	-1,973	-1,532	29%	-1,989	-1,948	2%	-3,962	-3,480	14%
Gross profit	6,418	4,000	60%	6,855	5,683	21%	13,273	9,683	37%
Gross margin	76.5%	72.3%		77.5%	74.5%		77.0%	73.6%

DKK million	H1 2021	H1 2020	% change	H2 2021	H2 2020	% change	Full year 2021	Full year 2020	% change
SG&A	-564	-540	4%	-589	-552	7%	-1,153	-1,092	6%
R&D	-3,807	-3,311	15%	-4,030	-3,310	22%	-7,837	-6,621	18%
Other	-422	-376	12%	-473	-435	9%	-895	-811	10%
EBIT	1,625	773	110%	1,763	1,386	27%	3,388	2,159	57%
Other income and expenses, net	57	13	338%	63	39	62%	120	52	131%
CAPEX (excl. acquisitions)	1,682	-214	n.a	1,826	1,425	28%	3,508	1,211	190%
EBIT margin	20.0%	-3.9%		20.6%	18.7%		20.4%	9.2%

Revenue by business area

DKK million	H1 2021	H1 2020	% change	H2 2021	H2 2020	% change	Full year 2021	Full year 2020	% change
Hearing Aids	4,416	2,937	50%	4,564	3,886	17%	8,980	6,823	32%
* incl. EPOS	-871	-465	87%	-762	-657	16%	-1,633	-1,122	46%
* adjusted	3,737	2,154	73%	3,816	3,310	15%	7,553	5,464	38%
Hearing Care	266	246	8%	246	277	-11%	512	523	-2%
Hearing Implants	843	660	28%	980	815	20%	1,823	1,475	24%
Total Hearing Healthcare	8,391	5,532	52%	8,844	7,631	16%	17,235	13,163	31%

Demant - Annual Report 2021

27

Revenue

For H2 2021, revenue in our Hearing Healthcare segment amounted to DKK 8,844 million, corresponding to a growth rate of 15% in local currencies with organic growth of 14% and acquisitive growth of 1%. Exchange rates had a positive impact of 1%, and total reported growth for the period was 16%. For the full year, growth in Hearing Healthcare was 32% in local currencies with organic growth of 31% and acquisitive growth of 1%. Exchange rates impacted reported growth by -1%. As such, reported growth in Hearing Healthcare was 31% in 2021.

After a strong start to H1, we saw further normalisation in Hearing Healthcare in H2. In both periods, France contributed very significantly to growth, predominantly in Hearing Care, due to the new hearing healthcare reform. Besides growth in the structural demand for hearing aids in France, we estimate that the increased reimbursement also resulted in extraordinary revenue of around DKK 200 million in H1 and DKK 100 million in H2, which will not recur in 2022.

Growth in local currencies in Hearing Aids amounted to 18% in H2 with strong performance in sales to independent hearing care professionals and chains, particularly in the US. Sales to government systems, including the NHS and VA, improved gradually during 2021, but volumes have not yet normalised to pre-pandemic levels.

In Hearing Care, we saw strong performance in a number of European markets, especially in France. Revenue grew by 13% in local currencies in H2, including acquisitive growth of 4%.

Revenue in Hearing Implants posted organic growth of -13% in H2. In connection with our voluntary field corrective action in October 2021, we halted sales of new cochlear implants, which impacted growth negatively in the last three months of 2021.

In H2, Diagnostics realised a very strong growth rate of 18% in local currencies, which was significantly above the market growth rate. This was driven by both our service and our instruments business.

Gross profit

Gross profit increased by 1% to DKK 6,855 million in H2, resulting in a gross margin of 77.5%, or an increase of 3.0 percentage points compared to 2020. The gross margin expansion was primarily driven by the higher activity level, resulting in efficiency improvements. These improvements, which were primarily driven by Hearing Aids and Diagnostics, more than outweighed the headwinds from supply chain dynamics.

Growth rates

	H1 2021	H1 2020	H2 2021	H2 2020	Full year 2021	Full year 2020
Hearing Aids
Organic	55%	19%	14%	18%	31%	20%
Acquisitive	0%	-1%	1%	-1%	0%	0%
Total	55%	18%	15%	17%	31%	20%
Currency	-5%	-1%	2%	-1%	-1%	-2%
Reported	50%	17%	17%	16%	32%	18%
Hearing Care
Organic	72%	10%	13%	8%	38%	10%
Acquisitive	5%	4%	4%	5%	4%	4%
Total	78%	13%	17%	13%	38%	13%
Currency	-4%	2%	0%	0%	0%	-1%
Reported	74%	15%	17%	13%	38%	12%
Hearing Implants
Organic	11%	-13%	-13%	2%	-2%	-1%
Acquisitive	0%	0%	0%	0%	0%	0%
Total	12%	-13%	-13%	2%	-2%	-1%
Currency	-3%	2%	-1%	-1%	-1%	-1%
Reported	8%	-11%	-14%	1%	-2%	-2%
Diagnostics
Organic	34%	17%	18%	3%	25%	11%
Acquisitive	1%	1%	1%	1%	1%	1%
Total	35%	18%	19%	4%	25%	12%
Currency	-7%	2%	-2%	-2%	-2%	-2%
Reported	28%	20%	17%	1%	24%	10%
Total Hearing Healthcare
Organic	55%	14%	14%	16%	31%	16%
Acquisitive	2%	1%	1%	0%	1%	1%
Total	57%	15%	15%	16%	32%	17%
Currency	-5%	1%	1%	-1%	-1%	0%
Reported	52%	16%	16%	15%	31%	17%

Demant - Annual Report 2021

28

Operating expenses (OPEX)

OPEX amounted to DKK 5,091 million in H2, corresponding to an increase in local currencies of 17%. The increase in OPEX can be attributed to increased activity levels but also to significant coronavirus- related cost savings in the comparative period, including support from government support schemes, and a gain from the reversal of part of a provision for bad debt. The increase in OPEX was mainly driven by Hearing Care where strong revenue growth was accompanied by increased distribution costs. This also includes the impact of further acquisitions made by Hearing Care. R&D costs and administrative expenses also increased in H2, albeit to a lesser extent. Following temporary cost savings in H1 of DKK 150-200 million related to coronavirus, our cost base had largely normalised at the beginning of H2. OPEX increased by 17% in local currencies and reached DKK 9,884 million for the full year.

Full-year OPEX (DKK million)

	2017	2018	2019	2020	2021
OPEX	7,741	8,386	9,392	8,524	9,884

Operating profit (EBIT)

EBIT in H2 amounted to DKK 1,826 million, corresponding to a growth rate of 28% compared to the same period in 2020. The resulting EBIT margin was 20.6%, or an increase of 1.9 percentage points. The increase in EBIT margin was first and foremost driven by strong performance in Hearing Care, which saw very strong tailwind from the hearing healthcare reform in France. Specifically, we estimate that the reform had an extraordinary positive impact on EBIT in Hearing Healthcare of DKK 100 million in H1 and DKK 50 million in H2, which will not recur in 2022. Our Hearing Aids business area also performed very well thanks to excellent traction with launches of new flagship hearing aids, and in addition, Diagnostics delivered strong profitability improvements thanks to operating leverage following significant revenue growth. However, Hearing Implants had a negative impact on EBIT – a development that was exacerbated by the temporary halt in sales of cochlear implants due to the voluntary field corrective action.

For the full year, EBIT reached DKK 3,508 million, corresponding to an EBIT margin of 20.4%.

Half-year EBIT (DKK million)

	H1 19	H2 19*	H1 20	H2 20	H1 21	H2 21
EBIT	1,085	1,000	-214	1,425	1,682	1,826

*Reported EBIT for H2 2019 was negatively impacted by an estimated DKK 550 million as a result of the IT incident.

Full-year EBIT (DKK million)

	2017	2018	2019*	2020	2021
EBIT	2,295	2,428	2,085	1,211	3,508

*Reported EBIT for 2019 was negatively impacted by an estimated DKK 550 million as a result of the IT incident.

OPEX by function

DKK million	H1 2021	H1 2020	% change	H2 2021	H2 2020	Full year 2021	Full year 2020
SG&A	589	552	7%	7%	7%	7%	7%
R&D	4,029	3,310	22%	20%	18%	18%	18%
Other	473	435	9%	8%	8%	8%	8%
Total OPEX	5,091	4,297	18%	17%	17%	15%	15%

Demant - Annual Report 2021

29

Hearing Aids

Core SDG impact

Based on the estimated lifetime of the total number of hearing aids fitted by the Group in 2021, we facilitated 11 million years with improved quality of life. The Eriksholm Research Centre found that wearing effective hearing aids could reduce stress.

Key 2021 sustainability results

We eliminated 11.5 tonnes of plastic from our production of hearing aid filter containers and started reusing plastic waste from other accessories to produce new elements.

Demant - Annual Report 2021

30# Hearing Aids

REVENUE 8,980 DKK MILLION

GROWTH 34% IN LOCAL CURRENCIES

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Hearing Aids

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Hearing Aids

Demant - Annual Report 2021 31

Market developments
Based on available market statistics, cov- ering slightly less than two-thirds of the market, and on our own assumptions, we estimate that the global hearing aid mar- ket saw unit growth of around 13% in Q4 and around 27% in 2021 as a whole. Com- pared to pre-pandemic levels in 2019, we estimate that unit growth was around 9% in Q4 and around 8% for the full year. As expected, recovery in government channels and in some emerging markets lagged be- hind the recovery in commercial channels in developed markets. Looking only at the latter and even when excluding France, which saw extraordinary growth due to the hearing healthcare reform, we esti- mate that unit growth rates in both Q4 and in 2021 as a whole were in line with the structural growth of 4-6% per year compared to 2019 levels. This includes large differences between individual mar- kets and channels where growth in some was below normal and in others above normal due to support from pent-up demand.

Compared to the same period in 2019, growth in Europe in Q4 was first and foremost driven by very strong growth in France due to the hearing healthcare reform, which significantly boosted unit sales of fully reimbursed products. In the UK, market growth was more or less nor- malised with very strong growth in the commercial market and positive growth in sales to the NHS following the gradual recovery of this channel during 2021. Compared to 2019, growth in Germany was solid in Q4, but the German market generally recovered at a slow pace and remained below normal levels in 2021. Driven mostly by the US commercial mar- ket and compared to 2019, the market saw solid unit growth rates in North America in Q4, albeit a slight deceleration compared to Q3. Unit sales to VA were slightly above pre-pandemic levels in Q4. Growth in Can- ada was solid.

Looking beyond North America and Europe, we estimate that unit growth in Australia was flattish in Q4 compared to 2019 with limited recovery from lockdowns in Q3. We estimate that both Japan and South Korea saw solid growth in Q4 compared to 2019, whereas growth in China was weaker and still impacted by coronavirus. Several other emerging markets remained impacted by coronavirus.

In mid-October, the US Food and Drug Ad- ministration (FDA) issued a long-awaited proposed rule to establish a new over-the- counter (OTC) category of hearing aids in the US, which will be finalised by the FDA in 2022. Once effective, adults aged 18 and older with perceived mild to moderate hearing loss will be able to purchase OTC hearing aids online or at retail outlets without a medical exam or fitting by a hearing care professional. As previously communicated, the content of the proposed rule does not change our fundamental be- lief in the importance of providing a combi- nation of personal counselling, individual fitting, life-long service and highly ad- vanced technology, but the new category may supplement the existing market well. During 2021, there were also political dis- cussions in the US to expand Medicare to also cover hearing aids, which could po- tentially impact the US hearing aid market either positively or negatively. So far, the outcome of these discussions remains unclear.

Business update
In 2021, total revenue in Hearing Aids amounted to DKK 8,980 million, corre- sponding to a growth rate of 34% in local currencies. This growth, which consisted almost exclusively of organic growth and only of a minor negative impact from acquisitions, was thus materially above the estimated market growth rate. Internal revenue from sales to our Hearing Care business accounted for 18% of total reve- nue. Our commentary below focuses on total revenue, including revenue from sales through our own retail clinics, and thus en- compasses our total wholesale activities. However, internal revenue is eliminated from the reported revenue for our Hearing Healthcare segment and thus for the Group.

Our Hearing Aids business performed strongly in 2021 thanks to a combination of market recovery, following the severe impacts of coronavirus and a highly suc- cessful launch of new flagship hearing aids in all brands: Oticon, Philips HearLink, Bernafon and Sonic. The pace of recovery varied significantly between individual channels and regions, but we saw market share gains in many markets. Particularly, sales to independent hearing care profes- sionals were strong not least in the im- portant US market driven by the success of Oticon More. Sales to Hearing Care were positively impacted by the strong perfor- mance of this business, particularly in France.

	H1 2021	H2 2021	2021
Hearing Aids (DKK million)

Total Revenue	4,416	4,564	8,980
Growth	55%	19%	34%
Organic growth	55%	18%	34%
Acquisitive growth	0%	-1%	0%
Total growth	55%	18%	34%
FX impact	-5%	-1%	-2%
Net Revenue	50%	17%	32%

Estimated market unit growth in 2021 vs 2020 by region
	EMEA	NA	APAC	LATAM	Total
Total units	10%	130%	12%	14%	30%
Wholesale units	9%	182%	18%	16%	35%
Of which Retail	12%	156%	17%	15%	34%
Of which Other	-7%	522%	52%	22%	51%
Private units	0%	64%	11%	8%	16%
Total Estimated	6%	116%	14%	13%	27%

Estimated market unit growth in 2021 vs 2019 by region
	EMEA	NA	APAC	LATAM	Total
Total units	-1%	16%	13%	14%	11%
Wholesale units	9%	16%	13%	8%	11%
Of which Retail	12%	22%	17%	9%	15%
Of which Other	-7%	3%	-1%	4%	0%
Private units	-6%	7%	5%	3%	2%
Total Estimated	0%	13%	10%	9%	8%

In H2, growth was 18% in local currencies of which organic growth contributed 19% and acquisitive growth -1%. The decelera- tion in organic growth relative to H1 is en- tirely attributable to higher comparative figures, and our product portfolio contin- ued to enjoy strong momentum in H2 sup- ported by the launch of non-rechargeable miniRITE form factors. Growth in H2 was mostly driven by unit growth but was also supported by ASP growth due to our strong performance in the US, which more than offset increased sales of low-priced units to the NHS.

In terms of geographies, North America was the key growth driver in H2 and in 2021 as a whole. This was mostly due to strong development in sales to independ- ent hearing care professionals in the US but also to growth in sales to large chains and to VA. Following the introduction of Oticon More in May 2021, we succeeded in increasing our market share with VA, which stood at 15.2% in December 2021. Sales in Canada were negatively impacted by coronavirus-related restrictions in the first part of the year but recovered in the latter part of H2.

In Europe, we saw strong growth driven by France where demand was boosted by the new hearing healthcare reform, partic- ularly in H1. In H2, we also saw strong growth in the UK where sales to the NHS recovered somewhat after several quar- ters of subdued sales. The recovery in Germany was relatively slow throughout most of the year. Sales in the Pacific region recovered well in H1 but slowed down in H2, as new local lockdowns related to coronavirus took ef- fect at the beginning of the period. In Asia, sales in Japan and China were slow to re- cover due to continued restrictions for most of the year, whereas sales in South Korea saw positive development. Our Other countries region, which mostly comprises emerging markets, remained impacted by coronavirus, and as expected, recovery in this region was slow.

Product update
Within a few weeks, we will start the roll-out of our latest and industry-leading hearing aid platform in new miniBTE form factors in all four hearing aid brands. At the same time, all brands will expand the platform to the mid-priced product catego- ries in all the currently available form fac- tors. Furthermore, Oticon will expand its latest Polaris platform to a new family of paediatric products called Oticon Play PX. Thanks to a new software update, all brands will also start offering two-way audio streaming for iOS devices and thus enable hands-free phone calls. This solu- tion will be available in all hearing aids based on the latest platform, including Oticon More and Philips HearLink.

Revenue and growth

	H1 2021	H2 2021	2021
Total Revenue (DKK million)

Hearing Aids	4,416	4,564	8,980
Growth	55%	18%	34%
Excl. Private label excl. wholesale to own retail clinics	2,937	3,886	6,823
Growth	55%	19%	34%
Wholesale to own retail clinics	871	762	1,633
Growth	94%	14%	46%
Total Revenue	3,545	3,802	7,347
Growth	48%	19%	31%
Intersegment eliminations, excluding the elimination of wholesale from own retail clinics, and where no internal revenue from retail clinics is recognised in Group Revenue	4,416	4,564	8,980
Total Revenue	4,416	4,564	8,980

Net Revenue	55%	18%	34%

Demant - Annual Report 2021 32

Core SDG impact

Through our clinics, we offer free yearly hearing assessment to people over 60 years and aim to increase the number of assessments by at least 5% each year.

Key 2021 sustainability result
1,609 hearing aids were donated as part of the global Campaign for Better Hearing. Every time someone gets their hearing tested in one of the clinics enrolled in the campaign, the clinic donates a specific amount of money to the Campaign for Better Hearing. The donations are allocated to provide free hearing aids to people who need hearing aids but have low purchasing power.

Demant - Annual Report 2021 33# Hearing Care

REVENUE 7,553 DKK MILLION
GROWTH 38% IN LOCAL CURRENCIES

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Hearing Care

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Hearing Care

Demant - Annual Report 2021 34

Market developments

Please refer to Market developments in the Hearing Aids section above for details on developments in the hearing aid market in 2021. Under normal circumstances, growth rates in the hearing aid retail and whole- sale markets are relatively similar, but we have seen some differences in 2020 and 2021, as different channels have recov- ered at different paces. Most notably, our Hearing Care business is not exposed to the two large government channels, VA in the US and the NHS in the UK, which have recovered at a slower pace than most commercial channels.

Business update

In 2021, revenue in Hearing Care amounted to DKK 7,553 million, corresponding to a growth rate of 38% in local currencies. Organic growth was 34% and growth from acquisitions was 4%, the latter pre- dominantly relating to acquisitions made in Europe and in North America. The high organic growth rate can be at- tributed to the fact that most markets recovered strongly from coronavirus, as restrictions were gradually eased, albeit with material regional differences. Growth was first and foremost driven by France, which is our second-largest market in Hearing Care where our strong position enabled us to leverage the extraordinary demand created by the hearing healthcare reform. Revenue growth in Hearing Care was mostly driven by unit growth, but we also saw growth in the ASP, driven by the launch of Oticon More, which resulted in a positive development in the product mix. Following very high growth rates in H1 due to low comparative figures, growth in H2 was 13% in local currencies, with 10% organic growth and 4% acquisitive growth. Besides the effect of low comparative fig- ures, the growth deceleration in H2 rela- tive to H1 reflects the fact that the extraor- dinary growth in France, as expected, lev- elled off during H2, as demand began to stabilise and returned to a level below the level seen in H1 but still well above the level in previous years. In H2, we also began to see a more normal mix of new and existing users, and we fine- tuned our marketing activities accordingly. We remain encouraged by the resilience of the market and our distribution model to the highly dynamic conditions.

Compared to 2020, North America was the fastest growing region thanks to a combination of high organic growth and growth from acquisitions in both the US and Canada. In the US, organic growth was first and foremost driven by the com- bination of low comparative figures in H1 and strong market recovery from March. As expected, we continued to see a nega- tive impact of growth in the managed care segment of the market, which has a dilu- tive impact on the aggregate revenue gen- erated per sale. In Canada, restrictions im- pacted revenue negatively in part of H1 and in the early part of H2, but revenue and organic growth then accelerated in the remainder of the year.

Driven mainly by the extraordinary growth in France, revenue in Europe was very strong, particularly in H1. We also saw strong recovery in most other European markets during the year, not least in the UK, Ireland, Spain and Poland. Growth was supported by acquisitions in several European markets, now also including Germany.

In Australia, revenue recovered strongly at the beginning of H1 and neared normal- isation, but temporary local lockdowns at the end of H1 and the beginning of H2 weighed down growth.

Audika clinic

Hearing Care (DKK million)	H1 2021	H2 2021	FY 2021
Revenue	3,737	3,816	7,553
Of which:
Organic growth	72%	10%	34%
Growth from acquisitions	5%	4%	4%
Total growth	78%	13%	38%
Of which:
Organic growth	74%	15%	38%
Acquisitive growth	5%	-2%	0%
Total growth	74%	15%	38%

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Hearing Implants

Demant - Annual Report 2021 35

Core SDG impact

Every year, we help well above 75,000 hearing implant users living with profound, conductive and single-sided hearing loss.

Key 2021 sustainability activities

We are involved in research that aims to uncover knowledge of how we can better enable cochlear implant users to enjoy music. We released tools that allow us to do research with partners with a view to delivering personalised hearing solutions, for instance a medical image modelling tool to be used in surgery and a CI fitting tool to be used when fitting individual patient's inner ears.

Hearing Implants

REVENUE 512 DKK MILLION
GROWTH -2% IN LOCAL CURRENCIES

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Hearing Implants

Oticon Medical BAHS Ponto5Mini

Demant - Annual Report 2021 35

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Demant - Annual Report 2021 36

Market developments

Under normal circumstances, the market for hearing implants is the fastest growing area of hearing healthcare, as it benefits from a combination of favourable demo- graphic drivers and increasing penetration. Fundamentally, we believe that these fac- tors are intact, but since the beginning of the pandemic in 2020, the market has seen material headwinds, as implantations re- quire surgery, and as a wide range of elec- tive surgeries have been postponed. Over- all, we estimate that growth in the hearing implants market was 15-20% in 2021 and that the market was more or less back to its pre-pandemic level in 2019, albeit still well below the normal growth rate of 10- 15% per year.

Particularly in the cochlear implants (CI) market, activity levels in our core markets in Europe and a number of emerging markets remained low throughout most of 2021 due to continued postponements of elective sur- geries. We began to see signs of improve- ments in the market in H2, but the recovery remained slow. In terms of geographies, we estimate that recovery in the US and in Asia was faster than in Europe.

The market for bone anchored hearing solutions (BAHS) recovered at a slightly faster pace than the CI market due to the lower surgical footprint, but it has yet to fully normalise.

Business update

Revenue in Hearing Implants amounted to DKK 512 million in 2021. This corresponds to growth of -2% in local currencies, all of which was organic growth. After seeing positive growth in H1, mostly as a result of low comparative figures, Hearing Implants saw growth of -13% in H2 due to higher comparative figures and the voluntary field corrective action initiated by our CI business as announced in mid-October.

Cochlear implants

Facing several headwinds in 2021, our CI business had a difficult year and organic growth was negative. In H1 and in the first part of H2, revenue was hampered by the slow pace of recovery in many of our core markets and in emerging markets, in par- ticular. In mid-October, our CI business fur- ther initiated a voluntary field correc- tive action, resulting in the recall of a num- ber of non-implanted Neuro Zti implants and a temporary halt in sales of new coch- lear implants. This action was taken due to an issue with loss of hermiticity in a small number of implants, causing them to shut down and stop working. There have been no reported safety events in relation to the implants, and there are still no safety con- cerns for existing users. The root cause of the issue has been iden- tified, and work is progressing to implement and verify a solution. We expect sales ac- tivities to be resumed in Q3 2022 and ramped up in the subsequent months. This expected timeline is subject to final verifi- cation and validation, including approval by relevant external bodies. Later in 2022, we expect to re-initiate our launch of coch- lear implants in the important US market. Once sales activities are resumed, we ex- pect to see strong growth, not least after the introduction in H2 2021 of Neuro Zti 3T, a cochlear implant approved for 3 Tesla MRI scanning.

Bone anchored hearing systems

Our BAHS business delivered positive, albeit modest, organic growth in 2021, as it remained unaffected by the head- winds experienced by the CI business, even though it still had not fully normalised post-coronavirus. Revenue was supported by sales of sound processors, including up- grades for existing users, which were less impacted by the pandemic than sales of new implants. We saw solid performance in many European markets, whereas growth in the large US market was slower. Overall, we saw an improvement towards the end of the year, as sales were sup- ported by the successful launch in autumn of Ponto 5 Mini, a new BAHS sound pro- cessor that delivers strong audiological improvements and enables the use of RemoteCare for online appointments. Additionally, the introduction of MONO, a next-generation surgical procedure to further enhance clinical efficiency, sup- ported our commercial positioning. To- wards the end of Q1, we will launch a Super Power version of the Ponto 5 sound processor, which will contribute to further growing BAHS sales in 2022.

Fitting softband for BAHS users

Hearing Implants (DKK million)	H1 2021	H2 2021	FY 2021
Revenue	266	246	512
Of which:
Organic growth	11%	-13%	-2%
Growth from acquisitions	0%	0%	0%
Total growth	11%	-13%	-2%
Of which:
Organic growth	11%	-13%	-2%
Acquisitive growth	-3%	1%	-1%
Total growth	8%	-11%	-2%

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Diagnostics

Demant - Annual Report 2021 37

Core SDG impact

Every year, our technology helps screen and diagnose over 200 million people with suspected hearing loss and screen approx. 20 million new- borns.

Key 2021 sustainability results

We improved the method to validate hearing aid fitting of children aged 3-12 months when speech develop- ment is crucial.# Demant - Annual Report 2021

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Diagnostics

Interacoustics

Pump system testing

Demant - Annual Report 2021 37

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Diagnostics

Demant - Annual Report 2021 38

Market developments

Compared with other markets for hearing healthcare products, the market for diagnostic instruments and services has proven very resilient throughout the pandemic. We estimate that in 2021, market growth was around 10-15% and thus significantly above the estimated structural growth rate of 3-5% per year. We believe that this was largely due to the effect of some pent-up demand from 2020 being released, and compared to 2019, we estimate that the market has seen growth of 0-5%.

Business update

Diagnostics generated revenue of DKK 1,823 million in 2021, corresponding to growth of 25% in local currencies. This comprises 25% organic growth and less than 1% growth from acquisitions. The strong organic growth is the result of an exceptionally successful year with significant market share gains in most geographies coupled with a positive market environment that has only seen rather limited impacts of coronavirus. Building on a strong foundation of innovation, a complete product portfolio in several brands and truly global distribution, Diagnostics has seen several years of good performance, leading to a number of scale advantages.

After seeing unusually strong organic growth of 34% in H1, we continued to see strong organic growth in H2 of 17%. For 2021 as a whole, growth in instrument sales was higher than growth in sales of services and disposables, and all instrument categories and all brands saw double-digit growth. The order intake remained at a high level throughout the year, resulting in a strong order book at the end of the year.

From a geographical perspective, we saw strong performances and double-digit growth rates in all regions. In the US, which is our largest market, growth was driven by our e3 Diagnostics network. In Europe, growth was broadly based with the highest relative growth seen in France due to tailwind from the hearing healthcare reform. The UK, Spain and Italy also saw high growth rates, and in addition, we saw strong growth in our other regions driven by Australia, Japan and a number of tender orders.

Diagnostics (DKK million)	H1 2021	H2 2021	2021
Revenue	843	980	1,823
Organic growth	34%	17%	25%
Acquisitions	1%	1%	1%
Total growth	35%	18%	25%
M&A	-7%	2%	-2%
Adjusted growth	28%	20%	24%

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Communications

Demant - Annual Report 2021 39

Core SDG impact

Through pioneering audio excellence, EPOS solutions help prevent stress and listening fatigue that can be caused by imperfect audio experiences, and help improve concentration and the ability to focus for longer.

Key 2021 sustainability results

We continuously work to reduce the footprint of our operations. In 2021, we mapped our scope 3 emissions and started preparing for ISO 14001 certification of our headquarters. All tier 1 manufacturers already hold ISO 14001 certification.

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Communications

EPOS

REVENUE 1,183 DKK MILLION

GROWTH -9% IN LOCAL CURRENCIES

Demant - Annual Report 2021 39

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EPOS

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EPOS Financial review

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Communications

GROWTH -9% IN LOCAL CURRENCIES

REVENUE 1,183 DKK MILLION

Income statement

	H1 2021	H2 2021	Growth	H1 2020	H2 2020	Growth	2021	2020	Growth
(DKK million)
Revenue	621	546	14%	562	760	-26%	1,183	1,306	-9%
Gross profit	-321	-291	10%	-291	-358	-19%	-612	-649	-6%
Gross margin	48.3%	46.7%		52.9%	48.3%		48.2%	50.3%
Operating expenses (OPEX)	-91	-78	17%	-106	-91	16%	-197	-169	17%
Administrative expenses	-233	-144	62%	-231	-213	8%	-464	-357	30%
Marketing and sales expenses	-20	-12	67%	-12	-17	-29%	-32	-29	10%
Other operating income/expenses	-44	21	n.a.	-78	81	n.a.	-122	102	n.a.
Net financial items	-7.1%	3.8%		-13.9%	10.7%		-10.3%	7.8%

Demant - Annual Report 2021 41

Introduction

In the following sections, we review the income statement for our Communications segment, which comprises our audio and video business operating under the EPOS brand.

Revenue

In H2, revenue in Communications amounted to DKK 562 million. This corresponds to -27% growth in local currencies, all of which was organic growth. On a sequential basis, growth declined by 10% compared to H1, which is in line with our most recent expectations. The decline in revenue is the result of both very strong comparative figures following the extraordinary demand seen in 2020 and weak sales at the beginning of H2, but as expected, momentum improved towards the end of the period.

For the full year, revenue amounted to DKK 1,183 million, corresponding to growth of -9% in local currencies. This is below our initial plans for the year but in line with our most recent expectations.

Gross profit

Gross profit was DKK 271 million in H2, resulting in a gross margin of 48.2%. Compared to H2 2020, the gross margin declined by 4.7 percentage points driven by the significant decline in revenue and further exacerbated by higher-than-normal supply chain costs. Compared to H1 2021, the margin only contracted slightly by 0.1 percentage point. For the full year, the gross margin was 48.3%.

Operating expenses (OPEX)

OPEX amounted to DKK 349 million in H2, corresponding to growth of 9%. The increase reflects our continuous investments in R&D and distribution activities, including sales and marketing activities, despite the temporary slowdown in sales in H2. Administrative expenses declined, which largely reflects periodisation between H1 and H2. For 2021 as a whole, OPEX amounted to DKK 693 million, which is an increase of 25% compared to 2020. The increase reflects both the fact that we had originally geared our cost base for higher revenue and our long-term ambitions in terms of innovation and commercial positioning.

Operating profit (EBIT)

EBIT for H2 amounted to DKK -78 million, corresponding to an EBIT margin of -13.9%. This is in line with our most recent expectations but well below our original plans. The significant decline in profitability compared to H2 2020 was the result of lower revenue combined with continued OPEX investments. EBIT for the full year was DKK -122 million, corresponding to an EBIT margin of -10.3%, a significant decline compared to 2020.

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EPOS

Demant - Annual Report 2021 42

Market developments

In 2021, growth in the markets for gaming and enterprise solutions was mixed. Growth was high at the beginning of the year due to a combination of strong demand related to remote working dynamics and low comparative figures. However, market growth decelerated from around mid-March and into H2, particularly in Europe, due to a significantly higher comparative base and a softening of the extraordinary demand in H1, not least when it comes to low-priced wired headsets. Demand then improved gradually towards the end of the year, as the market continued to move towards wireless products and equipment for meeting rooms, including video equipment, even though certain supply chain constraints may have dampened market growth to some degree.

We still consider the fundamental growth drivers of the market to be fully intact. Overall, we estimate that in 2021, the market for enterprise headsets grew by mid- to high-single-digit percentages, whereas the market for gaming headsets saw flattish growth. The market for video solutions saw very strong growth, albeit with differences between subsegments. For all markets, we estimate that growth was stronger in the US and Asia than in Europe, which had the strongest comparative figures and saw the biggest slowdown in the middle of the year.

Business update

Revenue in our Communications business amounted to DKK 1,183 million in 2021, corresponding to a growth rate of -9% in local currencies, all of which was organic growth. This was substantially below the original plans for the year but in line with our most recent expectations.

In broader terms, our Communications business has exceeded the plans made in connection with the demerger of the Sennheiser Communications joint venture, thus benefitting from increased focus on remote working. Following high growth at the beginning of the year, growth decelerated from around mid-March, as higher comparative figures coincided with slowing sales momentum, particularly in Europe, which is by far the largest region for Communications. The slow momentum carried into H2, and despite an improving trend towards the end of the year, growth was -27%. This reflects very strong comparative figures following the extraordinary demand seen in 2020 in the wake of the initial working-from-home wave. The negative growth was driven by Enterprise Solutions, which saw the most severe slowdown in momentum during the year, whereas Gaming delivered positive growth. However, the improvement towards the end of the year was also driven by Enterprise Solutions, which exited the year with more normalised momentum.# Shareholder information

Capital Markets Day 2021

Share capital

As of 31 December 2021, the nominal share capital was DKK 48,025,566.60 divided into 240,127,833 shares of DKK 0.20 each. All shares are the same class and carry one vote each. The change compared to the year before is due to the reduction of the nominal share capital by DKK 112,667 through the cancellation of treasury shares approved at the annual general meeting on 5 March 2021. The Board of Directors has been authorised by the annual general meeting to increase the nominal share capital by a total nominal value of up to DKK 6,664,384. This increase may consist of no more than DKK 4,800,000 of the share capital with pre- emptive rights for existing shareholders and of no more than DKK 4,800,000 of the share capital without pre-emptive rights for existing shareholders. Furthermore, the Board of Directors has been authorised to increase the share capital by an additional nominal value of up to DKK 2,500,000 for shares offered to employees. All authorisa- tions are valid until 1 March 2026.

Ownership

William Demant Foundation is a majority shareholder in Demant through its invest- ment company William Demant Invest and has previously communicated its intention to maintain an ownership interest of 55-60%. As of 31 December 2021, William Demant Founda- tion held, either directly or indirectly, approx. 58% of the share capital. No other shareholders had flagged an ownership interest of 5% or more as of 31 December 2021. Demant had 32,531 individual investors as of 31 December 2021. Approx. 75% of the share capital is registered in Denmark and 15% is registered in North America. The remaining 10% of the share capital is split between the remaining geographies. As of 31 December 2021, the company held 9,992,705 treasury shares, corre- sponding to 4.2% of the share capital.

Share price development

The price of Demant shares increased by 39.3% in 2021, and on 31 December 2021, the share price was DKK 335.10, corre- sponding to a market capitalisation of DKK 77.1 billion (excluding treasury shares). The average daily trading turnover was DKK 111.0 million. The company is a con- stituent of the OMX Copenhagen 25 Index (C25), which covers the 25 largest and most frequently traded shares on Nasdaq Copenhagen. The C25 Index increased by 17.2% during the year.

Capital allocation

The company uses its substantial cash flow from operating activities for value- adding investments and acquisitions, and any excess liquidity will be used for conti- nuous share buy-backs, however subject to Demant's defined gearing multiple of 2.0-2.5 measured as net interest-bearing debt relative to EBITDA. Until the next annual general meeting in March 2022, the Board of Directors has been authorised to let the company buy back shares at a nominal value of up to 10% of the share capital. The purchase price may not deviate by more than 10% from the price quoted on Nasdaq Copen- hagen.

Investor Relations (IR)

Demant strives to ensure a steady and consistent flow of information to IR stake- holders in order to promote the basis for a fair pricing of the company's shares – pricing that will at any time reflect the company's financial performance and outlook for the future. The flow of in- formation will contribute to a reduction of the company-specific risk associated with investing in Demant shares, thereby lead- ing to a more efficient cost of capital. We aim to reach this goal by continuously providing relevant, correct, adequate and timely information in our company an- nouncements. In addition to the statutory publication of annual reports and interim reports, we publish quarterly interim man- agement statements, containing updates on the Group and its financial position as well as results in relation to the full-year outlook, including updates on important events and transactions in the period under review. Our interim management statements do not include a full set of financial figures. We strive to maintain an active and open dialogue with analysts as well as current and potential investors, which helps us stay updated on the views, interests and strategic priorities of Demant's shareholders. At our annual general meeting and through presentations, individual meetings, participation in investor confer- ences, webcasts, capital markets days etc., we aim to maintain an ongoing dialogue with a broad spectrum of IR stakeholders, and in 2021, we held more than 330 inves- tor meetings and presentations. In 2021, most of these meetings were still held vir- tually because of travel restrictions and social distancing measures, but we expect – and welcome – an increase in the num- ber of in-person meetings in the coming years. We also use our website, www.demant.com, as a means of commu- nication with our stakeholders. At the end of 2021, 23 equity analysts were covering Demant. We refer to our website for a full list of analyst coverage. Demant has a three-week quiet period prior to publication of annual reports, in- terim reports and interim management statements where communication with IR stakeholders is restricted.

Annual general meeting 2022

The annual general meeting will be held on Thursday, 10 March 2022 at 4:00 p.m. Both physical and online attendance will be possible. By participating online, it is possible to follow the live webcast, ask the Board of Directors questions via chat and cast votes.

Contact information for investors and analysts

Phone: +45 3917 7300
E-mail: [email protected]

Mathias Holten Møller
Head of Investor Relations

Peter Pudselykke
Investor Relations Officer

Company announcements and investor news in 2021

4 Jan: Q4 2020 Trading Statement
9 Feb: Annual Report 2020
9 Feb: Notice to annual general meeting
5 Mar: Annual general meeting
11 Mar: Q1 2021 Trading Statement
23 Apr: Completion of capital reduction
23 Apr: Updated financial calendar 2021
4 May: Interim Management Statement
11 May: Updated financial calendar 2021
8 Jun: Q2 2021 Trading Statement
12 Aug: Interim Report 2021
24 Aug: Major shareholder announcement from Canada Pension Plan Investment Board
27 Sep: Capital Markets Day 2021 – Delivering sustained growth post coronavirus (investor news)
14 Oct: Notification of voluntary field corrective action by the cochlear implants business
2 Nov: Interim Management Statement
16 Nov: Financial calendar 2022
20 Dec: Update on voluntary field corrective action

Financial calendar 2022

27 Jan: Deadline for submission of items for the agenda of the annual general meeting
8 Feb: Annual Report 2021
10 Mar: Annual general meeting
3 May: Interim Management Statement
16 Aug: Interim Report 2022
9 Nov: Interim Management Statement

Foundations

William Demant Foundation, the majority shareholder, was founded in 1957 by . Its primary goal is to safeguard and expand the Demant Group's financial results and to support various commercial and charitable causes with particular focus on the fields of audi- ology and hearing impairment.

Communications (DKK million)

	2021	2020	2019
	621	562	1,183
EPOS
Change in %	16%	-27%	-9%

of which to the trade	0%	0%	0%

Other activities in the Group	16%	-27%	-9%

	-2%	1%	0%

	14%	-26%	-9%

Specification of movements in share capital (DKK 1.000)

	2021	2020	2019	2018	2017
Share capital	48,138	49,057	50,474	51,793	53,216

	-113	-919	-1,416	-1,319	-1,423

Share capital	48,025	48,138	49,057	50,474	51,793
Nominal value per share	0.2	0.2	0.2	0.2	0.2
Number of shares	240,127	240,691	245,287	252,368	258,966

Share price
	394.7	244.4	237.2	318.6	188.9

	219.6	132.2	160.5	167.4	122.3
Share price	335.1	240.6	209.8	184.9	173.5

	77,117	57,718	50,470	45,308	43,864

	111.0	99.8	112.4	128.6	69.3

	234.82	239.78	243.55	249.14	256.56

	230.13	239.90	240.56	245.22	252.82

	10.0	0.8	4.7	7.1	6.1

Development in share price and daily turnover in 2021

# Risk management activities

Risk management activities

Risk management activities in the Demant Group first and foremost focus on the business-related risks to which the Group is fairly likely to be exposed. In connection with strategic, budgetary and annual plans, the Board of Directors considers the risks identified. In general, the hearing healthcare market is stable with a number of highly specialised players that operate in an extremely competitive market. Besides the competitive dynamics, the risks to which the Group is exposed normally do not change in the short term. During the coronavirus pandemic, the Group has seen an increasing number of changes to the external operating environment, most of which are beyond our own control. We continue to navigate the current market conditions and monitor potential changes to the competitive situation to ensure that we respond swiftly and effectively to any changes in the market. The responsibility of navigating these changes lies with the Executive Board as a part of the general business planning. The main risks for the Group are described below. Please refer to our Sustainability Report for a description of sustainability risk and strategy.

Internal control and reporting

Once a year, we carry through a very detailed planning and budgetary process, and any deviations from the plans and budgets resulting from this process are carefully monitored month by month. In terms of sales and costs, month-over-month development is usually very similar from one year to the other, and due to the repetitive nature of our business, deviations will normally become visible in financial reporting systems. The Board of Directors and Executive Board have adopted policies, procedures and guidelines for financial reporting and internal control to which the subsidiaries and reporting units must adhere, including:

Continuous follow-up on the results achieved compared to the approved budgets.
Policies for IT, business ethics, data privacy, insurance, cash management, procurement etc.
Reporting instructions as well as reporting and finance manuals.

The responsibility for maintaining sufficient and efficient internal control and risk management in connection with financial reporting lies with the Executive Board. The Board of Directors has assessed the internal control and risk management environment and concluded that it is adequate.

Macroeconomic developments

Development of coronavirus pandemic, supply chain dynamics and general macroeconomic development

Risk description

Changes in the economic climate can directly impact our activity level. This is especially true in relation to the ongoing coronavirus pandemic, and such changes may adversely affect the demand for hearing healthcare solutions. While demand in 2021 has proved relatively resilient, the pandemic continues to pose a risk for our activity level and our financial results. Our access to hospitals may also be limited if healthcare systems are stressed, leading to postponed surgeries in our Hearing Implants business. Similarly, lockdowns and other coronavirus-related impacts have also affected the global supply chain and increased the risk of sudden changes or shutdowns. Stability in sourcing and delivering manufacturing goods in time and of sufficient quality are crucial to fulfil the commitments we have made to our customers. Supply disruptions of any kind – driven by internal or external factors – may result in delayed deliveries, inefficient production set-ups or inability to meet demand. We follow changes in the current macroeconomic landscape closely, although demand for hearing healthcare solutions usually remain robust.

Our response and mitigation efforts

Coronavirus continues to impact the commercial landscape that we operate in. As always, we strive to service our customers and patients in the best possible way, which includes taking steps to ensure the safety of our employees and patients. We closely monitor our supply situation and seek to keep adequate safety stocks to counter potential interruptions in our production. Furthermore, we also evaluate the geographical location of and dependency on key suppliers to ensure that we strike the right balance between flexibility, exposure and cost.

Regulatory landscape

Need for compliance with regulatory requirements and changes

Risk description

As a major player in the hearing healthcare market, the Group is exposed to certain regulatory risks in terms of changes to product requirements, reimbursement schemes and public tenders in the markets where we operate. In most markets, the regulatory landscape is currently deemed stable, but in the large US market, there are two pending regulatory changes. In October 2021, the US Food and Drug Administration (FDA) issued a long-awaited proposed rule to establish a new over-the- counter (OTC) category of hearing aids. The rule has been published for public comment and will subsequently be finalised by the FDA. In our view, any impact of this rule on the hearing aid industry will be limited. Furthermore, during 2021 there were discussions in the US Congress about potentially expanding Medicare to include coverage for hearing aids. The outcome is uncertain, but depending on the final design, such expansion could impact both volumes and pricing of hearing aids in the US either positively or negatively. For the United States in general, over the past couple of years, an increasing part of hearing aid purchases has been covered by insurance. The emergence of large managed care organisations poses a risk to hearing aid ASP as volumes may increasingly be consolidated on fewer players. It may also impact sales in our retail business.

Our response and mitigation efforts

While regulatory changes are an intrinsic part of the hearing healthcare market, we feel well positioned to respond to such changes in the commercial environment. In response to changing regulatory requirements, we work continuously on adapting our operating model – something we have already done in markets where we have seen changes to reimbursement schemes over the years. We continue to monitor any changes in the regulatory landscape and engage in dialogues with regulators as part of our day-to-day business planning.

Innovation

Development of new, innovative and safe solutions for our customers

Risk description

Both our Communications and Hearing Healthcare segments are subject to markets that are highly product-driven where significant R&D initiatives help underpin our market position. It is vital in the long term to maintain our innovative edge and to attract the most qualified and competent staff. An important part of our ongoing product innovation is to take out, protect and maintain patents for our own ground-breaking technology. It is our policy to continuously ensure that third party products do not infringe our patents and vice versa. In Hearing Implants, which commercialises Class III devices, product recalls are an additional risk factor that may lead to claims- related costs, such as the cost of replacing products, medical expenses, compensation for actual damage as well as legal fees. In October 2021, Oticon Medical initiated a voluntary field corrective action relating to Neuro Zti cochlear implants due to mal- functioning of a small subset of hearing implants. While there are no safety concerns for existing users, sales of Neuro Zti hearing implants have been temporarily halted. We expect to resume sales in Q3 2022 pending final validation and verification, including approval by relevant external bodies.

Our response and mitigation efforts

We continuously engage with customers, healthcare practitioners and other stakeholders to ensure that we develop ground-breaking products. We seek to minimise the risk of product failures and recalls by continuously improving our quality management systems which are inspected and reviewed by external bodies. As a general principle, our products are designed and marketed under risk management guidelines complying to ISO 14971 to ensure the safety for our users. In case of any unexpected incident, we act fast and decisively and maintain a transparent dialogue with relevant stakeholders.# Risk management activities

Demant - Annual Report 2021 50

IT infrastructure

Need for secure, stable and efficient IT infrastructure

Risk description

As a large, global organisation, we are de- pendent on numerous IT systems and the general IT infrastructure to operate efficiently across our value chain. This carries an inher- ent risk of system errors, human errors, data breaches or other interruptions that may im- pact the Group financially. We continuously seek to minimise these risks, and our IT strat- egy includes both prevention and contingency plans. As our Group becomes increasingly digital-ised, more devices and control systems are connected online, resulting in a broader in- terface across the IT infrastructure that could potentially be compromised. Threats may include attempts to access or steal information, computer viruses, denial of service and other digital security breaches. After the IT incident in 2019, we have con- tinued to increase our focus on IT security across Demant and at all levels, including among other measures the establishment of a dedicated Board Committee that dis- cusses IT security in a structured way and on a regular basis. After the IT incident, the US Office for Con- sumer Rights has reviewed our response to the IT incident based on concerns raised by a consumer. The case has been closed without further comments.

Our response and mitigation efforts

We are and will continue to be committed to further developing the infrastructure and the processes to ensure a secure and stable IT environment. Following the IT incident in 2019, we have conducted a maturity assessment of our IT security based on the Cyberse- curity Framework of the National Institute of Standards and Technology (NIST) to focus our work on relevant parameters going forward. We regularly conduct maturity assess- ments to measure our ongoing progress on IT security. We will continue to further improve our IT infrastructure in the future.

Legal risks and data privacy

Need for continuous monitoring of potential legal risks

Risk description

The Group continuously monitors the legal risks of the business to avoid negligence in compliance with any applicable laws in the jurisdictions that we are active in. This in- cludes alignment with global tax standards as well as adherence to general regulation. Additionally, Demant is entrusted with per- sonal data on employees, customers, users and business partners. We protect such data through policies and security measures. As our business continues to grow, the complex-ity of our IT systems and the vast amounts of data require constant attention to data protection.

We remain committed to protecting personal data and have performed extensive training of relevant employees to improve awareness. By way of example, the Demant Group has prepared a new Data Ethics Policy in 2021 to strengthen our commitment to responsible data handling and to ensure ethical efforts beyond the legal requirements for handling data. The company is from time to time involved in legal disputes, including over intellectual property rights. We are of the opinion that there are currently no legal disputes that could materially impact the Group’s financial position. As a rule, we always seek to make adequate provisions for any legal proceedings.

Our response and mitigation efforts

Failure to adhere to current legislation may negatively and result in financial conse- quences for the Group. Our organisation continuously monitors the current and changing legislation and ensures proper compliance, including with general data protection guidelines. In general, management continuously seeks to minimise the financial conse- quences of any damage to corporate as- sets by mitigating actions or insurance coverage if certain risk factors cannot be mitigated by action. The Board of Direc- tors reviews and approves the Group’s risk management policies once a year and is briefed regu- larly on developments in identified risks.

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Demant - Annual Report 2021 51

Financial risk

Control of risk in exchange rates and interest rate risk

Risk description on exchange rates risk

Financial risk management concentrates on identifying risks in respect of exchange rates with the purpose to protect the Group against potential losses. Around two-thirds of the Group’s sales are invoiced in other currencies than Danish kro- ner or Euro. To ensure predictability in terms of profit, we hedge against exchange rate risks – mainly through forward exchange contracts with a horizon of up to 18 months. Furthermore, to balance our exchange rate exposure, we continuously seek to balance positive and negative cash flows in our main currencies as much as possible.

Risk description of interest rates risk

The company continuously adapts its capi- tal structure given the prevailing market conditions in order to secure attractive financing conditions for the Group. Cur- rently, more than half of the Group’s debt is funded through short- to medium-term committed facilities with fixed rates and through financial instruments, which limits the Group’s exposure to interest rate risk to a manageable level. The Group’s total debt is DKK 9,150 million as of 31 December 2021.

Our response and mitigation efforts

We continuously monitor and hedge a significant part of the foreign exchange exposure on a rolling basis. It is Group policy to exclusively hedge financial risks arising from our commercial activities and not to undertake any financial transactions of a speculative nature. The Group monitors the capital structure of the company to ensure that the com- pany remains well-funded.

Credit and liquidity risk

Control of credit and liquidity risk

Risk description on credit risk

The Group’s credit risk is primarily related to trade receivables and loans to customers or busi- ness partners. The accumulated revenue from our ten largest customers account for approx. 10% of total consolidated revenue. When granting loans to business partners, we require that our counterparties provide security in their business. In general, we estimate that the risk relative to our total credit exposure is well-balanced at the Group level.

Risk on liquidity risk

The Group aims to have sufficient cash resources at its disposal to be able to take appropriate steps in case of unforeseen fluctuations in both cash inflows and cash outflows. We have access to considerable undrawn credit facilities and in spite of the uncertainty of the coronavirus pandemic, the Group has remained cash-generating. The liquidity risk of the Group is therefore considered to be low. The Group has not defaulted on loan agree- ments neither in the financial year 2021 nor in previous years.

Our response and mitigation efforts

To minimise the risk of losses on custom- ers, the Group monitors the outstanding credit risk on an ongoing basis as a part of the financial review of our business. We regularly adjust our financial accounts to reflect the prevailing credit risks. Dur- ing 2020, the Group made a provision for bad debt of DKK 150 million, reflecting in- creased risk of customers defaulting dur- ing the coronavirus pandemic DKK 50 million was reversed in 2020 and during 2021, another DKK 60 million was re- versed, whereas only DKK 40 million ended up being realised as a credit loss.

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Corporate governance Demant - Annual Report 2021 52

The work on corporate governance is an ongoing process for the Board of Directors and Executive Board. Once a year, the Board of Directors and Executive Board review and approve the Group’s corporate governance guid- ance principles. In that context, we con- sider the corporate governance principles that derive from legislation, recommenda- tions and good practices. We focus on de- veloping and maintaining a transparent corporate governance structure that pro- motes responsible business behaviour and long-term value creation. Recommendations issued by the Danish Committee on Corporate Governance and adopted by Nasdaq Copenhagen are best- practice guidelines for the governance of companies admitted to trading on a regu- lated market in Denmark. When reviewing our corporate governance structures, we determine the extent to which the company complies with the recommendations and regularly assess whether the recommen- dations give rise to amendments to our rules of procedure or managerial processes. When reporting on corporate governance, Demant follows 37 of the 40 recommen-dations. The few cases (three) where we have chosen to deviate from a recommen-dation are well-founded, and we explain what we do instead. To further increase transparency, we provide supplementary and relevant information, even when we follow the recommendations. A complete presentation of the recommen-dations and how we comply, the statutory report on corporate governance, is availa- ble on our website, www.demant.com. The report as well as the financial reporting process and internal control described in Risk management activities in this Annual Report contribute to the description of corporate governance, cf. section 107b of the Danish Financial Statements Act.

Tasks and responsibilities of the Board of Directors

In accordance with Danish legislation, Demant has a two-tier management sys- tem, comprising the Board of Directors and the Executive Board, with no individual be- ing a member of both. The division of re- sponsibilities between the Board of Direc- tors and the Executive Board is clearly out- lined and described in the Rules of Proce- dure for the Board of Directors and in the Instructions for the Executive Board.# Corporate Governance

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The Board of Directors is responsible for the overall strategic management and for the financial and managerial supervision of the company, the ultimate goal being to ensure long-term value creation. On an on- going basis, the Board of Directors evaluates the work of the Executive Board as for instance reflected in the annual plan prepared for the Board of Directors.

Composition and organisation

The Board of Directors has eight members: five members elected by the shareholders at the annual general meeting and three members elected by staff in Denmark. Niels B. Christiansen has been Chairman of the Board since 2017. Shareholders elect Board members for a term of one year, and staff elect Board members for a term of four years. Staff-elected members are elected in accordance with the provisions of the Danish Companies Act. Although the Board members elected by the annual general meeting are up for election every year, the individual Board members are traditionally re-elected and sit on the Board for an extended number of years. This ensures consistency and maximum insight into the conditions prevailing in the company and the industry. Such consistency and insight are considered important in order for the Board members to bring value to the company.

Of the five Board members presently elected by the shareholders at the annual general meeting, Anja Madsen, Sisse Fjelsted Rasmussen and Kristian Villumsen are considered independent. Niels B. Christiansen is not considered independent as he is a member of the Board of Directors of William Demant Foundation. Niels Jacobsen is not considered independent as he is the former CEO of Demant. Niels B. Christiansen, Niels Jacobsen, Anja Madsen, Sisse Fjelsted Rasmussen and Kristian Villumsen stand for re-election at the annual general meeting in March 2022.

The Board is composed to ensure the right combination of competencies and experience, with extensive international managerial experience and board experience from major listed companies carrying particular weight. This also applies when new Board candidates are selected.

Since 2012, Demant has had a diversity policy and has taken specific initiatives aimed at ensuring gender equality. The age, gender, nationality, education and competencies of the members of our Board of Directors are listed in the Annual Report. At the annual general meeting in March 2020, the Board of Directors reached its target to have at least two female members before the end of 2020, and with 40% female members and 60% male members, we have an even gender distribution amongst the Board members elected by the shareholders.

As part of our ambitions to ensure diversity and inclusion in the Group, we have in 2021 developed a diversity, equity and inclusion programme, which will along with an inclusion survey form the basis of policy-making and target-setting in the area of diversity in Demant in 2022.

On our website, www.demant.com/about/management/, we describe the competencies and qualifications that the Board of Directors deems necessary to have at its overall disposal in order to be able to perform its tasks for the company.

Evaluation of the performance of the Board of Directors

Once a year, the Chairman of the Board of Directors performs an evaluation of the Board of Directors and the Executive Board, either through personal, individual interviews with the Board members or by means of a questionnaire to be filled out by the individual Board members. In both instances, the findings of the evaluation are presented and discussed at the subsequent Board meeting.

At least every third year, the evaluation is performed with external assistance. The evaluation was performed by means of a questionnaire in 2021, as the evaluation the year before was performed with external assistance based on individual meetings.

Overall, the evaluation confirmed that the Board is satisfied with its governance structures and confirmed that the interaction between the Board members is well-functioning. The Board of Directors is keen on keeping focus on and allocating time to the long-term strategic development of the company to continuously ensure that the potential of the company is exploited to the fullest. The collaboration between the Board of Directors and the Executive Board works well, and there is an open and trustful working atmosphere. The work performed by the Board takes its starting point in the annual wheel, which is continuously reviewed and updated with a view to ensure continued commitment and immersion into relevant areas.

Board meeting at the office in Smørum, Denmark

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Demant - Annual Report 2021 54

Board committees

The Board of Directors has set up four committees: audit, nomination, remuneration and IT security committees. Please refer to the table for a list of the committee members and to the illustration for meetings held.

In 2021, the nomination committee has been engaged in activities in relation to its normal tasks pursuant to the committee charter. The other committees have had certain focus areas during the year. The audit committee has thus been engaged in preparing a suggestion regarding the change of auditors, while the remuneration committee has been particularly engaged in redesigning the remuneration structure for the Executive Board. In the IT security committee, special focus has been given to an externally performed maturity assessment of our IT security based on the Cybersecurity Framework of the National Institute of Standards and Technology (NIST), the purpose of which is to ensure that we continue to focus our work on relevant parameters going forward.

Board of Directors’ and Executive Board’s remuneration

Demant has a remuneration policy and publishes a remuneration report. The current policy was approved at the annual general meeting in March 2020. The remuneration report is available on our website, www.demant.com/about/management. The report will be submitted for advisory vote at the annual general meeting.

Members of Board committees

Member	Audit Committee	Nomination Committee	Remuneration Committee	IT Security Committee
Niels B. Christiansen	Member	Chairman	Chairman	Chairman
Niels Jacobsen	Deputy Chairman	Member	Member	Member
Anja Madsen	Chairman	Member	Member	Member
Sisse Fjelsted Rasmussen	Member	Member	Member	Member
Kristian Villumsen	Member	Member	Member	Member
Lars Henriksen		Member
Søren Nielsen		Member
René Schneider		Member
Per W. Schultz			Member
Anders N. Jensen			Member
Jørgen Jensen				Member
Kim Faurschou				Member
Helle H. Hansen				Member

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Executive Board

Demant - Annual Report 2021 55

Søren Nielsen (male) President & CEO

Born 1970

Nationality: Danish

28,042 shares (+6,405)

Joined the company in 2015

Education: Holds a M.Sc. in Economics from Aarhus University

Competences: Broad business and financial leadership experience from various management positions with major listed companies, leading to international experience in such areas as streamlining and re-establishing companies, completing M&A and driving value creation

Areas of responsibility: Finance, HR, IT and Corporate Functions

René Schneider (male) CFO

Born 1973

Nationality: Danish

15,815 shares (+1,665)

Joined the company in 1995

Education: Holds a M.Sc. in Engineering from the Technical University of Denmark

Competences: Broad business and leadership experience from various management positions in the Group, including the commercial area, product innovation, quality and strategic development. International board experience, strong insights into the MedTech industry as well as a wide network in the global hearing healthcare community

Other positions: HIMPP A/S (M), HIMSA A/S (C), HIMSA II A/S (C), EHIMA (M), Vision RT Ltd. (M), Committee on Life Science under the Confederation of Danish Industry (C), Committee on Business Policy under the Confederation of Danish Industry (M) and Central Board of the Confederation of Danish Industry (M)

Abbreviations C = Chairman, DC = Deputy Chairman, M = Member

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Board of Directors

Demant - Annual Report 2021 56

Niels B. Christiansen (male) Chairman

Born 1966

Nationality: Danish

8,060 shares (unchanged)

Joined the Board in 2008

Chairman since 2017

Chairman of the nomination, remuneration and IT security committees and member of the audit committee

Considered independent: No

Position: CEO & President, LEGO A/S

Other positions: William Demant Foundation (DC), William Demant Invest A/S (M), Tetra Laval S.A. (M) and Committee on Business Policy under the Confederation of Danish Industry (C)

Education: Holds a M.Sc.# Board of Directors

Demant - Annual Report 2021 57

Kristian Villumsen (male)
Born 1970
Nationality: Danish
4,130 shares (+4,130)

Joined the Board in 2021
Member of the audit committee
Considered independent: Yes
Position: President & CEO, Coloplast
Other positions: Committee on Life Science under the Confederation of Danish Industry (M)
Education: Holds a Master of Political Science from Aarhus University and a Master in Public Policy from Harvard University
Competences: International leadership experience from the global MedTech industry, management experience from such areas as innovation, strategy deployment and commercial excellence
Attendance in Board and committee meetings: No absence

Thomas Duer (male)
Born 1973
Nationality: Danish
1,335 shares (unchanged)

Staff-elected Board member since 2015. Re-elected in 2019 for a term of four years
Considered independent: N/A
Position: Director of Configuration & Test, R&D, Demant
Has been with the Demant Group since 2002
Other positions: Danske Sprogseminarer A/S (M), Oticon A/S (M, staff-elected)
Education: Holds a M.Sc. in Electrical Engineering from the Technical University of Denmark
Attendance in Board and committee meetings: No absence

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Demant - Annual Report 2021 58

Casper Jensen (male)
Born 1979
Nationality: Danish
1,194 shares (+694)

Staff-elected Board member in 2019 for a term of four years
Considered independent: N/A
Position: Vice President of Sales, Interacoustics, a subsidiary company of Demant
Has been with the Demant Group since 2012
Education: Holds an MBA from Coventry University
Attendance in Board and committee meetings: Absent from one meeting

Jørgen Møller Nielsen (male)
Born 1962
Nationality: Danish
366 shares (unchanged)

Staff-elected Board member since 2017 and also from 2011-2015. Re-elected in 2019 for a term of four years
Considered independent: N/A
Position: Project Manager, Demant facility in Ballerup, Denmark
Has been with the Demant Group since 2001
Education: Holds a M.Sc. in Electrical Engineering from the Technical University of Denmark and a Diploma in Business Administration (Organisation and Strategy)
Attendance in Board and committee meetings: No absence

Abbreviations
C = Chairman, DC = Deputy Chairman, M = Member

Sisse Fjelsted Rasmussen (female)
Born 1967
Nationality: Danish
No shares

Joined the Board in 2017
Deputy Chairman since 2017
Member of the audit, nomination, remuneration and IT security committees
Considered independent: No
Position: CEO, William Demant Invest A/S
Other positions: KIRKBI A/S (DC), Nissens A/S (C), Thomas B. Thrige Foundation (C), ABOUT YOU Holding GmbH (DC), EKF Danmarks Eksportkredit (M). Related to William Demant Invest: Jeudan A/S (C), Össur hf. (C), Vision RT Ltd. (C), Founders A/S (C) and Boston Holding A/S (M)
Education: Holds a M.Sc. in Economics from Aarhus University
Competences: International leadership experience from major, global, industrial, consumer goods and high-tech companies, business management and board experience as well as strong insights into industrial policy
Attendance in Board and committee meetings: No absence

Anja Madsen (female)
Born 1976
Nationality: Danish
1,500 shares (unchanged)

Joined the Board in 2021
Chairman of the audit committee and member of the IT security committee
Considered independent: Yes
Position: CFO, Stark Group
Other positions: CO-RO (M, C audit committee), Conscia A/S (M) and Committee on Tax Policy under the Confederation of Danish Industry (M)
Education: Holds a M.Sc. in Business Economics and Auditing from Copenhagen Business School (CBS)
Competences: International leadership experience within the area of finance and accounting, including board and CFO experience from listed companies as well as in-depth insights into value creation, change management and M&A
Attendance in Board and committee meetings: No absence

Niels B. Christiansen
Position: Chairman
Education: Holds a M.Sc. in Engineering from the Technical University of Denmark and an MBA from INSEAD
Competences: International leadership experience from major, global, industrial, consumer goods and high-tech companies, business management and board experience as well as strong insights into industrial policy
Attendance in Board and committee meetings: No absence

Niels Jacobsen
Position: Deputy Chairman
Education: Holds a M.Sc. in Economics from Aarhus University
Competences: International leadership experience from major, global companies in the global healthcare and MedTech industry, business management and board experience as well as in-depth insights into financial matters, accounting, risk management and M&A
Attendance in Board and committee meetings: No absence

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Management statement

Demant - Annual Report 2021 59

The Board of Directors and Executive Board have today reviewed and approved the Annual Report 2021 of Demant A/S for the financial year 1 January to 31 December 2021. The consolidated financial statements are prepared and presented in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act. The Parent financial statements are prepared and presented in accordance with the Danish Financial Statements Act. Further, the Annual Report 2021 has been prepared in accordance with Danish disclosure requirements for listed companies.

In our opinion, the consolidated financial statements and the Parent financial statements give a true and fair presentation of the income, position and results of Demant A/S and the Group, including comprehensive income, liabilities and financial position at 31 December 2021 as well as cash flows for the financial year 1 January to 31 December 2021.

In our opinion, the management’s review includes a true and fair view of the development in the operations and financial circumstances of the Group and the Parent, of the results for the year and of the financial position of the Group and the Parent as well as a description of the most significant risks and uncertainties facing the Group and the Parent.

In our opinion, the Annual Report 2021 for Demant A/S with the file name DEMANT-2021-12-31-en.zip for the financial year 1 January to 31 December 2021 for the Group and the Parent is prepared in compliance with the ESEF regulation.

We recommend that the Annual Report 2021 be adopted at the annual general meeting on 10 March 2022.

Smørum, 8 February 2022

Management statement

Executive Board
Søren Nielsen, President & CEO
René Schneider, CFO

Board of Directors
Niels B. Christiansen, Chairman
Niels Jacobsen, Deputy Chairman
Thomas Duer
Casper Jensen
Anja Madsen
Jørgen Møller Nielsen
Sisse Fjelsted Rasmussen
Kristian Villumsen

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Independent auditor’s report

Demant - Annual Report 2021 60

To the shareholders of Demant A/S

Opinion
We have audited the consolidated financial statements and the Parent financial statements of Demant A/S for the financial year 1 January 2021 to 31 December 2021, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the statement of comprehensive income and the cash flow statement of the Group.

The consolidated financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act, and the Parent financial statements are prepared in accordance with the Danish Financial Statements Act.

In our opinion, the consolidated financial statements give a true and fair view of the financial position and results of operations of Demant A/S and the Group at 31 December 2021 and of the results of its operations and cash flows for the financial year 1 January 2021 to 31 December 2021 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements under the Danish Financial Statements Act. Further, in our opinion, the Parent financial statements give a true and fair view of the financial position and results of operations of Demant A/S at 31 December 2021 and of the results of its operations for the financial year 1 January 2021 to 31 December 2021 in accordance with the Danish Financial Statements Act.

Our opinion is consistent with our audit book comments issued to the audit committee and the Board of Directors.

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 consolidated financial statements and the Parent financial statements section of this report. We are independent of the Group 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. To the best of our knowledge and belief, we have not provided any prohibited non-audit services as referred to in Article 5(1) of Regulation (EU) No 537/2014. After Demant A/S was listed on Nasdaq OMX Copenhagen, we were appointed auditors for the first time on 29 April 1996 for the financial year 1996. We have been re-appointed annually by decision of the general meeting for a total contiguous engagement period of 25 years up to and including the financial year 2021.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements and the Parent financial statements for the financial year 1 January 2021 to 31 December 2021. These matters were addressed in the context of our audit of the consolidated financial statements and the Parent financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Accounting for business combinations

Refer to Note 6.1 in the consolidated financial statements. The allocation of the purchase price in business combinations to other intangible assets acquired relies on assumptions and judgements made by Management. Management has performed fair value calculations, which include judgements and estimates, including the future cash flow anticipated from the acquired customer base and the discount rate applied. We have tested internal controls that address the accounting for business combinations and tested the reasonableness of the key assumptions, including market po discount rates. We assessed and challenged Management’s assumptions and judgements applied in its fair value models for identifying and measuring customer bases and for other intangible assets, including:

Discussed the future cash flow projections with Management and key employees.
Consulted with subject matter experts regarding the valuation methodologies applied.
Tested the valuation model, including mathematical accuracy, and obtained supporting evidence for future cash flow projections, estimates and key assumptions, including the applied discount rate.
Considered the impact of reasonably possible changes in key assumptions and performed sensitivity calculations to quantify the impact of potential changes in the valuation of intangible assets.
Assessed the adequacy and appropriateness of disclosures in the notes and compliance with the requirements of IFRS 3.

Statement on the Management commentary

Management is responsible for the Management commentary. Our opinion on the consolidated financial statements and the Parent financial statements does not cover the Management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the Parent financial statements, our responsibility is to read the Management commentary and, in doing so, consider whether the Management commentary is materially inconsistent with the consolidated financial statements and the Parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management commentary is in accordance with the consolidated financial statements and the Parent financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management commentary.

Management’s responsibilities for the consolidated financial statements and the Parent financial statements

Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act as well as the preparation of Parent 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 consolidated financial statements and Parent financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the Parent financial statements, Management is responsible for assessing the Group’s and the entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern and for using the going concern basis of accounting in preparing the consolidated financial statements and the Parent financial statements, unless Management either intends to liquidate the Group or the entity or to cease operations or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the consolidated financial statements and the Parent financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the Parent 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 consolidated financial statements and these Parent 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 consolidated financial statements and the Parent 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 Group’s and the Parent 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 consolidated financial statements and the Parent 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 Group’s and the Parent entity’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 consolidated financial statements and the Parent 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 Group and the entity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements and the Parent financial statements, including the disclosures in the notes, and whether the consolidated financial statements and the Parent financial statements represent the underlying transactions and events in a manner that gives a true and fair view.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements.

We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion. 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. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and, where applicable, safeguards put in place and measures taken to eliminate threats.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the Parent financial statements of the current period and are therefore the key audit matters. We then determine those matters that were of most significance in the audit of the consolidated financial statements and the Parent financial statements of the current period and are therefore the key audit matters. We report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on compliance with the ESEF Regulation

As part of our audit of the consolidated financial statements and the Parent financial statements of Demant A/S, we performed procedures to express an opinion on whether the Annual Report of Demant A/S for the financial year 1 January 2021 to 31 December 2021 with the file name DEMANT-2021-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation), which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements.

Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:
* The preparing of the annual report in XHTML format;
* The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for financial information required to be tagged using judgement where necessary;
* Ensuring consistency between iXBRL tagged data and the consolidated financial statements presented in human readable format; and
* For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.

Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained and to issue a report that includes our opinion.

The nature, timing and extent of procedures performed, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:
* Testing whether the annual report is prepared in XHTML format;
* Obtaining an understanding of the company’s process for preparing the Annual Report, including the system of internal control over the tagging process;
* Evaluating the completeness of the iXBRL tagging of the consolidated financial statements;
* Evaluating the appropriateness of the selection of iXBRL tags chosen from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified;
* Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and
* Reconciling the iXBRL tagged data with the audited consolidated financial statements.

In our opinion, the Annual Report of Demant A/S for the financial year 1 January 2021 to 31 December 2021 with the file name DEMANT-2021-12-31-en.zip is prepared in all material respects, in compliance with the ESEF Regulation.

Copenhagen, 8 February 2022

Deloitte Statsautoriseret Revisionspartnerselskab
Business Registration No 33 96 35 56

Anders Vad Dons
State-Authorised Public Accountant
MNE no 25299

Kåre Kansonen Valtersdorf
State-Authorised Public Accountant
MNE no 34490

Consolidated financial statements

Consolidated income statement

(DKK million)		2021	2020
Revenue		18,388	14,469
Cost of goods sold		-4,634	-4,276
Gross profit		13,754	10,193
Distribution expenses		-1,350	-1,261
Selling and administrative expenses		-8,241	-7,067
Research and development expenses		-937	-840
Other income, net		120	505
Amortisation, goodwill		99	-
Amortisation, intangible assets		3,445	1,530
Operating profit		43	38
Profit from financial items		-245	-232
Profit from continuing operations		3,243	1,336
Finance costs		-715	-202
Profit from continuing operations		2,528	1,134
Profit from continuing operations attributable to owners of the Parent		2,513	1,121
Minority interests		15	13
		2,528	1,134
Earnings per share, basic	DKK	10.70	4.68
Earnings per share, diluted	DKK	10.70	4.68

Consolidated statement of comprehensive income

(DKK million)	2021	2020
Profit from continuing operations	2,528	1,134
Other comprehensive income:
Exchange differences on translation of foreign operations	425	-467
Fair value adjustments on financial assets measured at fair value through other comprehensive income, net of tax	-177	110
Revaluation of property, plant and equipment	36	-12
Tax on revaluation of property, plant and equipment	29	-3

Changes in fair value of hedging instruments, net of tax	313	-372

Other comprehensive income for the period, net of tax	62	-2
Profit for the year	2,891	770

Other comprehensive income for the period, net of tax
Exchange differences on translation of foreign operations	-3	19
Fair value adjustments on financial assets measured at fair value through other comprehensive income, net of tax	40	-25
Revaluation of property, plant and equipment	-8	3
Other comprehensive income for the period, net of tax	-12	10

Changes in fair value of hedging instruments, net of tax	17	7

Other comprehensive income for the period, net of tax	50	8

Total comprehensive income for the period	363	-364

Total comprehensive income for the period	2,891	770

Total comprehensive income for the period attributable to owners of the Parent	2,876	757

Minority interests	15	13
		2,891
There were no items of other comprehensive income related to continuing operations.
Other comprehensive income for the period, net of tax:
Exchange differences on translation of foreign operations	-3	19
Fair value adjustments on financial assets measured at fair value through other comprehensive income, net of tax	40	-25
Revaluation of property, plant and equipment	-8	3
Other comprehensive income for the period, net of tax	-12	10

Changes in fair value of hedging instruments, net of tax	17	7

Total other comprehensive income for the period, net of tax	50	8

Consolidated balance sheet

31 December

(DKK million)	2021	2020
ASSETS
Non-current assets
Property, plant and equipment	10,317	9,104
Goodwill	2,277	2,139
Intangible assets	2,079	1,847
Long-term receivables	858	833
Deferred tax assets	267	247
Other non-current assets	11	14
Total non-current assets	569	503
Total non-current assets	596	553
Total non-current assets	4,380	3,997
Total non-current assets	16,974	15,240
Current assets
Inventories	2,366	1,968
Trade receivables	3,203	2,808
Other receivables	147	111
Other current assets	68	63
Total current assets	616	441
Total current assets	596	553
Total current assets	1,172	952
Total current assets	7,886	6,687
Total assets	24,860	21,927
EQUITY AND LIABILITIES
Equity
Share capital	2,404	82
Other paid-in capital	2,506
Total equity	2,506
Non-current liabilities
Deferred tax liabilities	2,366	1,968
Provisions	3,203	2,808
Other non-current liabilities	808	802
Other financial liabilities	-	5
Other provisions	267	131
Total non-current liabilities	7,644	5,714
Current liabilities
Trade payables	6,422	3,612
Other payables	511	456
Other financial liabilities	808	802
Other provisions	267	131
Total current liabilities	7,990	5,001
Total liabilities	15,634	10,715
Total equity and liabilities	24,860	21,927

Acquisition of enterprises, participating interests and activities includes loans of DKK 63 million (DKK 120 million in 2020) classified as other non-current assets, which have been settled as part of acquisitions without cash payments.

(DKK million)		2021	2020
Goodwill		3,445	1,530
Intangible assets		876	855
Acquisition of other companies, net of cash acquired		-472	266
Acquisition of property, plant and equipment		-424	-73
Acquisition of trade receivables, net of cash acquired		345	236
Acquisition of inventories		91	41
Acquisition of other receivables		106	41
Goodwill		3,967	2,896
Investment in other companies		27	20
Repayment of loan to related parties		-243	-234
Repayment of loan from related parties		-476	-61
Cash and cash equivalents from acquisitions		3,275	2,621

Translation adjustment on investments in foreign operations, net of tax		-708	-394
Translation adjustment on loans to related parties, net of tax		161	-
Translation adjustment on property, plant and equipment		-164	-174
Translation adjustment on goodwill		-558	-507
Translation adjustment on intangible assets		16	14
Translation adjustment on current assets		-434	-219
Translation adjustment on current liabilities		390	288
Cash and cash equivalents from acquisitions		-1,297	-992

(DKK million)		2021	2020
---	---	---	---
Financial investments		-2,404	-82
Other receivables		2,506	# Consolidated statement of changes in equity

(DKK million)

	Current period	Prior period

	Opening balance

Share capital	8,561	8,250
Other paid-in capital	29	29
Retained earnings	8,279	7,981
Translation reserves	68	69
Total equity	16,937	16,329

Changes in equity
Share capital
Other paid-in capital
Retained earnings
Translation reserves

Net profit for the period

Other comprehensive income
Exchange differences on translation of foreign operations	-3	32
Other changes in translation reserves	-12	17
Income tax relating to other comprehensive income	-14	-54
Net change in other comprehensive income	-29	-40

Total comprehensive income	-32	-73

Transactions with owners
Share capital - new shares issued	2,513	1,121
Other paid-in capital - new shares issued	15	13
Transaction costs on new shares issued	-147	-147
Dividend paid	8	4
Dividend on treasury shares	-	-3
Other changes in share capital and related items	-	-
Share-based payment schemes	-	-
Tax on share-based payment schemes	-	-
Transfer between equity components	-	-
Total transactions with owners	2,391	934

Total changes in equity	2,359	861

Closing balance
Share capital	11,074	9,184
Other paid-in capital	44	42
Retained earnings	8,248	7,937
Translation reserves	39	29
Total equity	19,405	17,192

	DKK million

Operating activities and cash flow
1.1 Segment disclosures
1.2 Revenue from contracts with customers
1.3 Employees
1.4 Amortisation, depreciation and impairment losses
1.5 Earnings per share
1.6 Inventories
1.7 Receivables
1.8 Specification of non-cash items etc.
Section 2
Exchange rates
2.1 Exchange rate risk policy
2.2 Sensitivity analysis in respect of exchange rates
2.3 Hedging and forward exchange contracts
2.4 Exchange rates
Section 3
Asset base
3.1 Intangible assets
3.2 Property, plant and equipment
3.3 Leases
3.4 Other non-current assets
3.5 Non-current assets by geo- graphic region
3.6 Impairment testing
Section 4
Capital structure and financial management
4.1 Financial risk management and capital structure
4.2 Net financial items
4.3 Categories of financial instru- ments
4.4 Net interest-bearing debt, li- quidity and interest rate risks
4.5 Fair value hierarchy
Section 5
Tax
5.1 Tax on profit
5.2 Deferred tax
Section 6
Acquisitions
6.1 Acquisition of enterprises and activities
6.2 Divestment of enterprises and activities
Section 7
Provisions, other liabilities etc.
7.1 Provisions
7.2 Other liabilities
7.3 Deferred income
7.4 Contingent liabilities
Section 8
Other disclosure require- ments
8.1 Related parties
8.2 Fees to statutory auditors
8.3 Government grants
8.4 Events after the balance sheet date
Section 9
Basis for preparation
9.1 Group accounting policies
9.2 Accounting estimates and judgements
Notes to consolidated financial statements

Section 1 Operating activities and cash flow

REVENUE

18,388 DKK MILLION

FREE CASH FLOW

2,525 DKK MILLION

Description of products and services for each reportable segment

Based on IFRS 8 Operating Segments and the internal reporting model used by Management for the assessment of results and the use of resources, Management has identified Hearing Healthcare and Communications as the reportable segments in the Group.

Hearing Healthcare comprises the four business areas: Hearing Aids, Hearing Care, Hearing Implants and Diagnostics, which provide hearing healthcare solutions, involving manufacturing, servicing and sale of hearing aids and hearing implants as well as diagnostic products and services. Communications only comprises our headset business, which operates under the EPOS brand and provides headsets for the professional call centre and office market (Enterprise Solutions) and headsets for gaming (Gaming).

Segment performance is evaluated on EBIT level and is based on the accounting policies for the consolidated income statement. The consolidated financial income and expenses as well as income taxes are managed on a Group basis and are not allocated to operating segments.

Segmentation of assets and liabilities

Segment assets and liabilities are based on the accounting policies for the consolidated balance sheet and allocated based on the operation of the segment.

Derivative financial instruments and income tax-related assets and liabilities are managed on a Group basis and are not allocated to operating segments.

1.1 Segment disclosures (DKK million)

	DKK 2021	DKK 2020		DKK 2021	DKK 2020

	Hearing Healthcare	Communications	Total	Hearing Healthcare	Communications
Revenue	17,205	1,183	18,388	13,163	1,306
Adjustments to revenue	-4,022	-612	-4,634	-3,480	-796
Operating profit	13,183	571	13,754	9,683	510
EBITDA	-1,153	-197	-1,350	-1,092	-169
Depreciation, amortisation and impairment losses	-8,241	-	-8,241	-6,621	-446
Personnel costs	-905	-32	-937	-811	-29
Other operating income	120	-	120	52	453
Other operating expenses	99	-	99	-	-
Operating profit before depreciation	3,567	-122	3,445	1,211	319

Operating profit before depreciation
Of which:
Depreciation	887	25	912	843	17
Amortisation	108	14	122	143	8
Impairment losses on financial assets, net of reversal of impairment losses	48	-	48	1	453
Depreciation, amortisation and impairment losses of property, plant and equipment, net of reversal of impairment losses	8,241	-	8,241	7,067	446
Of which: Depreciation and amortisation included in personnel costs	99	-	99	-	-
Segment assets	23,725	1,669	25,394	20,671	1,383
Segment liabilities	8,037	979	9,016	6,597	725
Non-current assets	17,126	272	17,398	14,970	359
Financial assets at fair value through profit or loss	-9,417	-	-9,417	-7,050	-
Total segment assets	7,981	-	7,981	8,279	-

1.1 Segment disclosures (continued) (DKK million)

	DKK 2021	DKK 2020	DKK 2021	DKK 2020	DKK 2021	DKK 2020	DKK 2021	DKK 2020
	Hearing Healthcare	Communications	Hearing Aids	Hearing Care	Hearing Implants	Diagnostics	Total	Total
Property, plant and equipment	9,835	482	-	-	10,317	8,620	484	-
Intangible assets	2,250	27	-	-	2,277	2,123	16	-
Trade and other receivables	2,031	48	-	-	2,079	1,802	45	-
Other non-current assets	791	67	-	-	858	766	67	-
Total non-current assets	781	66	-	596	1,443	763	46	-
Total current assets	15,688	690	-	596	16,974	14,074	658	-

Total assets	23,725	1,669	-	-	25,394	20,671	1,383	-

Capital expenditure	1,841	525	-	-	2,366	1,710	258	-
New leases (Right-of-use assets)	2,940	263	-	-	3,203	2,468	340	-
Depreciation and amortisation of intangible assets	1,130	-	-1,130	-	-	635	-	-635
Other operating expenses	1,013	132	-	-	1,145	873	86	-
Depreciation and amortisation of financial assets	1,113	59	-	-	1,172	911	41	-
Total depreciation and amortisation	8,037	979	-1,130	-	7,886	6,597	725	-635

Total assets	23,725	1,669	-1,130	-	24,860	20,671	1,383	-635

Non-current assets	17,126	272	-	-	17,398	14,970	359	-
Financial assets at fair value through profit or loss	-9,417	-	-	-	-9,417	-7,050	-	-
Total segment assets	7,981	-	-	-	7,981	8,279	-	-

	2021	2020
Disaggregation of revenue
Geographical region:
Rest of Europe	72	93
Other	852	824
Total revenue recognised in the period	1,390	1,246
Revenue recognised in the period
Of which: Contract liabilities	1,390	1,246
Disaggregation of revenue
Warranty and after-sales services	1,372	1,246
Other	-54	-52
Total revenue recognised in the period	1,318	1,194
Disaggregation of revenue
Contract assets, net of impairment	3,612	3,612
Of which: Contract liabilities recognised in the period	1,130	635
Of which: Contract assets recognised in the period	3,400	3,251
Of which: Contract liabilities recognised in the period	1,338	1,437
Of which: Contract assets recognised in the period	3,612	3,612
Of which: Contract liabilities recognised in the period	3,825	3,251
Total revenue recognised in the period	10,973	7,374
Disaggregation of revenue
Services	24,860	21,927
Of which: Contract liabilities recognised in the period	596	508
Of which: Contract assets recognised in the period	23,725	20,671
Of which: Contract liabilities recognised in the period	1,130	635
Of which: Contract assets recognised in the period	6,422	3,612
Of which: Contract liabilities recognised in the period	3,251	3,825
Total revenue recognised in the period	5,906	6,274

Revenue from contracts with customers (continued)

	2021	2020
Disaggregation of revenue
Other	1,372	1,246
Warranty and after-sales services	-54	-52
Total revenue recognised in the period	1,318	1,194
Disaggregation of revenue
Of which: Contract liabilities recognised in the period	1,246	1,390
Of which: Contract assets recognised in the period	52	-54
Of which: Contract liabilities recognised in the period	-553	-510
Of which: Contract assets recognised in the period	448	469
Of which: Contract liabilities recognised in the period	28	81
Of which: Contract liabilities recognised in the period	-13	41
Of which: Contract liabilities recognised in the period	18	11
Total revenue recognised in the period	1,246	1,390

Revenue from contracts with customers (continued)

	2021	2020
Disaggregation of revenue
Other	5,701	7,347
Total revenue recognised in the period	5,701	7,347
Disaggregation of revenue
Other	5,464	7,553
Total revenue recognised in the period	5,464	7,553
Disaggregation of revenue
Other	523	512
Total revenue recognised in the period	523	512
Disaggregation of revenue
Other	1,475	1,823
Total revenue recognised in the period	1,475	1,823
Disaggregation of revenue
Other	1,306	1,183
Total revenue recognised in the period	1,306	1,183
Disaggregation of revenue
Other	-	-30
Total revenue recognised in the period	-	-30
Total revenue recognised in the period	14,469	18,388

Of which: Contract liabilities
As at 31 December 2021, DKK 1,130 million (DKK 635 million as at 31 December 2020) relates to contract liabilities. The amount of the transaction price allocated to the remaining performance obligations as at 31 December 2021 and 2020 was DKK 1,130 million and DKK 635 million respectively. These amounts are recognised as revenue when the Group has satisfied its performance obligations under the contract.

Nature of goods and services

Control is normally transferred to the customer when the goods are shipped to the customer, though delivery terms can vary and control may be transferred at a later point. When selling hearing aids to customers, we transfer control and recognise revenue when the hearing aid is delivered to the customer at a given point in time and when a hearing aid is initially fitted to the user. In some countries, the users are granted a trial period. In such cases, the transfer of control occurs when the trial period expires. In some countries, customers are given the right to return the hearing aid within a certain period. In such cases, the expected returns are estimated based on an analysis of historical experience adjusted for any known factors impacting expectations for future return rates. Revenue and cost of goods sold are adjusted accordingly, and contract liabilities (refund liabilities) and rights to the returned goods (included in prepaid expenses) are recognised for the expected returns.

Our activities also involve delivery of various services, such as extended warranties, warranty-related coverages (loss and damage) and after-sales services (e.g. fine-tuning of the hearing aid, additional hearing test and cleaning). Revenue from these services is recognised on a straight-line basis over the warranty or service period as the user makes use of the service continuously. Some users purchase a battery package or are given batteries free of charge as part of the purchase of the hearing aid, entitling them to free batteries for a certain period. Revenue is recognised when the user receives the batteries or is given batteries free of charge as part of the purchase of the hearing aid. When available, we use an observable price to determine the stand-alone selling price for the separate performance obligations related to these services, and in countries where observable prices are not available, we use a cost-plus-margin method. The standard warranty period for hearing aids and diagnostic equipment varies between countries but is typically 12-24 months and for certain products or countries up to 48 months. The extended warranty covers periods beyond the standard warranty period or standard warranty terms. Payment terms vary significantly between countries and depend on whether the customer is a private or public customer. The majority of hearing aids sold to users are invoiced and paid for after the initial fitting, but some customers choose to have the hearing aid financed by us. The transaction price of such arrangements is adjusted for any significant financing benefit, and the financing component is recognised as financial income.

Accounting policies

Revenue is recognised when obligations under the terms of the contract with the customer are satisfied, which usually occurs with the transfer of control of our products and services within Hearing Healthcare and Communications. Revenue is measured as the consideration we expect to receive in exchange for transferring goods and providing services net of the estimated discounts or other customer-related reductions.

Accounting estimates and judgements

Discounts, returns etc. (estimate)
Discounts, loyalty programmes and other revenue reductions are estimated and accrued when the related revenue is recognised. To make such estimates is a matter of judgement, as all conditions are not known at the time of sale, e.g. the number of units sold to a given customer or the expected utilisation of loyalty programmes. Sales discounts, rebates and loyalty programmes are adjusted, as we obtain better information on the likelihood that they will be realised and the value at which they are expected to be realised. Sales discounts and rebates are recognised under other cost payables as part of other liabilities, and loyalty programmes are recognised under deferred income. Depending on local legislation and the conditions to which a sale is subject, some customers have the option to return purchased goods and obtain a refund. Based on historical return rates, an estimate is made of the expected returns and a provision is recognised. This provision is updated, as returns are recognised or when we collect more accurate data on return rates.
After-sales services (estimate)
After-sales services are provided to users of our hearing aids and are based on estimates as not all users make use of these services. The estimate is a matter of judgement and is based on the number of visits, the extent of the service provided, and the expected number of users that make use of the after-sales services.

1.2 Revenue from contracts with customers (continued)

	2021	2020
Disaggregation of revenue
Revenue recognised in the period
Of which: Contract liabilities recognised in the period	1,372	1,246
Of which: Contract assets recognised in the period	-54	-52
Of which: Contract liabilities recognised in the period	-510	-553
Of which: Contract assets recognised in the period	469	448
Of which: Contract liabilities recognised in the period	28	81
Of which: Contract liabilities recognised in the period	-13	41
Of which: Contract liabilities recognised in the period	18	11
Total revenue recognised in the period	1,246	1,390

	2021	2020
Disaggregation of revenue
Of which: Contract liabilities recognised in the period	5,701	7,347
Of which: Contract liabilities recognised in the period	5,464	7,553
Of which: Contract liabilities recognised in the period	523	512
Of which: Contract liabilities recognised in the period	1,475	1,823
Of which: Contract liabilities recognised in the period	1,306	1,183
Of which: Contract liabilities recognised in the period	-	-30
Total revenue recognised in the period	14,469	18,388

Note: As at 31 December 2021, DKK 1,130 million (DKK 635 million as at 31 December 2020) relates to contract liabilities. The amount of the transaction price allocated to the remaining performance obligations as at 31 December 2021 and 2020 was DKK 1,130 million and DKK 635 million respectively. These amounts are recognised as revenue when the Group has satisfied its performance obligations under the contract.

Accounting policies

Employee costs comprise wages, salaries, social security contributions, annual and sick leave, bonuses and non-monetary benefits and are recognised in the year in which the associated services are rendered by the employees. Where Demant provides long-term employee benefits, the costs are accrued to match the rendering of the service by the employees concerned.# 1.3 Employees

	DKK million	DKK million
	`2021`	`2020`
Compensation to employees
Salaries and wages	6,736	5,953
Social security costs	18	12
Pension costs	91	79
Other staff costs	19	28
Total compensation to employees	7,595	6,699

Other staff-related expenses
Share-based payments	960	892
Social tax on share-based payments	880	839
Other personnel expenses	4,959	4,289
Other staff-related expenses not directly attributable to employee compensation	796	679
Total other staff-related expenses	7,595	6,699

Total employee expenses	17,500	16,155

Of which: Costs related to management and board of directors, for the fiscal year and for the previous year, and the Company’s compensation of employees, with variable components based on the Company’s financial results.

	DKK million	DKK million
	`2021`	`2020`
Share-based payment expenses


Share-based payment costs

Equity-settled share-based remuneration programmes

Cash-settled share-based remuneration programmes

Total share-based payment expenses

Equity-settled share-based remuneration programmes
Cash-settled share-based remuneration programmes

Total share-based payment expenses

The “Shadow share” and RSU programmes (collectively referred to as the “programmes”) are the Group’s incentive schemes for key employees and management. The programmes are designed to attract and retain key employees and management and to align their interests with those of the shareholders. Both programmes are awarded on a yearly basis and are contingent on the employee still being employed and not under termination when three years have passed from the time of the grant. The fair value at the time of the grant of the shares granted under both programmes is based on the average share price of the first five trading days after publication of the annual report.

“Shadow share” programme
In 2021, the Group granted 43,514 “Shadow shares” (35,138 in 2020) to 4 employees (4 in 2020). The total fair value of the “Shadow shares” granted in 2021 was DKK 11 million (DKK 10 million in 2020) at the time of the grant. The liability is recognised on a straight-line basis, as the service is rendered, and the liability is remeasured at each reporting date and at the settlement date based on the fair value of the “Shadow shares”. Changes in the fair value of the “Shadow shares” are recognised as financial income or financial expenses. If relevant, the liability is adjusted to reflect the expected risk of non-vesting as a result of resignations. Any changes to the liability are recognised in the income statement. In 2021, the Group bought back shares to cover the financial risk of share price fluctuations related to the programmes. At 31 December 2021, the remaining average contractual life of cash-settled remuneration programmes was 15 months (19 months in 2020).
RSU programme
In 2021, RSU shares were granted to 110 employees (13 employees in 2020). The Group recognised costs of DKK 8 million (DKK 2 million in 2020) in the income statement related to the RSU programme. There is no subsequent remeasurement of fair value. The costs are recognised on a straight-line basis, as the service is rendered. At 31 December 2021, the remaining average contractual life of equity-settled share programmes was 21 months (21 months in 2020).

Costs of share-based payment programmes


	DKK million	DKK million
	`2021`	`2020`
Equity-settled share-based remuneration programmes

Cash-settled share-based remuneration programmes

Total share-based payment expenses

Accounting estimates and judgements
Vesting conditions and fair value (estimate)
Management must evaluate the likelihood of vesting conditions for the share-based programmes being fulfilled. Vesting is entirely dependent on the persons enrolled in the share-based programmes remaining employed until the end of the vesting period. The estimate made based on this likelihood is used to calculate the fair value of the share-based programmes. Furthermore, the shares must be valued. For this purpose, Management uses the share price quoted on Nasdaq Copenhagen.

1.3 Employees (continued)

	DKK million	DKK million
	`2021`	`2020`
Share-based payment expenses
Equity-settled share-based remuneration programmes
Cash-settled share-based remuneration programmes
Total share-based payment expenses

	DKK million	DKK million
	`2021`	`2020`
Employee benefits expense
Salaries, wages and social security costs	7.0	9.0
Share-based payments	5.6	4.1
Other personnel expenses	5.3	4.2
Change in provision for holiday pay	-3.5	-4.3
Total employee benefits expense	14.4	13.0

Other personnel expenses	7.5	4.0
Personnel expenses from share-based remuneration programmes	11.4	7.3

Of which: Share-based payment expenses relating to share-based payment programmes.

1.4 Amortisation, depreciation and impairment losses

	DKK million	DKK million
	`2021`	`2020`
Amortisation and depreciation of intangible assets
Amortisation of intangible assets	122	151
Amortisation of development costs and amortisation of patents	374	367
Amortisation of tangible assets	538	493
Total amortisation and depreciation of intangible and tangible assets	1,034	1,011

Amortisation and depreciation of intangible and tangible assets, including impairment of intangible assets
Amortisation of intangible assets	99	103
Social tax on amortisation of intangible assets	49	69
Other personnel expenses	713	633
Impairment losses on tangible and intangible assets	173	206
Total amortisation and depreciation of intangible and tangible assets	1,034	1,011

1.5 Earnings per share

	DKK million	DKK million
	`2021`	`2020`
Profit for the year attributable to equity holders of the parent, net of tax on dividends, before fair value adjustment of EPS	2,513	1,121
Basic earnings per share	240.30	242.09
Diluted earnings per share	-5.48	-2.31
Adjusted earnings per share	234.82	239.78

Weighted average number of shares outstanding	10.70	4.68
Weighted average number of shares outstanding, adjusted	10.70	4.68

1.6 Inventories

For accounting policies on amortisation and depreciation, please refer to Note 3.1, Note 3.2 and Note 3.3. There are no impairment losses in 2021 and 2020.

Write-downs for the year are shown net, as breakdown into reversed write-downs and new write-downs is not possible. Inventories are generally expected to be sold within one year.

Accounting policies

Raw materials, components and goods for resale are measured at cost according to the FIFO principle (according to which the most recently purchased items are considered to be in stock) or at their net realisable value, whichever is lower. Group-manufactured products and work in progress are measured at the value of direct costs, direct payroll costs, consumables and a proportionate share of indirect production costs, which are allocated on the basis of the normal capacity of the production facility. Indirect production costs include the proportionate share of capacity costs directly relating to Group-manufactured products and work in progress. The net realisable value of inventories is determined as the estimated selling price less costs of completion and costs to sell.

Accounting estimates and judgements

Indirect production cost (judgement)
Indirect production cost allocations to inventory are based on relevant judgements related to capacity utilisation at the production facility, production time and other product-related factors. The judgements are reviewed regularly to ensure that inventories are measured at their actual production cost. Changes in judgements may affect gross profit margins as well as the valuation of work in progress, finished goods and goods for resale.

Obsolescence provision (estimate)
The obsolescence provision for inventories is based on the expected sales forecast for the individual types of hearing devices, diagnostic equipment, hearing implants, headsets and other gaming/enterprise devices. Sales forecasts are based on Management’s estimates of market conditions and trends, and the obsolescence provision is subject to changes in these assumptions.

	DKK million	DKK million
	`2021`	`2020`
Raw materials, components and goods for resale	940	682
Group-manufactured products and work in progress	74	108
Work in progress	1,352	1,178
Inventories	2,366	1,968

Provision for slow-moving and obsolete inventory	179	125

Change in provision for slow-moving and obsolete inventory	90	77
Net realisable value of inventories, below which inventory is not carried	3,539	3,192

The opening balance of trade receivables in 2020 amounted to DKK 3,209 million. Of the total amount of trade receivables, DKK 250 million (DKK 243 million in 2020) is expected to be collected after 12 months. For information on security and collateral, please refer to Credit risks in Note 4.1. In 2020, an additional provision for bad debt of DKK 100 million was made to cover uncertainties caused by the Covid-19 pandemic. The provision was recognised in loss allowance for trade receivables, which were more than 12 months overdue. In 2021, the Group reversed the provision for additional bad debt of DKK 60 million, while DKK 40 million has been realised during the year. As of 31 December 2021, no additional provision to cover uncertainties caused by the Covid-19 pandemic exists.# 1.7 Receivables (DKK million)

	31 December 2021	31 December 2020
Trade receivables	3,203	2,808
Other receivables	690	610
Loans to customers	495	334
Total receivables	4,388	3,752

Less: Allowance for impairment of receivables
Trade receivables	-426	-339
Loans to customers	-12	26
Other receivables	88	145
Of which: Impairment of receivables that are not overdue	-134	-267
Of which: Impairment of receivables that are overdue	133	9
Less: Allowance for impairment of receivables	-351	-426
Net receivables	4,037	3,326

1.7 Receivables (continued)

(DKK million)

	31 December 2021	31 December 2020
Trade receivables by aging
Not due	2,202	582
1-30 days	697	10
31-60 days	495	-
61-90 days	-	-
91-120 days	-	-
>120 days	319	3,537
Gross trade receivables	3,394	4,739

Less: Impairment of trade receivables
Not due	27	43
1-30 days	11	-
31-60 days	-	-
61-90 days	-	-
91-120 days	-	-
>120 days	174	351
Total impairment of trade receivables	213	397

Net trade receivables	3,181	4,342

Aging of trade receivables for year end 2021
0.5%
1.5%
3.0%
5.0%
10.0%

	31 December 2021	31 December 2020
Trade receivables by aging
Not due	1,939	525
1-30 days	619	7
31-60 days	334	-
61-90 days	-	-
91-120 days	-	-
>120 days	324	4,178
Gross trade receivables	2,892	4,710

Less: Impairment of trade receivables
Not due	19	20
1-30 days	12	1
31-60 days	-	-
61-90 days	-	-
91-120 days	-	-
>120 days	299	426
Total impairment of trade receivables	330	447

Net trade receivables	2,562	4,263

Aging of trade receivables for year end 2020
0.5%
1.5%
3.0%
5.0%
10.0%

Receivables include trade receivables, customer loans and other receivables. Receivables are financial assets with fixed or determinable payments, which are not listed on an active market and are not derivatives. On initial recognition, receivables are measured at fair value with the addition of transaction costs. Receivables with a definite maturity date are measured at amortised cost. Receivables without a definite maturity date are measured at cost. Current receivables are measured at nominal value. For trade receivables, the Group has a simplified approach to providing the expected credit loss prescribed by IFRS 9. The provision for credit loss is measured through a provision matrix. To measure the expected credit loss, trade receivables have been grouped based on shared credit risk and the number of days that have passed after the due date. In accordance with IFRS 9, provisions have also been made for trade receivables not due. For trade receivables that are considered credit-impaired, the expected credit loss is determined on an individual basis. At initial recognition, a loss allowance is recognised for customer loans based on expected credit losses, which are determined based on shared credit risk characteristics and historical loss rates. For customer loans that are considered credit-impaired, the expected credit loss is determined on an individual basis.

Impairment of receivables (estimate)

Allowance for impairment is calculated for both trade receivables and customer loans. The allowances are determined as expected credit losses based on an assessment of expected credit losses and the probability of default, respectively, ability to pay. These assessments are made by local management for uniform groups of debtors and customer loans based on maturity analyses. When indicated by special circumstances, impairments are made for individual trade receivables and customer loans. Other receivables are assessed on an individual basis.

1.8 Specification of non-cash items etc.

(DKK million)

	31 December 2021	31 December 2020
Depreciation and amortisation	1,086	1,048
Changes in fair value of financial instruments and derivative contracts	-120	-505
Other adjustments to profit from discontinuing operations	-4	2
Gain/(loss) on disposal of property, plant and equipment	-27	114
Other unrealised gains/(losses) on financial items	-43	156
Gains on sale of other assets	65	50
Fair value adjustment on investment property	-2	-12
Loss on disposal of intangible assets	-99	-
Other adjustments to profit from property, plant and equipment	20	2
Total non-cash items etc.	876	855

1.7 Receivables (continued)

Section 2 Exchange rates

Exchange rate risk policy

The Group seeks to hedge against exchange rate risks, first and foremost through forward exchange contracts. In relation to exchange rate fluctuations, hedging ensures predictability in the profit and gives Management the opportunity and the necessary time to redirect business arrangements in the event of persistent changes in foreign exchange rates. The Group aims to hedge such changes in foreign exchange rates by seeking to match positive and negative cash flows in the main currencies as much as possible and by entering into forward exchange contracts. The Group predominantly hedges estimated cash flows with a horizon of up to 18 months.

Sensitivity analysis in respect of exchange rates

The table below shows the estimated impact on the Group’s operating profit (EBIT) and consolidated equity, given a change of 5% in the currencies with the highest exposures. The exchange rate impact on EBIT has been calculated based on the outstanding balance of receivables and payables in each currency and does not take into account a possible exchange rate impact on balance sheet values in those currencies.

(DKK million)

	31 December 2021	31 December 2020
EUR	+82	+19
USD	+23	+16
CAD	+22	+15
SEK	+11	+11
NOK	+4	+5
Other	-25	-22

(DKK million)

	31 December 2021	31 December 2020
EUR	+188	+179
USD	+23	+20
CAD	+53	+48
SEK	+13	+13
NOK	+4	+4
Other	+29	+27

The sensitivity analysis assumes that a 5% change in the exchange rate would impact the net exposure in the Group’s main currencies by 5%. The analysis is performed on the basis of the net financial exposure in each currency, and it is assumed that the exposure does not change during the year. Changes in fair value of financial instruments are not included in the sensitivity analysis.

2.3 Hedging and forward exchange contracts

Open forward exchange contracts at the balance sheet date may be specified as shown below, with contracts for the sale of currency being shown at negative contract values. The expiry dates reflect the periods in which the hedged cash flows are expected to be realised. Realised forward exchange contracts are recognised in the income statement together with the items, typically the revenue in foreign currency, that such contracts are designed to hedge. In 2021, our forward exchange contracts realised a loss of DKK 36 million (gain of DKK 12 million in 2020), which decreased reported revenue for the year. There have been no ineffectiveness in 2021 or 2020.

Accounting policies

On initial recognition, derivatives are measured at fair value at the settlement date. After initial recognition, derivatives are measured at fair value at the balance sheet date. Any positive or negative fair values of derivatives are recognised as separate items as Unrealised gains/losses on financial contracts in the balance sheet. Forward exchange contracts are measured based on current market data and by use of commonly recognised valuation methods. Please refer to Note 4.5. Any changes in fair values of derivatives classified as hedging instruments and satisfying the criteria for hedging the fair value of a recognised asset or a recognised liability, are recognised in the income statement together with any changes in the fair value of the hedged asset or hedged liability. Any changes in fair values of derivatives classified as hedging instruments and satisfying the criteria for effective hedging of future transactions are recognised in other comprehensive income. The ineffective portion is recognised directly in the income statement. On realisation of the hedged transactions, the accumulated changes are recognised together with the related transactions. Derivatives not fulfilling the conditions for treatment as hedging instruments are considered trading investments and measured at fair value, with fair value adjustments being recognised on an ongoing basis in the income statement.

Forward exchange contracts

(DKK million)

Currency pair	Maturity period	Buy/Sell	Amount (buy)	Amount (sell)	Net amount (buy)	Net amount (sell)	Fair value gain/ (loss)	Hedging of
31 December 2022
EUR/DKK	11 months	Buy	632	-1,124	-38	1	39
USD/DKK	10 months	Buy	464	-334	-8	-	8
EUR/DKK	11 months	Buy	863	-552	-12	-	12
USD/DKK	11 months	Buy	495	-441	-16	-	16
EUR/DKK	11 months	Buy	5.69	-120	-1	-	1
USD/DKK	10 months	Buy	160	432	-4	1	5
EUR/DKK	36 months	Buy	741	895	3	3	-
Total					-1,244	-75	6	81

31 December 2021
EUR/DKK	11 months	Buy	638	-1,193	65	65	-
USD/DKK	10 months	Buy	457	-281	-4	-	4
EUR/DKK	9 months	Buy	825	-384	2	3	1
USD/DKK	9 months	Buy	484	-372	7	7	-
EUR/DKK	9 months	Buy	6.00	-120	3	3	-
USD/DKK	10 months	Buy	166	402	-6	1	7
EUR/DKK	48 months	Buy	741	895	2	2	-
Total					-1,053	69	12	81

The table shows the net exposure in each currency and the corresponding forward exchange contracts. The amounts are shown on a net basis, with buy amounts being positive and sell amounts being negative. The fair value of the contracts is recognised in the balance sheet as a separate item.

The Group seeks to hedge the exchange rate risk associated with its foreign currency denominated transactions and net investments by using forward exchange contracts. The forward exchange contracts are denominated in the Group's main trading currencies, primarily EUR and USD. The hedging strategy aims to reduce the volatility of the Group's earnings and equity resulting from exchange rate fluctuations.

The table below shows the average exchange rates for our main trading currencies according to the central bank of Denmark. Depending on the phasing of revenue, EBIT and payments, the exchange rate effect on the consolidated income statement can vary from the averages.# Accounting policies

On initial recognition, transactions in foreign currencies are translated at the exchange rates prevailing at the date of the transaction. The functional currencies of the enterprises are determined by the economic environment in which the enterprises operate, usually the local currency. Receivables, payables and other monetary items in foreign currencies are translated into Danish kroner at the exchange rates prevailing at the balance sheet date. Realised and unrealised foreign currency translation adjustments are recognised in the income statement within gross profit or net financial items, depending on the purpose of the underlying transaction. Property, plant and equipment, intangible assets, inventories and other non-monetary assets purchased in foreign currencies and measured on the basis of historical cost are translated at the exchange rates prevailing at the transaction date. Non-monetary items, which are revalued at their fair values, are translated using the exchange rates at the revaluation date.

On recognition in the consolidated financial statements of enterprises presenting their financial statements in a functional currency other than Danish kroner, the income statement is translated using average exchange rates for the months of the year in question, unless they deviate materially from actual exchange rates at the transaction dates. In case of the latter, actual exchange rates are applied. Balance sheet items are translated at the exchange rates prevailing at the balance sheet date. Goodwill is considered as belonging to the acquired enterprise in question and is translated at the exchange rate prevailing at the balance sheet date. All foreign currency translation adjustments are recognised in the income statement, except for the following, which are recognised in other comprehensive income:

The translation of net assets of foreign subsidiaries using exchange rates prevailing at the balance sheet date.
The translation of income statements of foreign subsidiaries using monthly average exchange rates for the respective months of the year, while the balance sheet items of such foreign subsidiaries are translated using exchange rates prevailing at the balance sheet date.
The translation of non-current, intra-Group receivables that are considered to be an addition to or deduction from net investments in foreign subsidiaries.
The translation of investments in associates and joint ventures.


	DKK mill.			DKK mill.
	2021	2020	%	2021	2020	%
Total revenue	744	745	-0.1%	744	744	0.0%
Gross profit	629	654	-3.8%	656	606	8.3%
Earnings before tax	472	451	4.7%	477	464	2.8%
Operating profit	865	839	3.1%	886	824	7.5%
Profit from continuing operations	502	488	2.9%	514	474	8.4%
Earnings per share	5.73	6.13	-6.5%	5.70	5.88	-3.1%
Equity attributable to owners of the parent company	163	168	-3.0%	162	163	-0.6%

Total revenue	744	744	0.0%
Gross profit	656	606	8.3%
Earnings before tax	477	464	2.8%
Operating profit	886	824	7.5%
Profit from continuing operations	514	474	8.4%
Earnings per share	5.70	5.88	-3.1%
Equity attributable to owners of the parent company	162	163	-0.6%

2.4 Exchange rates

On initial recognition, goodwill is recognised and measured as the difference between the acquisition cost
* including the value of non-controlling interests in the acquired enterprise and the fair value of any existing investment in the acquired enterprise
* and the fair values of the acquired assets, liabilities and contingent liabilities. Please refer to Accounting policies in Note 6.1.

On recognition, goodwill is allocated to corporate activities that generate independent payments (cash-generating units). The definition of a cash-generating unit structure as well as the internal financial management reporting.

3.1 Intangible assets (DKK million)

	Goodwill	Patents & licences	Software	Brand value	Customer bases	Total	Goodwill	Patents & licences	Software	Brand value

Beginning of year	8,320	122	1,055	283	9,780	7,826	120	919	221	9,086
Movements in intangible assets

Translation of net assets of foreign subsidiaries	-373	1	-15	-5	-392	-373	1	-15	-5	-392
Impairment of acquired intangible assets	-	41	133	174	-	-	41	133	174	-
Amortisation of acquired intangible assets	867	22	-	890	867	1	22	-	890
Impairment of goodwill	-1	-	-	-	-1	-	-	-	-
Impairment of amortised intangible assets	-17	-	-	-17	-	-8	-	-	-
Additions through business combinations	-	99	-66	33	-	-	99	-66	33
End of year	9,471	137	1,229	274	11,111	8,320	122	1,055	283	9,780

Impairment losses
Translation of net assets of foreign subsidiaries	-676	-10	-	-510	-676	-99	-	-411	-	-510
Impairment of acquired intangible assets	-	11	-	11	-	-	11	-	11
Impairment of amortised intangible assets	-122	-117	-	-151	-122	-11	-140	-	-151
Impairment of goodwill	-2	-1	-	-30	-2	-	-	-30	-	-30
Impairment of amortised intangible assets	16	-	4	4	16	-	-	4	4	4
Translation of net assets of foreign subsidiaries	-794	-678	-	-676	-794	-676	-678	-	-676

Carrying amount at end of year	9,471	21	551	274	10,317	8,320	12	489	283	9,104




















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































									# 3.2 Property, plant and equipment (continued)

Accounting policies

Property, plant and equipment are recognised at cost less accumulated depreciation and impairment losses. Cost is defined as the acquisition price and costs directly relating to the acquisition until such time as the particular asset is ready for use. For assets produced by the Group, cost includes all costs directly attributable to the production of such assets, including materials, components, sub-supplies and payroll. If the acquisition or the use of an asset requires the Group to defray costs for the demolition or restoration of such asset, the calculated costs hereof are recognised as a provision and as part of the cost of the particular asset, respectively. The cost of a total asset is divided into various elements, which will be depreciated separately if their useful lives are not the same. Property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. Land is not depreciated.

Accounting estimates and judgements

Useful lives (estimate)
The depreciation basis is cost less the estimated residual value of an asset after the end of its useful life. The residual value is the estimated amount, which could after deduction of costs to sell be obtained through the sale of the asset today, such asset already having the age and being in the state of repair expected after the end of its useful life. The residual value is determined at the time of acquisition and is reviewed annually. If the residual value exceeds the carrying amount, depreciation will be discontinued.


Buildings	30-50 years
Technical installations	10 years
Plant and machinery	3-5 years
Other plant, fixtures and operating equipment	3-5 years
IT hardware	3-5 years
Leasehold improvements	Up to 10 years

Depreciation methods, useful lives and residual values are reviewed annually. Property, plant and equipment are written down to their recoverable amounts, if these are lower than their carrying amounts.

3.3 Leases

(DKK million)	2021	2020
Right-of-use assets	1,847	1,937
Additions to right-of-use assets	43	-59
Right-of-use assets, end of period	673	391
Right-of-use assets, lease modifications	99	122
Impairment of right-of-use assets	-45	-51
Impairment of right-of-use assets, end of period	-538	-493
Right-of-use assets, end of year	2,079	1,847

Carrying amount of leased assets | 1,893 | 1,964
Additions to lease liabilities | 50 | -71
Lease liabilities, end of period | 660 | 388
Lease liabilities, lease modifications | 99 | 119
Short-term lease expenses | -2 | -12
Impairment of lease liabilities | -46 | -53
Total lease liabilities | -533 | -442

Carrying amount of lease liabilities, end of year | 2,121 | 1,893

Net investment in leases | 511 | 456
Financial lease receivables | 1,610 | 1,437

Undiscounted lease payments, due within one year | 32 | 20
Undiscounted lease payments, due within one to five years | 27 | 21
Undiscounted lease payments, due after five years | 5 | 6

3.2 Property, plant and equipment (continued)

Covid-19-Related Rent Concessions (Amendment to IFRS 16)
IFRS 16 is amended to exempt lessees, who have received rent concessions as a direct consequence of the Covid-19 pandemic, from the requirement to assess whether the concession is a lease modification. The Group has decided to apply the practical expedient to all rent concessions that meet the conditions as outlined in paragraph 46B of IFRS 16, resulting in accounting for the concession as a variable lease payment. The rent concessions recognised in the income statement for 2021 amount to DKK 2 million (DKK 12 million in 2020).

Accounting policies

Lease assets
Lease assets and liabilities are recognised in the balance sheet at the commencement date of the contract, if it is or contains a lease. Lease assets are recognised at cost less accumulated depreciation and impairment. Cost is defined as the lease liability adjusted for any lease payments made at or before the commencement date. Lease assets are depreciated on a straight-line basis over the lease term.

Lease liabilities
Lease liabilities are measured at the present value of future payments, using the interest rate implicit in the lease agreement. Lease payments are discounted, using the interest rate implicit in the lease agreement. If the interest rate implicit in the lease agreement cannot be determined, the Group uses its incremental borrowing rate. The lease term is adjusted for the functional currencies and length of the lease term, if the interest rate implicit in the lease agreement cannot be determined. Lease payments contain fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate as well as payments of penalties for terminating the lease, if the terms of the lease warrants that the Group exercises that option. The lease liability is remeasured if or when the future payment or lease term changes. Any net remeasurement of the lease liability is recognised as an adjustment to the lease asset. If the carrying amount of the lease asset is reduced to zero, the adjustment will be recognised in the income statement. Additional information Short-term lease expenses, low-value assets and variable lease payments are classified as operating expenses in the income statement. Please refer to Note 4.4 for a maturity analysis of the lease liabilities.

Accounting estimates and judgements

Lease term (estimate)
The lease term is the period during which the lease contract is enforceable. If the original expiry date of a lease contract has passed, typically in the case of property leases, but the contract continues without a determined expiry date, the lease term is set for an estimated period during which the lease contract is expected to be enforceable. This assessment is based on Management’s consideration the location of the lease, capitalised leasehold improvements and the experience with similar leases for the specific area.

Extension and termination options (judgement)
When determining the lease term for lease agreements containing extension and termination options, Management considers circumstances that create a financial incentive to exercise an extension option or not to exercise a termination option. Extension and termination options are only included in the lease term if it is reasonably certain that a lease will be extended/terminated.

3.3 Leases (continued)

3.4 Other non-current assets

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| | | | | | | |
| | | | | |# Accounting policies

Investments in associates and joint ventures are recognised and measured using the equity method, i.e. investments are recognised in the balance sheet at the proportionate share of the equity value determined according to the accounting policies after the deduction and addition of proportionate intra-Group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates and joint ventures are recognised in the income statement after the deduction of amortisation of intangible assets in associates and joint ventures and after addition of profit from joint ventures to the extent of their shares in Group profits less any impairment loss relating to goodwill. The proportionate shares of all transactions and events, which have been recognised in other comprehensive income in associates and joint ventures, are recognised in consolidated other comprehensive income. On the acquisition of interests in associates and joint ventures, the acquisition method is applied. For accounting policies on segment information, please refer to Note 1.1.

3.4 Other non-current assets (continued)

	2021 (DKK million)	2020 (DKK million)
Goodwill	796	518
Intangible assets relating to acquired businesses	120	50
Amortisation of intangible assets relating to acquired businesses	120	50

3.5 Non-current assets by geographic region

	2021 (DKK million)	2020 (DKK million)
Denmark	2,351	2,223
Northern Europe	6,338	5,690
Southern Europe	6,527	5,722
Canada	784	731
USA	208	212
Rest of Europe	170	109
Total	16,378	14,687

3.6 Impairment testing

Impairment testing is carried out for the cash-generating units, Hearing Healthcare and Communications. Based on the impairment tests performed, a material excess value was identified in each cash-generating unit compared to the carrying amount for which reason no impairment of goodwill was made at 31 December 2021. At 31 December 2021, goodwill amounted to DKK 9,054 million in Hearing Healthcare (DKK 7,903 million in 2020) and DKK 417 million in Communications (DKK 417 million in 2020).

Future cash flows are based on the budget for 2022, on strategy plans and on projections hereof. Projections extending beyond 2022 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2026 is determined on the assumption of 2% growth. The pre-tax discount rate is 6.5% for Hearing Healthcare and 12% for Communications. Sensitivity calculations show that even a significant increase in the discount rate or a significant reduction of the growth assumptions will not change the outcome of the impairment test.

Apart from goodwill, all intangible assets have limited useful lives. The market capitalisation of the company on Nasdaq Copenhagen by far exceeds the equity value of the company, lending further support to the conclusion that we had no need for impairment in 2021.

Accounting policies

The carrying amounts of property, plant and equipment and intangible assets with definite useful lives as well as investments in associates and joint ventures are reviewed at the balance sheet date to determine whether there are indications of impairment. If so, the recoverable amount of the particular asset is calculated to determine the need for impairment, if any.

The recoverable amounts of goodwill and other intangible assets with indefinite useful lives will be estimated, whether or not there are indications of impairment. The recoverable amount is estimated for the smallest cash-generating unit of which the asset is part. The recoverable amount is determined as the higher of the fair value of the asset or cash-generating unit less costs to sell and the value in use of such asset or unit.

On determination of the value in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partly current market valuations of the time value of money, and partly the special risks attached to the particular asset or cash-generating unit for which no adjustment has been made in the estimated future cash flows.

If the recoverable amount of a particular asset or cash-generating unit is lower than its carrying amount, such asset or unit is written down to its recoverable amount. Impairment losses are recognised in the income statement. On any subsequent reversal of impairment losses due to changes in the judgements on which the calculation of the recoverable amount is based, the carrying amount of an asset or cash-generating unit is increased to the adjusted estimate of the recoverable amount, however not exceeding the carrying amount of the asset or cash-generating unit, had the particular asset or cash-generating unit not been written down. Impairment of goodwill is not reversed.

Section 4 Capital structure and financial management

NET INTEREST-BEARING DEBT
9,150 DKK MILLION

NET FINANCIAL ITEMS
-202 DKK MILLION

4.1 Financial risk management and capital structure

Policies relating to financial risk management and capital structure

Financial risk management concentrates on identifying risks in respect of exchange rates, interest rates, credit and liquidity with a view to protecting the Group against potential losses and ensuring that Management of the company is only to a limited extent affected by changes or events in the surrounding world – be they changes in exchange rates or in interest rates. It is Group policy to exclusively hedge commercial risks and not to undertake any financial transactions of a speculative nature.

Interest rate risks

In previous years, we only hedged interest rate risks on Group loans to a limited extent, as the Group only had limited debt compared to its volume of activities. Because of the Group’s substantial earnings and relatively low financial gearing, the majority of our loans are raised on floating terms and predominantly as short-term commitments, resulting in a low level of interest expenses.

In order to secure relatively low interest rates for the Group on the long term and as a consequence of our attractive funding possibilities in the financial market, the Group now partly funds its debt through medium-term committed facilities with fixed rates and through financial instruments, which ensure the Group can benefit from favourable market conditions and interest rates. As a consequence of the Group’s increased debt, the Group's interest-bearing debt amounted to DKK 9,150 million as of 31 December 2021, and the gearing (NIBD/EBITDA) was 2.0.

Credit risks

The Group's credit risks relate primarily to trade receivables and loans to customers or business partners. Our customer base is fragmented, so in general, credit risks only involve minor losses on loans to individual customers. The accumulated revenue from our ten largest customers accounts for approx. 10% of total consolidated revenue. Furthermore, when granting loans, we require that our counterparties provide security in their business. Overall, we therefore estimate that the risk relative to our total credit exposure is well-balanced at Group level. The maximum credit risk relating to receivables matches the carrying amounts of such receivables.

Overall, the Group has limited deposits with financial institutions for which reason the credit risk of deposits is considered to be low. In 2020, the Group made an additional provision for bad debt of DKK 100 million, reflecting the increased risk of customers defaulting on their debt due to coronavirus. In 2021, DKK 60 million of the provision was reversed towards the end of the year as a result of an updated risk assessment, while DKK 40 million has been realised during the year.

Liquidity risks

The Group aims to have sufficient cash resources to be able to take appropriate steps in case of unforeseen fluctuations in cash outflows. We have access to considerable undrawn credit facilities, and the liquidity risk is therefore considered to be low. We are of the opinion that the Group has strong cash flows and a satisfactory credit rating to secure the current inflow of working capital and funds for potential acquisitions. Neither in previous years nor in the financial year 2021 has the Group defaulted on any loan agreements.

In addition to the foreign exchange items above, foreign exchange hedging instruments as described in Note 2.3 and foreign exchange effects of balance sheet items are reflected in the consolidated income statement, affecting production costs by DKK 33 million (DKK -83 million in 2020).

Accounting policies

Net financial items mainly consist of interest income and interest expenses, credit card fees and bank fees and also include interest on lease liabilities, the unwinding of discounts on financial assets and liabilities, realised and unrealised gains and losses on financial instruments, expenses related to share-based remuneration programmes as well as certain realised and unrealised foreign exchange gains and losses. Interest income and interest expenses are accrued based on the principal amount and the effective interest rate. The effective interest rate is the discount rate used for discounting expected future payments attaching to the financial asset or financial liability in order for the present value to match the carrying amount of such asset or liability.As regards financial assets and liabilities, their carrying amounts approximate their fair values. The following non-financial item is included in the balance sheet and represents the difference between the table above and the balance sheet: Other liabilities of DKK 429 million (DKK 351 million in 2020).

Accounting policies
Debt to credit institutions is recognised at the date of borrowing as the proceeds received less transaction costs. For subsequent periods, financial liabilities are measured at amortised cost in order for the difference between proceeds and the

4.2 Net financial items

(DKK million)

	2021	2020







































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































		# Section 4 Capital structure and financial management

On realisation, value adjustments are transferred to net financial items in the income statement. The determination of fair values is based on equity values. Contingent considerations arising from the acquisition of enterprises and activities are recognised at fair value at the time of acquisition. The obligations are re-evaluated on a recurring basis at fair value.

4.5 Fair value hierarchy

Insights and highlights Our business Corporate information Financial report Back to content Section 4 Capital structure and financial management Demant - Annual Report 2021 102

There have been no transfers between level 1 and 2 in the 2021 and 2020 financial years. Financial assets and contingent considerations are measured at fair value in the balance sheet based on valuation methods, with any significant inputs not being based on observable market data (level 3).

(DKK million) | Level 1 | Level 2 | Level 3
---|---|---|---|
| Fair value of financial instruments | | | |
| Financial assets | - | - | 11 | 11 |
| Financial liabilities | | | |
| Financial liabilities | - | -81 | -81 |
| Unrealised gains and losses | - | - | -148 | -148 |
| | | | |
| | Level 1 | Level 2 | Level 3 |
| | | DKK million | DKK million |
| Fair value of financial instruments | | | |
| Financial assets measured at fair value through profit or loss | 14 | 16 | -121 | -128 |
| Financial investments, not subject to impairment, at fair value | 1 | -1 | -6 | 7 |
| Other financial liabilities | - | - | -113 | -76 |
| Derivative financial instruments | -4 | -1 | 62 | 56 |
| Financial assets measured at fair value through other comprehensive income | - | - | 30 | 20 |
| Financial liabilities measured at fair value through profit or loss | 11 | 14 | -148 | -121 |

4.5 Fair value hierarchy (continued)

(DKK million)	Financial assets measured at fair value through profit or loss	Unrealised gains and losses		Financial liabilities measured at fair value through profit or loss
	Level 1	Level 3		Level 3
	DKK million	DKK million		DKK million
At fair value through profit or loss	14	16	-121	-128
Financial investments, not subject to impairment, at fair value	1	-1	-6	7
Other financial liabilities	-	-	-113	-76
Derivative financial instruments	-4	-1	62	56
Financial assets measured at fair value through other comprehensive income	-	-	30	20
Financial liabilities measured at fair value through profit or loss	11	14	-148	-121

Insights and highlights Our business Corporate information Financial report Back to content Section 5 Tax Demant - Annual Report 2021 103

Tax

TAX ON PROFIT 715 DKK MILLION EFFECTIVE TAX RATE 22.1%

DKK MILLION Demant - Annual Report 2021 103

Insights and highlights Our business Corporate information Financial report Back to content Section 5 Tax Demant - Annual Report 2021 104

Accounting policies

Tax and any changes in deferred tax. Current tax includes taxes payable determined on the basis of the estimated taxable income for the year and any prior-year tax adjustments. Tax on changes in equity and other comprehensive income is recognised directly in equity and in other comprehensive income, respectively. Foreign currency translation adjustments of deferred tax are recognised as part of Tax.

Current tax liabilities or tax receivables are recognised in the balance sheet and determined on the basis of the taxable income adjusted for any tax on account. The tax rates prevailing at the balance sheet date are used for calculation of Tax.

The tax value of deferred tax assets not recognised is DKK 120 million (DKK 111 million in 2020) and relates mainly to tax losses and tax credits for which there is considerable uncertainty about their future utilisation. The tax losses carried forward will not expire in the near future.

5.1 Tax on profit

(DKK million) | 2021 | 2020
---|---|---|
| Current tax on profit before tax | -611 | -224 |
| Adjustments relating to current tax | -4 | 48 |
| Deferred tax on profit | -121 | 8 |
| Adjustments relating to deferred tax | 21 | -32 |
| Tax on profit | - | -2 |
| Total tax on profit | -715 | -202 |
| | | |
| Effective tax rate | | |
| Effective tax rate | 22.0% | 22.0% |
| Adjustments for: Other | 1.7% | 1.3% |
| Tax on change in fair value of financial instruments | 0.0% | 0.2% |
| Tax on change in taxable income | 0.1% | 1.1% |
| Deferred tax adjustments | -3.0% | -11.6% |
| Effective tax rate on profit | 22.1% | 15.1% |

5.2 Deferred tax

(DKK million) | 2021 | 2020
---|---|---|
| Deferred tax on temporary differences between the carrying amounts and the tax bases of assets and liabilities | 596 | 553 |
| Deferred tax on temporary differences | -470 | -339 |
| Deferred tax on temporary differences for which no deferred tax asset is recognised | 126 | 214 |
| | | |
| Deferred tax on temporary differences for which no deferred tax asset is recognised | 214 | 237 |
| Movement in deferred tax liabilities, at fair value | -5 | -2 |
| Deferred tax on profit | -121 | 8 |
| Movement in unrealised gains | - | -2 |
| Deferred tax on temporary differences relating to investments | 21 | -32 |
| Tax on unrealised gains on investments | - | -2 |
| Deferred tax on temporary differences between the carrying amounts and the tax values of investments | 17 | 7 |
| Deferred tax, net | 214 | -5 | - | 17 | 126 |

(DKK million) | 2021 | 2020
---|---|---|
| Deferred tax on temporary differences between the carrying amounts and the tax bases of assets and liabilities | | |
| | DKK million | DKK million |
| Opening balance | -365 | 21 | -1 | -56 | - | -401 |
| Foreign exchange differences | -29 | - | 2 | -16 | - | -43 |
| Deferred tax on temporary differences | 6 | -1 | - | 6 | - | 11 |
| Deferred tax assets | 241 | -2 | - | 14 | - | 253 |
| Deferred tax liabilities | 58 | -5 | - | 13 | - | 66 |
| Deferred tax | 79 | 17 | -1 | -1 | - | 94 |
| Deferred tax liabilities | 183 | -23 | - | -1 | - | 159 |
| Deferred tax | 94 | -9 | - | 40 | - | 94 |
| Movement in deferred tax | -19 | - | - | 65 | 17 | 63 |
| Closing balance | 214 | -2 | -2 | -26 | 7 | 214 |

Insights and highlights Our business Corporate information Financial report Back to content Section 6 Acquisitions Demant - Annual Report 2021 106

Acquisitions

Sanibel
EARturtle

Demant - Annual Report 2021 106

Insights and highlights Our business Corporate information Financial report Back to content Section 6 Acquisitions Demant - Annual Report 2021 107

The Group acquired a number of minor retail acquisitions in North America and Europe in 2021. In respect of these acquisitions, we paid acquisition costs exceeding the fair values of the acquired assets, liabilities and contingent liabilities. Such positive balances in value can be attributed to expected synergies between the activities of the acquired entities and our existing activities, to the future growth opportunities and to the value of staff competencies in the acquired entities. These synergies are not recognised separately from goodwill, as they are not separately identifiable.

At the time of acquisition, non-controlling interests are measured at their proportionate shares of the total fair value of the acquired entities, including goodwill. On obtaining a controlling interest through step acquisitions, previously held non-controlling interests are at the time of obtaining control included at fair value with fair value adjustments in the income statement.

In 2020, the Group obtained full control of the Gaming and Enterprise Solutions segments in Sennheiser Communications for a purchase price of DKK 477 million. Furthermore, the Group acquired an additional interest in Audilab SAS and is now the direct owner of 95% of the shares. The fair value of the shares on the acquisition date was DKK 381 million.# 6.1 Acquisition of enterprises and activities (DKK million)


	Acquired business	Divestment business	Total		Acquired business	Divestment business	Total
	DKK million	DKK million	DKK million		DKK million	DKK million	DKK million	DKK million

Pro forma purchase price allocation					Pro forma purchase price allocation		Pro forma purchase price allocation
Contractual receivables	6	-12	-6		Contractual receivables	-12	-6
Deferred tax	7	-13	-6		Deferred tax	-13	-6
Goodwill	20	78	98		Goodwill	78	98
Other intangible assets	4	5	9		Other intangible assets	5	9
Property, plant and equipment	11	7	18		Property, plant and equipment	7	18
Other financial assets	20	10	30		Other financial assets	10	30
Deferred tax assets	-19	-78	-97		Deferred tax assets	-78	-97
Deferred tax liabilities	-35	-13	-48		Deferred tax liabilities	-13	-48
Net identifiable assets and liabilities	14	21	35		Net identifiable assets and liabilities	21	35
Consideration paid	408	405	813		Consideration paid	405	813
Net assets acquired	422	426	848		Net assets acquired	426	848
Fair value of contingent consideration	-14	-4	-18		Fair value of contingent consideration	-4	-18
Goodwill on disposal of subsidiary with	-35	-13	-48		Goodwill on disposal of subsidiary with	-13	-48
retained non-controlling interest					retained non-controlling interest
Adjustment for step acquisitions with	-21	-92	-113		Adjustment for step acquisitions with	-92	-113
change of control					change of control
Adjustment on financial assets and	-20	-10	-30		Adjustment on financial assets and	-10	-30
liabilities of held for sale					liabilities of held for sale
Goodwill	332	307	639		Goodwill	307	639
Other comprehensive income	185	265	417	867	Other comprehensive income	265	417	867
Total	216	472	477	1,165	Total	472	477	1,165

In 2021, a few adjustments were made to the preliminary recognition of acquisitions made in 2020. These adjustments were made in respect of payments made, contingent considerations provided as well as and net assets and goodwill acquired. The impact of these adjustments on goodwill was DKK 8 million (DKK 1 million in 2020) and on contingent considerations DKK 8 million (DKK 0 million in 2020).

In relation to acquisitions with final recognition in 2014-2020, adjustments were made in 2021 in respect of estimated contingent considerations. Such adjustments are recognised in the income statement. The total impact on the income statement of fair value adjustments of non-controlling interests in step acquisitions amounted to DKK 48 million (DKK 454 million in 2020), and adjustments of contingent considerations made via the income statement of DKK 30 million (DKK 16 million in 2020) are recognised as part of distribution costs for acquisitions and DKK 0 million (DKK 5 million in 2020) are recognised in share of profit after tax, associates and joint ventures.

Of the total acquisition entries in 2021, the fair value of estimated contingent considerations in the form of earn-outs or deferred payments accounted for DKK 121 million (DKK 76 million in 2020). Such payments depend on the results of the acquired entities for a period of 1-5 years after takeover and can total a maximum of DKK 121 million (DKK 82 million in 2020) for acquisitions.

The acquired assets include contractual receivables amounting to DKK 15 million (DKK 126 million in 2020) of which DKK 3 million (DKK 1 million in 2020) was thought to be uncollectible at the date of the acquisition.

Of total goodwill in the amount of DKK 813 million (DKK 867 million in 2020), DKK 521 million (DKK 91 million in 2020) can be amortised for tax purposes.

Transaction costs in connection with acquisitions made in 2021 amounted to DKK 5 million (DKK 2 million in 2020), which has been recognised under distribution costs.

Revenue and profit generated by the acquired enterprises since our acquisition in 2021 amount to DKK 181 million (DKK 1,428 million in 2020) and DKK 9 million (DKK 217 million in 2020), respectively. Had such revenue and profit been consolidated on 1 January 2021, we estimate that consolidated pro forma revenue and profit would have been DKK 18,755 million (DKK 14,524 million in 2020) and DKK 2,542 million (DKK 1,136 million in 2020), respectively. Without taking synergies from our core business into account, we believe that these pro forma figures reflect the level of consolidated earnings after our acquisition of the enterprises.

The above statements of the fair values of acquisitions are not considered final until 12 months after takeover.

From the balance sheet date and until the date of financial reporting in 2022, we have acquired additional distribution enterprises. We are in the process of assessing their fair value. The acquisition cost is expected to relate primarily to goodwill.

Accounting policies

Newly acquired or newly established enterprises are recognised in the consolidated financial statements from the time of acquisition or formation. The time of acquisition is the date when control of the enterprise is transferred to the Group. For Group accounting policies on control, please refer to the consolidated financial statements in Note 9.1. In respect of newly acquired enterprises, comparative figures and key figures will not be restated.

On acquiring new enterprises of which the Group obtains control, the purchase method is applied according to which their identified assets, liabilities and contingent liabilities are measured at their fair values on the acquisition date. Any non-current assets acquired for the purpose of resale are, however, measured at their fair values less expected cost of disposal. Restructuring costs are solely recognised in the pre-acquisition balance sheet if they are a liability for the acquired enterprise. Any tax effect of revaluations will be taken into account.

The acquisition cost of an enterprise consists of the fair value of the consideration paid for the enterprise with addition of fair value of previously held interests in the acquiree. If the final consideration is conditional upon one or more future events, the consideration will be recognised at the fair value on acquisition. Any subsequent adjustment of contingent consideration is recognised directly in the income statement, unless the adjustment is the result of new information about conditions prevailing on the acquisition date, and this information becomes available up to 12 months after the acquisition date. Transaction costs are recognised directly in the income statement when incurred.

If costs exceed the fair values of the assets, liabilities and contingent liabilities identified on acquisition, any remaining positive differences (goodwill) are recognised in the balance sheet under intangible assets and tested for impairment at least annually. If the carrying amount of an asset exceeds its recoverable amount, it is written down to such lower recoverable amount.

If, on the acquisition date, there are any uncertainties with respect to identifying or measuring acquired assets, liabilities or contingent liabilities or uncertainty with respect to determining their cost, initial recognition is made on the basis of provisionally calculated values. Such provisionally calculated values may be adjusted, or additional assets or liabilities may be recognised up to 12 months after the acquisition date, if new information becomes available about conditions prevailing on the acquisition date, which would have affected the calculation of values on that day, had such information been known.

Accounting estimates and judgements

Identification of assets and liabilities (judgement)

On recognition of assets and liabilities from business combinations, Management judgements may be required for the following areas:

Intangible assets resulting from technology, customer relationships, client lists or brand names.
Contingent consideration arrangements.

Contingent consideration (estimate)

Business combinations may include provisions that additional payments of contingent considerations be paid to the previous owners when certain events occur or certain results are obtained. Management assesses on a regular basis the judgements made in respect of the particular acquisitions, taking sales run rates of the acquired entity into account.

In 2021, the Group divested FrontRow Calypso LLC, a 75%-owned subsidiary focused specifically on audio systems for classrooms and schools. The divestment resulted in a gain, including recycling of cumulative exchange differences of DKK 99 million, which is recognised as other income in the income statement.

(DKK million)

Pro forma purchase price allocation
Contractual receivables	1	-	1
Deferred tax	2	-	2
Goodwill	5	-	5
Other intangible assets	46	-	46
Property, plant and equipment	38	-	38
Other financial assets
Deferred tax assets	-3	-	-3
Deferred tax liabilities	-7	-	-7
Net identifiable assets and liabilities	82	-	82
Consideration paid	-20	-	-20
Net assets acquired
Fair value of contingent consideration
Goodwill on disposal of subsidiary with	62	-	62
retained non-controlling interest
Adjustment for step acquisitions with	-3	-	-3
change of control
Adjustment on financial assets and
liabilities of held for sale
Goodwill	102	-	102
Other comprehensive income	161	-	161
Total

6.2 Divestment of enterprises and activities

7 Provisions, other liabilities etc.

PROVISIONS

349 DKK MILLION

OTHER LIABILITIES

2,642 DKK MILLION

Miscellaneous provisions relate to provisions for disputes etc. and are essentially expected to be realised within the next five years.# Section 7 Provisions, other liabilities etc.

7.1 Provisions

(DKK million)

		
Opening balance 1 January	50	29
Provisions for restructuring etc.	46	47
Other provisions	4	-18
Closing balance 31 December	54	11

(Of which relates to provisions for employee benefits)
Provisions for employee benefits	54	11
(Of which relates to other provisions)
Other provisions	0	0
Total provisions	54	11

(DKK million)

		
Opening balance 1 January	57	18
Provisions for restructuring etc.	50	12
Other provisions	7	6
Closing balance 31 December	57	18

(Of which relates to provisions for employee benefits)
Provisions for employee benefits	57	18
(Of which relates to other provisions)
Other provisions	0	0
Total provisions	57	18

Demant - Annual Report 2021 112

Generally, the Group does not offer defined benefit plans, but it has such plans in Switzerland, France and Germany where they are required by law. Defined benefit plan costs recognised in the income statement amount to DKK 19 million (DKK 28 million in 2020), and the accumulated actuarial loss recognised in the statement of comprehensive income amounts to DKK 73 million (DKK 129 million in 2020). In 2022, the Group expects to pay approx. DKK 18 million (DKK 23 million in 2021) into defined benefit plans. Defined benefit obligations in the amount of DKK 137 million (DKK 117 million in 2020) will mature within 1-5 years and obligations in the amount of DKK 401 million (DKK 447 million in 2020) after five years. If the discount rate is 0.5% higher (lower), the defined benefit obligation would decrease by 7% (increase by 10%). If the expected salary growth rate is 0.5% higher (lower), the defined benefit obligation would increase by 1% (decrease by 1%).

Accounting policies

Provisions are recognised if, as a result of an earlier event, the Group has a legal or constructive obligation, and if the settlement of such an obligation is expected to draw on corporate financial resources, but there is uncertainty about the timing or amount of the obligation. Provisions are measured on a discounted basis using a discount rate that reflects current market assessments of the time value of money and the risks specific to the liability. The estimate represents the best estimate of the amount at which a particular liability may be settled. The discount effect of any changes in the present value of provisions is recognised as a financial expense. The Group has defined benefit plans and similar agreements with some of its employees. As regards defined contribution plans, the Group pays regular, fixed contributions to independent pension companies. Contributions are recognised in the income statement for the period in which employees have performed work entitling them to such pension contributions. Contributions due are recognised in the balance sheet as a liability. As regards defined benefit plans, the Group is obliged to pay a certain contribution when an employee covered by such a plan retires, for instance a fixed amount or a percentage of final salary. An actuarial calculation is made periodically of the accrued present value of future benefits to which employees through their past employment with the Group are entitled and which are payable under the defined benefit plan. This defined benefit obligation is calculated annually, using the projected unit credit method on the basis of judgements in respect of the future development in for instance wage levels, interest rates and inflation rates.

7.1 Provisions (continued)

(DKK million)

		
Opening balance 1 January	564	519
Additions	21	-2
Utilisation	19	28
Reversals	-	1
Effect of changes in estimates	-53	11
Unwinding of discount	-19	-1
Other	9	8
Closing balance 31 December	541	564

(Of which relates to provisions for employee benefits)
Provisions for employee benefits	541	564
(Of which relates to other provisions)
Other provisions	0	0
Total provisions	541	564

(DKK million)

		
Opening balance 1 January	321	291
Additions	15	-
Utilisation	-	-1
Effect of changes in estimates	9	9
Unwinding of discount	-19	-1
Other	23	22
Closing balance 31 December	348	321

(Of which relates to provisions for employee benefits)
Provisions for employee benefits	321	291
(Of which relates to other provisions)
Other provisions	27	30
Total provisions	348	321

The defined benefit obligation less the fair value of any assets relating to the defined benefit plan is recognised in the balance sheet under provisions. Defined benefit costs are categorised as follows: • Service costs, including current service costs, past-service costs as well as gains and losses on curtailments and settlements • Net interest expense or income • Remeasurements Remeasurements, comprising actuarial gains and losses, any effects of changes to the asset ceiling as well as return on defined benefit assets, excluding interest, are reflected immediately in the balance sheet with a charge or credit recognised in other comprehensive income in the period in which it occurs. Remeasurements recognised in other comprehensive income are reflected immediately in retained earnings and are not reclassified to the income statement. Service costs and net interest expenses or income are included in the income statement as staff costs. Other non-current employee benefits are recognised using actuarial calculation. Actuarial gains or losses on such benefits are recognised directly in the income statement.

Accounting estimates and judgements

Assessment of provisions (estimate)

Management assesses, on an ongoing basis, provisions for restructuring costs and the likely outcome of pending and probable lawsuits etc. (other provisions). When assessing the likely outcome of lawsuits, Management bases its assessment on internal and external legal advice and established precedent. Provisions for restructuring costs are based on the estimated costs of implementing restructuring initiatives and thus on a number of assumptions about future costs and events. For all provisions, the outcome and final expense depend on future events, which are by nature uncertain. Product-related liabilities include standard warranties and returned products etc. Staff-related liabilities include holiday pay and payroll costs due. The carrying amounts of other liabilities approximate the fair values of such liabilities.

Accounting policies

Other non-financial liabilities are recognised if, as a result of an earlier event, the Group has a legal or constructive obligation, and if the settlement of such obligation is expected to draw on corporate financial resources. Other non-financial liabilities are measured on a discounted basis, and the discount effect of any changes in the present value of the liabilities is recognised as a financial expense. On the sale of products with a right of return, a refund liability and a right to the returned products are recognised as a refund liability and a current asset (included in prepaid expenses), respectively. The refund liability is deducted from revenue and the right to the returned products is offset in cost of sales. Warranty commitments include an obligation to remedy faulty or defective products during the warranty period.

Accounting estimates and judgements

Warranty and return liabilities (estimates)

Liabilities in respect of service packages and warranties are calculated on the basis of information on products sold, related service and warranty periods and past experience of costs incurred by the Group to fulfil its service and warranty liabilities. Liabilities in respect of returns are calculated based on information on products sold, related rights concerning returns and past experience of products being returned in the various markets. Consolidated product-related liabilities are the sum of a large number of small items, the sum changing constantly due to a large number of transactions.

7.2 Other liabilities

		
Deferred income	430	351
Provisions for restructuring etc.	816	738
Other provisions	424	374
Other non-current employee benefits	148	121
Sundry payables	824	530
Total other liabilities	2,642	2,114

(Of which relates to non-interest bearing)
Non-interest bearing	2,302	1,801
Non-interest bearing	340	313

Demant - Annual Report 2021 114

Free products, service and some of the warranty-related services mentioned are provided free of charge to the customer. Certain other services and warranty-related services are paid by the customer in connection with delivery of the goods, but delivery of the service takes place 1-4 years after delivery of the goods. Please refer to Note 1.2 for a description of the nature of the deferred income.

Accounting policies

Deferred income includes income received or future performance obligations relating to subsequent financial years and is recognised as revenue when the Group performs its obligations by transferring the goods or services.

7.4 Contingent liabilities

The Demant Group is involved in a few disputes, lawsuits etc. Management is of the opinion that such disputes do not or will not have a material adverse effect on the Group's financial position.The Group seeks to make adequate provisions for legal proceedings. As part of our business activities, the Group has entered into normal agreements with customers and suppliers etc. as well as agreements for the purchase of shareholdings.

7.3 Deferred income


(DKK million)

	
Deferred income	72	-	-	72
Deferred income	253	179	77	4
Deferred income	81	46	10	1
Deferred income	95	67	36	3
Deferred income	501	292	123	8

	
Deferred income	88	5	-	-
Deferred income	262	160	69	3
Deferred income	99	44	7	1
Deferred income	87	64	27	1
Deferred income	536	273	103	5

(DKK million)		
Deferred income	72	93
Income from contracts with customers	513	494
Income from contracts with customers	138	151
Income from contracts with customers	201	179
Deferred income	924	917

Section 8 Other disclosure requirements

8.1 Related parties

William Demant Foundation, Kongebakken 9, 2765 Smørum, Denmark, is the only related party with a controlling interest. Controlling interest is achieved through a combination of its own shareholding and the shareholding of William Demant Invest A/S for which William Demant Foundation exercises the voting rights. Subsidiaries and associated enterprises of William Demant Invest A/S are related parties to the Demant Group.

Related parties with significant influence

The following are related parties: The Board of Directors and their related parties. Furthermore, related parties are companies in which the above persons have significant interests.

Subsidiaries, associates and joint ventures

In these companies appear from Subsidiaries, associates and joint ventures in Section 11 and financial information on transactions with associates and joint ventures can be found in Note 3.4.

In 2021, William Demant Foundation paid administration fees to the Group of DKK 1 million (DKK 1 million in 2020). The Group paid administration fees to William Demant Invest A/S of DKK 2 million (DKK 1 million in 2020).

In 2021, the Group paid service fees to Össur hf., a subsidiary of William Demant Invest A/S, of DKK 32 million (DKK 52 million in 2020) and received service fees of DKK 22 million (DKK 20 million in 2020) from Össur hf.

In 2021, the Group received service fees from Vision RT, a subsidiary of William Demant Invest A/S, in the amount of DKK 2 million (DKK 7 million in 2020).

At year-end 2021, the Group had receivables of DKK 6 million for services provided to Vision RT and Össur hf. (DKK 6 million in 2020).

In 2021, William Demant Foundation donated DKK 1 million to Eriksholm Research Centre and DKK 2 million to an industrial PhD project in Oticon A/S. Further, William Demant Foundation acquired diagnostic equipment worth DKK 0.1 million (DKK 0.5 million in 2020) from the Group.

Since 2011, the Group has settled Danish tax on account and residual tax with William Demant Invest A/S, which is the administration company for the joint taxation.

There have been no transactions with the Executive Board and the Board of Directors apart from normal remuneration. Please refer to Note 1.3.

A few Group enterprises are not audited by Deloitte Statsautoriseret Revisionspartnerselskab, but by other auditing firms.

The fee for non-audit services delivered by Deloitte Statsautoriseret Revisionspartnerselskab to the Group amounts to DKK 2 million (DKK 3 million in 2020) and consists of VAT and tax services, tax advisory services related to transfer pricing, issuance of various assurance reports as well as consulting services.

8.2 Fees to statutory auditors

(DKK million)		
Audit fees	14	14
Other assurance	2	2
Other services	3	2
Total fees	19	18

8.3 Government grants

In 2021, the Demant Group received government grants in the amount of DKK 48 million (DKK 346 million in 2020) of which DKK 28 million (DKK 326 million in 2020) are Covid-19-related publicly funded compensation schemes. Non-Covid-19 grants are offset against R&D costs.

Accounting policies

Government grants are recognised when there is reasonable certainty that the conditions for such grants are satisfied and that they will be awarded. Grants received as compensation for costs incurred are recognised proportionately in the income statement over the periods in which the related costs are recognised in the income statement and are offset against costs incurred. Government grants relating to the acquisition of non-current assets are deducted from the cost of such assets.

		
(DKK million)
Government grants, Covid-19	5	42
Other grants	22	52
Operating grants	19	227
Research and development	2	25
Total grants	48	346

8.4 Events after the balance sheet date

No events have occurred after the reporting date that might affect the consolidated financial statements.

Section 9 Basis for preparation

General

The consolidated financial statements are presented in compliance with International Financial Reporting Standards (IFRS) as adopted by the EU and Danish disclosure requirements for annual reports published by reporting class D (listed) companies, cf. the Danish executive order on IFRS issued in compliance with the Danish Financial Statements Act. The registered office of Demant A/S is in Denmark. The consolidated financial statements are presented in Danish kroner (DKK), which is the functional currency for the Parent. The consolidated financial statements are presented based on historical costs, except for obligations for contingent consideration in connection with business combinations, share-based remuneration, derivatives and financial assets classified as assets available for sale, which are measured at fair value.

The financial statements for the Parent are presented separately from the consolidated financial statements and are shown on the last pages of this Annual Report 2021.

Effect of new accounting standards

The Group has adopted all new, amended and revised accounting standards and interpretations as published by the IASB and adopted by the EU effective for the accounting period beginning 1 January 2021. None of these new, updated and amended standards and interpretations resulted in any changes to the accounting policies for the Group or had any significant impact on the consolidated financial statements for 2021.

IASB has issued new accounting standards and amendments effective for accounting periods beginning after 1 January 2021, which have not been adopted by the EU yet. The changes to these standards are not expected to have any significant impact on the Group.

Except for the implementation of new and amended standards as well as insignificant reclassifications of the comparative figures for 2020, the accounting policies remain unchanged compared to last year.

Consolidated financial statements

The consolidated financial statements comprise Demant A/S (the Parent) and the enterprises in which the Parent can or does exercise control by either directly or indirectly holding more than 50% of the voting rights, or in which the Parent exercises control in some other manner. Enterprises in which the Group holds 20-50% of the voting rights and/or in some other manner can or does exercise significant influence are considered associates or joint ventures and are incorporated proportionately into the consolidated financial statements using the equity method.

Consolidation principles

The consolidated financial statements are prepared based on the financial statements of the Parent and its subsidiaries by aggregating uniform items. Enterprises that, by agreement, are managed jointly with one or more other enterprises are recognised using the equity method. The consolidated financial statements are prepared in accordance with the Group's accounting policies. Intra-Group income, expenses, shareholdings, balances and dividends as well as unrealised intra-Group profits on inventories are eliminated.# Section 9 Basis for preparation

9.1 Group accounting policies

The accounting items of subsidiaries are recognised 100% in the consolidated financial statements. On initial recognition, non-controlling interests are measured either at fair value or at their proportionate share of the fair value of the identifiable assets, liabilities and contingent liabilities of the acquired subsidiary. The method is chosen for each individual transaction. Non-controlling interests are subsequently adjusted according to their proportionate share of changes in equity of the subsidiary. Comprehensive income is allocated to non-controlling interests whether or not, as a result hereof, the value of such interests is negative. The purchase or sale of non-controlling interests in a subsidiary, which does not result in obtaining or discontinuing control of such subsidiary, is treated as an equity transaction in the consolidated financial statements, and any difference between the consideration and the carrying amount is allocated to the equity attributable to owners of the parent.

Income statement

Income and costs are recognised on an accruals basis. The income statement is broken down by function, and all costs, including depreciation, amortisation and impairment losses, are therefore charged to production, distribution, administration and R&D.

Production costs

Production costs are costs incurred to generate revenue. Distribution companies recognise cost of goods sold under production costs. Production companies recognise cost of raw materials, consumables, production staff as well as maintenance of and depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets used in the production process under production costs.

R&D costs

Research costs are always recognised in the income statement as such costs incur. Development costs include all costs not satisfying capitalisation criteria but incurred in connection with the development, prototype construction, development of new business concepts and amortisation of capitalised development costs.

Distribution costs

Distribution costs include costs relating to training, sales, marketing, promotion materials, distribution, bad debts as well as depreciation and amortisation of and impairment losses on assets used for distribution purposes.

Administrative expenses

Administrative expenses include administrative staff costs, office expenses as well as depreciation and amortisation of and impairment losses on assets used for administrative purposes.

Prepaid expenses

Prepaid expenses recognised under assets include costs relating to the subsequent financial years. Prepaid expenses are measured at cost.

Other operating income

Other operating income includes income from all activities not related to the core business activities of the Group.

Equity

Foreign currency translation reserves include foreign currency translation adjustments on the translation of financial statements of foreign subsidiaries, associates and joint ventures from their respective functional currencies into Danish kroner. Foreign currency translation adjustments are recognised in the income statement on realisation of the net investment. Hedging reserves include fair value adjustments of derivatives and loans satisfying the criteria for hedging of future transactions. The amounts are recognised in the income statement or the balance sheet at the same time as hedged transactions are recognised.

Treasury shares and dividend

On the buy-back of shares or sale of treasury shares, the purchase price or selling price, respectively, is recognised directly in equity under other reserves (retained earnings). A capital reduction through the cancellation of treasury shares will reduce the share capital by an amount corresponding to the nominal value of such shares. Proposed dividends are recognised as a liability at the time of adoption at the annual general meeting.

Cash flow statement

The cash flow statement is prepared according to the indirect method and reflects the consolidated net cash flow broken down into operating, investing and financing activities.

Cash flow from operating activities includes net profit adjusted for non-cash operating items, changes in working capital, financial income received, financial expenses paid, realised foreign currency translation gains and losses and income tax paid. Cash flow from operating activities also includes short-term lease payments, lease payments of low-value assets and variable lease payments.

Cash flow from investing activities includes payments in respect of the acquisition or divestment of enterprises and financial assets as well as the purchase, development, improvement or sale of intangible assets and property, plant and equipment. In addition to this, cash flow from investing activities also includes movement in receivables from associates and joint ventures as well as customer loans.

Cash flow from financing activities includes payments to and from shareholders and the raising and repayment of non-current and current debt and lease liabilities.

Cash flow in currencies other than the functional currency is recognised at average exchange rates for the months of the year unless they deviate significantly from actual exchange rates on the transaction dates. Repayments of lease liabilities are included as well.

Cash and cash equivalents are cash less overdrafts, which consist of uncommitted bank facilities that often fluctuate from positive to overdrawn. Any short-term bank facilities that are consistently overdrawn are considered cash flow from financing activities.

Key figures and financial ratios

Financial ratios are calculated in accordance with CFA Society Denmark. The free cash flow is calculated as the sum of cash flow from operating activities (CFFO) and investing activities (CFFI) before acquisitions and disposals of enterprises, participating interests and activities. Financial ratios per share are calculated per share of nominally DKK 0.20. On computation of the return on equity, average equity is calculated, duly considering share buy-backs. The gearing multiple is calculated as net interest-bearing debt relative to EBITDA. Net working capital is the net amount of current assets (excluding tax, financial contracts and cash) less trade payables, the current part of other liabilities and deferred income. The CEO pay ratio is calculated as the CEO total compensation/the average Demant employee total compensation.

Scope 1 emissions entail tonnes of CO2e emissions from natural gas, gasoline, diesel and fuel oil consumed in Demant. Scope 2 emissions entail tonnes of CO2e emissions from purchased electric power and district heating at Demant production sites, offices and clinics. Every year, the data quality and the scope of reporting are improved. The 2021 data covers more than 90% of our total sites including estimates.

Gender diversity, all employees shows the gender distribution between women and men in percent of the employees in countries enrolled in our global HR data management system. In 2021, 90% of all our employees were registered in the system.

Gender diversity, management shows the gender distribution between women and men in percent among all people managers with one or more reports. The data is extracted from our HR data management system that held 90% of our employees in 2021.

Gender diversity, Board of directors shows the gender distribution between women and men among the shareholder-elected members of the Board of Directors.

iXBRL tagging

The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The combination of XHTML format and iXBRL tags makes it possible for annual financial reports to be read by both humans and machines, thus enhancing accessibility, analysis and comparability of the information included in the annual financial reports.

The annual financial reports are prepared in accordance with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. The line items in the consolidated financial statements are tagged to elements in the ESEF taxonomy. For financial line items that are not directly defined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions that are subtotals. The annual report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file DEMANT-2021-12-31-en.zip.

Key definitions

XHTML (eXtensible HyperText Markup Language) is a text-based language used to structure and mark up content such as text, images and hyperlinks in documents that are displayed in a web browser.

iXBRL tags (or Inline XBRL tags) are hidden metainformation embedded in the source code of an XHTML document that enables the conversion of XHTML-formatted information into a machine-readable XBRL data record using appropriate software.

A financial reporting taxonomy is an electronic dictionary of business reporting elements used to report business data.# Section 9 Basis for preparation

On the preparation of the consolidated financial statements, Management makes a number of accounting estimates and judgements. These relate to the recognition, measurement and classification of assets and liabilities. Many items can only be estimated rather than accurately measured. Such estimates are based on the most recent information available on preparation of the financial statements. Estimates and assumptions are therefore reassessed on an ongoing basis. Actual figures may, however, deviate from these estimates. Any changes in accounting estimates will be recognised in the reporting period in which such changes are made.

Significant accounting estimates and judgements are described below:
1.6 Inventories
1.7 Receivables
3.3 Leases
3.5 Impairment (identification of CGUs)
5.2 Deferred tax
6.1 Acquisition of enterprises and activities

Specific accounting estimates and judgements are described in each of the individual notes to the consolidated financial statements as outlined below:
1.2 Revenue from contracts with customers
1.3 Employees
1.6 Inventories
1.7 Receivables
3.1 Intangible assets
3.2 Property, plant and equipment
3.3 Leases
5.2 Deferred tax
6.1 Acquisition of enterprises and activities
7.1 Provisions
7.2 Other liabilities

9.2 Accounting estimates and judgements

Parent financial statements

Parent income statement

(DKK million)
| | 2021 | 2020 |
|------------------------------------------------------------------------------------------------------------------------------|-------|-------|
| | | |
| Other income | -114 | -119 |
| Income from dividend | 28 | 34 |
| Other income | -86 | -85 |
| | | |
| Financial income | 2,140 | 379 |
| Financial expenses | - | -459 |
| Income from equity | 24 | 82 |
| Income from subsidiaries | -95 | -59 |
| Profit before tax | 1,983 | 776 |
| | | |
| Tax on profit | 32 | 13 |
| Profit after tax | 2,015 | 789 |

Parent balance sheet

31 December
(DKK million)
| | 2021 | 2020 |
|--------------------------------------------------------------------------------------------------------------------------|-------|-------|
| | | |
| Other receivables | 26 | 30 |
| Total other receivables | 26 | 30 |
| | | |
| Other receivables | 24 | 24 |
| Receivables from group entities | 24 | 24 |
| | | |
| Other receivables | 1 | 1 |
| Receivables from trade | 12,826| 10,932|
| Other receivables | 1,429 | 944 |
| Receivables from trade | 36 | 42 |
| Other receivables | - | 1 |
| Other receivables | 10 | 10 |
| Other receivables | 14,302| 11,930|
| | | |
| Total assets | 14,352| 11,984|
| | | |
| Other liabilities | 33 | 12 |
| Other liabilities | 5 | 6 |
| Receivables | 9 | 12 |
| Other liabilities | 47 | 30 |
| | | |
| Total liabilities | 47 | 30 |
| | | |
| Total equity | 14,399| 12,014|

(DKK million)
| | 2021 | 2020 |
|------------------------------------------------------------------------------------------------------------------------------|-------|-------|
| | | |
| Long-term debt | 48 | 48 |
| Receivables | 1,859 | 425 |
| Other liabilities | 2,799 | 5,295 |
| Long-term debt | 4,706 | 5,768 |
| | | |
| Other liabilities | 7 | 10 |
| Deferred tax | 7 | 10 |
| | | |
| Shareholders' equity | 2,762 | 3,473 |
| Other liabilities | 1 | 1 |
| Other liabilities | 29 | 25 |
| Shareholders' equity | 2,792 | 3,499 |
| | | |
| Shareholders' equity | 5,512 | 2,656 |
| Trade receivables | 1,336 | 49 |
| Other liabilities | 46 | 32 |
| Shareholders' equity | 6,894 | 2,737 |
| | | |
| Total shareholders' equity | 9,686 | 6,236 |
| | | |
| Long-term debt | 14,399| 12,014|
| | | |
| Shareholders' equity | | |
| Other receivables | | |
| Receivables | | |
| Other liabilities | | |

Parent statement of changes in equity

(DKK million)
| | Share capital | Other reserves | Equity attributable to parent shareholders, end of year | Equity attributable to parent shareholders, end of year | Total equity |
|---|---|---|---|---|---|
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| | | | | | |
| | | | | | |# Section 10 Basis for preparation
Demant - Annual Report 2021 131

10.7 Property, plant and equipment

(DKK million)

	31	31
	2021	2020
Net book value at beginning of year	31	31
Additions	-7	-7
Disposals	24
Net book value at end of year	31	31

Additions	-6	-1
Disposals	-7
Net book value at end of year	24

The carrying amount of investment in subsidiaries includes capitalised goodwill in the amount of DKK 6,768 million (DKK 5,784 million in 2020). Amortisation of capitalised goodwill for the year is DKK 493 million (DKK 439 million in 2020). Loans to subsidiaries of DKK 1,429 million (DKK 944 million in 2020) are considered additions to the total investments in the particular enterprises and are therefore considered non-current. Please refer to Section 11 Subsidiaries and associates for further information on sub- sidiaries, joint ventures and associates.

10.8 Financial assets

(DKK million)

	2021	2021	2020	2020	2021	2021	2020	2020
	Trade and other receivables	Trade and other receivables	Trade and other receivables	Trade and other receivables	Other receivables	Other receivables	Other receivables	Other receivables
	(Non-current)	(Non-current)	(Non-current)	(Non-current)	(Current)	(Current)	(Current)	(Current)
Gross receivables	10,418	944	54	1	8,275	751	330	97
Impairment of financial assets	-	-5	-	-	-5	-	-	-
Additions to Receivables	167	563	-	-	2,143	276	-	-
Impairment of Receivables	-	-83	-4	-1	-	-78	-193	-96
Write-offs	-	-	-	-	-	-	-83	-
Gross receivables	10,585	1,429	50	-	10,418	944	54	1

Impairment of receivables	514	-	-12	-	2,174	-	-58	-
Reversal of impairment of receivables	-	-	-	-	-100	-	-	-
Impairment of receivables	514	-	-12	-	2,074	-	-58	-
Impairment of financial assets	404	-	-1	-	-413	-	-	-
Other receivables	2,140	-	-	-	379	-	-4	-
Impairment of receivables	-767	-	-1	-	-1,594	-	-	-
Impairment of Receivables	-	-	-	-	-	-33	-	-
Write-offs	-50	-	-	-	68	83	-	-
Impairment of receivables	2,241	-	-14	-	514	-	-12	-

Gross receivables	12,826	1,429	36	-	10,932	944	42	1
Non-current	12,826	1,429	36	-	10,932	944	42	1

A part of other debt of DKK 47 million (DKK 32 million in 2020) has a contractual maturity of less than one year, and a part of other debt of DKK 29 million (DKK 25 million in 2020) has a contractual maturity of 1-5 years. The contractual cash flows approximate their carrying amounts. Interest-bearing debt broken down by currency: 72% in Danish kroner (63% in 2020), 21% in euros (27% in 2020) and 7% in US dollars (10% in 2020). The maximum interest rates on part of Demant's non-current debt are limited through an interest rate cap.

Sensitivity analysis in respect of interest rates

Based on the bank debt facilities at the end of the 2021 financial year, a rise of 1 percentage point in the general interest rate level will cause an increase in the Par- ticulars’ of DKK 37 million (DKK 19 million in 2020). About 55% of the interest-bear- ing debt is subject to fixed or limited inter- est rates, partly due to a bought cap (a strip of call options), and partly due to loans being raised at fixed interest rates.

10.9 Interest-bearing debt

(DKK million)

	2021	2021	2021	2021	2021	2020	2020	2020	2020
	DKK	EUR	USD	Total	%	DKK	EUR	USD	Total
Financial liabilities
Bank loans	3,226	2,774	-	6,000	6,000	5,973	-	-	5,973
Long-term loans	2,316	-	-	2,316	2,301	640	-	-	640
Other	-	1	-	1	1	1	-	-	1
Total interest-bearing debt	5,542	2,775	-	8,317	8,275	6,615	-	-	6,615
Interest rate	0.5%					0.6%

Financial liabilities
Bank loans	2,041	3,498	-	5,539	5,496	2,681	3,499	-	6,180
Long-term loans	640	-	-	640	633	-	1	-	1
Other	-	1	-	1	1	-	-	-	-
Total interest-bearing debt	2,681	3,499	-	6,180	6,130	2,681	3,500	-	6,181
Interest rate	0.6%					0.6%

Demant A/S has provided security in respect of credit facilities established by Danish subsidiaries. These credit facilities totalled DKK 2,472 million in 2021 (DKK 3,144 million in 2020) of which DKK 514 million was drawn (DKK 453 million in 2020). Moreover, Demant A/S has established a mutual guarantee with Oticon A/S in the amount of DKK 650 million (DKK 650 mil- lion in 2020), which is being drawn upon on a current basis. Demant A/S has provided security in re- spect of rent as well as guarantees con- cerning the continuous operation and pay- ment of liabilities in 2021 for some of our subsidiaries. The Parent is jointly taxed with William Demant Invest A/S, which is the admin- istration company, and all Danish subsidi- aries of both. Under the Danish Corpora- tion Tax Act, the Parent is first of all fully liable for corporate tax payments and for withholding tax at source in respect of in- terest, royalties and dividends in relation to its own subsidiaries and is secondly lia- ble for tax payments due for William Demant Invest A/S and its partly owned subsidiaries. For the purposes of section 357 of the Republic of Ireland Companies Act 2014, Demant A/S has undertaken to indemnify the creditors of its subsidiaries incorpo- rated in the Republic of Ireland in respect of all losses and liabilities for the financial year ending on 31 December 2021 or any amended financial period incorporating said financial year. No material loss is expected to arise from this guarantee. For the purpose of section 78a, subsection 5 of the Danish Financial Statements Act, Demant A/S has undertaken to guarantee liabilities of the subsidiary EPOS Group A/S. No material loss is expected to arise from this guarantee.

10.10 Contingent liabilities

10.11 Related parties

William Demant Foundation, Kongebakken 9, 2765 Smørum, Denmark, is the only re- lated party with a controlling interest. Con- trolling interest is achieved through a com- bination of the Foundation’s own shareholding and the shareholding of William Demant Invest A/S for which Wil- liam Demant Foundation exercises the vot- ing rights. Subsidiaries and associated en- terprises of William Demant Invest A/S are related parties to Demant A/S.

Related parties with significant influence

Related parties include members of the Board of Directors and their related parties. Fur- thermore, related parties are companies in which the above persons have significant interests.

10.12 Events after the balance sheet date

Please refer to Note 8.4 in the consolidated financial statements.

Section 10 Basis for preparation

Demant - Annual Report 2021 135

The financial statements of the Parent, Demant A/S, are presented in accordance with the provisions of the Danish Financial Statements Act for class D entities. The Parent financial statements are pre- sented in Danish kroner (DKK), which is also the functional currency for the Parent. The accounting policies are the same as last year. In respect of recognition and measurement, Demant A/S’s income statement and balance sheet policies are based on the IFRS principles for recognition and measurement. The instances in which the Par- ent’s policies differ from those of the Group are described below. The Parent has decided to apply the re- cognition and measurement in accordance with IFRS 15 and 16. The standards affect Demant A/S’s income statement and balance sheet with regard to revenue and leases, respectively.

Changes in accounting policies

The comparative figures for 2020 for in- vestments in subsidiaries and equity have been restated because of a change in ac- counting policies, arising from the imple- mentation of the changes in the Danish Fi- nancial Statements Act. The changes en- tail that accumulated actuarial gains/losses related to defined benefit plans are recog- nised as part of investments in subsidiaries. The effect of the changes to the compara- tive figures for 2020:

The opening balance for 2020 for investments in subsidiaries: DKK -100 million
The opening balance for 2020 in equity: DKK -100 million

Tax

The Parent is jointly taxed with its Danish subsidiaries and its parent, William De- mant Invest A/S. Current income tax is al- located to the jointly taxed Danish compa- nies in proportion to their taxable income.# Balance Sheet

Goodwill

Goodwill is amortised on a straight-line basis over 20 years, which is the useful life. Goodwill is written down to its recoverable amount, if lower than its carrying amount.

Rights

Rights acquired are amortised on a straight-line basis over their estimated useful lives and measured at cost less accumulated amortisation and impairment losses. The amortisation period is five years. Rights acquired are written down to their recoverable value, if lower than their carrying value.

Investments in subsidiaries and associates

Investments in subsidiaries and associates are recognised and measured using the equity method, i.e. interests are measured at the proportionate share of the equity values of such subsidiaries and associates with the addition or deduction of the carrying amount of goodwill and with the addition or deduction of unrealised intra-Group profits or losses, respectively. Profits or losses in subsidiaries and associates are recognised in the income statement after elimination of unrealised intra-Group profits or losses less any amortisation and impairment of goodwill. Subsidiaries and associates with negative equity values are measured at DKK 0, and any receivables from such companies are recognised at their recoverable value. If the negative equity value exceeds the value of receivables, if any, such residual amount is recognised under provisions to the extent that the Parent has a legal or constructive obligation to cover liabilities incurred by the particular subsidiary or associate. On distribution of profit or loss, net revaluation and net impairment losses on investments in subsidiaries and associates are transferred to reserves for net revaluation according to the equity method.

Other investments

On initial recognition, other investments are measured at cost. Subsequently, they are measured at fair value on the balance sheet date, and any changes in fair values are recognised in the income statement under net financial items.

Provisions

Provisions include liabilities, which are uncertain in respect of the amount or the timing of their settlement. Provisions may include different types of liabilities, such as deferred tax liabilities, onerous contracts, pension obligations as well as provisions for disputes etc.

Statement of changes in equity

In compliance with the format requirements of the Danish Financial Statements Act, any items included under comprehensive income in the consolidated financial statements are recognised directly in equity in the Parent financial statements.

Cash flow statement

In compliance with section 86(4) of the Danish Financial Statements Act, a cash flow statement is not drawn up for the Parent, such statement being included in the consolidated cash flow statement.

10.13 Parent accounting policies

Subsidiaries, associates and Joint ventures


Subsidiaries	%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
Oticon A/S	100%
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Oticon A/S	100%
Oticon A# Demant A/S

Reporting class: D

Address: Kongebakken 9, 2765 Smørum, Egedal, Denmark

Date of Incorporation: 1983-04-22

Contact:
* Registered Address: Kongebakken 9, 2765 Smørum
* Website: www.demant.com
* Email: [email protected]

Subsidiaries/Related Entities:
* Oticon Holding A/S
* William Demant Holding A/S

Website Sections:
* www.demant.com/about/sustainability/
* www.demant.com/about/responsibility
* www.demant.com/about/management/

Auditor's Report on Audited Financial Statements

Auditor: DELOITTE STATSAUTORISERET REVISIONSPARTNERSELSKAB
Address: Weidekampsgade 6, 2300 Copenhagen S

Opinion

[Opinion text would go here if provided in the input]

Basis for Opinion

[Basis for Opinion text would go here if provided in the input]

Consolidated Financial Statements

Reporting Period: 2021-01-01 to 2021-12-31

Currency: DKK

Statement of Financial Position

Item	2021-12-31	2020-12-31
Equity Attributable to Owners of Parent	213,800	213,800
Noncontrolling Interests	213,800	213,800

Statement of Changes in Equity

Item	Period	2021-12-31	2020-12-31	2019-12-31
Equity Attributable to Owners of Parent	2021-01-01 to 2021-12-31	213,800
Equity Attributable to Owners of Parent	2020-01-01 to 2020-12-31		213,800
Equity Attributable to Owners of Parent	2019-01-01 to 2019-12-31			213,800
Issued Capital	2020-01-01 to 2020-12-31			213,800
Reserve of Exchange Differences on Translation	2020-01-01 to 2020-12-31			213,800
Reserve of Cash Flow Hedges	2020-01-01 to 2020-12-31			213,800
Retained Earnings	2020-01-01 to 2020-12-31			213,800
Noncontrolling Interests	2020-01-01 to 2020-12-31	213,800	213,800
Noncontrolling Interests	2019-01-01 to 2019-12-31			213,800
Retained Earnings	2021-12-31	213,800
Retained Earnings	2020-12-31		213,800
Retained Earnings	2019-12-31			213,800

Notes:
* xbrli:shares
* xbrli:pure
* Annual report

AI Terminal

Demant

Key figures and financial ratios

Key figures and financial ratios – year

Key figures and financial ratios – year

Key figures and financial ratios – year

Key figures and financial ratios – half-year

Key figures and financial ratios – half-year

CEO letter

Providing the best care

Hearing Care

High standards for innovation

Oticon, Philips HearLink, Bernafon, and Sonic: innovation power in Hearing Aids.

Insights and highlights

Our business

Market leader in Diagnostics

Committed to high quality

Expanding the business

Sustainability progress

Positive outlook

Insights and highlights

Our business

Corporate information

Financial report

Back to content

Insights and highlights

Our business

Corporate information

Financial report

Back to content

At every touchpoint, Demant is active and engaged

Insights and highlights

Our business

Corporate information

Financial report

Back to content

Purpose and strategy

Insights and highlights

Our business

Corporate information

Financial report

Strategic ambition: Becoming the world’s leading hearing healthcare company

Organisation

People & culture

Sustainability

Operating model

Sustainability

Our Sustainability Strategy at a glance

Sustainability highlights

New position on diversity, equity and inclusion

Commitment to the Science Based Targets initiative

Overview of scope 3 emissions

Large donations by William Demant Foundation

New Data Ethics Policy

Sustainability reporting

2021 in brief

Group revenue

Gross margin

EBIT

EBIT MARGIN

Hearing Healthcare

Communications

Our business

Corporate information

Financial report

Highlights in 2021

Highlights in 2021

Group financial review

Operating profit (EBIT)

Financial items

Profit for the year

Cash flow statement

Balance sheet

Employees

Events after the balance sheet date

Balance sheet by main items

Insights and highlights

Our business

Corporate information

Financial report