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"s10_notes__8__59": {
"value": "Segmentation of income statement Segment performance is evaluated on EBIT level and is based on the accounting poli-cies for the consolidated income state-ment.Consolidated financial income and ex-penses as well as income taxes are man-aged on a Group basis and are not allo-cated to operating segments.",
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"s10_notes__8__60-1": {
"value": "Segmentation of income statement Segment performance is evaluated on EBIT level and is based on the accounting poli-cies for the consolidated income state-ment.Consolidated financial income and ex-penses as well as income taxes are man-aged on a Group basis and are not allo-cated to operating segments.Revenue is recognised when obligations under the terms of the contract with thecustomer are satisfied, which usually oc-curs with the transfer of control of ourproducts and services within HearingHealthcare and Communications. Revenueis measured as the consideration we ex-pect to receive in exchange for transferringgoods and providing services net of the es-timated discounts or other customer-re-lated reductions.Employee costs comprise wages, salaries,social security contributions, annual andsick leave, bonuses and non-monetary benefits and are recognised in the year in which the associated services are ren-dered by the employees. Where Demant provides long-term employee benefits, the costs are accrued to match the renderingof the service by the employees concerned.Raw materials, components and goods forresale are measured at cost according to the FIFO principle (according to which themost recently purchased items are consid-ered to be in stock) or at their net realisa-ble value, whichever is lower. Group-manufactured finished goods and work in progress are measured at thevalue of direct costs, direct payroll costs,consumables and a proportionate shareof indirect production costs, which are allo-cated on the basis of the normal capacityof the production facility. Indirect produc-tion costs include the proportionate shareof capacity costs directly relating to Group-manufactured finished goods and work inprogress.The net realisable value of inventories is determined as the estimated selling priceless costs of completion and costs to sell. Trade receivables and contract assets aremeasured at amortised costs less expectedlifetime credit losses.For trade receivables, the Group has a sim-plified approach to determining the ex-pected credit loss. The allowance for credit loss is measured through a provision matrix.To measure the expected credit loss, tradereceivables have been grouped based onshared credit risk and the number of daysthat have passed after the due date. Allow-ances have also been made for trade re-ceivables not due. For trade receivablesthat are considered credit-impaired, the ex-pected credit loss is determined on an indi-vidual basis.Customer loans are initially recognised at fair value less transaction costs and are subsequently measured at amortised costsless loss allowance or impairment losses. Any difference between the nominal value and the fair value of the loans at initial recognition is treated as prepaid discount on future sales to the customer and is rec-ognised in the income statement as a re-duction of revenue when the customer purchases goods from the Group.The fair value of customer loans at initial recognition is measured as the presentvalue of future repayments on the loan discounted at a market interest rate. Theeffective interest on customer loans is rec-ognised as financial income in the incomestatement over the term of the loans.A loss allowance is recognised on initial recognition and is subsequently based on a 12-month expected credit loss model. If a significant increase in the credit risk has arisen since the initial recognition of theloan, a loss allowance based on expected lifetime credit loss is provided. On initial recognition, derivatives aremeasured at fair value at the settlementdate. After initial recognition, derivatives are measured at fair value at the balancesheet 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 meas-ured based on current market data and byuse of commonly recognised valuationmethods. Please refer to Note 4.5. Any changes in fair values of derivatives classified as hedging instruments andsatisfying the criteria for hedging the fair value of a recognised asset or a recog-nised liability are recognised in the income statement together with any changes inthe fair value of the hedged asset or hedged liability. Any changes in fair values of derivatives classified as hedging instru-ments and satisfying the criteria for effec-tive hedging of future transactions are rec-ognised in other comprehensive income.The ineffective portion is recognised di-rectly in the income statement. On realisa-tion of the hedged transactions, the accu-mulated changes are recognised together with the related transactions.Derivatives not fulfilling the conditions for treatment as hedging instruments are con-sidered trading investments and measuredat fair value, with fair value adjustments being recognised on an ongoing basis in the income statement.On initial recognition, goodwill is recog-nised and measured as the difference be-tween the acquisition cost \u2013 including the value of non-controlling interests in the ac-quired enterprise and the fair value of any existing investment in the acquired enter-prise \u2013 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 inde-pendent payments (cash-generating units). The definition of a cash-generating unit is in line with the Group\u2019s managerial structure as well as the internal financial management reporting.Goodwill is not amortised but is tested for impairment at least once a year. If the re-coverable amount of a cash-generating unit is lower than the carrying amounts of property, plant and equipment and intan-gible assets, including goodwill, attributa-ble to the particular cash-generating unit, the particular assets will be written down. Patents and licences acquired from third parties are measured at cost less accumu-lated amortisation and impairment losses. Patents and licences are amortised on a straight-line basis over their estimated useful lives. Other intangible assets consist of soft-ware, other rights than patents and li-cences and other intangible assets ac-quired in connection with business combi-nations, primarily brand value, customer relationships and non-compete agree-ments. Other intangible assets are measured at cost less accumulated amortisation andimpairment losses. Other intangible assetsare amortised on a straight-line basis overtheir estimated useful lives, except otherrights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead testedfor impairment annually. Please refer to Note 3.6.Assets under development include inter-nally developed IT systems. Assets underdevelopment are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to thedevelopment of such assets. Assets underdevelopment are not amortised, as they are not available for use.Useful lives of intangible assets:Patents and licences 5-20 yearsSoftware 3-10 yearsBrand value 5-10 yearsCustomer relationships 5-9 yearsProperty, plant and equipment are recog-nised at cost less accumulated deprecia-tion and impairment losses. Cost is defined as the acquisition price and costs directly relating to the acquisition until the point in time when 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 rec-ognised as a provision and as part of the cost of the particular asset, respectively.Assets consisting of various elements will be depreciated separately if their useful lives are not the same. Property, plant and equipment are depre-ciated on a straight-line basis over their estimated useful lives. Land is not depreci-ated.Buildings 30-50 yearsTechnical installations 10 years Plant and machinery 3-5 years Other plant, fixtures andoperating equipment 3-5 yearsIT hardware 3-5 yearsLeasehold improvements Up to 10 yearsLease 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 impair-ment. 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 pre-sent value of future payments, using the interest rate implicit in the lease agree-ment. Lease payments are discounted, us-ing the Group\u2019s incremental borrowing rate 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 fixedpayments less any lease incentives receiv-able, variable lease payments that dependon an index or a rate as well as payments of penalties for terminating the lease, if the terms of the lease warrants that the Groupexercises that option.The lease liability is remeasured if or when the future payment or lease term changes.Any net remeasurement of the lease liabil-ity is recognised as an adjustment to thelease asset. If the carrying amount of thelease asset is reduced to zero, the adjust-ment will be recognised in the income statement.Additional information Short-term lease expenses, low-value as-sets and variable lease payments are clas-sified as operating expenses in the income statement.Please refer to Note 4.4 for a maturityanalysis of the lease liabilities. Investments in associates and joint ven-tures are recognised and measured using the equity method, i.e. investments are rec-ognised in the balance sheet at the pro-portionate share of the equity value deter-mined in accordance with the Group\u2019s ac-counting policies after the deduction andaddition of proportionate intra-group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares ofprofit after tax in associates and joint ven-tures are recognised in the income state-ment after the year\u2019s changes in unreal-ised intra-group profits less any impair-ment loss relating to goodwill.The proportionate shares of all transac-tions and events, which have been recog-nised in other comprehensive income inassociates and joint ventures, are recog-nised in consolidated other comprehensiveincome. On the acquisition of interests in associates and joint ventures, the acquisi-tion method is applied.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 re-viewed at the balance sheet date to deter-mine whether there are indications of im-pairment. If so, the recoverable amount of the particular asset is calculated to deter-mine 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 amountis determined as the higher of the fair valueof the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of thevalue in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partlycurrent market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cashflows. If the recoverable amount of a par-ticular 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 in-come statement. On any subsequent re-versal of impairment losses due to changesin the judgements on which the calculation of the recoverable amount is based, thecarrying amount of an asset or cash-gen-erating unit is increased to the adjusted estimate of the recoverable amount, how-ever 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 ofgoodwill is not reversed.Net financial items mainly consist of inter-est 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 liabili-ties, fair value adjustments of \u201cshadow shares\u201d under share-based remuneration programmes as well as certain realised and unrealised foreign exchange gainsand losses. Interest income and interestexpenses are accrued based on the princi-pal 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 liabilityDebt to credit institutions is recognised atthe date of borrowing as the proceeds re-ceived less transaction costs. For subse-quent periods, financial liabilities aremeasured at amortised cost in order forthe difference between proceeds and the nominal value to be recognised as a finan-cial expense over the term of the loan. On initial recognition, other financial liabili-ties are measured at fair value and subse-quently at amortised cost using the effec-tive interest method, and the difference between proceeds and the nominal valueis recognised in the income statement as a financial expense over the term of the loan.On initial recognition, other investmentsare recognised at fair value and subse-quently measured at fair value in the in-come statement. Unrealised value adjust-ments are recognised in the income state-ment. On realisation, value adjustments are recognised in net financial items in the income statement. Contingent considera-tions arising from the acquisition of enter-prises and activities are recognised at fair value at the time of acquisition. The obli-gations are re-evaluated on a recurring basis at fair value.Tax on profit for the year includes current tax and any changes in deferred tax. Cur-rent tax includes taxes payable determinedon the basis of the estimated taxable in-come for the year and any prior-year taxadjustments. Tax on changes in equity and other comprehensive income is recognised directly in equity and in other comprehen-sive income, respectively. Foreign currency translation adjustments of deferred tax are recognised as part ofthe year\u2019s adjustments of deferred tax.Permanent differences primarily includeR&D incentives, profit in associates/joint ventures, non-deductible share-based pay-ments and losses on accounts receivable. Current tax liabilities or tax receivables are recognised in the balance sheet and deter-mined as tax calculated on taxable income for the year adjusted for any tax on ac-count. The tax rates prevailing at the bal-ance sheet date are used for calculation ofthe year\u2019s taxable income. Deferred tax is recognised, using the bal-ance sheet liability method on any tempo-rary differences between the tax base of assets and liabilities and their carrying amounts, except for deferred tax on tem-porary differences arisen either on initialrecognition of goodwill or on initial recog-nition of a transaction that is not a busi-ness combination, with the temporary dif-ference ascertained on initial recognition affecting neither net profits nor taxable income. Deferred tax is determined on the basis of the tax rules and rates prevailing at the balance sheet date in a particular country. The effect of any changes in tax rates on deferred tax is included in tax on profit for the year, unless such deferred tax is at-tributable to items previously recognised directly in equity or in other comprehensive income. In the latter case, such changes will also be recognised directly in equity or in other comprehensive income. The taxbase of a loss, if any, which may be set off against future taxable income, is carriedforward and set off against deferred tax inthe same legal tax entity and jurisdiction.Newly acquired or newly established en-terprises are recognised in the consoli-dated 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 identi-fied assets, liabilities and contingent liabili-ties are measured at their fair values on the acquisition date. Any non-current as-sets acquired for the purpose of resale are, however, measured at their fair values less expected cost of disposal. Restructuringcosts are solely recognised in the pre-ac-quisition balance sheet if they are a liabil-ity for the acquired enterprise. Any tax ef-fect of revaluations will be taken into ac-count.The acquisition cost of an enterprise con-sists of the fair value of the consideration paid for the enterprise with addition of fair value of previously held interests in the ac-quiree. If the final consideration is condi-tional upon one or more future events, the consideration will be recognised at the fair value on acquisition. Any subsequent ad-justment of contingent consideration isrecognised directly in the income state-ment, unless the adjustment is the resultof new information about conditions pre-vailing on the acquisition date, and this information becomes available up to 12months after the acquisition date. Trans-action costs are recognised directly in the income statement when incurred. If costsexceed the fair values of the assets, liabili-ties and contingent liabilities identified onacquisition, any remaining positive differ-ences (goodwill) are recognised in the bal-ance sheet under intangible assets and tested for impairment at least annually. If the carrying amount of an asset exceedsits 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, liabilitiesor contingent liabilities or uncertainty with respect to determining their cost, initial recognition is made on the basis of provisionally calculated values. Such provi-sionally calculated values may be adjusted, or additional assets or liabilities may be recognised up to 12 months after the ac-quisition date, if new information becomesavailable about conditions prevailing on the acquisition date, which would haveaffected the calculation of values on that day, had such information been known. Discontinued operations represent a sepa-rate line of business disposed of or in prep-aration for sale. The results of discontinued operations are presented separately in the income statement, and comparative fig-ures are restated. Cash flows from discon-tinued operations are presented sepa-rately in the cash flow statement.Assets and liabilities relating to the discon-tinued operations are classified as held for sale. Assets held for sale, except financial assets etc., and liabilities related to assetsheld for sale are measured at the lower of their carrying amount and their fair valueless costs to sell. Non-current assets heldfor sale are not depreciated.Provisions are recognised if, as a result of an earlier event, the Group has a legal or constructive obligation, and if the settle-ment of such obligation is expected to drawon corporate financial resources, but thereis uncertainty about the timing or amount of the obligation. Provisions are measured on a discounted basis based on Manage-ment\u2019s best estimate of the amount atwhich a particular liability may be settled.The discount effect of any changes in thepresent value of provisions is recognised as a financial expense.The Group has defined benefit plans andsimilar agreements with some of its em-ployees. As regards defined contributionplans, the Group pays regular, fixed contri-butions to independent pension compa-nies. Contributions are recognised in theincome statement for the period in which employees have performed work entitlingthem to such pension contributions. Contri-butions due are recognised in the balance sheet as a liability.As regards defined benefit plans, theGroup is obliged to pay a certain contribu-tion when an employee covered by such a plan retires, for instance a fixed amount or a percentage of the employee\u2019s final sal-ary. An actuarial calculation is made peri-odically of the accrued present value of fu-ture benefits to which employees through their past employment with the Group areentitled and which are payable under the defined benefit plan. This defined benefitobligation is calculated annually, using the projected unit credit method on the basis of judgements in respect of the future de-velopment in for instance wage levels, in-terest rates, mortality and inflation rates. 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:\u2022 Service costs, including current servicecosts, past-service costs as well asgains and losses on curtailments andsettlements\u2022 Net interest expenses or income \u2022 Remeasurements Remeasurements, comprising actuarial gains and losses, any effects of changes to the asset ceiling as well as returns 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 com-prehensive income are reflected immedi-ately in retained earnings and are not re-classified 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. Ac-tuarial gains or losses on such benefits arerecognised directly in the income statement. Other non-financial liabilities are recog-nised if, as a result of an earlier event, the Group has a legal or constructive obliga-tion, and if the settlement of such obliga-tion is expected to draw on corporate fi-nancial resources. Other non-financial lia-bilities are measured on a discounted ba-sis, and the discount effect of any changes in the present value of the liabilities is rec-ognised as a financial expense. On the sale of products with a right of re-turn, a refund liability and a right to the returned products are recognised as a re-fund liability and a current asset (included in prepaid expenses), respectively. The re-fund liability is deducted from revenue and the right to the returned products is offsetin cost of sales. Warranty commitmentsinclude an obligation to remedy faulty ordefective products during the warrantyperiod.Deferred income includes income receivedor future performance obligations relatingto subsequent financial years and is recog-nised as revenue when the Group performs its obligations by transferring the goods or services.Government grants are recognised whenthere is reasonable certainty that the con-ditions for such grants are satisfied andthat they will be awarded. Grants received as compensation for costs incurred are recognised proportionately in the incomestatement over the periods in which therelated costs are recognised in the income statement and are offset against costs in-curred.Government grants relating to the acquisi-tion of non-current assets are deducted from the cost of such assets.9.1 Group accounting policiesThe Group\u2019s general accounting policies are described below. In addition to this, specific accounting policies are described in each of the individual notes to the con-solidated financial statements as outlined here: 1.1 Segment disclosures 1.2 Revenue 1.3 Employees 1.6 Inventories 1.7 Trade receivables 1.8 Customer loans 2.3 Hedging and forward exchange con-tracts 3.1 Intangible assets 3.2 Property, plant and equipment 3.3 Leases 3.4 Other non-current assets 3.6 Impairment testing 4.2 Net financial items 4.3 Categories of financial instruments 4.5 Fair value hierarchy 5.1 Tax on profit 5.2 Deferred tax 6.1 Acquisition of enterprises and activities 6.3 Discontinued operations and assets held for sale 7.1 Provisions 7.2 Other liabilities 7.3 Deferred income 8.3 Government grants 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 pre-sented based on historical costs, except forobligations 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 as well as the Parent\u2019s accounting policies are presented separately from the consoli-dated financial statements and are shown on the last pages of this Annual Report 2022. Effect of new accounting standards The Group has adopted the new, amended and revised accounting standard and in-terpretation as published by the IASB and adopted by the EU effective for the ac-counting period beginning 1 January 2022. The new, updated and amended standardand interpretation did not result in anychanges to the accounting policies for the Group nor had it any significant impact on the consolidated financial statements for 2022. IASB has issued new accounting stand-ards and amendments effective for ac-counting periods beginning after 1 January 2022, which have been adopted by the EU. The changes to these standards are not expected to have any significant impact on the Group. Except for the implementation of the new and amended standard, the accounting policies remain unchanged compared to last year. Consolidated financial statementsThe consolidated financial statementscomprise Demant A/S (the Parent) and the enterprises in which the Parent can or doesexercise control by either directly or indi-rectly 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 venturesand are incorporated proportionately into the consolidated financial statements us-ing the equity method.Consolidation principlesThe consolidated financial statementsare prepared based on the financial state-ments of the Parent and its subsidiaries by aggregating uniform items. Enterprisesthat, by agreement, are managed jointlywith one or more other enterprises are recognised using the equity method.The consolidated financial statements areprepared in accordance with the Group\u2019s accounting policies. Intra-group income, expenses, shareholdings, balances and dividends as well as unrealised intra-group profits on inventories are eliminated. The accounting items of subsidiaries arerecognised 100% in the consolidated fi-nancial statements. On initial recognition,non-controlling interests are measured ei-ther 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 ischosen for each individual transaction. Non-controlling interests are subsequently adjusted according to their proportionateshare of changes in equity of the subsidiary. Comprehensive income is allocated tonon-controlling interests whether or not, as a result hereof, the value of such inter-ests is negative. The purchase or sale ofnon-controlling interests in a subsidiary, which does not result in obtaining or dis-continuing control of such subsidiary, is treated as an equity transaction in the consolidated financial statements, and anydifference between the consideration andthe carrying amount is allocated to theParent\u2019s share of the equity. Foreign currency translation The Group\u2019s presentation currency is Dan-ish kroner. On initial recognition, transactions in for-eign currencies are translated at the ex-change rates prevailing at the date of the transaction. The functional currencies of the enterprises are determined by the eco-nomic environment in which the enter-prises operate, normally 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. Real-ised and unrealised foreign currency trans-lation adjustments are recognised in the income statement under gross profit or net financial items, depending on the purpose of the underlying transaction. Property, plant and equipment, intangibleassets, inventories and other non-mone-tary assets purchased in foreign currencies and measured on the basis of historicalcost are translated at the exchange ratesprevailing at the transaction date. Non-monetary items, which are revalued attheir fair values, are translated using the exchange rates at the revaluation date. On recognition in the consolidated finan-cial statements of enterprises presenting their financial statements in a functional currency other than Danish kroner, the in-come statement is translated using aver-age exchange rates for the months of the year in question, unless they deviate mate-rially from actual exchange rates at the transaction dates. In case of the latter, ac-tual exchange rates are applied. Balance sheet items are translated at the exchange rates prevailing at the balance sheet date. Goodwill is considered as be-longing to the acquired enterprise in ques-tion and is translated at the exchange rate prevailing at the balance sheet date. All foreign currency translation adjustmentsare recognised in the income statement, except for the following, which are recog-nised in other comprehensive income: \u2022 The translation of income statements offoreign subsidiaries using monthly aver-age exchange rates for the respective months of the year, whereas balance sheet items of such foreign subsidiaries are translated using exchange rates prevailing at the balance sheet date.\u2022 The translation of non-current, intra-group receivables that are considered tobe an addition to or deduction from netinvestments in foreign subsidiaries.\u2022 The translation of investments in asso-ciates and joint ventures. Income statementIncome and costs are recognised on anaccruals basis. The income statement is broken down by function, and all costs, including depreciation, amortisation andimpairment losses, are therefore charged to production, distribution, administration and R&D.Production costs Production costs are costs incurred to gen-erate revenue. Distribution companies rec-ognise cost of goods sold under production costs. Production companies recognise cost of raw materials, consumables, pro-duction staff as well as maintenance ofand depreciation, amortisation and impair-ment losses on property, plant and equip-ment and intangible assets used in theproduction process under production costs. R&D costsResearch costs are always recognised inthe income statement as such costs incur.Development costs include all costs notsatisfying capitalisation criteria but in-curred in connection with the development,prototype construction, development ofnew business concepts and amortisationof capitalised development costs.Distribution costs Distribution costs include costs relating to training, sales, marketing, promotion ma-terials, distribution, bad debts as well as depreciation and amortisation of and im-pairment losses on assets used for distri-bution purposes.Administrative expenses Administrative expenses include adminis-trative staff costs, office expenses as well as depreciation and amortisation of and impairment losses on assets used for ad-ministrative purposes. Prepaid expensesPrepaid expenses recognised under assets include costs relating to the subsequent fi-nancial years. Prepaid expenses are meas-ured at cost.Other operating incomeOther operating income includes incomefrom all activities not related to the core business activities of the Group.EquityForeign currency translation reserves in-clude foreign currency translation adjust-ments on the translation of financial state-ments of foreign subsidiaries, associatesand 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. Theamounts are recognised in the incomestatement or the balance sheet at thesame time as hedged transactions are recognised.Treasury shares and dividendOn the buy-back of shares or sale of treas-ury shares, the purchase price or selling price, respectively, is recognised directly in equity under other reserves (retained earn-ings). A capital reduction through the can-cellation of treasury shares will reduce the share capital by an amount correspondingto the nominal value of such shares. Proposed dividends are recognised as a li-ability at the time of adoption at the an-nual general meeting. Cash flow statement The cash flow statement is prepared ac-cording to the indirect method and reflects the consolidated net cash flow broken down into operating, investing and financ-ing activities. Cash flow from operating activities in-cludes inflows from the year\u2019s operations adjusted for non-cash operating items, changes in working capital, financial in-come received, financial expenses paid, and income tax paid. Cash flow from oper-ating 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 as-sets as well as the purchase, development, improvement or sale of intangible assets and property, plant and equipment. In ad-dition to this, cash flow from investing ac-tivities also includes movement in receiva-bles from associates and joint ventures as well as customer loans. Cash flow from financing activities in-cludes payments to and from shareholders and the raising and repayment of non-cur-rent and current debt and lease liabilities. Cash flow in currencies other than the functional currency is recognised at aver-age 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 over-drawn are considered cash flow from fi-nancing activities.iXBRL tagging The Commission Delegated Regulation(EU) 2019/815 on the European SingleElectronic Format (ESEF Regulation) hasintroduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EUregulated markets.The combination of XHTML format andiXBRL tags makes it possible for annual financial reports to be read by both hu-mans and machines, thus enhancing ac-cessibility, analysis and comparability ofthe information included in the annualfinancial reports.The Group\u2019s iXBRL tags have been pre-pared in accordance with the ESEF taxon-omy, which is included in the ESEF Regula-tion and developed based on the IFRS tax-onomy published by the IFRS Foundation.The line items in the consolidated financial statements are tagged to elements in theESEF taxonomy. For financial line itemsthat are not directly defined in the ESEFtaxonomy, an extension to the taxonomy has been created. Extensions are anchoredto elements in the ESEF taxonomy, exceptfor extensions that are subtotals.The annual report submitted to the DanishFinancial Supervisory Authority (the Offi-cially Appointed Mechanism) consists of the XHTML document together with thetechnical files, all of which are included in the ZIP file DEMANT-2022-12-31-en.zip. Key definitions XHTML (eXtensible HyperText MarkupLanguage) is a text-based language used to structure and mark up content such astext, images and hyperlinks in documents that are displayed in a web browser.iXBRL tags (or Inline XBRL tags) are hid-den metainformation embedded in the source code of an XHTML document thatenables the conversion of XHTML-format-ted information into a machine-readable XBRL data record using appropriate soft-ware.A financial reporting taxonomy is an elec-tronic dictionary of business reporting ele-ments used to report business data. A tax-onomy element is an element defined in a taxonomy that is used for the machine-readable labelling of information in anXBRL data record.Key figures and financial ratiosOrganic growth Organic growth is measured as the year-on-year change excluding impact from acquisitions, divestments and foreign exchange adjustments in per-centageEBITDA Operating profit before amortisation, depreciation and impairment losses EBIT Operating profitAdjusted EBIT Operating profit adjusted for non-recurring transactionsFree cash flow Cash flow from operating activities (CFFO) and investing activities (CFFI)before acquisitions and disposals of enterprises, participating interests and activities Net interest-bearing Net amount of borrowings and lease liabilities less interest-bearing debt (NIBD) receivables and cash Net working capital Net amount of current assets (excluding tax, financial contracts and cash)less trade payables, the current part of other liabilities and deferred income EPS Earnings per sharePer share Financial ratios per share are calculated per share of nominally DKK 0.20Average number of Average number of shares excluding the average number of treasuryshares outstanding shares for the yearGender diversity, all Gender distribution between women and men in percentage among all managers people managers with one or more reports Gender diversity, Gender distribution between men and women at management levels fromtop-level manage-Vice Presidents and upmentGender diversity, The percentage of top-level management teams that are on or off the top-level manage-target of 75% of all teams having a maximum of 75% of one genderment teamsGender diversity, Gender distribution between women and men of shareholder-elected Board of Directors members of the Board of DirectorsGross profit *100Gross margin RevenueOperating profit *100EBIT margin RevenueNet interest-bearing debt *100Gearing multiple EBITDAProfit for the year attributable to Demant A/S' shareholdersEPSAverage number of shares outstandingProfit for the continuing operations for the year attributable to Demant A/S'EPS - continuing shareholdersoperationsAverage number of shares outstandingProfit for the discontinuing operations for the year attributable to DemantEPS -discontinuing A/S' shareholdersoperationsAverage number of shares outstandingFree cash flowFree cash flow pershareAverage number of shares outstandingTotal annual remuneration of the CEOCEO remunerationratio Average remuneration of Demant employees excluding the CEOKey figures and financial ratiosFinancial ratios are calculated in accord-ance with \u201cRecommendations and Ratios\u201dfrom CFA Society Denmark.Gender diversityGender diversity is calculated based on the data from the countries enrolled in ourglobal HR data management system. In2022, 90% of our employees were regis-tered in the system.Carbon emissionsCarbon emissions are measured using thecarbon dioxide equivalent (CO2e) to in-clude relevant greenhouse gasses accord-ing to the Greenhouse Gas Protocol. Theconsolidated emissions data comprise en-tities where Demant has operational con-trol. These include emissions data from leased facilities.Scope 1 emissions (direct GHG emissions)cover CO2e emissions from actual and es-timated consumed natural gas, liquefiedpetroleum gas, gasoline and diesel. De-partment for Environment, Food & RuralAffairs (Defra) emissions factors were used.Scope 2 emissions (own indirect GHG emissions) cover CO2e emissions from ac-tual and estimated purchased and con-sumed electricity and district heating. In-ternational Energy Agency (IEA) CO2 Emissions from Fuel Combustion factors were used for location-based emissions and residual mix for market-based emis-sions (when available) generated from electricity. Department for Environment, Food & Rural Affairs (Defra) emissions fac-tors were used for district heating. ",
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"value": "1.1 Segment disclosuresManagement has identified Hearing Healthcare and Communications as the reportable segments in the Group, as this reflects Management\u2019s approach to the or-ganisation and management of activities including the assessment of results and the use of resources. Hearing Healthcare comprises the busi-ness areas: Hearing Aids, Hearing Care and Diagnostics, which provide hearing healthcare solutions, involving manufac-turing, servicing and sale of hearing aids, diagnostic products and services. On 27 April 2022, Demant announced the decision to discontinue its Hearing Im-plants business. Please refer to Note 6.3. Communications comprises our headset business, which operates under the EPOS brand and provides headsets for the pro-fessional call centre and office market (En-terprise Solutions) and headsets for the gaming market (Gaming). Accounting policies Segmentation of income statement Segment performance is evaluated on EBIT level and is based on the accounting poli-cies for the consolidated income state-ment.Consolidated financial income and ex-penses as well as income taxes are man-aged on a Group basis and are not allo-cated to operating segments. Segmentation of assets and liabilities Segment assets and liabilities are basedon the accounting policies for the consoli-dated balance sheet and allocated to op-erating segments. The Group\u2019s borrowings, derivative finan-cial instruments and income tax-related assets and liabilities are managed on aGroup basis and are not allocated to oper-ating segments.(DKK million) 2022 2021Hearing Communi- Consoli- Hearing Communi- Consoli- Healthcare cations dated Healthcare cations datedRevenue 18,645 1,060 19,705 16,722 1,183 17,905Production costs -4,453 -583 -5,036 -3,835 -612 -4,447 Gross profit 14,192 477 14,669 12,887 571 13,458R&D costs -1,083 -231 -1,314 -942 -197 -1,139 Distribution costs -8,787 -445 -9,232 -7,519 -464 -7,983 Administrative expenses -1,001 -37 -1,038 -860 -32 -892 Share of profit after tax, associates and jointventures 122 - 122 120 - 120Other operating income - - - 99 - 99Operating profit (EBIT) 3,443 -236 3,207 3,785 -122 3,663Other:Depreciation 998 26 1,024 867 25 892Amortisation 135 17 152 107 14 121Fair value adjustments of non-controlling interests in step acquisitions 14 - 14 48 - 482022 2021Hearing Communi-Elimi- Not Consoli- Hearing Communi-Elimi- Not Consoli- Healthcare cations nations allocated dated Healthcare cations nations allocated datedIntangible assets 12,117 465 - - 12,582 9,835 482 - - 10,317Property, plant and equipment 2,523 30 - - 2,553 2,250 27 - - 2,277Lease assets 2,262 42 - - 2,304 2,031 48 - - 2,079Investments in associates 755 67 - - 822 791 67 - - 858Other non-current assets 959 77 - 538 1,574 781 66 - 596 1,443Total non-current assets 18,616 681 - 538 19,835 15,688 690 - 596 16,974Inventories 2,359 545 - - 2,904 1,841 525 - - 2,366Trade receivables 3,368 258 - - 3,626 2,940 263 - - 3,203Intra-group receivables 1,298 - -1,298 - - 1,130 - -1,130 - -Other current assets 1,296 102 - - 1,398 1,013 132 - - 1,145Cash 1,078 52 - - 1,130 1,113 59 - - 1,172Assets held for sale 964 - - - 964 - - - - -Total current assets 10,363 957 -1,298 - 10,022 8,037 979 -1,130 - 7,886Total assets 28,979 1,638 -1,298 538 29,857 23,725 1,669 -1,130 596 24,860Equity 21,561 74 - -13,073 8,562 17,126 272 - -9,417 7,981Borrowings - - - 6,098 6,098 - - - 2,795 2,795Lease liabilities 1,734 32 - - 1,766 1,572 38 - - 1,610Other non-current liabilities 1,219 37 - 606 1,862 1,014 31 - 456 1,501Total non-current liabilities 2,953 69 - 6,704 9,726 2,586 69 - 3,251 5,906Borrowings - - - 6,598 6,598 - - - 6,422 6,422Lease liabilities 601 13 - - 614 499 12 - - 511Intra-group payables - 1,298 -1,298 - - - 1,130 -1,130 - -Other current liabilities 3,689 184 - 309 4,182 3,514 186 - 340 4,040Liabilities related to assets held for sale 175 - - - 175 - - - - -Total current liabilities 4,465 1,495 -1,298 6,907 11,569 4,013 1,328 -1,130 6,762 10,973Total equity and liabilities 28,979 1,638 -1,298 538 29,857 23,725 1,669 -1,130 596 24,8601.2 Revenue (DKK million) 2022 2021 Revenue by geographic region: Europe 8,108 7,734 North America 8,078 7,149 Asia 1,887 1,547 Pacific region 1,055 1,089 Other regions 577 386 Revenue 19,705 17,905 Revenue by country:Denmark 265 256USA 6,726 5,967France 2,188 2,314Other countries 10,526 9,368Revenue 19,705 17,905Consolidated revenue mainly derives from the sale of goods and is broken down by the customers' geographic region. The ten largest single customers together account for around 12% (9% in 2021) of total consolidated revenue.(DKK million) 2022 2021Revenue by business area:Hearing Aids 8,231 7,346 Hearing Care 8,123 7,553 Diagnostics 2,291 1,823 Communications \u2013 EPOS 1,060 1,183 Revenue 19,705 17,905 (DKK million) 2022 2021Liabilities related to contracts with customers:Customer prepayments* 68 72Future performance obligations* 946 852Expected volume discounts and other customer-related items** 343 304Expected product returns*** 172 162Transferred to liabilities related to assets held for sale -4 -Contract liabilities with customers 1,525 1,390*Included in deferred income.**Included in other cost payables under Other liabilities.***Included in product-related liabilities under Other liabilities. Value adjustments transferred from equityrelating to derivatives made for hedging foreign exchange risks on revenue amount to DKK -202 million (DKK -36 million in 2021). (DKK million) 2022 2021Changes in contract liabilities with customers:Contract liabilities at 1.1. 1,390 1,246Foreign currency translation adjustment 17 52Revenue recognised and included in the contract liability balance at 1.1. -554 -510 Increases due to cash received, excluding amounts recognised as revenueduring the year 624 469Changes from expected volume discounts and other customer-related items 35 81Changes from product returns 6 41Additions from acquisitions 11 11Transferred to liabilities related to assets held for sale -4 -Contract liabilities at 31.12. 1,525 1,390Nature of goods and services Control is normally transferred to the cus-tomer 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 cus-tomers, 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\u2019s specific hearing loss. In some countries, the users are granted a trial pe-riod. In such cases, the transfer of control occurs when the trial period expires. In some countries, customers are given theright to return the hearing aid within a cer-tain period. In such cases, the expected re-turns are estimated based on an analysisof historical experience adjusted for anyknown factors impacting expectations forfuture return rates. Revenue and cost ofgoods sold are adjusted accordingly, andcontract liabilities (refund liabilities) and rights to the returned goods (included inprepaid expenses) are recognised for the expected returns.Our activities also involve delivery of vari-ous 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 pe-riod as the user makes use of the servicecontinuously. Some users purchase a bat-tery 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 re-lated 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 be-tween countries but is typically 12-24 months and for certain products or coun-tries up to 48 months. The extended war-ranty covers periods beyond the standard warranty period or standard warranty terms. Payment terms vary significantlybetween countries and depend on whetherthe 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 havethe hearing aid financed by us. The trans-action price of such arrangements is ad-justed for any significant financing benefit, and the financing component is recognisedas financial income.Accounting policies Revenue is recognised when obligations under the terms of the contract with thecustomer are satisfied, which usually oc-curs with the transfer of control of ourproducts and services within HearingHealthcare and Communications. Revenueis measured as the consideration we ex-pect to receive in exchange for transferringgoods and providing services net of the es-timated discounts or other customer-re-lated reductions.Accounting estimates andjudgementsDiscounts, returns etc. (estimate)Discounts, loyalty programmes and other revenue reductions are estimated and ac-crued when the related revenue is recog-nised. To make such estimates is a matterof judgement, as all conditions are not known at the time of sale, e.g. the numberof units sold to a given customer or the ex-pected utilisation of loyalty programmes. Sales discounts, rebates and loyalty pro-grammes are adjusted, as we obtain bet-ter information on the likelihood that they will be realised and the value at whichthey are expected to be realised. Sales dis-counts and rebates are recognised underother cost payables as part of other liabili-ties, and loyalty programmes are recog-nised under deferred income. Depending on local legislation and theconditions to which a sale is subject, some customers have the option to return pur-chased goods and obtain a refund. Basedon historical return rates, an estimate ismade of the expected returns and a provi-sion is recognised. This provision is up-dated, as returns are recognised or when we collect more accurate data on returnrates.After-sales services (estimate) After-sales services are provided to users of our hearing aids and are based on esti-mates as not all users make use of theseservices. The estimate is a matter of judge-ment and is based on the number of visits, the duration of an average user\u2019s visits and the expected number of users thatmake use of the after-sales services. 1.3 EmployeesNote 2022 2021(DKK million) Employee costs: Wages and salaries 7,307 6,415Share-based remuneration 32 18Defined contribution plans 134 85Defined benefit plans 7.1 15 18Social security costs etc. 817 670 Employee costs 8,305 7,206Employee costs by function:Production costs 1,130 934R&D costs 839 708 Distribution costs 5,465 4,786 Administrative expenses 871 778Employee costs 8,305 7,206Average number of full-time employees 19,239 16,866 Remuneration to Executive Board and Board of Directors (included in employee costs)(DKK million) 2022 2021Executive BoardWages and salaries 25.9 18.4 Cash bonus 1.7 - Share-based remuneration 8.7 5.3Total 36.3 23.7Board of Directors Fee 4.8 4.8Total 4.8 4.8Remuneration of the Executive Board The total remuneration of the Executive Board comprises: \u2022 Wages and salaries include a base sal-ary, a company car and certain other benefits \u2022 A short-term incentive programme (cash bonus) \u2013 STIP \u2022 A long-term incentive programme (share-based remuneration) \u2013 LTIP Effective from 1 April 2022, the Executive Board was extended with Arne Boye Nielsen, President of Diagnostics and Communications, and Niels Wagner, Presi-dent of Hearing Care. The remuneration of Arne Boye Nielsen and Niels Wagner from 1 April 2022 is therefore included in the Remuneration of Executive Board table. The remuneration of the Executive Board and the Board of Directors is described in detail in the Demant Remuneration Report 2022. Remuneration of the Board ofDirectorsThe remuneration of the Board of Directors comprises a fixed fee and is not incentive-based.In 2022, the basic remuneration was DKK400,000 (DKK 400,000 in 2021). The Chairreceives a fee that is three times the basefee and the Vice Chair a fee that is two times the base fee. The members of the audit committee re-ceive basic remuneration of DKK 50,000(DKK 50,000 in 2021), and the chair of the audit committee receives three times thebasic remuneration.The individual Board members' fees and their shareholdings can be found in theDemant Remuneration Report 2022.Accounting policiesEmployee costs comprise wages, salaries,social security contributions, annual andsick leave, bonuses and non-monetary benefits and are recognised in the year in which the associated services are ren-dered by the employees. Where Demant provides long-term employee benefits, the costs are accrued to match the renderingof the service by the employees concerned. Share-based remuneration The Group has two types of share-based remuneration programmes, which consist of the \u201cshadow share\u201d programme and a RSU (restricted stock units) programme. The \u201cshadow share\u201d programme intro-duced in 2016 is cash-settled, whereas the RSU programme introduced in 2019 is eq-uity-settled. Remuneration under both pro-grammes is granted on a yearly basis and is contingent on the employee still being employed and not under termination whenthree years have passed from the time ofthe grant. The fair value at the time of the grant of the shares granted under bothprogrammes is based on the average share price of the first five trading days after publication of the annual report. \u201cShadow share\u201d programme In 2022, the Group granted no \u201cshadow shares\u201d (43,514 in 2021). No new pro-grammes were introduced in 2022. In 2021, the fair value of \u201cshadow shares\u201d granted to five employees was DKK 11million 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 \u201cshadow shares\u201d. Fair value adjust-ments are recognised as financial income or financial expenses. If relevant, the liabil-ity 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 2022, the Group bought back shares to cover the financial risk of share price fluctuations related to the programmes. At 31 December 2022,the remaining average contractual life of cash-settled remuneration programmes was 9 months (15 months in 2021). RSU programme In 2022, RSU shares were granted to 149employees (117 employees in 2021). TheGroup recognised costs of DKK 24 million (DKK 8 million in 2021) in the income statement related to the RSU programme.There has been no subsequent remeasure-ment of the fair value. The costs are recog-nised on a straight-line basis, as the ser-vice is rendered. At 31 December 2022, the remaining average contractual life of equity-settled share programmes was 21 months (21 months in 2021).Restricted share units (RSU programme) Totalnumber of Total shares fair value No. (DKK million)Outstanding1.1.2021 35,717Granted 75,731 20Exercised -1,246 Forfeited -237 Outstanding31.12.2021 109,965Granted 166,345 45Exercised -18,943 Forfeited -8,069 Outstanding31.12.2022 249,298Share-based remuneration (\"shadow share\" programme) (DKK million) 2022 2021 Other senior Other seniorExecutive members of Executive members of Board Management Board Management Liabilities at 1.1. 14.4 13.0 7.0 9.0Transfer due to extension of Executive Board* 6.1 -6.1 - -Expensed during the year in wages and salaries 6.0 0.6 5.6 4.1Fair value adjustments -6.6 -1.4 5.3 4.2Settled during the year -8.9 -4.3 -3.5 -4.3 Liabilities at 31.12. 11.0 1.8 14.4 13.0Granted during the year - - 7.5 4.0Unrecognised commitment at 31.12.** 3.9 0.5 11.4 7.3 *Arne Boye Nielsen, President of Diagnostics and Communications, and Niels Wagner, President of Hearing Care, joined the Executive Board effective 1 April 2022. The liability at the beginning of theyear has therefore been transferred to the Executive Board.**Unrecognised commitment is the part of granted \u201dshadow shares\u201d not expensed at 31 December.Accounting estimates andjudgementsVesting conditions and fair value (estimate)For the share-based programmes, Man-agement must evaluate the likelihood of vesting conditions being satisfied. Vesting is entirely dependent on the persons en-rolled in the share-based programmes remaining employed until the end of thevesting period.The estimate made based on this likeli-hood is used to calculate the fair value of the share-based programmes. Further-more, the shares must be valued. For thispurpose, Management uses the shareprice quoted on Nasdaq Copenhagen.1.4 Amortisation, depreciation and impairment losses (KK million) Note 2022 2021 Amortisation of intangible assets 3.1 152 121 Depreciation of property, plant and equipment 3.2 405 366 Depreciation of lease assets 3.3 619 526Amortisation, depreciation and impairment losses 1,176 1,013Amortisation, depreciation and impairment losses by function:Production costs 109 97R&D costs 53 48Distribution costs 812 699 Administrative expenses 202 169 Amortisation, depreciation and impairment losses 1,176 1,013 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 2022 and 2021. 1.5 Earnings per share 2022 2021Demant A/S' shareholders' share of profit for the year, DKK million -continuing operations 2,274 2,696Demant A/S' shareholders' share of profit for the year, DKK million -discontinued operations -192 -183 Demant A/S' shareholders' share of profit for the year, DKK million 2,082 2,513Average number of shares, million 233.45 240.30Average number of treasury shares, million -7.44 -5.48Average number of shares outstanding, million 226.01 234.82 Earnings per share (EPS), DKK - continuing operations 10.06 11.48Diluted earnings per share (DEPS), DKK - continuing operations 10.06 11.48Earnings per share (EPS), DKK - discontinued operations -0.85 -0.78Diluted earnings per share (DEPS), DKK - discontinued operations -0.85 -0.78Earnings per share (EPS), DKK 9.21 10.70Diluted earnings per share (DEPS), DKK 9.21 10.701.6 Inventories(DKK million) 2022 2021Raw materials and purchased components 1,249 940Work in progress 60 74Finished goods and goods for resale 1,595 1,352Inventories 2,904 2,366 Write-downs, provisions for obsolescence etc. included in the above 146 179Included in the income statement under production costs:Write-downs of inventories for the year, net 52 40Cost of goods sold for the year 3,813 3,389Write-downs for the year are shown net, as breakdown into reversed write-downs and new write-downs is not possible. In-ventories are generally expected to be sold within one year. Accounting policiesRaw materials, components and goods forresale are measured at cost according to the FIFO principle (according to which themost recently purchased items are consid-ered to be in stock) or at their net realisa-ble value, whichever is lower. Group-manufactured finished goods and work in progress are measured at thevalue of direct costs, direct payroll costs,consumables and a proportionate shareof indirect production costs, which are allo-cated on the basis of the normal capacityof the production facility. Indirect produc-tion costs include the proportionate shareof capacity costs directly relating to Group-manufactured finished goods and work inprogress.The net realisable value of inventories is determined as the estimated selling priceless costs of completion and costs to sell. Accounting estimates andjudgementsIndirect production cost (significant judgement)Indirect production cost allocations to in-ventory are based on relevant judgements related to capacity utilisation at the pro-duction facility, production time and other product-related factors. The judgements are reviewed regularly to ensure that in-ventories are measured at their actual pro-duction cost. Changes in judgements mayaffect gross profit margins as well as thevaluation of work in progress, finishedgoods and goods for resale.Obsolescence provision (estimate) The obsolescence provision for inventoriesis based on the expected sales forecastfor the individual types of hearing devices, diagnostic equipment, headsets and othergaming/enterprise devices. Sales forecasts are based on Management\u2019s expectationsof market conditions and trends, and the obsolescence provision is subject tochanges in these assumptions.1.7 Trade receivables Ct risk More Total 0-3 3-6 6-12 than 12 carry-Balance months months months months ing(DKK million) not due overdue overdue overdue overdue amount2022 Gross carrying amount 2,564 669 228 212 277 3,950 Specific loss allowance -15 -42 -48 -62 -123 -290 General loss allowance -11 -8 -4 -5 -6 -34 Total 2,538 619 176 145 148 3,626 Expected loss rate 1.0% 7.5% 22.8% 31.6% 46.6% 8.2%2021 Gross carrying amount 2,202 582 224 210 319 3,537 Specific loss allowance -17 -37 -46 -42 -159 -301 General loss allowance -10 -6 -3 -5 -9 -33 Total 2,175 539 175 163 151 3,203Expected loss rate 1.2% 7.4% 21.9% 22.4% 52.7% 9.4% The opening balance of trade receivables in 2021 amounted to DKK 2,808 million. Of the total amount of trade receivables, DKK 247 million (DKK 250 million in 2021) is expected to be collected after 12 months. For information on security and collateral, please refer to Credit risks in Note 4.1. (DKK million) 2022 2021 Allowance for impairment: Allowance for impairment at 1.1. -334 -406 Foreign currency translation adjustments -11 -10 Realised during the year 151 82Additions during the year -186 -132 Reversals during the year 38 132Transfer to assets held for sale 18 -Allowance for impairment at 31.12. -324 -334 Accounting policies Trade receivables and contract assets aremeasured at amortised costs less expectedlifetime credit losses.For trade receivables, the Group has a sim-plified approach to determining the ex-pected credit loss. The allowance for credit loss is measured through a provision matrix.To measure the expected credit loss, tradereceivables have been grouped based onshared credit risk and the number of daysthat have passed after the due date. Allow-ances have also been made for trade re-ceivables not due. For trade receivablesthat are considered credit-impaired, the ex-pected credit loss is determined on an indi-vidual basis.Accounting estimates andjudgementsImpairment of receivables (estimate)The Group has historically incurred insignifi-cant losses on trade receivables and con-tract assets.Allowance for impairment is calculated for trade receivables. The allowance is deter-mined as expected credit losses based onassessments of the debtors\u2019 ability to pay. These assessments are made by localmanagement for uniform groups of debt-ors based on maturity analyses. When in-dicated by special circumstances, impair-ments are made for individual trade re-ceivables.1.8 Customer loans(DKK million) 2022 2021Non-current customer loans 566 494 Current customer loans 229 196 Total customer loans 795 690 Allowance for impairment: Allowance for impairment 1.1 -17 -20 Foreign currency translation adjustment - -2Realised during the year 1 6 Additions during the year -26 -2 Reversals during the year 9 1 Allowance for impairment 31.12 -33 -17 Group internal credit rating (DKK million) Expected Grosscredit carrying Carrying 2022 loss rate amount amount Performing 12-month expected credit loss 0.3% 673 671Underperforming Expected lifetime credit loss 20.0% 155 124Total customer loans 828 7952021Performing 12-month expected credit loss 0.3% 578 576Underperforming Expected lifetime credit loss 11.6% 129 114Total customer loans 707 690Accounting policies Customer loans are initially recognised at fair value less transaction costs and are subsequently measured at amortised costsless loss allowance or impairment losses. Any difference between the nominal value and the fair value of the loans at initial recognition is treated as prepaid discount on future sales to the customer and is rec-ognised in the income statement as a re-duction of revenue when the customer purchases goods from the Group.The fair value of customer loans at initial recognition is measured as the presentvalue of future repayments on the loan discounted at a market interest rate. Theeffective interest on customer loans is rec-ognised as financial income in the incomestatement over the term of the loans.A loss allowance is recognised on initial recognition and is subsequently based on a 12-month expected credit loss model. If a significant increase in the credit risk has arisen since the initial recognition of theloan, a loss allowance based on expected lifetime credit loss is provided. Accounting estimates andjudgementsAccounting treatment (judgement) andimpairment (estimate) of loans The Group provides sales-related financ-ing in the form of loans to some of its cus-tomers. These customer loan arrangementsare complex, cover several aspects of thecustomer relationship and may vary fromagreement to agreement.Management assesses the recognitionand classification of income and expenses for each of these agreements, including whether the agreement represents a dis-count on future sales (judgement). Man-agement also assesses whether there isan indication of impairment based on cur-rent economic market conditions andchanges in the customer\u2019s payment be-haviour (estimate). 1.9 Specification of non-cash items etc. (DKK million) 2022 2021Amortisation and depreciation 1,176 1,065Share of profit after tax, associates and joint ventures -122 -120 Gain on sale of intangible assets and property, plant and equipment -1 -4 Provisions including one-offs -26 -33 Exchange rate adjustments -51 -44 Employee share salary arrangement 80 65Divestment of enterprises - -99 Other non-cash items 18 39Non-cash items etc. 1,074 8692.1 Exchange rate risk policy The Group has cash flow in foreign curren-cies due to its international operations, which exposes the Group to fluctuations in exchange rates. Hedging against exchange rate fluctuations ensures greater predicta-bility in profit. The Group manufactures and distributes most of its products from its production facilities in Poland. The products are sold to its regional affiliates and as a general principle invoiced in the functional currency of the buying entities. The currencies that mainly contribute to the Group\u2019s foreign exchange risks are US dollars, British pound, Canadian dollars, Australian dollars, Japanese yen, Polish zloty and Chinese yuan (renminbi). The aim of the Group\u2019s hedging policy is to re-duce the Group\u2019s exposure to exchange rate fluctuations, mainly by entering into forward exchange contracts to mitigate the Group\u2019s risks related to the impact that exchange rate fluctuations have on con-solidated earnings for up to 18 months rolling forward.The exchange rate risk is managed by Group Treasury. Hedging is done in ac-cordance with the Group\u2019s policy to main-tain an overall adequate hedging level in 70-100% of the Group\u2019s exposure to ex-change rate fluctuations. Group Treasury is not allowed to undertake any financialtransactions in foreign currencies of aspeculative nature. Cash flow hedging is undertaken to the extent possible to miti-gate any negative effects of adverse de-velopments in exchange rates on the con-solidated operating results. Due to the fixed exchange rate policy to-wards the euro in Denmark, the risk asso-ciated with exposure to fluctuations is con-sidered to be limited and is not hedged. 2.2 Sensitivity analysis in respect of exchange rates Et on EBIT, 5% positive change in Effect on equity, 5% positive change inexchange rates* exchange rates(DKK million) 2022 2021 (DKK million) 2022 2021USD +56 +82 USD +47 +75GBP +30 +23 GBP +29 +23CAD +22 +22 CAD +20 +20AUD +10 +11 AUD +9 +11JPY +5 +4 JPY +5 +4PLN -30 -25 PLN -31 -25 CNY +5 +8 CNY +4 +8*Estimated on a non-hedged basis, i.e. the total annual exchange rate effect, excluding forward exchange contracts.The tables show the impact on the year\u2019s operating profit (EBIT) and consolidated equity, given a change of 5% in the curren-cies with the highest exposures. The exchange rate impact on EBIT hasbeen calculated on the basis of the Group\u2019s EBIT for each currency and doesnot take into account a possible exchange rate impact on balance sheet values in those currencies.2.3 Hedging and forward exchange contractsOpen forward exchange contracts at the balance sheet date may be specified as shown in the table, 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 to-gether with revenue in foreign currency that such contracts are designed to hedge. In 2022, our forward exchange contracts realised a loss of DKK 202 million (loss of DKK 36 million in 2021), which reduced our reported revenue for the year. The Group\u2019s forward exchange contracts were effective in 2022 and 2021. Forward exchange contractsAverage Positive fair NegativeHedging hedging Contractual value at fair value(DKK million) Expiry period* rate value Fair value year-end at year-end 2022USD 2023 10 months 701 -1,072 18 30 12AUD 2023 9 months 487 -263 8 8 -GBP 2023 9 months 855 -470 13 13 - CAD 2023 9 months 533 -362 16 16 - JPY 2023 10 months 5.34 -85 - 1 1 PLN 2023 9 months 150 479 15 15 -EUR** 2024 36 months 742 891 -2 - 2 -882 68 83 152021 USD 2021 11 months 632 -1,124 -38 1 39 AUD 2021 10 months 464 -334 -8 - 8GBP 2021 11 months 863 -552 -12 - 12CAD 2021 11 months 495 -441 -16 - 16JPY 2021 11 months 6 -120 - 1 1PLN 2021 10 months 160 432 -4 1 5 EUR** 2024 36 months 741 895 3 3 - -1,244 -75 6 81*Hedging periods represent the estimated periods for which the exchange rate exposure of a relative share of our revenue in a currency will be covered by forward exchange contracts.**Forward exchange contracts in euros hedged a fixed committed financial loan. Accounting policiesOn initial recognition, derivatives aremeasured at fair value at the settlementdate. After initial recognition, derivatives are measured at fair value at the balancesheet 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 meas-ured based on current market data and byuse of commonly recognised valuationmethods. Please refer to Note 4.5. Any changes in fair values of derivatives classified as hedging instruments andsatisfying the criteria for hedging the fair value of a recognised asset or a recog-nised liability are recognised in the income statement together with any changes inthe fair value of the hedged asset or hedged liability. Any changes in fair values of derivatives classified as hedging instru-ments and satisfying the criteria for effec-tive hedging of future transactions are rec-ognised in other comprehensive income.The ineffective portion is recognised di-rectly in the income statement. On realisa-tion of the hedged transactions, the accu-mulated changes are recognised together with the related transactions.Derivatives not fulfilling the conditions for treatment as hedging instruments are con-sidered trading investments and measuredat fair value, with fair value adjustments being recognised on an ongoing basis in the income statement.3.1 Intangible assets(DKK million) 2022 2021Assets AssetsPatents Other under Total Patents Other under Totaland li-intangible develop- intangible and li-intangible develop- intangibleGoodwill cences assets ment* assets Goodwill cences assets ment* assetsCost at 1.1. 9,471 137 1,229 274 11,111 8,320 122 1,055 283 9,780Foreign currency translationadjustments 111 - 15 2 128 338 - 14 5 357Additions during the year - 7 75 194 276 - 3 28 136 167Additions relating to acquisitions 2,366 1 235 4 2,606 813 - 12 - 825Disposals relating to divestments - - - - - - - -1 - -1 Disposals during the year -1 -4 -4 - -9 - - -17 - -17 Transfer to/from other items - - 107 -107 - - 12 138 -150 -Transferred to assets held for sale -459 -66 -18 -107 -650 - - - - -Cost at 31.12. 11,488 75 1,639 260 13,462 9,471 137 1,229 274 11,111Amortisation at 1.1. - -116 -678 - -794 - -110 -566 - -676 Foreign currency translationadjustments - - -11 - -11 - - -10 - -10 Amortisation for the year - -5 -147 - -152 - -5 -117 - -122 Depreciation transfer - - - - - - -1 -1 - -2 Disposals during the year - 3 1 - 4 - - 16 - 16Transferred to assets held for sale - 62 11 - 73 - - - - -Amortisation at 31.12. - -56 -824 - -880 - -116 -678 - -794 Carrying amount at 31.12. 11,488 19 815 260 12,582 9,471 21 551 274 10,317*Prepayments are included in assets under development.Accounting policiesOn initial recognition, goodwill is recog-nised and measured as the difference be-tween the acquisition cost \u2013 including the value of non-controlling interests in the ac-quired enterprise and the fair value of any existing investment in the acquired enter-prise \u2013 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 inde-pendent payments (cash-generating units). The definition of a cash-generating unit is in line with the Group\u2019s managerial structure as well as the internal financial management reporting.Goodwill is not amortised but is tested for impairment at least once a year. If the re-coverable amount of a cash-generating unit is lower than the carrying amounts of property, plant and equipment and intan-gible assets, including goodwill, attributa-ble to the particular cash-generating unit, the particular assets will be written down. Patents and licences acquired from third parties are measured at cost less accumu-lated amortisation and impairment losses. Patents and licences are amortised on a straight-line basis over their estimated useful lives. Other intangible assets consist of soft-ware, other rights than patents and li-cences and other intangible assets ac-quired in connection with business combi-nations, primarily brand value, customer relationships and non-compete agree-ments. Other intangible assets are measured at cost less accumulated amortisation andimpairment losses. Other intangible assetsare amortised on a straight-line basis overtheir estimated useful lives, except otherrights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead testedfor impairment annually. Please refer to Note 3.6.Assets under development include inter-nally developed IT systems. Assets underdevelopment are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to thedevelopment of such assets. Assets underdevelopment are not amortised, as they are not available for use.Useful lives of intangible assets:Patents and licences 5-20 yearsSoftware 3-10 yearsBrand value 5-10 yearsCustomer relationships 5-9 yearsAccounting estimates andjudgementsProduct development (judgement)It is Management\u2019s opinion that the prod-uct development undertaken by the Grouptoday cannot meaningfully be allocated to either the development of new products or the further development of existing prod-ucts. Moreover, as the products are subject to approval by various authorities, it is dif-ficult to determine the final completion of new products.3.2 Property, plant and equipment (DKK million) 2022 2021Other Otherplant, plant,fixtures Total fixtures Totaland Assets property and Assets propertyLand opera- Lease-under plant Land opera- Lease-under plantand Plant ting hold im-con-and and Plant ting hold im-con-andbuild-and ma-equip- prove-struc-equip-build-and ma-equip- prove-struc-equip-ings chinery ment ments tion* ment ings chinery ment ments tion* mentCost at 1.1. 1,308 788 1,624 1,133 127 4,980 1,254 742 1,341 973 181 4,491Foreign currency translation adjustments 10 -2 22 3 - 33 17 3 42 28 3 93Additions during the year 6 44 185 205 207 647 6 36 204 153 80 479Additions relating to acquisitions - 2 24 44 - 70 3 - 3 7 - 13Disposals relating to divestments - - - - - - - -3 -13 -1 - -17 Disposals during the year -8 -33 -53 -31 - -125 - -16 -44 -46 -4 -110 Transferred to/from other items 23 82 -41 50 -114 - 28 26 91 19 -133 31Transferred to assets held for sale - -46 -24 -13 - -83 - - - - - -Cost at 31.12. 1,339 835 1,737 1,391 220 5,522 1,308 788 1,624 1,133 127 4,980Depreciation and impairment losses at 1.1. -306 -576 -1,166 -655 - -2,703 -274 -525 -991 -562 - -2,352 Foreign currency translation adjustments -4 2 -16 -3 - -21 -6 -3 -33 -17 - -59 Depreciation for the year -28 -78 -156 -148 - -410 -27 -71 -161 -115 - -374 Disposals relating to divestments - - - - - - - 2 12 1 - 15Disposals during the year 5 31 44 29 - 109 - 14 43 41 - 98Transferred to/from other items - -2 -8 10 - - 1 7 -36 -3 - -31 Transferred to assets held for sale - 25 21 10 - 56 - - - - - -Depreciation and impairment losses at 31.12. -333 -598 -1,281 -757 - -2,969 -306 -576 -1,166 -655 - -2,703 Carrying amount at 31.12. 1,006 237 456 634 220 2,553 1,002 212 458 478 127 2,277*Prepayments are included in assets under construction. Accounting policies Property, plant and equipment are recog-nised at cost less accumulated deprecia-tion and impairment losses. Cost is defined as the acquisition price and costs directly relating to the acquisition until the point in time when 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 rec-ognised as a provision and as part of the cost of the particular asset, respectively.Assets consisting of various elements will be depreciated separately if their useful lives are not the same. Property, plant and equipment are depre-ciated on a straight-line basis over their estimated useful lives. Land is not depreci-ated.Buildings 30-50 yearsTechnical installations 10 years Plant and machinery 3-5 years Other plant, fixtures andoperating equipment 3-5 yearsIT hardware 3-5 yearsLeasehold improvements Up to 10 yearsAccounting estimates andjudgements Useful life and residual value (estimate) The depreciation basis is cost less the esti-mated residual value of an asset after theend of its useful life. The residual value is the estimated amount, which could afterdeduction of costs to sell be obtainedthrough 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 de-termined at the time of acquisition and is reviewed annually. If the residual value ex-ceeds the carrying amount, depreciation will be discontinued. Depreciation methods, useful lives and residual values are reviewed annually.Property, plant and equipment are writtendown to their recoverable amounts, if theseare lower than their carrying amounts. 3.3 Leases(DKK million) 2022 2021Lease assets at 1.1. 2,079 1,847Foreign currency translation adjustments 8 43Additions during the year 760 673Additions relating to acquisitions 170 99Disposals during the year -71 -45 Depreciations during the year -624 -538 Transferred to assets held for sale -18 -Lease assets at 31.12. 2,304 2,079Lease liabilities at 1.1. 2,121 1,893Foreign currency translation adjustments 7 50Additions during the year 763 660Additions relating to acquisitions 170 99Covid-19-related rent concessions -3 -2 Disposals during the year -45 -46 Payments -660 -574 Interest 46 41Transferred to liabilities related to assets held for sale -19 -Lease liabilities at 31.12. 2,380 2,121Current lease liabilities 614 511Non-current lease liabilities 1,766 1,610Amounts Variable lease payments 31 32Short-term lease expenses 45 27Low-value assets 4 5Approx. 96% of the Group\u2019s leases consist of property agreements. The lease terms are of various length and may contain ex-tension and termination options. Management exercises significant judge-ment in determining whether it is reasona-bly certain that these extension and termi-nation options will be exercised.Accounting policiesLease 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 impair-ment. 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 pre-sent value of future payments, using the interest rate implicit in the lease agree-ment. Lease payments are discounted, us-ing the Group\u2019s incremental borrowing rate 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 fixedpayments less any lease incentives receiv-able, variable lease payments that dependon an index or a rate as well as payments of penalties for terminating the lease, if the terms of the lease warrants that the Groupexercises that option.The lease liability is remeasured if or when the future payment or lease term changes.Any net remeasurement of the lease liabil-ity is recognised as an adjustment to thelease asset. If the carrying amount of thelease asset is reduced to zero, the adjust-ment will be recognised in the income statement.Additional information Short-term lease expenses, low-value as-sets and variable lease payments are clas-sified as operating expenses in the income statement.Please refer to Note 4.4 for a maturityanalysis of the lease liabilities. Accounting estimates andjudgementsLease term (judgement) The lease term is the period during which the lease contract is enforceable. If the original expiry date of a lease contract haspassed, typically in the case of property leases, but the contract continues withouta determined expiry date, the lease term is set for an estimated period during which the lease contract is expected to be en-forceable. This assessment is based onManagement\u2019s judgement and takes intoconsideration the location of the lease,capitalised leasehold improvements andthe experience with similar leases for the specific area.Extension and termination options(significant judgement)When determining the lease term for leaseagreements containing extension and ter-mination options, Management considerscircumstances that create a financial in-centive to exercise an extension option or not to exercise a termination option. Exten-sion and termination options are only in-cluded in the lease term if it is reasonably certain that a lease will be extended/termi-nated.3.4 Other non-current assets (DKK million) 2022 2021Invest-Receivables Invest-Receivablesments in from ments in fromassociates associates associates associatesand joint and joint Customer and joint and joint Customerventures ventures loans Other ventures ventures loans OtherCost at 1.1. 803 271 501 97 799 247 446 86Foreign currency translation adjustments 21 -2 23 1 30 15 34 4Additions during the year - 120 303 9 - 106 282 6Additions relating to acquisitions 7 - - 9 - - - -Disposals related to step acquisitions and disposals of associates -15 -20 - -5 -26 -98 - 4Disposals, repayments etc. during the year - - -56 -3 - - -117 -1 Transferred to current assets - - -184 - - 1 -144 -2 Cost at 31.12. 816 369 587 108 803 271 501 97Value adjustments at 1.1. 55 -4 -8 -22 34 - -9 -20 Foreign currency translation adjustments -4 - - - 1 - -1 -2 Share of profit after tax 122 - - - 120 - - -Dividends received -164 - - - -106 - - -Disposals relating to step-up acquisitions of associates - - - - -2 -1 - -Other adjustments -3 6 -14 -2 8 -3 -2 -Disposals during the year - - 1 - - - 4 -Value adjustments at 31.12. 6 2 -21 -24 55 -4 -8 -22 Carrying amount at 31.12. 822 371 566 84 858 267 493 75Transactions with associates and joint venturesIn 2022, the Group recognised revenuefrom associates and joint ventures of DKK 589 million (DKK 544 million in 2021), re-ceived royalties from and paid licence fees to associates and joint ventures, amount-ing to net income of DKK 18 million (DKK 0 million in 2021), and received dividendsfrom associates and joint ventures in theamount of DKK 164 million (DKK 106 mil-lion in 2021). In 2022, the Group receivedinterest income from associates and joint ventures in the amount of DKK 16 million (DKK 11 million in 2021).Under the provisions of contracts con-cluded with associates and joint ventures, the Group is not entitled to receive divi-dends from certain associates and jointventures. This is reflected in the profit in-cluded in the income statement, as noprofit is recognised if the Group is not enti-tled to receive dividends. Accounting policiesInvestments in associates and joint ven-tures are recognised and measured using the equity method, i.e. investments are rec-ognised in the balance sheet at the pro-portionate share of the equity value deter-mined in accordance with the Group\u2019s ac-counting policies after the deduction andaddition of proportionate intra-group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares ofprofit after tax in associates and joint ven-tures are recognised in the income state-ment after the year\u2019s changes in unreal-ised intra-group profits less any impair-ment loss relating to goodwill.The proportionate shares of all transac-tions and events, which have been recog-nised in other comprehensive income inassociates and joint ventures, are recog-nised in consolidated other comprehensiveincome. On the acquisition of interests in associates and joint ventures, the acquisi-tion method is applied.Associates(DKK million) 2022 2021Financial information from financial statements (Group share)Revenue 876 796Profit for the year 122 120Comprehensive income 122 1203.5 Non-current assets by geographies (DKK million) 2022 2021NonEurope 8,815 8,689North America 7,243 6,527Asia 2,223 208Pacific region 802 784Other regions 214 170Non-current assets 19,297 16,378Non-current assets by country:Denmark 2,307 2,351USA 5,641 5,024France 3,136 3,115Other countries 8,213 5,888Non-current assets 19,297 16,378For accounting policies on segment infor-mation, please refer to Note 1.1.3.6 Impairment testingImpairment testing is carried out for the Group\u2019s two cash-generating units, Hear-ing 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 2022. This conclusion is sup-ported by the fact that the market capitali-sation of the company on Nasdaq Copen-hagen by far exceeds the equity value of the company. At 31 December 2022, goodwill amounted to DKK 11,071 million in Hearing Health-care (DKK 9,054 million in 2021) and DKK 417 million in Communications (DKK 417 million in 2021). The impairment test is performed as a test of the value in use, including a five-year budget/projection period from 2023-2027. Future cash flows are based on the budget for 2023, on strategy plans and on projec-tions hereof. Projections extending beyond 2023 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2027 is determined on the assumption of 2% (2021: 2%) growth for each segment. The market growth rate in the hearing aid industry and for audio solutions is predom-inantly determined by the following factors: Hearing Healthcare \u2022 Growing demographics and an increas-ing share of elderly in the population driving stable volume growth in the hearing aid market. \u2022 Expansion of diagnostic instruments and services across the world. \u2022 Increased penetration rates of hearing healthcare solutions due to education, increased affluence and availability. Communications \u2022 Increasing adoption of Unified Commu-nications and Collaboration equipment, especially professional headsets. \u2022 Emergence and establishment of video solutions for enterprises. \u2022 An increasing prevalence of gamers driving growth in gaming headsets. The pre-tax discount rate is 8% (2021: 6.5%) for Hearing Healthcare and 12% (2021: 12%) for Communications. Sensitiv-ity calculations show that even a signifi-cant increase in the discount rates or a sig-nificant reduction of the growth assump-tions will not change the outcome of the impairment tests. Apart from goodwill, all intangible assets have limited useful lives. Accounting estimates and judgements Cash-generating units (judgement)Impairment testing is carried out annually on preparation of the annual report or on indication of impairment in which dis-counted values of future cash flows arecompared with carrying amounts. Groupenterprises cooperate closely on R&D, pur-chasing, production, marketing and sale, as the use of resources in the individual markets is coordinated and monitored by Management in Denmark. Group enter-prises are thus highly integrated. Regard-less of this, the products and services of-fered by Hearing Healthcare and Commu-nications address different customer de-mands and customer groups, which would not be comparable by nature. Management therefore considers it most appropriate to split the activities into two reportable seg-ments, Hearing Healthcare and Communi-cations. The two reportable segments con-stitute the Group\u2019s cash-generating units. Individual impairment testing is therefore carried out for these two cash-generating units. 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 re-viewed at the balance sheet date to deter-mine whether there are indications of im-pairment. If so, the recoverable amount of the particular asset is calculated to deter-mine 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 amountis determined as the higher of the fair valueof the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of thevalue in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partlycurrent market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cashflows. If the recoverable amount of a par-ticular 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 in-come statement. On any subsequent re-versal of impairment losses due to changesin the judgements on which the calculation of the recoverable amount is based, thecarrying amount of an asset or cash-gen-erating unit is increased to the adjusted estimate of the recoverable amount, how-ever 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 ofgoodwill is not reversed.4.1 Financial risk management and capital structurePolicies relating to financial risk management and capital structureFinancial risk management concentrateson identifying risks in respect of exchange rates, interest rates, credit and liquiditywith a view to protecting the Group against potential losses and ensuring that Management\u2019s forecasts for the current year are only to a limited extent affected by changes or events in the surrounding world \u2013 be they changes in exchange rates or in interest rates. It is Group policy to ex-clusively hedge commercial risks and notto undertake any financial transactions of a speculative nature. Interest rate risks Because of the Group\u2019s high level of cash generation, a significant part of our loans is raised on floating terms and predomi-nantly as short-term commitments. This has historically resulted in a low level of in-terest expenses. In 2022, the general level of interest rates increased, which had an impact on the Group\u2019s interest rate ex-penses. The Group continuously adapts its capital structure to the prevailing mar-ket conditions in order to secure attractive financing. Currently, around 40% of the Group\u2019s debt is funded through facilities with fixed rates and through financial in-struments, which limits the interest rate risk. The Group\u2019s net interest-bearing debt (NIBD) amounted to DKK 12,711 million as of 31 December 2022, and the gearing multiple (NIBD/EBITDA) was 2.9. Credit risks The Group\u2019s 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 ap-prox. 12% of total consolidated revenue. We have a thorough screening and credit risk assessment process prior to issuing new loans. 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-bal-anced at Group level.The maximum credit risk relating to receiv-ables matches the carrying amounts ofsuch receivables. Overall, the Group has limited deposits with financial institutions for which reason the credit risk of deposits is considered to be low.Liquidity risks The Group aims to have sufficient cash resources to be able to take appropriatesteps in case of unforeseen fluctuations incash outflows. We have access to consid-erable undrawn credit facilities, and the li-quidity risk is therefore considered to be low. We are of the opinion that the Group has strong cash flows and a solid credit profile to secure the current inflow of working capital and funds for potentialacquisitions. Neither in previous years nor in the financial year 2022, has the Group defaulted on any loan agreements.4.2 Net financial items (DKK million) 2022 2021 Interest on cash and bank deposits 11 4 Interest on receivables, customer loans etc. 45 34 Other financial income 27 2 Financial income from financial assets measured at amortised cost 83 40 Foreign exchange gains, net - 2 Financial income 83 42 Interest on bank debt, mortgages etc. -149 -68 Interest expense on lease liabilities -46 -41 Financial expenses on financial liabilities measured at amortised cost -195 -109 Foreign exchange losses, net -9 - Transaction costs -159 -135 Financial expenses -363 -244 Net financial items -280 -202 In addition to the foreign exchange items in the table, foreign exchange hedging in-struments as described in Note 2.3 and foreign exchange effects of balance sheet items are reflected in the consolidated in-come statement, affecting production costs by DKK 81 million (DKK 33 million in 2021). Accounting policiesNet financial items mainly consist of inter-est 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 liabili-ties, fair value adjustments of \u201cshadow shares\u201d under share-based remuneration programmes as well as certain realised and unrealised foreign exchange gainsand losses. Interest income and interestexpenses are accrued based on the princi-pal 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. 4.3 Categories of financial instruments(DKK million) 2022 2021Unrealised gains on financial contracts 103 6Financial assets used as hedging instruments 103 6Receivables from associates and joint ventures 541 414Customer loans 795 690Other receivables 460 495Trade receivables 3,626 3,203Cash 1,130 1,172Financial assets at amortised cost 6,552 5,974Other investments 15 11Financial assets at fair value through profit/loss 15 11Unrealised losses on financial contracts -15 -81 Financial liabilities used as hedging instruments -15 -81 Debt to credit institutions etc. -11,931 -6,020 Short-term bank facilities etc. -765 -3,197 Lease liabilities -2,380 -2,121 Trade payables -865 -808 Other liabilities -2,551 -2,212 Financial liabilities measured at amortised cost -18,492 -14,358 The following non-financial item is included in the balance sheet and represents the difference between the table and the bal-ance sheet: Other liabilities of DKK 460 million (DKK 430 million in 2021). Accounting policiesDebt to credit institutions is recognised atthe date of borrowing as the proceeds re-ceived less transaction costs. For subse-quent periods, financial liabilities aremeasured at amortised cost in order forthe difference between proceeds and the nominal value to be recognised as a finan-cial expense over the term of the loan. On initial recognition, other financial liabili-ties are measured at fair value and subse-quently at amortised cost using the effec-tive interest method, and the difference between proceeds and the nominal valueis recognised in the income statement as a financial expense over the term of the loan. 4.4 Net interest-bearing debt, liquidity and interest rate risks (DKK million) Contractual cash flows WeightedaverageeffectiveLess than More than Carrying interest1 year 1-5 years 5 years Total amount rate2022Interest-bearing receivables* 302 790 194 1,286 1,235Cash 1,140 - - 1,140 1,130Interest-bearing assets 1,442 790 194 2,426 2,365 2.6%Debt to credit institutions etc. -6,027 -5,358 -885 -12,270 -11,931 Short-term bank facilities etc. -801 - - -801 -765 Borrowings -6,828 -5,358 -885 -13,071 -12,696 2.2%Lease liabilities -656 -1,531 -462 -2,649 -2,380 Net interest-bearing debt -6,042 -6,099 -1,153 -13,294 -12,711 2021Interest-bearing receivables* 256 748 47 1,051 1,016Cash 1,176 - - 1,176 1,172Interest-bearing assets 1,432 748 47 2,227 2,188 1.8%Debt to credit institutions etc. -3,240 -2,806 - -6,046 -6,020 Short-term bank facilities etc. -3,220 - - -3,220 -3,197 Borrowings -6,460 -2,806 - -9,266 -9,217 0.5%Lease liabilities -520 -1,336 -488 -2,344 -2,121 Net interest-bearing debt -5,548 -3,394 -441 -9,383 -9,150 *Interest-bearing receivables comprise customer loans, receivables from associates and joint ventures as well as other receivables.Trade payables and other liabilities have a contractual maturity of less than one year, with the exception of other liabilities of DKK 566 million (DKK 340 million in 2021) which have a contractual maturity of 1-5 years. The contractual cash flows approximate their carrying amounts. Borrowings broken down by currency:74% in Danish kroner (66% in 2021), 20% in euros (19% in 2021), 4% in US dollars (14% in 2021), 1% in Canadian dollars (1% in 2021) and 1% in other currencies (0% in 2021). Reconciliation of liabilities arising from financing activities The table shows the changes in consoli-dated liabilities arising from financing ac-tivities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classi-fied in the consolidated cash flow state-ment as cash flows from financing activi-ties. The fair value of interest cap (a strip of call options) outstanding at the balance sheet date is DKK 20 million (DKK 0 million in 2021), and the contractual value of inter-est cap is DKK 650 million (DKK 650 millionin 2021). The cap will run until 2023. Sensitivity analysis in respectof interest ratesBased on the Group\u2019s net debt at the end of the 2022 financial year, a rise of 1 per-centage point in the general interest rate level will cause an increase in consolidated annual interest expenses before tax of ap-proximately DKK 57 million (DKK 25 million in 2021). Around 40% (around 50% in2021) of the interest-bearing debt is sub-ject to fixed or limited interest rates, partlydue to a bought cap (a strip of call options) and partly due to loans being raised atfixed interest rates.The Group has limited the maximum inter-est rates on part of its non-current debt through an interest rate cap. Interest cap(DKK million)Contractual Positive NegativeInterest amount fair value fair valueExpiry rate/strike at year-end at year-end at year-end 2022DKK/DKK 2023 0% 650 20 650 20 -2021 DKK/DKK 2023 0% 650 - - 650 - - Non-cash changes Cash flow Covid-19 Acquisi-Transferredfrom rent tions and Foreign to liabiltiesfinancing conces-divest-exchange Other held for(DKK million) 2021 activities sions ments movement additions Disposals sale 2022Lease liabilities 2,121 -614 -3 170 7 763 -45 -19 2,380Debt to credit institutions etc. 6,020 5,869 - 30 12 - - - 11,931Short-term bank facilities 3,197 -2,477 - - 46 - - -1 765Interest-bearing liabilities 11,338 2,778 -3 200 65 763 -45 -20 15,076 2020 2021Lease liabilities 1,893 -533 -2 99 50 660 -46 - 2,121Debt to credit institutions etc. 5,930 103 - - -13 - - - 6,020Short-term bank facilities 1,181 1,887 - 3 119 - 7 - 3,197Interest-bearing liabilities 9,004 1,457 -2 102 156 660 -39 - 11,3384.5 Fair value hierarchy Methods and judgements fordetermining fair values Other investments Other investments are assessed on the basis of their fair value. DerivativesForward exchange contracts are assessed using discounted cash flow valuation tech-niques. Future cash flows are based on forward exchange rates from observable forward exchange rates at the end of the reporting period and on contractual for-ward exchange rates discounted at a rate that reflects the credit risk related to vari-ous counterparties. Interest swaps are assessed using dis-counted cash flow valuation techniques. Future cash flows are based on observable forward yield curves at the end of the re-porting period and on contractual interest rates discounted at a rate that reflects thecredit risk related to various counterparties. The value of a cap is assessed using dis-counted cash flow valuation techniques. A cap consists of a series of interest rate op-tions (IRGs) with the same strike rate. Theindividual interest rate options each cover an interest period. The key elements, when pricing interest rate options, are strike rate,forward rate, maturity and volatility. The value of an interest rate option is made up of the intrinsic value and the time value of such option. The value of a cap is the com-bined value of the individual IRGs. Contingent considerationsContingent considerations are measuredat their fair values based on the contrac-tual terms of the contingent considerations and on non-observable inputs (level 3), such as the financial performance andpurchasing patterns of the acquired enter-prises for a period of typically 1-5 years after the date of acquisition.Fair value hierarchy for assets and liabilities measured at fair value in the balance sheet Financial instruments measured at fairvalue are broken down according to thefair value hierarchy:\u2022 Listed prices in an active market for thesame type of instrument (level 1).\u2022 Listed prices in an active market for similar assets or liabilities or other valu-ation methods, with all significant in-puts being based on observable marketdata (level 2).\u2022 Valuation methods, with any significant inputs not being based on observablemarket data (level 3).Accounting policiesOn initial recognition, other investmentsare recognised at fair value and subse-quently measured at fair value in the in-come statement. Unrealised value adjust-ments are recognised in the income state-ment. On realisation, value adjustments are recognised in net financial items in the income statement. Contingent considera-tions arising from the acquisition of enter-prises and activities are recognised at fair value at the time of acquisition. The obli-gations are re-evaluated on a recurring basis at fair value.(DKK million) Level 1 Level 2 Level 3 Total2022Financial assets used as hedginginstruments - 103 - 103 Other investments - - 15 15 Financial liabilities used as hedging instruments - -15 - -15 Contingent considerations - - -420 -420 2021 Financial assets used as hedging instruments - 6 - 6 Other investments - - 11 11 Financial liabilities used as hedginginstruments - -81 - -81 Contingent considerations - - -148 -148 There have been no transfers between level 1 and 2 in the 2022 and 2021 financial years. Contingent(DKK million) Financial assets considerations2022 2021 2022 2021Level 3 Assets and liabilities Carrying amount at 1.1. 11 14 -148 -121 Foreign currency translation adjustment - 1 -8 -6 Acquisitions 4 - -478 -113 Disposals, repayments, settlements etc. - -4 193 62Other adjustments - - 11 30Transferred to liabilities related to assetsheld for sale - - 10 -Carrying amount at 31.12. 15 11 -420 -148 Financial assets and contingent considera-tions are measured at fair value in the bal-ance sheet based on valuation methods, with any significant inputs not being based on observable market data (level 3). Most of the contingent considerations recog-nised relate to deferred payments, which are not dependent on any performance obligations and will usually be paid out within 1-5 years. The majority of the contingent considera-tions is recognised as the maximum con-sideration to be paid, which Managementhas assessed to be the most likely outcome. 5.1 Tax on profit (DKK million) 2022 2021 Current tax on profit for the year -580 -646 Adjustment of current tax, prior years 20 -4 Change in deferred tax -79 -121 Adjustment of deferred tax, prior years -10 21 Impact of changes in corporate tax rates -2 - Tax on profit for the year -651 -750 Reconciliation of tax rates: Danish corporate tax rate 22.0% 22.0% Differences between tax rates of non-Danish enterprises and Danish corporate tax rate 1.0% 1.7%Impact of changes in corporate tax rates 0.1% 0.0%Impact of unrecognised tax assets, net 0.3% -0.1%Permanent differences -1.6% -3.2%Other items including prior-year adjustments 0.4% 1.3%Effective tax rate 22.2% 21.7%Accounting policies Tax on profit for the year includes current tax and any changes in deferred tax. Cur-rent tax includes taxes payable determinedon the basis of the estimated taxable in-come for the year and any prior-year taxadjustments. Tax on changes in equity and other comprehensive income is recognised directly in equity and in other comprehen-sive income, respectively. Foreign currency translation adjustments of deferred tax are recognised as part ofthe year\u2019s adjustments of deferred tax.Permanent differences primarily includeR&D incentives, profit in associates/joint ventures, non-deductible share-based pay-ments and losses on accounts receivable. Current tax liabilities or tax receivables are recognised in the balance sheet and deter-mined as tax calculated on taxable income for the year adjusted for any tax on ac-count. The tax rates prevailing at the bal-ance sheet date are used for calculation ofthe year\u2019s taxable income. 5.2 Deferred tax(DKK million) 2022 2021Deferred tax recognised in the balance sheet:Deferred tax assets 538 596Deferred tax liabilities -620 -470 Deferred tax, net at 31.12. -82 126Deferred tax, net at 1.1. 126 214Foreign currency translation adjustments -8 -5 Changes in deferred tax -79 -121 Additions relating to acquisitions -18 -Adjustment of deferred tax, prior years -10 21Impact of changes in corporate tax rates -2 -Deferred tax relating to changes in equity, net -59 17Transferred to assets held for sale -32 -Deferred tax, net at 31.12. -82 126The tax value of deferred tax assets notrecognised is DKK 116 million (DKK 120million in 2021) and relates mainly to tax losses and tax credits for which there isconsiderable uncertainty about their future utilisation. Tax losses of DKK 21 million willexpire within 5-10 years, whereas other tax losses carried forward have no expiry date.Accounting policiesDeferred tax is recognised, using the bal-ance sheet liability method on any tempo-rary differences between the tax base of assets and liabilities and their carrying amounts, except for deferred tax on tem-porary differences arisen either on initialrecognition of goodwill or on initial recog-nition of a transaction that is not a busi-ness combination, with the temporary dif-ference ascertained on initial recognition affecting neither net profits nor taxable income. Deferred tax is determined on the basis of the tax rules and rates prevailing at the balance sheet date in a particular country. The effect of any changes in tax rates on deferred tax is included in tax on profit for the year, unless such deferred tax is at-tributable to items previously recognised directly in equity or in other comprehensive income. In the latter case, such changes will also be recognised directly in equity or in other comprehensive income. The taxbase of a loss, if any, which may be set off against future taxable income, is carriedforward and set off against deferred tax inthe same legal tax entity and jurisdiction. Foreign Recognised currency in other TransferredTemporary translation Recognised compre-to assets Temporarydifferences adjust-Acquisi-in profit for hensive in-held for differences(DKK million) at 1.1. ments tions the year come sale at 31.12. 2022Intangible assets -500 -16 -20 -7 - 1 -542 Property, plant and equipment -65 -1 - -50 - 14 -102 Leased assets 12 - - 1 - - 13Inventories 277 4 2 -31 - -48 204 Receivables 54 2 - -13 - -1 42 Provisions 85 -5 - -12 - -1 67Deferred income 152 8 - 1 - - 161Tax losses 48 - - -1 - - 47Other 63 - - 21 -59 3 28Total 126 -8 -18 -91 -59 -32 -82 2021Intangible assets -401 -24 - -75 - - -500 Property, plant and equipment -43 1 - -23 - - -65 Leased assets 11 - - 1 - - 12 Inventories 253 3 - 21 - - 277Receivables 66 3 - -15 - - 54Provisions 94 2 - -11 - - 85Deferred income 159 4 - -11 - - 152Tax losses 94 6 - -52 - - 48Other -19 - - 65 17 - 63 Total 214 -5 - -100 17 - 126Accounting estimates andjudgementsDeferred tax assets (significant estimate)Deferred tax assets, including the taxvalue of any tax losses allowed for car-ryforward, are recognised in the balancesheet at the estimated realisable value of such assets, either by a set-off against a deferred tax liability or by a net asset to beset off against future positive taxable in-come. At the balance sheet date, an as-sessment is made as to whether it is prob-able that sufficient taxable income will be available in the future against which the deferred tax asset can be utilised.Deferred tax on temporary differences be-tween the carrying amounts and the taxvalues of investments in subsidiaries, as-sociates and joint ventures is recognised, unless the Parent is able to control thetime of realisation of such deferred tax,and it is probable that such deferred taxwill not be realised as current tax in the foreseeable future. Deferred tax is recog-nised in respect of eliminations of intra-group profits and losses.6.1 Acquisition of enterprises and activities On 14 June 2022, the Group announced the acquisition of the remaining 80% of the shares in Sheng Wang, thereby taking full ownership of the business. This fol-lowed the 20% minority investment an-nounced on 4 March 2022. The payment was transferred on 1 July 2022 from which date Demant took own-ership and achieved control of Sheng Wang. Furthermore, the Group acquired Inventis Srl., a developer and manufacturer of audi-ological and balance equipment based in Italy. The Group made a number of minor retail acquisitions in North America, Asia and Europe in 2022. In respect of these acqui-sitions, we paid acquisition costs exceed-ing the fair values of the acquired assets, liabilities and contingent liabilities. Such positive balances in value can be at-tributed to expected synergies between the activities of the acquired entities and our existing activities, to the future growthopportunities and to the value of staffcompetencies in the acquired entities.These synergies are not recognised sepa-rately from goodwill, as they are not sepa-rately identifiable.(DKK million) 2022 2021 Hearing Healthcare North Sheng NorthEurope America Asia Wang Total Europe America TotalIntangible assets 149 5 4 82 240 6 6 12Property, plant and equipment 11 3 16 40 70 6 7 13Other non-current assets 22 6 17 139 184 78 20 98Inventories 39 4 2 38 83 5 4 9Current receivables 48 7 1 101 157 7 11 18Cash and cash equivalents 49 4 3 41 97 10 20 30Non-current liabilities -57 -7 -11 -96 -171 -78 -19 -97 Current liabilities -51 -16 -34 -201 -302 -13 -35 -48 Acquired net assets 210 6 -2 144 358 21 14 35Goodwill 299 235 96 1,736 2,366 405 408 813Acquisition cost 509 241 94 1,880 2,724 426 422 848Carrying amount of non-controlling interests on obtaining control - -15 - - -15 -4 -14 -18 Fair value adjustment of non-controlling interests on obtaining control - -14 - - -14 -13 -35 -48 Contingent consideration and deferred payments -33 -19 - -426 -478 -92 -21 -113 Acquired cash and cash equivalents -49 -4 -3 -41 -97 -10 -20 -30 Cash acquisition cost 427 189 91 1,413 2,120 307 332 639Figures are shown at fair value on the acquisition date. At the time of acquisition, non-controlling interests\u2019 shares of acquisitions were measured at their proportionate shares of the total fair value of the acquired entities, including goodwill. On obtaining a control-ling interest through step acquisitions, pre-viously held non-controlling interests are at the time of obtaining control included at fair value with fair value adjustments in the income statement. In 2022, a few adjustments were made to the preliminary recognition of acquisitions made in 2021. These adjustments were made in respect of payments made, con-tingent considerations provided as well as net assets and goodwill acquired. The im-pact of these adjustments on goodwill wasDKK 10 million (DKK 8 million in 2021) and on contingent considerations DKK 2 million(DKK 8 million in 2021). In relation to ac-quisitions with final recognition in 2014-2021, adjustments were made in 2022 in respect of estimated contingent considera-tions. 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 14 million (DKK 48 million in 2021), and adjustments of contingent considera-tions made via the income statement of DKK 9 million (DKK 30 million in 2021) are recognised as part of distribution costs for acquisitions. Of the total acquisition entries in 2022, the fair value of estimated contingent consid-erations in the form of earnouts or deferred payments accounted for DKK 478 million (DKK 121 million in 2021). Earn-outs de-pend on the results of the acquired entitiesfor a period of 1-5 years after takeover. Earnouts and deferred payments can total a maximum of DKK 482 million (DKK 121 million in 2021) for acquisitions. The acquired assets include contractual receivables amounting to DKK 55 million (DKK 15 million in 2021) of which DKK 2 million (DKK 3 million in 2021) was thought to be uncollectible at the date of the acqui-sition. Of total goodwill in the amount of DKK 2,366 million (DKK 813 million in 2021), DKK 193 million (DKK 521 million in 2021) can be amortised for tax purposes. Transaction costs in connection with ac-quisitions made in 2022 amounted to DKK 15 million (DKK 5 million in 2021), which has been recognised under distribution costs. Revenue and profit before tax generated by the acquired enterprises since our ac-quisition in 2022 amount to DKK 326 mil-lion (DKK 181 million in 2021) and DKK -20 million (DKK 9 million in 2021), respec-tively. Had such revenue and profit been consolidated on 1 January 2022, we esti-mate that consolidated pro forma revenue and profit before tax would have been DKK 20,070 million (DKK 18,755 million in 2021) and DKK 2,036 million (DKK 2,542 million in 2021), respectively. Without taking synergies from our core business into account, we believe that these pro forma figures reflect the level of consoli-dated 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 2023, 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 en-terprises are recognised in the consoli-dated 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 identi-fied assets, liabilities and contingent liabili-ties are measured at their fair values on the acquisition date. Any non-current as-sets acquired for the purpose of resale are, however, measured at their fair values less expected cost of disposal. Restructuringcosts are solely recognised in the pre-ac-quisition balance sheet if they are a liabil-ity for the acquired enterprise. Any tax ef-fect of revaluations will be taken into ac-count.The acquisition cost of an enterprise con-sists of the fair value of the consideration paid for the enterprise with addition of fair value of previously held interests in the ac-quiree. If the final consideration is condi-tional upon one or more future events, the consideration will be recognised at the fair value on acquisition. Any subsequent ad-justment of contingent consideration isrecognised directly in the income state-ment, unless the adjustment is the resultof new information about conditions pre-vailing on the acquisition date, and this information becomes available up to 12months after the acquisition date. Trans-action costs are recognised directly in the income statement when incurred. If costsexceed the fair values of the assets, liabili-ties and contingent liabilities identified onacquisition, any remaining positive differ-ences (goodwill) are recognised in the bal-ance sheet under intangible assets and tested for impairment at least annually. If the carrying amount of an asset exceedsits 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, liabilitiesor contingent liabilities or uncertainty with respect to determining their cost, initial recognition is made on the basis of provisionally calculated values. Such provi-sionally calculated values may be adjusted, or additional assets or liabilities may be recognised up to 12 months after the ac-quisition date, if new information becomesavailable about conditions prevailing on the acquisition date, which would haveaffected the calculation of values on that day, had such information been known. Accounting estimates andjudgementsIdentification of assets and liabilities (significant judgement) On recognition of assets and liabilities from acquisitions, Management judge-ments may be required for the identifica-tion of the following: \u2022 Intangible assets resulting from technol-ogy, customer relationships, client lists or brand names. \u2022 Contingent consideration arrange-ments. Contingent consideration (estimate)Acquisitions may include provisions that additional payments of contingent consid-erations be paid to the previous ownerswhen certain events occur or certain resultsare obtained. Management assesses on a regular basis the judgements made in re-spect of the particular acquisitions, taking sales run rates of the acquired entity into account. 6.2 Divestment of enterprises and activities (DKK million) 2022 2021Intangible assets - 1Property, plant and equipment - 2Other non-current assets - 5Inventories - 46Current receivables - 38Non-current liabilities - -3 Current liabilities - -7 Carrying amount of net assets divested - 82Non-controlling interests -20 Carrying amount of net assets divested attributable to De-mant A/S' shareholders - 62Recycling of cumulative exchange differences - -3 Gain on divestment - 102Cash consideration received - 161Figures are shown at fair value on the divestment date.There were no divestments in 2022. In 2021, the Group divested FrontRowCalypso LLC, a 75%-owned subsidiaryfocused specifically on audio systems for classrooms and schools. The divestmentresulted in a gain, including recycling of cumulative exchange differences, of DKK 99 million, which was recognised as other income in the income statement.6.3 Discontinued operations and assets held for sale (DKK million) 2022 2021Revenue 497 482Expenses -737 -678 Amortisation and depreciation -10 -21 Profit before tax - discontinued operations -250 -217 Tax on profit for the period 58 34Profit for the period - discontinued operations -192 -183 Profit for the period for discontinued operations attributable to:Demant A/S' shareholders -192 -183 -192 -183Earnings per share (EPS), DKK -0.85 -0.78Diluted earnings per share (DEPS), DKK -0.85 -0.78Cash flow from discontinued operations Cash flow from operating activities (CFFO) -232 -318Cash flow from investing activities (CFFI) -4 4Cash flow from financing activities (CFFF) -17 -Cash flow for the period, net - discontinued operations -253 -314On 27 April 2022, Demant announced the decision to discontinue its Hearing Implantsbusiness. In 2022, discontinued operations thus comprise the Hearing Implants busi-ness, which realised a profit after tax of DKK -192 million. The negative result can be attributed to a slight decline in revenue, a lower gross margin as well as higher ex-penses in 2022. The bone anchored hear-ing systems business area delivered growthin the year, supported by the launch of the Ponto 5 sound processor, but revenue forHearing Implants was negatively affectedby a lower sales of Neuro Zti implants fol-lowing the voluntary field corrective action in 2021.Accounting policiesDiscontinued operations represent a sepa-rate line of business disposed of or in prep-aration for sale. The results of discontinued operations are presented separately in the income statement, and comparative fig-ures are restated. Cash flows from discon-tinued operations are presented sepa-rately in the cash flow statement. (DKK million) 2022Balance sheet items:Intangible assets 577Property, plant and equipment 27 Lease assets 18 Deferred tax assets 32Other non-current assets 2Non-current assets 656 Current assets 308Assets held for sale 964Provisions 28Lease liabilities 19Other liabilities 128Liabilities related to assets held for sale 175 On 27 April 2022, Demant entered into an agreement with the intention to divest the Hearing Implants business to CochlearLimited for a conditional payment of DKK850 million on a cash- and debt-free basis. Assets classified as held for sale at 31 De-cember 2022 thus comprise the Hearing Implants business. Cochlear will take overthe obligations to service existing custom-ers. The divestment is subject to regulatoryapproval and other customary closing con-ditions with closing expected in Q2 2023. Accounting policiesAssets and liabilities relating to the discon-tinued operations are classified as held for sale. Assets held for sale, except financial assets etc., and liabilities related to assetsheld for sale are measured at the lower of their carrying amount and their fair valueless costs to sell. Non-current assets heldfor sale are not depreciated.7.1 Provisions D million) 2022 2021Staff-related provisions 59 57Miscellaneous provisions 58 99Other provisions 117 156Defined benefit plan liabilities, net 91 193Provisions at 31.12. 208 349Breakdown of provisions:Non-current provisions 175 268Current provisions 33 81Provisions at 31.12. 208 3492022 2021Staff- Miscel- Staff- Miscel- (DKK million) related laneous Total related laneous TotalOther provisions at 1.1. 57 99 156 50 29 79Foreign currency translation adjustments - 1 1 - - -Additions relating to acquisitions 1 4 5 1 4 5Provisions during the year - 15 15 - 73 73Realised during the year - -37 -37 - -4 -4 Reversals during the year 1 -2 -1 6 -3 3Transfer to liabilities related to assets held for sale - -22 -22 - - -Other provisions at 31.12. 59 58 117 57 99 156Breakdown of provisions:Non-current provisions 59 25 84 57 18 75Current provisions - 33 33 - 81 81Other provisions at 31.12. 59 58 117 57 99 156Miscellaneous provisions relate to provi-sions for disputes etc. and are essentiallyexpected to be realised within the next five years. ( million) 2022 2021Present value of defined benefit obligations:Defined benefit obligations at 1.1. 541 564Foreign currency translation adjustments 22 21Current service costs 15 19 Calculated interest on defined benefit obligations 2 - Actuarial gains/losses -134 -53 Net benefits paid -21 -19 Contributions from plan participants 10 9Transfer to liabilities related to assets held for sale -6 -Defined benefit obligations at 31.12. 429 541Fair value of defined benefit assets:Defined benefit assets at 1.1. 348 321Foreign currency translation adjustments 16 15Expected return on defined benefit assets - -1 Actuarial gains/losses -29 9 Contributions 24 23Net benefits paid -21 -19 Defined benefit assets 31.12. 338 348Defined benefit obligations recognised in the balance sheet, net 91 193 Return on defined benefit assets:Actual return on defined benefit assets -29 8Expected return on defined benefit assets - -1 Actuarial gains/losses on defined benefit assets -29 9 Assumptions:Discount rate 2.3% 0.3%Expected return on defined benefit assets 0.0% 0.0%Future salary increase rate 1.4% 1.2%Generally, the Group does not offer defined benefit plans, but it has such plans in Swit-zerland, France and Germany where they are required by law. Defined benefit plan costs recognised in the income statement amount to DKK 15 million (DKK 18 million in 2021), and the accumulated actuarial gain recognised in the statement of comprehensive income amounts to DKK 28 million (loss of DKK 73 million in 2021). In 2023, the Group expects to pay approx. DKK 15 million (DKK 18 million in 2022) into defined benefit plans. Defined benefit obligations in the amount of DKK 130 mil-lion (DKK 137 million in 2021) will mature within 1-5 years and obligations in the amount of DKK 299 million (DKK 401 mil-lion in 2021) after five years. If the discount rate is 0.5% higher (lower), the defined benefit obligation would de-crease by 5% (increase by 6%). If the ex-pected salary growth rate is 0.5% higher (lower), the defined benefit obligation would increase by 1% (decrease by 1%). Plan assets are recognised as follows: Equity 17% Bonds 23% Property 20% Other 41% Accounting policiesProvisions are recognised if, as a result of an earlier event, the Group has a legal or constructive obligation, and if the settle-ment of such obligation is expected to drawon corporate financial resources, but thereis uncertainty about the timing or amount of the obligation. Provisions are measured on a discounted basis based on Manage-ment\u2019s best estimate of the amount atwhich a particular liability may be settled.The discount effect of any changes in thepresent value of provisions is recognised as a financial expense.The Group has defined benefit plans andsimilar agreements with some of its em-ployees. As regards defined contributionplans, the Group pays regular, fixed contri-butions to independent pension compa-nies. Contributions are recognised in theincome statement for the period in which employees have performed work entitlingthem to such pension contributions. Contri-butions due are recognised in the balance sheet as a liability.As regards defined benefit plans, theGroup is obliged to pay a certain contribu-tion when an employee covered by such a plan retires, for instance a fixed amount or a percentage of the employee\u2019s final sal-ary. An actuarial calculation is made peri-odically of the accrued present value of fu-ture benefits to which employees through their past employment with the Group areentitled and which are payable under the defined benefit plan. This defined benefitobligation is calculated annually, using the projected unit credit method on the basis of judgements in respect of the future de-velopment in for instance wage levels, in-terest rates, mortality and inflation rates. 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:\u2022 Service costs, including current servicecosts, past-service costs as well asgains and losses on curtailments andsettlements\u2022 Net interest expenses or income \u2022 Remeasurements Remeasurements, comprising actuarial gains and losses, any effects of changes to the asset ceiling as well as returns 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 com-prehensive income are reflected immedi-ately in retained earnings and are not re-classified 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. Ac-tuarial gains or losses on such benefits arerecognised directly in the income statement. Accounting estimates and judgements Assessment of provisions (estimate) Management assesses, on an ongoingbasis, provisions for restructuring costsand the likely outcome of pending and probable lawsuits etc. (other provisions). When assessing the likely outcome of law-suits, Management bases its assessmenton internal and external legal advice and established precedent. Provisions for re-structuring costs are based on the esti-mated costs of implementing restructuring initiatives and thus on a number of as-sumptions about future costs and events.For all provisions, the outcome and final expense depend on future events, which are by nature uncertain.7.2 Other liabilities (DKK million) 2022 2021Product-related liabilities 460 430Staff-related liabilities 980 816Other debt, public authorities 277 424Contingent considerations 420 148Other costs payable 874 824Other liabilities 3,011 2,642Due within 1 year 2,445 2,302Due within 1-5 years 566 340 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 recog-nised if, as a result of an earlier event, the Group has a legal or constructive obliga-tion, and if the settlement of such obliga-tion is expected to draw on corporate fi-nancial resources. Other non-financial lia-bilities are measured on a discounted ba-sis, and the discount effect of any changes in the present value of the liabilities is rec-ognised as a financial expense. On the sale of products with a right of re-turn, a refund liability and a right to the returned products are recognised as a re-fund liability and a current asset (included in prepaid expenses), respectively. The re-fund liability is deducted from revenue and the right to the returned products is offsetin cost of sales. Warranty commitmentsinclude an obligation to remedy faulty ordefective products during the warrantyperiod.Accounting estimates andjudgementsWarranty 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 ex-perience of costs incurred by the Group tofulfil its service and warranty liabilities. Li-abilities in respect of returns are calculated based on information on products sold, re-lated rights concerning returns and pastexperience of products being returned inthe various markets. Consolidated prod-uct-related liabilities are the sum of a large number of small items, the sum changingconstantly due to a large number of trans-actions.7.3 Deferred income ( million) 2022 2021 Prepayments from customers 68 72 Future performance obligations:Deferred warranty-related revenue 582 513 Deferred free products revenue 98 109Deferred service revenue 266 230Total 1,014 924 Free products, service and some of the warranty-related services mentioned are provided free of charge to the customer.Certain other services and warranty-re-lated services are paid by the customer in connection with delivery of the related 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. Expected recognition of revenue Less than 1 More than(DKK million) year 1-2 years 2-4 years 4 years Total2022Prepayments from customers 68 - - - 68Deferred warranty-related revenue 267 220 89 6 582Deferred free products revenue 48 36 8 6 98Deferred service revenue 130 95 37 4 266Total 513 351 134 16 1,0142021Prepayments from customers 72 - - - 72Deferred warranty-related revenue 253 179 77 4 513Deferred free products revenue 81 46 10 1 138Deferred service revenue 95 67 36 3 201Total 501 292 123 8 924Accounting policies Deferred income includes income receivedor future performance obligations relatingto subsequent financial years and is recog-nised as revenue when the Group performs its obligations by transferring the goods or services.7.4 Contingent liabilitiesThe Demant Group is involved in minor liti-gations, claims, disputes etc. Management is of the opinion that such disputes do not or will not significantly affect the Group\u2019s financial position. The Group seeks to makeadequate provisions for legal proceedings.As part of our business activities, the Grouphas entered into normal agreements withcustomers and suppliers etc. as well asagreements for the purchase of sharehold-ings.8.1 Related parties William Demant Foundation, Kongebakken 9, 2765 Sm\u00f8rum, Denmark, is the only re-lated party with a controlling interest. Con-trolling interest is achieved through a com-bination of William Demant Foundation\u2019s 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 the Demant Group. Related parties with significant influence are the company\u2019s Board of Directors and their related parties. Furthermore, related parties are the Executive Board and com-panies in which the above persons havesignificant interests. Subsidiaries, associates and joint ventures as well as the Demant Group\u2019s ownership interests in these companies appear from Subsidiaries, associates and joint ventures in Section 11. For financial information on transactions with associates and joint ven-tures, please refer to Note 3.4. In 2022, William Demant Foundation paidadministration fees to the Group of DKK 2 million (DKK 1 million in 2021). The Group paid administration fees to William De-mant Invest A/S of DKK 2 million (DKK 2 million in 2021) and received service fees of DKK 4 million (DKK 0 million in 2021) from William Demant Invest A/S. In 2022, the Group paid service fees to\u00d6ssur hf., a subsidiary of William DemantInvest A/S, of DKK 4 million (DKK 32 million in 2021) and received service fees of DKK 47 million (DKK 22 million in 2021) from \u00d6ssur hf. In 2022, the Group received service fees from Vision RT, a subsidiary of William Demant Invest A/S, in the amount of DKK 113 million (DKK 2 million in 2021). At year-end 2022, the Group had receiva-bles of DKK 18 million for services pro-vided to Vision RT and \u00d6ssur hf. (DKK 6 million in 2021).In 2022, William Demant Foundation do-nated DKK 0 million (DKK 1 million in 2021) to Eriksholm Research Centre and DKK 0 million (DKK 2 million in 2021) to an indus-trial PhD project in Oticon A/S. Further, William Demant Foundation acquired di-agnostic and Oticon equipment worth DKK 2,7 million and DKK 1,1 million, respec-tively (DKK 0.1 million and DKK 0 million in 2021) from the Group.Since 2011, the Group has settled Danishtax on account and residual tax with Wil-liam Demant Invest A/S, which is the ad-ministration company for the joint taxation. There have been no transactions with theExecutive Board and the Board of Direc-tors apart from normal remuneration.Please refer to Note 1.3. 8.2 Fees to auditors(DKK million) 2022* 2021Fees to Parent\u2019s auditors appointed at the annual general meeting Statutory audit fee 14 14Tax and VAT advisory services - 2Other services 2 3Total 16 19* PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PricewaterhouseCoopers Denmark) was appointed as Groupauditor at the audit general meeting in March 2022, replacing Deloitte Statsautoriseret Revisionspartnerselskab.Some of the Group's subsidiaries are not subject to auditing by Pricewaterhouse-Coopers. In 2022, the fee for non-audit services de-livered by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, amounted to DKK 2 million relat-ing to issuance of various assurance re-ports as well as consulting services.In 2021, the fee for non-audit services de-livered by Deloitte Statsautoriseret Revi-sionspartnerselskab, Denmark, amounted to DKK 2 million in 2021 and consisted ofVAT and tax services, tax advisory ser-vices related to transfer pricing, issuance of various assurance reports as well as consulting services.8.3 Government grants (DKK million) 2022 2021 Government grants by function: Production costs 1 5R&D costs 17 22Distribution costs 7 19Administrative expenses - 2Total 25 48In 2022, the Demant Group received gov-ernment grants in the amount of DKK 25 million (DKK 48 million in 2021) of which DKK 12 million (DKK 28 million in 2021) are Covid-19-related publicly funded com-pensation schemes. Non-Covid-19 grants are offset against R&D costs. Accounting policiesGovernment grants are recognised whenthere is reasonable certainty that the con-ditions for such grants are satisfied andthat they will be awarded. Grants received as compensation for costs incurred are recognised proportionately in the incomestatement over the periods in which therelated costs are recognised in the income statement and are offset against costs in-curred.Government grants relating to the acquisi-tion of non-current assets are deducted from the cost of such assets.8.4 Events after the balance sheet dateNo events have occurred after the report- i date that might affect the consolidated financial statements.9.1 Group accounting policiesThe Group\u2019s general accounting policies are described below. In addition to this, specific accounting policies are described in each of the individual notes to the con-solidated financial statements as outlined here: 1.1 Segment disclosures 1.2 Revenue 1.3 Employees 1.6 Inventories 1.7 Trade receivables 1.8 Customer loans 2.3 Hedging and forward exchange con-tracts 3.1 Intangible assets 3.2 Property, plant and equipment 3.3 Leases 3.4 Other non-current assets 3.6 Impairment testing 4.2 Net financial items 4.3 Categories of financial instruments 4.5 Fair value hierarchy 5.1 Tax on profit 5.2 Deferred tax 6.1 Acquisition of enterprises and activities 6.3 Discontinued operations and assets held for sale 7.1 Provisions 7.2 Other liabilities 7.3 Deferred income 8.3 Government grants 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 pre-sented based on historical costs, except forobligations 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 as well as the Parent\u2019s accounting policies are presented separately from the consoli-dated financial statements and are shown on the last pages of this Annual Report 2022. Effect of new accounting standards The Group has adopted the new, amended and revised accounting standard and in-terpretation as published by the IASB and adopted by the EU effective for the ac-counting period beginning 1 January 2022. The new, updated and amended standardand interpretation did not result in anychanges to the accounting policies for the Group nor had it any significant impact on the consolidated financial statements for 2022. IASB has issued new accounting stand-ards and amendments effective for ac-counting periods beginning after 1 January 2022, which have been adopted by the EU. The changes to these standards are not expected to have any significant impact on the Group. Except for the implementation of the new and amended standard, the accounting policies remain unchanged compared to last year. Consolidated financial statementsThe consolidated financial statementscomprise Demant A/S (the Parent) and the enterprises in which the Parent can or doesexercise control by either directly or indi-rectly 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 venturesand are incorporated proportionately into the consolidated financial statements us-ing the equity method.Consolidation principlesThe consolidated financial statementsare prepared based on the financial state-ments of the Parent and its subsidiaries by aggregating uniform items. Enterprisesthat, by agreement, are managed jointlywith one or more other enterprises are recognised using the equity method.The consolidated financial statements areprepared in accordance with the Group\u2019s accounting policies. Intra-group income, expenses, shareholdings, balances and dividends as well as unrealised intra-group profits on inventories are eliminated. The accounting items of subsidiaries arerecognised 100% in the consolidated fi-nancial statements. On initial recognition,non-controlling interests are measured ei-ther 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 ischosen for each individual transaction. Non-controlling interests are subsequently adjusted according to their proportionateshare of changes in equity of the subsidiary. Comprehensive income is allocated tonon-controlling interests whether or not, as a result hereof, the value of such inter-ests is negative. The purchase or sale ofnon-controlling interests in a subsidiary, which does not result in obtaining or dis-continuing control of such subsidiary, is treated as an equity transaction in the consolidated financial statements, and anydifference between the consideration andthe carrying amount is allocated to theParent\u2019s share of the equity. Foreign currency translation The Group\u2019s presentation currency is Dan-ish kroner. On initial recognition, transactions in for-eign currencies are translated at the ex-change rates prevailing at the date of the transaction. The functional currencies of the enterprises are determined by the eco-nomic environment in which the enter-prises operate, normally 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. Real-ised and unrealised foreign currency trans-lation adjustments are recognised in the income statement under gross profit or net financial items, depending on the purpose of the underlying transaction. Property, plant and equipment, intangibleassets, inventories and other non-mone-tary assets purchased in foreign currencies and measured on the basis of historicalcost are translated at the exchange ratesprevailing at the transaction date. Non-monetary items, which are revalued attheir fair values, are translated using the exchange rates at the revaluation date. On recognition in the consolidated finan-cial statements of enterprises presenting their financial statements in a functional currency other than Danish kroner, the in-come statement is translated using aver-age exchange rates for the months of the year in question, unless they deviate mate-rially from actual exchange rates at the transaction dates. In case of the latter, ac-tual exchange rates are applied. Balance sheet items are translated at the exchange rates prevailing at the balance sheet date. Goodwill is considered as be-longing to the acquired enterprise in ques-tion and is translated at the exchange rate prevailing at the balance sheet date. All foreign currency translation adjustmentsare recognised in the income statement, except for the following, which are recog-nised in other comprehensive income: \u2022 The translation of income statements offoreign subsidiaries using monthly aver-age exchange rates for the respective months of the year, whereas balance sheet items of such foreign subsidiaries are translated using exchange rates prevailing at the balance sheet date.\u2022 The translation of non-current, intra-group receivables that are considered tobe an addition to or deduction from netinvestments in foreign subsidiaries.\u2022 The translation of investments in asso-ciates and joint ventures. Income statementIncome and costs are recognised on anaccruals basis. The income statement is broken down by function, and all costs, including depreciation, amortisation andimpairment losses, are therefore charged to production, distribution, administration and R&D.Production costs Production costs are costs incurred to gen-erate revenue. Distribution companies rec-ognise cost of goods sold under production costs. Production companies recognise cost of raw materials, consumables, pro-duction staff as well as maintenance ofand depreciation, amortisation and impair-ment losses on property, plant and equip-ment and intangible assets used in theproduction process under production costs. R&D costsResearch costs are always recognised inthe income statement as such costs incur.Development costs include all costs notsatisfying capitalisation criteria but in-curred in connection with the development,prototype construction, development ofnew business concepts and amortisationof capitalised development costs.Distribution costs Distribution costs include costs relating to training, sales, marketing, promotion ma-terials, distribution, bad debts as well as depreciation and amortisation of and im-pairment losses on assets used for distri-bution purposes.Administrative expenses Administrative expenses include adminis-trative staff costs, office expenses as well as depreciation and amortisation of and impairment losses on assets used for ad-ministrative purposes. Prepaid expensesPrepaid expenses recognised under assets include costs relating to the subsequent fi-nancial years. Prepaid expenses are meas-ured at cost.Other operating incomeOther operating income includes incomefrom all activities not related to the core business activities of the Group.EquityForeign currency translation reserves in-clude foreign currency translation adjust-ments on the translation of financial state-ments of foreign subsidiaries, associatesand 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. Theamounts are recognised in the incomestatement or the balance sheet at thesame time as hedged transactions are recognised.Treasury shares and dividendOn the buy-back of shares or sale of treas-ury shares, the purchase price or selling price, respectively, is recognised directly in equity under other reserves (retained earn-ings). A capital reduction through the can-cellation of treasury shares will reduce the share capital by an amount correspondingto the nominal value of such shares. Proposed dividends are recognised as a li-ability at the time of adoption at the an-nual general meeting. Cash flow statement The cash flow statement is prepared ac-cording to the indirect method and reflects the consolidated net cash flow broken down into operating, investing and financ-ing activities. Cash flow from operating activities in-cludes inflows from the year\u2019s operations adjusted for non-cash operating items, changes in working capital, financial in-come received, financial expenses paid, and income tax paid. Cash flow from oper-ating 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 as-sets as well as the purchase, development, improvement or sale of intangible assets and property, plant and equipment. In ad-dition to this, cash flow from investing ac-tivities also includes movement in receiva-bles from associates and joint ventures as well as customer loans. Cash flow from financing activities in-cludes payments to and from shareholders and the raising and repayment of non-cur-rent and current debt and lease liabilities. Cash flow in currencies other than the functional currency is recognised at aver-age 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 over-drawn are considered cash flow from fi-nancing activities.iXBRL tagging The Commission Delegated Regulation(EU) 2019/815 on the European SingleElectronic Format (ESEF Regulation) hasintroduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EUregulated markets.The combination of XHTML format andiXBRL tags makes it possible for annual financial reports to be read by both hu-mans and machines, thus enhancing ac-cessibility, analysis and comparability ofthe information included in the annualfinancial reports.The Group\u2019s iXBRL tags have been pre-pared in accordance with the ESEF taxon-omy, which is included in the ESEF Regula-tion and developed based on the IFRS tax-onomy published by the IFRS Foundation.The line items in the consolidated financial statements are tagged to elements in theESEF taxonomy. For financial line itemsthat are not directly defined in the ESEFtaxonomy, an extension to the taxonomy has been created. Extensions are anchoredto elements in the ESEF taxonomy, exceptfor extensions that are subtotals.The annual report submitted to the DanishFinancial Supervisory Authority (the Offi-cially Appointed Mechanism) consists of the XHTML document together with thetechnical files, all of which are included in the ZIP file DEMANT-2022-12-31-en.zip. Key definitions XHTML (eXtensible HyperText MarkupLanguage) is a text-based language used to structure and mark up content such astext, images and hyperlinks in documents that are displayed in a web browser.iXBRL tags (or Inline XBRL tags) are hid-den metainformation embedded in the source code of an XHTML document thatenables the conversion of XHTML-format-ted information into a machine-readable XBRL data record using appropriate soft-ware.A financial reporting taxonomy is an elec-tronic dictionary of business reporting ele-ments used to report business data. A tax-onomy element is an element defined in a taxonomy that is used for the machine-readable labelling of information in anXBRL data record.Key figures and financial ratiosOrganic growth Organic growth is measured as the year-on-year change excluding impact from acquisitions, divestments and foreign exchange adjustments in per-centageEBITDA Operating profit before amortisation, depreciation and impairment losses EBIT Operating profitAdjusted EBIT Operating profit adjusted for non-recurring transactionsFree cash flow Cash flow from operating activities (CFFO) and investing activities (CFFI)before acquisitions and disposals of enterprises, participating interests and activities Net interest-bearing Net amount of borrowings and lease liabilities less interest-bearing debt (NIBD) receivables and cash Net working capital Net amount of current assets (excluding tax, financial contracts and cash)less trade payables, the current part of other liabilities and deferred income EPS Earnings per sharePer share Financial ratios per share are calculated per share of nominally DKK 0.20Average number of Average number of shares excluding the average number of treasuryshares outstanding shares for the yearGender diversity, all Gender distribution between women and men in percentage among all managers people managers with one or more reports Gender diversity, Gender distribution between men and women at management levels fromtop-level manage-Vice Presidents and upmentGender diversity, The percentage of top-level management teams that are on or off the top-level manage-target of 75% of all teams having a maximum of 75% of one genderment teamsGender diversity, Gender distribution between women and men of shareholder-elected Board of Directors members of the Board of DirectorsGross profit *100Gross margin RevenueOperating profit *100EBIT margin RevenueNet interest-bearing debt *100Gearing multiple EBITDAProfit for the year attributable to Demant A/S' shareholdersEPSAverage number of shares outstandingProfit for the continuing operations for the year attributable to Demant A/S'EPS - continuing shareholdersoperationsAverage number of shares outstandingProfit for the discontinuing operations for the year attributable to DemantEPS -discontinuing A/S' shareholdersoperationsAverage number of shares outstandingFree cash flowFree cash flow pershareAverage number of shares outstandingTotal annual remuneration of the CEOCEO remunerationratio Average remuneration of Demant employees excluding the CEOKey figures and financial ratiosFinancial ratios are calculated in accord-ance with \u201cRecommendations and Ratios\u201dfrom CFA Society Denmark.Gender diversityGender diversity is calculated based on the data from the countries enrolled in ourglobal HR data management system. In2022, 90% of our employees were regis-tered in the system.Carbon emissionsCarbon emissions are measured using thecarbon dioxide equivalent (CO2e) to in-clude relevant greenhouse gasses accord-ing to the Greenhouse Gas Protocol. Theconsolidated emissions data comprise en-tities where Demant has operational con-trol. These include emissions data from leased facilities.Scope 1 emissions (direct GHG emissions)cover CO2e emissions from actual and es-timated consumed natural gas, liquefiedpetroleum gas, gasoline and diesel. De-partment for Environment, Food & RuralAffairs (Defra) emissions factors were used.Scope 2 emissions (own indirect GHG emissions) cover CO2e emissions from ac-tual and estimated purchased and con-sumed electricity and district heating. In-ternational Energy Agency (IEA) CO2 Emissions from Fuel Combustion factors were used for location-based emissions and residual mix for market-based emis-sions (when available) generated from electricity. Department for Environment, Food & Rural Affairs (Defra) emissions fac-tors were used for district heating. 9.2 Accounting estimates and judgementsOn the preparation of the consolidated fi-nancial statements, Management makes a number of accounting estimates and judgements. These relate to the recogni-tion, measurement and classification ofassets and liabilities. Many items can only be estimated rather than accurately meas-ured. Such estimates are based on the most recent information available on prep-aration of the financial statements. Esti-mates and assumptions are therefore re-assessed on an ongoing basis. Actual fig-ures may, however, deviate from these es-timates. Any changes in accounting esti-mates will be recognised in the reporting period in which such changes are made. Significant accounting estimates andjudgements are described in the individual notes to the consolidated financial state-ments as outlined below:1.2 Revenue1.6 Inventories3.3 Leases3.6 Impairment (identification of CGUs) 5.2 Deferred tax6.1 Acquisition of enterprises and activitiesSpecific accounting estimates and judge-ments are described in each of the individ-ual notes to the consolidated financialstatements as outlined below:1.2 Revenue1.3 Employees1.6 Inventories1.7 Trade receivables1.8 Customer loans3.1 Intangible assets3.2 Property, plant and equipment3.3 Leases5.2 Deferred tax6.1 Acquisition of enterprises and activities7.1 Provisions7.2 Other liabilitiesSubsidiaries, associates andJoint venturesCompany Interest Demant A/S Parent Oticon A/S, Denmark* 100% Oticon AS, Norway* 100% Oticon Denmark A/S, Denmark* 100% Oticon GmbH, Germany 100% Oticon Limited, United Kingdom* 100% Oticon Medical A/S, Denmark* 100% Oticon Medical AB, Sweden 100% Oticon Medical Maroc, Morocco* 100% Oticon Medical, LLC, United States 100% Oticon Polska Sp. z o.o., Poland* 100% Oticon Portugal, Unipessoal LDA, Portugal 100% Acoustic Metrology Limited, United Kingdom 100% ACS Audika Sp. z.o.o., Poland 100% Acustica Sp. z o.o., Poland* 100% Advanced Hearing Providers, LLC, United States 100% Akoustica Medica S.A., Greece* 100% Amplivox Limited, United Kingdom 100% Audika AB, Sweden* 100% Audika AG, Switzerland* 100% Audika ApS, Denmark* 100% Audika Australia Pty. Ltd., Australia 100% Audika GmbH, Germany 100% Audika Groupe S.A.S., France* 100% Audika Management GmbH, Germany 100% Audika New Zealand Limited, New Zealand* 100% Audika NV, Belgium* 100% Audio Seleccion S.L., Spain* 100% Audiology Services Company USA, LLC, United States 100% AudioNet America, Inc., United States 100% Audmet Australia Pty Ltd., Australia 100% Audmet Canada Ltd., Canada 100% *Directly owned by the Parent for 100%. Company InterestAudmet New Zealand Limited, New Zealand* 100%Audmet Oy, Finland* 100%Audmet Srl, Italy* 100%AudPractice Group, LLC, United States 100%Beijing Sheng Wang Yuanbo Commerce and Trade Co., Ltd., China* 100%Bernafon (UK) Limited, United Kingdom* 100%Bernafon A/S, Denmark* 100%Bernafon AB, Sweden* 100%Bernafon AG, Switzerland* 100%Bernafon H\u00f6rger\u00e4te GmbH, Germany 100%Bernafon, LLC, United States 100%Birdsong Hearing Benefits, LLC, United States 100%Centro Auditivo Telex Ltda., Brazil 100%CQ Partners, LLC, United States 100%Danacom H\u00f8reapparater A/S, Denmark* 100%Demant Australia Pty Ltd, Australia* 100%Demant Business Services Poland Sp. z o.o., Poland* 100%Demant Iberica, S.A., Spain* 100%Demant Italia S.r.l., Italy* 100%Demant Japan K.K., Japan* 100%Demant Korea Co., ltd., Korea* 100%Demant Malaysia Sdn. Bhd., Malaysia* 100%Demant M\u00e9xico, S.A. de C.V., Mexico 100%Demant Nederland B.V., Netherlands* 100%Demant New Zealand Limited, New Zealand* 100%Demant Operations Poland Sp. z o.o, Poland 100%Demant Operations S.A. de C.V., Mexico 100%Demant Sales Strategic Accounts A/S, Denmark* 100%Demant Schweiz AG, Switzerland* 100%Demant Singapore Pte Ltd, Singapore* 100%Demant South Africa (Pty) Ltd., South Africa* 100%Demant Sweden AB, Sweden* 100%The list includes the Group's active companiesCompany Interest Demant Technology & Innovation Centre Sdn. Bhd., Malaysia* 100% Demant Technology Centre Sp. z o.o., Poland* 100% DGS Diagnostics Sp. z o.o., Poland 100% Diagnostic Group LLC, United States 100% Diatec A/S, Denmark* 100% Diatec AG, Switzerland* 100% Diatec Diagnostics GmbH, Germany* 100% Diatec Polska Sp. z o.o., Poland* 100% Diatec Shanghai Medical Technology Co., Ltd., China* 100% Diatec Spain, S.L.U., Spain* 100% DSEA A/S, Denmark 100% e3 Diagnostics, Inc., United States 100% Entomed MedTech AB, Sweden* 100% EPOS Audio Australia Pty Ltd, Australia 100% EPOS Audio India Private Limited, India 100% EPOS Audio Ireland Limited, Ireland 100% EPOS Audio Singapore Pte. Ltd., Singapore 100% EPOS Audio UK Ltd., United Kingdom 100% EPOS Austria GmbH, Austria 100% EPOS Belgium BV, Belgium 100% EPOS Canada Ltd., Canada* 100% EPOS France S.A.S, France 100% EPOS Germany GmbH, Germany 100% EPOS Group A/S, Denmark* 100% EPOS Hong Kong Limited, Hong Kong 100% EPOS Japan Kabushiki Kaisha, Japan 100% EPOS Netherlands B.V., Netherlands 100% EPOS Sales A/S, Denmark 100% EPOS Sweden AB, Sweden 100% EPOS Switzerland AG, Switzerland 100% EPOS USA, Inc., United States 100% *Directly owned by the Parent for 100%**Subconsolidated group of companies, including companies with non-controlling interests.Company InterestEtymonic Design Inc., Canada* 100%Fluorite Sp. z o.o., Poland 100%Great Lakes Provider Network, LLC, United States 100%Guymark UK Limited, United Kingdom 100%Hearing Screening Associates, LLC, United States 100%HearingLife Canada Ltd., Canada* 100%Hidden Hearing (N.I.) Limited, United Kingdom 100%Hidden Hearing (Portugal), Unipessoal, Lda., Portugal* 100%Hidden Hearing International Plc, United Kingdom* 100%Hidden Hearing Limited, Ireland* 100%Hidden Hearing Limited, United Kingdom 100%Hidden Hearing Properties Ltd, United Kingdom 100%IDEA Isitme Sistemleri Sanayi ve Ticaret A.S., Turkey* 100%Interacoustics A/S, Denmark* 100%Interacoustics Pty Ltd, Australia 100%Inventis North America Inc., United States 100%Inventis S.r.l., Italy* 100%Kuulopiiri Oy, Finland* 100%Langer H\u00f6rstudio GmbH, Germany 100%LeDiSo Italia S.r.l., Italy* 100%Maico Diagnostics GmbH, Germany* 100%Maico S.r.l., Italy* 100%Mediszintech Audiologica Kft., Hungary* 100%MedRx, Inc., United States 100%Micromedical Technologies, Inc., United States 100%Moser H\u00f6rger\u00e4te GmbH, Germany 100%Neurelec S.A.S, France* 100%NexGen Healthcare Management Inc., Canada** *** 100%Northeast Hearing Instruments, LLC, United States 100%Oticon (Shanghai) Hearing Technology Co., Ltd., China* 100%Oticon, Inc., United States 100%***Subconsolidated group of companies, including associated companies.The list includes the Group's active companiesCompany Interest Philiear Inc., Philippines* 100% Phonic Ear Inc., United States 100% Prodition S.A.S, France* 100% Ritter H\u00f6rger\u00e4te GmbH, Germany 100% SBO Hearing A/S, Denmark* 100% SBO Hearing US, Inc., United States 100% SBO International Sales A/S, Denmark* 100% SES Isitme Cihazlari Sanayi ve Ticaret A.S., Turkey* 100% Shanghai YinPo Technology Co., Ltd., China 100% Shin Nihon Hochoki Kabushiki Kaisha, Japan* 100% Sonic AG (Sonic SA) (Sonic Ltd.), Switzerland* 100% Sonic Equipment Australia Pty Ltd, Australia 100% Sonic Innovations, Inc., United States 100% Synapsys S.A.S, France 100% The Hearing Center of Northeast Pennsylvania, LLC, United States 100% Udicare S.r.l., Italy* 100% Value Hearing (Pty) Ltd., South Africa* 100% Van Boxtel Hoorwinkels B.V., Netherlands 100% WDH Germany GmbH, Germany* 100% WDH UK Limited, United Kingdom* 100% WDH USA, Inc., United States* 100% Workplace Integra Inc., United States 100% Audilab SAS, France** *** 95% Medton Ltd., Israel 90% Colorado Hearing, LLC, United States 80% Destin Hearing Associates, LLC, United States 70% ADB Sarl, France 60% Audika Alpes Sarl, France 60% Institut de l'Audition du Var Sarl, France 60%European Hearing Care (Myanmar) Limited, Myanmar 50%Conc. Maico - Centro Otoacustico Marchesin S.r.l., Italy 50%*Directly owned by the Parent for 100% **Subconsolidated group of companies, including companies with non-controlling interests. Company InterestAudiovita S.r.l., Italy 49%Exclusive Hearing Limited, United Kingdom 49%Ma.Bi.Ge Bioacustica S.r.l., Italy 49%Microfon S.r.l., Italy 49%Otic Hearing Solutions Private Limited, India 49%Audiology Concepts, LLC, United States 40%Audition Bahuaud SAS, France 40%Dencker A/S, Denmark 40%Vocechiara S.r.l., Italy 40%Acustica Umbra S.r.l., Italy 35%Centro Audioprotesico Lombardo S.r.l., Italy 35%Euro Hearing LLC, Uzbekistan 35%Fonema Italia S.r.l., Italy 30%HearWell Audiology Clinics Inc., Canada 25%Hemmerich Hearing Center Ltd., Canada 25%HIMSA A/S, Denmark 25%Imperial Hearing Limited, United Kingdom 25%Acufon S.r.l., Italy 20%Acustica Marche S.r.l., Italy 20%Audiovox Preduzece Za Izradu I Promet Ortopedskih Pomagaladoo, Serbia 20%Bontech Research CO D.o.o., Croatia 20%Solaborate Inc., United States 20%The Hearing Doctors of Georgia, LLC, United States 20%K/S Himpp, Denmark 18%HIMSA II A/S, Denmark 17%HIMSA II K/S, Denmark 15%Himpp A/S, Denmark 13%HearBase Limited, United Kingdom 10%***Subconsolidated group of companies, including associated companies.The list includes the Group's active companies",
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"s10_notes__8__58-1": {
"value": "1.1 Segment disclosuresManagement has identified Hearing Healthcare and Communications as the reportable segments in the Group, as this reflects Management\u2019s approach to the or-ganisation and management of activities including the assessment of results and the use of resources. Hearing Healthcare comprises the busi-ness areas: Hearing Aids, Hearing Care and Diagnostics, which provide hearing healthcare solutions, involving manufac-turing, servicing and sale of hearing aids, diagnostic products and services. On 27 April 2022, Demant announced the decision to discontinue its Hearing Im-plants business. Please refer to Note 6.3. Communications comprises our headset business, which operates under the EPOS brand and provides headsets for the pro-fessional call centre and office market (En-terprise Solutions) and headsets for the gaming market (Gaming). Accounting policies Segmentation of income statement Segment performance is evaluated on EBIT level and is based on the accounting poli-cies for the consolidated income state-ment.Consolidated financial income and ex-penses as well as income taxes are man-aged on a Group basis and are not allo-cated to operating segments. Segmentation of assets and liabilities Segment assets and liabilities are basedon the accounting policies for the consoli-dated balance sheet and allocated to op-erating segments. The Group\u2019s borrowings, derivative finan-cial instruments and income tax-related assets and liabilities are managed on aGroup basis and are not allocated to oper-ating segments.(DKK million) 2022 2021Hearing Communi- Consoli- Hearing Communi- Consoli- Healthcare cations dated Healthcare cations datedRevenue 18,645 1,060 19,705 16,722 1,183 17,905Production costs -4,453 -583 -5,036 -3,835 -612 -4,447 Gross profit 14,192 477 14,669 12,887 571 13,458R&D costs -1,083 -231 -1,314 -942 -197 -1,139 Distribution costs -8,787 -445 -9,232 -7,519 -464 -7,983 Administrative expenses -1,001 -37 -1,038 -860 -32 -892 Share of profit after tax, associates and jointventures 122 - 122 120 - 120Other operating income - - - 99 - 99Operating profit (EBIT) 3,443 -236 3,207 3,785 -122 3,663Other:Depreciation 998 26 1,024 867 25 892Amortisation 135 17 152 107 14 121Fair value adjustments of non-controlling interests in step acquisitions 14 - 14 48 - 482022 2021Hearing Communi-Elimi- Not Consoli- Hearing Communi-Elimi- Not Consoli- Healthcare cations nations allocated dated Healthcare cations nations allocated datedIntangible assets 12,117 465 - - 12,582 9,835 482 - - 10,317Property, plant and equipment 2,523 30 - - 2,553 2,250 27 - - 2,277Lease assets 2,262 42 - - 2,304 2,031 48 - - 2,079Investments in associates 755 67 - - 822 791 67 - - 858Other non-current assets 959 77 - 538 1,574 781 66 - 596 1,443Total non-current assets 18,616 681 - 538 19,835 15,688 690 - 596 16,974Inventories 2,359 545 - - 2,904 1,841 525 - - 2,366Trade receivables 3,368 258 - - 3,626 2,940 263 - - 3,203Intra-group receivables 1,298 - -1,298 - - 1,130 - -1,130 - -Other current assets 1,296 102 - - 1,398 1,013 132 - - 1,145Cash 1,078 52 - - 1,130 1,113 59 - - 1,172Assets held for sale 964 - - - 964 - - - - -Total current assets 10,363 957 -1,298 - 10,022 8,037 979 -1,130 - 7,886Total assets 28,979 1,638 -1,298 538 29,857 23,725 1,669 -1,130 596 24,860Equity 21,561 74 - -13,073 8,562 17,126 272 - -9,417 7,981Borrowings - - - 6,098 6,098 - - - 2,795 2,795Lease liabilities 1,734 32 - - 1,766 1,572 38 - - 1,610Other non-current liabilities 1,219 37 - 606 1,862 1,014 31 - 456 1,501Total non-current liabilities 2,953 69 - 6,704 9,726 2,586 69 - 3,251 5,906Borrowings - - - 6,598 6,598 - - - 6,422 6,422Lease liabilities 601 13 - - 614 499 12 - - 511Intra-group payables - 1,298 -1,298 - - - 1,130 -1,130 - -Other current liabilities 3,689 184 - 309 4,182 3,514 186 - 340 4,040Liabilities related to assets held for sale 175 - - - 175 - - - - -Total current liabilities 4,465 1,495 -1,298 6,907 11,569 4,013 1,328 -1,130 6,762 10,973Total equity and liabilities 28,979 1,638 -1,298 538 29,857 23,725 1,669 -1,130 596 24,8603.5 Non-current assets by geographies (DKK million) 2022 2021NonEurope 8,815 8,689North America 7,243 6,527Asia 2,223 208Pacific region 802 784Other regions 214 170Non-current assets 19,297 16,378Non-current assets by country:Denmark 2,307 2,351USA 5,641 5,024France 3,136 3,115Other countries 8,213 5,888Non-current assets 19,297 16,378For accounting policies on segment infor-mation, please refer to Note 1.1.",
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"s10_notes__8__61": {
"value": "1.2 Revenue (DKK million) 2022 2021 Revenue by geographic region: Europe 8,108 7,734 North America 8,078 7,149 Asia 1,887 1,547 Pacific region 1,055 1,089 Other regions 577 386 Revenue 19,705 17,905 Revenue by country:Denmark 265 256USA 6,726 5,967France 2,188 2,314Other countries 10,526 9,368Revenue 19,705 17,905Consolidated revenue mainly derives from the sale of goods and is broken down by the customers' geographic region. The ten largest single customers together account for around 12% (9% in 2021) of total consolidated revenue.(DKK million) 2022 2021Revenue by business area:Hearing Aids 8,231 7,346 Hearing Care 8,123 7,553 Diagnostics 2,291 1,823 Communications \u2013 EPOS 1,060 1,183 Revenue 19,705 17,905 (DKK million) 2022 2021Liabilities related to contracts with customers:Customer prepayments* 68 72Future performance obligations* 946 852Expected volume discounts and other customer-related items** 343 304Expected product returns*** 172 162Transferred to liabilities related to assets held for sale -4 -Contract liabilities with customers 1,525 1,390*Included in deferred income.**Included in other cost payables under Other liabilities.***Included in product-related liabilities under Other liabilities. Value adjustments transferred from equityrelating to derivatives made for hedging foreign exchange risks on revenue amount to DKK -202 million (DKK -36 million in 2021). (DKK million) 2022 2021Changes in contract liabilities with customers:Contract liabilities at 1.1. 1,390 1,246Foreign currency translation adjustment 17 52Revenue recognised and included in the contract liability balance at 1.1. -554 -510 Increases due to cash received, excluding amounts recognised as revenueduring the year 624 469Changes from expected volume discounts and other customer-related items 35 81Changes from product returns 6 41Additions from acquisitions 11 11Transferred to liabilities related to assets held for sale -4 -Contract liabilities at 31.12. 1,525 1,390Nature of goods and services Control is normally transferred to the cus-tomer 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 cus-tomers, 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\u2019s specific hearing loss. In some countries, the users are granted a trial pe-riod. In such cases, the transfer of control occurs when the trial period expires. In some countries, customers are given theright to return the hearing aid within a cer-tain period. In such cases, the expected re-turns are estimated based on an analysisof historical experience adjusted for anyknown factors impacting expectations forfuture return rates. Revenue and cost ofgoods sold are adjusted accordingly, andcontract liabilities (refund liabilities) and rights to the returned goods (included inprepaid expenses) are recognised for the expected returns.Our activities also involve delivery of vari-ous 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 pe-riod as the user makes use of the servicecontinuously. Some users purchase a bat-tery 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 re-lated 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 be-tween countries but is typically 12-24 months and for certain products or coun-tries up to 48 months. The extended war-ranty covers periods beyond the standard warranty period or standard warranty terms. Payment terms vary significantlybetween countries and depend on whetherthe 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 havethe hearing aid financed by us. The trans-action price of such arrangements is ad-justed for any significant financing benefit, and the financing component is recognisedas financial income.Accounting policies Revenue is recognised when obligations under the terms of the contract with thecustomer are satisfied, which usually oc-curs with the transfer of control of ourproducts and services within HearingHealthcare and Communications. Revenueis measured as the consideration we ex-pect to receive in exchange for transferringgoods and providing services net of the es-timated discounts or other customer-re-lated reductions.Accounting estimates andjudgementsDiscounts, returns etc. (estimate)Discounts, loyalty programmes and other revenue reductions are estimated and ac-crued when the related revenue is recog-nised. To make such estimates is a matterof judgement, as all conditions are not known at the time of sale, e.g. the numberof units sold to a given customer or the ex-pected utilisation of loyalty programmes. Sales discounts, rebates and loyalty pro-grammes are adjusted, as we obtain bet-ter information on the likelihood that they will be realised and the value at whichthey are expected to be realised. Sales dis-counts and rebates are recognised underother cost payables as part of other liabili-ties, and loyalty programmes are recog-nised under deferred income. Depending on local legislation and theconditions to which a sale is subject, some customers have the option to return pur-chased goods and obtain a refund. Basedon historical return rates, an estimate ismade of the expected returns and a provi-sion is recognised. This provision is up-dated, as returns are recognised or when we collect more accurate data on returnrates.After-sales services (estimate) After-sales services are provided to users of our hearing aids and are based on esti-mates as not all users make use of theseservices. The estimate is a matter of judge-ment and is based on the number of visits, the duration of an average user\u2019s visits and the expected number of users thatmake use of the after-sales services. ",
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"s10_notes__8__62": {
"value": "1.2 Revenue (DKK million) 2022 2021 Revenue by geographic region: Europe 8,108 7,734 North America 8,078 7,149 Asia 1,887 1,547 Pacific region 1,055 1,089 Other regions 577 386 Revenue 19,705 17,905 Revenue by country:Denmark 265 256USA 6,726 5,967France 2,188 2,314Other countries 10,526 9,368Revenue 19,705 17,905Consolidated revenue mainly derives from the sale of goods and is broken down by the customers' geographic region. The ten largest single customers together account for around 12% (9% in 2021) of total consolidated revenue.(DKK million) 2022 2021Revenue by business area:Hearing Aids 8,231 7,346 Hearing Care 8,123 7,553 Diagnostics 2,291 1,823 Communications \u2013 EPOS 1,060 1,183 Revenue 19,705 17,905 (DKK million) 2022 2021Liabilities related to contracts with customers:Customer prepayments* 68 72Future performance obligations* 946 852Expected volume discounts and other customer-related items** 343 304Expected product returns*** 172 162Transferred to liabilities related to assets held for sale -4 -Contract liabilities with customers 1,525 1,390*Included in deferred income.**Included in other cost payables under Other liabilities.***Included in product-related liabilities under Other liabilities. Value adjustments transferred from equityrelating to derivatives made for hedging foreign exchange risks on revenue amount to DKK -202 million (DKK -36 million in 2021). (DKK million) 2022 2021Changes in contract liabilities with customers:Contract liabilities at 1.1. 1,390 1,246Foreign currency translation adjustment 17 52Revenue recognised and included in the contract liability balance at 1.1. -554 -510 Increases due to cash received, excluding amounts recognised as revenueduring the year 624 469Changes from expected volume discounts and other customer-related items 35 81Changes from product returns 6 41Additions from acquisitions 11 11Transferred to liabilities related to assets held for sale -4 -Contract liabilities at 31.12. 1,525 1,390Nature of goods and services Control is normally transferred to the cus-tomer 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 cus-tomers, 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\u2019s specific hearing loss. In some countries, the users are granted a trial pe-riod. In such cases, the transfer of control occurs when the trial period expires. In some countries, customers are given theright to return the hearing aid within a cer-tain period. In such cases, the expected re-turns are estimated based on an analysisof historical experience adjusted for anyknown factors impacting expectations forfuture return rates. Revenue and cost ofgoods sold are adjusted accordingly, andcontract liabilities (refund liabilities) and rights to the returned goods (included inprepaid expenses) are recognised for the expected returns.Our activities also involve delivery of vari-ous 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 pe-riod as the user makes use of the servicecontinuously. Some users purchase a bat-tery 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 re-lated 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 be-tween countries but is typically 12-24 months and for certain products or coun-tries up to 48 months. The extended war-ranty covers periods beyond the standard warranty period or standard warranty terms. Payment terms vary significantlybetween countries and depend on whetherthe 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 havethe hearing aid financed by us. The trans-action price of such arrangements is ad-justed for any significant financing benefit, and the financing component is recognisedas financial income.Accounting policies Revenue is recognised when obligations under the terms of the contract with thecustomer are satisfied, which usually oc-curs with the transfer of control of ourproducts and services within HearingHealthcare and Communications. Revenueis measured as the consideration we ex-pect to receive in exchange for transferringgoods and providing services net of the es-timated discounts or other customer-re-lated reductions.Accounting estimates andjudgementsDiscounts, returns etc. (estimate)Discounts, loyalty programmes and other revenue reductions are estimated and ac-crued when the related revenue is recog-nised. To make such estimates is a matterof judgement, as all conditions are not known at the time of sale, e.g. the numberof units sold to a given customer or the ex-pected utilisation of loyalty programmes. Sales discounts, rebates and loyalty pro-grammes are adjusted, as we obtain bet-ter information on the likelihood that they will be realised and the value at whichthey are expected to be realised. Sales dis-counts and rebates are recognised underother cost payables as part of other liabili-ties, and loyalty programmes are recog-nised under deferred income. Depending on local legislation and theconditions to which a sale is subject, some customers have the option to return pur-chased goods and obtain a refund. Basedon historical return rates, an estimate ismade of the expected returns and a provi-sion is recognised. This provision is up-dated, as returns are recognised or when we collect more accurate data on returnrates.After-sales services (estimate) After-sales services are provided to users of our hearing aids and are based on esti-mates as not all users make use of theseservices. The estimate is a matter of judge-ment and is based on the number of visits, the duration of an average user\u2019s visits and the expected number of users thatmake use of the after-sales services. ",
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"value": "Revenue is recognised when obligations under the terms of the contract with thecustomer are satisfied, which usually oc-curs with the transfer of control of ourproducts and services within HearingHealthcare and Communications. Revenueis measured as the consideration we ex-pect to receive in exchange for transferringgoods and providing services net of the es-timated discounts or other customer-re-lated reductions.",
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"s10_notes__8__64-1": {
"value": "judgements Discounts, returns etc. (estimate)Discounts, loyalty programmes and other revenue reductions are estimated and ac-crued when the related revenue is recog-nised. To make such estimates is a matterof judgement, as all conditions are not known at the time of sale, e.g. the numberof units sold to a given customer or the ex-pected utilisation of loyalty programmes. Sales discounts, rebates and loyalty pro-grammes are adjusted, as we obtain bet-ter information on the likelihood that they will be realised and the value at whichthey are expected to be realised. Sales dis-counts and rebates are recognised underother cost payables as part of other liabili-ties, and loyalty programmes are recog-nised under deferred income. Depending on local legislation and theconditions to which a sale is subject, some customers have the option to return pur-chased goods and obtain a refund. Basedon historical return rates, an estimate ismade of the expected returns and a provi-sion is recognised. This provision is up-dated, as returns are recognised or when we collect more accurate data on returnrates.After-sales services (estimate) After-sales services are provided to users of our hearing aids and are based on esti-mates as not all users make use of theseservices. The estimate is a matter of judge-ment and is based on the number of visits, the duration of an average user\u2019s visits and the expected number of users thatmake use of the after-sales services.Vesting conditions and fair value (estimate)For the share-based programmes, Man-agement must evaluate the likelihood of vesting conditions being satisfied. Vesting is entirely dependent on the persons en-rolled in the share-based programmes remaining employed until the end of thevesting period.The estimate made based on this likeli-hood is used to calculate the fair value of the share-based programmes. Further-more, the shares must be valued. For thispurpose, Management uses the shareprice quoted on Nasdaq Copenhagen.Indirect production cost (significant judgement)Indirect production cost allocations to in-ventory are based on relevant judgements related to capacity utilisation at the pro-duction facility, production time and other product-related factors. The judgements are reviewed regularly to ensure that in-ventories are measured at their actual pro-duction cost. Changes in judgements mayaffect gross profit margins as well as thevaluation of work in progress, finishedgoods and goods for resale.Obsolescence provision (estimate) The obsolescence provision for inventoriesis based on the expected sales forecastfor the individual types of hearing devices, diagnostic equipment, headsets and othergaming/enterprise devices. Sales forecasts are based on Management\u2019s expectationsof market conditions and trends, and the obsolescence provision is subject tochanges in these assumptions.Impairment of receivables (estimate)The Group has historically incurred insignifi-cant losses on trade receivables and con-tract assets.Allowance for impairment is calculated for trade receivables. The allowance is deter-mined as expected credit losses based onassessments of the debtors\u2019 ability to pay. These assessments are made by localmanagement for uniform groups of debt-ors based on maturity analyses. When in-dicated by special circumstances, impair-ments are made for individual trade re-ceivables.Accounting treatment (judgement) andimpairment (estimate) of loans The Group provides sales-related financ-ing in the form of loans to some of its cus-tomers. These customer loan arrangementsare complex, cover several aspects of thecustomer relationship and may vary fromagreement to agreement.Management assesses the recognitionand classification of income and expenses for each of these agreements, including whether the agreement represents a dis-count on future sales (judgement). Man-agement also assesses whether there isan indication of impairment based on cur-rent economic market conditions andchanges in the customer\u2019s payment be-haviour (estimate). Product development (judgement)It is Management\u2019s opinion that the prod-uct development undertaken by the Grouptoday cannot meaningfully be allocated to either the development of new products or the further development of existing prod-ucts. Moreover, as the products are subject to approval by various authorities, it is dif-ficult to determine the final completion of new products.Useful life and residual value (estimate) The depreciation basis is cost less the esti-mated residual value of an asset after theend of its useful life. The residual value is the estimated amount, which could afterdeduction of costs to sell be obtainedthrough 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 de-termined at the time of acquisition and is reviewed annually. If the residual value ex-ceeds the carrying amount, depreciation will be discontinued. Depreciation methods, useful lives and residual values are reviewed annually.Property, plant and equipment are writtendown to their recoverable amounts, if theseare lower than their carrying amounts.Accounting estimates andjudgementsLease term (judgement) The lease term is the period during which the lease contract is enforceable. If the original expiry date of a lease contract haspassed, typically in the case of property leases, but the contract continues withouta determined expiry date, the lease term is set for an estimated period during which the lease contract is expected to be en-forceable. This assessment is based onManagement\u2019s judgement and takes intoconsideration the location of the lease,capitalised leasehold improvements andthe experience with similar leases for the specific area.Extension and termination options(significant judgement)When determining the lease term for leaseagreements containing extension and ter-mination options, Management considerscircumstances that create a financial in-centive to exercise an extension option or not to exercise a termination option. Exten-sion and termination options are only in-cluded in the lease term if it is reasonably certain that a lease will be extended/termi-nated.Cash-generating units (judgement)Impairment testing is carried out annually on preparation of the annual report or on indication of impairment in which dis-counted values of future cash flows arecompared with carrying amounts. Groupenterprises cooperate closely on R&D, pur-chasing, production, marketing and sale, as the use of resources in the individual markets is coordinated and monitored by Management in Denmark. Group enter-prises are thus highly integrated. Regard-less of this, the products and services of-fered by Hearing Healthcare and Commu-nications address different customer de-mands and customer groups, which would not be comparable by nature. Management therefore considers it most appropriate to split the activities into two reportable seg-ments, Hearing Healthcare and Communi-cations. The two reportable segments con-stitute the Group\u2019s cash-generating units. Individual impairment testing is therefore carried out for these two cash-generating units.Deferred tax assets (significant estimate)Deferred tax assets, including the taxvalue of any tax losses allowed for car-ryforward, are recognised in the balancesheet at the estimated realisable value of such assets, either by a set-off against a deferred tax liability or by a net asset to beset off against future positive taxable in-come. At the balance sheet date, an as-sessment is made as to whether it is prob-able that sufficient taxable income will be available in the future against which the deferred tax asset can be utilised.Deferred tax on temporary differences be-tween the carrying amounts and the taxvalues of investments in subsidiaries, as-sociates and joint ventures is recognised, unless the Parent is able to control thetime of realisation of such deferred tax,and it is probable that such deferred taxwill not be realised as current tax in the foreseeable future. Deferred tax is recog-nised in respect of eliminations of intra-group profits and losses.judgements Identification of assets and liabilities (significant judgement) On recognition of assets and liabilities from acquisitions, Management judge-ments may be required for the identifica-tion of the following: \u2022 Intangible assets resulting from technol-ogy, customer relationships, client lists or brand names. \u2022 Contingent consideration arrange-ments. Contingent consideration (estimate)Acquisitions may include provisions that additional payments of contingent consid-erations be paid to the previous ownerswhen certain events occur or certain resultsare obtained. Management assesses on a regular basis the judgements made in re-spect of the particular acquisitions, taking sales run rates of the acquired entity into account.Assessment of provisions (estimate) Management assesses, on an ongoingbasis, provisions for restructuring costsand the likely outcome of pending and probable lawsuits etc. (other provisions). When assessing the likely outcome of law-suits, Management bases its assessmenton internal and external legal advice and established precedent. Provisions for re-structuring costs are based on the esti-mated costs of implementing restructuring initiatives and thus on a number of as-sumptions about future costs and events.For all provisions, the outcome and final expense depend on future events, which are by nature uncertain.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 ex-perience of costs incurred by the Group tofulfil its service and warranty liabilities. Li-abilities in respect of returns are calculated based on information on products sold, re-lated rights concerning returns and pastexperience of products being returned inthe various markets. Consolidated prod-uct-related liabilities are the sum of a large number of small items, the sum changingconstantly due to a large number of trans-actions.9.2 Accounting estimates and judgementsOn the preparation of the consolidated fi-nancial statements, Management makes a number of accounting estimates and judgements. These relate to the recogni-tion, measurement and classification ofassets and liabilities. Many items can only be estimated rather than accurately meas-ured. Such estimates are based on the most recent information available on prep-aration of the financial statements. Esti-mates and assumptions are therefore re-assessed on an ongoing basis. Actual fig-ures may, however, deviate from these es-timates. Any changes in accounting esti-mates will be recognised in the reporting period in which such changes are made. Significant accounting estimates andjudgements are described in the individual notes to the consolidated financial state-ments as outlined below:1.2 Revenue1.6 Inventories3.3 Leases3.6 Impairment (identification of CGUs) 5.2 Deferred tax6.1 Acquisition of enterprises and activitiesSpecific accounting estimates and judge-ments are described in each of the individ-ual notes to the consolidated financialstatements as outlined below:1.2 Revenue1.3 Employees1.6 Inventories1.7 Trade receivables1.8 Customer loans3.1 Intangible assets3.2 Property, plant and equipment3.3 Leases5.2 Deferred tax6.1 Acquisition of enterprises and activities7.1 Provisions7.2 Other liabilities",
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"s10_notes__8__71-1": {
"value": "Employee costs comprise wages, salaries,social security contributions, annual andsick leave, bonuses and non-monetary benefits and are recognised in the year in which the associated services are ren-dered by the employees. Where Demant provides long-term employee benefits, the costs are accrued to match the renderingof the service by the employees concerned.Provisions are recognised if, as a result of an earlier event, the Group has a legal or constructive obligation, and if the settle-ment of such obligation is expected to drawon corporate financial resources, but thereis uncertainty about the timing or amount of the obligation. Provisions are measured on a discounted basis based on Manage-ment\u2019s best estimate of the amount atwhich a particular liability may be settled.The discount effect of any changes in thepresent value of provisions is recognised as a financial expense.The Group has defined benefit plans andsimilar agreements with some of its em-ployees. As regards defined contributionplans, the Group pays regular, fixed contri-butions to independent pension compa-nies. Contributions are recognised in theincome statement for the period in which employees have performed work entitlingthem to such pension contributions. Contri-butions due are recognised in the balance sheet as a liability.As regards defined benefit plans, theGroup is obliged to pay a certain contribu-tion when an employee covered by such a plan retires, for instance a fixed amount or a percentage of the employee\u2019s final sal-ary. An actuarial calculation is made peri-odically of the accrued present value of fu-ture benefits to which employees through their past employment with the Group areentitled and which are payable under the defined benefit plan. This defined benefitobligation is calculated annually, using the projected unit credit method on the basis of judgements in respect of the future de-velopment in for instance wage levels, in-terest rates, mortality and inflation rates. 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:\u2022 Service costs, including current servicecosts, past-service costs as well asgains and losses on curtailments andsettlements\u2022 Net interest expenses or income \u2022 Remeasurements Remeasurements, comprising actuarial gains and losses, any effects of changes to the asset ceiling as well as returns 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 com-prehensive income are reflected immedi-ately in retained earnings and are not re-classified 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. Ac-tuarial gains or losses on such benefits arerecognised directly in the income statement. ",
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"s10_notes__8__65": {
"value": "1.3 EmployeesNote 2022 2021(DKK million) Employee costs: Wages and salaries 7,307 6,415Share-based remuneration 32 18Defined contribution plans 134 85Defined benefit plans 7.1 15 18Social security costs etc. 817 670 Employee costs 8,305 7,206Employee costs by function:Production costs 1,130 934R&D costs 839 708 Distribution costs 5,465 4,786 Administrative expenses 871 778Employee costs 8,305 7,206Average number of full-time employees 19,239 16,866",
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"s10_notes__8__66-1": {
"value": "1.3 EmployeesNote 2022 2021(DKK million) Employee costs: Wages and salaries 7,307 6,415Share-based remuneration 32 18Defined contribution plans 134 85Defined benefit plans 7.1 15 18Social security costs etc. 817 670 Employee costs 8,305 7,206Employee costs by function:Production costs 1,130 934R&D costs 839 708 Distribution costs 5,465 4,786 Administrative expenses 871 778Employee costs 8,305 7,206Average number of full-time employees 19,239 16,866 Remuneration to Executive Board and Board of Directors (included in employee costs)(DKK million) 2022 2021Executive BoardWages and salaries 25.9 18.4 Cash bonus 1.7 - Share-based remuneration 8.7 5.3Total 36.3 23.7Board of Directors Fee 4.8 4.8Total 4.8 4.8Remuneration of the Executive Board The total remuneration of the Executive Board comprises: \u2022 Wages and salaries include a base sal-ary, a company car and certain other benefits \u2022 A short-term incentive programme (cash bonus) \u2013 STIP \u2022 A long-term incentive programme (share-based remuneration) \u2013 LTIP Effective from 1 April 2022, the Executive Board was extended with Arne Boye Nielsen, President of Diagnostics and Communications, and Niels Wagner, Presi-dent of Hearing Care. The remuneration of Arne Boye Nielsen and Niels Wagner from 1 April 2022 is therefore included in the Remuneration of Executive Board table. The remuneration of the Executive Board and the Board of Directors is described in detail in the Demant Remuneration Report 2022. Remuneration of the Board ofDirectorsThe remuneration of the Board of Directors comprises a fixed fee and is not incentive-based.In 2022, the basic remuneration was DKK400,000 (DKK 400,000 in 2021). The Chairreceives a fee that is three times the basefee and the Vice Chair a fee that is two times the base fee. The members of the audit committee re-ceive basic remuneration of DKK 50,000(DKK 50,000 in 2021), and the chair of the audit committee receives three times thebasic remuneration.The individual Board members' fees and their shareholdings can be found in theDemant Remuneration Report 2022.Accounting policiesEmployee costs comprise wages, salaries,social security contributions, annual andsick leave, bonuses and non-monetary benefits and are recognised in the year in which the associated services are ren-dered by the employees. Where Demant provides long-term employee benefits, the costs are accrued to match the renderingof the service by the employees concerned. Share-based remuneration The Group has two types of share-based remuneration programmes, which consist of the \u201cshadow share\u201d programme and a RSU (restricted stock units) programme. The \u201cshadow share\u201d programme intro-duced in 2016 is cash-settled, whereas the RSU programme introduced in 2019 is eq-uity-settled. Remuneration under both pro-grammes is granted on a yearly basis and is contingent on the employee still being employed and not under termination whenthree years have passed from the time ofthe grant. The fair value at the time of the grant of the shares granted under bothprogrammes is based on the average share price of the first five trading days after publication of the annual report. \u201cShadow share\u201d programme In 2022, the Group granted no \u201cshadow shares\u201d (43,514 in 2021). No new pro-grammes were introduced in 2022. In 2021, the fair value of \u201cshadow shares\u201d granted to five employees was DKK 11million 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 \u201cshadow shares\u201d. Fair value adjust-ments are recognised as financial income or financial expenses. If relevant, the liabil-ity 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 2022, the Group bought back shares to cover the financial risk of share price fluctuations related to the programmes. At 31 December 2022,the remaining average contractual life of cash-settled remuneration programmes was 9 months (15 months in 2021). RSU programme In 2022, RSU shares were granted to 149employees (117 employees in 2021). TheGroup recognised costs of DKK 24 million (DKK 8 million in 2021) in the income statement related to the RSU programme.There has been no subsequent remeasure-ment of the fair value. The costs are recog-nised on a straight-line basis, as the ser-vice is rendered. At 31 December 2022, the remaining average contractual life of equity-settled share programmes was 21 months (21 months in 2021).Restricted share units (RSU programme) Totalnumber of Total shares fair value No. (DKK million)Outstanding1.1.2021 35,717Granted 75,731 20Exercised -1,246 Forfeited -237 Outstanding31.12.2021 109,965Granted 166,345 45Exercised -18,943 Forfeited -8,069 Outstanding31.12.2022 249,298Share-based remuneration (\"shadow share\" programme) (DKK million) 2022 2021 Other senior Other seniorExecutive members of Executive members of Board Management Board Management Liabilities at 1.1. 14.4 13.0 7.0 9.0Transfer due to extension of Executive Board* 6.1 -6.1 - -Expensed during the year in wages and salaries 6.0 0.6 5.6 4.1Fair value adjustments -6.6 -1.4 5.3 4.2Settled during the year -8.9 -4.3 -3.5 -4.3 Liabilities at 31.12. 11.0 1.8 14.4 13.0Granted during the year - - 7.5 4.0Unrecognised commitment at 31.12.** 3.9 0.5 11.4 7.3 *Arne Boye Nielsen, President of Diagnostics and Communications, and Niels Wagner, President of Hearing Care, joined the Executive Board effective 1 April 2022. The liability at the beginning of theyear has therefore been transferred to the Executive Board.**Unrecognised commitment is the part of granted \u201dshadow shares\u201d not expensed at 31 December.Accounting estimates andjudgementsVesting conditions and fair value (estimate)For the share-based programmes, Man-agement must evaluate the likelihood of vesting conditions being satisfied. Vesting is entirely dependent on the persons en-rolled in the share-based programmes remaining employed until the end of thevesting period.The estimate made based on this likeli-hood is used to calculate the fair value of the share-based programmes. Further-more, the shares must be valued. For thispurpose, Management uses the shareprice quoted on Nasdaq Copenhagen.7.1 Provisions D million) 2022 2021Staff-related provisions 59 57Miscellaneous provisions 58 99Other provisions 117 156Defined benefit plan liabilities, net 91 193Provisions at 31.12. 208 349Breakdown of provisions:Non-current provisions 175 268Current provisions 33 81Provisions at 31.12. 208 3492022 2021Staff- Miscel- Staff- Miscel- (DKK million) related laneous Total related laneous TotalOther provisions at 1.1. 57 99 156 50 29 79Foreign currency translation adjustments - 1 1 - - -Additions relating to acquisitions 1 4 5 1 4 5Provisions during the year - 15 15 - 73 73Realised during the year - -37 -37 - -4 -4 Reversals during the year 1 -2 -1 6 -3 3Transfer to liabilities related to assets held for sale - -22 -22 - - -Other provisions at 31.12. 59 58 117 57 99 156Breakdown of provisions:Non-current provisions 59 25 84 57 18 75Current provisions - 33 33 - 81 81Other provisions at 31.12. 59 58 117 57 99 156Miscellaneous provisions relate to provi-sions for disputes etc. and are essentiallyexpected to be realised within the next five years. ( million) 2022 2021Present value of defined benefit obligations:Defined benefit obligations at 1.1. 541 564Foreign currency translation adjustments 22 21Current service costs 15 19 Calculated interest on defined benefit obligations 2 - Actuarial gains/losses -134 -53 Net benefits paid -21 -19 Contributions from plan participants 10 9Transfer to liabilities related to assets held for sale -6 -Defined benefit obligations at 31.12. 429 541Fair value of defined benefit assets:Defined benefit assets at 1.1. 348 321Foreign currency translation adjustments 16 15Expected return on defined benefit assets - -1 Actuarial gains/losses -29 9 Contributions 24 23Net benefits paid -21 -19 Defined benefit assets 31.12. 338 348Defined benefit obligations recognised in the balance sheet, net 91 193 Return on defined benefit assets:Actual return on defined benefit assets -29 8Expected return on defined benefit assets - -1 Actuarial gains/losses on defined benefit assets -29 9 Assumptions:Discount rate 2.3% 0.3%Expected return on defined benefit assets 0.0% 0.0%Future salary increase rate 1.4% 1.2%Generally, the Group does not offer defined benefit plans, but it has such plans in Swit-zerland, France and Germany where they are required by law. Defined benefit plan costs recognised in the income statement amount to DKK 15 million (DKK 18 million in 2021), and the accumulated actuarial gain recognised in the statement of comprehensive income amounts to DKK 28 million (loss of DKK 73 million in 2021). In 2023, the Group expects to pay approx. DKK 15 million (DKK 18 million in 2022) into defined benefit plans. Defined benefit obligations in the amount of DKK 130 mil-lion (DKK 137 million in 2021) will mature within 1-5 years and obligations in the amount of DKK 299 million (DKK 401 mil-lion in 2021) after five years. If the discount rate is 0.5% higher (lower), the defined benefit obligation would de-crease by 5% (increase by 6%). If the ex-pected salary growth rate is 0.5% higher (lower), the defined benefit obligation would increase by 1% (decrease by 1%). Plan assets are recognised as follows: Equity 17% Bonds 23% Property 20% Other 41% Accounting policiesProvisions are recognised if, as a result of an earlier event, the Group has a legal or constructive obligation, and if the settle-ment of such obligation is expected to drawon corporate financial resources, but thereis uncertainty about the timing or amount of the obligation. Provisions are measured on a discounted basis based on Manage-ment\u2019s best estimate of the amount atwhich a particular liability may be settled.The discount effect of any changes in thepresent value of provisions is recognised as a financial expense.The Group has defined benefit plans andsimilar agreements with some of its em-ployees. As regards defined contributionplans, the Group pays regular, fixed contri-butions to independent pension compa-nies. Contributions are recognised in theincome statement for the period in which employees have performed work entitlingthem to such pension contributions. Contri-butions due are recognised in the balance sheet as a liability.As regards defined benefit plans, theGroup is obliged to pay a certain contribu-tion when an employee covered by such a plan retires, for instance a fixed amount or a percentage of the employee\u2019s final sal-ary. An actuarial calculation is made peri-odically of the accrued present value of fu-ture benefits to which employees through their past employment with the Group areentitled and which are payable under the defined benefit plan. This defined benefitobligation is calculated annually, using the projected unit credit method on the basis of judgements in respect of the future de-velopment in for instance wage levels, in-terest rates, mortality and inflation rates. 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:\u2022 Service costs, including current servicecosts, past-service costs as well asgains and losses on curtailments andsettlements\u2022 Net interest expenses or income \u2022 Remeasurements Remeasurements, comprising actuarial gains and losses, any effects of changes to the asset ceiling as well as returns 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 com-prehensive income are reflected immedi-ately in retained earnings and are not re-classified 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. Ac-tuarial gains or losses on such benefits arerecognised directly in the income statement. Accounting estimates and judgements Assessment of provisions (estimate) Management assesses, on an ongoingbasis, provisions for restructuring costsand the likely outcome of pending and probable lawsuits etc. (other provisions). When assessing the likely outcome of law-suits, Management bases its assessmenton internal and external legal advice and established precedent. Provisions for re-structuring costs are based on the esti-mated costs of implementing restructuring initiatives and thus on a number of as-sumptions about future costs and events.For all provisions, the outcome and final expense depend on future events, which are by nature uncertain.",
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"s10_notes__8__68-1": {
"value": "1.3 EmployeesNote 2022 2021(DKK million) Employee costs: Wages and salaries 7,307 6,415Share-based remuneration 32 18Defined contribution plans 134 85Defined benefit plans 7.1 15 18Social security costs etc. 817 670 Employee costs 8,305 7,206Employee costs by function:Production costs 1,130 934R&D costs 839 708 Distribution costs 5,465 4,786 Administrative expenses 871 778Employee costs 8,305 7,206Average number of full-time employees 19,239 16,8661.4 Amortisation, depreciation and impairment losses (KK million) Note 2022 2021 Amortisation of intangible assets 3.1 152 121 Depreciation of property, plant and equipment 3.2 405 366 Depreciation of lease assets 3.3 619 526Amortisation, depreciation and impairment losses 1,176 1,013Amortisation, depreciation and impairment losses by function:Production costs 109 97R&D costs 53 48Distribution costs 812 699 Administrative expenses 202 169 Amortisation, depreciation and impairment losses 1,176 1,013 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 2022 and 2021. 1.6 Inventories(DKK million) 2022 2021Raw materials and purchased components 1,249 940Work in progress 60 74Finished goods and goods for resale 1,595 1,352Inventories 2,904 2,366 Write-downs, provisions for obsolescence etc. included in the above 146 179Included in the income statement under production costs:Write-downs of inventories for the year, net 52 40Cost of goods sold for the year 3,813 3,389Write-downs for the year are shown net, as breakdown into reversed write-downs and new write-downs is not possible. In-ventories are generally expected to be sold within one year.8.3 Government grants (DKK million) 2022 2021 Government grants by function: Production costs 1 5R&D costs 17 22Distribution costs 7 19Administrative expenses - 2Total 25 48",
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"value": "1.3 EmployeesNote 2022 2021(DKK million) Employee costs: Wages and salaries 7,307 6,415Share-based remuneration 32 18Defined contribution plans 134 85Defined benefit plans 7.1 15 18Social security costs etc. 817 670 Employee costs 8,305 7,206Employee costs by function:Production costs 1,130 934R&D costs 839 708 Distribution costs 5,465 4,786 Administrative expenses 871 778Employee costs 8,305 7,206Average number of full-time employees 19,239 16,8661.4 Amortisation, depreciation and impairment losses (KK million) Note 2022 2021 Amortisation of intangible assets 3.1 152 121 Depreciation of property, plant and equipment 3.2 405 366 Depreciation of lease assets 3.3 619 526Amortisation, depreciation and impairment losses 1,176 1,013Amortisation, depreciation and impairment losses by function:Production costs 109 97R&D costs 53 48Distribution costs 812 699 Administrative expenses 202 169 Amortisation, depreciation and impairment losses 1,176 1,013 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 2022 and 2021. 8.3 Government grants (DKK million) 2022 2021 Government grants by function: Production costs 1 5R&D costs 17 22Distribution costs 7 19Administrative expenses - 2Total 25 48",
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"s10_notes__8__70-1": {
"value": "1.3 EmployeesNote 2022 2021(DKK million) Employee costs: Wages and salaries 7,307 6,415Share-based remuneration 32 18Defined contribution plans 134 85Defined benefit plans 7.1 15 18Social security costs etc. 817 670 Employee costs 8,305 7,206Employee costs by function:Production costs 1,130 934R&D costs 839 708 Distribution costs 5,465 4,786 Administrative expenses 871 778Employee costs 8,305 7,206Average number of full-time employees 19,239 16,8661.4 Amortisation, depreciation and impairment losses (KK million) Note 2022 2021 Amortisation of intangible assets 3.1 152 121 Depreciation of property, plant and equipment 3.2 405 366 Depreciation of lease assets 3.3 619 526Amortisation, depreciation and impairment losses 1,176 1,013Amortisation, depreciation and impairment losses by function:Production costs 109 97R&D costs 53 48Distribution costs 812 699 Administrative expenses 202 169 Amortisation, depreciation and impairment losses 1,176 1,013 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 2022 and 2021. 8.3 Government grants (DKK million) 2022 2021 Government grants by function: Production costs 1 5R&D costs 17 22Distribution costs 7 19Administrative expenses - 2Total 25 48",
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"s10_notes__8__72-1": {
"value": "Remuneration to Executive Board and Board of Directors (included in employee costs)(DKK million) 2022 2021Executive BoardWages and salaries 25.9 18.4 Cash bonus 1.7 - Share-based remuneration 8.7 5.3Total 36.3 23.7Board of Directors Fee 4.8 4.8Total 4.8 4.8The total remuneration of the Executive Board comprises: \u2022 Wages and salaries include a base sal-ary, a company car and certain other benefits \u2022 A short-term incentive programme (cash bonus) \u2013 STIP \u2022 A long-term incentive programme (share-based remuneration) \u2013 LTIP Effective from 1 April 2022, the Executive Board was extended with Arne Boye Nielsen, President of Diagnostics and Communications, and Niels Wagner, Presi-dent of Hearing Care. The remuneration of Arne Boye Nielsen and Niels Wagner from 1 April 2022 is therefore included in the Remuneration of Executive Board table. The remuneration of the Executive Board and the Board of Directors is described in detail in the Demant Remuneration Report 2022.The remuneration of the Board of Directors comprises a fixed fee and is not incentive-based.In 2022, the basic remuneration was DKK400,000 (DKK 400,000 in 2021). The Chairreceives a fee that is three times the basefee and the Vice Chair a fee that is two times the base fee. The members of the audit committee re-ceive basic remuneration of DKK 50,000(DKK 50,000 in 2021), and the chair of the audit committee receives three times thebasic remuneration.The individual Board members' fees and their shareholdings can be found in theDemant Remuneration Report 2022.The Group has two types of share-based remuneration programmes, which consist of the \u201cshadow share\u201d programme and a RSU (restricted stock units) programme. The \u201cshadow share\u201d programme intro-duced in 2016 is cash-settled, whereas the RSU programme introduced in 2019 is eq-uity-settled. Remuneration under both pro-grammes is granted on a yearly basis and is contingent on the employee still being employed and not under termination whenthree years have passed from the time ofthe grant. The fair value at the time of the grant of the shares granted under bothprogrammes is based on the average share price of the first five trading days after publication of the annual report. \u201cShadow share\u201d programme In 2022, the Group granted no \u201cshadow shares\u201d (43,514 in 2021). No new pro-grammes were introduced in 2022. In 2021, the fair value of \u201cshadow shares\u201d granted to five employees was DKK 11million 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 \u201cshadow shares\u201d. Fair value adjust-ments are recognised as financial income or financial expenses. If relevant, the liabil-ity 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 2022, the Group bought back shares to cover the financial risk of share price fluctuations related to the programmes. At 31 December 2022,the remaining average contractual life of cash-settled remuneration programmes was 9 months (15 months in 2021). RSU programme In 2022, RSU shares were granted to 149employees (117 employees in 2021). TheGroup recognised costs of DKK 24 million (DKK 8 million in 2021) in the income statement related to the RSU programme.There has been no subsequent remeasure-ment of the fair value. The costs are recog-nised on a straight-line basis, as the ser-vice is rendered. At 31 December 2022, the remaining average contractual life of equity-settled share programmes was 21 months (21 months in 2021).Restricted share units (RSU programme) Totalnumber of Total shares fair value No. (DKK million)Outstanding1.1.2021 35,717Granted 75,731 20Exercised -1,246 Forfeited -237 Outstanding31.12.2021 109,965Granted 166,345 45Exercised -18,943 Forfeited -8,069 Outstanding31.12.2022 249,298Share-based remuneration (\"shadow share\" programme) (DKK million) 2022 2021 Other senior Other seniorExecutive members of Executive members of Board Management Board Management Liabilities at 1.1. 14.4 13.0 7.0 9.0Transfer due to extension of Executive Board* 6.1 -6.1 - -Expensed during the year in wages and salaries 6.0 0.6 5.6 4.1Fair value adjustments -6.6 -1.4 5.3 4.2Settled during the year -8.9 -4.3 -3.5 -4.3 Liabilities at 31.12. 11.0 1.8 14.4 13.0Granted during the year - - 7.5 4.0Unrecognised commitment at 31.12.** 3.9 0.5 11.4 7.3 *Arne Boye Nielsen, President of Diagnostics and Communications, and Niels Wagner, President of Hearing Care, joined the Executive Board effective 1 April 2022. The liability at the beginning of theyear has therefore been transferred to the Executive Board.**Unrecognised commitment is the part of granted \u201dshadow shares\u201d not expensed at 31 December.Accounting estimates andjudgementsVesting conditions and fair value (estimate)For the share-based programmes, Man-agement must evaluate the likelihood of vesting conditions being satisfied. Vesting is entirely dependent on the persons en-rolled in the share-based programmes remaining employed until the end of thevesting period.The estimate made based on this likeli-hood is used to calculate the fair value of the share-based programmes. Further-more, the shares must be valued. For thispurpose, Management uses the shareprice quoted on Nasdaq Copenhagen.8.1 Related parties William Demant Foundation, Kongebakken 9, 2765 Sm\u00f8rum, Denmark, is the only re-lated party with a controlling interest. Con-trolling interest is achieved through a com-bination of William Demant Foundation\u2019s 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 the Demant Group. Related parties with significant influence are the company\u2019s Board of Directors and their related parties. Furthermore, related parties are the Executive Board and com-panies in which the above persons havesignificant interests. Subsidiaries, associates and joint ventures as well as the Demant Group\u2019s ownership interests in these companies appear from Subsidiaries, associates and joint ventures in Section 11. For financial information on transactions with associates and joint ven-tures, please refer to Note 3.4. In 2022, William Demant Foundation paidadministration fees to the Group of DKK 2 million (DKK 1 million in 2021). The Group paid administration fees to William De-mant Invest A/S of DKK 2 million (DKK 2 million in 2021) and received service fees of DKK 4 million (DKK 0 million in 2021) from William Demant Invest A/S. In 2022, the Group paid service fees to\u00d6ssur hf., a subsidiary of William DemantInvest A/S, of DKK 4 million (DKK 32 million in 2021) and received service fees of DKK 47 million (DKK 22 million in 2021) from \u00d6ssur hf. In 2022, the Group received service fees from Vision RT, a subsidiary of William Demant Invest A/S, in the amount of DKK 113 million (DKK 2 million in 2021). At year-end 2022, the Group had receiva-bles of DKK 18 million for services pro-vided to Vision RT and \u00d6ssur hf. (DKK 6 million in 2021).In 2022, William Demant Foundation do-nated DKK 0 million (DKK 1 million in 2021) to Eriksholm Research Centre and DKK 0 million (DKK 2 million in 2021) to an indus-trial PhD project in Oticon A/S. Further, William Demant Foundation acquired di-agnostic and Oticon equipment worth DKK 2,7 million and DKK 1,1 million, respec-tively (DKK 0.1 million and DKK 0 million in 2021) from the Group.Since 2011, the Group has settled Danishtax on account and residual tax with Wil-liam Demant Invest A/S, which is the ad-ministration company for the joint taxation. There have been no transactions with theExecutive Board and the Board of Direc-tors apart from normal remuneration.Please refer to Note 1.3. ",
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"s10_notes__8__73-1": {
"value": "Remuneration to Executive Board and Board of Directors (included in employee costs)(DKK million) 2022 2021Executive BoardWages and salaries 25.9 18.4 Cash bonus 1.7 - Share-based remuneration 8.7 5.3Total 36.3 23.7Board of Directors Fee 4.8 4.8Total 4.8 4.8The total remuneration of the Executive Board comprises: \u2022 Wages and salaries include a base sal-ary, a company car and certain other benefits \u2022 A short-term incentive programme (cash bonus) \u2013 STIP \u2022 A long-term incentive programme (share-based remuneration) \u2013 LTIP Effective from 1 April 2022, the Executive Board was extended with Arne Boye Nielsen, President of Diagnostics and Communications, and Niels Wagner, Presi-dent of Hearing Care. The remuneration of Arne Boye Nielsen and Niels Wagner from 1 April 2022 is therefore included in the Remuneration of Executive Board table. The remuneration of the Executive Board and the Board of Directors is described in detail in the Demant Remuneration Report 2022.The remuneration of the Board of Directors comprises a fixed fee and is not incentive-based.In 2022, the basic remuneration was DKK400,000 (DKK 400,000 in 2021). The Chairreceives a fee that is three times the basefee and the Vice Chair a fee that is two times the base fee. The members of the audit committee re-ceive basic remuneration of DKK 50,000(DKK 50,000 in 2021), and the chair of the audit committee receives three times thebasic remuneration.The individual Board members' fees and their shareholdings can be found in theDemant Remuneration Report 2022.The Group has two types of share-based remuneration programmes, which consist of the \u201cshadow share\u201d programme and a RSU (restricted stock units) programme. The \u201cshadow share\u201d programme intro-duced in 2016 is cash-settled, whereas the RSU programme introduced in 2019 is eq-uity-settled. Remuneration under both pro-grammes is granted on a yearly basis and is contingent on the employee still being employed and not under termination whenthree years have passed from the time ofthe grant. The fair value at the time of the grant of the shares granted under bothprogrammes is based on the average share price of the first five trading days after publication of the annual report. \u201cShadow share\u201d programme In 2022, the Group granted no \u201cshadow shares\u201d (43,514 in 2021). No new pro-grammes were introduced in 2022. In 2021, the fair value of \u201cshadow shares\u201d granted to five employees was DKK 11million 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 \u201cshadow shares\u201d. Fair value adjust-ments are recognised as financial income or financial expenses. If relevant, the liabil-ity 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 2022, the Group bought back shares to cover the financial risk of share price fluctuations related to the programmes. At 31 December 2022,the remaining average contractual life of cash-settled remuneration programmes was 9 months (15 months in 2021). RSU programme In 2022, RSU shares were granted to 149employees (117 employees in 2021). TheGroup recognised costs of DKK 24 million (DKK 8 million in 2021) in the income statement related to the RSU programme.There has been no subsequent remeasure-ment of the fair value. The costs are recog-nised on a straight-line basis, as the ser-vice is rendered. At 31 December 2022, the remaining average contractual life of equity-settled share programmes was 21 months (21 months in 2021).Restricted share units (RSU programme) Totalnumber of Total shares fair value No. (DKK million)Outstanding1.1.2021 35,717Granted 75,731 20Exercised -1,246 Forfeited -237 Outstanding31.12.2021 109,965Granted 166,345 45Exercised -18,943 Forfeited -8,069 Outstanding31.12.2022 249,298Share-based remuneration (\"shadow share\" programme) (DKK million) 2022 2021 Other senior Other seniorExecutive members of Executive members of Board Management Board Management Liabilities at 1.1. 14.4 13.0 7.0 9.0Transfer due to extension of Executive Board* 6.1 -6.1 - -Expensed during the year in wages and salaries 6.0 0.6 5.6 4.1Fair value adjustments -6.6 -1.4 5.3 4.2Settled during the year -8.9 -4.3 -3.5 -4.3 Liabilities at 31.12. 11.0 1.8 14.4 13.0Granted during the year - - 7.5 4.0Unrecognised commitment at 31.12.** 3.9 0.5 11.4 7.3 *Arne Boye Nielsen, President of Diagnostics and Communications, and Niels Wagner, President of Hearing Care, joined the Executive Board effective 1 April 2022. The liability at the beginning of theyear has therefore been transferred to the Executive Board.**Unrecognised commitment is the part of granted \u201dshadow shares\u201d not expensed at 31 December.Accounting estimates andjudgementsVesting conditions and fair value (estimate)For the share-based programmes, Man-agement must evaluate the likelihood of vesting conditions being satisfied. Vesting is entirely dependent on the persons en-rolled in the share-based programmes remaining employed until the end of thevesting period.The estimate made based on this likeli-hood is used to calculate the fair value of the share-based programmes. Further-more, the shares must be valued. For thispurpose, Management uses the shareprice quoted on Nasdaq Copenhagen.8.1 Related parties William Demant Foundation, Kongebakken 9, 2765 Sm\u00f8rum, Denmark, is the only re-lated party with a controlling interest. Con-trolling interest is achieved through a com-bination of William Demant Foundation\u2019s 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 the Demant Group. Related parties with significant influence are the company\u2019s Board of Directors and their related parties. Furthermore, related parties are the Executive Board and com-panies in which the above persons havesignificant interests. Subsidiaries, associates and joint ventures as well as the Demant Group\u2019s ownership interests in these companies appear from Subsidiaries, associates and joint ventures in Section 11. For financial information on transactions with associates and joint ven-tures, please refer to Note 3.4. In 2022, William Demant Foundation paidadministration fees to the Group of DKK 2 million (DKK 1 million in 2021). The Group paid administration fees to William De-mant Invest A/S of DKK 2 million (DKK 2 million in 2021) and received service fees of DKK 4 million (DKK 0 million in 2021) from William Demant Invest A/S. In 2022, the Group paid service fees to\u00d6ssur hf., a subsidiary of William DemantInvest A/S, of DKK 4 million (DKK 32 million in 2021) and received service fees of DKK 47 million (DKK 22 million in 2021) from \u00d6ssur hf. In 2022, the Group received service fees from Vision RT, a subsidiary of William Demant Invest A/S, in the amount of DKK 113 million (DKK 2 million in 2021). At year-end 2022, the Group had receiva-bles of DKK 18 million for services pro-vided to Vision RT and \u00d6ssur hf. (DKK 6 million in 2021).In 2022, William Demant Foundation do-nated DKK 0 million (DKK 1 million in 2021) to Eriksholm Research Centre and DKK 0 million (DKK 2 million in 2021) to an indus-trial PhD project in Oticon A/S. Further, William Demant Foundation acquired di-agnostic and Oticon equipment worth DKK 2,7 million and DKK 1,1 million, respec-tively (DKK 0.1 million and DKK 0 million in 2021) from the Group.Since 2011, the Group has settled Danishtax on account and residual tax with Wil-liam Demant Invest A/S, which is the ad-ministration company for the joint taxation. There have been no transactions with theExecutive Board and the Board of Direc-tors apart from normal remuneration.Please refer to Note 1.3. ",
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"s10_notes__8__78": {
"value": "The Group has two types of share-based remuneration programmes, which consist of the \u201cshadow share\u201d programme and a RSU (restricted stock units) programme. The \u201cshadow share\u201d programme intro-duced in 2016 is cash-settled, whereas the RSU programme introduced in 2019 is eq-uity-settled. Remuneration under both pro-grammes is granted on a yearly basis and is contingent on the employee still being employed and not under termination whenthree years have passed from the time ofthe grant. The fair value at the time of the grant of the shares granted under bothprogrammes is based on the average share price of the first five trading days after publication of the annual report. \u201cShadow share\u201d programme In 2022, the Group granted no \u201cshadow shares\u201d (43,514 in 2021). No new pro-grammes were introduced in 2022. In 2021, the fair value of \u201cshadow shares\u201d granted to five employees was DKK 11million 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 \u201cshadow shares\u201d. Fair value adjust-ments are recognised as financial income or financial expenses. If relevant, the liabil-ity 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 2022, the Group bought back shares to cover the financial risk of share price fluctuations related to the programmes. At 31 December 2022,the remaining average contractual life of cash-settled remuneration programmes was 9 months (15 months in 2021). RSU programme In 2022, RSU shares were granted to 149employees (117 employees in 2021). TheGroup recognised costs of DKK 24 million (DKK 8 million in 2021) in the income statement related to the RSU programme.There has been no subsequent remeasure-ment of the fair value. The costs are recog-nised on a straight-line basis, as the ser-vice is rendered. At 31 December 2022, the remaining average contractual life of equity-settled share programmes was 21 months (21 months in 2021).Restricted share units (RSU programme) Totalnumber of Total shares fair value No. (DKK million)Outstanding1.1.2021 35,717Granted 75,731 20Exercised -1,246 Forfeited -237 Outstanding31.12.2021 109,965Granted 166,345 45Exercised -18,943 Forfeited -8,069 Outstanding31.12.2022 249,298Share-based remuneration (\"shadow share\" programme) (DKK million) 2022 2021 Other senior Other seniorExecutive members of Executive members of Board Management Board Management Liabilities at 1.1. 14.4 13.0 7.0 9.0Transfer due to extension of Executive Board* 6.1 -6.1 - -Expensed during the year in wages and salaries 6.0 0.6 5.6 4.1Fair value adjustments -6.6 -1.4 5.3 4.2Settled during the year -8.9 -4.3 -3.5 -4.3 Liabilities at 31.12. 11.0 1.8 14.4 13.0Granted during the year - - 7.5 4.0Unrecognised commitment at 31.12.** 3.9 0.5 11.4 7.3 *Arne Boye Nielsen, President of Diagnostics and Communications, and Niels Wagner, President of Hearing Care, joined the Executive Board effective 1 April 2022. The liability at the beginning of theyear has therefore been transferred to the Executive Board.**Unrecognised commitment is the part of granted \u201dshadow shares\u201d not expensed at 31 December.Accounting estimates andjudgementsVesting conditions and fair value (estimate)For the share-based programmes, Man-agement must evaluate the likelihood of vesting conditions being satisfied. Vesting is entirely dependent on the persons en-rolled in the share-based programmes remaining employed until the end of thevesting period.The estimate made based on this likeli-hood is used to calculate the fair value of the share-based programmes. Further-more, the shares must be valued. For thispurpose, Management uses the shareprice quoted on Nasdaq Copenhagen.",
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"s10_notes__8__82": {
"value": "1.4 Amortisation, depreciation and impairment losses (KK million) Note 2022 2021 Amortisation of intangible assets 3.1 152 121 Depreciation of property, plant and equipment 3.2 405 366 Depreciation of lease assets 3.3 619 526Amortisation, depreciation and impairment losses 1,176 1,013Amortisation, depreciation and impairment losses by function:Production costs 109 97R&D costs 53 48Distribution costs 812 699 Administrative expenses 202 169 Amortisation, depreciation and impairment losses 1,176 1,013 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 2022 and 2021. ",
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},
"s10_notes__8__83-1": {
"value": "1.4 Amortisation, depreciation and impairment losses (KK million) Note 2022 2021 Amortisation of intangible assets 3.1 152 121 Depreciation of property, plant and equipment 3.2 405 366 Depreciation of lease assets 3.3 619 526Amortisation, depreciation and impairment losses 1,176 1,013Amortisation, depreciation and impairment losses by function:Production costs 109 97R&D costs 53 48Distribution costs 812 699 Administrative expenses 202 169 Amortisation, depreciation and impairment losses 1,176 1,013 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 2022 and 2021. 8.3 Government grants (DKK million) 2022 2021 Government grants by function: Production costs 1 5R&D costs 17 22Distribution costs 7 19Administrative expenses - 2Total 25 48",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s10_notes__8__86-1": {
"value": "1.4 Amortisation, depreciation and impairment losses (KK million) Note 2022 2021 Amortisation of intangible assets 3.1 152 121 Depreciation of property, plant and equipment 3.2 405 366 Depreciation of lease assets 3.3 619 526Amortisation, depreciation and impairment losses 1,176 1,013Amortisation, depreciation and impairment losses by function:Production costs 109 97R&D costs 53 48Distribution costs 812 699 Administrative expenses 202 169 Amortisation, depreciation and impairment losses 1,176 1,013 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 2022 and 2021. 8.3 Government grants (DKK million) 2022 2021 Government grants by function: Production costs 1 5R&D costs 17 22Distribution costs 7 19Administrative expenses - 2Total 25 48",
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"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s10_notes__8__88-1": {
"value": "1.4 Amortisation, depreciation and impairment losses (KK million) Note 2022 2021 Amortisation of intangible assets 3.1 152 121 Depreciation of property, plant and equipment 3.2 405 366 Depreciation of lease assets 3.3 619 526Amortisation, depreciation and impairment losses 1,176 1,013Amortisation, depreciation and impairment losses by function:Production costs 109 97R&D costs 53 48Distribution costs 812 699 Administrative expenses 202 169 Amortisation, depreciation and impairment losses 1,176 1,013 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 2022 and 2021. Product development (judgement)It is Management\u2019s opinion that the prod-uct development undertaken by the Grouptoday cannot meaningfully be allocated to either the development of new products or the further development of existing prod-ucts. Moreover, as the products are subject to approval by various authorities, it is dif-ficult to determine the final completion of new products.3.6 Impairment testingImpairment testing is carried out for the Group\u2019s two cash-generating units, Hear-ing 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 2022. This conclusion is sup-ported by the fact that the market capitali-sation of the company on Nasdaq Copen-hagen by far exceeds the equity value of the company. At 31 December 2022, goodwill amounted to DKK 11,071 million in Hearing Health-care (DKK 9,054 million in 2021) and DKK 417 million in Communications (DKK 417 million in 2021). The impairment test is performed as a test of the value in use, including a five-year budget/projection period from 2023-2027. Future cash flows are based on the budget for 2023, on strategy plans and on projec-tions hereof. Projections extending beyond 2023 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2027 is determined on the assumption of 2% (2021: 2%) growth for each segment. The market growth rate in the hearing aid industry and for audio solutions is predom-inantly determined by the following factors: Hearing Healthcare \u2022 Growing demographics and an increas-ing share of elderly in the population driving stable volume growth in the hearing aid market. \u2022 Expansion of diagnostic instruments and services across the world. \u2022 Increased penetration rates of hearing healthcare solutions due to education, increased affluence and availability. Communications \u2022 Increasing adoption of Unified Commu-nications and Collaboration equipment, especially professional headsets. \u2022 Emergence and establishment of video solutions for enterprises. \u2022 An increasing prevalence of gamers driving growth in gaming headsets. The pre-tax discount rate is 8% (2021: 6.5%) for Hearing Healthcare and 12% (2021: 12%) for Communications. Sensitiv-ity calculations show that even a signifi-cant increase in the discount rates or a sig-nificant reduction of the growth assump-tions will not change the outcome of the impairment tests. Apart from goodwill, all intangible assets have limited useful lives. Accounting estimates and judgements Cash-generating units (judgement)Impairment testing is carried out annually on preparation of the annual report or on indication of impairment in which dis-counted values of future cash flows arecompared with carrying amounts. Groupenterprises cooperate closely on R&D, pur-chasing, production, marketing and sale, as the use of resources in the individual markets is coordinated and monitored by Management in Denmark. Group enter-prises are thus highly integrated. Regard-less of this, the products and services of-fered by Hearing Healthcare and Commu-nications address different customer de-mands and customer groups, which would not be comparable by nature. Management therefore considers it most appropriate to split the activities into two reportable seg-ments, Hearing Healthcare and Communi-cations. The two reportable segments con-stitute the Group\u2019s cash-generating units. Individual impairment testing is therefore carried out for these two cash-generating units. 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 re-viewed at the balance sheet date to deter-mine whether there are indications of im-pairment. If so, the recoverable amount of the particular asset is calculated to deter-mine 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 amountis determined as the higher of the fair valueof the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of thevalue in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partlycurrent market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cashflows. If the recoverable amount of a par-ticular 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 in-come statement. On any subsequent re-versal of impairment losses due to changesin the judgements on which the calculation of the recoverable amount is based, thecarrying amount of an asset or cash-gen-erating unit is increased to the adjusted estimate of the recoverable amount, how-ever 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 ofgoodwill is not reversed.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__8__89": {
"value": "1.5 Earnings per share 2022 2021Demant A/S' shareholders' share of profit for the year, DKK million -continuing operations 2,274 2,696Demant A/S' shareholders' share of profit for the year, DKK million -discontinued operations -192 -183 Demant A/S' shareholders' share of profit for the year, DKK million 2,082 2,513Average number of shares, million 233.45 240.30Average number of treasury shares, million -7.44 -5.48Average number of shares outstanding, million 226.01 234.82 Earnings per share (EPS), DKK - continuing operations 10.06 11.48Diluted earnings per share (DEPS), DKK - continuing operations 10.06 11.48Earnings per share (EPS), DKK - discontinued operations -0.85 -0.78Diluted earnings per share (DEPS), DKK - discontinued operations -0.85 -0.78Earnings per share (EPS), DKK 9.21 10.70Diluted earnings per share (DEPS), DKK 9.21 10.70",
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}
},
"s10_notes__8__92": {
"value": "Raw materials, components and goods forresale are measured at cost according to the FIFO principle (according to which themost recently purchased items are consid-ered to be in stock) or at their net realisa-ble value, whichever is lower. Group-manufactured finished goods and work in progress are measured at thevalue of direct costs, direct payroll costs,consumables and a proportionate shareof indirect production costs, which are allo-cated on the basis of the normal capacityof the production facility. Indirect produc-tion costs include the proportionate shareof capacity costs directly relating to Group-manufactured finished goods and work inprogress.The net realisable value of inventories is determined as the estimated selling priceless costs of completion and costs to sell. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__90": {
"value": "1.6 Inventories(DKK million) 2022 2021Raw materials and purchased components 1,249 940Work in progress 60 74Finished goods and goods for resale 1,595 1,352Inventories 2,904 2,366 Write-downs, provisions for obsolescence etc. included in the above 146 179Included in the income statement under production costs:Write-downs of inventories for the year, net 52 40Cost of goods sold for the year 3,813 3,389Write-downs for the year are shown net, as breakdown into reversed write-downs and new write-downs is not possible. In-ventories are generally expected to be sold within one year. Accounting policiesRaw materials, components and goods forresale are measured at cost according to the FIFO principle (according to which themost recently purchased items are consid-ered to be in stock) or at their net realisa-ble value, whichever is lower. Group-manufactured finished goods and work in progress are measured at thevalue of direct costs, direct payroll costs,consumables and a proportionate shareof indirect production costs, which are allo-cated on the basis of the normal capacityof the production facility. Indirect produc-tion costs include the proportionate shareof capacity costs directly relating to Group-manufactured finished goods and work inprogress.The net realisable value of inventories is determined as the estimated selling priceless costs of completion and costs to sell. Accounting estimates andjudgementsIndirect production cost (significant judgement)Indirect production cost allocations to in-ventory are based on relevant judgements related to capacity utilisation at the pro-duction facility, production time and other product-related factors. The judgements are reviewed regularly to ensure that in-ventories are measured at their actual pro-duction cost. Changes in judgements mayaffect gross profit margins as well as thevaluation of work in progress, finishedgoods and goods for resale.Obsolescence provision (estimate) The obsolescence provision for inventoriesis based on the expected sales forecastfor the individual types of hearing devices, diagnostic equipment, headsets and othergaming/enterprise devices. Sales forecasts are based on Management\u2019s expectationsof market conditions and trends, and the obsolescence provision is subject tochanges in these assumptions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__97": {
"value": "Trade receivables and contract assets aremeasured at amortised costs less expectedlifetime credit losses.For trade receivables, the Group has a sim-plified approach to determining the ex-pected credit loss. The allowance for credit loss is measured through a provision matrix.To measure the expected credit loss, tradereceivables have been grouped based onshared credit risk and the number of daysthat have passed after the due date. Allow-ances have also been made for trade re-ceivables not due. For trade receivablesthat are considered credit-impaired, the ex-pected credit loss is determined on an indi-vidual basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__94": {
"value": "1.7 Trade receivables Ct risk More Total 0-3 3-6 6-12 than 12 carry-Balance months months months months ing(DKK million) not due overdue overdue overdue overdue amount2022 Gross carrying amount 2,564 669 228 212 277 3,950 Specific loss allowance -15 -42 -48 -62 -123 -290 General loss allowance -11 -8 -4 -5 -6 -34 Total 2,538 619 176 145 148 3,626 Expected loss rate 1.0% 7.5% 22.8% 31.6% 46.6% 8.2%2021 Gross carrying amount 2,202 582 224 210 319 3,537 Specific loss allowance -17 -37 -46 -42 -159 -301 General loss allowance -10 -6 -3 -5 -9 -33 Total 2,175 539 175 163 151 3,203Expected loss rate 1.2% 7.4% 21.9% 22.4% 52.7% 9.4% The opening balance of trade receivables in 2021 amounted to DKK 2,808 million. Of the total amount of trade receivables, DKK 247 million (DKK 250 million in 2021) is expected to be collected after 12 months. For information on security and collateral, please refer to Credit risks in Note 4.1. (DKK million) 2022 2021 Allowance for impairment: Allowance for impairment at 1.1. -334 -406 Foreign currency translation adjustments -11 -10 Realised during the year 151 82Additions during the year -186 -132 Reversals during the year 38 132Transfer to assets held for sale 18 -Allowance for impairment at 31.12. -324 -334 Accounting policies Trade receivables and contract assets aremeasured at amortised costs less expectedlifetime credit losses.For trade receivables, the Group has a sim-plified approach to determining the ex-pected credit loss. The allowance for credit loss is measured through a provision matrix.To measure the expected credit loss, tradereceivables have been grouped based onshared credit risk and the number of daysthat have passed after the due date. Allow-ances have also been made for trade re-ceivables not due. For trade receivablesthat are considered credit-impaired, the ex-pected credit loss is determined on an indi-vidual basis.Accounting estimates andjudgementsImpairment of receivables (estimate)The Group has historically incurred insignifi-cant losses on trade receivables and con-tract assets.Allowance for impairment is calculated for trade receivables. The allowance is deter-mined as expected credit losses based onassessments of the debtors\u2019 ability to pay. These assessments are made by localmanagement for uniform groups of debt-ors based on maturity analyses. When in-dicated by special circumstances, impair-ments are made for individual trade re-ceivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__95": {
"value": "1.7 Trade receivables Ct risk More Total 0-3 3-6 6-12 than 12 carry-Balance months months months months ing(DKK million) not due overdue overdue overdue overdue amount2022 Gross carrying amount 2,564 669 228 212 277 3,950 Specific loss allowance -15 -42 -48 -62 -123 -290 General loss allowance -11 -8 -4 -5 -6 -34 Total 2,538 619 176 145 148 3,626 Expected loss rate 1.0% 7.5% 22.8% 31.6% 46.6% 8.2%2021 Gross carrying amount 2,202 582 224 210 319 3,537 Specific loss allowance -17 -37 -46 -42 -159 -301 General loss allowance -10 -6 -3 -5 -9 -33 Total 2,175 539 175 163 151 3,203Expected loss rate 1.2% 7.4% 21.9% 22.4% 52.7% 9.4% The opening balance of trade receivables in 2021 amounted to DKK 2,808 million. Of the total amount of trade receivables, DKK 247 million (DKK 250 million in 2021) is expected to be collected after 12 months. For information on security and collateral, please refer to Credit risks in Note 4.1. (DKK million) 2022 2021 Allowance for impairment: Allowance for impairment at 1.1. -334 -406 Foreign currency translation adjustments -11 -10 Realised during the year 151 82Additions during the year -186 -132 Reversals during the year 38 132Transfer to assets held for sale 18 -Allowance for impairment at 31.12. -324 -334 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__96-1": {
"value": "1.7 Trade receivables Ct risk More Total 0-3 3-6 6-12 than 12 carry-Balance months months months months ing(DKK million) not due overdue overdue overdue overdue amount2022 Gross carrying amount 2,564 669 228 212 277 3,950 Specific loss allowance -15 -42 -48 -62 -123 -290 General loss allowance -11 -8 -4 -5 -6 -34 Total 2,538 619 176 145 148 3,626 Expected loss rate 1.0% 7.5% 22.8% 31.6% 46.6% 8.2%2021 Gross carrying amount 2,202 582 224 210 319 3,537 Specific loss allowance -17 -37 -46 -42 -159 -301 General loss allowance -10 -6 -3 -5 -9 -33 Total 2,175 539 175 163 151 3,203Expected loss rate 1.2% 7.4% 21.9% 22.4% 52.7% 9.4% The opening balance of trade receivables in 2021 amounted to DKK 2,808 million. Of the total amount of trade receivables, DKK 247 million (DKK 250 million in 2021) is expected to be collected after 12 months. For information on security and collateral, please refer to Credit risks in Note 4.1. (DKK million) 2022 2021 Allowance for impairment: Allowance for impairment at 1.1. -334 -406 Foreign currency translation adjustments -11 -10 Realised during the year 151 82Additions during the year -186 -132 Reversals during the year 38 132Transfer to assets held for sale 18 -Allowance for impairment at 31.12. -324 -334 Group internal credit rating (DKK million) Expected Grosscredit carrying Carrying 2022 loss rate amount amount Performing 12-month expected credit loss 0.3% 673 671Underperforming Expected lifetime credit loss 20.0% 155 124Total customer loans 828 7952021Performing 12-month expected credit loss 0.3% 578 576Underperforming Expected lifetime credit loss 11.6% 129 114Total customer loans 707 690Credit risks The Group\u2019s 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 ap-prox. 12% of total consolidated revenue. We have a thorough screening and credit risk assessment process prior to issuing new loans. 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-bal-anced at Group level.The maximum credit risk relating to receiv-ables matches the carrying amounts ofsuch receivables. Overall, the Group has limited deposits with financial institutions for which reason the credit risk of deposits is considered to be low.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__101": {
"value": "Customer loans are initially recognised at fair value less transaction costs and are subsequently measured at amortised costsless loss allowance or impairment losses. Any difference between the nominal value and the fair value of the loans at initial recognition is treated as prepaid discount on future sales to the customer and is rec-ognised in the income statement as a re-duction of revenue when the customer purchases goods from the Group.The fair value of customer loans at initial recognition is measured as the presentvalue of future repayments on the loan discounted at a market interest rate. Theeffective interest on customer loans is rec-ognised as financial income in the incomestatement over the term of the loans.A loss allowance is recognised on initial recognition and is subsequently based on a 12-month expected credit loss model. If a significant increase in the credit risk has arisen since the initial recognition of theloan, a loss allowance based on expected lifetime credit loss is provided. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__99-1": {
"value": "1.8 Customer loans(DKK million) 2022 2021Non-current customer loans 566 494 Current customer loans 229 196 Total customer loans 795 690 Allowance for impairment: Allowance for impairment 1.1 -17 -20 Foreign currency translation adjustment - -2Realised during the year 1 6 Additions during the year -26 -2 Reversals during the year 9 1 Allowance for impairment 31.12 -33 -17 Group internal credit rating (DKK million) Expected Grosscredit carrying Carrying 2022 loss rate amount amount Performing 12-month expected credit loss 0.3% 673 671Underperforming Expected lifetime credit loss 20.0% 155 124Total customer loans 828 7952021Performing 12-month expected credit loss 0.3% 578 576Underperforming Expected lifetime credit loss 11.6% 129 114Total customer loans 707 690Accounting policies Customer loans are initially recognised at fair value less transaction costs and are subsequently measured at amortised costsless loss allowance or impairment losses. Any difference between the nominal value and the fair value of the loans at initial recognition is treated as prepaid discount on future sales to the customer and is rec-ognised in the income statement as a re-duction of revenue when the customer purchases goods from the Group.The fair value of customer loans at initial recognition is measured as the presentvalue of future repayments on the loan discounted at a market interest rate. Theeffective interest on customer loans is rec-ognised as financial income in the incomestatement over the term of the loans.A loss allowance is recognised on initial recognition and is subsequently based on a 12-month expected credit loss model. If a significant increase in the credit risk has arisen since the initial recognition of theloan, a loss allowance based on expected lifetime credit loss is provided. Accounting estimates andjudgementsAccounting treatment (judgement) andimpairment (estimate) of loans The Group provides sales-related financ-ing in the form of loans to some of its cus-tomers. These customer loan arrangementsare complex, cover several aspects of thecustomer relationship and may vary fromagreement to agreement.Management assesses the recognitionand classification of income and expenses for each of these agreements, including whether the agreement represents a dis-count on future sales (judgement). Man-agement also assesses whether there isan indication of impairment based on cur-rent economic market conditions andchanges in the customer\u2019s payment be-haviour (estimate). 3.4 Other non-current assets (DKK million) 2022 2021Invest-Receivables Invest-Receivablesments in from ments in fromassociates associates associates associatesand joint and joint Customer and joint and joint Customerventures ventures loans Other ventures ventures loans OtherCost at 1.1. 803 271 501 97 799 247 446 86Foreign currency translation adjustments 21 -2 23 1 30 15 34 4Additions during the year - 120 303 9 - 106 282 6Additions relating to acquisitions 7 - - 9 - - - -Disposals related to step acquisitions and disposals of associates -15 -20 - -5 -26 -98 - 4Disposals, repayments etc. during the year - - -56 -3 - - -117 -1 Transferred to current assets - - -184 - - 1 -144 -2 Cost at 31.12. 816 369 587 108 803 271 501 97Value adjustments at 1.1. 55 -4 -8 -22 34 - -9 -20 Foreign currency translation adjustments -4 - - - 1 - -1 -2 Share of profit after tax 122 - - - 120 - - -Dividends received -164 - - - -106 - - -Disposals relating to step-up acquisitions of associates - - - - -2 -1 - -Other adjustments -3 6 -14 -2 8 -3 -2 -Disposals during the year - - 1 - - - 4 -Value adjustments at 31.12. 6 2 -21 -24 55 -4 -8 -22 Carrying amount at 31.12. 822 371 566 84 858 267 493 75",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__103": {
"value": "1.9 Specification of non-cash items etc. (DKK million) 2022 2021Amortisation and depreciation 1,176 1,065Share of profit after tax, associates and joint ventures -122 -120 Gain on sale of intangible assets and property, plant and equipment -1 -4 Provisions including one-offs -26 -33 Exchange rate adjustments -51 -44 Employee share salary arrangement 80 65Divestment of enterprises - -99 Other non-cash items 18 39Non-cash items etc. 1,074 869",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__104-1": {
"value": "The Group has cash flow in foreign curren-cies due to its international operations, which exposes the Group to fluctuations in exchange rates. Hedging against exchange rate fluctuations ensures greater predicta-bility in profit. The Group manufactures and distributes most of its products from its production facilities in Poland. The products are sold to its regional affiliates and as a general principle invoiced in the functional currency of the buying entities. The currencies that mainly contribute to the Group\u2019s foreign exchange risks are US dollars, British pound, Canadian dollars, Australian dollars, Japanese yen, Polish zloty and Chinese yuan (renminbi). The aim of the Group\u2019s hedging policy is to re-duce the Group\u2019s exposure to exchange rate fluctuations, mainly by entering into forward exchange contracts to mitigate the Group\u2019s risks related to the impact that exchange rate fluctuations have on con-solidated earnings for up to 18 months rolling forward.The exchange rate risk is managed by Group Treasury. Hedging is done in ac-cordance with the Group\u2019s policy to main-tain an overall adequate hedging level in 70-100% of the Group\u2019s exposure to ex-change rate fluctuations. Group Treasury is not allowed to undertake any financialtransactions in foreign currencies of aspeculative nature. Cash flow hedging is undertaken to the extent possible to miti-gate any negative effects of adverse de-velopments in exchange rates on the con-solidated operating results. Due to the fixed exchange rate policy to-wards the euro in Denmark, the risk asso-ciated with exposure to fluctuations is con-sidered to be limited and is not hedged.2.2 Sensitivity analysis in respect of exchange rates Et on EBIT, 5% positive change in Effect on equity, 5% positive change inexchange rates* exchange rates(DKK million) 2022 2021 (DKK million) 2022 2021USD +56 +82 USD +47 +75GBP +30 +23 GBP +29 +23CAD +22 +22 CAD +20 +20AUD +10 +11 AUD +9 +11JPY +5 +4 JPY +5 +4PLN -30 -25 PLN -31 -25 CNY +5 +8 CNY +4 +8*Estimated on a non-hedged basis, i.e. the total annual exchange rate effect, excluding forward exchange contracts.The tables show the impact on the year\u2019s operating profit (EBIT) and consolidated equity, given a change of 5% in the curren-cies with the highest exposures. The exchange rate impact on EBIT hasbeen calculated on the basis of the Group\u2019s EBIT for each currency and doesnot take into account a possible exchange rate impact on balance sheet values in those currencies.Interest rate risks Because of the Group\u2019s high level of cash generation, a significant part of our loans is raised on floating terms and predomi-nantly as short-term commitments. This has historically resulted in a low level of in-terest expenses. In 2022, the general level of interest rates increased, which had an impact on the Group\u2019s interest rate ex-penses. The Group continuously adapts its capital structure to the prevailing mar-ket conditions in order to secure attractive financing. Currently, around 40% of the Group\u2019s debt is funded through facilities with fixed rates and through financial in-struments, which limits the interest rate risk. The Group\u2019s net interest-bearing debt (NIBD) amounted to DKK 12,711 million as of 31 December 2022, and the gearing multiple (NIBD/EBITDA) was 2.9. Sensitivity analysis in respectof interest ratesBased on the Group\u2019s net debt at the end of the 2022 financial year, a rise of 1 per-centage point in the general interest rate level will cause an increase in consolidated annual interest expenses before tax of ap-proximately DKK 57 million (DKK 25 million in 2021). Around 40% (around 50% in2021) of the interest-bearing debt is sub-ject to fixed or limited interest rates, partlydue to a bought cap (a strip of call options) and partly due to loans being raised atfixed interest rates.The Group has limited the maximum inter-est rates on part of its non-current debt through an interest rate cap. Interest cap(DKK million)Contractual Positive NegativeInterest amount fair value fair valueExpiry rate/strike at year-end at year-end at year-end 2022DKK/DKK 2023 0% 650 20 650 20 -2021 DKK/DKK 2023 0% 650 - - 650 - - Non-cash changes Cash flow Covid-19 Acquisi-Transferredfrom rent tions and Foreign to liabiltiesfinancing conces-divest-exchange Other held for(DKK million) 2021 activities sions ments movement additions Disposals sale 2022Lease liabilities 2,121 -614 -3 170 7 763 -45 -19 2,380Debt to credit institutions etc. 6,020 5,869 - 30 12 - - - 11,931Short-term bank facilities 3,197 -2,477 - - 46 - - -1 765Interest-bearing liabilities 11,338 2,778 -3 200 65 763 -45 -20 15,076 2020 2021Lease liabilities 1,893 -533 -2 99 50 660 -46 - 2,121Debt to credit institutions etc. 5,930 103 - - -13 - - - 6,020Short-term bank facilities 1,181 1,887 - 3 119 - 7 - 3,197Interest-bearing liabilities 9,004 1,457 -2 102 156 660 -39 - 11,338",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__105": {
"value": "2.2 Sensitivity analysis in respect of exchange rates Et on EBIT, 5% positive change in Effect on equity, 5% positive change inexchange rates* exchange rates(DKK million) 2022 2021 (DKK million) 2022 2021USD +56 +82 USD +47 +75GBP +30 +23 GBP +29 +23CAD +22 +22 CAD +20 +20AUD +10 +11 AUD +9 +11JPY +5 +4 JPY +5 +4PLN -30 -25 PLN -31 -25 CNY +5 +8 CNY +4 +8*Estimated on a non-hedged basis, i.e. the total annual exchange rate effect, excluding forward exchange contracts.The tables show the impact on the year\u2019s operating profit (EBIT) and consolidated equity, given a change of 5% in the curren-cies with the highest exposures. The exchange rate impact on EBIT hasbeen calculated on the basis of the Group\u2019s EBIT for each currency and doesnot take into account a possible exchange rate impact on balance sheet values in those currencies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__108-1": {
"value": "Open forward exchange contracts at the balance sheet date may be specified as shown in the table, 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 to-gether with revenue in foreign currency that such contracts are designed to hedge. In 2022, our forward exchange contracts realised a loss of DKK 202 million (loss of DKK 36 million in 2021), which reduced our reported revenue for the year. The Group\u2019s forward exchange contracts were effective in 2022 and 2021. Forward exchange contractsAverage Positive fair NegativeHedging hedging Contractual value at fair value(DKK million) Expiry period* rate value Fair value year-end at year-end 2022USD 2023 10 months 701 -1,072 18 30 12AUD 2023 9 months 487 -263 8 8 -GBP 2023 9 months 855 -470 13 13 - CAD 2023 9 months 533 -362 16 16 - JPY 2023 10 months 5.34 -85 - 1 1 PLN 2023 9 months 150 479 15 15 -EUR** 2024 36 months 742 891 -2 - 2 -882 68 83 152021 USD 2021 11 months 632 -1,124 -38 1 39 AUD 2021 10 months 464 -334 -8 - 8GBP 2021 11 months 863 -552 -12 - 12CAD 2021 11 months 495 -441 -16 - 16JPY 2021 11 months 6 -120 - 1 1PLN 2021 10 months 160 432 -4 1 5 EUR** 2024 36 months 741 895 3 3 - -1,244 -75 6 81*Hedging periods represent the estimated periods for which the exchange rate exposure of a relative share of our revenue in a currency will be covered by forward exchange contracts.**Forward exchange contracts in euros hedged a fixed committed financial loan. Accounting policiesOn initial recognition, derivatives aremeasured at fair value at the settlementdate. After initial recognition, derivatives are measured at fair value at the balancesheet 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 meas-ured based on current market data and byuse of commonly recognised valuationmethods. Please refer to Note 4.5. Any changes in fair values of derivatives classified as hedging instruments andsatisfying the criteria for hedging the fair value of a recognised asset or a recog-nised liability are recognised in the income statement together with any changes inthe fair value of the hedged asset or hedged liability. Any changes in fair values of derivatives classified as hedging instru-ments and satisfying the criteria for effec-tive hedging of future transactions are rec-ognised in other comprehensive income.The ineffective portion is recognised di-rectly in the income statement. On realisa-tion of the hedged transactions, the accu-mulated changes are recognised together with the related transactions.Derivatives not fulfilling the conditions for treatment as hedging instruments are con-sidered trading investments and measuredat fair value, with fair value adjustments being recognised on an ongoing basis in the income statement.4.3 Categories of financial instruments(DKK million) 2022 2021Unrealised gains on financial contracts 103 6Financial assets used as hedging instruments 103 6Receivables from associates and joint ventures 541 414Customer loans 795 690Other receivables 460 495Trade receivables 3,626 3,203Cash 1,130 1,172Financial assets at amortised cost 6,552 5,974Other investments 15 11Financial assets at fair value through profit/loss 15 11Unrealised losses on financial contracts -15 -81 Financial liabilities used as hedging instruments -15 -81 Debt to credit institutions etc. -11,931 -6,020 Short-term bank facilities etc. -765 -3,197 Lease liabilities -2,380 -2,121 Trade payables -865 -808 Other liabilities -2,551 -2,212 Financial liabilities measured at amortised cost -18,492 -14,358 The following non-financial item is included in the balance sheet and represents the difference between the table and the bal-ance sheet: Other liabilities of DKK 460 million (DKK 430 million in 2021). Accounting policiesDebt to credit institutions is recognised atthe date of borrowing as the proceeds re-ceived less transaction costs. For subse-quent periods, financial liabilities aremeasured at amortised cost in order forthe difference between proceeds and the nominal value to be recognised as a finan-cial expense over the term of the loan. On initial recognition, other financial liabili-ties are measured at fair value and subse-quently at amortised cost using the effec-tive interest method, and the difference between proceeds and the nominal valueis recognised in the income statement as a financial expense over the term of the loan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__109": {
"value": "On initial recognition, derivatives aremeasured at fair value at the settlementdate. After initial recognition, derivatives are measured at fair value at the balancesheet 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 meas-ured based on current market data and byuse of commonly recognised valuationmethods. Please refer to Note 4.5. Any changes in fair values of derivatives classified as hedging instruments andsatisfying the criteria for hedging the fair value of a recognised asset or a recog-nised liability are recognised in the income statement together with any changes inthe fair value of the hedged asset or hedged liability. Any changes in fair values of derivatives classified as hedging instru-ments and satisfying the criteria for effec-tive hedging of future transactions are rec-ognised in other comprehensive income.The ineffective portion is recognised di-rectly in the income statement. On realisa-tion of the hedged transactions, the accu-mulated changes are recognised together with the related transactions.Derivatives not fulfilling the conditions for treatment as hedging instruments are con-sidered trading investments and measuredat fair value, with fair value adjustments being recognised on an ongoing basis in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__110": {
"value": "On initial recognition, derivatives aremeasured at fair value at the settlementdate. After initial recognition, derivatives are measured at fair value at the balancesheet 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 meas-ured based on current market data and byuse of commonly recognised valuationmethods. Please refer to Note 4.5. Any changes in fair values of derivatives classified as hedging instruments andsatisfying the criteria for hedging the fair value of a recognised asset or a recog-nised liability are recognised in the income statement together with any changes inthe fair value of the hedged asset or hedged liability. Any changes in fair values of derivatives classified as hedging instru-ments and satisfying the criteria for effec-tive hedging of future transactions are rec-ognised in other comprehensive income.The ineffective portion is recognised di-rectly in the income statement. On realisa-tion of the hedged transactions, the accu-mulated changes are recognised together with the related transactions.Derivatives not fulfilling the conditions for treatment as hedging instruments are con-sidered trading investments and measuredat fair value, with fair value adjustments being recognised on an ongoing basis in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__111": {
"value": "On initial recognition, derivatives aremeasured at fair value at the settlementdate. After initial recognition, derivatives are measured at fair value at the balancesheet 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 meas-ured based on current market data and byuse of commonly recognised valuationmethods. Please refer to Note 4.5. Any changes in fair values of derivatives classified as hedging instruments andsatisfying the criteria for hedging the fair value of a recognised asset or a recog-nised liability are recognised in the income statement together with any changes inthe fair value of the hedged asset or hedged liability. Any changes in fair values of derivatives classified as hedging instru-ments and satisfying the criteria for effec-tive hedging of future transactions are rec-ognised in other comprehensive income.The ineffective portion is recognised di-rectly in the income statement. On realisa-tion of the hedged transactions, the accu-mulated changes are recognised together with the related transactions.Derivatives not fulfilling the conditions for treatment as hedging instruments are con-sidered trading investments and measuredat fair value, with fair value adjustments being recognised on an ongoing basis in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__107": {
"value": "2.3 Hedging and forward exchange contractsOpen forward exchange contracts at the balance sheet date may be specified as shown in the table, 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 to-gether with revenue in foreign currency that such contracts are designed to hedge. In 2022, our forward exchange contracts realised a loss of DKK 202 million (loss of DKK 36 million in 2021), which reduced our reported revenue for the year. The Group\u2019s forward exchange contracts were effective in 2022 and 2021. Forward exchange contractsAverage Positive fair NegativeHedging hedging Contractual value at fair value(DKK million) Expiry period* rate value Fair value year-end at year-end 2022USD 2023 10 months 701 -1,072 18 30 12AUD 2023 9 months 487 -263 8 8 -GBP 2023 9 months 855 -470 13 13 - CAD 2023 9 months 533 -362 16 16 - JPY 2023 10 months 5.34 -85 - 1 1 PLN 2023 9 months 150 479 15 15 -EUR** 2024 36 months 742 891 -2 - 2 -882 68 83 152021 USD 2021 11 months 632 -1,124 -38 1 39 AUD 2021 10 months 464 -334 -8 - 8GBP 2021 11 months 863 -552 -12 - 12CAD 2021 11 months 495 -441 -16 - 16JPY 2021 11 months 6 -120 - 1 1PLN 2021 10 months 160 432 -4 1 5 EUR** 2024 36 months 741 895 3 3 - -1,244 -75 6 81*Hedging periods represent the estimated periods for which the exchange rate exposure of a relative share of our revenue in a currency will be covered by forward exchange contracts.**Forward exchange contracts in euros hedged a fixed committed financial loan. Accounting policiesOn initial recognition, derivatives aremeasured at fair value at the settlementdate. After initial recognition, derivatives are measured at fair value at the balancesheet 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 meas-ured based on current market data and byuse of commonly recognised valuationmethods. Please refer to Note 4.5. Any changes in fair values of derivatives classified as hedging instruments andsatisfying the criteria for hedging the fair value of a recognised asset or a recog-nised liability are recognised in the income statement together with any changes inthe fair value of the hedged asset or hedged liability. Any changes in fair values of derivatives classified as hedging instru-ments and satisfying the criteria for effec-tive hedging of future transactions are rec-ognised in other comprehensive income.The ineffective portion is recognised di-rectly in the income statement. On realisa-tion of the hedged transactions, the accu-mulated changes are recognised together with the related transactions.Derivatives not fulfilling the conditions for treatment as hedging instruments are con-sidered trading investments and measuredat fair value, with fair value adjustments being recognised on an ongoing basis in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__112-1": {
"value": "3.1 Intangible assets(DKK million) 2022 2021Assets AssetsPatents Other under Total Patents Other under Totaland li-intangible develop- intangible and li-intangible develop- intangibleGoodwill cences assets ment* assets Goodwill cences assets ment* assetsCost at 1.1. 9,471 137 1,229 274 11,111 8,320 122 1,055 283 9,780Foreign currency translationadjustments 111 - 15 2 128 338 - 14 5 357Additions during the year - 7 75 194 276 - 3 28 136 167Additions relating to acquisitions 2,366 1 235 4 2,606 813 - 12 - 825Disposals relating to divestments - - - - - - - -1 - -1 Disposals during the year -1 -4 -4 - -9 - - -17 - -17 Transfer to/from other items - - 107 -107 - - 12 138 -150 -Transferred to assets held for sale -459 -66 -18 -107 -650 - - - - -Cost at 31.12. 11,488 75 1,639 260 13,462 9,471 137 1,229 274 11,111Amortisation at 1.1. - -116 -678 - -794 - -110 -566 - -676 Foreign currency translationadjustments - - -11 - -11 - - -10 - -10 Amortisation for the year - -5 -147 - -152 - -5 -117 - -122 Depreciation transfer - - - - - - -1 -1 - -2 Disposals during the year - 3 1 - 4 - - 16 - 16Transferred to assets held for sale - 62 11 - 73 - - - - -Amortisation at 31.12. - -56 -824 - -880 - -116 -678 - -794 Carrying amount at 31.12. 11,488 19 815 260 12,582 9,471 21 551 274 10,317*Prepayments are included in assets under development.Accounting policiesOn initial recognition, goodwill is recog-nised and measured as the difference be-tween the acquisition cost \u2013 including the value of non-controlling interests in the ac-quired enterprise and the fair value of any existing investment in the acquired enter-prise \u2013 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 inde-pendent payments (cash-generating units). The definition of a cash-generating unit is in line with the Group\u2019s managerial structure as well as the internal financial management reporting.Goodwill is not amortised but is tested for impairment at least once a year. If the re-coverable amount of a cash-generating unit is lower than the carrying amounts of property, plant and equipment and intan-gible assets, including goodwill, attributa-ble to the particular cash-generating unit, the particular assets will be written down. Patents and licences acquired from third parties are measured at cost less accumu-lated amortisation and impairment losses. Patents and licences are amortised on a straight-line basis over their estimated useful lives. Other intangible assets consist of soft-ware, other rights than patents and li-cences and other intangible assets ac-quired in connection with business combi-nations, primarily brand value, customer relationships and non-compete agree-ments. Other intangible assets are measured at cost less accumulated amortisation andimpairment losses. Other intangible assetsare amortised on a straight-line basis overtheir estimated useful lives, except otherrights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead testedfor impairment annually. Please refer to Note 3.6.Assets under development include inter-nally developed IT systems. Assets underdevelopment are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to thedevelopment of such assets. Assets underdevelopment are not amortised, as they are not available for use.Useful lives of intangible assets:Patents and licences 5-20 yearsSoftware 3-10 yearsBrand value 5-10 yearsCustomer relationships 5-9 yearsAccounting estimates andjudgementsProduct development (judgement)It is Management\u2019s opinion that the prod-uct development undertaken by the Grouptoday cannot meaningfully be allocated to either the development of new products or the further development of existing prod-ucts. Moreover, as the products are subject to approval by various authorities, it is dif-ficult to determine the final completion of new products.3.6 Impairment testingImpairment testing is carried out for the Group\u2019s two cash-generating units, Hear-ing 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 2022. This conclusion is sup-ported by the fact that the market capitali-sation of the company on Nasdaq Copen-hagen by far exceeds the equity value of the company. At 31 December 2022, goodwill amounted to DKK 11,071 million in Hearing Health-care (DKK 9,054 million in 2021) and DKK 417 million in Communications (DKK 417 million in 2021). The impairment test is performed as a test of the value in use, including a five-year budget/projection period from 2023-2027. Future cash flows are based on the budget for 2023, on strategy plans and on projec-tions hereof. Projections extending beyond 2023 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2027 is determined on the assumption of 2% (2021: 2%) growth for each segment. The market growth rate in the hearing aid industry and for audio solutions is predom-inantly determined by the following factors: Hearing Healthcare \u2022 Growing demographics and an increas-ing share of elderly in the population driving stable volume growth in the hearing aid market. \u2022 Expansion of diagnostic instruments and services across the world. \u2022 Increased penetration rates of hearing healthcare solutions due to education, increased affluence and availability. Communications \u2022 Increasing adoption of Unified Commu-nications and Collaboration equipment, especially professional headsets. \u2022 Emergence and establishment of video solutions for enterprises. \u2022 An increasing prevalence of gamers driving growth in gaming headsets. The pre-tax discount rate is 8% (2021: 6.5%) for Hearing Healthcare and 12% (2021: 12%) for Communications. Sensitiv-ity calculations show that even a signifi-cant increase in the discount rates or a sig-nificant reduction of the growth assump-tions will not change the outcome of the impairment tests. Apart from goodwill, all intangible assets have limited useful lives. Accounting estimates and judgements Cash-generating units (judgement)Impairment testing is carried out annually on preparation of the annual report or on indication of impairment in which dis-counted values of future cash flows arecompared with carrying amounts. Groupenterprises cooperate closely on R&D, pur-chasing, production, marketing and sale, as the use of resources in the individual markets is coordinated and monitored by Management in Denmark. Group enter-prises are thus highly integrated. Regard-less of this, the products and services of-fered by Hearing Healthcare and Commu-nications address different customer de-mands and customer groups, which would not be comparable by nature. Management therefore considers it most appropriate to split the activities into two reportable seg-ments, Hearing Healthcare and Communi-cations. The two reportable segments con-stitute the Group\u2019s cash-generating units. Individual impairment testing is therefore carried out for these two cash-generating units. 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 re-viewed at the balance sheet date to deter-mine whether there are indications of im-pairment. If so, the recoverable amount of the particular asset is calculated to deter-mine 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 amountis determined as the higher of the fair valueof the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of thevalue in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partlycurrent market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cashflows. If the recoverable amount of a par-ticular 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 in-come statement. On any subsequent re-versal of impairment losses due to changesin the judgements on which the calculation of the recoverable amount is based, thecarrying amount of an asset or cash-gen-erating unit is increased to the adjusted estimate of the recoverable amount, how-ever 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 ofgoodwill is not reversed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__113-1": {
"value": "3.1 Intangible assets(DKK million) 2022 2021Assets AssetsPatents Other under Total Patents Other under Totaland li-intangible develop- intangible and li-intangible develop- intangibleGoodwill cences assets ment* assets Goodwill cences assets ment* assetsCost at 1.1. 9,471 137 1,229 274 11,111 8,320 122 1,055 283 9,780Foreign currency translationadjustments 111 - 15 2 128 338 - 14 5 357Additions during the year - 7 75 194 276 - 3 28 136 167Additions relating to acquisitions 2,366 1 235 4 2,606 813 - 12 - 825Disposals relating to divestments - - - - - - - -1 - -1 Disposals during the year -1 -4 -4 - -9 - - -17 - -17 Transfer to/from other items - - 107 -107 - - 12 138 -150 -Transferred to assets held for sale -459 -66 -18 -107 -650 - - - - -Cost at 31.12. 11,488 75 1,639 260 13,462 9,471 137 1,229 274 11,111Amortisation at 1.1. - -116 -678 - -794 - -110 -566 - -676 Foreign currency translationadjustments - - -11 - -11 - - -10 - -10 Amortisation for the year - -5 -147 - -152 - -5 -117 - -122 Depreciation transfer - - - - - - -1 -1 - -2 Disposals during the year - 3 1 - 4 - - 16 - 16Transferred to assets held for sale - 62 11 - 73 - - - - -Amortisation at 31.12. - -56 -824 - -880 - -116 -678 - -794 Carrying amount at 31.12. 11,488 19 815 260 12,582 9,471 21 551 274 10,317*Prepayments are included in assets under development.Accounting policiesOn initial recognition, goodwill is recog-nised and measured as the difference be-tween the acquisition cost \u2013 including the value of non-controlling interests in the ac-quired enterprise and the fair value of any existing investment in the acquired enter-prise \u2013 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 inde-pendent payments (cash-generating units). The definition of a cash-generating unit is in line with the Group\u2019s managerial structure as well as the internal financial management reporting.Goodwill is not amortised but is tested for impairment at least once a year. If the re-coverable amount of a cash-generating unit is lower than the carrying amounts of property, plant and equipment and intan-gible assets, including goodwill, attributa-ble to the particular cash-generating unit, the particular assets will be written down. Patents and licences acquired from third parties are measured at cost less accumu-lated amortisation and impairment losses. Patents and licences are amortised on a straight-line basis over their estimated useful lives. Other intangible assets consist of soft-ware, other rights than patents and li-cences and other intangible assets ac-quired in connection with business combi-nations, primarily brand value, customer relationships and non-compete agree-ments. Other intangible assets are measured at cost less accumulated amortisation andimpairment losses. Other intangible assetsare amortised on a straight-line basis overtheir estimated useful lives, except otherrights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead testedfor impairment annually. Please refer to Note 3.6.Assets under development include inter-nally developed IT systems. Assets underdevelopment are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to thedevelopment of such assets. Assets underdevelopment are not amortised, as they are not available for use.Useful lives of intangible assets:Patents and licences 5-20 yearsSoftware 3-10 yearsBrand value 5-10 yearsCustomer relationships 5-9 yearsAccounting estimates andjudgementsProduct development (judgement)It is Management\u2019s opinion that the prod-uct development undertaken by the Grouptoday cannot meaningfully be allocated to either the development of new products or the further development of existing prod-ucts. Moreover, as the products are subject to approval by various authorities, it is dif-ficult to determine the final completion of new products.3.6 Impairment testingImpairment testing is carried out for the Group\u2019s two cash-generating units, Hear-ing 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 2022. This conclusion is sup-ported by the fact that the market capitali-sation of the company on Nasdaq Copen-hagen by far exceeds the equity value of the company. At 31 December 2022, goodwill amounted to DKK 11,071 million in Hearing Health-care (DKK 9,054 million in 2021) and DKK 417 million in Communications (DKK 417 million in 2021). The impairment test is performed as a test of the value in use, including a five-year budget/projection period from 2023-2027. Future cash flows are based on the budget for 2023, on strategy plans and on projec-tions hereof. Projections extending beyond 2023 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2027 is determined on the assumption of 2% (2021: 2%) growth for each segment. The market growth rate in the hearing aid industry and for audio solutions is predom-inantly determined by the following factors: Hearing Healthcare \u2022 Growing demographics and an increas-ing share of elderly in the population driving stable volume growth in the hearing aid market. \u2022 Expansion of diagnostic instruments and services across the world. \u2022 Increased penetration rates of hearing healthcare solutions due to education, increased affluence and availability. Communications \u2022 Increasing adoption of Unified Commu-nications and Collaboration equipment, especially professional headsets. \u2022 Emergence and establishment of video solutions for enterprises. \u2022 An increasing prevalence of gamers driving growth in gaming headsets. The pre-tax discount rate is 8% (2021: 6.5%) for Hearing Healthcare and 12% (2021: 12%) for Communications. Sensitiv-ity calculations show that even a signifi-cant increase in the discount rates or a sig-nificant reduction of the growth assump-tions will not change the outcome of the impairment tests. Apart from goodwill, all intangible assets have limited useful lives. Accounting estimates and judgements Cash-generating units (judgement)Impairment testing is carried out annually on preparation of the annual report or on indication of impairment in which dis-counted values of future cash flows arecompared with carrying amounts. Groupenterprises cooperate closely on R&D, pur-chasing, production, marketing and sale, as the use of resources in the individual markets is coordinated and monitored by Management in Denmark. Group enter-prises are thus highly integrated. Regard-less of this, the products and services of-fered by Hearing Healthcare and Commu-nications address different customer de-mands and customer groups, which would not be comparable by nature. Management therefore considers it most appropriate to split the activities into two reportable seg-ments, Hearing Healthcare and Communi-cations. The two reportable segments con-stitute the Group\u2019s cash-generating units. Individual impairment testing is therefore carried out for these two cash-generating units. 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 re-viewed at the balance sheet date to deter-mine whether there are indications of im-pairment. If so, the recoverable amount of the particular asset is calculated to deter-mine 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 amountis determined as the higher of the fair valueof the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of thevalue in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partlycurrent market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cashflows. If the recoverable amount of a par-ticular 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 in-come statement. On any subsequent re-versal of impairment losses due to changesin the judgements on which the calculation of the recoverable amount is based, thecarrying amount of an asset or cash-gen-erating unit is increased to the adjusted estimate of the recoverable amount, how-ever 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 ofgoodwill is not reversed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__114-1": {
"value": "3.1 Intangible assets(DKK million) 2022 2021Assets AssetsPatents Other under Total Patents Other under Totaland li-intangible develop- intangible and li-intangible develop- intangibleGoodwill cences assets ment* assets Goodwill cences assets ment* assetsCost at 1.1. 9,471 137 1,229 274 11,111 8,320 122 1,055 283 9,780Foreign currency translationadjustments 111 - 15 2 128 338 - 14 5 357Additions during the year - 7 75 194 276 - 3 28 136 167Additions relating to acquisitions 2,366 1 235 4 2,606 813 - 12 - 825Disposals relating to divestments - - - - - - - -1 - -1 Disposals during the year -1 -4 -4 - -9 - - -17 - -17 Transfer to/from other items - - 107 -107 - - 12 138 -150 -Transferred to assets held for sale -459 -66 -18 -107 -650 - - - - -Cost at 31.12. 11,488 75 1,639 260 13,462 9,471 137 1,229 274 11,111Amortisation at 1.1. - -116 -678 - -794 - -110 -566 - -676 Foreign currency translationadjustments - - -11 - -11 - - -10 - -10 Amortisation for the year - -5 -147 - -152 - -5 -117 - -122 Depreciation transfer - - - - - - -1 -1 - -2 Disposals during the year - 3 1 - 4 - - 16 - 16Transferred to assets held for sale - 62 11 - 73 - - - - -Amortisation at 31.12. - -56 -824 - -880 - -116 -678 - -794 Carrying amount at 31.12. 11,488 19 815 260 12,582 9,471 21 551 274 10,317*Prepayments are included in assets under development.Accounting policiesOn initial recognition, goodwill is recog-nised and measured as the difference be-tween the acquisition cost \u2013 including the value of non-controlling interests in the ac-quired enterprise and the fair value of any existing investment in the acquired enter-prise \u2013 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 inde-pendent payments (cash-generating units). The definition of a cash-generating unit is in line with the Group\u2019s managerial structure as well as the internal financial management reporting.Goodwill is not amortised but is tested for impairment at least once a year. If the re-coverable amount of a cash-generating unit is lower than the carrying amounts of property, plant and equipment and intan-gible assets, including goodwill, attributa-ble to the particular cash-generating unit, the particular assets will be written down. Patents and licences acquired from third parties are measured at cost less accumu-lated amortisation and impairment losses. Patents and licences are amortised on a straight-line basis over their estimated useful lives. Other intangible assets consist of soft-ware, other rights than patents and li-cences and other intangible assets ac-quired in connection with business combi-nations, primarily brand value, customer relationships and non-compete agree-ments. Other intangible assets are measured at cost less accumulated amortisation andimpairment losses. Other intangible assetsare amortised on a straight-line basis overtheir estimated useful lives, except otherrights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead testedfor impairment annually. Please refer to Note 3.6.Assets under development include inter-nally developed IT systems. Assets underdevelopment are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to thedevelopment of such assets. Assets underdevelopment are not amortised, as they are not available for use.Useful lives of intangible assets:Patents and licences 5-20 yearsSoftware 3-10 yearsBrand value 5-10 yearsCustomer relationships 5-9 yearsAccounting estimates andjudgementsProduct development (judgement)It is Management\u2019s opinion that the prod-uct development undertaken by the Grouptoday cannot meaningfully be allocated to either the development of new products or the further development of existing prod-ucts. Moreover, as the products are subject to approval by various authorities, it is dif-ficult to determine the final completion of new products.3.6 Impairment testingImpairment testing is carried out for the Group\u2019s two cash-generating units, Hear-ing 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 2022. This conclusion is sup-ported by the fact that the market capitali-sation of the company on Nasdaq Copen-hagen by far exceeds the equity value of the company. At 31 December 2022, goodwill amounted to DKK 11,071 million in Hearing Health-care (DKK 9,054 million in 2021) and DKK 417 million in Communications (DKK 417 million in 2021). The impairment test is performed as a test of the value in use, including a five-year budget/projection period from 2023-2027. Future cash flows are based on the budget for 2023, on strategy plans and on projec-tions hereof. Projections extending beyond 2023 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2027 is determined on the assumption of 2% (2021: 2%) growth for each segment. The market growth rate in the hearing aid industry and for audio solutions is predom-inantly determined by the following factors: Hearing Healthcare \u2022 Growing demographics and an increas-ing share of elderly in the population driving stable volume growth in the hearing aid market. \u2022 Expansion of diagnostic instruments and services across the world. \u2022 Increased penetration rates of hearing healthcare solutions due to education, increased affluence and availability. Communications \u2022 Increasing adoption of Unified Commu-nications and Collaboration equipment, especially professional headsets. \u2022 Emergence and establishment of video solutions for enterprises. \u2022 An increasing prevalence of gamers driving growth in gaming headsets. The pre-tax discount rate is 8% (2021: 6.5%) for Hearing Healthcare and 12% (2021: 12%) for Communications. Sensitiv-ity calculations show that even a signifi-cant increase in the discount rates or a sig-nificant reduction of the growth assump-tions will not change the outcome of the impairment tests. Apart from goodwill, all intangible assets have limited useful lives. Accounting estimates and judgements Cash-generating units (judgement)Impairment testing is carried out annually on preparation of the annual report or on indication of impairment in which dis-counted values of future cash flows arecompared with carrying amounts. Groupenterprises cooperate closely on R&D, pur-chasing, production, marketing and sale, as the use of resources in the individual markets is coordinated and monitored by Management in Denmark. Group enter-prises are thus highly integrated. Regard-less of this, the products and services of-fered by Hearing Healthcare and Commu-nications address different customer de-mands and customer groups, which would not be comparable by nature. Management therefore considers it most appropriate to split the activities into two reportable seg-ments, Hearing Healthcare and Communi-cations. The two reportable segments con-stitute the Group\u2019s cash-generating units. Individual impairment testing is therefore carried out for these two cash-generating units. 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 re-viewed at the balance sheet date to deter-mine whether there are indications of im-pairment. If so, the recoverable amount of the particular asset is calculated to deter-mine 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 amountis determined as the higher of the fair valueof the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of thevalue in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partlycurrent market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cashflows. If the recoverable amount of a par-ticular 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 in-come statement. On any subsequent re-versal of impairment losses due to changesin the judgements on which the calculation of the recoverable amount is based, thecarrying amount of an asset or cash-gen-erating unit is increased to the adjusted estimate of the recoverable amount, how-ever 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 ofgoodwill is not reversed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__115-1": {
"value": "On initial recognition, goodwill is recog-nised and measured as the difference be-tween the acquisition cost \u2013 including the value of non-controlling interests in the ac-quired enterprise and the fair value of any existing investment in the acquired enter-prise \u2013 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 inde-pendent payments (cash-generating units). The definition of a cash-generating unit is in line with the Group\u2019s managerial structure as well as the internal financial management reporting.Goodwill is not amortised but is tested for impairment at least once a year. If the re-coverable amount of a cash-generating unit is lower than the carrying amounts of property, plant and equipment and intan-gible assets, including goodwill, attributa-ble to the particular cash-generating unit, the particular assets will be written down. Patents and licences acquired from third parties are measured at cost less accumu-lated amortisation and impairment losses. Patents and licences are amortised on a straight-line basis over their estimated useful lives. Other intangible assets consist of soft-ware, other rights than patents and li-cences and other intangible assets ac-quired in connection with business combi-nations, primarily brand value, customer relationships and non-compete agree-ments. Other intangible assets are measured at cost less accumulated amortisation andimpairment losses. Other intangible assetsare amortised on a straight-line basis overtheir estimated useful lives, except otherrights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead testedfor impairment annually. Please refer to Note 3.6.Assets under development include inter-nally developed IT systems. Assets underdevelopment are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to thedevelopment of such assets. Assets underdevelopment are not amortised, as they are not available for use.Useful lives of intangible assets:Patents and licences 5-20 yearsSoftware 3-10 yearsBrand value 5-10 yearsCustomer relationships 5-9 yearsProperty, plant and equipment are recog-nised at cost less accumulated deprecia-tion and impairment losses. Cost is defined as the acquisition price and costs directly relating to the acquisition until the point in time when 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 rec-ognised as a provision and as part of the cost of the particular asset, respectively.Assets consisting of various elements will be depreciated separately if their useful lives are not the same. Property, plant and equipment are depre-ciated on a straight-line basis over their estimated useful lives. Land is not depreci-ated.Buildings 30-50 yearsTechnical installations 10 years Plant and machinery 3-5 years Other plant, fixtures andoperating equipment 3-5 yearsIT hardware 3-5 yearsLeasehold improvements Up to 10 yearsIncome and costs are recognised on anaccruals basis. The income statement is broken down by function, and all costs, including depreciation, amortisation andimpairment losses, are therefore charged to production, distribution, administration and R&D.Production costs Production costs are costs incurred to gen-erate revenue. Distribution companies rec-ognise cost of goods sold under production costs. Production companies recognise cost of raw materials, consumables, pro-duction staff as well as maintenance ofand depreciation, amortisation and impair-ment losses on property, plant and equip-ment and intangible assets used in theproduction process under production costs. R&D costsResearch costs are always recognised inthe income statement as such costs incur.Development costs include all costs notsatisfying capitalisation criteria but in-curred in connection with the development,prototype construction, development ofnew business concepts and amortisationof capitalised development costs.Distribution costs Distribution costs include costs relating to training, sales, marketing, promotion ma-terials, distribution, bad debts as well as depreciation and amortisation of and im-pairment losses on assets used for distri-bution purposes.Administrative expenses Administrative expenses include adminis-trative staff costs, office expenses as well as depreciation and amortisation of and impairment losses on assets used for ad-ministrative purposes. Prepaid expensesPrepaid expenses recognised under assets include costs relating to the subsequent fi-nancial years. Prepaid expenses are meas-ured at cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__116-1": {
"value": "On initial recognition, goodwill is recog-nised and measured as the difference be-tween the acquisition cost \u2013 including the value of non-controlling interests in the ac-quired enterprise and the fair value of any existing investment in the acquired enter-prise \u2013 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 inde-pendent payments (cash-generating units). The definition of a cash-generating unit is in line with the Group\u2019s managerial structure as well as the internal financial management reporting.Goodwill is not amortised but is tested for impairment at least once a year. If the re-coverable amount of a cash-generating unit is lower than the carrying amounts of property, plant and equipment and intan-gible assets, including goodwill, attributa-ble to the particular cash-generating unit, the particular assets will be written down. Patents and licences acquired from third parties are measured at cost less accumu-lated amortisation and impairment losses. Patents and licences are amortised on a straight-line basis over their estimated useful lives. Other intangible assets consist of soft-ware, other rights than patents and li-cences and other intangible assets ac-quired in connection with business combi-nations, primarily brand value, customer relationships and non-compete agree-ments. Other intangible assets are measured at cost less accumulated amortisation andimpairment losses. Other intangible assetsare amortised on a straight-line basis overtheir estimated useful lives, except otherrights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead testedfor impairment annually. Please refer to Note 3.6.Assets under development include inter-nally developed IT systems. Assets underdevelopment are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to thedevelopment of such assets. Assets underdevelopment are not amortised, as they are not available for use.Useful lives of intangible assets:Patents and licences 5-20 yearsSoftware 3-10 yearsBrand value 5-10 yearsCustomer relationships 5-9 yearsProperty, plant and equipment are recog-nised at cost less accumulated deprecia-tion and impairment losses. Cost is defined as the acquisition price and costs directly relating to the acquisition until the point in time when 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 rec-ognised as a provision and as part of the cost of the particular asset, respectively.Assets consisting of various elements will be depreciated separately if their useful lives are not the same. Property, plant and equipment are depre-ciated on a straight-line basis over their estimated useful lives. Land is not depreci-ated.Buildings 30-50 yearsTechnical installations 10 years Plant and machinery 3-5 years Other plant, fixtures andoperating equipment 3-5 yearsIT hardware 3-5 yearsLeasehold improvements Up to 10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__117": {
"value": "On initial recognition, goodwill is recog-nised and measured as the difference be-tween the acquisition cost \u2013 including the value of non-controlling interests in the ac-quired enterprise and the fair value of any existing investment in the acquired enter-prise \u2013 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 inde-pendent payments (cash-generating units). The definition of a cash-generating unit is in line with the Group\u2019s managerial structure as well as the internal financial management reporting.Goodwill is not amortised but is tested for impairment at least once a year. If the re-coverable amount of a cash-generating unit is lower than the carrying amounts of property, plant and equipment and intan-gible assets, including goodwill, attributa-ble to the particular cash-generating unit, the particular assets will be written down. Patents and licences acquired from third parties are measured at cost less accumu-lated amortisation and impairment losses. Patents and licences are amortised on a straight-line basis over their estimated useful lives. Other intangible assets consist of soft-ware, other rights than patents and li-cences and other intangible assets ac-quired in connection with business combi-nations, primarily brand value, customer relationships and non-compete agree-ments. Other intangible assets are measured at cost less accumulated amortisation andimpairment losses. Other intangible assetsare amortised on a straight-line basis overtheir estimated useful lives, except otherrights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead testedfor impairment annually. Please refer to Note 3.6.Assets under development include inter-nally developed IT systems. Assets underdevelopment are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to thedevelopment of such assets. Assets underdevelopment are not amortised, as they are not available for use.Useful lives of intangible assets:Patents and licences 5-20 yearsSoftware 3-10 yearsBrand value 5-10 yearsCustomer relationships 5-9 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__118": {
"value": "On initial recognition, goodwill is recog-nised and measured as the difference be-tween the acquisition cost \u2013 including the value of non-controlling interests in the ac-quired enterprise and the fair value of any existing investment in the acquired enter-prise \u2013 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 inde-pendent payments (cash-generating units). The definition of a cash-generating unit is in line with the Group\u2019s managerial structure as well as the internal financial management reporting.Goodwill is not amortised but is tested for impairment at least once a year. If the re-coverable amount of a cash-generating unit is lower than the carrying amounts of property, plant and equipment and intan-gible assets, including goodwill, attributa-ble to the particular cash-generating unit, the particular assets will be written down. Patents and licences acquired from third parties are measured at cost less accumu-lated amortisation and impairment losses. Patents and licences are amortised on a straight-line basis over their estimated useful lives. Other intangible assets consist of soft-ware, other rights than patents and li-cences and other intangible assets ac-quired in connection with business combi-nations, primarily brand value, customer relationships and non-compete agree-ments. Other intangible assets are measured at cost less accumulated amortisation andimpairment losses. Other intangible assetsare amortised on a straight-line basis overtheir estimated useful lives, except otherrights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead testedfor impairment annually. Please refer to Note 3.6.Assets under development include inter-nally developed IT systems. Assets underdevelopment are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to thedevelopment of such assets. Assets underdevelopment are not amortised, as they are not available for use.Useful lives of intangible assets:Patents and licences 5-20 yearsSoftware 3-10 yearsBrand value 5-10 yearsCustomer relationships 5-9 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__119": {
"value": "On initial recognition, goodwill is recog-nised and measured as the difference be-tween the acquisition cost \u2013 including the value of non-controlling interests in the ac-quired enterprise and the fair value of any existing investment in the acquired enter-prise \u2013 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 inde-pendent payments (cash-generating units). The definition of a cash-generating unit is in line with the Group\u2019s managerial structure as well as the internal financial management reporting.Goodwill is not amortised but is tested for impairment at least once a year. If the re-coverable amount of a cash-generating unit is lower than the carrying amounts of property, plant and equipment and intan-gible assets, including goodwill, attributa-ble to the particular cash-generating unit, the particular assets will be written down. Patents and licences acquired from third parties are measured at cost less accumu-lated amortisation and impairment losses. Patents and licences are amortised on a straight-line basis over their estimated useful lives. Other intangible assets consist of soft-ware, other rights than patents and li-cences and other intangible assets ac-quired in connection with business combi-nations, primarily brand value, customer relationships and non-compete agree-ments. Other intangible assets are measured at cost less accumulated amortisation andimpairment losses. Other intangible assetsare amortised on a straight-line basis overtheir estimated useful lives, except otherrights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead testedfor impairment annually. Please refer to Note 3.6.Assets under development include inter-nally developed IT systems. Assets underdevelopment are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to thedevelopment of such assets. Assets underdevelopment are not amortised, as they are not available for use.Useful lives of intangible assets:Patents and licences 5-20 yearsSoftware 3-10 yearsBrand value 5-10 yearsCustomer relationships 5-9 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__122-1": {
"value": "3.2 Property, plant and equipment (DKK million) 2022 2021Other Otherplant, plant,fixtures Total fixtures Totaland Assets property and Assets propertyLand opera- Lease-under plant Land opera- Lease-under plantand Plant ting hold im-con-and and Plant ting hold im-con-andbuild-and ma-equip- prove-struc-equip-build-and ma-equip- prove-struc-equip-ings chinery ment ments tion* ment ings chinery ment ments tion* mentCost at 1.1. 1,308 788 1,624 1,133 127 4,980 1,254 742 1,341 973 181 4,491Foreign currency translation adjustments 10 -2 22 3 - 33 17 3 42 28 3 93Additions during the year 6 44 185 205 207 647 6 36 204 153 80 479Additions relating to acquisitions - 2 24 44 - 70 3 - 3 7 - 13Disposals relating to divestments - - - - - - - -3 -13 -1 - -17 Disposals during the year -8 -33 -53 -31 - -125 - -16 -44 -46 -4 -110 Transferred to/from other items 23 82 -41 50 -114 - 28 26 91 19 -133 31Transferred to assets held for sale - -46 -24 -13 - -83 - - - - - -Cost at 31.12. 1,339 835 1,737 1,391 220 5,522 1,308 788 1,624 1,133 127 4,980Depreciation and impairment losses at 1.1. -306 -576 -1,166 -655 - -2,703 -274 -525 -991 -562 - -2,352 Foreign currency translation adjustments -4 2 -16 -3 - -21 -6 -3 -33 -17 - -59 Depreciation for the year -28 -78 -156 -148 - -410 -27 -71 -161 -115 - -374 Disposals relating to divestments - - - - - - - 2 12 1 - 15Disposals during the year 5 31 44 29 - 109 - 14 43 41 - 98Transferred to/from other items - -2 -8 10 - - 1 7 -36 -3 - -31 Transferred to assets held for sale - 25 21 10 - 56 - - - - - -Depreciation and impairment losses at 31.12. -333 -598 -1,281 -757 - -2,969 -306 -576 -1,166 -655 - -2,703 Carrying amount at 31.12. 1,006 237 456 634 220 2,553 1,002 212 458 478 127 2,277*Prepayments are included in assets under construction. Accounting policies Property, plant and equipment are recog-nised at cost less accumulated deprecia-tion and impairment losses. Cost is defined as the acquisition price and costs directly relating to the acquisition until the point in time when 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 rec-ognised as a provision and as part of the cost of the particular asset, respectively.Assets consisting of various elements will be depreciated separately if their useful lives are not the same. Property, plant and equipment are depre-ciated on a straight-line basis over their estimated useful lives. Land is not depreci-ated.Buildings 30-50 yearsTechnical installations 10 years Plant and machinery 3-5 years Other plant, fixtures andoperating equipment 3-5 yearsIT hardware 3-5 yearsLeasehold improvements Up to 10 yearsAccounting estimates andjudgements Useful life and residual value (estimate) The depreciation basis is cost less the esti-mated residual value of an asset after theend of its useful life. The residual value is the estimated amount, which could afterdeduction of costs to sell be obtainedthrough 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 de-termined at the time of acquisition and is reviewed annually. If the residual value ex-ceeds the carrying amount, depreciation will be discontinued. Depreciation methods, useful lives and residual values are reviewed annually.Property, plant and equipment are writtendown to their recoverable amounts, if theseare lower than their carrying amounts.3.6 Impairment testingImpairment testing is carried out for the Group\u2019s two cash-generating units, Hear-ing 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 2022. This conclusion is sup-ported by the fact that the market capitali-sation of the company on Nasdaq Copen-hagen by far exceeds the equity value of the company. At 31 December 2022, goodwill amounted to DKK 11,071 million in Hearing Health-care (DKK 9,054 million in 2021) and DKK 417 million in Communications (DKK 417 million in 2021). The impairment test is performed as a test of the value in use, including a five-year budget/projection period from 2023-2027. Future cash flows are based on the budget for 2023, on strategy plans and on projec-tions hereof. Projections extending beyond 2023 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2027 is determined on the assumption of 2% (2021: 2%) growth for each segment. The market growth rate in the hearing aid industry and for audio solutions is predom-inantly determined by the following factors: Hearing Healthcare \u2022 Growing demographics and an increas-ing share of elderly in the population driving stable volume growth in the hearing aid market. \u2022 Expansion of diagnostic instruments and services across the world. \u2022 Increased penetration rates of hearing healthcare solutions due to education, increased affluence and availability. Communications \u2022 Increasing adoption of Unified Commu-nications and Collaboration equipment, especially professional headsets. \u2022 Emergence and establishment of video solutions for enterprises. \u2022 An increasing prevalence of gamers driving growth in gaming headsets. The pre-tax discount rate is 8% (2021: 6.5%) for Hearing Healthcare and 12% (2021: 12%) for Communications. Sensitiv-ity calculations show that even a signifi-cant increase in the discount rates or a sig-nificant reduction of the growth assump-tions will not change the outcome of the impairment tests. Apart from goodwill, all intangible assets have limited useful lives. Accounting estimates and judgements Cash-generating units (judgement)Impairment testing is carried out annually on preparation of the annual report or on indication of impairment in which dis-counted values of future cash flows arecompared with carrying amounts. Groupenterprises cooperate closely on R&D, pur-chasing, production, marketing and sale, as the use of resources in the individual markets is coordinated and monitored by Management in Denmark. Group enter-prises are thus highly integrated. Regard-less of this, the products and services of-fered by Hearing Healthcare and Commu-nications address different customer de-mands and customer groups, which would not be comparable by nature. Management therefore considers it most appropriate to split the activities into two reportable seg-ments, Hearing Healthcare and Communi-cations. The two reportable segments con-stitute the Group\u2019s cash-generating units. Individual impairment testing is therefore carried out for these two cash-generating units. 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 re-viewed at the balance sheet date to deter-mine whether there are indications of im-pairment. If so, the recoverable amount of the particular asset is calculated to deter-mine 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 amountis determined as the higher of the fair valueof the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of thevalue in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partlycurrent market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cashflows. If the recoverable amount of a par-ticular 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 in-come statement. On any subsequent re-versal of impairment losses due to changesin the judgements on which the calculation of the recoverable amount is based, thecarrying amount of an asset or cash-gen-erating unit is increased to the adjusted estimate of the recoverable amount, how-ever 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 ofgoodwill is not reversed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__124": {
"value": "Property, plant and equipment are recog-nised at cost less accumulated deprecia-tion and impairment losses. Cost is defined as the acquisition price and costs directly relating to the acquisition until the point in time when 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 rec-ognised as a provision and as part of the cost of the particular asset, respectively.Assets consisting of various elements will be depreciated separately if their useful lives are not the same. Property, plant and equipment are depre-ciated on a straight-line basis over their estimated useful lives. Land is not depreci-ated.Buildings 30-50 yearsTechnical installations 10 years Plant and machinery 3-5 years Other plant, fixtures andoperating equipment 3-5 yearsIT hardware 3-5 yearsLeasehold improvements Up to 10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__127": {
"value": "3.3 Leases(DKK million) 2022 2021Lease assets at 1.1. 2,079 1,847Foreign currency translation adjustments 8 43Additions during the year 760 673Additions relating to acquisitions 170 99Disposals during the year -71 -45 Depreciations during the year -624 -538 Transferred to assets held for sale -18 -Lease assets at 31.12. 2,304 2,079Lease liabilities at 1.1. 2,121 1,893Foreign currency translation adjustments 7 50Additions during the year 763 660Additions relating to acquisitions 170 99Covid-19-related rent concessions -3 -2 Disposals during the year -45 -46 Payments -660 -574 Interest 46 41Transferred to liabilities related to assets held for sale -19 -Lease liabilities at 31.12. 2,380 2,121Current lease liabilities 614 511Non-current lease liabilities 1,766 1,610Amounts Variable lease payments 31 32Short-term lease expenses 45 27Low-value assets 4 5Approx. 96% of the Group\u2019s leases consist of property agreements. The lease terms are of various length and may contain ex-tension and termination options. Management exercises significant judge-ment in determining whether it is reasona-bly certain that these extension and termi-nation options will be exercised.Accounting policiesLease 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 impair-ment. 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 pre-sent value of future payments, using the interest rate implicit in the lease agree-ment. Lease payments are discounted, us-ing the Group\u2019s incremental borrowing rate 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 fixedpayments less any lease incentives receiv-able, variable lease payments that dependon an index or a rate as well as payments of penalties for terminating the lease, if the terms of the lease warrants that the Groupexercises that option.The lease liability is remeasured if or when the future payment or lease term changes.Any net remeasurement of the lease liabil-ity is recognised as an adjustment to thelease asset. If the carrying amount of thelease asset is reduced to zero, the adjust-ment will be recognised in the income statement.Additional information Short-term lease expenses, low-value as-sets and variable lease payments are clas-sified as operating expenses in the income statement.Please refer to Note 4.4 for a maturityanalysis of the lease liabilities. Accounting estimates andjudgementsLease term (judgement) The lease term is the period during which the lease contract is enforceable. If the original expiry date of a lease contract haspassed, typically in the case of property leases, but the contract continues withouta determined expiry date, the lease term is set for an estimated period during which the lease contract is expected to be en-forceable. This assessment is based onManagement\u2019s judgement and takes intoconsideration the location of the lease,capitalised leasehold improvements andthe experience with similar leases for the specific area.Extension and termination options(significant judgement)When determining the lease term for leaseagreements containing extension and ter-mination options, Management considerscircumstances that create a financial in-centive to exercise an extension option or not to exercise a termination option. Exten-sion and termination options are only in-cluded in the lease term if it is reasonably certain that a lease will be extended/termi-nated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__128": {
"value": "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 impair-ment. 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 pre-sent value of future payments, using the interest rate implicit in the lease agree-ment. Lease payments are discounted, us-ing the Group\u2019s incremental borrowing rate 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 fixedpayments less any lease incentives receiv-able, variable lease payments that dependon an index or a rate as well as payments of penalties for terminating the lease, if the terms of the lease warrants that the Groupexercises that option.The lease liability is remeasured if or when the future payment or lease term changes.Any net remeasurement of the lease liabil-ity is recognised as an adjustment to thelease asset. If the carrying amount of thelease asset is reduced to zero, the adjust-ment will be recognised in the income statement.Additional information Short-term lease expenses, low-value as-sets and variable lease payments are clas-sified as operating expenses in the income statement.Please refer to Note 4.4 for a maturityanalysis of the lease liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__130": {
"value": "3.4 Other non-current assets (DKK million) 2022 2021Invest-Receivables Invest-Receivablesments in from ments in fromassociates associates associates associatesand joint and joint Customer and joint and joint Customerventures ventures loans Other ventures ventures loans OtherCost at 1.1. 803 271 501 97 799 247 446 86Foreign currency translation adjustments 21 -2 23 1 30 15 34 4Additions during the year - 120 303 9 - 106 282 6Additions relating to acquisitions 7 - - 9 - - - -Disposals related to step acquisitions and disposals of associates -15 -20 - -5 -26 -98 - 4Disposals, repayments etc. during the year - - -56 -3 - - -117 -1 Transferred to current assets - - -184 - - 1 -144 -2 Cost at 31.12. 816 369 587 108 803 271 501 97Value adjustments at 1.1. 55 -4 -8 -22 34 - -9 -20 Foreign currency translation adjustments -4 - - - 1 - -1 -2 Share of profit after tax 122 - - - 120 - - -Dividends received -164 - - - -106 - - -Disposals relating to step-up acquisitions of associates - - - - -2 -1 - -Other adjustments -3 6 -14 -2 8 -3 -2 -Disposals during the year - - 1 - - - 4 -Value adjustments at 31.12. 6 2 -21 -24 55 -4 -8 -22 Carrying amount at 31.12. 822 371 566 84 858 267 493 75Transactions with associates and joint venturesIn 2022, the Group recognised revenuefrom associates and joint ventures of DKK 589 million (DKK 544 million in 2021), re-ceived royalties from and paid licence fees to associates and joint ventures, amount-ing to net income of DKK 18 million (DKK 0 million in 2021), and received dividendsfrom associates and joint ventures in theamount of DKK 164 million (DKK 106 mil-lion in 2021). In 2022, the Group receivedinterest income from associates and joint ventures in the amount of DKK 16 million (DKK 11 million in 2021).Under the provisions of contracts con-cluded with associates and joint ventures, the Group is not entitled to receive divi-dends from certain associates and jointventures. This is reflected in the profit in-cluded in the income statement, as noprofit is recognised if the Group is not enti-tled to receive dividends. Accounting policiesInvestments in associates and joint ven-tures are recognised and measured using the equity method, i.e. investments are rec-ognised in the balance sheet at the pro-portionate share of the equity value deter-mined in accordance with the Group\u2019s ac-counting policies after the deduction andaddition of proportionate intra-group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares ofprofit after tax in associates and joint ven-tures are recognised in the income state-ment after the year\u2019s changes in unreal-ised intra-group profits less any impair-ment loss relating to goodwill.The proportionate shares of all transac-tions and events, which have been recog-nised in other comprehensive income inassociates and joint ventures, are recog-nised in consolidated other comprehensiveincome. On the acquisition of interests in associates and joint ventures, the acquisi-tion method is applied.Associates(DKK million) 2022 2021Financial information from financial statements (Group share)Revenue 876 796Profit for the year 122 120Comprehensive income 122 120",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__131": {
"value": "3.4 Other non-current assets (DKK million) 2022 2021Invest-Receivables Invest-Receivablesments in from ments in fromassociates associates associates associatesand joint and joint Customer and joint and joint Customerventures ventures loans Other ventures ventures loans OtherCost at 1.1. 803 271 501 97 799 247 446 86Foreign currency translation adjustments 21 -2 23 1 30 15 34 4Additions during the year - 120 303 9 - 106 282 6Additions relating to acquisitions 7 - - 9 - - - -Disposals related to step acquisitions and disposals of associates -15 -20 - -5 -26 -98 - 4Disposals, repayments etc. during the year - - -56 -3 - - -117 -1 Transferred to current assets - - -184 - - 1 -144 -2 Cost at 31.12. 816 369 587 108 803 271 501 97Value adjustments at 1.1. 55 -4 -8 -22 34 - -9 -20 Foreign currency translation adjustments -4 - - - 1 - -1 -2 Share of profit after tax 122 - - - 120 - - -Dividends received -164 - - - -106 - - -Disposals relating to step-up acquisitions of associates - - - - -2 -1 - -Other adjustments -3 6 -14 -2 8 -3 -2 -Disposals during the year - - 1 - - - 4 -Value adjustments at 31.12. 6 2 -21 -24 55 -4 -8 -22 Carrying amount at 31.12. 822 371 566 84 858 267 493 75",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__132-1": {
"value": "3.4 Other non-current assets (DKK million) 2022 2021Invest-Receivables Invest-Receivablesments in from ments in fromassociates associates associates associatesand joint and joint Customer and joint and joint Customerventures ventures loans Other ventures ventures loans OtherCost at 1.1. 803 271 501 97 799 247 446 86Foreign currency translation adjustments 21 -2 23 1 30 15 34 4Additions during the year - 120 303 9 - 106 282 6Additions relating to acquisitions 7 - - 9 - - - -Disposals related to step acquisitions and disposals of associates -15 -20 - -5 -26 -98 - 4Disposals, repayments etc. during the year - - -56 -3 - - -117 -1 Transferred to current assets - - -184 - - 1 -144 -2 Cost at 31.12. 816 369 587 108 803 271 501 97Value adjustments at 1.1. 55 -4 -8 -22 34 - -9 -20 Foreign currency translation adjustments -4 - - - 1 - -1 -2 Share of profit after tax 122 - - - 120 - - -Dividends received -164 - - - -106 - - -Disposals relating to step-up acquisitions of associates - - - - -2 -1 - -Other adjustments -3 6 -14 -2 8 -3 -2 -Disposals during the year - - 1 - - - 4 -Value adjustments at 31.12. 6 2 -21 -24 55 -4 -8 -22 Carrying amount at 31.12. 822 371 566 84 858 267 493 75Transactions with associates and joint venturesIn 2022, the Group recognised revenuefrom associates and joint ventures of DKK 589 million (DKK 544 million in 2021), re-ceived royalties from and paid licence fees to associates and joint ventures, amount-ing to net income of DKK 18 million (DKK 0 million in 2021), and received dividendsfrom associates and joint ventures in theamount of DKK 164 million (DKK 106 mil-lion in 2021). In 2022, the Group receivedinterest income from associates and joint ventures in the amount of DKK 16 million (DKK 11 million in 2021).Under the provisions of contracts con-cluded with associates and joint ventures, the Group is not entitled to receive divi-dends from certain associates and jointventures. This is reflected in the profit in-cluded in the income statement, as noprofit is recognised if the Group is not enti-tled to receive dividends.Investments in associates and joint ven-tures are recognised and measured using the equity method, i.e. investments are rec-ognised in the balance sheet at the pro-portionate share of the equity value deter-mined in accordance with the Group\u2019s ac-counting policies after the deduction andaddition of proportionate intra-group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares ofprofit after tax in associates and joint ven-tures are recognised in the income state-ment after the year\u2019s changes in unreal-ised intra-group profits less any impair-ment loss relating to goodwill.The proportionate shares of all transac-tions and events, which have been recog-nised in other comprehensive income inassociates and joint ventures, are recog-nised in consolidated other comprehensiveincome. On the acquisition of interests in associates and joint ventures, the acquisi-tion method is applied.3.6 Impairment testingImpairment testing is carried out for the Group\u2019s two cash-generating units, Hear-ing 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 2022. This conclusion is sup-ported by the fact that the market capitali-sation of the company on Nasdaq Copen-hagen by far exceeds the equity value of the company. At 31 December 2022, goodwill amounted to DKK 11,071 million in Hearing Health-care (DKK 9,054 million in 2021) and DKK 417 million in Communications (DKK 417 million in 2021). The impairment test is performed as a test of the value in use, including a five-year budget/projection period from 2023-2027. Future cash flows are based on the budget for 2023, on strategy plans and on projec-tions hereof. Projections extending beyond 2023 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2027 is determined on the assumption of 2% (2021: 2%) growth for each segment. The market growth rate in the hearing aid industry and for audio solutions is predom-inantly determined by the following factors: Hearing Healthcare \u2022 Growing demographics and an increas-ing share of elderly in the population driving stable volume growth in the hearing aid market. \u2022 Expansion of diagnostic instruments and services across the world. \u2022 Increased penetration rates of hearing healthcare solutions due to education, increased affluence and availability. Communications \u2022 Increasing adoption of Unified Commu-nications and Collaboration equipment, especially professional headsets. \u2022 Emergence and establishment of video solutions for enterprises. \u2022 An increasing prevalence of gamers driving growth in gaming headsets. The pre-tax discount rate is 8% (2021: 6.5%) for Hearing Healthcare and 12% (2021: 12%) for Communications. Sensitiv-ity calculations show that even a signifi-cant increase in the discount rates or a sig-nificant reduction of the growth assump-tions will not change the outcome of the impairment tests. Apart from goodwill, all intangible assets have limited useful lives. Accounting estimates and judgements Cash-generating units (judgement)Impairment testing is carried out annually on preparation of the annual report or on indication of impairment in which dis-counted values of future cash flows arecompared with carrying amounts. Groupenterprises cooperate closely on R&D, pur-chasing, production, marketing and sale, as the use of resources in the individual markets is coordinated and monitored by Management in Denmark. Group enter-prises are thus highly integrated. Regard-less of this, the products and services of-fered by Hearing Healthcare and Commu-nications address different customer de-mands and customer groups, which would not be comparable by nature. Management therefore considers it most appropriate to split the activities into two reportable seg-ments, Hearing Healthcare and Communi-cations. The two reportable segments con-stitute the Group\u2019s cash-generating units. Individual impairment testing is therefore carried out for these two cash-generating units. 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 re-viewed at the balance sheet date to deter-mine whether there are indications of im-pairment. If so, the recoverable amount of the particular asset is calculated to deter-mine 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 amountis determined as the higher of the fair valueof the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of thevalue in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partlycurrent market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cashflows. If the recoverable amount of a par-ticular 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 in-come statement. On any subsequent re-versal of impairment losses due to changesin the judgements on which the calculation of the recoverable amount is based, thecarrying amount of an asset or cash-gen-erating unit is increased to the adjusted estimate of the recoverable amount, how-ever 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 ofgoodwill is not reversed.Subsidiaries, associates andJoint venturesCompany Interest Demant A/S Parent Oticon A/S, Denmark* 100% Oticon AS, Norway* 100% Oticon Denmark A/S, Denmark* 100% Oticon GmbH, Germany 100% Oticon Limited, United Kingdom* 100% Oticon Medical A/S, Denmark* 100% Oticon Medical AB, Sweden 100% Oticon Medical Maroc, Morocco* 100% Oticon Medical, LLC, United States 100% Oticon Polska Sp. z o.o., Poland* 100% Oticon Portugal, Unipessoal LDA, Portugal 100% Acoustic Metrology Limited, United Kingdom 100% ACS Audika Sp. z.o.o., Poland 100% Acustica Sp. z o.o., Poland* 100% Advanced Hearing Providers, LLC, United States 100% Akoustica Medica S.A., Greece* 100% Amplivox Limited, United Kingdom 100% Audika AB, Sweden* 100% Audika AG, Switzerland* 100% Audika ApS, Denmark* 100% Audika Australia Pty. Ltd., Australia 100% Audika GmbH, Germany 100% Audika Groupe S.A.S., France* 100% Audika Management GmbH, Germany 100% Audika New Zealand Limited, New Zealand* 100% Audika NV, Belgium* 100% Audio Seleccion S.L., Spain* 100% Audiology Services Company USA, LLC, United States 100% AudioNet America, Inc., United States 100% Audmet Australia Pty Ltd., Australia 100% Audmet Canada Ltd., Canada 100% *Directly owned by the Parent for 100%. Company InterestAudmet New Zealand Limited, New Zealand* 100%Audmet Oy, Finland* 100%Audmet Srl, Italy* 100%AudPractice Group, LLC, United States 100%Beijing Sheng Wang Yuanbo Commerce and Trade Co., Ltd., China* 100%Bernafon (UK) Limited, United Kingdom* 100%Bernafon A/S, Denmark* 100%Bernafon AB, Sweden* 100%Bernafon AG, Switzerland* 100%Bernafon H\u00f6rger\u00e4te GmbH, Germany 100%Bernafon, LLC, United States 100%Birdsong Hearing Benefits, LLC, United States 100%Centro Auditivo Telex Ltda., Brazil 100%CQ Partners, LLC, United States 100%Danacom H\u00f8reapparater A/S, Denmark* 100%Demant Australia Pty Ltd, Australia* 100%Demant Business Services Poland Sp. z o.o., Poland* 100%Demant Iberica, S.A., Spain* 100%Demant Italia S.r.l., Italy* 100%Demant Japan K.K., Japan* 100%Demant Korea Co., ltd., Korea* 100%Demant Malaysia Sdn. Bhd., Malaysia* 100%Demant M\u00e9xico, S.A. de C.V., Mexico 100%Demant Nederland B.V., Netherlands* 100%Demant New Zealand Limited, New Zealand* 100%Demant Operations Poland Sp. z o.o, Poland 100%Demant Operations S.A. de C.V., Mexico 100%Demant Sales Strategic Accounts A/S, Denmark* 100%Demant Schweiz AG, Switzerland* 100%Demant Singapore Pte Ltd, Singapore* 100%Demant South Africa (Pty) Ltd., South Africa* 100%Demant Sweden AB, Sweden* 100%The list includes the Group's active companiesCompany Interest Demant Technology & Innovation Centre Sdn. Bhd., Malaysia* 100% Demant Technology Centre Sp. z o.o., Poland* 100% DGS Diagnostics Sp. z o.o., Poland 100% Diagnostic Group LLC, United States 100% Diatec A/S, Denmark* 100% Diatec AG, Switzerland* 100% Diatec Diagnostics GmbH, Germany* 100% Diatec Polska Sp. z o.o., Poland* 100% Diatec Shanghai Medical Technology Co., Ltd., China* 100% Diatec Spain, S.L.U., Spain* 100% DSEA A/S, Denmark 100% e3 Diagnostics, Inc., United States 100% Entomed MedTech AB, Sweden* 100% EPOS Audio Australia Pty Ltd, Australia 100% EPOS Audio India Private Limited, India 100% EPOS Audio Ireland Limited, Ireland 100% EPOS Audio Singapore Pte. Ltd., Singapore 100% EPOS Audio UK Ltd., United Kingdom 100% EPOS Austria GmbH, Austria 100% EPOS Belgium BV, Belgium 100% EPOS Canada Ltd., Canada* 100% EPOS France S.A.S, France 100% EPOS Germany GmbH, Germany 100% EPOS Group A/S, Denmark* 100% EPOS Hong Kong Limited, Hong Kong 100% EPOS Japan Kabushiki Kaisha, Japan 100% EPOS Netherlands B.V., Netherlands 100% EPOS Sales A/S, Denmark 100% EPOS Sweden AB, Sweden 100% EPOS Switzerland AG, Switzerland 100% EPOS USA, Inc., United States 100% *Directly owned by the Parent for 100%**Subconsolidated group of companies, including companies with non-controlling interests.Company InterestEtymonic Design Inc., Canada* 100%Fluorite Sp. z o.o., Poland 100%Great Lakes Provider Network, LLC, United States 100%Guymark UK Limited, United Kingdom 100%Hearing Screening Associates, LLC, United States 100%HearingLife Canada Ltd., Canada* 100%Hidden Hearing (N.I.) Limited, United Kingdom 100%Hidden Hearing (Portugal), Unipessoal, Lda., Portugal* 100%Hidden Hearing International Plc, United Kingdom* 100%Hidden Hearing Limited, Ireland* 100%Hidden Hearing Limited, United Kingdom 100%Hidden Hearing Properties Ltd, United Kingdom 100%IDEA Isitme Sistemleri Sanayi ve Ticaret A.S., Turkey* 100%Interacoustics A/S, Denmark* 100%Interacoustics Pty Ltd, Australia 100%Inventis North America Inc., United States 100%Inventis S.r.l., Italy* 100%Kuulopiiri Oy, Finland* 100%Langer H\u00f6rstudio GmbH, Germany 100%LeDiSo Italia S.r.l., Italy* 100%Maico Diagnostics GmbH, Germany* 100%Maico S.r.l., Italy* 100%Mediszintech Audiologica Kft., Hungary* 100%MedRx, Inc., United States 100%Micromedical Technologies, Inc., United States 100%Moser H\u00f6rger\u00e4te GmbH, Germany 100%Neurelec S.A.S, France* 100%NexGen Healthcare Management Inc., Canada** *** 100%Northeast Hearing Instruments, LLC, United States 100%Oticon (Shanghai) Hearing Technology Co., Ltd., China* 100%Oticon, Inc., United States 100%***Subconsolidated group of companies, including associated companies.The list includes the Group's active companiesCompany Interest Philiear Inc., Philippines* 100% Phonic Ear Inc., United States 100% Prodition S.A.S, France* 100% Ritter H\u00f6rger\u00e4te GmbH, Germany 100% SBO Hearing A/S, Denmark* 100% SBO Hearing US, Inc., United States 100% SBO International Sales A/S, Denmark* 100% SES Isitme Cihazlari Sanayi ve Ticaret A.S., Turkey* 100% Shanghai YinPo Technology Co., Ltd., China 100% Shin Nihon Hochoki Kabushiki Kaisha, Japan* 100% Sonic AG (Sonic SA) (Sonic Ltd.), Switzerland* 100% Sonic Equipment Australia Pty Ltd, Australia 100% Sonic Innovations, Inc., United States 100% Synapsys S.A.S, France 100% The Hearing Center of Northeast Pennsylvania, LLC, United States 100% Udicare S.r.l., Italy* 100% Value Hearing (Pty) Ltd., South Africa* 100% Van Boxtel Hoorwinkels B.V., Netherlands 100% WDH Germany GmbH, Germany* 100% WDH UK Limited, United Kingdom* 100% WDH USA, Inc., United States* 100% Workplace Integra Inc., United States 100% Audilab SAS, France** *** 95% Medton Ltd., Israel 90% Colorado Hearing, LLC, United States 80% Destin Hearing Associates, LLC, United States 70% ADB Sarl, France 60% Audika Alpes Sarl, France 60% Institut de l'Audition du Var Sarl, France 60%European Hearing Care (Myanmar) Limited, Myanmar 50%Conc. Maico - Centro Otoacustico Marchesin S.r.l., Italy 50%*Directly owned by the Parent for 100% **Subconsolidated group of companies, including companies with non-controlling interests. Company InterestAudiovita S.r.l., Italy 49%Exclusive Hearing Limited, United Kingdom 49%Ma.Bi.Ge Bioacustica S.r.l., Italy 49%Microfon S.r.l., Italy 49%Otic Hearing Solutions Private Limited, India 49%Audiology Concepts, LLC, United States 40%Audition Bahuaud SAS, France 40%Dencker A/S, Denmark 40%Vocechiara S.r.l., Italy 40%Acustica Umbra S.r.l., Italy 35%Centro Audioprotesico Lombardo S.r.l., Italy 35%Euro Hearing LLC, Uzbekistan 35%Fonema Italia S.r.l., Italy 30%HearWell Audiology Clinics Inc., Canada 25%Hemmerich Hearing Center Ltd., Canada 25%HIMSA A/S, Denmark 25%Imperial Hearing Limited, United Kingdom 25%Acufon S.r.l., Italy 20%Acustica Marche S.r.l., Italy 20%Audiovox Preduzece Za Izradu I Promet Ortopedskih Pomagaladoo, Serbia 20%Bontech Research CO D.o.o., Croatia 20%Solaborate Inc., United States 20%The Hearing Doctors of Georgia, LLC, United States 20%K/S Himpp, Denmark 18%HIMSA II A/S, Denmark 17%HIMSA II K/S, Denmark 15%Himpp A/S, Denmark 13%HearBase Limited, United Kingdom 10%***Subconsolidated group of companies, including associated companies.The list includes the Group's active companies",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__134-1": {
"value": "3.4 Other non-current assets (DKK million) 2022 2021Invest-Receivables Invest-Receivablesments in from ments in fromassociates associates associates associatesand joint and joint Customer and joint and joint Customerventures ventures loans Other ventures ventures loans OtherCost at 1.1. 803 271 501 97 799 247 446 86Foreign currency translation adjustments 21 -2 23 1 30 15 34 4Additions during the year - 120 303 9 - 106 282 6Additions relating to acquisitions 7 - - 9 - - - -Disposals related to step acquisitions and disposals of associates -15 -20 - -5 -26 -98 - 4Disposals, repayments etc. during the year - - -56 -3 - - -117 -1 Transferred to current assets - - -184 - - 1 -144 -2 Cost at 31.12. 816 369 587 108 803 271 501 97Value adjustments at 1.1. 55 -4 -8 -22 34 - -9 -20 Foreign currency translation adjustments -4 - - - 1 - -1 -2 Share of profit after tax 122 - - - 120 - - -Dividends received -164 - - - -106 - - -Disposals relating to step-up acquisitions of associates - - - - -2 -1 - -Other adjustments -3 6 -14 -2 8 -3 -2 -Disposals during the year - - 1 - - - 4 -Value adjustments at 31.12. 6 2 -21 -24 55 -4 -8 -22 Carrying amount at 31.12. 822 371 566 84 858 267 493 75Transactions with associates and joint venturesIn 2022, the Group recognised revenuefrom associates and joint ventures of DKK 589 million (DKK 544 million in 2021), re-ceived royalties from and paid licence fees to associates and joint ventures, amount-ing to net income of DKK 18 million (DKK 0 million in 2021), and received dividendsfrom associates and joint ventures in theamount of DKK 164 million (DKK 106 mil-lion in 2021). In 2022, the Group receivedinterest income from associates and joint ventures in the amount of DKK 16 million (DKK 11 million in 2021).Under the provisions of contracts con-cluded with associates and joint ventures, the Group is not entitled to receive divi-dends from certain associates and jointventures. This is reflected in the profit in-cluded in the income statement, as noprofit is recognised if the Group is not enti-tled to receive dividends. Accounting policiesInvestments in associates and joint ven-tures are recognised and measured using the equity method, i.e. investments are rec-ognised in the balance sheet at the pro-portionate share of the equity value deter-mined in accordance with the Group\u2019s ac-counting policies after the deduction andaddition of proportionate intra-group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares ofprofit after tax in associates and joint ven-tures are recognised in the income state-ment after the year\u2019s changes in unreal-ised intra-group profits less any impair-ment loss relating to goodwill.The proportionate shares of all transac-tions and events, which have been recog-nised in other comprehensive income inassociates and joint ventures, are recog-nised in consolidated other comprehensiveincome. On the acquisition of interests in associates and joint ventures, the acquisi-tion method is applied.Associates(DKK million) 2022 2021Financial information from financial statements (Group share)Revenue 876 796Profit for the year 122 120Comprehensive income 122 1203.6 Impairment testingImpairment testing is carried out for the Group\u2019s two cash-generating units, Hear-ing 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 2022. This conclusion is sup-ported by the fact that the market capitali-sation of the company on Nasdaq Copen-hagen by far exceeds the equity value of the company. At 31 December 2022, goodwill amounted to DKK 11,071 million in Hearing Health-care (DKK 9,054 million in 2021) and DKK 417 million in Communications (DKK 417 million in 2021). The impairment test is performed as a test of the value in use, including a five-year budget/projection period from 2023-2027. Future cash flows are based on the budget for 2023, on strategy plans and on projec-tions hereof. Projections extending beyond 2023 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2027 is determined on the assumption of 2% (2021: 2%) growth for each segment. The market growth rate in the hearing aid industry and for audio solutions is predom-inantly determined by the following factors: Hearing Healthcare \u2022 Growing demographics and an increas-ing share of elderly in the population driving stable volume growth in the hearing aid market. \u2022 Expansion of diagnostic instruments and services across the world. \u2022 Increased penetration rates of hearing healthcare solutions due to education, increased affluence and availability. Communications \u2022 Increasing adoption of Unified Commu-nications and Collaboration equipment, especially professional headsets. \u2022 Emergence and establishment of video solutions for enterprises. \u2022 An increasing prevalence of gamers driving growth in gaming headsets. The pre-tax discount rate is 8% (2021: 6.5%) for Hearing Healthcare and 12% (2021: 12%) for Communications. Sensitiv-ity calculations show that even a signifi-cant increase in the discount rates or a sig-nificant reduction of the growth assump-tions will not change the outcome of the impairment tests. Apart from goodwill, all intangible assets have limited useful lives. Accounting estimates and judgements Cash-generating units (judgement)Impairment testing is carried out annually on preparation of the annual report or on indication of impairment in which dis-counted values of future cash flows arecompared with carrying amounts. Groupenterprises cooperate closely on R&D, pur-chasing, production, marketing and sale, as the use of resources in the individual markets is coordinated and monitored by Management in Denmark. Group enter-prises are thus highly integrated. Regard-less of this, the products and services of-fered by Hearing Healthcare and Commu-nications address different customer de-mands and customer groups, which would not be comparable by nature. Management therefore considers it most appropriate to split the activities into two reportable seg-ments, Hearing Healthcare and Communi-cations. The two reportable segments con-stitute the Group\u2019s cash-generating units. Individual impairment testing is therefore carried out for these two cash-generating units. 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 re-viewed at the balance sheet date to deter-mine whether there are indications of im-pairment. If so, the recoverable amount of the particular asset is calculated to deter-mine 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 amountis determined as the higher of the fair valueof the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of thevalue in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partlycurrent market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cashflows. If the recoverable amount of a par-ticular 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 in-come statement. On any subsequent re-versal of impairment losses due to changesin the judgements on which the calculation of the recoverable amount is based, thecarrying amount of an asset or cash-gen-erating unit is increased to the adjusted estimate of the recoverable amount, how-ever 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 ofgoodwill is not reversed.Subsidiaries, associates andJoint venturesCompany Interest Demant A/S Parent Oticon A/S, Denmark* 100% Oticon AS, Norway* 100% Oticon Denmark A/S, Denmark* 100% Oticon GmbH, Germany 100% Oticon Limited, United Kingdom* 100% Oticon Medical A/S, Denmark* 100% Oticon Medical AB, Sweden 100% Oticon Medical Maroc, Morocco* 100% Oticon Medical, LLC, United States 100% Oticon Polska Sp. z o.o., Poland* 100% Oticon Portugal, Unipessoal LDA, Portugal 100% Acoustic Metrology Limited, United Kingdom 100% ACS Audika Sp. z.o.o., Poland 100% Acustica Sp. z o.o., Poland* 100% Advanced Hearing Providers, LLC, United States 100% Akoustica Medica S.A., Greece* 100% Amplivox Limited, United Kingdom 100% Audika AB, Sweden* 100% Audika AG, Switzerland* 100% Audika ApS, Denmark* 100% Audika Australia Pty. Ltd., Australia 100% Audika GmbH, Germany 100% Audika Groupe S.A.S., France* 100% Audika Management GmbH, Germany 100% Audika New Zealand Limited, New Zealand* 100% Audika NV, Belgium* 100% Audio Seleccion S.L., Spain* 100% Audiology Services Company USA, LLC, United States 100% AudioNet America, Inc., United States 100% Audmet Australia Pty Ltd., Australia 100% Audmet Canada Ltd., Canada 100% *Directly owned by the Parent for 100%. Company InterestAudmet New Zealand Limited, New Zealand* 100%Audmet Oy, Finland* 100%Audmet Srl, Italy* 100%AudPractice Group, LLC, United States 100%Beijing Sheng Wang Yuanbo Commerce and Trade Co., Ltd., China* 100%Bernafon (UK) Limited, United Kingdom* 100%Bernafon A/S, Denmark* 100%Bernafon AB, Sweden* 100%Bernafon AG, Switzerland* 100%Bernafon H\u00f6rger\u00e4te GmbH, Germany 100%Bernafon, LLC, United States 100%Birdsong Hearing Benefits, LLC, United States 100%Centro Auditivo Telex Ltda., Brazil 100%CQ Partners, LLC, United States 100%Danacom H\u00f8reapparater A/S, Denmark* 100%Demant Australia Pty Ltd, Australia* 100%Demant Business Services Poland Sp. z o.o., Poland* 100%Demant Iberica, S.A., Spain* 100%Demant Italia S.r.l., Italy* 100%Demant Japan K.K., Japan* 100%Demant Korea Co., ltd., Korea* 100%Demant Malaysia Sdn. Bhd., Malaysia* 100%Demant M\u00e9xico, S.A. de C.V., Mexico 100%Demant Nederland B.V., Netherlands* 100%Demant New Zealand Limited, New Zealand* 100%Demant Operations Poland Sp. z o.o, Poland 100%Demant Operations S.A. de C.V., Mexico 100%Demant Sales Strategic Accounts A/S, Denmark* 100%Demant Schweiz AG, Switzerland* 100%Demant Singapore Pte Ltd, Singapore* 100%Demant South Africa (Pty) Ltd., South Africa* 100%Demant Sweden AB, Sweden* 100%The list includes the Group's active companiesCompany Interest Demant Technology & Innovation Centre Sdn. Bhd., Malaysia* 100% Demant Technology Centre Sp. z o.o., Poland* 100% DGS Diagnostics Sp. z o.o., Poland 100% Diagnostic Group LLC, United States 100% Diatec A/S, Denmark* 100% Diatec AG, Switzerland* 100% Diatec Diagnostics GmbH, Germany* 100% Diatec Polska Sp. z o.o., Poland* 100% Diatec Shanghai Medical Technology Co., Ltd., China* 100% Diatec Spain, S.L.U., Spain* 100% DSEA A/S, Denmark 100% e3 Diagnostics, Inc., United States 100% Entomed MedTech AB, Sweden* 100% EPOS Audio Australia Pty Ltd, Australia 100% EPOS Audio India Private Limited, India 100% EPOS Audio Ireland Limited, Ireland 100% EPOS Audio Singapore Pte. Ltd., Singapore 100% EPOS Audio UK Ltd., United Kingdom 100% EPOS Austria GmbH, Austria 100% EPOS Belgium BV, Belgium 100% EPOS Canada Ltd., Canada* 100% EPOS France S.A.S, France 100% EPOS Germany GmbH, Germany 100% EPOS Group A/S, Denmark* 100% EPOS Hong Kong Limited, Hong Kong 100% EPOS Japan Kabushiki Kaisha, Japan 100% EPOS Netherlands B.V., Netherlands 100% EPOS Sales A/S, Denmark 100% EPOS Sweden AB, Sweden 100% EPOS Switzerland AG, Switzerland 100% EPOS USA, Inc., United States 100% *Directly owned by the Parent for 100%**Subconsolidated group of companies, including companies with non-controlling interests.Company InterestEtymonic Design Inc., Canada* 100%Fluorite Sp. z o.o., Poland 100%Great Lakes Provider Network, LLC, United States 100%Guymark UK Limited, United Kingdom 100%Hearing Screening Associates, LLC, United States 100%HearingLife Canada Ltd., Canada* 100%Hidden Hearing (N.I.) Limited, United Kingdom 100%Hidden Hearing (Portugal), Unipessoal, Lda., Portugal* 100%Hidden Hearing International Plc, United Kingdom* 100%Hidden Hearing Limited, Ireland* 100%Hidden Hearing Limited, United Kingdom 100%Hidden Hearing Properties Ltd, United Kingdom 100%IDEA Isitme Sistemleri Sanayi ve Ticaret A.S., Turkey* 100%Interacoustics A/S, Denmark* 100%Interacoustics Pty Ltd, Australia 100%Inventis North America Inc., United States 100%Inventis S.r.l., Italy* 100%Kuulopiiri Oy, Finland* 100%Langer H\u00f6rstudio GmbH, Germany 100%LeDiSo Italia S.r.l., Italy* 100%Maico Diagnostics GmbH, Germany* 100%Maico S.r.l., Italy* 100%Mediszintech Audiologica Kft., Hungary* 100%MedRx, Inc., United States 100%Micromedical Technologies, Inc., United States 100%Moser H\u00f6rger\u00e4te GmbH, Germany 100%Neurelec S.A.S, France* 100%NexGen Healthcare Management Inc., Canada** *** 100%Northeast Hearing Instruments, LLC, United States 100%Oticon (Shanghai) Hearing Technology Co., Ltd., China* 100%Oticon, Inc., United States 100%***Subconsolidated group of companies, including associated companies.The list includes the Group's active companiesCompany Interest Philiear Inc., Philippines* 100% Phonic Ear Inc., United States 100% Prodition S.A.S, France* 100% Ritter H\u00f6rger\u00e4te GmbH, Germany 100% SBO Hearing A/S, Denmark* 100% SBO Hearing US, Inc., United States 100% SBO International Sales A/S, Denmark* 100% SES Isitme Cihazlari Sanayi ve Ticaret A.S., Turkey* 100% Shanghai YinPo Technology Co., Ltd., China 100% Shin Nihon Hochoki Kabushiki Kaisha, Japan* 100% Sonic AG (Sonic SA) (Sonic Ltd.), Switzerland* 100% Sonic Equipment Australia Pty Ltd, Australia 100% Sonic Innovations, Inc., United States 100% Synapsys S.A.S, France 100% The Hearing Center of Northeast Pennsylvania, LLC, United States 100% Udicare S.r.l., Italy* 100% Value Hearing (Pty) Ltd., South Africa* 100% Van Boxtel Hoorwinkels B.V., Netherlands 100% WDH Germany GmbH, Germany* 100% WDH UK Limited, United Kingdom* 100% WDH USA, Inc., United States* 100% Workplace Integra Inc., United States 100% Audilab SAS, France** *** 95% Medton Ltd., Israel 90% Colorado Hearing, LLC, United States 80% Destin Hearing Associates, LLC, United States 70% ADB Sarl, France 60% Audika Alpes Sarl, France 60% Institut de l'Audition du Var Sarl, France 60%European Hearing Care (Myanmar) Limited, Myanmar 50%Conc. Maico - Centro Otoacustico Marchesin S.r.l., Italy 50%*Directly owned by the Parent for 100% **Subconsolidated group of companies, including companies with non-controlling interests. Company InterestAudiovita S.r.l., Italy 49%Exclusive Hearing Limited, United Kingdom 49%Ma.Bi.Ge Bioacustica S.r.l., Italy 49%Microfon S.r.l., Italy 49%Otic Hearing Solutions Private Limited, India 49%Audiology Concepts, LLC, United States 40%Audition Bahuaud SAS, France 40%Dencker A/S, Denmark 40%Vocechiara S.r.l., Italy 40%Acustica Umbra S.r.l., Italy 35%Centro Audioprotesico Lombardo S.r.l., Italy 35%Euro Hearing LLC, Uzbekistan 35%Fonema Italia S.r.l., Italy 30%HearWell Audiology Clinics Inc., Canada 25%Hemmerich Hearing Center Ltd., Canada 25%HIMSA A/S, Denmark 25%Imperial Hearing Limited, United Kingdom 25%Acufon S.r.l., Italy 20%Acustica Marche S.r.l., Italy 20%Audiovox Preduzece Za Izradu I Promet Ortopedskih Pomagaladoo, Serbia 20%Bontech Research CO D.o.o., Croatia 20%Solaborate Inc., United States 20%The Hearing Doctors of Georgia, LLC, United States 20%K/S Himpp, Denmark 18%HIMSA II A/S, Denmark 17%HIMSA II K/S, Denmark 15%Himpp A/S, Denmark 13%HearBase Limited, United Kingdom 10%***Subconsolidated group of companies, including associated companies.The list includes the Group's active companies",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__135": {
"value": "Transactions with associates and joint venturesIn 2022, the Group recognised revenuefrom associates and joint ventures of DKK 589 million (DKK 544 million in 2021), re-ceived royalties from and paid licence fees to associates and joint ventures, amount-ing to net income of DKK 18 million (DKK 0 million in 2021), and received dividendsfrom associates and joint ventures in theamount of DKK 164 million (DKK 106 mil-lion in 2021). In 2022, the Group receivedinterest income from associates and joint ventures in the amount of DKK 16 million (DKK 11 million in 2021).Under the provisions of contracts con-cluded with associates and joint ventures, the Group is not entitled to receive divi-dends from certain associates and jointventures. This is reflected in the profit in-cluded in the income statement, as noprofit is recognised if the Group is not enti-tled to receive dividends. Accounting policiesInvestments in associates and joint ven-tures are recognised and measured using the equity method, i.e. investments are rec-ognised in the balance sheet at the pro-portionate share of the equity value deter-mined in accordance with the Group\u2019s ac-counting policies after the deduction andaddition of proportionate intra-group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares ofprofit after tax in associates and joint ven-tures are recognised in the income state-ment after the year\u2019s changes in unreal-ised intra-group profits less any impair-ment loss relating to goodwill.The proportionate shares of all transac-tions and events, which have been recog-nised in other comprehensive income inassociates and joint ventures, are recog-nised in consolidated other comprehensiveincome. On the acquisition of interests in associates and joint ventures, the acquisi-tion method is applied.Associates(DKK million) 2022 2021Financial information from financial statements (Group share)Revenue 876 796Profit for the year 122 120Comprehensive income 122 120",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__138": {
"value": "Investments in associates and joint ven-tures are recognised and measured using the equity method, i.e. investments are rec-ognised in the balance sheet at the pro-portionate share of the equity value deter-mined in accordance with the Group\u2019s ac-counting policies after the deduction andaddition of proportionate intra-group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares ofprofit after tax in associates and joint ven-tures are recognised in the income state-ment after the year\u2019s changes in unreal-ised intra-group profits less any impair-ment loss relating to goodwill.The proportionate shares of all transac-tions and events, which have been recog-nised in other comprehensive income inassociates and joint ventures, are recog-nised in consolidated other comprehensiveincome. On the acquisition of interests in associates and joint ventures, the acquisi-tion method is applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__139": {
"value": "Investments in associates and joint ven-tures are recognised and measured using the equity method, i.e. investments are rec-ognised in the balance sheet at the pro-portionate share of the equity value deter-mined in accordance with the Group\u2019s ac-counting policies after the deduction andaddition of proportionate intra-group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares ofprofit after tax in associates and joint ven-tures are recognised in the income state-ment after the year\u2019s changes in unreal-ised intra-group profits less any impair-ment loss relating to goodwill.The proportionate shares of all transac-tions and events, which have been recog-nised in other comprehensive income inassociates and joint ventures, are recog-nised in consolidated other comprehensiveincome. On the acquisition of interests in associates and joint ventures, the acquisi-tion method is applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__140": {
"value": "Investments in associates and joint ven-tures are recognised and measured using the equity method, i.e. investments are rec-ognised in the balance sheet at the pro-portionate share of the equity value deter-mined in accordance with the Group\u2019s ac-counting policies after the deduction andaddition of proportionate intra-group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares ofprofit after tax in associates and joint ven-tures are recognised in the income state-ment after the year\u2019s changes in unreal-ised intra-group profits less any impair-ment loss relating to goodwill.The proportionate shares of all transac-tions and events, which have been recog-nised in other comprehensive income inassociates and joint ventures, are recog-nised in consolidated other comprehensiveincome. On the acquisition of interests in associates and joint ventures, the acquisi-tion method is applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__151": {
"value": "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 re-viewed at the balance sheet date to deter-mine whether there are indications of im-pairment. If so, the recoverable amount of the particular asset is calculated to deter-mine 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 amountis determined as the higher of the fair valueof the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of thevalue in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partlycurrent market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cashflows. If the recoverable amount of a par-ticular 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 in-come statement. On any subsequent re-versal of impairment losses due to changesin the judgements on which the calculation of the recoverable amount is based, thecarrying amount of an asset or cash-gen-erating unit is increased to the adjusted estimate of the recoverable amount, how-ever 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 ofgoodwill is not reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__152": {
"value": "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 re-viewed at the balance sheet date to deter-mine whether there are indications of im-pairment. If so, the recoverable amount of the particular asset is calculated to deter-mine 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 amountis determined as the higher of the fair valueof the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of thevalue in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partlycurrent market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cashflows. If the recoverable amount of a par-ticular 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 in-come statement. On any subsequent re-versal of impairment losses due to changesin the judgements on which the calculation of the recoverable amount is based, thecarrying amount of an asset or cash-gen-erating unit is increased to the adjusted estimate of the recoverable amount, how-ever 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 ofgoodwill is not reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__154": {
"value": "Policies relating to financial risk management and capital structureFinancial risk management concentrateson identifying risks in respect of exchange rates, interest rates, credit and liquiditywith a view to protecting the Group against potential losses and ensuring that Management\u2019s forecasts for the current year are only to a limited extent affected by changes or events in the surrounding world \u2013 be they changes in exchange rates or in interest rates. It is Group policy to ex-clusively hedge commercial risks and notto undertake any financial transactions of a speculative nature.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__157-1": {
"value": "Liquidity risks The Group aims to have sufficient cash resources to be able to take appropriatesteps in case of unforeseen fluctuations incash outflows. We have access to consid-erable undrawn credit facilities, and the li-quidity risk is therefore considered to be low. We are of the opinion that the Group has strong cash flows and a solid credit profile to secure the current inflow of working capital and funds for potentialacquisitions. Neither in previous years nor in the financial year 2022, has the Group defaulted on any loan agreements.4.4 Net interest-bearing debt, liquidity and interest rate risks (DKK million) Contractual cash flows WeightedaverageeffectiveLess than More than Carrying interest1 year 1-5 years 5 years Total amount rate2022Interest-bearing receivables* 302 790 194 1,286 1,235Cash 1,140 - - 1,140 1,130Interest-bearing assets 1,442 790 194 2,426 2,365 2.6%Debt to credit institutions etc. -6,027 -5,358 -885 -12,270 -11,931 Short-term bank facilities etc. -801 - - -801 -765 Borrowings -6,828 -5,358 -885 -13,071 -12,696 2.2%Lease liabilities -656 -1,531 -462 -2,649 -2,380 Net interest-bearing debt -6,042 -6,099 -1,153 -13,294 -12,711 2021Interest-bearing receivables* 256 748 47 1,051 1,016Cash 1,176 - - 1,176 1,172Interest-bearing assets 1,432 748 47 2,227 2,188 1.8%Debt to credit institutions etc. -3,240 -2,806 - -6,046 -6,020 Short-term bank facilities etc. -3,220 - - -3,220 -3,197 Borrowings -6,460 -2,806 - -9,266 -9,217 0.5%Lease liabilities -520 -1,336 -488 -2,344 -2,121 Net interest-bearing debt -5,548 -3,394 -441 -9,383 -9,150 *Interest-bearing receivables comprise customer loans, receivables from associates and joint ventures as well as other receivables.Trade payables and other liabilities have a contractual maturity of less than one year, with the exception of other liabilities of DKK 566 million (DKK 340 million in 2021) which have a contractual maturity of 1-5 years. The contractual cash flows approximate their carrying amounts. Borrowings broken down by currency:74% in Danish kroner (66% in 2021), 20% in euros (19% in 2021), 4% in US dollars (14% in 2021), 1% in Canadian dollars (1% in 2021) and 1% in other currencies (0% in 2021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__153-1": {
"value": "4.1 Financial risk management and capital structurePolicies relating to financial risk management and capital structureFinancial risk management concentrateson identifying risks in respect of exchange rates, interest rates, credit and liquiditywith a view to protecting the Group against potential losses and ensuring that Management\u2019s forecasts for the current year are only to a limited extent affected by changes or events in the surrounding world \u2013 be they changes in exchange rates or in interest rates. It is Group policy to ex-clusively hedge commercial risks and notto undertake any financial transactions of a speculative nature. Interest rate risks Because of the Group\u2019s high level of cash generation, a significant part of our loans is raised on floating terms and predomi-nantly as short-term commitments. This has historically resulted in a low level of in-terest expenses. In 2022, the general level of interest rates increased, which had an impact on the Group\u2019s interest rate ex-penses. The Group continuously adapts its capital structure to the prevailing mar-ket conditions in order to secure attractive financing. Currently, around 40% of the Group\u2019s debt is funded through facilities with fixed rates and through financial in-struments, which limits the interest rate risk. The Group\u2019s net interest-bearing debt (NIBD) amounted to DKK 12,711 million as of 31 December 2022, and the gearing multiple (NIBD/EBITDA) was 2.9. Credit risks The Group\u2019s 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 ap-prox. 12% of total consolidated revenue. We have a thorough screening and credit risk assessment process prior to issuing new loans. 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-bal-anced at Group level.The maximum credit risk relating to receiv-ables matches the carrying amounts ofsuch receivables. Overall, the Group has limited deposits with financial institutions for which reason the credit risk of deposits is considered to be low.Liquidity risks The Group aims to have sufficient cash resources to be able to take appropriatesteps in case of unforeseen fluctuations incash outflows. We have access to consid-erable undrawn credit facilities, and the li-quidity risk is therefore considered to be low. We are of the opinion that the Group has strong cash flows and a solid credit profile to secure the current inflow of working capital and funds for potentialacquisitions. Neither in previous years nor in the financial year 2022, has the Group defaulted on any loan agreements.4.4 Net interest-bearing debt, liquidity and interest rate risks (DKK million) Contractual cash flows WeightedaverageeffectiveLess than More than Carrying interest1 year 1-5 years 5 years Total amount rate2022Interest-bearing receivables* 302 790 194 1,286 1,235Cash 1,140 - - 1,140 1,130Interest-bearing assets 1,442 790 194 2,426 2,365 2.6%Debt to credit institutions etc. -6,027 -5,358 -885 -12,270 -11,931 Short-term bank facilities etc. -801 - - -801 -765 Borrowings -6,828 -5,358 -885 -13,071 -12,696 2.2%Lease liabilities -656 -1,531 -462 -2,649 -2,380 Net interest-bearing debt -6,042 -6,099 -1,153 -13,294 -12,711 2021Interest-bearing receivables* 256 748 47 1,051 1,016Cash 1,176 - - 1,176 1,172Interest-bearing assets 1,432 748 47 2,227 2,188 1.8%Debt to credit institutions etc. -3,240 -2,806 - -6,046 -6,020 Short-term bank facilities etc. -3,220 - - -3,220 -3,197 Borrowings -6,460 -2,806 - -9,266 -9,217 0.5%Lease liabilities -520 -1,336 -488 -2,344 -2,121 Net interest-bearing debt -5,548 -3,394 -441 -9,383 -9,150 *Interest-bearing receivables comprise customer loans, receivables from associates and joint ventures as well as other receivables.Trade payables and other liabilities have a contractual maturity of less than one year, with the exception of other liabilities of DKK 566 million (DKK 340 million in 2021) which have a contractual maturity of 1-5 years. The contractual cash flows approximate their carrying amounts. Borrowings broken down by currency:74% in Danish kroner (66% in 2021), 20% in euros (19% in 2021), 4% in US dollars (14% in 2021), 1% in Canadian dollars (1% in 2021) and 1% in other currencies (0% in 2021). Reconciliation of liabilities arising from financing activities The table shows the changes in consoli-dated liabilities arising from financing ac-tivities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classi-fied in the consolidated cash flow state-ment as cash flows from financing activi-ties. The fair value of interest cap (a strip of call options) outstanding at the balance sheet date is DKK 20 million (DKK 0 million in 2021), and the contractual value of inter-est cap is DKK 650 million (DKK 650 millionin 2021). The cap will run until 2023. Sensitivity analysis in respectof interest ratesBased on the Group\u2019s net debt at the end of the 2022 financial year, a rise of 1 per-centage point in the general interest rate level will cause an increase in consolidated annual interest expenses before tax of ap-proximately DKK 57 million (DKK 25 million in 2021). Around 40% (around 50% in2021) of the interest-bearing debt is sub-ject to fixed or limited interest rates, partlydue to a bought cap (a strip of call options) and partly due to loans being raised atfixed interest rates.The Group has limited the maximum inter-est rates on part of its non-current debt through an interest rate cap. Interest cap(DKK million)Contractual Positive NegativeInterest amount fair value fair valueExpiry rate/strike at year-end at year-end at year-end 2022DKK/DKK 2023 0% 650 20 650 20 -2021 DKK/DKK 2023 0% 650 - - 650 - - Non-cash changes Cash flow Covid-19 Acquisi-Transferredfrom rent tions and Foreign to liabiltiesfinancing conces-divest-exchange Other held for(DKK million) 2021 activities sions ments movement additions Disposals sale 2022Lease liabilities 2,121 -614 -3 170 7 763 -45 -19 2,380Debt to credit institutions etc. 6,020 5,869 - 30 12 - - - 11,931Short-term bank facilities 3,197 -2,477 - - 46 - - -1 765Interest-bearing liabilities 11,338 2,778 -3 200 65 763 -45 -20 15,076 2020 2021Lease liabilities 1,893 -533 -2 99 50 660 -46 - 2,121Debt to credit institutions etc. 5,930 103 - - -13 - - - 6,020Short-term bank facilities 1,181 1,887 - 3 119 - 7 - 3,197Interest-bearing liabilities 9,004 1,457 -2 102 156 660 -39 - 11,338",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__161": {
"value": "Net financial items mainly consist of inter-est 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 liabili-ties, fair value adjustments of \u201cshadow shares\u201d under share-based remuneration programmes as well as certain realised and unrealised foreign exchange gainsand losses. Interest income and interestexpenses are accrued based on the princi-pal 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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__162": {
"value": "Net financial items mainly consist of inter-est 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 liabili-ties, fair value adjustments of \u201cshadow shares\u201d under share-based remuneration programmes as well as certain realised and unrealised foreign exchange gainsand losses. Interest income and interestexpenses are accrued based on the princi-pal 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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__164": {
"value": "Debt to credit institutions is recognised atthe date of borrowing as the proceeds re-ceived less transaction costs. For subse-quent periods, financial liabilities aremeasured at amortised cost in order forthe difference between proceeds and the nominal value to be recognised as a finan-cial expense over the term of the loan. On initial recognition, other financial liabili-ties are measured at fair value and subse-quently at amortised cost using the effec-tive interest method, and the difference between proceeds and the nominal valueis recognised in the income statement as a financial expense over the term of the loan.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__158": {
"value": "4.2 Net financial items (DKK million) 2022 2021 Interest on cash and bank deposits 11 4 Interest on receivables, customer loans etc. 45 34 Other financial income 27 2 Financial income from financial assets measured at amortised cost 83 40 Foreign exchange gains, net - 2 Financial income 83 42 Interest on bank debt, mortgages etc. -149 -68 Interest expense on lease liabilities -46 -41 Financial expenses on financial liabilities measured at amortised cost -195 -109 Foreign exchange losses, net -9 - Transaction costs -159 -135 Financial expenses -363 -244 Net financial items -280 -202 In addition to the foreign exchange items in the table, foreign exchange hedging in-struments as described in Note 2.3 and foreign exchange effects of balance sheet items are reflected in the consolidated in-come statement, affecting production costs by DKK 81 million (DKK 33 million in 2021). Accounting policiesNet financial items mainly consist of inter-est 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 liabili-ties, fair value adjustments of \u201cshadow shares\u201d under share-based remuneration programmes as well as certain realised and unrealised foreign exchange gainsand losses. Interest income and interestexpenses are accrued based on the princi-pal 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__159": {
"value": "4.2 Net financial items (DKK million) 2022 2021 Interest on cash and bank deposits 11 4 Interest on receivables, customer loans etc. 45 34 Other financial income 27 2 Financial income from financial assets measured at amortised cost 83 40 Foreign exchange gains, net - 2 Financial income 83 42 Interest on bank debt, mortgages etc. -149 -68 Interest expense on lease liabilities -46 -41 Financial expenses on financial liabilities measured at amortised cost -195 -109 Foreign exchange losses, net -9 - Transaction costs -159 -135 Financial expenses -363 -244 Net financial items -280 -202 In addition to the foreign exchange items in the table, foreign exchange hedging in-struments as described in Note 2.3 and foreign exchange effects of balance sheet items are reflected in the consolidated in-come statement, affecting production costs by DKK 81 million (DKK 33 million in 2021). Accounting policiesNet financial items mainly consist of inter-est 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 liabili-ties, fair value adjustments of \u201cshadow shares\u201d under share-based remuneration programmes as well as certain realised and unrealised foreign exchange gainsand losses. Interest income and interestexpenses are accrued based on the princi-pal 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__160": {
"value": "4.2 Net financial items (DKK million) 2022 2021 Interest on cash and bank deposits 11 4 Interest on receivables, customer loans etc. 45 34 Other financial income 27 2 Financial income from financial assets measured at amortised cost 83 40 Foreign exchange gains, net - 2 Financial income 83 42 Interest on bank debt, mortgages etc. -149 -68 Interest expense on lease liabilities -46 -41 Financial expenses on financial liabilities measured at amortised cost -195 -109 Foreign exchange losses, net -9 - Transaction costs -159 -135 Financial expenses -363 -244 Net financial items -280 -202 In addition to the foreign exchange items in the table, foreign exchange hedging in-struments as described in Note 2.3 and foreign exchange effects of balance sheet items are reflected in the consolidated in-come statement, affecting production costs by DKK 81 million (DKK 33 million in 2021). Accounting policiesNet financial items mainly consist of inter-est 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 liabili-ties, fair value adjustments of \u201cshadow shares\u201d under share-based remuneration programmes as well as certain realised and unrealised foreign exchange gainsand losses. Interest income and interestexpenses are accrued based on the princi-pal 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__167-1": {
"value": "Borrowings broken down by currency:74% in Danish kroner (66% in 2021), 20% in euros (19% in 2021), 4% in US dollars (14% in 2021), 1% in Canadian dollars (1% in 2021) and 1% in other currencies (0% in 2021).6.1 Acquisition of enterprises and activities On 14 June 2022, the Group announced the acquisition of the remaining 80% of the shares in Sheng Wang, thereby taking full ownership of the business. This fol-lowed the 20% minority investment an-nounced on 4 March 2022. The payment was transferred on 1 July 2022 from which date Demant took own-ership and achieved control of Sheng Wang. Furthermore, the Group acquired Inventis Srl., a developer and manufacturer of audi-ological and balance equipment based in Italy. The Group made a number of minor retail acquisitions in North America, Asia and Europe in 2022. In respect of these acqui-sitions, we paid acquisition costs exceed-ing the fair values of the acquired assets, liabilities and contingent liabilities. Such positive balances in value can be at-tributed to expected synergies between the activities of the acquired entities and our existing activities, to the future growthopportunities and to the value of staffcompetencies in the acquired entities.These synergies are not recognised sepa-rately from goodwill, as they are not sepa-rately identifiable.(DKK million) 2022 2021 Hearing Healthcare North Sheng NorthEurope America Asia Wang Total Europe America TotalIntangible assets 149 5 4 82 240 6 6 12Property, plant and equipment 11 3 16 40 70 6 7 13Other non-current assets 22 6 17 139 184 78 20 98Inventories 39 4 2 38 83 5 4 9Current receivables 48 7 1 101 157 7 11 18Cash and cash equivalents 49 4 3 41 97 10 20 30Non-current liabilities -57 -7 -11 -96 -171 -78 -19 -97 Current liabilities -51 -16 -34 -201 -302 -13 -35 -48 Acquired net assets 210 6 -2 144 358 21 14 35Goodwill 299 235 96 1,736 2,366 405 408 813Acquisition cost 509 241 94 1,880 2,724 426 422 848Carrying amount of non-controlling interests on obtaining control - -15 - - -15 -4 -14 -18 Fair value adjustment of non-controlling interests on obtaining control - -14 - - -14 -13 -35 -48 Contingent consideration and deferred payments -33 -19 - -426 -478 -92 -21 -113 Acquired cash and cash equivalents -49 -4 -3 -41 -97 -10 -20 -30 Cash acquisition cost 427 189 91 1,413 2,120 307 332 639Figures are shown at fair value on the acquisition date. At the time of acquisition, non-controlling interests\u2019 shares of acquisitions were measured at their proportionate shares of the total fair value of the acquired entities, including goodwill. On obtaining a control-ling interest through step acquisitions, pre-viously held non-controlling interests are at the time of obtaining control included at fair value with fair value adjustments in the income statement. In 2022, a few adjustments were made to the preliminary recognition of acquisitions made in 2021. These adjustments were made in respect of payments made, con-tingent considerations provided as well as net assets and goodwill acquired. The im-pact of these adjustments on goodwill wasDKK 10 million (DKK 8 million in 2021) and on contingent considerations DKK 2 million(DKK 8 million in 2021). In relation to ac-quisitions with final recognition in 2014-2021, adjustments were made in 2022 in respect of estimated contingent considera-tions. 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 14 million (DKK 48 million in 2021), and adjustments of contingent considera-tions made via the income statement of DKK 9 million (DKK 30 million in 2021) are recognised as part of distribution costs for acquisitions. Of the total acquisition entries in 2022, the fair value of estimated contingent consid-erations in the form of earnouts or deferred payments accounted for DKK 478 million (DKK 121 million in 2021). Earn-outs de-pend on the results of the acquired entitiesfor a period of 1-5 years after takeover. Earnouts and deferred payments can total a maximum of DKK 482 million (DKK 121 million in 2021) for acquisitions. The acquired assets include contractual receivables amounting to DKK 55 million (DKK 15 million in 2021) of which DKK 2 million (DKK 3 million in 2021) was thought to be uncollectible at the date of the acqui-sition. Of total goodwill in the amount of DKK 2,366 million (DKK 813 million in 2021), DKK 193 million (DKK 521 million in 2021) can be amortised for tax purposes. Transaction costs in connection with ac-quisitions made in 2022 amounted to DKK 15 million (DKK 5 million in 2021), which has been recognised under distribution costs. Revenue and profit before tax generated by the acquired enterprises since our ac-quisition in 2022 amount to DKK 326 mil-lion (DKK 181 million in 2021) and DKK -20 million (DKK 9 million in 2021), respec-tively. Had such revenue and profit been consolidated on 1 January 2022, we esti-mate that consolidated pro forma revenue and profit before tax would have been DKK 20,070 million (DKK 18,755 million in 2021) and DKK 2,036 million (DKK 2,542 million in 2021), respectively. Without taking synergies from our core business into account, we believe that these pro forma figures reflect the level of consoli-dated 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 2023, 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 en-terprises are recognised in the consoli-dated 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 identi-fied assets, liabilities and contingent liabili-ties are measured at their fair values on the acquisition date. Any non-current as-sets acquired for the purpose of resale are, however, measured at their fair values less expected cost of disposal. Restructuringcosts are solely recognised in the pre-ac-quisition balance sheet if they are a liabil-ity for the acquired enterprise. Any tax ef-fect of revaluations will be taken into ac-count.The acquisition cost of an enterprise con-sists of the fair value of the consideration paid for the enterprise with addition of fair value of previously held interests in the ac-quiree. If the final consideration is condi-tional upon one or more future events, the consideration will be recognised at the fair value on acquisition. Any subsequent ad-justment of contingent consideration isrecognised directly in the income state-ment, unless the adjustment is the resultof new information about conditions pre-vailing on the acquisition date, and this information becomes available up to 12months after the acquisition date. Trans-action costs are recognised directly in the income statement when incurred. If costsexceed the fair values of the assets, liabili-ties and contingent liabilities identified onacquisition, any remaining positive differ-ences (goodwill) are recognised in the bal-ance sheet under intangible assets and tested for impairment at least annually. If the carrying amount of an asset exceedsits 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, liabilitiesor contingent liabilities or uncertainty with respect to determining their cost, initial recognition is made on the basis of provisionally calculated values. Such provi-sionally calculated values may be adjusted, or additional assets or liabilities may be recognised up to 12 months after the ac-quisition date, if new information becomesavailable about conditions prevailing on the acquisition date, which would haveaffected the calculation of values on that day, had such information been known. Accounting estimates andjudgementsIdentification of assets and liabilities (significant judgement) On recognition of assets and liabilities from acquisitions, Management judge-ments may be required for the identifica-tion of the following: \u2022 Intangible assets resulting from technol-ogy, customer relationships, client lists or brand names. \u2022 Contingent consideration arrange-ments. Contingent consideration (estimate)Acquisitions may include provisions that additional payments of contingent consid-erations be paid to the previous ownerswhen certain events occur or certain resultsare obtained. Management assesses on a regular basis the judgements made in re-spect of the particular acquisitions, taking sales run rates of the acquired entity into account.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__168": {
"value": "Borrowings broken down by currency:74% in Danish kroner (66% in 2021), 20% in euros (19% in 2021), 4% in US dollars (14% in 2021), 1% in Canadian dollars (1% in 2021) and 1% in other currencies (0% in 2021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__171": {
"value": "On initial recognition, other investmentsare recognised at fair value and subse-quently measured at fair value in the in-come statement. Unrealised value adjust-ments are recognised in the income state-ment. On realisation, value adjustments are recognised in net financial items in the income statement. Contingent considera-tions arising from the acquisition of enter-prises and activities are recognised at fair value at the time of acquisition. The obli-gations are re-evaluated on a recurring basis at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__170": {
"value": "4.5 Fair value hierarchy Methods and judgements fordetermining fair values Other investments Other investments are assessed on the basis of their fair value. DerivativesForward exchange contracts are assessed using discounted cash flow valuation tech-niques. Future cash flows are based on forward exchange rates from observable forward exchange rates at the end of the reporting period and on contractual for-ward exchange rates discounted at a rate that reflects the credit risk related to vari-ous counterparties. Interest swaps are assessed using dis-counted cash flow valuation techniques. Future cash flows are based on observable forward yield curves at the end of the re-porting period and on contractual interest rates discounted at a rate that reflects thecredit risk related to various counterparties. The value of a cap is assessed using dis-counted cash flow valuation techniques. A cap consists of a series of interest rate op-tions (IRGs) with the same strike rate. Theindividual interest rate options each cover an interest period. The key elements, when pricing interest rate options, are strike rate,forward rate, maturity and volatility. The value of an interest rate option is made up of the intrinsic value and the time value of such option. The value of a cap is the com-bined value of the individual IRGs. Contingent considerationsContingent considerations are measuredat their fair values based on the contrac-tual terms of the contingent considerations and on non-observable inputs (level 3), such as the financial performance andpurchasing patterns of the acquired enter-prises for a period of typically 1-5 years after the date of acquisition.Fair value hierarchy for assets and liabilities measured at fair value in the balance sheet Financial instruments measured at fairvalue are broken down according to thefair value hierarchy:\u2022 Listed prices in an active market for thesame type of instrument (level 1).\u2022 Listed prices in an active market for similar assets or liabilities or other valu-ation methods, with all significant in-puts being based on observable marketdata (level 2).\u2022 Valuation methods, with any significant inputs not being based on observablemarket data (level 3).Accounting policiesOn initial recognition, other investmentsare recognised at fair value and subse-quently measured at fair value in the in-come statement. Unrealised value adjust-ments are recognised in the income state-ment. On realisation, value adjustments are recognised in net financial items in the income statement. Contingent considera-tions arising from the acquisition of enter-prises and activities are recognised at fair value at the time of acquisition. The obli-gations are re-evaluated on a recurring basis at fair value.(DKK million) Level 1 Level 2 Level 3 Total2022Financial assets used as hedginginstruments - 103 - 103 Other investments - - 15 15 Financial liabilities used as hedging instruments - -15 - -15 Contingent considerations - - -420 -420 2021 Financial assets used as hedging instruments - 6 - 6 Other investments - - 11 11 Financial liabilities used as hedginginstruments - -81 - -81 Contingent considerations - - -148 -148 There have been no transfers between level 1 and 2 in the 2022 and 2021 financial years. Contingent(DKK million) Financial assets considerations2022 2021 2022 2021Level 3 Assets and liabilities Carrying amount at 1.1. 11 14 -148 -121 Foreign currency translation adjustment - 1 -8 -6 Acquisitions 4 - -478 -113 Disposals, repayments, settlements etc. - -4 193 62Other adjustments - - 11 30Transferred to liabilities related to assetsheld for sale - - 10 -Carrying amount at 31.12. 15 11 -420 -148 Financial assets and contingent considera-tions are measured at fair value in the bal-ance sheet based on valuation methods, with any significant inputs not being based on observable market data (level 3). Most of the contingent considerations recog-nised relate to deferred payments, which are not dependent on any performance obligations and will usually be paid out within 1-5 years. The majority of the contingent considera-tions is recognised as the maximum con-sideration to be paid, which Managementhas assessed to be the most likely outcome. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__173": {
"value": "Tax on profit for the year includes current tax and any changes in deferred tax. Cur-rent tax includes taxes payable determinedon the basis of the estimated taxable in-come for the year and any prior-year taxadjustments. Tax on changes in equity and other comprehensive income is recognised directly in equity and in other comprehen-sive income, respectively. Foreign currency translation adjustments of deferred tax are recognised as part ofthe year\u2019s adjustments of deferred tax.Permanent differences primarily includeR&D incentives, profit in associates/joint ventures, non-deductible share-based pay-ments and losses on accounts receivable. Current tax liabilities or tax receivables are recognised in the balance sheet and deter-mined as tax calculated on taxable income for the year adjusted for any tax on ac-count. The tax rates prevailing at the bal-ance sheet date are used for calculation ofthe year\u2019s taxable income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__174": {
"value": "Tax on profit for the year includes current tax and any changes in deferred tax. Cur-rent tax includes taxes payable determinedon the basis of the estimated taxable in-come for the year and any prior-year taxadjustments. Tax on changes in equity and other comprehensive income is recognised directly in equity and in other comprehen-sive income, respectively. Foreign currency translation adjustments of deferred tax are recognised as part ofthe year\u2019s adjustments of deferred tax.Permanent differences primarily includeR&D incentives, profit in associates/joint ventures, non-deductible share-based pay-ments and losses on accounts receivable. Current tax liabilities or tax receivables are recognised in the balance sheet and deter-mined as tax calculated on taxable income for the year adjusted for any tax on ac-count. The tax rates prevailing at the bal-ance sheet date are used for calculation ofthe year\u2019s taxable income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__172": {
"value": "5.1 Tax on profit (DKK million) 2022 2021 Current tax on profit for the year -580 -646 Adjustment of current tax, prior years 20 -4 Change in deferred tax -79 -121 Adjustment of deferred tax, prior years -10 21 Impact of changes in corporate tax rates -2 - Tax on profit for the year -651 -750 Reconciliation of tax rates: Danish corporate tax rate 22.0% 22.0% Differences between tax rates of non-Danish enterprises and Danish corporate tax rate 1.0% 1.7%Impact of changes in corporate tax rates 0.1% 0.0%Impact of unrecognised tax assets, net 0.3% -0.1%Permanent differences -1.6% -3.2%Other items including prior-year adjustments 0.4% 1.3%Effective tax rate 22.2% 21.7%Accounting policies Tax on profit for the year includes current tax and any changes in deferred tax. Cur-rent tax includes taxes payable determinedon the basis of the estimated taxable in-come for the year and any prior-year taxadjustments. Tax on changes in equity and other comprehensive income is recognised directly in equity and in other comprehen-sive income, respectively. Foreign currency translation adjustments of deferred tax are recognised as part ofthe year\u2019s adjustments of deferred tax.Permanent differences primarily includeR&D incentives, profit in associates/joint ventures, non-deductible share-based pay-ments and losses on accounts receivable. Current tax liabilities or tax receivables are recognised in the balance sheet and deter-mined as tax calculated on taxable income for the year adjusted for any tax on ac-count. The tax rates prevailing at the bal-ance sheet date are used for calculation ofthe year\u2019s taxable income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__175": {
"value": "5.2 Deferred tax(DKK million) 2022 2021Deferred tax recognised in the balance sheet:Deferred tax assets 538 596Deferred tax liabilities -620 -470 Deferred tax, net at 31.12. -82 126Deferred tax, net at 1.1. 126 214Foreign currency translation adjustments -8 -5 Changes in deferred tax -79 -121 Additions relating to acquisitions -18 -Adjustment of deferred tax, prior years -10 21Impact of changes in corporate tax rates -2 -Deferred tax relating to changes in equity, net -59 17Transferred to assets held for sale -32 -Deferred tax, net at 31.12. -82 126The tax value of deferred tax assets notrecognised is DKK 116 million (DKK 120million in 2021) and relates mainly to tax losses and tax credits for which there isconsiderable uncertainty about their future utilisation. Tax losses of DKK 21 million willexpire within 5-10 years, whereas other tax losses carried forward have no expiry date.Accounting policiesDeferred tax is recognised, using the bal-ance sheet liability method on any tempo-rary differences between the tax base of assets and liabilities and their carrying amounts, except for deferred tax on tem-porary differences arisen either on initialrecognition of goodwill or on initial recog-nition of a transaction that is not a busi-ness combination, with the temporary dif-ference ascertained on initial recognition affecting neither net profits nor taxable income. Deferred tax is determined on the basis of the tax rules and rates prevailing at the balance sheet date in a particular country. The effect of any changes in tax rates on deferred tax is included in tax on profit for the year, unless such deferred tax is at-tributable to items previously recognised directly in equity or in other comprehensive income. In the latter case, such changes will also be recognised directly in equity or in other comprehensive income. The taxbase of a loss, if any, which may be set off against future taxable income, is carriedforward and set off against deferred tax inthe same legal tax entity and jurisdiction. Foreign Recognised currency in other TransferredTemporary translation Recognised compre-to assets Temporarydifferences adjust-Acquisi-in profit for hensive in-held for differences(DKK million) at 1.1. ments tions the year come sale at 31.12. 2022Intangible assets -500 -16 -20 -7 - 1 -542 Property, plant and equipment -65 -1 - -50 - 14 -102 Leased assets 12 - - 1 - - 13Inventories 277 4 2 -31 - -48 204 Receivables 54 2 - -13 - -1 42 Provisions 85 -5 - -12 - -1 67Deferred income 152 8 - 1 - - 161Tax losses 48 - - -1 - - 47Other 63 - - 21 -59 3 28Total 126 -8 -18 -91 -59 -32 -82 2021Intangible assets -401 -24 - -75 - - -500 Property, plant and equipment -43 1 - -23 - - -65 Leased assets 11 - - 1 - - 12 Inventories 253 3 - 21 - - 277Receivables 66 3 - -15 - - 54Provisions 94 2 - -11 - - 85Deferred income 159 4 - -11 - - 152Tax losses 94 6 - -52 - - 48Other -19 - - 65 17 - 63 Total 214 -5 - -100 17 - 126Accounting estimates andjudgementsDeferred tax assets (significant estimate)Deferred tax assets, including the taxvalue of any tax losses allowed for car-ryforward, are recognised in the balancesheet at the estimated realisable value of such assets, either by a set-off against a deferred tax liability or by a net asset to beset off against future positive taxable in-come. At the balance sheet date, an as-sessment is made as to whether it is prob-able that sufficient taxable income will be available in the future against which the deferred tax asset can be utilised.Deferred tax on temporary differences be-tween the carrying amounts and the taxvalues of investments in subsidiaries, as-sociates and joint ventures is recognised, unless the Parent is able to control thetime of realisation of such deferred tax,and it is probable that such deferred taxwill not be realised as current tax in the foreseeable future. Deferred tax is recog-nised in respect of eliminations of intra-group profits and losses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__176": {
"value": "Deferred tax is recognised, using the bal-ance sheet liability method on any tempo-rary differences between the tax base of assets and liabilities and their carrying amounts, except for deferred tax on tem-porary differences arisen either on initialrecognition of goodwill or on initial recog-nition of a transaction that is not a busi-ness combination, with the temporary dif-ference ascertained on initial recognition affecting neither net profits nor taxable income. Deferred tax is determined on the basis of the tax rules and rates prevailing at the balance sheet date in a particular country. The effect of any changes in tax rates on deferred tax is included in tax on profit for the year, unless such deferred tax is at-tributable to items previously recognised directly in equity or in other comprehensive income. In the latter case, such changes will also be recognised directly in equity or in other comprehensive income. The taxbase of a loss, if any, which may be set off against future taxable income, is carriedforward and set off against deferred tax inthe same legal tax entity and jurisdiction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__179": {
"value": "Newly acquired or newly established en-terprises are recognised in the consoli-dated 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 identi-fied assets, liabilities and contingent liabili-ties are measured at their fair values on the acquisition date. Any non-current as-sets acquired for the purpose of resale are, however, measured at their fair values less expected cost of disposal. Restructuringcosts are solely recognised in the pre-ac-quisition balance sheet if they are a liabil-ity for the acquired enterprise. Any tax ef-fect of revaluations will be taken into ac-count.The acquisition cost of an enterprise con-sists of the fair value of the consideration paid for the enterprise with addition of fair value of previously held interests in the ac-quiree. If the final consideration is condi-tional upon one or more future events, the consideration will be recognised at the fair value on acquisition. Any subsequent ad-justment of contingent consideration isrecognised directly in the income state-ment, unless the adjustment is the resultof new information about conditions pre-vailing on the acquisition date, and this information becomes available up to 12months after the acquisition date. Trans-action costs are recognised directly in the income statement when incurred. If costsexceed the fair values of the assets, liabili-ties and contingent liabilities identified onacquisition, any remaining positive differ-ences (goodwill) are recognised in the bal-ance sheet under intangible assets and tested for impairment at least annually. If the carrying amount of an asset exceedsits 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, liabilitiesor contingent liabilities or uncertainty with respect to determining their cost, initial recognition is made on the basis of provisionally calculated values. Such provi-sionally calculated values may be adjusted, or additional assets or liabilities may be recognised up to 12 months after the ac-quisition date, if new information becomesavailable about conditions prevailing on the acquisition date, which would haveaffected the calculation of values on that day, had such information been known. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__180": {
"value": "Newly acquired or newly established en-terprises are recognised in the consoli-dated 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 identi-fied assets, liabilities and contingent liabili-ties are measured at their fair values on the acquisition date. Any non-current as-sets acquired for the purpose of resale are, however, measured at their fair values less expected cost of disposal. Restructuringcosts are solely recognised in the pre-ac-quisition balance sheet if they are a liabil-ity for the acquired enterprise. Any tax ef-fect of revaluations will be taken into ac-count.The acquisition cost of an enterprise con-sists of the fair value of the consideration paid for the enterprise with addition of fair value of previously held interests in the ac-quiree. If the final consideration is condi-tional upon one or more future events, the consideration will be recognised at the fair value on acquisition. Any subsequent ad-justment of contingent consideration isrecognised directly in the income state-ment, unless the adjustment is the resultof new information about conditions pre-vailing on the acquisition date, and this information becomes available up to 12months after the acquisition date. Trans-action costs are recognised directly in the income statement when incurred. If costsexceed the fair values of the assets, liabili-ties and contingent liabilities identified onacquisition, any remaining positive differ-ences (goodwill) are recognised in the bal-ance sheet under intangible assets and tested for impairment at least annually. If the carrying amount of an asset exceedsits 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, liabilitiesor contingent liabilities or uncertainty with respect to determining their cost, initial recognition is made on the basis of provisionally calculated values. Such provi-sionally calculated values may be adjusted, or additional assets or liabilities may be recognised up to 12 months after the ac-quisition date, if new information becomesavailable about conditions prevailing on the acquisition date, which would haveaffected the calculation of values on that day, had such information been known. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__182": {
"value": "6.2 Divestment of enterprises and activities (DKK million) 2022 2021Intangible assets - 1Property, plant and equipment - 2Other non-current assets - 5Inventories - 46Current receivables - 38Non-current liabilities - -3 Current liabilities - -7 Carrying amount of net assets divested - 82Non-controlling interests -20 Carrying amount of net assets divested attributable to De-mant A/S' shareholders - 62Recycling of cumulative exchange differences - -3 Gain on divestment - 102Cash consideration received - 161Figures are shown at fair value on the divestment date.There were no divestments in 2022. In 2021, the Group divested FrontRowCalypso LLC, a 75%-owned subsidiaryfocused specifically on audio systems for classrooms and schools. The divestmentresulted in a gain, including recycling of cumulative exchange differences, of DKK 99 million, which was recognised as other income in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__186": {
"value": "Discontinued operations represent a sepa-rate line of business disposed of or in prep-aration for sale. The results of discontinued operations are presented separately in the income statement, and comparative fig-ures are restated. Cash flows from discon-tinued operations are presented sepa-rately in the cash flow statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__183": {
"value": "6.3 Discontinued operations and assets held for sale (DKK million) 2022 2021Revenue 497 482Expenses -737 -678 Amortisation and depreciation -10 -21 Profit before tax - discontinued operations -250 -217 Tax on profit for the period 58 34Profit for the period - discontinued operations -192 -183 Profit for the period for discontinued operations attributable to:Demant A/S' shareholders -192 -183 -192 -183Earnings per share (EPS), DKK -0.85 -0.78Diluted earnings per share (DEPS), DKK -0.85 -0.78Cash flow from discontinued operations Cash flow from operating activities (CFFO) -232 -318Cash flow from investing activities (CFFI) -4 4Cash flow from financing activities (CFFF) -17 -Cash flow for the period, net - discontinued operations -253 -314On 27 April 2022, Demant announced the decision to discontinue its Hearing Implantsbusiness. In 2022, discontinued operations thus comprise the Hearing Implants busi-ness, which realised a profit after tax of DKK -192 million. The negative result can be attributed to a slight decline in revenue, a lower gross margin as well as higher ex-penses in 2022. The bone anchored hear-ing systems business area delivered growthin the year, supported by the launch of the Ponto 5 sound processor, but revenue forHearing Implants was negatively affectedby a lower sales of Neuro Zti implants fol-lowing the voluntary field corrective action in 2021.Accounting policiesDiscontinued operations represent a sepa-rate line of business disposed of or in prep-aration for sale. The results of discontinued operations are presented separately in the income statement, and comparative fig-ures are restated. Cash flows from discon-tinued operations are presented sepa-rately in the cash flow statement. (DKK million) 2022Balance sheet items:Intangible assets 577Property, plant and equipment 27 Lease assets 18 Deferred tax assets 32Other non-current assets 2Non-current assets 656 Current assets 308Assets held for sale 964Provisions 28Lease liabilities 19Other liabilities 128Liabilities related to assets held for sale 175 On 27 April 2022, Demant entered into an agreement with the intention to divest the Hearing Implants business to CochlearLimited for a conditional payment of DKK850 million on a cash- and debt-free basis. Assets classified as held for sale at 31 De-cember 2022 thus comprise the Hearing Implants business. Cochlear will take overthe obligations to service existing custom-ers. The divestment is subject to regulatoryapproval and other customary closing con-ditions with closing expected in Q2 2023. Accounting policiesAssets and liabilities relating to the discon-tinued operations are classified as held for sale. Assets held for sale, except financial assets etc., and liabilities related to assetsheld for sale are measured at the lower of their carrying amount and their fair valueless costs to sell. Non-current assets heldfor sale are not depreciated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__184": {
"value": "6.3 Discontinued operations and assets held for sale (DKK million) 2022 2021Revenue 497 482Expenses -737 -678 Amortisation and depreciation -10 -21 Profit before tax - discontinued operations -250 -217 Tax on profit for the period 58 34Profit for the period - discontinued operations -192 -183 Profit for the period for discontinued operations attributable to:Demant A/S' shareholders -192 -183 -192 -183Earnings per share (EPS), DKK -0.85 -0.78Diluted earnings per share (DEPS), DKK -0.85 -0.78Cash flow from discontinued operations Cash flow from operating activities (CFFO) -232 -318Cash flow from investing activities (CFFI) -4 4Cash flow from financing activities (CFFF) -17 -Cash flow for the period, net - discontinued operations -253 -314On 27 April 2022, Demant announced the decision to discontinue its Hearing Implantsbusiness. In 2022, discontinued operations thus comprise the Hearing Implants busi-ness, which realised a profit after tax of DKK -192 million. The negative result can be attributed to a slight decline in revenue, a lower gross margin as well as higher ex-penses in 2022. The bone anchored hear-ing systems business area delivered growthin the year, supported by the launch of the Ponto 5 sound processor, but revenue forHearing Implants was negatively affectedby a lower sales of Neuro Zti implants fol-lowing the voluntary field corrective action in 2021.Accounting policiesDiscontinued operations represent a sepa-rate line of business disposed of or in prep-aration for sale. The results of discontinued operations are presented separately in the income statement, and comparative fig-ures are restated. Cash flows from discon-tinued operations are presented sepa-rately in the cash flow statement. (DKK million) 2022Balance sheet items:Intangible assets 577Property, plant and equipment 27 Lease assets 18 Deferred tax assets 32Other non-current assets 2Non-current assets 656 Current assets 308Assets held for sale 964Provisions 28Lease liabilities 19Other liabilities 128Liabilities related to assets held for sale 175 On 27 April 2022, Demant entered into an agreement with the intention to divest the Hearing Implants business to CochlearLimited for a conditional payment of DKK850 million on a cash- and debt-free basis. Assets classified as held for sale at 31 De-cember 2022 thus comprise the Hearing Implants business. Cochlear will take overthe obligations to service existing custom-ers. The divestment is subject to regulatoryapproval and other customary closing con-ditions with closing expected in Q2 2023. Accounting policiesAssets and liabilities relating to the discon-tinued operations are classified as held for sale. Assets held for sale, except financial assets etc., and liabilities related to assetsheld for sale are measured at the lower of their carrying amount and their fair valueless costs to sell. Non-current assets heldfor sale are not depreciated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__187": {
"value": "Assets and liabilities relating to the discon-tinued operations are classified as held for sale. Assets held for sale, except financial assets etc., and liabilities related to assetsheld for sale are measured at the lower of their carrying amount and their fair valueless costs to sell. Non-current assets heldfor sale are not depreciated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__188": {
"value": "7.1 Provisions D million) 2022 2021Staff-related provisions 59 57Miscellaneous provisions 58 99Other provisions 117 156Defined benefit plan liabilities, net 91 193Provisions at 31.12. 208 349Breakdown of provisions:Non-current provisions 175 268Current provisions 33 81Provisions at 31.12. 208 3492022 2021Staff- Miscel- Staff- Miscel- (DKK million) related laneous Total related laneous TotalOther provisions at 1.1. 57 99 156 50 29 79Foreign currency translation adjustments - 1 1 - - -Additions relating to acquisitions 1 4 5 1 4 5Provisions during the year - 15 15 - 73 73Realised during the year - -37 -37 - -4 -4 Reversals during the year 1 -2 -1 6 -3 3Transfer to liabilities related to assets held for sale - -22 -22 - - -Other provisions at 31.12. 59 58 117 57 99 156Breakdown of provisions:Non-current provisions 59 25 84 57 18 75Current provisions - 33 33 - 81 81Other provisions at 31.12. 59 58 117 57 99 156Miscellaneous provisions relate to provi-sions for disputes etc. and are essentiallyexpected to be realised within the next five years. ( million) 2022 2021Present value of defined benefit obligations:Defined benefit obligations at 1.1. 541 564Foreign currency translation adjustments 22 21Current service costs 15 19 Calculated interest on defined benefit obligations 2 - Actuarial gains/losses -134 -53 Net benefits paid -21 -19 Contributions from plan participants 10 9Transfer to liabilities related to assets held for sale -6 -Defined benefit obligations at 31.12. 429 541Fair value of defined benefit assets:Defined benefit assets at 1.1. 348 321Foreign currency translation adjustments 16 15Expected return on defined benefit assets - -1 Actuarial gains/losses -29 9 Contributions 24 23Net benefits paid -21 -19 Defined benefit assets 31.12. 338 348Defined benefit obligations recognised in the balance sheet, net 91 193 Return on defined benefit assets:Actual return on defined benefit assets -29 8Expected return on defined benefit assets - -1 Actuarial gains/losses on defined benefit assets -29 9 Assumptions:Discount rate 2.3% 0.3%Expected return on defined benefit assets 0.0% 0.0%Future salary increase rate 1.4% 1.2%Generally, the Group does not offer defined benefit plans, but it has such plans in Swit-zerland, France and Germany where they are required by law. Defined benefit plan costs recognised in the income statement amount to DKK 15 million (DKK 18 million in 2021), and the accumulated actuarial gain recognised in the statement of comprehensive income amounts to DKK 28 million (loss of DKK 73 million in 2021). In 2023, the Group expects to pay approx. DKK 15 million (DKK 18 million in 2022) into defined benefit plans. Defined benefit obligations in the amount of DKK 130 mil-lion (DKK 137 million in 2021) will mature within 1-5 years and obligations in the amount of DKK 299 million (DKK 401 mil-lion in 2021) after five years. If the discount rate is 0.5% higher (lower), the defined benefit obligation would de-crease by 5% (increase by 6%). If the ex-pected salary growth rate is 0.5% higher (lower), the defined benefit obligation would increase by 1% (decrease by 1%). Plan assets are recognised as follows: Equity 17% Bonds 23% Property 20% Other 41% Accounting policiesProvisions are recognised if, as a result of an earlier event, the Group has a legal or constructive obligation, and if the settle-ment of such obligation is expected to drawon corporate financial resources, but thereis uncertainty about the timing or amount of the obligation. Provisions are measured on a discounted basis based on Manage-ment\u2019s best estimate of the amount atwhich a particular liability may be settled.The discount effect of any changes in thepresent value of provisions is recognised as a financial expense.The Group has defined benefit plans andsimilar agreements with some of its em-ployees. As regards defined contributionplans, the Group pays regular, fixed contri-butions to independent pension compa-nies. Contributions are recognised in theincome statement for the period in which employees have performed work entitlingthem to such pension contributions. Contri-butions due are recognised in the balance sheet as a liability.As regards defined benefit plans, theGroup is obliged to pay a certain contribu-tion when an employee covered by such a plan retires, for instance a fixed amount or a percentage of the employee\u2019s final sal-ary. An actuarial calculation is made peri-odically of the accrued present value of fu-ture benefits to which employees through their past employment with the Group areentitled and which are payable under the defined benefit plan. This defined benefitobligation is calculated annually, using the projected unit credit method on the basis of judgements in respect of the future de-velopment in for instance wage levels, in-terest rates, mortality and inflation rates. 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:\u2022 Service costs, including current servicecosts, past-service costs as well asgains and losses on curtailments andsettlements\u2022 Net interest expenses or income \u2022 Remeasurements Remeasurements, comprising actuarial gains and losses, any effects of changes to the asset ceiling as well as returns 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 com-prehensive income are reflected immedi-ately in retained earnings and are not re-classified 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. Ac-tuarial gains or losses on such benefits arerecognised directly in the income statement. Accounting estimates and judgements Assessment of provisions (estimate) Management assesses, on an ongoingbasis, provisions for restructuring costsand the likely outcome of pending and probable lawsuits etc. (other provisions). When assessing the likely outcome of law-suits, Management bases its assessmenton internal and external legal advice and established precedent. Provisions for re-structuring costs are based on the esti-mated costs of implementing restructuring initiatives and thus on a number of as-sumptions about future costs and events.For all provisions, the outcome and final expense depend on future events, which are by nature uncertain.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__189": {
"value": "7.1 Provisions D million) 2022 2021Staff-related provisions 59 57Miscellaneous provisions 58 99Other provisions 117 156Defined benefit plan liabilities, net 91 193Provisions at 31.12. 208 349Breakdown of provisions:Non-current provisions 175 268Current provisions 33 81Provisions at 31.12. 208 3492022 2021Staff- Miscel- Staff- Miscel- (DKK million) related laneous Total related laneous TotalOther provisions at 1.1. 57 99 156 50 29 79Foreign currency translation adjustments - 1 1 - - -Additions relating to acquisitions 1 4 5 1 4 5Provisions during the year - 15 15 - 73 73Realised during the year - -37 -37 - -4 -4 Reversals during the year 1 -2 -1 6 -3 3Transfer to liabilities related to assets held for sale - -22 -22 - - -Other provisions at 31.12. 59 58 117 57 99 156Breakdown of provisions:Non-current provisions 59 25 84 57 18 75Current provisions - 33 33 - 81 81Other provisions at 31.12. 59 58 117 57 99 156",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__193": {
"value": "Provisions are recognised if, as a result of an earlier event, the Group has a legal or constructive obligation, and if the settle-ment of such obligation is expected to drawon corporate financial resources, but thereis uncertainty about the timing or amount of the obligation. Provisions are measured on a discounted basis based on Manage-ment\u2019s best estimate of the amount atwhich a particular liability may be settled.The discount effect of any changes in thepresent value of provisions is recognised as a financial expense.The Group has defined benefit plans andsimilar agreements with some of its em-ployees. As regards defined contributionplans, the Group pays regular, fixed contri-butions to independent pension compa-nies. Contributions are recognised in theincome statement for the period in which employees have performed work entitlingthem to such pension contributions. Contri-butions due are recognised in the balance sheet as a liability.As regards defined benefit plans, theGroup is obliged to pay a certain contribu-tion when an employee covered by such a plan retires, for instance a fixed amount or a percentage of the employee\u2019s final sal-ary. An actuarial calculation is made peri-odically of the accrued present value of fu-ture benefits to which employees through their past employment with the Group areentitled and which are payable under the defined benefit plan. This defined benefitobligation is calculated annually, using the projected unit credit method on the basis of judgements in respect of the future de-velopment in for instance wage levels, in-terest rates, mortality and inflation rates. 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:\u2022 Service costs, including current servicecosts, past-service costs as well asgains and losses on curtailments andsettlements\u2022 Net interest expenses or income \u2022 Remeasurements Remeasurements, comprising actuarial gains and losses, any effects of changes to the asset ceiling as well as returns 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 com-prehensive income are reflected immedi-ately in retained earnings and are not re-classified 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. Ac-tuarial gains or losses on such benefits arerecognised directly in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__191": {
"value": "Present value of defined benefit obligations:Defined benefit obligations at 1.1. 541 564Foreign currency translation adjustments 22 21Current service costs 15 19 Calculated interest on defined benefit obligations 2 - Actuarial gains/losses -134 -53 Net benefits paid -21 -19 Contributions from plan participants 10 9Transfer to liabilities related to assets held for sale -6 -Defined benefit obligations at 31.12. 429 541Fair value of defined benefit assets:Defined benefit assets at 1.1. 348 321Foreign currency translation adjustments 16 15Expected return on defined benefit assets - -1 Actuarial gains/losses -29 9 Contributions 24 23Net benefits paid -21 -19 Defined benefit assets 31.12. 338 348Defined benefit obligations recognised in the balance sheet, net 91 193 Return on defined benefit assets:Actual return on defined benefit assets -29 8Expected return on defined benefit assets - -1 Actuarial gains/losses on defined benefit assets -29 9 Assumptions:Discount rate 2.3% 0.3%Expected return on defined benefit assets 0.0% 0.0%Future salary increase rate 1.4% 1.2%Generally, the Group does not offer defined benefit plans, but it has such plans in Swit-zerland, France and Germany where they are required by law. Defined benefit plan costs recognised in the income statement amount to DKK 15 million (DKK 18 million in 2021), and the accumulated actuarial gain recognised in the statement of comprehensive income amounts to DKK 28 million (loss of DKK 73 million in 2021). In 2023, the Group expects to pay approx. DKK 15 million (DKK 18 million in 2022) into defined benefit plans. Defined benefit obligations in the amount of DKK 130 mil-lion (DKK 137 million in 2021) will mature within 1-5 years and obligations in the amount of DKK 299 million (DKK 401 mil-lion in 2021) after five years. If the discount rate is 0.5% higher (lower), the defined benefit obligation would de-crease by 5% (increase by 6%). If the ex-pected salary growth rate is 0.5% higher (lower), the defined benefit obligation would increase by 1% (decrease by 1%). Plan assets are recognised as follows: Equity 17% Bonds 23% Property 20% Other 41%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__198": {
"value": "Other non-financial liabilities are recog-nised if, as a result of an earlier event, the Group has a legal or constructive obliga-tion, and if the settlement of such obliga-tion is expected to draw on corporate fi-nancial resources. Other non-financial lia-bilities are measured on a discounted ba-sis, and the discount effect of any changes in the present value of the liabilities is rec-ognised as a financial expense. On the sale of products with a right of re-turn, a refund liability and a right to the returned products are recognised as a re-fund liability and a current asset (included in prepaid expenses), respectively. The re-fund liability is deducted from revenue and the right to the returned products is offsetin cost of sales. Warranty commitmentsinclude an obligation to remedy faulty ordefective products during the warrantyperiod.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__199-1": {
"value": "Other non-financial liabilities are recog-nised if, as a result of an earlier event, the Group has a legal or constructive obliga-tion, and if the settlement of such obliga-tion is expected to draw on corporate fi-nancial resources. Other non-financial lia-bilities are measured on a discounted ba-sis, and the discount effect of any changes in the present value of the liabilities is rec-ognised as a financial expense. On the sale of products with a right of re-turn, a refund liability and a right to the returned products are recognised as a re-fund liability and a current asset (included in prepaid expenses), respectively. The re-fund liability is deducted from revenue and the right to the returned products is offsetin cost of sales. Warranty commitmentsinclude an obligation to remedy faulty ordefective products during the warrantyperiod.Deferred income includes income receivedor future performance obligations relatingto subsequent financial years and is recog-nised as revenue when the Group performs its obligations by transferring the goods or services.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__195": {
"value": "7.2 Other liabilities (DKK million) 2022 2021Product-related liabilities 460 430Staff-related liabilities 980 816Other debt, public authorities 277 424Contingent considerations 420 148Other costs payable 874 824Other liabilities 3,011 2,642Due within 1 year 2,445 2,302Due within 1-5 years 566 340 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 recog-nised if, as a result of an earlier event, the Group has a legal or constructive obliga-tion, and if the settlement of such obliga-tion is expected to draw on corporate fi-nancial resources. Other non-financial lia-bilities are measured on a discounted ba-sis, and the discount effect of any changes in the present value of the liabilities is rec-ognised as a financial expense. On the sale of products with a right of re-turn, a refund liability and a right to the returned products are recognised as a re-fund liability and a current asset (included in prepaid expenses), respectively. The re-fund liability is deducted from revenue and the right to the returned products is offsetin cost of sales. Warranty commitmentsinclude an obligation to remedy faulty ordefective products during the warrantyperiod.Accounting estimates andjudgementsWarranty 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 ex-perience of costs incurred by the Group tofulfil its service and warranty liabilities. Li-abilities in respect of returns are calculated based on information on products sold, re-lated rights concerning returns and pastexperience of products being returned inthe various markets. Consolidated prod-uct-related liabilities are the sum of a large number of small items, the sum changingconstantly due to a large number of trans-actions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__196": {
"value": "7.2 Other liabilities (DKK million) 2022 2021Product-related liabilities 460 430Staff-related liabilities 980 816Other debt, public authorities 277 424Contingent considerations 420 148Other costs payable 874 824Other liabilities 3,011 2,642Due within 1 year 2,445 2,302Due within 1-5 years 566 340 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 recog-nised if, as a result of an earlier event, the Group has a legal or constructive obliga-tion, and if the settlement of such obliga-tion is expected to draw on corporate fi-nancial resources. Other non-financial lia-bilities are measured on a discounted ba-sis, and the discount effect of any changes in the present value of the liabilities is rec-ognised as a financial expense. On the sale of products with a right of re-turn, a refund liability and a right to the returned products are recognised as a re-fund liability and a current asset (included in prepaid expenses), respectively. The re-fund liability is deducted from revenue and the right to the returned products is offsetin cost of sales. Warranty commitmentsinclude an obligation to remedy faulty ordefective products during the warrantyperiod.Accounting estimates andjudgementsWarranty 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 ex-perience of costs incurred by the Group tofulfil its service and warranty liabilities. Li-abilities in respect of returns are calculated based on information on products sold, re-lated rights concerning returns and pastexperience of products being returned inthe various markets. Consolidated prod-uct-related liabilities are the sum of a large number of small items, the sum changingconstantly due to a large number of trans-actions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__197": {
"value": "7.2 Other liabilities (DKK million) 2022 2021Product-related liabilities 460 430Staff-related liabilities 980 816Other debt, public authorities 277 424Contingent considerations 420 148Other costs payable 874 824Other liabilities 3,011 2,642Due within 1 year 2,445 2,302Due within 1-5 years 566 340 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 recog-nised if, as a result of an earlier event, the Group has a legal or constructive obliga-tion, and if the settlement of such obliga-tion is expected to draw on corporate fi-nancial resources. Other non-financial lia-bilities are measured on a discounted ba-sis, and the discount effect of any changes in the present value of the liabilities is rec-ognised as a financial expense. On the sale of products with a right of re-turn, a refund liability and a right to the returned products are recognised as a re-fund liability and a current asset (included in prepaid expenses), respectively. The re-fund liability is deducted from revenue and the right to the returned products is offsetin cost of sales. Warranty commitmentsinclude an obligation to remedy faulty ordefective products during the warrantyperiod.Accounting estimates andjudgementsWarranty 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 ex-perience of costs incurred by the Group tofulfil its service and warranty liabilities. Li-abilities in respect of returns are calculated based on information on products sold, re-lated rights concerning returns and pastexperience of products being returned inthe various markets. Consolidated prod-uct-related liabilities are the sum of a large number of small items, the sum changingconstantly due to a large number of trans-actions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__203": {
"value": "7.4 Contingent liabilitiesThe Demant Group is involved in minor liti-gations, claims, disputes etc. Management is of the opinion that such disputes do not or will not significantly affect the Group\u2019s financial position. The Group seeks to makeadequate provisions for legal proceedings.As part of our business activities, the Grouphas entered into normal agreements withcustomers and suppliers etc. as well asagreements for the purchase of sharehold-ings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__201": {
"value": "7.3 Deferred income ( million) 2022 2021 Prepayments from customers 68 72 Future performance obligations:Deferred warranty-related revenue 582 513 Deferred free products revenue 98 109Deferred service revenue 266 230Total 1,014 924 Free products, service and some of the warranty-related services mentioned are provided free of charge to the customer.Certain other services and warranty-re-lated services are paid by the customer in connection with delivery of the related 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. Expected recognition of revenue Less than 1 More than(DKK million) year 1-2 years 2-4 years 4 years Total2022Prepayments from customers 68 - - - 68Deferred warranty-related revenue 267 220 89 6 582Deferred free products revenue 48 36 8 6 98Deferred service revenue 130 95 37 4 266Total 513 351 134 16 1,0142021Prepayments from customers 72 - - - 72Deferred warranty-related revenue 253 179 77 4 513Deferred free products revenue 81 46 10 1 138Deferred service revenue 95 67 36 3 201Total 501 292 123 8 924Accounting policies Deferred income includes income receivedor future performance obligations relatingto subsequent financial years and is recog-nised as revenue when the Group performs its obligations by transferring the goods or services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__231": {
"value": "William Demant Foundation",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__230": {
"value": "William Demant Invest A/S",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__206": {
"value": "8.2 Fees to auditors(DKK million) 2022* 2021Fees to Parent\u2019s auditors appointed at the annual general meeting Statutory audit fee 14 14Tax and VAT advisory services - 2Other services 2 3Total 16 19* PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PricewaterhouseCoopers Denmark) was appointed as Groupauditor at the audit general meeting in March 2022, replacing Deloitte Statsautoriseret Revisionspartnerselskab.Some of the Group's subsidiaries are not subject to auditing by Pricewaterhouse-Coopers. In 2022, the fee for non-audit services de-livered by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, amounted to DKK 2 million relat-ing to issuance of various assurance re-ports as well as consulting services.In 2021, the fee for non-audit services de-livered by Deloitte Statsautoriseret Revi-sionspartnerselskab, Denmark, amounted to DKK 2 million in 2021 and consisted ofVAT and tax services, tax advisory ser-vices related to transfer pricing, issuance of various assurance reports as well as consulting services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__213": {
"value": "Government grants are recognised whenthere is reasonable certainty that the con-ditions for such grants are satisfied andthat they will be awarded. Grants received as compensation for costs incurred are recognised proportionately in the incomestatement over the periods in which therelated costs are recognised in the income statement and are offset against costs in-curred.Government grants relating to the acquisi-tion of non-current assets are deducted from the cost of such assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__207": {
"value": "8.3 Government grants (DKK million) 2022 2021 Government grants by function: Production costs 1 5R&D costs 17 22Distribution costs 7 19Administrative expenses - 2Total 25 48In 2022, the Demant Group received gov-ernment grants in the amount of DKK 25 million (DKK 48 million in 2021) of which DKK 12 million (DKK 28 million in 2021) are Covid-19-related publicly funded com-pensation schemes. Non-Covid-19 grants are offset against R&D costs. Accounting policiesGovernment grants are recognised whenthere is reasonable certainty that the con-ditions for such grants are satisfied andthat they will be awarded. Grants received as compensation for costs incurred are recognised proportionately in the incomestatement over the periods in which therelated costs are recognised in the income statement and are offset against costs in-curred.Government grants relating to the acquisi-tion of non-current assets are deducted from the cost of such assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__214": {
"value": "8.4 Events after the balance sheet dateNo events have occurred after the report- i date that might affect the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__216": {
"value": "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.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__218": {
"value": "Effect of new accounting standards The Group has adopted the new, amended and revised accounting standard and in-terpretation as published by the IASB and adopted by the EU effective for the ac-counting period beginning 1 January 2022. The new, updated and amended standardand interpretation did not result in anychanges to the accounting policies for the Group nor had it any significant impact on the consolidated financial statements for 2022. IASB has issued new accounting stand-ards and amendments effective for ac-counting periods beginning after 1 January 2022, which have been adopted by the EU. The changes to these standards are not expected to have any significant impact on the Group. Except for the implementation of the new and amended standard, the accounting policies remain unchanged compared to last year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__219": {
"value": "Effect of new accounting standards The Group has adopted the new, amended and revised accounting standard and in-terpretation as published by the IASB and adopted by the EU effective for the ac-counting period beginning 1 January 2022. The new, updated and amended standardand interpretation did not result in anychanges to the accounting policies for the Group nor had it any significant impact on the consolidated financial statements for 2022. IASB has issued new accounting stand-ards and amendments effective for ac-counting periods beginning after 1 January 2022, which have been adopted by the EU. The changes to these standards are not expected to have any significant impact on the Group. Except for the implementation of the new and amended standard, the accounting policies remain unchanged compared to last year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__220": {
"value": "Consolidated financial statementsThe consolidated financial statementscomprise Demant A/S (the Parent) and the enterprises in which the Parent can or doesexercise control by either directly or indi-rectly 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 venturesand are incorporated proportionately into the consolidated financial statements us-ing the equity method.Consolidation principlesThe consolidated financial statementsare prepared based on the financial state-ments of the Parent and its subsidiaries by aggregating uniform items. Enterprisesthat, by agreement, are managed jointlywith one or more other enterprises are recognised using the equity method.The consolidated financial statements areprepared in accordance with the Group\u2019s accounting policies. Intra-group income, expenses, shareholdings, balances and dividends as well as unrealised intra-group profits on inventories are eliminated. The accounting items of subsidiaries arerecognised 100% in the consolidated fi-nancial statements. On initial recognition,non-controlling interests are measured ei-ther 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 ischosen for each individual transaction. Non-controlling interests are subsequently adjusted according to their proportionateshare of changes in equity of the subsidiary. Comprehensive income is allocated tonon-controlling interests whether or not, as a result hereof, the value of such inter-ests is negative. The purchase or sale ofnon-controlling interests in a subsidiary, which does not result in obtaining or dis-continuing control of such subsidiary, is treated as an equity transaction in the consolidated financial statements, and anydifference between the consideration andthe carrying amount is allocated to theParent\u2019s share of the equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__217": {
"value": "9.1 Group accounting policiesThe Group\u2019s general accounting policies are described below. In addition to this, specific accounting policies are described in each of the individual notes to the con-solidated financial statements as outlined here: 1.1 Segment disclosures 1.2 Revenue 1.3 Employees 1.6 Inventories 1.7 Trade receivables 1.8 Customer loans 2.3 Hedging and forward exchange con-tracts 3.1 Intangible assets 3.2 Property, plant and equipment 3.3 Leases 3.4 Other non-current assets 3.6 Impairment testing 4.2 Net financial items 4.3 Categories of financial instruments 4.5 Fair value hierarchy 5.1 Tax on profit 5.2 Deferred tax 6.1 Acquisition of enterprises and activities 6.3 Discontinued operations and assets held for sale 7.1 Provisions 7.2 Other liabilities 7.3 Deferred income 8.3 Government grants 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 pre-sented based on historical costs, except forobligations 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 as well as the Parent\u2019s accounting policies are presented separately from the consoli-dated financial statements and are shown on the last pages of this Annual Report 2022. Effect of new accounting standards The Group has adopted the new, amended and revised accounting standard and in-terpretation as published by the IASB and adopted by the EU effective for the ac-counting period beginning 1 January 2022. The new, updated and amended standardand interpretation did not result in anychanges to the accounting policies for the Group nor had it any significant impact on the consolidated financial statements for 2022. IASB has issued new accounting stand-ards and amendments effective for ac-counting periods beginning after 1 January 2022, which have been adopted by the EU. The changes to these standards are not expected to have any significant impact on the Group. Except for the implementation of the new and amended standard, the accounting policies remain unchanged compared to last year. Consolidated financial statementsThe consolidated financial statementscomprise Demant A/S (the Parent) and the enterprises in which the Parent can or doesexercise control by either directly or indi-rectly 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 venturesand are incorporated proportionately into the consolidated financial statements us-ing the equity method.Consolidation principlesThe consolidated financial statementsare prepared based on the financial state-ments of the Parent and its subsidiaries by aggregating uniform items. Enterprisesthat, by agreement, are managed jointlywith one or more other enterprises are recognised using the equity method.The consolidated financial statements areprepared in accordance with the Group\u2019s accounting policies. Intra-group income, expenses, shareholdings, balances and dividends as well as unrealised intra-group profits on inventories are eliminated. The accounting items of subsidiaries arerecognised 100% in the consolidated fi-nancial statements. On initial recognition,non-controlling interests are measured ei-ther 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 ischosen for each individual transaction. Non-controlling interests are subsequently adjusted according to their proportionateshare of changes in equity of the subsidiary. Comprehensive income is allocated tonon-controlling interests whether or not, as a result hereof, the value of such inter-ests is negative. The purchase or sale ofnon-controlling interests in a subsidiary, which does not result in obtaining or dis-continuing control of such subsidiary, is treated as an equity transaction in the consolidated financial statements, and anydifference between the consideration andthe carrying amount is allocated to theParent\u2019s share of the equity. Foreign currency translation The Group\u2019s presentation currency is Dan-ish kroner. On initial recognition, transactions in for-eign currencies are translated at the ex-change rates prevailing at the date of the transaction. The functional currencies of the enterprises are determined by the eco-nomic environment in which the enter-prises operate, normally 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. Real-ised and unrealised foreign currency trans-lation adjustments are recognised in the income statement under gross profit or net financial items, depending on the purpose of the underlying transaction. Property, plant and equipment, intangibleassets, inventories and other non-mone-tary assets purchased in foreign currencies and measured on the basis of historicalcost are translated at the exchange ratesprevailing at the transaction date. Non-monetary items, which are revalued attheir fair values, are translated using the exchange rates at the revaluation date. On recognition in the consolidated finan-cial statements of enterprises presenting their financial statements in a functional currency other than Danish kroner, the in-come statement is translated using aver-age exchange rates for the months of the year in question, unless they deviate mate-rially from actual exchange rates at the transaction dates. In case of the latter, ac-tual exchange rates are applied. Balance sheet items are translated at the exchange rates prevailing at the balance sheet date. Goodwill is considered as be-longing to the acquired enterprise in ques-tion and is translated at the exchange rate prevailing at the balance sheet date. All foreign currency translation adjustmentsare recognised in the income statement, except for the following, which are recog-nised in other comprehensive income: \u2022 The translation of income statements offoreign subsidiaries using monthly aver-age exchange rates for the respective months of the year, whereas balance sheet items of such foreign subsidiaries are translated using exchange rates prevailing at the balance sheet date.\u2022 The translation of non-current, intra-group receivables that are considered tobe an addition to or deduction from netinvestments in foreign subsidiaries.\u2022 The translation of investments in asso-ciates and joint ventures. Income statementIncome and costs are recognised on anaccruals basis. The income statement is broken down by function, and all costs, including depreciation, amortisation andimpairment losses, are therefore charged to production, distribution, administration and R&D.Production costs Production costs are costs incurred to gen-erate revenue. Distribution companies rec-ognise cost of goods sold under production costs. Production companies recognise cost of raw materials, consumables, pro-duction staff as well as maintenance ofand depreciation, amortisation and impair-ment losses on property, plant and equip-ment and intangible assets used in theproduction process under production costs. R&D costsResearch costs are always recognised inthe income statement as such costs incur.Development costs include all costs notsatisfying capitalisation criteria but in-curred in connection with the development,prototype construction, development ofnew business concepts and amortisationof capitalised development costs.Distribution costs Distribution costs include costs relating to training, sales, marketing, promotion ma-terials, distribution, bad debts as well as depreciation and amortisation of and im-pairment losses on assets used for distri-bution purposes.Administrative expenses Administrative expenses include adminis-trative staff costs, office expenses as well as depreciation and amortisation of and impairment losses on assets used for ad-ministrative purposes. Prepaid expensesPrepaid expenses recognised under assets include costs relating to the subsequent fi-nancial years. Prepaid expenses are meas-ured at cost.Other operating incomeOther operating income includes incomefrom all activities not related to the core business activities of the Group.EquityForeign currency translation reserves in-clude foreign currency translation adjust-ments on the translation of financial state-ments of foreign subsidiaries, associatesand 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. Theamounts are recognised in the incomestatement or the balance sheet at thesame time as hedged transactions are recognised.Treasury shares and dividendOn the buy-back of shares or sale of treas-ury shares, the purchase price or selling price, respectively, is recognised directly in equity under other reserves (retained earn-ings). A capital reduction through the can-cellation of treasury shares will reduce the share capital by an amount correspondingto the nominal value of such shares. Proposed dividends are recognised as a li-ability at the time of adoption at the an-nual general meeting. Cash flow statement The cash flow statement is prepared ac-cording to the indirect method and reflects the consolidated net cash flow broken down into operating, investing and financ-ing activities. Cash flow from operating activities in-cludes inflows from the year\u2019s operations adjusted for non-cash operating items, changes in working capital, financial in-come received, financial expenses paid, and income tax paid. Cash flow from oper-ating 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 as-sets as well as the purchase, development, improvement or sale of intangible assets and property, plant and equipment. In ad-dition to this, cash flow from investing ac-tivities also includes movement in receiva-bles from associates and joint ventures as well as customer loans. Cash flow from financing activities in-cludes payments to and from shareholders and the raising and repayment of non-cur-rent and current debt and lease liabilities. Cash flow in currencies other than the functional currency is recognised at aver-age 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 over-drawn are considered cash flow from fi-nancing activities.iXBRL tagging The Commission Delegated Regulation(EU) 2019/815 on the European SingleElectronic Format (ESEF Regulation) hasintroduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EUregulated markets.The combination of XHTML format andiXBRL tags makes it possible for annual financial reports to be read by both hu-mans and machines, thus enhancing ac-cessibility, analysis and comparability ofthe information included in the annualfinancial reports.The Group\u2019s iXBRL tags have been pre-pared in accordance with the ESEF taxon-omy, which is included in the ESEF Regula-tion and developed based on the IFRS tax-onomy published by the IFRS Foundation.The line items in the consolidated financial statements are tagged to elements in theESEF taxonomy. For financial line itemsthat are not directly defined in the ESEFtaxonomy, an extension to the taxonomy has been created. Extensions are anchoredto elements in the ESEF taxonomy, exceptfor extensions that are subtotals.The annual report submitted to the DanishFinancial Supervisory Authority (the Offi-cially Appointed Mechanism) consists of the XHTML document together with thetechnical files, all of which are included in the ZIP file DEMANT-2022-12-31-en.zip. Key definitions XHTML (eXtensible HyperText MarkupLanguage) is a text-based language used to structure and mark up content such astext, images and hyperlinks in documents that are displayed in a web browser.iXBRL tags (or Inline XBRL tags) are hid-den metainformation embedded in the source code of an XHTML document thatenables the conversion of XHTML-format-ted information into a machine-readable XBRL data record using appropriate soft-ware.A financial reporting taxonomy is an elec-tronic dictionary of business reporting ele-ments used to report business data. A tax-onomy element is an element defined in a taxonomy that is used for the machine-readable labelling of information in anXBRL data record.Key figures and financial ratiosOrganic growth Organic growth is measured as the year-on-year change excluding impact from acquisitions, divestments and foreign exchange adjustments in per-centageEBITDA Operating profit before amortisation, depreciation and impairment losses EBIT Operating profitAdjusted EBIT Operating profit adjusted for non-recurring transactionsFree cash flow Cash flow from operating activities (CFFO) and investing activities (CFFI)before acquisitions and disposals of enterprises, participating interests and activities Net interest-bearing Net amount of borrowings and lease liabilities less interest-bearing debt (NIBD) receivables and cash Net working capital Net amount of current assets (excluding tax, financial contracts and cash)less trade payables, the current part of other liabilities and deferred income EPS Earnings per sharePer share Financial ratios per share are calculated per share of nominally DKK 0.20Average number of Average number of shares excluding the average number of treasuryshares outstanding shares for the yearGender diversity, all Gender distribution between women and men in percentage among all managers people managers with one or more reports Gender diversity, Gender distribution between men and women at management levels fromtop-level manage-Vice Presidents and upmentGender diversity, The percentage of top-level management teams that are on or off the top-level manage-target of 75% of all teams having a maximum of 75% of one genderment teamsGender diversity, Gender distribution between women and men of shareholder-elected Board of Directors members of the Board of DirectorsGross profit *100Gross margin RevenueOperating profit *100EBIT margin RevenueNet interest-bearing debt *100Gearing multiple EBITDAProfit for the year attributable to Demant A/S' shareholdersEPSAverage number of shares outstandingProfit for the continuing operations for the year attributable to Demant A/S'EPS - continuing shareholdersoperationsAverage number of shares outstandingProfit for the discontinuing operations for the year attributable to DemantEPS -discontinuing A/S' shareholdersoperationsAverage number of shares outstandingFree cash flowFree cash flow pershareAverage number of shares outstandingTotal annual remuneration of the CEOCEO remunerationratio Average remuneration of Demant employees excluding the CEOKey figures and financial ratiosFinancial ratios are calculated in accord-ance with \u201cRecommendations and Ratios\u201dfrom CFA Society Denmark.Gender diversityGender diversity is calculated based on the data from the countries enrolled in ourglobal HR data management system. In2022, 90% of our employees were regis-tered in the system.Carbon emissionsCarbon emissions are measured using thecarbon dioxide equivalent (CO2e) to in-clude relevant greenhouse gasses accord-ing to the Greenhouse Gas Protocol. Theconsolidated emissions data comprise en-tities where Demant has operational con-trol. These include emissions data from leased facilities.Scope 1 emissions (direct GHG emissions)cover CO2e emissions from actual and es-timated consumed natural gas, liquefiedpetroleum gas, gasoline and diesel. De-partment for Environment, Food & RuralAffairs (Defra) emissions factors were used.Scope 2 emissions (own indirect GHG emissions) cover CO2e emissions from ac-tual and estimated purchased and con-sumed electricity and district heating. In-ternational Energy Agency (IEA) CO2 Emissions from Fuel Combustion factors were used for location-based emissions and residual mix for market-based emis-sions (when available) generated from electricity. Department for Environment, Food & Rural Affairs (Defra) emissions fac-tors were used for district heating. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__221": {
"value": "The Group\u2019s presentation currency is Dan-ish kroner. On initial recognition, transactions in for-eign currencies are translated at the ex-change rates prevailing at the date of the transaction. The functional currencies of the enterprises are determined by the eco-nomic environment in which the enter-prises operate, normally 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. Real-ised and unrealised foreign currency trans-lation adjustments are recognised in the income statement under gross profit or net financial items, depending on the purpose of the underlying transaction. Property, plant and equipment, intangibleassets, inventories and other non-mone-tary assets purchased in foreign currencies and measured on the basis of historicalcost are translated at the exchange ratesprevailing at the transaction date. Non-monetary items, which are revalued attheir fair values, are translated using the exchange rates at the revaluation date. On recognition in the consolidated finan-cial statements of enterprises presenting their financial statements in a functional currency other than Danish kroner, the in-come statement is translated using aver-age exchange rates for the months of the year in question, unless they deviate mate-rially from actual exchange rates at the transaction dates. In case of the latter, ac-tual exchange rates are applied. Balance sheet items are translated at the exchange rates prevailing at the balance sheet date. Goodwill is considered as be-longing to the acquired enterprise in ques-tion and is translated at the exchange rate prevailing at the balance sheet date. All foreign currency translation adjustmentsare recognised in the income statement, except for the following, which are recog-nised in other comprehensive income: \u2022 The translation of income statements offoreign subsidiaries using monthly aver-age exchange rates for the respective months of the year, whereas balance sheet items of such foreign subsidiaries are translated using exchange rates prevailing at the balance sheet date.\u2022 The translation of non-current, intra-group receivables that are considered tobe an addition to or deduction from netinvestments in foreign subsidiaries.\u2022 The translation of investments in asso-ciates and joint ventures. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__223": {
"value": "EquityForeign currency translation reserves in-clude foreign currency translation adjust-ments on the translation of financial state-ments of foreign subsidiaries, associatesand 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. Theamounts are recognised in the incomestatement or the balance sheet at thesame time as hedged transactions are recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureAndPurposeOfReservesWithinEquity",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__224": {
"value": "Treasury shares and dividendOn the buy-back of shares or sale of treas-ury shares, the purchase price or selling price, respectively, is recognised directly in equity under other reserves (retained earn-ings). A capital reduction through the can-cellation of treasury shares will reduce the share capital by an amount correspondingto the nominal value of such shares. Proposed dividends are recognised as a li-ability at the time of adoption at the an-nual general meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__225": {
"value": "Treasury shares and dividendOn the buy-back of shares or sale of treas-ury shares, the purchase price or selling price, respectively, is recognised directly in equity under other reserves (retained earn-ings). A capital reduction through the can-cellation of treasury shares will reduce the share capital by an amount correspondingto the nominal value of such shares. Proposed dividends are recognised as a li-ability at the time of adoption at the an-nual general meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__226": {
"value": "The cash flow statement is prepared ac-cording to the indirect method and reflects the consolidated net cash flow broken down into operating, investing and financ-ing activities. Cash flow from operating activities in-cludes inflows from the year\u2019s operations adjusted for non-cash operating items, changes in working capital, financial in-come received, financial expenses paid, and income tax paid. Cash flow from oper-ating 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 as-sets as well as the purchase, development, improvement or sale of intangible assets and property, plant and equipment. In ad-dition to this, cash flow from investing ac-tivities also includes movement in receiva-bles from associates and joint ventures as well as customer loans. Cash flow from financing activities in-cludes payments to and from shareholders and the raising and repayment of non-cur-rent and current debt and lease liabilities. Cash flow in currencies other than the functional currency is recognised at aver-age 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 over-drawn are considered cash flow from fi-nancing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__227": {
"value": "The cash flow statement is prepared ac-cording to the indirect method and reflects the consolidated net cash flow broken down into operating, investing and financ-ing activities. Cash flow from operating activities in-cludes inflows from the year\u2019s operations adjusted for non-cash operating items, changes in working capital, financial in-come received, financial expenses paid, and income tax paid. Cash flow from oper-ating 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 as-sets as well as the purchase, development, improvement or sale of intangible assets and property, plant and equipment. In ad-dition to this, cash flow from investing ac-tivities also includes movement in receiva-bles from associates and joint ventures as well as customer loans. Cash flow from financing activities in-cludes payments to and from shareholders and the raising and repayment of non-cur-rent and current debt and lease liabilities. Cash flow in currencies other than the functional currency is recognised at aver-age 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 over-drawn are considered cash flow from fi-nancing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__228": {
"value": "iXBRL tagging The Commission Delegated Regulation(EU) 2019/815 on the European SingleElectronic Format (ESEF Regulation) hasintroduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EUregulated markets.The combination of XHTML format andiXBRL tags makes it possible for annual financial reports to be read by both hu-mans and machines, thus enhancing ac-cessibility, analysis and comparability ofthe information included in the annualfinancial reports.The Group\u2019s iXBRL tags have been pre-pared in accordance with the ESEF taxon-omy, which is included in the ESEF Regula-tion and developed based on the IFRS tax-onomy published by the IFRS Foundation.The line items in the consolidated financial statements are tagged to elements in theESEF taxonomy. For financial line itemsthat are not directly defined in the ESEFtaxonomy, an extension to the taxonomy has been created. Extensions are anchoredto elements in the ESEF taxonomy, exceptfor extensions that are subtotals.The annual report submitted to the DanishFinancial Supervisory Authority (the Offi-cially Appointed Mechanism) consists of the XHTML document together with thetechnical files, all of which are included in the ZIP file DEMANT-2022-12-31-en.zip. Key definitions XHTML (eXtensible HyperText MarkupLanguage) is a text-based language used to structure and mark up content such astext, images and hyperlinks in documents that are displayed in a web browser.iXBRL tags (or Inline XBRL tags) are hid-den metainformation embedded in the source code of an XHTML document thatenables the conversion of XHTML-format-ted information into a machine-readable XBRL data record using appropriate soft-ware.A financial reporting taxonomy is an elec-tronic dictionary of business reporting ele-ments used to report business data. A tax-onomy element is an element defined in a taxonomy that is used for the machine-readable labelling of information in anXBRL data record",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__234": {
"value": "Subsidiaries, associates andJoint venturesCompany Interest Demant A/S Parent Oticon A/S, Denmark* 100% Oticon AS, Norway* 100% Oticon Denmark A/S, Denmark* 100% Oticon GmbH, Germany 100% Oticon Limited, United Kingdom* 100% Oticon Medical A/S, Denmark* 100% Oticon Medical AB, Sweden 100% Oticon Medical Maroc, Morocco* 100% Oticon Medical, LLC, United States 100% Oticon Polska Sp. z o.o., Poland* 100% Oticon Portugal, Unipessoal LDA, Portugal 100% Acoustic Metrology Limited, United Kingdom 100% ACS Audika Sp. z.o.o., Poland 100% Acustica Sp. z o.o., Poland* 100% Advanced Hearing Providers, LLC, United States 100% Akoustica Medica S.A., Greece* 100% Amplivox Limited, United Kingdom 100% Audika AB, Sweden* 100% Audika AG, Switzerland* 100% Audika ApS, Denmark* 100% Audika Australia Pty. Ltd., Australia 100% Audika GmbH, Germany 100% Audika Groupe S.A.S., France* 100% Audika Management GmbH, Germany 100% Audika New Zealand Limited, New Zealand* 100% Audika NV, Belgium* 100% Audio Seleccion S.L., Spain* 100% Audiology Services Company USA, LLC, United States 100% AudioNet America, Inc., United States 100% Audmet Australia Pty Ltd., Australia 100% Audmet Canada Ltd., Canada 100% *Directly owned by the Parent for 100%. Company InterestAudmet New Zealand Limited, New Zealand* 100%Audmet Oy, Finland* 100%Audmet Srl, Italy* 100%AudPractice Group, LLC, United States 100%Beijing Sheng Wang Yuanbo Commerce and Trade Co., Ltd., China* 100%Bernafon (UK) Limited, United Kingdom* 100%Bernafon A/S, Denmark* 100%Bernafon AB, Sweden* 100%Bernafon AG, Switzerland* 100%Bernafon H\u00f6rger\u00e4te GmbH, Germany 100%Bernafon, LLC, United States 100%Birdsong Hearing Benefits, LLC, United States 100%Centro Auditivo Telex Ltda., Brazil 100%CQ Partners, LLC, United States 100%Danacom H\u00f8reapparater A/S, Denmark* 100%Demant Australia Pty Ltd, Australia* 100%Demant Business Services Poland Sp. z o.o., Poland* 100%Demant Iberica, S.A., Spain* 100%Demant Italia S.r.l., Italy* 100%Demant Japan K.K., Japan* 100%Demant Korea Co., ltd., Korea* 100%Demant Malaysia Sdn. Bhd., Malaysia* 100%Demant M\u00e9xico, S.A. de C.V., Mexico 100%Demant Nederland B.V., Netherlands* 100%Demant New Zealand Limited, New Zealand* 100%Demant Operations Poland Sp. z o.o, Poland 100%Demant Operations S.A. de C.V., Mexico 100%Demant Sales Strategic Accounts A/S, Denmark* 100%Demant Schweiz AG, Switzerland* 100%Demant Singapore Pte Ltd, Singapore* 100%Demant South Africa (Pty) Ltd., South Africa* 100%Demant Sweden AB, Sweden* 100%The list includes the Group's active companiesCompany Interest Demant Technology & Innovation Centre Sdn. Bhd., Malaysia* 100% Demant Technology Centre Sp. z o.o., Poland* 100% DGS Diagnostics Sp. z o.o., Poland 100% Diagnostic Group LLC, United States 100% Diatec A/S, Denmark* 100% Diatec AG, Switzerland* 100% Diatec Diagnostics GmbH, Germany* 100% Diatec Polska Sp. z o.o., Poland* 100% Diatec Shanghai Medical Technology Co., Ltd., China* 100% Diatec Spain, S.L.U., Spain* 100% DSEA A/S, Denmark 100% e3 Diagnostics, Inc., United States 100% Entomed MedTech AB, Sweden* 100% EPOS Audio Australia Pty Ltd, Australia 100% EPOS Audio India Private Limited, India 100% EPOS Audio Ireland Limited, Ireland 100% EPOS Audio Singapore Pte. Ltd., Singapore 100% EPOS Audio UK Ltd., United Kingdom 100% EPOS Austria GmbH, Austria 100% EPOS Belgium BV, Belgium 100% EPOS Canada Ltd., Canada* 100% EPOS France S.A.S, France 100% EPOS Germany GmbH, Germany 100% EPOS Group A/S, Denmark* 100% EPOS Hong Kong Limited, Hong Kong 100% EPOS Japan Kabushiki Kaisha, Japan 100% EPOS Netherlands B.V., Netherlands 100% EPOS Sales A/S, Denmark 100% EPOS Sweden AB, Sweden 100% EPOS Switzerland AG, Switzerland 100% EPOS USA, Inc., United States 100% *Directly owned by the Parent for 100%**Subconsolidated group of companies, including companies with non-controlling interests.Company InterestEtymonic Design Inc., Canada* 100%Fluorite Sp. z o.o., Poland 100%Great Lakes Provider Network, LLC, United States 100%Guymark UK Limited, United Kingdom 100%Hearing Screening Associates, LLC, United States 100%HearingLife Canada Ltd., Canada* 100%Hidden Hearing (N.I.) Limited, United Kingdom 100%Hidden Hearing (Portugal), Unipessoal, Lda., Portugal* 100%Hidden Hearing International Plc, United Kingdom* 100%Hidden Hearing Limited, Ireland* 100%Hidden Hearing Limited, United Kingdom 100%Hidden Hearing Properties Ltd, United Kingdom 100%IDEA Isitme Sistemleri Sanayi ve Ticaret A.S., Turkey* 100%Interacoustics A/S, Denmark* 100%Interacoustics Pty Ltd, Australia 100%Inventis North America Inc., United States 100%Inventis S.r.l., Italy* 100%Kuulopiiri Oy, Finland* 100%Langer H\u00f6rstudio GmbH, Germany 100%LeDiSo Italia S.r.l., Italy* 100%Maico Diagnostics GmbH, Germany* 100%Maico S.r.l., Italy* 100%Mediszintech Audiologica Kft., Hungary* 100%MedRx, Inc., United States 100%Micromedical Technologies, Inc., United States 100%Moser H\u00f6rger\u00e4te GmbH, Germany 100%Neurelec S.A.S, France* 100%NexGen Healthcare Management Inc., Canada** *** 100%Northeast Hearing Instruments, LLC, United States 100%Oticon (Shanghai) Hearing Technology Co., Ltd., China* 100%Oticon, Inc., United States 100%***Subconsolidated group of companies, including associated companies.The list includes the Group's active companiesCompany Interest Philiear Inc., Philippines* 100% Phonic Ear Inc., United States 100% Prodition S.A.S, France* 100% Ritter H\u00f6rger\u00e4te GmbH, Germany 100% SBO Hearing A/S, Denmark* 100% SBO Hearing US, Inc., United States 100% SBO International Sales A/S, Denmark* 100% SES Isitme Cihazlari Sanayi ve Ticaret A.S., Turkey* 100% Shanghai YinPo Technology Co., Ltd., China 100% Shin Nihon Hochoki Kabushiki Kaisha, Japan* 100% Sonic AG (Sonic SA) (Sonic Ltd.), Switzerland* 100% Sonic Equipment Australia Pty Ltd, Australia 100% Sonic Innovations, Inc., United States 100% Synapsys S.A.S, France 100% The Hearing Center of Northeast Pennsylvania, LLC, United States 100% Udicare S.r.l., Italy* 100% Value Hearing (Pty) Ltd., South Africa* 100% Van Boxtel Hoorwinkels B.V., Netherlands 100% WDH Germany GmbH, Germany* 100% WDH UK Limited, United Kingdom* 100% WDH USA, Inc., United States* 100% Workplace Integra Inc., United States 100% Audilab SAS, France** *** 95% Medton Ltd., Israel 90% Colorado Hearing, LLC, United States 80% Destin Hearing Associates, LLC, United States 70% ADB Sarl, France 60% Audika Alpes Sarl, France 60% Institut de l'Audition du Var Sarl, France 60%European Hearing Care (Myanmar) Limited, Myanmar 50%Conc. Maico - Centro Otoacustico Marchesin S.r.l., Italy 50%*Directly owned by the Parent for 100% **Subconsolidated group of companies, including companies with non-controlling interests. Company InterestAudiovita S.r.l., Italy 49%Exclusive Hearing Limited, United Kingdom 49%Ma.Bi.Ge Bioacustica S.r.l., Italy 49%Microfon S.r.l., Italy 49%Otic Hearing Solutions Private Limited, India 49%Audiology Concepts, LLC, United States 40%Audition Bahuaud SAS, France 40%Dencker A/S, Denmark 40%Vocechiara S.r.l., Italy 40%Acustica Umbra S.r.l., Italy 35%Centro Audioprotesico Lombardo S.r.l., Italy 35%Euro Hearing LLC, Uzbekistan 35%Fonema Italia S.r.l., Italy 30%HearWell Audiology Clinics Inc., Canada 25%Hemmerich Hearing Center Ltd., Canada 25%HIMSA A/S, Denmark 25%Imperial Hearing Limited, United Kingdom 25%Acufon S.r.l., Italy 20%Acustica Marche S.r.l., Italy 20%Audiovox Preduzece Za Izradu I Promet Ortopedskih Pomagaladoo, Serbia 20%Bontech Research CO D.o.o., Croatia 20%Solaborate Inc., United States 20%The Hearing Doctors of Georgia, LLC, United States 20%K/S Himpp, Denmark 18%HIMSA II A/S, Denmark 17%HIMSA II K/S, Denmark 15%Himpp A/S, Denmark 13%HearBase Limited, United Kingdom 10%***Subconsolidated group of companies, including associated companies.The list includes the Group's active companies",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__252": {
"value": "Demant A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__253": {
"value": "A/S",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__254-1": {
"value": "Kongebakken 9DK-2765 Sm\u00f8rum",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__256": {
"value": "Sm\u00f8rum",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__8__257": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}