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"s10_notesesefdkgaap__7__69-1": {
"value": "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 Group level and are not allocated to operating segments. Segmentation of assets and liabilities Segment assets and liabilities are based on 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 Group level and are not allocated to oper-ating segments.Accounting policies Revenue is recognised when obligations under the terms of the contract with the customer are satisfied, which usually oc-curs with the transfer of control of our products and services within Hearing Healthcare and Communications. Revenue is measured as the consideration we ex-pect to receive in exchange for transferring goods and providing services net of the es-timated discounts or other customer-re-lated reductions.Accounting policies Employee costs comprise wages, salaries, social security contributions, annual and sick leave, bonuses and non-monetary benefits and are recognised in the year in which the associated services are ren-dered by the employees. Where Demant provides long-term employee benefits, the costs are accrued to match the rendering of service by the employee in question.Accounting policies Raw materials, components and goods for resale are measured at cost according to the FIFO principle (according to which the most recently purchased items are 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 the value of direct costs, direct payroll costs, consumables and a proportionate share of indirect production costs, which are allo-cated based on the normal capacity of the production facility. Indirect production costs include the proportionate share of capacity costs directly relating to Group-manufactured finished goods and work in progress. The net realisable value of inventories is determined as the estimated selling price less costs of completion and costs to sell.Accounting policies Trade receivables and contract assets are measured at amortised costs less ex-pected lifetime 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, trade receivables are grouped based on shared credit risk and the number of days that have passed after the due date. Allowancesare also made for trade receivables not due. For trade receivables that are considered credit-impaired, the expected credit loss is determined on an individual basis.Accounting policies Customer loans are initially recognised at fair value less transaction costs and are subsequently measured at amortised costs less loss allowance or impairment losses. Any difference between the nominal value and the fair value of the loans at initial recognition is treated as a prepaid dis-count on future sales to the customer and is recognised in the income statement as a reduction of revenue when the customer purchases goods from the Group. The fair value of customer loans at initial recognition is measured as the present value of future repayments on the loan discounted at a market interest rate. The effective interest on customer loans is rec-ognised as financial income in the income statement 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 the loan, a loss allowance based on the ex-pected lifetime credit loss is provided.Accounting policies On initial recognition, derivatives are measured at fair value at the settlement date. After initial recognition, derivatives are measured at fair value at the balance sheet date. Any positive or negative fair values of derivatives are recognised as separate items on the balance sheet as unrealised gains/losses on financial con-tracts. Forward exchange contracts are measured based on current market data and by means of commonly recognised valuation methods. Please refer to Note 4.5. Any changes in fair values of derivatives classified as hedging instruments and satisfying the criteria for hedging the fair value of a recognised asset or a recog-nised liability are recognised in the income statement together with any changes in the fair value of the hedged asset or hedged liability. Any changes in fair values of derivatives classified as hedging 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 measured at fair value, with fair value adjustments being recognised on an ongoing basis in the income statement.Accounting policies 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 and impairment losses. Other intangible assets are amortised on a straight-line basis over their estimated useful lives, except other rights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead tested annually for impairment. Please refer to Note 3.6. Assets under development include inter-nally developed IT systems. Assets under development are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to the development of such assets. Assets under development are not amortised, as they are not available for use. Useful lives of intangible assets: Patents and licences 5-20 years Software 3-10 years Brand value 5-10 years Customer relationships 5-9 yearsAccounting 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 years Technical installations 10 years Plant and machinery 3-5 years Other plant, fixtures and operating equipment 3-5 years IT hardware 3-5 years Leasehold improvements Up to 10 yearsAccounting policies Lease assets Lease assets and liabilities are recognised in the balance sheet at the commencement date of the contract, if it is or contains a lease. Lease assets are recognised at cost less accumulated depreciation and 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 implicit interest rate 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 implicit in-terest rate in the lease agreement cannot be determined. Lease payments contain fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate as well as payments of penalties for terminating the lease, if the terms of the lease warrants that the Group exercises that option. The lease liability is remeasured if or when the future payment or lease term changes. Any net remeasurement of the lease liabil-ity is recognised as an adjustment to the lease asset. If the carrying amount of the lease 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 maturity analysis of the lease liabilities.Accounting policies Investments in associates are recognised and measured using the equity method, i.e. investments are recognised in the balance sheet at the proportionate share of the eq-uity value determined in accordance with the Group\u2019s accounting policies after the deduction and addition of proportionate intra-group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates are recognised in the income statement after the year\u2019s changes in unrealised intra-group profits less any impairment loss re-lating to goodwill. The proportionate shares of all transac-tions and events, which have been recog-nised in other comprehensive income in associates, are recognised in consolidated other comprehensive income. On the ac-quisition of interests in associates, the ac-quisition method is applied.Accounting policies The carrying amounts of property, plant and equipment and intangible assets with definite useful lives as well as investments in associates are reviewed at the balance sheet date to determine whether there are indications of impairment. If so, the recov-erable amount of the particular asset is calculated to determine the need for im-pairment, if any. The recoverable amounts of goodwill and other intangible assets with indefinite useful lives will be esti-mated, whether or not there are indica-tions of impairment. The recoverable amount is estimated for the smallest cash-generating unit of which the asset is part. The recoverable amount is determined as the higher of the fair value of the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of the value in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partly current market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cash flows. 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 changes in the judgements on which the calculation of the recoverable amount is based, the carrying 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 of goodwill is not reversed.Accounting policies 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 gains and losses. Interest income and interest expenses 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.Accounting policies Debt to credit institutions is recognised at the date of borrowing as the proceeds re-ceived less transaction costs. For subse-quent periods, financial liabilities are measured at amortised cost in order for the 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 value is recognised in the income statement as a financial expense over the term of the loan.Accounting policies On initial recognition, other investments are 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 valueAccounting policies Tax on profit for the year includes current tax and any changes in deferred tax. Cur-rent tax includes taxes payable and is de-termined on the basis of the estimated tax-able income for the year and any prior-year tax adjustments. Tax on changes in equity and other comprehensive income is recognised directly in equity and in other comprehensive income, respectively. Foreign currency translation adjustments of deferred tax are recognised as part of the year\u2019s adjustments of deferred tax. Permanent differences primarily include Danish interest limitation, R&D incentives, profit in associates and non-deductible share-based payments. 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 of the year\u2019s taxable income. Accounting policies 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 initial recognition 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 tax base of a loss, if any, which may be set off against future taxable income, is carried forward and set off against deferred tax in the same legal tax entity and jurisdiction.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. Restructuring costs 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 the addition of the fair values of previously held interests in the acquiree. If the final consideration is conditional upon one or more future events, the consideration will be recog-nised at the fair value on acquisition. Any subsequent adjustment of contingent con-sideration is recognised directly in the in-come statement, unless the adjustment is the result of new information about condi-tions prevailing on the acquisition date, and this information becomes available up to 12 months after the acquisition date. Transaction costs are recognised directly in the income statement when incurred. If the purchase price exceeds the fair values of the assets, liabilities and contingent lia-bilities identified on acquisition, any re-maining positive differences (goodwill) are recognised in the balance sheet under in-tangible assets and tested for impairment at least annually. If the carrying amount of an asset exceeds its recoverable amount, it is written down to such lower recovera-ble amount. If, on the acquisition date, there are any uncertainties with respect to identifying or measuring acquired assets, liabilities or contingent liabilities or uncertainty with respect to determining their cost, initial recognition is made on the basis of provi-sionally calculated values. Such provision-ally calculated values may be adjusted, or additional assets or liabilities may be rec-ognised up to 12 months after the acquisi-tion date, if new information becomes available about conditions prevailing on the acquisition date, which would have affected the calculation of values on that day, had such information been known.Accounting policies Discontinued operations represent a sepa-rate line of businesses disposed of or being prepared for sale. The results of discontin-ued operations are presented separately in the income statement, and comparative figures are restated. Cash flows from dis-continued operations are presented sepa-rately in the cash flow statement.Accounting policies 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 assets held for sale are measured at the lower of their carrying amount and their fair value less costs to sell. Non-current assets held for sale are not depreciated.Accounting policies 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 draw on corporate financial resources, but there is 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 at which a particular liability may be settled. The discount effect of any changes in the present value of provisions is recognised as a financial expense. The Group has defined benefit plans and similar agreements with some of its em-ployees. When it comes to defined contribution plans, the Group pays regular, fixed contri-butions to independent pension compa-nies. Contributions are recognised in the income statement for the period in which employees have performed work entitling them to such pension contributions. Contri-butions due are recognised in the balance sheet as a liability. When it comes to defined benefit plans, the Group is obliged to pay a certain con-tribution when an employee covered by such a plan retires, for instance a fixed amount or a percentage of the employee\u2019s final salary. An actuarial calculation is pre-pared periodically of the accrued present value of future benefits to which employ-ees through their past employment with the Group are entitled and which are pay-able under the defined benefit plan. This defined benefit obligation is calculated an-nually, using the projected unit credit method based on judgements in respect of the future development in for instance wage levels, interest 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 service costs, past-service costs as well as gains and losses on curtailments and settlements \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 de-fined benefit assets, excluding interest, are reflected immediately in the balance sheet with a charge or credit recognised in other comprehensive income for 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 are recognised directly in the income statement.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 offset in production costs. Warranty commit-ments include an obligation to remedy faulty or defective products during the warranty period.Accounting policies Deferred income includes income received or future performance obligations relating to subsequent financial years and is recog-nised as revenue when the Group performs its obligations by transferring the goods or services to the customers.Accounting policies Government grants are recognised when there is reasonable certainty that the con-ditions for such grants are satisfied and that they will be awarded. Grants received as compensation for costs incurred are recognised proportionately in the income statement over the periods in which the related costs are recognised in the income statement and are offset against costs 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 policies The 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 6.2 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 accordance with IFRS Ac-counting Standards 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 compli-ance 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 of the Parent. The consolidated financial statements are pre-sented based on historical costs, except for obligations for contingent consideration in connection with business combinations, share-based remuneration, derivatives and financial assets classified as assets available for sale, which are measured at fair value. The financial statements for the Parent 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 2023. 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 2023. The new, updated and amended standard and interpretation did not result in any changes to the accounting policies for the Group nor had it any significant impact on the consolidated financial statements for 2023. IASB has issued new accounting stand-ards and amendments effective for ac-counting periods beginning after 1 January 2024, which have been adopted by the EU. The changes to these standards are not expected to have any significant impact on the Group. The Group has applied the exception to recognize deferred tax on OECD\u2019s/EU\u2019s Pil-lar Two Model Rules and local implemen-tation hereof. Except for the implementation of the new and amended standards, the accounting policies remain unchanged compared to last year. Consolidated financial statements The consolidated financial statements comprise Demant A/S (the Parent) and the enterprises in which the Parent can or does exercise control by either directly or 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 ventures and are incorporated proportionately into the consolidated financial statements us-ing the equity method. Consolidation principles The consolidated financial statements are prepared based on the financial state-ments of the Parent and its subsidiaries by aggregating uniform items. Enterprises that, by agreement, are managed jointly with one or more other enterprises are recognised using the equity method. The consolidated financial statements are prepared in accordance with the Group\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 are recognised 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 is chosen for each individual transaction. Non-controlling interests are subsequently adjusted according to their proportionate share of changes in equity of the subsidiary. Comprehensive income is allocated to non-controlling interests whether or not, as a result hereof, the value of such inter-ests is negative. The purchase or sale of non-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 any difference between the consideration and the carrying amount is allocated to the Parent\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 as part of gross profit or net financial items, depending on the pur-pose of the underlying transaction. Property, plant and equipment, intangible assets, inventories and other non-mone-tary assets purchased in foreign currencies and measured on the basis of historical cost are translated at the exchange rates prevailing at the transaction date. Non-monetary items, which are revalued at their fair values, are translated using the exchange rates at the revaluation date. On recognition in the consolidated 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 adjustments are recognised in the income statement, except for the following, which are recog-nised in other comprehensive income: \u2022 The translation of income statements of foreign 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 to be an addition to or deduction from net investments in foreign subsidiaries. \u2022 The translation of investments in asso-ciates. Income statement Income and costs are recognised on an accruals basis. The income statement is broken down by function, and all costs, including depreciation, amortisation and impairment losses, are therefore charged to production, distribution, administration and R&D. Production costs Production costs are costs incurred to gen-erate revenue. Distribution companies rec-ognise cost of goods sold as part of pro-duction costs. Production companies rec-ognise cost of raw materials, consuma-bles, production staff as well as mainte-nance of and depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets used in the production process as part of pro-duction costs. R&D costs Research costs are always recognised in the income statement as such costs incur. Development costs include all costs not satisfying capitalisation criteria but in-curred in connection with the development,prototype construction, development of new business concepts and amortisation of capitalised development costs. Distribution costs Distribution costs include costs relating to training, sales, marketing, promotion 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. Other operating income Other operating income includes income from all activities not related to the core business activities of the Group. Prepaid expenses Prepaid expenses recognised as part of assets include costs relating to the subse-quent financial years. Prepaid expenses are measured at cost. Equity Foreign currency translation reserves in-clude foreign currency translation adjust-ments on the translation of financial state-ments of foreign subsidiaries and associ-ates from their respective functional cur-rencies into Danish kroner. Foreign cur-rency translation adjustments are recog-nised in the income statement on realisa-tion of the net investment. Hedging re-serves include fair value adjustments of derivatives and loans satisfying the criteria for hedging of future transactions. The amounts are recognised in the income statement or the balance sheet at the same time as hedged transactions are recognised. Treasury shares and dividend On the buy-back of shares or sale of treas-ury shares, the purchase price or selling price, respectively, is recognised directly in equity as other reserves (retained earnings). A capital reduction through the cancellation of treasury shares will reduce the share capital by an amount corre-sponding to the nominal value of such shares. Proposed dividends are recognised as a liability at the time of adoption at the annual general meeting. Cash flow statement The cash flow statement is prepared 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 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 Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The combination of XHTML format and iXBRL tags makes it possible for annual financial reports to be read by both hu-mans and machines, thus enhancing ac-cessibility, analysis and comparability of the information included in the annual financial 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 the ESEF taxonomy. For financial line items that are not directly defined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions that are subtotals. The annual report submitted to the Danish Financial Supervisory Authority (the Offi-cially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file DEMANT-2023-12-31-en.zip. Key definitions XHTML (eXtensible HyperText Markup Language) is a text-based language used to structure and mark up content such as text, images and hyperlinks in documents that are displayed in a web browser. iXBRL tags (or Inline XBRL tags) are hid-den metainformation embedded in the source code of an XHTML document that enables 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 an XBRL data record. Key figures and financial ratios Organic growth Organic growth is measured as the year-on-year change excluding impact from acquisitions, divestments and foreign exchange adjustments in per-centage EBITDA Operating profit before amortisation, depreciation and impairment losses EBIT Operating profit Adjusted EBIT Operating profit adjusted for non-recurring transactions Free 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 share Per share Financial ratios per share are calculated per share of nominally DKK 0.20 Average number of Average number of shares excluding the average number of treasury shares outstanding shares for the year Gender 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 from top-level manage-Vice Presidents and up ment Gender 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 gender ment teams Gender diversity, Gender distribution between women and men of shareholder-elected Board of Directors members of the Board of Directors Gross profit *100 Gross margin Revenue Operating profit *100 EBIT margin Revenue Net interest-bearing debt *100 Gearing multiple EBITDA Profit for the year attributable to Demant A/S' shareholders EPS Average number of shares outstanding Profit for the continuing operations for the year attributable to Demant A/S' EPS - continuing shareholders operations Average number of shares outstanding Profit for the discontinuing operations for the year attributable to Demant EPS - discontinuing A/S' shareholders operations Average number of shares outstanding Free cash flow Free cash flow per share Average number of shares outstanding Total annual remuneration of the CEO CEO remuneration ratio Average remuneration of Demant employees excluding the CEO Key figures and financial ratios Financial ratios are calculated in accord-ance with \u201cRecommendations and Ratios\u201d from CFA Society Denmark. Gender diversity Gender diversity is calculated based on the data from the countries enrolled in our global HR data management system. In 2023, 90% of our employees were regis-tered in the system. Carbon emissions Carbon emissions are measured using the carbon dioxide equivalent (CO2e) to in-clude relevant greenhouse gasses accord-ing to the Greenhouse Gas Protocol. The consolidated 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, liquefied petroleum gas, gasoline and diesel. De-partment for Environment, Food & Rural Affairs (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": "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 Group level and are not allocated to operating segments. Segmentation of assets and liabilities Segment assets and liabilities are based on 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 Group level and are not allocated to oper-ating segments.",
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"value": "1.1 Segment disclosures Management has identified Hearing Healthcare and Communications as the reportable segments in the Group, as this reflects Management\u2019s approach to the or-ganisation and the management of activi-ties, 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. In 2022, Demant announced the decision to discontinue its Hearing Implants busi-ness. Please refer to Note 6.2. Communications comprises our headset business, which operates under the EPOS brand and provides headsets and other solutions for the professional call centre and office market (Enterprise Solutions) and headsets for the gaming market (Gaming). In August 2023, the decision was taken to wind down our Gaming busi-ness. 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 Group level and are not allocated to operating segments. Segmentation of assets and liabilities Segment assets and liabilities are based on 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 Group level and are not allocated to oper-ating segments. (DKK million) 2023 2022 Hearing Communi- Consoli- Hearing Communi- Consoli- Healthcare cations dated Healthcare cations dated Revenue 21,601 842 22,443 18,645 1,060 19,705 Production costs -5,281 -618 -5,899 -4,453 -583 -5,036 Gross profit 16,320 224 16,544 14,192 477 14,669 R&D costs -1,226 -184 -1,410 -1,083 -231 -1,314 Distribution costs -9,554 -363 -9,917 -8,787 -445 -9,232 Administrative expenses -1,102 -36 -1,138 -1,001 -37 -1,038 Share of profit after tax, associates 68 1 69 122 - 122 Operating profit (EBIT) 4,506 -358 4,148 3,443 -236 3,207 Other: Depreciation 1,128 25 1,153 998 26 1,024 Amortisation 164 17 181 135 17 152 Fair value adjustments of non-controlling interests in step acquisitions 27 - 27 14 - 14 (DKK million) 2023 2022 Hearing Communi-Elimi- Not Consoli- Hearing Communi-Elimi- Not Consoli- Healthcare cations nations allocated dated Healthcare cations nations allocated dated Intangible assets 13,091 449 - - 13,540 12,117 465 - - 12,582 Property, plant and equipment 2,789 24 - - 2,813 2,523 30 - - 2,553 Lease assets 2,564 32 - - 2,596 2,262 42 - - 2,304 Investments in associates 660 68 - - 728 755 67 - - 822 Other non-current assets 863 80 - 542 1,485 959 77 - 538 1,574 Total non-current assets 19,967 653 - 542 21,162 18,616 681 - 538 19,835 Inventories 2,422 423 - - 2,845 2,359 545 - - 2,904 Trade receivables 3,466 184 - - 3,650 3,368 258 - - 3,626 Intra-group receivables 1,478 - -1,478 - - 1,298 - -1,298 - - Other current assets 1,358 110 - - 1,468 1,296 102 - - 1,398 Cash 1,104 34 - - 1,138 1,078 52 - - 1,130 Assets held for sale 283 - - - 283 964 - - - 964 Total current assets 10,111 751 -1,478 - 9,384 10,363 957 -1,298 - 10,022 Total assets 30,078 1,404 -1,478 542 30,546 28,979 1,638 -1,298 538 29,857 Equity 22,024 -261 - -12,425 9,338 21,561 74 - -13,073 8,562 Borrowings - - - 10,171 10,171 - - - 6,098 6,098 Lease liabilities 2,023 22 - - 2,045 1,734 32 - - 1,766 Other non-current liabilities 1,468 42 - 620 2,130 1,219 37 - 606 1,862 Total non-current liabilities 3,491 64 - 10,791 14,346 2,953 69 - 6,704 9,726 Borrowings - - - 1,597 1,597 - - - 6,598 6,598 Lease liabilities 629 12 - - 641 601 13 - - 614 Intra-group payables - 1,478 -1,478 - - - 1,298 -1,298 - - Other current liabilities 3,845 111 - 579 4,535 3,689 184 - 309 4,182 Liabilities related to assets held for sale 89 - - - 89 175 - - - 175 Total current liabilities 4,563 1,601 -1,478 2,176 6,862 4,465 1,495 -1,298 6,907 11,569 Total equity and liabilities 30,078 1,404 -1,478 542 30,546 28,979 1,638 -1,298 538 29,8573.5 Non-current assets by geographies (DKK million) 2023 2022 Non-current assets by geographic region: Europe 10,296 8,815 North America 7,155 7,243 Asia 2,125 2,223 Pacific region 853 802 Rest of world 191 214 Non-current assets 20,620 19,297 Non-current assets by country: Denmark 2,303 2,307 USA 5,635 5,641 France 3,139 3,136 Other countries 9,543 8,213 Non-current assets 20,620 19,297 For accounting policies on segment infor-mation, please refer to Note 1.1.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__71": {
"value": "1.2 Revenue (DKK million) 2023 2022 Revenue by geographic region: Europe 9,137 8,108 North America 9,236 8,078 Asia 2,331 1,887 Pacific region 1,103 1,055 Rest of world 636 577 Revenue 22,443 19,705 Revenue by country: Denmark 261 265 USA 7,653 6,726 France 2,214 2,188 Other countries 12,315 10,526 Revenue 22,443 19,705 Consolidated 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 15% (12% in 2022) of total consolidated revenue. (DKK million) 2023 2022 Revenue by business area: Hearing Aids 10,036 8,231 Hearing Care 9,083 8,123 Diagnostics 2,482 2,291 Communications \u2013 EPOS 842 1,060 Revenue 22,443 19,705 (DKK million) 2023 2022 Liabilities related to contracts with customers: Customer prepayments* 62 68 Future performance obligations* 1,121 946 Expected volume discounts and other customer-related items** 389 343 Expected product returns*** 197 172 Transferred to liabilities related to assets held for sale - -4 Contract liabilities with customers 1,769 1,525 *Included in deferred income. **Included in other cost payables under other liabilities. ***Included in product-related liabilities under other liabilities. Value adjustments transferred from equity relating to derivatives made for hedging foreign exchange risks on revenue amount to DKK 106 million (DKK -202 million in 2022). (DKK million) 2023 2022 Changes in contract liabilities with customers: Contract liabilities at 1.1. 1,525 1,390 Foreign currency translation adjustment -15 17 Revenue recognised and included in the contract liability balance at 1.1. -576 -554 Increases due to cash received, excluding amounts recognised as revenue during the year 614 624 Changes from expected volume discounts and other customer-related items 51 35 Changes from product returns 28 6 Additions from acquisitions 142 11 Transferred to liabilities related to assets held for sale - -4 Contract liabilities at 31.12. 1,769 1,525 Nature 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 in time. When selling hearing aids to customers, we transfer control and recog-nise revenue, when the hearing aid is de-livered to the customer at a given point in time, and when a hearing aid is initially fit-ted to the user\u2019s specific hearing loss. In some countries, the users are granted a trial period. In such cases, the transfer of control occurs when the trial period ex-pires. In some countries, customers are given the right to return the hearing aid within a cer-tain period. In such cases, the expected re-turns are estimated based on an analysis of historical return rates adjusted for any known factors impacting expectations of future return rates. Revenue and cost of goods sold are adjusted accordingly, and contract liabilities (refund liabilities) and rights to the returned goods (included in prepaid expenses) are recognised for the expected returns. Our activities also involve delivery of 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 tests 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 service continuously. 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 significantly between countries and depend on whether the customer is a private or public customer. The majority of hearing aids sold to users are invoiced and paid for after the initial fitting, but some customers choose to have the hearing aid financed by us. The trans-action price of such arrangements is ad-justed for any significant financing benefit, and the financing component is recognised as financial income. Accounting policies Revenue is recognised when obligations under the terms of the contract with the customer are satisfied, which usually oc-curs with the transfer of control of our products and services within Hearing Healthcare and Communications. Revenue is measured as the consideration we ex-pect to receive in exchange for transferring goods and providing services net of the es-timated discounts or other customer-re-lated reductions. Accounting estimates and 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 matter of judgement, as all conditions are not known at the time of sale, e.g. the number of units sold to a given customer or the 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 which they are expected to be realised. Sales dis-counts and rebates are recognised under other cost payables as part of other liabili-ties, and loyalty programmes are recog-nised under deferred income. Depending on local legislation and the conditions to which a sale is subject, some customers have the option to return pur-chased goods and obtain a refund. Based on historical return rates, an estimate is made 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 return rates. 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 these services. 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 that make use of the after-sales services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notesesefdkgaap__7__70": {
"value": "1.2 Revenue (DKK million) 2023 2022 Revenue by geographic region: Europe 9,137 8,108 North America 9,236 8,078 Asia 2,331 1,887 Pacific region 1,103 1,055 Rest of world 636 577 Revenue 22,443 19,705 Revenue by country: Denmark 261 265 USA 7,653 6,726 France 2,214 2,188 Other countries 12,315 10,526 Revenue 22,443 19,705 Consolidated 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 15% (12% in 2022) of total consolidated revenue. (DKK million) 2023 2022 Revenue by business area: Hearing Aids 10,036 8,231 Hearing Care 9,083 8,123 Diagnostics 2,482 2,291 Communications \u2013 EPOS 842 1,060 Revenue 22,443 19,705 (DKK million) 2023 2022 Liabilities related to contracts with customers: Customer prepayments* 62 68 Future performance obligations* 1,121 946 Expected volume discounts and other customer-related items** 389 343 Expected product returns*** 197 172 Transferred to liabilities related to assets held for sale - -4 Contract liabilities with customers 1,769 1,525 *Included in deferred income. **Included in other cost payables under other liabilities. ***Included in product-related liabilities under other liabilities. Value adjustments transferred from equity relating to derivatives made for hedging foreign exchange risks on revenue amount to DKK 106 million (DKK -202 million in 2022). (DKK million) 2023 2022 Changes in contract liabilities with customers: Contract liabilities at 1.1. 1,525 1,390 Foreign currency translation adjustment -15 17 Revenue recognised and included in the contract liability balance at 1.1. -576 -554 Increases due to cash received, excluding amounts recognised as revenue during the year 614 624 Changes from expected volume discounts and other customer-related items 51 35 Changes from product returns 28 6 Additions from acquisitions 142 11 Transferred to liabilities related to assets held for sale - -4 Contract liabilities at 31.12. 1,769 1,525 Nature 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 in time. When selling hearing aids to customers, we transfer control and recog-nise revenue, when the hearing aid is de-livered to the customer at a given point in time, and when a hearing aid is initially fit-ted to the user\u2019s specific hearing loss. In some countries, the users are granted a trial period. In such cases, the transfer of control occurs when the trial period ex-pires. In some countries, customers are given the right to return the hearing aid within a cer-tain period. In such cases, the expected re-turns are estimated based on an analysis of historical return rates adjusted for any known factors impacting expectations of future return rates. Revenue and cost of goods sold are adjusted accordingly, and contract liabilities (refund liabilities) and rights to the returned goods (included in prepaid expenses) are recognised for the expected returns. Our activities also involve delivery of 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 tests 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 service continuously. 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 significantly between countries and depend on whether the customer is a private or public customer. The majority of hearing aids sold to users are invoiced and paid for after the initial fitting, but some customers choose to have the hearing aid financed by us. The trans-action price of such arrangements is ad-justed for any significant financing benefit, and the financing component is recognised as financial income. Accounting policies Revenue is recognised when obligations under the terms of the contract with the customer are satisfied, which usually oc-curs with the transfer of control of our products and services within Hearing Healthcare and Communications. Revenue is measured as the consideration we ex-pect to receive in exchange for transferring goods and providing services net of the es-timated discounts or other customer-re-lated reductions. Accounting estimates and 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 matter of judgement, as all conditions are not known at the time of sale, e.g. the number of units sold to a given customer or the 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 which they are expected to be realised. Sales dis-counts and rebates are recognised under other cost payables as part of other liabili-ties, and loyalty programmes are recog-nised under deferred income. Depending on local legislation and the conditions to which a sale is subject, some customers have the option to return pur-chased goods and obtain a refund. Based on historical return rates, an estimate is made 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 return rates. 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 these services. 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 that make use of the after-sales services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__72": {
"value": "Accounting policies Revenue is recognised when obligations under the terms of the contract with the customer are satisfied, which usually oc-curs with the transfer of control of our products and services within Hearing Healthcare and Communications. Revenue is measured as the consideration we ex-pect to receive in exchange for transferring goods and providing services net of the es-timated discounts or other customer-re-lated reductions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__74-1": {
"value": "Accounting estimates and 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 matter of judgement, as all conditions are not known at the time of sale, e.g. the number of units sold to a given customer or the 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 which they are expected to be realised. Sales dis-counts and rebates are recognised under other cost payables as part of other liabili-ties, and loyalty programmes are recog-nised under deferred income. Depending on local legislation and the conditions to which a sale is subject, some customers have the option to return pur-chased goods and obtain a refund. Based on historical return rates, an estimate is made 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 return rates. 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 these services. 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 that make use of the after-sales services.Accounting estimates and judgements Vesting conditions and fair value (estimate) For the share-based programmes, Man-agement estimates the likelihood of vest-ing conditions being satisfied. Vesting is entirely dependent on the persons enrolled in the share-based programmes remaining employed until expiry of the vesting period. Based on such likelihood, the estimate made is used to calculate the fair value of the share-based programmes. Further-more, the shares must be valued. For this purpose, Management uses the share price quoted on Nasdaq Copenhagen.Accounting estimates and judgements Indirect production costs (significant judgement) Indirect production cost allocations to in-ventories are based on relevant judge-ments of capacity utilisation at the produc-tion facility, of production time and of 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 may affect gross profit margins as well as the valuation of work in progress, finished goods and goods for resale. Obsolescence provision (estimate) The obsolescence provision for inventories is based on the expected sales forecasts for the individual types of hearing devices, diagnostic equipment, headsets and other gaming/enterprise devices. Sales forecasts are based on Management\u2019s expectations of market conditions and trends, and the obsolescence provision is subject to changes in these assumptions.Accounting estimates and judgements 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 on assessments of the debtors\u2019 ability to pay. These assessments are made by local management 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 estimates and judgements Accounting treatment (judgement) and impairment (estimate) of loans The Group provides sales-related financ-ing in the form of loans to some of its cus-tomers and business partners. These cus-tomer loan arrangements are complex, cover several aspects of the customer rela-tionship and may vary from agreement to agreement. Management assesses the recognition and 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 is an indication of impairment based on cur-rent economic market conditions and changes in the customer\u2019s payment be-haviour (estimate). Accounting estimates and judgements Product development (judgement) It is Management\u2019s opinion that the prod-uct development undertaken by the Group today 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.Accounting estimates and judgements Useful life and residual value (estimate) The depreciation basis is cost less the esti-mated residual value of an asset after the end of its useful life. The residual value is the estimated amount, which could after deduction of costs to sell be obtained through the sale of the asset today, such asset already having the age and being in the state of repair expected after the end of its useful life. The residual value is 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 written down to their recoverable amounts, if these are lower than their carrying amounts.Accounting estimates and judgements Lease term (judgement) The lease term is the period during which the lease contract is enforceable. If the original expiry date of a lease contract has passed, typically in the case of property leases, but the contract continues without a determined expiry date, the lease term is set for an estimated period during which the lease contract is expected to be en-forceable. This assessment is based on Management\u2019s judgement and takes into consideration the location of the lease, capitalised leasehold improvements and experience with similar leases for the spe-cific area. Extension and termination options (significant judgement) When determining the lease term for lease agreements containing extension and ter-mination options, Management considers circumstances 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.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 are compared with carrying amounts. Group enterprises 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 estimates and judgements Deferred tax assets (significant estimate) Deferred tax assets, including the tax value of any tax losses allowed for car-ryforward, are recognised in the balance sheet at the estimated realisable value of such assets, either by a set-off against a deferred tax liability or by a net asset to be set 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 tax values of investments in subsidiaries and associates is recognised, unless the Parent is able to control the time of realisation of such deferred tax, and it is probable that such deferred tax will not be realised as current tax in the foreseeable future. De-ferred tax is recognised in respect of elimi-nations of intra-group profits and losses.Accounting estimates and 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 tech-nology, customer relationships, client lists or brand names. \u2022 Contingent consideration arrange-ments. Contingent consideration (estimate) Acquisitions may include provisions to the effect that additional payments of contin-gent considerations be paid to the previous owners when certain events occur or cer-tain results are obtained. Management as-sesses on a regular basis the judgements made in respect of the particular acquisi-tions, taking sales run rates of the acquired entity into account.Accounting estimates and judgements Assessment of provisions (estimate) Management assesses, on an ongoing basis, provisions for amongst others re-structuring costs and the likely outcome of pending and probable lawsuits etc. (other provisions). When assessing the likely out-come of lawsuits, Management bases its assessment on internal and external legal advice and established precedent. Provi-sions for restructuring costs are based on the estimated costs of implementing re-structuring initiatives and thus on a num-ber of assumptions about future costs and events. For all provisions, the outcome and final expense depend on future events, which are by nature uncertain.Accounting estimates and judgements Warranty and return liabilities (estimates) Liabilities in respect of service packages and warranties are calculated on the basis of information on products sold, related service and warranty periods and past ex-perience of costs incurred by the Group to fulfil 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 past experience of products being returned in the various markets. Consolidated prod-uct-related liabilities are the sum of a large number of small items, the sum changing constantly due to a large number of trans-actions.9.2 Accounting estimates and judgements As part of the preparation of the consoli-dated financial statements, Management makes a number of accounting estimates and judgements. These relate to the recog-nition, measurement and classification of assets 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 and judgements are described in the individual notes to the consolidated financial state-ments as outlined below: 1.2 Revenue 1.6 Inventories 3.3 Leases 3.6 Impairment (identification of CGUs) 5.2 Deferred tax 6.1 Acquisition of enterprises and activities Specific accounting estimates and judge-ments are described in each of the individ-ual notes to the consolidated financial statements as outlined below: 1.2 Revenue 1.3 Employees 1.6 Inventories 1.7 Trade receivables 1.8 Customer loans 3.1 Intangible assets 3.2 Property, plant and equipment 3.3 Leases 5.2 Deferred tax 6.1 Acquisition of enterprises and activities 7.1 Provisions 7.2 Other liabilities",
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"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notesesefdkgaap__7__82-1": {
"value": "Accounting policies Employee costs comprise wages, salaries, social security contributions, annual and sick leave, bonuses and non-monetary benefits and are recognised in the year in which the associated services are ren-dered by the employees. Where Demant provides long-term employee benefits, the costs are accrued to match the rendering of service by the employee in question.Accounting policies 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 draw on corporate financial resources, but there is 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 at which a particular liability may be settled. The discount effect of any changes in the present value of provisions is recognised as a financial expense. The Group has defined benefit plans and similar agreements with some of its em-ployees. When it comes to defined contribution plans, the Group pays regular, fixed contri-butions to independent pension compa-nies. Contributions are recognised in the income statement for the period in which employees have performed work entitling them to such pension contributions. Contri-butions due are recognised in the balance sheet as a liability. When it comes to defined benefit plans, the Group is obliged to pay a certain con-tribution when an employee covered by such a plan retires, for instance a fixed amount or a percentage of the employee\u2019s final salary. An actuarial calculation is pre-pared periodically of the accrued present value of future benefits to which employ-ees through their past employment with the Group are entitled and which are pay-able under the defined benefit plan. This defined benefit obligation is calculated an-nually, using the projected unit credit method based on judgements in respect of the future development in for instance wage levels, interest 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 service costs, past-service costs as well as gains and losses on curtailments and settlements \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 de-fined benefit assets, excluding interest, are reflected immediately in the balance sheet with a charge or credit recognised in other comprehensive income for 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 are recognised directly in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__81-1": {
"value": "1.3 Employees (DKK million) Note 2023 2022 Employee costs: Wages and salaries 8,051 7,307 Share-based remuneration 38 32 Defined contribution plans 98 134 Defined benefit plans 7.1 12 15 Social security costs etc. 928 817 Employee costs 9,127 8,305 Employee costs by function: Production costs 1,185 1,130 R&D costs 1,030 839 Distribution costs 5,926 5,465 Administrative expenses 986 871 Employee costs 9,127 8,305 Average number of full-time employees 21,168 19,2391.4 Amortisation, depreciation and impairment losses (DKK million) Note 2023 2022 Amortisation of intangible assets 3.1 181 152 Depreciation of property, plant and equipment 3.2 446 405 Depreciation of lease assets 3.3 707 619 Amortisation, depreciation and impairment losses 1,334 1,176 Amortisation, depreciation and impairment losses by function: Production costs 126 109 R&D costs 53 53 Distribution costs 929 812 Administrative expenses 226 202 Amortisation, depreciation and impairment losses 1,334 1,176 For accounting policies on amortisation and depreciation, please refer to Note 3.1, Note 3.2 and Note 3.3. There were no impairment losses in 2023 and 2022 except for the impairment losses related to discontinued operations, please refer to Note 6.2.8.3 Government grants (DKK million) 2023 2022 Government grants by function: Production costs - 1 R&D costs 16 17 Distribution costs 3 7 Administrative expenses 1 - Total 20 25",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__80-1": {
"value": "1.3 Employees (DKK million) Note 2023 2022 Employee costs: Wages and salaries 8,051 7,307 Share-based remuneration 38 32 Defined contribution plans 98 134 Defined benefit plans 7.1 12 15 Social security costs etc. 928 817 Employee costs 9,127 8,305 Employee costs by function: Production costs 1,185 1,130 R&D costs 1,030 839 Distribution costs 5,926 5,465 Administrative expenses 986 871 Employee costs 9,127 8,305 Average number of full-time employees 21,168 19,2391.4 Amortisation, depreciation and impairment losses (DKK million) Note 2023 2022 Amortisation of intangible assets 3.1 181 152 Depreciation of property, plant and equipment 3.2 446 405 Depreciation of lease assets 3.3 707 619 Amortisation, depreciation and impairment losses 1,334 1,176 Amortisation, depreciation and impairment losses by function: Production costs 126 109 R&D costs 53 53 Distribution costs 929 812 Administrative expenses 226 202 Amortisation, depreciation and impairment losses 1,334 1,176 For accounting policies on amortisation and depreciation, please refer to Note 3.1, Note 3.2 and Note 3.3. There were no impairment losses in 2023 and 2022 except for the impairment losses related to discontinued operations, please refer to Note 6.2.8.3 Government grants (DKK million) 2023 2022 Government grants by function: Production costs - 1 R&D costs 16 17 Distribution costs 3 7 Administrative expenses 1 - Total 20 25",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__79-1": {
"value": "1.3 Employees (DKK million) Note 2023 2022 Employee costs: Wages and salaries 8,051 7,307 Share-based remuneration 38 32 Defined contribution plans 98 134 Defined benefit plans 7.1 12 15 Social security costs etc. 928 817 Employee costs 9,127 8,305 Employee costs by function: Production costs 1,185 1,130 R&D costs 1,030 839 Distribution costs 5,926 5,465 Administrative expenses 986 871 Employee costs 9,127 8,305 Average number of full-time employees 21,168 19,2391.4 Amortisation, depreciation and impairment losses (DKK million) Note 2023 2022 Amortisation of intangible assets 3.1 181 152 Depreciation of property, plant and equipment 3.2 446 405 Depreciation of lease assets 3.3 707 619 Amortisation, depreciation and impairment losses 1,334 1,176 Amortisation, depreciation and impairment losses by function: Production costs 126 109 R&D costs 53 53 Distribution costs 929 812 Administrative expenses 226 202 Amortisation, depreciation and impairment losses 1,334 1,176 For accounting policies on amortisation and depreciation, please refer to Note 3.1, Note 3.2 and Note 3.3. There were no impairment losses in 2023 and 2022 except for the impairment losses related to discontinued operations, please refer to Note 6.2.1.6 Inventories (DKK million) 2023 2022 Raw materials and purchased components 1,244 1,249 Work in progress 71 60 Finished goods and goods for resale 1,530 1,595 Inventories 2,845 2,904 Write-downs, provisions for obsolescence etc. included in the above 149 146 Included in the income statement under production costs: Write-downs of inventories for the year, net 54 52 Cost of goods sold for the year 4,343 3,8138.3 Government grants (DKK million) 2023 2022 Government grants by function: Production costs - 1 R&D costs 16 17 Distribution costs 3 7 Administrative expenses 1 - Total 20 25",
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"s10_notesesefdkgaap__7__78-1": {
"value": "1.3 Employees (DKK million) Note 2023 2022 Employee costs: Wages and salaries 8,051 7,307 Share-based remuneration 38 32 Defined contribution plans 98 134 Defined benefit plans 7.1 12 15 Social security costs etc. 928 817 Employee costs 9,127 8,305 Employee costs by function: Production costs 1,185 1,130 R&D costs 1,030 839 Distribution costs 5,926 5,465 Administrative expenses 986 871 Employee costs 9,127 8,305 Average number of full-time employees 21,168 19,239 Remuneration to Executive Board and Board of Directors (included in employee costs) (DKK million) 2023 2022 Executive Board: Wages and salaries 25.6 25.9 Cash bonus 4.4 1.7 Share-based remuneration 11.6 8.7 Remuneration in the notice period* 22.1 - Total 63.7 36.3 Board of Directors: Fee 5.4 4.8 Total 5.4 4.8 *As announced on 27 April 2023, Arne Boye Nielsen, former President of Diagnostics and Communications and member of the Ex-ecutive Board, left his position in Demant. Remuneration of the Executive Board The total remuneration of the Executive Board comprises: \u2022 Wages and salaries, which include a base salary 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 As announced on 27 April 2023, Arne Boye Nielsen, former President of Diag-nostics and Communications and member of the Executive Board, left his position in Demant. He was entitled to continued re-muneration throughout the notice period, but not entitled to severance pay in ac-cordance with the Remuneration Policy. Arne Boye Nielsen\u2019s remuneration covers the period in which he rendered services as member of the Executive Board. The remuneration of the Executive Board and the Board of Directors is described in detail in our Remuneration Report 2023. Remuneration of the Board of Directors The remuneration of the Board of Directors comprises a fixed fee and is not incentive-based. In 2023, the basic remuneration was DKK 450,000 (DKK 400,000 in 2022). The Chair receives three times the base fee and the Vice Chair twice the base fee. The members of the audit committee re-ceive a base fee of DKK 100,000 (DKK 50,000 in 2022), and the chair of the audit committee receives twice the base fee. The individual Board members' fees and their shareholdings can be found in our Remuneration Report 2023. Accounting policies Employee costs comprise wages, salaries, social security contributions, annual and sick leave, bonuses and non-monetary benefits and are recognised in the year in which the associated services are ren-dered by the employees. Where Demant provides long-term employee benefits, the costs are accrued to match the rendering of service by the employee in question. 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 when three years have passed from the time of the grant. The fair value of the shares at the time of the grant under both pro-grammes is based on the average share price of the first five trading days after publication of the annual report. Shadow share programme In 2023 and 2022, the Group granted no \u201cshadow shares\u201d. No new programmes were introduced in 2023. The liability is recognised on a straight-line basis, as the service is rendered, and the liability is re-measured 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 2023, the Group bought back shares to cover the financial risk of share price fluctuations related to the programmes. At 31 December 2023, the remaining average contractual life of cash-settled remuneration programmes was three months (nine months in 2022). RSU programme In 2023, RSU shares were granted to 151 employees (149 employees in 2022). The Group recognised costs of DKK 34 million (DKK 24 million in 2022) 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 2023, the remaining average contractual life of equity-settled share programmes was 21 months (21 months in 2022). Share-based remuneration (\"shadow share\" programme) (DKK million) 2023 2022 Other senior Other senior Executive members of Executive members of Board Management Board Management Liabilities at 1.1. 11.0 1.8 14.4 13.0 Transfer due to extension of Executive Board* - - 6.1 -6.1 Transfer due to termination of Executive Board member** -2.1 2.1 - - Expensed during the year in wages and salaries 4.5 0.2 6.0 0.6 Fair value adjustments 3.9 0.4 -6.6 -1.4 Settled during the year -8.0 -2.2 -8.9 -4.3 Liabilities at 31.12. 9.3 2.3 11.0 1.8 Granted during the year - - - - Unrecognised commitment at 31.12.*** 0.8 0.3 3.9 0.5 * Arne Boye Nielsen, former 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 the year has therefore been transferred to the Executive Board. ** As announced on 27 April 2023, Arne Boye Nielsen left his position in Demant. The liability at the end of the year has therefore been transferred to the Other senior members of Management. *** Unrecognised commitment is the part of granted \u201dshadow shares\u201d not expensed at 31 December. Restricted share units (RSU programme) Total Total shares fair value (number) (DKK million) Outstanding 1.1.2022 109,965 Granted 166,345 45 Exercised -18,943 Forfeited -8,069 Outstanding 31.12.2022 249,298 Granted 235,254 52 Exercised -19,001 Forfeited -1,753 Outstanding 31.12.2023 463,798 Accounting estimates and judgements Vesting conditions and fair value (estimate) For the share-based programmes, Man-agement estimates the likelihood of vest-ing conditions being satisfied. Vesting is entirely dependent on the persons enrolled in the share-based programmes remaining employed until expiry of the vesting period. Based on such likelihood, the estimate made is used to calculate the fair value of the share-based programmes. Further-more, the shares must be valued. For this purpose, Management uses the share price quoted on Nasdaq Copenhagen.7.1 Provisions (DKK million) 2023 2022 Staff-related provisions 65 59 Miscellaneous provisions 98 58 Other provisions 163 117 Defined benefit plan liabilities, net 115 91 Provisions at 31.12. 278 208 Breakdown of provisions: Non-current provisions 201 175 Current provisions 77 33 Provisions at 31.12. 278 208 Miscellaneous provisions relate to provi-sions for disputes etc. The majority of these provisions are expected to be real-ised within the next five years. 2023 2022 Staff- Miscel- Staff- Miscel- (DKK million) related laneous Total related laneous Total Other provisions at 1.1. 59 58 117 57 99 156 Foreign currency translation adjustments - -5 -5 - 1 1 Additions relating to acquisitions - 17 17 1 4 5 Provisions during the year 6 27 33 - 15 15 Realised during the year - -9 -9 - -37 -37 Reversals during the year - -9 -9 1 -2 -1 Transfer to/from liabilities related to assets held for sale - 19 19 - -22 -22 Other provisions at 31.12. 65 98 163 59 58 117 Breakdown of provisions: Non-current provisions 65 24 89 59 25 84 Current provisions - 74 74 - 33 33 Other provisions at 31.12. 65 98 163 59 58 117 (DKK million) 2023 2022 Present value of defined benefit obligations: Defined benefit obligations at 1.1. 429 541 Foreign currency translation adjustments 24 22 Current service costs 10 15 Calculated interest on defined benefit obligations 8 2 Actuarial gains/losses 34 -134 Net benefits paid -57 -21 Contributions from plan participants 8 10 Transfer to liabilities related to assets held for sale - -6 Defined benefit obligations at 31.12. 456 429 Fair value of defined benefit assets: Defined benefit assets at 1.1. 338 348 Foreign currency translation adjustments 21 16 Actuarial gains/losses 21 -29 Contributions 18 24 Net benefits paid -57 -21 Defined benefit assets 31.12. 341 338 Defined benefit obligations recognised in the balance sheet, net 115 91 Return on defined benefit assets: Actual return on defined benefit assets 21 -29 Actuarial gains/losses on defined benefit assets 21 -29 Assumptions: Discount rate 1.7% 2.3% Expected return on defined benefit assets 0.0% 0.0% Future salary increase rate 1.6% 1.4% 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 12 million (DKK 15 million in 2022), and the accumulated actuarial gain recognised in the statement of comprehensive income amounts to DKK 10 million (gain of DKK 28 million in 2022). In 2024, the Group expects to pay approx. DKK 24 million (DKK 15 million in 2023) into defined benefit plans. Defined benefit obligations in the amount of DKK 132 mil-lion (DKK 130 million in 2022) will mature within 1-5 years and obligations in the amount of DKK 324 million (DKK 299 mil-lion in 2022) after five years. If the discount rate was 0.5% higher (lower), the defined benefit obligation would decrease by 7% (increase by 8%). If the expected salary growth rate was 0.5% higher (lower), the defined benefit obliga-tion would increase by 1% (decrease by 1%). Plan assets are recognised as follows: Equity 28% Bonds 31% Property 27% Other 14% Accounting policies 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 draw on corporate financial resources, but there is 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 at which a particular liability may be settled. The discount effect of any changes in the present value of provisions is recognised as a financial expense. The Group has defined benefit plans and similar agreements with some of its em-ployees. When it comes to defined contribution plans, the Group pays regular, fixed contri-butions to independent pension compa-nies. Contributions are recognised in the income statement for the period in which employees have performed work entitling them to such pension contributions. Contri-butions due are recognised in the balance sheet as a liability. When it comes to defined benefit plans, the Group is obliged to pay a certain con-tribution when an employee covered by such a plan retires, for instance a fixed amount or a percentage of the employee\u2019s final salary. An actuarial calculation is pre-pared periodically of the accrued present value of future benefits to which employ-ees through their past employment with the Group are entitled and which are pay-able under the defined benefit plan. This defined benefit obligation is calculated an-nually, using the projected unit credit method based on judgements in respect of the future development in for instance wage levels, interest 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 service costs, past-service costs as well as gains and losses on curtailments and settlements \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 de-fined benefit assets, excluding interest, are reflected immediately in the balance sheet with a charge or credit recognised in other comprehensive income for 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 are recognised directly in the income statement.Accounting estimates and judgements Assessment of provisions (estimate) Management assesses, on an ongoing basis, provisions for amongst others re-structuring costs and the likely outcome of pending and probable lawsuits etc. (other provisions). When assessing the likely out-come of lawsuits, Management bases its assessment on internal and external legal advice and established precedent. Provi-sions for restructuring costs are based on the estimated costs of implementing re-structuring initiatives and thus on a num-ber of assumptions 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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"value": "1.3 Employees (DKK million) Note 2023 2022 Employee costs: Wages and salaries 8,051 7,307 Share-based remuneration 38 32 Defined contribution plans 98 134 Defined benefit plans 7.1 12 15 Social security costs etc. 928 817 Employee costs 9,127 8,305 Employee costs by function: Production costs 1,185 1,130 R&D costs 1,030 839 Distribution costs 5,926 5,465 Administrative expenses 986 871 Employee costs 9,127 8,305 Average number of full-time employees 21,168 19,239",
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"s10_notesesefdkgaap__7__76-1": {
"value": "1.3 Employees (DKK million) Note 2023 2022 Employee costs: Wages and salaries 8,051 7,307 Share-based remuneration 38 32 Defined contribution plans 98 134 Defined benefit plans 7.1 12 15 Social security costs etc. 928 817 Employee costs 9,127 8,305 Employee costs by function: Production costs 1,185 1,130 R&D costs 1,030 839 Distribution costs 5,926 5,465 Administrative expenses 986 871 Employee costs 9,127 8,305 Average number of full-time employees 21,168 19,2391.4 Amortisation, depreciation and impairment losses (DKK million) Note 2023 2022 Amortisation of intangible assets 3.1 181 152 Depreciation of property, plant and equipment 3.2 446 405 Depreciation of lease assets 3.3 707 619 Amortisation, depreciation and impairment losses 1,334 1,176 Amortisation, depreciation and impairment losses by function: Production costs 126 109 R&D costs 53 53 Distribution costs 929 812 Administrative expenses 226 202 Amortisation, depreciation and impairment losses 1,334 1,176 For accounting policies on amortisation and depreciation, please refer to Note 3.1, Note 3.2 and Note 3.3. There were no impairment losses in 2023 and 2022 except for the impairment losses related to discontinued operations, please refer to Note 6.2.1.6 Inventories (DKK million) 2023 2022 Raw materials and purchased components 1,244 1,249 Work in progress 71 60 Finished goods and goods for resale 1,530 1,595 Inventories 2,845 2,904 Write-downs, provisions for obsolescence etc. included in the above 149 146 Included in the income statement under production costs: Write-downs of inventories for the year, net 54 52 Cost of goods sold for the year 4,343 3,8138.3 Government grants (DKK million) 2023 2022 Government grants by function: Production costs - 1 R&D costs 16 17 Distribution costs 3 7 Administrative expenses 1 - Total 20 25",
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"s10_notesesefdkgaap__7__75-1": {
"value": "1.3 Employees (DKK million) Note 2023 2022 Employee costs: Wages and salaries 8,051 7,307 Share-based remuneration 38 32 Defined contribution plans 98 134 Defined benefit plans 7.1 12 15 Social security costs etc. 928 817 Employee costs 9,127 8,305 Employee costs by function: Production costs 1,185 1,130 R&D costs 1,030 839 Distribution costs 5,926 5,465 Administrative expenses 986 871 Employee costs 9,127 8,305 Average number of full-time employees 21,168 19,2391.4 Amortisation, depreciation and impairment losses (DKK million) Note 2023 2022 Amortisation of intangible assets 3.1 181 152 Depreciation of property, plant and equipment 3.2 446 405 Depreciation of lease assets 3.3 707 619 Amortisation, depreciation and impairment losses 1,334 1,176 Amortisation, depreciation and impairment losses by function: Production costs 126 109 R&D costs 53 53 Distribution costs 929 812 Administrative expenses 226 202 Amortisation, depreciation and impairment losses 1,334 1,176 For accounting policies on amortisation and depreciation, please refer to Note 3.1, Note 3.2 and Note 3.3. There were no impairment losses in 2023 and 2022 except for the impairment losses related to discontinued operations, please refer to Note 6.2.1.6 Inventories (DKK million) 2023 2022 Raw materials and purchased components 1,244 1,249 Work in progress 71 60 Finished goods and goods for resale 1,530 1,595 Inventories 2,845 2,904 Write-downs, provisions for obsolescence etc. included in the above 149 146 Included in the income statement under production costs: Write-downs of inventories for the year, net 54 52 Cost of goods sold for the year 4,343 3,8138.3 Government grants (DKK million) 2023 2022 Government grants by function: Production costs - 1 R&D costs 16 17 Distribution costs 3 7 Administrative expenses 1 - Total 20 25",
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"s10_notesesefdkgaap__7__85-1": {
"value": "Remuneration to Executive Board and Board of Directors (included in employee costs) (DKK million) 2023 2022 Executive Board: Wages and salaries 25.6 25.9 Cash bonus 4.4 1.7 Share-based remuneration 11.6 8.7 Remuneration in the notice period* 22.1 - Total 63.7 36.3 Board of Directors: Fee 5.4 4.8 Total 5.4 4.8 *As announced on 27 April 2023, Arne Boye Nielsen, former President of Diagnostics and Communications and member of the Ex-ecutive Board, left his position in Demant. Remuneration of the Executive Board The total remuneration of the Executive Board comprises: \u2022 Wages and salaries, which include a base salary 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 As announced on 27 April 2023, Arne Boye Nielsen, former President of Diag-nostics and Communications and member of the Executive Board, left his position in Demant. He was entitled to continued re-muneration throughout the notice period, but not entitled to severance pay in ac-cordance with the Remuneration Policy. Arne Boye Nielsen\u2019s remuneration covers the period in which he rendered services as member of the Executive Board. The remuneration of the Executive Board and the Board of Directors is described in detail in our Remuneration Report 2023. Remuneration of the Board of Directors The remuneration of the Board of Directors comprises a fixed fee and is not incentive-based. In 2023, the basic remuneration was DKK 450,000 (DKK 400,000 in 2022). The Chair receives three times the base fee and the Vice Chair twice the base fee. The members of the audit committee re-ceive a base fee of DKK 100,000 (DKK 50,000 in 2022), and the chair of the audit committee receives twice the base fee. The individual Board members' fees and their shareholdings can be found in our Remuneration Report 2023.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 when three years have passed from the time of the grant. The fair value of the shares at the time of the grant under both pro-grammes is based on the average share price of the first five trading days after publication of the annual report. Shadow share programme In 2023 and 2022, the Group granted no \u201cshadow shares\u201d. No new programmes were introduced in 2023. The liability is recognised on a straight-line basis, as the service is rendered, and the liability is re-measured 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 2023, the Group bought back shares to cover the financial risk of share price fluctuations related to the programmes. At 31 December 2023, the remaining average contractual life of cash-settled remuneration programmes was three months (nine months in 2022). RSU programme In 2023, RSU shares were granted to 151 employees (149 employees in 2022). The Group recognised costs of DKK 34 million (DKK 24 million in 2022) 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 2023, the remaining average contractual life of equity-settled share programmes was 21 months (21 months in 2022). Share-based remuneration (\"shadow share\" programme) (DKK million) 2023 2022 Other senior Other senior Executive members of Executive members of Board Management Board Management Liabilities at 1.1. 11.0 1.8 14.4 13.0 Transfer due to extension of Executive Board* - - 6.1 -6.1 Transfer due to termination of Executive Board member** -2.1 2.1 - - Expensed during the year in wages and salaries 4.5 0.2 6.0 0.6 Fair value adjustments 3.9 0.4 -6.6 -1.4 Settled during the year -8.0 -2.2 -8.9 -4.3 Liabilities at 31.12. 9.3 2.3 11.0 1.8 Granted during the year - - - - Unrecognised commitment at 31.12.*** 0.8 0.3 3.9 0.5 * Arne Boye Nielsen, former 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 the year has therefore been transferred to the Executive Board. ** As announced on 27 April 2023, Arne Boye Nielsen left his position in Demant. The liability at the end of the year has therefore been transferred to the Other senior members of Management. *** Unrecognised commitment is the part of granted \u201dshadow shares\u201d not expensed at 31 December. Restricted share units (RSU programme) Total Total shares fair value (number) (DKK million) Outstanding 1.1.2022 109,965 Granted 166,345 45 Exercised -18,943 Forfeited -8,069 Outstanding 31.12.2022 249,298 Granted 235,254 52 Exercised -19,001 Forfeited -1,753 Outstanding 31.12.2023 463,798 Accounting estimates and judgements Vesting conditions and fair value (estimate) For the share-based programmes, Man-agement estimates the likelihood of vest-ing conditions being satisfied. Vesting is entirely dependent on the persons enrolled in the share-based programmes remaining employed until expiry of the vesting period. Based on such likelihood, the estimate made is used to calculate the fair value of the share-based programmes. Further-more, the shares must be valued. For this purpose, Management uses the share price 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 have significant interests. Subsidiaries and associates as well as the Demant Group\u2019s ownership interests in these companies appear from Subsidiaries and associates in Section 11. For financial information on transactions with associ-ates, please refer to Note 3.4. In 2023, William Demant Foundation paid administration fees to the Group of DKK 2 million (DKK 2 million in 2022). The Group paid administration fees to William De-mant Invest A/S of DKK 3 million (DKK 2 million in 2022) and received service fees of DKK 6 million (DKK 4 million in 2022) from William Demant Invest A/S. In 2023, the Group paid service fees to \u00d6ssur hf., a subsidiary of William Demant Invest A/S, of DKK 4 million (DKK 4 million in 2022) and received service fees of DKK 44 million (DKK 47 million in 2022) from \u00d6ssur hf. In 2023, the Group was reimbursed by Vi-sion RT, a subsidiary of William Demant Invest A/S, for pass-through expenses in the amount of DKK 115 million (DKK 113 million in 2022). At year-end 2023, the Group had receiva-bles of DKK 18 million for services pro-vided to Vision RT and \u00d6ssur hf. (DKK 18 million in 2022). In 2023, William Demant Foundation do-nated DKK 27 million to Eriksholm Re-search Centre (DKK 0 million in 2022) and DKK 4 million to industrial PhD projects in Oticon A/S (DKK 0 million in 2022). Further, William Demant Foundation acquired di-agnostic and Oticon equipment worth DKK 2 million and DKK 6 million (DKK 3 million and DKK 1 million in 2022), respectively, from the Group. Since 2011, the Group has settled Danish tax 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 the Executive Board and the Board of Direc-tors apart from normal remuneration. Please refer to Note 1.3.",
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"s10_notesesefdkgaap__7__84-1": {
"value": "Remuneration to Executive Board and Board of Directors (included in employee costs) (DKK million) 2023 2022 Executive Board: Wages and salaries 25.6 25.9 Cash bonus 4.4 1.7 Share-based remuneration 11.6 8.7 Remuneration in the notice period* 22.1 - Total 63.7 36.3 Board of Directors: Fee 5.4 4.8 Total 5.4 4.8 *As announced on 27 April 2023, Arne Boye Nielsen, former President of Diagnostics and Communications and member of the Ex-ecutive Board, left his position in Demant. Remuneration of the Executive Board The total remuneration of the Executive Board comprises: \u2022 Wages and salaries, which include a base salary 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 As announced on 27 April 2023, Arne Boye Nielsen, former President of Diag-nostics and Communications and member of the Executive Board, left his position in Demant. He was entitled to continued re-muneration throughout the notice period, but not entitled to severance pay in ac-cordance with the Remuneration Policy. Arne Boye Nielsen\u2019s remuneration covers the period in which he rendered services as member of the Executive Board. The remuneration of the Executive Board and the Board of Directors is described in detail in our Remuneration Report 2023. Remuneration of the Board of Directors The remuneration of the Board of Directors comprises a fixed fee and is not incentive-based. In 2023, the basic remuneration was DKK 450,000 (DKK 400,000 in 2022). The Chair receives three times the base fee and the Vice Chair twice the base fee. The members of the audit committee re-ceive a base fee of DKK 100,000 (DKK 50,000 in 2022), and the chair of the audit committee receives twice the base fee. The individual Board members' fees and their shareholdings can be found in our Remuneration Report 2023.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 when three years have passed from the time of the grant. The fair value of the shares at the time of the grant under both pro-grammes is based on the average share price of the first five trading days after publication of the annual report. Shadow share programme In 2023 and 2022, the Group granted no \u201cshadow shares\u201d. No new programmes were introduced in 2023. The liability is recognised on a straight-line basis, as the service is rendered, and the liability is re-measured 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 2023, the Group bought back shares to cover the financial risk of share price fluctuations related to the programmes. At 31 December 2023, the remaining average contractual life of cash-settled remuneration programmes was three months (nine months in 2022). RSU programme In 2023, RSU shares were granted to 151 employees (149 employees in 2022). The Group recognised costs of DKK 34 million (DKK 24 million in 2022) 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 2023, the remaining average contractual life of equity-settled share programmes was 21 months (21 months in 2022). Share-based remuneration (\"shadow share\" programme) (DKK million) 2023 2022 Other senior Other senior Executive members of Executive members of Board Management Board Management Liabilities at 1.1. 11.0 1.8 14.4 13.0 Transfer due to extension of Executive Board* - - 6.1 -6.1 Transfer due to termination of Executive Board member** -2.1 2.1 - - Expensed during the year in wages and salaries 4.5 0.2 6.0 0.6 Fair value adjustments 3.9 0.4 -6.6 -1.4 Settled during the year -8.0 -2.2 -8.9 -4.3 Liabilities at 31.12. 9.3 2.3 11.0 1.8 Granted during the year - - - - Unrecognised commitment at 31.12.*** 0.8 0.3 3.9 0.5 * Arne Boye Nielsen, former 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 the year has therefore been transferred to the Executive Board. ** As announced on 27 April 2023, Arne Boye Nielsen left his position in Demant. The liability at the end of the year has therefore been transferred to the Other senior members of Management. *** Unrecognised commitment is the part of granted \u201dshadow shares\u201d not expensed at 31 December. Restricted share units (RSU programme) Total Total shares fair value (number) (DKK million) Outstanding 1.1.2022 109,965 Granted 166,345 45 Exercised -18,943 Forfeited -8,069 Outstanding 31.12.2022 249,298 Granted 235,254 52 Exercised -19,001 Forfeited -1,753 Outstanding 31.12.2023 463,798 Accounting estimates and judgements Vesting conditions and fair value (estimate) For the share-based programmes, Man-agement estimates the likelihood of vest-ing conditions being satisfied. Vesting is entirely dependent on the persons enrolled in the share-based programmes remaining employed until expiry of the vesting period. Based on such likelihood, the estimate made is used to calculate the fair value of the share-based programmes. Further-more, the shares must be valued. For this purpose, Management uses the share price 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 have significant interests. Subsidiaries and associates as well as the Demant Group\u2019s ownership interests in these companies appear from Subsidiaries and associates in Section 11. For financial information on transactions with associ-ates, please refer to Note 3.4. In 2023, William Demant Foundation paid administration fees to the Group of DKK 2 million (DKK 2 million in 2022). The Group paid administration fees to William De-mant Invest A/S of DKK 3 million (DKK 2 million in 2022) and received service fees of DKK 6 million (DKK 4 million in 2022) from William Demant Invest A/S. In 2023, the Group paid service fees to \u00d6ssur hf., a subsidiary of William Demant Invest A/S, of DKK 4 million (DKK 4 million in 2022) and received service fees of DKK 44 million (DKK 47 million in 2022) from \u00d6ssur hf. In 2023, the Group was reimbursed by Vi-sion RT, a subsidiary of William Demant Invest A/S, for pass-through expenses in the amount of DKK 115 million (DKK 113 million in 2022). At year-end 2023, the Group had receiva-bles of DKK 18 million for services pro-vided to Vision RT and \u00d6ssur hf. (DKK 18 million in 2022). In 2023, William Demant Foundation do-nated DKK 27 million to Eriksholm Re-search Centre (DKK 0 million in 2022) and DKK 4 million to industrial PhD projects in Oticon A/S (DKK 0 million in 2022). Further, William Demant Foundation acquired di-agnostic and Oticon equipment worth DKK 2 million and DKK 6 million (DKK 3 million and DKK 1 million in 2022), respectively, from the Group. Since 2011, the Group has settled Danish tax 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 the Executive Board and the Board of Direc-tors apart from normal remuneration. Please refer to Note 1.3.",
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"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__7__86": {
"value": "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 when three years have passed from the time of the grant. The fair value of the shares at the time of the grant under both pro-grammes is based on the average share price of the first five trading days after publication of the annual report. Shadow share programme In 2023 and 2022, the Group granted no \u201cshadow shares\u201d. No new programmes were introduced in 2023. The liability is recognised on a straight-line basis, as the service is rendered, and the liability is re-measured 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 2023, the Group bought back shares to cover the financial risk of share price fluctuations related to the programmes. At 31 December 2023, the remaining average contractual life of cash-settled remuneration programmes was three months (nine months in 2022). RSU programme In 2023, RSU shares were granted to 151 employees (149 employees in 2022). The Group recognised costs of DKK 34 million (DKK 24 million in 2022) 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 2023, the remaining average contractual life of equity-settled share programmes was 21 months (21 months in 2022). Share-based remuneration (\"shadow share\" programme) (DKK million) 2023 2022 Other senior Other senior Executive members of Executive members of Board Management Board Management Liabilities at 1.1. 11.0 1.8 14.4 13.0 Transfer due to extension of Executive Board* - - 6.1 -6.1 Transfer due to termination of Executive Board member** -2.1 2.1 - - Expensed during the year in wages and salaries 4.5 0.2 6.0 0.6 Fair value adjustments 3.9 0.4 -6.6 -1.4 Settled during the year -8.0 -2.2 -8.9 -4.3 Liabilities at 31.12. 9.3 2.3 11.0 1.8 Granted during the year - - - - Unrecognised commitment at 31.12.*** 0.8 0.3 3.9 0.5 * Arne Boye Nielsen, former 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 the year has therefore been transferred to the Executive Board. ** As announced on 27 April 2023, Arne Boye Nielsen left his position in Demant. The liability at the end of the year has therefore been transferred to the Other senior members of Management. *** Unrecognised commitment is the part of granted \u201dshadow shares\u201d not expensed at 31 December. Restricted share units (RSU programme) Total Total shares fair value (number) (DKK million) Outstanding 1.1.2022 109,965 Granted 166,345 45 Exercised -18,943 Forfeited -8,069 Outstanding 31.12.2022 249,298 Granted 235,254 52 Exercised -19,001 Forfeited -1,753 Outstanding 31.12.2023 463,798 Accounting estimates and judgements Vesting conditions and fair value (estimate) For the share-based programmes, Man-agement estimates the likelihood of vest-ing conditions being satisfied. Vesting is entirely dependent on the persons enrolled in the share-based programmes remaining employed until expiry of the vesting period. Based on such likelihood, the estimate made is used to calculate the fair value of the share-based programmes. Further-more, the shares must be valued. For this purpose, Management uses the share price quoted on Nasdaq Copenhagen.",
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"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__96-1": {
"value": "1.4 Amortisation, depreciation and impairment losses (DKK million) Note 2023 2022 Amortisation of intangible assets 3.1 181 152 Depreciation of property, plant and equipment 3.2 446 405 Depreciation of lease assets 3.3 707 619 Amortisation, depreciation and impairment losses 1,334 1,176 Amortisation, depreciation and impairment losses by function: Production costs 126 109 R&D costs 53 53 Distribution costs 929 812 Administrative expenses 226 202 Amortisation, depreciation and impairment losses 1,334 1,176 For accounting policies on amortisation and depreciation, please refer to Note 3.1, Note 3.2 and Note 3.3. There were no impairment losses in 2023 and 2022 except for the impairment losses related to discontinued operations, please refer to Note 6.2.3.6 Impairment testing Impairment 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 2023, except for the impairment of goodwill related to discontinued opera-tions, please refer to Note 6.2. This conclu-sion is supported by the fact that the mar-ket capitalisation of the company on Nasdaq Copenhagen by far exceeds the equity value of the company. At 31 December 2023, goodwill amounted to DKK 11,964 million in Hearing Health-care (DKK 11,071 million in 2022) and DKK 417 million in Communications (DKK 417 million in 2022). The impairment tests are performed as a test of the value in use, including a five-year budget/projection period from 2024-2028. Future cash flows are based on the budget for 2024, on strategy plans and on projec-tions hereof. Projections extending beyond 2024 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2028 is determined on the assumption of 2% (2022: 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 unit 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. The pre-tax discount rate is 8% (2022: 8%)for Hearing Healthcare and 12% (2022: 12%) for Communications. Sensitivity cal-culations show that even a significant in-crease in the discount rates or a significant reduction of the growth assumptions 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 are compared with carrying amounts. Group enterprises 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 are reviewed at the balance sheet date to determine whether there are indications of impairment. If so, the recov-erable amount of the particular asset is calculated to determine the need for im-pairment, if any. The recoverable amounts of goodwill and other intangible assets with indefinite useful lives will be esti-mated, whether or not there are indica-tions of impairment. The recoverable amount is estimated for the smallest cash-generating unit of which the asset is part. The recoverable amount is determined as the higher of the fair value of the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of the value in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partly current market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cash flows. 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 changes in the judgements on which the calculation of the recoverable amount is based, the carrying 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 of goodwill is not reversed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notesesefdkgaap__7__90": {
"value": "1.4 Amortisation, depreciation and impairment losses (DKK million) Note 2023 2022 Amortisation of intangible assets 3.1 181 152 Depreciation of property, plant and equipment 3.2 446 405 Depreciation of lease assets 3.3 707 619 Amortisation, depreciation and impairment losses 1,334 1,176 Amortisation, depreciation and impairment losses by function: Production costs 126 109 R&D costs 53 53 Distribution costs 929 812 Administrative expenses 226 202 Amortisation, depreciation and impairment losses 1,334 1,176 For accounting policies on amortisation and depreciation, please refer to Note 3.1, Note 3.2 and Note 3.3. There were no impairment losses in 2023 and 2022 except for the impairment losses related to discontinued operations, please refer to Note 6.2.",
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"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__97": {
"value": "1.5 Earnings per share 2023 2022 Demant A/S' shareholders' share of profit for the year, DKK million \u2013 continuing operations 2,552 2,274 Demant A/S' shareholders' share of profit for the year, DKK million \u2013 discontinued operations -757 -192 Demant A/S' shareholders' share of profit for the year, DKK million 1,795 2,082 Average number of shares, million 225.77 233.45 Average number of treasury shares, million -2.64 -7.44 Average number of shares outstanding, million 223.13 226.01 Earnings per share (EPS), DKK \u2013 continuing operations 11.44 10.06 Diluted earnings per share (DEPS), DKK \u2013 continuing operations 11.44 10.06 Earnings per share (EPS), DKK \u2013 discontinued operations -3.39 -0.85 Diluted earnings per share (DEPS), DKK \u2013 discontinued operations -3.39 -0.85 Earnings per share (EPS), DKK 8.04 9.21 Diluted earnings per share (DEPS), DKK 8.04 9.21",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__102": {
"value": "Accounting policies Raw materials, components and goods for resale are measured at cost according to the FIFO principle (according to which the most recently purchased items are 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 the value of direct costs, direct payroll costs, consumables and a proportionate share of indirect production costs, which are allo-cated based on the normal capacity of the production facility. Indirect production costs include the proportionate share of capacity costs directly relating to Group-manufactured finished goods and work in progress. The net realisable value of inventories is determined as the estimated selling price less costs of completion and costs to sell.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__99": {
"value": "1.6 Inventories (DKK million) 2023 2022 Raw materials and purchased components 1,244 1,249 Work in progress 71 60 Finished goods and goods for resale 1,530 1,595 Inventories 2,845 2,904 Write-downs, provisions for obsolescence etc. included in the above 149 146 Included in the income statement under production costs: Write-downs of inventories for the year, net 54 52 Cost of goods sold for the year 4,343 3,813Write-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 policies Raw materials, components and goods for resale are measured at cost according to the FIFO principle (according to which the most recently purchased items are 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 the value of direct costs, direct payroll costs, consumables and a proportionate share of indirect production costs, which are allo-cated based on the normal capacity of the production facility. Indirect production costs include the proportionate share of capacity costs directly relating to Group-manufactured finished goods and work in progress. The net realisable value of inventories is determined as the estimated selling price less costs of completion and costs to sell. Accounting estimates and judgements Indirect production costs (significant judgement) Indirect production cost allocations to in-ventories are based on relevant judge-ments of capacity utilisation at the produc-tion facility, of production time and of 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 may affect gross profit margins as well as the valuation of work in progress, finished goods and goods for resale. Obsolescence provision (estimate) The obsolescence provision for inventories is based on the expected sales forecasts for the individual types of hearing devices, diagnostic equipment, headsets and other gaming/enterprise devices. Sales forecasts are based on Management\u2019s expectations of market conditions and trends, and the obsolescence provision is subject to changes in these assumptions.",
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"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__108": {
"value": "Accounting policies Trade receivables and contract assets are measured at amortised costs less ex-pected lifetime 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, trade receivables are grouped based on shared credit risk and the number of days that have passed after the due date. Allowancesare also made for trade receivables not due. For trade receivables that are considered credit-impaired, the expected credit loss is determined on an individual basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__107-1": {
"value": "1.7 Trade receivables Credit 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 amount 2023 Gross carrying amount 2,583 759 221 140 332 4,035 Specific loss allowance -19 -62 -41 -28 -197 -347 General loss allowance -12 -9 -4 -5 -8 -38 Total 2,552 688 176 107 127 3,650 Expected loss rate 1.2% 9.4% 20.4% 23.6% 61.7% 9.5% 2022 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% The opening balance of trade receivables in 2023 amounted to DKK 3,203 million. Of the total amount of trade receivables, DKK 267 million (DKK 247 million in 2022) 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) 2023 2022 Allowance for impairment: Allowance for impairment at 1.1. -324 -334 Foreign currency translation adjustments 3 -11 Realised during the year 67 151 Additions during the year -147 -186 Reversals during the year 16 38 Transfer to assets held for sale - 18 Allowance for impairment at 31.12. -385 -324 Group internal credit rating (DKK million) Expected Gross credit carrying Carrying 2023 loss rate amount amount Performing 12-month expected credit loss 0.4% 551 549 Underperforming Expected lifetime credit loss 33.5% 179 119 Total customer loans 730 668 2022 Performing 12-month expected credit loss 0.3% 673 671 Underperforming Expected lifetime credit loss 20.0% 155 124 Total customer loans 828 795Counterpart risks From a commercial point of view, the Group is exposed to credit risks if our cus-tomers fail to pay for products and ser-vices provided. Such risks mainly relate to trade receivables and loans to customers or business partners, and failure to ade-quately manage credit risks can adversely impact the Group. To minimise the risk of suffering losses on customers, the Group monitors the credit risks on an ongoing basis. The Group gen-erally has a diversified customer base, and in 2023, the accumulated revenue from our ten largest customers accounted for ap-prox. 15% of total consolidated revenue. We regularly adjust our financial accounts to reflect the current credit risks. When granting loans to business partners, we require that our counterparties provide security in their business. In general, we estimate that the risk relative to our total credit exposure is well-balanced at Group level, and historically, we have only suf-fered limited credit-related losses. The maximum credit risk relating to receiv-ables matches the carrying amounts of such receivables. Overall, the Group has limited deposits with financial institutions for which reason the credit risk in respect of deposits is considered to be low.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__106": {
"value": "1.7 Trade receivables Credit 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 amount 2023 Gross carrying amount 2,583 759 221 140 332 4,035 Specific loss allowance -19 -62 -41 -28 -197 -347 General loss allowance -12 -9 -4 -5 -8 -38 Total 2,552 688 176 107 127 3,650 Expected loss rate 1.2% 9.4% 20.4% 23.6% 61.7% 9.5% 2022 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% The opening balance of trade receivables in 2023 amounted to DKK 3,203 million. Of the total amount of trade receivables, DKK 267 million (DKK 247 million in 2022) 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) 2023 2022 Allowance for impairment: Allowance for impairment at 1.1. -324 -334 Foreign currency translation adjustments 3 -11 Realised during the year 67 151 Additions during the year -147 -186 Reversals during the year 16 38 Transfer to assets held for sale - 18 Allowance for impairment at 31.12. -385 -324 Accounting policies Trade receivables and contract assets are measured at amortised costs less ex-pected lifetime 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, trade receivables are grouped based on shared credit risk and the number of days that have passed after the due date. Allowancesare also made for trade receivables not due. For trade receivables that are considered credit-impaired, the expected credit loss is determined on an individual basis. Accounting estimates and judgements 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 on assessments of the debtors\u2019 ability to pay. These assessments are made by local management 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:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__105": {
"value": "1.7 Trade receivables Credit 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 amount 2023 Gross carrying amount 2,583 759 221 140 332 4,035 Specific loss allowance -19 -62 -41 -28 -197 -347 General loss allowance -12 -9 -4 -5 -8 -38 Total 2,552 688 176 107 127 3,650 Expected loss rate 1.2% 9.4% 20.4% 23.6% 61.7% 9.5% 2022 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% The opening balance of trade receivables in 2023 amounted to DKK 3,203 million. Of the total amount of trade receivables, DKK 267 million (DKK 247 million in 2022) 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) 2023 2022 Allowance for impairment: Allowance for impairment at 1.1. -324 -334 Foreign currency translation adjustments 3 -11 Realised during the year 67 151 Additions during the year -147 -186 Reversals during the year 16 38 Transfer to assets held for sale - 18 Allowance for impairment at 31.12. -385 -324 Accounting policies Trade receivables and contract assets are measured at amortised costs less ex-pected lifetime 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, trade receivables are grouped based on shared credit risk and the number of days that have passed after the due date. Allowancesare also made for trade receivables not due. For trade receivables that are considered credit-impaired, the expected credit loss is determined on an individual basis. Accounting estimates and judgements 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 on assessments of the debtors\u2019 ability to pay. These assessments are made by local management 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__113": {
"value": "Accounting policies Customer loans are initially recognised at fair value less transaction costs and are subsequently measured at amortised costs less loss allowance or impairment losses. Any difference between the nominal value and the fair value of the loans at initial recognition is treated as a prepaid dis-count on future sales to the customer and is recognised in the income statement as a reduction of revenue when the customer purchases goods from the Group. The fair value of customer loans at initial recognition is measured as the present value of future repayments on the loan discounted at a market interest rate. The effective interest on customer loans is rec-ognised as financial income in the income statement 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 the loan, a loss allowance based on the ex-pected lifetime credit loss is provided.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__111-1": {
"value": "1.8 Customer loans (DKK million) 2023 2022 Non-current customer loans 477 566 Current customer loans 191 229 Total customer loans 668 795 Allowance for impairment: Allowance for impairment at 1.1. -33 -17 Realised during the year - 1 Additions during the year -32 -26 Reversals during the year 3 9 Allowance for impairment at 31.12. -62 -33 Group internal credit rating (DKK million) Expected Gross credit carrying Carrying 2023 loss rate amount amount Performing 12-month expected credit loss 0.4% 551 549 Underperforming Expected lifetime credit loss 33.5% 179 119 Total customer loans 730 668 2022 Performing 12-month expected credit loss 0.3% 673 671 Underperforming Expected lifetime credit loss 20.0% 155 124 Total customer loans 828 795Accounting policies Customer loans are initially recognised at fair value less transaction costs and are subsequently measured at amortised costs less loss allowance or impairment losses. Any difference between the nominal value and the fair value of the loans at initial recognition is treated as a prepaid dis-count on future sales to the customer and is recognised in the income statement as a reduction of revenue when the customer purchases goods from the Group. The fair value of customer loans at initial recognition is measured as the present value of future repayments on the loan discounted at a market interest rate. The effective interest on customer loans is rec-ognised as financial income in the income statement 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 the loan, a loss allowance based on the ex-pected lifetime credit loss is provided. Accounting estimates and judgements Accounting treatment (judgement) and impairment (estimate) of loans The Group provides sales-related financ-ing in the form of loans to some of its cus-tomers and business partners. These cus-tomer loan arrangements are complex, cover several aspects of the customer rela-tionship and may vary from agreement to agreement. Management assesses the recognition and 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 is an indication of impairment based on cur-rent economic market conditions and changes in the customer\u2019s payment be-haviour (estimate). 3.4 Other non-current assets (DKK million) 2023 2022 Invest-Receivables Invest-Receivables ments in from Customer ments in from Customer associates associates loans Other associates associates loans Other Cost at 1.1. 816 369 587 108 803 271 501 97 Foreign currency translation adjustments -11 -1 -17 -2 21 -2 23 1 Additions during the year - 73 136 58 - 120 303 9 Additions relating to acquisitions 15 - - 15 7 - - 9 Disposals related to step acquisitions and disposals of associates -79 -28 - - -15 -20 - -5 Disposals, repayments etc. during the year - -145 -69 -7 - - -56 -3 Transferred to current assets - - -111 - - - -184 - Cost at 31.12. 741 268 526 172 816 369 587 108 Value adjustments at 1.1. 6 2 -21 -24 55 -4 -8 -22 Foreign currency translation adjustments 2 - 1 - -4 - - - Share of profit after tax 69 - - - 122 - - - Dividends received -85 - - - -164 - - - Disposals relating to step-up acquisitions of associates -3 1 - - - - - - Other adjustments -2 6 -29 16 -3 6 -14 -2 Disposals during the year - - - 6 - - 1 - Value adjustments at 31.12. -13 9 -49 -2 6 2 -21 -24 Carrying amount at 31.12. 728 277 477 170 822 371 566 84",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__116": {
"value": "1.9 Specification of non-cash items (DKK million) 2023 2022 Amortisation and depreciation 1,334 1,176 Share of profit after tax, associates -69 -122 Gain on sale of intangible assets and property, plant and equipment 11 -1 Provisions 95 -26 Exchange rate adjustments -50 -51 Employee share salary arrangement 64 80 Step-up gains -27 -14 Other non-cash items -35 32 Non-cash items etc. 1,323 1,074",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__118": {
"value": "2.2 Sensitivity analysis in respect of exchange rates Effect on EBIT, 5% positive change in Effect on equity, 5% positive change in exchange rates* exchange rates (DKK million) 2023 2022 (DKK million) 2023 2022 USD +81 +56 USD +66 +47 GBP +35 +30 GBP +34 +29 CAD +29 +22 CAD +26 +20 AUD +10 +10 AUD +9 +9 JPY +6 +5 JPY +5 +5 PLN -33 -30 PLN -35 -31 CNY +7 +5 CNY +6 +4 *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 ex-change rates with the highest exposures. The exchange rate impact on EBIT is cal-culated based on the Group\u2019s EBIT for each currency and does not allow a possi-ble exchange rate impact on balance sheet values in those currencies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__117-1": {
"value": "2.1 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 ex-change rate exposures ensures greater predictability in profit. The Group manu-factures and distributes most of its prod-ucts from the production facilities in Po-land and Mexico. The products are sold to the Group\u2019s regional affiliates and are as a general principle invoiced in the functional currency of the buying entities. The currencies that mainly contribute to the Group\u2019s exchange rate 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 for-ward exchange contracts to mitigate the Group\u2019s risks related to the impact that ex-change rate fluctuations have on consoli-dated earnings for up to 18 months rolling forward. The exchange rate risks are 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 financial transactions in foreign currencies of a speculative 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 therefore not hedged. Furthermore, the Group seeks to balance the on-balance net exposure in our main trading currencies. The Group does not hedge translation risksassociated with the consolidating group accounts.2.2 Sensitivity analysis in respect of exchange rates Effect on EBIT, 5% positive change in Effect on equity, 5% positive change in exchange rates* exchange rates (DKK million) 2023 2022 (DKK million) 2023 2022 USD +81 +56 USD +66 +47 GBP +35 +30 GBP +34 +29 CAD +29 +22 CAD +26 +20 AUD +10 +10 AUD +9 +9 JPY +6 +5 JPY +5 +5 PLN -33 -30 PLN -35 -31 CNY +7 +5 CNY +6 +4 *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 ex-change rates with the highest exposures. The exchange rate impact on EBIT is cal-culated based on the Group\u2019s EBIT for each currency and does not allow a possi-ble exchange rate impact on balance sheet values in those currencies.Interest rate risks Due to higher market interest rates, our fi-nancial expenses increased in 2023. Fur-thermore, credit spreads and debt margins increased in the financial markets due to higher capital requirements imposed on the banks. Currently, around 45% of the Group\u2019s debt is funded through facilities with fixed rates or hedged through financial instruments limiting the interest rate risk. The Group\u2019s net interest-bearing debt (NIBD) amounted to DKK 12,280 million as of 31 December 2023, and the gearing multiple (NIBD/EBITDA) was 2.2. Exchange rate risks The Group is exposed to exchange rate risks, as the company trades with counter-parties in a number of countries, and as the Group has cash flows in different cur-rencies. It is therefore important to ade-quately balance foreign exchange rate risks to avoid unexpected adverse impacts on the financial performance. The majority of Group companies transact mainly in local currencies and are therefore exposed to limited exchange rate risks. The Group does not hedge translation risks resulting from the consolidation of Group accounts into Danish kroner. Most Group companies are invoiced from the Danish production entities. Around two-thirds of the invoicing out of Denmark is invoiced in other currencies than Danish kroner or eu-ros. To reduce our exchange rate expo-sure, we continuously seek to balance in-going and outgoing cash flows in our main trading currencies as much as possible. To ensure predictability in terms of net profit, we hedge expected future net cash flows mainly through forward exchange con-tracts with a horizon of up to 18 months. In addition, we seek to balance our on-bal-ance net exposure in our main trading cur-rencies and, where relevant, our exposure is hedged. It is the Group\u2019s policy to exclu-sively hedge financial risks arising from our commercial activities and not to undertake any financial transactions of a speculative nature.Sensitivity analysis in respect of interest rates Based on the Group\u2019s net debt at the end of the 2023 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-prox. DKK 58 million (DKK 57 million in 2022). Around 45% (around 46% in 2022) of the interest-bearing debt is subject to fixed interest rates, partly due to a bought interest rate swap and partly due to loans being raised at fixed interest rates. Interest rate swap (Interest rate cap in 2022) (DKK million) Contractual Positive Negative Interest amount fair value fair value Expiry rate/strike at year-end at year-end at year-end 2023 DKK/DKK 2026 3.27% 1,000 - -18 1,000 - -18 2022 DKK/DKK 2023 0% 650 20 - 650 20 - Non-cash changes Cash flow Covid-19 Acquisi-Transferred from rent tions and Foreign to liabilities financing conces-divest-exchange Other held for (DKK million) 2022 activities sions ments movement additions Disposals sale 2023 Lease liabilities 2,380 -698 -6 142 -8 918 -42 - 2,686 Debt to credit institutions etc. 11,931 -706 - 15 -2 - - - 11,238 Short-term bank facilities 765 -188 - 1 -48 - - - 530 Interest-bearing liabilities 15,076 -1,592 -6 158 -58 918 -42 - 14,454 2021 2022 Lease liabilities 2,121 -614 -3 170 7 763 -45 -19 2,380 Debt to credit institutions etc. 6,020 5,869 - 30 12 - - - 11,931 Short-term bank facilities 3,197 -2,477 - - 46 - - -1 765 Interest-bearing liabilities 11,338 2,778 -3 200 65 763 -45 -20 15,076",
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"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__125": {
"value": "Accounting policies On initial recognition, derivatives are measured at fair value at the settlement date. After initial recognition, derivatives are measured at fair value at the balance sheet date. Any positive or negative fair values of derivatives are recognised as separate items on the balance sheet as unrealised gains/losses on financial con-tracts. Forward exchange contracts are measured based on current market data and by means of commonly recognised valuation methods. Please refer to Note 4.5. Any changes in fair values of derivatives classified as hedging instruments and satisfying the criteria for hedging the fair value of a recognised asset or a recog-nised liability are recognised in the income statement together with any changes in the fair value of the hedged asset or hedged liability. Any changes in fair values of derivatives classified as hedging 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 measured at 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__123": {
"value": "Accounting policies On initial recognition, derivatives are measured at fair value at the settlement date. After initial recognition, derivatives are measured at fair value at the balance sheet date. Any positive or negative fair values of derivatives are recognised as separate items on the balance sheet as unrealised gains/losses on financial con-tracts. Forward exchange contracts are measured based on current market data and by means of commonly recognised valuation methods. Please refer to Note 4.5. Any changes in fair values of derivatives classified as hedging instruments and satisfying the criteria for hedging the fair value of a recognised asset or a recog-nised liability are recognised in the income statement together with any changes in the fair value of the hedged asset or hedged liability. Any changes in fair values of derivatives classified as hedging 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 measured at 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__122": {
"value": "Accounting policies On initial recognition, derivatives are measured at fair value at the settlement date. After initial recognition, derivatives are measured at fair value at the balance sheet date. Any positive or negative fair values of derivatives are recognised as separate items on the balance sheet as unrealised gains/losses on financial con-tracts. Forward exchange contracts are measured based on current market data and by means of commonly recognised valuation methods. Please refer to Note 4.5. Any changes in fair values of derivatives classified as hedging instruments and satisfying the criteria for hedging the fair value of a recognised asset or a recog-nised liability are recognised in the income statement together with any changes in the fair value of the hedged asset or hedged liability. Any changes in fair values of derivatives classified as hedging 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 measured at 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__120-1": {
"value": "2.3 Hedging and forward exchange contracts Cash flow hedging Open forward exchange contracts at the balance sheet date, that is entered to hedge future cash flow, may be specified as shown in the table, with contracts for the sale of currency being shown at nega-tive contract values. The expiry dates re-flect the periods in which the hedged cash flows are expected to be realised. Realised forward exchange contracts, that is entered to hedge future cash flow, are recognised in the income statement to-gether with revenue in foreign currencies that such contracts are designed to hedge cash flow for. In 2023, our forward ex-change contracts realised a gain of DKK 106 million (loss of DKK 202 million in 2022), which increased our reported revenue for the year. The Group\u2019s forward exchange contracts were effective in 2023 and 2022. Forward exchange contracts Average Positive fair Negative Hedging hedging Contractual value at fair value (DKK million) Expiry period* rate value Fair value year-end at year-end 2023 USD 2024 10 months 676 -1,216 15 18 3 AUD 2024 11 months 447 -239 -5 - 5 GBP 2024 10 months 844 -523 -4 1 5 CAD 2024 10 months 504 -413 -2 1 3 JPY 2024 11 months 4.90 -95 1 2 1 PLN 2024 9 months 161 711 37 37 - EUR** 2024 12 months 742 893 1 1 - -882 43 60 17 2022 USD 2023 10 months 701 -1,072 18 30 12 AUD 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 24 months 742 891 -2 - 2 -882 68 83 15 *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 policies On initial recognition, derivatives are measured at fair value at the settlement date. After initial recognition, derivatives are measured at fair value at the balance sheet date. Any positive or negative fair values of derivatives are recognised as separate items on the balance sheet as unrealised gains/losses on financial con-tracts. Forward exchange contracts are measured based on current market data and by means of commonly recognised valuation methods. Please refer to Note 4.5. Any changes in fair values of derivatives classified as hedging instruments and satisfying the criteria for hedging the fair value of a recognised asset or a recog-nised liability are recognised in the income statement together with any changes in the fair value of the hedged asset or hedged liability. Any changes in fair values of derivatives classified as hedging 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 measured at fair value, with fair value adjustments being recognised on an ongoing basis in the income statement.Derivatives Forward exchange contracts are assessed using discounted cash flow valuation tech-niques. Future cash flows are based on observable forward exchange rates at the end of the reporting period and on con-tractual forward exchange rates dis-counted at a rate that reflects the credit risk related to various counterparties. Interest rate swaps are assessed using discounted cash flow valuation techniques.Future cash flows are based on observableforward yield curves at the end of the re-porting period and on contractual interest rates discounted at a rate that reflects the credit 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. The individual 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__121-1": {
"value": "2.3 Hedging and forward exchange contracts Cash flow hedging Open forward exchange contracts at the balance sheet date, that is entered to hedge future cash flow, may be specified as shown in the table, with contracts for the sale of currency being shown at nega-tive contract values. The expiry dates re-flect the periods in which the hedged cash flows are expected to be realised. Realised forward exchange contracts, that is entered to hedge future cash flow, are recognised in the income statement to-gether with revenue in foreign currencies that such contracts are designed to hedge cash flow for. In 2023, our forward ex-change contracts realised a gain of DKK 106 million (loss of DKK 202 million in 2022), which increased our reported revenue for the year. The Group\u2019s forward exchange contracts were effective in 2023 and 2022. Forward exchange contracts Average Positive fair Negative Hedging hedging Contractual value at fair value (DKK million) Expiry period* rate value Fair value year-end at year-end 2023 USD 2024 10 months 676 -1,216 15 18 3 AUD 2024 11 months 447 -239 -5 - 5 GBP 2024 10 months 844 -523 -4 1 5 CAD 2024 10 months 504 -413 -2 1 3 JPY 2024 11 months 4.90 -95 1 2 1 PLN 2024 9 months 161 711 37 37 - EUR** 2024 12 months 742 893 1 1 - -882 43 60 17 2022 USD 2023 10 months 701 -1,072 18 30 12 AUD 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 24 months 742 891 -2 - 2 -882 68 83 15 *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 policies On initial recognition, derivatives are measured at fair value at the settlement date. After initial recognition, derivatives are measured at fair value at the balance sheet date. Any positive or negative fair values of derivatives are recognised as separate items on the balance sheet as unrealised gains/losses on financial con-tracts. Forward exchange contracts are measured based on current market data and by means of commonly recognised valuation methods. Please refer to Note 4.5. Any changes in fair values of derivatives classified as hedging instruments and satisfying the criteria for hedging the fair value of a recognised asset or a recog-nised liability are recognised in the income statement together with any changes in the fair value of the hedged asset or hedged liability. Any changes in fair values of derivatives classified as hedging 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 measured at fair value, with fair value adjustments being recognised on an ongoing basis in the income statement.4.3 Categories of financial instruments (DKK million) 2023 2022 Unrealised gains on financial contracts 60 103 Financial assets used as hedging instruments 60 103 Receivables from associates 465 541 Customer loans 668 795 Other receivables 548 460 Trade receivables 3,650 3,626 Cash 1,138 1,130 Financial assets at amortised cost 6,469 6,552 Other investments 19 15 Financial assets at fair value through profit/loss 19 15 Unrealised losses on financial contracts -35 -15 Financial liabilities used as hedging instruments -35 -15 Debt to credit institutions etc. -11,238 -11,931 Short-term bank facilities etc. -530 -765 Lease liabilities -2,686 -2,380 Trade payables -799 -865 Other liabilities -2,615 -2,551 Financial liabilities measured at amortised cost -17,868 -18,492 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 543 million (DKK 460 million in 2022). Accounting policies Debt to credit institutions is recognised at the date of borrowing as the proceeds re-ceived less transaction costs. For subse-quent periods, financial liabilities are measured at amortised cost in order for the 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 value is recognised in the income statement as a financial expense over the term of the loan.",
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"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__128-1": {
"value": "3.1 Intangible assets (DKK million) 2023 2022 Assets Assets Patents Other under Total Patents Other under Total and intangible develop- intangible and intangible develop- intangible Goodwill licences assets ment* assets Goodwill licences assets ment* assets Cost at 1.1. 11,488 75 1,639 260 13,462 9,471 137 1,229 274 11,111 Foreign currency translation adjustments -220 - -8 -6 -234 111 - 15 2 128 Additions during the year - 1 48 145 194 - 7 75 194 276 Additions relating to acquisitions 1,112 - 58 1 1,171 2,366 1 235 4 2,606 Disposals during the year - -5 -54 - -59 -1 -4 -4 - -9 Transferred to/from other items 1 - 76 -68 9 - - 107 -107 - Transferred to assets held for sale - - 18 - 18 -459 -66 -18 -107 -650 Cost at 31.12. 12,381 71 1,777 332 14,561 11,488 75 1,639 260 13,462 Amortisation at 1.1. - -56 -824 - -880 - -116 -678 - -794 Foreign currency translation adjustments - - 5 - 5 - - -11 - -11 Amortisation for the year - -5 -176 - -181 - -5 -147 - -152 Amortisation transfer - - -9 - -9 - - - - - Disposals during the year - 5 50 - 55 - 3 1 - 4 Transferred to assets held for sale - - -11 - -11 - 62 11 - 73 Amortisation at 31.12. - -56 -965 - -1,021 - -56 -824 - -880 Carrying amount at 31.12. 12,381 15 812 332 13,540 11,488 19 815 260 12,582 *Prepayments are included in assets under development.Accounting policies 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.3.6 Impairment testing Impairment 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 2023, except for the impairment of goodwill related to discontinued opera-tions, please refer to Note 6.2. This conclu-sion is supported by the fact that the mar-ket capitalisation of the company on Nasdaq Copenhagen by far exceeds the equity value of the company. At 31 December 2023, goodwill amounted to DKK 11,964 million in Hearing Health-care (DKK 11,071 million in 2022) and DKK 417 million in Communications (DKK 417 million in 2022). The impairment tests are performed as a test of the value in use, including a five-year budget/projection period from 2024-2028. Future cash flows are based on the budget for 2024, on strategy plans and on projec-tions hereof. Projections extending beyond 2024 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2028 is determined on the assumption of 2% (2022: 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 unit 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. The pre-tax discount rate is 8% (2022: 8%)for Hearing Healthcare and 12% (2022: 12%) for Communications. Sensitivity cal-culations show that even a significant in-crease in the discount rates or a significant reduction of the growth assumptions 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 are compared with carrying amounts. Group enterprises 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 are reviewed at the balance sheet date to determine whether there are indications of impairment. If so, the recov-erable amount of the particular asset is calculated to determine the need for im-pairment, if any. The recoverable amounts of goodwill and other intangible assets with indefinite useful lives will be esti-mated, whether or not there are indica-tions of impairment. The recoverable amount is estimated for the smallest cash-generating unit of which the asset is part. The recoverable amount is determined as the higher of the fair value of the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of the value in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partly current market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cash flows. 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 changes in the judgements on which the calculation of the recoverable amount is based, the carrying 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 of goodwill is not reversed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__127-1": {
"value": "3.1 Intangible assets (DKK million) 2023 2022 Assets Assets Patents Other under Total Patents Other under Total and intangible develop- intangible and intangible develop- intangible Goodwill licences assets ment* assets Goodwill licences assets ment* assets Cost at 1.1. 11,488 75 1,639 260 13,462 9,471 137 1,229 274 11,111 Foreign currency translation adjustments -220 - -8 -6 -234 111 - 15 2 128 Additions during the year - 1 48 145 194 - 7 75 194 276 Additions relating to acquisitions 1,112 - 58 1 1,171 2,366 1 235 4 2,606 Disposals during the year - -5 -54 - -59 -1 -4 -4 - -9 Transferred to/from other items 1 - 76 -68 9 - - 107 -107 - Transferred to assets held for sale - - 18 - 18 -459 -66 -18 -107 -650 Cost at 31.12. 12,381 71 1,777 332 14,561 11,488 75 1,639 260 13,462 Amortisation at 1.1. - -56 -824 - -880 - -116 -678 - -794 Foreign currency translation adjustments - - 5 - 5 - - -11 - -11 Amortisation for the year - -5 -176 - -181 - -5 -147 - -152 Amortisation transfer - - -9 - -9 - - - - - Disposals during the year - 5 50 - 55 - 3 1 - 4 Transferred to assets held for sale - - -11 - -11 - 62 11 - 73 Amortisation at 31.12. - -56 -965 - -1,021 - -56 -824 - -880 Carrying amount at 31.12. 12,381 15 812 332 13,540 11,488 19 815 260 12,582 *Prepayments are included in assets under development. Accounting policies 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 and impairment losses. Other intangible assets are amortised on a straight-line basis over their estimated useful lives, except other rights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead tested annually for impairment. Please refer to Note 3.6. Assets under development include inter-nally developed IT systems. Assets under development are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to the development of such assets. Assets under development are not amortised, as they are not available for use. Useful lives of intangible assets: Patents and licences 5-20 years Software 3-10 years Brand value 5-10 years Customer relationships 5-9 years Accounting estimates and judgements Product development (judgement) It is Management\u2019s opinion that the prod-uct development undertaken by the Group today 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 testing Impairment 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 2023, except for the impairment of goodwill related to discontinued opera-tions, please refer to Note 6.2. This conclu-sion is supported by the fact that the mar-ket capitalisation of the company on Nasdaq Copenhagen by far exceeds the equity value of the company. At 31 December 2023, goodwill amounted to DKK 11,964 million in Hearing Health-care (DKK 11,071 million in 2022) and DKK 417 million in Communications (DKK 417 million in 2022). The impairment tests are performed as a test of the value in use, including a five-year budget/projection period from 2024-2028. Future cash flows are based on the budget for 2024, on strategy plans and on projec-tions hereof. Projections extending beyond 2024 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2028 is determined on the assumption of 2% (2022: 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 unit 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. The pre-tax discount rate is 8% (2022: 8%)for Hearing Healthcare and 12% (2022: 12%) for Communications. Sensitivity cal-culations show that even a significant in-crease in the discount rates or a significant reduction of the growth assumptions 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 are compared with carrying amounts. Group enterprises 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 are reviewed at the balance sheet date to determine whether there are indications of impairment. If so, the recov-erable amount of the particular asset is calculated to determine the need for im-pairment, if any. The recoverable amounts of goodwill and other intangible assets with indefinite useful lives will be esti-mated, whether or not there are indica-tions of impairment. The recoverable amount is estimated for the smallest cash-generating unit of which the asset is part. The recoverable amount is determined as the higher of the fair value of the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of the value in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partly current market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cash flows. 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 changes in the judgements on which the calculation of the recoverable amount is based, the carrying 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 of goodwill is not reversed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__126-1": {
"value": "3.1 Intangible assets (DKK million) 2023 2022 Assets Assets Patents Other under Total Patents Other under Total and intangible develop- intangible and intangible develop- intangible Goodwill licences assets ment* assets Goodwill licences assets ment* assets Cost at 1.1. 11,488 75 1,639 260 13,462 9,471 137 1,229 274 11,111 Foreign currency translation adjustments -220 - -8 -6 -234 111 - 15 2 128 Additions during the year - 1 48 145 194 - 7 75 194 276 Additions relating to acquisitions 1,112 - 58 1 1,171 2,366 1 235 4 2,606 Disposals during the year - -5 -54 - -59 -1 -4 -4 - -9 Transferred to/from other items 1 - 76 -68 9 - - 107 -107 - Transferred to assets held for sale - - 18 - 18 -459 -66 -18 -107 -650 Cost at 31.12. 12,381 71 1,777 332 14,561 11,488 75 1,639 260 13,462 Amortisation at 1.1. - -56 -824 - -880 - -116 -678 - -794 Foreign currency translation adjustments - - 5 - 5 - - -11 - -11 Amortisation for the year - -5 -176 - -181 - -5 -147 - -152 Amortisation transfer - - -9 - -9 - - - - - Disposals during the year - 5 50 - 55 - 3 1 - 4 Transferred to assets held for sale - - -11 - -11 - 62 11 - 73 Amortisation at 31.12. - -56 -965 - -1,021 - -56 -824 - -880 Carrying amount at 31.12. 12,381 15 812 332 13,540 11,488 19 815 260 12,582 *Prepayments are included in assets under development. Accounting policies 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 and impairment losses. Other intangible assets are amortised on a straight-line basis over their estimated useful lives, except other rights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead tested annually for impairment. Please refer to Note 3.6. Assets under development include inter-nally developed IT systems. Assets under development are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to the development of such assets. Assets under development are not amortised, as they are not available for use. Useful lives of intangible assets: Patents and licences 5-20 years Software 3-10 years Brand value 5-10 years Customer relationships 5-9 years Accounting estimates and judgements Product development (judgement) It is Management\u2019s opinion that the prod-uct development undertaken by the Group today 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 testing Impairment 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 2023, except for the impairment of goodwill related to discontinued opera-tions, please refer to Note 6.2. This conclu-sion is supported by the fact that the mar-ket capitalisation of the company on Nasdaq Copenhagen by far exceeds the equity value of the company. At 31 December 2023, goodwill amounted to DKK 11,964 million in Hearing Health-care (DKK 11,071 million in 2022) and DKK 417 million in Communications (DKK 417 million in 2022). The impairment tests are performed as a test of the value in use, including a five-year budget/projection period from 2024-2028. Future cash flows are based on the budget for 2024, on strategy plans and on projec-tions hereof. Projections extending beyond 2024 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2028 is determined on the assumption of 2% (2022: 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 unit 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. The pre-tax discount rate is 8% (2022: 8%)for Hearing Healthcare and 12% (2022: 12%) for Communications. Sensitivity cal-culations show that even a significant in-crease in the discount rates or a significant reduction of the growth assumptions 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 are compared with carrying amounts. Group enterprises 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 are reviewed at the balance sheet date to determine whether there are indications of impairment. If so, the recov-erable amount of the particular asset is calculated to determine the need for im-pairment, if any. The recoverable amounts of goodwill and other intangible assets with indefinite useful lives will be esti-mated, whether or not there are indica-tions of impairment. The recoverable amount is estimated for the smallest cash-generating unit of which the asset is part. The recoverable amount is determined as the higher of the fair value of the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of the value in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partly current market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cash flows. 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 changes in the judgements on which the calculation of the recoverable amount is based, the carrying 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 of goodwill is not reversed.",
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"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__131": {
"value": "Accounting policies 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.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__130": {
"value": "Accounting policies 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 and impairment losses. Other intangible assets are amortised on a straight-line basis over their estimated useful lives, except other rights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead tested annually for impairment. Please refer to Note 3.6. Assets under development include inter-nally developed IT systems. Assets under development are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to the development of such assets. Assets under development are not amortised, as they are not available for use. Useful lives of intangible assets: Patents and licences 5-20 years Software 3-10 years Brand value 5-10 years Customer relationships 5-9 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__132": {
"value": "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 and impairment losses. Other intangible assets are amortised on a straight-line basis over their estimated useful lives, except other rights, which are not amortised, as the re-sidual value of other rights is considered to exceed the cost price and is instead tested annually for impairment. Please refer to Note 3.6. Assets under development include inter-nally developed IT systems. Assets under development are measured at cost, which includes direct salaries, consultant fees and other direct costs attributable to the development of such assets. Assets under development are not amortised, as they are not available for use. Useful lives of intangible assets: Patents and licences 5-20 years Software 3-10 years Brand value 5-10 years Customer relationships 5-9 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__135-1": {
"value": "3.2 Property, plant and equipment (DKK million) 2023 2022 Other Other plant, plant, fixtures Total fixtures Total and Assets property and Assets property opera- Lease-under plant opera- Lease-under plant Land Plant ting hold im-con-and Land Plant ting hold im-con-and and and ma-equip- prove-struc-equip-and and ma-equip- prove-struc-equip-buildings chinery ment ments tion* ment buildings chinery ment ments tion* ment Cost at 1.1. 1,339 835 1,737 1,391 220 5,522 1,308 788 1,624 1,133 127 4,980 Foreign currency translation adjustments 6 13 - - 12 31 10 -2 22 3 - 33 Additions during the year 20 51 188 206 187 652 6 44 185 205 207 647 Additions relating to acquisitions 8 9 22 15 - 54 - 2 24 44 - 70 Disposals during the year -60 -221 -167 -40 -3 -491 -8 -33 -53 -31 - -125 Transferred to/from other items 126 39 16 2 -191 -8 23 82 -41 50 -114 - Transferred to assets held for sale - - - - - - - -46 -24 -13 - -83 Cost at 31.12. 1,439 726 1,796 1,574 225 5,760 1,339 835 1,737 1,391 220 5,522 Depreciation and impairment losses at 1.1. -333 -598 -1,281 -757 - -2,969 -306 -576 -1,166 -655 - -2,703 Foreign currency translation adjustments - -6 3 3 - - -4 2 -16 -3 - -21 Depreciation for the year -29 -87 -172 -158 - -446 -28 -78 -156 -148 - -410 Disposals during the year 58 219 160 23 - 460 5 31 44 29 - 109 Transferred to/from other items - 6 2 - 8 - -2 -8 10 - - Transferred to assets held for sale - - - - - - - 25 21 10 - 56 Depreciation and impairment losses at 31.12. -304 -466 -1,288 -889 - -2,947 -333 -598 -1,281 -757 - -2,969 Carrying amount at 31.12. 1,135 260 508 685 225 2,813 1,006 237 456 634 220 2,553 *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 years Technical installations 10 years Plant and machinery 3-5 years Other plant, fixtures and operating equipment 3-5 years IT hardware 3-5 years Leasehold improvements Up to 10 years Accounting estimates and judgements Useful life and residual value (estimate) The depreciation basis is cost less the esti-mated residual value of an asset after the end of its useful life. The residual value is the estimated amount, which could after deduction of costs to sell be obtained through the sale of the asset today, such asset already having the age and being in the state of repair expected after the end of its useful life. The residual value is 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 written down to their recoverable amounts, if these are lower than their carrying amounts.3.6 Impairment testing Impairment 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 2023, except for the impairment of goodwill related to discontinued opera-tions, please refer to Note 6.2. This conclu-sion is supported by the fact that the mar-ket capitalisation of the company on Nasdaq Copenhagen by far exceeds the equity value of the company. At 31 December 2023, goodwill amounted to DKK 11,964 million in Hearing Health-care (DKK 11,071 million in 2022) and DKK 417 million in Communications (DKK 417 million in 2022). The impairment tests are performed as a test of the value in use, including a five-year budget/projection period from 2024-2028. Future cash flows are based on the budget for 2024, on strategy plans and on projec-tions hereof. Projections extending beyond 2024 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2028 is determined on the assumption of 2% (2022: 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 unit 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. The pre-tax discount rate is 8% (2022: 8%)for Hearing Healthcare and 12% (2022: 12%) for Communications. Sensitivity cal-culations show that even a significant in-crease in the discount rates or a significant reduction of the growth assumptions 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 are compared with carrying amounts. Group enterprises 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 are reviewed at the balance sheet date to determine whether there are indications of impairment. If so, the recov-erable amount of the particular asset is calculated to determine the need for im-pairment, if any. The recoverable amounts of goodwill and other intangible assets with indefinite useful lives will be esti-mated, whether or not there are indica-tions of impairment. The recoverable amount is estimated for the smallest cash-generating unit of which the asset is part. The recoverable amount is determined as the higher of the fair value of the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of the value in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partly current market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cash flows. 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 changes in the judgements on which the calculation of the recoverable amount is based, the carrying 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 of goodwill is not reversed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__137": {
"value": "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 years Technical installations 10 years Plant and machinery 3-5 years Other plant, fixtures and operating equipment 3-5 years IT hardware 3-5 years Leasehold improvements Up to 10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__136": {
"value": "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 years Technical installations 10 years Plant and machinery 3-5 years Other plant, fixtures and operating equipment 3-5 years IT hardware 3-5 years Leasehold improvements Up to 10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__140": {
"value": "3.3 Leases (DKK million) 2023 2022 Lease assets at 1.1. 2,304 2,079 Foreign currency translation adjustments -6 8 Additions during the year 913 760 Additions relating to acquisitions 142 170 Disposals during the year -50 -71 Depreciations during the year -707 -624 Transferred to assets held for sale - -18 Lease assets at 31.12. 2,596 2,304 Lease liabilities at 1.1. 2,380 2,121 Foreign currency translation adjustments -8 7 Additions during the year 918 763 Additions relating to acquisitions 142 170 Covid-19-related rent concessions -6 -3 Disposals during the year -42 -45 Payments -767 -660 Interest 69 46 Transferred to liabilities related to assets held for sale - -19 Lease liabilities at 31.12. 2,686 2,380 Current lease liabilities 641 614 Non-current lease liabilities 2,045 1,766 Amounts recognised in the income statement: Variable lease payments 33 31 Short-term lease expenses 41 45 Low-value assets 6 4 Approx. 95% 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 policies Lease assets Lease assets and liabilities are recognised in the balance sheet at the commencement date of the contract, if it is or contains a lease. Lease assets are recognised at cost less accumulated depreciation and 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 implicit interest rate 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 implicit in-terest rate in the lease agreement cannot be determined. Lease payments contain fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate as well as payments of penalties for terminating the lease, if the terms of the lease warrants that the Group exercises that option. The lease liability is remeasured if or when the future payment or lease term changes. Any net remeasurement of the lease liabil-ity is recognised as an adjustment to the lease asset. If the carrying amount of the lease 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 maturity analysis of the lease liabilities. Accounting estimates and judgements Lease term (judgement) The lease term is the period during which the lease contract is enforceable. If the original expiry date of a lease contract has passed, typically in the case of property leases, but the contract continues without a determined expiry date, the lease term is set for an estimated period during which the lease contract is expected to be en-forceable. This assessment is based on Management\u2019s judgement and takes into consideration the location of the lease, capitalised leasehold improvements and experience with similar leases for the spe-cific area. Extension and termination options (significant judgement) When determining the lease term for lease agreements containing extension and ter-mination options, Management considers circumstances 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__141": {
"value": "Accounting policies Lease assets Lease assets and liabilities are recognised in the balance sheet at the commencement date of the contract, if it is or contains a lease. Lease assets are recognised at cost less accumulated depreciation and 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 implicit interest rate 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 implicit in-terest rate in the lease agreement cannot be determined. Lease payments contain fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate as well as payments of penalties for terminating the lease, if the terms of the lease warrants that the Group exercises that option. The lease liability is remeasured if or when the future payment or lease term changes. Any net remeasurement of the lease liabil-ity is recognised as an adjustment to the lease asset. If the carrying amount of the lease 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 maturity analysis of the lease liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__147-1": {
"value": "3.4 Other non-current assets (DKK million) 2023 2022 Invest-Receivables Invest-Receivables ments in from Customer ments in from Customer associates associates loans Other associates associates loans Other Cost at 1.1. 816 369 587 108 803 271 501 97 Foreign currency translation adjustments -11 -1 -17 -2 21 -2 23 1 Additions during the year - 73 136 58 - 120 303 9 Additions relating to acquisitions 15 - - 15 7 - - 9 Disposals related to step acquisitions and disposals of associates -79 -28 - - -15 -20 - -5 Disposals, repayments etc. during the year - -145 -69 -7 - - -56 -3 Transferred to current assets - - -111 - - - -184 - Cost at 31.12. 741 268 526 172 816 369 587 108 Value adjustments at 1.1. 6 2 -21 -24 55 -4 -8 -22 Foreign currency translation adjustments 2 - 1 - -4 - - - Share of profit after tax 69 - - - 122 - - - Dividends received -85 - - - -164 - - - Disposals relating to step-up acquisitions of associates -3 1 - - - - - - Other adjustments -2 6 -29 16 -3 6 -14 -2 Disposals during the year - - - 6 - - 1 - Value adjustments at 31.12. -13 9 -49 -2 6 2 -21 -24 Carrying amount at 31.12. 728 277 477 170 822 371 566 84Transactions with associates In 2023, the Group recognised revenue from sales to associates of DKK 620 mil-lion (DKK 589 million in 2022). Further, the Group received royalties from and paid li-cence fees to associates amounting to net income of DKK 12 million (DKK 18 million in 2022), purchased materials and re-ceived other fees from associates amount-ing to net expenses of DKK 11 million (DKK18 million in 2022) and received dividends from associates in the amount of DKK 85 million (DKK 164 million in 2022). In 2023, the Group received interest income from associates in the amount of DKK 24 million(DKK 16 million in 2022). Under the provisions of contracts con-cluded with associates, the Group is not entitled to receive dividends from certain associates. This is reflected in the profit in-cluded in the income statement, as no profit is recognised if the Group is not enti-tled to receive dividends. Associates (DKK million) 2023 2022 Financial information from financial statements (Group share): Revenue 768 876 Profit for the year 69 122 Comprehensive income 69 122 Accounting policies Investments in associates are recognised and measured using the equity method, i.e. investments are recognised in the balance sheet at the proportionate share of the eq-uity value determined in accordance with the Group\u2019s accounting policies after the deduction and addition of proportionate intra-group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates are recognised in the income statement after the year\u2019s changes in unrealised intra-group profits less any impairment loss re-lating to goodwill. The proportionate shares of all transac-tions and events, which have been recog-nised in other comprehensive income in associates, are recognised in consolidated other comprehensive income. On the ac-quisition of interests in associates, the ac-quisition method is applied.3.6 Impairment testing Impairment 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 2023, except for the impairment of goodwill related to discontinued opera-tions, please refer to Note 6.2. This conclu-sion is supported by the fact that the mar-ket capitalisation of the company on Nasdaq Copenhagen by far exceeds the equity value of the company. At 31 December 2023, goodwill amounted to DKK 11,964 million in Hearing Health-care (DKK 11,071 million in 2022) and DKK 417 million in Communications (DKK 417 million in 2022). The impairment tests are performed as a test of the value in use, including a five-year budget/projection period from 2024-2028. Future cash flows are based on the budget for 2024, on strategy plans and on projec-tions hereof. Projections extending beyond 2024 are based on general parameters, such as expected market growth, selling prices and profitability assumptions. The terminal value for the period after 2028 is determined on the assumption of 2% (2022: 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 unit 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. The pre-tax discount rate is 8% (2022: 8%)for Hearing Healthcare and 12% (2022: 12%) for Communications. Sensitivity cal-culations show that even a significant in-crease in the discount rates or a significant reduction of the growth assumptions 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 are compared with carrying amounts. Group enterprises 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 are reviewed at the balance sheet date to determine whether there are indications of impairment. If so, the recov-erable amount of the particular asset is calculated to determine the need for im-pairment, if any. The recoverable amounts of goodwill and other intangible assets with indefinite useful lives will be esti-mated, whether or not there are indica-tions of impairment. The recoverable amount is estimated for the smallest cash-generating unit of which the asset is part. The recoverable amount is determined as the higher of the fair value of the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of the value in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partly current market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cash flows. 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 changes in the judgements on which the calculation of the recoverable amount is based, the carrying 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 of goodwill is not reversed.Subsidiaries and associatesCompany 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, Inc., United States 100% Oticon (Shanghai) Hearing Technology Co., Ltd., China* 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% Audilab SAS, France* ** *** 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 Interest Audmet New Zealand Limited, New Zealand* 100% Audmet Oy, Finland* 100% Audmet Srl, Italy* 100% AudPractice Group, LLC, United States 100% Beijing Shengwang 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% Braun H\u00f6ren GmbH & Co. KG, Germany 100% Braun H\u00f6rger\u00e4te GmbH & Co. KG, Germany 100% Braun H\u00f6rger\u00e4te Offenburg GmbH & Co. KG, Germany 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 Belgium B.V., Belgium* 100% Demant Business Services Poland Sp. z o.o., Poland* 100% Demant Iberica, S.A., Spain* 100% Demant \u0130\u015fitme Cihazlar\u0131 San. Tic. A.\u015e, Turkey* 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% The list includes the Group's active companies. Company Interest 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% 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 Canada Ltd., Canada 100% Diatec Diagnostics GmbH, Germany* 100% Diatec Diagnostics Ltd, United Kingdom 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% *Directly owned by the Parent for 100%. **Sub-consolidated group of companies, including companies with non-controlling interests. Company Interest 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% Etymonic 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% H\u00f6rger\u00e4te-Akustik Flemming & Klingbeil GmbH & Co. KG, Germany 100% Horgerate-Akustik Flemming & Klingbeil Verwaltungs-GmbH, Germany 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% ***Sub-consolidated group of companies, including associated companies. The list includes the Group's active companies. Company Interest Moser H\u00f6rger\u00e4te GmbH, Germany 100% Mr. Optik GmbH, Germany *** 100% Neurelec S.A.S, France* 100% Northeast Hearing Instruments, LLC, United States 100% 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% 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% Udicare S.r.l., Italy* 100% Value Hearing (Pty) Ltd., South Africa* 100% WDH Germany GmbH, Germany* 100% WDH UK Limited, United Kingdom* 100% WDH USA, Inc., United States* 100% Workplace Integra Inc., United States 100% Van Boxtel Hoorwinkels B.V., Netherlands 100% Audika NV, Belgium* 100% 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% Conc. Maico - Centro Otoacustico Marchesin S.r.l., Italy 50% *Directly owned by the Parent for 100%. **Sub-consolidated group of companies, including companies with non-controlling interests. Company Interest Virtualis SAS, France* ** 55% European Hearing Care (Myanmar) Limited, Myanmar 50% Audiovita S.r.l., Italy 49% Exclusive Hearing Limited, United Kingdom 49% Microfon S.r.l., Italy 49% Otic Hearing Solutions Private Limited, India 49% Ma.Bi.Ge Bioacustica S.r.l., Italy 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% TruEar LLC, United States 35% Fonema Italia S.r.l., Italy 30% HearWell Audiology Clinics Inc., 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% HIMSA II A/S, Denmark 20% Solaborate Inc., United States 20% The Hearing Doctors of Georgia, LLC, United States 20% K/S HIMPP, Denmark 18% HIMSA II K/S, Denmark 15% HIMPP A/S, Denmark 13% HearBase Limited, United Kingdom 10% ***Sub-consolidated 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__145": {
"value": "3.4 Other non-current assets (DKK million) 2023 2022 Invest-Receivables Invest-Receivables ments in from Customer ments in from Customer associates associates loans Other associates associates loans Other Cost at 1.1. 816 369 587 108 803 271 501 97 Foreign currency translation adjustments -11 -1 -17 -2 21 -2 23 1 Additions during the year - 73 136 58 - 120 303 9 Additions relating to acquisitions 15 - - 15 7 - - 9 Disposals related to step acquisitions and disposals of associates -79 -28 - - -15 -20 - -5 Disposals, repayments etc. during the year - -145 -69 -7 - - -56 -3 Transferred to current assets - - -111 - - - -184 - Cost at 31.12. 741 268 526 172 816 369 587 108 Value adjustments at 1.1. 6 2 -21 -24 55 -4 -8 -22 Foreign currency translation adjustments 2 - 1 - -4 - - - Share of profit after tax 69 - - - 122 - - - Dividends received -85 - - - -164 - - - Disposals relating to step-up acquisitions of associates -3 1 - - - - - - Other adjustments -2 6 -29 16 -3 6 -14 -2 Disposals during the year - - - 6 - - 1 - Value adjustments at 31.12. -13 9 -49 -2 6 2 -21 -24 Carrying amount at 31.12. 728 277 477 170 822 371 566 84",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__144": {
"value": "3.4 Other non-current assets (DKK million) 2023 2022 Invest-Receivables Invest-Receivables ments in from Customer ments in from Customer associates associates loans Other associates associates loans Other Cost at 1.1. 816 369 587 108 803 271 501 97 Foreign currency translation adjustments -11 -1 -17 -2 21 -2 23 1 Additions during the year - 73 136 58 - 120 303 9 Additions relating to acquisitions 15 - - 15 7 - - 9 Disposals related to step acquisitions and disposals of associates -79 -28 - - -15 -20 - -5 Disposals, repayments etc. during the year - -145 -69 -7 - - -56 -3 Transferred to current assets - - -111 - - - -184 - Cost at 31.12. 741 268 526 172 816 369 587 108 Value adjustments at 1.1. 6 2 -21 -24 55 -4 -8 -22 Foreign currency translation adjustments 2 - 1 - -4 - - - Share of profit after tax 69 - - - 122 - - - Dividends received -85 - - - -164 - - - Disposals relating to step-up acquisitions of associates -3 1 - - - - - - Other adjustments -2 6 -29 16 -3 6 -14 -2 Disposals during the year - - - 6 - - 1 - Value adjustments at 31.12. -13 9 -49 -2 6 2 -21 -24 Carrying amount at 31.12. 728 277 477 170 822 371 566 84Transactions with associates In 2023, the Group recognised revenue from sales to associates of DKK 620 mil-lion (DKK 589 million in 2022). Further, the Group received royalties from and paid li-cence fees to associates amounting to net income of DKK 12 million (DKK 18 million in 2022), purchased materials and re-ceived other fees from associates amount-ing to net expenses of DKK 11 million (DKK18 million in 2022) and received dividends from associates in the amount of DKK 85 million (DKK 164 million in 2022). In 2023, the Group received interest income from associates in the amount of DKK 24 million(DKK 16 million in 2022). Under the provisions of contracts con-cluded with associates, the Group is not entitled to receive dividends from certain associates. This is reflected in the profit in-cluded in the income statement, as no profit is recognised if the Group is not enti-tled to receive dividends. Associates (DKK million) 2023 2022 Financial information from financial statements (Group share): Revenue 768 876 Profit for the year 69 122 Comprehensive income 69 122 Accounting policies Investments in associates are recognised and measured using the equity method, i.e. investments are recognised in the balance sheet at the proportionate share of the eq-uity value determined in accordance with the Group\u2019s accounting policies after the deduction and addition of proportionate intra-group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates are recognised in the income statement after the year\u2019s changes in unrealised intra-group profits less any impairment loss re-lating to goodwill. The proportionate shares of all transac-tions and events, which have been recog-nised in other comprehensive income in associates, are recognised in consolidated other comprehensive income. On the ac-quisition of interests in associates, the ac-quisition method is applied.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__148": {
"value": "Transactions with associates In 2023, the Group recognised revenue from sales to associates of DKK 620 mil-lion (DKK 589 million in 2022). Further, the Group received royalties from and paid li-cence fees to associates amounting to net income of DKK 12 million (DKK 18 million in 2022), purchased materials and re-ceived other fees from associates amount-ing to net expenses of DKK 11 million (DKK18 million in 2022) and received dividends from associates in the amount of DKK 85 million (DKK 164 million in 2022). In 2023, the Group received interest income from associates in the amount of DKK 24 million(DKK 16 million in 2022). Under the provisions of contracts con-cluded with associates, the Group is not entitled to receive dividends from certain associates. This is reflected in the profit in-cluded in the income statement, as no profit is recognised if the Group is not enti-tled to receive dividends. Associates (DKK million) 2023 2022 Financial information from financial statements (Group share): Revenue 768 876 Profit for the year 69 122 Comprehensive income 69 122 Accounting policies Investments in associates are recognised and measured using the equity method, i.e. investments are recognised in the balance sheet at the proportionate share of the eq-uity value determined in accordance with the Group\u2019s accounting policies after the deduction and addition of proportionate intra-group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates are recognised in the income statement after the year\u2019s changes in unrealised intra-group profits less any impairment loss re-lating to goodwill. The proportionate shares of all transac-tions and events, which have been recog-nised in other comprehensive income in associates, are recognised in consolidated other comprehensive income. On the ac-quisition of interests in associates, the ac-quisition method is applied.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__150": {
"value": "Accounting policies Investments in associates are recognised and measured using the equity method, i.e. investments are recognised in the balance sheet at the proportionate share of the eq-uity value determined in accordance with the Group\u2019s accounting policies after the deduction and addition of proportionate intra-group gains and losses, respectively, and after the addition of the carrying amount of any goodwill. The proportionate shares of profit after tax in associates are recognised in the income statement after the year\u2019s changes in unrealised intra-group profits less any impairment loss re-lating to goodwill. The proportionate shares of all transac-tions and events, which have been recog-nised in other comprehensive income in associates, are recognised in consolidated other comprehensive income. On the ac-quisition of interests in associates, the ac-quisition method is applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__161": {
"value": "Accounting policies The carrying amounts of property, plant and equipment and intangible assets with definite useful lives as well as investments in associates are reviewed at the balance sheet date to determine whether there are indications of impairment. If so, the recov-erable amount of the particular asset is calculated to determine the need for im-pairment, if any. The recoverable amounts of goodwill and other intangible assets with indefinite useful lives will be esti-mated, whether or not there are indica-tions of impairment. The recoverable amount is estimated for the smallest cash-generating unit of which the asset is part. The recoverable amount is determined as the higher of the fair value of the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of the value in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partly current market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cash flows. 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 changes in the judgements on which the calculation of the recoverable amount is based, the carrying 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 of goodwill is not reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__160": {
"value": "Accounting policies The carrying amounts of property, plant and equipment and intangible assets with definite useful lives as well as investments in associates are reviewed at the balance sheet date to determine whether there are indications of impairment. If so, the recov-erable amount of the particular asset is calculated to determine the need for im-pairment, if any. The recoverable amounts of goodwill and other intangible assets with indefinite useful lives will be esti-mated, whether or not there are indica-tions of impairment. The recoverable amount is estimated for the smallest cash-generating unit of which the asset is part. The recoverable amount is determined as the higher of the fair value of the asset or cash-generating unit less costs to sell and the value in use of such asset or unit. On determination of the value in use, estimated future cash flows will be discounted to their present values, using a discount rate that reflects partly current market valuations of the time value of money, and partly the special risks at-tached to the particular asset or cash-gen-erating unit for which no adjustment has been made in the estimated future cash flows. 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 changes in the judgements on which the calculation of the recoverable amount is based, the carrying 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 of goodwill is not reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__165-1": {
"value": "Capital structure, funding and liquidity risks Demant remains a highly cash-generating company with a strong balance sheet. The Group continuously adapts its capital structure to the prevailing market condi-tions in order to secure attractive financ-ing. We secure our funding based on a strong commitment by our banks to pro-vide longer-term bank facilities. To miti-gate potential liquidity and refinancing risks, the Group has secured considerable undrawn committed credit facilities. To minimise financing risks, we aim for more than 50% of our credit facilities to be committed with long-term maturity, and our financial gearing multiple is currently within our desired target range of 2.0-2.5.4.4 Net interest-bearing debt, liquidity and interest rate risks (DKK million) Contractual cash flows Weighted average effective Less than More than Carrying interest 1 year 1-5 years 5 years Total amount rate 2023 Interest-bearing receivables* 269 677 145 1,091 1,036 Cash 1,172 - - 1,172 1,138 Interest-bearing assets 1,441 677 145 2,263 2,174 4.1% Debt to credit institutions etc. -1,489 -10,619 -301 -12,409 -11,238 Short-term bank facilities etc. -560 - - -560 -530 Borrowings -2,049 -10,619 -301 -12,969 -11,768 3.9% Lease liabilities -688 -1,822 -650 -3,160 -2,686 Net interest-bearing debt -1,296 -11,764 -806 -13,866 -12,280 2022 Interest-bearing receivables* 302 790 194 1,286 1,235 Cash 1,140 - - 1,140 1,130 Interest-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 *Interest-bearing receivables comprise customer loans, receivables from associates 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 661 million (DKK 566 million in 2022), which have a contractual maturity of 1-5 years. The contractual cash flows approximate their carrying amounts. Borrowings broken down by currency: 59% in Danish kroner (63% in 2022), 26% in euros (23% in 2022), 6% in US dollars (6% in 2022), 2% in Canadian dollars (3% in 2022) and 7% in other currencies (6% in 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__164": {
"value": "4.1 Financial risk management and capital structure Policies relating to financial risk management Financial risk management concentrates on identifying risks in respect of changes in the financial markets and customers\u2019 pro-pensity to pay for products and services. The Executive Board monitors the financial risks of the company to ensure that these remain well-balanced. Financial risks are managed centrally by Group Treasury, which is responsible for securing attractive funding under the prevailing market condi-tions and for monitoring and mitigating risks related to liquidity, interest rates and exchange rates. Risks related to counter-parties are managed in the individual mar-kets. Capital structure, funding and liquidity risks Demant remains a highly cash-generating company with a strong balance sheet. The Group continuously adapts its capital structure to the prevailing market condi-tions in order to secure attractive financ-ing. We secure our funding based on a strong commitment by our banks to pro-vide longer-term bank facilities. To miti-gate potential liquidity and refinancing risks, the Group has secured considerable undrawn committed credit facilities. To minimise financing risks, we aim for more than 50% of our credit facilities to be committed with long-term maturity, and our financial gearing multiple is currently within our desired target range of 2.0-2.5. Interest rate risks Due to higher market interest rates, our fi-nancial expenses increased in 2023. Fur-thermore, credit spreads and debt margins increased in the financial markets due to higher capital requirements imposed on the banks. Currently, around 45% of the Group\u2019s debt is funded through facilities with fixed rates or hedged through financial instruments limiting the interest rate risk. The Group\u2019s net interest-bearing debt (NIBD) amounted to DKK 12,280 million as of 31 December 2023, and the gearing multiple (NIBD/EBITDA) was 2.2. Exchange rate risks The Group is exposed to exchange rate risks, as the company trades with counter-parties in a number of countries, and as the Group has cash flows in different cur-rencies. It is therefore important to ade-quately balance foreign exchange rate risks to avoid unexpected adverse impacts on the financial performance. The majority of Group companies transact mainly in local currencies and are therefore exposed to limited exchange rate risks. The Group does not hedge translation risks resulting from the consolidation of Group accounts into Danish kroner. Most Group companies are invoiced from the Danish production entities. Around two-thirds of the invoicing out of Denmark is invoiced in other currencies than Danish kroner or eu-ros. To reduce our exchange rate expo-sure, we continuously seek to balance in-going and outgoing cash flows in our main trading currencies as much as possible. To ensure predictability in terms of net profit, we hedge expected future net cash flows mainly through forward exchange con-tracts with a horizon of up to 18 months. In addition, we seek to balance our on-bal-ance net exposure in our main trading cur-rencies and, where relevant, our exposure is hedged. It is the Group\u2019s policy to exclu-sively hedge financial risks arising from our commercial activities and not to undertake any financial transactions of a speculative nature. Counterpart risks From a commercial point of view, the Group is exposed to credit risks if our cus-tomers fail to pay for products and ser-vices provided. Such risks mainly relate to trade receivables and loans to customers or business partners, and failure to ade-quately manage credit risks can adversely impact the Group. To minimise the risk of suffering losses on customers, the Group monitors the credit risks on an ongoing basis. The Group gen-erally has a diversified customer base, and in 2023, the accumulated revenue from our ten largest customers accounted for ap-prox. 15% of total consolidated revenue. We regularly adjust our financial accounts to reflect the current credit risks. When granting loans to business partners, we require that our counterparties provide security in their business. In general, we estimate that the risk relative to our total credit exposure is well-balanced at Group level, and historically, we have only suf-fered limited credit-related losses. The maximum credit risk relating to receiv-ables matches the carrying amounts of such receivables. Overall, the Group has limited deposits with financial institutions for which reason the credit risk in respect of deposits is considered to be low.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__163-1": {
"value": "4.1 Financial risk management and capital structure Policies relating to financial risk management Financial risk management concentrates on identifying risks in respect of changes in the financial markets and customers\u2019 pro-pensity to pay for products and services. The Executive Board monitors the financial risks of the company to ensure that these remain well-balanced. Financial risks are managed centrally by Group Treasury, which is responsible for securing attractive funding under the prevailing market condi-tions and for monitoring and mitigating risks related to liquidity, interest rates and exchange rates. Risks related to counter-parties are managed in the individual mar-kets. Capital structure, funding and liquidity risks Demant remains a highly cash-generating company with a strong balance sheet. The Group continuously adapts its capital structure to the prevailing market condi-tions in order to secure attractive financ-ing. We secure our funding based on a strong commitment by our banks to pro-vide longer-term bank facilities. To miti-gate potential liquidity and refinancing risks, the Group has secured considerable undrawn committed credit facilities. To minimise financing risks, we aim for more than 50% of our credit facilities to be committed with long-term maturity, and our financial gearing multiple is currently within our desired target range of 2.0-2.5. Interest rate risks Due to higher market interest rates, our fi-nancial expenses increased in 2023. Fur-thermore, credit spreads and debt margins increased in the financial markets due to higher capital requirements imposed on the banks. Currently, around 45% of the Group\u2019s debt is funded through facilities with fixed rates or hedged through financial instruments limiting the interest rate risk. The Group\u2019s net interest-bearing debt (NIBD) amounted to DKK 12,280 million as of 31 December 2023, and the gearing multiple (NIBD/EBITDA) was 2.2. Exchange rate risks The Group is exposed to exchange rate risks, as the company trades with counter-parties in a number of countries, and as the Group has cash flows in different cur-rencies. It is therefore important to ade-quately balance foreign exchange rate risks to avoid unexpected adverse impacts on the financial performance. The majority of Group companies transact mainly in local currencies and are therefore exposed to limited exchange rate risks. The Group does not hedge translation risks resulting from the consolidation of Group accounts into Danish kroner. Most Group companies are invoiced from the Danish production entities. Around two-thirds of the invoicing out of Denmark is invoiced in other currencies than Danish kroner or eu-ros. To reduce our exchange rate expo-sure, we continuously seek to balance in-going and outgoing cash flows in our main trading currencies as much as possible. To ensure predictability in terms of net profit, we hedge expected future net cash flows mainly through forward exchange con-tracts with a horizon of up to 18 months. In addition, we seek to balance our on-bal-ance net exposure in our main trading cur-rencies and, where relevant, our exposure is hedged. It is the Group\u2019s policy to exclu-sively hedge financial risks arising from our commercial activities and not to undertake any financial transactions of a speculative nature. Counterpart risks From a commercial point of view, the Group is exposed to credit risks if our cus-tomers fail to pay for products and ser-vices provided. Such risks mainly relate to trade receivables and loans to customers or business partners, and failure to ade-quately manage credit risks can adversely impact the Group. To minimise the risk of suffering losses on customers, the Group monitors the credit risks on an ongoing basis. The Group gen-erally has a diversified customer base, and in 2023, the accumulated revenue from our ten largest customers accounted for ap-prox. 15% of total consolidated revenue. We regularly adjust our financial accounts to reflect the current credit risks. When granting loans to business partners, we require that our counterparties provide security in their business. In general, we estimate that the risk relative to our total credit exposure is well-balanced at Group level, and historically, we have only suf-fered limited credit-related losses. The maximum credit risk relating to receiv-ables matches the carrying amounts of such receivables. Overall, the Group has limited deposits with financial institutions for which reason the credit risk in respect of deposits is considered to be low.4.4 Net interest-bearing debt, liquidity and interest rate risks (DKK million) Contractual cash flows Weighted average effective Less than More than Carrying interest 1 year 1-5 years 5 years Total amount rate 2023 Interest-bearing receivables* 269 677 145 1,091 1,036 Cash 1,172 - - 1,172 1,138 Interest-bearing assets 1,441 677 145 2,263 2,174 4.1% Debt to credit institutions etc. -1,489 -10,619 -301 -12,409 -11,238 Short-term bank facilities etc. -560 - - -560 -530 Borrowings -2,049 -10,619 -301 -12,969 -11,768 3.9% Lease liabilities -688 -1,822 -650 -3,160 -2,686 Net interest-bearing debt -1,296 -11,764 -806 -13,866 -12,280 2022 Interest-bearing receivables* 302 790 194 1,286 1,235 Cash 1,140 - - 1,140 1,130 Interest-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 *Interest-bearing receivables comprise customer loans, receivables from associates 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 661 million (DKK 566 million in 2022), which have a contractual maturity of 1-5 years. The contractual cash flows approximate their carrying amounts. Borrowings broken down by currency: 59% in Danish kroner (63% in 2022), 26% in euros (23% in 2022), 6% in US dollars (6% in 2022), 2% in Canadian dollars (3% in 2022) and 7% in other currencies (6% in 2022). 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 the interest rate swap outstanding at the balance sheet date is DKK 18 million (DKK 0 million in 2022), and the contractual value of the interest swap is DKK 1,000 million (DKK 0 million in 2022). The interest rate swap matures in 2026. Sensitivity analysis in respect of interest rates Based on the Group\u2019s net debt at the end of the 2023 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-prox. DKK 58 million (DKK 57 million in 2022). Around 45% (around 46% in 2022) of the interest-bearing debt is subject to fixed interest rates, partly due to a bought interest rate swap and partly due to loans being raised at fixed interest rates. Interest rate swap (Interest rate cap in 2022) (DKK million) Contractual Positive Negative Interest amount fair value fair value Expiry rate/strike at year-end at year-end at year-end 2023 DKK/DKK 2026 3.27% 1,000 - -18 1,000 - -18 2022 DKK/DKK 2023 0% 650 20 - 650 20 - Non-cash changes Cash flow Covid-19 Acquisi-Transferred from rent tions and Foreign to liabilities financing conces-divest-exchange Other held for (DKK million) 2022 activities sions ments movement additions Disposals sale 2023 Lease liabilities 2,380 -698 -6 142 -8 918 -42 - 2,686 Debt to credit institutions etc. 11,931 -706 - 15 -2 - - - 11,238 Short-term bank facilities 765 -188 - 1 -48 - - - 530 Interest-bearing liabilities 15,076 -1,592 -6 158 -58 918 -42 - 14,454 2021 2022 Lease liabilities 2,121 -614 -3 170 7 763 -45 -19 2,380 Debt to credit institutions etc. 6,020 5,869 - 30 12 - - - 11,931 Short-term bank facilities 3,197 -2,477 - - 46 - - -1 765 Interest-bearing liabilities 11,338 2,778 -3 200 65 763 -45 -20 15,076",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__176": {
"value": "Accounting policies 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 gains and losses. Interest income and interest expenses 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__175": {
"value": "Accounting policies 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 gains and losses. Interest income and interest expenses 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__174": {
"value": "Accounting policies 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 gains and losses. Interest income and interest expenses 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:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__179": {
"value": "Accounting policies Debt to credit institutions is recognised at the date of borrowing as the proceeds re-ceived less transaction costs. For subse-quent periods, financial liabilities are measured at amortised cost in order for the 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 value is 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__173": {
"value": "4.2 Net financial items (DKK million) 2023 2022 Interest on cash and bank deposits 35 11 Interest on receivables, customer loans etc. 55 45 Other financial income 11 27 Financial income from financial assets measured at amortised cost 101 83 Interest on bank debt, mortgages etc. -488 -145 Interest expense on lease liabilities -71 -46 Financial expenses on financial liabilities measured at amortised cost -559 -191 Foreign exchange losses, net -119 -13 Transaction costs -177 -159 Financial expenses -855 -363 Net financial items -754 -280 Accounting policies 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 gains and losses. Interest income and interest expenses 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__172": {
"value": "4.2 Net financial items (DKK million) 2023 2022 Interest on cash and bank deposits 35 11 Interest on receivables, customer loans etc. 55 45 Other financial income 11 27 Financial income from financial assets measured at amortised cost 101 83 Interest on bank debt, mortgages etc. -488 -145 Interest expense on lease liabilities -71 -46 Financial expenses on financial liabilities measured at amortised cost -559 -191 Foreign exchange losses, net -119 -13 Transaction costs -177 -159 Financial expenses -855 -363 Net financial items -754 -280 Accounting policies 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 gains and losses. Interest income and interest expenses 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__171": {
"value": "4.2 Net financial items (DKK million) 2023 2022 Interest on cash and bank deposits 35 11 Interest on receivables, customer loans etc. 55 45 Other financial income 11 27 Financial income from financial assets measured at amortised cost 101 83 Interest on bank debt, mortgages etc. -488 -145 Interest expense on lease liabilities -71 -46 Financial expenses on financial liabilities measured at amortised cost -559 -191 Foreign exchange losses, net -119 -13 Transaction costs -177 -159 Financial expenses -855 -363 Net financial items -754 -280 Accounting policies 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 gains and losses. Interest income and interest expenses 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__170": {
"value": "4.2 Net financial items (DKK million) 2023 2022 Interest on cash and bank deposits 35 11 Interest on receivables, customer loans etc. 55 45 Other financial income 11 27 Financial income from financial assets measured at amortised cost 101 83 Interest on bank debt, mortgages etc. -488 -145 Interest expense on lease liabilities -71 -46 Financial expenses on financial liabilities measured at amortised cost -559 -191 Foreign exchange losses, net -119 -13 Transaction costs -177 -159 Financial expenses -855 -363 Net financial items -754 -280 Accounting policies 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 gains and losses. Interest income and interest expenses 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:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__169": {
"value": "4.2 Net financial items (DKK million) 2023 2022 Interest on cash and bank deposits 35 11 Interest on receivables, customer loans etc. 55 45 Other financial income 11 27 Financial income from financial assets measured at amortised cost 101 83 Interest on bank debt, mortgages etc. -488 -145 Interest expense on lease liabilities -71 -46 Financial expenses on financial liabilities measured at amortised cost -559 -191 Foreign exchange losses, net -119 -13 Transaction costs -177 -159 Financial expenses -855 -363 Net financial items -754 -280 Accounting policies 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 gains and losses. Interest income and interest expenses 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:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__168": {
"value": "4.2 Net financial items (DKK million) 2023 2022 Interest on cash and bank deposits 35 11 Interest on receivables, customer loans etc. 55 45 Other financial income 11 27 Financial income from financial assets measured at amortised cost 101 83 Interest on bank debt, mortgages etc. -488 -145 Interest expense on lease liabilities -71 -46 Financial expenses on financial liabilities measured at amortised cost -559 -191 Foreign exchange losses, net -119 -13 Transaction costs -177 -159 Financial expenses -855 -363 Net financial items -754 -280 Accounting policies 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 gains and losses. Interest income and interest expenses 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:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__183-1": {
"value": "4.4 Net interest-bearing debt, liquidity and interest rate risks (DKK million) Contractual cash flows Weighted average effective Less than More than Carrying interest 1 year 1-5 years 5 years Total amount rate 2023 Interest-bearing receivables* 269 677 145 1,091 1,036 Cash 1,172 - - 1,172 1,138 Interest-bearing assets 1,441 677 145 2,263 2,174 4.1% Debt to credit institutions etc. -1,489 -10,619 -301 -12,409 -11,238 Short-term bank facilities etc. -560 - - -560 -530 Borrowings -2,049 -10,619 -301 -12,969 -11,768 3.9% Lease liabilities -688 -1,822 -650 -3,160 -2,686 Net interest-bearing debt -1,296 -11,764 -806 -13,866 -12,280 2022 Interest-bearing receivables* 302 790 194 1,286 1,235 Cash 1,140 - - 1,140 1,130 Interest-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 *Interest-bearing receivables comprise customer loans, receivables from associates as well as other receivables.Borrowings broken down by currency: 59% in Danish kroner (63% in 2022), 26% in euros (23% in 2022), 6% in US dollars (6% in 2022), 2% in Canadian dollars (3% in 2022) and 7% in other currencies (6% in 2022).Interest rate swap (Interest rate cap in 2022) (DKK million) Contractual Positive Negative Interest amount fair value fair value Expiry rate/strike at year-end at year-end at year-end 2023 DKK/DKK 2026 3.27% 1,000 - -18 1,000 - -18 2022 DKK/DKK 2023 0% 650 20 - 650 20 - Non-cash changes Cash flow Covid-19 Acquisi-Transferred from rent tions and Foreign to liabilities financing conces-divest-exchange Other held for (DKK million) 2022 activities sions ments movement additions Disposals sale 2023 Lease liabilities 2,380 -698 -6 142 -8 918 -42 - 2,686 Debt to credit institutions etc. 11,931 -706 - 15 -2 - - - 11,238 Short-term bank facilities 765 -188 - 1 -48 - - - 530 Interest-bearing liabilities 15,076 -1,592 -6 158 -58 918 -42 - 14,454 2021 2022 Lease liabilities 2,121 -614 -3 170 7 763 -45 -19 2,380 Debt to credit institutions etc. 6,020 5,869 - 30 12 - - - 11,931 Short-term bank facilities 3,197 -2,477 - - 46 - - -1 765 Interest-bearing liabilities 11,338 2,778 -3 200 65 763 -45 -20 15,076",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__189": {
"value": "Accounting policies On initial recognition, other investments are 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__188": {
"value": "4.5 Fair value hierarchy Methods and judgements for determining fair values Other investments Other investments are assessed on the basis of their fair value. Derivatives Forward exchange contracts are assessed using discounted cash flow valuation tech-niques. Future cash flows are based on observable forward exchange rates at the end of the reporting period and on con-tractual forward exchange rates dis-counted at a rate that reflects the credit risk related to various counterparties. Interest rate swaps are assessed using discounted cash flow valuation techniques.Future cash flows are based on observableforward yield curves at the end of the re-porting period and on contractual interest rates discounted at a rate that reflects the credit 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. The individual 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 considerations Contingent considerations are measured at 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 and purchasing 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 fair value are broken down according to the fair value hierarchy: \u2022 Listed prices in an active market for the same 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 market data (level 2). \u2022 Valuation methods, with any significant inputs not being based on observable market data (level 3). Accounting policies On initial recognition, other investments are 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 Total 2023 Financial assets used as hedging instruments - 60 - 60 Other investments - - 19 19 Financial liabilities used as hedging instruments - -35 - -35 Contingent considerations - - -380 -380 2022 Financial assets used as hedging instruments - 103 - 103 Other investments - - 15 15 Financial liabilities used as hedging instruments - -15 - -15 Contingent considerations - - -420 -420 There have been no transfers between level 1 and 2 in the 2023 and 2022 financial years. Contingent (DKK million) Financial assets considerations 2023 2022 2023 2022 Assets and liabilities (level 3) Carrying amount at 1.1. 15 11 -420 -148 Foreign currency translation adjustment - - -1 -8 Acquisitions 7 4 -156 -478 Disposals, repayments, settlements etc. - - 192 193 Other adjustments -3 - 5 11 Transferred to liabilities related to assets held for sale - - - 10 Carrying amount at 31.12. 19 15 -380 -420 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 are recognised as the maximum con-sideration to be paid, which Management has assessed to be the most likely outcome. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__192": {
"value": "Accounting policies Tax on profit for the year includes current tax and any changes in deferred tax. Cur-rent tax includes taxes payable and is de-termined on the basis of the estimated tax-able income for the year and any prior-year tax adjustments. Tax on changes in equity and other comprehensive income is recognised directly in equity and in other comprehensive income, respectively. Foreign currency translation adjustments of deferred tax are recognised as part of the year\u2019s adjustments of deferred tax. Permanent differences primarily include Danish interest limitation, R&D incentives, profit in associates and non-deductible share-based payments. 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 of the year\u2019s taxable income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__191": {
"value": "5.1 Tax on profit (DKK million) 2023 2022 Current tax on profit for the year -814 -580 Adjustment of current tax, prior years 11 20 Change in deferred tax -31 -79 Adjustment of deferred tax, prior years -4 -10 Impact of changes in corporate tax rates -1 -2 Tax on profit for the year -839 -651 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 0.9% 1.0% Impact of changes in corporate tax rates - 0.1% Impact of unrecognised tax assets, net - 0.3% Permanent differences 2.3% -1.6% Other items including prior-year adjustments -0.5% 0.4% Effective tax rate 24.7% 22.2% The Group is not expected to be materially impacted by OECD/EU Pillar Two Model rules and local implementation hereof. Most countries where the Group has oper-ations impose taxation in excess of 15%, meaning that most countries are covered by the transitional Safe Harbour rules. Those few countries not covered by the transitional Safe Harbour rules are still ex-pected to show a GloBE ETR in excess of 15%. As such, OECD/EU Pillar Two Model Rules and local implementation hereof are expected to result in neither materially in-creased tax payments nor changes to the Group\u2019s ETR. The Group has applied the temporary ex-ception, introduced in May 2023, from the accounting requirements for deferred taxes in IAS 12, which means that the Group neither recognises nor discloses in-formation about deferred tax assets and li-abilities related to Pillar Two income taxes. Accounting policies Tax on profit for the year includes current tax and any changes in deferred tax. Cur-rent tax includes taxes payable and is de-termined on the basis of the estimated tax-able income for the year and any prior-year tax adjustments. Tax on changes in equity and other comprehensive income is recognised directly in equity and in other comprehensive income, respectively. Foreign currency translation adjustments of deferred tax are recognised as part of the year\u2019s adjustments of deferred tax. Permanent differences primarily include Danish interest limitation, R&D incentives, profit in associates and non-deductible share-based payments. 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 of the year\u2019s taxable income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__196": {
"value": "Accounting policies 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 initial recognition 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 tax base of a loss, if any, which may be set off against future taxable income, is carried forward and set off against deferred tax in the same legal tax entity and jurisdiction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__194": {
"value": "5.2 Deferred tax (DKK million) 2023 2022 Deferred tax recognised in the balance sheet: Deferred tax assets 542 538 Deferred tax liabilities -633 -620 Deferred tax, net at 31.12. -91 -82 Deferred tax, net at 1.1. -82 126 Foreign currency translation adjustments 8 -8 Changes in deferred tax -31 -79 Additions relating to acquisitions 5 -18 Adjustment of deferred tax, prior years -4 -10 Impact of changes in corporate tax rates -1 -2 Deferred tax relating to changes in equity, net 14 -59 Transferred to assets held for sale - -32 Deferred tax, net at 31.12. -91 -82 The tax value of deferred tax assets not recognised is DKK 104 million (DKK 116 million in 2022) and relates mainly to tax losses and tax credits for which there is considerable uncertainty about their future utilisation. Tax losses of DKK 25 million will expire within 5-10 years, whereas other tax losses carried forward have no expiry date. Accounting policies 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 initial recognition 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 tax base of a loss, if any, which may be set off against future taxable income, is carried forward and set off against deferred tax in the same legal tax entity and jurisdiction. Foreign Recognised currency in other Transferred Temporary translation Recognised compre-to assets Temporary differences adjust-Acquisi-in profit for hensive held for differences (DKK million) at 1.1. ments tions the year income sale at 31.12. 2023 Intangible assets -542 - 5 -28 - - -565 Property, plant and equipment -102 13 - -70 - - -159 Leased assets 13 1 - 7 - - 21 Inventories 204 - - 4 - - 208 Receivables 42 - - 10 - - 52 Provisions 67 -2 - 34 - - 99 Deferred income 161 -1 - -2 - - 158 Tax losses 47 -4 - 13 - - 56 Other 28 1 - -4 14 - 39 Total -82 8 5 -36 14 - -91 2022 Intangible assets -500 -16 -20 -7 - 1 -542 Property, plant and equipment -65 -1 - -50 - 14 -102 Leased assets 12 - - 1 - - 13 Inventories 277 4 2 -31 - -48 204 Receivables 54 2 - -13 - -1 42 Provisions 85 -5 - -12 - -1 67 Deferred income 152 8 - 1 - - 161 Tax losses 48 - - -1 - - 47 Other 63 - - 21 -59 3 28 Total 126 -8 -18 -91 -59 -32 -82 Accounting estimates and judgements Deferred tax assets (significant estimate) Deferred tax assets, including the tax value of any tax losses allowed for car-ryforward, are recognised in the balance sheet at the estimated realisable value of such assets, either by a set-off against a deferred tax liability or by a net asset to be set 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 tax values of investments in subsidiaries and associates is recognised, unless the Parent is able to control the time of realisation of such deferred tax, and it is probable that such deferred tax will not be realised as current tax in the foreseeable future. De-ferred tax is recognised in respect of elimi-nations of intra-group profits and losses.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__7__198": {
"value": "6.1 Acquisitions of enterprises and activities As part of the capital allocation policy, a portion of the cash flow from operating ac-tivities is allocated to value-adding acqui-sitions. In 2023, a total of 31 acquisitions were completed within the Hearing Healthcare segment at an estimated total consideration of DKK 1,074 million. The in-dividual acquisitions are not considered to be material and therefore not disclosed separately, but grouped together with other acquisitions within the geographical region. Acquisitions in Hearing Healthcare In 2023, the Group acquired a number of businesses or obtained significant stakes in hearing healthcare businesses, the most significant ones being Mr. Optik and Flem-ming & Klingbeil both in Germany, the hearing aid-related activities of Goed Hulpmiddelen in Belgium and Virtualis in France. On 5 January 2023, the Group acquired 55% of the shares in Virtualis, a developer and manufacturer of virtual reality rehabil-itation equipment based in France. As part of the agreement, a forward contract was entered into for the remaining 45% of the shares, meaning that Demant agreed to buy and the seller to sell in three tranches based on an agreed revenue multiple. The purchase price for the remaining shares is estimated based on Virtualis\u2019 current per-formance and on expectations of the fu-ture. The purchase price is not capped. On 1 March 2023, the Group acquired the remaining 51% of the shares in Mr. Optik (DKK million) 2023 2022 Hearing Healthcare Hearing Healthcare North North Sheng Europe America Asia Total Europe America Asia Wang Total Intangible assets 55 4 - 59 149 5 4 82 240 Property, plant and equipment 53 1 - 54 11 3 16 40 70 Other non-current assets 167 21 - 188 22 6 17 139 184 Inventories 47 2 - 49 39 4 2 38 83 Current receivables 105 7 - 112 48 7 1 101 157 Cash and cash equivalents 56 2 - 58 49 4 3 41 97 Non-current liabilities -413 -5 - -418 -57 -7 -11 -96 -171 Current liabilities -131 -9 - -140 -51 -16 -34 -201 -302 Acquired net assets -61 23 - -38 210 6 -2 144 358 Goodwill 1,078 34 - 1,112 299 235 96 1,736 2,366 Acquisition cost 1,017 57 - 1,074 509 241 94 1,880 2,724 Carrying amount of non-controlling interests on obtain-ing control -80 -4 - -84 - -15 - - -15 Fair value adjustment of non-controlling interests on obtaining control -26 -1 - -27 - -14 - - -14 Contingent consideration and deferred payments -151 -5 - -156 -33 -19 - -426 -478 Acquired cash and cash equivalents -56 -2 - -58 -49 -4 -3 -41 -97 Cash acquisition cost 704 45 - 749 427 189 91 1,413 2,120 Figures are shown at fair value on the acquisition date. and now holds 100% of the shares. Mr. Optik operates hearing clinics across East-ern Germany. The step-up resulted in a fair value adjustment of Demant\u2019s existing shares of DKK 26 million. On 31 August 2023, the Group acquired 100% of the shares in Flemming & Kling-beil, which operates hearing clinics across Berlin, Germany. On 31 August 2023, the Group acquired all the hearing aid-related activities of Goed Hulpmiddelen. The transaction was struc-tured as an asset purchase. The activities in Goed Hulpmiddelen consist of hearing clinics in the northern part of Belgium. The activities were integrated into our existing retail business in Belgium. In addition, the Group made a number of other minor acquisitions in North America and Europe in 2023. In 2022, the Group acquired 100% of the shares in Sheng Wang, first 20% as a mi-nority investment on 4 March 2022 and subsequently the remaining 80% of the shares on 1 July 2022. Accounting treatment In respect of the acquisitions, the Group paid a total acquisition cost of DKK 1,074 million, which exceeded the fair values of the acquired assets, liabilities and contin-gent liabilities. Such positive balances in value can be attributed to expected syner-gies between the activities of the acquired entities and our existing activities, to the future growth opportunities and to the value of staff competencies in the acquired businesses. These synergies are not recog-nised separately from goodwill, as they are not separately identifiable. Total goodwill recognised in respect of the acquisitions made in 2023 amounted to DKK 1,112 mil-lion. Of the total acquisitions made in 2023, the fair value of the estimated contingent con-siderations in the form of earn-outs or de-ferred payments accounted for DKK 156 million (DKK 478 million in 2022). Earn-outs depend on the results of the acquired entities for a period of 1-5 years. The max-imum of earn-outs and other contingent considerations related to the acquisitions are estimated to be DKK 158 million (DKK 482 million in 2022), excluding Virtualis where the earn-out that is not capped. The fair values of acquisitions are not con-sidered final until 12 months after the ac-quisition date. Adjustments to acquisitions completed more than 12 months prior to the time of the adjustments, including changes in estimated contingent consider-ations, are recognised in the income state-ment. In 2023, adjustments were made to the preliminary recognition of acquisitions rec-ognised in 2022. These adjustments relate to payments made, contingent considera-tions provided as well as net assets and goodwill acquired. The impact of these ad-justments on goodwill was DKK 5 million (DKK 10 million in 2022) and DKK 2 million (DKK 2 million in 2022) on contingent con-sideration. In 2023, adjustments were also made to contingent considerations related to acqui-sitions before 2022. These adjustments amount to DKK 5 million (DKK 9 million in 2022) and are recognised as part of distri-bution costs for acquisitions. Step-up acquisitions At the time of acquisition of non-control-ling interests, the shares of the acquisi-tions are measured at their proportionate share of the total fair value of the acquired entities, including goodwill. On obtaining a controlling interest through step acquisi-tions, previously held non-controlling inter-ests are, at the time of obtaining control, remeasured at fair value with fair value adjustments recognised in the income statement. The total impact on the income statement of fair value adjustments of non-control-ling interests in step acquisitions was DKK 27 million (DKK 14 million in 2022). The above statements of fair values of ac-quisitions are not considered final until 12 months after the acquisition date. Transaction costs Transaction costs in connection with ac-quisitions made in 2023 amounted to DKK 14 million (DKK 15 million in 2022), which were recognised in distribution costs. Acquired assets and proforma figures The acquired assets include contractual receivables amounting to DKK 59 million (DKK 55 million in 2022) of which DKK 1 million (DKK 2 million in 2022) was thought to be uncollectible at the date of the acqui-sition. Of total goodwill in the amount of DKK 1,112 million (DKK 2,366 million in 2022), DKK 209 million (DKK 193 million in 2022) can be amortised for tax purposes. Revenue and profit after tax generated by the acquired enterprises since our acquisi-tion in 2023 amount to DKK 311 million (DKK 326 million in 2022) and DKK 13 million (DKK -20 million in 2022), re-spectively. Had such revenue and profit been consolidated on 1 January 2023, we estimate that consolidated pro forma reve-nue and profit after tax would have been DKK 22,636 million (DKK 20,070 million in 2022) and DKK 1,805 million (DKK 2,542 million in 2022), respectively. Without tak-ing synergies from our core business into account, we believe that these pro forma figures reflect the level of consolidated earnings after our acquisition of the enter-prises. Acquisitions after balance sheet date From the balance sheet date and until the date of financial reporting in 2024, we have acquired a number of retail busi-nesses. We are in the process of assessing their fair value. The acquisition cost is ex-pected 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. Restructuring costs 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 the addition of the fair values of previously held interests in the acquiree. If the final consideration is conditional upon one or more future events, the consideration will be recog-nised at the fair value on acquisition. Any subsequent adjustment of contingent con-sideration is recognised directly in the in-come statement, unless the adjustment is the result of new information about condi-tions prevailing on the acquisition date, and this information becomes available up to 12 months after the acquisition date. Transaction costs are recognised directly in the income statement when incurred. If the purchase price exceeds the fair values of the assets, liabilities and contingent lia-bilities identified on acquisition, any re-maining positive differences (goodwill) are recognised in the balance sheet under in-tangible assets and tested for impairment at least annually. If the carrying amount of an asset exceeds its recoverable amount, it is written down to such lower recovera-ble amount. If, on the acquisition date, there are any uncertainties with respect to identifying or measuring acquired assets, liabilities or contingent liabilities or uncertainty with respect to determining their cost, initial recognition is made on the basis of provi-sionally calculated values. Such provision-ally calculated values may be adjusted, or additional assets or liabilities may be rec-ognised up to 12 months after the acquisi-tion date, if new information becomes available about conditions prevailing on the acquisition date, which would have affected the calculation of values on that day, had such information been known. Accounting estimates and judgements Identification of assets and liabilities (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 tech-nology, customer relationships, client lists or brand names. \u2022 Contingent consideration arrange-ments. Contingent consideration (estimate) Acquisitions may include provisions to the effect that additional payments of contin-gent considerations be paid to the previous owners when certain events occur or cer-tain results are obtained. Management as-sesses on a regular basis the judgements made in respect of the particular acquisi-tions, taking sales run rates of the acquired entity into account.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s10_notesesefdkgaap__7__200": {
"value": "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. Restructuring costs 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 the addition of the fair values of previously held interests in the acquiree. If the final consideration is conditional upon one or more future events, the consideration will be recog-nised at the fair value on acquisition. Any subsequent adjustment of contingent con-sideration is recognised directly in the in-come statement, unless the adjustment is the result of new information about condi-tions prevailing on the acquisition date, and this information becomes available up to 12 months after the acquisition date. Transaction costs are recognised directly in the income statement when incurred. If the purchase price exceeds the fair values of the assets, liabilities and contingent lia-bilities identified on acquisition, any re-maining positive differences (goodwill) are recognised in the balance sheet under in-tangible assets and tested for impairment at least annually. If the carrying amount of an asset exceeds its recoverable amount, it is written down to such lower recovera-ble amount. If, on the acquisition date, there are any uncertainties with respect to identifying or measuring acquired assets, liabilities or contingent liabilities or uncertainty with respect to determining their cost, initial recognition is made on the basis of provi-sionally calculated values. Such provision-ally calculated values may be adjusted, or additional assets or liabilities may be rec-ognised up to 12 months after the acquisi-tion date, if new information becomes available about conditions prevailing on the acquisition date, which would have affected the calculation of values on that day, had such information been known.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__199": {
"value": "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. Restructuring costs 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 the addition of the fair values of previously held interests in the acquiree. If the final consideration is conditional upon one or more future events, the consideration will be recog-nised at the fair value on acquisition. Any subsequent adjustment of contingent con-sideration is recognised directly in the in-come statement, unless the adjustment is the result of new information about condi-tions prevailing on the acquisition date, and this information becomes available up to 12 months after the acquisition date. Transaction costs are recognised directly in the income statement when incurred. If the purchase price exceeds the fair values of the assets, liabilities and contingent lia-bilities identified on acquisition, any re-maining positive differences (goodwill) are recognised in the balance sheet under in-tangible assets and tested for impairment at least annually. If the carrying amount of an asset exceeds its recoverable amount, it is written down to such lower recovera-ble amount. If, on the acquisition date, there are any uncertainties with respect to identifying or measuring acquired assets, liabilities or contingent liabilities or uncertainty with respect to determining their cost, initial recognition is made on the basis of provi-sionally calculated values. Such provision-ally calculated values may be adjusted, or additional assets or liabilities may be rec-ognised up to 12 months after the acquisi-tion date, if new information becomes available about conditions prevailing on the acquisition date, which would have affected the calculation of values on that day, had such information been known.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__208-1": {
"value": "Accounting policies Discontinued operations represent a sepa-rate line of businesses disposed of or being prepared for sale. The results of discontin-ued operations are presented separately in the income statement, and comparative figures are restated. Cash flows from dis-continued operations are presented sepa-rately in the cash flow statement.Accounting policies 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 assets held for sale are measured at the lower of their carrying amount and their fair value less costs to sell. Non-current assets held for sale are not depreciated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__207-1": {
"value": "Accounting policies Discontinued operations represent a sepa-rate line of businesses disposed of or being prepared for sale. The results of discontin-ued operations are presented separately in the income statement, and comparative figures are restated. Cash flows from dis-continued operations are presented sepa-rately in the cash flow statement.Accounting policies 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 assets held for sale are measured at the lower of their carrying amount and their fair value less costs to sell. Non-current assets held for sale are not depreciated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__206-1": {
"value": "Accounting policies Discontinued operations represent a sepa-rate line of businesses disposed of or being prepared for sale. The results of discontin-ued operations are presented separately in the income statement, and comparative figures are restated. Cash flows from dis-continued operations are presented sepa-rately in the cash flow statement.Accounting policies 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 assets held for sale are measured at the lower of their carrying amount and their fair value less costs to sell. Non-current assets held for sale are not depreciated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__204": {
"value": "6.2 Discontinued operations and assets held for sale (DKK million) 2023 2022 Revenue 509 497 Expenses -666 -737 Amortisation, depreciation and impairment losses -632 -10 Profit before tax - discontinued operations -789 -250 Tax on profit for the period 32 58 Profit for the period - discontinued operations -757 -192 Profit for the period for discontinued operations attributable to: Demant A/S shareholders -757 -192 -757 -192 Earnings per share (EPS), DKK -3.39 -0.85 Diluted earnings per share (DEPS), DKK -3.39 -0.85 Cash flow from discontinued operations Cash flow from operating activities (CFFO) -225 -232 Cash flow from investing activities (CFFI) -23 -4 Cash flow from financing activities (CFFF) 183 -17 Cash flow for the period, net - discontinued operations -65 -253 In 2022, Demant announced the decision to discontinue its Hearing Implants busi-ness area. In 2023, the transaction with Cochlear was amended to only include the cochlear implants (CI) business. The bone anchored hearing systems (BAHS) busi-ness is no longer part of the transaction and will thus remain with Demant for now, pending a review of strategic options. The amended transaction has no impact on thedecision to exit Hearing Implants and both the BAHS and CI business are considered discontinued operations. Due to the amended scope, no consideration will be paid as part of the transaction. In 2023, discontinued operations thus comprise the Hearing Implants business area, which realised a profit after tax of DKK -757 million (2022: DKK -192 million). The negative result can be attributed to non-recurring, non-cash write-downs of assets related to the CI despite slightly higher revenue compared to 2022. The BAHS business delivered slightly positive growth in the year, following growth re-lated to the launch of the Ponto 5 sound processor in 2022. Revenue for Hearing Implants was low following the voluntary field corrective action in 2021. Accounting policies Discontinued operations represent a sepa-rate line of businesses disposed of or being prepared for sale. The results of discontin-ued operations are presented separately in the income statement, and comparative figures are restated. Cash flows from dis-continued operations are presented sepa-rately in the cash flow statement. (DKK million) 2023 2022 Balance sheet items: Intangible assets 97 577 Property, plant and equipment 1 27 Lease assets 1 18 Deferred tax assets 44 32 Other non-current assets 1 2 Non-current assets 144 656 Current assets 139 308 Assets held for sale 283 964 Provisions 8 28 Lease liabilities 1 19 Other liabilities 80 128 Liabilities related to assets held for sale 89 175 Assets classified as held for sale at 31 De-cember 2023 comprise assets in the Hear-ing Implants business areas. Cochlear will take over the obligations to service exist-ing CI customers. The transaction is sub-ject to regulatory approval and other cus-tomary closing conditions, and closing is expected in the first six months of 2024. The amended transaction has no impact on the decision to exit Hearing Implants, and the BAHS business will continue to be disclosed as held for sale. Accounting policies 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 assets held for sale are measured at the lower of their carrying amount and their fair value less costs to sell. Non-current assets held for sale are not depreciated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__203": {
"value": "6.2 Discontinued operations and assets held for sale (DKK million) 2023 2022 Revenue 509 497 Expenses -666 -737 Amortisation, depreciation and impairment losses -632 -10 Profit before tax - discontinued operations -789 -250 Tax on profit for the period 32 58 Profit for the period - discontinued operations -757 -192 Profit for the period for discontinued operations attributable to: Demant A/S shareholders -757 -192 -757 -192 Earnings per share (EPS), DKK -3.39 -0.85 Diluted earnings per share (DEPS), DKK -3.39 -0.85 Cash flow from discontinued operations Cash flow from operating activities (CFFO) -225 -232 Cash flow from investing activities (CFFI) -23 -4 Cash flow from financing activities (CFFF) 183 -17 Cash flow for the period, net - discontinued operations -65 -253 In 2022, Demant announced the decision to discontinue its Hearing Implants busi-ness area. In 2023, the transaction with Cochlear was amended to only include the cochlear implants (CI) business. The bone anchored hearing systems (BAHS) busi-ness is no longer part of the transaction and will thus remain with Demant for now, pending a review of strategic options. The amended transaction has no impact on thedecision to exit Hearing Implants and both the BAHS and CI business are considered discontinued operations. Due to the amended scope, no consideration will be paid as part of the transaction. In 2023, discontinued operations thus comprise the Hearing Implants business area, which realised a profit after tax of DKK -757 million (2022: DKK -192 million). The negative result can be attributed to non-recurring, non-cash write-downs of assets related to the CI despite slightly higher revenue compared to 2022. The BAHS business delivered slightly positive growth in the year, following growth re-lated to the launch of the Ponto 5 sound processor in 2022. Revenue for Hearing Implants was low following the voluntary field corrective action in 2021. Accounting policies Discontinued operations represent a sepa-rate line of businesses disposed of or being prepared for sale. The results of discontin-ued operations are presented separately in the income statement, and comparative figures are restated. Cash flows from dis-continued operations are presented sepa-rately in the cash flow statement. (DKK million) 2023 2022 Balance sheet items: Intangible assets 97 577 Property, plant and equipment 1 27 Lease assets 1 18 Deferred tax assets 44 32 Other non-current assets 1 2 Non-current assets 144 656 Current assets 139 308 Assets held for sale 283 964 Provisions 8 28 Lease liabilities 1 19 Other liabilities 80 128 Liabilities related to assets held for sale 89 175 Assets classified as held for sale at 31 De-cember 2023 comprise assets in the Hear-ing Implants business areas. Cochlear will take over the obligations to service exist-ing CI customers. The transaction is sub-ject to regulatory approval and other cus-tomary closing conditions, and closing is expected in the first six months of 2024. The amended transaction has no impact on the decision to exit Hearing Implants, and the BAHS business will continue to be disclosed as held for sale. Accounting policies 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 assets held for sale are measured at the lower of their carrying amount and their fair value less costs to sell. Non-current assets held for sale are not depreciated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__214-1": {
"value": "7.1 Provisions (DKK million) 2023 2022 Staff-related provisions 65 59 Miscellaneous provisions 98 58 Other provisions 163 117 Defined benefit plan liabilities, net 115 91 Provisions at 31.12. 278 208 Breakdown of provisions: Non-current provisions 201 175 Current provisions 77 33 Provisions at 31.12. 278 208 Miscellaneous provisions relate to provi-sions for disputes etc. The majority of these provisions are expected to be real-ised within the next five years. 2023 2022 Staff- Miscel- Staff- Miscel- (DKK million) related laneous Total related laneous Total Other provisions at 1.1. 59 58 117 57 99 156 Foreign currency translation adjustments - -5 -5 - 1 1 Additions relating to acquisitions - 17 17 1 4 5 Provisions during the year 6 27 33 - 15 15 Realised during the year - -9 -9 - -37 -37 Reversals during the year - -9 -9 1 -2 -1 Transfer to/from liabilities related to assets held for sale - 19 19 - -22 -22 Other provisions at 31.12. 65 98 163 59 58 117 Breakdown of provisions: Non-current provisions 65 24 89 59 25 84 Current provisions - 74 74 - 33 33 Other provisions at 31.12. 65 98 163 59 58 117 (DKK million) 2023 2022 Present value of defined benefit obligations: Defined benefit obligations at 1.1. 429 541 Foreign currency translation adjustments 24 22 Current service costs 10 15 Calculated interest on defined benefit obligations 8 2 Actuarial gains/losses 34 -134 Net benefits paid -57 -21 Contributions from plan participants 8 10 Transfer to liabilities related to assets held for sale - -6 Defined benefit obligations at 31.12. 456 429 Fair value of defined benefit assets: Defined benefit assets at 1.1. 338 348 Foreign currency translation adjustments 21 16 Actuarial gains/losses 21 -29 Contributions 18 24 Net benefits paid -57 -21 Defined benefit assets 31.12. 341 338 Defined benefit obligations recognised in the balance sheet, net 115 91 Return on defined benefit assets: Actual return on defined benefit assets 21 -29 Actuarial gains/losses on defined benefit assets 21 -29 Assumptions: Discount rate 1.7% 2.3% Expected return on defined benefit assets 0.0% 0.0% Future salary increase rate 1.6% 1.4% 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 12 million (DKK 15 million in 2022), and the accumulated actuarial gain recognised in the statement of comprehensive income amounts to DKK 10 million (gain of DKK 28 million in 2022). In 2024, the Group expects to pay approx. DKK 24 million (DKK 15 million in 2023) into defined benefit plans. Defined benefit obligations in the amount of DKK 132 mil-lion (DKK 130 million in 2022) will mature within 1-5 years and obligations in the amount of DKK 324 million (DKK 299 mil-lion in 2022) after five years. If the discount rate was 0.5% higher (lower), the defined benefit obligation would decrease by 7% (increase by 8%). If the expected salary growth rate was 0.5% higher (lower), the defined benefit obliga-tion would increase by 1% (decrease by 1%). Plan assets are recognised as follows: Equity 28% Bonds 31% Property 27% Other 14% Accounting policies 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 draw on corporate financial resources, but there is 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 at which a particular liability may be settled. The discount effect of any changes in the present value of provisions is recognised as a financial expense. The Group has defined benefit plans and similar agreements with some of its em-ployees. When it comes to defined contribution plans, the Group pays regular, fixed contri-butions to independent pension compa-nies. Contributions are recognised in the income statement for the period in which employees have performed work entitling them to such pension contributions. Contri-butions due are recognised in the balance sheet as a liability. When it comes to defined benefit plans, the Group is obliged to pay a certain con-tribution when an employee covered by such a plan retires, for instance a fixed amount or a percentage of the employee\u2019s final salary. An actuarial calculation is pre-pared periodically of the accrued present value of future benefits to which employ-ees through their past employment with the Group are entitled and which are pay-able under the defined benefit plan. This defined benefit obligation is calculated an-nually, using the projected unit credit method based on judgements in respect of the future development in for instance wage levels, interest 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 service costs, past-service costs as well as gains and losses on curtailments and settlements \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 de-fined benefit assets, excluding interest, are reflected immediately in the balance sheet with a charge or credit recognised in other comprehensive income for 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 are recognised directly in the income statement.Accounting estimates and judgements Assessment of provisions (estimate) Management assesses, on an ongoing basis, provisions for amongst others re-structuring costs and the likely outcome of pending and probable lawsuits etc. (other provisions). When assessing the likely out-come of lawsuits, Management bases its assessment on internal and external legal advice and established precedent. Provi-sions for restructuring costs are based on the estimated costs of implementing re-structuring initiatives and thus on a num-ber of assumptions about future costs and events. For all provisions, the outcome and final expense depend on future events, which are by nature uncertain.7.4 Contingent liabilities The 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 make adequate provisions for legal proceedings. As part of our business activities, the Group has entered into normal agreements with customers and suppliers etc. as well as agreements for the purchase of sharehold-ings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__213": {
"value": "7.1 Provisions (DKK million) 2023 2022 Staff-related provisions 65 59 Miscellaneous provisions 98 58 Other provisions 163 117 Defined benefit plan liabilities, net 115 91 Provisions at 31.12. 278 208 Breakdown of provisions: Non-current provisions 201 175 Current provisions 77 33 Provisions at 31.12. 278 208 Miscellaneous provisions relate to provi-sions for disputes etc. The majority of these provisions are expected to be real-ised within the next five years. 2023 2022 Staff- Miscel- Staff- Miscel- (DKK million) related laneous Total related laneous Total Other provisions at 1.1. 59 58 117 57 99 156 Foreign currency translation adjustments - -5 -5 - 1 1 Additions relating to acquisitions - 17 17 1 4 5 Provisions during the year 6 27 33 - 15 15 Realised during the year - -9 -9 - -37 -37 Reversals during the year - -9 -9 1 -2 -1 Transfer to/from liabilities related to assets held for sale - 19 19 - -22 -22 Other provisions at 31.12. 65 98 163 59 58 117 Breakdown of provisions: Non-current provisions 65 24 89 59 25 84 Current provisions - 74 74 - 33 33 Other provisions at 31.12. 65 98 163 59 58 117 (DKK million) 2023 2022 Present value of defined benefit obligations: Defined benefit obligations at 1.1. 429 541 Foreign currency translation adjustments 24 22 Current service costs 10 15 Calculated interest on defined benefit obligations 8 2 Actuarial gains/losses 34 -134 Net benefits paid -57 -21 Contributions from plan participants 8 10 Transfer to liabilities related to assets held for sale - -6 Defined benefit obligations at 31.12. 456 429 Fair value of defined benefit assets: Defined benefit assets at 1.1. 338 348 Foreign currency translation adjustments 21 16 Actuarial gains/losses 21 -29 Contributions 18 24 Net benefits paid -57 -21 Defined benefit assets 31.12. 341 338 Defined benefit obligations recognised in the balance sheet, net 115 91 Return on defined benefit assets: Actual return on defined benefit assets 21 -29 Actuarial gains/losses on defined benefit assets 21 -29 Assumptions: Discount rate 1.7% 2.3% Expected return on defined benefit assets 0.0% 0.0% Future salary increase rate 1.6% 1.4% 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 12 million (DKK 15 million in 2022), and the accumulated actuarial gain recognised in the statement of comprehensive income amounts to DKK 10 million (gain of DKK 28 million in 2022). In 2024, the Group expects to pay approx. DKK 24 million (DKK 15 million in 2023) into defined benefit plans. Defined benefit obligations in the amount of DKK 132 mil-lion (DKK 130 million in 2022) will mature within 1-5 years and obligations in the amount of DKK 324 million (DKK 299 mil-lion in 2022) after five years. If the discount rate was 0.5% higher (lower), the defined benefit obligation would decrease by 7% (increase by 8%). If the expected salary growth rate was 0.5% higher (lower), the defined benefit obliga-tion would increase by 1% (decrease by 1%). Plan assets are recognised as follows: Equity 28% Bonds 31% Property 27% Other 14% Accounting policies 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 draw on corporate financial resources, but there is 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 at which a particular liability may be settled. The discount effect of any changes in the present value of provisions is recognised as a financial expense. The Group has defined benefit plans and similar agreements with some of its em-ployees. When it comes to defined contribution plans, the Group pays regular, fixed contri-butions to independent pension compa-nies. Contributions are recognised in the income statement for the period in which employees have performed work entitling them to such pension contributions. Contri-butions due are recognised in the balance sheet as a liability. When it comes to defined benefit plans, the Group is obliged to pay a certain con-tribution when an employee covered by such a plan retires, for instance a fixed amount or a percentage of the employee\u2019s final salary. An actuarial calculation is pre-pared periodically of the accrued present value of future benefits to which employ-ees through their past employment with the Group are entitled and which are pay-able under the defined benefit plan. This defined benefit obligation is calculated an-nually, using the projected unit credit method based on judgements in respect of the future development in for instance wage levels, interest 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 service costs, past-service costs as well as gains and losses on curtailments and settlements \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 de-fined benefit assets, excluding interest, are reflected immediately in the balance sheet with a charge or credit recognised in other comprehensive income for 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 are recognised directly in the income statement.Accounting estimates and judgements Assessment of provisions (estimate) Management assesses, on an ongoing basis, provisions for amongst others re-structuring costs and the likely outcome of pending and probable lawsuits etc. (other provisions). When assessing the likely out-come of lawsuits, Management bases its assessment on internal and external legal advice and established precedent. Provi-sions for restructuring costs are based on the estimated costs of implementing re-structuring initiatives and thus on a num-ber of assumptions 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__217": {
"value": "Accounting policies 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 draw on corporate financial resources, but there is 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 at which a particular liability may be settled. The discount effect of any changes in the present value of provisions is recognised as a financial expense. The Group has defined benefit plans and similar agreements with some of its em-ployees. When it comes to defined contribution plans, the Group pays regular, fixed contri-butions to independent pension compa-nies. Contributions are recognised in the income statement for the period in which employees have performed work entitling them to such pension contributions. Contri-butions due are recognised in the balance sheet as a liability. When it comes to defined benefit plans, the Group is obliged to pay a certain con-tribution when an employee covered by such a plan retires, for instance a fixed amount or a percentage of the employee\u2019s final salary. An actuarial calculation is pre-pared periodically of the accrued present value of future benefits to which employ-ees through their past employment with the Group are entitled and which are pay-able under the defined benefit plan. This defined benefit obligation is calculated an-nually, using the projected unit credit method based on judgements in respect of the future development in for instance wage levels, interest 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 service costs, past-service costs as well as gains and losses on curtailments and settlements \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 de-fined benefit assets, excluding interest, are reflected immediately in the balance sheet with a charge or credit recognised in other comprehensive income for 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 are recognised directly in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__223-1": {
"value": "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 offset in production costs. Warranty commit-ments include an obligation to remedy faulty or defective products during the warranty period.Accounting policies Deferred income includes income received or future performance obligations relating to subsequent financial years and is recog-nised as revenue when the Group performs its obligations by transferring the goods or services to the customers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__222": {
"value": "7.2 Other liabilities (DKK million) 2023 2022 Product-related liabilities 543 460 Staff-related liabilities 1,022 980 Other debt, public authorities 356 277 Contingent considerations 380 420 Other costs payable 857 874 Other liabilities 3,158 3,011 Due within 1 year 2,497 2,445 Due within 1-5 years 661 566 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 offset in production costs. Warranty commit-ments include an obligation to remedy faulty or defective products during the warranty period. Accounting estimates and judgements Warranty and return liabilities (estimates) Liabilities in respect of service packages and warranties are calculated on the basis of information on products sold, related service and warranty periods and past ex-perience of costs incurred by the Group to fulfil 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 past experience of products being returned in the various markets. Consolidated prod-uct-related liabilities are the sum of a large number of small items, the sum changing constantly due to a large number of trans-actions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__221": {
"value": "7.2 Other liabilities (DKK million) 2023 2022 Product-related liabilities 543 460 Staff-related liabilities 1,022 980 Other debt, public authorities 356 277 Contingent considerations 380 420 Other costs payable 857 874 Other liabilities 3,158 3,011 Due within 1 year 2,497 2,445 Due within 1-5 years 661 566 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 offset in production costs. Warranty commit-ments include an obligation to remedy faulty or defective products during the warranty period. Accounting estimates and judgements Warranty and return liabilities (estimates) Liabilities in respect of service packages and warranties are calculated on the basis of information on products sold, related service and warranty periods and past ex-perience of costs incurred by the Group to fulfil 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 past experience of products being returned in the various markets. Consolidated prod-uct-related liabilities are the sum of a large number of small items, the sum changing constantly due to a large number of trans-actions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__220": {
"value": "7.2 Other liabilities (DKK million) 2023 2022 Product-related liabilities 543 460 Staff-related liabilities 1,022 980 Other debt, public authorities 356 277 Contingent considerations 380 420 Other costs payable 857 874 Other liabilities 3,158 3,011 Due within 1 year 2,497 2,445 Due within 1-5 years 661 566 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 offset in production costs. Warranty commit-ments include an obligation to remedy faulty or defective products during the warranty period. Accounting estimates and judgements Warranty and return liabilities (estimates) Liabilities in respect of service packages and warranties are calculated on the basis of information on products sold, related service and warranty periods and past ex-perience of costs incurred by the Group to fulfil 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 past experience of products being returned in the various markets. Consolidated prod-uct-related liabilities are the sum of a large number of small items, the sum changing constantly due to a large number of trans-actions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__230": {
"value": "7.4 Contingent liabilities The 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 make adequate provisions for legal proceedings. As part of our business activities, the Group has entered into normal agreements with customers and suppliers etc. as well as agreements for the purchase of sharehold-ings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__226": {
"value": "7.3 Deferred income (DKK million) 2023 2022 Prepayments from customers 62 68 Future performance obligations: Deferred warranty-related revenue 591 582 Deferred free products revenue 126 98 Deferred service revenue 404 266 Total 1,183 1,014 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 simultaneously 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 More than (DKK million) 1 year 1-2 years 2-4 years 4 years Total 2023 Prepayments from customers 62 - - - 62 Deferred warranty-related revenue 247 232 104 8 591 Deferred free products revenue 75 35 15 1 126 Deferred service revenue 164 116 94 30 404 Total 548 383 213 39 1,183 2022 Prepayments from customers 68 - - - 68 Deferred warranty-related revenue 267 220 89 6 582 Deferred free products revenue 48 36 8 6 98 Deferred service revenue 130 95 37 4 266 Total 513 351 134 16 1,014 Accounting policies Deferred income includes income received or future performance obligations relating to subsequent financial years and is recog-nised as revenue when the Group performs its obligations by transferring the goods or services to the customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__234": {
"value": "William Demant Foundation",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__233": {
"value": "William Demant Invest A/S",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__235": {
"value": "8.2 Fees to auditors (DKK million) 2023 2022 Fees to Parent\u00b4s auditors appointed at the annual general meeting Statutory audit fee 18 14 Other services 1 2 Total 19 16 Some of the Group's subsidiaries are not subject to auditing by Pricewaterhouse-Coopers. In 2023, the fee for non-audit services de-livered by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, amounted to DKK 0 million (DKK 2 million in 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__242": {
"value": "Accounting policies Government grants are recognised when there is reasonable certainty that the con-ditions for such grants are satisfied and that they will be awarded. Grants received as compensation for costs incurred are recognised proportionately in the income statement over the periods in which the related costs are recognised in the income statement and are offset against costs 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__236": {
"value": "8.3 Government grants (DKK million) 2023 2022 Government grants by function: Production costs - 1 R&D costs 16 17 Distribution costs 3 7 Administrative expenses 1 - Total 20 25In 2023, the Demant Group received gov-ernment grants in the amount of DKK 20 million (DKK 25 million in 2022) of which DKK 5 million (DKK 12 million in 2022) are Covid-19-related publicly funded compen-sation schemes. Non-Covid-19 grants are offset against R&D costs. Accounting policies Government grants are recognised when there is reasonable certainty that the con-ditions for such grants are satisfied and that they will be awarded. Grants received as compensation for costs incurred are recognised proportionately in the income statement over the periods in which the related costs are recognised in the income statement and are offset against costs 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__244": {
"value": "8.4 Events after the balance sheet date On 5 February 2024, the Group announced the decision to undertake a review of stra-tegic options for its Communications busi-ness. The purpose of the review is to ex-plore whether a different owner may be better positioned to accelerate growth and allow the business to realise its full poten-tial. The review is expected to be com-pleted by the end of the first six months of 2024. As this review of strategic options has been initiated after 31 December 2023, the criteria for Communications to be classified as held for sale and/or dis-continued operations are not met on the balance sheet date. After the balance sheet date for the 2023 financial statements, but before the sub-mission of this Annual Report, Communi-cations meets the criteria for being classi-fied as held for sale and discontinued op-erations, and will be presented as such in 2024. The results, outcome and financial impact from the strategic review cannot be estimated at this time. All assets and lia-bilities presented as part of the Communi-cations segment in note 1.1, to which we refer, will be included in the review of stra-tegic options for the Communications busi-ness. No other events have occurred after the reporting date that might affect the con-solidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__246": {
"value": "General The consolidated financial statements are presented in accordance with IFRS Ac-counting Standards 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 compli-ance 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__7__249": {
"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 2023. The new, updated and amended standard and interpretation did not result in any changes to the accounting policies for the Group nor had it any significant impact on the consolidated financial statements for 2023. IASB has issued new accounting stand-ards and amendments effective for ac-counting periods beginning after 1 January 2024, which have been adopted by the EU. The changes to these standards are not expected to have any significant impact on the Group. The Group has applied the exception to recognize deferred tax on OECD\u2019s/EU\u2019s Pil-lar Two Model Rules and local implemen-tation hereof. Except for the implementation of the new and amended standards, the accounting policies remain unchanged compared to last year.",
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"s10_notesesefdkgaap__7__248": {
"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 2023. The new, updated and amended standard and interpretation did not result in any changes to the accounting policies for the Group nor had it any significant impact on the consolidated financial statements for 2023. IASB has issued new accounting stand-ards and amendments effective for ac-counting periods beginning after 1 January 2024, which have been adopted by the EU. The changes to these standards are not expected to have any significant impact on the Group. The Group has applied the exception to recognize deferred tax on OECD\u2019s/EU\u2019s Pil-lar Two Model Rules and local implemen-tation hereof. Except for the implementation of the new and amended standards, the accounting policies remain unchanged compared to last year.",
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"language": "en",
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"s10_notesesefdkgaap__7__250": {
"value": "Consolidated financial statements The consolidated financial statements comprise Demant A/S (the Parent) and the enterprises in which the Parent can or does exercise control by either directly or 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 ventures and are incorporated proportionately into the consolidated financial statements us-ing the equity method. Consolidation principles The consolidated financial statements are prepared based on the financial state-ments of the Parent and its subsidiaries by aggregating uniform items. Enterprises that, by agreement, are managed jointly with one or more other enterprises are recognised using the equity method. The consolidated financial statements are prepared in accordance with the Group\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 are recognised 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 is chosen for each individual transaction. Non-controlling interests are subsequently adjusted according to their proportionate share of changes in equity of the subsidiary. Comprehensive income is allocated to non-controlling interests whether or not, as a result hereof, the value of such inter-ests is negative. The purchase or sale of non-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 any difference between the consideration and the carrying amount is allocated to the Parent\u2019s share of the equity.",
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"s10_notesesefdkgaap__7__247": {
"value": "9.1 Group accounting policies The 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 6.2 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 accordance with IFRS Ac-counting Standards 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 compli-ance 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 of the Parent. The consolidated financial statements are pre-sented based on historical costs, except for obligations for contingent consideration in connection with business combinations, share-based remuneration, derivatives and financial assets classified as assets available for sale, which are measured at fair value. The financial statements for the Parent 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 2023. 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 2023. The new, updated and amended standard and interpretation did not result in any changes to the accounting policies for the Group nor had it any significant impact on the consolidated financial statements for 2023. IASB has issued new accounting stand-ards and amendments effective for ac-counting periods beginning after 1 January 2024, which have been adopted by the EU. The changes to these standards are not expected to have any significant impact on the Group. The Group has applied the exception to recognize deferred tax on OECD\u2019s/EU\u2019s Pil-lar Two Model Rules and local implemen-tation hereof. Except for the implementation of the new and amended standards, the accounting policies remain unchanged compared to last year. Consolidated financial statements The consolidated financial statements comprise Demant A/S (the Parent) and the enterprises in which the Parent can or does exercise control by either directly or 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 ventures and are incorporated proportionately into the consolidated financial statements us-ing the equity method. Consolidation principles The consolidated financial statements are prepared based on the financial state-ments of the Parent and its subsidiaries by aggregating uniform items. Enterprises that, by agreement, are managed jointly with one or more other enterprises are recognised using the equity method. The consolidated financial statements are prepared in accordance with the Group\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 are recognised 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 is chosen for each individual transaction. Non-controlling interests are subsequently adjusted according to their proportionate share of changes in equity of the subsidiary. Comprehensive income is allocated to non-controlling interests whether or not, as a result hereof, the value of such inter-ests is negative. The purchase or sale of non-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 any difference between the consideration and the carrying amount is allocated to the Parent\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 as part of gross profit or net financial items, depending on the pur-pose of the underlying transaction. Property, plant and equipment, intangible assets, inventories and other non-mone-tary assets purchased in foreign currencies and measured on the basis of historical cost are translated at the exchange rates prevailing at the transaction date. Non-monetary items, which are revalued at their fair values, are translated using the exchange rates at the revaluation date. On recognition in the consolidated 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 adjustments are recognised in the income statement, except for the following, which are recog-nised in other comprehensive income: \u2022 The translation of income statements of foreign 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 to be an addition to or deduction from net investments in foreign subsidiaries. \u2022 The translation of investments in asso-ciates. Income statement Income and costs are recognised on an accruals basis. The income statement is broken down by function, and all costs, including depreciation, amortisation and impairment losses, are therefore charged to production, distribution, administration and R&D. Production costs Production costs are costs incurred to gen-erate revenue. Distribution companies rec-ognise cost of goods sold as part of pro-duction costs. Production companies rec-ognise cost of raw materials, consuma-bles, production staff as well as mainte-nance of and depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets used in the production process as part of pro-duction costs. R&D costs Research costs are always recognised in the income statement as such costs incur. Development costs include all costs not satisfying capitalisation criteria but in-curred in connection with the development,prototype construction, development of new business concepts and amortisation of capitalised development costs. Distribution costs Distribution costs include costs relating to training, sales, marketing, promotion 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. Other operating income Other operating income includes income from all activities not related to the core business activities of the Group. Prepaid expenses Prepaid expenses recognised as part of assets include costs relating to the subse-quent financial years. Prepaid expenses are measured at cost. Equity Foreign currency translation reserves in-clude foreign currency translation adjust-ments on the translation of financial state-ments of foreign subsidiaries and associ-ates from their respective functional cur-rencies into Danish kroner. Foreign cur-rency translation adjustments are recog-nised in the income statement on realisa-tion of the net investment. Hedging re-serves include fair value adjustments of derivatives and loans satisfying the criteria for hedging of future transactions. The amounts are recognised in the income statement or the balance sheet at the same time as hedged transactions are recognised. Treasury shares and dividend On the buy-back of shares or sale of treas-ury shares, the purchase price or selling price, respectively, is recognised directly in equity as other reserves (retained earnings). A capital reduction through the cancellation of treasury shares will reduce the share capital by an amount corre-sponding to the nominal value of such shares. Proposed dividends are recognised as a liability at the time of adoption at the annual general meeting. Cash flow statement The cash flow statement is prepared 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 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 Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The combination of XHTML format and iXBRL tags makes it possible for annual financial reports to be read by both hu-mans and machines, thus enhancing ac-cessibility, analysis and comparability of the information included in the annual financial 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 the ESEF taxonomy. For financial line items that are not directly defined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions that are subtotals. The annual report submitted to the Danish Financial Supervisory Authority (the Offi-cially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file DEMANT-2023-12-31-en.zip. Key definitions XHTML (eXtensible HyperText Markup Language) is a text-based language used to structure and mark up content such as text, images and hyperlinks in documents that are displayed in a web browser. iXBRL tags (or Inline XBRL tags) are hid-den metainformation embedded in the source code of an XHTML document that enables 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 an XBRL data record. Key figures and financial ratios Organic growth Organic growth is measured as the year-on-year change excluding impact from acquisitions, divestments and foreign exchange adjustments in per-centage EBITDA Operating profit before amortisation, depreciation and impairment losses EBIT Operating profit Adjusted EBIT Operating profit adjusted for non-recurring transactions Free 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 share Per share Financial ratios per share are calculated per share of nominally DKK 0.20 Average number of Average number of shares excluding the average number of treasury shares outstanding shares for the year Gender 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 from top-level manage-Vice Presidents and up ment Gender 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 gender ment teams Gender diversity, Gender distribution between women and men of shareholder-elected Board of Directors members of the Board of Directors Gross profit *100 Gross margin Revenue Operating profit *100 EBIT margin Revenue Net interest-bearing debt *100 Gearing multiple EBITDA Profit for the year attributable to Demant A/S' shareholders EPS Average number of shares outstanding Profit for the continuing operations for the year attributable to Demant A/S' EPS - continuing shareholders operations Average number of shares outstanding Profit for the discontinuing operations for the year attributable to Demant EPS - discontinuing A/S' shareholders operations Average number of shares outstanding Free cash flow Free cash flow per share Average number of shares outstanding Total annual remuneration of the CEO CEO remuneration ratio Average remuneration of Demant employees excluding the CEO Key figures and financial ratios Financial ratios are calculated in accord-ance with \u201cRecommendations and Ratios\u201d from CFA Society Denmark. Gender diversity Gender diversity is calculated based on the data from the countries enrolled in our global HR data management system. In 2023, 90% of our employees were regis-tered in the system. Carbon emissions Carbon emissions are measured using the carbon dioxide equivalent (CO2e) to in-clude relevant greenhouse gasses accord-ing to the Greenhouse Gas Protocol. The consolidated 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, liquefied petroleum gas, gasoline and diesel. De-partment for Environment, Food & Rural Affairs (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": "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 as part of gross profit or net financial items, depending on the pur-pose of the underlying transaction. Property, plant and equipment, intangible assets, inventories and other non-mone-tary assets purchased in foreign currencies and measured on the basis of historical cost are translated at the exchange rates prevailing at the transaction date. Non-monetary items, which are revalued at their fair values, are translated using the exchange rates at the revaluation date. On recognition in the consolidated 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 adjustments are recognised in the income statement, except for the following, which are recog-nised in other comprehensive income: \u2022 The translation of income statements of foreign 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 to be an addition to or deduction from net investments in foreign subsidiaries. \u2022 The translation of investments in asso-ciates.",
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"value": "Income and costs are recognised on an accruals basis. The income statement is broken down by function, and all costs, including depreciation, amortisation and impairment losses, are therefore charged to production, distribution, administration and R&D. Production costs Production costs are costs incurred to gen-erate revenue. Distribution companies rec-ognise cost of goods sold as part of pro-duction costs. Production companies rec-ognise cost of raw materials, consuma-bles, production staff as well as mainte-nance of and depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets used in the production process as part of pro-duction costs. R&D costs Research costs are always recognised in the income statement as such costs incur. Development costs include all costs not satisfying capitalisation criteria but in-curred in connection with the development,prototype construction, development of new business concepts and amortisation of capitalised development costs. Distribution costs Distribution costs include costs relating to training, sales, marketing, promotion 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.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
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"value": "Equity Foreign currency translation reserves in-clude foreign currency translation adjust-ments on the translation of financial state-ments of foreign subsidiaries and associ-ates from their respective functional cur-rencies into Danish kroner. Foreign cur-rency translation adjustments are recog-nised in the income statement on realisa-tion of the net investment. Hedging re-serves include fair value adjustments of derivatives and loans satisfying the criteria for hedging of future transactions. The amounts are recognised in the income statement or the balance sheet at the same time as hedged transactions are recognised.",
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"value": "Treasury shares and dividend On the buy-back of shares or sale of treas-ury shares, the purchase price or selling price, respectively, is recognised directly in equity as other reserves (retained earnings). A capital reduction through the cancellation of treasury shares will reduce the share capital by an amount corre-sponding to the nominal value of such shares. Proposed dividends are recognised as a liability at the time of adoption at the annual general meeting.",
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"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 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",
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"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 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",
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"s10_notesesefdkgaap__7__258": {
"value": "iXBRL tagging The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The combination of XHTML format and iXBRL tags makes it possible for annual financial reports to be read by both hu-mans and machines, thus enhancing ac-cessibility, analysis and comparability of the information included in the annual financial 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 the ESEF taxonomy. For financial line items that are not directly defined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions that are subtotals. The annual report submitted to the Danish Financial Supervisory Authority (the Offi-cially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file DEMANT-2023-12-31-en.zip. Key definitions XHTML (eXtensible HyperText Markup Language) is a text-based language used to structure and mark up content such as text, images and hyperlinks in documents that are displayed in a web browser. iXBRL tags (or Inline XBRL tags) are hid-den metainformation embedded in the source code of an XHTML document that enables 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 an XBRL data record",
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"s10_notesesefdkgaap__7__260": {
"value": "Subsidiaries and associatesCompany 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, Inc., United States 100% Oticon (Shanghai) Hearing Technology Co., Ltd., China* 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% Audilab SAS, France* ** *** 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 Interest Audmet New Zealand Limited, New Zealand* 100% Audmet Oy, Finland* 100% Audmet Srl, Italy* 100% AudPractice Group, LLC, United States 100% Beijing Shengwang 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% Braun H\u00f6ren GmbH & Co. KG, Germany 100% Braun H\u00f6rger\u00e4te GmbH & Co. KG, Germany 100% Braun H\u00f6rger\u00e4te Offenburg GmbH & Co. KG, Germany 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 Belgium B.V., Belgium* 100% Demant Business Services Poland Sp. z o.o., Poland* 100% Demant Iberica, S.A., Spain* 100% Demant \u0130\u015fitme Cihazlar\u0131 San. Tic. A.\u015e, Turkey* 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% The list includes the Group's active companies. Company Interest 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% 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 Canada Ltd., Canada 100% Diatec Diagnostics GmbH, Germany* 100% Diatec Diagnostics Ltd, United Kingdom 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% *Directly owned by the Parent for 100%. **Sub-consolidated group of companies, including companies with non-controlling interests. Company Interest 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% Etymonic 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% H\u00f6rger\u00e4te-Akustik Flemming & Klingbeil GmbH & Co. KG, Germany 100% Horgerate-Akustik Flemming & Klingbeil Verwaltungs-GmbH, Germany 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% ***Sub-consolidated group of companies, including associated companies. The list includes the Group's active companies. Company Interest Moser H\u00f6rger\u00e4te GmbH, Germany 100% Mr. Optik GmbH, Germany *** 100% Neurelec S.A.S, France* 100% Northeast Hearing Instruments, LLC, United States 100% 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% 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% Udicare S.r.l., Italy* 100% Value Hearing (Pty) Ltd., South Africa* 100% WDH Germany GmbH, Germany* 100% WDH UK Limited, United Kingdom* 100% WDH USA, Inc., United States* 100% Workplace Integra Inc., United States 100% Van Boxtel Hoorwinkels B.V., Netherlands 100% Audika NV, Belgium* 100% 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% Conc. Maico - Centro Otoacustico Marchesin S.r.l., Italy 50% *Directly owned by the Parent for 100%. **Sub-consolidated group of companies, including companies with non-controlling interests. Company Interest Virtualis SAS, France* ** 55% European Hearing Care (Myanmar) Limited, Myanmar 50% Audiovita S.r.l., Italy 49% Exclusive Hearing Limited, United Kingdom 49% Microfon S.r.l., Italy 49% Otic Hearing Solutions Private Limited, India 49% Ma.Bi.Ge Bioacustica S.r.l., Italy 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% TruEar LLC, United States 35% Fonema Italia S.r.l., Italy 30% HearWell Audiology Clinics Inc., 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% HIMSA II A/S, Denmark 20% Solaborate Inc., United States 20% The Hearing Doctors of Georgia, LLC, United States 20% K/S HIMPP, Denmark 18% HIMSA II K/S, Denmark 15% HIMPP A/S, Denmark 13% HearBase Limited, United Kingdom 10% ***Sub-consolidated group of companies, including associated companies. The list includes the Group's active companies.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__267": {
"value": "Demant A/S",
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"entity": "scheme:213800RM6L9LN78BVA56",
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"value": "A/S",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
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"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__7__271": {
"value": "Kongebakken 9",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__7__270": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__7__268": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800RM6L9LN78BVA56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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}