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"value": "Note 1 Basis of preparation The consolidated financial statements for 2022/2023 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and additional disclosure requirements pursuant to the Danish Financial Statements Act for Class D companies. General information The annual report has been prepared on the basis of the historical cost principle, modified in that certain financial assets and liabilities are measured at fair value. Subsequent to initial recognition, the assets and liabilities are measured as described below in respect of each individual item or in the relevant note. Significant estimates and judgements In connection with application of the accounting policies described, it may be necessary for Management to make estimates and judgements in respect of the accounting items. Further, Management make judgements on the reported amounts of assets, liabilities, net sales, expenses and related disclosures. The estimates and assumptions applied are based on historical experience and other factors that Management considers reasonable under the circumstances, but which are inherently uncertain and unpredictable. Such assumptions may be incomplete or inaccurate, and unexpected events or circumstances may arise. In addition, the company is subject to risks and uncertainties that may cause actual outcomes to deviate from these estimates. It may be necessary to change previous estimates as a result of changes to the assumptions on which the estimates were based or due to new information or subsequent events. A further description of the principal accounting estimates and judgements is provided in the relevant notes. Management has made significant accounting estimates and judgements in respect of the following areas: Risk of impact and Estimate/ degree of Area judgement Note estimation Estimate and Goodwill and other intangible assets judgement 11 \uf06e\uf020\uf06e\uf020\uf06e\uf020\uf020Estimate and Acquisitions of businesses judgement 11, 32 \uf020\uf020\uf06e\uf020\uf06e\uf020\uf06e\uf020Inventories Estimate 15 \uf06e\uf020\uf06e\uf020\uf06e\uf020\uf020Estimate and Deferred tax assets and uncertain tax positions judgement 14 \uf06e\uf020\uf06e\uf020\uf06e\uf020\uf020Provisions for litigation about transvaginal surgical mesh products Estimate 6, 19 \uf06e\uf020\uf06e\uf020\uf06e\uf020\uf020Other provisions Estimate 19 \uf06e\uf020\uf06e\uf020\uf06eNote 2 Changes in accounting policies Effective from the 2022/23 financial year, the Coloplast Group has implemented all new, updated or amended international financial reporting standards and interpretations (IFRSs) as issued by the IASB and IFRSs adopted by the EU that are effective for the 2022/23 financial year. Further Coloplast has implemented the amendments to IFRS 3, IAS 16 and IAS 37. The amendments did not have an impact on recognition or measurement. The implementation of new, updated or amended international financial reporting standards and interpretations (IFRSs and IFRICs) did not, in all material respects, affect the financial statements. New financial reporting standards to be adopted New and amended standards are implemented when taking effect. The amended standard relevant to Coloplast is IAS 1 Presentation of Financial Statements and Practice Statement 2, IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, and IAS 12, Income Taxes. Reporting standards or interpretations which are not adopted by the EU have not been applied in this annual report.Note 3 General accounting policies This section provides a summary of significant accounting policies, and other general accounting policies. A detailed description of the accounting policies applied and the estimates made relative to each individual item is provided in relevant notes, such that all information about a specific accounting item can be found there. Foreign currency The financial statement items of individual Group entities are measured in the currency used in the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in Danish kroner (DKK), which is the functional and presentation currency of the parent company. Other currencies are considered foreign currencies. Translation of foreign currencies Transactions denominated in foreign currencies are translated into an entity\u2019s functional currency at the exchange rate prevailing at the transaction date. Monetary items denominated in foreign currencies are translated at the exchange rate prevailing at the balance sheet date. Exchange adjustments arising as the difference between exchange rates at the balance sheet date and exchange rates at the transaction date of monetary items are recognised in the income statement as financial income or expenses. On translation of entities with a functional currency other than DKK, balance sheet items are translated at the exchange rates at the balance sheet date and income statement items are translated at the exchange rates at the transaction date. The resulting exchange adjustments are taken directly to other comprehensive income. The Argentinian economy has been considered a hyperinflation economy effective from 1 July 2018. Accordingly, the Group\u2019s Argentinian subsidiary is recognised in accordance with IAS 29. The subsidiary\u2019s financial statements were inflation adjusted at a retail price index increase of 133.4% (source: Bloomberg) prior to recognition in the consolidated financial statements. The adjustment of the beginning of period equity is recognised in currency translation in equity. The income statement and the balance sheet of the inflation-adjusted financial statements are included in the consolidated financial statements at the exchange rate applying at the balance sheet date standing at 2.02. Consolidation, business combinations and associates The consolidated financial statements comprise the financial statements of Coloplast A/S (the parent company) and enterprises (subsidiaries) controlled by the parent company. The parent company is considered to exercise control when it has power over the relevant activities of the enterprise, is exposed or has rights to a variable return from the investment and has the ability to affect those returns through its power. The consolidated financial statements are prepared by aggregating the financial statements of the parent company and the individual subsidiaries, all of which are prepared in accordance with the Group\u2019s accounting policies. Intra-group transactions, balances, dividends and unrealised gains and losses on transactions between Group companies are eliminated. Enterprises, which are not subsidiaries but in which the Group holds at least 20% of the voting rights or otherwise exercise a significant influence, are regarded as associates. The Group\u2019s proportionate share of unrealised gains and losses on transactions between the Coloplast Group and associates is eliminated. Enterprises recently acquired or divested are included in the consolidation in the period in which the Coloplast Group has control of the enterprise. Comparative figures are not restated to reflect acquisitions. Acquisitions are accounted for using the purchase method, according to which the assets and liabilities and contingent liabilities of enterprises acquired are measured at fair value at the date of acquisition. Goodwill on the acquisition of subsidiaries or associates is calculated as the difference between the fair value of the consideration and the fair value of the Group companies\u2019 proportionate share of identifiable assets less liabilities and contingent liabilities at the date of acquisition. The consideration for an enterprise consists of the fair value of the agreed consideration for the acquired enterprise. If part of the consideration is contingent on future events, such part is recognised at its fair value at the date of acquisition. Costs directly attributable to business combinations are recognised directly in the income statement as special items when incurred. In cases where the fair value of acquired identifiable assets, liabilities or contingent liabilities subsequently turns out to differ from the values calculated at the date of acquisition, the calculation, including goodwill and contingent consideration are adjusted until up to 12 months after the date of acquisition. Subsequently, goodwill is not adjusted. Goodwill arising in connection with the acquisition of subsidiaries is recognised in the balance sheet under intangible assets in the consolidated financial statements and tested annually for impairment. Revenue Revenue comprises income from the sale of goods after deduction of any price reductions, quantity discounts or cash discounts. Sales transactions are recognised in the income statement at the point in time when control of the goods is transferred to the customer, and when the consideration is assessed to be collectible. Revenues from sales transactions are measured at the transaction price to which Coloplast expects to be entitled. Within all segments, revenues are typically recognised when the customer takes possession of the goods. Exceptions to this comprise Interventional Urology revenues, as revenues from certain surgical products are generated from consignment sales as well as the contract manufacturing business. Certain surgical products within Interventional Urology are always available at our partner hospitals to ensure that all sizes and fits are always available. Revenues from consignment sales are recognised as the goods are used (i.e. in surgery). Revenues from contract manufacturing business is recognised when the products are available for delivery when this coincides with the transfer of control of the products. Coloplast generates most of its sales through distributors that operate under various conditions and who for that reason require varying sales agreements. Coloplast\u2019s distributor agreements contain volume and product-specific rebates, which require data management and monitoring of sales to individual distributors at the product level. In addition, the sales agreements contain various right-of-product-return requirements. Payment terms for trade receivables from customers depend on creditworthiness, customary business practices and contract negotiations. Payment terms for some customers include a period of credit which commences when the products are shipped while other customers are requested to pay in advance or provide appropriate collateral for the payment. Prepayments from customers are recognised as revenue in the following period upon satisfying the performance obligations. Variable considerations include volume and product-specific rebates which, for some markets, are accumulated and paid annually or quarterly. Accruals for variable considerations are constrained by uncertainty of future events, such as the expected volume of sales, and require significant estimate. Revenue is measured at the fair value of the agreed consideration. All discounts granted are recognised in revenue. An estimate of expected returns is also recognised in revenue. Coloplast applies the practical expedient in IFRS 15, para 63 associated with the determination of whether a significant financing component exists for transactions where payment is expected in less than 12 months from the delivery of goods (transfer of control). Marketable securities Marketable securities are part of a portfolio which is managed and measured on a fair value basis as per transaction date. Adjustments to fair value is recognised through profit or loss as financial items. Bonds forming part of repo transactions, i.e. the sale of bonds that are bought back at a later date remain classified as financial assets in the balance sheet, while amounts received from repo transactions are recognised as repo debt. Returns on such bonds are recognised under financials. Cash flow statement The consolidated cash flow statement, which is presented according to the indirect method, shows the Group\u2019s cash flow from operating, investing and financing activities as well as the Group\u2019s cash and cash equivalents and short-term debt to credit institutions at the beginning and end of the year. Cash and cash equivalents comprise cash and debt to credit institutions recognised under current assets and current liabilities, respectively. Marketable securities include bonds with maturities of more than three months and are recognised under investing activities. Reporting under the ESEF Regulation 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 ESEF Regulation sets out the following main requirements: (1) Issuers shall draw up and disclose their annual financial reports using the XHTML format; and (2) issuers that draw-up their primary consolidated financial statements in accordance with IFRS as endorsed by the EU shall tag those consolidated financial statements using inline eXtensible Business Reporting Language (iXBRL) and with effect from the 2022/23 annual report block-tag the notes to the consolidated financial statements. The combination of the XHTML format with the iXBRL tags makes the annual financial reports both human-readable and machine-readable, thus enhancing accessibility, analysis and comparability of the information included in the annual financial reports. iXBRL tags shall comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. As part of the tagging process financial statement line items are marked up to elements in the ESEF taxonomy. If a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy is created. Extensions have to be anchored to elements in the ESEF taxonomy, except for extensions which are subtotals. The annual report submitted to the Danish Financial Supervisory Authority (The Officially Appointed Mechanisms) consists of the XHTML document together with some technical files all included in a ZIP file named Coloplast-2023-09-30-en.ZIP.Accounting policies The operating segments are defined on the basis of the monthly reporting to the Executive Leadership Team, which is considered the chief operating decision maker, and the management structure. Reporting to Management is based on five operating segments: Chronic Care, Voice and Respiratory Care, Interventional Urology, Advanced Wound Dressings and Biologics. Management does not receive reporting on assets and liabilities by reporting segments. Accordingly, the reporting segments are not measured in this respect, nor do we allocate resources on this background.Accounting policies Staff costs are recognised in the financial year in which the staff performed the relevant work.Accounting policies Special items comprise material amounts of a non-recurring nature, such as costs relating to acquisitions, divestment, closure or restructuring, provisions for lawsuits, etc. These items are presented separately to facilitate the comparability of the income statement and to provide a better picture of the operating results.Accounting policies Financial income and expenses include interest, financing costs of leases, realised and unrealised foreign exchange adjustments, gains on net monetary items in hyperinflationary economies, fair value adjustment of forward contracts transferred from other comprehensive income, fair value adjustments of cash settled share options, fees, market value adjustments of securities and dividend received on shares recognised under securities. See note 23 to the financial statements for more information about accounting policy for items transferred from hedging reserve.Accounting policies Coloplast A/S is jointly taxed with wholly owned Danish subsidiaries. The jointly taxed Danish enterprises are covered by the Danish on-account tax scheme. Additions, deductions and allowances relating to the on-account tax scheme are included in financial items. Current tax on the net profit or loss for the year is recognised in the income statement together with any change in deferred tax. Tax on changes in other comprehensive income is taken directly in other comprehensive income.Accounting policies Earnings per share (EPS) reflects the ratio between profit for the year and the year\u2019s weighted average of issued, ordinary shares, excluding ordinary shares purchased by the Group and held as treasury shares. Earnings per share, diluted, is calculated as the net profit for the year divided by the average number of outstanding shares adjusted for the dilutive effect of outstanding share options in the money.Accounting policies Dividend is recognised in the balance sheet as a liability when adopted at the Annual General Meeting. Proposed but not yet paid dividend for the financial year is recognised in equity until approved by the shareholders at the general meeting.Accounting policies Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Subsequent milestone payments related to acquired patents, trademarks and know-how payable on achievement of a contingent event will be capitalised when the contingent event is achieved. Borrowing costs are recognised as part of cost. Amortisation is made on a straight-line basis over the expected useful lives of the assets, which are: Software 3 \u2013 5 years Acquired patents, customer list, trademarks and know-how etc. 5 \u2013 20 years Goodwill and other intangible assets with indefinite lives are tested for impairment annually or whenever there is an indication of impairment, while the carrying amount of intangible assets with finite lives measured at cost or amortised cost are assessed if there is an indication of impairment. If a write-down is required, the carrying amount is written down to the higher of net selling price and value in use. For the purpose of assessing impairment, assets are grouped in the smallest group of assets that generates identifiable cash inflows (cash-generating units). The cash-generating units are defined as the smallest identifiable group of assets that generates cash inflows and which are largely independent of cash flows from other assets or groups of assets. For other intangible assets, the amortisation period is determined on the basis of Management\u2019s best estimate of the expected economic lives of the assets. The expected economic lives are assessed at least annually, and the amortisation period is determined based on the latest assessment. For purposes of calculating amortisation, the residual value of the assets is nil, unless a third party has committed to purchasing the asset after its use or there is an active market for the asset. With the exception of goodwill and some specific trademarks, all intangible assets have a finite life. All in-house research and development costs are recognised in the income statement as incurred. Management believes that mandatory regulatory approvals of products, completing the development of new products involves a high degree of uncertainty, for which reason the technical feasibility criteria are not considered to have been met. Gains or losses on the disposal of intangible assets are stated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal and are included in the income statement under other operating income or other operating expenses, respectively.Accounting policies Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the cost of acquisition and expenses directly attributable to an acquisition until the asset is ready for use. In case of assets manufactured by the company, cost comprises materials, components, sub-supplier services, direct labour and costs directly attributable to the manufactured asset. In addition, borrowing costs are recognised as part of cost. Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are: Land not depreciated Buildings 15 \u2013 25 years Building installations 5 \u2013 10 years Plant and machinery 5 \u2013 15 years Other fixtures and fittings, tools and equipment 3 \u2013 7 years At the balance sheet date, the residual values, remaining useful lives and depreciation pattern of the assets are reassessed. Any changes are treated as changes to accounting estimates. Gains and losses on the sale or scrapping of an item of property, plant and equipment are recognised in the income statement as other operating income and other operating expenses, respectively.Accounting policies At the commencement date, when a leased asset is made available for use, a right-of-use asset and a corresponding lease liability is recognised on the balance sheet. Right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability, any lease payments made prior to the commencement date and any initial direct costs. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for the remeasurement of the lease liability. The right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term or the useful life of the right-of-use asset. Options to extend the initial leasing period are only included in the initial measurement if it is reasonably certain that the option will be utilised. Lease liabilities are initially measured at the present value of future lease payments. The lease payments are discounted using the implicit rate of the lease contract or, if not readily determinable, the incremental borrowing rate of Coloplast for loans with similar term and security. As a practical expedient, the discount rates are determined on basis of a portfolio of leases with similar characteristics, e.g. a portfolio of leased cars in a specific country. The lease liabilities are subsequently reduced by the portion of lease payments which is regarded as repayment of those lease liabilities. Lease liabilities are remeasured in the event of a lease modification or a reassessment of the lease term which in turn may also impact the carrying value of the right-of-use assets. The lease term is reassessed when a significant event or change, which is within the control of Coloplast, affects the prior assessment. Short-term leases and leases of low-value assets are exempted from the above accounting model. Consequently, lease payments associated with such lease contracts are recognised as an operating expense on either a straight-line basis over the lease term or another systematic basis which is more representative of the pattern of the benefit of the leased assets.Accounting policies Full provision is made for deferred tax on the basis of all temporary differences in accordance with the balance sheet liability method. Temporary differences arise between the tax base of assets and liabilities and their carrying amounts which are offset over time. Deferred tax relating to differences between initial recognition of assets or liabilities is not recognised if at the transaction date neither the accounting profit nor the taxable income is affected unless such differences occurred in a business combination. Uncertain tax positions generally relate to transfer pricing disputes and are recognised under payable tax and measured according to current tax rules and at the tax rates assumed in the year in which the assets are expected to be utilised. Deferred tax assets are recognised to the extent that it is probable that future positive taxable income will be generated, against which the temporary differences and tax losses can be offset. Deferred tax assets are measured at expected net realisable values. The value of future tax deductions in relation to share option programmes is recognised as deferred tax, until they are exercised by the employees. Any estimated excess tax deduction compared to the costs realised in the income statement is charged to equity.Accounting policies Inventories are measured at the lower of cost and net realisable value. Cost is determined using the FIFO principle. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and indirect production overheads. Production overheads comprise indirect material and labour costs, maintenance and depreciation of the machinery and production buildings used in the manufacturing process as well as costs of production administration and management. Net realisable value is the expected selling price less cost of completion and costs to sell.Accounting policies Receivables consist mainly of trade receivables. On initial recognition, receivables are measured at fair value and subsequently at amortised cost. Receivables are written down on the basis of an individual assessment and the simplified approach in accordance with IFRS 9 where loss allowances are based on lifetime expected credit losses.Accounting policies Share options are granted to the executive management and senior management. For equity-settled schemes, the fair value of options is determined at the grant date. The option value is subsequently recognised over the vesting period as staff costs. For cash-settled schemes, the fair value of options granted during the period is recognised as staff costs, whereas the fair value adjustment of granted options from previous periods is recognised under financial items. The purchase and selling prices of treasury shares on exercise are deducted from or added to equity, as the case may be.Accounting policies In defined contribution plans, the Group makes regular payments of fixed contributions to independent pension funds and insurance companies. The Group is under no obligation to pay additional contributions. Costs for defined contribution plans are recognised in the income statement as Coloplast assumes an obligation to make the payment. In defined benefit plans, the Group is under an obligation to pay a defined benefit on retirement. The actuarially calculated present value less the fair value of any plan assets is recognised in the balance sheet under provision for pension and similar obligations or in plan assets in the balance sheet. The total service costs of the year plus calculated interest based on actuarial estimates and financial assumptions at the beginning of the year are recognised in the income statement. The difference between the forecast development in plan assets and liabilities and the realised values at the end of the year is called actuarial gains or losses and is recognised in other comprehensive income. In connection with a change in benefits regarding the employees\u2019 employment with the Group to date, there will be a change in the actuarial calculation of the net present value, which is taken directly to the profit or loss.Accounting policies Provisions are recognised when the Group has a legal or constructive obligation arising from a past event, and it is probable that an outflow of the Group\u2019s financial resources will be required to settle the obligation. Provisions are measured as Management's best estimate of the amount with which the liability is expected to be settled. The Group recognises a provision for the replacement of products covered by warranties at the balance sheet date.Accounting policies Borrowings from credit institutions are recognised at fair value less expenses incurred and subsequently at amortised cost. Repo debt relates to mortgage bonds forming a part of repo transactions. Repo debt is recognised at amortised cost plus accumulated repo interest.Accounting policies Financial instruments are measured at either amortised cost or fair value. Those financial instruments, which are measured at fair value, can be categorised according to the fair value measurement hierarchy below: Level 1: Observable prices in active markets for identical instruments. Level 2: Valuation models primarily based on observable prices or traded prices of comparable instruments. Level 3: Valuation models primarily based on non-observable prices. The fair value of forward exchange contracts and other derivative financial instruments are considered a level 2 fair value measurement as the fair value is determined directly based on the published exchange rates and quoted forward exchange rates at balance sheet dates. The fair value of derivative financial instruments is calculated on the basis of current market data. Hedging Fair value instruments at ContingentAccounting policies At the initiation of derivative contracts, it is assessed whether they qualify for hedge accounting and the derivatives are classified as either cash flow hedges or fair value hedges. Cash flow hedges relates to highly probable forecasted transactions at a future point in time. Fair value hedges relate to changes in the fair value of assets or liabilities recognised on the balance sheet. Upon initial recognition, the fair values of derivative financial instruments are recognised as an asset or a liability on the balance sheet date. These are presented together with other receivables or other payables, respectively. The fair values of derivative financial instruments are subsequently remeasured at fair value at each reporting date. The subsequent value adjustments of cash flow hedges are recognised through other comprehensive income as a cash flow hedge reserve when the hedging relationship continues to meet the effectiveness requirement. The reserve is recognised in the income statement upon realisation of the hedged transactions. Interest hedge of bonds with fixed rate is recognized in the other comprehensive income as reserve for hedging, until the hedged interests will be recognized in the income statement. If a derivative financial instrument used to hedge expected future transactions expires, is sold or no longer qualifies for hedge accounting, any accumulated reserve remains in equity until the hedged transaction is concluded. If a transaction is no longer expected to be concluded, any reserve accumulated under equity is transferred to the income statement. The subsequent value adjustments of fair value hedges are recognised through profit or loss along with any adjustments of the value of the hedged asset that concern the hedged risk.Accounting policies Cash and cash equivalents, recognised under current assets, comprise bank deposits and cash at hand and are measured at fair value.Accounting policies Public grants comprise of grants for research, development and other investments. Grants for investments are recognised as deferred income, which is recognised systematically in the income statement under production costs from the date when the conditions attaching to them are deemed to be complied with until the date on which the deadline for retaining such conditions expires. Other grants are recognised as income on a systematic basis, so that they are matched with the related costs for which they compensate.Note 34 Definitions of key ratios The ratios are calculated and applied in accordance with Recommendations and Financial Ratios issued by the Danish Society of Financial Analysts. Key ratios are shown on page 4 and 5. EBIT Earnings before interest and tax EBITDA Earnings before interest, tax, depreciation and amortisation Invested capital Assets less cash, less marketable securities plus accumulated goodwill amortised before 1 October 2002 less non-interest bearing debt including provisions EBIT margin, % EBIT as a percentage of revenues Return on average invested capital (ROIC), % EBIT as a percentage of invested capital (average) Return on equity, % Profit for the year attributable to Coloplast as a percentage of equity before minority interests (average) Equity ratio, % Equity at year-end as a percentage of total assets at year-end Net asset value per share, DKK Equity excluding minority interests per outstanding share Market price/net asset value per share Market price per share relative to net asset value per share PE, price/earnings ratio Market price per share relative to earnings per share (EPS) Payout ratio, % Dividend declared as a percentage of profit for the year attributable to Coloplast Earnings per share (EPS) Profit for the year attributable to Coloplast per outstanding share (average of four quarters) Free cash flow per share Free cash flow per outstanding share (average of four quarters) ",
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"value": "Note 1 Basis of preparation The consolidated financial statements for 2022/2023 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and additional disclosure requirements pursuant to the Danish Financial Statements Act for Class D companies. General information The annual report has been prepared on the basis of the historical cost principle, modified in that certain financial assets and liabilities are measured at fair value. Subsequent to initial recognition, the assets and liabilities are measured as described below in respect of each individual item or in the relevant note. Significant estimates and judgements In connection with application of the accounting policies described, it may be necessary for Management to make estimates and judgements in respect of the accounting items. Further, Management make judgements on the reported amounts of assets, liabilities, net sales, expenses and related disclosures. The estimates and assumptions applied are based on historical experience and other factors that Management considers reasonable under the circumstances, but which are inherently uncertain and unpredictable. Such assumptions may be incomplete or inaccurate, and unexpected events or circumstances may arise. In addition, the company is subject to risks and uncertainties that may cause actual outcomes to deviate from these estimates. It may be necessary to change previous estimates as a result of changes to the assumptions on which the estimates were based or due to new information or subsequent events. A further description of the principal accounting estimates and judgements is provided in the relevant notes. Management has made significant accounting estimates and judgements in respect of the following areas: Risk of impact and Estimate/ degree of Area judgement Note estimation Estimate and Goodwill and other intangible assets judgement 11 \uf06e\uf020\uf06e\uf020\uf06e\uf020\uf020Estimate and Acquisitions of businesses judgement 11, 32 \uf020\uf020\uf06e\uf020\uf06e\uf020\uf06e\uf020Inventories Estimate 15 \uf06e\uf020\uf06e\uf020\uf06e\uf020\uf020Estimate and Deferred tax assets and uncertain tax positions judgement 14 \uf06e\uf020\uf06e\uf020\uf06e\uf020\uf020Provisions for litigation about transvaginal surgical mesh products Estimate 6, 19 \uf06e\uf020\uf06e\uf020\uf06e\uf020\uf020Other provisions Estimate 19 \uf06e\uf020\uf06e\uf020\uf06e\uf020\uf020Note 2 Changes in accounting policies Effective from the 2022/23 financial year, the Coloplast Group has implemented all new, updated or amended international financial reporting standards and interpretations (IFRSs) as issued by the IASB and IFRSs adopted by the EU that are effective for the 2022/23 financial year. Further Coloplast has implemented the amendments to IFRS 3, IAS 16 and IAS 37. The amendments did not have an impact on recognition or measurement. The implementation of new, updated or amended international financial reporting standards and interpretations (IFRSs and IFRICs) did not, in all material respects, affect the financial statements. New financial reporting standards to be adopted New and amended standards are implemented when taking effect. The amended standard relevant to Coloplast is IAS 1 Presentation of Financial Statements and Practice Statement 2, IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, and IAS 12, Income Taxes. Reporting standards or interpretations which are not adopted by the EU have not been applied in this annual report. Note 3 General accounting policies This section provides a summary of significant accounting policies, and other general accounting policies. A detailed description of the accounting policies applied and the estimates made relative to each individual item is provided in relevant notes, such that all information about a specific accounting item can be found there. Foreign currency The financial statement items of individual Group entities are measured in the currency used in the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in Danish kroner (DKK), which is the functional and presentation currency of the parent company. Other currencies are considered foreign currencies. Translation of foreign currencies Transactions denominated in foreign currencies are translated into an entity\u2019s functional currency at the exchange rate prevailing at the transaction date. Monetary items denominated in foreign currencies are translated at the exchange rate prevailing at the balance sheet date. Exchange adjustments arising as the difference between exchange rates at the balance sheet date and exchange rates at the transaction date of monetary items are recognised in the income statement as financial income or expenses. On translation of entities with a functional currency other than DKK, balance sheet items are translated at the exchange rates at the balance sheet date and income statement items are translated at the exchange rates at the transaction date. The resulting exchange adjustments are taken directly to other comprehensive income. The Argentinian economy has been considered a hyperinflation economy effective from 1 July 2018. Accordingly, the Group\u2019s Argentinian subsidiary is recognised in accordance with IAS 29. The subsidiary\u2019s financial statements were inflation adjusted at a retail price index increase of 133.4% (source: Bloomberg) prior to recognition in the consolidated financial statements. The adjustment of the beginning of period equity is recognised in currency translation in equity. The income statement and the balance sheet of the inflation-adjusted financial statements are included in the consolidated financial statements at the exchange rate applying at the balance sheet date standing at 2.02. Consolidation, business combinations and associates The consolidated financial statements comprise the financial statements of Coloplast A/S (the parent company) and enterprises (subsidiaries) controlled by the parent company. The parent company is considered to exercise control when it has power over the relevant activities of the enterprise, is exposed or has rights to a variable return from the investment and has the ability to affect those returns through its power. The consolidated financial statements are prepared by aggregating the financial statements of the parent company and the individual subsidiaries, all of which are prepared in accordance with the Group\u2019s accounting policies. Intra-group transactions, balances, dividends and unrealised gains and losses on transactions between Group companies are eliminated. Enterprises, which are not subsidiaries but in which the Group holds at least 20% of the voting rights or otherwise exercise a significant influence, are regarded as associates. The Group\u2019s proportionate share of unrealised gains and losses on transactions between the Coloplast Group and associates is eliminated. Enterprises recently acquired or divested are included in the consolidation in the period in which the Coloplast Group has control of the enterprise. Comparative figures are not restated to reflect acquisitions. Acquisitions are accounted for using the purchase method, according to which the assets and liabilities and contingent liabilities of enterprises acquired are measured at fair value at the date of acquisition. Goodwill on the acquisition of subsidiaries or associates is calculated as the difference between the fair value of the consideration and the fair value of the Group companies\u2019 proportionate share of identifiable assets less liabilities and contingent liabilities at the date of acquisition. The consideration for an enterprise consists of the fair value of the agreed consideration for the acquired enterprise. If part of the consideration is contingent on future events, such part is recognised at its fair value at the date of acquisition. Costs directly attributable to business combinations are recognised directly in the income statement as special items when incurred. In cases where the fair value of acquired identifiable assets, liabilities or contingent liabilities subsequently turns out to differ from the values calculated at the date of acquisition, the calculation, including goodwill and contingent consideration are adjusted until up to 12 months after the date of acquisition. Subsequently, goodwill is not adjusted. Goodwill arising in connection with the acquisition of subsidiaries is recognised in the balance sheet under intangible assets in the consolidated financial statements and tested annually for impairment. Revenue Revenue comprises income from the sale of goods after deduction of any price reductions, quantity discounts or cash discounts. Sales transactions are recognised in the income statement at the point in time when control of the goods is transferred to the customer, and when the consideration is assessed to be collectible. Revenues from sales transactions are measured at the transaction price to which Coloplast expects to be entitled. Within all segments, revenues are typically recognised when the customer takes possession of the goods. Exceptions to this comprise Interventional Urology revenues, as revenues from certain surgical products are generated from consignment sales as well as the contract manufacturing business. Certain surgical products within Interventional Urology are always available at our partner hospitals to ensure that all sizes and fits are always available. Revenues from consignment sales are recognised as the goods are used (i.e. in surgery). Revenues from contract manufacturing business is recognised when the products are available for delivery when this coincides with the transfer of control of the products. Coloplast generates most of its sales through distributors that operate under various conditions and who for that reason require varying sales agreements. Coloplast\u2019s distributor agreements contain volume and product-specific rebates, which require data management and monitoring of sales to individual distributors at the product level. In addition, the sales agreements contain various right-of-product-return requirements. Payment terms for trade receivables from customers depend on creditworthiness, customary business practices and contract negotiations. Payment terms for some customers include a period of credit which commences when the products are shipped while other customers are requested to pay in advance or provide appropriate collateral for the payment. Prepayments from customers are recognised as revenue in the following period upon satisfying the performance obligations. Variable considerations include volume and product-specific rebates which, for some markets, are accumulated and paid annually or quarterly. Accruals for variable considerations are constrained by uncertainty of future events, such as the expected volume of sales, and require significant estimate. Revenue is measured at the fair value of the agreed consideration. All discounts granted are recognised in revenue. An estimate of expected returns is also recognised in revenue. Coloplast applies the practical expedient in IFRS 15, para 63 associated with the determination of whether a significant financing component exists for transactions where payment is expected in less than 12 months from the delivery of goods (transfer of control). Marketable securities Marketable securities are part of a portfolio which is managed and measured on a fair value basis as per transaction date. Adjustments to fair value is recognised through profit or loss as financial items. Bonds forming part of repo transactions, i.e. the sale of bonds that are bought back at a later date remain classified as financial assets in the balance sheet, while amounts received from repo transactions are recognised as repo debt. Returns on such bonds are recognised under financials. Cash flow statement The consolidated cash flow statement, which is presented according to the indirect method, shows the Group\u2019s cash flow from operating, investing and financing activities as well as the Group\u2019s cash and cash equivalents and short-term debt to credit institutions at the beginning and end of the year. Cash and cash equivalents comprise cash and debt to credit institutions recognised under current assets and current liabilities, respectively. Marketable securities include bonds with maturities of more than three months and are recognised under investing activities. Reporting under the ESEF Regulation 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 ESEF Regulation sets out the following main requirements: (1) Issuers shall draw up and disclose their annual financial reports using the XHTML format; and (2) issuers that draw-up their primary consolidated financial statements in accordance with IFRS as endorsed by the EU shall tag those consolidated financial statements using inline eXtensible Business Reporting Language (iXBRL) and with effect from the 2022/23 annual report block-tag the notes to the consolidated financial statements. The combination of the XHTML format with the iXBRL tags makes the annual financial reports both human-readable and machine-readable, thus enhancing accessibility, analysis and comparability of the information included in the annual financial reports. iXBRL tags shall comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. As part of the tagging process financial statement line items are marked up to elements in the ESEF taxonomy. If a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy is created. Extensions have to be anchored to elements in the ESEF taxonomy, except for extensions which are subtotals. The annual report submitted to the Danish Financial Supervisory Authority (The Officially Appointed Mechanisms) consists of the XHTML document together with some technical files all included in a ZIP file named Coloplast-2023-09-30-en.ZIP. Note 4 Segment information Accounting policies The operating segments are defined on the basis of the monthly reporting to the Executive Leadership Team, which is considered the chief operating decision maker, and the management structure. Reporting to Management is based on five operating segments: Chronic Care, Voice and Respiratory Care, Interventional Urology, Advanced Wound Dressings and Biologics. Management does not receive reporting on assets and liabilities by reporting segments. Accordingly, the reporting segments are not measured in this respect, nor do we allocate resources on this background. Segmentation of the income statement The segment Chronic Care covers the sale of ostomy care products and continence care products. The segment Interventional Urology covers the sale of urological products, including disposable products. The segment Advanced Wound Dressings covers the sale of wound and skin care products and the segment Voice and Respiratory Care covers the sale of laryngectomy and tracheostomy products. Biologics represents a new segment covering the sale of tissue-based products. The segmentation reflects the structure of reporting to the Executive Leadership Team. The shared/non-allocated comprises support functions (production units and staff functions) and eliminations, as these functions do not generate revenue. While the costs of R&D for Interventional Urology, Voice and Respiratory Care and Biologics are included in the segment operating profit/loss for that segment, R&D activities for Chronic Care and Wound and Skin Care are shared functions which are included in shared/non-allocated. The shared/non-allocated costs also include PPA amortisation expenditures related to Voice and Respiratory Care and Biologics. Financial items and income tax are not allocated to the segments. Geographic information Coloplast A/S\u2019 registered office is situated in Denmark. No single customer accounted for more than 10% of the Group\u2019s revenue in 2022/23 and 2021/22. DKK million 2022/23 2021/22 Specification of revenue representing over 10% of the Group\u2019s revenue by customer location including Denmark. US 5,143 4,269 UK 3,433 3,086 France 2,634 2,462 Denmark 335 302 Other 12,955 12,460 Total 24,500 22,579 Specification of non-current assets\u00b9\u207e by location of the subsidiary Denmark 22,013 4,239 Iceland 9,636 - Sweden\u00b2\u207e 173 17,609 Hungary 1,741 1,430 Other 3,671 4,640 Total 37,234 27,918 \u00b9\u207e Non-current assets by location consist of intangible assets, property plant and equipment and right-of-use assets. \u00b2\u207e Comparison number changed. Please see note 32 for further information. Voice and Advanced Respiratory Interventional Wound DKK million Chronic Care Care Urology Dressings Biologics Total 2022/23 Segment revenue: Ostomy Care 9,024 - - - - 9,024 Continence Care 7,958 - - - - 7,958 Voice and Respiratory Care - 1,939 - - - 1,939 Interventional Urology - - 2,674 - - 2,674 Advanced Wound Care - - - 2,830 75 2,905 External revenue as per the comprehensive income 16,982 1,939 2,674 2,830 75 24,500 Costs allocated to segment -7,173 -1,273 -1,727 -1,761 -66 -12,000 Segment operating profit/loss 9,809 666 947 1,069 9 12,500 Shared/non-allocated -5,655 Special items not included in segment operating profit/loss (see note 6 to the financial statements) -74 Operating profit before tax (EBIT) as per the Statement of comprehensive income 6,771 Net financials -746 Tax on profit/loss for the year -1,242 Profit/loss for the year as per the Statement of comprehensive income 4,783 Voice and Advanced Respiratory Interventional Wound DKK million Chronic Care Care\u00b9\u207e Urology Dressings Biologics Total 2021/22 Segment revenue: Ostomy Care 8,620 - - - - 8,620 Continence Care 7,643 - - - - 7,643 Voice and Respiratory Care - 1,203 - - - 1,203 Interventional Urology - - 2,424 - 2,424 Advanced Wound Care - - 2,689 - 2,689 External revenue as per the comprehensive income 16,263 1,203 2,424 2,689 - 22,579 Costs allocated to segment -6,677 -820 -1,564 -1,600 - -10,661 Segment operating profit/loss 9,586 383 860 1,089 - 11,918 Shared/non-allocated -5,008 Special items not included in segment operating profit/loss (see note 6 to the financial statements) -471 Operating profit before tax (EBIT) as per the Statement of comprehensive income 6,439 Net financials -312 Tax on profit/loss for the year -1,421 Profit/loss for the year as per the Statement of comprehensive income 4,706 \u00b9\u207e Only eight months impact in 2021/22. Management reviews each operating segment separately, applying their market contributions to earnings and allocating resources on that basis. The market contribution is defined as external revenue less the sum of direct production costs, distribution, sales and marketing costs and administrative expenses. Costs are allocated directly to segments. Certain immaterial indirect costs are allocated systematically to the shared/non-allocated and the reporting segments. Note 5 Staff costs Accounting policies Staff costs are recognised in the financial year in which the staff performed the relevant work. DKK million 2022/23 2021/22 Specification of staff costs recognised in the financial year Salaries, wages and directors' remuneration\u00b9\u207e 6,271 5,684 Pension costs - defined contribution plans (note 18) 410 359 Pension costs - defined benefit plans (note 18) 12 12 Other social security costs 755 731 Total 7,448 6,786 Staff costs allocated to functions Production costs 1,657 1,448 Distribution costs 4,605 4,139 Administrative expenses 675 662 Research and development costs 509 486 Special items 2 51 Total 7,448 6,786 Average number of employees, FTEs 14,903 13,650 Number of employees at 30 September, FTEs 15,692 14,572 Number of employees at 30 September, headcount 15,913 14,783 \u00b9\u207e Including share based payment. See note 17 to the financial statements. See note 28 to the financial statements for information on the Executive Management's and the Board of Directors' remuneration. Note 6 Special items Accounting policies Special items comprise material amounts of a non-recurring nature, such as costs relating to acquisitions, divestment, closure or restructuring, provisions for lawsuits, etc. These items are presented separately to facilitate the comparability of the income statement and to provide a better picture of the operating results. Special items contains expenses to cover further costs to resolve the remaining claims in connection with legal assistance related to litigation about transvaginal surgical mesh products as the process takes longer than previously anticipated. See note 19 to the financial statements for more information regarding the litigation about transvaginal surgical mesh products. In 2022/23 an adjustment of the provision related to Atos Medical US billing compliance was made. The exposure and related provision have been reassessed and the provision was reduced to DKK 90 million. Special items also contains expenses related to business combinations (Atos Medical integration costs as well as costs related to the acquisition of Kerecis hf.). Transaction costs related to the Kerecis acquisition amounts to DKK 53 million. See note 32 to the financial statements. DKK million 2022/23 2021/22 Provisions for litigation about transvaginal surgical mesh products -200 -300 Expenses related to business combinations -118 -171 Adjustment provision related to acquisition 244 - Total -74 -471 Note 7 Financial income and expenses Accounting policies Financial income and expenses include interest, financing costs of leases, realised and unrealised foreign exchange adjustments, gains on net monetary items in hyperinflationary economies, fair value adjustment of forward contracts transferred from other comprehensive income, fair value adjustments of cash settled share options, fees, market value adjustments of securities and dividend received on shares recognised under securities. See note 23 to the financial statements for more information about accounting policy for items transferred from hedging reserve. DKK million 2022/23 2021/22 Financial income Interest income 36 12 Fair value adjustments of forward contracts transferred from other comprehensive income 40 - Fair value adjustments of cash-based share options 1 2 Interest hedges 75 27 Net exchange adjustments - 57 Hyperinflationary adjustment of monetary position 36 19 Other financial income 3 2 Total 191 119 DKK million 2022/23 2021/22 Financial expenses Interest expenses\u00b9\u207e 169 40 Interest expenses, lease liabilities 24 16 Interest expenses, bonds\u00b9\u207e 445 116 Fair value adjustments of forward contracts transferred from other comprehensive income - 191 Net exchange adjustments 218 - Other financial expenses and fees 81 68 Total 937 431 1) Total interest expenses are measured at amortisied costs for financial assets and liability. Note 8 Tax on profit for the year Accounting policies Coloplast A/S is jointly taxed with wholly owned Danish subsidiaries. The jointly taxed Danish enterprises are covered by the Danish on-account tax scheme. Additions, deductions and allowances relating to the on-account tax scheme are included in financial items. Current tax on the net profit or loss for the year is recognised in the income statement together with any change in deferred tax. Tax on changes in other comprehensive income is taken directly in other comprehensive income. DKK million 2022/23 2021/22 Specification of tax on profit for the year Current tax on profit for the year 4,612 1,526 Change in deferred tax on profit for the year -3,343 -98 Tax on profit from ordinary activities for the year 1,269 1,428 Adjustment of tax relating to prior years -19 -5 Change due to change in tax rate -8 -2 Tax on profit for the year 1,242 1,421 Tax on equity and other comprehensive income entries, income (-) / expense (+) -20 -84 Reconciliation of tax rate differences Danish tax rate 22.0% 22.0% Effect of change of tax rates -0.1% 0.0% Deviation in foreign subsidiaries' tax percentage -1.5% 0.1% Non-taxable income and non-deductible expenses -0.3% 1.0% Research and development incentives -0.2% -0.6% Other taxes and other adjustments, net 0.7% 0.7% Effective tax rate 20.6% 23.2% Note 9 Earnings per share (EPS) Accounting policies Earnings per share (EPS) reflects the ratio between profit for the year and the year\u2019s weighted average of issued, ordinary shares, excluding ordinary shares purchased by the Group and held as treasury shares. Earnings per share, diluted, is calculated as the net profit for the year divided by the average number of outstanding shares adjusted for the dilutive effect of outstanding share options in the money. 2022/23 2021/22 Net profit for the year, DKK million 4,783 4,706 Net profit for the year before special items, DKK million 4,841 5,073 Weighted average number of outstanding shares, millions of units 215.4 212.5 Dilutive effect of outstanding share options, millions of units 0.1 0.3 Average number of unrestricted shares including dilutive effect of outstanding share options, millions of units 215.5 212.8 Earnings per share before special items, DKK 22.47 23.87 Earnings per share, DKK 22.21 22.14 Earnings per share before special items, diluted, DKK 22.46 23.82 Earnings per share, diluted, DKK 22.20 22.11 2022/23 2021/22 Outstanding shares ('000): A shares B shares A shares B shares Outstanding shares at 1 October 18,000 194,307 18,000 194,801 Issue of new shares - 12,200 - - Sale of treasury shares - 153 - 19 Acquisition of treasury shares - - - -513 Outstanding shares at 30 September 18,000 206,660 18,000 194,307 Holding of treasury shares at 30 September - 3,540 - 3,693 Total shares issued at 30 September 18,000 210,200 18,000 198,000 Both share classes have a face value of DKK 1 per share. Class A shares carry 10 votes each, while class B shares carry 1 vote each. The class A shares are non-negotiable instruments. Any change of ownership or pledging of class A shares requires the consent of the Board of Directors. B shares are negotiable instruments, and no restrictions apply to their negotiability. No special dividend rights attach to either share class. The Group does not hold A shares. Note 10 Dividend per share Accounting policies Dividend is recognised in the balance sheet as a liability when adopted at the Annual General Meeting. Proposed but not yet paid dividend for the financial year is recognised in equity until approved by the shareholders at the general meeting. DKK 2022/23 2021/22 Interim dividend per share 5.00 5.00 Proposed dividend per share 16.00 15.00 Total dividend per share 21.00 20.00 Total dividend for the year, DKK million 4,657 4,247 Payout ratio 97% 90% The Board of Directors recommends that the shareholders attending the general meeting approve an additional dividend of DKK 16.00 per share. An interim dividend of DKK 5.00 per share was distributed in the financial year, bringing the total dividend per share for the year to DKK 21.00. The increase in dividend per share, compared to last financial year, amounts to 5%. The payout ratio after special items for the year is 97%. Note 11 Intangible assets Accounting policies Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Subsequent milestone payments related to acquired patents, trademarks and know-how payable on achievement of a contingent event will be capitalised when the contingent event is achieved. Borrowing costs are recognised as part of cost. Amortisation is made on a straight-line basis over the expected useful lives of the assets, which are: Software 3 \u2013 5 years Acquired patents, customer list, trademarks and know-how etc. 5 \u2013 20 years Goodwill and other intangible assets with indefinite lives are tested for impairment annually or whenever there is an indication of impairment, while the carrying amount of intangible assets with finite lives measured at cost or amortised cost are assessed if there is an indication of impairment. If a write-down is required, the carrying amount is written down to the higher of net selling price and value in use. For the purpose of assessing impairment, assets are grouped in the smallest group of assets that generates identifiable cash inflows (cash-generating units). The cash-generating units are defined as the smallest identifiable group of assets that generates cash inflows and which are largely independent of cash flows from other assets or groups of assets. For other intangible assets, the amortisation period is determined on the basis of Management\u2019s best estimate of the expected economic lives of the assets. The expected economic lives are assessed at least annually, and the amortisation period is determined based on the latest assessment. For purposes of calculating amortisation, the residual value of the assets is nil, unless a third party has committed to purchasing the asset after its use or there is an active market for the asset. With the exception of goodwill and some specific trademarks, all intangible assets have a finite life. All in-house research and development costs are recognised in the income statement as incurred. Management believes that mandatory regulatory approvals of products, completing the development of new products involves a high degree of uncertainty, for which reason the technical feasibility criteria are not considered to have been met. Gains or losses on the disposal of intangible assets are stated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal and are included in the income statement under other operating income or other operating expenses, respectively. Key accounting estimates and judgements Goodwill and other intangible assets: The measurement of intangible assets, including goodwill and acquired patents, trademarks and know-how etc., could be materially affected by significant changes in estimates and assumptions underlying the calculation of values. The carrying amount of these intangible assets was DKK 30,718 million as at 30 September 2023 (30 September 2022: DKK 22,360. million). Atos Medical Group was acquired, as a share deal, in the financial year 2021/22. All intangible assets were transferred to Coloplast A/S resulting in exit taxation in the respective Atos entities. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base is considered established upon the acquisition. Furthermore, the subsequent is considered an integral part of the transaction due to the current tax setup of the group, that could be considered non-compliant if not transferring the assets. IP asset transferred remain recognised in functional currency, SEK, in the Consolidated Financial Statements. The judgement and functional currency choice was based on analyzing the primary economic environment and other indicators of the IP asset and related business, that most faithfully represents the underlying transactions. Nine Continents Medical was acquired in a share deal in 2020. Shortly following the acquisition, all intangible assets was transferred to Coloplast A/S resulting in US exit taxation. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base in Coloplast A/S is considered established upon the acquisition. The transfer is considered an integral part of the transaction because not transferring the intangible assets to Coloplast A/S with the current tax setup of the Group is not a viable solution. Acquired Prepay-patents, ments and trademarks intangible Total and know-assets in intangible DKK million how etc. Goodwill Software progress assets 2022/23 Cost at 1 October\u00b9\u207e 10,100 14,298 662 168 25,228 Exchange adjustment -345 -458 1 - -802 Adjustment to acquisitions previous years - -50 - - -50 Additions from acquisitions 3,159 6,184 - - 9,343 Transfers - - 102 -102 - Additions during the year 2 - 58 161 221 Disposals during the year -5 - -40 -2 -47 Cost at 30 September 12,911 19,974 783 225 33,893 Amortisation at 1 October 2,038 - 423 - 2,461 Exchange adjustment -116 - -1 - -117 Amortisation for the year 245 - 89 - 334 Amortisation reversed on disposals during the year - - -40 - -40 Amortisation at 30 September 2,167 - 471 - 2,638 Carrying amount at 30 September 10,744 19,974 312 225 31,255 2021/22 Cost at 1 October 3,010 2,028 526 84 5,648 Exchange adjustment -30 -259 -1 -1 -291 Additions from acquisitions\u00b9\u207e 7,112 12,529 23 14 19,678 Transfers - - 93 -93 - Additions during the year 8 - 36 164 208 Disposals during the year - - -15 -16 -31 Cost at 30 September 10,100 14,298 662 152 25,212 Amortisation at 1 October 1,628 - 369 - 1,997 Exchange adjustment 220 - -1 - 219 Amortisation for the year 190 - 70 - 260 Amortisation reversed on disposals during the year - - -15 -16 -31 Amortisation at 30 September 2,038 - 423 -16 2,445 Carrying amount at 30 September 8,062 14,298 239 168 22,767 1) In 2022/23, the opening balance for goodwill and deferred tax have been adjusted due to changes in the purchase price allocation of Atos Medical Group acquired in 2021/22. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. This was not reflected in the purchase price allocation included in the 2021/22 financial statements. The change resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million. Goodwill Goodwill mainly relates to the acquisitions of Atos Medical in 2022, Kerecis in 2023, Comfort Medical in 2016, Mentor's urology and continence business in 2006, Lilial in 2018 and Mpathy in 2010. Goodwill from the acquired businesses has been allocated to the individual cash-generating units. The allocation was made to the operating segment Chronic Care, Interventional Urology, Voice and Respiratory Care and the new operating segment Biologics. Pursuant to IAS 36, a goodwill impairment test is performed when there is an indication of impairment, but at least once a year. In the impairment test, the carrying amount is compared with the recoverable amount (value in use or fair value less cost of disposal) of each cash-generating unit, calculated as the discounted expected future cash flows. Future cash flows are determined using forecasts based on realised sales growth, earnings and strategy plans, etc. These forecasts are based on specific assumptions for each cash-generating unit during the planning period with respect to sales, results of operations, working capital, capital investments and assumptions for cost of capital, inflation and the level of interest rates. Growth rates for Chronic Care and Interventional Urology during the terminal period correspond to the expected long-term rate of inflation. Growth rate for Voice and Respiratory Care is slightly higher, due to the expectation of higher growth within the business area after the budget period. For Biologics, the growth rate during the terminal period is based on the rate used in the Management approved business case. 2022/23 2021/22 Interven-Voice and Interven-Voice and Chronic tional Respira-Chronic tional Respira-Care Urology tory Care Biologics Care Urology tory Care\u00b9\u207e Key parameters applied in the calculation of recoverable amounts: Revenue growth in terminal period 2.2% 2.2% 3.5% 2.0% 2.1% 2.1% 1.5% Tax percentage 23.0% 27.0% 23.0% 21.2% 23.0% 27.0% 21.8% Carrying amount of trademarks\u00b2\u207e, DKK million 50 - 3,081 1,501 54 - 3,235 Carrying amount of goodwill, DKK million 1,726 373 11,511 6,364 1,762 394 12,142 \u00b9\u207e In 2022/23, the opening balance for goodwill has been adjusted due to changes in the purchase price allocation of Atos Medical Group, as a result of the subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. This resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million. \u00b2\u207e Carrying amount includes only those trademarks with indefinite useful lives. 2022/23 2021/22 Before After Before After tax tax tax tax Discount rates applied in the calculation of recoverable amounts: Chronic Care 8.4% 6.9% 7.9% 6.5% Interventional Urology 13.1% 9.9% 12.5% 9.5% Voice and Respiratory Care 7.7% 6.9% 8.1% 6.7% Biologics 13.8% 11.9% - - For Chronic Care, Interventional Urology and Voice and Respiratory Care, the discount rate for 2022/23 and 2021/22 is based on the WACC used by the external analysts\u2019 covering Coloplast. For Biologics, the discount rate is based on the WACC used in the Management approved business case. Special assumptions applied in impairment tests performed in Chronic Care Chronic Care consists of the Ostomy Care and the Continence Care businesses. The Ostomy Care business involves the production and sale of ostomy pouches and accessories. The Continence Care business involves the production and sales of disposable catheters and various types of products designed for people suffering from urinary or faecal incontinence. The impairment test performed for Chronic Care was based on forecasts for the 2023/24 financial year. Assumptions for Coloplast\u2019s long-term strategy were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 6-9% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to anticipated price pressures and healthcare reforms. The Group\u2019s general tax rate was applied in the impairment test for Chronic Care because these products are sold in all of the Group\u2019s markets. Working capital invested has been projected using the same growth rate as that for revenue. Special assumptions applied in impairment tests performed in Interventional Urology The interventional urology business consists of the production and sale of products used in surgical procedures in urology and gynaecology, including prostate catheters, stents, vaginal slings used to restore continence, mesh products used to treat weak pelvic floor and penile implants for men experiencing severe impotence. The impairment test performed for Interventional Urology was based on forecasts for the 2023/24 financial year. Assumptions for the long-term strategy of the urology business were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 5-11% were assumed for the budget period, which are supported by the Interventional Urology organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to general anticipated price pressures and healthcare reforms. Nine Continents Medical Inc represents an option to enter the adjacent overactive bladder segment. Their technology 'Intibia' is expected to launch in 2025/26, pending successful clinical studies. The tax rate applied in the impairment test for Interventional Urology was higher than the rate applied for the Group because sales and production mostly take place in the US, which imposes a corporate tax rate higher than the Group average. Working capital invested has been projected using the same growth rate as that for revenue. Special assumptions applied on Voice and Respiratory Care The voice and respiratory care business consists of production and sales of laryngectomy and tracheostomy products, used to treat removal of all or part of the larynex. The impairment test performed for Voice and Respiratory Care was based on forecasts for the 2023/24 financial year. Assumptions for the long-term strategy of the voice and respiratory care business were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 8-10% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to anticipated price pressures and healthcare reforms. It was also assumed that the Group\u2019s focus on cost management and regular efficiency improvements will ensure that overhead costs will increase at a rate lower than revenue, which will produce an annual margin improvement. The Group\u2019s general tax rate was applied in the impairment test for Voice and Respiratory Care because these products are sold in most of the Group\u2019s markets. Working capital invested has been projected using the same growth rate as that for revenue. The value calculated in the impairment test exceeds the carrying value by DKK 0.5 billion. The calculated value is sensitive to possible lower EBIT or higher WACC. If (a) the EBIT decreases by around 4% per year in the projection period, (b) EBIT decreases by around 3% in the terminal period or (c) WACC after tax increases by around 0.1% points it will lead to a reassessment. Special assumptions applied on Biologics The biologics business consists of production and sales of fish-skin technology for wound care treatment. The impairment test performed for Biologics was based on forecasts for the 2023/24 financial year from the Management approved business case. Assumptions for Coloplast\u2019s long-term strategy were applied for the financial years 2024/25 to 2039/2040. Revenue growth rates of 2-43% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period. It was also assumed that the Group\u2019s focus on cost management and regular efficiency improvements will ensure that overhead costs will increase at a rate lower than revenue, which will produce an annual EBIT margin improvement. A tax rate of 21.2% was applied in the impairment test for Biologics, which is a blended tax rate of the markets where these products are sold. Working capital invested has been projected using the same growth rate as that for revenue. The disclosed key parameters and discount rate arose from the Management approved business case regarding Kerecis Group, consequently the carrying amount is compared with fair value less cost to sell based on a discount cash flow model (level 3 in the fair value hierarchy). The key parameters and discount rate are assessed to still be prudent as of 30 September 2023, and no impairment triggers are identified in the subsequent period, hence Management has used the business case as basis for the impairment test as of 30 September 2023. Acquired patents, trademarks and know-how etc. This year\u2019s additions of acquired customer list, patents and trademarks are associated with the acquisition in 2023 of Kerecis, where Coloplast completed the acquisition of all shares and voting rights of Kerecis at a cash consideration of DKK 7,923 million. In addition, acquired patents and trademarks are primarily associated with the acquisition of Atos Medical in 2022 and Nine Continents Medical in 2020. In connection with the acquisitions, intangible assets were identified, and the cost was allocated to net assets at fair value at the date of acquisition, calculated on the basis of factors such as expected sales and revenue trends. Each component is amortised over its estimated useful life using the straight line method. Patented and unpatented technologies On acquiring Kerecis in August 2023, Coloplast acquired several patented technologies and unpatented technologies. Unpatented technologies include: \u2022 Unpatented inventions \u2022 Trade secrets \u2022 Know-how \u2022 Confidential information \u2022 Copyrights on computer software, databases or instruction manuals and the like On acquiring Atos Medical in January 2022, Coloplast acquired a number of patented and unpatented technologies. Unpatented technologies include inventions not patentable or protectable, know-how, confidential information and copyrights on computer software and the like. Most relate to know-how regarding various technologies. Division of the individual components into small intangible assets is not considered material or relevant. On acquiring Nine Continents Medical in November 2020, Coloplast acquired a number of patented and unpatented technologies. Unpatented technologies include inventions not patentable or protectable, know-how, confidential information and copyrights on computer software and the like. Most relate to know-how regarding various technologies. Division of the individual components into small intangible assets is not considered material or relevant. Trademarks In addition to patented and unpatented technologies, Coloplast acquired the Kerecis trademark through the acquisition of Kerecis, and the Atos Medical and TRACOE trademarks through the acquisition of Atos Medical. Management has assessed that the value of brands with indefinite useful life, which consist primarily of Kerecis, Atos Medical and TRACOE, can be maintained for an indefinite period, as these are well-established brands in their markets, having existed for decades. The industry is characterised as being very stable with consistent consumer demand and a predictable competitive environment, and is expected to be profitable for the foreseeable future. Control of the brands is legally established and enforceable indefinitely. In management\u2019s opinion, the risk of the useful life of these brands becoming finite is minimal because of their individual market positions and because current and planned marketing initiatives are expected to sustain their useful life. Customer lists/loyalties Coloplast also acquired a substantial number of customer relationships on acquiring Kerecis and Atos Medical. Customer relationships include lists of and access to Kerecis\u2019 and Atos Medical\u2019s existing customers, both users, hospitals, distributors and private offices. Material acquired patents, trademarks and know-how etc. Remaining DKK million Asset amortisation period 2023 2022 Kerecis Trademarks indefinite 1,501 - Technologies and Kerecis customer relationships 10-20 years 1,741 - Atos Medical and TRACOE Trademarks indefinite 3,081 3,235 Technologies and Atos Medical and TRACOE customer relationships 8-18 years 3,075 3,446 Nine Continents Technologies n/a 1,218 1,218 Carrying value at 30 September 10,616 7,899 2022/23 2021/22 Amortisations on intangible assets break down as follows Production costs 25 21 Distribution costs 291 219 Administrative expenses 13 10 Research and development costs 5 10 Total 334 260 Note 12 Property, plant and equipment Accounting policies Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the cost of acquisition and expenses directly attributable to an acquisition until the asset is ready for use. In case of assets manufactured by the company, cost comprises materials, components, sub-supplier services, direct labour and costs directly attributable to the manufactured asset. In addition, borrowing costs are recognised as part of cost. Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are: Land not depreciated Buildings 15 \u2013 25 years Building installations 5 \u2013 10 years Plant and machinery 5 \u2013 15 years Other fixtures and fittings, tools and equipment 3 \u2013 7 years At the balance sheet date, the residual values, remaining useful lives and depreciation pattern of the assets are reassessed. Any changes are treated as changes to accounting estimates. Gains and losses on the sale or scrapping of an item of property, plant and equipment are recognised in the income statement as other operating income and other operating expenses, respectively. DKK million 2022/23 2021/22 Depreciations on property, plant and equipment break down as follows Production costs 364 339 Distribution costs 41 35 Administrative expenses 32 23 Research and development costs 37 38 Total 474 435 Other Prepay-fixtures ments and and assets Total fittings, under property, Land and Plant and tools and construc-plant and DKK million buildings machinery equipment tion equipment 2022/23 Cost at 1 October 3,167 5,126 1,319 1,015 10,627 Exchange and other adjustments 67 23 -11 33 112 Additions from acquisitions - 19 - - 19 Transfers 241 359 124 -724 - Additions and improvements during the year 7 18 78 917 1,020 Disposals during the year -5 -127 -153 - -285 Cost at 30 September 3,477 5,418 1,357 1,241 11,493 Depreciation at 1 October 1,596 3,547 1,010 - 6,153 Exchange and other adjustments 2 13 -6 - 9 Depreciations for the year 132 214 128 - 474 Depreciations reversed on disposals during the year -3 -125 -146 - -274 Depreciation at 30 September 1,727 3,649 986 - 6,362 Carrying amount at 30 September 1,750 1,769 371 1,241 5,131 Cost of property, plant and equipment fully depreciated 757 2,419 752 - 3,928 2021/22 Cost at 1 October 2,748 4,957 1,172 802 9,679 Exchange and other adjustments 36 -115 14 -10 -75 Additions from acquisitions 137 32 49 29 247 Transfers 251 326 72 -649 - Additions and improvements during the year 8 15 26 878 927 Disposals during the year -13 -89 -14 -35 -151 Cost at 30 September 3,167 5,126 1,319 1,015 10,627 Depreciation at 1 October 1,501 3,494 899 - 5,894 Exchange and other adjustments -13 -42 11 - -44 Depreciations for the year 116 205 114 - 435 Depreciations reversed on disposals during the year -8 -110 -14 - -132 Depreciation at 30 September 1,596 3,547 1,010 - 6,153 Carrying amount at 30 September 1,571 1,579 309 1,015 4,474 Cost of property, plant and equipment fully depreciated 705 2,515 862 - 4,082 The Group has signed agreements with contractors for the supply of buildings, technical plant and machinery for DKK 144 million at 30 September 2023 (DKK 250 million at 30 September 2022). The Group has security upon properties for DKK 25 million at 30 September 2023 (DKK 26 million at 30 September 2022). Note 13 Right-of-use assets Accounting policies At the commencement date, when a leased asset is made available for use, a right-of-use asset and a corresponding lease liability is recognised on the balance sheet. Right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability, any lease payments made prior to the commencement date and any initial direct costs. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for the remeasurement of the lease liability. The right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term or the useful life of the right-of-use asset. Options to extend the initial leasing period are only included in the initial measurement if it is reasonably certain that the option will be utilised. Lease liabilities are initially measured at the present value of future lease payments. The lease payments are discounted using the implicit rate of the lease contract or, if not readily determinable, the incremental borrowing rate of Coloplast for loans with similar term and security. As a practical expedient, the discount rates are determined on basis of a portfolio of leases with similar characteristics, e.g. a portfolio of leased cars in a specific country. The lease liabilities are subsequently reduced by the portion of lease payments which is regarded as repayment of those lease liabilities. Lease liabilities are remeasured in the event of a lease modification or a reassessment of the lease term which in turn may also impact the carrying value of the right-of-use assets. The lease term is reassessed when a significant event or change, which is within the control of Coloplast, affects the prior assessment. Short-term leases and leases of low-value assets are exempted from the above accounting model. Consequently, lease payments associated with such lease contracts are recognised as an operating expense on either a straight-line basis over the lease term or another systematic basis which is more representative of the pattern of the benefit of the leased assets. The majority of the Group's right-of-use assets comprise office space, warehouses, cars and IT equipment. Leasing arrangements are preferred for certain types of assets as it stabilises cash flows and reduces capital invested in non-current assets. In certain situations, the leasing contracts include a right for Coloplast to extend the leasing period but this is only reflected in the cost of the right-of-use assets, and the corresponding lease liability, if it is reasonably certain that the option will be utilised. Variable lease payments, which are not included in the measurement of the lease liability, are expensed directly in profit or loss. These payments are mainly related to consumption-based charges, e.g. extra mileage in leased cars. The Group enters into new lease contracts continually, e.g. to replace an old right-of-use asset which is returned to lessor. The new contracts are usually entered prior to commencing the leasing period when a right-of-use assets is available for use. Consequently, the Group may have committed to lease contracts, which are insignificant from an individual perspective, at the balance sheet date which are not yet recognised on the balance sheet date. The extent of residual value guarantees for right-of-use assets is limited and expected payments are included in the initial amount of the lease liability. Other fixtures and fittings, tools and Total DKK million Land and buildings equipment right-of-use assets 2022/23 Carrying amount at 1 October 508 169 677 Exchange and other adjustments -10 -3 -13 Additions from acquisitions 11 - 11 Additions during the year 316 136 452 Disposals during the year -63 -115 -178 Depreciations for the year -150 -111 -261 Depreciations reversed on disposals during the year 54 106 160 Carrying amount at 30 September 666 182 848 Other fixtures and fittings, tools and Total DKK million Land and buildings equipment right-of-use assets 2021/22 Carrying amount at 1 October 447 154 601 Exchange and other adjustments -2 5 3 Additions from acquisitions 51 23 74 Additions during the year 151 100 251 Disposals during the year -20 -77 -97 Depreciations for the year -128 -107 -235 Depreciations reversed on disposals during the year 9 71 80 Carrying amount at 30 September 508 169 677 DKK million 2022/23 2021/22 Depreciations on right-of-use assets break down as follows Production costs 27 24 Distribution costs 199 182 Administrative expenses 33 27 Research and development costs 2 2 Total 261 235 Other lease expenses recorded in the income statement Lease payments related to short-term leases 14 11 Lease payments related to low-value assets 27 23 Variable lease payments 26 21 Total 67 55 Total cash outflow for leases Payments related to right-of-use assets 247 243 Payments related to other lease contracts 60 49 Total 307 292 DKK million 2023 2022 Maturity analysis of lease liabilities (undiscounted) In less than one year 237 227 Current lease liability (undiscounted) 237 227 Within 1 to 5 years 509 406 After more than 5 years 211 110 Non-current lease liability (undiscounted) 720 516 Total lease liability (undiscounted) 957 743 Note 14 Deferred tax Accounting policies Full provision is made for deferred tax on the basis of all temporary differences in accordance with the balance sheet liability method. Temporary differences arise between the tax base of assets and liabilities and their carrying amounts which are offset over time. Deferred tax relating to differences between initial recognition of assets or liabilities is not recognised if at the transaction date neither the accounting profit nor the taxable income is affected unless such differences occurred in a business combination. Uncertain tax positions generally relate to transfer pricing disputes and are recognised under payable tax and measured according to current tax rules and at the tax rates assumed in the year in which the assets are expected to be utilised. Deferred tax assets are recognised to the extent that it is probable that future positive taxable income will be generated, against which the temporary differences and tax losses can be offset. Deferred tax assets are measured at expected net realisable values. The value of future tax deductions in relation to share option programmes is recognised as deferred tax, until they are exercised by the employees. Any estimated excess tax deduction compared to the costs realised in the income statement is charged to equity. Key accounting estimates and judgements The recognition of deferred tax assets and uncertain tax positions requires an assessment by management. Deferred tax assets, including the tax base of tax loss carry-forwards, are recognised if management estimates that the tax assets can be utilised within a foreseeable future by offsetting against future positive taxable income. The assessment is made annually on the basis of budgets and business plans for the following years, including any scheduled business measures. As the Group conducts business globally, transfer pricing disputes may arise with tax authorities in respect of settlement prices etc. Management applies a probability-weighted assessment to determine obligations in connection with transfer pricing disputes. Atos Medical Group was acquired, as a share deal, in the financial year 2021/22. All intangible assets were transferred to Coloplast A/S resulting in exit taxation in the respective Atos entities. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base is considered established upon the acquisition. The Group\u2019s tax losses expiring after more than five years amount to DKK 188 million at 30 September 2023 (DKK 34 million at 30 September 2022). Of these tax losses, the Group has recognised a tax asset of DKK 27 million on a DKK 124 million tax loss at 30 September 2023 (DKK 4 million on a DKK 15 million tax loss at 30 September 2022). The tax value of the Group\u2019s tax credits amounts to DKK 158 million at 30 September 2023 (DKK 134 million at 30 September 2022). This amount includes a recognised tax asset of DKK 32 million at 30 September 2023 (DKK 39 million at 30 September 2022). The tax credits expire after five years. Taxable temporary differences regarding investments in subsidiaries and branches are insignificant and no deferred tax has been provided because the company controls the timing of the elimination of the temporary difference, and it is probable that the temporary difference will not be reversed in the foreseeable future. DKK million 2022/23 2021/22 Deferred tax at 1 October, net\u00b9\u207e -3,893 72 Exchange adjustments - 9 Additions from acquisitions\u00b9\u207e -660 -4,071 Adjustment due to change in tax rate 8 2 Prior-year adjustments 24 4 Other changes in deferred tax \u2013 charged to income statement 3,343 98 Change in deferred tax - charged to equity -60 -7 Deferred tax at 30 September, net -1,238 -3,893 DKK million 2023 2022\u00b9\u207e Recognised in the balance sheet as follows Deferred tax assets 884 674 Provision for deferred tax -2,122 -4,567 Deferred tax at 30 September, net -1,238 -3,893 Deferred tax relates to the following items Intangible assets\u00b9\u207e -2,193 -4,574 Property, plant and equipment, and right-of-use assets -218 -184 Indirect production costs -13 -14 Unrealised gain from intra-group sale of goods 501 451 Trade receivables -42 -33 Provisions 341 142 Share options 8 33 Tax losses carried forward and tax credits 59 44 IFRS 16 liabilities 167 112 Effect from hedge of cash flow and interest rates 91 131 Other 61 -1 Deferred tax at 30 September, net -1,238 -3,893 1) In 2022/23, the opening balance for goodwill and deferred tax have been adjusted due to changes in the purchase price allocation of Atos Medical Group acquired in 2021/22. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. This was not reflected in the purchase price allocation included in the 2021/22 financial statements. The change resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million. Note 15 Inventories Accounting policies Inventories are measured at the lower of cost and net realisable value. Cost is determined using the FIFO principle. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and indirect production overheads. Production overheads comprise indirect material and labour costs, maintenance and depreciation of the machinery and production buildings used in the manufacturing process as well as costs of production administration and management. Net realisable value is the expected selling price less cost of completion and costs to sell. Key accounting estimates and judgements Capitalised production overheads have been calculated using a standard cost method, which is reviewed regularly to ensure the relevant assumptions concerning capacity utilisation, lead times and other relevant factors in the calculation of actual costs of sales. Changes to the calculation method for production overheads, including levels of capacity utilisation, lead times, etc. could affect the gross margin and the overall valuation of inventories. DKK million 2023 2022 Raw materials and consumables 796 621 Work in progress 755 722 Manufactured goods 1,971 1,844 Inventories at 30 September 3,522 3,187 DKK million 2022/23 2021/22 Write-downs at 1 October 49 50 Additions from acquisitions - 9 Write-downs realised during the year -15 -21 Write-downs reversed during the year -16 -23 Additional write-downs made during the year 37 34 Write-downs at 30 September 55 49 Production overheads was included in the carrying amount of inventories with DKK 880 million at 30 September 2023 (DKK 889 million at 30 September 2022). Production costs include directly attributable production costs of DKK 5,039 million related to goods sold (2021/22: DKK 4,633 million). Note 16 Trade receivables and other receivables Accounting policies Receivables consist mainly of trade receivables. On initial recognition, receivables are measured at fair value and subsequently at amortised cost. Receivables are written down on the basis of an individual assessment and the simplified approach in accordance with IFRS 9 where loss allowances are based on lifetime expected credit losses. DKK million 2023 2022 Ageing of trade receivables Not due 3,066 2,825 Due up to 30 days 379 384 Due between 30 and 90 days 285 238 Due more than 90 days 695 601 Trade receivables at 30 September, gross 4,425 4,048 Loss allowance at 30 September -110 -108 Trade receivables at 30 September, net 4,315 3,940 Loss allowance at 1 October -108 -139 Exchange adjustment 2 -4 Allowances used during the year (realised losses) 3 17 Unused allowances reversed during the year - 38 Additional allowances recognised during the year -7 -20 Loss allowance at 30 September -110 -108 Given the profile of our customers, including large wholesalers and government-backed agencies, the risk of loss allowance is assessed to be limited, consequently the loss allowance in percent of due amounts is low. Other receivables, non-current The portion of other receivables, which are falling due after more than one year after the balance sheet date, is recognised in the balance sheet as non-current assets and amounts to DKK 39 million (DKK 31 million at 30 September 2022). The majority of the non-current other receivables falls due after three years of the balance sheet date. Interest accruing on receivables is 0%. Note 17 Share options Accounting policies Share options are granted to the executive management and senior management. For equity-settled schemes, the fair value of options is determined at the grant date. The option value is subsequently recognised over the vesting period as staff costs. For cash-settled schemes, the fair value of options granted during the period is recognised as staff costs, whereas the fair value adjustment of granted options from previous periods is recognised under financial items. The purchase and selling prices of treasury shares on exercise are deducted from or added to equity, as the case may be. Share options are granted to members of the executive management and other senior management for the purpose of motivating and retaining a qualified management group and in order to align the interests of management with those of the shareholders. Options are awarded as unconditional allocations at the date of grant, but vest over a three-year period. The value of options at the date of grant equalled an average of three months' salary for each recipient, with the exception of the executive management. The carrying amount of the cash settled share option programmes was DKK 1 million at 30 September 2023 (DKK 2 million at 30 September 2022), while the fair value of all option programmes amounted to DKK 156 million at 30 September 2023 (DKK 226 million at 30 September 2022). DKK million 2022/23 2021/22 Share options have affected the profit or loss for the year as follows Staff costs, accounting value of cash and equity-settled programmes 58 51 Financial costs, fair value adjustment of cash-settled programmes -1 -2 Cost of share options recognised in profit or loss 57 49 The fair value of the options was calculated using the Black-Scholes formula at the date of the grant, in which the interest rate applied was the yield on Danish government securities. Volatility in the share is calculated as monthly movements (period-end to period-end) over five years. Options are assumed to be exercised on average one year into the exercise period. 2022 2021 The following assumptions were applied in determining the fair value of share options granted during the financial year Black-Scholes value, DKK 128.65 119.70 Share price, DKK 814.50 1,154.91 Exercise price, DKK 855.23 1,212.65 Expected dividend per share, DKK 1.50% 1.50% Expected duration, years 4.00 4.00 Volatility 21.97% 19.90% Risk-free interest 2.34% -0.39% Value, million DKK 68.60 63.97 2022/23 2021/22 Average Average No. of exercise Average No. of exercise Average options price share price options price share price Outstanding share options at 1 October 2,231,521 892 2,080,407 768 Options awarded 536,131 881 534,416 1,209 Options awarded, repricing\u00b9\u207e 439,639 916 - - Options forfeited, repricing\u00b9\u207e -715,971 1,076 - - Options forfeited -28,287 958 -61,570 1,053 Options exercised -333,471 557 862 -321,732 580 1,018 Outstanding share options at 30 September 2,129,562 871 2,231,521 892 1) At 30 November 2022, Coloplast exchanged options awarded in 2020 and 2021 with new share options with a lower exercise price. Not exercised No. of Share at 30 options options Options September Exercise Year of issue issued lapsed exercised 2023\u00b9\u207e price\u00b2\u207e\u00b3\u207e Exercise period Specification of outstanding share options 2018 501,877 -10,461 -247,817 243,599 613 31/12/21 - 31/12/23 2018 US 119,260 - -39,985 79,275 635 31/12/21 - 31/12/23 2019 403,750 -13,921 -28,056 361,773 853 31/12/22 - 31/12/24 2019 US 88,846 - - 88,846 870 31/12/22 - 31/12/24 2020 531,920 -329,813 - 202,107 968 31/12/23 - 31/12/25 2020, repriced 241,296 -3,944 237,352 915 31/12/23 - 31/12/25 2020 US 109,900 -91,396 - 18,504 981 31/12/23 - 31/12/25 2020 US, repriced 65,197 - 65,197 920 31/12/23 - 31/12/25 2020 JP 3,232 -3,232 - - 968 31/12/23 - 31/12/25 2021 439,062 -283,927 - 155,135 1,201 31/12/24 - 31/12/26 2021, repriced 103,554 -1,941 101,613 918 31/12/24 - 31/12/26 2021 US 95,846 -77,687 - 18,159 1,213 31/12/24 - 31/12/26 2021 US, repriced 29,592 - 29,592 915 31/12/24 - 31/12/26 2021 JP 2,432 -2,432 - - 1,201 31/12/24 - 31/12/26 2022\u2074\u207e 422,429 -4,797 417,632 850 31/12/25 - 31/12/27 2022 US 108,646 - 108,646 855 31/12/25 - 31/12/27 2022 JP 2,132 - 2,132 850 31/12/25 - 31/12/27 Total 3,268,971 -823,551 -315,858 2,129,562 \u00b9\u207e Exercisable options as per 30 September 2023 was 773,493. \u00b2\u207e Average exercise price for options exercisable at the balance sheet date was DKK 742.58. \u00b3\u207e The exercise prices are adjusted for payment of dividend. In 2022/23, the adjustment of the exercise price was DKK -6.69. \u2074\u207e Of which 129,670 was granted to key management. Coloplast's holding of treasury shares fully covers the option programmes, so the options exercised under the programme will not influence the Group's cash position by forcing it to buy up shares in the market. See note 9 to the financial statements for an overview of treasury shares held by Coloplast at the balance sheet date. Note 18 Provisions for pensions and similar obligations Accounting policies In defined contribution plans, the Group makes regular payments of fixed contributions to independent pension funds and insurance companies. The Group is under no obligation to pay additional contributions. Costs for defined contribution plans are recognised in the income statement as Coloplast assumes an obligation to make the payment. In defined benefit plans, the Group is under an obligation to pay a defined benefit on retirement. The actuarially calculated present value less the fair value of any plan assets is recognised in the balance sheet under provision for pension and similar obligations or in plan assets in the balance sheet. The total service costs of the year plus calculated interest based on actuarial estimates and financial assumptions at the beginning of the year are recognised in the income statement. The difference between the forecast development in plan assets and liabilities and the realised values at the end of the year is called actuarial gains or losses and is recognised in other comprehensive income. In connection with a change in benefits regarding the employees\u2019 employment with the Group to date, there will be a change in the actuarial calculation of the net present value, which is taken directly to the profit or loss. Defined contribution plans The Group offers pension plans to certain groups of employees in Denmark and abroad. Most of the pension plans are defined contribution plans. The Group funds the plans through regular payments of premiums to independent insurance companies responsible for the pension obligations towards the beneficiaries. Once the pension contributions for defined contribution plans have been made, the Group has no further obligation towards current or former employees. Contributions to defined contribution plans are recognised in the income statement when paid. In 2022/23, DKK 410 million (2021/22: DKK 359 million) was recognised. Defined benefit plans For certain groups of employees in foreign subsidiaries, the Group has signed agreements to pay defined benefits, including pension payments. Share of gross obligation by country 2023 2022 France 21% 21% Germany 11% 12% UK 67% 66% Italy 1% 1% Total 100% 100% These pension liabilities are not or are only partly covered by insurance (in the UK). Defined benefit liabilities are recognised in the balance sheet and in the income statement as indicated below. Coloplast funds the plans in the UK. The plans in Italy have been closed, and no further payments are made. The figures below include liabilities regarding the post-service remuneration scheme applicable to Board members prior to the amendment to the articles of association adopted at the Annual General Meeting held in 2002. The pension plans are based on the individual employee's salary and years of service with the company, and benefits are paid as a lifelong pension. The active plans are not exclusive to any particular employee group. Special funding requirements apply in the UK, while this is not the case for the other countries. In the UK, employee interests are handled by a Trustee Board. Accounts are prepared every three years and funding of any deficit is determined. Any surplus reverts to Coloplast. The plans have no requirements for risk diversification on equities or for matching strategies. The plans have a duration of an average of 11 years, and all plans generally mature after more than 10 years. The Group expects to pay DKK 7 million to the defined benefit plans in 2023/24. DKK million 2022/23 2021/22 Defined contribution plans 410 359 Defined benefit plans 12 12 Cost of pension plans recognised in profit or loss 422 371 Pension costs concerning current financial year 8 10 Net interest expenses 4 2 Cost of defined benefit plans recognised in profit or loss 12 12 Actuarial gains/losses on pension obligations 27 227 Actuarial gains/losses on plan assets -36 -152 Actuarial gains/losses on defined benefit plans recognised in other comprehensive income -9 75 Plan assets at 1 October 249 397 Exchange adjustments 4 -2 Actual rate of interest 12 8 Actuarial gains/losses on plan assets -36 -152 Paid by the Coloplast Group 12 14 Benefit paid out -16 -16 Plan assets at 30 September 225 249 DKK million 2023 2022 Specification of plan assets Shares, listed 35 63 Bonds 82 57 Investments funds 107 126 Cash and similar assets 1 3 Plan assets at 30 September 225 249 DKK million 2022/23 2021/22 Specification of present value of defined benefit obligation Present value of defined benefit liability at 1 October 370 593 Exchange adjustments 5 - Current service costs 8 10 Calculated interest on liability 16 10 Actuarial gains/losses, financial assumptions -28 -223 Actuarial gains/losses, demographic assumptions - 11 Actuarial gains/losses, experience 1 -15 Benefit paid out -16 -16 Present value of defined benefit liability at 30 September 356 370 Fair value of plan assets at 30 September -225 -249 Net liability of defined benefit plans at 30 September 131 121 Net liability of defined benefit plans at 1 October 121 196 Expenditure for the year 12 12 Actuarial gains/losses on pension obligation -27 -227 Exchange adjustment 1 2 Actuarial gains/losses on plan assets 36 152 Payments received -12 -14 Net liability of defined benefit plans at 30 September 131 121 Actuarial assumptions applied at the balance sheet date (expressed as an average) Discount rate 4.3% 3.5% Future rate of salary increases 1.9% 2.0% Inflation 2.3% 1.7% The below sensibility analysis shows the change in one of the actuarial assumptions, while other assumptions are kept constant. In practice, a change in one of the assumptions will in many instances be matched by a change in the other assumptions. 2022/23 2021/22 +1%-point -1%-point +1%-point -1%-point Percentage increase/decrease in the gross liability resulting from a change in a single actuarial assumption Discount rate -12% 14% -13% 15% Future rate of salary increases 3% -2% 2% -2% Inflation 8% -7% 8% -7% Note 19 Other provisions Accounting policies Provisions are recognised when the Group has a legal or constructive obligation arising from a past event, and it is probable that an outflow of the Group\u2019s financial resources will be required to settle the obligation. Provisions are measured as Management's best estimate of the amount with which the liability is expected to be settled. The Group recognises a provision for the replacement of products covered by warranties at the balance sheet date. Key accounting estimates and judgements Provisions for legal obligations consist of provisions for pending litigation. Management makes assessments of provisions and contingent liabilities, including the probable outcome of pending and possible future litigation, which is inherently subject to uncertain future events. Based on information available, Management believes that adequate provisions have been made for pending litigation, but there can be no assurance that the scope of these matters will not be extended, nor that material lawsuits, claims, legal proceedings or investigations will not arise in the future. 2022/23 2021/22 Legal Legal DKK million claims Other Total claims Other Total Provisions at 1 October 197 408 605 194 12 206 Exchange adjustment - -15 -15 61 -5 56 Additions from acquisitions - - - - 400 400 Provisions used during the year -281 - -281 -361 - -361 Unused provisions reversed during the year -8 -291 -299 -12 - -12 Additional provisions 208 39 247 315 1 316 Provisions at 30 September 116 141 257 197 408 605 Expected maturities Non-current liabilities 17 54 71 51 207 258 Current liabilities 99 87 186 146 201 347 Provisions at 30 September 116 141 257 197 408 605 Provisions charged to profit or loss during the year 200 -252 -52 303 1 304 Legal claims The amounts are gross amounts relating to certain legal claims. Since 2011, Coloplast, along with a number of other major manufacturers, has been named as a defendant in individual lawsuits in various federal and state courts around the United States alleging injury resulting from use of transvaginal surgical mesh products designed to treat pelvic organ prolapse and stress urinary incontinence. A multidistrict litigation (MDL) was formed in 2012 in the Southern District of West Virginia to consolidate federal court cases in which Coloplast is the first named defendant. Since the first lawsuits were filed, Coloplast has been intent on disputing the current and any future litigation and has continually considered which strategy and other steps may serve the company\u2019s best interests. Against this background, Coloplast has from the start reached settlements with groups of law firms. In 2017, Judge Joseph Goodwin issued a court order stating that plaintiffs may no longer direct claims against Coloplast in the ongoing MDL. In 2019, the remaining cases were remanded to the relevant Courts, and on 18 December 2020 the MDL was formally closed. The total amount recognised since the 2013/14 financial year for expected costs of litigation in the USA amounts to DKK 6.35 billion including legal costs (before insurance cover of DKK 0.5 billion). The total expected expense is based on a number of estimates and assumptions and is therefore subject to uncertainty. The remaining provision made for legal claims amounted to DKK 0.1 billion at 30 September 2023 (DKK 0.2 billion at 30 September 2022) plus DKK 0.1 billion recognised under other debt (DKK 0.3 billion at 30 September 2022). Liabilities are classified as other debt when agreements are reached with the plaintiffs\u2019 legal counsel and amounts and timing become known. Other Other liabilities relate to provisions for expenses associated with restructuring, guarantees and other non-legal claims. The majority of the provisions are related to Atos Medical Inc. (US) which is on a regular basis subject to public audits regarding billing compliance. It is assessed that these audits are associated with a material risk of recoupment and based on the preliminary high-level analysis the maximum exposure was estimated to around DKK 500 million at the acquisition date. The exposure and the related provision has been reassessed during the year, which lead to an adjustment so the provision at 30 September 2023 amounts to DKK 90 million. Note 20 Credit institutions Accounting policies Borrowings from credit institutions are recognised at fair value less expenses incurred and subsequently at amortised cost. Repo debt relates to mortgage bonds forming a part of repo transactions. Repo debt is recognised at amortised cost plus accumulated repo interest. DKK million 2023 2022 Maturity Repo debt to credit institutions - 199 Matured in 2022/23 Other borrowings from credit institutions 2,268 1,445 Less than one year Borrowings from credit institutions at 30 September 2,268 1,644 Bonds 16,405 16,359 Matures in 2024, 2027 and 2030 Lease liability 894 705 See note 13 'Right-of-use assets' Other payables 4 16 More than one year Marketable securities - -219 Matured in 2022/23 Bank balances -911 -414 Available for withdrawal Net interest-bearing debt at 30 September 18,660 18,091 Other borrowings from credit institutions Other borrowings from credit institutions mainly comprise drawdowns on revolving credit facilities which are committed for three years on the balance sheet date in addition to minor bank overdrafts on authorised short-term facilities. The borrowings from credit institutions are presented as current liabilities due to its nature as instruments for liquidity management. Bonds Coloplast raised in 2021/22 EUR 2.2 billion in debt financing through the issuance of senior unsecured notes in an aggregate principal amount of EUR 2.2 billion under the Coloplast Euro Medium Term Note programme. The Notes are unconditionally and irrevocably guaranteed by Coloplast. COLOCB1 EUR 650 million Floating Rate Note carries a coupon adjusted quarterly. COLOCB2 EUR 850 million carries a fixed coupon for five years, and COLOCB3 EUR 700 million a fixed coupon for eight years. COLOCB2 and COLOCB3 can be redeemed at a market price fixed on the redemption date in relation to named EUR bonds with similar maturity. A pre-hedge was made with Interest swaps on the two fixed rate bonds COLOCB2 and COLOCB3. The swaps were closed down upon issue of the bonds. The objective was to lock in interest rates to the level prevailing when entering into the swaps. The gain of DKK 521 million has been recognised in the cash flow hedge reserve and transferred to financial items as an offset to the fixed interest coupons during the lifetime of the bonds. Nom. amount, Less than one Within 1 to 5 More than 5 Short name Currency million year, million years, million years, million Coupon, %\u00b9\u207e COLOCB1 EUR 650 672 - - 4.57 COLOCB2 EUR 850 19 907 - 2.25 COLOCB3 EUR 700 19 77 739 2.75 \u00b9\u207e Fixed for COLOCB1 as per 17 August 2023. The coupon rate is set as 3M Euribor + 0.75%. Note 21 Financial instruments by category Accounting policies Financial instruments are measured at either amortised cost or fair value. Those financial instruments, which are measured at fair value, can be categorised according to the fair value measurement hierarchy below: Level 1: Observable prices in active markets for identical instruments. Level 2: Valuation models primarily based on observable prices or traded prices of comparable instruments. Level 3: Valuation models primarily based on non-observable prices. The fair value of forward exchange contracts and other derivative financial instruments are considered a level 2 fair value measurement as the fair value is determined directly based on the published exchange rates and quoted forward exchange rates at balance sheet dates. The fair value of derivative financial instruments is calculated on the basis of current market data. Hedging Fair value instruments at Contingent through fair value consideration at fair Amortised profit or loss through OCI value through profit DKK million cost (level 1) (level 2) or loss (level 3) Total 2023 Trade receivables 4,315 - - - 4,315 Other receivables 259 - 53 - 312 Cash and cash equivalents 911 - - - 911 Financial assets 5,485 - 53 - 5,538 Other credit institutions 2,268 2,268 Bonds\u00b2\u207e 16,405 - - - 16,405 Trade payables 1,294 - - - 1,294 Other payables 2,518 - 69 666 3,253 Lease liability 894 - - - 894 Financial liabilities 23,379 - 69 666 24,114 2022\u00b9\u207e Trade receivables 3,940 - - - 3,940 Other receivables 325 - 89 - 414 Marketable securities\u00b9\u207e - 219 - - 219 Cash and cash equivalents 414 - - - 414 Financial assets 4,679 219 89 - 4,987 Other credit institutions 1,644 - - - 1,644 Bonds\u00b2\u207e 16,359 - - - 16,359 Trade payables 1,242 - - - 1,242 Other payables 2,389 - 171 - 2,560 Lease liability 705 - - - 705 Financial liabilities 22,339 - 171 - 22,510 \u00b9\u207e The securities portfolio consists of mortgage bonds and corporate bonds. The bond portfolio carried an effective rate of interest of 1-6% (2021/22: 1-6%). \u00b2\u207e The fair value of the bonds amounts to DKK 15,605 million (DKK 15,636 million 30 September 2022) calculated based on market prices (level 1). Note 22 Financial risks Risk management policy Financial risks are managed centrally and, accordingly, all derivative instruments are managed and controlled by the parent company. The framework is determined by the financial policy approved annually by the Board of Directors. The financial policy comprises policies for foreign exchange, funding, liquidity and financial counterparts. The core principle is for financial risk to be managed with a view to reducing significant risk. Foreign exchange risk A number of the Group\u2019s financial instruments is exposed foreign exchange risks as a natural consequence of its global activities. The Board of Directors determines the level of risk as a percentage of EBITDA. Foreign exchange risk is calculated by applying the principles of a cash-flow-at-risk model. The foreign exchange risk related to financial instruments is concentrated in receivables, payables and cash positions denominated in foreign currencies. In addition to this, the fair value of the Group\u2019s hedging instruments is significantly exposed to changes in foreign exchange rates. On the other hand, there is only a low foreign exchange risk attached to the Group\u2019s marketable securities as these are denominated in DKK and EUR. Borrowings from credit institutions, including repo debt, are denominated in DKK, and bonds in EUR. While EUR is a key currency for the Group, the foreign exchange risk is regarded as low due to fixed exchange rate policy of the central bank of Denmark. As at 30 September 2023, an average of 59% of the following twelve months of expected net cash flows were hedged (30 September 2022: 59% of the following twelve months of cash flows). The table below shows how a theoretical change of +/- 2% in all currencies against Danish kroner will impact the financial instruments recognised at the balance sheet date. The impact on profit or loss comes mainly from receivables denominated in foreign currencies. The impact on other comprehensive income relates to the fair value of hedging instruments. The hedged exposure is included in the sensitivity analysis and, therefore, the effect is reduced. 2022/23 2021/22 DKK million USD GBP HUF EUR Other USD GBP HUF EUR Other Impact from a 2% increase in currencies Profit or loss 10 -1 16 -332 106 20 -2 8 -314 24 Other comprehensive income -18 -25 12 -8 -20 -19 -25 8 -9 -20 Total comprehensive income -8 -26 28 -340 86 1 -27 16 -323 4 Impact from a 2% decrease in currencies Profit or loss -10 1 -16 332 -106 -20 2 -8 314 -24 Other comprehensive income 18 25 -12 8 20 19 25 -8 9 20 Total comprehensive income 8 26 -28 340 -86 -1 27 -16 323 -4 The increase and decrease resulting from a 2% change are the same as all hedging instruments are forward contracts. Interest rate risk 64% of the Group's net interest-bearing debt is carrying fixed interest rate for 4-7 years, and 46% is at floating interest rate. The duration as per balance sheet date was 3.7 years. An interest increase of 1% p.a. on COLOCB1 EUR 650 million Floating Rate Note will increase the annual interest expense with DKK 45 million. Liquidity risk The exposure to liquidity risks is considered to be low. In addition to cash available for withdrawal and marketable securities, the Group\u2019s cash reserves comprise a mix of committed and uncommitted credit facilities to ensure an adequate level of funding for the Group\u2019s activities, even in periods of operational uncertainty. DKK million 2023 2022 Cash and cash equivalents 911 414 Marketable securities - 219 Liquid assets recorded on the balance sheet at 30 September 911 633 Committed credit facilities, unutilised (3 years term) 3,577 4,370 Uncommitted credit facilities, unutilised (short-term) 3,259 3,170 Financial reserves at 30 September 7,747 8,173 The Board of Directors generally intends to distribute excess cash to the shareholders by way of dividends and share buybacks. It is expected that dividends will be paid twice a year: after the Annual General Meeting and after the release of the half-year interim report. However, share buybacks and distribution of dividend will always be made with due consideration for the Group\u2019s liquidity requirements and plans. The capital management objective of the Group is to raise new debt only for acquisition purposes or for other special purposes. The Group assesses the capital on the basis of the solvency ratio, which is calculated in accordance with the guidelines issued by the Danish Society of Financial Analysts. Credit risk The Group\u2019s credit risk relates to the possibility that the counterparties of its financial assets are not able to meet their obligations as they fall due. The carrying amount of the financial assets represents the maximum credit risk exposure. The Group\u2019s policy for managing credit risks involves an ongoing credit assessment of major customers and other key business partners. The credit risk exposure relates to (i) receivables, (ii) bank deposits, (iii) marketable securities (mortgage bonds and corporate bonds) as well as (iv) derivative financial instruments (forward exchange contracts) with a positive fair value at the balance sheet date. \u2022 The credit risk related to trade receivables and other receivables is diversified over a large number of customers and other counterparties. For this reason, the credit risk is regarded as insignificant. See also note 16. \u2022 The credit risk related to bank deposits is, pursuant to the Group\u2019s counterparty policy, managed and mitigated by making money market deposits only with selected financial institutions holding a satisfactory credit rating. In addition, the maximum deposit limits have been defined for each financial counterparty. \u2022 The credit risk related to marketable securities is considered to be limited as investment is only made in selected liquid bonds with a high credit rating. \u2022 The credit risk related to derivative financial instruments is aligned with the credit risk for bank deposits as derivative contracts are only entered with selected financial institutions with a satisfactory credit rating. Note 23 Derivative financial instruments Accounting policies At the initiation of derivative contracts, it is assessed whether they qualify for hedge accounting and the derivatives are classified as either cash flow hedges or fair value hedges. Cash flow hedges relates to highly probable forecasted transactions at a future point in time. Fair value hedges relate to changes in the fair value of assets or liabilities recognised on the balance sheet. Upon initial recognition, the fair values of derivative financial instruments are recognised as an asset or a liability on the balance sheet date. These are presented together with other receivables or other payables, respectively. The fair values of derivative financial instruments are subsequently remeasured at fair value at each reporting date. The subsequent value adjustments of cash flow hedges are recognised through other comprehensive income as a cash flow hedge reserve when the hedging relationship continues to meet the effectiveness requirement. The reserve is recognised in the income statement upon realisation of the hedged transactions. Interest hedge of bonds with fixed rate is recognized in the other comprehensive income as reserve for hedging, until the hedged interests will be recognized in the income statement. If a derivative financial instrument used to hedge expected future transactions expires, is sold or no longer qualifies for hedge accounting, any accumulated reserve remains in equity until the hedged transaction is concluded. If a transaction is no longer expected to be concluded, any reserve accumulated under equity is transferred to the income statement. The subsequent value adjustments of fair value hedges are recognised through profit or loss along with any adjustments of the value of the hedged asset that concern the hedged risk. Pursuant to the Group\u2019s foreign exchange policy, forward exchange contracts are used for the purpose of neutralising and delaying the effect of exchange rate fluctuations in profit or loss and thereby enhance the predictability of the financial results. The foreign exchange risk is calculated by applying the principles of a cash-flow-at-risk model, with the Board of Directors determining the level of risk as a percentage of operating profit (EBITDA). The risk is managed and mitigated through cash flow hedges and, in some cases, through fair value hedges. Sources of hedging ineffectiveness comprise mainly those that arise from assumptions on expected 12-month rolling cash flows not being realised. The Group hedges key currencies e.g. USD, GBP, JPY and HUF, and selectively hedges emerging markets currencies taking the cost of hedging into consideration. The Group does not hedge forecasted cash flows denominated in EUR as the foreign exchange risk is regarded as low due to the fixed exchange rate policy of the central bank of Denmark. Specification of derivative financial instruments held at the balance sheet date. Average exchange Fair value rate per Contract of contract the amount at at year-hedging Expiry period of the DKK million year-end\u00b9\u207e end\u00b2\u207e contracts contracts 2023 USD 967 -24 681.34 Oct 23 - Aug 24 GBP 1,360 -21 839.56 Oct 23 - Sep 24 JPY 178 12 5.16 Oct 23 - Sep 24 HUF -454 22 1.76 Oct 23 - Sep 24 Other currencies 978 2 n/a Oct 23 - Sep 24 Forward exchange contracts at 30 September, cash flow hedges 3,029 -9 Power purchase agreement 63 14 Sep 33 Power purchase agreement at 30 September, cash flow hedges 63 14 HUF 277 -7 1.85 Oct 23 - Jan 24 Forward exchange contracts at 30 September, fair value hedges 277 -7 Deferred gain on settled interest swaps: EUR 2,983 94 May 27 EUR 5,593 325 May 30 Interest swaps at 30 September, to hedge future interest payments 8,576 419 2022 USD 960 -107 671.49 Oct 22 - Aug 23 GBP 1,367 44 859.67 Oct 22 - Aug 23 JPY 177 8 5.54 Oct 22 - Sep 23 HUF -438 -39 1.82 Oct 22 - Aug 23 Other currencies 953 -6 n/a Oct 22 - Sep 23 Forward exchange contracts at 30 September, cash flow hedges 3,019 -100 HUF 275 18 1.84 Nov 22 - Jan 23 Forward exchange contracts at 30 September, fair value hedges 275 18 Deferred gain on settled interest swaps: EUR 2,974 120 May 27 EUR 5,577 373 May 30 Interest swaps at 30 September, to hedge future interest payments 8,551 493 \u00b9\u207e Amount is translated to DKK millions using the exchange rates per the hedging contracts. Positive amounts indicate a forecasted sale of the currency in question; negative amounts indicate a forecasted purchase of currency in question. \u00b2\u207e Positive amounts indicate that the net fair value of the hedging contracts is an asset. Negative amounts indicate that the net fair value of the hedging contracts is a liability. Note 24 Specifications of cash flow from operating and financing activities DKK million 2022/23 2021/22 Net gain/loss on divestment of non-current assets 3 7 Change in other provisions -281 -3 Other non-cash operating items 58 52 Adjustment for other non-cash operating items -220 56 Inventories -474 -540 Trade receivables -392 -351 Other receivables, including amounts held in escrow 11 -295 Trade and other payables etc. -38 337 Changes in working capital -893 -849 2022/23 2021/22 Lease Credit Lease Credit DKK million liability Bonds facilities Total liability Bonds facilities Total Balance at 1 October 705 16,359 1,644 18,708 626 - 2,160 2,786 Addition from acquisitions 11 - - 11 74 4,882 4,956 Additions during the year 452 - - 452 251 - - 251 Cash flows -244 - 622 378 -239 16,367 -5,398 10,730 Exchange and other adjustments -30 46 2 18 -7 -8 - -15 Balance at 30 September 894 16,405 2,268 19,567 705 16,359 1,644 18,708 Note 25 Cash and cash equivalents Accounting policies Cash and cash equivalents, recognised under current assets, comprise bank deposits and cash at hand and are measured at fair value. DKK million 2023 2022 Bank deposits, short term 911 414 Cash and cash equivalents at 30 September 911 414 Note 26 Public grants Accounting policies Public grants comprise of grants for research, development and other investments. Grants for investments are recognised as deferred income, which is recognised systematically in the income statement under production costs from the date when the conditions attaching to them are deemed to be complied with until the date on which the deadline for retaining such conditions expires. Other grants are recognised as income on a systematic basis, so that they are matched with the related costs for which they compensate. The Group has received DKK 3 million in public grants for research and development purposes (2021/22: DKK 4 million) and DKK 1 million in public grants for investments (2021/22: DKK 5 million). An income of DKK 2 million relating to investment grants has been recognised under production costs in the income statement (2021/22: DKK 13 million). Note 27 Contingent liabilities and guarantees As part of the normal course of business, Coloplast is involved in pending litigations, claims and investigations. Provisions for probable losses have been made for those matters Management has assessed as needed, but there are uncertainties associated with these estimates. Please also see note 19 to the financial statements. Coloplast does not expect any pending litigations, claims and investigations to materially influence the Group\u2019s future earnings, cash flows or financial position, neither individually nor in aggregate, in addition to the amounts recognised as provisions. Bonds in repo transactions have been provided as collateral for repo debt. Bonds provided as collateral were valued at DKK 0 million at 30 September 2023 (DKK 199 million at 30 September 2022). See note 20 to the financial statements for information on interest rate risk relating to bonds. Note 28 Remuneration of the Board of Directors and Executive Management The current policy for the remuneration of the Board of Directors and Executive Management was adopted in 2021 and sets out the general guidelines for the remuneration of the Group\u2019s management. The guidelines for the remuneration of the Board of Directors and Executive Management are available on the Group website. In addition to the disclosures provided in this note, more details on the remuneration of Executive Management and Directors are provided in the separate Remuneration report for the Coloplast Group, which is not a part of the audited financial statements. The report is also available on the Group website. Fees to Board members in respect of the current financial year Fees to Board members make up DKK 6.9 million (2021/22: DKK 7.0 million) of the total staff costs (see note 5 to the financial statements) and are specified as follows: DKK million 2022/23 2021/22 Ordinary board member fee 5.3 5.3 Audit Committee 0.9 1.0 Nomination and Remuneration Committee 0.7 0.7 Fee to members of the Board of Directors 6.9 7.0 In addition, the accounting cost of not-yet-vested share options held by the Chairman amount to DKK 0.1 million in 2022/2023 (2021/22: DKK 0.9 million) of the total staff costs (see note 5 to the financial statements). The accounting cost is calculated in line with IFRS 2 and relates to share options awarded to him during his term as CEO. Remuneration of members of the Executive Management in respect of the current financial year Remuneration of members of Executive Management make up DKK 66.9 million (2021/22: DKK 61 million) of the total staff costs (see note 5 to the financial statements) and are specified as follows: DKK million 2022/23 2021/22 Base salaries 34.4 33.2 Pension 5.0 4.9 Other benefits 1.7 1.9 Cash bonus 9.9 5.7 Remuneration of Executive Management, excluding value of share options and contingent salary items 51.0 45.7 Share options 15.9 14.9 Contingent bonus schemes - 0.4 Remuneration of Executive Management 66.9 61.0 The value of share options, which is calculated as the fair value of share options at the grant date using the Black-Scholes Formula in line with IFRS 2, comprise the annual accounting cost of share options awarded in the current and in prior years in accordance with the accounting policies applied. Consequently, it does not represent the fair value of share options awarded or exercised in the current financial year. If a member of Executive Management is given notice of termination by the company and such termination is not due to breach on the part of the member of Executive Management, such member is entitled to compensation corresponding to a maximum of two years\u2019 salary and pension contribution. Share options are granted to members of Executive Management and senior management. See note 17 to the financial statements for further information regarding share-based payments as well as the separate Remuneration Report for the Coloplast Group, which is not part of the audited financial statements. The report is available on the Group website. Note 29 Related party transactions Related parties to the Coloplast Group include members of the Board of Directors and the Executive Management and main shareholders of Coloplast A/S. There were no major transactions with related parties. Information about the remuneration of the Management is set out in note 28 to the financial statements. Note 30 Fees to auditors appointed by the Annual General Meeting DKK million 2022/23 2021/22 Statutory audit 13 12 Assurance engagements other than audit 1 1 Tax advisory 3 3 Other services 2 2 Fee to PricewaterhouseCoopers 19 18 Fee for non-audit services provided to the Group by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, amounted to DKK 4 million (2021/22: DKK 4 million), relating to tax compliance, transfer pricing, due diligence and other assurance assessments and opinions. Certain of the Group's subsidiaries are not subject to an audit by PricewaterhouseCoopers. Note 31 Events occurring after the balance sheet date No events have occurred after the balance sheet date which are deemed to have a material impact on the financial results or equity at 30 September 2023. Note 32 Acquisitions In the financial year 2021/22 Coloplast acquired Atos Medical. See the Annual Report 2021/22 note 32 for further information regarding the acquisition. In 2022/23, Coloplast has changed the purchase price allocation of Atos Medical Group. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. This was not reflected in the purchase price allocation included in the 2021/22 financial statements. The change resulted in an increase in goodwill of DKK 2,490 million and an increase deferred tax liability of DKK 2,490 million. There is no effect on the statement of comprehensive income or equity. Due to the materiality of the correction, this is treated as an adjustment to prior year figures and notes, where applicable. On 31 August 2023 Coloplast acquired all shares and voting rights of Kerecis hf. and its subsidiaries at a cash consideration of DKK 7,923 million. About Kerecis Kerecis develops, manufactures and sells patented fish-skin soft tissue regeneration products that have regulatory approval in the United States, Europe, and several other jurisdictions. The products are classified as medical devices and Kerecis operates and develops product portfolios in the surgical, chronic and burn segment. The vast majority of Kerecis\u2019 sales are in the US. Kerecis is headquartered in Iceland and has 550 employees globally. Strategic rationale The transaction gives Coloplast a unique opportunity to strengthen its presence in the advanced wound care market by entering the fast-growing US-centric biologics wound care segment. The acquisition supports Coloplast to expand its position in the US biologics market and in the mid-to long- term also in geographies outside of the US. Transaction costs In 2022/23, Coloplast incurred acquisition related costs of DKK 53 million, which has been recognised under special items in the statement of comprehensive income. Purchase price and contingent consideration The total purchase consideration amounts to DKK 8,868 million, including cash consideration, deferred consideration and contingent consideration. Contingent consideration relates to a potential earn-out payment to the previous shareholders of Kerecis. The earn out depends, exclusively, on two targets, revenue and EBITDA, measured from 1 October 2023 to 30 September 2024. Each of the targets are subject to a maximum amount of 50% of the aggregated maximum earn out amount of USD 100 million. Both thresholds are mutual qualifiers and must both be met to trigger any earn-out payment. Contingent consideration is measured at fair value and classified as a financial liability in Coloplast\u2019s consolidated financial statements. The liability is subsequently remeasured to fair value, with changes in fair value recognized in profit or loss. The fair value of contingent consideration amounts to DKK 648 million at the acquisition date. Fair value of acquired net assets and recognised goodwill The fair value of the acquired net assets has been identified and goodwill recognised. Net assets, goodwill and contingent assets and liabilities recognised at the reporting date are preliminary. Adjustments may be applied to the purchase price allocation for a period of up to 12 months from the acquisition date in accordance with IFRS 3. Intangible assets consist of customer relationships (DKK 324 million) and patent and trademarks (DKK 2,835 million). Customer relationships consist of access to In-patients (private offices and hospitals) and out-patients (private clinics). Patent and trademarks consist of developed technology (production know-how and patents) and the corporate trademark, Kerecis. The fair value of acquired trade receivables is DKK 179 million. Trade receivables have only been subject to insignificant write-downs. After recognition of identifiable assets and liabilities at fair value, goodwill related to the acquisition amounts to DKK 6,184 million. Goodwill is mainly related to the expertise and know-how of the acquired workforce. It will not be deductible for tax purposes. Details of the purchase consideration, the assets and liabilities recognised as a result of the acquisition are as follows: Preliminary fair value at date of acquisition DKK million (31/08/2023) Assets identified at fair value: Customer relationships 324 Patents and trademarks 2,835 Property, plant and equipment 19 Right-of-use assets 11 Deferred tax assets 17 Inventories 35 Trade and other receivables 179 Cash and cash equivalents 194 Total assets 3,614 Liability identified at fair value: Lease liabilities 11 Corporate tax 6 Trade and other payables 253 Deferred tax liability 660 Total liability 930 Total net assets acquired 2,684 Goodwill 6,184 Consideration transferred 8,868 Payable consideration -103 Contingent consideration -648 Acquired cash -194 Cash consideration paid 7,923 Earnings impact In 2022/23, Kerecis is recognized in consolidated net revenue at DKK 75 million and in consolidated operating profit before special items at DKK 0 million, which also includes around DKK 9 million PPA amortization costs. If the acquisition had occurred on 1 October 2022, consolidated pro-forma revenue and operating profit before special items for the period ended 30 September 2023 of the acquired Group would have been approximately DKK 772 million and DKK 46 million excluding amortizations of intangibles recognized in the acquisition (DKK 103 million). Kerecis activities is presented as a new operating segment for the Coloplast Group. Fair value measurement Material net assets acquired for which significant estimates and judgements have been applied in the fair value assessment havebeen recognised using the following valuation techniques: Customer relationships Customer relationships have been valued using the income-Multi-period Excess Method (MEEM), by which the present value of future cash flows from recurring contract customers expected to be retained after the date of acquisition has been valuated using a WACC of 11.9% as discount rate. The main input drivers in the MEEM model used are the estimated future retention rate and net cash flow of the acquired contract customer base. These inputs have been estimated based on Management\u2019s professional judgement from analysis of the acquired customer base, historical data and general business insight. Patent and trademarks Technology has been measured by applying the income-based relief from royalty method to the revenue stream. The discount rate applied is 10.9% which is deemed a fair reflection of the risk comprised in the technology, which is well protected and unique for the industry. The corporate trademark, Kerecis, is valued by applying the income-based relief from royalty method, where the royalty rate is based on benchmark study of valuations from former transactions with similar assets. The discount rate applied is 11.9% which is deemed a fair reflection of the risk comprised in the corporate trademarks. Trade receivables and payables Trade receivables and trade payables have not been fair value adjusted as the current provisions are sufficient in terms of potential losses based on historical information. Note 33 Company overview Company Country Ownership Company Country Ownership Parent company Coloplast A/S Denmark Sales subsidiaries Coloplast de Argentina SA Argentina 100% Charter Healthcare Limited UK 100% Coloplast Pty Ltd Australia 100% Coloplast Limited UK 100% Coloplast Ges.m.b.H. Austria 100% Porges UK Limited UK 100% Coloplast Belgium NV/SA Belgium 100% Affordable Medical LLC USA 100% Coloplast do Brasil Ltda. Brazil 100% Coloplast Corp. USA 100% Coloplast Canada Corporation Canada 100% Comfort Medical, LLC USA 100% Coloplast (China) Medical Devices Ltd. China 100% Rocky Mountain Medical, LLC USA 100% Coloplast (Hong Kong) Ltd. China 100% Zi-Med Supply Co., Inc. USA 100% Coloplast S.A.S Columbia 100% Czech Sales subsidiaries - Kerecis group Coloplast Czech s.r.o. Republic 100% Kerecis GmbH Germany 100% Coloplast Danmark A/S Denmark 100% Kerecis hf. Iceland 100% Coloplast Oy Finland 100% Kerecis AG Switzerland 100% Laboratoires Coloplast S.A.S. France 100% Kerecis LLC USA 100% Lilial S.A.S. France 100% Coloplast GmbH Germany 100% Sales subsidiaries - Atos group Coloplast (India) Private Limited India 100% Atos Medical Pty Ltd Australia 100% Coloplast Israel Ltd. Israel 100% Atos Medical Austria GmbH Austria 100% Coloplast S.p.A. Italy 100% TRACOE Medical GmbH Austria 100% Coloplast K.K. Japan 100% Atos Medical BVBA Belgium 100% Coloplast Korea Limited Korea 100% Atos (Beijing) Medical Technology CO. Coloplast B.V. Netherlands 100% Ltd China 100% MC Europe BV Netherlands 100% Atos Medical ApS Denmark 100% Coloplast Norge AS Norway 100% Atos Medical SAS France 100% Coloplast Sp. zo.o. Poland 100% Atos Medical GmbH Germany 100% Coloplast II Portugal, Unipessoal Lda Portugal 100% Atos Medical Srl Italy 100% Coloplast Portugal, Sociedade Atos Medical Japan Inc. Japan 100% Unipessoal, Lda Portugal 100% Atos Medical BV Netherlands 100% Coloplast LLC Russia 100% New Coloplast Slovakia s.r.o. Slovakia 100% Atos Medical Ltd. Zealand 100% Coloplast Productos M\u00e9dicos S.A Spain 100% Atos Medical AS Norway 100% Coloplast AB Sweden 100% Atos Medical S.L. Spain 100% Coloplast AG Switzerland 100% Atos Medical UK Ltd. UK 100% Coloplast Taiwan Co., Ltd. Taiwan 100% Kapitex Healthcare Ltd UK 100% Coloplast Turkey Medikal Gere\u00e7ler Atos Medical Inc. USA 100% San. ve Tic. A.\u015e. Turkey 100% Company Country Ownership Company Country Ownership Manufacturing subsidiaries Other Coloplast (China) Ltd. China 100% Coloplast Ejendomme A/S Denmark 100% Coloplast Volume Manufacturing Costa Mercure Medical (soci\u00e9t\u00e9 \u00e0 Rica S.A. Costa Rica 100% responsabilit\u00e9 limit\u00e9) France 100% Coloplast Manufacturing France S.A.S. France 100% Heimomed Heinze Gmbh & Co KG Germany 100% Coloplast Distribution GmbH Germany 100% Heimomed Heinze Verwaltungs-GmbH Germany 100% TRACOE Medical GmbH Germany 100% iSKiA GmbH & Co KG Germany 100% Coloplast Hungary Kft. Hungary 100% iSKiA Verwaltungs-GmbH Germany 100% Viruxal ehf Iceland 100% Kerecis Services ehf Iceland 100% Coloplast Manufacturing Portugal, Coloplast Finance B.V. Netherlands 100% Unipessoal LDA Portugal 100% Coloplast Business Centre Sp. zo.o. Poland 100% Atos Medical AB Sweden 100% Atos Medical Holding Sweden 100% Coloplast Medical Limited UK 100% XTR Holding Ltd. UK 100% Coloplast Manufacturing US, LLC USA 100% Francis Medical USA 13% Griffin Laboratories Inc. USA 100% Coloplast representative offices and branches Atos group representative offices and branches Dubai Singapore Bahrain Korea Hungary South Africa Czech Republic Portugal New Zealand Ukraine Finland Switzerland Saudi Arabia Hungary Note 34 Definitions of key ratios The ratios are calculated and applied in accordance with Recommendations and Financial Ratios issued by the Danish Society of Financial Analysts. Key ratios are shown on page 4 and 5. EBIT Earnings before interest and tax EBITDA Earnings before interest, tax, depreciation and amortisation Invested capital Assets less cash, less marketable securities plus accumulated goodwill amortised before 1 October 2002 less non-interest bearing debt including provisions EBIT margin, % EBIT as a percentage of revenues Return on average invested capital (ROIC), % EBIT as a percentage of invested capital (average) Return on equity, % Profit for the year attributable to Coloplast as a percentage of equity before minority interests (average) Equity ratio, % Equity at year-end as a percentage of total assets at year-end Net asset value per share, DKK Equity excluding minority interests per outstanding share Market price/net asset value per share Market price per share relative to net asset value per share PE, price/earnings ratio Market price per share relative to earnings per share (EPS) Payout ratio, % Dividend declared as a percentage of profit for the year attributable to Coloplast Earnings per share (EPS) Profit for the year attributable to Coloplast per outstanding share (average of four quarters) Free cash flow per share Free cash flow per outstanding share (average of four quarters) ",
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"value": "Basis of preparation The consolidated financial statements for 2022/2023 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and additional disclosure requirements pursuant to the Danish Financial Statements Act for Class D companies.",
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"s10_notesesefdkgaap__9__35": {
"value": "Significant estimates and judgements In connection with application of the accounting policies described, it may be necessary for Management to make estimates and judgements in respect of the accounting items. Further, Management make judgements on the reported amounts of assets, liabilities, net sales, expenses and related disclosures. The estimates and assumptions applied are based on historical experience and other factors that Management considers reasonable under the circumstances, but which are inherently uncertain and unpredictable. Such assumptions may be incomplete or inaccurate, and unexpected events or circumstances may arise. In addition, the company is subject to risks and uncertainties that may cause actual outcomes to deviate from these estimates. It may be necessary to change previous estimates as a result of changes to the assumptions on which the estimates were based or due to new information or subsequent events. A further description of the principal accounting estimates and judgements is provided in the relevant notes. Management has made significant accounting estimates and judgements in respect of the following areas: Risk of impact and Estimate/ degree of Area judgement Note estimation Estimate and Goodwill and other intangible assets judgement 11 \uf06e\uf020\uf06e\uf020\uf06e\uf020\uf020Estimate and Acquisitions of businesses judgement 11, 32 \uf020\uf020\uf06e\uf020\uf06e\uf020\uf06e\uf020Inventories Estimate 15 \uf06e\uf020\uf06e\uf020\uf06e\uf020\uf020Estimate and Deferred tax assets and uncertain tax positions judgement 14 \uf06e\uf020\uf06e\uf020\uf06e\uf020\uf020Provisions for litigation about transvaginal surgical mesh products Estimate 6, 19 \uf06e\uf020\uf06e\uf020\uf06e\uf020\uf020Other provisions Estimate 19 \uf06e\uf020\uf06e\uf020\uf06eKey accounting estimates and judgements Goodwill and other intangible assets: The measurement of intangible assets, including goodwill and acquired patents, trademarks and know-how etc., could be materially affected by significant changes in estimates and assumptions underlying the calculation of values. The carrying amount of these intangible assets was DKK 30,718 million as at 30 September 2023 (30 September 2022: DKK 22,360. million). Atos Medical Group was acquired, as a share deal, in the financial year 2021/22. All intangible assets were transferred to Coloplast A/S resulting in exit taxation in the respective Atos entities. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base is considered established upon the acquisition. Furthermore, the subsequent is considered an integral part of the transaction due to the current tax setup of the group, that could be considered non-compliant if not transferring the assets. IP asset transferred remain recognised in functional currency, SEK, in the Consolidated Financial Statements. The judgement and functional currency choice was based on analyzing the primary economic environment and other indicators of the IP asset and related business, that most faithfully represents the underlying transactions. Nine Continents Medical was acquired in a share deal in 2020. Shortly following the acquisition, all intangible assets was transferred to Coloplast A/S resulting in US exit taxation. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base in Coloplast A/S is considered established upon the acquisition. The transfer is considered an integral part of the transaction because not transferring the intangible assets to Coloplast A/S with the current tax setup of the Group is not a viable solution.Key accounting estimates and judgements The recognition of deferred tax assets and uncertain tax positions requires an assessment by management. Deferred tax assets, including the tax base of tax loss carry-forwards, are recognised if management estimates that the tax assets can be utilised within a foreseeable future by offsetting against future positive taxable income. The assessment is made annually on the basis of budgets and business plans for the following years, including any scheduled business measures. As the Group conducts business globally, transfer pricing disputes may arise with tax authorities in respect of settlement prices etc. Management applies a probability-weighted assessment to determine obligations in connection with transfer pricing disputes. Atos Medical Group was acquired, as a share deal, in the financial year 2021/22. All intangible assets were transferred to Coloplast A/S resulting in exit taxation in the respective Atos entities. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base is considered established upon the acquisition.Key accounting estimates and judgements Capitalised production overheads have been calculated using a standard cost method, which is reviewed regularly to ensure the relevant assumptions concerning capacity utilisation, lead times and other relevant factors in the calculation of actual costs of sales. Changes to the calculation method for production overheads, including levels of capacity utilisation, lead times, etc. could affect the gross margin and the overall valuation of inventories.Key accounting estimates and judgements Provisions for legal obligations consist of provisions for pending litigation. Management makes assessments of provisions and contingent liabilities, including the probable outcome of pending and possible future litigation, which is inherently subject to uncertain future events. Based on information available, Management believes that adequate provisions have been made for pending litigation, but there can be no assurance that the scope of these matters will not be extended, nor that material lawsuits, claims, legal proceedings or investigations will not arise in the future.",
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"s10_notesesefdkgaap__9__39": {
"value": "Note 2 Changes in accounting policies Effective from the 2022/23 financial year, the Coloplast Group has implemented all new, updated or amended international financial reporting standards and interpretations (IFRSs) as issued by the IASB and IFRSs adopted by the EU that are effective for the 2022/23 financial year. Further Coloplast has implemented the amendments to IFRS 3, IAS 16 and IAS 37. The amendments did not have an impact on recognition or measurement. The implementation of new, updated or amended international financial reporting standards and interpretations (IFRSs and IFRICs) did not, in all material respects, affect the financial statements. New financial reporting standards to be adopted New and amended standards are implemented when taking effect. The amended standard relevant to Coloplast is IAS 1 Presentation of Financial Statements and Practice Statement 2, IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, and IAS 12, Income Taxes. Reporting standards or interpretations which are not adopted by the EU have not been applied in this annual report.",
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"s10_notesesefdkgaap__9__38": {
"value": "Note 2 Changes in accounting policies Effective from the 2022/23 financial year, the Coloplast Group has implemented all new, updated or amended international financial reporting standards and interpretations (IFRSs) as issued by the IASB and IFRSs adopted by the EU that are effective for the 2022/23 financial year. Further Coloplast has implemented the amendments to IFRS 3, IAS 16 and IAS 37. The amendments did not have an impact on recognition or measurement. The implementation of new, updated or amended international financial reporting standards and interpretations (IFRSs and IFRICs) did not, in all material respects, affect the financial statements. New financial reporting standards to be adopted New and amended standards are implemented when taking effect. The amended standard relevant to Coloplast is IAS 1 Presentation of Financial Statements and Practice Statement 2, IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, and IAS 12, Income Taxes. Reporting standards or interpretations which are not adopted by the EU have not been applied in this annual report.",
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"s10_notesesefdkgaap__9__42": {
"value": "Foreign currency The financial statement items of individual Group entities are measured in the currency used in the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in Danish kroner (DKK), which is the functional and presentation currency of the parent company. Other currencies are considered foreign currencies. Translation of foreign currencies Transactions denominated in foreign currencies are translated into an entity\u2019s functional currency at the exchange rate prevailing at the transaction date. Monetary items denominated in foreign currencies are translated at the exchange rate prevailing at the balance sheet date. Exchange adjustments arising as the difference between exchange rates at the balance sheet date and exchange rates at the transaction date of monetary items are recognised in the income statement as financial income or expenses. On translation of entities with a functional currency other than DKK, balance sheet items are translated at the exchange rates at the balance sheet date and income statement items are translated at the exchange rates at the transaction date. The resulting exchange adjustments are taken directly to other comprehensive income. The Argentinian economy has been considered a hyperinflation economy effective from 1 July 2018. Accordingly, the Group\u2019s Argentinian subsidiary is recognised in accordance with IAS 29. The subsidiary\u2019s financial statements were inflation adjusted at a retail price index increase of 133.4% (source: Bloomberg) prior to recognition in the consolidated financial statements. The adjustment of the beginning of period equity is recognised in currency translation in equity. The income statement and the balance sheet of the inflation-adjusted financial statements are included in the consolidated financial statements at the exchange rate applying at the balance sheet date standing at 2.02.",
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"value": "Foreign currency The financial statement items of individual Group entities are measured in the currency used in the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in Danish kroner (DKK), which is the functional and presentation currency of the parent company. Other currencies are considered foreign currencies.",
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"s10_notesesefdkgaap__9__43": {
"value": "The Argentinian economy has been considered a hyperinflation economy effective from 1 July 2018. Accordingly, the Group\u2019s Argentinian subsidiary is recognised in accordance with IAS 29. The subsidiary\u2019s financial statements were inflation adjusted at a retail price index increase of 133.4% (source: Bloomberg) prior to recognition in the consolidated financial statements. The adjustment of the beginning of period equity is recognised in currency translation in equity. The income statement and the balance sheet of the inflation-adjusted financial statements are included in the consolidated financial statements at the exchange rate applying at the balance sheet date standing at 2.02.",
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"s10_notesesefdkgaap__9__47": {
"value": "Consolidation, business combinations and associates The consolidated financial statements comprise the financial statements of Coloplast A/S (the parent company) and enterprises (subsidiaries) controlled by the parent company. The parent company is considered to exercise control when it has power over the relevant activities of the enterprise, is exposed or has rights to a variable return from the investment and has the ability to affect those returns through its power. The consolidated financial statements are prepared by aggregating the financial statements of the parent company and the individual subsidiaries, all of which are prepared in accordance with the Group\u2019s accounting policies. Intra-group transactions, balances, dividends and unrealised gains and losses on transactions between Group companies are eliminated. Enterprises, which are not subsidiaries but in which the Group holds at least 20% of the voting rights or otherwise exercise a significant influence, are regarded as associates. The Group\u2019s proportionate share of unrealised gains and losses on transactions between the Coloplast Group and associates is eliminated. Enterprises recently acquired or divested are included in the consolidation in the period in which the Coloplast Group has control of the enterprise. Comparative figures are not restated to reflect acquisitions. Acquisitions are accounted for using the purchase method, according to which the assets and liabilities and contingent liabilities of enterprises acquired are measured at fair value at the date of acquisition. Goodwill on the acquisition of subsidiaries or associates is calculated as the difference between the fair value of the consideration and the fair value of the Group companies\u2019 proportionate share of identifiable assets less liabilities and contingent liabilities at the date of acquisition. The consideration for an enterprise consists of the fair value of the agreed consideration for the acquired enterprise. If part of the consideration is contingent on future events, such part is recognised at its fair value at the date of acquisition. Costs directly attributable to business combinations are recognised directly in the income statement as special items when incurred. In cases where the fair value of acquired identifiable assets, liabilities or contingent liabilities subsequently turns out to differ from the values calculated at the date of acquisition, the calculation, including goodwill and contingent consideration are adjusted until up to 12 months after the date of acquisition. Subsequently, goodwill is not adjusted. Goodwill arising in connection with the acquisition of subsidiaries is recognised in the balance sheet under intangible assets in the consolidated financial statements and tested annually for impairment.",
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"s10_notesesefdkgaap__9__46": {
"value": "Consolidation, business combinations and associates The consolidated financial statements comprise the financial statements of Coloplast A/S (the parent company) and enterprises (subsidiaries) controlled by the parent company. The parent company is considered to exercise control when it has power over the relevant activities of the enterprise, is exposed or has rights to a variable return from the investment and has the ability to affect those returns through its power. The consolidated financial statements are prepared by aggregating the financial statements of the parent company and the individual subsidiaries, all of which are prepared in accordance with the Group\u2019s accounting policies. Intra-group transactions, balances, dividends and unrealised gains and losses on transactions between Group companies are eliminated. Enterprises, which are not subsidiaries but in which the Group holds at least 20% of the voting rights or otherwise exercise a significant influence, are regarded as associates. The Group\u2019s proportionate share of unrealised gains and losses on transactions between the Coloplast Group and associates is eliminated. Enterprises recently acquired or divested are included in the consolidation in the period in which the Coloplast Group has control of the enterprise. Comparative figures are not restated to reflect acquisitions. Acquisitions are accounted for using the purchase method, according to which the assets and liabilities and contingent liabilities of enterprises acquired are measured at fair value at the date of acquisition. Goodwill on the acquisition of subsidiaries or associates is calculated as the difference between the fair value of the consideration and the fair value of the Group companies\u2019 proportionate share of identifiable assets less liabilities and contingent liabilities at the date of acquisition. The consideration for an enterprise consists of the fair value of the agreed consideration for the acquired enterprise. If part of the consideration is contingent on future events, such part is recognised at its fair value at the date of acquisition. Costs directly attributable to business combinations are recognised directly in the income statement as special items when incurred. In cases where the fair value of acquired identifiable assets, liabilities or contingent liabilities subsequently turns out to differ from the values calculated at the date of acquisition, the calculation, including goodwill and contingent consideration are adjusted until up to 12 months after the date of acquisition. Subsequently, goodwill is not adjusted. Goodwill arising in connection with the acquisition of subsidiaries is recognised in the balance sheet under intangible assets in the consolidated financial statements and tested annually for impairment.",
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"s10_notesesefdkgaap__9__45-1": {
"value": "Consolidation, business combinations and associates The consolidated financial statements comprise the financial statements of Coloplast A/S (the parent company) and enterprises (subsidiaries) controlled by the parent company. The parent company is considered to exercise control when it has power over the relevant activities of the enterprise, is exposed or has rights to a variable return from the investment and has the ability to affect those returns through its power. The consolidated financial statements are prepared by aggregating the financial statements of the parent company and the individual subsidiaries, all of which are prepared in accordance with the Group\u2019s accounting policies. Intra-group transactions, balances, dividends and unrealised gains and losses on transactions between Group companies are eliminated. Enterprises, which are not subsidiaries but in which the Group holds at least 20% of the voting rights or otherwise exercise a significant influence, are regarded as associates. The Group\u2019s proportionate share of unrealised gains and losses on transactions between the Coloplast Group and associates is eliminated. Enterprises recently acquired or divested are included in the consolidation in the period in which the Coloplast Group has control of the enterprise. Comparative figures are not restated to reflect acquisitions. Acquisitions are accounted for using the purchase method, according to which the assets and liabilities and contingent liabilities of enterprises acquired are measured at fair value at the date of acquisition. Goodwill on the acquisition of subsidiaries or associates is calculated as the difference between the fair value of the consideration and the fair value of the Group companies\u2019 proportionate share of identifiable assets less liabilities and contingent liabilities at the date of acquisition. The consideration for an enterprise consists of the fair value of the agreed consideration for the acquired enterprise. If part of the consideration is contingent on future events, such part is recognised at its fair value at the date of acquisition. Costs directly attributable to business combinations are recognised directly in the income statement as special items when incurred. In cases where the fair value of acquired identifiable assets, liabilities or contingent liabilities subsequently turns out to differ from the values calculated at the date of acquisition, the calculation, including goodwill and contingent consideration are adjusted until up to 12 months after the date of acquisition. Subsequently, goodwill is not adjusted. Goodwill arising in connection with the acquisition of subsidiaries is recognised in the balance sheet under intangible assets in the consolidated financial statements and tested annually for impairment.Note 32 Acquisitions In the financial year 2021/22 Coloplast acquired Atos Medical. See the Annual Report 2021/22 note 32 for further information regarding the acquisition. In 2022/23, Coloplast has changed the purchase price allocation of Atos Medical Group. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. This was not reflected in the purchase price allocation included in the 2021/22 financial statements. The change resulted in an increase in goodwill of DKK 2,490 million and an increase deferred tax liability of DKK 2,490 million. There is no effect on the statement of comprehensive income or equity. Due to the materiality of the correction, this is treated as an adjustment to prior year figures and notes, where applicable. On 31 August 2023 Coloplast acquired all shares and voting rights of Kerecis hf. and its subsidiaries at a cash consideration of DKK 7,923 million. About Kerecis Kerecis develops, manufactures and sells patented fish-skin soft tissue regeneration products that have regulatory approval in the United States, Europe, and several other jurisdictions. The products are classified as medical devices and Kerecis operates and develops product portfolios in the surgical, chronic and burn segment. The vast majority of Kerecis\u2019 sales are in the US. Kerecis is headquartered in Iceland and has 550 employees globally. Strategic rationale The transaction gives Coloplast a unique opportunity to strengthen its presence in the advanced wound care market by entering the fast-growing US-centric biologics wound care segment. The acquisition supports Coloplast to expand its position in the US biologics market and in the mid-to long- term also in geographies outside of the US. Transaction costs In 2022/23, Coloplast incurred acquisition related costs of DKK 53 million, which has been recognised under special items in the statement of comprehensive income. Purchase price and contingent consideration The total purchase consideration amounts to DKK 8,868 million, including cash consideration, deferred consideration and contingent consideration. Contingent consideration relates to a potential earn-out payment to the previous shareholders of Kerecis. The earn out depends, exclusively, on two targets, revenue and EBITDA, measured from 1 October 2023 to 30 September 2024. Each of the targets are subject to a maximum amount of 50% of the aggregated maximum earn out amount of USD 100 million. Both thresholds are mutual qualifiers and must both be met to trigger any earn-out payment. Contingent consideration is measured at fair value and classified as a financial liability in Coloplast\u2019s consolidated financial statements. The liability is subsequently remeasured to fair value, with changes in fair value recognized in profit or loss. The fair value of contingent consideration amounts to DKK 648 million at the acquisition date. Fair value of acquired net assets and recognised goodwill The fair value of the acquired net assets has been identified and goodwill recognised. Net assets, goodwill and contingent assets and liabilities recognised at the reporting date are preliminary. Adjustments may be applied to the purchase price allocation for a period of up to 12 months from the acquisition date in accordance with IFRS 3. Intangible assets consist of customer relationships (DKK 324 million) and patent and trademarks (DKK 2,835 million). Customer relationships consist of access to In-patients (private offices and hospitals) and out-patients (private clinics). Patent and trademarks consist of developed technology (production know-how and patents) and the corporate trademark, Kerecis. The fair value of acquired trade receivables is DKK 179 million. Trade receivables have only been subject to insignificant write-downs. After recognition of identifiable assets and liabilities at fair value, goodwill related to the acquisition amounts to DKK 6,184 million. Goodwill is mainly related to the expertise and know-how of the acquired workforce. It will not be deductible for tax purposes. Details of the purchase consideration, the assets and liabilities recognised as a result of the acquisition are as follows: Preliminary fair value at date of acquisition DKK million (31/08/2023) Assets identified at fair value: Customer relationships 324 Patents and trademarks 2,835 Property, plant and equipment 19 Right-of-use assets 11 Deferred tax assets 17 Inventories 35 Trade and other receivables 179 Cash and cash equivalents 194 Total assets 3,614 Liability identified at fair value: Lease liabilities 11 Corporate tax 6 Trade and other payables 253 Deferred tax liability 660 Total liability 930 Total net assets acquired 2,684 Goodwill 6,184 Consideration transferred 8,868 Payable consideration -103 Contingent consideration -648 Acquired cash -194 Cash consideration paid 7,923 Earnings impact In 2022/23, Kerecis is recognized in consolidated net revenue at DKK 75 million and in consolidated operating profit before special items at DKK 0 million, which also includes around DKK 9 million PPA amortization costs. If the acquisition had occurred on 1 October 2022, consolidated pro-forma revenue and operating profit before special items for the period ended 30 September 2023 of the acquired Group would have been approximately DKK 772 million and DKK 46 million excluding amortizations of intangibles recognized in the acquisition (DKK 103 million). Kerecis activities is presented as a new operating segment for the Coloplast Group. Fair value measurement Material net assets acquired for which significant estimates and judgements have been applied in the fair value assessment havebeen recognised using the following valuation techniques: Customer relationships Customer relationships have been valued using the income-Multi-period Excess Method (MEEM), by which the present value of future cash flows from recurring contract customers expected to be retained after the date of acquisition has been valuated using a WACC of 11.9% as discount rate. The main input drivers in the MEEM model used are the estimated future retention rate and net cash flow of the acquired contract customer base. These inputs have been estimated based on Management\u2019s professional judgement from analysis of the acquired customer base, historical data and general business insight. Patent and trademarks Technology has been measured by applying the income-based relief from royalty method to the revenue stream. The discount rate applied is 10.9% which is deemed a fair reflection of the risk comprised in the technology, which is well protected and unique for the industry. The corporate trademark, Kerecis, is valued by applying the income-based relief from royalty method, where the royalty rate is based on benchmark study of valuations from former transactions with similar assets. The discount rate applied is 11.9% which is deemed a fair reflection of the risk comprised in the corporate trademarks. Trade receivables and payables Trade receivables and trade payables have not been fair value adjusted as the current provisions are sufficient in terms of potential losses based on historical information.",
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"s10_notesesefdkgaap__9__44": {
"value": "Consolidation, business combinations and associates The consolidated financial statements comprise the financial statements of Coloplast A/S (the parent company) and enterprises (subsidiaries) controlled by the parent company. The parent company is considered to exercise control when it has power over the relevant activities of the enterprise, is exposed or has rights to a variable return from the investment and has the ability to affect those returns through its power. The consolidated financial statements are prepared by aggregating the financial statements of the parent company and the individual subsidiaries, all of which are prepared in accordance with the Group\u2019s accounting policies. Intra-group transactions, balances, dividends and unrealised gains and losses on transactions between Group companies are eliminated. Enterprises, which are not subsidiaries but in which the Group holds at least 20% of the voting rights or otherwise exercise a significant influence, are regarded as associates. The Group\u2019s proportionate share of unrealised gains and losses on transactions between the Coloplast Group and associates is eliminated. Enterprises recently acquired or divested are included in the consolidation in the period in which the Coloplast Group has control of the enterprise. Comparative figures are not restated to reflect acquisitions. Acquisitions are accounted for using the purchase method, according to which the assets and liabilities and contingent liabilities of enterprises acquired are measured at fair value at the date of acquisition. Goodwill on the acquisition of subsidiaries or associates is calculated as the difference between the fair value of the consideration and the fair value of the Group companies\u2019 proportionate share of identifiable assets less liabilities and contingent liabilities at the date of acquisition. The consideration for an enterprise consists of the fair value of the agreed consideration for the acquired enterprise. If part of the consideration is contingent on future events, such part is recognised at its fair value at the date of acquisition. Costs directly attributable to business combinations are recognised directly in the income statement as special items when incurred. In cases where the fair value of acquired identifiable assets, liabilities or contingent liabilities subsequently turns out to differ from the values calculated at the date of acquisition, the calculation, including goodwill and contingent consideration are adjusted until up to 12 months after the date of acquisition. Subsequently, goodwill is not adjusted. Goodwill arising in connection with the acquisition of subsidiaries is recognised in the balance sheet under intangible assets in the consolidated financial statements and tested annually for impairment.",
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"s10_notesesefdkgaap__9__50-1": {
"value": "Revenue Revenue comprises income from the sale of goods after deduction of any price reductions, quantity discounts or cash discounts. Sales transactions are recognised in the income statement at the point in time when control of the goods is transferred to the customer, and when the consideration is assessed to be collectible. Revenues from sales transactions are measured at the transaction price to which Coloplast expects to be entitled. Within all segments, revenues are typically recognised when the customer takes possession of the goods. Exceptions to this comprise Interventional Urology revenues, as revenues from certain surgical products are generated from consignment sales as well as the contract manufacturing business. Certain surgical products within Interventional Urology are always available at our partner hospitals to ensure that all sizes and fits are always available. Revenues from consignment sales are recognised as the goods are used (i.e. in surgery). Revenues from contract manufacturing business is recognised when the products are available for delivery when this coincides with the transfer of control of the products. Coloplast generates most of its sales through distributors that operate under various conditions and who for that reason require varying sales agreements. Coloplast\u2019s distributor agreements contain volume and product-specific rebates, which require data management and monitoring of sales to individual distributors at the product level. In addition, the sales agreements contain various right-of-product-return requirements. Payment terms for trade receivables from customers depend on creditworthiness, customary business practices and contract negotiations. Payment terms for some customers include a period of credit which commences when the products are shipped while other customers are requested to pay in advance or provide appropriate collateral for the payment. Prepayments from customers are recognised as revenue in the following period upon satisfying the performance obligations. Variable considerations include volume and product-specific rebates which, for some markets, are accumulated and paid annually or quarterly. Accruals for variable considerations are constrained by uncertainty of future events, such as the expected volume of sales, and require significant estimate. Revenue is measured at the fair value of the agreed consideration. All discounts granted are recognised in revenue. An estimate of expected returns is also recognised in revenue. Coloplast applies the practical expedient in IFRS 15, para 63 associated with the determination of whether a significant financing component exists for transactions where payment is expected in less than 12 months from the delivery of goods (transfer of control). Note 4 Segment information Accounting policies The operating segments are defined on the basis of the monthly reporting to the Executive Leadership Team, which is considered the chief operating decision maker, and the management structure. Reporting to Management is based on five operating segments: Chronic Care, Voice and Respiratory Care, Interventional Urology, Advanced Wound Dressings and Biologics. Management does not receive reporting on assets and liabilities by reporting segments. Accordingly, the reporting segments are not measured in this respect, nor do we allocate resources on this background. Segmentation of the income statement The segment Chronic Care covers the sale of ostomy care products and continence care products. The segment Interventional Urology covers the sale of urological products, including disposable products. The segment Advanced Wound Dressings covers the sale of wound and skin care products and the segment Voice and Respiratory Care covers the sale of laryngectomy and tracheostomy products. Biologics represents a new segment covering the sale of tissue-based products. The segmentation reflects the structure of reporting to the Executive Leadership Team. The shared/non-allocated comprises support functions (production units and staff functions) and eliminations, as these functions do not generate revenue. While the costs of R&D for Interventional Urology, Voice and Respiratory Care and Biologics are included in the segment operating profit/loss for that segment, R&D activities for Chronic Care and Wound and Skin Care are shared functions which are included in shared/non-allocated. The shared/non-allocated costs also include PPA amortisation expenditures related to Voice and Respiratory Care and Biologics. Financial items and income tax are not allocated to the segments. Geographic information Coloplast A/S\u2019 registered office is situated in Denmark. No single customer accounted for more than 10% of the Group\u2019s revenue in 2022/23 and 2021/22. DKK million 2022/23 2021/22 Specification of revenue representing over 10% of the Group\u2019s revenue by customer location including Denmark. US 5,143 4,269 UK 3,433 3,086 France 2,634 2,462 Denmark 335 302 Other 12,955 12,460 Total 24,500 22,579 Specification of non-current assets\u00b9\u207e by location of the subsidiary Denmark 22,013 4,239 Iceland 9,636 - Sweden\u00b2\u207e 173 17,609 Hungary 1,741 1,430 Other 3,671 4,640 Total 37,234 27,918 \u00b9\u207e Non-current assets by location consist of intangible assets, property plant and equipment and right-of-use assets. \u00b2\u207e Comparison number changed. Please see note 32 for further information. Voice and Advanced Respiratory Interventional Wound DKK million Chronic Care Care Urology Dressings Biologics Total 2022/23 Segment revenue: Ostomy Care 9,024 - - - - 9,024 Continence Care 7,958 - - - - 7,958 Voice and Respiratory Care - 1,939 - - - 1,939 Interventional Urology - - 2,674 - - 2,674 Advanced Wound Care - - - 2,830 75 2,905 External revenue as per the comprehensive income 16,982 1,939 2,674 2,830 75 24,500 Costs allocated to segment -7,173 -1,273 -1,727 -1,761 -66 -12,000 Segment operating profit/loss 9,809 666 947 1,069 9 12,500 Shared/non-allocated -5,655 Special items not included in segment operating profit/loss (see note 6 to the financial statements) -74 Operating profit before tax (EBIT) as per the Statement of comprehensive income 6,771 Net financials -746 Tax on profit/loss for the year -1,242 Profit/loss for the year as per the Statement of comprehensive income 4,783 Voice and Advanced Respiratory Interventional Wound DKK million Chronic Care Care\u00b9\u207e Urology Dressings Biologics Total 2021/22 Segment revenue: Ostomy Care 8,620 - - - - 8,620 Continence Care 7,643 - - - - 7,643 Voice and Respiratory Care - 1,203 - - - 1,203 Interventional Urology - - 2,424 - 2,424 Advanced Wound Care - - 2,689 - 2,689 External revenue as per the comprehensive income 16,263 1,203 2,424 2,689 - 22,579 Costs allocated to segment -6,677 -820 -1,564 -1,600 - -10,661 Segment operating profit/loss 9,586 383 860 1,089 - 11,918 Shared/non-allocated -5,008 Special items not included in segment operating profit/loss (see note 6 to the financial statements) -471 Operating profit before tax (EBIT) as per the Statement of comprehensive income 6,439 Net financials -312 Tax on profit/loss for the year -1,421 Profit/loss for the year as per the Statement of comprehensive income 4,706 \u00b9\u207e Only eight months impact in 2021/22. Management reviews each operating segment separately, applying their market contributions to earnings and allocating resources on that basis. The market contribution is defined as external revenue less the sum of direct production costs, distribution, sales and marketing costs and administrative expenses. Costs are allocated directly to segments. Certain immaterial indirect costs are allocated systematically to the shared/non-allocated and the reporting segments.",
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"s10_notesesefdkgaap__9__49-1": {
"value": "Revenue Revenue comprises income from the sale of goods after deduction of any price reductions, quantity discounts or cash discounts. Sales transactions are recognised in the income statement at the point in time when control of the goods is transferred to the customer, and when the consideration is assessed to be collectible. Revenues from sales transactions are measured at the transaction price to which Coloplast expects to be entitled. Within all segments, revenues are typically recognised when the customer takes possession of the goods. Exceptions to this comprise Interventional Urology revenues, as revenues from certain surgical products are generated from consignment sales as well as the contract manufacturing business. Certain surgical products within Interventional Urology are always available at our partner hospitals to ensure that all sizes and fits are always available. Revenues from consignment sales are recognised as the goods are used (i.e. in surgery). Revenues from contract manufacturing business is recognised when the products are available for delivery when this coincides with the transfer of control of the products. Coloplast generates most of its sales through distributors that operate under various conditions and who for that reason require varying sales agreements. Coloplast\u2019s distributor agreements contain volume and product-specific rebates, which require data management and monitoring of sales to individual distributors at the product level. In addition, the sales agreements contain various right-of-product-return requirements. Payment terms for trade receivables from customers depend on creditworthiness, customary business practices and contract negotiations. Payment terms for some customers include a period of credit which commences when the products are shipped while other customers are requested to pay in advance or provide appropriate collateral for the payment. Prepayments from customers are recognised as revenue in the following period upon satisfying the performance obligations. Variable considerations include volume and product-specific rebates which, for some markets, are accumulated and paid annually or quarterly. Accruals for variable considerations are constrained by uncertainty of future events, such as the expected volume of sales, and require significant estimate. Revenue is measured at the fair value of the agreed consideration. All discounts granted are recognised in revenue. An estimate of expected returns is also recognised in revenue. Coloplast applies the practical expedient in IFRS 15, para 63 associated with the determination of whether a significant financing component exists for transactions where payment is expected in less than 12 months from the delivery of goods (transfer of control). Note 4 Segment information Accounting policies The operating segments are defined on the basis of the monthly reporting to the Executive Leadership Team, which is considered the chief operating decision maker, and the management structure. Reporting to Management is based on five operating segments: Chronic Care, Voice and Respiratory Care, Interventional Urology, Advanced Wound Dressings and Biologics. Management does not receive reporting on assets and liabilities by reporting segments. Accordingly, the reporting segments are not measured in this respect, nor do we allocate resources on this background. Segmentation of the income statement The segment Chronic Care covers the sale of ostomy care products and continence care products. The segment Interventional Urology covers the sale of urological products, including disposable products. The segment Advanced Wound Dressings covers the sale of wound and skin care products and the segment Voice and Respiratory Care covers the sale of laryngectomy and tracheostomy products. Biologics represents a new segment covering the sale of tissue-based products. The segmentation reflects the structure of reporting to the Executive Leadership Team. The shared/non-allocated comprises support functions (production units and staff functions) and eliminations, as these functions do not generate revenue. While the costs of R&D for Interventional Urology, Voice and Respiratory Care and Biologics are included in the segment operating profit/loss for that segment, R&D activities for Chronic Care and Wound and Skin Care are shared functions which are included in shared/non-allocated. The shared/non-allocated costs also include PPA amortisation expenditures related to Voice and Respiratory Care and Biologics. Financial items and income tax are not allocated to the segments. Geographic information Coloplast A/S\u2019 registered office is situated in Denmark. No single customer accounted for more than 10% of the Group\u2019s revenue in 2022/23 and 2021/22. DKK million 2022/23 2021/22 Specification of revenue representing over 10% of the Group\u2019s revenue by customer location including Denmark. US 5,143 4,269 UK 3,433 3,086 France 2,634 2,462 Denmark 335 302 Other 12,955 12,460 Total 24,500 22,579 Specification of non-current assets\u00b9\u207e by location of the subsidiary Denmark 22,013 4,239 Iceland 9,636 - Sweden\u00b2\u207e 173 17,609 Hungary 1,741 1,430 Other 3,671 4,640 Total 37,234 27,918 \u00b9\u207e Non-current assets by location consist of intangible assets, property plant and equipment and right-of-use assets. \u00b2\u207e Comparison number changed. Please see note 32 for further information. Voice and Advanced Respiratory Interventional Wound DKK million Chronic Care Care Urology Dressings Biologics Total 2022/23 Segment revenue: Ostomy Care 9,024 - - - - 9,024 Continence Care 7,958 - - - - 7,958 Voice and Respiratory Care - 1,939 - - - 1,939 Interventional Urology - - 2,674 - - 2,674 Advanced Wound Care - - - 2,830 75 2,905 External revenue as per the comprehensive income 16,982 1,939 2,674 2,830 75 24,500 Costs allocated to segment -7,173 -1,273 -1,727 -1,761 -66 -12,000 Segment operating profit/loss 9,809 666 947 1,069 9 12,500 Shared/non-allocated -5,655 Special items not included in segment operating profit/loss (see note 6 to the financial statements) -74 Operating profit before tax (EBIT) as per the Statement of comprehensive income 6,771 Net financials -746 Tax on profit/loss for the year -1,242 Profit/loss for the year as per the Statement of comprehensive income 4,783 Voice and Advanced Respiratory Interventional Wound DKK million Chronic Care Care\u00b9\u207e Urology Dressings Biologics Total 2021/22 Segment revenue: Ostomy Care 8,620 - - - - 8,620 Continence Care 7,643 - - - - 7,643 Voice and Respiratory Care - 1,203 - - - 1,203 Interventional Urology - - 2,424 - 2,424 Advanced Wound Care - - 2,689 - 2,689 External revenue as per the comprehensive income 16,263 1,203 2,424 2,689 - 22,579 Costs allocated to segment -6,677 -820 -1,564 -1,600 - -10,661 Segment operating profit/loss 9,586 383 860 1,089 - 11,918 Shared/non-allocated -5,008 Special items not included in segment operating profit/loss (see note 6 to the financial statements) -471 Operating profit before tax (EBIT) as per the Statement of comprehensive income 6,439 Net financials -312 Tax on profit/loss for the year -1,421 Profit/loss for the year as per the Statement of comprehensive income 4,706 \u00b9\u207e Only eight months impact in 2021/22. Management reviews each operating segment separately, applying their market contributions to earnings and allocating resources on that basis. The market contribution is defined as external revenue less the sum of direct production costs, distribution, sales and marketing costs and administrative expenses. Costs are allocated directly to segments. Certain immaterial indirect costs are allocated systematically to the shared/non-allocated and the reporting segments.",
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"s10_notesesefdkgaap__9__48": {
"value": "Revenue Revenue comprises income from the sale of goods after deduction of any price reductions, quantity discounts or cash discounts. Sales transactions are recognised in the income statement at the point in time when control of the goods is transferred to the customer, and when the consideration is assessed to be collectible. Revenues from sales transactions are measured at the transaction price to which Coloplast expects to be entitled. Within all segments, revenues are typically recognised when the customer takes possession of the goods. Exceptions to this comprise Interventional Urology revenues, as revenues from certain surgical products are generated from consignment sales as well as the contract manufacturing business. Certain surgical products within Interventional Urology are always available at our partner hospitals to ensure that all sizes and fits are always available. Revenues from consignment sales are recognised as the goods are used (i.e. in surgery). Revenues from contract manufacturing business is recognised when the products are available for delivery when this coincides with the transfer of control of the products. Coloplast generates most of its sales through distributors that operate under various conditions and who for that reason require varying sales agreements. Coloplast\u2019s distributor agreements contain volume and product-specific rebates, which require data management and monitoring of sales to individual distributors at the product level. In addition, the sales agreements contain various right-of-product-return requirements. Payment terms for trade receivables from customers depend on creditworthiness, customary business practices and contract negotiations. Payment terms for some customers include a period of credit which commences when the products are shipped while other customers are requested to pay in advance or provide appropriate collateral for the payment. Prepayments from customers are recognised as revenue in the following period upon satisfying the performance obligations. Variable considerations include volume and product-specific rebates which, for some markets, are accumulated and paid annually or quarterly. Accruals for variable considerations are constrained by uncertainty of future events, such as the expected volume of sales, and require significant estimate. Revenue is measured at the fair value of the agreed consideration. All discounts granted are recognised in revenue. An estimate of expected returns is also recognised in revenue. Coloplast applies the practical expedient in IFRS 15, para 63 associated with the determination of whether a significant financing component exists for transactions where payment is expected in less than 12 months from the delivery of goods (transfer of control). ",
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"s10_notesesefdkgaap__9__53-1": {
"value": "Marketable securities Marketable securities are part of a portfolio which is managed and measured on a fair value basis as per transaction date. Adjustments to fair value is recognised through profit or loss as financial items. Bonds forming part of repo transactions, i.e. the sale of bonds that are bought back at a later date remain classified as financial assets in the balance sheet, while amounts received from repo transactions are recognised as repo debt. Returns on such bonds are recognised under financials.Note 21 Financial instruments by category Accounting policies Financial instruments are measured at either amortised cost or fair value. Those financial instruments, which are measured at fair value, can be categorised according to the fair value measurement hierarchy below: Level 1: Observable prices in active markets for identical instruments. Level 2: Valuation models primarily based on observable prices or traded prices of comparable instruments. Level 3: Valuation models primarily based on non-observable prices. The fair value of forward exchange contracts and other derivative financial instruments are considered a level 2 fair value measurement as the fair value is determined directly based on the published exchange rates and quoted forward exchange rates at balance sheet dates. The fair value of derivative financial instruments is calculated on the basis of current market data. Hedging Fair value instruments at Contingent through fair value consideration at fair Amortised profit or loss through OCI value through profit DKK million cost (level 1) (level 2) or loss (level 3) Total 2023 Trade receivables 4,315 - - - 4,315 Other receivables 259 - 53 - 312 Cash and cash equivalents 911 - - - 911 Financial assets 5,485 - 53 - 5,538 Other credit institutions 2,268 2,268 Bonds\u00b2\u207e 16,405 - - - 16,405 Trade payables 1,294 - - - 1,294 Other payables 2,518 - 69 666 3,253 Lease liability 894 - - - 894 Financial liabilities 23,379 - 69 666 24,114 2022\u00b9\u207e Trade receivables 3,940 - - - 3,940 Other receivables 325 - 89 - 414 Marketable securities\u00b9\u207e - 219 - - 219 Cash and cash equivalents 414 - - - 414 Financial assets 4,679 219 89 - 4,987 Other credit institutions 1,644 - - - 1,644 Bonds\u00b2\u207e 16,359 - - - 16,359 Trade payables 1,242 - - - 1,242 Other payables 2,389 - 171 - 2,560 Lease liability 705 - - - 705 Financial liabilities 22,339 - 171 - 22,510 \u00b9\u207e The securities portfolio consists of mortgage bonds and corporate bonds. The bond portfolio carried an effective rate of interest of 1-6% (2021/22: 1-6%). \u00b2\u207e The fair value of the bonds amounts to DKK 15,605 million (DKK 15,636 million 30 September 2022) calculated based on market prices (level 1).",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"s10_notesesefdkgaap__9__52-1": {
"value": "Marketable securities Marketable securities are part of a portfolio which is managed and measured on a fair value basis as per transaction date. Adjustments to fair value is recognised through profit or loss as financial items. Bonds forming part of repo transactions, i.e. the sale of bonds that are bought back at a later date remain classified as financial assets in the balance sheet, while amounts received from repo transactions are recognised as repo debt. Returns on such bonds are recognised under financials.Accounting policies Financial instruments are measured at either amortised cost or fair value. Those financial instruments, which are measured at fair value, can be categorised according to the fair value measurement hierarchy below: Level 1: Observable prices in active markets for identical instruments. Level 2: Valuation models primarily based on observable prices or traded prices of comparable instruments. Level 3: Valuation models primarily based on non-observable prices. The fair value of forward exchange contracts and other derivative financial instruments are considered a level 2 fair value measurement as the fair value is determined directly based on the published exchange rates and quoted forward exchange rates at balance sheet dates. The fair value of derivative financial instruments is calculated on the basis of current market data.",
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},
"s10_notesesefdkgaap__9__54-1": {
"value": "Cash flow statement The consolidated cash flow statement, which is presented according to the indirect method, shows the Group\u2019s cash flow from operating, investing and financing activities as well as the Group\u2019s cash and cash equivalents and short-term debt to credit institutions at the beginning and end of the year. Cash and cash equivalents comprise cash and debt to credit institutions recognised under current assets and current liabilities, respectively. Marketable securities include bonds with maturities of more than three months and are recognised under investing activities.Note 24 Specifications of cash flow from operating and financing activities DKK million 2022/23 2021/22 Net gain/loss on divestment of non-current assets 3 7 Change in other provisions -281 -3 Other non-cash operating items 58 52 Adjustment for other non-cash operating items -220 56 Inventories -474 -540 Trade receivables -392 -351 Other receivables, including amounts held in escrow 11 -295 Trade and other payables etc. -38 337 Changes in working capital -893 -849 2022/23 2021/22 Lease Credit Lease Credit DKK million liability Bonds facilities Total liability Bonds facilities Total Balance at 1 October 705 16,359 1,644 18,708 626 - 2,160 2,786 Addition from acquisitions 11 - - 11 74 4,882 4,956 Additions during the year 452 - - 452 251 - - 251 Cash flows -244 - 622 378 -239 16,367 -5,398 10,730 Exchange and other adjustments -30 46 2 18 -7 -8 - -15 Balance at 30 September 894 16,405 2,268 19,567 705 16,359 1,644 18,708",
"dimensions": {
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"language": "en",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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},
"s10_notesesefdkgaap__9__51": {
"value": "Cash flow statement The consolidated cash flow statement, which is presented according to the indirect method, shows the Group\u2019s cash flow from operating, investing and financing activities as well as the Group\u2019s cash and cash equivalents and short-term debt to credit institutions at the beginning and end of the year. Cash and cash equivalents comprise cash and debt to credit institutions recognised under current assets and current liabilities, respectively. Marketable securities include bonds with maturities of more than three months and are recognised under investing activities.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__55": {
"value": "Note 4 Segment information Accounting policies The operating segments are defined on the basis of the monthly reporting to the Executive Leadership Team, which is considered the chief operating decision maker, and the management structure. Reporting to Management is based on five operating segments: Chronic Care, Voice and Respiratory Care, Interventional Urology, Advanced Wound Dressings and Biologics. Management does not receive reporting on assets and liabilities by reporting segments. Accordingly, the reporting segments are not measured in this respect, nor do we allocate resources on this background. Segmentation of the income statement The segment Chronic Care covers the sale of ostomy care products and continence care products. The segment Interventional Urology covers the sale of urological products, including disposable products. The segment Advanced Wound Dressings covers the sale of wound and skin care products and the segment Voice and Respiratory Care covers the sale of laryngectomy and tracheostomy products. Biologics represents a new segment covering the sale of tissue-based products. The segmentation reflects the structure of reporting to the Executive Leadership Team. The shared/non-allocated comprises support functions (production units and staff functions) and eliminations, as these functions do not generate revenue. While the costs of R&D for Interventional Urology, Voice and Respiratory Care and Biologics are included in the segment operating profit/loss for that segment, R&D activities for Chronic Care and Wound and Skin Care are shared functions which are included in shared/non-allocated. The shared/non-allocated costs also include PPA amortisation expenditures related to Voice and Respiratory Care and Biologics. Financial items and income tax are not allocated to the segments. Geographic information Coloplast A/S\u2019 registered office is situated in Denmark. No single customer accounted for more than 10% of the Group\u2019s revenue in 2022/23 and 2021/22. DKK million 2022/23 2021/22 Specification of revenue representing over 10% of the Group\u2019s revenue by customer location including Denmark. US 5,143 4,269 UK 3,433 3,086 France 2,634 2,462 Denmark 335 302 Other 12,955 12,460 Total 24,500 22,579 Specification of non-current assets\u00b9\u207e by location of the subsidiary Denmark 22,013 4,239 Iceland 9,636 - Sweden\u00b2\u207e 173 17,609 Hungary 1,741 1,430 Other 3,671 4,640 Total 37,234 27,918 \u00b9\u207e Non-current assets by location consist of intangible assets, property plant and equipment and right-of-use assets. \u00b2\u207e Comparison number changed. Please see note 32 for further information. Voice and Advanced Respiratory Interventional Wound DKK million Chronic Care Care Urology Dressings Biologics Total 2022/23 Segment revenue: Ostomy Care 9,024 - - - - 9,024 Continence Care 7,958 - - - - 7,958 Voice and Respiratory Care - 1,939 - - - 1,939 Interventional Urology - - 2,674 - - 2,674 Advanced Wound Care - - - 2,830 75 2,905 External revenue as per the comprehensive income 16,982 1,939 2,674 2,830 75 24,500 Costs allocated to segment -7,173 -1,273 -1,727 -1,761 -66 -12,000 Segment operating profit/loss 9,809 666 947 1,069 9 12,500 Shared/non-allocated -5,655 Special items not included in segment operating profit/loss (see note 6 to the financial statements) -74 Operating profit before tax (EBIT) as per the Statement of comprehensive income 6,771 Net financials -746 Tax on profit/loss for the year -1,242 Profit/loss for the year as per the Statement of comprehensive income 4,783 Voice and Advanced Respiratory Interventional Wound DKK million Chronic Care Care\u00b9\u207e Urology Dressings Biologics Total 2021/22 Segment revenue: Ostomy Care 8,620 - - - - 8,620 Continence Care 7,643 - - - - 7,643 Voice and Respiratory Care - 1,203 - - - 1,203 Interventional Urology - - 2,424 - 2,424 Advanced Wound Care - - 2,689 - 2,689 External revenue as per the comprehensive income 16,263 1,203 2,424 2,689 - 22,579 Costs allocated to segment -6,677 -820 -1,564 -1,600 - -10,661 Segment operating profit/loss 9,586 383 860 1,089 - 11,918 Shared/non-allocated -5,008 Special items not included in segment operating profit/loss (see note 6 to the financial statements) -471 Operating profit before tax (EBIT) as per the Statement of comprehensive income 6,439 Net financials -312 Tax on profit/loss for the year -1,421 Profit/loss for the year as per the Statement of comprehensive income 4,706 \u00b9\u207e Only eight months impact in 2021/22. Management reviews each operating segment separately, applying their market contributions to earnings and allocating resources on that basis. The market contribution is defined as external revenue less the sum of direct production costs, distribution, sales and marketing costs and administrative expenses. Costs are allocated directly to segments. Certain immaterial indirect costs are allocated systematically to the shared/non-allocated and the reporting segments.",
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"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"s10_notesesefdkgaap__9__58": {
"value": "Accounting policies The operating segments are defined on the basis of the monthly reporting to the Executive Leadership Team, which is considered the chief operating decision maker, and the management structure. Reporting to Management is based on five operating segments: Chronic Care, Voice and Respiratory Care, Interventional Urology, Advanced Wound Dressings and Biologics. Management does not receive reporting on assets and liabilities by reporting segments. Accordingly, the reporting segments are not measured in this respect, nor do we allocate resources on this background.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__65": {
"value": "Note 5 Staff costs Accounting policies Staff costs are recognised in the financial year in which the staff performed the relevant work. DKK million 2022/23 2021/22 Specification of staff costs recognised in the financial year Salaries, wages and directors' remuneration\u00b9\u207e 6,271 5,684 Pension costs - defined contribution plans (note 18) 410 359 Pension costs - defined benefit plans (note 18) 12 12 Other social security costs 755 731 Total 7,448 6,786 Staff costs allocated to functions Production costs 1,657 1,448 Distribution costs 4,605 4,139 Administrative expenses 675 662 Research and development costs 509 486 Special items 2 51 Total 7,448 6,786 Average number of employees, FTEs 14,903 13,650 Number of employees at 30 September, FTEs 15,692 14,572 Number of employees at 30 September, headcount 15,913 14,783 \u00b9\u207e Including share based payment. See note 17 to the financial statements. See note 28 to the financial statements for information on the Executive Management's and the Board of Directors' remuneration.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__64-1": {
"value": "Note 5 Staff costs Accounting policies Staff costs are recognised in the financial year in which the staff performed the relevant work. DKK million 2022/23 2021/22 Specification of staff costs recognised in the financial year Salaries, wages and directors' remuneration\u00b9\u207e 6,271 5,684 Pension costs - defined contribution plans (note 18) 410 359 Pension costs - defined benefit plans (note 18) 12 12 Other social security costs 755 731 Total 7,448 6,786 Staff costs allocated to functions Production costs 1,657 1,448 Distribution costs 4,605 4,139 Administrative expenses 675 662 Research and development costs 509 486 Special items 2 51 Total 7,448 6,786 Average number of employees, FTEs 14,903 13,650 Number of employees at 30 September, FTEs 15,692 14,572 Number of employees at 30 September, headcount 15,913 14,783 \u00b9\u207e Including share based payment. See note 17 to the financial statements. See note 28 to the financial statements for information on the Executive Management's and the Board of Directors' remuneration.2022/23 2021/22 Amortisations on intangible assets break down as follows Production costs 25 21 Distribution costs 291 219 Administrative expenses 13 10 Research and development costs 5 10 Total 334 260DKK million 2022/23 2021/22 Depreciations on property, plant and equipment break down as follows Production costs 364 339 Distribution costs 41 35 Administrative expenses 32 23 Research and development costs 37 38 Total 474 435DKK million 2022/23 2021/22 Depreciations on right-of-use assets break down as follows Production costs 27 24 Distribution costs 199 182 Administrative expenses 33 27 Research and development costs 2 2 Total 261 235",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
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"s10_notesesefdkgaap__9__63-1": {
"value": "Note 5 Staff costs Accounting policies Staff costs are recognised in the financial year in which the staff performed the relevant work. DKK million 2022/23 2021/22 Specification of staff costs recognised in the financial year Salaries, wages and directors' remuneration\u00b9\u207e 6,271 5,684 Pension costs - defined contribution plans (note 18) 410 359 Pension costs - defined benefit plans (note 18) 12 12 Other social security costs 755 731 Total 7,448 6,786 Staff costs allocated to functions Production costs 1,657 1,448 Distribution costs 4,605 4,139 Administrative expenses 675 662 Research and development costs 509 486 Special items 2 51 Total 7,448 6,786 Average number of employees, FTEs 14,903 13,650 Number of employees at 30 September, FTEs 15,692 14,572 Number of employees at 30 September, headcount 15,913 14,783 \u00b9\u207e Including share based payment. See note 17 to the financial statements. See note 28 to the financial statements for information on the Executive Management's and the Board of Directors' remuneration.2022/23 2021/22 Amortisations on intangible assets break down as follows Production costs 25 21 Distribution costs 291 219 Administrative expenses 13 10 Research and development costs 5 10 Total 334 260DKK million 2022/23 2021/22 Depreciations on property, plant and equipment break down as follows Production costs 364 339 Distribution costs 41 35 Administrative expenses 32 23 Research and development costs 37 38 Total 474 435DKK million 2022/23 2021/22 Depreciations on right-of-use assets break down as follows Production costs 27 24 Distribution costs 199 182 Administrative expenses 33 27 Research and development costs 2 2 Total 261 235",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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},
"s10_notesesefdkgaap__9__62-1": {
"value": "Note 5 Staff costs Accounting policies Staff costs are recognised in the financial year in which the staff performed the relevant work. DKK million 2022/23 2021/22 Specification of staff costs recognised in the financial year Salaries, wages and directors' remuneration\u00b9\u207e 6,271 5,684 Pension costs - defined contribution plans (note 18) 410 359 Pension costs - defined benefit plans (note 18) 12 12 Other social security costs 755 731 Total 7,448 6,786 Staff costs allocated to functions Production costs 1,657 1,448 Distribution costs 4,605 4,139 Administrative expenses 675 662 Research and development costs 509 486 Special items 2 51 Total 7,448 6,786 Average number of employees, FTEs 14,903 13,650 Number of employees at 30 September, FTEs 15,692 14,572 Number of employees at 30 September, headcount 15,913 14,783 \u00b9\u207e Including share based payment. See note 17 to the financial statements. See note 28 to the financial statements for information on the Executive Management's and the Board of Directors' remuneration.2022/23 2021/22 Amortisations on intangible assets break down as follows Production costs 25 21 Distribution costs 291 219 Administrative expenses 13 10 Research and development costs 5 10 Total 334 260DKK million 2022/23 2021/22 Depreciations on property, plant and equipment break down as follows Production costs 364 339 Distribution costs 41 35 Administrative expenses 32 23 Research and development costs 37 38 Total 474 435DKK million 2022/23 2021/22 Depreciations on right-of-use assets break down as follows Production costs 27 24 Distribution costs 199 182 Administrative expenses 33 27 Research and development costs 2 2 Total 261 235",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
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"s10_notesesefdkgaap__9__61-1": {
"value": "Note 5 Staff costs Accounting policies Staff costs are recognised in the financial year in which the staff performed the relevant work. DKK million 2022/23 2021/22 Specification of staff costs recognised in the financial year Salaries, wages and directors' remuneration\u00b9\u207e 6,271 5,684 Pension costs - defined contribution plans (note 18) 410 359 Pension costs - defined benefit plans (note 18) 12 12 Other social security costs 755 731 Total 7,448 6,786 Staff costs allocated to functions Production costs 1,657 1,448 Distribution costs 4,605 4,139 Administrative expenses 675 662 Research and development costs 509 486 Special items 2 51 Total 7,448 6,786 Average number of employees, FTEs 14,903 13,650 Number of employees at 30 September, FTEs 15,692 14,572 Number of employees at 30 September, headcount 15,913 14,783 \u00b9\u207e Including share based payment. See note 17 to the financial statements. See note 28 to the financial statements for information on the Executive Management's and the Board of Directors' remuneration.2022/23 2021/22 Amortisations on intangible assets break down as follows Production costs 25 21 Distribution costs 291 219 Administrative expenses 13 10 Research and development costs 5 10 Total 334 260DKK million 2022/23 2021/22 Depreciations on property, plant and equipment break down as follows Production costs 364 339 Distribution costs 41 35 Administrative expenses 32 23 Research and development costs 37 38 Total 474 435DKK million 2022/23 2021/22 Depreciations on right-of-use assets break down as follows Production costs 27 24 Distribution costs 199 182 Administrative expenses 33 27 Research and development costs 2 2 Total 261 235",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"s10_notesesefdkgaap__9__60-1": {
"value": "Note 5 Staff costs Accounting policies Staff costs are recognised in the financial year in which the staff performed the relevant work. DKK million 2022/23 2021/22 Specification of staff costs recognised in the financial year Salaries, wages and directors' remuneration\u00b9\u207e 6,271 5,684 Pension costs - defined contribution plans (note 18) 410 359 Pension costs - defined benefit plans (note 18) 12 12 Other social security costs 755 731 Total 7,448 6,786 Staff costs allocated to functions Production costs 1,657 1,448 Distribution costs 4,605 4,139 Administrative expenses 675 662 Research and development costs 509 486 Special items 2 51 Total 7,448 6,786 Average number of employees, FTEs 14,903 13,650 Number of employees at 30 September, FTEs 15,692 14,572 Number of employees at 30 September, headcount 15,913 14,783 \u00b9\u207e Including share based payment. See note 17 to the financial statements. See note 28 to the financial statements for information on the Executive Management's and the Board of Directors' remuneration.2022/23 2021/22 Amortisations on intangible assets break down as follows Production costs 25 21 Distribution costs 291 219 Administrative expenses 13 10 Research and development costs 5 10 Total 334 260DKK million 2022/23 2021/22 Depreciations on property, plant and equipment break down as follows Production costs 364 339 Distribution costs 41 35 Administrative expenses 32 23 Research and development costs 37 38 Total 474 435DKK million 2022/23 2021/22 Depreciations on right-of-use assets break down as follows Production costs 27 24 Distribution costs 199 182 Administrative expenses 33 27 Research and development costs 2 2 Total 261 235",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"s10_notesesefdkgaap__9__59-1": {
"value": "Note 5 Staff costs Accounting policies Staff costs are recognised in the financial year in which the staff performed the relevant work. DKK million 2022/23 2021/22 Specification of staff costs recognised in the financial year Salaries, wages and directors' remuneration\u00b9\u207e 6,271 5,684 Pension costs - defined contribution plans (note 18) 410 359 Pension costs - defined benefit plans (note 18) 12 12 Other social security costs 755 731 Total 7,448 6,786 Staff costs allocated to functions Production costs 1,657 1,448 Distribution costs 4,605 4,139 Administrative expenses 675 662 Research and development costs 509 486 Special items 2 51 Total 7,448 6,786 Average number of employees, FTEs 14,903 13,650 Number of employees at 30 September, FTEs 15,692 14,572 Number of employees at 30 September, headcount 15,913 14,783 \u00b9\u207e Including share based payment. See note 17 to the financial statements. See note 28 to the financial statements for information on the Executive Management's and the Board of Directors' remuneration.Note 18 Provisions for pensions and similar obligations Accounting policies In defined contribution plans, the Group makes regular payments of fixed contributions to independent pension funds and insurance companies. The Group is under no obligation to pay additional contributions. Costs for defined contribution plans are recognised in the income statement as Coloplast assumes an obligation to make the payment. In defined benefit plans, the Group is under an obligation to pay a defined benefit on retirement. The actuarially calculated present value less the fair value of any plan assets is recognised in the balance sheet under provision for pension and similar obligations or in plan assets in the balance sheet. The total service costs of the year plus calculated interest based on actuarial estimates and financial assumptions at the beginning of the year are recognised in the income statement. The difference between the forecast development in plan assets and liabilities and the realised values at the end of the year is called actuarial gains or losses and is recognised in other comprehensive income. In connection with a change in benefits regarding the employees\u2019 employment with the Group to date, there will be a change in the actuarial calculation of the net present value, which is taken directly to the profit or loss. Defined contribution plans The Group offers pension plans to certain groups of employees in Denmark and abroad. Most of the pension plans are defined contribution plans. The Group funds the plans through regular payments of premiums to independent insurance companies responsible for the pension obligations towards the beneficiaries. Once the pension contributions for defined contribution plans have been made, the Group has no further obligation towards current or former employees. Contributions to defined contribution plans are recognised in the income statement when paid. In 2022/23, DKK 410 million (2021/22: DKK 359 million) was recognised. Defined benefit plans For certain groups of employees in foreign subsidiaries, the Group has signed agreements to pay defined benefits, including pension payments. Share of gross obligation by country 2023 2022 France 21% 21% Germany 11% 12% UK 67% 66% Italy 1% 1% Total 100% 100% These pension liabilities are not or are only partly covered by insurance (in the UK). Defined benefit liabilities are recognised in the balance sheet and in the income statement as indicated below. Coloplast funds the plans in the UK. The plans in Italy have been closed, and no further payments are made. The figures below include liabilities regarding the post-service remuneration scheme applicable to Board members prior to the amendment to the articles of association adopted at the Annual General Meeting held in 2002. The pension plans are based on the individual employee's salary and years of service with the company, and benefits are paid as a lifelong pension. The active plans are not exclusive to any particular employee group. Special funding requirements apply in the UK, while this is not the case for the other countries. In the UK, employee interests are handled by a Trustee Board. Accounts are prepared every three years and funding of any deficit is determined. Any surplus reverts to Coloplast. The plans have no requirements for risk diversification on equities or for matching strategies. The plans have a duration of an average of 11 years, and all plans generally mature after more than 10 years. The Group expects to pay DKK 7 million to the defined benefit plans in 2023/24. DKK million 2022/23 2021/22 Defined contribution plans 410 359 Defined benefit plans 12 12 Cost of pension plans recognised in profit or loss 422 371 Pension costs concerning current financial year 8 10 Net interest expenses 4 2 Cost of defined benefit plans recognised in profit or loss 12 12 Actuarial gains/losses on pension obligations 27 227 Actuarial gains/losses on plan assets -36 -152 Actuarial gains/losses on defined benefit plans recognised in other comprehensive income -9 75 Plan assets at 1 October 249 397 Exchange adjustments 4 -2 Actual rate of interest 12 8 Actuarial gains/losses on plan assets -36 -152 Paid by the Coloplast Group 12 14 Benefit paid out -16 -16 Plan assets at 30 September 225 249 DKK million 2023 2022 Specification of plan assets Shares, listed 35 63 Bonds 82 57 Investments funds 107 126 Cash and similar assets 1 3 Plan assets at 30 September 225 249 DKK million 2022/23 2021/22 Specification of present value of defined benefit obligation Present value of defined benefit liability at 1 October 370 593 Exchange adjustments 5 - Current service costs 8 10 Calculated interest on liability 16 10 Actuarial gains/losses, financial assumptions -28 -223 Actuarial gains/losses, demographic assumptions - 11 Actuarial gains/losses, experience 1 -15 Benefit paid out -16 -16 Present value of defined benefit liability at 30 September 356 370 Fair value of plan assets at 30 September -225 -249 Net liability of defined benefit plans at 30 September 131 121 Net liability of defined benefit plans at 1 October 121 196 Expenditure for the year 12 12 Actuarial gains/losses on pension obligation -27 -227 Exchange adjustment 1 2 Actuarial gains/losses on plan assets 36 152 Payments received -12 -14 Net liability of defined benefit plans at 30 September 131 121 Actuarial assumptions applied at the balance sheet date (expressed as an average) Discount rate 4.3% 3.5% Future rate of salary increases 1.9% 2.0% Inflation 2.3% 1.7% The below sensibility analysis shows the change in one of the actuarial assumptions, while other assumptions are kept constant. In practice, a change in one of the assumptions will in many instances be matched by a change in the other assumptions. 2022/23 2021/22 +1%-point -1%-point +1%-point -1%-point Percentage increase/decrease in the gross liability resulting from a change in a single actuarial assumption Discount rate -12% 14% -13% 15% Future rate of salary increases 3% -2% 2% -2% Inflation 8% -7% 8% -7%Note 28 Remuneration of the Board of Directors and Executive Management The current policy for the remuneration of the Board of Directors and Executive Management was adopted in 2021 and sets out the general guidelines for the remuneration of the Group\u2019s management. The guidelines for the remuneration of the Board of Directors and Executive Management are available on the Group website. In addition to the disclosures provided in this note, more details on the remuneration of Executive Management and Directors are provided in the separate Remuneration report for the Coloplast Group, which is not a part of the audited financial statements. The report is also available on the Group website. Fees to Board members in respect of the current financial year Fees to Board members make up DKK 6.9 million (2021/22: DKK 7.0 million) of the total staff costs (see note 5 to the financial statements) and are specified as follows: DKK million 2022/23 2021/22 Ordinary board member fee 5.3 5.3 Audit Committee 0.9 1.0 Nomination and Remuneration Committee 0.7 0.7 Fee to members of the Board of Directors 6.9 7.0 In addition, the accounting cost of not-yet-vested share options held by the Chairman amount to DKK 0.1 million in 2022/2023 (2021/22: DKK 0.9 million) of the total staff costs (see note 5 to the financial statements). The accounting cost is calculated in line with IFRS 2 and relates to share options awarded to him during his term as CEO. Remuneration of members of the Executive Management in respect of the current financial year Remuneration of members of Executive Management make up DKK 66.9 million (2021/22: DKK 61 million) of the total staff costs (see note 5 to the financial statements) and are specified as follows: DKK million 2022/23 2021/22 Base salaries 34.4 33.2 Pension 5.0 4.9 Other benefits 1.7 1.9 Cash bonus 9.9 5.7 Remuneration of Executive Management, excluding value of share options and contingent salary items 51.0 45.7 Share options 15.9 14.9 Contingent bonus schemes - 0.4 Remuneration of Executive Management 66.9 61.0 The value of share options, which is calculated as the fair value of share options at the grant date using the Black-Scholes Formula in line with IFRS 2, comprise the annual accounting cost of share options awarded in the current and in prior years in accordance with the accounting policies applied. Consequently, it does not represent the fair value of share options awarded or exercised in the current financial year. If a member of Executive Management is given notice of termination by the company and such termination is not due to breach on the part of the member of Executive Management, such member is entitled to compensation corresponding to a maximum of two years\u2019 salary and pension contribution. Share options are granted to members of Executive Management and senior management. See note 17 to the financial statements for further information regarding share-based payments as well as the separate Remuneration Report for the Coloplast Group, which is not part of the audited financial statements. The report is available on the Group website.",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"s10_notesesefdkgaap__9__67": {
"value": "Note 6 Special items Accounting policies Special items comprise material amounts of a non-recurring nature, such as costs relating to acquisitions, divestment, closure or restructuring, provisions for lawsuits, etc. These items are presented separately to facilitate the comparability of the income statement and to provide a better picture of the operating results. Special items contains expenses to cover further costs to resolve the remaining claims in connection with legal assistance related to litigation about transvaginal surgical mesh products as the process takes longer than previously anticipated. See note 19 to the financial statements for more information regarding the litigation about transvaginal surgical mesh products. In 2022/23 an adjustment of the provision related to Atos Medical US billing compliance was made. The exposure and related provision have been reassessed and the provision was reduced to DKK 90 million. Special items also contains expenses related to business combinations (Atos Medical integration costs as well as costs related to the acquisition of Kerecis hf.). Transaction costs related to the Kerecis acquisition amounts to DKK 53 million. See note 32 to the financial statements. DKK million 2022/23 2021/22 Provisions for litigation about transvaginal surgical mesh products -200 -300 Expenses related to business combinations -118 -171 Adjustment provision related to acquisition 244 - Total -74 -471 ",
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"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
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"s10_notesesefdkgaap__9__66-1": {
"value": "Accounting policies Staff costs are recognised in the financial year in which the staff performed the relevant work.Accounting policies In defined contribution plans, the Group makes regular payments of fixed contributions to independent pension funds and insurance companies. The Group is under no obligation to pay additional contributions. Costs for defined contribution plans are recognised in the income statement as Coloplast assumes an obligation to make the payment. In defined benefit plans, the Group is under an obligation to pay a defined benefit on retirement. The actuarially calculated present value less the fair value of any plan assets is recognised in the balance sheet under provision for pension and similar obligations or in plan assets in the balance sheet. The total service costs of the year plus calculated interest based on actuarial estimates and financial assumptions at the beginning of the year are recognised in the income statement. The difference between the forecast development in plan assets and liabilities and the realised values at the end of the year is called actuarial gains or losses and is recognised in other comprehensive income. In connection with a change in benefits regarding the employees\u2019 employment with the Group to date, there will be a change in the actuarial calculation of the net present value, which is taken directly to the profit or loss.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__68": {
"value": "Accounting policies Special items comprise material amounts of a non-recurring nature, such as costs relating to acquisitions, divestment, closure or restructuring, provisions for lawsuits, etc. These items are presented separately to facilitate the comparability of the income statement and to provide a better picture of the operating results.",
"dimensions": {
"concept": "COL:DescriptionOfAccountingPolicyForSpecialItems",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__71": {
"value": "Note 7 Financial income and expenses Accounting policies Financial income and expenses include interest, financing costs of leases, realised and unrealised foreign exchange adjustments, gains on net monetary items in hyperinflationary economies, fair value adjustment of forward contracts transferred from other comprehensive income, fair value adjustments of cash settled share options, fees, market value adjustments of securities and dividend received on shares recognised under securities. See note 23 to the financial statements for more information about accounting policy for items transferred from hedging reserve. DKK million 2022/23 2021/22 Financial income Interest income 36 12 Fair value adjustments of forward contracts transferred from other comprehensive income 40 - Fair value adjustments of cash-based share options 1 2 Interest hedges 75 27 Net exchange adjustments - 57 Hyperinflationary adjustment of monetary position 36 19 Other financial income 3 2 Total 191 119 DKK million 2022/23 2021/22 Financial expenses Interest expenses\u00b9\u207e 169 40 Interest expenses, lease liabilities 24 16 Interest expenses, bonds\u00b9\u207e 445 116 Fair value adjustments of forward contracts transferred from other comprehensive income - 191 Net exchange adjustments 218 - Other financial expenses and fees 81 68 Total 937 431 1) Total interest expenses are measured at amortisied costs for financial assets and liability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__70": {
"value": "Note 7 Financial income and expenses Accounting policies Financial income and expenses include interest, financing costs of leases, realised and unrealised foreign exchange adjustments, gains on net monetary items in hyperinflationary economies, fair value adjustment of forward contracts transferred from other comprehensive income, fair value adjustments of cash settled share options, fees, market value adjustments of securities and dividend received on shares recognised under securities. See note 23 to the financial statements for more information about accounting policy for items transferred from hedging reserve. DKK million 2022/23 2021/22 Financial income Interest income 36 12 Fair value adjustments of forward contracts transferred from other comprehensive income 40 - Fair value adjustments of cash-based share options 1 2 Interest hedges 75 27 Net exchange adjustments - 57 Hyperinflationary adjustment of monetary position 36 19 Other financial income 3 2 Total 191 119 DKK million 2022/23 2021/22 Financial expenses Interest expenses\u00b9\u207e 169 40 Interest expenses, lease liabilities 24 16 Interest expenses, bonds\u00b9\u207e 445 116 Fair value adjustments of forward contracts transferred from other comprehensive income - 191 Net exchange adjustments 218 - Other financial expenses and fees 81 68 Total 937 431 1) Total interest expenses are measured at amortisied costs for financial assets and liability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__69": {
"value": "Note 7 Financial income and expenses Accounting policies Financial income and expenses include interest, financing costs of leases, realised and unrealised foreign exchange adjustments, gains on net monetary items in hyperinflationary economies, fair value adjustment of forward contracts transferred from other comprehensive income, fair value adjustments of cash settled share options, fees, market value adjustments of securities and dividend received on shares recognised under securities. See note 23 to the financial statements for more information about accounting policy for items transferred from hedging reserve. DKK million 2022/23 2021/22 Financial income Interest income 36 12 Fair value adjustments of forward contracts transferred from other comprehensive income 40 - Fair value adjustments of cash-based share options 1 2 Interest hedges 75 27 Net exchange adjustments - 57 Hyperinflationary adjustment of monetary position 36 19 Other financial income 3 2 Total 191 119 DKK million 2022/23 2021/22 Financial expenses Interest expenses\u00b9\u207e 169 40 Interest expenses, lease liabilities 24 16 Interest expenses, bonds\u00b9\u207e 445 116 Fair value adjustments of forward contracts transferred from other comprehensive income - 191 Net exchange adjustments 218 - Other financial expenses and fees 81 68 Total 937 431 1) Total interest expenses are measured at amortisied costs for financial assets and liability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__73": {
"value": "Accounting policies Financial income and expenses include interest, financing costs of leases, realised and unrealised foreign exchange adjustments, gains on net monetary items in hyperinflationary economies, fair value adjustment of forward contracts transferred from other comprehensive income, fair value adjustments of cash settled share options, fees, market value adjustments of securities and dividend received on shares recognised under securities. See note 23 to the financial statements for more information about accounting policy for items transferred from hedging reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__72": {
"value": "Accounting policies Financial income and expenses include interest, financing costs of leases, realised and unrealised foreign exchange adjustments, gains on net monetary items in hyperinflationary economies, fair value adjustment of forward contracts transferred from other comprehensive income, fair value adjustments of cash settled share options, fees, market value adjustments of securities and dividend received on shares recognised under securities. See note 23 to the financial statements for more information about accounting policy for items transferred from hedging reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__74": {
"value": "Note 8 Tax on profit for the year Accounting policies Coloplast A/S is jointly taxed with wholly owned Danish subsidiaries. The jointly taxed Danish enterprises are covered by the Danish on-account tax scheme. Additions, deductions and allowances relating to the on-account tax scheme are included in financial items. Current tax on the net profit or loss for the year is recognised in the income statement together with any change in deferred tax. Tax on changes in other comprehensive income is taken directly in other comprehensive income. DKK million 2022/23 2021/22 Specification of tax on profit for the year Current tax on profit for the year 4,612 1,526 Change in deferred tax on profit for the year -3,343 -98 Tax on profit from ordinary activities for the year 1,269 1,428 Adjustment of tax relating to prior years -19 -5 Change due to change in tax rate -8 -2 Tax on profit for the year 1,242 1,421 Tax on equity and other comprehensive income entries, income (-) / expense (+) -20 -84 Reconciliation of tax rate differences Danish tax rate 22.0% 22.0% Effect of change of tax rates -0.1% 0.0% Deviation in foreign subsidiaries' tax percentage -1.5% 0.1% Non-taxable income and non-deductible expenses -0.3% 1.0% Research and development incentives -0.2% -0.6% Other taxes and other adjustments, net 0.7% 0.7% Effective tax rate 20.6% 23.2%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__75": {
"value": "Accounting policies Coloplast A/S is jointly taxed with wholly owned Danish subsidiaries. The jointly taxed Danish enterprises are covered by the Danish on-account tax scheme. Additions, deductions and allowances relating to the on-account tax scheme are included in financial items. Current tax on the net profit or loss for the year is recognised in the income statement together with any change in deferred tax. Tax on changes in other comprehensive income is taken directly in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__78": {
"value": "Note 9 Earnings per share (EPS) Accounting policies Earnings per share (EPS) reflects the ratio between profit for the year and the year\u2019s weighted average of issued, ordinary shares, excluding ordinary shares purchased by the Group and held as treasury shares. Earnings per share, diluted, is calculated as the net profit for the year divided by the average number of outstanding shares adjusted for the dilutive effect of outstanding share options in the money. 2022/23 2021/22 Net profit for the year, DKK million 4,783 4,706 Net profit for the year before special items, DKK million 4,841 5,073 Weighted average number of outstanding shares, millions of units 215.4 212.5 Dilutive effect of outstanding share options, millions of units 0.1 0.3 Average number of unrestricted shares including dilutive effect of outstanding share options, millions of units 215.5 212.8 Earnings per share before special items, DKK 22.47 23.87 Earnings per share, DKK 22.21 22.14 Earnings per share before special items, diluted, DKK 22.46 23.82 Earnings per share, diluted, DKK 22.20 22.11 2022/23 2021/22 Outstanding shares ('000): A shares B shares A shares B shares Outstanding shares at 1 October 18,000 194,307 18,000 194,801 Issue of new shares - 12,200 - - Sale of treasury shares - 153 - 19 Acquisition of treasury shares - - - -513 Outstanding shares at 30 September 18,000 206,660 18,000 194,307 Holding of treasury shares at 30 September - 3,540 - 3,693 Total shares issued at 30 September 18,000 210,200 18,000 198,000 Both share classes have a face value of DKK 1 per share. Class A shares carry 10 votes each, while class B shares carry 1 vote each. The class A shares are non-negotiable instruments. Any change of ownership or pledging of class A shares requires the consent of the Board of Directors. B shares are negotiable instruments, and no restrictions apply to their negotiability. No special dividend rights attach to either share class. The Group does not hold A shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__77": {
"value": "Note 9 Earnings per share (EPS) Accounting policies Earnings per share (EPS) reflects the ratio between profit for the year and the year\u2019s weighted average of issued, ordinary shares, excluding ordinary shares purchased by the Group and held as treasury shares. Earnings per share, diluted, is calculated as the net profit for the year divided by the average number of outstanding shares adjusted for the dilutive effect of outstanding share options in the money. 2022/23 2021/22 Net profit for the year, DKK million 4,783 4,706 Net profit for the year before special items, DKK million 4,841 5,073 Weighted average number of outstanding shares, millions of units 215.4 212.5 Dilutive effect of outstanding share options, millions of units 0.1 0.3 Average number of unrestricted shares including dilutive effect of outstanding share options, millions of units 215.5 212.8 Earnings per share before special items, DKK 22.47 23.87 Earnings per share, DKK 22.21 22.14 Earnings per share before special items, diluted, DKK 22.46 23.82 Earnings per share, diluted, DKK 22.20 22.11 2022/23 2021/22 Outstanding shares ('000): A shares B shares A shares B shares Outstanding shares at 1 October 18,000 194,307 18,000 194,801 Issue of new shares - 12,200 - - Sale of treasury shares - 153 - 19 Acquisition of treasury shares - - - -513 Outstanding shares at 30 September 18,000 206,660 18,000 194,307 Holding of treasury shares at 30 September - 3,540 - 3,693 Total shares issued at 30 September 18,000 210,200 18,000 198,000 Both share classes have a face value of DKK 1 per share. Class A shares carry 10 votes each, while class B shares carry 1 vote each. The class A shares are non-negotiable instruments. Any change of ownership or pledging of class A shares requires the consent of the Board of Directors. B shares are negotiable instruments, and no restrictions apply to their negotiability. No special dividend rights attach to either share class. The Group does not hold A shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__76": {
"value": "Note 9 Earnings per share (EPS) Accounting policies Earnings per share (EPS) reflects the ratio between profit for the year and the year\u2019s weighted average of issued, ordinary shares, excluding ordinary shares purchased by the Group and held as treasury shares. Earnings per share, diluted, is calculated as the net profit for the year divided by the average number of outstanding shares adjusted for the dilutive effect of outstanding share options in the money. 2022/23 2021/22 Net profit for the year, DKK million 4,783 4,706 Net profit for the year before special items, DKK million 4,841 5,073 Weighted average number of outstanding shares, millions of units 215.4 212.5 Dilutive effect of outstanding share options, millions of units 0.1 0.3 Average number of unrestricted shares including dilutive effect of outstanding share options, millions of units 215.5 212.8 Earnings per share before special items, DKK 22.47 23.87 Earnings per share, DKK 22.21 22.14 Earnings per share before special items, diluted, DKK 22.46 23.82 Earnings per share, diluted, DKK 22.20 22.11 2022/23 2021/22 Outstanding shares ('000): A shares B shares A shares B shares Outstanding shares at 1 October 18,000 194,307 18,000 194,801 Issue of new shares - 12,200 - - Sale of treasury shares - 153 - 19 Acquisition of treasury shares - - - -513 Outstanding shares at 30 September 18,000 206,660 18,000 194,307 Holding of treasury shares at 30 September - 3,540 - 3,693 Total shares issued at 30 September 18,000 210,200 18,000 198,000 Both share classes have a face value of DKK 1 per share. Class A shares carry 10 votes each, while class B shares carry 1 vote each. The class A shares are non-negotiable instruments. Any change of ownership or pledging of class A shares requires the consent of the Board of Directors. B shares are negotiable instruments, and no restrictions apply to their negotiability. No special dividend rights attach to either share class. The Group does not hold A shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__79": {
"value": "Accounting policies Earnings per share (EPS) reflects the ratio between profit for the year and the year\u2019s weighted average of issued, ordinary shares, excluding ordinary shares purchased by the Group and held as treasury shares. Earnings per share, diluted, is calculated as the net profit for the year divided by the average number of outstanding shares adjusted for the dilutive effect of outstanding share options in the money.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__80": {
"value": "Both share classes have a face value of DKK 1 per share. Class A shares carry 10 votes each, while class B shares carry 1 vote each. The class A shares are non-negotiable instruments. Any change of ownership or pledging of class A shares requires the consent of the Board of Directors. B shares are negotiable instruments, and no restrictions apply to their negotiability. No special dividend rights attach to either share class. The Group does not hold A shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__81": {
"value": "Note 10 Dividend per share Accounting policies Dividend is recognised in the balance sheet as a liability when adopted at the Annual General Meeting. Proposed but not yet paid dividend for the financial year is recognised in equity until approved by the shareholders at the general meeting. DKK 2022/23 2021/22 Interim dividend per share 5.00 5.00 Proposed dividend per share 16.00 15.00 Total dividend per share 21.00 20.00 Total dividend for the year, DKK million 4,657 4,247 Payout ratio 97% 90% The Board of Directors recommends that the shareholders attending the general meeting approve an additional dividend of DKK 16.00 per share. An interim dividend of DKK 5.00 per share was distributed in the financial year, bringing the total dividend per share for the year to DKK 21.00. The increase in dividend per share, compared to last financial year, amounts to 5%. The payout ratio after special items for the year is 97%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__10__82": {
"value": "5",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2021-10-01T00:00:00/2022-10-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s10_notesesefdkgaap__9__82": {
"value": "5",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s10_notesesefdkgaap__9__83": {
"value": "16",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s10_notesesefdkgaap__10__83": {
"value": "15",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2021-10-01T00:00:00/2022-10-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s10_notesesefdkgaap__9__84": {
"value": "Accounting policies Dividend is recognised in the balance sheet as a liability when adopted at the Annual General Meeting. Proposed but not yet paid dividend for the financial year is recognised in equity until approved by the shareholders at the general meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__88": {
"value": "Note 11 Intangible assets Accounting policies Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Subsequent milestone payments related to acquired patents, trademarks and know-how payable on achievement of a contingent event will be capitalised when the contingent event is achieved. Borrowing costs are recognised as part of cost. Amortisation is made on a straight-line basis over the expected useful lives of the assets, which are: Software 3 \u2013 5 years Acquired patents, customer list, trademarks and know-how etc. 5 \u2013 20 years Goodwill and other intangible assets with indefinite lives are tested for impairment annually or whenever there is an indication of impairment, while the carrying amount of intangible assets with finite lives measured at cost or amortised cost are assessed if there is an indication of impairment. If a write-down is required, the carrying amount is written down to the higher of net selling price and value in use. For the purpose of assessing impairment, assets are grouped in the smallest group of assets that generates identifiable cash inflows (cash-generating units). The cash-generating units are defined as the smallest identifiable group of assets that generates cash inflows and which are largely independent of cash flows from other assets or groups of assets. For other intangible assets, the amortisation period is determined on the basis of Management\u2019s best estimate of the expected economic lives of the assets. The expected economic lives are assessed at least annually, and the amortisation period is determined based on the latest assessment. For purposes of calculating amortisation, the residual value of the assets is nil, unless a third party has committed to purchasing the asset after its use or there is an active market for the asset. With the exception of goodwill and some specific trademarks, all intangible assets have a finite life. All in-house research and development costs are recognised in the income statement as incurred. Management believes that mandatory regulatory approvals of products, completing the development of new products involves a high degree of uncertainty, for which reason the technical feasibility criteria are not considered to have been met. Gains or losses on the disposal of intangible assets are stated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal and are included in the income statement under other operating income or other operating expenses, respectively. Key accounting estimates and judgements Goodwill and other intangible assets: The measurement of intangible assets, including goodwill and acquired patents, trademarks and know-how etc., could be materially affected by significant changes in estimates and assumptions underlying the calculation of values. The carrying amount of these intangible assets was DKK 30,718 million as at 30 September 2023 (30 September 2022: DKK 22,360. million). Atos Medical Group was acquired, as a share deal, in the financial year 2021/22. All intangible assets were transferred to Coloplast A/S resulting in exit taxation in the respective Atos entities. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base is considered established upon the acquisition. Furthermore, the subsequent is considered an integral part of the transaction due to the current tax setup of the group, that could be considered non-compliant if not transferring the assets. IP asset transferred remain recognised in functional currency, SEK, in the Consolidated Financial Statements. The judgement and functional currency choice was based on analyzing the primary economic environment and other indicators of the IP asset and related business, that most faithfully represents the underlying transactions. Nine Continents Medical was acquired in a share deal in 2020. Shortly following the acquisition, all intangible assets was transferred to Coloplast A/S resulting in US exit taxation. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base in Coloplast A/S is considered established upon the acquisition. The transfer is considered an integral part of the transaction because not transferring the intangible assets to Coloplast A/S with the current tax setup of the Group is not a viable solution. Acquired Prepay-patents, ments and trademarks intangible Total and know-assets in intangible DKK million how etc. Goodwill Software progress assets 2022/23 Cost at 1 October\u00b9\u207e 10,100 14,298 662 168 25,228 Exchange adjustment -345 -458 1 - -802 Adjustment to acquisitions previous years - -50 - - -50 Additions from acquisitions 3,159 6,184 - - 9,343 Transfers - - 102 -102 - Additions during the year 2 - 58 161 221 Disposals during the year -5 - -40 -2 -47 Cost at 30 September 12,911 19,974 783 225 33,893 Amortisation at 1 October 2,038 - 423 - 2,461 Exchange adjustment -116 - -1 - -117 Amortisation for the year 245 - 89 - 334 Amortisation reversed on disposals during the year - - -40 - -40 Amortisation at 30 September 2,167 - 471 - 2,638 Carrying amount at 30 September 10,744 19,974 312 225 31,255 2021/22 Cost at 1 October 3,010 2,028 526 84 5,648 Exchange adjustment -30 -259 -1 -1 -291 Additions from acquisitions\u00b9\u207e 7,112 12,529 23 14 19,678 Transfers - - 93 -93 - Additions during the year 8 - 36 164 208 Disposals during the year - - -15 -16 -31 Cost at 30 September 10,100 14,298 662 152 25,212 Amortisation at 1 October 1,628 - 369 - 1,997 Exchange adjustment 220 - -1 - 219 Amortisation for the year 190 - 70 - 260 Amortisation reversed on disposals during the year - - -15 -16 -31 Amortisation at 30 September 2,038 - 423 -16 2,445 Carrying amount at 30 September 8,062 14,298 239 168 22,767 1) In 2022/23, the opening balance for goodwill and deferred tax have been adjusted due to changes in the purchase price allocation of Atos Medical Group acquired in 2021/22. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. This was not reflected in the purchase price allocation included in the 2021/22 financial statements. The change resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million. Goodwill Goodwill mainly relates to the acquisitions of Atos Medical in 2022, Kerecis in 2023, Comfort Medical in 2016, Mentor's urology and continence business in 2006, Lilial in 2018 and Mpathy in 2010. Goodwill from the acquired businesses has been allocated to the individual cash-generating units. The allocation was made to the operating segment Chronic Care, Interventional Urology, Voice and Respiratory Care and the new operating segment Biologics. Pursuant to IAS 36, a goodwill impairment test is performed when there is an indication of impairment, but at least once a year. In the impairment test, the carrying amount is compared with the recoverable amount (value in use or fair value less cost of disposal) of each cash-generating unit, calculated as the discounted expected future cash flows. Future cash flows are determined using forecasts based on realised sales growth, earnings and strategy plans, etc. These forecasts are based on specific assumptions for each cash-generating unit during the planning period with respect to sales, results of operations, working capital, capital investments and assumptions for cost of capital, inflation and the level of interest rates. Growth rates for Chronic Care and Interventional Urology during the terminal period correspond to the expected long-term rate of inflation. Growth rate for Voice and Respiratory Care is slightly higher, due to the expectation of higher growth within the business area after the budget period. For Biologics, the growth rate during the terminal period is based on the rate used in the Management approved business case. 2022/23 2021/22 Interven-Voice and Interven-Voice and Chronic tional Respira-Chronic tional Respira-Care Urology tory Care Biologics Care Urology tory Care\u00b9\u207e Key parameters applied in the calculation of recoverable amounts: Revenue growth in terminal period 2.2% 2.2% 3.5% 2.0% 2.1% 2.1% 1.5% Tax percentage 23.0% 27.0% 23.0% 21.2% 23.0% 27.0% 21.8% Carrying amount of trademarks\u00b2\u207e, DKK million 50 - 3,081 1,501 54 - 3,235 Carrying amount of goodwill, DKK million 1,726 373 11,511 6,364 1,762 394 12,142 \u00b9\u207e In 2022/23, the opening balance for goodwill has been adjusted due to changes in the purchase price allocation of Atos Medical Group, as a result of the subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. This resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million. \u00b2\u207e Carrying amount includes only those trademarks with indefinite useful lives. 2022/23 2021/22 Before After Before After tax tax tax tax Discount rates applied in the calculation of recoverable amounts: Chronic Care 8.4% 6.9% 7.9% 6.5% Interventional Urology 13.1% 9.9% 12.5% 9.5% Voice and Respiratory Care 7.7% 6.9% 8.1% 6.7% Biologics 13.8% 11.9% - - For Chronic Care, Interventional Urology and Voice and Respiratory Care, the discount rate for 2022/23 and 2021/22 is based on the WACC used by the external analysts\u2019 covering Coloplast. For Biologics, the discount rate is based on the WACC used in the Management approved business case. Special assumptions applied in impairment tests performed in Chronic Care Chronic Care consists of the Ostomy Care and the Continence Care businesses. The Ostomy Care business involves the production and sale of ostomy pouches and accessories. The Continence Care business involves the production and sales of disposable catheters and various types of products designed for people suffering from urinary or faecal incontinence. The impairment test performed for Chronic Care was based on forecasts for the 2023/24 financial year. Assumptions for Coloplast\u2019s long-term strategy were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 6-9% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to anticipated price pressures and healthcare reforms. The Group\u2019s general tax rate was applied in the impairment test for Chronic Care because these products are sold in all of the Group\u2019s markets. Working capital invested has been projected using the same growth rate as that for revenue. Special assumptions applied in impairment tests performed in Interventional Urology The interventional urology business consists of the production and sale of products used in surgical procedures in urology and gynaecology, including prostate catheters, stents, vaginal slings used to restore continence, mesh products used to treat weak pelvic floor and penile implants for men experiencing severe impotence. The impairment test performed for Interventional Urology was based on forecasts for the 2023/24 financial year. Assumptions for the long-term strategy of the urology business were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 5-11% were assumed for the budget period, which are supported by the Interventional Urology organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to general anticipated price pressures and healthcare reforms. Nine Continents Medical Inc represents an option to enter the adjacent overactive bladder segment. Their technology 'Intibia' is expected to launch in 2025/26, pending successful clinical studies. The tax rate applied in the impairment test for Interventional Urology was higher than the rate applied for the Group because sales and production mostly take place in the US, which imposes a corporate tax rate higher than the Group average. Working capital invested has been projected using the same growth rate as that for revenue. Special assumptions applied on Voice and Respiratory Care The voice and respiratory care business consists of production and sales of laryngectomy and tracheostomy products, used to treat removal of all or part of the larynex. The impairment test performed for Voice and Respiratory Care was based on forecasts for the 2023/24 financial year. Assumptions for the long-term strategy of the voice and respiratory care business were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 8-10% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to anticipated price pressures and healthcare reforms. It was also assumed that the Group\u2019s focus on cost management and regular efficiency improvements will ensure that overhead costs will increase at a rate lower than revenue, which will produce an annual margin improvement. The Group\u2019s general tax rate was applied in the impairment test for Voice and Respiratory Care because these products are sold in most of the Group\u2019s markets. Working capital invested has been projected using the same growth rate as that for revenue. The value calculated in the impairment test exceeds the carrying value by DKK 0.5 billion. The calculated value is sensitive to possible lower EBIT or higher WACC. If (a) the EBIT decreases by around 4% per year in the projection period, (b) EBIT decreases by around 3% in the terminal period or (c) WACC after tax increases by around 0.1% points it will lead to a reassessment. Special assumptions applied on Biologics The biologics business consists of production and sales of fish-skin technology for wound care treatment. The impairment test performed for Biologics was based on forecasts for the 2023/24 financial year from the Management approved business case. Assumptions for Coloplast\u2019s long-term strategy were applied for the financial years 2024/25 to 2039/2040. Revenue growth rates of 2-43% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period. It was also assumed that the Group\u2019s focus on cost management and regular efficiency improvements will ensure that overhead costs will increase at a rate lower than revenue, which will produce an annual EBIT margin improvement. A tax rate of 21.2% was applied in the impairment test for Biologics, which is a blended tax rate of the markets where these products are sold. Working capital invested has been projected using the same growth rate as that for revenue. The disclosed key parameters and discount rate arose from the Management approved business case regarding Kerecis Group, consequently the carrying amount is compared with fair value less cost to sell based on a discount cash flow model (level 3 in the fair value hierarchy). The key parameters and discount rate are assessed to still be prudent as of 30 September 2023, and no impairment triggers are identified in the subsequent period, hence Management has used the business case as basis for the impairment test as of 30 September 2023. Acquired patents, trademarks and know-how etc. This year\u2019s additions of acquired customer list, patents and trademarks are associated with the acquisition in 2023 of Kerecis, where Coloplast completed the acquisition of all shares and voting rights of Kerecis at a cash consideration of DKK 7,923 million. In addition, acquired patents and trademarks are primarily associated with the acquisition of Atos Medical in 2022 and Nine Continents Medical in 2020. In connection with the acquisitions, intangible assets were identified, and the cost was allocated to net assets at fair value at the date of acquisition, calculated on the basis of factors such as expected sales and revenue trends. Each component is amortised over its estimated useful life using the straight line method. Patented and unpatented technologies On acquiring Kerecis in August 2023, Coloplast acquired several patented technologies and unpatented technologies. Unpatented technologies include: \u2022 Unpatented inventions \u2022 Trade secrets \u2022 Know-how \u2022 Confidential information \u2022 Copyrights on computer software, databases or instruction manuals and the like On acquiring Atos Medical in January 2022, Coloplast acquired a number of patented and unpatented technologies. Unpatented technologies include inventions not patentable or protectable, know-how, confidential information and copyrights on computer software and the like. Most relate to know-how regarding various technologies. Division of the individual components into small intangible assets is not considered material or relevant. On acquiring Nine Continents Medical in November 2020, Coloplast acquired a number of patented and unpatented technologies. Unpatented technologies include inventions not patentable or protectable, know-how, confidential information and copyrights on computer software and the like. Most relate to know-how regarding various technologies. Division of the individual components into small intangible assets is not considered material or relevant. Trademarks In addition to patented and unpatented technologies, Coloplast acquired the Kerecis trademark through the acquisition of Kerecis, and the Atos Medical and TRACOE trademarks through the acquisition of Atos Medical. Management has assessed that the value of brands with indefinite useful life, which consist primarily of Kerecis, Atos Medical and TRACOE, can be maintained for an indefinite period, as these are well-established brands in their markets, having existed for decades. The industry is characterised as being very stable with consistent consumer demand and a predictable competitive environment, and is expected to be profitable for the foreseeable future. Control of the brands is legally established and enforceable indefinitely. In management\u2019s opinion, the risk of the useful life of these brands becoming finite is minimal because of their individual market positions and because current and planned marketing initiatives are expected to sustain their useful life. Customer lists/loyalties Coloplast also acquired a substantial number of customer relationships on acquiring Kerecis and Atos Medical. Customer relationships include lists of and access to Kerecis\u2019 and Atos Medical\u2019s existing customers, both users, hospitals, distributors and private offices. Material acquired patents, trademarks and know-how etc. Remaining DKK million Asset amortisation period 2023 2022 Kerecis Trademarks indefinite 1,501 - Technologies and Kerecis customer relationships 10-20 years 1,741 - Atos Medical and TRACOE Trademarks indefinite 3,081 3,235 Technologies and Atos Medical and TRACOE customer relationships 8-18 years 3,075 3,446 Nine Continents Technologies n/a 1,218 1,218 Carrying value at 30 September 10,616 7,899 2022/23 2021/22 Amortisations on intangible assets break down as follows Production costs 25 21 Distribution costs 291 219 Administrative expenses 13 10 Research and development costs 5 10 Total 334 260",
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"value": "Note 11 Intangible assets Accounting policies Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Subsequent milestone payments related to acquired patents, trademarks and know-how payable on achievement of a contingent event will be capitalised when the contingent event is achieved. Borrowing costs are recognised as part of cost. Amortisation is made on a straight-line basis over the expected useful lives of the assets, which are: Software 3 \u2013 5 years Acquired patents, customer list, trademarks and know-how etc. 5 \u2013 20 years Goodwill and other intangible assets with indefinite lives are tested for impairment annually or whenever there is an indication of impairment, while the carrying amount of intangible assets with finite lives measured at cost or amortised cost are assessed if there is an indication of impairment. If a write-down is required, the carrying amount is written down to the higher of net selling price and value in use. For the purpose of assessing impairment, assets are grouped in the smallest group of assets that generates identifiable cash inflows (cash-generating units). The cash-generating units are defined as the smallest identifiable group of assets that generates cash inflows and which are largely independent of cash flows from other assets or groups of assets. For other intangible assets, the amortisation period is determined on the basis of Management\u2019s best estimate of the expected economic lives of the assets. The expected economic lives are assessed at least annually, and the amortisation period is determined based on the latest assessment. For purposes of calculating amortisation, the residual value of the assets is nil, unless a third party has committed to purchasing the asset after its use or there is an active market for the asset. With the exception of goodwill and some specific trademarks, all intangible assets have a finite life. All in-house research and development costs are recognised in the income statement as incurred. Management believes that mandatory regulatory approvals of products, completing the development of new products involves a high degree of uncertainty, for which reason the technical feasibility criteria are not considered to have been met. Gains or losses on the disposal of intangible assets are stated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal and are included in the income statement under other operating income or other operating expenses, respectively. Key accounting estimates and judgements Goodwill and other intangible assets: The measurement of intangible assets, including goodwill and acquired patents, trademarks and know-how etc., could be materially affected by significant changes in estimates and assumptions underlying the calculation of values. The carrying amount of these intangible assets was DKK 30,718 million as at 30 September 2023 (30 September 2022: DKK 22,360. million). Atos Medical Group was acquired, as a share deal, in the financial year 2021/22. All intangible assets were transferred to Coloplast A/S resulting in exit taxation in the respective Atos entities. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base is considered established upon the acquisition. Furthermore, the subsequent is considered an integral part of the transaction due to the current tax setup of the group, that could be considered non-compliant if not transferring the assets. IP asset transferred remain recognised in functional currency, SEK, in the Consolidated Financial Statements. The judgement and functional currency choice was based on analyzing the primary economic environment and other indicators of the IP asset and related business, that most faithfully represents the underlying transactions. Nine Continents Medical was acquired in a share deal in 2020. Shortly following the acquisition, all intangible assets was transferred to Coloplast A/S resulting in US exit taxation. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base in Coloplast A/S is considered established upon the acquisition. The transfer is considered an integral part of the transaction because not transferring the intangible assets to Coloplast A/S with the current tax setup of the Group is not a viable solution. Acquired Prepay-patents, ments and trademarks intangible Total and know-assets in intangible DKK million how etc. Goodwill Software progress assets 2022/23 Cost at 1 October\u00b9\u207e 10,100 14,298 662 168 25,228 Exchange adjustment -345 -458 1 - -802 Adjustment to acquisitions previous years - -50 - - -50 Additions from acquisitions 3,159 6,184 - - 9,343 Transfers - - 102 -102 - Additions during the year 2 - 58 161 221 Disposals during the year -5 - -40 -2 -47 Cost at 30 September 12,911 19,974 783 225 33,893 Amortisation at 1 October 2,038 - 423 - 2,461 Exchange adjustment -116 - -1 - -117 Amortisation for the year 245 - 89 - 334 Amortisation reversed on disposals during the year - - -40 - -40 Amortisation at 30 September 2,167 - 471 - 2,638 Carrying amount at 30 September 10,744 19,974 312 225 31,255 2021/22 Cost at 1 October 3,010 2,028 526 84 5,648 Exchange adjustment -30 -259 -1 -1 -291 Additions from acquisitions\u00b9\u207e 7,112 12,529 23 14 19,678 Transfers - - 93 -93 - Additions during the year 8 - 36 164 208 Disposals during the year - - -15 -16 -31 Cost at 30 September 10,100 14,298 662 152 25,212 Amortisation at 1 October 1,628 - 369 - 1,997 Exchange adjustment 220 - -1 - 219 Amortisation for the year 190 - 70 - 260 Amortisation reversed on disposals during the year - - -15 -16 -31 Amortisation at 30 September 2,038 - 423 -16 2,445 Carrying amount at 30 September 8,062 14,298 239 168 22,767 1) In 2022/23, the opening balance for goodwill and deferred tax have been adjusted due to changes in the purchase price allocation of Atos Medical Group acquired in 2021/22. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. This was not reflected in the purchase price allocation included in the 2021/22 financial statements. The change resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million. Goodwill Goodwill mainly relates to the acquisitions of Atos Medical in 2022, Kerecis in 2023, Comfort Medical in 2016, Mentor's urology and continence business in 2006, Lilial in 2018 and Mpathy in 2010. Goodwill from the acquired businesses has been allocated to the individual cash-generating units. The allocation was made to the operating segment Chronic Care, Interventional Urology, Voice and Respiratory Care and the new operating segment Biologics. Pursuant to IAS 36, a goodwill impairment test is performed when there is an indication of impairment, but at least once a year. In the impairment test, the carrying amount is compared with the recoverable amount (value in use or fair value less cost of disposal) of each cash-generating unit, calculated as the discounted expected future cash flows. Future cash flows are determined using forecasts based on realised sales growth, earnings and strategy plans, etc. These forecasts are based on specific assumptions for each cash-generating unit during the planning period with respect to sales, results of operations, working capital, capital investments and assumptions for cost of capital, inflation and the level of interest rates. Growth rates for Chronic Care and Interventional Urology during the terminal period correspond to the expected long-term rate of inflation. Growth rate for Voice and Respiratory Care is slightly higher, due to the expectation of higher growth within the business area after the budget period. For Biologics, the growth rate during the terminal period is based on the rate used in the Management approved business case. 2022/23 2021/22 Interven-Voice and Interven-Voice and Chronic tional Respira-Chronic tional Respira-Care Urology tory Care Biologics Care Urology tory Care\u00b9\u207e Key parameters applied in the calculation of recoverable amounts: Revenue growth in terminal period 2.2% 2.2% 3.5% 2.0% 2.1% 2.1% 1.5% Tax percentage 23.0% 27.0% 23.0% 21.2% 23.0% 27.0% 21.8% Carrying amount of trademarks\u00b2\u207e, DKK million 50 - 3,081 1,501 54 - 3,235 Carrying amount of goodwill, DKK million 1,726 373 11,511 6,364 1,762 394 12,142 \u00b9\u207e In 2022/23, the opening balance for goodwill has been adjusted due to changes in the purchase price allocation of Atos Medical Group, as a result of the subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. This resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million. \u00b2\u207e Carrying amount includes only those trademarks with indefinite useful lives. 2022/23 2021/22 Before After Before After tax tax tax tax Discount rates applied in the calculation of recoverable amounts: Chronic Care 8.4% 6.9% 7.9% 6.5% Interventional Urology 13.1% 9.9% 12.5% 9.5% Voice and Respiratory Care 7.7% 6.9% 8.1% 6.7% Biologics 13.8% 11.9% - - For Chronic Care, Interventional Urology and Voice and Respiratory Care, the discount rate for 2022/23 and 2021/22 is based on the WACC used by the external analysts\u2019 covering Coloplast. For Biologics, the discount rate is based on the WACC used in the Management approved business case. Special assumptions applied in impairment tests performed in Chronic Care Chronic Care consists of the Ostomy Care and the Continence Care businesses. The Ostomy Care business involves the production and sale of ostomy pouches and accessories. The Continence Care business involves the production and sales of disposable catheters and various types of products designed for people suffering from urinary or faecal incontinence. The impairment test performed for Chronic Care was based on forecasts for the 2023/24 financial year. Assumptions for Coloplast\u2019s long-term strategy were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 6-9% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to anticipated price pressures and healthcare reforms. The Group\u2019s general tax rate was applied in the impairment test for Chronic Care because these products are sold in all of the Group\u2019s markets. Working capital invested has been projected using the same growth rate as that for revenue. Special assumptions applied in impairment tests performed in Interventional Urology The interventional urology business consists of the production and sale of products used in surgical procedures in urology and gynaecology, including prostate catheters, stents, vaginal slings used to restore continence, mesh products used to treat weak pelvic floor and penile implants for men experiencing severe impotence. The impairment test performed for Interventional Urology was based on forecasts for the 2023/24 financial year. Assumptions for the long-term strategy of the urology business were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 5-11% were assumed for the budget period, which are supported by the Interventional Urology organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to general anticipated price pressures and healthcare reforms. Nine Continents Medical Inc represents an option to enter the adjacent overactive bladder segment. Their technology 'Intibia' is expected to launch in 2025/26, pending successful clinical studies. The tax rate applied in the impairment test for Interventional Urology was higher than the rate applied for the Group because sales and production mostly take place in the US, which imposes a corporate tax rate higher than the Group average. Working capital invested has been projected using the same growth rate as that for revenue. Special assumptions applied on Voice and Respiratory Care The voice and respiratory care business consists of production and sales of laryngectomy and tracheostomy products, used to treat removal of all or part of the larynex. The impairment test performed for Voice and Respiratory Care was based on forecasts for the 2023/24 financial year. Assumptions for the long-term strategy of the voice and respiratory care business were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 8-10% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to anticipated price pressures and healthcare reforms. It was also assumed that the Group\u2019s focus on cost management and regular efficiency improvements will ensure that overhead costs will increase at a rate lower than revenue, which will produce an annual margin improvement. The Group\u2019s general tax rate was applied in the impairment test for Voice and Respiratory Care because these products are sold in most of the Group\u2019s markets. Working capital invested has been projected using the same growth rate as that for revenue. The value calculated in the impairment test exceeds the carrying value by DKK 0.5 billion. The calculated value is sensitive to possible lower EBIT or higher WACC. If (a) the EBIT decreases by around 4% per year in the projection period, (b) EBIT decreases by around 3% in the terminal period or (c) WACC after tax increases by around 0.1% points it will lead to a reassessment. Special assumptions applied on Biologics The biologics business consists of production and sales of fish-skin technology for wound care treatment. The impairment test performed for Biologics was based on forecasts for the 2023/24 financial year from the Management approved business case. Assumptions for Coloplast\u2019s long-term strategy were applied for the financial years 2024/25 to 2039/2040. Revenue growth rates of 2-43% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period. It was also assumed that the Group\u2019s focus on cost management and regular efficiency improvements will ensure that overhead costs will increase at a rate lower than revenue, which will produce an annual EBIT margin improvement. A tax rate of 21.2% was applied in the impairment test for Biologics, which is a blended tax rate of the markets where these products are sold. Working capital invested has been projected using the same growth rate as that for revenue. The disclosed key parameters and discount rate arose from the Management approved business case regarding Kerecis Group, consequently the carrying amount is compared with fair value less cost to sell based on a discount cash flow model (level 3 in the fair value hierarchy). The key parameters and discount rate are assessed to still be prudent as of 30 September 2023, and no impairment triggers are identified in the subsequent period, hence Management has used the business case as basis for the impairment test as of 30 September 2023. Acquired patents, trademarks and know-how etc. This year\u2019s additions of acquired customer list, patents and trademarks are associated with the acquisition in 2023 of Kerecis, where Coloplast completed the acquisition of all shares and voting rights of Kerecis at a cash consideration of DKK 7,923 million. In addition, acquired patents and trademarks are primarily associated with the acquisition of Atos Medical in 2022 and Nine Continents Medical in 2020. In connection with the acquisitions, intangible assets were identified, and the cost was allocated to net assets at fair value at the date of acquisition, calculated on the basis of factors such as expected sales and revenue trends. Each component is amortised over its estimated useful life using the straight line method. Patented and unpatented technologies On acquiring Kerecis in August 2023, Coloplast acquired several patented technologies and unpatented technologies. Unpatented technologies include: \u2022 Unpatented inventions \u2022 Trade secrets \u2022 Know-how \u2022 Confidential information \u2022 Copyrights on computer software, databases or instruction manuals and the like On acquiring Atos Medical in January 2022, Coloplast acquired a number of patented and unpatented technologies. Unpatented technologies include inventions not patentable or protectable, know-how, confidential information and copyrights on computer software and the like. Most relate to know-how regarding various technologies. Division of the individual components into small intangible assets is not considered material or relevant. On acquiring Nine Continents Medical in November 2020, Coloplast acquired a number of patented and unpatented technologies. Unpatented technologies include inventions not patentable or protectable, know-how, confidential information and copyrights on computer software and the like. Most relate to know-how regarding various technologies. Division of the individual components into small intangible assets is not considered material or relevant. Trademarks In addition to patented and unpatented technologies, Coloplast acquired the Kerecis trademark through the acquisition of Kerecis, and the Atos Medical and TRACOE trademarks through the acquisition of Atos Medical. Management has assessed that the value of brands with indefinite useful life, which consist primarily of Kerecis, Atos Medical and TRACOE, can be maintained for an indefinite period, as these are well-established brands in their markets, having existed for decades. The industry is characterised as being very stable with consistent consumer demand and a predictable competitive environment, and is expected to be profitable for the foreseeable future. Control of the brands is legally established and enforceable indefinitely. In management\u2019s opinion, the risk of the useful life of these brands becoming finite is minimal because of their individual market positions and because current and planned marketing initiatives are expected to sustain their useful life. Customer lists/loyalties Coloplast also acquired a substantial number of customer relationships on acquiring Kerecis and Atos Medical. Customer relationships include lists of and access to Kerecis\u2019 and Atos Medical\u2019s existing customers, both users, hospitals, distributors and private offices. Material acquired patents, trademarks and know-how etc. Remaining DKK million Asset amortisation period 2023 2022 Kerecis Trademarks indefinite 1,501 - Technologies and Kerecis customer relationships 10-20 years 1,741 - Atos Medical and TRACOE Trademarks indefinite 3,081 3,235 Technologies and Atos Medical and TRACOE customer relationships 8-18 years 3,075 3,446 Nine Continents Technologies n/a 1,218 1,218 Carrying value at 30 September 10,616 7,899 2022/23 2021/22 Amortisations on intangible assets break down as follows Production costs 25 21 Distribution costs 291 219 Administrative expenses 13 10 Research and development costs 5 10 Total 334 260",
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"s10_notesesefdkgaap__9__86": {
"value": "Note 11 Intangible assets Accounting policies Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Subsequent milestone payments related to acquired patents, trademarks and know-how payable on achievement of a contingent event will be capitalised when the contingent event is achieved. Borrowing costs are recognised as part of cost. Amortisation is made on a straight-line basis over the expected useful lives of the assets, which are: Software 3 \u2013 5 years Acquired patents, customer list, trademarks and know-how etc. 5 \u2013 20 years Goodwill and other intangible assets with indefinite lives are tested for impairment annually or whenever there is an indication of impairment, while the carrying amount of intangible assets with finite lives measured at cost or amortised cost are assessed if there is an indication of impairment. If a write-down is required, the carrying amount is written down to the higher of net selling price and value in use. For the purpose of assessing impairment, assets are grouped in the smallest group of assets that generates identifiable cash inflows (cash-generating units). The cash-generating units are defined as the smallest identifiable group of assets that generates cash inflows and which are largely independent of cash flows from other assets or groups of assets. For other intangible assets, the amortisation period is determined on the basis of Management\u2019s best estimate of the expected economic lives of the assets. The expected economic lives are assessed at least annually, and the amortisation period is determined based on the latest assessment. For purposes of calculating amortisation, the residual value of the assets is nil, unless a third party has committed to purchasing the asset after its use or there is an active market for the asset. With the exception of goodwill and some specific trademarks, all intangible assets have a finite life. All in-house research and development costs are recognised in the income statement as incurred. Management believes that mandatory regulatory approvals of products, completing the development of new products involves a high degree of uncertainty, for which reason the technical feasibility criteria are not considered to have been met. Gains or losses on the disposal of intangible assets are stated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal and are included in the income statement under other operating income or other operating expenses, respectively. Key accounting estimates and judgements Goodwill and other intangible assets: The measurement of intangible assets, including goodwill and acquired patents, trademarks and know-how etc., could be materially affected by significant changes in estimates and assumptions underlying the calculation of values. The carrying amount of these intangible assets was DKK 30,718 million as at 30 September 2023 (30 September 2022: DKK 22,360. million). Atos Medical Group was acquired, as a share deal, in the financial year 2021/22. All intangible assets were transferred to Coloplast A/S resulting in exit taxation in the respective Atos entities. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base is considered established upon the acquisition. Furthermore, the subsequent is considered an integral part of the transaction due to the current tax setup of the group, that could be considered non-compliant if not transferring the assets. IP asset transferred remain recognised in functional currency, SEK, in the Consolidated Financial Statements. The judgement and functional currency choice was based on analyzing the primary economic environment and other indicators of the IP asset and related business, that most faithfully represents the underlying transactions. Nine Continents Medical was acquired in a share deal in 2020. Shortly following the acquisition, all intangible assets was transferred to Coloplast A/S resulting in US exit taxation. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base in Coloplast A/S is considered established upon the acquisition. The transfer is considered an integral part of the transaction because not transferring the intangible assets to Coloplast A/S with the current tax setup of the Group is not a viable solution. Acquired Prepay-patents, ments and trademarks intangible Total and know-assets in intangible DKK million how etc. Goodwill Software progress assets 2022/23 Cost at 1 October\u00b9\u207e 10,100 14,298 662 168 25,228 Exchange adjustment -345 -458 1 - -802 Adjustment to acquisitions previous years - -50 - - -50 Additions from acquisitions 3,159 6,184 - - 9,343 Transfers - - 102 -102 - Additions during the year 2 - 58 161 221 Disposals during the year -5 - -40 -2 -47 Cost at 30 September 12,911 19,974 783 225 33,893 Amortisation at 1 October 2,038 - 423 - 2,461 Exchange adjustment -116 - -1 - -117 Amortisation for the year 245 - 89 - 334 Amortisation reversed on disposals during the year - - -40 - -40 Amortisation at 30 September 2,167 - 471 - 2,638 Carrying amount at 30 September 10,744 19,974 312 225 31,255 2021/22 Cost at 1 October 3,010 2,028 526 84 5,648 Exchange adjustment -30 -259 -1 -1 -291 Additions from acquisitions\u00b9\u207e 7,112 12,529 23 14 19,678 Transfers - - 93 -93 - Additions during the year 8 - 36 164 208 Disposals during the year - - -15 -16 -31 Cost at 30 September 10,100 14,298 662 152 25,212 Amortisation at 1 October 1,628 - 369 - 1,997 Exchange adjustment 220 - -1 - 219 Amortisation for the year 190 - 70 - 260 Amortisation reversed on disposals during the year - - -15 -16 -31 Amortisation at 30 September 2,038 - 423 -16 2,445 Carrying amount at 30 September 8,062 14,298 239 168 22,767 1) In 2022/23, the opening balance for goodwill and deferred tax have been adjusted due to changes in the purchase price allocation of Atos Medical Group acquired in 2021/22. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. This was not reflected in the purchase price allocation included in the 2021/22 financial statements. The change resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million. Goodwill Goodwill mainly relates to the acquisitions of Atos Medical in 2022, Kerecis in 2023, Comfort Medical in 2016, Mentor's urology and continence business in 2006, Lilial in 2018 and Mpathy in 2010. Goodwill from the acquired businesses has been allocated to the individual cash-generating units. The allocation was made to the operating segment Chronic Care, Interventional Urology, Voice and Respiratory Care and the new operating segment Biologics. Pursuant to IAS 36, a goodwill impairment test is performed when there is an indication of impairment, but at least once a year. In the impairment test, the carrying amount is compared with the recoverable amount (value in use or fair value less cost of disposal) of each cash-generating unit, calculated as the discounted expected future cash flows. Future cash flows are determined using forecasts based on realised sales growth, earnings and strategy plans, etc. These forecasts are based on specific assumptions for each cash-generating unit during the planning period with respect to sales, results of operations, working capital, capital investments and assumptions for cost of capital, inflation and the level of interest rates. Growth rates for Chronic Care and Interventional Urology during the terminal period correspond to the expected long-term rate of inflation. Growth rate for Voice and Respiratory Care is slightly higher, due to the expectation of higher growth within the business area after the budget period. For Biologics, the growth rate during the terminal period is based on the rate used in the Management approved business case. 2022/23 2021/22 Interven-Voice and Interven-Voice and Chronic tional Respira-Chronic tional Respira-Care Urology tory Care Biologics Care Urology tory Care\u00b9\u207e Key parameters applied in the calculation of recoverable amounts: Revenue growth in terminal period 2.2% 2.2% 3.5% 2.0% 2.1% 2.1% 1.5% Tax percentage 23.0% 27.0% 23.0% 21.2% 23.0% 27.0% 21.8% Carrying amount of trademarks\u00b2\u207e, DKK million 50 - 3,081 1,501 54 - 3,235 Carrying amount of goodwill, DKK million 1,726 373 11,511 6,364 1,762 394 12,142 \u00b9\u207e In 2022/23, the opening balance for goodwill has been adjusted due to changes in the purchase price allocation of Atos Medical Group, as a result of the subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. This resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million. \u00b2\u207e Carrying amount includes only those trademarks with indefinite useful lives. 2022/23 2021/22 Before After Before After tax tax tax tax Discount rates applied in the calculation of recoverable amounts: Chronic Care 8.4% 6.9% 7.9% 6.5% Interventional Urology 13.1% 9.9% 12.5% 9.5% Voice and Respiratory Care 7.7% 6.9% 8.1% 6.7% Biologics 13.8% 11.9% - - For Chronic Care, Interventional Urology and Voice and Respiratory Care, the discount rate for 2022/23 and 2021/22 is based on the WACC used by the external analysts\u2019 covering Coloplast. For Biologics, the discount rate is based on the WACC used in the Management approved business case. Special assumptions applied in impairment tests performed in Chronic Care Chronic Care consists of the Ostomy Care and the Continence Care businesses. The Ostomy Care business involves the production and sale of ostomy pouches and accessories. The Continence Care business involves the production and sales of disposable catheters and various types of products designed for people suffering from urinary or faecal incontinence. The impairment test performed for Chronic Care was based on forecasts for the 2023/24 financial year. Assumptions for Coloplast\u2019s long-term strategy were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 6-9% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to anticipated price pressures and healthcare reforms. The Group\u2019s general tax rate was applied in the impairment test for Chronic Care because these products are sold in all of the Group\u2019s markets. Working capital invested has been projected using the same growth rate as that for revenue. Special assumptions applied in impairment tests performed in Interventional Urology The interventional urology business consists of the production and sale of products used in surgical procedures in urology and gynaecology, including prostate catheters, stents, vaginal slings used to restore continence, mesh products used to treat weak pelvic floor and penile implants for men experiencing severe impotence. The impairment test performed for Interventional Urology was based on forecasts for the 2023/24 financial year. Assumptions for the long-term strategy of the urology business were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 5-11% were assumed for the budget period, which are supported by the Interventional Urology organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to general anticipated price pressures and healthcare reforms. Nine Continents Medical Inc represents an option to enter the adjacent overactive bladder segment. Their technology 'Intibia' is expected to launch in 2025/26, pending successful clinical studies. The tax rate applied in the impairment test for Interventional Urology was higher than the rate applied for the Group because sales and production mostly take place in the US, which imposes a corporate tax rate higher than the Group average. Working capital invested has been projected using the same growth rate as that for revenue. Special assumptions applied on Voice and Respiratory Care The voice and respiratory care business consists of production and sales of laryngectomy and tracheostomy products, used to treat removal of all or part of the larynex. The impairment test performed for Voice and Respiratory Care was based on forecasts for the 2023/24 financial year. Assumptions for the long-term strategy of the voice and respiratory care business were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 8-10% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to anticipated price pressures and healthcare reforms. It was also assumed that the Group\u2019s focus on cost management and regular efficiency improvements will ensure that overhead costs will increase at a rate lower than revenue, which will produce an annual margin improvement. The Group\u2019s general tax rate was applied in the impairment test for Voice and Respiratory Care because these products are sold in most of the Group\u2019s markets. Working capital invested has been projected using the same growth rate as that for revenue. The value calculated in the impairment test exceeds the carrying value by DKK 0.5 billion. The calculated value is sensitive to possible lower EBIT or higher WACC. If (a) the EBIT decreases by around 4% per year in the projection period, (b) EBIT decreases by around 3% in the terminal period or (c) WACC after tax increases by around 0.1% points it will lead to a reassessment. Special assumptions applied on Biologics The biologics business consists of production and sales of fish-skin technology for wound care treatment. The impairment test performed for Biologics was based on forecasts for the 2023/24 financial year from the Management approved business case. Assumptions for Coloplast\u2019s long-term strategy were applied for the financial years 2024/25 to 2039/2040. Revenue growth rates of 2-43% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period. It was also assumed that the Group\u2019s focus on cost management and regular efficiency improvements will ensure that overhead costs will increase at a rate lower than revenue, which will produce an annual EBIT margin improvement. A tax rate of 21.2% was applied in the impairment test for Biologics, which is a blended tax rate of the markets where these products are sold. Working capital invested has been projected using the same growth rate as that for revenue. The disclosed key parameters and discount rate arose from the Management approved business case regarding Kerecis Group, consequently the carrying amount is compared with fair value less cost to sell based on a discount cash flow model (level 3 in the fair value hierarchy). The key parameters and discount rate are assessed to still be prudent as of 30 September 2023, and no impairment triggers are identified in the subsequent period, hence Management has used the business case as basis for the impairment test as of 30 September 2023. Acquired patents, trademarks and know-how etc. This year\u2019s additions of acquired customer list, patents and trademarks are associated with the acquisition in 2023 of Kerecis, where Coloplast completed the acquisition of all shares and voting rights of Kerecis at a cash consideration of DKK 7,923 million. In addition, acquired patents and trademarks are primarily associated with the acquisition of Atos Medical in 2022 and Nine Continents Medical in 2020. In connection with the acquisitions, intangible assets were identified, and the cost was allocated to net assets at fair value at the date of acquisition, calculated on the basis of factors such as expected sales and revenue trends. Each component is amortised over its estimated useful life using the straight line method. Patented and unpatented technologies On acquiring Kerecis in August 2023, Coloplast acquired several patented technologies and unpatented technologies. Unpatented technologies include: \u2022 Unpatented inventions \u2022 Trade secrets \u2022 Know-how \u2022 Confidential information \u2022 Copyrights on computer software, databases or instruction manuals and the like On acquiring Atos Medical in January 2022, Coloplast acquired a number of patented and unpatented technologies. Unpatented technologies include inventions not patentable or protectable, know-how, confidential information and copyrights on computer software and the like. Most relate to know-how regarding various technologies. Division of the individual components into small intangible assets is not considered material or relevant. On acquiring Nine Continents Medical in November 2020, Coloplast acquired a number of patented and unpatented technologies. Unpatented technologies include inventions not patentable or protectable, know-how, confidential information and copyrights on computer software and the like. Most relate to know-how regarding various technologies. Division of the individual components into small intangible assets is not considered material or relevant. Trademarks In addition to patented and unpatented technologies, Coloplast acquired the Kerecis trademark through the acquisition of Kerecis, and the Atos Medical and TRACOE trademarks through the acquisition of Atos Medical. Management has assessed that the value of brands with indefinite useful life, which consist primarily of Kerecis, Atos Medical and TRACOE, can be maintained for an indefinite period, as these are well-established brands in their markets, having existed for decades. The industry is characterised as being very stable with consistent consumer demand and a predictable competitive environment, and is expected to be profitable for the foreseeable future. Control of the brands is legally established and enforceable indefinitely. In management\u2019s opinion, the risk of the useful life of these brands becoming finite is minimal because of their individual market positions and because current and planned marketing initiatives are expected to sustain their useful life. Customer lists/loyalties Coloplast also acquired a substantial number of customer relationships on acquiring Kerecis and Atos Medical. Customer relationships include lists of and access to Kerecis\u2019 and Atos Medical\u2019s existing customers, both users, hospitals, distributors and private offices. Material acquired patents, trademarks and know-how etc. Remaining DKK million Asset amortisation period 2023 2022 Kerecis Trademarks indefinite 1,501 - Technologies and Kerecis customer relationships 10-20 years 1,741 - Atos Medical and TRACOE Trademarks indefinite 3,081 3,235 Technologies and Atos Medical and TRACOE customer relationships 8-18 years 3,075 3,446 Nine Continents Technologies n/a 1,218 1,218 Carrying value at 30 September 10,616 7,899 2022/23 2021/22 Amortisations on intangible assets break down as follows Production costs 25 21 Distribution costs 291 219 Administrative expenses 13 10 Research and development costs 5 10 Total 334 260",
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"s10_notesesefdkgaap__9__85": {
"value": "Note 11 Intangible assets Accounting policies Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Subsequent milestone payments related to acquired patents, trademarks and know-how payable on achievement of a contingent event will be capitalised when the contingent event is achieved. Borrowing costs are recognised as part of cost. Amortisation is made on a straight-line basis over the expected useful lives of the assets, which are: Software 3 \u2013 5 years Acquired patents, customer list, trademarks and know-how etc. 5 \u2013 20 years Goodwill and other intangible assets with indefinite lives are tested for impairment annually or whenever there is an indication of impairment, while the carrying amount of intangible assets with finite lives measured at cost or amortised cost are assessed if there is an indication of impairment. If a write-down is required, the carrying amount is written down to the higher of net selling price and value in use. For the purpose of assessing impairment, assets are grouped in the smallest group of assets that generates identifiable cash inflows (cash-generating units). The cash-generating units are defined as the smallest identifiable group of assets that generates cash inflows and which are largely independent of cash flows from other assets or groups of assets. For other intangible assets, the amortisation period is determined on the basis of Management\u2019s best estimate of the expected economic lives of the assets. The expected economic lives are assessed at least annually, and the amortisation period is determined based on the latest assessment. For purposes of calculating amortisation, the residual value of the assets is nil, unless a third party has committed to purchasing the asset after its use or there is an active market for the asset. With the exception of goodwill and some specific trademarks, all intangible assets have a finite life. All in-house research and development costs are recognised in the income statement as incurred. Management believes that mandatory regulatory approvals of products, completing the development of new products involves a high degree of uncertainty, for which reason the technical feasibility criteria are not considered to have been met. Gains or losses on the disposal of intangible assets are stated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal and are included in the income statement under other operating income or other operating expenses, respectively. Key accounting estimates and judgements Goodwill and other intangible assets: The measurement of intangible assets, including goodwill and acquired patents, trademarks and know-how etc., could be materially affected by significant changes in estimates and assumptions underlying the calculation of values. The carrying amount of these intangible assets was DKK 30,718 million as at 30 September 2023 (30 September 2022: DKK 22,360. million). Atos Medical Group was acquired, as a share deal, in the financial year 2021/22. All intangible assets were transferred to Coloplast A/S resulting in exit taxation in the respective Atos entities. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base is considered established upon the acquisition. Furthermore, the subsequent is considered an integral part of the transaction due to the current tax setup of the group, that could be considered non-compliant if not transferring the assets. IP asset transferred remain recognised in functional currency, SEK, in the Consolidated Financial Statements. The judgement and functional currency choice was based on analyzing the primary economic environment and other indicators of the IP asset and related business, that most faithfully represents the underlying transactions. Nine Continents Medical was acquired in a share deal in 2020. Shortly following the acquisition, all intangible assets was transferred to Coloplast A/S resulting in US exit taxation. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base in Coloplast A/S is considered established upon the acquisition. The transfer is considered an integral part of the transaction because not transferring the intangible assets to Coloplast A/S with the current tax setup of the Group is not a viable solution. Acquired Prepay-patents, ments and trademarks intangible Total and know-assets in intangible DKK million how etc. Goodwill Software progress assets 2022/23 Cost at 1 October\u00b9\u207e 10,100 14,298 662 168 25,228 Exchange adjustment -345 -458 1 - -802 Adjustment to acquisitions previous years - -50 - - -50 Additions from acquisitions 3,159 6,184 - - 9,343 Transfers - - 102 -102 - Additions during the year 2 - 58 161 221 Disposals during the year -5 - -40 -2 -47 Cost at 30 September 12,911 19,974 783 225 33,893 Amortisation at 1 October 2,038 - 423 - 2,461 Exchange adjustment -116 - -1 - -117 Amortisation for the year 245 - 89 - 334 Amortisation reversed on disposals during the year - - -40 - -40 Amortisation at 30 September 2,167 - 471 - 2,638 Carrying amount at 30 September 10,744 19,974 312 225 31,255 2021/22 Cost at 1 October 3,010 2,028 526 84 5,648 Exchange adjustment -30 -259 -1 -1 -291 Additions from acquisitions\u00b9\u207e 7,112 12,529 23 14 19,678 Transfers - - 93 -93 - Additions during the year 8 - 36 164 208 Disposals during the year - - -15 -16 -31 Cost at 30 September 10,100 14,298 662 152 25,212 Amortisation at 1 October 1,628 - 369 - 1,997 Exchange adjustment 220 - -1 - 219 Amortisation for the year 190 - 70 - 260 Amortisation reversed on disposals during the year - - -15 -16 -31 Amortisation at 30 September 2,038 - 423 -16 2,445 Carrying amount at 30 September 8,062 14,298 239 168 22,767 1) In 2022/23, the opening balance for goodwill and deferred tax have been adjusted due to changes in the purchase price allocation of Atos Medical Group acquired in 2021/22. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. This was not reflected in the purchase price allocation included in the 2021/22 financial statements. The change resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million. Goodwill Goodwill mainly relates to the acquisitions of Atos Medical in 2022, Kerecis in 2023, Comfort Medical in 2016, Mentor's urology and continence business in 2006, Lilial in 2018 and Mpathy in 2010. Goodwill from the acquired businesses has been allocated to the individual cash-generating units. The allocation was made to the operating segment Chronic Care, Interventional Urology, Voice and Respiratory Care and the new operating segment Biologics. Pursuant to IAS 36, a goodwill impairment test is performed when there is an indication of impairment, but at least once a year. In the impairment test, the carrying amount is compared with the recoverable amount (value in use or fair value less cost of disposal) of each cash-generating unit, calculated as the discounted expected future cash flows. Future cash flows are determined using forecasts based on realised sales growth, earnings and strategy plans, etc. These forecasts are based on specific assumptions for each cash-generating unit during the planning period with respect to sales, results of operations, working capital, capital investments and assumptions for cost of capital, inflation and the level of interest rates. Growth rates for Chronic Care and Interventional Urology during the terminal period correspond to the expected long-term rate of inflation. Growth rate for Voice and Respiratory Care is slightly higher, due to the expectation of higher growth within the business area after the budget period. For Biologics, the growth rate during the terminal period is based on the rate used in the Management approved business case. 2022/23 2021/22 Interven-Voice and Interven-Voice and Chronic tional Respira-Chronic tional Respira-Care Urology tory Care Biologics Care Urology tory Care\u00b9\u207e Key parameters applied in the calculation of recoverable amounts: Revenue growth in terminal period 2.2% 2.2% 3.5% 2.0% 2.1% 2.1% 1.5% Tax percentage 23.0% 27.0% 23.0% 21.2% 23.0% 27.0% 21.8% Carrying amount of trademarks\u00b2\u207e, DKK million 50 - 3,081 1,501 54 - 3,235 Carrying amount of goodwill, DKK million 1,726 373 11,511 6,364 1,762 394 12,142 \u00b9\u207e In 2022/23, the opening balance for goodwill has been adjusted due to changes in the purchase price allocation of Atos Medical Group, as a result of the subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. This resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million. \u00b2\u207e Carrying amount includes only those trademarks with indefinite useful lives. 2022/23 2021/22 Before After Before After tax tax tax tax Discount rates applied in the calculation of recoverable amounts: Chronic Care 8.4% 6.9% 7.9% 6.5% Interventional Urology 13.1% 9.9% 12.5% 9.5% Voice and Respiratory Care 7.7% 6.9% 8.1% 6.7% Biologics 13.8% 11.9% - - For Chronic Care, Interventional Urology and Voice and Respiratory Care, the discount rate for 2022/23 and 2021/22 is based on the WACC used by the external analysts\u2019 covering Coloplast. For Biologics, the discount rate is based on the WACC used in the Management approved business case. Special assumptions applied in impairment tests performed in Chronic Care Chronic Care consists of the Ostomy Care and the Continence Care businesses. The Ostomy Care business involves the production and sale of ostomy pouches and accessories. The Continence Care business involves the production and sales of disposable catheters and various types of products designed for people suffering from urinary or faecal incontinence. The impairment test performed for Chronic Care was based on forecasts for the 2023/24 financial year. Assumptions for Coloplast\u2019s long-term strategy were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 6-9% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to anticipated price pressures and healthcare reforms. The Group\u2019s general tax rate was applied in the impairment test for Chronic Care because these products are sold in all of the Group\u2019s markets. Working capital invested has been projected using the same growth rate as that for revenue. Special assumptions applied in impairment tests performed in Interventional Urology The interventional urology business consists of the production and sale of products used in surgical procedures in urology and gynaecology, including prostate catheters, stents, vaginal slings used to restore continence, mesh products used to treat weak pelvic floor and penile implants for men experiencing severe impotence. The impairment test performed for Interventional Urology was based on forecasts for the 2023/24 financial year. Assumptions for the long-term strategy of the urology business were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 5-11% were assumed for the budget period, which are supported by the Interventional Urology organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to general anticipated price pressures and healthcare reforms. Nine Continents Medical Inc represents an option to enter the adjacent overactive bladder segment. Their technology 'Intibia' is expected to launch in 2025/26, pending successful clinical studies. The tax rate applied in the impairment test for Interventional Urology was higher than the rate applied for the Group because sales and production mostly take place in the US, which imposes a corporate tax rate higher than the Group average. Working capital invested has been projected using the same growth rate as that for revenue. Special assumptions applied on Voice and Respiratory Care The voice and respiratory care business consists of production and sales of laryngectomy and tracheostomy products, used to treat removal of all or part of the larynex. The impairment test performed for Voice and Respiratory Care was based on forecasts for the 2023/24 financial year. Assumptions for the long-term strategy of the voice and respiratory care business were applied for the financial years 2024/25 to 2026/27. Revenue growth rates of 8-10% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period due to anticipated price pressures and healthcare reforms. It was also assumed that the Group\u2019s focus on cost management and regular efficiency improvements will ensure that overhead costs will increase at a rate lower than revenue, which will produce an annual margin improvement. The Group\u2019s general tax rate was applied in the impairment test for Voice and Respiratory Care because these products are sold in most of the Group\u2019s markets. Working capital invested has been projected using the same growth rate as that for revenue. The value calculated in the impairment test exceeds the carrying value by DKK 0.5 billion. The calculated value is sensitive to possible lower EBIT or higher WACC. If (a) the EBIT decreases by around 4% per year in the projection period, (b) EBIT decreases by around 3% in the terminal period or (c) WACC after tax increases by around 0.1% points it will lead to a reassessment. Special assumptions applied on Biologics The biologics business consists of production and sales of fish-skin technology for wound care treatment. The impairment test performed for Biologics was based on forecasts for the 2023/24 financial year from the Management approved business case. Assumptions for Coloplast\u2019s long-term strategy were applied for the financial years 2024/25 to 2039/2040. Revenue growth rates of 2-43% were assumed for the budget period, which are supported by the organic growth rates in recent financial years. On the other hand, it was assumed that the gross margin will decrease slightly until the terminal period. It was also assumed that the Group\u2019s focus on cost management and regular efficiency improvements will ensure that overhead costs will increase at a rate lower than revenue, which will produce an annual EBIT margin improvement. A tax rate of 21.2% was applied in the impairment test for Biologics, which is a blended tax rate of the markets where these products are sold. Working capital invested has been projected using the same growth rate as that for revenue. The disclosed key parameters and discount rate arose from the Management approved business case regarding Kerecis Group, consequently the carrying amount is compared with fair value less cost to sell based on a discount cash flow model (level 3 in the fair value hierarchy). The key parameters and discount rate are assessed to still be prudent as of 30 September 2023, and no impairment triggers are identified in the subsequent period, hence Management has used the business case as basis for the impairment test as of 30 September 2023. Acquired patents, trademarks and know-how etc. This year\u2019s additions of acquired customer list, patents and trademarks are associated with the acquisition in 2023 of Kerecis, where Coloplast completed the acquisition of all shares and voting rights of Kerecis at a cash consideration of DKK 7,923 million. In addition, acquired patents and trademarks are primarily associated with the acquisition of Atos Medical in 2022 and Nine Continents Medical in 2020. In connection with the acquisitions, intangible assets were identified, and the cost was allocated to net assets at fair value at the date of acquisition, calculated on the basis of factors such as expected sales and revenue trends. Each component is amortised over its estimated useful life using the straight line method. Patented and unpatented technologies On acquiring Kerecis in August 2023, Coloplast acquired several patented technologies and unpatented technologies. Unpatented technologies include: \u2022 Unpatented inventions \u2022 Trade secrets \u2022 Know-how \u2022 Confidential information \u2022 Copyrights on computer software, databases or instruction manuals and the like On acquiring Atos Medical in January 2022, Coloplast acquired a number of patented and unpatented technologies. Unpatented technologies include inventions not patentable or protectable, know-how, confidential information and copyrights on computer software and the like. Most relate to know-how regarding various technologies. Division of the individual components into small intangible assets is not considered material or relevant. On acquiring Nine Continents Medical in November 2020, Coloplast acquired a number of patented and unpatented technologies. Unpatented technologies include inventions not patentable or protectable, know-how, confidential information and copyrights on computer software and the like. Most relate to know-how regarding various technologies. Division of the individual components into small intangible assets is not considered material or relevant. Trademarks In addition to patented and unpatented technologies, Coloplast acquired the Kerecis trademark through the acquisition of Kerecis, and the Atos Medical and TRACOE trademarks through the acquisition of Atos Medical. Management has assessed that the value of brands with indefinite useful life, which consist primarily of Kerecis, Atos Medical and TRACOE, can be maintained for an indefinite period, as these are well-established brands in their markets, having existed for decades. The industry is characterised as being very stable with consistent consumer demand and a predictable competitive environment, and is expected to be profitable for the foreseeable future. Control of the brands is legally established and enforceable indefinitely. In management\u2019s opinion, the risk of the useful life of these brands becoming finite is minimal because of their individual market positions and because current and planned marketing initiatives are expected to sustain their useful life. Customer lists/loyalties Coloplast also acquired a substantial number of customer relationships on acquiring Kerecis and Atos Medical. Customer relationships include lists of and access to Kerecis\u2019 and Atos Medical\u2019s existing customers, both users, hospitals, distributors and private offices. Material acquired patents, trademarks and know-how etc. Remaining DKK million Asset amortisation period 2023 2022 Kerecis Trademarks indefinite 1,501 - Technologies and Kerecis customer relationships 10-20 years 1,741 - Atos Medical and TRACOE Trademarks indefinite 3,081 3,235 Technologies and Atos Medical and TRACOE customer relationships 8-18 years 3,075 3,446 Nine Continents Technologies n/a 1,218 1,218 Carrying value at 30 September 10,616 7,899 2022/23 2021/22 Amortisations on intangible assets break down as follows Production costs 25 21 Distribution costs 291 219 Administrative expenses 13 10 Research and development costs 5 10 Total 334 260",
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},
"s10_notesesefdkgaap__9__101": {
"value": "Accounting policies Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Subsequent milestone payments related to acquired patents, trademarks and know-how payable on achievement of a contingent event will be capitalised when the contingent event is achieved. Borrowing costs are recognised as part of cost. Amortisation is made on a straight-line basis over the expected useful lives of the assets, which are: Software 3 \u2013 5 years Acquired patents, customer list, trademarks and know-how etc. 5 \u2013 20 years Goodwill and other intangible assets with indefinite lives are tested for impairment annually or whenever there is an indication of impairment, while the carrying amount of intangible assets with finite lives measured at cost or amortised cost are assessed if there is an indication of impairment. If a write-down is required, the carrying amount is written down to the higher of net selling price and value in use. For the purpose of assessing impairment, assets are grouped in the smallest group of assets that generates identifiable cash inflows (cash-generating units). The cash-generating units are defined as the smallest identifiable group of assets that generates cash inflows and which are largely independent of cash flows from other assets or groups of assets. For other intangible assets, the amortisation period is determined on the basis of Management\u2019s best estimate of the expected economic lives of the assets. The expected economic lives are assessed at least annually, and the amortisation period is determined based on the latest assessment. For purposes of calculating amortisation, the residual value of the assets is nil, unless a third party has committed to purchasing the asset after its use or there is an active market for the asset. With the exception of goodwill and some specific trademarks, all intangible assets have a finite life. All in-house research and development costs are recognised in the income statement as incurred. Management believes that mandatory regulatory approvals of products, completing the development of new products involves a high degree of uncertainty, for which reason the technical feasibility criteria are not considered to have been met. Gains or losses on the disposal of intangible assets are stated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal and are included in the income statement under other operating income or other operating expenses, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__100": {
"value": "Accounting policies Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Subsequent milestone payments related to acquired patents, trademarks and know-how payable on achievement of a contingent event will be capitalised when the contingent event is achieved. Borrowing costs are recognised as part of cost. Amortisation is made on a straight-line basis over the expected useful lives of the assets, which are: Software 3 \u2013 5 years Acquired patents, customer list, trademarks and know-how etc. 5 \u2013 20 years Goodwill and other intangible assets with indefinite lives are tested for impairment annually or whenever there is an indication of impairment, while the carrying amount of intangible assets with finite lives measured at cost or amortised cost are assessed if there is an indication of impairment. If a write-down is required, the carrying amount is written down to the higher of net selling price and value in use. For the purpose of assessing impairment, assets are grouped in the smallest group of assets that generates identifiable cash inflows (cash-generating units). The cash-generating units are defined as the smallest identifiable group of assets that generates cash inflows and which are largely independent of cash flows from other assets or groups of assets. For other intangible assets, the amortisation period is determined on the basis of Management\u2019s best estimate of the expected economic lives of the assets. The expected economic lives are assessed at least annually, and the amortisation period is determined based on the latest assessment. For purposes of calculating amortisation, the residual value of the assets is nil, unless a third party has committed to purchasing the asset after its use or there is an active market for the asset. With the exception of goodwill and some specific trademarks, all intangible assets have a finite life. All in-house research and development costs are recognised in the income statement as incurred. Management believes that mandatory regulatory approvals of products, completing the development of new products involves a high degree of uncertainty, for which reason the technical feasibility criteria are not considered to have been met. Gains or losses on the disposal of intangible assets are stated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal and are included in the income statement under other operating income or other operating expenses, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__98-1": {
"value": "Accounting policies Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Subsequent milestone payments related to acquired patents, trademarks and know-how payable on achievement of a contingent event will be capitalised when the contingent event is achieved. Borrowing costs are recognised as part of cost. Amortisation is made on a straight-line basis over the expected useful lives of the assets, which are: Software 3 \u2013 5 years Acquired patents, customer list, trademarks and know-how etc. 5 \u2013 20 years Goodwill and other intangible assets with indefinite lives are tested for impairment annually or whenever there is an indication of impairment, while the carrying amount of intangible assets with finite lives measured at cost or amortised cost are assessed if there is an indication of impairment. If a write-down is required, the carrying amount is written down to the higher of net selling price and value in use. For the purpose of assessing impairment, assets are grouped in the smallest group of assets that generates identifiable cash inflows (cash-generating units). The cash-generating units are defined as the smallest identifiable group of assets that generates cash inflows and which are largely independent of cash flows from other assets or groups of assets. For other intangible assets, the amortisation period is determined on the basis of Management\u2019s best estimate of the expected economic lives of the assets. The expected economic lives are assessed at least annually, and the amortisation period is determined based on the latest assessment. For purposes of calculating amortisation, the residual value of the assets is nil, unless a third party has committed to purchasing the asset after its use or there is an active market for the asset. With the exception of goodwill and some specific trademarks, all intangible assets have a finite life. All in-house research and development costs are recognised in the income statement as incurred. Management believes that mandatory regulatory approvals of products, completing the development of new products involves a high degree of uncertainty, for which reason the technical feasibility criteria are not considered to have been met. Gains or losses on the disposal of intangible assets are stated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal and are included in the income statement under other operating income or other operating expenses, respectively.Accounting policies Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the cost of acquisition and expenses directly attributable to an acquisition until the asset is ready for use. In case of assets manufactured by the company, cost comprises materials, components, sub-supplier services, direct labour and costs directly attributable to the manufactured asset. In addition, borrowing costs are recognised as part of cost. Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are: Land not depreciated Buildings 15 \u2013 25 years Building installations 5 \u2013 10 years Plant and machinery 5 \u2013 15 years Other fixtures and fittings, tools and equipment 3 \u2013 7 years At the balance sheet date, the residual values, remaining useful lives and depreciation pattern of the assets are reassessed. Any changes are treated as changes to accounting estimates. Gains and losses on the sale or scrapping of an item of property, plant and equipment are recognised in the income statement as other operating income and other operating expenses, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__97": {
"value": "Accounting policies Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Subsequent milestone payments related to acquired patents, trademarks and know-how payable on achievement of a contingent event will be capitalised when the contingent event is achieved. Borrowing costs are recognised as part of cost. Amortisation is made on a straight-line basis over the expected useful lives of the assets, which are: Software 3 \u2013 5 years Acquired patents, customer list, trademarks and know-how etc. 5 \u2013 20 years Goodwill and other intangible assets with indefinite lives are tested for impairment annually or whenever there is an indication of impairment, while the carrying amount of intangible assets with finite lives measured at cost or amortised cost are assessed if there is an indication of impairment. If a write-down is required, the carrying amount is written down to the higher of net selling price and value in use. For the purpose of assessing impairment, assets are grouped in the smallest group of assets that generates identifiable cash inflows (cash-generating units). The cash-generating units are defined as the smallest identifiable group of assets that generates cash inflows and which are largely independent of cash flows from other assets or groups of assets. For other intangible assets, the amortisation period is determined on the basis of Management\u2019s best estimate of the expected economic lives of the assets. The expected economic lives are assessed at least annually, and the amortisation period is determined based on the latest assessment. For purposes of calculating amortisation, the residual value of the assets is nil, unless a third party has committed to purchasing the asset after its use or there is an active market for the asset. With the exception of goodwill and some specific trademarks, all intangible assets have a finite life. All in-house research and development costs are recognised in the income statement as incurred. Management believes that mandatory regulatory approvals of products, completing the development of new products involves a high degree of uncertainty, for which reason the technical feasibility criteria are not considered to have been met. Gains or losses on the disposal of intangible assets are stated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal and are included in the income statement under other operating income or other operating expenses, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__96": {
"value": "Accounting policies Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Subsequent milestone payments related to acquired patents, trademarks and know-how payable on achievement of a contingent event will be capitalised when the contingent event is achieved. Borrowing costs are recognised as part of cost. Amortisation is made on a straight-line basis over the expected useful lives of the assets, which are: Software 3 \u2013 5 years Acquired patents, customer list, trademarks and know-how etc. 5 \u2013 20 years Goodwill and other intangible assets with indefinite lives are tested for impairment annually or whenever there is an indication of impairment, while the carrying amount of intangible assets with finite lives measured at cost or amortised cost are assessed if there is an indication of impairment. If a write-down is required, the carrying amount is written down to the higher of net selling price and value in use. For the purpose of assessing impairment, assets are grouped in the smallest group of assets that generates identifiable cash inflows (cash-generating units). The cash-generating units are defined as the smallest identifiable group of assets that generates cash inflows and which are largely independent of cash flows from other assets or groups of assets. For other intangible assets, the amortisation period is determined on the basis of Management\u2019s best estimate of the expected economic lives of the assets. The expected economic lives are assessed at least annually, and the amortisation period is determined based on the latest assessment. For purposes of calculating amortisation, the residual value of the assets is nil, unless a third party has committed to purchasing the asset after its use or there is an active market for the asset. With the exception of goodwill and some specific trademarks, all intangible assets have a finite life. All in-house research and development costs are recognised in the income statement as incurred. Management believes that mandatory regulatory approvals of products, completing the development of new products involves a high degree of uncertainty, for which reason the technical feasibility criteria are not considered to have been met. Gains or losses on the disposal of intangible assets are stated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal and are included in the income statement under other operating income or other operating expenses, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__95": {
"value": "Accounting policies Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Subsequent milestone payments related to acquired patents, trademarks and know-how payable on achievement of a contingent event will be capitalised when the contingent event is achieved. Borrowing costs are recognised as part of cost. Amortisation is made on a straight-line basis over the expected useful lives of the assets, which are: Software 3 \u2013 5 years Acquired patents, customer list, trademarks and know-how etc. 5 \u2013 20 years Goodwill and other intangible assets with indefinite lives are tested for impairment annually or whenever there is an indication of impairment, while the carrying amount of intangible assets with finite lives measured at cost or amortised cost are assessed if there is an indication of impairment. If a write-down is required, the carrying amount is written down to the higher of net selling price and value in use. For the purpose of assessing impairment, assets are grouped in the smallest group of assets that generates identifiable cash inflows (cash-generating units). The cash-generating units are defined as the smallest identifiable group of assets that generates cash inflows and which are largely independent of cash flows from other assets or groups of assets. For other intangible assets, the amortisation period is determined on the basis of Management\u2019s best estimate of the expected economic lives of the assets. The expected economic lives are assessed at least annually, and the amortisation period is determined based on the latest assessment. For purposes of calculating amortisation, the residual value of the assets is nil, unless a third party has committed to purchasing the asset after its use or there is an active market for the asset. With the exception of goodwill and some specific trademarks, all intangible assets have a finite life. All in-house research and development costs are recognised in the income statement as incurred. Management believes that mandatory regulatory approvals of products, completing the development of new products involves a high degree of uncertainty, for which reason the technical feasibility criteria are not considered to have been met. Gains or losses on the disposal of intangible assets are stated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal and are included in the income statement under other operating income or other operating expenses, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__89-1": {
"value": "2022/23 2021/22 Amortisations on intangible assets break down as follows Production costs 25 21 Distribution costs 291 219 Administrative expenses 13 10 Research and development costs 5 10 Total 334 260Accounting policies Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Subsequent milestone payments related to acquired patents, trademarks and know-how payable on achievement of a contingent event will be capitalised when the contingent event is achieved. Borrowing costs are recognised as part of cost. Amortisation is made on a straight-line basis over the expected useful lives of the assets, which are: Software 3 \u2013 5 years Acquired patents, customer list, trademarks and know-how etc. 5 \u2013 20 years Goodwill and other intangible assets with indefinite lives are tested for impairment annually or whenever there is an indication of impairment, while the carrying amount of intangible assets with finite lives measured at cost or amortised cost are assessed if there is an indication of impairment. If a write-down is required, the carrying amount is written down to the higher of net selling price and value in use. For the purpose of assessing impairment, assets are grouped in the smallest group of assets that generates identifiable cash inflows (cash-generating units). The cash-generating units are defined as the smallest identifiable group of assets that generates cash inflows and which are largely independent of cash flows from other assets or groups of assets. For other intangible assets, the amortisation period is determined on the basis of Management\u2019s best estimate of the expected economic lives of the assets. The expected economic lives are assessed at least annually, and the amortisation period is determined based on the latest assessment. For purposes of calculating amortisation, the residual value of the assets is nil, unless a third party has committed to purchasing the asset after its use or there is an active market for the asset. With the exception of goodwill and some specific trademarks, all intangible assets have a finite life. All in-house research and development costs are recognised in the income statement as incurred. Management believes that mandatory regulatory approvals of products, completing the development of new products involves a high degree of uncertainty, for which reason the technical feasibility criteria are not considered to have been met. Gains or losses on the disposal of intangible assets are stated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal and are included in the income statement under other operating income or other operating expenses, respectively.Accounting policies Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the cost of acquisition and expenses directly attributable to an acquisition until the asset is ready for use. In case of assets manufactured by the company, cost comprises materials, components, sub-supplier services, direct labour and costs directly attributable to the manufactured asset. In addition, borrowing costs are recognised as part of cost. Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are: Land not depreciated Buildings 15 \u2013 25 years Building installations 5 \u2013 10 years Plant and machinery 5 \u2013 15 years Other fixtures and fittings, tools and equipment 3 \u2013 7 years At the balance sheet date, the residual values, remaining useful lives and depreciation pattern of the assets are reassessed. Any changes are treated as changes to accounting estimates. Gains and losses on the sale or scrapping of an item of property, plant and equipment are recognised in the income statement as other operating income and other operating expenses, respectively.DKK million 2022/23 2021/22 Depreciations on property, plant and equipment break down as follows Production costs 364 339 Distribution costs 41 35 Administrative expenses 32 23 Research and development costs 37 38 Total 474 435DKK million 2022/23 2021/22 Depreciations on right-of-use assets break down as follows Production costs 27 24 Distribution costs 199 182 Administrative expenses 33 27 Research and development costs 2 2 Total 261 235",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__102": {
"value": "Note 12 Property, plant and equipment Accounting policies Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the cost of acquisition and expenses directly attributable to an acquisition until the asset is ready for use. In case of assets manufactured by the company, cost comprises materials, components, sub-supplier services, direct labour and costs directly attributable to the manufactured asset. In addition, borrowing costs are recognised as part of cost. Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are: Land not depreciated Buildings 15 \u2013 25 years Building installations 5 \u2013 10 years Plant and machinery 5 \u2013 15 years Other fixtures and fittings, tools and equipment 3 \u2013 7 years At the balance sheet date, the residual values, remaining useful lives and depreciation pattern of the assets are reassessed. Any changes are treated as changes to accounting estimates. Gains and losses on the sale or scrapping of an item of property, plant and equipment are recognised in the income statement as other operating income and other operating expenses, respectively. DKK million 2022/23 2021/22 Depreciations on property, plant and equipment break down as follows Production costs 364 339 Distribution costs 41 35 Administrative expenses 32 23 Research and development costs 37 38 Total 474 435 Other Prepay-fixtures ments and and assets Total fittings, under property, Land and Plant and tools and construc-plant and DKK million buildings machinery equipment tion equipment 2022/23 Cost at 1 October 3,167 5,126 1,319 1,015 10,627 Exchange and other adjustments 67 23 -11 33 112 Additions from acquisitions - 19 - - 19 Transfers 241 359 124 -724 - Additions and improvements during the year 7 18 78 917 1,020 Disposals during the year -5 -127 -153 - -285 Cost at 30 September 3,477 5,418 1,357 1,241 11,493 Depreciation at 1 October 1,596 3,547 1,010 - 6,153 Exchange and other adjustments 2 13 -6 - 9 Depreciations for the year 132 214 128 - 474 Depreciations reversed on disposals during the year -3 -125 -146 - -274 Depreciation at 30 September 1,727 3,649 986 - 6,362 Carrying amount at 30 September 1,750 1,769 371 1,241 5,131 Cost of property, plant and equipment fully depreciated 757 2,419 752 - 3,928 2021/22 Cost at 1 October 2,748 4,957 1,172 802 9,679 Exchange and other adjustments 36 -115 14 -10 -75 Additions from acquisitions 137 32 49 29 247 Transfers 251 326 72 -649 - Additions and improvements during the year 8 15 26 878 927 Disposals during the year -13 -89 -14 -35 -151 Cost at 30 September 3,167 5,126 1,319 1,015 10,627 Depreciation at 1 October 1,501 3,494 899 - 5,894 Exchange and other adjustments -13 -42 11 - -44 Depreciations for the year 116 205 114 - 435 Depreciations reversed on disposals during the year -8 -110 -14 - -132 Depreciation at 30 September 1,596 3,547 1,010 - 6,153 Carrying amount at 30 September 1,571 1,579 309 1,015 4,474 Cost of property, plant and equipment fully depreciated 705 2,515 862 - 4,082 The Group has signed agreements with contractors for the supply of buildings, technical plant and machinery for DKK 144 million at 30 September 2023 (DKK 250 million at 30 September 2022). The Group has security upon properties for DKK 25 million at 30 September 2023 (DKK 26 million at 30 September 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__107": {
"value": "Accounting policies Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the cost of acquisition and expenses directly attributable to an acquisition until the asset is ready for use. In case of assets manufactured by the company, cost comprises materials, components, sub-supplier services, direct labour and costs directly attributable to the manufactured asset. In addition, borrowing costs are recognised as part of cost. Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are: Land not depreciated Buildings 15 \u2013 25 years Building installations 5 \u2013 10 years Plant and machinery 5 \u2013 15 years Other fixtures and fittings, tools and equipment 3 \u2013 7 years At the balance sheet date, the residual values, remaining useful lives and depreciation pattern of the assets are reassessed. Any changes are treated as changes to accounting estimates. Gains and losses on the sale or scrapping of an item of property, plant and equipment are recognised in the income statement as other operating income and other operating expenses, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__106": {
"value": "Accounting policies Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the cost of acquisition and expenses directly attributable to an acquisition until the asset is ready for use. In case of assets manufactured by the company, cost comprises materials, components, sub-supplier services, direct labour and costs directly attributable to the manufactured asset. In addition, borrowing costs are recognised as part of cost. Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are: Land not depreciated Buildings 15 \u2013 25 years Building installations 5 \u2013 10 years Plant and machinery 5 \u2013 15 years Other fixtures and fittings, tools and equipment 3 \u2013 7 years At the balance sheet date, the residual values, remaining useful lives and depreciation pattern of the assets are reassessed. Any changes are treated as changes to accounting estimates. Gains and losses on the sale or scrapping of an item of property, plant and equipment are recognised in the income statement as other operating income and other operating expenses, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__104": {
"value": "Accounting policies Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the cost of acquisition and expenses directly attributable to an acquisition until the asset is ready for use. In case of assets manufactured by the company, cost comprises materials, components, sub-supplier services, direct labour and costs directly attributable to the manufactured asset. In addition, borrowing costs are recognised as part of cost. Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are: Land not depreciated Buildings 15 \u2013 25 years Building installations 5 \u2013 10 years Plant and machinery 5 \u2013 15 years Other fixtures and fittings, tools and equipment 3 \u2013 7 years At the balance sheet date, the residual values, remaining useful lives and depreciation pattern of the assets are reassessed. Any changes are treated as changes to accounting estimates. Gains and losses on the sale or scrapping of an item of property, plant and equipment are recognised in the income statement as other operating income and other operating expenses, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__114": {
"value": "Note 13 Right-of-use assets Accounting policies At the commencement date, when a leased asset is made available for use, a right-of-use asset and a corresponding lease liability is recognised on the balance sheet. Right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability, any lease payments made prior to the commencement date and any initial direct costs. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for the remeasurement of the lease liability. The right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term or the useful life of the right-of-use asset. Options to extend the initial leasing period are only included in the initial measurement if it is reasonably certain that the option will be utilised. Lease liabilities are initially measured at the present value of future lease payments. The lease payments are discounted using the implicit rate of the lease contract or, if not readily determinable, the incremental borrowing rate of Coloplast for loans with similar term and security. As a practical expedient, the discount rates are determined on basis of a portfolio of leases with similar characteristics, e.g. a portfolio of leased cars in a specific country. The lease liabilities are subsequently reduced by the portion of lease payments which is regarded as repayment of those lease liabilities. Lease liabilities are remeasured in the event of a lease modification or a reassessment of the lease term which in turn may also impact the carrying value of the right-of-use assets. The lease term is reassessed when a significant event or change, which is within the control of Coloplast, affects the prior assessment. Short-term leases and leases of low-value assets are exempted from the above accounting model. Consequently, lease payments associated with such lease contracts are recognised as an operating expense on either a straight-line basis over the lease term or another systematic basis which is more representative of the pattern of the benefit of the leased assets. The majority of the Group's right-of-use assets comprise office space, warehouses, cars and IT equipment. Leasing arrangements are preferred for certain types of assets as it stabilises cash flows and reduces capital invested in non-current assets. In certain situations, the leasing contracts include a right for Coloplast to extend the leasing period but this is only reflected in the cost of the right-of-use assets, and the corresponding lease liability, if it is reasonably certain that the option will be utilised. Variable lease payments, which are not included in the measurement of the lease liability, are expensed directly in profit or loss. These payments are mainly related to consumption-based charges, e.g. extra mileage in leased cars. The Group enters into new lease contracts continually, e.g. to replace an old right-of-use asset which is returned to lessor. The new contracts are usually entered prior to commencing the leasing period when a right-of-use assets is available for use. Consequently, the Group may have committed to lease contracts, which are insignificant from an individual perspective, at the balance sheet date which are not yet recognised on the balance sheet date. The extent of residual value guarantees for right-of-use assets is limited and expected payments are included in the initial amount of the lease liability. Other fixtures and fittings, tools and Total DKK million Land and buildings equipment right-of-use assets 2022/23 Carrying amount at 1 October 508 169 677 Exchange and other adjustments -10 -3 -13 Additions from acquisitions 11 - 11 Additions during the year 316 136 452 Disposals during the year -63 -115 -178 Depreciations for the year -150 -111 -261 Depreciations reversed on disposals during the year 54 106 160 Carrying amount at 30 September 666 182 848 Other fixtures and fittings, tools and Total DKK million Land and buildings equipment right-of-use assets 2021/22 Carrying amount at 1 October 447 154 601 Exchange and other adjustments -2 5 3 Additions from acquisitions 51 23 74 Additions during the year 151 100 251 Disposals during the year -20 -77 -97 Depreciations for the year -128 -107 -235 Depreciations reversed on disposals during the year 9 71 80 Carrying amount at 30 September 508 169 677 DKK million 2022/23 2021/22 Depreciations on right-of-use assets break down as follows Production costs 27 24 Distribution costs 199 182 Administrative expenses 33 27 Research and development costs 2 2 Total 261 235 Other lease expenses recorded in the income statement Lease payments related to short-term leases 14 11 Lease payments related to low-value assets 27 23 Variable lease payments 26 21 Total 67 55 Total cash outflow for leases Payments related to right-of-use assets 247 243 Payments related to other lease contracts 60 49 Total 307 292 DKK million 2023 2022 Maturity analysis of lease liabilities (undiscounted) In less than one year 237 227 Current lease liability (undiscounted) 237 227 Within 1 to 5 years 509 406 After more than 5 years 211 110 Non-current lease liability (undiscounted) 720 516 Total lease liability (undiscounted) 957 743",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__122": {
"value": "Accounting policies At the commencement date, when a leased asset is made available for use, a right-of-use asset and a corresponding lease liability is recognised on the balance sheet. Right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability, any lease payments made prior to the commencement date and any initial direct costs. Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for the remeasurement of the lease liability. The right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term or the useful life of the right-of-use asset. Options to extend the initial leasing period are only included in the initial measurement if it is reasonably certain that the option will be utilised. Lease liabilities are initially measured at the present value of future lease payments. The lease payments are discounted using the implicit rate of the lease contract or, if not readily determinable, the incremental borrowing rate of Coloplast for loans with similar term and security. As a practical expedient, the discount rates are determined on basis of a portfolio of leases with similar characteristics, e.g. a portfolio of leased cars in a specific country. The lease liabilities are subsequently reduced by the portion of lease payments which is regarded as repayment of those lease liabilities. Lease liabilities are remeasured in the event of a lease modification or a reassessment of the lease term which in turn may also impact the carrying value of the right-of-use assets. The lease term is reassessed when a significant event or change, which is within the control of Coloplast, affects the prior assessment. Short-term leases and leases of low-value assets are exempted from the above accounting model. Consequently, lease payments associated with such lease contracts are recognised as an operating expense on either a straight-line basis over the lease term or another systematic basis which is more representative of the pattern of the benefit of the leased assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__121-1": {
"value": "DKK million 2023 2022 Maturity analysis of lease liabilities (undiscounted) In less than one year 237 227 Current lease liability (undiscounted) 237 227 Within 1 to 5 years 509 406 After more than 5 years 211 110 Non-current lease liability (undiscounted) 720 516 Total lease liability (undiscounted) 957 743Liquidity risk The exposure to liquidity risks is considered to be low. In addition to cash available for withdrawal and marketable securities, the Group\u2019s cash reserves comprise a mix of committed and uncommitted credit facilities to ensure an adequate level of funding for the Group\u2019s activities, even in periods of operational uncertainty. DKK million 2023 2022 Cash and cash equivalents 911 414 Marketable securities - 219 Liquid assets recorded on the balance sheet at 30 September 911 633 Committed credit facilities, unutilised (3 years term) 3,577 4,370 Uncommitted credit facilities, unutilised (short-term) 3,259 3,170 Financial reserves at 30 September 7,747 8,173",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__123": {
"value": "Note 14 Deferred tax Accounting policies Full provision is made for deferred tax on the basis of all temporary differences in accordance with the balance sheet liability method. Temporary differences arise between the tax base of assets and liabilities and their carrying amounts which are offset over time. Deferred tax relating to differences between initial recognition of assets or liabilities is not recognised if at the transaction date neither the accounting profit nor the taxable income is affected unless such differences occurred in a business combination. Uncertain tax positions generally relate to transfer pricing disputes and are recognised under payable tax and measured according to current tax rules and at the tax rates assumed in the year in which the assets are expected to be utilised. Deferred tax assets are recognised to the extent that it is probable that future positive taxable income will be generated, against which the temporary differences and tax losses can be offset. Deferred tax assets are measured at expected net realisable values. The value of future tax deductions in relation to share option programmes is recognised as deferred tax, until they are exercised by the employees. Any estimated excess tax deduction compared to the costs realised in the income statement is charged to equity. Key accounting estimates and judgements The recognition of deferred tax assets and uncertain tax positions requires an assessment by management. Deferred tax assets, including the tax base of tax loss carry-forwards, are recognised if management estimates that the tax assets can be utilised within a foreseeable future by offsetting against future positive taxable income. The assessment is made annually on the basis of budgets and business plans for the following years, including any scheduled business measures. As the Group conducts business globally, transfer pricing disputes may arise with tax authorities in respect of settlement prices etc. Management applies a probability-weighted assessment to determine obligations in connection with transfer pricing disputes. Atos Medical Group was acquired, as a share deal, in the financial year 2021/22. All intangible assets were transferred to Coloplast A/S resulting in exit taxation in the respective Atos entities. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction and, consequently, the tax base is considered established upon the acquisition. The Group\u2019s tax losses expiring after more than five years amount to DKK 188 million at 30 September 2023 (DKK 34 million at 30 September 2022). Of these tax losses, the Group has recognised a tax asset of DKK 27 million on a DKK 124 million tax loss at 30 September 2023 (DKK 4 million on a DKK 15 million tax loss at 30 September 2022). The tax value of the Group\u2019s tax credits amounts to DKK 158 million at 30 September 2023 (DKK 134 million at 30 September 2022). This amount includes a recognised tax asset of DKK 32 million at 30 September 2023 (DKK 39 million at 30 September 2022). The tax credits expire after five years. Taxable temporary differences regarding investments in subsidiaries and branches are insignificant and no deferred tax has been provided because the company controls the timing of the elimination of the temporary difference, and it is probable that the temporary difference will not be reversed in the foreseeable future. DKK million 2022/23 2021/22 Deferred tax at 1 October, net\u00b9\u207e -3,893 72 Exchange adjustments - 9 Additions from acquisitions\u00b9\u207e -660 -4,071 Adjustment due to change in tax rate 8 2 Prior-year adjustments 24 4 Other changes in deferred tax \u2013 charged to income statement 3,343 98 Change in deferred tax - charged to equity -60 -7 Deferred tax at 30 September, net -1,238 -3,893 DKK million 2023 2022\u00b9\u207e Recognised in the balance sheet as follows Deferred tax assets 884 674 Provision for deferred tax -2,122 -4,567 Deferred tax at 30 September, net -1,238 -3,893 Deferred tax relates to the following items Intangible assets\u00b9\u207e -2,193 -4,574 Property, plant and equipment, and right-of-use assets -218 -184 Indirect production costs -13 -14 Unrealised gain from intra-group sale of goods 501 451 Trade receivables -42 -33 Provisions 341 142 Share options 8 33 Tax losses carried forward and tax credits 59 44 IFRS 16 liabilities 167 112 Effect from hedge of cash flow and interest rates 91 131 Other 61 -1 Deferred tax at 30 September, net -1,238 -3,893 1) In 2022/23, the opening balance for goodwill and deferred tax have been adjusted due to changes in the purchase price allocation of Atos Medical Group acquired in 2021/22. The subsequent transfer of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. This was not reflected in the purchase price allocation included in the 2021/22 financial statements. The change resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__124": {
"value": "Accounting policies Full provision is made for deferred tax on the basis of all temporary differences in accordance with the balance sheet liability method. Temporary differences arise between the tax base of assets and liabilities and their carrying amounts which are offset over time. Deferred tax relating to differences between initial recognition of assets or liabilities is not recognised if at the transaction date neither the accounting profit nor the taxable income is affected unless such differences occurred in a business combination. Uncertain tax positions generally relate to transfer pricing disputes and are recognised under payable tax and measured according to current tax rules and at the tax rates assumed in the year in which the assets are expected to be utilised. Deferred tax assets are recognised to the extent that it is probable that future positive taxable income will be generated, against which the temporary differences and tax losses can be offset. Deferred tax assets are measured at expected net realisable values. The value of future tax deductions in relation to share option programmes is recognised as deferred tax, until they are exercised by the employees. Any estimated excess tax deduction compared to the costs realised in the income statement is charged to equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__125": {
"value": "Note 15 Inventories Accounting policies Inventories are measured at the lower of cost and net realisable value. Cost is determined using the FIFO principle. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and indirect production overheads. Production overheads comprise indirect material and labour costs, maintenance and depreciation of the machinery and production buildings used in the manufacturing process as well as costs of production administration and management. Net realisable value is the expected selling price less cost of completion and costs to sell. Key accounting estimates and judgements Capitalised production overheads have been calculated using a standard cost method, which is reviewed regularly to ensure the relevant assumptions concerning capacity utilisation, lead times and other relevant factors in the calculation of actual costs of sales. Changes to the calculation method for production overheads, including levels of capacity utilisation, lead times, etc. could affect the gross margin and the overall valuation of inventories. DKK million 2023 2022 Raw materials and consumables 796 621 Work in progress 755 722 Manufactured goods 1,971 1,844 Inventories at 30 September 3,522 3,187 DKK million 2022/23 2021/22 Write-downs at 1 October 49 50 Additions from acquisitions - 9 Write-downs realised during the year -15 -21 Write-downs reversed during the year -16 -23 Additional write-downs made during the year 37 34 Write-downs at 30 September 55 49 Production overheads was included in the carrying amount of inventories with DKK 880 million at 30 September 2023 (DKK 889 million at 30 September 2022). Production costs include directly attributable production costs of DKK 5,039 million related to goods sold (2021/22: DKK 4,633 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__126": {
"value": "Accounting policies Inventories are measured at the lower of cost and net realisable value. Cost is determined using the FIFO principle. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and indirect production overheads. Production overheads comprise indirect material and labour costs, maintenance and depreciation of the machinery and production buildings used in the manufacturing process as well as costs of production administration and management. Net realisable value is the expected selling price less cost of completion and costs to sell.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__128": {
"value": "Note 16 Trade receivables and other receivables Accounting policies Receivables consist mainly of trade receivables. On initial recognition, receivables are measured at fair value and subsequently at amortised cost. Receivables are written down on the basis of an individual assessment and the simplified approach in accordance with IFRS 9 where loss allowances are based on lifetime expected credit losses. DKK million 2023 2022 Ageing of trade receivables Not due 3,066 2,825 Due up to 30 days 379 384 Due between 30 and 90 days 285 238 Due more than 90 days 695 601 Trade receivables at 30 September, gross 4,425 4,048 Loss allowance at 30 September -110 -108 Trade receivables at 30 September, net 4,315 3,940 Loss allowance at 1 October -108 -139 Exchange adjustment 2 -4 Allowances used during the year (realised losses) 3 17 Unused allowances reversed during the year - 38 Additional allowances recognised during the year -7 -20 Loss allowance at 30 September -110 -108 Given the profile of our customers, including large wholesalers and government-backed agencies, the risk of loss allowance is assessed to be limited, consequently the loss allowance in percent of due amounts is low. Other receivables, non-current The portion of other receivables, which are falling due after more than one year after the balance sheet date, is recognised in the balance sheet as non-current assets and amounts to DKK 39 million (DKK 31 million at 30 September 2022). The majority of the non-current other receivables falls due after three years of the balance sheet date. Interest accruing on receivables is 0%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__127": {
"value": "Note 16 Trade receivables and other receivables Accounting policies Receivables consist mainly of trade receivables. On initial recognition, receivables are measured at fair value and subsequently at amortised cost. Receivables are written down on the basis of an individual assessment and the simplified approach in accordance with IFRS 9 where loss allowances are based on lifetime expected credit losses. DKK million 2023 2022 Ageing of trade receivables Not due 3,066 2,825 Due up to 30 days 379 384 Due between 30 and 90 days 285 238 Due more than 90 days 695 601 Trade receivables at 30 September, gross 4,425 4,048 Loss allowance at 30 September -110 -108 Trade receivables at 30 September, net 4,315 3,940 Loss allowance at 1 October -108 -139 Exchange adjustment 2 -4 Allowances used during the year (realised losses) 3 17 Unused allowances reversed during the year - 38 Additional allowances recognised during the year -7 -20 Loss allowance at 30 September -110 -108 Given the profile of our customers, including large wholesalers and government-backed agencies, the risk of loss allowance is assessed to be limited, consequently the loss allowance in percent of due amounts is low. Other receivables, non-current The portion of other receivables, which are falling due after more than one year after the balance sheet date, is recognised in the balance sheet as non-current assets and amounts to DKK 39 million (DKK 31 million at 30 September 2022). The majority of the non-current other receivables falls due after three years of the balance sheet date. Interest accruing on receivables is 0%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__129": {
"value": "Accounting policies Receivables consist mainly of trade receivables. On initial recognition, receivables are measured at fair value and subsequently at amortised cost. Receivables are written down on the basis of an individual assessment and the simplified approach in accordance with IFRS 9 where loss allowances are based on lifetime expected credit losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__132-1": {
"value": "Note 17 Share options Accounting policies Share options are granted to the executive management and senior management. For equity-settled schemes, the fair value of options is determined at the grant date. The option value is subsequently recognised over the vesting period as staff costs. For cash-settled schemes, the fair value of options granted during the period is recognised as staff costs, whereas the fair value adjustment of granted options from previous periods is recognised under financial items. The purchase and selling prices of treasury shares on exercise are deducted from or added to equity, as the case may be. Share options are granted to members of the executive management and other senior management for the purpose of motivating and retaining a qualified management group and in order to align the interests of management with those of the shareholders. Options are awarded as unconditional allocations at the date of grant, but vest over a three-year period. The value of options at the date of grant equalled an average of three months' salary for each recipient, with the exception of the executive management. The carrying amount of the cash settled share option programmes was DKK 1 million at 30 September 2023 (DKK 2 million at 30 September 2022), while the fair value of all option programmes amounted to DKK 156 million at 30 September 2023 (DKK 226 million at 30 September 2022). DKK million 2022/23 2021/22 Share options have affected the profit or loss for the year as follows Staff costs, accounting value of cash and equity-settled programmes 58 51 Financial costs, fair value adjustment of cash-settled programmes -1 -2 Cost of share options recognised in profit or loss 57 49 The fair value of the options was calculated using the Black-Scholes formula at the date of the grant, in which the interest rate applied was the yield on Danish government securities. Volatility in the share is calculated as monthly movements (period-end to period-end) over five years. Options are assumed to be exercised on average one year into the exercise period. 2022 2021 The following assumptions were applied in determining the fair value of share options granted during the financial year Black-Scholes value, DKK 128.65 119.70 Share price, DKK 814.50 1,154.91 Exercise price, DKK 855.23 1,212.65 Expected dividend per share, DKK 1.50% 1.50% Expected duration, years 4.00 4.00 Volatility 21.97% 19.90% Risk-free interest 2.34% -0.39% Value, million DKK 68.60 63.97 2022/23 2021/22 Average Average No. of exercise Average No. of exercise Average options price share price options price share price Outstanding share options at 1 October 2,231,521 892 2,080,407 768 Options awarded 536,131 881 534,416 1,209 Options awarded, repricing\u00b9\u207e 439,639 916 - - Options forfeited, repricing\u00b9\u207e -715,971 1,076 - - Options forfeited -28,287 958 -61,570 1,053 Options exercised -333,471 557 862 -321,732 580 1,018 Outstanding share options at 30 September 2,129,562 871 2,231,521 892 1) At 30 November 2022, Coloplast exchanged options awarded in 2020 and 2021 with new share options with a lower exercise price. Not exercised No. of Share at 30 options options Options September Exercise Year of issue issued lapsed exercised 2023\u00b9\u207e price\u00b2\u207e\u00b3\u207e Exercise period Specification of outstanding share options 2018 501,877 -10,461 -247,817 243,599 613 31/12/21 - 31/12/23 2018 US 119,260 - -39,985 79,275 635 31/12/21 - 31/12/23 2019 403,750 -13,921 -28,056 361,773 853 31/12/22 - 31/12/24 2019 US 88,846 - - 88,846 870 31/12/22 - 31/12/24 2020 531,920 -329,813 - 202,107 968 31/12/23 - 31/12/25 2020, repriced 241,296 -3,944 237,352 915 31/12/23 - 31/12/25 2020 US 109,900 -91,396 - 18,504 981 31/12/23 - 31/12/25 2020 US, repriced 65,197 - 65,197 920 31/12/23 - 31/12/25 2020 JP 3,232 -3,232 - - 968 31/12/23 - 31/12/25 2021 439,062 -283,927 - 155,135 1,201 31/12/24 - 31/12/26 2021, repriced 103,554 -1,941 101,613 918 31/12/24 - 31/12/26 2021 US 95,846 -77,687 - 18,159 1,213 31/12/24 - 31/12/26 2021 US, repriced 29,592 - 29,592 915 31/12/24 - 31/12/26 2021 JP 2,432 -2,432 - - 1,201 31/12/24 - 31/12/26 2022\u2074\u207e 422,429 -4,797 417,632 850 31/12/25 - 31/12/27 2022 US 108,646 - 108,646 855 31/12/25 - 31/12/27 2022 JP 2,132 - 2,132 850 31/12/25 - 31/12/27 Total 3,268,971 -823,551 -315,858 2,129,562 \u00b9\u207e Exercisable options as per 30 September 2023 was 773,493. \u00b2\u207e Average exercise price for options exercisable at the balance sheet date was DKK 742.58. \u00b3\u207e The exercise prices are adjusted for payment of dividend. In 2022/23, the adjustment of the exercise price was DKK -6.69. \u2074\u207e Of which 129,670 was granted to key management. Coloplast's holding of treasury shares fully covers the option programmes, so the options exercised under the programme will not influence the Group's cash position by forcing it to buy up shares in the market. See note 9 to the financial statements for an overview of treasury shares held by Coloplast at the balance sheet date.Note 28 Remuneration of the Board of Directors and Executive Management The current policy for the remuneration of the Board of Directors and Executive Management was adopted in 2021 and sets out the general guidelines for the remuneration of the Group\u2019s management. The guidelines for the remuneration of the Board of Directors and Executive Management are available on the Group website. In addition to the disclosures provided in this note, more details on the remuneration of Executive Management and Directors are provided in the separate Remuneration report for the Coloplast Group, which is not a part of the audited financial statements. The report is also available on the Group website. Fees to Board members in respect of the current financial year Fees to Board members make up DKK 6.9 million (2021/22: DKK 7.0 million) of the total staff costs (see note 5 to the financial statements) and are specified as follows: DKK million 2022/23 2021/22 Ordinary board member fee 5.3 5.3 Audit Committee 0.9 1.0 Nomination and Remuneration Committee 0.7 0.7 Fee to members of the Board of Directors 6.9 7.0 In addition, the accounting cost of not-yet-vested share options held by the Chairman amount to DKK 0.1 million in 2022/2023 (2021/22: DKK 0.9 million) of the total staff costs (see note 5 to the financial statements). The accounting cost is calculated in line with IFRS 2 and relates to share options awarded to him during his term as CEO. Remuneration of members of the Executive Management in respect of the current financial year Remuneration of members of Executive Management make up DKK 66.9 million (2021/22: DKK 61 million) of the total staff costs (see note 5 to the financial statements) and are specified as follows: DKK million 2022/23 2021/22 Base salaries 34.4 33.2 Pension 5.0 4.9 Other benefits 1.7 1.9 Cash bonus 9.9 5.7 Remuneration of Executive Management, excluding value of share options and contingent salary items 51.0 45.7 Share options 15.9 14.9 Contingent bonus schemes - 0.4 Remuneration of Executive Management 66.9 61.0 The value of share options, which is calculated as the fair value of share options at the grant date using the Black-Scholes Formula in line with IFRS 2, comprise the annual accounting cost of share options awarded in the current and in prior years in accordance with the accounting policies applied. Consequently, it does not represent the fair value of share options awarded or exercised in the current financial year. If a member of Executive Management is given notice of termination by the company and such termination is not due to breach on the part of the member of Executive Management, such member is entitled to compensation corresponding to a maximum of two years\u2019 salary and pension contribution. Share options are granted to members of Executive Management and senior management. See note 17 to the financial statements for further information regarding share-based payments as well as the separate Remuneration Report for the Coloplast Group, which is not part of the audited financial statements. The report is available on the Group website.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__131-1": {
"value": "Note 17 Share options Accounting policies Share options are granted to the executive management and senior management. For equity-settled schemes, the fair value of options is determined at the grant date. The option value is subsequently recognised over the vesting period as staff costs. For cash-settled schemes, the fair value of options granted during the period is recognised as staff costs, whereas the fair value adjustment of granted options from previous periods is recognised under financial items. The purchase and selling prices of treasury shares on exercise are deducted from or added to equity, as the case may be. Share options are granted to members of the executive management and other senior management for the purpose of motivating and retaining a qualified management group and in order to align the interests of management with those of the shareholders. Options are awarded as unconditional allocations at the date of grant, but vest over a three-year period. The value of options at the date of grant equalled an average of three months' salary for each recipient, with the exception of the executive management. The carrying amount of the cash settled share option programmes was DKK 1 million at 30 September 2023 (DKK 2 million at 30 September 2022), while the fair value of all option programmes amounted to DKK 156 million at 30 September 2023 (DKK 226 million at 30 September 2022). DKK million 2022/23 2021/22 Share options have affected the profit or loss for the year as follows Staff costs, accounting value of cash and equity-settled programmes 58 51 Financial costs, fair value adjustment of cash-settled programmes -1 -2 Cost of share options recognised in profit or loss 57 49 The fair value of the options was calculated using the Black-Scholes formula at the date of the grant, in which the interest rate applied was the yield on Danish government securities. Volatility in the share is calculated as monthly movements (period-end to period-end) over five years. Options are assumed to be exercised on average one year into the exercise period. 2022 2021 The following assumptions were applied in determining the fair value of share options granted during the financial year Black-Scholes value, DKK 128.65 119.70 Share price, DKK 814.50 1,154.91 Exercise price, DKK 855.23 1,212.65 Expected dividend per share, DKK 1.50% 1.50% Expected duration, years 4.00 4.00 Volatility 21.97% 19.90% Risk-free interest 2.34% -0.39% Value, million DKK 68.60 63.97 2022/23 2021/22 Average Average No. of exercise Average No. of exercise Average options price share price options price share price Outstanding share options at 1 October 2,231,521 892 2,080,407 768 Options awarded 536,131 881 534,416 1,209 Options awarded, repricing\u00b9\u207e 439,639 916 - - Options forfeited, repricing\u00b9\u207e -715,971 1,076 - - Options forfeited -28,287 958 -61,570 1,053 Options exercised -333,471 557 862 -321,732 580 1,018 Outstanding share options at 30 September 2,129,562 871 2,231,521 892 1) At 30 November 2022, Coloplast exchanged options awarded in 2020 and 2021 with new share options with a lower exercise price. Not exercised No. of Share at 30 options options Options September Exercise Year of issue issued lapsed exercised 2023\u00b9\u207e price\u00b2\u207e\u00b3\u207e Exercise period Specification of outstanding share options 2018 501,877 -10,461 -247,817 243,599 613 31/12/21 - 31/12/23 2018 US 119,260 - -39,985 79,275 635 31/12/21 - 31/12/23 2019 403,750 -13,921 -28,056 361,773 853 31/12/22 - 31/12/24 2019 US 88,846 - - 88,846 870 31/12/22 - 31/12/24 2020 531,920 -329,813 - 202,107 968 31/12/23 - 31/12/25 2020, repriced 241,296 -3,944 237,352 915 31/12/23 - 31/12/25 2020 US 109,900 -91,396 - 18,504 981 31/12/23 - 31/12/25 2020 US, repriced 65,197 - 65,197 920 31/12/23 - 31/12/25 2020 JP 3,232 -3,232 - - 968 31/12/23 - 31/12/25 2021 439,062 -283,927 - 155,135 1,201 31/12/24 - 31/12/26 2021, repriced 103,554 -1,941 101,613 918 31/12/24 - 31/12/26 2021 US 95,846 -77,687 - 18,159 1,213 31/12/24 - 31/12/26 2021 US, repriced 29,592 - 29,592 915 31/12/24 - 31/12/26 2021 JP 2,432 -2,432 - - 1,201 31/12/24 - 31/12/26 2022\u2074\u207e 422,429 -4,797 417,632 850 31/12/25 - 31/12/27 2022 US 108,646 - 108,646 855 31/12/25 - 31/12/27 2022 JP 2,132 - 2,132 850 31/12/25 - 31/12/27 Total 3,268,971 -823,551 -315,858 2,129,562 \u00b9\u207e Exercisable options as per 30 September 2023 was 773,493. \u00b2\u207e Average exercise price for options exercisable at the balance sheet date was DKK 742.58. \u00b3\u207e The exercise prices are adjusted for payment of dividend. In 2022/23, the adjustment of the exercise price was DKK -6.69. \u2074\u207e Of which 129,670 was granted to key management. Coloplast's holding of treasury shares fully covers the option programmes, so the options exercised under the programme will not influence the Group's cash position by forcing it to buy up shares in the market. See note 9 to the financial statements for an overview of treasury shares held by Coloplast at the balance sheet date.Note 28 Remuneration of the Board of Directors and Executive Management The current policy for the remuneration of the Board of Directors and Executive Management was adopted in 2021 and sets out the general guidelines for the remuneration of the Group\u2019s management. The guidelines for the remuneration of the Board of Directors and Executive Management are available on the Group website. In addition to the disclosures provided in this note, more details on the remuneration of Executive Management and Directors are provided in the separate Remuneration report for the Coloplast Group, which is not a part of the audited financial statements. The report is also available on the Group website. Fees to Board members in respect of the current financial year Fees to Board members make up DKK 6.9 million (2021/22: DKK 7.0 million) of the total staff costs (see note 5 to the financial statements) and are specified as follows: DKK million 2022/23 2021/22 Ordinary board member fee 5.3 5.3 Audit Committee 0.9 1.0 Nomination and Remuneration Committee 0.7 0.7 Fee to members of the Board of Directors 6.9 7.0 In addition, the accounting cost of not-yet-vested share options held by the Chairman amount to DKK 0.1 million in 2022/2023 (2021/22: DKK 0.9 million) of the total staff costs (see note 5 to the financial statements). The accounting cost is calculated in line with IFRS 2 and relates to share options awarded to him during his term as CEO. Remuneration of members of the Executive Management in respect of the current financial year Remuneration of members of Executive Management make up DKK 66.9 million (2021/22: DKK 61 million) of the total staff costs (see note 5 to the financial statements) and are specified as follows: DKK million 2022/23 2021/22 Base salaries 34.4 33.2 Pension 5.0 4.9 Other benefits 1.7 1.9 Cash bonus 9.9 5.7 Remuneration of Executive Management, excluding value of share options and contingent salary items 51.0 45.7 Share options 15.9 14.9 Contingent bonus schemes - 0.4 Remuneration of Executive Management 66.9 61.0 The value of share options, which is calculated as the fair value of share options at the grant date using the Black-Scholes Formula in line with IFRS 2, comprise the annual accounting cost of share options awarded in the current and in prior years in accordance with the accounting policies applied. Consequently, it does not represent the fair value of share options awarded or exercised in the current financial year. If a member of Executive Management is given notice of termination by the company and such termination is not due to breach on the part of the member of Executive Management, such member is entitled to compensation corresponding to a maximum of two years\u2019 salary and pension contribution. Share options are granted to members of Executive Management and senior management. See note 17 to the financial statements for further information regarding share-based payments as well as the separate Remuneration Report for the Coloplast Group, which is not part of the audited financial statements. The report is available on the Group website.Note 29 Related party transactions Related parties to the Coloplast Group include members of the Board of Directors and the Executive Management and main shareholders of Coloplast A/S. There were no major transactions with related parties. Information about the remuneration of the Management is set out in note 28 to the financial statements.",
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"s10_notesesefdkgaap__9__130": {
"value": "Note 17 Share options Accounting policies Share options are granted to the executive management and senior management. For equity-settled schemes, the fair value of options is determined at the grant date. The option value is subsequently recognised over the vesting period as staff costs. For cash-settled schemes, the fair value of options granted during the period is recognised as staff costs, whereas the fair value adjustment of granted options from previous periods is recognised under financial items. The purchase and selling prices of treasury shares on exercise are deducted from or added to equity, as the case may be. Share options are granted to members of the executive management and other senior management for the purpose of motivating and retaining a qualified management group and in order to align the interests of management with those of the shareholders. Options are awarded as unconditional allocations at the date of grant, but vest over a three-year period. The value of options at the date of grant equalled an average of three months' salary for each recipient, with the exception of the executive management. The carrying amount of the cash settled share option programmes was DKK 1 million at 30 September 2023 (DKK 2 million at 30 September 2022), while the fair value of all option programmes amounted to DKK 156 million at 30 September 2023 (DKK 226 million at 30 September 2022). DKK million 2022/23 2021/22 Share options have affected the profit or loss for the year as follows Staff costs, accounting value of cash and equity-settled programmes 58 51 Financial costs, fair value adjustment of cash-settled programmes -1 -2 Cost of share options recognised in profit or loss 57 49 The fair value of the options was calculated using the Black-Scholes formula at the date of the grant, in which the interest rate applied was the yield on Danish government securities. Volatility in the share is calculated as monthly movements (period-end to period-end) over five years. Options are assumed to be exercised on average one year into the exercise period. 2022 2021 The following assumptions were applied in determining the fair value of share options granted during the financial year Black-Scholes value, DKK 128.65 119.70 Share price, DKK 814.50 1,154.91 Exercise price, DKK 855.23 1,212.65 Expected dividend per share, DKK 1.50% 1.50% Expected duration, years 4.00 4.00 Volatility 21.97% 19.90% Risk-free interest 2.34% -0.39% Value, million DKK 68.60 63.97 2022/23 2021/22 Average Average No. of exercise Average No. of exercise Average options price share price options price share price Outstanding share options at 1 October 2,231,521 892 2,080,407 768 Options awarded 536,131 881 534,416 1,209 Options awarded, repricing\u00b9\u207e 439,639 916 - - Options forfeited, repricing\u00b9\u207e -715,971 1,076 - - Options forfeited -28,287 958 -61,570 1,053 Options exercised -333,471 557 862 -321,732 580 1,018 Outstanding share options at 30 September 2,129,562 871 2,231,521 892 1) At 30 November 2022, Coloplast exchanged options awarded in 2020 and 2021 with new share options with a lower exercise price. Not exercised No. of Share at 30 options options Options September Exercise Year of issue issued lapsed exercised 2023\u00b9\u207e price\u00b2\u207e\u00b3\u207e Exercise period Specification of outstanding share options 2018 501,877 -10,461 -247,817 243,599 613 31/12/21 - 31/12/23 2018 US 119,260 - -39,985 79,275 635 31/12/21 - 31/12/23 2019 403,750 -13,921 -28,056 361,773 853 31/12/22 - 31/12/24 2019 US 88,846 - - 88,846 870 31/12/22 - 31/12/24 2020 531,920 -329,813 - 202,107 968 31/12/23 - 31/12/25 2020, repriced 241,296 -3,944 237,352 915 31/12/23 - 31/12/25 2020 US 109,900 -91,396 - 18,504 981 31/12/23 - 31/12/25 2020 US, repriced 65,197 - 65,197 920 31/12/23 - 31/12/25 2020 JP 3,232 -3,232 - - 968 31/12/23 - 31/12/25 2021 439,062 -283,927 - 155,135 1,201 31/12/24 - 31/12/26 2021, repriced 103,554 -1,941 101,613 918 31/12/24 - 31/12/26 2021 US 95,846 -77,687 - 18,159 1,213 31/12/24 - 31/12/26 2021 US, repriced 29,592 - 29,592 915 31/12/24 - 31/12/26 2021 JP 2,432 -2,432 - - 1,201 31/12/24 - 31/12/26 2022\u2074\u207e 422,429 -4,797 417,632 850 31/12/25 - 31/12/27 2022 US 108,646 - 108,646 855 31/12/25 - 31/12/27 2022 JP 2,132 - 2,132 850 31/12/25 - 31/12/27 Total 3,268,971 -823,551 -315,858 2,129,562 \u00b9\u207e Exercisable options as per 30 September 2023 was 773,493. \u00b2\u207e Average exercise price for options exercisable at the balance sheet date was DKK 742.58. \u00b3\u207e The exercise prices are adjusted for payment of dividend. In 2022/23, the adjustment of the exercise price was DKK -6.69. \u2074\u207e Of which 129,670 was granted to key management. Coloplast's holding of treasury shares fully covers the option programmes, so the options exercised under the programme will not influence the Group's cash position by forcing it to buy up shares in the market. See note 9 to the financial statements for an overview of treasury shares held by Coloplast at the balance sheet date.",
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"s10_notesesefdkgaap__9__133": {
"value": "Accounting policies Share options are granted to the executive management and senior management. For equity-settled schemes, the fair value of options is determined at the grant date. The option value is subsequently recognised over the vesting period as staff costs. For cash-settled schemes, the fair value of options granted during the period is recognised as staff costs, whereas the fair value adjustment of granted options from previous periods is recognised under financial items. The purchase and selling prices of treasury shares on exercise are deducted from or added to equity, as the case may be.",
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"s10_notesesefdkgaap__9__134-1": {
"value": "Note 18 Provisions for pensions and similar obligations Accounting policies In defined contribution plans, the Group makes regular payments of fixed contributions to independent pension funds and insurance companies. The Group is under no obligation to pay additional contributions. Costs for defined contribution plans are recognised in the income statement as Coloplast assumes an obligation to make the payment. In defined benefit plans, the Group is under an obligation to pay a defined benefit on retirement. The actuarially calculated present value less the fair value of any plan assets is recognised in the balance sheet under provision for pension and similar obligations or in plan assets in the balance sheet. The total service costs of the year plus calculated interest based on actuarial estimates and financial assumptions at the beginning of the year are recognised in the income statement. The difference between the forecast development in plan assets and liabilities and the realised values at the end of the year is called actuarial gains or losses and is recognised in other comprehensive income. In connection with a change in benefits regarding the employees\u2019 employment with the Group to date, there will be a change in the actuarial calculation of the net present value, which is taken directly to the profit or loss. Defined contribution plans The Group offers pension plans to certain groups of employees in Denmark and abroad. Most of the pension plans are defined contribution plans. The Group funds the plans through regular payments of premiums to independent insurance companies responsible for the pension obligations towards the beneficiaries. Once the pension contributions for defined contribution plans have been made, the Group has no further obligation towards current or former employees. Contributions to defined contribution plans are recognised in the income statement when paid. In 2022/23, DKK 410 million (2021/22: DKK 359 million) was recognised. Defined benefit plans For certain groups of employees in foreign subsidiaries, the Group has signed agreements to pay defined benefits, including pension payments. Share of gross obligation by country 2023 2022 France 21% 21% Germany 11% 12% UK 67% 66% Italy 1% 1% Total 100% 100% These pension liabilities are not or are only partly covered by insurance (in the UK). Defined benefit liabilities are recognised in the balance sheet and in the income statement as indicated below. Coloplast funds the plans in the UK. The plans in Italy have been closed, and no further payments are made. The figures below include liabilities regarding the post-service remuneration scheme applicable to Board members prior to the amendment to the articles of association adopted at the Annual General Meeting held in 2002. The pension plans are based on the individual employee's salary and years of service with the company, and benefits are paid as a lifelong pension. The active plans are not exclusive to any particular employee group. Special funding requirements apply in the UK, while this is not the case for the other countries. In the UK, employee interests are handled by a Trustee Board. Accounts are prepared every three years and funding of any deficit is determined. Any surplus reverts to Coloplast. The plans have no requirements for risk diversification on equities or for matching strategies. The plans have a duration of an average of 11 years, and all plans generally mature after more than 10 years. The Group expects to pay DKK 7 million to the defined benefit plans in 2023/24. DKK million 2022/23 2021/22 Defined contribution plans 410 359 Defined benefit plans 12 12 Cost of pension plans recognised in profit or loss 422 371 Pension costs concerning current financial year 8 10 Net interest expenses 4 2 Cost of defined benefit plans recognised in profit or loss 12 12 Actuarial gains/losses on pension obligations 27 227 Actuarial gains/losses on plan assets -36 -152 Actuarial gains/losses on defined benefit plans recognised in other comprehensive income -9 75 Plan assets at 1 October 249 397 Exchange adjustments 4 -2 Actual rate of interest 12 8 Actuarial gains/losses on plan assets -36 -152 Paid by the Coloplast Group 12 14 Benefit paid out -16 -16 Plan assets at 30 September 225 249 DKK million 2023 2022 Specification of plan assets Shares, listed 35 63 Bonds 82 57 Investments funds 107 126 Cash and similar assets 1 3 Plan assets at 30 September 225 249 DKK million 2022/23 2021/22 Specification of present value of defined benefit obligation Present value of defined benefit liability at 1 October 370 593 Exchange adjustments 5 - Current service costs 8 10 Calculated interest on liability 16 10 Actuarial gains/losses, financial assumptions -28 -223 Actuarial gains/losses, demographic assumptions - 11 Actuarial gains/losses, experience 1 -15 Benefit paid out -16 -16 Present value of defined benefit liability at 30 September 356 370 Fair value of plan assets at 30 September -225 -249 Net liability of defined benefit plans at 30 September 131 121 Net liability of defined benefit plans at 1 October 121 196 Expenditure for the year 12 12 Actuarial gains/losses on pension obligation -27 -227 Exchange adjustment 1 2 Actuarial gains/losses on plan assets 36 152 Payments received -12 -14 Net liability of defined benefit plans at 30 September 131 121 Actuarial assumptions applied at the balance sheet date (expressed as an average) Discount rate 4.3% 3.5% Future rate of salary increases 1.9% 2.0% Inflation 2.3% 1.7% The below sensibility analysis shows the change in one of the actuarial assumptions, while other assumptions are kept constant. In practice, a change in one of the assumptions will in many instances be matched by a change in the other assumptions. 2022/23 2021/22 +1%-point -1%-point +1%-point -1%-point Percentage increase/decrease in the gross liability resulting from a change in a single actuarial assumption Discount rate -12% 14% -13% 15% Future rate of salary increases 3% -2% 2% -2% Inflation 8% -7% 8% -7%Note 19 Other provisions Accounting policies Provisions are recognised when the Group has a legal or constructive obligation arising from a past event, and it is probable that an outflow of the Group\u2019s financial resources will be required to settle the obligation. Provisions are measured as Management's best estimate of the amount with which the liability is expected to be settled. The Group recognises a provision for the replacement of products covered by warranties at the balance sheet date. Key accounting estimates and judgements Provisions for legal obligations consist of provisions for pending litigation. Management makes assessments of provisions and contingent liabilities, including the probable outcome of pending and possible future litigation, which is inherently subject to uncertain future events. Based on information available, Management believes that adequate provisions have been made for pending litigation, but there can be no assurance that the scope of these matters will not be extended, nor that material lawsuits, claims, legal proceedings or investigations will not arise in the future. 2022/23 2021/22 Legal Legal DKK million claims Other Total claims Other Total Provisions at 1 October 197 408 605 194 12 206 Exchange adjustment - -15 -15 61 -5 56 Additions from acquisitions - - - - 400 400 Provisions used during the year -281 - -281 -361 - -361 Unused provisions reversed during the year -8 -291 -299 -12 - -12 Additional provisions 208 39 247 315 1 316 Provisions at 30 September 116 141 257 197 408 605 Expected maturities Non-current liabilities 17 54 71 51 207 258 Current liabilities 99 87 186 146 201 347 Provisions at 30 September 116 141 257 197 408 605 Provisions charged to profit or loss during the year 200 -252 -52 303 1 304 Legal claims The amounts are gross amounts relating to certain legal claims. Since 2011, Coloplast, along with a number of other major manufacturers, has been named as a defendant in individual lawsuits in various federal and state courts around the United States alleging injury resulting from use of transvaginal surgical mesh products designed to treat pelvic organ prolapse and stress urinary incontinence. A multidistrict litigation (MDL) was formed in 2012 in the Southern District of West Virginia to consolidate federal court cases in which Coloplast is the first named defendant. Since the first lawsuits were filed, Coloplast has been intent on disputing the current and any future litigation and has continually considered which strategy and other steps may serve the company\u2019s best interests. Against this background, Coloplast has from the start reached settlements with groups of law firms. In 2017, Judge Joseph Goodwin issued a court order stating that plaintiffs may no longer direct claims against Coloplast in the ongoing MDL. In 2019, the remaining cases were remanded to the relevant Courts, and on 18 December 2020 the MDL was formally closed. The total amount recognised since the 2013/14 financial year for expected costs of litigation in the USA amounts to DKK 6.35 billion including legal costs (before insurance cover of DKK 0.5 billion). The total expected expense is based on a number of estimates and assumptions and is therefore subject to uncertainty. The remaining provision made for legal claims amounted to DKK 0.1 billion at 30 September 2023 (DKK 0.2 billion at 30 September 2022) plus DKK 0.1 billion recognised under other debt (DKK 0.3 billion at 30 September 2022). Liabilities are classified as other debt when agreements are reached with the plaintiffs\u2019 legal counsel and amounts and timing become known. Other Other liabilities relate to provisions for expenses associated with restructuring, guarantees and other non-legal claims. The majority of the provisions are related to Atos Medical Inc. (US) which is on a regular basis subject to public audits regarding billing compliance. It is assessed that these audits are associated with a material risk of recoupment and based on the preliminary high-level analysis the maximum exposure was estimated to around DKK 500 million at the acquisition date. The exposure and the related provision has been reassessed during the year, which lead to an adjustment so the provision at 30 September 2023 amounts to DKK 90 million.",
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"s10_notesesefdkgaap__9__137-1": {
"value": "Accounting policies In defined contribution plans, the Group makes regular payments of fixed contributions to independent pension funds and insurance companies. The Group is under no obligation to pay additional contributions. Costs for defined contribution plans are recognised in the income statement as Coloplast assumes an obligation to make the payment. In defined benefit plans, the Group is under an obligation to pay a defined benefit on retirement. The actuarially calculated present value less the fair value of any plan assets is recognised in the balance sheet under provision for pension and similar obligations or in plan assets in the balance sheet. The total service costs of the year plus calculated interest based on actuarial estimates and financial assumptions at the beginning of the year are recognised in the income statement. The difference between the forecast development in plan assets and liabilities and the realised values at the end of the year is called actuarial gains or losses and is recognised in other comprehensive income. In connection with a change in benefits regarding the employees\u2019 employment with the Group to date, there will be a change in the actuarial calculation of the net present value, which is taken directly to the profit or loss.Accounting policies Provisions are recognised when the Group has a legal or constructive obligation arising from a past event, and it is probable that an outflow of the Group\u2019s financial resources will be required to settle the obligation. Provisions are measured as Management's best estimate of the amount with which the liability is expected to be settled. The Group recognises a provision for the replacement of products covered by warranties at the balance sheet date.",
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"s10_notesesefdkgaap__9__140": {
"value": "Note 20 Credit institutions Accounting policies Borrowings from credit institutions are recognised at fair value less expenses incurred and subsequently at amortised cost. Repo debt relates to mortgage bonds forming a part of repo transactions. Repo debt is recognised at amortised cost plus accumulated repo interest. DKK million 2023 2022 Maturity Repo debt to credit institutions - 199 Matured in 2022/23 Other borrowings from credit institutions 2,268 1,445 Less than one year Borrowings from credit institutions at 30 September 2,268 1,644 Bonds 16,405 16,359 Matures in 2024, 2027 and 2030 Lease liability 894 705 See note 13 'Right-of-use assets' Other payables 4 16 More than one year Marketable securities - -219 Matured in 2022/23 Bank balances -911 -414 Available for withdrawal Net interest-bearing debt at 30 September 18,660 18,091 Other borrowings from credit institutions Other borrowings from credit institutions mainly comprise drawdowns on revolving credit facilities which are committed for three years on the balance sheet date in addition to minor bank overdrafts on authorised short-term facilities. The borrowings from credit institutions are presented as current liabilities due to its nature as instruments for liquidity management. Bonds Coloplast raised in 2021/22 EUR 2.2 billion in debt financing through the issuance of senior unsecured notes in an aggregate principal amount of EUR 2.2 billion under the Coloplast Euro Medium Term Note programme. The Notes are unconditionally and irrevocably guaranteed by Coloplast. COLOCB1 EUR 650 million Floating Rate Note carries a coupon adjusted quarterly. COLOCB2 EUR 850 million carries a fixed coupon for five years, and COLOCB3 EUR 700 million a fixed coupon for eight years. COLOCB2 and COLOCB3 can be redeemed at a market price fixed on the redemption date in relation to named EUR bonds with similar maturity. A pre-hedge was made with Interest swaps on the two fixed rate bonds COLOCB2 and COLOCB3. The swaps were closed down upon issue of the bonds. The objective was to lock in interest rates to the level prevailing when entering into the swaps. The gain of DKK 521 million has been recognised in the cash flow hedge reserve and transferred to financial items as an offset to the fixed interest coupons during the lifetime of the bonds. Nom. amount, Less than one Within 1 to 5 More than 5 Short name Currency million year, million years, million years, million Coupon, %\u00b9\u207e COLOCB1 EUR 650 672 - - 4.57 COLOCB2 EUR 850 19 907 - 2.25 COLOCB3 EUR 700 19 77 739 2.75 \u00b9\u207e Fixed for COLOCB1 as per 17 August 2023. The coupon rate is set as 3M Euribor + 0.75%.",
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"s10_notesesefdkgaap__9__142": {
"value": "Accounting policies Borrowings from credit institutions are recognised at fair value less expenses incurred and subsequently at amortised cost. Repo debt relates to mortgage bonds forming a part of repo transactions. Repo debt is recognised at amortised cost plus accumulated repo interest.",
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"s10_notesesefdkgaap__9__141": {
"value": "Accounting policies Borrowings from credit institutions are recognised at fair value less expenses incurred and subsequently at amortised cost. Repo debt relates to mortgage bonds forming a part of repo transactions. Repo debt is recognised at amortised cost plus accumulated repo interest.",
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"s10_notesesefdkgaap__9__146": {
"value": "Note 21 Financial instruments by category Accounting policies Financial instruments are measured at either amortised cost or fair value. Those financial instruments, which are measured at fair value, can be categorised according to the fair value measurement hierarchy below: Level 1: Observable prices in active markets for identical instruments. Level 2: Valuation models primarily based on observable prices or traded prices of comparable instruments. Level 3: Valuation models primarily based on non-observable prices. The fair value of forward exchange contracts and other derivative financial instruments are considered a level 2 fair value measurement as the fair value is determined directly based on the published exchange rates and quoted forward exchange rates at balance sheet dates. The fair value of derivative financial instruments is calculated on the basis of current market data. Hedging Fair value instruments at Contingent through fair value consideration at fair Amortised profit or loss through OCI value through profit DKK million cost (level 1) (level 2) or loss (level 3) Total 2023 Trade receivables 4,315 - - - 4,315 Other receivables 259 - 53 - 312 Cash and cash equivalents 911 - - - 911 Financial assets 5,485 - 53 - 5,538 Other credit institutions 2,268 2,268 Bonds\u00b2\u207e 16,405 - - - 16,405 Trade payables 1,294 - - - 1,294 Other payables 2,518 - 69 666 3,253 Lease liability 894 - - - 894 Financial liabilities 23,379 - 69 666 24,114 2022\u00b9\u207e Trade receivables 3,940 - - - 3,940 Other receivables 325 - 89 - 414 Marketable securities\u00b9\u207e - 219 - - 219 Cash and cash equivalents 414 - - - 414 Financial assets 4,679 219 89 - 4,987 Other credit institutions 1,644 - - - 1,644 Bonds\u00b2\u207e 16,359 - - - 16,359 Trade payables 1,242 - - - 1,242 Other payables 2,389 - 171 - 2,560 Lease liability 705 - - - 705 Financial liabilities 22,339 - 171 - 22,510 \u00b9\u207e The securities portfolio consists of mortgage bonds and corporate bonds. The bond portfolio carried an effective rate of interest of 1-6% (2021/22: 1-6%). \u00b2\u207e The fair value of the bonds amounts to DKK 15,605 million (DKK 15,636 million 30 September 2022) calculated based on market prices (level 1).",
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},
"s10_notesesefdkgaap__9__145": {
"value": "Note 21 Financial instruments by category Accounting policies Financial instruments are measured at either amortised cost or fair value. Those financial instruments, which are measured at fair value, can be categorised according to the fair value measurement hierarchy below: Level 1: Observable prices in active markets for identical instruments. Level 2: Valuation models primarily based on observable prices or traded prices of comparable instruments. Level 3: Valuation models primarily based on non-observable prices. The fair value of forward exchange contracts and other derivative financial instruments are considered a level 2 fair value measurement as the fair value is determined directly based on the published exchange rates and quoted forward exchange rates at balance sheet dates. The fair value of derivative financial instruments is calculated on the basis of current market data. Hedging Fair value instruments at Contingent through fair value consideration at fair Amortised profit or loss through OCI value through profit DKK million cost (level 1) (level 2) or loss (level 3) Total 2023 Trade receivables 4,315 - - - 4,315 Other receivables 259 - 53 - 312 Cash and cash equivalents 911 - - - 911 Financial assets 5,485 - 53 - 5,538 Other credit institutions 2,268 2,268 Bonds\u00b2\u207e 16,405 - - - 16,405 Trade payables 1,294 - - - 1,294 Other payables 2,518 - 69 666 3,253 Lease liability 894 - - - 894 Financial liabilities 23,379 - 69 666 24,114 2022\u00b9\u207e Trade receivables 3,940 - - - 3,940 Other receivables 325 - 89 - 414 Marketable securities\u00b9\u207e - 219 - - 219 Cash and cash equivalents 414 - - - 414 Financial assets 4,679 219 89 - 4,987 Other credit institutions 1,644 - - - 1,644 Bonds\u00b2\u207e 16,359 - - - 16,359 Trade payables 1,242 - - - 1,242 Other payables 2,389 - 171 - 2,560 Lease liability 705 - - - 705 Financial liabilities 22,339 - 171 - 22,510 \u00b9\u207e The securities portfolio consists of mortgage bonds and corporate bonds. The bond portfolio carried an effective rate of interest of 1-6% (2021/22: 1-6%). \u00b2\u207e The fair value of the bonds amounts to DKK 15,605 million (DKK 15,636 million 30 September 2022) calculated based on market prices (level 1).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__143": {
"value": "Note 21 Financial instruments by category Accounting policies Financial instruments are measured at either amortised cost or fair value. Those financial instruments, which are measured at fair value, can be categorised according to the fair value measurement hierarchy below: Level 1: Observable prices in active markets for identical instruments. Level 2: Valuation models primarily based on observable prices or traded prices of comparable instruments. Level 3: Valuation models primarily based on non-observable prices. The fair value of forward exchange contracts and other derivative financial instruments are considered a level 2 fair value measurement as the fair value is determined directly based on the published exchange rates and quoted forward exchange rates at balance sheet dates. The fair value of derivative financial instruments is calculated on the basis of current market data. Hedging Fair value instruments at Contingent through fair value consideration at fair Amortised profit or loss through OCI value through profit DKK million cost (level 1) (level 2) or loss (level 3) Total 2023 Trade receivables 4,315 - - - 4,315 Other receivables 259 - 53 - 312 Cash and cash equivalents 911 - - - 911 Financial assets 5,485 - 53 - 5,538 Other credit institutions 2,268 2,268 Bonds\u00b2\u207e 16,405 - - - 16,405 Trade payables 1,294 - - - 1,294 Other payables 2,518 - 69 666 3,253 Lease liability 894 - - - 894 Financial liabilities 23,379 - 69 666 24,114 2022\u00b9\u207e Trade receivables 3,940 - - - 3,940 Other receivables 325 - 89 - 414 Marketable securities\u00b9\u207e - 219 - - 219 Cash and cash equivalents 414 - - - 414 Financial assets 4,679 219 89 - 4,987 Other credit institutions 1,644 - - - 1,644 Bonds\u00b2\u207e 16,359 - - - 16,359 Trade payables 1,242 - - - 1,242 Other payables 2,389 - 171 - 2,560 Lease liability 705 - - - 705 Financial liabilities 22,339 - 171 - 22,510 \u00b9\u207e The securities portfolio consists of mortgage bonds and corporate bonds. The bond portfolio carried an effective rate of interest of 1-6% (2021/22: 1-6%). \u00b2\u207e The fair value of the bonds amounts to DKK 15,605 million (DKK 15,636 million 30 September 2022) calculated based on market prices (level 1).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__148": {
"value": "Accounting policies Financial instruments are measured at either amortised cost or fair value. Those financial instruments, which are measured at fair value, can be categorised according to the fair value measurement hierarchy below: Level 1: Observable prices in active markets for identical instruments. Level 2: Valuation models primarily based on observable prices or traded prices of comparable instruments. Level 3: Valuation models primarily based on non-observable prices. The fair value of forward exchange contracts and other derivative financial instruments are considered a level 2 fair value measurement as the fair value is determined directly based on the published exchange rates and quoted forward exchange rates at balance sheet dates. The fair value of derivative financial instruments is calculated on the basis of current market data.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__144": {
"value": "Accounting policies Financial instruments are measured at either amortised cost or fair value. Those financial instruments, which are measured at fair value, can be categorised according to the fair value measurement hierarchy below: Level 1: Observable prices in active markets for identical instruments. Level 2: Valuation models primarily based on observable prices or traded prices of comparable instruments. Level 3: Valuation models primarily based on non-observable prices. The fair value of forward exchange contracts and other derivative financial instruments are considered a level 2 fair value measurement as the fair value is determined directly based on the published exchange rates and quoted forward exchange rates at balance sheet dates. The fair value of derivative financial instruments is calculated on the basis of current market data.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__150-1": {
"value": "Note 22 Financial risks Risk management policy Financial risks are managed centrally and, accordingly, all derivative instruments are managed and controlled by the parent company. The framework is determined by the financial policy approved annually by the Board of Directors. The financial policy comprises policies for foreign exchange, funding, liquidity and financial counterparts. The core principle is for financial risk to be managed with a view to reducing significant risk. Foreign exchange risk A number of the Group\u2019s financial instruments is exposed foreign exchange risks as a natural consequence of its global activities. The Board of Directors determines the level of risk as a percentage of EBITDA. Foreign exchange risk is calculated by applying the principles of a cash-flow-at-risk model. The foreign exchange risk related to financial instruments is concentrated in receivables, payables and cash positions denominated in foreign currencies. In addition to this, the fair value of the Group\u2019s hedging instruments is significantly exposed to changes in foreign exchange rates. On the other hand, there is only a low foreign exchange risk attached to the Group\u2019s marketable securities as these are denominated in DKK and EUR. Borrowings from credit institutions, including repo debt, are denominated in DKK, and bonds in EUR. While EUR is a key currency for the Group, the foreign exchange risk is regarded as low due to fixed exchange rate policy of the central bank of Denmark. As at 30 September 2023, an average of 59% of the following twelve months of expected net cash flows were hedged (30 September 2022: 59% of the following twelve months of cash flows). The table below shows how a theoretical change of +/- 2% in all currencies against Danish kroner will impact the financial instruments recognised at the balance sheet date. The impact on profit or loss comes mainly from receivables denominated in foreign currencies. The impact on other comprehensive income relates to the fair value of hedging instruments. The hedged exposure is included in the sensitivity analysis and, therefore, the effect is reduced. 2022/23 2021/22 DKK million USD GBP HUF EUR Other USD GBP HUF EUR Other Impact from a 2% increase in currencies Profit or loss 10 -1 16 -332 106 20 -2 8 -314 24 Other comprehensive income -18 -25 12 -8 -20 -19 -25 8 -9 -20 Total comprehensive income -8 -26 28 -340 86 1 -27 16 -323 4 Impact from a 2% decrease in currencies Profit or loss -10 1 -16 332 -106 -20 2 -8 314 -24 Other comprehensive income 18 25 -12 8 20 19 25 -8 9 20 Total comprehensive income 8 26 -28 340 -86 -1 27 -16 323 -4 The increase and decrease resulting from a 2% change are the same as all hedging instruments are forward contracts. Interest rate risk 64% of the Group's net interest-bearing debt is carrying fixed interest rate for 4-7 years, and 46% is at floating interest rate. The duration as per balance sheet date was 3.7 years. An interest increase of 1% p.a. on COLOCB1 EUR 650 million Floating Rate Note will increase the annual interest expense with DKK 45 million. Liquidity risk The exposure to liquidity risks is considered to be low. In addition to cash available for withdrawal and marketable securities, the Group\u2019s cash reserves comprise a mix of committed and uncommitted credit facilities to ensure an adequate level of funding for the Group\u2019s activities, even in periods of operational uncertainty. DKK million 2023 2022 Cash and cash equivalents 911 414 Marketable securities - 219 Liquid assets recorded on the balance sheet at 30 September 911 633 Committed credit facilities, unutilised (3 years term) 3,577 4,370 Uncommitted credit facilities, unutilised (short-term) 3,259 3,170 Financial reserves at 30 September 7,747 8,173 The Board of Directors generally intends to distribute excess cash to the shareholders by way of dividends and share buybacks. It is expected that dividends will be paid twice a year: after the Annual General Meeting and after the release of the half-year interim report. However, share buybacks and distribution of dividend will always be made with due consideration for the Group\u2019s liquidity requirements and plans. The capital management objective of the Group is to raise new debt only for acquisition purposes or for other special purposes. The Group assesses the capital on the basis of the solvency ratio, which is calculated in accordance with the guidelines issued by the Danish Society of Financial Analysts. Credit risk The Group\u2019s credit risk relates to the possibility that the counterparties of its financial assets are not able to meet their obligations as they fall due. The carrying amount of the financial assets represents the maximum credit risk exposure. The Group\u2019s policy for managing credit risks involves an ongoing credit assessment of major customers and other key business partners. The credit risk exposure relates to (i) receivables, (ii) bank deposits, (iii) marketable securities (mortgage bonds and corporate bonds) as well as (iv) derivative financial instruments (forward exchange contracts) with a positive fair value at the balance sheet date. \u2022 The credit risk related to trade receivables and other receivables is diversified over a large number of customers and other counterparties. For this reason, the credit risk is regarded as insignificant. See also note 16. \u2022 The credit risk related to bank deposits is, pursuant to the Group\u2019s counterparty policy, managed and mitigated by making money market deposits only with selected financial institutions holding a satisfactory credit rating. In addition, the maximum deposit limits have been defined for each financial counterparty. \u2022 The credit risk related to marketable securities is considered to be limited as investment is only made in selected liquid bonds with a high credit rating. \u2022 The credit risk related to derivative financial instruments is aligned with the credit risk for bank deposits as derivative contracts are only entered with selected financial institutions with a satisfactory credit rating.Pursuant to the Group\u2019s foreign exchange policy, forward exchange contracts are used for the purpose of neutralising and delaying the effect of exchange rate fluctuations in profit or loss and thereby enhance the predictability of the financial results. The foreign exchange risk is calculated by applying the principles of a cash-flow-at-risk model, with the Board of Directors determining the level of risk as a percentage of operating profit (EBITDA). The risk is managed and mitigated through cash flow hedges and, in some cases, through fair value hedges. Sources of hedging ineffectiveness comprise mainly those that arise from assumptions on expected 12-month rolling cash flows not being realised. The Group hedges key currencies e.g. USD, GBP, JPY and HUF, and selectively hedges emerging markets currencies taking the cost of hedging into consideration. The Group does not hedge forecasted cash flows denominated in EUR as the foreign exchange risk is regarded as low due to the fixed exchange rate policy of the central bank of Denmark.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__152": {
"value": "Foreign exchange risk A number of the Group\u2019s financial instruments is exposed foreign exchange risks as a natural consequence of its global activities. The Board of Directors determines the level of risk as a percentage of EBITDA. Foreign exchange risk is calculated by applying the principles of a cash-flow-at-risk model. The foreign exchange risk related to financial instruments is concentrated in receivables, payables and cash positions denominated in foreign currencies. In addition to this, the fair value of the Group\u2019s hedging instruments is significantly exposed to changes in foreign exchange rates. On the other hand, there is only a low foreign exchange risk attached to the Group\u2019s marketable securities as these are denominated in DKK and EUR. Borrowings from credit institutions, including repo debt, are denominated in DKK, and bonds in EUR. While EUR is a key currency for the Group, the foreign exchange risk is regarded as low due to fixed exchange rate policy of the central bank of Denmark. As at 30 September 2023, an average of 59% of the following twelve months of expected net cash flows were hedged (30 September 2022: 59% of the following twelve months of cash flows). The table below shows how a theoretical change of +/- 2% in all currencies against Danish kroner will impact the financial instruments recognised at the balance sheet date. The impact on profit or loss comes mainly from receivables denominated in foreign currencies. The impact on other comprehensive income relates to the fair value of hedging instruments. The hedged exposure is included in the sensitivity analysis and, therefore, the effect is reduced. 2022/23 2021/22 DKK million USD GBP HUF EUR Other USD GBP HUF EUR Other Impact from a 2% increase in currencies Profit or loss 10 -1 16 -332 106 20 -2 8 -314 24 Other comprehensive income -18 -25 12 -8 -20 -19 -25 8 -9 -20 Total comprehensive income -8 -26 28 -340 86 1 -27 16 -323 4 Impact from a 2% decrease in currencies Profit or loss -10 1 -16 332 -106 -20 2 -8 314 -24 Other comprehensive income 18 25 -12 8 20 19 25 -8 9 20 Total comprehensive income 8 26 -28 340 -86 -1 27 -16 323 -4 The increase and decrease resulting from a 2% change are the same as all hedging instruments are forward contracts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__151-1": {
"value": "Foreign exchange risk A number of the Group\u2019s financial instruments is exposed foreign exchange risks as a natural consequence of its global activities. The Board of Directors determines the level of risk as a percentage of EBITDA. Foreign exchange risk is calculated by applying the principles of a cash-flow-at-risk model. The foreign exchange risk related to financial instruments is concentrated in receivables, payables and cash positions denominated in foreign currencies. In addition to this, the fair value of the Group\u2019s hedging instruments is significantly exposed to changes in foreign exchange rates. On the other hand, there is only a low foreign exchange risk attached to the Group\u2019s marketable securities as these are denominated in DKK and EUR. Borrowings from credit institutions, including repo debt, are denominated in DKK, and bonds in EUR. While EUR is a key currency for the Group, the foreign exchange risk is regarded as low due to fixed exchange rate policy of the central bank of Denmark. As at 30 September 2023, an average of 59% of the following twelve months of expected net cash flows were hedged (30 September 2022: 59% of the following twelve months of cash flows). The table below shows how a theoretical change of +/- 2% in all currencies against Danish kroner will impact the financial instruments recognised at the balance sheet date. The impact on profit or loss comes mainly from receivables denominated in foreign currencies. The impact on other comprehensive income relates to the fair value of hedging instruments. The hedged exposure is included in the sensitivity analysis and, therefore, the effect is reduced. 2022/23 2021/22 DKK million USD GBP HUF EUR Other USD GBP HUF EUR Other Impact from a 2% increase in currencies Profit or loss 10 -1 16 -332 106 20 -2 8 -314 24 Other comprehensive income -18 -25 12 -8 -20 -19 -25 8 -9 -20 Total comprehensive income -8 -26 28 -340 86 1 -27 16 -323 4 Impact from a 2% decrease in currencies Profit or loss -10 1 -16 332 -106 -20 2 -8 314 -24 Other comprehensive income 18 25 -12 8 20 19 25 -8 9 20 Total comprehensive income 8 26 -28 340 -86 -1 27 -16 323 -4 The increase and decrease resulting from a 2% change are the same as all hedging instruments are forward contracts.Interest rate risk 64% of the Group's net interest-bearing debt is carrying fixed interest rate for 4-7 years, and 46% is at floating interest rate. The duration as per balance sheet date was 3.7 years. An interest increase of 1% p.a. on COLOCB1 EUR 650 million Floating Rate Note will increase the annual interest expense with DKK 45 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__155": {
"value": "The Board of Directors generally intends to distribute excess cash to the shareholders by way of dividends and share buybacks. It is expected that dividends will be paid twice a year: after the Annual General Meeting and after the release of the half-year interim report. However, share buybacks and distribution of dividend will always be made with due consideration for the Group\u2019s liquidity requirements and plans. The capital management objective of the Group is to raise new debt only for acquisition purposes or for other special purposes. The Group assesses the capital on the basis of the solvency ratio, which is calculated in accordance with the guidelines issued by the Danish Society of Financial Analysts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__156": {
"value": "Credit risk The Group\u2019s credit risk relates to the possibility that the counterparties of its financial assets are not able to meet their obligations as they fall due. The carrying amount of the financial assets represents the maximum credit risk exposure. The Group\u2019s policy for managing credit risks involves an ongoing credit assessment of major customers and other key business partners. The credit risk exposure relates to (i) receivables, (ii) bank deposits, (iii) marketable securities (mortgage bonds and corporate bonds) as well as (iv) derivative financial instruments (forward exchange contracts) with a positive fair value at the balance sheet date. \u2022 The credit risk related to trade receivables and other receivables is diversified over a large number of customers and other counterparties. For this reason, the credit risk is regarded as insignificant. See also note 16. \u2022 The credit risk related to bank deposits is, pursuant to the Group\u2019s counterparty policy, managed and mitigated by making money market deposits only with selected financial institutions holding a satisfactory credit rating. In addition, the maximum deposit limits have been defined for each financial counterparty. \u2022 The credit risk related to marketable securities is considered to be limited as investment is only made in selected liquid bonds with a high credit rating. \u2022 The credit risk related to derivative financial instruments is aligned with the credit risk for bank deposits as derivative contracts are only entered with selected financial institutions with a satisfactory credit rating.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__157": {
"value": "Note 23 Derivative financial instruments Accounting policies At the initiation of derivative contracts, it is assessed whether they qualify for hedge accounting and the derivatives are classified as either cash flow hedges or fair value hedges. Cash flow hedges relates to highly probable forecasted transactions at a future point in time. Fair value hedges relate to changes in the fair value of assets or liabilities recognised on the balance sheet. Upon initial recognition, the fair values of derivative financial instruments are recognised as an asset or a liability on the balance sheet date. These are presented together with other receivables or other payables, respectively. The fair values of derivative financial instruments are subsequently remeasured at fair value at each reporting date. The subsequent value adjustments of cash flow hedges are recognised through other comprehensive income as a cash flow hedge reserve when the hedging relationship continues to meet the effectiveness requirement. The reserve is recognised in the income statement upon realisation of the hedged transactions. Interest hedge of bonds with fixed rate is recognized in the other comprehensive income as reserve for hedging, until the hedged interests will be recognized in the income statement. If a derivative financial instrument used to hedge expected future transactions expires, is sold or no longer qualifies for hedge accounting, any accumulated reserve remains in equity until the hedged transaction is concluded. If a transaction is no longer expected to be concluded, any reserve accumulated under equity is transferred to the income statement. The subsequent value adjustments of fair value hedges are recognised through profit or loss along with any adjustments of the value of the hedged asset that concern the hedged risk. Pursuant to the Group\u2019s foreign exchange policy, forward exchange contracts are used for the purpose of neutralising and delaying the effect of exchange rate fluctuations in profit or loss and thereby enhance the predictability of the financial results. The foreign exchange risk is calculated by applying the principles of a cash-flow-at-risk model, with the Board of Directors determining the level of risk as a percentage of operating profit (EBITDA). The risk is managed and mitigated through cash flow hedges and, in some cases, through fair value hedges. Sources of hedging ineffectiveness comprise mainly those that arise from assumptions on expected 12-month rolling cash flows not being realised. The Group hedges key currencies e.g. USD, GBP, JPY and HUF, and selectively hedges emerging markets currencies taking the cost of hedging into consideration. The Group does not hedge forecasted cash flows denominated in EUR as the foreign exchange risk is regarded as low due to the fixed exchange rate policy of the central bank of Denmark. Specification of derivative financial instruments held at the balance sheet date. Average exchange Fair value rate per Contract of contract the amount at at year-hedging Expiry period of the DKK million year-end\u00b9\u207e end\u00b2\u207e contracts contracts 2023 USD 967 -24 681.34 Oct 23 - Aug 24 GBP 1,360 -21 839.56 Oct 23 - Sep 24 JPY 178 12 5.16 Oct 23 - Sep 24 HUF -454 22 1.76 Oct 23 - Sep 24 Other currencies 978 2 n/a Oct 23 - Sep 24 Forward exchange contracts at 30 September, cash flow hedges 3,029 -9 Power purchase agreement 63 14 Sep 33 Power purchase agreement at 30 September, cash flow hedges 63 14 HUF 277 -7 1.85 Oct 23 - Jan 24 Forward exchange contracts at 30 September, fair value hedges 277 -7 Deferred gain on settled interest swaps: EUR 2,983 94 May 27 EUR 5,593 325 May 30 Interest swaps at 30 September, to hedge future interest payments 8,576 419 2022 USD 960 -107 671.49 Oct 22 - Aug 23 GBP 1,367 44 859.67 Oct 22 - Aug 23 JPY 177 8 5.54 Oct 22 - Sep 23 HUF -438 -39 1.82 Oct 22 - Aug 23 Other currencies 953 -6 n/a Oct 22 - Sep 23 Forward exchange contracts at 30 September, cash flow hedges 3,019 -100 HUF 275 18 1.84 Nov 22 - Jan 23 Forward exchange contracts at 30 September, fair value hedges 275 18 Deferred gain on settled interest swaps: EUR 2,974 120 May 27 EUR 5,577 373 May 30 Interest swaps at 30 September, to hedge future interest payments 8,551 493 \u00b9\u207e Amount is translated to DKK millions using the exchange rates per the hedging contracts. Positive amounts indicate a forecasted sale of the currency in question; negative amounts indicate a forecasted purchase of currency in question. \u00b2\u207e Positive amounts indicate that the net fair value of the hedging contracts is an asset. Negative amounts indicate that the net fair value of the hedging contracts is a liability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__160": {
"value": "Accounting policies At the initiation of derivative contracts, it is assessed whether they qualify for hedge accounting and the derivatives are classified as either cash flow hedges or fair value hedges. Cash flow hedges relates to highly probable forecasted transactions at a future point in time. Fair value hedges relate to changes in the fair value of assets or liabilities recognised on the balance sheet. Upon initial recognition, the fair values of derivative financial instruments are recognised as an asset or a liability on the balance sheet date. These are presented together with other receivables or other payables, respectively. The fair values of derivative financial instruments are subsequently remeasured at fair value at each reporting date. The subsequent value adjustments of cash flow hedges are recognised through other comprehensive income as a cash flow hedge reserve when the hedging relationship continues to meet the effectiveness requirement. The reserve is recognised in the income statement upon realisation of the hedged transactions. Interest hedge of bonds with fixed rate is recognized in the other comprehensive income as reserve for hedging, until the hedged interests will be recognized in the income statement. If a derivative financial instrument used to hedge expected future transactions expires, is sold or no longer qualifies for hedge accounting, any accumulated reserve remains in equity until the hedged transaction is concluded. If a transaction is no longer expected to be concluded, any reserve accumulated under equity is transferred to the income statement. The subsequent value adjustments of fair value hedges are recognised through profit or loss along with any adjustments of the value of the hedged asset that concern the hedged risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__159": {
"value": "Accounting policies At the initiation of derivative contracts, it is assessed whether they qualify for hedge accounting and the derivatives are classified as either cash flow hedges or fair value hedges. Cash flow hedges relates to highly probable forecasted transactions at a future point in time. Fair value hedges relate to changes in the fair value of assets or liabilities recognised on the balance sheet. Upon initial recognition, the fair values of derivative financial instruments are recognised as an asset or a liability on the balance sheet date. These are presented together with other receivables or other payables, respectively. The fair values of derivative financial instruments are subsequently remeasured at fair value at each reporting date. The subsequent value adjustments of cash flow hedges are recognised through other comprehensive income as a cash flow hedge reserve when the hedging relationship continues to meet the effectiveness requirement. The reserve is recognised in the income statement upon realisation of the hedged transactions. Interest hedge of bonds with fixed rate is recognized in the other comprehensive income as reserve for hedging, until the hedged interests will be recognized in the income statement. If a derivative financial instrument used to hedge expected future transactions expires, is sold or no longer qualifies for hedge accounting, any accumulated reserve remains in equity until the hedged transaction is concluded. If a transaction is no longer expected to be concluded, any reserve accumulated under equity is transferred to the income statement. The subsequent value adjustments of fair value hedges are recognised through profit or loss along with any adjustments of the value of the hedged asset that concern the hedged risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__158": {
"value": "Accounting policies At the initiation of derivative contracts, it is assessed whether they qualify for hedge accounting and the derivatives are classified as either cash flow hedges or fair value hedges. Cash flow hedges relates to highly probable forecasted transactions at a future point in time. Fair value hedges relate to changes in the fair value of assets or liabilities recognised on the balance sheet. Upon initial recognition, the fair values of derivative financial instruments are recognised as an asset or a liability on the balance sheet date. These are presented together with other receivables or other payables, respectively. The fair values of derivative financial instruments are subsequently remeasured at fair value at each reporting date. The subsequent value adjustments of cash flow hedges are recognised through other comprehensive income as a cash flow hedge reserve when the hedging relationship continues to meet the effectiveness requirement. The reserve is recognised in the income statement upon realisation of the hedged transactions. Interest hedge of bonds with fixed rate is recognized in the other comprehensive income as reserve for hedging, until the hedged interests will be recognized in the income statement. If a derivative financial instrument used to hedge expected future transactions expires, is sold or no longer qualifies for hedge accounting, any accumulated reserve remains in equity until the hedged transaction is concluded. If a transaction is no longer expected to be concluded, any reserve accumulated under equity is transferred to the income statement. The subsequent value adjustments of fair value hedges are recognised through profit or loss along with any adjustments of the value of the hedged asset that concern the hedged risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__163": {
"value": "Note 25 Cash and cash equivalents Accounting policies Cash and cash equivalents, recognised under current assets, comprise bank deposits and cash at hand and are measured at fair value. DKK million 2023 2022 Bank deposits, short term 911 414 Cash and cash equivalents at 30 September 911 414",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__164": {
"value": "Accounting policies Cash and cash equivalents, recognised under current assets, comprise bank deposits and cash at hand and are measured at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__165": {
"value": "Note 26 Public grants Accounting policies Public grants comprise of grants for research, development and other investments. Grants for investments are recognised as deferred income, which is recognised systematically in the income statement under production costs from the date when the conditions attaching to them are deemed to be complied with until the date on which the deadline for retaining such conditions expires. Other grants are recognised as income on a systematic basis, so that they are matched with the related costs for which they compensate. The Group has received DKK 3 million in public grants for research and development purposes (2021/22: DKK 4 million) and DKK 1 million in public grants for investments (2021/22: DKK 5 million). An income of DKK 2 million relating to investment grants has been recognised under production costs in the income statement (2021/22: DKK 13 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__170": {
"value": "Note 27 Contingent liabilities and guarantees As part of the normal course of business, Coloplast is involved in pending litigations, claims and investigations. Provisions for probable losses have been made for those matters Management has assessed as needed, but there are uncertainties associated with these estimates. Please also see note 19 to the financial statements. Coloplast does not expect any pending litigations, claims and investigations to materially influence the Group\u2019s future earnings, cash flows or financial position, neither individually nor in aggregate, in addition to the amounts recognised as provisions. Bonds in repo transactions have been provided as collateral for repo debt. Bonds provided as collateral were valued at DKK 0 million at 30 September 2023 (DKK 199 million at 30 September 2022). See note 20 to the financial statements for information on interest rate risk relating to bonds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__169": {
"value": "Note 27 Contingent liabilities and guarantees As part of the normal course of business, Coloplast is involved in pending litigations, claims and investigations. Provisions for probable losses have been made for those matters Management has assessed as needed, but there are uncertainties associated with these estimates. Please also see note 19 to the financial statements. Coloplast does not expect any pending litigations, claims and investigations to materially influence the Group\u2019s future earnings, cash flows or financial position, neither individually nor in aggregate, in addition to the amounts recognised as provisions. Bonds in repo transactions have been provided as collateral for repo debt. Bonds provided as collateral were valued at DKK 0 million at 30 September 2023 (DKK 199 million at 30 September 2022). See note 20 to the financial statements for information on interest rate risk relating to bonds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__168": {
"value": "Note 27 Contingent liabilities and guarantees As part of the normal course of business, Coloplast is involved in pending litigations, claims and investigations. Provisions for probable losses have been made for those matters Management has assessed as needed, but there are uncertainties associated with these estimates. Please also see note 19 to the financial statements. Coloplast does not expect any pending litigations, claims and investigations to materially influence the Group\u2019s future earnings, cash flows or financial position, neither individually nor in aggregate, in addition to the amounts recognised as provisions. Bonds in repo transactions have been provided as collateral for repo debt. Bonds provided as collateral were valued at DKK 0 million at 30 September 2023 (DKK 199 million at 30 September 2022). See note 20 to the financial statements for information on interest rate risk relating to bonds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__167": {
"value": "Note 27 Contingent liabilities and guarantees As part of the normal course of business, Coloplast is involved in pending litigations, claims and investigations. Provisions for probable losses have been made for those matters Management has assessed as needed, but there are uncertainties associated with these estimates. Please also see note 19 to the financial statements. Coloplast does not expect any pending litigations, claims and investigations to materially influence the Group\u2019s future earnings, cash flows or financial position, neither individually nor in aggregate, in addition to the amounts recognised as provisions. Bonds in repo transactions have been provided as collateral for repo debt. Bonds provided as collateral were valued at DKK 0 million at 30 September 2023 (DKK 199 million at 30 September 2022). See note 20 to the financial statements for information on interest rate risk relating to bonds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__166": {
"value": "Accounting policies Public grants comprise of grants for research, development and other investments. Grants for investments are recognised as deferred income, which is recognised systematically in the income statement under production costs from the date when the conditions attaching to them are deemed to be complied with until the date on which the deadline for retaining such conditions expires. Other grants are recognised as income on a systematic basis, so that they are matched with the related costs for which they compensate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__175": {
"value": "Note 30 Fees to auditors appointed by the Annual General Meeting DKK million 2022/23 2021/22 Statutory audit 13 12 Assurance engagements other than audit 1 1 Tax advisory 3 3 Other services 2 2 Fee to PricewaterhouseCoopers 19 18 Fee for non-audit services provided to the Group by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, amounted to DKK 4 million (2021/22: DKK 4 million), relating to tax compliance, transfer pricing, due diligence and other assurance assessments and opinions. Certain of the Group's subsidiaries are not subject to an audit by PricewaterhouseCoopers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__176": {
"value": "Note 31 Events occurring after the balance sheet date No events have occurred after the balance sheet date which are deemed to have a material impact on the financial results or equity at 30 September 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__179": {
"value": "Note 33 Company overview Company Country Ownership Company Country Ownership Parent company Coloplast A/S Denmark Sales subsidiaries Coloplast de Argentina SA Argentina 100% Charter Healthcare Limited UK 100% Coloplast Pty Ltd Australia 100% Coloplast Limited UK 100% Coloplast Ges.m.b.H. Austria 100% Porges UK Limited UK 100% Coloplast Belgium NV/SA Belgium 100% Affordable Medical LLC USA 100% Coloplast do Brasil Ltda. Brazil 100% Coloplast Corp. USA 100% Coloplast Canada Corporation Canada 100% Comfort Medical, LLC USA 100% Coloplast (China) Medical Devices Ltd. China 100% Rocky Mountain Medical, LLC USA 100% Coloplast (Hong Kong) Ltd. China 100% Zi-Med Supply Co., Inc. USA 100% Coloplast S.A.S Columbia 100% Czech Sales subsidiaries - Kerecis group Coloplast Czech s.r.o. Republic 100% Kerecis GmbH Germany 100% Coloplast Danmark A/S Denmark 100% Kerecis hf. Iceland 100% Coloplast Oy Finland 100% Kerecis AG Switzerland 100% Laboratoires Coloplast S.A.S. France 100% Kerecis LLC USA 100% Lilial S.A.S. France 100% Coloplast GmbH Germany 100% Sales subsidiaries - Atos group Coloplast (India) Private Limited India 100% Atos Medical Pty Ltd Australia 100% Coloplast Israel Ltd. Israel 100% Atos Medical Austria GmbH Austria 100% Coloplast S.p.A. Italy 100% TRACOE Medical GmbH Austria 100% Coloplast K.K. Japan 100% Atos Medical BVBA Belgium 100% Coloplast Korea Limited Korea 100% Atos (Beijing) Medical Technology CO. Coloplast B.V. Netherlands 100% Ltd China 100% MC Europe BV Netherlands 100% Atos Medical ApS Denmark 100% Coloplast Norge AS Norway 100% Atos Medical SAS France 100% Coloplast Sp. zo.o. Poland 100% Atos Medical GmbH Germany 100% Coloplast II Portugal, Unipessoal Lda Portugal 100% Atos Medical Srl Italy 100% Coloplast Portugal, Sociedade Atos Medical Japan Inc. Japan 100% Unipessoal, Lda Portugal 100% Atos Medical BV Netherlands 100% Coloplast LLC Russia 100% New Coloplast Slovakia s.r.o. Slovakia 100% Atos Medical Ltd. Zealand 100% Coloplast Productos M\u00e9dicos S.A Spain 100% Atos Medical AS Norway 100% Coloplast AB Sweden 100% Atos Medical S.L. Spain 100% Coloplast AG Switzerland 100% Atos Medical UK Ltd. UK 100% Coloplast Taiwan Co., Ltd. Taiwan 100% Kapitex Healthcare Ltd UK 100% Coloplast Turkey Medikal Gere\u00e7ler Atos Medical Inc. USA 100% San. ve Tic. A.\u015e. Turkey 100% Company Country Ownership Company Country Ownership Manufacturing subsidiaries Other Coloplast (China) Ltd. China 100% Coloplast Ejendomme A/S Denmark 100% Coloplast Volume Manufacturing Costa Mercure Medical (soci\u00e9t\u00e9 \u00e0 Rica S.A. Costa Rica 100% responsabilit\u00e9 limit\u00e9) France 100% Coloplast Manufacturing France S.A.S. France 100% Heimomed Heinze Gmbh & Co KG Germany 100% Coloplast Distribution GmbH Germany 100% Heimomed Heinze Verwaltungs-GmbH Germany 100% TRACOE Medical GmbH Germany 100% iSKiA GmbH & Co KG Germany 100% Coloplast Hungary Kft. Hungary 100% iSKiA Verwaltungs-GmbH Germany 100% Viruxal ehf Iceland 100% Kerecis Services ehf Iceland 100% Coloplast Manufacturing Portugal, Coloplast Finance B.V. Netherlands 100% Unipessoal LDA Portugal 100% Coloplast Business Centre Sp. zo.o. Poland 100% Atos Medical AB Sweden 100% Atos Medical Holding Sweden 100% Coloplast Medical Limited UK 100% XTR Holding Ltd. UK 100% Coloplast Manufacturing US, LLC USA 100% Francis Medical USA 13% Griffin Laboratories Inc. USA 100% Coloplast representative offices and branches Atos group representative offices and branches Dubai Singapore Bahrain Korea Hungary South Africa Czech Republic Portugal New Zealand Ukraine Finland Switzerland Saudi Arabia Hungary",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__178": {
"value": "Note 33 Company overview Company Country Ownership Company Country Ownership Parent company Coloplast A/S Denmark Sales subsidiaries Coloplast de Argentina SA Argentina 100% Charter Healthcare Limited UK 100% Coloplast Pty Ltd Australia 100% Coloplast Limited UK 100% Coloplast Ges.m.b.H. Austria 100% Porges UK Limited UK 100% Coloplast Belgium NV/SA Belgium 100% Affordable Medical LLC USA 100% Coloplast do Brasil Ltda. Brazil 100% Coloplast Corp. USA 100% Coloplast Canada Corporation Canada 100% Comfort Medical, LLC USA 100% Coloplast (China) Medical Devices Ltd. China 100% Rocky Mountain Medical, LLC USA 100% Coloplast (Hong Kong) Ltd. China 100% Zi-Med Supply Co., Inc. USA 100% Coloplast S.A.S Columbia 100% Czech Sales subsidiaries - Kerecis group Coloplast Czech s.r.o. Republic 100% Kerecis GmbH Germany 100% Coloplast Danmark A/S Denmark 100% Kerecis hf. Iceland 100% Coloplast Oy Finland 100% Kerecis AG Switzerland 100% Laboratoires Coloplast S.A.S. France 100% Kerecis LLC USA 100% Lilial S.A.S. France 100% Coloplast GmbH Germany 100% Sales subsidiaries - Atos group Coloplast (India) Private Limited India 100% Atos Medical Pty Ltd Australia 100% Coloplast Israel Ltd. Israel 100% Atos Medical Austria GmbH Austria 100% Coloplast S.p.A. Italy 100% TRACOE Medical GmbH Austria 100% Coloplast K.K. Japan 100% Atos Medical BVBA Belgium 100% Coloplast Korea Limited Korea 100% Atos (Beijing) Medical Technology CO. Coloplast B.V. Netherlands 100% Ltd China 100% MC Europe BV Netherlands 100% Atos Medical ApS Denmark 100% Coloplast Norge AS Norway 100% Atos Medical SAS France 100% Coloplast Sp. zo.o. Poland 100% Atos Medical GmbH Germany 100% Coloplast II Portugal, Unipessoal Lda Portugal 100% Atos Medical Srl Italy 100% Coloplast Portugal, Sociedade Atos Medical Japan Inc. Japan 100% Unipessoal, Lda Portugal 100% Atos Medical BV Netherlands 100% Coloplast LLC Russia 100% New Coloplast Slovakia s.r.o. Slovakia 100% Atos Medical Ltd. Zealand 100% Coloplast Productos M\u00e9dicos S.A Spain 100% Atos Medical AS Norway 100% Coloplast AB Sweden 100% Atos Medical S.L. Spain 100% Coloplast AG Switzerland 100% Atos Medical UK Ltd. UK 100% Coloplast Taiwan Co., Ltd. Taiwan 100% Kapitex Healthcare Ltd UK 100% Coloplast Turkey Medikal Gere\u00e7ler Atos Medical Inc. USA 100% San. ve Tic. A.\u015e. Turkey 100% Company Country Ownership Company Country Ownership Manufacturing subsidiaries Other Coloplast (China) Ltd. China 100% Coloplast Ejendomme A/S Denmark 100% Coloplast Volume Manufacturing Costa Mercure Medical (soci\u00e9t\u00e9 \u00e0 Rica S.A. Costa Rica 100% responsabilit\u00e9 limit\u00e9) France 100% Coloplast Manufacturing France S.A.S. France 100% Heimomed Heinze Gmbh & Co KG Germany 100% Coloplast Distribution GmbH Germany 100% Heimomed Heinze Verwaltungs-GmbH Germany 100% TRACOE Medical GmbH Germany 100% iSKiA GmbH & Co KG Germany 100% Coloplast Hungary Kft. Hungary 100% iSKiA Verwaltungs-GmbH Germany 100% Viruxal ehf Iceland 100% Kerecis Services ehf Iceland 100% Coloplast Manufacturing Portugal, Coloplast Finance B.V. Netherlands 100% Unipessoal LDA Portugal 100% Coloplast Business Centre Sp. zo.o. Poland 100% Atos Medical AB Sweden 100% Atos Medical Holding Sweden 100% Coloplast Medical Limited UK 100% XTR Holding Ltd. UK 100% Coloplast Manufacturing US, LLC USA 100% Francis Medical USA 13% Griffin Laboratories Inc. USA 100% Coloplast representative offices and branches Atos group representative offices and branches Dubai Singapore Bahrain Korea Hungary South Africa Czech Republic Portugal New Zealand Ukraine Finland Switzerland Saudi Arabia Hungary",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__234": {
"value": "Coloplast A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__235": {
"value": "A/S",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__249": {
"value": "our business includes Ostomy Care, Continence Care, Advanced Wound Care, Interventional Urology, and Voice and Respiratory Care.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__250": {
"value": "We operate globally",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__247": {
"value": "Humlebaek,",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"s10_notesesefdkgaap__9__236": {
"value": "Holtedam 1 3050 Humlebaek Denmark",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:529900NN7SOJ5QG82X67",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
}
}
}