Coloplast A/
Holtedam 1, 3050 Humlebæ
1 October 2023 – 30 September 202
Company registration (CVR) No. 69 74 99 17
2023/24
Annual
Report
Victori
User, Ostomy Care
Management’s Report | Highlights | At a glance
2 Annual Report 2023/24
The Management’s Report
Highlights 3
At a glance 3
Chairman and CEO’s letter 4
2023/24 in brief 6
Five-year financial and sustainability highlights
and ratios 8
2024/25 outlook and guidance 10
Our business 12
Mission and commercial model 12
Strive25 strategy 14
Business areas, strategy, markets and
performance 18
Chronic Care 18
Voice and Respiratory 25
Advanced Wound 28
Interventional Urology 32
2023/24 Financial performance 35
Financial results 35
2023/24 Sustainability performance 38
Governance, materiality and stakeholders 38
Improving products and packaging 41
Reducing emissions 46
Responsible operations 50
EU Taxonomy 56
Risk management 60
Risk management 60
Governance and Ownership 63
Corporate governance 63
The Board of Directors 66
The Executive Leadership Team 68
Ownership and major shareholders 69
The Financial Statements
Consolidated financial statements 71
Statement of comprehensive income 72
Statement of cash flows 73
Assets, equity and liabilities 74
Statement of changes in equity 75
Notes 77
The Sustainability Statements
Consolidated sustainability performance tables 119
Basis of preparation 120
Environmental data 120
Social data 125
Governance data 126
Management’s Statements and Auditor’s Reports
Statement by the Board of Directors and the
Executive Management 128
Independent auditor’s reports 129
Independent auditor’s Assurance report 134
The Financial Statements of the Parent Company
Parent company financial statements 136
Income statement 137
Balance sheet 138
Statement of changes in equity 139
Notes 140
Additional information (part of Management’s
Report)
Shareholders information 147
Table of contents
Management’s Report
Management’s Report | Highlights | At a glance
3 Annual Report 2023/24
Coloplast across regions and business areas
Highlights
At a glance
European markets
Other developed markets
Emerging markets
Other developed markets
USA, Canada, Japan,
Australia and New Zealand
Emerging markets
All other markets
7.7 bn
Reported revenue in DKK
+8%
Organic growth at constant
exchange rates
4.5 bn
Reported revenue in DKK
+15%
Organic growth at constant
exchange rates
* Ostomy Care and Continence Care are jointly referred to as Chronic Care elsewhere in the report
Voice and
Respiratory Care
Heat- and moisture
exchangers, voice prostheses
and adhesives
2.1 bn
11%
Continence Care*
Intermittent catheters, collecting
devices and bowel care
8.5 bn
8%
Advanced
Wound Care
Products for wound
treatment in the advanced
dressings and biologics
segments
4.1 bn
10%
Interventional Urology
Implantable products and disposable surgical
products for treatment of urological conditions
2.8 bn
5%
Ostomy Care*
Ostomy bags, plates and
supporting products
9.5 bn
7%
Coloplast Group
27.0 bn
Reported revenue in DKK
+8%
Organic growth at
constant exchange rates
Management’s Report | Highlights | Chairman and the CEO’s letter
4 Annual Report 2023/24
Dear shareholders,
At Coloplast, we have a mission to make life easier
for people with intimate healthcare needs. This year,
we continued to help more than two million users.
During the Board of Directors’ strategy days in June
2024, we had the pleasure of meeting one of our us-
ers and a three-time Olympic gold medallist, Pete
Reed. Pete started using intermittent catheters after
becoming paralysed from the chest down in 2019
and switched to Luja™ in August 2023. Luja is our
new intermittent catheter designed to address key
risk factors related to Urinary Tract Infections (UTIs),
which are a major challenge for users. We were all
very moved by how much Luja has meant to Pete:
‘(…) switching to Luja, I’ve seen a dramatic reduction
in my UTIs*(…). The number one thing in my life since
having a spinal cord injury that I would not do with-
out is Luja. Who would have thought I’d be saying
that about 80 small holes (…) I’ve got my life back.’
Pete’s story reminds us why we are here. To help
our users live the life they want by providing them
with innovative, clinically differentiated technologies
to manage their condition. It is how we create value
and how we continue to lead in Chronic Care.
Financial year 2023/24 highlights
We delivered another solid year, with 8% organic
growth, an EBIT margin before special items of 27%
and growth in operating profit of 6%. These numbers
reflect a strong year in Chronic Care in Europe and
Emerging markets and a year with double-digit
growth in Voice and Respiratory Care and Advanced
Wound Dressings. Kerecis grew around 35% and
continued to gain share in the biologics market.
Based on our company’s financial performance in
2023/24, the Board of Directors will propose a total
dividend of 22.00 Danish kroner per share at the An-
nual General Meeting in December 2024.
2023/24 was a year of launches, with a significant
number of products launched across our business
areas. Innovation remains at the core of our business
model and a key driver of organic growth. In Conti-
nence Care, we continued the rollout of Luja, now
available for both men and women. In Ostomy Care,
we strengthened our SenSura® Mio brand and
launched Heylo™, a novel digital leakage notification
system, in the UK. In Advanced Wound Care, we
launched Biatain® Silicone Fit, a silicone dressing for
the US market, while Kerecis continued to expand its
Shield® brand.
A message from
the Chairman and the CEO
Chairman and the CEO’s letter
* Based on individual experience. Reduction in UTIs is not supported by clinical studies.
With the investments made during Strive25, we are building four growth plat-
forms which all offer growth and value creation potential well beyond this strate-
gic period and set us up for delivering on our long-term financial guidance.
Management’s Report | Highlights | Chairman and the CEO’s letter
5 Annual Report 2023/24
We have a lot to be proud of this year, but we also
encountered some significant challenges. The estab-
lishment of a new distribution centre for the US mar-
ket led to supply disruptions and extraordinary costs
which impacted both our customers and our finan-
cial performance, particularly in Chronic Care. Inter-
ventional Urology grew below expectations because
of competitive pressure. We are clearly not satisfied
with these developments. But our focus is to learn
from these setbacks and come back stronger.
Inflation continued to challenge our profitability, but
as we look towards next year, we expect inflation to
come down across cost categories. Beyond inflation,
continued investments in capacity expansion to sup-
port our future growth also impacted our cost devel-
opment. We continue to diversify our manufacturing
footprint, with the ongoing ramp up of our manufac-
turing sites in Costa Rica and the establishment of a
new site in Portugal, expected to be operational in
2026. Currencies also posed a headwind in the year.
Strive25 strategic update
Strive25 marks a chapter in our company’s history
with significant investments in organic and inorganic
initiatives for long-term value creation. In addition to
continuing many of the activities that have made us
successful in the past, like innovation, we also added
three new assets through M&A: Atos Medical, Kere-
cis and Intibia™. In essence, we are building four
growth platforms in 1) Chronic Care, 2) Voice and
Respiratory Care, 3) Advanced Wound Care and 4)
Interventional Urology, which share some of the
same characteristics. First, they are all in attractive
end markets that are structurally growing. Second,
technology and innovation are the key to winning in
these segments. Finally, we are either the category
leader or aspiring category leader.
These platforms all offer growth and value creation
potential well beyond this strategic period and set us
up for delivering on our long-term guidance of 8-
10% organic growth and an EBIT margin of more
than 30%. Let’s look at each growth platform.
1) In Chronic Care, our strength comes from
innovation and technologies, coupled with a
commercial model which provides services to both
healthcare professionals and users. Delivering on our
financial ambition starts with running a strong
Chronic Care business. Recent launches combined
with our robust commercial model position us well
for continued growth above the market.
2) Voice and Respiratory Care is a business very
much alike our Chronic Care businesses. At the core,
it is all about technologies which are proven to signif-
icantly improve quality of life for people with a neck
stoma, supported by a strong commercial model.
There continues to be a lot of ‘white space’ in the
market with many unserved patients today, which
translates into a significant long-term opportunity.
The business is expected to deliver 8-10% organic
growth and an EBITDA margin in the mid-30%s.
3) In Advanced Wound Care, we expect to continue
to outgrow the market and improve profitability.
With the acquisition of Kerecis, we aim to build a
market leader in the biologics segment. Kerecis gives
us an opportunity to transform the value creation of
the Advanced Wound Care segment and turn it into
a strong contributor to the group’s value creation
ambition. Kerecis has an attractive growth profile,
with a 3-year CAGR of around 30% until 2025/26
and strong profitability expansion potential.
4) In Interventional Urology, our story is one of
niches with strong technologies in segments like
Men’s Health. With the acquisition of Intibia in 2020,
we aim to enter the attractive over-active bladder
market in the financial year 2025/26 and return to
high-single digit growth in the segment.
The financial year 2024/25 marks the final year of
our Strive25 period. Looking ahead, we are moving
into a new strategic period which will focus on un-
folding the potential of our four growth platforms to
drive long-term value creation. Today, we also an-
nounced a new, extended Executive Leadership
Team, to drive the strategy work and deliver on our
long-term targets.
Sustainability and Governance
Coloplast is a purpose-driven company. As we con-
tinue to grow and help more users, we are commit-
ted to doing so in a sustainable way. We have an
ambition to reduce our emissions and improve our
products and packaging, while operating responsibly.
We continued to make good progress in 2023/24,
with further reduction in our scope 1 and 2 emissions
and an increase in our waste recycling rate.
The Board of Directors and the Executive Leader-
ship Team continued their strong collaboration dur-
ing the year, based on mutual respect and trust. Key
topics this year included the performance and inte-
gration of Kerecis, and the impact of current macro-
economic environment and world events on Colo-
plast. We have confidence that the decisions taken
during Strive25 will enable the company to create
sustainable long-term shareholder return.
Our employee engagement continues to be above
industry benchmark, with a stable voluntary turno-
ver level. We would like to thank our colleagues at
Coloplast for their commitment and hard work this
year. They make this possible. We would also like to
thank our customers and investors for their contin-
ued trust and support.
Proposed dividend per share
of DKK 22.00 in 2023/24
Of which a half-year dividend of DKK 5.00 was paid.
5.0 5.0 5.0
15.0
16.0
17.0
2021/22 2022/23 2023/24
Half-year dividend Year-end dividend
Lars Rasmussen
Chairman
of the Board of Directors
Kristian Villumsen
President & CEO
Management’s Report | Highlights | 2023/24 in brief
6 Annual Report 2023/24
Organic growth was 8%, driven by good contribution
from our Chronic Care businesses - Ostomy Care
and Continence Care - which grew 7% and 8% re-
spectively. Our smaller business areas Voice and
Respiratory Care and Advanced Wound Dressings
grew 11% and 10% respectively. Interventional Urol-
ogy posted 5% organic growth, impacted by com-
petitive pressure in the Women’s Health segment.
In 2023/24, a significant number of new products
were launched in Chronic Care and Advanced
Wound Care, to support continued growth above the
market in this strategic period and beyond.
Revenue amounted to DKK 27,030 million, a 10%
increase from DKK 24,500 million last year. Revenue
from acquisitions contributed 4% to reported reve-
nue from the acquisition of Kerecis. Currencies had a
negative impact on reported revenue of 1%.
The integration of Kerecis onto Coloplast’s infra-
structure is ongoing, and both performance and in-
tegration are progressing in line with expectations.
With Kerecis, Coloplast entered the attractive biolog-
ics market, worth an estimated DKK 16-18 billion
and primarily in the US. The biologics market is the
fastest growing segment of the total advanced
wound care market, growing 6-8% annually. In
2023/24, Kerecis market share increased to 5-10%,
from previously around 5%. Coloplast’s ambition is to
become the market leader in the biologics segment,
which represents a significant long-term growth and
value creation opportunity.
EBIT before special items amounted to DKK 7,286
million, a 6% increase from DKK 6,845 million last
year. The EBIT margin before special items was 27%
compared to 28% last year.
The EBIT margin includes negative impact from the
inclusion of Kerecis of around 100 basis points (in-
cluding PPA amortisation). Furthermore, extraordi-
nary costs associated with the establishment of a
new US distribution centre and currencies also had a
negative impact on the EBIT margin. The negative
impact on the EBIT margin was partly offset by fa-
vourable development in input costs and prudent
management of operating expenses.
The EBIT margin after special items was also 27%.
ROIC after tax before special items was 15%, against
17% last year. 2023/24 ROIC includes negative im-
pact from the acquisition of Kerecis in August 2023.
.
2023/24 in brief
REVENUE (DKK MILLION)
GROSS PROFIT AND EBIT
(DKK MILLION)
DEVELOPMENT IN ROIC AFTER TAX
BEFORE SPECIAL ITEMS
2023/24 in brief
27,030
24,500
2023/24 2022/23
18,269
16,328
7,286
6,845
2023/24 2022/23
Gross profit EBIT (before special items)
15%
17%
2023/24 2022/23
8
%
Organic revenue
growth
was broad-based
across business
areas
27
%*
EBIT margin
with around 100
basis points dilution
from Kerecis
* Before special items
15
%*
ROIC after tax
impacted by the
Kerecis acquisition
* Before special items
Management’s Report | Highlights | 2023/24 in brief
7 Annual Report 2023/24
Cash flows from operating activities amounted to
DKK 2,766 million, against DKK 4,226 million last
year. The negative development in cash flows from
operating activities was mainly due to an extraordi-
nary tax payment related to the transfer of Atos
Medical’s Intellectual Property, with a net negative
impact of around DKK 2.5 billion. The negative im-
pact from the extraordinary tax payment was only
partly offset by an increase in operating profit (EBIT).
Cash flows from investing activities was an outflow
of DKK 1,336 million compared to DKK 8,957 last
year. The cash flow from investing activities in
2022/23 was impacted by the acquisition of Kerecis
for a cash consideration of DKK 7,923 million.
The free cash flow was an inflow of DKK 1,430 mil-
lion compared to an outflow of DKK 4,731 million
last year. Adjusted for the extraordinary tax pay-
ment, the free cash flow in 2023/24 was DKK 3.9 bil-
lion, an increase of DKK 0.7 billion (23%) compared
to the free cash flow in 2022/23 (adjusted for the
acquisition of Kerecis).
Coloplast’s absolute scope 1 and 2 emissions de-
creased by 27% in 2023/24 compared to the base
year 2018/19.
The scope 1 and 2 emissions reduction was mainly
driven by energy efficiency improvements, continued
phase-out of natural gas and the continued transi-
tion of our company car fleet to electric vehicles.
In 2023/24, more than 270,000 new users enrolled
in Coloplast Care, compared to more than 260,000
in 2022/23.
Coloplast Care is our flagship patient support pro-
gramme, designed to provide personalised support
and education for people with intimate healthcare
needs. The programme is available to users in more
than 30 markets and is tailored to the needs of each
individual market.
1)
Base year emissions for scope 1 and 2 have been recalculated
due to improved data quality.
CASH FLOW (DKK MILLION)
SCOPE 1 AND 2 EMISSIONS
(TONNES CO2)
1)
NEW USERS ENROLLED IN OUR PA-
TIENT SUPPORT PROGRAMME
2023/24 in brief
2,766
4,226
1,430
-4,731
2023/24 2022/23
Operating cash flow Free cash flow
17,597
24,003
2023/24 2018/19 base year
270,000
260,000
2023/24 2022/23
1,430 m
Free cash flow in
DKK
impacted by one off
tax payment
27
%
Scope 1 and 2
emissions reduction
since 2018/19
base year
1)
270,000+
New users in the
Coloplast® Care
patient support
programme
Management’s Report | Highlights | Five-year financial and sustainability highlights and ratios
8 Annual Report 2023/24
Income statement, DKK million
2023/24
2022/23
2021/22
2020/21
2019/20
Revenue
27,030
24,500
22,579
19,426
18,544
Research and development costs
-913
-872
-866
-755
-708
Operating profit before interest, tax, depr. and amort.
(EBITDA)
8,610
7,840
7,369
6,947
6,705
Operating profit before interest, taxes and amortisa-
tion (EBITA) before special items
7,737
7,179
7,170
6,484
6,013
Operating profit (EBIT) before special items
7,286
6,845
6,910
6,355
5,854
Special items
34
-74
-471
-200
-
Operating profit (EBIT)
7,320
6,771
6,439
6,155
5,854
Net financial income and expenses
-925
-746
-312
78
-388
Profit before tax
6,395
6,025
6,127
6,233
5,466
Net profit for the year
5,052
4,783
4,706
4,825
4,197
Revenue growth
Annual growth in revenue, %
10
9
16
5
3
Growth breakdown:
Organic growth, %
8
8
6
7
4
Currency effect, %
-1
-2
4
-2
-1
Acquired operations, %
4
3
6
0
-
Balance sheet, DKK million
Total assets
48,073
48,159
37,446
15,841
13,499
Capital invested
41,079
37,255
27,679
11,576
9,864
Net interest-bearing debt
21,841
18,660
18,091
2,112
1,162
Equity at year end
17,942
17,299
8,292
8,168
7,406
Cash flows and investments, DKK million
2023/24
2022/23
2021/22
2020/21
2019/20
Cash flows from operating activities
2,766
4,226
5,099
5,290
4,759
Cash flows from investing activities
-1,336
-8,957
-11,759
-2,011
-901
Investments in property, plant and equipment, gross
-1,166
-1,020
-927
-919
-846
Free cash flow
1,430
-4,731
-6,660
3,279
3,858
Cash flows from financing activities
-1,518
5,265
6,591
-3,176
-3,857
Key ratios
Average number of employees, FTEs¹⁾
16,202
15,069
13,825
12,656
12,284
Operating margin (EBIT margin) before special
items, %
27
28
31
33
32
Operating margin (EBIT margin), %
27
28
29
32
32
Operating margin before interest, tax, depr. and
amort. (EBITDA margin), %
32
32
33
36
36
Gearing ratio, NIBD/EBITDA before special items
2.5
2.4
2.3
0.3
0.2
Return on average invested capital before tax
(ROIC), %²⁾
19
21
35
58
59
Return on average invested capital after tax
(ROIC), %²⁾
15
17
27
45
46
Return on equity, %
31
59
64
70
66
Equity ratio, %
37
36
22
52
55
Net asset value per outstanding share, DKK
80
77
39
38
35
Key ratios have been calculated and applied in accordance with the Recommendations and Financial Ratios issued by the Danish Society
of Financial Analysts.
1)
The FTE definition has been reassessed during 2023/24 and the comparison figures has been adjusted.
2)
This ratio is provided before special items. After special items, ROIC before tax was 19%/21%/33%/57%/61%, and ROIC after tax was
15%/17%/25%/44%/47%.
Financial highlights and ratios
Five-year financial and sustainability highlights and ratios
Management’s Report | Highlights | Five-year financial and sustainability highlights and ratios
9 Annual Report 2023/24
Share data
2023/24
2022/23
2021/22
2020/21
2019/20
Share price, DKK
875
748
776
1,007
1,004
Share price/net asset value per share
11
10
20
26
29
Average number of outstanding shares, in million
225
214
213
213
213
PE, price/earnings ratio
39
34
35
44
51
Dividend per share, DKK¹⁾
22.0
21.0
20.0
19.0
18.0
Payout ratio, %²⁾
99
96
84
81
91
Earnings per share (EPS), diluted
22.46
22.20
22.11
22.63
19.67
Earnings per share (EPS) before special items, diluted
22.34
22.46
23.82
23.36
19.67
Free cash flow per share
6
-22
-31
15
18
1)
The figure shown for the 2023/24 financial year is the proposed dividend.
2)
This item is before special items. After special items, the payout ratio is 98%/97%/90%/84%/91%.
Sustainability highlights and ratios
2023/24
2022/23
2021/22
2020/21
2019/20
Strive25 ambitions¹⁾
Improving products and packaging
90% of packaging recyclable²⁾
74%
74%
74%
74%
75%
80% of packaging consisting of renewable materials²⁾
68%
68%
68%
68%
68%
75% of production waste recycled
77%
75%
71%
58%
41%
Reducing emissions³⁾
100% reduction of scope 1 & 2 emissions by 2030³⁾⁴⁾
27%
10%
8%
–7%
-3%
100% renewable energy
83%
78%
72%
67%
67%
100% electric company cars by 2030
11%
8%
4%
2%
1%
50% reduction of scope 3 emissions per product by
2030 ³⁾⁴⁾⁵⁾
3%
6%
9%
10%
0.3%
10% reduction of air travel and then freeze³⁾⁶⁾
50%
40%
55%
81%
45%
5% limit on goods transported by air
2%
2%
3%
2%
4%
Responsible operations
100% white collars trained in Code of Conduct
99%
99%
100%
99%
98%
2.0 Lost Time Injury frequency⁷⁾
2.1
2.6
2.5
2.2
2.5
40% representation of female senior leaders (VP+) by
2030
28%
26%
21%
24%
23%
75% share of diverse teams
56%
54%
55%
50%
51%
Engagement score above industry benchmark⁸⁾
8.1
8.1
8.2
8.2
7.9
1)
Sustainability highlights and ratios for 2023/24 include Atos Medical, except for the ratios related to recyclable packaging, packing con-
sisting of renewable materials and share of diverse teams. Kerecis is excluded from all sustainability information and figures.
2)
Due to improved reporting methodology and underlying data quality, figures from 2022/23, 2021/22, 2020/21 and 2019/20 have been
restated.
3)
From the base year 2018/19.
4)
Target validated by the Science Based Targets initiative (SBTi).
5)
Figure for 2022/23 has been restated due to improved data quality and updated recalculation of our baseline. Due to these changes,
figures from before 2022/23 are not comparable with later figures.
6)
Figure for 2022/23 has been restated due to a data correction
7)
In parts per million.
8)
The current Peakon True Benchmark® for our industry is 7.8. Due to the introduction of a new engagement survey in 2021/22, engage-
ment scores reported before 2021/22 are not comparable with later scores.
Management’s Report | Highlights | 2024/25 outlook and guidance
10 Annual Report 2023/24
Key assumptions
Current macroeconomic and industry-specific trends
are continuously monitored and their potential im-
pact on our business is evaluated on an ongoing ba-
sis. As such, the financial guidance is subject to a
higher degree of uncertainty.
The addressable market in which Coloplast operates
is expected to continue growing at 4-5%.
Revenue growth
Organic growth is expected at 8-9% in constant cur-
rencies with the following assumptions:
a. Growth across business areas and geographies is
expected to be largely in line with the Strive25
expectations, with the exception of China
Chronic Care and Interventional Urology.
b. China Chronic Care – mid-single digit growth,
with continued impact from consumer sentiment.
c. Interventional Urology – mid single-digit growth,
with continued impact from competitive pressure
in Women’s Health.
d. Around 1%-point contribution from Kerecis to
group organic growth, assuming Kerecis remains
on the covered list of products in the final LCD
policy.
e. No current knowledge of significant health care
reforms; positive pricing impact is expected. The
expectation of long-term price pressure of up to
1% annually is unchanged.
f. A stable supply and distribution of products
across the company.
Reported growth in DKK is also expected to be 8-
9%, with neutral impact from currencies.
EBIT margin
The reported EBIT margin before special items is ex-
pected to be around 28%, and includes the following
assumptions:
a. Costs of goods sold:
• Tailwind from favourable development across
key input cost categories as inflationary pres-
sure has come down.
• Negative impact from ramp-up activities in
Costa Rica and Portugal.
b. Operating expenses:
• Prudent management of operating costs, ex-
pected to grow below reported revenue in DKK.
• Improvement in profitability in Advanced Wound
Care (ex. Kerecis) from initiatives on portfolio,
gross margin and cost structure, with positive
impact on the group EBIT margin of around 30
basis points.
• Incremental investments at the lower end of the
Strive25 guidance (up to 2% of sales in incre-
mental OPEX investments).
• Kerecis: improvement in profitability, however,
continued negative impact on the group EBIT
margin of around 100 basis points (including
around DKK 100 million in PPA amortisation).
• Neutral impact from currencies.
Special items of around DKK 130 million, mostly re-
lated to the Atos Medical integration and initiatives
to improve profitability in Advanced Wound Care (ex.
Kerecis).
Capex of DKK 1.4 billion which includes investments
in the new manufacturing site in Portugal, invest-
ments in new machines for existing and new prod-
ucts, IT and sustainability investments, as well as
Atos Medical integration capex.
Effective tax rate is expected to be around 22%.
Coloplast’s long-term expectations for a tax rate of
around 23% are unchanged.
Outlook and financial guidance
2024/25 outlook and guidance
2024/25
Financial
guidance
8-9
%
Organic revenue growth at constant
exchange rates
Around 28
%
Reported EBIT margin
(before special items)
Around 1.4 bn
Capital expenditure in DKK
Around 22
%
Effective tax rate
Management’s Report | Highlights | 2024/25 outlook and guidance
11 Annual Report 2023/24
Dividend policy
The Board of Directors intends to distribute excess li-
quidity to the shareholders through dividends and
share buybacks, with a target payout ratio of 60-
80% of net profit.
Forward-looking statements
The forward-looking statements in this announce-
ment, including revenue and earnings guidance, do
not constitute a guarantee of future results and are
subject to risk, uncertainty and assumptions, the
consequences of which are difficult to predict.
The forward-looking statements are based on our
current expectations, estimates and assumptions
and are provided on the basis of information availa-
ble to us at the present time.
Major fluctuations in the exchange rates of key cur-
rencies, significant changes in the healthcare sector
or major developments in the global economy may
impact our ability to achieve the defined long-term
targets and meet our guidance. This may impact our
company’s financial results.
Exchange rate exposure
Our financial guidance for the 2024/25 financial year
has been prepared on the basis of the following as-
sumptions for the company’s principal currencies:
Overview of exchange rates for key currencies
against DKK
GBP
USD
HUF
Average exchange rate 2022/23
855
698
1.92
Average exchange rate 2023/24
872
688
1.92
Change in average exchange
rates for 2023/24 versus
2022/23
2%
-1%
0%
Spot rate on 1 November 2024
885
686
1.83
Change in spot rates
compared with average
exchange rate 2023/24
2%
0%
-5%
Revenue is particularly exposed to developments in
USD and GBP relative to DKK. Fluctuations in HUF
against DKK impact the operating profit because a
substantial part of our production, and thus of our
costs, are in Hungary, whereas our sales there are
moderate.
Effect over 12 months of a 10% initial drop in exchange
rates for key currencies (DKK million)
Revenue
EBIT
USD
-740
-240
GBP
-370
-220
HUF
-
150
Long-term
financial
guidance
8-10
%
Organic growth p.a.
Above 30
%
EBIT margin beyond 2024/25
(at constant exchange rates)
Management’s Report | Our business | Mission and commercial model
12 Annual Report 2023/24
Mission
Coloplast has a mission to make life easier for people
living with intimate healthcare needs. This has been
at the core since our company was founded 67
years ago.
In 2023/24, we continued to help more than 2 mil-
lion people living with intimate healthcare needs
across 140 countries. We also welcomed more than
270,000 new users to our patient support pro-
gramme, Coloplast® Care.
Making life easier for our users requires an under-
standing of their medical challenges and the many
other concerns that impact their lives. We gain this
understanding by listening to our users and to the
healthcare professionals who care for them. It is
what inspires us and what enables us to deliver
products and services that can make a difference.
Coloplast has been committed to raising standards
of care and leading the categories we operate in
since the company was founded more than six dec-
ades ago. We have done so through product and
service innovation, partnering with healthcare pro-
fessionals and tailored user support.
Despite the decades-long innovation, we continue to
see unmet needs in the market. We also see that the
standard of care in our chronic categories, measured
through product utilisation per capita, remains low in
most markets outside of Northern Europe. Many pa-
tients continue to be underserved, with limited ac-
cess to products and services. And many do not
have access to the latest technologies.
We will continue to live our mission through a strong
commitment to raising standards of care and ensur-
ing more users get proper access to the products
they need to live a better life, enabled by our com-
mercial model.
Commercial model
Healthcare globally is experiencing pressure from
demographic trends, constrained budgets, channel
consolidation, more demanding consumers and digi-
tal transformation. Healthcare systems need to
adapt to these trends and meet the increase in de-
mand in a cost-effective way.
At Coloplast, we are building a company that plays
an active role in the care continuum and addresses
the unmet needs in the market, while supporting
healthcare systems globally as they go through sub-
stantial changes.
Our model is built with the user in focus and has five
elements:
1. bringing clinically differentiated products
through innovation,
2. building clinical preference through partnering
with healthcare professionals,
3. building consumer preference,
4. building payer preference,
5. documenting the value we create through data.
With our commercial model, we want to empower
users to manage their conditions at home and mini-
mise the use of healthcare resources, thus reducing
the pressure on healthcare systems. We call this ena-
bling self-care at scale. This is how we aim to sup-
port both the individual user and healthcare systems
and how we add value to society.
Mission and commercial model
Our business
Mission and commercial model
Consumer
preference
Clinical
preference
Superior, clinically
differentiated products
Payer preference
Commercial model
Data
Management’s Report | Our business | Mission and commercial model
13 Annual Report 2023/24
This is also what we believe is at the core of being a
sustainable business that is well positioned for the fu-
ture. Being a sustainable business extends to the in-
teractions with all our stakeholders. As we continue
growing, we aim to minimise our environmental foot-
print by reducing emissions and improving products
and packaging, as well as continue to operate re-
sponsibly.
Clinically differentiated products
Our business model starts with bringing differenti-
ated technologies to the market through innovation.
With our products, we aim to raise the standard of
care and address the unmet needs in the market.
The innovation strategy is to enable personalised
care and extends beyond products, through an eco-
system of innovation which comprises core products,
extended solutions and services.
The financial year 2023/24 was a year with a signifi-
cant number of new product launches across busi-
ness areas. A key example of our innovation is
Luja™, an intermittent catheter with a unique Micro-
hole Zone Technology, which is now available in
both male and female version. Luja is designed to di-
rectly address key risk factors related to Urinary
Tract Infections (UTIs) and raise the standard of care
for intermittent catheter users. Another notable ex-
ample is Heylo™, a novel digital leakage notification
system designed to help users feel more in control
over their condition, which was launched in the UK.
Clinical preference
Across our businesses, we aim to be the brand of
choice for healthcare professionals. In addition to dif-
ferentiated products and a broad portfolio that ena-
bles healthcare professionals to find the best product
fit for their patients, we also offer them education
and support.
Coloplast provides education through its Coloplast®
Professional online platform in Chronic Care and Ad-
vanced Wound Care, as well as educational events
across business areas. The Coloplast Professional
platform is now available in 19 markets, with around
30,000 sign-ups in 2023/24.
Consumer preference
Getting the right support is crucial in ensuring that
users in the chronic care segments establish a good
routine and experience a high quality of life. To pro-
vide individualised support and services to users, and
drive consumer preference and retention, Coloplast
has made significant investments over the last dec-
ade in building stronger ties with end consumers.
Users are able to access dedicated support through
our patient support programme, Coloplast® Care,
available in more than 30 markets. Furthermore,
Coloplast has built a direct-to-consumer channel
where users can order products directly from Colo-
plast, available across more than 10 markets.
Payer preference and data
Majority of Coloplast’s revenues are covered by re-
imbursement. Depending on the market, a public or
a commercial payer will decide on whether a prod-
uct will be covered and what the reimbursement
level will be. To ensure that Coloplast’s products are
reimbursed, and that the reimbursement level is fair
and reflects the differentiation of our technology, it is
crucial that we document the value we create for
users, payers and healthcare systems. We do this by
actively gathering data through clinical studies and
pilot programmes.
Luja, Coloplast’s new intermittent catheter, is a good
example of a product that is supported by compel-
ling clinical evidence which has also resulted in a
value upgrade compared to earlier generations of
catheters. The clinical evidence on Luja shows that
catheterisation with Luja leads to a complete blad-
der emptying in one free flow without the need to
reposition the catheter, therefore addressing a key
risk factor of UTIs and resulting in a significant bene-
fit for users.
Another example on how we work with data to drive
payer preference comes from Kerecis. Kerecis has a
compelling body of clinical evidence, with more than
50 studies showing the efficacy and benefits of the
unique fish skin technology. In 2023/24, around 50
commercial payers added Kerecis to their plans, ef-
fectively opening access to treatment with the fish
skin technology for over 115 million people in the
US.
Improving standards of care
Our mission and commercial model inherently strive
for better health outcomes. Coloplast has a long-
term ambition to create or improve access to better
care across our business areas and geographies. To
achieve this, we work on two main initiatives.
First, we advocate for establishing or improving re-
imbursement to ensure that users have appropriate
access to the products they need. Over the last dec-
ade, we have supported establishment or improve-
ment of reimbursement for hydrophilic catheters in
Poland, Japan, South Korea and Australia. In 2024,
the US Centers for Medicare & Medicaid Services
(CMS) announced the establishment of three new
codes dedicated to hydrophilic intermittent cathe-
ters, to be implemented as of 1 January 2026. Colo-
plast played an important role in the efforts to up-
date the coding structure in the US which will benefit
patients, ensuring they get the products that best fit
their needs.
Second, we work on establishing treatment proto-
cols for patients in new segments that are currently
underserved, such as Multiple Sclerosis.
In collaboration with local stakeholders, with a com-
mon goal of helping people with intimate healthcare
needs, Coloplast has a portfolio of initiatives under
the corporate partnership programme Access to
Healthcare. Since 2007, the programme has sup-
ported more than 100 projects in around 25 coun-
tries across business areas.
Management’s Report | Our business | Strive25 strategy
14 Annual Report 2023/24
In September 2020, we announced our Strive25 –
Sustainable Growth Leadership strategy, covering a
five-year period ending in 2025.
‘Sustainable’ because it sends an important signal.
Sustainability is a key enterprise theme. 'Growth' be-
cause we want Coloplast to continue to be an inno-
vative growth company. ‘Leadership' because we as-
pire to lead our categories and because we aim to
evolve the way we lead.
With Strive25, we continue to focus on value crea-
tion through growth above the market and industry-
leading profitability. We pursue market-leading
growth across all our business areas and geogra-
phies. Our strategy has four enterprise-wide themes:
Innovation, Unparalleled efficiency, Sustainability
and Leadership, Culture and Organisation, all of
which are enablers of the revenue growth and value
creation that our business areas deliver.
Strive25 marks a period with significant investments
in both organic and inorganic initiatives to drive
growth and value creation during this strategic pe-
riod and beyond.
In the first half of the strategic period, we made sig-
nificant investments of up to 2% of annual revenue
in incremental innovation and commercial activities.
We also made three significant acquisitions to secure
long-term growth and value creation options beyond
2025.
In 2020, Coloplast acquired an early-stage technol-
ogy, Intibia™, for treatment of over-active bladder in
Interventional Urology. The technology is expected
to launch in 2025/26 and to support long-term
growth above the market in Interventional Urology.
With the Atos Medical acquisition in 2022, Coloplast
added the Voice and Respiratory Care business area
to the portfolio. The business area represents a con-
tinuous growth option in a chronic category with lim-
ited competition and significant untapped potential.
Finally, with the acquisition of Kerecis in 2023, Colo-
plast acquired a highly differentiated technology in
the biologics wound care segment based on fish skin,
with the aim to strategically transform our position in
the advanced wound care market.
As a result of these initiatives, we expect a long-term
organic revenue growth of 8-10%
1)
annually, with an
industry-leading EBIT margin of above 30%
1)
long-
term.
1)
For more information, please refer to the guidance section on
pages 10-11. EBIT margin guidance beyond 2024/25.
Sustainable Growth Leadership
Strive25 strategy
Management’s Report | Our business | Strive25 strategy
15 Annual Report 2023/24
Strive25 marks also a period in which the EBIT mar-
gin has developed differently than our expectations
set at the start of the strategic period. Inflationary
pressure across input costs over the last three years
has resulted in a negative development in our group
gross margin. The strategic decision to invest in new
assets have also put pressure on the EBIT margin,
and both Kerecis and costs related to PPA-amortisa-
tion have had a negative impact on the group EBIT
margin. Despite these challenges, we expect to re-
turn to an EBIT margin of above 30% long-term,
supported by easing inflationary pressure, improve-
ment in operations and an uplift in Kerecis’ operating
margin, which is expected to reach around 20% in
2025/26.
Innovation
Innovation and bringing differentiated technologies
in the segments we compete in will continue to be a
core driver of organic growth. We will continue to in-
vest in R&D across business areas, and we maintain
an R&D-to-sales ratio of around 4% annually.
The most important initiative in this strategic period
is the launch of clinically differentiated products from
our Clinical Performance Programme in Chronic
Care. In 2023, we initiated the launch of our new in-
termittent catheter Luja™, the first product from the
Programme. The rollout of Luja continued during
2024, with the launch of Luja male in key markets
and the initiation of the launch of Luja female. The
second product from the Programme, Heylo™, a dig-
ital leakage notification system in Ostomy Care, was
also launched in 2024 in the UK.
Simultaneously, we continue to expand our portfolio
by launching line extensions within existing technolo-
gies across all business areas. Recent examples in-
clude three line extensions within our SenSura® Mio
ostomy care portfolio in 2024, as well as product
launches in the bowel care and the advanced wound
dressings segments.
Unparalleled efficiency
Since 2008, Global Operations have delivered signifi-
cant value through Global Operations Plans (GOPs).
In the Strive25 period, GOP5 and GOP6 play a key
role in maintaining efficient operations. GOP5 and
GOP6 differ from previous plans as the benefits from
offshoring of manufacturing are limited. In addition,
external factors like labour shortages in Hungary
and broad inflationary pressure across input cost
categories have put pressure on the overall financial
performance.
A key initiative under GOP5 and GOP6 is the diversi-
fication of our manufacturing footprint, to support a
wider geographical spread of risk and a more robust
setup. Today, Hungary accounts for around 70% of
volumes produced. And while Coloplast has signifi-
cantly benefited from the setup in Hungary, contin-
ued pressure on the labour market and high inflation
in recent years have led to the choice of two new
countries – Costa Rica and Portugal – for further ex-
pansion of our production footprint. Both countries
are characterised by a stable supply of qualified la-
bour and lower salary inflation levels than Hungary.
In Costa Rica, we have two operational sites which
were opened in 2020/21 and 2021/22. The site in
Portugal is expected to be operational in 2026 and
will be the largest Coloplast site to date at 30,000
m2, removing the need to build additional sites until
2029/30. The establishment of the new site started
in 2023/24 with an investment level of around DKK
700 million, evenly split over a 3-year period. In
2029/30, we expect Costa Rica and Portugal to ac-
count for 20-25% of total volumes each.
Another important initiative in Strive25 is automation
of our manufacturing sites in Hungary and China to
maintain headcount neutrality, with a net impact of
~1,000 FTEs in 2023/24. The automation pro-
gramme was finalised in 2023/24.
Finally, as a result of the high inflationary environ-
ment, we have strong focus on managing input
prices and cost efficiency. To manage the ongoing
inflationary pressure, we have initiated a company-
wide procurement programme expected to posi-
tively impact our cost base as of the financial year
2024/25.
During Strive25, we continue to benefit from scale
effect in our business support organisation driven by
further utilisation of our Coloplast Business Support
Centre and investments in IT. We also expect benefit
from synergies related to the ongoing integration of
Atos Medical, estimated at up to DKK 100 million.
Sustainability
At Coloplast, we help more than 2 million users glob-
ally. Just as we set a high standard when it comes to
helping our users, we do the same when it comes to
how we run our business. That is why Coloplast has
made an ambitious commitment to sustainability as
part of Strive25. To supply users and healthcare pro-
fessionals with products and services that have a
lower environmental footprint, we are taking action
across our business. Not all progress leads to visible
changes to our products, but every time we reduce
our overall emissions, we lower the environmental
footprint of every single product – products that are
picked up and used by around 50 people every sec-
ond. We also believe that aiming high when it comes
to sustainability will help future-proof our growth,
spur innovation and provide resilience against regu-
lation and supply chain disruptions.
Coloplast is investing DKK 250 million during the
Strive25 period in more sustainable solutions and ca-
pacity building across our company. We are also
partnering with suppliers, business partners and oth-
ers within and outside our industry to improve our
data foundation and accelerate the availability of
more sustainable materials and technologies.
Coloplast is a signatory of the UN Global Compact
and its ten principles are part of our way of doing
business. We are also committed to contributing to
the UN Sustainable Development Goals (SDGs). In
addition, we adhere to widely accepted standards,
certifications and methodologies within relevant sus-
tainability topics such as climate accounting, life cy-
cle assessment, health and safety and more.
With the addition of Voice and Respiratory Care to
the Coloplast Group, we are extending our sustaina-
bility ambitions – including policies, tools and
Management’s Report | Our business | Strive25 strategy
16 Annual Report 2023/24
performance reporting – to this business area. This
work is progressing well across social, environmental
and governance (ESG) topics. We are also setting a
plan for how to address ESG-related matters within
Kerecis and will include Kerecis in our sustainability
reporting from 2024/25. Kerecis has a strong foun-
dation and a unique waste-to-value proposition with
its mission to help more people in need of wound
treatment through a portfolio based on cod fish skin,
a by-product from Icelandic fisheries.
Improving our products and packaging
As for any manufacturing company, the environ-
mental impacts from our products and packaging
contribute significantly to our overall footprint. Colo-
plast’s Strive25 sustainability strategy includes tar-
gets for introducing more renewable materials into
our packaging, improving its recyclability and recy-
cling more of our production waste. Focusing on
packaging aligns with market trends, where we see
increasing focus on more sustainable packaging
from regulators and payers. It also allows us to make
more immediate improvements to our environmen-
tal footprint while we work to make our products
more sustainable in the long run.
To reduce the environmental footprint of our prod-
ucts, making informed decisions early in the product
development process is key. We enable sustainable
decision making through eco-design principles, which
have been integrated into our innovation processes.
Coloplast also remains committed to upholding our
high production waste recycling rate.
Reducing our emissions
Climate action is a key priority for Coloplast. To en-
sure that we reduce our emissions at the scale and
speed needed to limit global warming to 1.5˚C as
outlined in the Paris Agreement, our emission reduc-
tion targets in scope 1, 2 and 3 as well as our renew-
able electricity target have been validated by the
Science Based Targets initiative.
Within our own operations, our focus remains on
phasing out the use of natural gas, increasing our re-
newable energy consumption and transitioning to
electric company cars. In our value chain, our decar-
bonisation efforts include both short and long-term
activities and progress tracking. Coloplast’s decar-
bonisation plan is based on thorough mapping of
value chain activities, emissions and climate risks,
and our current strategic focus is on raw materials,
transportation and business travel.
Our commitment to responsible operations
We have a strong commitment to operating respon-
sibly by delivering safe and reliable products, ensur-
ing a safe and healthy working environment for our
employees and upholding a high level of integrity in
interactions with all our stakeholders.
Leadership, talent and culture
Coloplast is a global employer with more than
16,500 employees working towards the shared pur-
pose of making life easier for people with intimate
healthcare needs. Our diverse employee population
operates in 41 countries and represents 102 nation-
alities. Attracting and retaining a diverse pool of
talent and enabling them to perform, grow and feel
a sense of belonging is critical to Coloplast’s future
success and continued innovation and growth. In
2023/24, our global turnover was 13.9% with the
voluntary turnover at 9.1%, which is significantly bet-
ter than industry benchmarks.
Our leadership, culture and organisation agenda is
centred around three themes: Talent for the future,
employee engagement, and diversity, equity and in-
clusion.
Talent for the future
To ensure talent for our present and future, we pri-
oritise leadership development, talent management
and the creation of diverse, equitable and inclusive
work environments. In a competitive global labour
market, we focus on activating our employer value
proposition with emphasis on unique purpose and
growth opportunities for our employees. In 2023/24,
71% of open managerial positions at Vice President
level and above were filled by internal candidates.
Employee engagement
We are dedicated to creating a work environment
that fosters performance, well-being and a sense of
belonging. We measure our success through annual
engagement surveys and continue to see strong en-
gagement among our employees. Last year, we had
our highest-ever response rate at 92%. We also
maintained our above-industry engagement score at
8.1 out of 10.
Diversity, equity and inclusion
At Coloplast, we believe we are stronger together
due to our differences in background and way of
working, and we strive to cultivate a workplace
where employees can tap into their unique skills and
experiences to reach their potential.
We have increased our focus on diversity, equity and
inclusion within key people processes because we
believe positive change comes by examining our
everyday processes and culture. We foster a culture
where positive change can happen at all organisa-
tional levels and are committed to listening to em-
ployees’ voices, including through local Employee
Resource Groups which bridge our colleagues’ lived
experiences with meaningful initiatives.
We are committed to balanced gender representa-
tion at all levels, including the senior leadership level
(Vice President and above). In 2023/24, the share of
female senior leaders increased to 28% from 26% in
2022/23, and we maintain an equal gender balance
within our Board of Directors. Coloplast is a signa-
tory to the Confederation of Danish Industry’s Gen-
der Diversity Pledge and is committed to a target of
40/60 gender distribution at all management levels
and in the Board of Directors by 2030.
Diversity extends beyond gender. We work to ensure
a diverse composition of teams in terms of gender,
age and nationality, and we are proud to employ
and include people with mental and/or physical disa-
bilities. We are committed to continually creating
more inclusive and accessible workspaces with nec-
essary equipment and aids.
Management’s Report | Our business | Strive25 strategy
17 Annual Report 2023/24
As the market leader in Continence Care, Coloplast
remains committed to raising the standard of care
for people in need of bladder management through
innovation and differentiated technologies.
Our first instantly ready-to-use hydrophilic catheter,
SpeediCath®, transformed the standard of care for
people with urinary retention 25 years ago. The
launch of Luja™, an intermittent catheter with a
novel Micro-hole Zone Technology, in 2023, marks
the most important launch in Continence Care since
the launch of SpeediCath. The rollout of Luja contin-
ued in 2024, and the catheter is now available to
both male and female users. In 2024, Luja also re-
ceived the indication for treatment of children in
markets covered by CE-mark.
Within intermittent catheterisation, Urinary Tract In-
fections (UTIs) remain a major concern and chal-
lenge for users
1)
. The Micro-hole Zone Technology in
Luja is designed to address residual urine, which is
considered an important risk factor for UTI develop-
ment
2)
. Luja features a drainage zone with more
than 80 micro holes in the male catheter and more
than 50 micro holes in the female catheter.
The performance of the Micro-hole Zone Technol-
ogy is backed by compelling clinical evidence, show-
ing that Luja enables complete bladder emptying in
one free flow*
/
** without having to reposition the
catheter
3)4)
. The studies on Luja for women also
found that users reported no discomfort when using
Luja and that the catheter was gentle to use
4)
.
In 2024, the European Association of Urology
Nurses (EAUN), whose goal is to foster the highest
standards of urological nursing care in Europe, pub-
lished updated guidelines for best practice in urologi-
cal health care
5)
. Based on the clinical evidence sup-
porting the Micro-hole Zone Technology, the up-
dated guidelines highlight that in case of incomplete
bladder emptying, a micro-hole zone catheter may
be useful.
To take sustainability into account, Luja female is de-
signed with both the user and environment in mind.
The catheter is made with 28% less plastic than
Coloplast’s SpeediCath® Compact Eve and has a
22% lower carbon footprint
6)
. Additionally, the Luja
female product container material is recyclable
7)
.
Theresa McGregor is 61 years old and lives in Liver-
pool, UK. Theresa has fibromyalgia, a chronic condi-
tion that causes pain and tenderness throughout the
body. She began catheterising because of retention,
following two accidents. Theresa is very passionate
about football and supports Liverpool FC. She fre-
quently goes to matches with her family.
Innovation: Raising the standard
in intermittent catheterisation with Luja™
Case study
The risk of UTIs is a big challenge for me.
They impact my life a lot and stop me from
going out. With other catheters, it was a big
worry for me whether I had emptied my blad-
der completely.
With Luja, I can empty my bladder without
having to adjust the catheter while catheteris-
ing. Luja makes it easy for me to catheterise
when I'm at the stadium. It's straight in and
straight out of the toilets.
I also struggle with discomfort when catheter-
ising. With Luja, that’s less of an issue for me.
When I used Luja for the first time, I didn't re-
alise it had been inserted. I didn’t feel any dis-
comfort
and I was amazed how smooth it was.
The coating helps a lot. With the lubrication, it
slides in smoothly and I don’t feel it hurts my
urethra. I would choose Luja for the reduced
discomfort.
I know catheterising is something that won't
go away. So I just have to take it on the chin
as I do now.’’
Theresa McGregor, an intermittent catheter
user.
*
)
Luja
tm
male has close to no flow stops and complete bladder emptying is defined as <10 mL (Landauro MH et al (2023), DOI: 10.3390/jcm12165266, N=42). Individual results may vary. **
)
Luja™ female ensured zero flow stops in 87% of catheterisations & <10 ml residual urine at first flow stop in 83%
of catheterisations (RCTs, post-hoc, nct05841004, n="73," & nct05814211, n="82)." Thiruchelvam et al. 2024. DOI: 10.12968/bjon.2024.0212. individual results may vary.
1)
Averbeck et al. (2023). DOI: 10.12968/bjon.2023.32.18.S8
2)
Kennelly et al. (2019). DOI: 10.1155/2019/2757862
3)
Landauro et
al. (2023). DOI: 10.3390/jcm12165266
4)
Thiruchelvam et al. (2024). DOI: 10.12968/bjon.2024.0212
5)
EAUN-Guideline-2024
6)
Compared to SpeediCath® Compact Eve. Based on externally reviewed carbon footprint according to ISO14067.
7)
Product design, use and local waste management specifics
may limit recyclability.
Management’s Report | Business area | Chronic Care
18 Annual Report 2023/24
Chronic Care business model
The Ostomy Care and Continence Care businesses
are jointly referred to as Chronic Care. Chronic Care
is characterised by treatment of chronic conditions,
solid reimbursement and stable inflow of loyal users.
In both businesses, people normally use the products
daily, over a long period, to manage their chronic
condition. Average usage of products is estimated to
be around 10 years in Ostomy Care, and up to 30
years in Continence Care.
More than 90% of sales in Chronic Care are covered
by reimbursement. One significant exception is
China, mostly an Ostomy Care business today,
where product usage outside of the hospitals is
largely paid out of pocket.
A user’s journey typically starts in a clinical setting,
such as a hospital or a rehabilitation centre, where
they get introduced to the products and their appli-
cation by a healthcare professional. Users tend to be
very loyal to the products they are introduced to
during their hospital stay and, in most cases, they
continue to use the same products after discharge.
Therefore, the choice of product and sales through a
clinical setting are essential for Coloplast.
Still, sales through the clinical setting account for a
smaller share of sales, with more than 90% of sales
derived from the community setting, i.e., after users
have been discharged from a clinic. Staying close to
the users after discharge is crucial in ensuring that
they get appropriate support and establish a good
routine that enables them to live a normal life.
For more than a decade, Coloplast has been invest-
ing in building stronger ties with end users and has
embarked on a journey of becoming a consumer
healthcare company. Through our Coloplast® Care
programme, we provide personalised support for
people living with chronic conditions across more
than 30 markets. Coloplast also sells products di-
rectly to users in more than 10 markets, ensuring us-
ers have access to the most innovative products,
coupled with a high level of service.
Coloplast is the global market leader in Chronic
Care. The company has been outgrowing the
chronic care market for multiple decades. Key to our
market-leading position and robust growth are our
differentiated technologies and extensive product
range, our dedication to innovation, and our strong
ties with both healthcare professionals and users. As
the market leader, we remain committed to setting a
high standard and developing the categories, and
thus continuing our strong growth trajectory in
Chronic Care.
Ostomy Care
Underlying conditions and users
A stoma is a surgically created opening in which part
of the digestive or urinary system is redirected to the
abdominal wall, allowing waste to be removed from
the body through the abdomen. A stoma is created
in the case of bowel or bladder dysfunction due to a
disease, accident or congenital disorder. People with
a stoma use an ostomy bag, which adheres to the
peristomal skin and collects the output from the
stoma. Supporting products are used in combination
with the ostomy bag to secure the fit, as well as care
for the peristomal skin.
A stoma surgery can be performed on the colon (co-
lostomy), small intestine (ileostomy), or urinary blad-
der (urostomy). An estimated half of the procedures
are colostomies, typically caused by cancer. Around
a third are ileostomies, typically caused by inflamma-
tory bowel diseases. The remaining procedures are
urostomies, caused by bladder cancer.
An ostomy surgery can be permanent, resulting in a
life-long usage of ostomy bags, or temporary, result-
ing in product usage for only a limited period. The
majority of surgeries are permanent, however, over
the past decade, medical advances have led to an
increase in the incidence of temporary stomas.
Globally, between 2 and 3 million people live with a
stoma, of which around three-quarters are in the de-
veloped markets. Each year, up to around 300,000
stoma surgeries are performed in the developed
markets and China.
Products
The idea for the world’s first adhesive ostomy bag
was conceived by a nurse, Elise Sørensen, in the
1950s. Based on Elise’s idea, Aage Louis-Hansen, a
civil engineer and plastics manufacturer, and his wife
Johanne Louis-Hansen, a trained nurse, created the
first adhesive ostomy bag. This marked the founda-
tion of Coloplast in 1957.
Ostomy bags consist of an adhesive base plate
which is connected to a bag and can be either 1-
piece (when the adhesive base plate is attached to
the bag) or 2-piece (consisting of two separate parts
in which the bag is replaced more often than the
base plate). It is important for users to avoid leakage
and skin irritation, so they can live a normal life.
Therefore, the adhesive must ensure a good fit to
the user’s body, enabling a constant and secure seal
that prevents leakage, and it must be also easy to
remove without causing skin damage or irritation.
Since the creation of the first ostomy bag, Coloplast
has continued to evolve the ostomy care offering
through innovation centred around the idea of
Business area
Chronic Care description
Chronic Care
Management’s Report | Business area | Chronic Care
19 Annual Report 2023/24
creating a personalised fit to match the needs of the
individual user. Coloplast’s ostomy care portfolio co-
vers the full range, from bags and baseplates, to
supporting products. Today, the portfolio consists of
the brands Alterna®, Assura®, SenSura®, SenSura®
Mio and the Brava® range of supporting products.
Heylo™, the world’s first digital leakage notification
system in Ostomy Care, was added to the portfolio in
2024 and is currently available in the UK.
The SenSura Mio brand celebrated its 10-years anni-
versary in 2024. Over the last decade, the SenSura
Mio brand has evolved to become the only brand on
the market that provides a flat, convex and concave
solution to users. The strength of the signature
BodyFit Technology® of SenSura Mio continues to
be relevant today and in 2024, the SenSura Mio
portfolio was expanded with three new product
launches.
SenSura Mio 1-piece
black bag, an exten-
sion of SenSura Mio
launched in 2024.
Continence Care
Underlying conditions and users
Within Continence Care, Coloplast helps people that
have bladder control issues and people that have
lost the ability to control bowel movements.
Bladder control issues can be related to either uri-
nary retention or urinary incontinence.
People suffering from urinary retention are unable to
empty their bladder. To manage urinary retention,
people can use an intermittent catheter, which is in-
serted through the urethra of the urinary tract and
empties the bladder. One of the main groups of us-
ers of intermittent catheters are people with a spinal
cord injury. Other user groups include people with
multiple sclerosis, people with congenital spina bifida
and men with benign prostatic hyperplasia.
Globally, around 6 million people live with urinary re-
tention. Only 4 out of 10 are discharged with an in-
termittent catheter, and an estimated half of them
will drop out in the first five years due to physical and
mental barriers. Thus, a significant number of people
with urinary retention are left with suboptimal treat-
ment solutions which could compromise their blad-
der health and quality of life.
Urinary incontinence is an inability to hold urine
which results in an uncontrolled or involuntary re-
lease. The condition disproportionality affects older
people because the sphincter muscle and the pelvic
muscles gradually weaken as people grow older. To
manage urinary incontinence, people can use col-
lecting devices for capturing and storing urine.
People that have lost the ability to control bowel
movements suffer from bowel incontinence or con-
stipation. An example of a typical user is a person
with a spinal cord injury. To manage bowel move-
ments, people can use transanal irrigation treat-
ment.
Products
The Continence Care portfolio includes three main
product categories. Intermittent Catheters is the
largest category, accounting for around 70% of total
Continence Care sales. Collecting Devices is the sec-
ond largest product group, accounting for around
15% of sales, while around 10% of sales are derived
from Bowel Care. The remaining 5% are derived
from other continence care products.
With the launch of the first-of-its-kind, instantly
ready-to-use hydrophilic coated catheter Speedi-
Cath® in 1999, Coloplast transformed the standard
of care for people in need of intermittent catheteri-
sation and secured its market-leading position.
Coloplast’s portfolio of intermittent catheters con-
sists mostly of hydrophilic, ready-to-use catheters.
The portfolio also includes uncoated catheters, the
usage of which today is mostly limited to the US.
The portfolio consists of the brands SelfCath®,
SpeediCath and the latest launch Luja™. The Speedi-
Cath range of catheters consists of male and female
products and covers standard, compact and flexible
catheters, as well as set solutions. The latest launch,
Luja, is also a hydrophilic intermittent catheter with a
unique Micro-hole Zone Technology. The launch of
the male Luja catheter was initiated in 2023 and
completed in 2024, while the launch of the female
Luja catheter was initiated in 2024.
Within Collecting Devices, Coloplast offers a wide
range of urine bags and urisheaths for capturing and
storing urine under the Conveen® brand.
In Bowel Care, Coloplast offers Peristeen® Plus, a
high-volume transanal irrigation system, for con-
trolled emptying of the bowels. In 2024, Coloplast
launched the low-volume Peristeen Light irrigation
device, to cater to the needs of more users.
Luja™ female, a new catheter with a unique
Micro-hole Zone Technology.
Management’s Report | Business area | Chronic Care
20 Annual Report 2023/24
Coloplast’s ambition for Chronic Care is to continue
delivering strong growth above the market.
As the market leader, we are fully committed to
leading and improving standards of care through dif-
ferentiated technologies and a superior product of-
fering, support and services for our users, and train-
ing and education for healthcare professionals.
It all starts with innovation, which is our first priority.
We will continue to leverage our Coloplast® Care
programme and our direct businesses and digital so-
lutions, to provide support and services to users in
the community setting. We will also continue to lev-
erage our Coloplast® Professional online platform to
provide training and tools to healthcare profession-
als and support them in developing their clinical ex-
pertise within intimate healthcare.
Ostomy Care
With our broad product offering covering bags,
baseplates and supporting products, we aim to pro-
vide users with a personalised fit. We continue to
evolve our portfolio and to bring differentiated tech-
nologies to the market, both through our Clinical
Performance Programme and through product
launches in existing categories. The digital leakage
notification system Heylo™ was launched in the UK
in 2024, and work to obtain reimbursement in the
second launch market, Germany, is ongoing. In
2024, the SenSura® Mio brand was strengthened
with three new product launches: SenSura Mio in
black, SenSura Mio Convex Soft with Flex coupling,
and an improved Click Coupling of the 2-piece Sen-
Sura Mio, all of which provide a broader choice to
cater to different user needs.
One of Coloplast’s biggest opportunities in Ostomy
Care is the US, where we have a market share be-
tween 15-20%. The strategy is to win across the pa-
tient pathway in the US. With access to around 75%
of the acute channel through the two biggest Group
Purchasing Organisations, Vizient and Premier, we
are well positioned to execute on this opportunity.
Another priority is building on our market-leading
position in China, where we aim to grow above the
market. Beyond the impact from COVID-19 and
weakened consumer sentiment during Strive25,
China is expected to constitute a significant share of
our global Ostomy Care growth. We aim to drive
value upgrade and expand the consumer business
with China-specific digital solutions. To ensure broad
coverage of the market, we will also continue to ca-
ter for different abilities to pay by offering products
across price tiers.
In Emerging markets beyond China, we focus on
several large core markets, where we aim to im-
prove the standard of care and build our e-com-
merce business. Market access is key to establishing
our categories in new markets and to improving
funding in existing markets. The ambition for Emerg-
ing markets is to deliver consistent double-digit
growth.
In Europe, we aim to sustain our leadership position
and to continue growing above the market. We will
achieve this by leveraging our innovation, as well as
our services and direct businesses. We still see many
pockets of growth in Europe. The UK, where our
market share is below the European average, is the
most prominent example.
Continence Care
The launch of Luja™, our new intermittent catheter
with a Micro-hole Zone Technology, is the most im-
portant product launch in Continence Care in dec-
ades. The Micro-hole Zone Technology is designed
to reduce the risk of urinary tract infections. The
launch of Luja is supported by compelling clinical evi-
dence which document the strength of the technol-
ogy. We expect the Micro-hole Zone Technology to
become the new standard in intermittent catheteri-
sation over time.
A key opportunity in Continence Care is the US,
where Coloplast has a market share of around 30%.
The strategy in the US is to upgrade the market to
hydrophilic, ready-to-use intermittent catheters. We
do this through product innovation and partnership
with healthcare professionals to enable better pa-
tient outcomes. We will also utilise our direct-to-con-
sumer setup in the US with Comfort Medical to pro-
vide superior support and service for our users.
In Europe, we aim to sustain our leadership position
and to continue growing above the market. To
achieve this, we will leverage our innovation, services
and direct businesses. We will also continue with
market development initiatives, aimed at treatment
penetration and compliance. We still see many pock-
ets of growth in Europe, such as Germany where our
market share is below the European average.
In Emerging markets, we focus on establishing our
categories in new markets and improving funding in
existing markets. Today, across most Emerging mar-
kets, the level of penetration of intermittent cathe-
ters, and especially hydrophilic catheters, is very low,
due to a lack of clinical awareness and a lack of re-
imbursement. Market access work on improving clin-
ical standards and securing reimbursement is key to
driving growth. The ambition for Emerging markets
is to deliver double-digit growth.
Chronic Care strategy – Sustaining growth leadership
Management’s Report | Business area | Chronic Care
21 Annual Report 2023/24
Market description
In 2023/24, the global market for ostomy care prod-
ucts was worth an estimated DKK 23-24 billion. The
bags and plates category accounted for around 80%
of the market, with the remaining around 20% in the
supporting products category.
The market size is primarily impacted by the preva-
lence of colorectal and bladder cancer and inflam-
matory bowel diseases. Another significant driver is
the availability of reimbursement for ostomy prod-
ucts across different geographies.
The ostomy market is a chronic market, with the
majority of product usage happening in the commu-
nity setting, i.e., after users have been discharged
from a hospital.
Market growth
The annual market growth is estimated at 4-5%.
Volume growth in the market is driven by the ageing
global population, increase in cancer screenings and
improved access to healthcare in emerging markets.
Another volume growth driver is compliance and us-
age rates across markets. On the other hand, the in-
crease in the incidence of temporary stomas over
the past decade has had a negative impact on vol-
ume growth.
Mix and price also impact market growth. As mar-
kets mature, there is an increased demand for more
advanced product categories, as well as an in-
creased usage of supporting products. Historically,
healthcare reforms have led to negative price im-
pact, but no significant healthcare reforms were im-
plemented during 2023/24.
Market growth in 2023/24 continued to include im-
pact from lower market growth in China, which re-
mains below historical levels of double-digit. Market
growth in China continues to be impacted by lower
average value per patient, due to consumer senti-
ment. The long-term attractiveness of the Chinese
market remains intact. An estimated one in three os-
tomates globally lives in China, making China one of
the largest ostomy care markets by number of users.
Market shares
Coloplast is the global market leader in the ostomy
care market, with a market share of 35-40%.
In addition to Coloplast, there are two larger global
manufacturers in the ostomy market, as well as a
few local manufacturers, especially in the UK and
China.
Regional market shares
40-50%
Share of European markets
15-25%
Share of Other developed markets
45-55%
Share of Emerging markets
Supporting products market
The market for ostomy supporting products is esti-
mated at DKK 4-5 billion, with an estimated annual
segment growth of 6-8%.
Coloplast has a market leading position within this
segment, with a market share of 35-40%.
Ostomy care market
23-24 bn
Market size globally in DKK
4-5
%
Market growth annually
35
%
-40
%
Market share globally
#1
Market position globally
European markets
Other developed markets
Emerging markets
Source: Coloplast
Global market
by region
Management’s Report | Business area | Chronic Care
22 Annual Report 2023/24
Ostomy Care generated 7% organic sales growth for
the 2023/24 financial year, with reported revenue in
Danish kroner growing by 6% to DKK 9,545 million.
The SenSura® Mio portfolio was the main growth
contributor, with good performance across the prod-
uct range which includes convex, concave and flat
products. The Brava® range of supporting products
also made a solid contribution to growth. At the
product level, SenSura Mio Convex was the main
growth contributor driven by Europe, mostly the UK
and Germany, and the US. The SenSura and As-
sura/Alterna® portfolios contributed to growth in
Emerging markets, where they are actively pro-
moted.
Growth in the Brava range of supporting products
was broad-based with solid contributions from the
US, Europe, especially the UK and Germany, as well
as Emerging markets, most notably China.
From a geographical perspective, growth was
broad-based across regions with good contributions
from Emerging markets and Europe.
Contribution from the US improved in the second
half of the year, after being held back by order phas-
ing in the first half of the year. During the third quar-
ter of 2023/24, Coloplast established a new distribu-
tion centre to serve its Chronic Care and Advanced
Wound Care businesses (ex. Kerecis) in the US which
resulted in short-term supply disruptions mostly im-
pacting Chronic Care. The situation was largely re-
solved by the end of 2023/24.
China posted mid-single digit growth in the year, as
expected, with continued impact from lower average
value per patient which remains hindered by con-
sumer sentiment. Coloplast maintains its strong lead-
ership position in the ostomy care market in China.
Ostomy Care performance
9.5 bn
Reported revenue
in DKK for 2023/24
7
%
Organic growth
at constant exchange rates
6
%
Reported growth
in DKK
Reported revenue included a negative effect
from FX rates.
European markets
Other developed markets
Emerging markets
56%
17%
27%
23/24
geographical
revenue split
Management’s Report | Business area | Chronic Care
23 Annual Report 2023/24
Market description
In 2023/24, the global market for continence care
products was worth an estimated DKK 18-19 billion.
The intermittent catheters category accounted for
around 75% of the continence care market, the col-
lecting devices category accounted for around 20%
of the market, and bowel care accounted for the re-
maining around 5% of the market.
The market size is primarily influenced by the num-
ber of people with bladder or bowel control issues,
which are typically caused by spinal cord injuries,
multiple sclerosis, benign prostatic hyperplasia and
congenital spina bifida. Another driver is the availa-
bility of reimbursement for continence care products
across markets.
The continence market is a chronic market, and the
majority of product usage happens in the community
setting, i.e., after users have been discharged from a
clinical setting.
Market growth
The annual market growth is estimated at 5-6%.
Intermittent catheters account for the majority of
growth in the segment, growing at a mid-single digit
rate. Growth in the intermittent catheters segment is
driven by increased treatment penetration of inter-
mittent catheters as an alternative to permanent or
indwelling catheters.
The underlying volume growth is driven by the inci-
dence of conditions that require usage of intermit-
tent catheters, like spinal cord injuries, and the age-
ing global population. Another volume growth driver
is compliance to treatment and usage rates across
developed markets. Increasing access to treatment
in markets outside of Europe and the US is also an
important market growth driver. Through market
access work over the last decade, Coloplast has sup-
ported reimbursement opening or improvement in
Japan, South Korea, Australia and Poland, resulting
in market size expansion, and more importantly, im-
proved standard of care for users in these countries.
Mix and price also have an impact on market
growth. As markets mature, there is an increased
demand for newer and more advanced products,
leading to positive impact from mix. Historically,
healthcare reforms have led to negative price im-
pact, but no significant healthcare reforms were im-
plemented during 2023/24.
The bowel care segment is the fastest growing seg-
ment in the continence care market with growth of
around double-digit.
Growth in the collecting devices segment is low-sin-
gle digit, and the segment is characterised by many
suppliers, including low-priced providers.
Market shares
Coloplast is the global market leader in continence
care, with a market share of 40-45%.
The continence care market is characterised by four
larger global manufacturers including Coloplast.
There are also several local and low-priced manu-
facturers.
Regional market shares
45-55%
Share of European markets
25-35%
Share of Other developed markets
40-50%
Share of Emerging markets
Continence care market
18-19 bn
Market size globally in DKK
5-6
%
Market growth annually
40
%
-45
%
Market share globally
#1
Market position globally
European markets
Other developed markets
Emerging markets
Source: Coloplast
Global market
by region
Management’s Report | Business area | Chronic Care
24 Annual Report 2023/24
Continence Care generated 8% organic sales growth
for the 2023/24 financial year, with reported reve-
nue in Danish kroner growing by 7% to DKK 8,540
million.
The SpeediCath® ready-to-use hydrophilic intermit-
tent catheters were the main drivers of revenue
growth. Sales growth in the SpeediCath portfolio
was broad-based across standard, compact and
flexible catheters, and driven by Europe, in particular
France and the UK, as well as the US and Emerging
markets. SpeediCath Navi, a hydrophilic catheter
specifically designed for emerging markets and
lower priced developed markets, also contributed
nicely to growth.
Luja™ made a good contribution to growth, driven
by the male catheter which is available in 13 mar-
kets. Luja for women*, launched in May 2024, also
performed well. The female catheter is now available
in five markets and is expected to launch across all
Coloplast’s key markets over the next six months.
In Bowel Care, Peristeen® Plus made a solid contri-
bution to growth, driven by Europe and the US. Peri-
steen Light*, a low-volume transanal irrigation de-
vice, has been launched in six markets with positive
feedback.
Collecting Devices delivered a flat growth rate year-
on-year.
From a geographical perspective, growth was
broad-based. Growth in Europe was driven by
France and the UK.
The US also made a good contribution to growth,
despite the impact of the short-term supply disrup-
tions which emerged in the third quarter of 2023/24
as a result of the establishment of the new distribu-
tion centre for the US market. The situation was
largely resolved by the end of 2023/24.
Growth in Emerging markets was led by LATAM.
Markets with recent reimbursement openings, such
as Poland and Australia, continued to perform well
and posted double-digit growth.
Continence Care performance
*Medical Devices for which CE-mark has been affixed. Product availability is subject to
the regulatory process of individual countries and is not guaranteed. Currently not avail-
able in the US.
8.5 bn
Reported revenue in DKK for
2023/24
8
%
Organic growth at constant
exchange rates
7
%
Reported growth in DKK
Reported revenue included a negative effect
from FX rates.
European markets
Other developed markets
Emerging markets
63%
25%
12%
23/24
geographical
revenue split
Management’s Report | Business area | Voice and Respiratory Care
25 Annual Report 2023/24
The Voice and Respiratory Care business was added
through the acquisition of Atos Medical, completed
in January 2022. The business is expected to grow
between 8-10% p.a., with an EBITDA margin in the
mid-30s. Voice and Respiratory Care is comprised of
two segments: laryngectomy, accounting for around
two-thirds of sales, and tracheostomy, accounting
for the remaining around one-third of sales.
Laryngectomy – description and strategy
There are around 50,000 new total laryngectomies
performed per year. A total laryngectomy is a sur-
gery in which the larynx (voice box) is removed. The
procedure is non-elective and irreversible. With the
removal, people lose the ability to produce voice and
depend on a Voice Prosthesis (VP) to speak. The
procedure also leads to a loss of the upper airways
function. After the surgery, people breathe through
a stoma in the throat and rely on Heat- and Moisture
Exchangers (HMEs) for humidification and filtration
of the air.
Laryngectomy is a chronic business. Users need to
manage a chronic condition and use the products for
an average of 8-10 years. After surgery, a VP is in-
serted by a healthcare professional. Patients apply
the HMEs themselves daily, with an adhesive to keep
the HMEs in place. The recommended change fre-
quency is 3-4 VPs per year, 2-3 HMEs per day and
1-2 adhesives per day.
Our strategy in laryngectomy revolves around ad-
dressing the large unserved patient population in ex-
isting and new markets. We refer to this as a ‘white
space’ opportunity. Coloplast is seeking to eliminate
the white space by increasing treatment penetration
and compliance in existing markets, while opening
and developing new markets. The laryngectomy
segment is expected to grow at a high-single to low
double-digit rate.
To ensure better user experience and compliance
with the recommended change frequency, a new
product portfolio, Provox® Life, has been introduced
in 16 markets, providing products for situational use.
The direct-to-consumer model is also utilised to im-
prove user compliance, and today, around 50% of
the sales in laryngectomy are directly to consumers.
To increase penetration in existing markets, we
strive to set the clinical standards and drive market
access. We have a strong focus on developing clini-
cal evidence, to document how Provox Life HMEs
lead to improved clinical outcomes.
Outside of the existing markets, we are working on
obtaining reimbursement in new markets, with re-
cent successes in South Korea, Brazil, Japan and Po-
land. A key long-term opportunity is China, where
around one-fifth of the new procedures globally take
place. Today, there is minimal product usage in
China as the treatment standard is not established.
The first step towards building the market was to
register the full product portfolio, which was finalised
in 2023. In 2024, Coloplast continued the efforts to
build the standard of care for laryngectomised pa-
tients in China, mostly focused on educating
healthcare professionals in tier one cities.
Tracheostomy – description and strategy
A tracheostomy is a procedure in which an opening
is created in the throat to facilitate breathing. A tra-
cheostomy is an invasive, last-in-line treatment to
aid patients in breathing. Patients undergoing a tra-
cheostomy surgery suffer from a variety of underly-
ing conditions, including head and neck cancer, lung
infections or trauma.
Patients get a cannula inserted by a healthcare pro-
fessional and may apply HMEs themselves. While
HMEs are important for pulmonary health, HME use
is less prevalent compared to people living with a
laryngectomy.
Tracheostomy procedures can be reversable. The
patient pool consists of a mix of temporary and
chronic patients. There are around 1 million proce-
dures performed per year and, on average, one in
three patients uses tracheostomy products for more
than six months. A small segment of the patients will
be chronic, with product usage over multiple years.
Our strategy in tracheostomy focuses on establish-
ing a chronic segment. Tracheostomy today is
mostly a hospital business, and chronic patients living
with a tracheostomy are mostly unserved. The tra-
cheostomy segment is expected to grow at a mid- to
high-single digit rate.
To address the chronic segment and support the
best outcomes for tracheostomy patients, we are
developing a tailored offering of products and ser-
vices for both healthcare professionals and users.
The focus is to develop a new go-to-market model
with end-to-end support across the continuum of
care, covering hospital, community and direct-to-
consumer, with product offering and services
adapted to the specific needs of tracheostomy users.
Provox Life Provox Life Provox Vega
Home HME Adhesive Voice prosthesis
Voice and Respiratory Care description and strategy
Voice and Respiratory Care
Management’s Report | Business area | Voice and Respiratory Care
26 Annual Report 2023/24
Laryngectomy market description
In 2023/24, the global laryngectomy market was
worth an estimated DKK 1.5-2.0 billion.
A total laryngectomy is the preferred treatment for
advanced laryngeal and hypopharyngeal cancer.
The market size is primarily impacted by the preva-
lence of these two cancer types, driven by a growing
ageing population, and impacted by smoking and al-
cohol consumption. Another significant driver is the
availability of reimbursement for laryngectomy prod-
ucts across different geographies.
Laryngectomy is a chronic market, with most of the
product usage happening in the community setting,
i.e., after users have been discharged from a hospi-
tal.
Laryngectomy market growth
The annual market growth is estimated at 8-10%.
Market growth in laryngectomy is driven by underly-
ing growth in the number of procedures, treatment
penetration, and increase in compliance and product
usage in existing markets.
The market penetration in the laryngectomy seg-
ment today is low, with a large unserved patient
population in both existing and new markets. The
low market penetration is due to a lack of clinical
standards in existing markets, low treatment compli-
ance, and a lack of reimbursement in emerging mar-
kets.
In existing markets, mostly Europe and the US, a
large unserved patient population remains, despite
the availability of solid reimbursement. In Northern
Europe, which is the most developed region, treat-
ment penetration is high and almost all patients with
a total laryngectomy use products to manage their
chronic condition. In Southern Europe and the US,
despite existing reimbursement, it is estimated that
only around 60% of patients use any products, and
significantly less use the recommended number of
products. Finally, outside of Europe and the US, both
product coverage and usage are very limited.
Mix and price also drive market growth. In existing
markets, users typically choose to upgrade to the
more advanced Provox® Life product portfolio,
which also represents a value upgrade compared to
the older generation of products.
Laryngectomy market shares
Coloplast is the global market leader in laryngec-
tomy with a market share of around 85%.
In addition to Coloplast, there are two competitors,
with mostly local presence in the UK, US and Ger-
many. Outside these markets, competition is limited.
Regional market shares
80%-90%
Share of European markets
80%-90%
Share of Other developed markets
95%-100%
Share of Emerging markets
Tracheostomy market
In 2023/24, the global tracheostomy market was
worth an estimated DKK 4-6 billion. The annual mar-
ket growth is estimated at 5-6%.
Coloplast has a global market share of around 10%
in the tracheostomy market.
In addition to Coloplast, there are several manufac-
turers present in the segment, primarily serving the
hospital channel.
Voice and respiratory care market
1.5-2.0 bn
Market size* globally in DKK
8-10
%
Market growth* annually
~85
%
Market share* globally
#1
Market position* globally
European markets
Other developed markets
Emerging markets
* Market data for Laryngectomy only
Source: Coloplast
Global market
by region*
Management’s Report | Business area | Voice and Respiratory Care
27 Annual Report 2023/24
Voice and Respiratory Care generated 11% organic
sales growth for the 2023/24 financial year, driven
by double-digit growth in both Laryngectomy and
Tracheostomy. Reported revenue in Danish kroner
grew by 9% to DKK 2,110 million and includes 1%-
point negative impact from product rationalisation,
related to the divestment of MC Europe, a business
that sold non-core products, in December 2023.
In Laryngectomy, growth in the 2023/24 financial
year was driven by an increase in patients served in
existing and new markets and an increase in patient
value driven by the Provox® Life™ portfolio, Atos
Medical’s latest product line allowing for a personal-
ised regime, which has been launched in 16 markets
since September 2019.
In Tracheostomy, growth was driven by solid de-
mand and positive impact from forward integration
in key European markets and the US.
From a geographical perspective, all regions contrib-
uted to growth, led by region Europe.
The US also delivered a good contribution to growth,
while the fastest growing region was Emerging mar-
kets.
Markets with recent reimbursement openings, such
as Poland, made a solid contribution to growth and
grew double-digit.
During the year, we made solid progress on integrat-
ing Voice and Respiratory Care into Coloplast’s infra-
structure, with integration in the largest market, Ger-
many, ongoing across functions. We remain on track
to deliver estimated run-rate operational synergies
of up to DKK 100 million.
Voice and Respiratory Care performance
2.1 bn
Reported revenue in DKK for
2023/24
11
%
Organic growth at constant
exchange rates
9
%
Reported growth in DKK
Reported revenue included a negative effect
from FX rates.
European markets
Other developed markets
Emerging markets
66%
24%
10%
23/24
geographical
revenue split
Management’s Report | Business area | Advanced Wound Care
28 Annual Report 2023/24
Coloplast’s advanced wound care business includes
four segments: advanced dressings, skin care, Com-
peed® contract manufacturing and biologics, which
was added through the acquisition of Kerecis (com-
pleted on 31 August 2023). Advanced dressings are
the largest segment and account for around 50% of
total Advanced Wound Care sales, while biologics is
the second largest segment, accounting for around
25% of sales. Skin Care is around 15% of Advanced
Wound Care, while the remaining 10% are derived
from Compeed.
Advanced dressings – description and strategy
The advanced dressings wound care segment con-
sists of products for exudate management. The
dressings are used to treat mostly patients with
chronic wounds such as diabetic foot ulcers, venous
leg ulcers and pressure ulcers, as well as other
wound types such as surgical and burn wounds.
A well-managed moist wound environment provides
the best conditions for optimal wound healing. Most
chronic wounds contain exudate in varying amounts.
A good dressing removes excess exudate while
maintaining a moist healing environment, protects
the peri-wound skin, is easy for clinicians to change,
and ensures that patients are not inconvenienced by
liquid or odours.
Coloplast entered the wound care market in 1982,
with the launch of Comfeel®, a hydrocolloid dressing
and a derivative of the adhesive baseplates pro-
duced within ostomy care. Today, the portfolio con-
sists of the brands Biatain® Silicone, an advanced
foam dressing with a 3DFit Technology, Biatain® and
Comfeel. Coloplast is also present in the gelling fibres
segment with the Biatain® Fiber product range.
Our ambition in advanced dressings is to deliver
growth above the market and improve profitability.
We will continue to focus on the fast-growing silicone
category with our Biatain Silicone portfolio with
3DFit Technology, which is our point of differentia-
tion, as well as the gelling fibres category, in which
we are present since 2020/21 with Biatain Fiber.
The US market represents our biggest opportunity.
Today, our position in the US is limited, but we aim to
increase our footprint with the launch of Biatain Sili-
cone Fit, a US-specific offering for pressure injury
prevention and wound management, which was
launched in January 2024 with positive market feed-
back.
In Europe, we aim for market-leading positions and
we will continue to build on the momentum created
with the 3DFit Technology and Biatain Fiber.
In China, we aim to scale our business by strength-
ening our commercial foundation and building a
stronger position in the silicone market. In Emerging
markets outside of China, we will selectively invest in
key markets to drive growth.
Biatain Silicone Fit, a US-specific product offering
launched in 2023/24
Skin Care
In Skin Care, patients are treated for skin damage
associated with moisture, incontinence and skin
folds, as well as prevention of skin impairments.
Coloplast’s skin care portfolio consist of disinfectant
liquids or creams used to protect and treat the skin
and clean wounds. For the treatment and prevention
of skin fold problems such as fungal infections, dam-
aged skin, or odour nuisance, Coloplast markets In-
terDry®. Skin care products are mostly sold in hospi-
tals in the US and Canada.
Compeed contract manufacturing
The advanced wound care business includes con-
tract manufacturing of Compeed®, a plaster for blis-
ters and cold sores.
Biologics (Kerecis) – description and strategy
The biologics wound care segment consists of tissue-
based products, used for treatment of difficult-to-
heal wounds. The products are used to replace the
function and form of the skin and thus support
wound closure. The biologics products are typically
used in combination with an advanced dressing to
optimise wound healing, making the Kerecis and
Coloplast portfolios a good fit.
Biologic dressings are used to treat various wound
types: chronic wounds (diabetic foot ulcers, venous
leg ulcers, pressure ulcers), acute wounds (surgical
and trauma wounds) and burn wounds.
The biologics segment is US-centric, with good avail-
ability of reimbursement and a solid level of clinical
acceptance in the US. The majority of the biologics
products are based on either human tissue (allo-
grafts) or based on animal tissue from different spe-
cies (xenografts). Most xenografts are derived from
porcine or bovine skin, while Kerecis is the only com-
pany that markets products based on fish skin.
Advanced Wound Care
Advanced Wound Care
Management’s Report | Business area | Advanced Wound Care
29 Annual Report 2023/24
The fish-skin technology that Kerecis has developed
is gently processed, clinically differentiated, sustaina-
ble and scalable. As there is no known viral disease
transmission risk from cold water fish to humans, the
fish skin is gently processed and the natural struc-
ture and components of the skin with proteins, elas-
tin, glycans and lipid structures remain intact. This
results in a product that is highly similar to human
skin, which is a key enabler of improved wound heal-
ing and documented by a compelling body of clinical
evidence.
The combination of gentle processing and an inex-
pensive raw material result in a highly cost-efficient
manufacturing setup, with a gross margin of around
90%. Another benefit of the technology is simple lo-
gistics. The products can be stored at room temper-
ature and have a long shelf life of three years. Fi-
nally, the technology is scalable, as the full product
portfolio is made from the same processed fish skin
with differences in the form factor, to address differ-
ent wound types and clinical settings. Kerecis has de-
veloped a broad product portfolio, adapted to
wound types and care settings, and with that also to
different reimbursement categories.
Documenting the strength of the fish skin technology
through clinical data is a key differentiator and an
important growth enabler. Kerecis has around 50
clinical studies on the efficacy and benefits of its fish-
skin grafts, and more studies in the pipeline.
The latest study, named Odinn, was published in Oc-
tober 2024. This is the largest Kerecis randomised
controlled trial to date, with a sample size of 255 pa-
tients across 15 care centers in four countries. The
study found that treatment with Kerecis’ fish skin
grafts was superior to Standard of Care (SoC) in pro-
portion of wounds healed at 16 weeks and was as-
sociated with faster time to healing
1)
.
Kerecis is expected to continue its strong growth tra-
jectory across wound types and care settings, grow-
ing at a 3-year CAGR of around 30% until 2025/26.
At the same time, Kerecis has a strong profitability
expansion potential, and we expect the business to
reach around 20% EBIT margin in 2025/26 (exclud-
ing PPA amortisation).
The strategy is to continue the double-digit growth
trajectory through penetration of existing accounts,
expansion into new territories across the US, and ex-
pansion of the existing product portfolio.
From a geographical perspective, Kerecis is almost
purely a US business today. The US will remain a key
growth driver and focus market in the years to
come.
For the medium and long-term, there is potential to
apply the unique fish-skin technology to other indica-
tions. There are also opportunities to expand Kere-
cis’ presence in markets outside of the US and lever-
age Coloplast’s footprint in the advanced wound
care market in Europe and Emerging markets.
Kerecis product portfolio
1)
For more information on the Odinn study, please see: Intact Fish Skin Graft to Treat Deep Diabetic Foot Ulcers | NEJM Evidence
Management’s Report | Business area | Advanced Wound Care
30 Annual Report 2023/24
Advanced dressings
Market description
In 2023/24, the global market for advanced dress-
ings was worth an estimated DKK 28-30 billion.
Coloplast is focused on two attractive segments - Sil-
icone Foams and Gelling Fibres - which account for
around half of the market. The advanced dressings
market is largely a hospital market, especially in the
US and China. In Europe, wounds are to a greater
extent treated in community.
Market growth
The annual market growth is estimated at 2-4%. The
silicone foams market, where Coloplast markets its
Biatain® Silicone products, is growing faster at 4-6%
per year, while Gelling Fibres, where Coloplast mar-
kets Biatain® Fiber, is growing on par with the mar-
ket.
The underlying market growth is driven by the aging
global population, obesity and diabetes. The above-
mentioned demographic drivers lead to an increase
in the treatment of chronic wounds and to a growing
number of preventive wound care treatments. In-
creased competition between manufacturers, pricing
pressure due to lower public healthcare budgets,
and a lower degree of perceived product differentia-
tion all impact the market growth negatively.
Market shares
Coloplast has a global market share of 5-10% in ad-
vanced dressings, with a number five global position.
The market consists of many direct competitors,
ranging from global manufacturers to small, local
manufactures.
Regional market shares
5-10%
Share of European markets
0-5%
Share of Other developed markets
5-10%
Share of Emerging markets
Biologics
Market description
In 2023/24, the global market for biologics was
worth an estimated DKK 16-18 billion. The majority
of the market, more than 90%, is in the US, while the
remaining less than 10% are mostly in Europe.
The underlying market growth is driven by the aging
global population, obesity and diabetes. Market
growth is also driven by increasing penetration of bi-
ologics for treatment of various wound types, includ-
ing surgical, chronic and burn wounds.
The market is characterised by several competitors,
with the top five players accounting for around
three-quarters of the market.
Market growth
The annual market growth is estimated at 6-8%,
driven by the US.
Market shares
Kerecis has a market share of 5-10%, with presence
mostly in the US.
Advanced wound care market
44-48 bn
Market size* globally in DKK
Advanced dressings / Biologics
2-4
%
/6-8
%
Market growth* annually
Advanced dressings / Biologics
5-10
%
/5-10
%
Market share* globally
#5
Market position* globally
European markets
Other developed markets
Emerging markets
* Market size for Advanced Dressings and Biologics
Source: Coloplast
Global market
by region*
Management’s Report | Business area | Advanced Wound Care
31 Annual Report 2023/24
Advanced Wound Care generated 10% organic sales
growth for the 2023/24 financial year. Reported rev-
enue in Danish kroner grew by 40% to DKK 4,060
million and includes eleven months inorganic impact
from the acquisition of Kerecis.
Advanced Wound Dressings in isolation delivered 8%
organic growth for the 2023/24 financial year.
The Biatain® Silicone portfolio was the main contrib-
utor to growth. Biatain® Fiber continued to perform
well and also made a solid contribution to growth.
Biatain Silicone Fit, a new silicone dressing for pres-
sure injury prevention and wound management, was
launched in the US in January 2024 with positive
customer feedback.
From a geographical perspective, growth was
broad-based across regions. Europe, in particular
Germany, China and the US were the main growth
contributors.
Skin Care, which is mostly a US hospital business,
made a solid contribution to growth for the year,
benefiting from a lower baseline last year.
The Compeed contract manufacturing business de-
livered a flat growth rate year-on-year, impacted by
a high baseline.
Kerecis
Revenue from Kerecis for the 2023/24 financial year
amounted to DKK 1,026 million, with underlying
growth of around 35% and continued market share
gains, in line with expectations.
The in-patient channel and surgical wounds were
the main growth contributors. From a geographical
perspective, both sales and growth were derived
from the US.
In 2023/24, around 60% of the sales came from sur-
gical applications, around 30% from chronic wounds,
and the remaining 10% from burn wounds.
By care setting, around 70% of sales originated from
the inpatient setting, around 20% from the outpa-
tient setting, covered by Medicare, and the remain-
ing 10% from the outpatient setting, covered by
commercial plans.
Draft LCD for skin substitutes
In April 2024, seven Medicare Administrative Con-
tractors issued a draft Local Coverage Determina-
tion (LCD) policy regarding skin substitute grafts/cel-
lular and tissue-based products (CTP) for the treat-
ment of diabetic foot ulcers and venous leg ulcers in
the Medicare population. The draft policy contains a
technical qualification and a clinical efficacy
qualification that CTPs need to fulfil to be covered
for payment.
Kerecis fulfils the technical qualification in the draft
policy, but it is considered to not meet the clinical ef-
ficacy qualification and therefore Kerecis was not in-
cluded on the list of covered products in this draft
policy. An estimated 20% of Kerecis revenues could
fall under the draft policy.
Kerecis provided feedback on the draft LCD policy,
including clinical evidence from two randomised con-
trolled trials which were not taken into consideration
during the first assessment leading to the draft LCD
policy. In addition to the clinical evidence, Kerecis
also participated in all public hearings that were part
of the consultation process. Furthermore, over 100
physicians submitted comments requesting coverage
of Kerecis products. Coloplast strongly believes
Kerecis’ clinical data meets and exceeds the efficacy
qualification of the draft LCD policy, and therefore
Kerecis should remain on the list of covered prod-
ucts. Impact from the draft policy on sales in
2023/24 has been immaterial.
The potential implementation date of the policy has
not been established, but we expect a final LCD pol-
icy to be published by the end of 2024.
Advanced Wound Care performance
4.1 bn
Reported revenue in DKK
for 2023/24
10
%
Organic growth at constant
exchange rates
40
%
Reported growth in DKK
Reported revenue included a negative effect
from FX rates.
European markets
Other developed markets
Emerging markets
38%
47%
15%
23/24
geographical
revenue split
Management’s Report | Business area | Interventional Urology
32 Annual Report 2023/24
Description
Coloplast is present in four segments of the Interven-
tional Urology market: Men’s Health, Women’s
Health, Endourology and Bladder Health & Surgery.
Coloplast entered Interventional Urology through
the acquisitions of Mentor in 2006 and Mpathy Medi-
cal Devices in 2010 which helped us strengthen our
continence care offering and expanded our pres-
ence in adjacent segments.
Within Men’s Health, men are treated for erectile
dysfunction. Around 25% of men aged 40-70 years
old experience moderate to severe erectile dysfunc-
tion. Men’s Health accounts for around 40% of Inter-
ventional Urology sales.
Within Women’s Health, women are treated for pel-
vic organ prolapse and stress urinary incontinence.
Around 50% of women 50-79 years old report expe-
riencing pelvic organ prolapse symptoms. An esti-
mated 32% of women suffer from stress or mixed
urinary incontinence. Women’s Health accounts for
around 20% of Interventional Urology sales.
Men’s Health and Women’s Health are characterised
by sales of implantable medical devices. The Men’s
Health business includes penile implants for men
with severe impotence that cannot be treated with
drugs. The key brand in the Men’s Health business is
Titan® Touch, an inflatable penile implant. In
Women’s Health, Coloplast markets vaginal slings,
used to restore continence, and synthetic mesh
products, used to treat a weak pelvic floor. Key
brands within this segment are Altis® and Re-
storelle®.
In Endourology and Bladder Health & Surgery, pa-
tients are typically treated for kidney stones and
other urological conditions, such as prostate disor-
ders, urethral strictures and voiding dysfunctions.
The two segments combined account for around
40% of Interventional Urology sales.
Within Endourology, Coloplast markets a wide range
of disposable products for stone management. Colo-
plast has also launched its first laser equipment, Thu-
lium Fiber Laser Drive, for surgical treatment of kid-
ney stones via ureteroscopy. In Bladder Health &
Surgery, Coloplast markets disposable devices for
treatment of various urological conditions.
Strategy
Interventional Urology transforms life for patients
suffering from urological conditions by advancing in-
terventional treatment solutions. The business area
represents an important growth opportunity for
Coloplast – the base case for the business is to de-
liver high-single digit organic growth and sustain
strong profitability.
On the product side, we have increased our invest-
ments into R&D to enhance our existing portfolio. An
example of a product aimed at strengthening the
core portfolio offering is Saffron™, a tissue fixation
system in Women’s Health launched in 2022.
We have also added new growth options through
M&A and distribution agreements in high-growth ad-
jacent segments. An example of this is the acquisi-
tion of an early-stage technology in the over-active
bladder segment, Intibia, in 2020. Intibia is an im-
plantable tibial nerve stimulation device. The product
is currently in clinical trials and is expected to launch
in 2025/26.
Furthermore, we see good organic opportunities in
employing our existing portfolio across geographies.
In North America, where we mostly sell implantable
devices, we will continue to invest and grow the im-
plantable business. In addition, we aim to increase
our presence in the US Endourology market. To do
this, we have launched the product portfolio and we
have invested into a specialised sales force.
In Europe, we focus on driving growth in Men’s
Health through patient education, and growth in
Endourology through portfolio expansion.
Finally, we work on expanding our presence in
Emerging markets in selected high-potential coun-
tries.
Titan Touch, an inflatable penile implant.
Interventional Urology
Interventional Urology
Management’s Report | Business area | Interventional Urology
33 Annual Report 2023/24
Market description
In 2023/24, the global market for interventional
urology products was worth an estimated DKK 18-
20 billion.
Around half of the interventional urology market is
within endourology, including around DKK 3 billion in
the lasers segment, with the remaining half of the
market split almost equally between Men’s health,
Women’s health, and Bladder Health & Surgery.
The endourology and bladder health & surgery seg-
ments consist of single-use devices, while men’s
health and women’s health consist of implantable
devices.
Market growth
The annual market growth is estimated at 4-6%.
Growth in the interventional urology market is driven
by the ageing population and lifestyle diseases, as
well as advancements in treatment solutions leading
to more cost-efficient surgical procedures. For im-
plants, market growth drivers include a growing
awareness of the treatment options available for
men with severe impotence and women with urolog-
ical disorders.
Market shares
Coloplast holds a market share of around 15% in the
interventional urology and is the fourth largest man-
ufacturer within this market.
The men’s health and women’s health segments are
US-centric and are relatively concentrated, charac-
terised by a limited number of larger manufacturers.
Coloplast is the second largest manufacturer in both
the men’s and women’s health segments.
The endourology and bladder health & surgery seg-
ments are more fragmented, with a larger number
of global manufacturers present in these segments.
Within endourology in Europe, which accounts for
roughly a quarter of the total endourology market,
Coloplast is the second largest manufacturer.
Regional market shares
15-20%
Share of European markets
15-20%
Share of Other developed markets
5-10%
Share of Emerging markets
Entry into adjacent markets
Our anticipated entry into the over-active bladder
market with Intibia will significantly increase the ad-
dressable market. The market for third-line therapies
for over-active bladder, into which Intibia will com-
pete, is estimated at around USD 1 billion.
Interventional urology market
18-20 bn
Market size globally in DKK
4-6
%
Market growth annually
Around 15
%
Market share globally
#4
Market position globally
European markets
Other developed markets
Emerging markets
Source: Coloplast
Global market
by region
Management’s Report | Business area | Interventional Urology
34 Annual Report 2023/24
Interventional Urology generated 5% organic sales
growth for the 2023/24 financial year, with reported
revenue in Danish kroner growing by 4% to DKK
2,775 million.
The Men’s Health business in the US was the main
growth contributor, driven by the Titan® penile im-
plants.
The Endourology business also made a solid contri-
bution to growth, primarily driven by Europe and
Thulium Fiber Laser Drive, Coloplast’s laser equip-
ment launched in 2022/23. The rollout of Thulium
Fiber Laser Drive continued in the year, with positive
customer feedback.
The Women’s Health business was negatively im-
pacted by competitive pressure and detracted from
growth in the year.
The Bladder Health and Surgery business also de-
tracted from growth, negatively impacted by
backorders which emerged in the third quarter due
to supply shortages experienced by an external sup-
plier. The backorder situation in Bladder Health and
Surgery stabilised in the forth quarter.
From a geographical perspective, the US was the
main growth contributor. Europe also contributed to
growth, driven by France.
2023/24 has been a challenging year for our perfor-
mance in Interventional Urology, impacted by com-
petitive pressure in Women’s Health. Despite growth
being below our ambition currently, we see a path to
get back to high-single digit growth with the launch
of Intibia in 2025/26.
Interventional Urology performance
2.8 bn
Reported revenue in DKK
for 2023/24
5
%
Organic growth at constant
exchange rates
4
%
Reported growth in DKK
Reported revenue included a negative effect
from FX rates.
European markets
Other developed markets
Emerging markets
34%
57%
9%
23/24
geographical
revenue split
Management’s Report | 2023/24 Financial performance | Financial results
35 Annual Report 2023/24
Earnings
Revenue
Organic growth for the year was 8%. Reported reve-
nue was up by 10% to DKK 27,030 million. Ex-
change rate developments decreased revenue by
1%, mainly related to the depreciation of the USD, a
basket of Emerging markets currencies and JPY
against the DKK. Revenue from acquisitions contrib-
uted 4% to reported revenue and includes an 11-
months impact from the acquisition of Kerecis (Octo-
ber 2023-August 2024).
Revenue development was in line with Guidance of
around 8% organic revenue growth and 10-11% re-
ported revenue growth, as announced in the stock
exchange announcement no. 04/2023. The geopo-
litical and macroeconomic environment is monitored
continuously but it is not considered a current finan-
cial risk.
Gross profit
Gross profit was DKK 18,269 million, compared to
DKK 16,328 million last year, corresponding to a
gross margin of 68% compared to 67% last year.
The gross margin was positively impacted by a fa-
vourable development in input costs, price increases,
and country and product mix. The gross margin also
included baseline benefit of around 40 basis points
from the Italian pay-back reform provision which
was accounted for during 2022/23. The inclusion of
Kerecis had a positive impact on the gross margin of
around 100 basis points, in line with expectations.
The above-mentioned positive drivers were partly
offset by double-digit wage inflation in Hungary,
where Coloplast manufactures around 70% of vol-
umes, and ramp-up costs in Costa Rica. Currencies
also had a negative impact on the gross margin, re-
lated mostly to the depreciation of the USD and a
basket of Emerging markets currencies against the
DKK.
Costs
Operating expenses amounted to DKK 10,983 mil-
lion, a DKK 1,500 million increase (16%) from last
year. Excluding impact from inorganic operating ex-
penses from the Kerecis acquisition (11 months), op-
erating expenses increased 7% or DKK 619 million
from last year. Operating expenses developed as ex-
pected in the year, except for extraordinary costs re-
lated to the establishment of a new distribution cen-
tre in the US.
Financials in line with guidance
Financial results
2023/24 Financial performance
Income statement, DKK million
2023/24
Index
Revenue
27,030
110
Production costs
-8,761
107
Gross profit
18,269
112
Distribution costs
-8,825
117
Administrative expenses
-1,244
112
Research and development costs
-913
105
Other operating income
75
134
Other operating expenses
-76
224
Operating profit (EBIT) before special items
7,286
106
Special items
34
n/a
Operating profit (EBIT)
7,320
108
Financial income
175
92
Financial expenses
-1,100
117
Profit before tax
6,395
106
Tax on profit for the year
-1,343
108
Net profit for the year
5,052
106
Management’s Report | 2023/24 Financial performance | Financial results
36 Annual Report 2023/24
Kerecis contributed with DKK 990 million to operat-
ing expenses in 2023/24, of which DKK 102 million
were amortisation costs.
Distribution costs amounted to DKK 8,825 million, a
DKK 1,307 million (17%) increase from DKK 7,518
million last year, impacted by the inclusion of Kerecis
(incl. PPA amortisations) and an increased level of
commercial activities. Distribution costs were also
impacted by the extraordinary costs related to the
establishment of the new distribution centre in the
US of around DKK 60 million in the second half of
the financial year. Distribution costs amounted to
33% of revenue compared to 31% last year.
Administrative expenses amounted to DKK 1,244
million, up DKK 129 million (12%) from DKK 1,115
million last year, primarily impacted by the inclusion
of Kerecis. Administrative expenses accounted for
5% of revenue, on par with last year.
The R&D costs were DKK 913 million, compared to
DKK 872 million last year, and were mostly impacted
by the inclusion of Kerecis. R&D costs amounted to
3% of revenue, against 4% last year.
Other operating income and other operating ex-
penses amounted to a net cost of DKK 1 million,
against a net income of DKK 22 million last year.
Operating profit before interest, tax,
depreciation and amortisation (EBITDA)
and before special items
EBITDA before special items amounted to DKK
8,576 million, a DKK 662 million (8%) increase from
DKK 7,914 million last year. The EBITDA margin be-
fore special items was 32%, on par with last year.
Operating profit (EBIT) before special items
EBIT before special items amounted to DKK 7,286
million, a DKK 441 million (6%) increase from DKK
6,845 million last year. The EBIT margin before spe-
cial items was 27% compared to 28% last year. The
EBIT margin was mostly impacted by the inclusion of
Kerecis, which had a negative impact on the EBIT
margin of around 100 basis points (incl. PPA amorti-
sation), in line with expectations. The EBIT margin
also included negative impact from the extraordi-
nary costs related to the establishment of the US dis-
tribution centre, as well as negative impact from cur-
rencies of around 80 basis points, mostly related to
the depreciation of the USD and a basket of Emerg-
ing markets currencies against the DKK.
Special items
During the 2023/24 financial year, Coloplast in-
curred special items income of DKK 34 million. An in-
come of DKK 123 million was incurred, related to a
reversal of the remaining earnout consideration in
connection with the Kerecis transaction. The special
items income was partly offset by integration costs
related to the Atos Medical acquisition of DKK 89
million.
Operating profit (EBIT) after special items
EBIT after special items was DKK 7,320 million, a
DKK 549 million (8%) increase from last year. The
EBIT margin after special items was 27%.
Financial items and tax
Financial items were a net expense of DKK 925 mil-
lion against a net expense of DKK 746 million last
year.
The net expense was impacted by interest expenses
of DKK 762 million compared to DKK 614 million last
year, mostly related to the financing of the Atos
Medical acquisition. Net losses on balance sheet
items of DKK 218 million also contributed to the net
expense, mostly driven by the devaluation of the
ARS in December 2023, as well as the depreciation
of the USD against the DKK. The financial expenses
were only partly offset by financial income of DKK
175 million.
The tax rate was 21%, on par with last year. The tax
rate continued to include positive impact from the
transfer of Atos Medical’s Intellectual Property. The
tax expense was DKK 1,343 million compared to
DKK 1,242 million last year.
Net profit
Net profit before special items was DKK 5,025 mil-
lion, a DKK 184 million increase from DKK 4,841 mil-
lion last year. Diluted earnings per share (EPS) be-
fore special items were DKK 22.34, or a 1% de-
crease from last year and include impact from the
equity raise in August 2023. Net profit after special
items was DKK 5,052 million and diluted EPS after
special items were DKK 22.46.
Key figures
(DKK)
7,286 m*
EBIT from
6,845 m last year
* Before special items
2,766 m
cash flows from operating
activities
1,336 m
outflow from investing activities
Management’s Report | 2023/24 Financial performance | Financial results
37 Annual Report 2023/24
Cash flows and investments
Cash flows from operating activities
Cash flows from operating activities amounted to an
inflow of DKK 2,766 million, against DKK 4,226 million
last year. The development in cash flows from operat-
ing activities was impacted by higher income tax paid,
due to the extraordinary tax payment related to the
transfer of Atos Medical’s Intellectual Property paid,
with a net impact of DKK 2.5 billion. The payment will
be offset by reduced tax payments the following
years, starting in 2023/24.
The negative impact on cash flow from income tax
paid was only partly offset by increase in operating
profit.
Investments
Net investments amounted to DKK 1,336 million in
the financial year 2023/24 or around 5% of revenue,
compared with DKK 1,250 million last year, and in-
clude impact from investments in the new manufac-
turing site in Portugal. Total cash flow from investing
activities in FY 2022/23 was a DKK 8,957 million
outflow, due to the acquisition of Kerecis.
Free cash flow
As a result, the free cash flow was an inflow of DKK
1,430 million compared to an outflow of DKK 4,731
million last year. Adjusted for the extraordinary tax
payment (DKK 2.5 billion) related to the transfer of
Atos Medical’s Intellectual Property, the free cash
flow was an inflow of DKK 3.9 billion, or an increase
of DKK 0.7 billion (23%) compared to last year (ad-
justed for the acquisition of Kerecis).
Capital resources
At 30 September 2024, Coloplast had net interest-
bearing debt of DKK 21,841 million, against DKK
18,660 million at 30 September 2023. The increase
was mostly driven by net interest-bearing debt
raised to cover the extraordinary tax payment re-
lated to the transfer of Atos Medical’s Intellectual
Property.
The gearing ratio at the end of the period was 2.5x
EBITDA (before special items). Coloplast is commit-
ted to deleveraging and bringing the gearing ratio
down to below 2x EBITDA in 2024/25.
Statement of financial position
and equity
Balance sheet
At 30 September 2024, total assets amounted to
DKK 48,073 million, a decrease of DKK 86 million
compared to 30 September 2023. Working capital
was 25% of revenue, compared to 26% at 30 Sep-
tember 2023. Inventories increased by DKK 150 mil-
lion to DKK 3,672 million. Trade receivables in-
creased by DKK 360 million to DKK 4,675 million,
impacted by timing and country sales mix, while
trade payables increased by DKK 225 million to DKK
1,519 million.
The long-term working capital-to-sales ratio expec-
tations are unchanged at around 24%.
Equity
Equity increased by DKK 643 million compared to 30
September 2023 to DKK 17,942 million. Total com-
prehensive income for the year of DKK 4,779 million,
net effect of sale of treasury shares and loss of exer-
cised options of DKK 500 million and share-based
remuneration of DKK 84 million were offset by pay-
ment of dividends of DKK 4,720 million.
Treasury shares
At 30 September 2024, Coloplast’s holding of treas-
ury shares consisted of 2,864,545 B shares, which
was 674,983 less than 30 September 2023. The de-
crease was due to exercise of share options.
Return on invested capital
ROIC after tax before special items was 15% against
17% as of 30 September 2023, impacted by the ac-
quisition of Kerecis.
4,720 m
paid dividend in DKK
48,073 m
total assets in DKK
25
%
working capital in % of revenue
15
%*
return on invested capital, after
tax
* Before special items
99%*
payout
ratio
Management’s Report | 2023/24 Sustainability performance | Governance, materiality and stakeholders
38 Annual Report 2023/24
With our Strive25 strategy, we have made an ambi-
tious commitment to sustainability. This requires us
to challenge our behaviours and reinvent how we do
business. For us, it is about finding the right balance
where we enable people with intimate healthcare
needs to live fulfilling lives while we focus on minimis-
ing our environmental footprint. With Strive25, we
focus on two key priorities: Improving our products
and packaging and reducing our emissions.
Following the acquisition of Atos Medical, we have
extended our reporting scope to this new business
area. Kerecis is not yet included in any sustainability
information or figures but will be included in our sus-
tainability reporting from 2024/25.
Governance of sustainability
To drive change across the Group, our sustainability
agenda is anchored with our top management. Colo-
plast’s Executive Leadership Team is accountable for
progress on our strategic sustainability ambitions,
and the Global Sustainability Department is responsi-
ble for deployment of our sustainability strategy
across all parts of the company. Looking ahead, new
EU legislation and expectations from stakeholders
such as payers and shareholders place an increased
focus on strong sustainability governance. We are
committed to maintaining and developing our strong
organisational anchoring to meet these require-
ments and expectations.
Sustainability-related remuneration
To incentivise positive change, a performance target
linked to climate-related criteria is included in the re-
muneration of Coloplast’s Executive Leadership
Team accounting for 10% of the total short-term
target scheme.
Addressing material
sustainability topics
Coloplast bases its sustainability reporting on an as-
sessment of environmental, social and governance
impacts as well as the interests of key stakeholder
groups. In 2023/24, we completed a double materi-
ality assessment to guide our sustainability reporting
from 2024/25 onwards. The assessment builds upon
our existing materiality overview and strategic priori-
ties, follows the methodology outlined under the
EU’s Corporate Sustainability Reporting Directive
(CSRD) and has been approved by the Coloplast
Board of Directors.
Of the 10 topic-specific European Sustainability Re-
porting Standards (ESRS), seven are considered ma-
terial to Coloplast. Of these, five topics are material
from both a financial and an impact perspective.
Our value chain
When assessing impacts within our value chain, we
have based our scoping on high-volume activities
and adjusted where needed to reflect relevant devi-
ations. Upstream, we focus primarily on our suppliers
while also making note of potential hotspots further
along our supply chain. Downstream, our value
chain extends to product end of life.
Listening and responding to our stakeholders
At Coloplast, we strive to set the global standard for
listening and responding. We have engaged with
several stakeholders to understand their priorities
and expectations of us. These included employees,
suppliers, patient advocacy groups, investors and
insurers, thus covering both stakeholders impacted
by our activities and users of our sustainability
statements. In addition to those consulted as part of
our double materiality assessment, Coloplast
engages in ongoing dialogue with a range of
stakeholders.
Our sustainability agenda
2023/24 Sustainability performance
Governance, materiality and stakeholders
Management’s Report | 2023/24 Sustainability performance | Governance, materiality and stakeholders
39 Annual Report 2023/24
We have incorporated the UN’s Sustainable Devel-
opment Goals into our sustainability strategy and
maintain ongoing dialogues with relevant organisa-
tions regarding healthcare progress and challenges
in local communities. Through our public affairs
work, Coloplast engages strategically with external
stakeholders such as public officials, policymakers,
and patient advocacy groups to address societal
needs and enhance health outcomes.
Assessment methodology
Our assessment of impacts, risks and opportunities
takes a balanced approach that recognises our envi-
ronmental, social and governance impacts as a
global medical device manufacturer while focusing
on the most relevant impacts across our own opera-
tions and value chain. Our thresholds have been set
to reflect this balanced approach and are aligned
with CSRD requirements. Our financial impact as-
sessment is aligned with Coloplast’s existing enter-
prise risk methodology.
Addressing climate related
financial risk
Coloplast is committed to reporting step-by-step in
line with the recommendations of the Task Force on
Climate-Related Financial Disclosures (TCFD). We
have completed assessments of physical and transi-
tion risks for all sites in scope for our sustainability
reporting and continue the work toward full disclo-
sure in line with the TCFD recommendations. This
work also supports our reporting under the CSRD
and EU Taxonomy.
The medical device industry is not considered to
have a high exposure to climate-related financial
risks, and such risks are therefore not included in the
risk management section of this report. Nonetheless,
a preliminary risk assessment highlighted potential
long-term exposures to physical and transition risks
related to climate change within our supply chain
and manufacturing.
Our preliminary assessment has identified transition
risks such as increased demand for more sustainable
products and packaging and increased legal and
compliance requirements with focus on environmen-
tal, social and governance topics. Physical risks iden-
tified include extreme weather patterns and rising
sea water levels affecting our supply chain.
ESG-related systems
and standards
Coloplast adheres to a number of widely accepted
standards, certifications and methodologies within
relevant sustainability topics. The most relevant are
outlined below.
ISO 14001
Coloplast’s environmental management system is
certified according to ISO 14001. Coloplast operates
11 production sites and has secured certification for
nine production sites and the global headquarters in
Denmark. We have plans in place to achieve certifi-
cation for the production site in Sweden connected
to Voice and Respiratory Care. The existing ISO
14001 certifications correspond to an 88% coverage
of Coloplast employees at production sites,
Management’s Report | 2023/24 Sustainability performance | Governance, materiality and stakeholders
40 Annual Report 2023/24
distribution centres and global headquarters. Our
sales subsidiary in Sweden is also ISO 14001 certi-
fied.
ISO 45001
Coloplast’s health and safety management system is
certified according to ISO 45001, covering nine pro-
duction sites, two major distribution centres and the
corporate headquarters in Denmark. We have plans
in place to achieve certification for our production
site in Sweden. Our current ISO 45001 certifications
correspond to a 94% coverage of our employees at
production sites, distribution centres and headquar-
ters.
ISO 13485
Coloplast’s quality management systems are certi-
fied according to ISO 13485 at all sites involved in
design or manufacturing activities. Selected distribu-
tion centres and sales subsidiaries are also certified
according to this standard. In total, 27 Coloplast sites
are ISO 13485 certified. Further, all sites involved in
design and manufacturing activities are included in
the EU Medical Device Regulation (MDR) Quality
System certificate and the Medical Device Single Au-
dit Programme (MDSAP) certificate. MDSAP includes
national requirement from Australia, Brazil, Canada,
Japan and the US.
ISO 27001
Coloplast follows the ISO 27001 to drive improve-
ment and validate performance of our information
security management system through audits and risk
management. All sites within the ISO 27001 certifi-
cation scope are internally audited on an annual
basis in addition to external audits as required under
the certification. The certificate covers most strate-
gic sales markets and high-volume manufacturing
sites.
ISO 14155
Clinical investigations conducted by Coloplast follows
ISO 14155 standard to ensure good clinical practice
for design, conduct, recording and reporting as well
as to protect the rights, safety and well-being of hu-
man subjects. All clinical investigations are in scope
for internal and external audits as required.
Reporting standards
The disclosures in this Annual Report comply with
the requirements of the EU’s Non-Financial Report-
ing Directive and the Danish Financial Statements
Act, sections 99a , 99b and 107d.
Our reporting in compliance with section 99a of the
Danish Financial Statements Act can be found on
the following pages:
• Business model: Pages 14-16
• General ESG risk assessment: Pages 38-39
• Risks, policies and activities regarding environ-
ment and climate change: Pages 41-49
• Risks, policies and activities regarding employee
conditions: Pages 53-54
• Risks, policies and activities regarding human
rights: Pages 49 and 51-52
• Risks, policies and activities regarding anti-cor-
ruption: Pages 51-52
• ESG performance data and accounting policies:
Pages 119-126
Coloplast’s reporting in compliance with section 99b
of the Danish Financial Statements Act can be found
on the following pages:
• Gender target for the Board of Directors: Page
55
• Policies, activities and performance for improving
the gender balance at other management levels:
Page 55
Our reporting in compliance with section 107d of the
Danish Financial Statements Act can be found on
the following pages:
• Targets, policies, activities and performance for
diversity and inclusion: Pages 54-55
ESG disclosure
Coloplast is dedicated to transparency regarding our
sustainability performance. A summary of key met-
rics and sustainability performance updates is in-
cluded in our interim financial reports in addition to
our annual sustainability reporting. Stakeholder ex-
pectations toward ESG disclosure are increasing. In
response, Coloplast tracks the landscape of ESG rat-
ings and continuously evaluate their relevance to
key stakeholders. We currently participate in a hand-
ful of widely renowned ESG ratings.
ESG ratings
Corporate Knights
Coloplast was included on the Global 100 list
in 2024. We ranked as no. 1 within Medical
Equipment Manufacturing for the third year
in a row and as no. 78 overall.
MSCI
Coloplast received an AA rating in 2024 –
placing Coloplast within the top 43% among
Healthcare Equipment & Supplies compa-
nies.
Sustainalytics
Coloplast was last scored by Sustainalytics
2023 and received a score of 15.1 –
indicating a low risk and ranking Coloplast in
the top 6th percentile within the Healthcare
industry.
CDP
Coloplast received a B score in 2023, which
is above the Medical Equipment & Supplies
sector average.
EcoVadis
In 2024, Coloplast received its first EcoVadis
rating with a score placing Coloplast among
the top 14% of all rated companies, trigger-
ing a silver medal.
Management’s Report | 2023/24 Sustainability performance | Improving products and packaging
41 Annual Report 2023/24
It is material to Coloplast to improve the environ-
mental performance of our products and packaging
as we recognise this work is key to reducing the
company’s overall environmental footprint. Given
the regulatory restrictions in our industry and our
priority to never compromise on user safety, deliver-
ing more environmentally sustainable products to
the market takes time. We see more immediate po-
tential in making our primary, secondary and tertiary
packaging more recyclable and increasing the share
of renewable packaging materials. In 2023/24, we
also started projects to further reduce packaging
volumes and optimise our packaging across the
product portfolio. Focusing on packaging aligns with
market trends, where we see increasing focus on
more sustainable packaging from regulators and
payers.
Improving our packaging
Continuously improved reporting
We launched a dedicated internal reporting and as-
sessment tool to better track packaging volumes
and material composition in 2022/23. This year, we
expanded the tool with a carbon footprint function-
ality enabling a complete overview of CO2e emis-
sions from all packaging in our portfolio. Looking
ahead, we believe this functionality will allow us to
better prioritise improvements to our packaging.
As part of the ongoing improvements to our internal
reporting and assessment tools, we focus on ex-
panding them to the newest additions to the Colo-
plast Group, Voice and Respiratory Care and Kere-
cis, as well as continuously improving the underlay-
ing data foundation. In addition to enabling us to
drive our strategic ambitions, these tools also sup-
port our preparations for implementation of the EU’s
Corporate Sustainability Reporting Directive’s
(CSRD) disclosure requirements on resource flows
and circularity.
Secondary and tertiary packaging
Today, all retail boxes (secondary packaging) and
shipping boxes (tertiary packaging) used for our
products are made of renewable materials and are
recyclable. Many of our retail and shipper box suppli-
ers use responsibly sourced raw materials, and the
majority of our shipping boxes are made from Forest
Stewardship Council© certified materials. This en-
sures the packaging material we use to ship our
products comes from controlled sources and con-
tributes to more sustainable forestry.
Primary packaging
The primary packaging of our products is often
closely linked to the products’ clinical performance
providing key functionalities such as usability or
keeping the product sterile. Delivering more
sustainable packaging with equal performance and
manufacturability is challenging. It requires dedi-
cated development efforts and, in some cases, more
comprehensive changes to the way we design prod-
ucts, their packaging and the manufacturing equip-
ment they are produced on.
The year before last, we initiated several projects
aiming at making the primary packaging for some of
our products more recyclable. These projects aim to
develop packaging technology to enhance our fu-
ture product pipeline and improve the packaging of
existing products beyond the Strive25 strategy pe-
riod. We are also making progress on several pro-
jects initiated during the Strive25 strategy period
aimed at incorporating more renewable raw materi-
als into our packaging. These initiatives span across
the business areas of Continence Care, Ostomy Care
and Advanced Wound Care. These initiatives will
contribute positively toward our target on renewable
materials in our packaging within the Strive25 strat-
egy period.
We acknowledge more is needed to accelerate pro-
gress towards our packaging targets. Therefore, we
are addressing how to further mature and scale nec-
essary new environmentally and financially viable
technologies for delivering on existing and future
projects.
Improving our products
At Coloplast, we know making informed decisions
early in the product development process can signifi-
cantly reduce the environmental footprint of our
products. That is why we have integrated eco-design
principles into our innovation processes to enhance
internal knowledge and awareness of potential envi-
ronmental impacts, thereby enabling better and
more impactful decision making. We continuously
Strive25 priority: Improving products and packaging
Improving products and packaging
Strive25 ambitions
90
%
of packaging recyclable by 2025
80
%
of packaging consisting of renewable
materials by 2025
75
%
of production waste recycled by 2025
Management’s Report | 2023/24 Sustainability performance | Improving products and packaging
42 Annual Report 2023/24
evaluate our progress and update tools and pro-
cesses to steer innovation towards more sustainable
choices.
Applying eco-design principles
We apply six eco-design principles based on life cycle
thinking and take into account several perspectives
on more sustainable design: Avoiding hazardous
substances, choosing more sustainable materials, re-
ducing size and weight, considering recyclability, re-
ducing the overall carbon footprint of the product
and its packaging and, lastly, reducing waste from
manufacturing and improving waste recyclability.
In 2023/24, we achieved two milestones:
• Our sustainability assessment framework and
tools have been further developed and deployed
in technology projects and early-stage product
development projects
• Our existing sustainability assessment tools have
been updated to improve the data foundation
and usability based on feedback from project
teams
The further deployment of the sustainability assess-
ment framework and tools is supported by training
and awareness raising among employees involved in
the product development process.
Driving change through sustainability assessments
Assessing the sustainability impacts of technologies,
products and solutions at different stages of maturity
allows us to guide our innovation processes towards
more sustainable choices. Insights from individual
projects are gathered and elevated to strategic deci-
sions at the portfolio level to create momentum
across multiple project and help us identify gaps and
opportunities for developing new, more sustainable
solutions in collaboration with suppliers.
In 2023/24, we conducted an open ideation cam-
paign within our largest R&D department. This re-
sulted in more than 80 innovative ideas, not only
generating a rich pool of concepts for future projects
and advancements but also fostering creativity and
collaboration among team members. By encourag-
ing open participation, we tapped into diverse per-
spectives and expertise, contributing to a robust and
dynamic sustainable innovation pipeline.
We continuously develop and improve our tools. In
2023/24, we enhanced our reporting tool to include
the carbon footprint of our products. This significant
enhancement offers a detailed and comprehensive
overview of the majority of our product portfolio, en-
abling us to better understand and manage our envi-
ronmental impact.
Making our product portfolio more sustainable not
only helps us achieve our overall sustainability ambi-
tion and secure a competitive advantage – it also
helps us balance the well-being of people and the
planet.
Documenting our environmental impact
When developing sustainability-related claims and
conducting lifecycle assessments (LCAs), Coloplast
seeks compliance with relevant ISO standards as
well as relevant legislation on green claims. For
LCAs, our compliance with relevant standards is cer-
tified and can be subjected to internal and external
audits as required.
Partnering for impact
At Coloplast, we believe partnerships are key to ad-
dressing the climate challenge. We are committed to
working closely with suppliers, business partners, re-
searchers and others across the value chain to de-
velop and scale new technologies and infrastructure
for a more sustainable medical device industry. We
continuously investigate potential partnerships which
can help not only to drive the sustainability perfor-
mance of our own products and company but across
the industry as a whole.
Our position on plastic
Coloplast always puts user safety first. To maintain
high quality and hygiene standards, most of our
products are single-use products mainly made from
plastic as this is the best and safest option for our us-
ers. Yet, plastic waste is a worldwide challenge and
as a manufacturer of medical products made pri-
marily of plastic, Coloplast has a responsibility to
contribute to solving the problems with plastic con-
sumption and waste. We work towards ambitious en-
vironmental targets and implement more sustainable
practices in our operations. Examples include apply-
ing eco-design principles when developing new prod-
ucts, recycling the majority of our production waste
and partnering with peers to advance recycling tech-
nologies and circular production. Our position on
plastic can be found in full on our website.
Key figures
SHARE OF RECYCLABLE PACKAGING
1)
SHARE OF PACKAGING CONTAINING
RENEWABLE MATERIALS
1)
1)
Packaging ambitions covering products currently
on the market. Figures do not include Voice and Respiratory
Care.
90%
74%
2025 ambition 2023/24
80%
68%
2025 ambition 2023/24
Management’s Report | 2023/24 Sustainability performance | Improving products and packaging
43 Annual Report 2023/24
Our proactive position on
hazardous substances
All Coloplast products are and must be biocompati-
ble and safe for the intended purposes. That is why
we have launched a position paper on hazardous
substances, which includes the Coloplast Substance
Requirement List (CSRL) and serves as a guiding
document for our internal work to phase out haz-
ardous substances.
We include the Coloplast Substance Requirement
List in the design process for new products, thereby
ensuring that any requirements related to hazardous
substances are met up-front during the design and
material selection phases.
During 2023/24, we made progress on several pro-
jects to remove REACH
1)
candidate-listed sub-
stances from our products. As a result, UV328 stabi-
liser has now been fully phased out from the Speed-
iCath intermittent catheter range, and the removal
of di-ethyl hexyl phthalate (DEHP) from our cathe-
ters has also been completed this year.
These products are biocompatible and safe for the
intended purposes with exposure to the relevant
substances at very low and acceptable levels. How-
ever, in accordance with our position on hazardous
substances, we have decided to proactively remove
or replace them.
Our structured monitoring process detects changes
in regulation, science and technology early on, and
the Substance Substitution Group meets regularly to
make a plan to either remove or substitute hazard-
ous substances accordingly. In 2023/24, we started
the process to include Voice and Respiratory Care
into our monitoring process. As an outcome, initia-
tives have been launched to review options for re-
moval or replacement of relevant substances.
This work exemplifies how our position on hazardous
substances enables us to identify opportunities and
risks early on and proactively substitute substances
before being required by regulation.
Our working environment
During 2023/24, we continued our focus on sub-
stances as they pertain to the working environment.
Our chemical database, which offers a complete and
structured overview of substances used in produc-
tion processes, has been expanded to an additional
production site. The database thereby covers nine of
our production sites and all but one of our R&D facil-
ities globally. The information contained in this data-
base will form the basis for future ambitions and initi-
atives related to substances in our working environ-
ment, most notably at our production sites. For ex-
ample, we are developing a tool to support decision
making around substances within our production to
further improve occupational health and safety.
Environmental pollution
As part of our preparation for the Corporate Sus-
tainability Reporting Directive (CSRD), Coloplast’s re-
cently completed double materiality assessment
concluded that microplastics constitute a material
topic within our own operations due to the risk of en-
vironmental pollution. We are currently strengthen-
ing our organisational setup to address this topic go-
ing forward.
Phasing out hazardous substances
1)
Regulation (EC) No 1907/2006 of the European Parlia-
ment and of the Council of 18 December 2006 concerning
the Registration, Evaluation, Authorisation and Restriction
of Chemicals (REACH)
Coloplast’s position on hazardous sub-
stances
Coloplast is mindful when selecting materials
and substances used in our products. We
commit to and ensure that:
• Coloplast products are biocompatible
and safe for the intended purposes
• We follow and comply with international
and local regulations and standards in-
cluding REACH, the California proposi-
tion 65 list, EU MDR, FDA, EN ISO
10993-1:2020 and more
• We monitor and track changes in regula-
tions to identify and mitigate risks early
on. The risks are reported to manage-
ment on a quarterly basis, including es-
calation to Coloplast’s Substance Substi-
tution Group, which convenes biannually
Read our full position paper on hazardous
substances on our website.
Management’s Report | 2023/24 Sustainability performance | Improving products and packaging
44 Annual Report 2023/24
As part of our efforts to reduce Coloplast’s environ-
mental footprint and improve circularity, production
waste has been identified as a material risk. We con-
tinue to deliver on our ambitious target of recycling
75% of our production waste by 2025. Our produc-
tion waste consists mainly of multiple types of plastic,
often multilayer and difficult to separate. Our pro-
gress is therefore based on a dual focus on deepen-
ing our knowledge base of waste types and volumes
across production sites and identifying new and
emerging technologies for higher-value recycling of
our production waste across geographies.
Reducing production waste
As a result of Coloplast’s continued growth, our total
waste volume continues to increase. Nonetheless,
we aim to continuously reduce the amount of pro-
duction waste generated per product. Among other
things, the eco-design principles applied to all new
product developments target production waste and
supports waste reduction for new products.
Production waste recycling
In 2022/23, Coloplast reached its 2025 target for
production waste recycling ahead of time. During
2023/24, we maintained a high production waste re-
cycling rate of 77% across all sites. In Hungary, the
vast majority of our production waste is recycled by
a local recycling manufacturer into rubber-based
composite flooring and building insulation, while in
China various production waste fractions are sepa-
rated and recycled into industrial and consumer
products.
In 2023/24, our production site in Costa Rica made
significant progress within production waste recy-
cling, reaching a recycling rate above its local target.
This progress is driven by internal awareness training
on the importance of waste sorting and strength-
ened collaboration with local waste management
vendors.
Sustainable waste
management
Coloplast remains dedicated to not only recycling
more production waste but also exploring higher-
value activities such as reducing, reusing and repur-
posing. Our long-term ambition is to identify and de-
velop ways for more of our production waste to re-
enter our operations through commercial or non-
commercial material streams.
To enhance the value of our production waste recy-
cling efforts, it is important to understand the
composition of the waste generated at our factories.
In 2023/24, a comprehensive waste mapping pilot
was caried out at our site in Tatabánya, Hungary.
This pilot identified an opportunity to separate clean
material fractions from our production waste to ena-
ble higher-value reuse and recycling of these frac-
tions. In 2024/25, learnings from the pilot will be im-
plemented at our site in Nyírbátor, Hungary, and a
similar waste mapping exercise will be performed at
our site in Costa Rica.
Water management
Due to the nature of our operations, Coloplast’s wa-
ter use for production purposes is limited. Water is
mainly used for sanitation and gardening. None of
our major facilities are located in areas of high water
stress and we have found no detectable negative ef-
fects from water discharge resulting from Coloplast’s
operations.
Overall, our water consumption in 2023/24 saw an
increase of 7% compared to 2022/23. The develop
is mainly due to increases in production, leading to
higher water consumption for cleaning of machinery
and ordinary sanitation.
Sustainable waste and water management
Key figures
Hazardous waste
Landfill
Incinerated
Recycled
PRODUCTION WASTE RECYCLING RATE
3%
3%
17%
77%
16,143
tonnes waste
in 2023/24
75%
77%
2025 ambition 2023/24
Management’s Report | 2023/24 Sustainability performance | Improving products and packaging
45 Annual Report 2023/24
In 2022/23 we reached our Strive25 target of recy-
cling 75% of our production waste ahead of time.
However, as our production volumes increase and
we expand to new sites, it is necessary to keep ex-
ploring new opportunities for production waste recy-
cling to maintain our high rate. Our production site in
Cartago, Costa Rica, demonstrates our commitment
to this work. The site currently generates around
10% of Coloplast’s global production waste volume,
and the share is expected to increase in the coming
years. It is therefore key for the Cartago site to con-
tinuously improve its waste recycling rate. Despite
numerous challenges, the site increased the local
waste recycling rate substantially in the past years.
The road to local production
waste recycling
In January 2021, Coloplast started its production in
Cartago, Costa Rica. At that time, 12% of the local
production waste was recycled, negatively impacting
our global recycling rate.
Initially, the local target was to increase the produc-
tion waste recycling rate from 12% to 45% by the
end of 2023/24. However, Costa Rican standards for
recycling differ from Coloplast’s as waste incinera-
tion for heat generation is generally considered recy-
cling in Costa Rica. We therefore had to challenge
and transform the mindset of local waste manage-
ment vendors to achieve our production waste recy-
cling goal.
Coloplast first teamed up with a local waste man-
agement vendor capable of handling waste streams
such as cardboard, paper and clean plastic materi-
als. However, as much of Coloplast’s production
waste consists of different kinds of plastic which can-
not easily be separated for individual recycling, Colo-
plast teamed up with a second vendor capable of us-
ing our local production waste as a composite mate-
rial in concrete blocks used for construction.
The new partnership had a positive impact on the lo-
cal production waste recycling rate, which came
close to reaching the local target of 45% recycling.
However, the new vendor was challenged by limited
capacity, which made it necessary for the team at
the Cartago site to identify a third recycling vendor
which saw the potential of investing in new recycling
technologies to help Coloplast manage its produc-
tion waste. With this new approach, the vendor is
able to recycle our production waste into materials
for new purposes such as plastic containers and
shoes.
Transforming colleagues’
recycling mindset
Parallel to the dialogue with vendors, the team also
addressed the recycling mindset among colleagues
at the site through dedicated training and engage-
ment efforts as well as strong commitment shown by
local leadership. The combination of a strong local
recycling mindset and ongoing dialogue with numer-
ous recycling partners enabled the Cartago site to
reach a local waste recycling rate of 63% by the end
of 2023/24, making a significant positive contribu-
tion to our global result of 77% this year.
Increasing production waste recycling at our site in Cartago
Getting to where we are today has not
been easy, but strong dedication from
everyone at the site has made it possible
to achieve, and even exceed, our local
target.
Now we’re looking ahead and have al-
ready started exploring new possibilities
for further accelerating our production
waste recycling with the aim of further
contributing to our global production
waste recycling performance.
Luis Viquez Brenes | Head of Facility &
EHS, Coloplast Cartago
Case study
Management’s Report | 2023/24 Sustainability performance | Reducing emissions
46 Annual Report 2023/24
Coloplast is committed to balancing the well-being of
people with the planet. Every time we reduce our
emissions, we drive down the environmental foot-
print of our business – and thereby of every single
one of our products. This reduces the risk of unmiti-
gated climate change impacts, which could poten-
tially disrupt our operations and supply chain. Reduc-
ing emissions in our own operations and our value
chain is also a means to future-proof our compliance
and drive our competitive advantage.
To ensure that we reduce our emissions at the scale
and speed needed, Coloplast’s emission reduction
targets in scope 1, 2 and 3 as well as our renewable
electricity target have been validated by the Science
Based Targets initiative (SBTi) since 2021/22. SBTi is
an independent organisation defining and promoting
best practices in science-based target setting using a
standardised and transparent methodology. To ef-
fectively track our progress on reducing emissions,
accurate data and methodologies are essential. Over
the past year, we have enhanced our data collection
and methodologies across all scopes, establishing a
reliable benchmark for monitoring our environmen-
tal performance and achieving our targets. These
changes are described in detail in our accounting
policies.
Decarbonising our operations
and value chain
The decarbonisation of Coloplast’s own operations
continues to be a key priority with focus on the three
workstreams of phasing out the use of natural gas,
increasing our renewable energy consumption and
increasing the share of electric company cars.
Reducing our scope 3 emissions remains a key com-
ponent of our decarbonisation efforts. We continue
the development and implementation of our transi-
tion plan, involving short and long-term decarbonisa-
tion activities and progress tracking. This plan is
based on thorough mapping of value chain activities,
including emissions and climate risks. Our current
strategic focus is on raw materials, transportation
and business travel. In 2023/24 we continued to lev-
erage our supplier sustainability programme as an
enabler to achieve our targets.
Strive25 priority: Reducing emissions
Reducing emissions
Strive25 ambitions
100
%
reduction of scope 1 and 2 emissions by
2030
1)
(SBTi validated target)
100
%
renewable energy by 2025
100
%
electric company cars by 2030
50
%
reduction of scope 3 emissions per product
by 2030
1)
(SBTi validated target)
10
%
reduction of air travel by 2025 and then
freeze
1)
5
%
limit on goods transported by air
1)
From the base year 2018/19
COLOPLAST’S TOTAL SCOPE 1, 2 AND 3 EMISSIONS - TONNES CO2E
Scope 3 – Other reported
Scope 3 – Fuel and energy-related
Scope 3 – Transportation of goods
Scope 3 – Raw Materials
Scope 1 and 2
8%
10%
12%
64%
63%
53%
15% 13%
15%
3%
3%
5%
10%
11%
15%
2023/24 2022/23 Base year
2018/19
223,305
207,512
219,118
Management’s Report | 2023/24 Sustainability performance | Reducing emissions
47 Annual Report 2023/24
Addressing the emissions that occur within our own
operations is key to upholding our commitment to
climate action and reducing our overall footprint. It
also enables us to gain learnings which may be ap-
plied across our value chain. In 2023/24, scope 1
and 2 emissions made up 8% of our total, reported
emissions, and we saw a reduction in scope 1 and 2
emissions of 27% compared to the base year
2018/19. Within our existing business, the reduction
was mainly driven by energy efficiency improve-
ments, continued phase-out of natural gas and the
continued transition of our company car fleet to
electric vehicles.
Transition to renewable energy
The transition to renewable energy within our own
operations remains at the top of our sustainability
agenda and we continue to make progress toward
our target of running on 100% renewable energy at
our own sites by 2025.
Our approach is to phase out the use of natural gas
– primarily through electrification but also by other
means such as utilisation of geothermal or district
heating run on renewables where viable. Our pro-
gress is slightly slower than anticipated at sites with
clean room technology and at sites with cold cli-
mate, where the most sustainable and financially
viable options have taken longer to identify and im-
plement than expected.
Procuring 100% of our electricity from renewable
sources is a necessary step towards reducing our
emissions. Electricity accounts for more than 80% of
our energy consumption and we expect this share to
grow as we continue to phase out fossils partly
through electrification. Today, 83% of our energy
consumption is from renewable sources, up from
78% in 2022/23. Wherever our electricity is not al-
ready from renewable sources, Coloplast purchases
renewable energy certificates (RECs) to cover our
consumption. We are in the process of replacing
RECs with Power Purchase Agreements (PPAs) to
ensure additionality in the regions where we produce
through the construction of new renewable power
generation capacity at our direct request.
Improving energy efficiency
It is Coloplast’s ambition to continuously reduce our
energy consumption per product. Combined with the
use of renewable energy, this is an effective way to
reduce climate impacts from our production as we
grow to help even more users. This year, our energy
efficiency improved slightly to 0.12 kWh per product
compared to 0.13 kWh per product last year.
Electric company cars
Coloplast operated a car fleet of around 2,500 cars
in 2023/24 which is a slight increase from last year.
Despite this increase, total emissions from company
cars was reduced by 13% compared to 2022/23.
This year, the share of electric company cars in our
fleet increased to 11% with improvements being
driven mainly by our sales subsidiaries in the UK,
Spain and Germany. Our progress continues to be
challenged by slower development of charging net-
works than anticipated. We also acknowledge the
behavioural change needed to reach our target and
have initiated activities to address these. The activi-
ties include better data collection and clearer guid-
ance to sales subsidiaries regarding requirements
and recommendations for the transition to electric
company cars.
Reducing scope 1 and 2 emissions
Key figures
27
%
reduction of scope 1 and 2 emissions since
base year 2018/19
SHARE OF RENEWABLE ENERGY
SHARE OF ELECTRIC COMPANY CARS
*2030 ambition is 100% electric company cars
in scope 1 and 2
100%
83%
2025 ambition 2023/24
100%
11%
2030 ambition 2023/24
Management’s Report | 2023/24 Sustainability performance | Reducing emissions
48 Annual Report 2023/24
Lower emissions with district
heating at our sites in Denmark
In 2023/24, Coloplast’s two sites in Denmark
switched from using natural gas for heating to rely-
ing on district heating primarily from renewable
sources. This shift led to a reduction of 866 tonnes
CO2e per year from 2023/24 onwards, amounting
to an approximate annual 85% emission reduction
for the two sites and an annual 7% reduction of
Coloplast’s total scope 1 emissions.
The shift to district heating was enabled through
agreements with the local municipalities and utility
companies and not only reduces Coloplast’s emis-
sions but also helps to drive the development of the
local distribution network to facilitate wider usage of
more sustainable heating in the aera.
Reduced reliance on natural
gas with electric heat pumps
During 2023/24, two additional electric heat pumps
were installed at Coloplast’s production site in Nyí-
rbátor, Hungary, to replace existing natural gas boil-
ers. Combined with the improvements achieved with
the installation of the first two heat pumps at the site
in 2021/22, we have now reduced natural gas con-
sumption at the site by 67% since 2020/21. Alto-
gether, the four electric heat pumps are expected to
lead to an annual saving of 3,385 tonnes CO2e.
Geothermal energy as energy-
efficient alternative to fossils
To further phase out the use of natural gas, we initi-
ated a geothermal energy project at our production
site in Nyírbátor, Hungary, in 2023/24. The technol-
ogy offers an energy-efficient alternative to fossil en-
ergy sources.
During the year, we completed the preparatory work
for installing a geothermal energy system in Nyí-
rbátor. The drilling was initiated in September 2024.
The new geothermal energy system and supplemen-
tary new heat pumps are expected to be fully opera-
tional by the end of 2024/25, and upon completion
the project is estimated to lead to an annual saving
of 1,141 tonnes CO2e.
We are also expanding the use of geothermal energy
to sites where other renewable energy sources are
not viable. For our site in Minneapolis, USA, the prep-
arations for installation of two geothermal wells will
begin in 2024/25. The capacity made available
through this project prevents the need for additional
natural gas consumption as we construct a new
clean room at the site in 2024/25. It will also eventu-
ally serve to significantly reduce existing natural gas
consumption. Lastly, the project is expected to offer
important learnings for future phasing out of natural
gas across Coloplast sites.
Looking ahead
Coloplast is dedicated to continuing our efforts of
transitioning to renewable energy across our sites
globally. Several initiatives have been initiated and
are expected to positively impact our scope 1 and 2
emissions from next year onwards.
Through a power purchase agreement (PPA) in
Denmark, 100% of our electricity consumption in
Denmark is now covered by locally generated, re-
newable energy. This year we have also pursued fur-
ther feasible options for PPAs in other markets, and
this work will continue in 2024/25.
In 2024/25, electric heat pumps will be in place at
our production site in Sarlat, France, to replace the
existing gas boilers. This will not only lead to a transi-
tion to renewable energy but is also expected to re-
sult in significant energy consumption savings.
At our production site in Tatabánya, Hungary, heat
pumps will be installed in early 2024/25 to com-
pletely eliminate the need for natural gas boilers in
favour of 100% renewable energy.
Transitioning to renewable energy across our sites
With Strive25, we have set a clear ambition to reduce our emissions. While continuing to
source all our electricity from renewable sources, we are dedicated to continuing our efforts of
transitioning to renewable energy across our sites globally.
We are constantly looking for the most appropriate and efficient local solutions and are mak-
ing the necessary investments to drive down the environmental footprint of our operations
and thereby of every single one of our products – products that make a difference to millions
of people managing their intimate healthcare conditions around the world.
Anders Lonning-Skovgaard | CFO and Executive Vice President at Coloplast
Case study
Management’s Report | 2023/24 Sustainability performance | Reducing emissions
49 Annual Report 2023/24
In 2023/24, Coloplast’s absolute scope 3 emissions
increased at a faster rate than our production vol-
ume. Consequently, our per-product reduction of
scope 3 emissions landed at 3% for 2023/24 com-
pared to the base year 2018/19. We are not satisfied
with this performance, which is lower than previous
years. The result is primarily due to increased emis-
sions from raw materials and transportation, partly
offset by reduced emissions from business travel.
Driving down our per-product scope 3 emissions,
even as we grow, is a key priority for Coloplast both
within the Strive25 strategy period and beyond.
Looking ahead, we will continue our focus on emis-
sion-efficient transportation and strengthen our
work to mature and scale necessary new raw mate-
rials and technologies with a dual focus on environ-
mental and financial viability.
Transparent reporting
Access to accurate and reliable data is key to under-
standing and addressing Coloplast’s climate impact.
We continuously work to improve data quality for
scope 3 emissions by gradually moving from spend-
based or activity-based calculations to supplier-spe-
cific emissions data whenever possible. We also have
strict control procedures in place for our emissions
accounting, enabling us to restate historical figures
based on improved data, refined calculations or
updated methodology. We will continue to develop
our climate reporting in line with the GHG Protocol
and to comply with the EU’s Corporate Sustainability
Reporting Directive (CSRD).
Decarbonising our value chain
Raw materials
Raw materials are a major source of value chain
emissions for Coloplast. In 2023/24, raw materials
accounted for 70% of our reported scope 3 emis-
sions (64% of total reported emissions) compared to
69% of reported scope 3 emissions (63% of total re-
ported emissions) the year before. We continue to en-
gage with our top-emitting suppliers to find and
scale lower-carbon materials and address the car-
bon footprint of new products and technologies in
our innovation processes. In 2023/24, we also built
the foundation for incorporating supplier-specific
data in our climate accounting.
Transportation of goods
Given our growth rates, transportation needs – and
therefore emissions from transportation of goods –
are expected to increase going forward. In 2023/24,
upstream and downstream transportation of goods
accounted for 16% of Coloplast’s reported scope 3
emissions (15% of total reported emissions) com-
pared to 15% (13% of total reported emissions) in
2022/23. A contributor to the increase this year is a
changed logistics flow in Europe following the open-
ing of a new distribution centre in the Czech Repub-
lic. The increase is partly offset by improved utilisa-
tion of space across road, rail and sea freight.
Coloplast has set a continuous ambition to limit the
use of air freight to 5% of total goods transported. In
2023/24, 2% of goods were transported by air. Our
users are dependent on receiving a stable and ade-
quate supply of products. In case of extraordinary
events in the supply chain, Coloplast will priorities
user needs and, if needed, send products by air to
ensure they reach users on time.
Reducing business travel
Even as Coloplast is growing, we aim to reduce emis-
sions from company air travel by 10% compared to
2018/19 levels and then freeze. To this end, we are
limiting the number of business trips while promoting
travel choices with lower emissions. We also offer
digital meeting resources, enable remote working
and make emission information for different travel
options available when booking business travel.
Coloplast is gradually settling into new business
travel practices after the pandemic. In 2023/24,
emissions from air travel were reduced by 50% com-
pared to the base year 2018/2019, building further
on our 40% reduction in 2022/23.
Engaging with our suppliers
Coloplast’s supplier sustainability programme func-
tions as a lever for achieving our Strive25 ambitions
and ensuring value chain compliance. During
2023/24, we primarily focused on improving data
quality, encouraging target setting among our top-
emitting suppliers and integrating our climate action
requirements into our supplier contracts.
Supplier auditing
Coloplast is committed to ethical and compliant con-
duct in our supply chain and respects internationally
recognised human rights, including labour rights. Our
supplier audit programme focuses on high-risk coun-
tries. All raw material suppliers in high-risk countries
are evaluated as part of the approval process and
reassessed every third year thereafter. Audits are
carried out by an external partner in accordance
with local regulations and Coloplast’s Supplier Code
of Conduct. If an issue is found, Coloplast and the
supplier must agree on a corrective action plan. Sub-
sequent outcomes depend on the severity of the
findings and the supplier’s response to the corrective
action plan. Coloplast conducted seven audits of tier
1 and 2 suppliers in China, India, Mexico and North
Macedonia during 2023/24 and put in place correc-
tive action plans where needed. Our Supplier Code of
Conduct can be found in full on our website.
Scope 3 – reducing product footprint
Management’s Report | 2023/24 Sustainability performance | Responsible operations
50 Annual Report 2023/24
Supporting the needs of the people around us is part
of our balanced approach to sustainability. Our
Strive25 sustainability strategy includes targets on
product quality, employee health and safety, busi-
ness ethics and compliance, and people, culture and
leadership.
Product quality
Quality standards
Delivering safe and reliable products is essential to
Coloplast. Our unified quality management system
establishes processes for managing quality and risks
in product development, production and distribution
as well as extensive post-market surveillance. All
complaints and adverse events are individually
handled to identify the root cause and generate in-
put for mitigation and future product development.
Our products and quality management system meet
strict regulatory standards and compliance is veri-
fied on-site through external audits by independent
auditors and notified bodies. All Coloplast sites in-
volved in design, production, packaging and central
distribution are certified according to one or more of
the following standards and regulations: ISO13485,
MDSAP, EU MDD and EU MDR. In 2023/24, Colo-
plast had 132 full-day audits on quality and system
conformity.
Medical Device Regulation (MDR)
During the last eight years, Coloplast has made sig-
nificant investments in an MDR programme aimed at
updating the quality management system and ob-
taining relevant MDR certification across business ar-
eas. The MDR programme was formally closed in
2023/24 as MDR-compliant products now account
for the vast majority of Coloplast’s revenue. A limited
level of activity remains, mostly focused on our
Voice and Respiratory Care business, to ensure
MDR-compliance for the full Coloplast product port-
folio. Within Voice and Respiratory Care, we saw
good momentum during the year with many prod-
ucts being in the last stage of the MDR certification
process.
Product recalls
If customer feedback or internal controls reveal
quality defects with potential safety risks in delivered
products, Coloplast initiates a voluntary product re-
call. Coloplast had one voluntary product recall in
2023/24:
Ureteral Dilator: Voluntary recall of 38 lots (a total
of 8467 products) across 35 countries related to a
potential sterility issue.
Animal testing
All animal testing done by Coloplast is performed by
Good Laboratory Practice certified laboratories, and
Coloplast does not use transgenic animals in testing.
This year, Coloplast used 2,882 animals for testing
compared to 1,774 in 2022/23. The increase is pri-
marily due to the inclusion of Voice and Respiratory
Care into our reporting on animal testing this year.
Of the animals used in animal testing for Coloplast
products this year, 90% were rodents. Our full Ani-
mal Testing policy is available on our website.
Our ongoing commitments to responsible operations
Responsible operations
Strive25 ambitions
100
%
white-collar employees trained in
Code of Conduct
2.0 ppm
Lost Time Injury frequency by 2025
40
%
representation of female senior
leaders (Vice President and above) by 2030
75
%
share of diverse teams
Engagement score
above industry benchmark
Management’s Report | 2023/24 Sustainability performance | Responsible operations
51 Annual Report 2023/24
Business ethics and compliance (BE&C) at Coloplast
is headed by the Group Chief Compliance Officer re-
porting to the Senior Vice President & Group Gen-
eral Counsel. The Group Chief Compliance Officer
reports to the Executive Leadership Team twice per
year on priorities and risks and quarterly to Colo-
plast’s Audit Committee on compliance priorities,
risks and relevant changes in the legislation and
compliance landscape. The BE&C team is comprised
of regional compliance officers and specialised staff
supporting key markets.
Tax and compliance is anchored within our Group Fi-
nance function. Coloplast’s Board of Directors ap-
proves the company’s tax policy annually while our
tax compliance and risks are raised annually with
Coloplast’s Audit Committee.
In addition to the principles outlined below, Coloplast
complies with all applicable global sanctions.
Coloplast BEST
The Coloplast Code of Conduct, BEST, along with 10
new and revised global compliance policies, outlines
our commitment to conducting business responsibly
and acting with integrity. It aims, among other things,
to mitigate material risks related to the interaction
between our employees and third parties, which may
lead to breaches of Coloplast BEST. These risks are
considered low.
Regular training in Coloplast BEST is mandatory for
all employees, and all white-collar employees must
complete an e-learning module within 21 days of
hire and on an annual basis thereafter. In 2023/24,
the Coloplast BEST completion rate was 99%. Addi-
tional regional and department-specific in-person
training is conducted based on individual needs. Em-
ployees are expected to live up to all applicable legal
requirements and industry codes to which Coloplast
is signatory.
Transparency reporting
Coloplast has controls in place to track transfers of
value (for example consulting payments) to
healthcare professionals. Coloplast tracks and re-
ports transfers of value to healthcare professionals
in accordance with local and regional legal require-
ments.
Distributor handling
Coloplast has dedicated resources tasked with con-
ducting risk assessments and due diligence of its dis-
tributors and to create action plans for improve-
ments where needed. We have implemented a
system to manage integrity and compliance risks re-
lated to our Tier 1 distributors. Through this process,
Coloplast engages in active dialogue with its distribu-
tors about the compliance situation in their markets
and the expectations set forth in Coloplast’s Global
Distributor Code of Conduct. This is supported by on-
going risk monitoring, auditing and training of our
distributors. Coloplast’s Distributor Code of Conduct
can be found in full on our website.
Business ethics risk assessment
Coloplast performs ongoing business ethics risk as-
sessments to maintain a good understanding of
where specific attention is needed. Based on these
assessments, Coloplast updates its compliance pro-
gramme as required. Coloplast continuously moni-
tors regulatory developments to proactively adjust
our operational models in line with regulations and
Coloplast values. One example of this is in China,
where new legislation requires Coloplast to continu-
ously monitor and amend its ways of operating to
comply with local requirements.
Ethics Hotline
Coloplast encourages an open, transparent and hon-
est culture where employees are free to raise ques-
tions and concerns without fear of retaliation and
Business ethics and compliance
Responsible operations
Coloplast BEST – our code of conduct
Coloplast BEST, supported by 10 global
compliance policies, guides our employees in
ethical conduct. It covers topics such as:
• Sustainable and ethical business
• Standing against corruption
• Safeguarding data
• Interaction with healthcare professionals
• Working with third parties
Coloplast BEST aims to instil a compliance
mindset where employees:
• Find guidance in law, industry code,
Coloplast BEST and internal policies
• Apply an overall principle of integrity to-
wards Coloplast’s mission and values
• Seek advice by contacting their manager
or compliance officer
Adherence to Coloplast BEST is expected of
all Coloplast employees. Third parties work-
ing on our behalf are also expected to follow
Coloplast BEST, our internal compliance poli-
cies and additional Codes of Conduct apply-
ing to third parties. Coloplast BEST can be
found in full on our website.
Management’s Report | 2023/24 Sustainability performance | Responsible operations
52 Annual Report 2023/24
where respect for human rights is a fundamental
value. The most material risk regarding human rights
is the risk that our employees do not feel free to
raise questions and concerns, although this risk is
considered low. Our global Ethics Hotline enables
employees and other stakeholders to report in good
faith any suspected breaches of Coloplast BEST or
other concerns. Coloplast’s Ethics Hotline is man-
aged by an independent third party. The reported
cases are managed in accordance with our Ethics
Hotline Management Policy, which includes day-to-
day oversight by Coloplast’s Ethics Hotline Commit-
tee and quarterly reporting to Coloplast’s Audit Com-
mittee. In 2023/24, Coloplast received a total of 86
cases, of which 49 were within the scope of the Eth-
ics Hotline. This includes cases submitted directly to
management or local or regional compliance officers
subsequently included in the investigation process.
57% of the cases (in scope) closed during 2023/24
were substantiated and addressed with remediation
and sanctions. In some instances, this has led to ter-
mination of contract or employment of involved par-
ties. Coloplast is committed to maintaining the Ethics
Hotline and underlying process going forward.
Data privacy
Coloplast collects and handles personal data as part
of its online activities targeted towards users. Our us-
ers trust us with very sensitive information, and it is a
priority for us to treat this data with the utmost re-
spect and confidentiality. Many countries have legis-
lation in place requiring companies to handle per-
sonal data safely and securely. Coloplast handles
and protects all personal data in accordance with
national law and with the same approach across all
Group companies, as Coloplast has enacted a Global
Personal Data Policy and a Global Data Privacy Pro-
gram as well as Binding Corporate Rules (BCR) ap-
proved by competent data protection authorities. In-
ternal and third-party audits are conducted to en-
sure secure and reliable data handling.
Coloplast has a Group Data Protection Officer and
several privacy managers fully dedicated to focusing
on data privacy supported by local resources in our
headquarters as well as in our subsidiaries. The
Group Data Protection Officer reports regularly to
Coloplast management. In addition, the efforts and
status on data privacy is reported annually to Colo-
plast’s Audit Committee. Our Information Security
Policy and Data Ethics Policy can be found on our
website.
Ethical marketing and
collaboration
Healthcare professionals and the people who use
our products and services count on us to provide
clear and accurate information. Our products are
classified as medical devices and thus subject to
strict regulation regarding promotion. We follow all
applicable laws and regulations, always ensuring
that our communication is factual and evidence-
based, giving objective, accurate and complete infor-
mation. Collaboration and scientific exchange with
healthcare professionals is key in developing innova-
tive technologies and solutions, improving our prod-
ucts and raising awareness about our offerings. We
are committed to giving healthcare professionals the
most up-to-date clinical data and training to ensure
that they can use our products safely and effectively
for the benefit of their patients. We do not engage in
medical diagnosis or advise on course of medical
treatment but unequivocally refer to a healthcare
professional and/or Intended use of the products.
Responsible advocacy
Coloplast engages in advocacy both as a company
and in partnership with external stakeholders. Build-
ing alliances with key external stakeholders, includ-
ing industry associations and patient advocacy
groups, plays an important role in improving health
outcomes. Respecting local cultures, regulations
and customs is important to Coloplast, and we want
to contribute to the local communities in which we
operate, either through donations or by involving lo-
cal non-governmental organisations.
Responsible tax management
Respecting local tax regulation is important to Colo-
plast’s reputation and brand. Coloplast pays taxes
where business activities generate value in accord-
ance with internationally accepted standards.
Coloplast’s Tax Policy is available on our website
along with our transparent reporting on global cor-
porate income tax allocated on a country-by-coun-
try level.
Coloplast’s country-by-country reporting includes in-
formation beyond what is required by the EU di-
rective by including all countries both within and
also outside the EU.
Key figures
CASES SUBMITTED TO THE ETHICS HOTLINE
1)
Cases submitted
Cases within scope
1)
Cases not within scope of the Ethics Hotline are redirected
to People & Culture for investigation
99%
99
%
of white-collars
trained in BEST
86
49
2023/24
Management’s Report | 2023/24 Sustainability performance | Responsible operations
53 Annual Report 2023/24
At Coloplast, we are committed to fostering a safe
and healthy working environment for our employees
and we have identified health and safety as a mate-
rial risk across our sites. Although the risk of injury is
low, the long-term health outcomes for employees
who get injured while at work can sometimes be se-
vere.
As a responsible employer, we must do everything in
our power to ensure that employees can return
safely home after their workday. In 2023/24, we
strengthened the organisational setup around health
and safety to improve reporting and employee en-
gagement. Our aim is to foster a continued strong
safety culture in all teams. We have also made pro-
gress towards preparing our health and safety re-
porting for compliance with the Corporate Sustaina-
bility Reporting Directive (CSRD).
Reducing work-related injuries
We continue our efforts to reduce occupational inju-
ries across all Coloplast sites and employee groups.
This year, we reduced the lost-time injury frequency
to 2.1 ppm, which accounts for a total of 60 inci-
dents in 2023/24 compared to 70 last year. The
most common injuries across employee groups are
injuries caused by slips, trips and falls, object han-
dling and traffic accidents. The rate of lost-time
injuries has gradually decreased during 2023/24 and
we continue to build on this momentum to reach our
2025 ambition of 2.0 ppm.
To foster an active and positive safety mindset
across our company, we recognise that our leaders
must act as role models. We engage both managers
and employees on the topic of health and safety by
championing four key safety behaviours:
• You see it, you own it
• Think twice
• Dare to care
• Stay focused
Our engagement work also focuses on raising
awareness of near-miss accidents and taking care of
colleagues by voicing concerns and safety observa-
tions. Our production sites and larger distribution
centres have defined proactive KPIs and local action
plans. In recognition of UN International Day for
Health & Safety at Work 2024, Coloplast launched a
global safety campaign focused on engaging in team
conversations about how to stay safe together. In
2024/25 we will focus on further raising the aware-
ness level and safety mindset amongst sales teams,
where injuries often happen outside our own prem-
ises.
Mental well-being
Our employees’ mental well-being is key to their en-
gagement, performance and retention. At Coloplast,
we track mental well-being among our employees
and teams through regular, global engagement sur-
veys supplemented by various local initiatives. Man-
agers are made aware in the event of low mental
well-being in their teams and action plans are put in
place at team level to identify and address needs.
Improving ergonomics
Wherever manual labour is required, Coloplast em-
phasises an ergonomically correct workplace setup.
We work to reduce repetitive work and reduce the
strain from unavoidable repetitive work by rotating
work stations.
Offering healthy choices
Coloplast performs workplace assessments globally
and provides employees with tools and options to
make healthier choices in their work and private
lives. During 2023/24, our sites launched several
new initiatives to improve employees’ health and
well-being. These include awareness raising and in-
formation sharing related to cancer prevention and
early detection for all employees at Coloplast’s
global PDC in Hungary and a month of activities fo-
cusing on mental, physical, nutritional and financial
wellness targeting all employees across our sites in
the US.
Employee health and safety
Responsible operations
Key figures
LTI FREQUENCY (IN PPM)
1)
1)
Parts per million (ppm): number of injuries resulting in ab-
sence from work of one day or more per one million working
hours
2.0
2.1
2025 ambition 2023/24
Management’s Report | 2023/24 Sustainability performance | Responsible operations
54 Annual Report 2023/24
At the end of 2023/24, the Coloplast Group had a
headcount of 16,247
1)
employees working towards
the shared purpose of making life easier for people
with intimate healthcare needs. Our diverse em-
ployee population operates in 41 countries and rep-
resents 102 nationalities.
During the year, we integrated Voice and Respira-
tory Care into several HR processes, and we will
begin planning the integration of Kerecis next year.
Talent for now and the future
Our people agenda prioritises leadership develop-
ment, talent management and the creation of di-
verse, equitable and inclusive work environments.
The search for great talent remains competitive
globally. To attract increasingly diverse and qualified
talent, we continue our focus on employer branding,
including telling our unique, purpose-driven story to
attract talent globally.
Coloplast believes in developing and retaining great
people. With a high internal fill rate of 82% for Vice
President (VP) level and above, we keep knowledge
and expertise within our organisation as people ad-
vance their careers with us.
We recognise that flexible work is important not only
for attracting and retaining skilled employees but
also for work/life balance. Where it makes sense for
the role and the business, we offer employees flexi-
bility in their everyday planning while also consider-
ing business needs.
Engagement and retention
We are dedicated to creating a working environment
that fosters performance, well-being and a sense of
purpose. Our annual engagement survey helps us
monitor how we uphold this commitment. Last year,
we had our highest-ever response rate for this sur-
vey at 92%. We also maintained our above-industry
engagement score. Engagement scores are shared
widely internally and leaders are supported in en-
gaging in meaningful conversations with their teams.
The high engagement and structured team conver-
sations drive healthy retention. The average length
of employment is 6.4 years. During 2023/24, our
global turnover was 13.9% with voluntary turnover
down to 9.1% this year from 10.1% in 2022/23. This
is significantly better than industry benchmarks.
Balancing performance and
development
At Coloplast, we are a people business: A place
where people contribute to the success of the com-
pany, and the company supports the success of the
individual. This is why our people performance ap-
proach is first and foremost an investment in our
people and the way we enable our colleagues to ex-
cel in and be engaged by their jobs.
In 2023/24, we continued to focus on supporting
leaders and employees in having regular conversa-
tions about performance, development and career
opportunities. To ensure continuous growth, devel-
opment and performance, we continue to
strengthen our efforts by providing leaders and em-
ployees with simple, easy-to-apply tools for shared
ownership for development. To date, we have
trained more than 8,200 colleagues in this approach.
Nearly 5,000 employees have completed additional
training in goal setting, feedback and coaching.
Diversity, equity, and inclusion
Coloplast believes in cultivating a workplace where
employees can tap into their unique skills and experi-
ences to reach their potential. Our belief is that we
People and culture
Key figures
9.1
%
voluntary employee turnover in 2023/24
8.1 out of 10
employee engagement score (Peakon)
SHARE OF FEMALE SENIOR LEADERS
SHARE OF DIVERSE TEAMS
40%
28%
2030 ambition 2023/24
75%
54%
2025 ambition 2023/24
1)
The figure excludes Kerecis. The total headcount for the
Coloplast Group was 16,875 per 30 September 2024.
Management’s Report | 2023/24 Sustainability performance | Responsible operations
55 Annual Report 2023/24
are stronger together due to our differences. We
continue to ramp up our efforts within diversity, eq-
uity and inclusion (DE&I) to comply with legislation
while also holding ourselves accountable internally.
We have increased our focus on DE&I within key
people processes such as global rewards, talent
management, succession planning and leadership,
we work hard to examine our everyday practices
and culture while also empowering our local offices
to act according to internal and external circum-
stances across the DE&I agenda. We believe positive
change can and must happen at all levels of the
company and are committed to listening to employ-
ees’ voices. We support several local Employee Re-
source Groups to bridge our colleagues’ lived experi-
ences with meaningful initiatives. We also participate
in external DE&I-related networks, boards, cam-
paigns and events to keep up with trends and con-
tinually raise the bar internally.
Coloplast does not tolerate discrimination or harass-
ment based on gender identity, age, race, ethnicity,
nationality, sexual orientation, religious belief, social
or economic background, physical or mental ability,
or any other social identity. We include the topics of
inclusion, diversity and anti-harassment in our an-
nual, mandatory ethics training Coloplast BEST.
Our Inclusion & Diversity, Anti-Harassment and Anti-
Discrimination, and Anti-Retaliation policies outline
our clear stance and are available on our website.
Diversity in teams
We track and drive team diversity across three ob-
jective parameters: Gender, age (generation), and
nationality. We strive for a healthy balance across all
three areas from the individual team to company
level. In 2023/24, our team diversity rose slightly to
56% from 54% in 2022/23.
Gender representation in
management
The proportion of female managers globally re-
mained unchanged from last year at 47%, while the
proportion of senior leadership globally (VP, Senior
VP and Executive Leadership Team) increased to
28% in 2023/24 from 26% in 2022/23. We are com-
mitted to balanced gender representation at all lev-
els and have embedded diversity, equity and inclu-
sion in talent management processes. This means in-
troducing global standards and bias mitigation in
people processes as well as succession planning to
ensure a qualified and diverse pipeline.
Gender pay gap
Coloplast is committed to fostering a diverse, inclu-
sive and equitable workplace. We are committed to
equal pay for equal work and are guided by global
governance to let skills and experience determine
compensation. This year, we conducted an internal
audit at senior levels and found no significant gender
pay gap.
Gender distribution and
diversity in upper management
(Coloplast A/S only)
Under the Danish Financial Statements Act, Colo-
plast is obliged to report on the gender distribution
of the upper management of its parent company,
Coloplast A/S. In 2023/24, the Coloplast A/S Board
of Directors had an equal gender distribution. The
Board consisted of six members of which 50% are
female. Upper management consisted of 32 mem-
bers and achieved 31% representation of the un-
derrepresented gender (female) in 2023/24. Colo-
plast A/S met its 2025 target of 30% female repre-
sentation in upper management in 2022/23 and
now works toward 40% in 2030. The development
this year is due to a larger organisational change im-
pacting upper management. Despite our efforts to
compose upper
management in line with our target, the most quali-
fied candidates selected for these roles were pre-
dominantly from the overrepresented gender. As
such, Coloplast A/S did not meet its 2030 target of
40% for gender diversity in upper management in
2023/24. Coloplast A/S adheres to a Diversity, Eq-
uity and Inclusion Policy outlining our commitment to
DE&I at the upper management level of our parent
company. Coloplast always take a global view to de-
veloping our executive talent pipeline. Therefore, our
dedicated efforts to growing the female talent pipe-
line, including at the parent company level, is visible
in our strategic, global progress on this area. To con-
tinue to deliver on our gender distribution targets for
Coloplast A/S in 2023/24, we continued to ensure
clear visibility to the gender diversity of talent pools
advancing towards VP, Senior VP and Executive
Leadership Team. We plan development deliberately
for these groups in order to deliver on our commit-
ments.
Share of the
underrepresented gender
Targets for the share of the
underrepresented gender
2022/23
2023/24
By 2025
By 2030
Board of Directors
50% (3/6)
50% (3/6)
-¹⁾
-¹⁾
Upper management
33% (11/33)
31% (10/32)
30%
40%
¹⁾ Exempt of setting additional targets
The information in this table refers only to Coloplast A/S in compliance with the Danish Financial Statements Act §99b. Upper management
in this table is defined as employees of Coloplast A/S in roles limited to executive leadership and their direct reports with managerial respon-
sibility.
Download the
Diversity, Equity & Inclusion Policy
www.coloplast.com/corporate-governance
Management’s Report | 2023/24 Sustainability performance | EU Taxonomy
56 Annual Report 2023/24
The EU Taxonomy Regulation is a classification sys-
tem within EU identifying environmentally sustaina-
ble economic activities. Coloplast is required to re-
port on eligibility and alignment within the EU Tax-
onomy.
We have screened our activities against the six envi-
ronmental objectives: Climate change mitigation, Cli-
mate change adaption, Water, Pollution, Circular
economy, and Biodiversity.
Accounting policies
Assessing EU Taxonomy eligibility
During 2023/24, we have assessed Coloplast’s eco-
nomic activities within turnover, OPEX and CAPEX
to identify EU Taxonomy-eligibility and EU Taxon-
omy-alignment. The current EU Taxonomy regula-
tion does not include Coloplast's core economic ac-
tivities.
As part of the assessment, we have completed an in-
itial screening of all activities as outlined by the EU
Taxonomy Compass and Annexes I and II of the Cli-
mate Delegated Act followed by a more detailed
evaluation of potentially relevant activities. There
have not been any significant changes to the ac-
counting policies during the reporting period.
Turnover
Coloplast has no EU Taxonomy-relevant economic
activities within turnover.
OPEX
We have identified no material EU Taxonomy-eligible
OPEX activities.
CAPEX
Our assessment has identified the following EU Tax-
onomy-eligible CAPEX activities based on a screen-
ing of economic activities:
• Activity 4.16 (Climate change mitigation): Pri-
marily installation of electric heat pumps at our
production sites at Tatabanya, Hungary
• Activity 6.5 (Climate change mitigation): Leasing
of company cars across the Coloplast Group
• Activity 7.6 (Climate change mitigation): Renew-
able energy initiatives across sites, mainly instal-
lation of district heating at our two sites in Den-
mark, and preliminary work and studies related
to a geothermal energy project at Nyírbátor,
Hungary
Assessing EU Taxonomy alignment
EU Taxonomy-alignment must be based on a robust
climate risk and vulnerability assessment to qualify
for Do No Significant Harm. This assessment must
identify which physical climate risks may affect the
performance of the economic activity during its ex-
pected lifetime, assess the materiality of such risks
and evaluate the adaptation solutions that can re-
duce these risks.
Coloplast has completed a risk assessment of physi-
cal and transition risks for all sites in scope for our
sustainability reporting. However, we have not com-
pleted detailed climate risk assessments specifically
covering our EU Taxonomy-eligible activities and
can therefore not demonstrate EU Taxonomy-align-
ment for these activities for 2023/24.
Double counting: For calculation of the denominator
of the turnover, OPEX and CAPEX KPIs, figures have
been extracted directly from Coloplast’s enterprise
resource planning (ERP) system. It is thereby en-
sured that registrations are only counted once. For
the allocation of the numerator, we have first identi-
fied the relevant figures and then allocated it to the
primary related economic activity in the Climate Del-
egated Act. In this way, it is ensured that no registra-
tion is considered more than once.
Minimum safeguards
According to the EU Taxonomy Regulation, mini-
mum safeguards are a requirement for alignment.
The minimum safeguards cover the four core topics
of human rights, including labour rights, bribery/cor-
ruption, taxation and fair competition.
Irrespective of Coloplast’s current ability to demon-
strate EU Taxonomy alignment, we are committed
to operating responsibly. Coloplast has been a signa-
tory to the UN Global Compact since 2002. We re-
spect the internationally recognised human rights,
including labour rights, as defined in the Universal
Declaration of Human Rights and operate in compli-
ance with the ten guiding principles of the UN Global
Compact. We have policies and procedures in place
addressing the four core topics, including codes of
conduct applicable to suppliers and other key busi-
ness partners.
EU Taxonomy
EU Taxonomy
Management’s Report | 2023/24 Sustainability performance | EU Taxonomy
57 Annual Report 2023/24
Turnover
Definitions and KPIs, turnover: Total turnover is in accordance with the turnover reported in the Annual
Report 2023/24, page 72. The turnover KPI is defined as Taxonomy- eligible turnover (numerator) divided
by total turnover (denominator). Non- eligible turnover is defined as total turnover minus Taxonomy-eligible
and Taxonomy-aligned turnover. Our identified economic activities do not require disaggregation of KPIs.
2023/24
Substantial contribution criteria
Do not significantly harm (DNSH criteria)
Economic activities
Code
Turnover
(DKKm)
Proportion
of turnover
(%)
Climate
change miti-
gation
Climate
change
adapta-
tion
Water
Pollution
Circular
economy
Biodiversity
Climate
change
mitigation
Climate
change
adapta-
tion
Water
Pollution
Circular
economy
Biodiversity
Minimum
safeguards
Proportion of
Taxonomy
aligned (A.1.) or
eligible (A.2.)
turnover,
2022/23 (%)
Category
enabling
activity
Category
transi-
tional
activity
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
None
Turnover of environmentally sustainable activities (Taxonomy-
aligned) (A.1)
-
0%
0%
Of which, enabling
-
0%
0%
Of which, transitional
-
0%
0%
A.2 Taxonomy-eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities)
None
Turnover of Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities) (A.2)
-
0%
0%
A. Turnover of Taxonomy-eligible activities (A.1+A.2)
-
0%
0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities
27,030
100%
TOTAL
27,030
100%
Management’s Report | 2023/24 Sustainability performance | EU Taxonomy
58 Annual Report 2023/24
Capex
Definitions and KPIs, CAPEX: Total CAPEX consists of additions to fixed assets (including right-of-use as-
sets) and intangible assets in accordance with the additions in the Annual Report 2023/24, in note 11 on
page 89, note 12 on page 94 and note 13 on page 96. Additions resulting from business combinations are
also included. Goodwill is not included in CAPEX because it is not defined as an intangible asset in accord-
ance with IAS 38. The CAPEX KPI is defined as Taxonomy-eligible CAPEX (numerator) divided by total
CAPEX (denominator). Non-eligible CAPEX is defined as total CAPEX minus Taxonomy-eligible and Taxon-
omy- aligned CAPEX.. Our identified economic activities do not require disaggregation of KPIs.
2023/24
Substantial contribution criteria
Do not significantly harm (DNSH criteria)
Economic activities
Code
Capex
(DKKm)
Proportion
of capex
(%)
Climate
change miti-
gation
Climate
change
adapta-
tion
Water
Pollution
Circular
economy
Biodiversity
Climate
change
mitigation
Climate
change
adapta-
tion
Water
Pollution
Circular
economy
Biodiversity
Minimum
safeguards
Proportion of
Taxonomy
aligned (A.1.) or
eligible (A.2.)
capex, 2022/23
(%)
Category
enabling
activity
Category
transi-
tional
activity
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
None
Capex of environmentally sustainable activities (Taxonomy-aligned)
(A.1)
-
0%
0%
Of which, enabling
-
0%
0%
Of which, transitional
-
0%
0%
A.2 Taxonomy-eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities)
Installation and operation of electric heat pumps
CCM 4.6
11
1%
Y
Y
N
N
N
N
0%
Transport by motorbikes, passenger cars and light commercial vehicles
CCM 6.5
190
11%
Y
Y
N
N
N
N
3%
Installation, maintenance and repair of renewable energy technologies
CCM 7.6
6
0%
Y
Y
N
N
N
N
0%
Capex of Taxonomy-eligible but not environmentally sustainable ac-
tivities (not Taxonomy-aligned activities) (A.2)
207
12%
3%
A. Turnover of Taxonomy-eligible activities (A.1+A.2)
207
12%
3%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Capex of Taxonomy-non-eligible activities
1,557
88%
TOTAL
1,764
100%
Management’s Report | 2023/24 Sustainability performance | EU Taxonomy
59 Annual Report 2023/24
Opex
Definitions and KPIs, OPEX: Total OPEX consists of direct non-capitalised costs that relate to research and
development, building renovation, short-term lease, maintenance and repair and any other direct expendi-
tures relating to the day-to-day servicing of property, plant and equipment. The OPEX KPI is defined as Tax-
onomy-eligible OPEX (numerator) divided by total OPEX (denominator). Non-eligible OPEX is defined as to-
tal OPEX minus Taxonomy-eligible and Taxonomy-aligned OPEX. Our identified economic activities do not
require disaggregation of KPIs.
2023/24
Substantial contribution criteria
Do not significantly harm (DNSH criteria)
Economic activities
Code
Opex
(DKKm)
Proportion
of opex (%)
Climate
change miti-
gation
Climate
change
adapta-
tion
Water
Pollution
Circular
economy
Biodiversity
Climate
change
mitigation
Climate
change
adapta-
tion
Water
Pollution
Circular
economy
Biodiversity
Minimum
safeguards
Proportion of
Taxonomy
aligned (A.1.) or
eligible (A.2.)
opex, 2022/23
(%)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
None
Opex of environmentally sustainable activities (Taxonomy-aligned) (A.1)
-
0%
0%
Of which, enabling
-
0%
0%
Of which, transitional
-
0%
0%
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned ac-
tivities)
None
Opex of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned
activities) (A.2)
-
0%
0%
A. Turnover of Taxonomy-eligible activities (A.1+A.2)
-
0%
0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Opex of Taxonomy-non-eligible activities
1,684
100%
TOTAL
1,684
100%
Management’s Report | Risk management | How we manage the risks of doing business
60 Annual Report 2023/24
Risk reporting process and
governance
The risk reporting process is part of the Group’s risk
management and covers Coloplast’s business areas
as well as global functions. It is overseen by Group
Finance and the CFO, who are also responsible for
securing appropriate insurance coverage for insura-
ble risks and for assessing and facilitating the prioriti-
sation of our principal risks.
The management of the business areas and global
functions is responsible for identifying, assessing,
managing, and reporting on top risks specific to their
area of responsibility. The most significant risks to
our business over a five-year time-horizon are re-
ported quarterly to the Group’s Risk Management.
The risk reporting process and supporting interviews
form the basis of the risk update that is presented by
the CFO to the Executive Leadership Team and the
Board of Directors at the quarterly board meetings.
The Executive Leadership Team is responsible for
defining Coloplast’s overall risk profile, and for setting
standards for risk taking and for aligning it with the
overall strategies and policies. They are also respon-
sible for launching and approving risk treatment
plans and activities to address the most significant
risks.
The Board of Directors perform risk oversight, moni-
tors the overall risk landscape and reviews, the con-
clusions and recommendations submitted by the Ex-
ecutive Leadership Team.
The effectiveness of the risk reporting process is reg-
ularly monitored by the CFO together with the Board
of Directors, and the overall process is followed by
the Audit Committee on an ongoing basis. Our aim is
to have a culture that manages risks well and not
just a strong process.
Our principal risks
In our risk reporting process, we have identified a
range of principal risks, believed to be material and
have the potential to significantly threaten and ad-
versely impact the Group’s business model, strategy,
and future performance.
Those principal risks are presented in random order
in the following table, along with examples of re-
sponses taken to treat them. Each risk is linked to
one or more of the themes of Coloplast’s strategy
Strive25.
The illustration provides an aggregated overview of
our principal risks and summarises our assessment of
the risk exposure for each risk, taking into considera-
tion the risk treatment plans put in place (residual
risk). If material change has occurred to the assess-
ment of a risk compared to last year, or a new is
added this is indicated in the illustration.
Other long-term risks
Climate-related risks identified for the company have
a longer time-horizon than other risks (more than
five years) and is therefore not material for Colo-
plast’s current risk landscape.
Please refer to the Sustainability performance sec-
tion for updates on climate-related risks.
The current risk landscape
Risk management
How we manage the risks of doing business
Pricing and reimbursement
Product quality and safety
Information security
Economic and political environment New!
Legal and compliance
Increased
Production and business continuity
Unchanged
Product innovation and development
Decreased
1
6
2
7
3
4
5
Likehood
Impact
4
5
2
3
6
1
7
Management’s Report | Risk management | Principal risks
61 Annual Report 2023/24
Risk title
Description
Risk example
Risk responses
1. Pricing and
reimbursement
A large part of Coloplast’s products is sold in markets that are subsidised and eligible for reim-
bursement from health-care authorities. As a result, prices are influenced by the economic and
political developments in national and regional markets, budgetary constraints of govern-
ments, healthcare reforms, bargaining power of wholesalers and distributors, as well as the
ability to convince buyers of the economic value of its products based on clinical evidence,
costs, and patient outcomes.
• Lower reimbursements and increasing price pressure due to
healthcare and price reforms.
• Lack of or inadequate clinical evidence to support reimburse-
ment levels.
• Claw back or other repayment schemes introduced by health
care authorities retroactively.
• Kerecis is not getting the LCD reimbursement coverage.
• Monitor markets and sales developments, economic and po-
litical developments, and changes to public sector guidelines
and reimbursement schemes.
• Interact with healthcare authorities, patient & industry asso-
ciations, to prevent, postpone or minimise impact.
• Financial risk management, including hedging activities in ac-
cordance with Coloplast’s financial mandate.
2. Information
security
Coloplast operates in a dynamic information risk environment with regulatory and legislative
data compliance obligations. Business operations depend on a wide range of information tech-
nology systems, operational technology systems, people, and suppliers. The company pro-
cesses highly confidential information and legally protected personal health information
through multiple channels and sell digitally connected devices like Heylo. Coloplast follows the
ISO 27001 to drive improvement and validate performance of the Information Security Man-
agement System (ISMS) through audits and risk management. While AI is mentioned as a risk
example, we also recognise its use as a security enabler.
• National cybersecurity and data privacy laws challenge infor-
mation technology cost efficiency and scalability strategy.
• AI and social engineering methods used by cybercriminals to
bypass security monitoring system.
• Cybercrime like phishing and CEO Fraud.
• Indirect and direct business disruptions triggered by suppliers.
• A global ISMS covering most cybersecurity compliance re-
quirements and actively monitor the compliance landscape.
• Reoccurring user training and awareness campaigns focusing
on real-world cybercrime tactics for all employees.
• Threat detection and response capabilities; exercise incident
response and disaster recovery plans.
• Improved third-party security due diligence process.
• One IT infrastructure to support the business.
3. Legal and
compliance
Coloplast operates in a heavily regulated industry that is subject to various laws, regulations,
and industry standards across geographies and business areas. As the regulatory landscape
continues to evolve, it becomes even more important to monitor and mitigate risks related to
business ethics, legal and regulatory compliance. The different legal environments can also be
unpredictable and politically motivated, and as a market leader, we could face legal risks at
any given time. We strive to act responsible and to comply with laws and regulations. But mis-
takes may happen when people are involved, why action is taken should a situation arise.
• Violations of anti-corruption laws and non-compliance with
Coloplast’s own and the industry’s codes of conduct could dam-
age Coloplast’s reputation and involve a risk of monetary fines,
sanctions, or inability to continue to manufacture products.
• Lawsuits filed by competitors or customers or investigations by
authorities into certain business practices could have a negative
reputational and financial impact.
• Other risks related to legal and regulatory compliance, antitrust,
trade regulations, protection of IP and patents, distributor and
supply chain due diligence, and contractual obligations.
• Training of employees in code of conduct as formulated in
our Business Ethical Standards and in our IT policies.
• Ensure that suppliers are aware of our ethical standards and
work with us to maintain and develop compliance practices.
• Independent and confidential Ethics Hotline for reporting of
unethical situations, violations, and misconduct.
• Procedure for how to conduct investigations and reporting of
all cases to the Audit Committee in anonymised form.
• Inhouse lawyers and compliance functions in relevant busi-
ness areas and geographies to monitor regulatory changes
and to attend to compliance matters as they may arise.
Principal risks
Principal risks
Management’s Report | Risk management | Principal risks
62 Annual Report 2023/24
Risk title
Description
Risk example
Risk responses
4. Production
and business
continuity
Coloplast operates facilities all over the world, the most recent addition being production facili-
ties in Iceland following the acquisition of Kerecis. Most production takes place at centralised
facilities and in some cases, Coloplast purchases raw materials, components used in produc-
tion and finished products from sole source suppliers for reasons of availability, quality assur-
ance and cost effectiveness.
• Disruption at a manufacturing or distribution facility due to nat-
ural disasters or other emergencies (e.g. pandemics and fires)
may compromise the availability of products for our users.
• Disruption of the supply chain due to shortfalls in delivery, qual-
ity issues, force majeure situations, change in market conditions,
strikes, political instability or other events beyond our control,
resulting in price increases, inability to source critical materials,
components, and finished products, and loss in revenue.
• Emergency response- and contingency plans, kept critical
processes and workflows physically separated, and had rele-
vant facilities certified to the ‘highly protected risk’ industry
standard.
• Contingency plans for high-risk suppliers, including built up in-
ventories, collaboration to mitigate physical risks at their fa-
cilities, dual source for critical raw materials and components,
and qualification of substitute materials where applicable.
5. Product
innovation and
development
It is essential that Coloplast maintains a competitive and innovative product pipeline that
meets the needs of the users. To achieve this, Coloplast relies on its ability to interact with end
users and healthcare professionals, to protect intellectual property against infringement from
competitors and to understand the surgical and medical trends that may impact or limit sales.
• Medical and technological innovations disrupting core business.
• Lack of innovation resulting in a commoditisation trend, allow-
ing the entry of low-cost competitors, increasing price pres-
sures, diminishing clinical differentiation of products on the mar-
ket, and a loss of market share.
• Infringement of intellectual property rights may reduce compet-
itive advantages and negatively impact sales.
• Invest in new innovative growth initiatives for the purpose of
developing superior and clinically differentiated products,
such as our clinical performance programme.
• Patent to prevent competitors from copying our products or
from producing technical equivalent alternatives.
• Monitor surgical and medical developments and disruptive
technologies that may impact the various business areas.
6. Product
quality and
safety
Coloplast is committed to ensuring the quality of its products and the safety of its users, includ-
ing organising the security of personal data. All Coloplast products must comply with the medi-
cal device directives and legislation imposed by local healthcare authorities across different
geographies, such as the US Food and Drug Administration (FDA) and the new EU Medical
Device Regulation (MDR). And the company have done significant investments to comply with
MDR, also for acquired entities.
• Loss of licences to sell or manufacture due to non-compliance
with new laws and regulations on medical devices.
• Defects and omissions and critical product quality and safety is-
sues in product design and manufacturing that could disrupt op-
erations, sales, lead to recalls, bodily injury, and liability claims.
• Non-compliance with data protection legislation or personal
data leaks, leading to monetary fines and reputational damage.
• Invest in development and improvement of control pro-
cesses, quality procedures, and supporting information tech-
nologies, from the design phase to post-market surveillance.
• Monitor legislation and market standards to ensure that any
amendments and changes are incorporated into procedures.
• Certification of our Quality Management Systems to national
and international standards and carrying out audits.
7. Economic
and political
environment
New
The current global macroeconomic trends like high inflation, disrupted supply chains, weaken-
ing consumer sentiment, tightening monetary policies, and geopolitical drivers of risk like the
war in Ukraine, are challenging the operating environment, and have resulted in an increased
level of challenges on the short- to medium-term. In the long-term direct and indirect implica-
tions could negatively impact sales and operations. This risk is always present, putting pressure
on our growth momentum. In the short- to medium-term primarily in Russia, Ukraine, Belarus,
and Iran due to sanctions. In Argentina and Brazil due to economic instability and inflation.
• Economic and political instability, and emerging geopolitical ar-
eas of concern negatively affecting our costs, and result in dis-
ruptions of operations, commercial activities, and supply chain,
and impact our ability to conduct business globally.
• Political factors affecting information security risk landscape,
e.g. by an increasing number of legislations mandating localisa-
tion of data and limiting cross-border transfer of data.
• Monitor macroeconomic and geopolitical developments,
changes in governmental policies, political processes and en-
vironments that may affect operations, commercial activities,
and supply chain in the short-, medium- and long-term.
• Secure compliance with various sanctions programmes.
• Establish a political risk management program to address risk
scenarios with long-term exposures in our strategic planning.
Management’s Report | Governance and Ownership | Corporate governance
63 Annual Report 2023/24
Governance structure
Coloplast has a two-tier management structure
comprised of a Board of Directors and an Executive
Leadership Team. There are no overlapping mem-
bers. The Board of Directors determines the Group's
objectives, strategies and overall action plans. On
behalf of the shareholders, the Board of Directors
supervises the company's organisation, day-to-day
management and results.
The Board of Directors also sets guidelines for the
Executive Leadership Team’s execution of the day-
to-day management of the company and for as-
signing tasks among the individual members of the
Executive Leadership Team.
The Board of Directors and the Executive Leader-
ship Team further assess the company’s business
processes, the definition and implementation of the
company’s purpose, the organisation, stakeholder
relations, strategy, risks, business objectives and con-
trols.
A set of rules of procedure governs the work of
Coloplast's Board of Directors. These rules are re-
viewed annually by the Board of Directors and up-
dated as necessary. The rules set out the guidelines
for the activities of the Board of Directors.
Six members of the Board of Directors are elected at
the general meeting and three members of the
Board of Directors are elected by the employees.
Five out of six shareholder-elected members are
considered independent which is in accordance with
the Danish corporate governance recommenda-
tions.
Seven board meetings were held in the 2023/24 fi-
nancial year.
Corporate governance at Coloplast
Governance and Ownership
Corporate governance
OVERVIEW OF BOARD MEMBERS
Board member
Audit
Comm.
Rem.
&
Nomin.
Comm.
Inde-
pen-
dent
Nationa-
lity
Gender
Board
tenure
Election
period
Board meetings
attended
Lars Rasmussen,
Chairman
1)


Yes
Danish
Male
6 years
1 year

Niels Peter Louis-Hansen,
Deputy Chairman
1)

No
Danish
Male
56 years
1 year

Marianne Wiinholt
1)

Yes
Norwegian
Female
4 years
1 year

Annette Brüls
1)

Yes
Belgian
Female
3 years
1 year

Jette Nygaard-Andersen
1)

Yes
Danish
Female
9 years
1 year

Carsten Hellmann
1)

Yes
Danish
Male
7 years
1 year

Thomas Barfod
2)
No
Danish
Male
18 years
4 years

Roland V. Pedersen
2)
No
Danish
Male
6 years
4 years

Nikolaj Kyhe Gundersen
2)
No
Danish
Male
6 years
4 years

1)
Shareholder-elected board member.
2)
Employee-elected board member.
AUDIT COMMITTEE
Committee member
Meetings attended
Marianne Wiinholt, Chairman

Lars Rasmussen

Carsten Hellmann

REMUNERATION AND NOMINATION COMMITTEE
Committee member
Meetings attended
Lars Rasmussen, Chairman

Niels Peter Louis-Hansen

Jette Nygaard-Andersen

Annette Brüls

Management’s Report | Governance and Ownership | Corporate governance
64 Annual Report 2023/24
Committee structure
The Board of Directors has established two commit-
tees: an Audit Committee and a Remuneration and
Nomination Committee.
Four Audit Committee meetings were held in the
2023/24 financial year.
Four Remuneration and Nomination Committee
meetings were held in the 2023/24 financial year.
Assessment of the
work performed by
the Board of Directors
Every year, the Board of Directors conducts a self-
assessment. Based on the result of this assessment,
the organisation and efficiency of the Board of Di-
rectors' work are discussed at a Board meeting.
In 2024, the annual self-assessment of the Board of
Directors was performed partly with external assis-
tance. The self-assessment consisted of 74 questions
in which board members as well as the Executive
Leadership Team responded anonymously.
The self-assessment shows that there is an open and
transparent dialogue between the Board of Direc-
tors and the Executive Leadership Team, and the
board committees serve as good vehicles for framing
the discussions in the Board of Directors and ensure
that key risks are addressed.
Furthermore, the self-assessment shows that the
composition of the Board of Directors, including rele-
vant competencies, matches what the Board of Di-
rectors considers necessary to best perform its tasks,
such as finance, digital transformation, customer ex-
perience, commercialisation, sustainability, industry
knowledge incl. the US market, general manage-
ment, innovation, legal affairs and acquisitions. How-
ever, as part of the upcoming strategy process the
Board of Directors will discuss which competencies
are needed to deliver on the next strategy.
During the past year, the Board of Directors has
spent time monitoring and discussing the progress
made on Coloplast’s Strive25 strategy as well as the
performance and integration of Kerecis hf.. Further-
more, the Board of Directors has spent a significant
amount of time discussing and addressing challenges
caused by current world events.
Gender representation
on Board of Directors
Coloplast maintains equal gender representation
among the six shareholder-elected members of its
Board of Directors in compliance with the Danish
Companies Act, section 139c and the Danish Finan-
cial Statements Act, section 99b.
Activities and responsibilities of the
Audit Committee
Activities and responsibilities of the
Remuneration and Nomination Committee
The Audit Committee is, among others, responsible
for the oversight of:
• The financial reporting and associated processes, in-
cluding the statutory audit of the financial state-
ments.
• The company’s internal control systems and risk
management systems, including insurance matters
• Review of the Group’s IT security and the auditors’
annual IT audit
• The independence of the auditors, including the pro-
vision of non-audit services to the Group
• The procedure of selecting and making recommen-
dation to the Board of Directors in respect of the ap-
pointment of auditors.
• Activities reported through the Coloplast Ethics Hot-
line.
In the 2023/24 financial year, the main activities
have been:
• Overseeing the Atos and Kerecis integration.
• Implementation of Corporate Sustainability Reporting
Directive (CSRD).
• Re-financing of maturing 2-year bond.
• Onboarding of new statutory auditor.
The Remuneration and Nomination Committee is,
among others, responsible for the oversight of:
• The competence profile and composition of the
Board of Directors.
• Nomination of members to the Board of Directors
and the Board committees.
• The leadership pipelines.
• The remuneration policy for the members of the
Board of Directors and the Executive Management
and other tasks on an ad hoc basis as specifically de-
termined by the Board of Directors.
In the 2023/24 financial year, the main activities
have been:
• Reviewing governing bodies and plan for succession.
• Conducting the annual board self-assessment.
• Evaluation of remuneration structure for the Execu-
tive Management.
Management’s Report | Governance and Ownership | Corporate governance
65 Annual Report 2023/24
Remuneration of the Board of
Directors and the Executive
Management
At the Coloplast Annual General Meeting held on
7 December 2023, the shareholders adopted an up-
dated Remuneration Policy for Coloplast, which had
been prepared by the Board of Directors. The Remu-
neration Policy is available on the company’s web-
site.
Coloplast has also prepared a Remuneration Report
detailing, among other things, the remuneration to
the Board of Directors and the Executive Manage-
ment which complies with Section 139(b) of the
Danish Companies Act. The Remuneration Report
2022/23 was presented and adopted at the Annual
General Meeting held on 7 December 2023.
Recommendations on
Corporate governance
Coloplast is reporting on the recommendations on
corporate governance issued by the Committee on
Corporate Governance applying to financial years
starting 1 January 2021 or thereafter. Reporting on
these recommendations is also required by Supple-
ment A – Nasdaq Copenhagen to Nasdaq’s Nordic
Main Market Rulebook for Issuers of Shares. The
Board of Directors reviews the recommendations in
force on a regular basis and at least once a year.
The recommendations consist of 40 individual rec-
ommendations. Coloplast complies fully with all rec-
ommendation.
Coloplast’s position on each of the recommendations
as well as a description of the internal control and
risk management system relating to financial report-
ing can be found in the Corporate Governance Re-
port which is prepared pursuant to Section 107(b) of
the Danish Financial Statements Act.
Data ethics policy
The Board of Directors has adopted a Data Ethics
Policy in accordance Section 99(d) of the Danish
Financial Statements Act which applies to all
Coloplast group companies. In working with data,
Coloplast ensures that appropriate measures are in
place to safeguard ethical data processing, and
Coloplast has implemented extensive security
measures to ensure secure data storage.
Coloplast adheres to a high standard of data ethics
and solely uses and processes data for legitimate
purposes that serves shared benefit for all interested
parties. Data processing in Coloplast must never lead
to any form of discrimination or biased decisions, de-
cision-making or results. Regardless of how Coloplast
collects data, Coloplast always respects applicable
data privacy laws. When sharing data, Coloplast im-
poses high standards on the recipients to ensure ap-
propriate data security.
Coloplast never sells data.
To further strengthen adherence with global privacy
laws, Coloplast has implemented corporate binding
rules.
Download the
Remuneration Report
www.coloplast.com/remuneration-report
Download the
Corporate Governance Report
www.coloplast.com/corporate-governance
Management’s Report | Governance and Ownership | The Board of Directors
66 Annual Report 2023/24
Meet our Board of Directors
The Board of Directors
Lars Rasmussen
Chairman of the Board, independent
Niels Peter Louis-Hansen
Deputy Chairman of the Board,
non-independent
Annette Brüls
Board member, independent
Carsten Hellmann
Board member, independent
Jette Nygaard-Andersen
Board member, independent
Born 1959. Lars Rasmussen has extensive
executive management and board experi-
ence from international listed companies in
the med-tech and pharma industry. He pos-
sesses in-depth knowledge within the com-
mercialisation of innovation, B2B and B2C
sales models and efficiency improvements.
Other board and management positions:
• H. Lundbeck A/S: Chairman of the Board,
Chairman of the Remuneration and Nomi-
nation Committee and member of the Au-
dit Committee
• Gyldendal A/S: Board member
• WS Audiology A/S, Chairman of the Board
• Danish Committee of Corporate Govern-
ance: Chairman
• Danish Life Science Council: Chairman
• University of Copenhagen: Board member
• Mabtech AB: Chairman of the Board
Joined the Board of Directors in 2018.
Born 1947. Through decades of board work,
Niels Peter Louis-Hansen has gained in-
depth knowledge of the industries in which
Coloplast operates, its dynamics and key
players as well as deep insight into strategy
development. Furthermore, Niels Peter
Louis-Hansen is a key contributor to pre-
serving the Coloplast-culture.
Other board and management positions:
• Aage og Johanne Louis-Hansens Fond:
Chairman of the Board
• Aage og Johanne Louis-Hansen A/S:
Chairman of the Board
• Coloplast Holding ApS: Chairman of the
Board
• NPLH Holding ApS: CEO
• N. P. Louis-Hansen ApS: CEO
• NPLH Property Investments ApS: CEO
• NPLH Anpartsinvest ApS: CEO
Joined the Board of Directors in 1968.
Born 1971. Annette Brüls has considerable
executive management experience within
global medical device businesses. Annette
Brüls has in-depth knowledge and under-
standing of product development and com-
mercialisation within the med-tech industry
and in particular in chronic disease manage-
ment, including digital services and value-
based healthcare models.
Other board and management positions:
• Corporate Vice President, EMEACLA
Edwards Lifesciences
Joined the Board of Directors in 2021.
Born 1964. Carsten Hellmann has consider-
able executive management experience as
CEO in pharma and healthcare and exten-
sive experience in product development and
international commercialisation within highly
regulated industries as well as M&A activi-
ties, including post integration.
Other board and management positions:
• Chanelle Pharma, Chairman of the Board
• Copenhagen Capacity: Board member
• The Danish Chamber of Commerce: Board
member
Joined the Board of Directors in 2017.
Born 1968. Jette Nygaard-Andersen has
considerable executive management and
board experience within global med-tech,
media and entertainment, and digital growth
businesses. She has extensive experience
within business and marketing strategies,
digital transformation, optimisation of cus-
tomer experience and engagement, working
with digital growth start-ups globally and
M&A activities, including post integration.
Joined the Board of Directors in 2015.
Management’s Report | Governance and Ownership | The Board of Directors
67 Annual Report 2023/24
Marianne Wiinholt
Board member, independent
Thomas Barfod
Employee-elected board member
Roland V. Pedersen
Employee-elected board member
Nikolaj Kyhe Gundersen
Employee-elected board member
Born 1965. Marianne Wiinholt has consider-
able executive management experience
and extensive experience within finance and
accounting. Furthermore, Marianne Wiinholt
has considerable knowledge and experience
in leading, driving and delivering a sustaina-
bility agenda on a global scale.
Other board and management positions:
• WS Audiology A/S: CFO
• Widex A/S: Chairman of the Board
• Norsk Hydro ASA: Board member and
Chairman of the Audit Committee
Joined the Board of Directors in 2020.
Born 1970. Title: Team Manager.
Joined the Board of Directors in 2006.
Born 1962. Title: Lead Negotiator.
Joined the Board of Directors in 2018.
Born 1969. Title: Skilled Precision Engineer.
Joined the Board of Directors in 2018.
See the full CVs of the Board of
Directors on our website
www.coloplast.com/about-coloplast/management1/
Management’s Report | Governance and Ownership | The Executive Leadership Team
68 Annual Report 2023/24
Meet our Executive Leadership Team*
The Executive Leadership Team
Kristian Villumsen
President & CEO
Anders
Lonning-Skovgaard
Executive Vice President,
CFO
Dorthe Rønnau
Executive Vice President,
People and Culture
Allan Rasmussen
Executive Vice President,
Global Operations
Nicolai Buhl Andersen
Executive Vice President,
Chronic Care
Caroline
Vagner Rosenstand
Executive Vice President,
Voice & Respiratory Care
Thomas Johns Jr
Executive Vice President,
Interventional Urology
With Coloplast since 2008.
Educational background:
MA Political Science,
Aarhus University
MA in Public Policy, Harvard
University Kennedy School of
Government.
Other board positions:
Demant A/S: Board member
and member of the Audit
Committee.
With Coloplast since 2006.
Educational background:
MSc Finance and Accounting,
Aarhus University.
With Coloplast since 2022.
Educational background:
MSc in industrial engineering,
University of Copenhagen
MSc Psychology in Organisa-
tions (MPO), Roskilde
University
Graduate diploma in Business
Administration.
With Coloplast since 1992.
Educational background:
BSc (Mech. Eng.),
Technical University of
Denmark
E*MBA, Scandinavian Interna-
tional Management Institute.
Other board positions:
Ferrosan Medical Devices
A/S: Board member.
With Coloplast since 2005.
Educational background:
MA in Economics and
Business,
Copenhagen Business School
and Sophia University, Japan.
With Coloplast since 2015.
Educational background:
B.Sc. International Business,
Copenhagen Business School
M.Sc. Applied Economics &
Finance, Copenhagen Busi-
ness School.
Other board positions:
Embla Medical hf.:
Board member and member
of the Audit Committee.
With Coloplast since 2015.
Educational background:
BA in History, Princeton Uni-
versity
MBA, Northwestern Univer-
sity-JL Kellogg School of Man-
agement.
* Executive Leadership Team as per 5 November 2024.
Management’s Report | Governance and Ownership | Ownership and major shareholders
69 Annual Report 2023/24
Ownership and shareholdings
The company had 56,417 shareholders at the end of
the financial year, which was 2,882 less than last
year. Institutional investors based outside Denmark
held 39% of Coloplast's shares on 30 September
2024, on par with last year. Registered shareholders
represented 98% of the entire share capital.
Pursuant to the company's articles of association,
shares must be registered in the name of the holder
to carry voting rights. Two shareholders have re-
ported to the company, pursuant to section 55 of
the Danish Companies Act and section 38 of the
Danish Capital Markets Act, that at the date of this
annual report they held 5% or more of the share
capital or voting rights.
Ownership and major shareholders
Residence
Ownership share
Voting rights
Shareholders with ownership or voting rights of more than 5%
Niels Peter Louis-Hansen (controls)¹⁾
Vedbæk
31.4%
55.0%
Benedicte Find
Humlebæk
3.6%
5.3%
¹⁾ Coloplast Holding ApS holds 29.49% of the share capital and 51.36% of the voting rights in Coloplast A/S. Coloplast Holding ApS is owned by NPLH Holding ApS with 62.58% of the share capital and 71.13% of
the voting rights and the remaining shares is held by Aage og Johanne Louis-Hansen A/S. Niels Peter Louis-Hansen controls 100% of the share capital and voting rights in NPLH Holding ApS and Aage og Johanne
Louis-Hansen Fond controls 100% of the shares capital and voting rights in Aage og Johanne Louis-Hansen A/S. In addition Niels Peter Louis-Hansen holds shares in Coloplast A/S personally and through his wholly
owned company N.P. Louis Hansen ApS. This bringing the aggregate ownership to the numbers stated in the table above.
A shares '000 units
B shares '000 units
Ownership share
Voting rights
Ownership structure of Coloplast A/S
Holders of A shares and their families
18,000
83,598
45%
68%
Danish institutions
15,484
7%
4%
Foreign institutions
89,849
39%
23%
Coloplast A/S²⁾
2,865
1%
0%
Other shareholders
11,910
5%
3%
Non-registered shareholders
6,494
3%
0%
Total
18,000
210,200
100%
98%
²⁾ The 2,864,545 shares held by Coloplast on 30 September 2024, equivalent to 1% of the share capital, are treasury shares without voting rights.
A shares '000 units
B shares '000 units
Number of insiders
Shares held by management
Board of Directors, non-independent directors
1,094
3,300
5
Board of Directors, independent directors
6
4
Executive Management
104
5
Coloplast Holding ApS³⁾
14,791
52,512
-
Total
15,885
55,922
14
³⁾ Coloplast Holding ApS holds 29.49% of the share capital and 51.36% of the voting rights in Coloplast A/S. Coloplast Holding ApS is owned by NPLH Holding ApS with 62.58% of the share capital and 71.13% of
the voting rights and the remaining shares is held by Aage og Johanne Louis-Hansen A/S. Niels Peter Louis-Hansen, Deputy Chairman of the board (not considered an independent board member) controls 100%
of the share capital and voting rights in NPLH Holding ApS and Aage og Johanne Louis-Hansen Fond controls 100% of the shares capital and voting rights in Aage og Johanne Louis-Hansen A/S. In addition Niels
Peter Louis-Hansen holds shares in Coloplast A/S personally and through his wholly owned company N.P. Louis Hansen ApS. This bringing the aggregate ownership to the numbers stated in the table above.
Management’s Report | Governance and Ownership | Ownership and major shareholders
70 Annual Report 2023/24
Share classes and
authorisations
Coloplast’s share capital is DKK 228.2 million divided
into DKK 18 million A shares and DKK 210.2 million
B shares. Each A and B share has a nominal value
of DKK 1.
Each A share entitles the holders to ten votes and
each B share entitles the holders to one vote. The A
shares are non-negotiable instruments. The B shares
are negotiable instruments and were listed on the
Copenhagen Stock Exchange (Nasdaq Copenhagen)
in 1983. Any change of ownership or pledging of A
shares requires the consent of the Board of Directors,
whereas B shares are freely negotiable.
The Board of Directors may increase the company's
share capital by a nominal value of up to DKK 15 mil-
lion in one or more issues of B shares either with or
without pre-emption rights for existing shareholders.
The authorisation is valid until and including 1 Decem-
ber 2027. By decision of 29 August 2023, the Board
of Directors has partly exercised the authority to in-
crease the share capital by issuance of B shares with
nominally DKK 12.2 million. The remaining amount of
the authorisation is thus nominally DKK 2.8 million.
Moreover, the Board of Directors has been authorised
to acquire treasury shares of up to 10% of the com-
pany's share capital provided that the company’s total
holding of treasury shares does not exceed 10% of
the company’s share capital at any time. The highest
and lowest amount to be paid for the shares by the
company is the price applicable at the time of
purchase +/- 10%. This authorisation is valid until and
including 6 December 2028.
At general meetings, matters are decided by a simple
majority of votes. Resolutions to amend the compa-
ny's articles of association require that not less than
half of the share capital is represented and that the
resolution is adopted by not less than two-thirds of the
votes cast as well as of the voting share capital repre-
sented at the general meeting. The resolution lapses if
the above-mentioned share capital is not represented,
or if a resolution is not adopted by two-thirds of the
votes cast. If a resolution is adopted by two-thirds of
the votes cast but without at least half of the share
capital being represented, the Board of Directors must
convene a new extraordinary general meeting within
two weeks.
If, at this meeting, the resolution is adopted by not less
than two-thirds of the votes cast and of the voting
share capital represented, it will be passed irrespective
of the amount of the share capital represented at the
meeting.
In the event of a change of control in the company re-
sulting from a change of ownership, issued share op-
tions will be subject to accelerated vesting. No other
important agreements are in place that would be af-
fected in the event of a change of control of the com-
pany resulting from a takeover, and no special agree-
ments have been made between the company, its
management or employees if their positions are dis-
continued due to a change of ownership. There are
no special provisions governing the election of mem-
bers to Coloplast's Board of Directors.
Meet the Management event 2024
Coloplast hosted an investor event at the headquar-
ters in Humlebæk, Denmark, on 6 June 2024 with
around 80 in-person participants and around 150
participants online. All material from the day is avail-
able on our website under the dedicated investor re-
lations section.
Open and
transparent
communication
Coloplast has established a policy for communicating
information to investors and shareholders, under
which the Executive Leadership Team and the Inves-
tor Relations team are in charge of communications
pursuant to guidelines agreed with the Board of
Directors. The communication of information com-
plies with the rules laid down by Nasdaq, comprising:
• Full-year and interim financial statements and the
annual report.
• Replies to enquiries from analysts, investors and
shareholders.
• Site visits by investors and analysts.
• Presentations to Danish and foreign investors.
• Capital markets days and Meet the Management
events for analysts and investors.
• Conference calls in connection with the release of
financial statements.
Dedicated investor relations section on Coloplast’s
corporate website.
The Financial Statements | Consolidated financial statements | Ownership and major shareholders
71 Annual Report 2023/24
Consolidated
financial statements
Consolidated financial statements
The Financial Statements
The Financial Statements | Consolidated financial statements | Statement of comprehensive income
72 Annual Report 2023/24
Statement of comprehensive income
1 October – 30 September
Statement of comprehensive income
DKK million
Note
2023/24
2022/23
Income statement
Revenue
4
27,030
24,500
Production costs
5, 11, 12, 13
-8,761
-8,172
Gross profit
18,269
16,328
Distribution costs
5, 11, 12, 13
-8,825
-7,518
Administrative expenses
5, 11, 12, 13
-1,244
-1,115
Research and development costs
5, 11, 12, 13
-913
-872
Other operating income
75
56
Other operating expenses
-76
-34
Operating profit (EBIT) before special items
7,286
6,845
Special items
6
34
-74
Operating profit (EBIT)
7,320
6,771
Financial income
7
175
191
Financial expenses
7
-1,100
-937
Profit before tax
6,395
6,025
Tax on profit for the year
8
-1,343
-1,242
Net profit for the year
5,052
4,783
DKK
Earnings per share (EPS)
9
22.46
22.21
Earnings per share (EPS), diluted
9
22.46
22.20
DKK million
Note
2023/24
2022/23
Statement of comprehensive income
Net profit for the year
5,052
4,783
Other comprehensive income:
Remeasurements of defined benefit plans
18
6
-9
Tax on remeasurements of defined benefit plans
-1
5
Items that will not be reclassified to the income statement
5
-4
Value adjustment of hedging
-45
145
Recycle through the income statement
-75
-114
Tax effect of hedging
26
-23
Currency adjustment of opening balances and other value adjust-
ments relating to subsidiaries
-293
-723
Tax effect of currency adjustment, assets in foreign currency
109
11
Items that may be reclassified to the income statement
-278
-704
Total other comprehensive income
-273
-708
Total comprehensive income
4,779
4,075
The Financial Statements | Consolidated financial statements | Cash flows
73 Annual Report 2023/24
Statement of cash flows
1 October – 30 September
DKK million
Note
2023/24
2022/23
Increase in share capital
-
9,100
Dividend to shareholders
-4,720
-4,247
Sale of treasury shares and loss on exercised options
500
34
Financing from shareholders
-4,220
4,887
Repayment of lease liabilities
24
-268
-244
Settlement of issued bonds
24
-4,848
-
Financing through debt funding
24
5,000
-
Drawdown on credit facilities
24
2,818
622
Cash flows from financing activities
-1,518
5,265
Net cash flows
-88
534
Cash and cash equivalents at 1 October
911
414
Foreign exchange value adjustments
-31
-37
Cash and cash equivalents, disposed operations
-4
-
Net cash flows
-88
534
Cash and cash equivalents at 30 September
25
788
911
Cash flows
DKK million
Note
2023/24
2022/23
Cash flow statement
Operating profit
7,320
6,771
Amortisation
11
451
334
Depreciation
12, 13
839
735
Adjustment for other non-cash operating items
24
-92
-220
Changes in working capital
24
-1,032
-893
Interest received, etc.
82
40
Interest paid, etc.
-844
-809
Income tax paid
-3,958
-1,732
Cash flows from operating activities
2,766
4,226
Investments in intangible assets
11
-180
-221
Investments in land and buildings
12
-7
-7
Investments in plant and machinery and other fixtures and fittings, tools
and equipment
12
-87
-96
Investments in property, plant and equipment under construction
12
-1,072
-917
Property, plant and equipment sold
15
8
Investment in other investments
-13
-17
Company divestment
8
-
Acquisition of subsidiaries
32
-
-7,923
Net sales/purchase of marketable securities
-
216
Cash flows from investing activities
-1,336
-8,957
Free cash flow
1,430
-4,731
The Financial Statements | Consolidated financial statements | Balance sheet
74 Annual Report 2023/24
Assets
At 30 September
DKK million
Note
2024
2023
Intangible assets
11
30,332
31,255
Property, plant and equipment
12
5,649
5,131
Right-of-use assets
13
922
848
Other equity investments
74
65
Deferred tax asset
14
624
884
Other receivables
16
28
39
Non-current assets
37,629
38,222
Inventories
15
3,672
3,522
Trade receivables
16
4,675
4,315
Income tax
509
532
Other receivables
366
273
Prepayments
434
384
Cash and cash equivalents
788
911
Current assets
10,444
9,937
Assets
48,073
48,159
Equity and liabilities
At 30 September
DKK million
Note
2024
2023
Share capital
228
228
Currency translation reserve
-1,837
-1,579
Reserve for hedging
329
423
Proposed ordinary dividend for the year
3,831
3,595
Retained earnings
15,391
14,632
Equity
9, 10
17,942
17,299
Provisions for pensions and similar liabilities
18
126
124
Deferred tax liability
14
2,481
2,122
Other provisions
19
21
71
Bonds
20
11,557
11,558
Other credit institutions
20
5,000
-
Other payables
1
4
Lease liability
734
664
Prepayments
7
6
Non-current liabilities
19,927
14,549
Provisions for pensions and similar liabilities
18
7
7
Other provisions
19
48
186
Bonds
20
-
4,847
Other credit institutions
20
5,085
2,268
Trade payables
1,519
1,294
Income tax
866
4,229
Other payables
2,425
3,249
Lease liability
253
230
Prepayments
26
1
1
Current liabilities
10,204
16,311
Equity and liabilities
48,073
48,159
Balance sheet Statement of changes in equity
The Financial Statements | Consolidated financial statements | Statement of changes in equity
75 Annual Report 2023/24
Statement of changes in equity, current year
At 30 September
Share capital
Reserves
DKK million
A shares
B shares
Currency
translation
Hedging
Proposed
dividend
Retained
earnings
Total
2023/24
Equity at 1 October
18
210
-1,579
423
3,595
14,632
17,299
Net profit for the year
-
-
-
-
4,956
96
5,052
Other comprehensive income
-
-
-258
-94
-
79
-273
Total comprehensive income
-
-
-258
-94
4,956
175
4,779
Sale of treasury shares and loss on exercised options
-
-
-
-
-
500
500
Share-based payment
-
-
-
-
-
67
67
Tax on share-based payment, etc.
-
-
-
-
-
17
17
Interim dividend paid out in respect of 2023/24
-
-
-
-
-1,125
-
-1,125
Dividend paid out in respect of 2022/23
-
-
-
-
-3,595
-
-3,595
Transactions with shareholders
-
-
-
-
-4,720
584
-4,136
Equity at 30 September
18
210
-1,837
329
3,831
15,391
17,942
The Financial Statements | Consolidated financial statements | Statement of changes in equity
76 Annual Report 2023/24
Statement of changes in equity, last year
At 30 September
Costs related to the capital increase amounts to DKK 111 million, which is offset against retained earnings.
Share capital
Reserves
DKK million
A shares
B shares
Currency
translation
Hedging
Proposed
dividend
Retained
earnings
Total
2022/23
Equity at 1 October
18
198
-910
415
3,185
5,386
8,292
Net profit for the year
-
-
-
-
4,657
126
4,783
Other comprehensive income
-
-
-669
8
-
-47
-708
Total comprehensive income
-
-
-669
8
4,657
79
4,075
Increase in share capital
-
12
-
-
-
9,088
9,100
Sale of treasury shares and loss on exercised options
-
-
-
-
-
34
34
Share-based payment
-
-
-
-
-
58
58
Tax on share-based payment, etc.
-
-
-
-
-
-13
-13
Interim dividend paid out in respect of 2022/23
-
-
-
-
-1,062
-
-1,062
Dividend paid out in respect of 2021/22
-
-
-
-
-3,185
-
-3,185
Transactions with shareholders
-
12
-
-
-4,247
9,167
4,932
Equity at 30 September
18
210
-1,579
423
3,595
14,632
17,299
The Financial Statements | Notes | Notes to the consolidated financial statements
77 Annual Report 2023/24
Key accounting policies
1 Basis of preparation
2 Changes in accounting policies
3 General accounting policies
Profit and loss
4 Revenue and segment information
5 Staff costs
6 Special items
7 Financial income and expenses
8 Tax on profit for the year
9 Earnings per share (EPS)
10 Dividend per share
Assets and liabilities
11 Intangible assets
12 Property, plant and equipment
13 Right-of-use assets
14 Deferred tax
15 Inventories
16 Trade receivables and other receivables
17 Share options
18 Provisions for pensions and similar obligations
19 Other provisions
20 Credit institutions
21 Financial instruments by category
22 Financial risks
23 Derivative financial instruments
Cash flows and credit facilities
24 Specifications of cash flow from operating and fi-
nancing activities
25 Cash and cash equivalents
Other disclosures
26 Public grants
27 Contingent liabilities and guarantees
28 Remuneration of the Board of Directors and Execu-
tive Management
29 Related party transactions
30 Fees to auditors appointed by the Annual General
Meeting
31 Events occurring after the balance sheet date
32 Acquisitions
33 Company overview
34 Definitions of key ratios
List of notes
Notes to the consolidated financial statements
Notes
The Financial Statements | Notes | Notes to the consolidated financial statements
78 Annual Report 2023/24
Note 1
Basis of preparation
The consolidated financial statements for 2023/2024 have been prepared in accordance with the IFRS Ac-
counting Standards as adopted by the EU and additional disclosure requirements pursuant to the Danish
Financial Statements Act for Class D companies.
General information
The financial statements have 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 judge-
ments on the reported amounts of assets, liabilities, net sales, expenses and related disclosures. The esti-
mates and assumptions applied are based on historical experience and other factors that Management con-
siders reasonable under the circumstances, but which are inherently uncertain and unpredictable. Such as-
sumptions may be incomplete or inaccurate, and unexpected events or circumstances may arise. In addi-
tion, the company is subject to risks and uncertainties that may cause actual outcomes to deviate from
these estimates.
For the financial year 2023/24 estimates in relation to ‘Provision for litigation about transvaginal surgical
mesh products’ are no longer relevant. Coloplast consider the cases closed and the Management no longer
make estimates and judgements in respect of the accounting item.
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.
Macroeconomic uncertainty
Management has considered the ongoing impacts on income and expenses from the inflationary pressure
and higher interest rates. Changes in prices and direct costs are based on past experience and manage-
ment’s expectation of future changes in the markets where the Group operates. Management has from the
financial year 2023/24 added potential financial impact of the economic and political environment as a
principal risk that is monitored and reported on.
Climate-related risks
Coloplast is exposed to risks associated with climate change. In preparing the consolidated financial state-
ments for 2023/24, management has considered the impact of climate change. While sustainability is an
embedded part of doing business, management does not consider sustainability targets or climate change
to have a significant impact on the accounting estimates and judgements consistent with the assessment
that climate change is not expected to have significant impact on the Group’s future cash flows, the carry-
ing amount of non-current assets, or going concern assessment.
Management has made significant accounting estimates and judgements in respect of the following
areas:
Area
Estimate / judgement
Note
Risk of impact
and degree
of estimation
Goodwill and other intangible assets
Estimate and judgement
11

Acquisitions of businesses
Estimate and judgement
11, 32

Inventories
Estimate
15

Deferred tax assets and uncertain tax positions
Estimate and judgement
14

Other provisions
Estimate
19

The Financial Statements | Notes | Notes to the consolidated financial statements
79 Annual Report 2023/24
Note 2
Changes in accounting policies
Effective from the 2023/24 financial year, the Coloplast Group has implemented all new, updated or
amended IFRS Accounting Standards and interpretations (IFRSs) as issued by the IASB and IFRSs adopted
by the EU that are effective for the 2023/24 financial year.
Coloplast has implemented the amendments to 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. The amendments did not have a material impact on recognition or measurement.
The implementation of new, updated or amended IFRS Accounting 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 - Classification of Liabilities as Current or Non-cur-
rent and IFRS 16 Leases.
In April 2024, the IASB issued IFRS 18, which replaces IAS 1. IFRS 18 introduces amongst other new re-
quirements for presentation within the statement of loss and disclosures of management-defined perfor-
mance measures. The standard is not yet adopted by the EU. The implications of the new requirements is
currently being evaluated.
Reporting standards or interpretations which are not adopted by the EU have not been applied in this an-
nual 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 state-
ments are presented in Danish kroner (DKK), which is the functional and presentation currency of the par-
ent company. Other currencies are considered foreign currencies.
Translation of foreign currencies
Transactions denominated in foreign currencies are translated into an entity’s 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 bal-
ance 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 comprehen-
sive income.
The Financial Statements | Notes | Notes to the consolidated financial statements
80 Annual Report 2023/24
Note 3 | continued
The Argentinian economy has been considered a hyperinflation economy effective from 1 July 2018. Ac-
cordingly, the Group’s Argentinian subsidiary is recognised in accordance with IAS 29. The subsidiary’s fi-
nancial statements were inflation adjusted at a retail price index increase of 237% (133% in 2022/23 -
source: Bloomberg) prior to recognition in the consolidated financial statements. The adjustment of the be-
ginning of period equity is recognised in currency translation in equity. The income statement and the bal-
ance sheet of the inflation-adjusted financial statements are included in the consolidated financial state-
ments at the exchange rate applying at the balance sheet date standing at 0.69.
Consolidation, business combinations and associates
The consolidated financial statements comprise the financial statements of Coloplast A/S (the parent com-
pany) 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’s account-
ing 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 oth-
erwise exercise a significant influence, are regarded as associates. The Group’s proportionate share of unre-
alised 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 acquisition 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’ 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.
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 recog-
nised 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’s cash flow from operating, investing and financing activities as well as the Group’s cash and cash
equivalents at the beginning and end of the year. Cash and cash equivalents comprise cash. Marketable se-
curities include bonds with maturities of more than three months and are recognised under investing activi-
ties.
The Financial Statements | Notes | Notes to the consolidated financial statements
81 Annual Report 2023/24
Note 3 | continued
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 hu-
man-readable and machine-readable, thus enhancing accessibility, analysis and comparability of the infor-
mation 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 taxon-
omy. 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 Mecha-
nisms) consists of the XHTML document together with some technical files all included in a ZIP file named
Coloplast-2024-09-30-en.ZIP.
Note 4
Revenue and segment information
Accounting policies
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. Excep-
tions 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 Interven-
tional 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’s 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.
The Financial Statements | Notes | Notes to the consolidated financial statements
82 Annual Report 2023/24
Note 4 | continued
Segmentation of the income statement
The segment Chronic Care covers the sale of ostomy care products and continence care products. The seg-
ment Interventional Urology covers the sale of urological products, including disposable products. The seg-
ment 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 report-
ing to the Executive Leadership Team. The shared/non-allocated functions 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 the respective segments, R&D activities for Chronic Care and Advanced
Wound Dressings are shared functions which are included in shared/non-allocated. The shared/non-allo-
cated functions also include PPA amortisation expenditures related to Voice and Respiratory Care and Bio-
logics. Financial items and income tax are not allocated to the reportable segments.
Geographic information
Coloplast A/S’ registered office is situated in Denmark. No single customer accounted for more than 10% of
the Group’s revenue in 2023/24 and 2022/23.
DKK million 2023/24 2022/23 Specification of revenue representing over 10% of the Group’s revenue by customer location including Denmark. US 6,371 5,143 UK 3,685 3,433 France 2,735 2,634 Denmark 401 335 Other 13,838 12,955 Total 27,030 24,500 Specification of non-current assets¹⁾ by location of the subsidiary Denmark 22,368 22,013 Iceland 8,600 9,636 Hungary 1,823 1,741 Other 4,112 3,844 Total 36,903 37,234 ¹⁾ Non-current assets by location consist of intangible assets, property plant and equipment and right-of-use assets.
Accounting policies, continued
Revenue is measured at the fair value of the agreed consideration. All discounts granted are recognised in reve-
nue. 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 signif-
icant financing component exists for transactions where payment is expected in less than 12 months from the de-
livery of goods (transfer of control).
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 Manage-
ment is based on five operating segments: Chronic Care, Voice and Respiratory Care, Interventional Urology, Ad-
vanced Wound Dressings and Biologics. Management does not receive reporting on assets and liabilities by oper-
ating segments. Accordingly, the operating segments are not measured in this respect, nor do we allocate re-
sources on this background.
The Financial Statements | Notes | Notes to the consolidated financial statements
83 Annual Report 2023/24
Note 4 | continued
Voice Ad-and Res-Interven-vanced Chronic piratory tional Wound DKK million Care Care Urology Dressings Biologics Total 2023/24 Segment revenue: Ostomy Care 9,545 - - - - 9,545 Continence Care 8,540 - - - - 8,540 Voice and Respiratory Care - 2,110 - - - 2,110 Interventional Urology - - 2,775 - - 2,775 Advanced Wound Care - - - 3,034 1,026 4,060 External revenue as per the compre-hensive income 18,085 2,110 2,775 3,034 1,026 27,030 Costs allocated to segment -7,644 -1,374 -1,799 -1,881 -925 -13,623 Segment operating profit/loss 10,441 736 976 1,153 101 13,407 Shared/non-allocated -6,121 Special items not included in segment operating profit/loss (see note 6 to the financial statements) 34 Operating profit before tax (EBIT) as per the Statement of comprehensive income 7,320 Net financials -925 Tax on profit/loss for the year -1,343 Profit/loss for the year as per the Statement of comprehensive income 5,052
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 and indirect 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.
Voice Ad-and Res-Interven-vanced Chronic piratory tional Wound Biolog-DKK million Care Care Urology Dressings ics¹⁾ 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 comprehen-sive income 16,982 1,939 2,674 2,830 75 24,500 Costs allocated to segment -7,173 -820 -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 ¹⁾ Only one month impact in 2022/23.
The Financial Statements | Notes | Notes to the consolidated financial statements
84 Annual Report 2023/24
Note 5
Staff costs
DKK million 2023/24 2022/23 Specification of staff costs recognised in the financial year Salaries, wages and directors' remuneration¹⁾ 7,476 6,271 Pension costs - defined contribution plans (note 18) 472 410 Pension costs - defined benefit plans (note 18) 13 12 Other social security costs 800 755 Total 8,761 7,448
Staff costs allocated to functions Production costs 1,935 1,657 Distribution costs 5,403 4,605 Administrative expenses 853 675 Research and development costs 570 509 Special items - 2 Total 8,761 7,448
Average number of employees, FTEs²⁾ 16,202 15,069 Number of employees at 30 September, FTEs²⁾ 16,639 15,764 Number of employees at 30 September, headcount²⁾ 16,875 15,977 ¹⁾ Including share based payment. See note 17 to the consolidated financial statements. ²⁾ The FTE definition has been reassessed and the comparison figures has been adjusted.
See note 28 to the consolidated financial statements for information on the Executive Management's and
the Board of Directors' remuneration.
Note 6
Special items
In the financial year 2023/24 special items contains expenses related to integration costs for the Atos Medi-
cal acquisition and reversal of the remaining provision for earnout consideration related to the Kerecis ac-
quisition.
Last year special items contained DKK 200 million further and final provision related to the MDL lawsuits in
the US alleging injury from the use of transvaginal surgical mesh products. Furthermore, special items con-
tained an income of DKK 244 million related to Atos Medical US billing compliance.
DKK million 2023/24 2022/23 Provisions for litigation about transvaginal surgical mesh products - -200 Adjustment provision related to acquisition - 244 Reversal of remaining provision for earnout consideration related to Kerecis 123 - Expenses related to business combinations -89 -118 Total 34 -74
Accounting policies
Special items comprise material amounts of a non-recurring nature, such as costs relating to acquisitions, divest-
ment, 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.
The Financial Statements | Notes | Notes to the consolidated financial statements
85 Annual Report 2023/24
Note 7
Financial income and expenses
DKK million 2023/24 2022/23 Financial income Interest income 80 36 Fair value adjustments of forward contracts transferred from other comprehensive in-come - 40 Fair value adjustments of cash-based share options - 1 Interest hedges 75 75 Hyperinflationary adjustment of net monetary position 18 36 Other financial income 2 3 Total 175 191
DKK million 2023/24 2022/23 Financial expenses Interest expenses¹⁾ 326 169 Interest expenses, lease liabilities 33 24 Interest expenses, bonds¹⁾ 436 445 Net exchange adjustments 218 218 Other financial expenses and fees 87 81 Total 1,100 937 ¹⁾ Total interest expenses are measured at amortised costs for financial assets and liability.
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 con-
tracts 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 consolidated financial statements for more information about accounting policy for items trans-
ferred from hedging reserve.
The Financial Statements | Notes | Notes to the consolidated financial statements
86 Annual Report 2023/24
Note 8
Tax on profit for the year
DKK million 2023/24 2022/23 Specification of tax on profit for the year Current tax on profit for the year 675 4,612 Change in deferred tax on profit for the year 676 -3,343Tax on profit from ordinary activities for the year 1,351 1,269 Adjustment of tax relating to prior years -8-19Change due to change in tax rate --8Tax on profit for the year 1,343 1,242 Tax on equity and other comprehensive income entries, income (-) / expense (+) -151 20 Reconciliation of the effective tax rate Danish tax rate 22.0% 22.0% Effect of change of tax rates 0.0% -0.1% Deviation in foreign subsidiaries' tax percentage 0.3% -1.5% Non-taxable income and non-deductible expenses -1.5% -0.3% Research and development incentives -0.8% -0.2% Other taxes and other adjustments, net 1.0% 0.7% Effective tax rate 21.0% 20.6%
The Coloplast Group is not expected to be materially impacted by the OECD/EU Pillar Two Model Rules and
their local implementation. Most countries where the Group has operations impose taxation in excess of
15%. However, there are a limited number of jurisdictions where the transitional save harbour relief does
not apply and the Pillar two effective rate is close to 15%. As such, these rules are not expected to materi-
ally impact the Group’s effective tax rate.
Note 9
Earnings per share (EPS)
2023/24 2022/23 Net profit for the year, DKK million 5,052 4,783 Weighted average number of outstanding shares, millions of units 224.9 215.4 Dilutive effect of outstanding share options, millions of units - 0.1 Average number of unrestricted shares including dilutive effect of outstanding share op-tions, millions of units 224.9 215.5 Earnings per share, DKK 22.46 22.21 Earnings per share, diluted, DKK 22.46 22.20
Accounting policies
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to
the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted at the reporting date.
Current income tax relating to items recognised directly in equity is recognised in equity and not in the statement
of profit or loss.
Interest expenses and income related to current taxes are included in financial items.
Accounting policies
Earnings per share (EPS) reflects the ratio between profit for the year and the year’s 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 ad-
justed for the dilutive effect of outstanding share options in the money.
The Financial Statements | Notes | Notes to the consolidated financial statements
87 Annual Report 2023/24
Note 9 | continued Note 10
Dividend per share
DKK 2023/24 2022/23Interim dividend per share 5.00 5.00Proposed dividend per share 17.00 16.00Total dividend per share 22.00 21.00 Total dividend for the year, DKK million 4,956 4,657 Payout ratio 98% 97%
The Board of Directors recommends that the shareholders attending the general meeting approve an addi-
tional dividend of DKK 17.00 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 22.00. The increase in dividend per
share, compared to last financial year, amounts to 5%. The payout ratio after special items for the year is
98%.
2023/24 2022/23 Outstanding shares ('000): A shares B shares A shares B shares Outstanding shares at 1 October 18,000 206,660 18,000 194,307 Issue of new shares - - - 12,200 Sale of treasury shares - 675 - 153 Acquisition of treasury shares - - - - Outstanding shares at 30 September 18,000 207,335 18,000 206,660 Holding of treasury shares at 30 September - 2,865 - 3,540 Total shares issued at 30 September 18,000 210,200 18,000 210,200
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 re-
strictions apply to their negotiability. No special dividend rights attach to either share class. The Group does not
hold A shares.
The Financial Statements | Notes | Notes to the consolidated financial statements
88 Annual Report 2023/24
Note 11
Intangible assets
Accounting policies
Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Sub-
sequent 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. Amortisation is made on a straight-line
basis over the expected useful lives of the assets, which are:
Software
3 – 5 years
Acquired patents, customer list, trademarks and know-how etc.
5 – 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 fair value less costs to sell. For the purpose of assessing impairment, as-
sets 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’s 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 recoverable amount. The carrying amount of these intangible assets was
DKK 29,736 million as at 30 September 2024 (30 September 2023: DKK 30,718. million).
In the financial year 2022/23 Coloplast acquired Kerecis. In 2023/24, Coloplast has changed the purchase price
allocation of Kerecis Group. For more information about the changes, see note 32 to the consolidated financial
statements.
The Financial Statements | Notes | Notes to the consolidated financial statements
89 Annual Report 2023/24
Note 11 | continued
Acquired Prepay-patents, ments and trademarks intangible Total and know-assets in intangible DKK million how etc. Goodwill Software progress assets 2023/24 Cost at 1 October 12,911 19,974 783 225 33,893 Exchange adjustment -123-133 2 - -254 Adjustment to acquisitions previous years¹⁾ - -466- - -466Transfers - - 129 -129- Additions during the year - - 37 143180 Cost at 30 September 12,788 19,375 951 239 33,353 Amortisation at 1 October 2,167 - 471 - 2,638 Exchange adjustment -70- 2 - -68 Amortisation for the year 330 - 121 - 451 Amortisation at 30 September 2,427 - 594 - 3,021 Carrying amount at 30 September 10,361 19,375 357 239 30,332 ¹⁾ See note 32 to the consolidated financial statements.
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 10,100 14,298 662 168 25,228 Exchange adjustment -345-458 1 - -802 Adjustment to acquisitions previous years - -50- - -50Additions from acquisitions 3,159 6,184 - - 9,343 Transfers - - 102 -102-Additions during the year 2 - 58 161221 Disposals during the year -5- -40 -2-47Cost 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
The Financial Statements | Notes | Notes to the consolidated financial statements
90 Annual Report 2023/24
Note 11 | continued
Goodwill
Goodwill mainly relates to the acquisitions of Kerecis in 2023, Atos Medical in 2022, Lilial in 2018, Comfort
Medical in 2016, Mpathy in 2010 and Mentor's urology and continence business in 2006. 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 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) of each cash-generating units, calculated as the discounted expected future cash flows. No
impairment related to goodwill was identified in 2023/24 or 2022/23.
Future cash flows are determined using forecasts based on anticipated sales growth, earnings and strategy
plans, etc. These forecasts are based on specific assumptions for each cash-generating unit during the fore-
cast 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 forecast period. For Biologics, the growth rate during the terminal period is based on the rate
used in the Management approved business case.
For Chronic Care, Interventional Urology and Voice and Respiratory Care, the discount rate is based on the
median WACC used by the external analysts’ covering Coloplast. For Biologics, the discount rate is based on
the WACC used in the Management approved business case.
2023/24 2022/23 Interventional Voice and Interventional Voice and Chronic Care Urology Respiratory Care Biologics Chronic Care Urology Respiratory Care Biologics Carrying amount, DKK million Trademarks¹⁾ 50 - 3,138 1,425 50 - 3,081 1,501 Goodwill 1,706 352 11,727 5,590 1,726 373 11,511 6,364 Key parameters applied Revenue growth in terminal period 2.0% 2.0% 3.5% 2.0% 2.2% 2.2% 3.5% 2.0% Tax percentage 23.0% 27.0% 23.0% 21.2% 23.0% 27.0% 23.0% 21.2% Discount rate, before tax 8.6% 13.3% 8.1% 11.6% 8.4% 13.1% 7.7% 13.8% Discount rate, after tax 7.0% 10.0% 7.0% 9.0% 6.9% 9.9% 6.9% 11.9% ¹⁾ Carrying amount includes only those trademarks with indefinite useful lives.
The Financial Statements | Notes | Notes to the consolidated financial statements
91 Annual Report 2023/24
Note 11 | continued
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 in-
volves 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 2024/25 financial year. As-
sumptions for Coloplast’s long-term strategy were applied for the financial years 2025/26 to 2027/28. Rev-
enue growth rates of 6-8% 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 de-
crease slightly until the terminal period due to anticipated price pressures and healthcare reforms.
The Group’s general tax rate was applied in the impairment test for Chronic Care because these products
are sold in all of the Group’s 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 proce-
dures in urology and gynaecology, including prostate catheters, stents, vaginal slings used to restore conti-
nence, mesh products used to treat weak pelvic floor and penile implants for men experiencing severe im-
potence.
The impairment test performed for Interventional Urology was based on forecasts for the 2024/25 financial
year. Assumptions for the long-term strategy of the urology business were applied for the financial years
2025/26 to 2027/28. Revenue growth rates of 4-5% were assumed for the budget period, which are sup-
ported 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 antici-
pated price pressures and healthcare reforms.
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 2024/25 fi-
nancial year. Assumptions for the long-term strategy of the voice and respiratory care business were ap-
plied for the financial years 2025/26 to 2027/28. Revenue growth rates of 8-9% 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. It was also assumed that the Group’s focus on cost management
and regular efficiency improvements will ensure that overhead costs will increase at a rate lower than reve-
nue, which will produce an annual margin improvement.
The Group’s general tax rate was applied in the impairment test for Voice and Respiratory Care because
these products are sold in most of the Group’s markets. Working capital invested has been projected using
the same growth rate as that for revenue.
The fair value in use estimated in the impairment test exceeds the carrying value by DKK 2.6 billion. The
calculated value is sensitive to possible lower growth in the terminal period or higher WACC. If (a) the
growth in the terminal period decreases by around 0.7%, or (b) WACC after tax increases by around 0.6%
points it will lead to an impairment.
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 2024/25 financial year. As-
sumptions from the Management approved business case were applied for the financial years 2025/26 to
2039/2040.
The Financial Statements | Notes | Notes to the consolidated financial statements
92 Annual Report 2023/24
Note 11 | continued
Revenue growth rates of 2-42% 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 de-
crease slightly until the terminal period. It was also assumed that the Group’s focus on cost management
and regular efficiency improvements will ensure that overhead costs will increase at a rate lower than reve-
nue, which will produce an annual EBIT margin improvement. An average 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.
Acquired patents, trademarks and know-how etc.
Acquired patents and trademarks are primarily associated with the acquisition of Kerecis in 2023, 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 inventions not patentable or protectable, know-how, confi-
dential information and copyrights on computer software and the like. Most relate to know-how regarding
various technologies. Allocation of the individual components into small intangible assets is not considered
material or relevant.
On acquiring Atos Medical in January 2022, Coloplast acquired a number of patented and unpatented tech-
nologies. 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. Allocation 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. Allocation 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 Medi-
cal.
Management has assessed that the value of trademarks 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
trademarks in their markets, having existed for many years. The industry is characterised as being very sta-
ble with consistent consumer demand and a predictable competitive environment, and is expected to be
profitable for the foreseeable future. Control of the trademarks is legally established and enforceable indefi-
nitely. In management’s 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 Medi-
cal. Customer relationships include lists of and access to Kerecis’ and Atos Medical’s existing customers,
both users, hospitals, distributors and private offices.
The Financial Statements | Notes | Notes to the consolidated financial statements
93 Annual Report 2023/24
Note 11 | continued
Material acquired patents, trademarks and know-how etc.
Remaining amortisation DKK million Asset period 2024 2023 Kerecis Trademarks indefinite 1,425 1,501 Technologies and Kerecis customer relationships 9-19 years 1,559 1,741 Atos Medical and TRACOE Trademarks indefinite 3,138 3,081 Technologies and Atos Medical and TRACOE customer relationships 7-17 years 2,921 3,075 Nine Continents Technologies n/a 1,218 1,218 Carrying value at 30 September 10,261 10,616
2023/24 2022/23 Amortisations on intangible assets break down as follows Production costs 38 25 Distribution costs 386 291 Administrative expenses 20 13 Research and development costs 7 5 Total 451 334
Note 12
Property, plant and equipment
DKK million 2023/24 2022/23 Depreciations on property, plant and equipment break down as follows Production costs 431 364 Distribution costs 45 41 Administrative expenses 38 32 Research and development costs 38 37 Total 552 474
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 – 25 years
Building installations
5 – 10 years
Plant and machinery
5 – 15 years
Other fixtures and fittings, tools and equipment
3 – 7 years
The Financial Statements | Notes | Notes to the consolidated financial statements
94 Annual Report 2023/24
Note 12 | continued
Other fix-Prepay-tures and ments and Total fittings, assets property, Land and Plant and tools and under con-plant and DKK million buildings machinery equipment struction equipment 2023/24 Cost at 1 October 3,477 5,418 1,357 1,241 11,493 Exchange and other adjustments -55-45 1 -9-108Transfers 246585176 -1,007- Additions during the year 7 20 67 1,0721,166 Disposals during the year -45-135-22- -202 Cost at 30 September 3,630 5,843 1,579 1,297 12,349 Depreciation at 1 October 1,727 3,649 986 - 6,362 Exchange and other adjustments -22-22-7- -51 Depreciations for the year 148254150 - 552 Depreciations reversed on disposals during the year -35-111-17- -163 Depreciation at 30 September 1,818 3,770 1,112 - 6,700 Carrying amount at 30 September 1,812 2,073 467 1,297 5,649
The Group has signed agreements with contractors for the supply of buildings, technical plant and machin-
ery for DKK 576 million at 30 September 2024 (DKK 144 million at 30 September 2023). The Group has no
security upon properties at 30 September 2024 (DKK 25 million at 30 September 2023).
Other fix-Prepay-tures and ments and Total fittings, assets property, Land and Plant and tools and under con-plant and DKK million buildings machinery equipment struction 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 during the year 7 18 789171,020 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
The Financial Statements | Notes | Notes to the consolidated financial statements
95 Annual Report 2023/24
Note 13
Right-of-use 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 di-
rectly 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 re-
turned 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 recog-
nised on the balance sheet date.
The extent of residual value guarantees for right-of-use assets is limited and expected payments are in-
cluded in the initial amount of the lease liability.
Accounting policies
At the commencement date, when a leased asset is made available for use, a right-of-use asset and a correspond-
ing 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 lia-
bility. The right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term or the use-
ful 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 dis-
counted 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 reas-
sessed 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 bene-
fit of the leased assets.
The Financial Statements | Notes | Notes to the consolidated financial statements
96 Annual Report 2023/24
Note 13 | continued
Other fixtures and Land and fittings, tools and Total DKK million buildings equipment right-of-use assets 2023/24 Carrying amount at 1 October 666 182 848 Exchange and other adjustments -1-1-2Additions during the year 228 190 418 Disposals during the year -106-134-240Depreciations for the year -161-126-287Depreciations reversed on disposals during the year 70115185Carrying amount at 30 September 696 226 922 Other fixtures and Land and fittings, tools and Total DKK million buildings equipment right-of-use assets 2022/23 Carrying amount at 1 October 508 169 677 Exchange and other adjustments -10 -3-13Additions from acquisitions 11-11Additions during the year 316 136 452Disposals during the year -63 -115-178Depreciations for the year -150-111-261Depreciations reversed on disposals during the year 54106160Carrying amount at 30 September 666 182 848
DKK million 2023/24 2022/23 Depreciations on right-of-use assets break down as follows Production costs 37 27 Distribution costs 209 199 Administrative expenses 39 33 Research and development costs 2 2 Total 287 261 Other lease expenses recorded in the income statement Lease payments related to short-term leases 22 14 957Lease payments related to low-value assets 28 27 Variable lease payments 13 26 Total 63 67 Total cash outflow for leases Payments related to right-of-use assets 289 247 Payments related to other lease contracts 61 60 Total 350 307 DKK million 2024 2023 Maturity analysis of lease liabilities (undiscounted) In less than one year 266 237 Current lease liability (undiscounted) 266 237 Within 1 to 5 years 579 509 After more than 5 years 252 211 Non-current lease liability (undiscounted) 831 720 Total lease liability (undiscounted) 1,097
The Financial Statements | Notes | Notes to the consolidated financial statements
97 Annual Report 2023/24
Note 14
Deferred tax
The Group has applied the mandatory exception to recognising and disclosing information about deferred
tax assets and liabilities arising from Pillar Two income taxes as provided in the amendments to IAS 12
issued by IASB in May 2023. Furthermore, the Group has reviewed its corporate structure in various juris-
dictions in light of the introduction of Pillar Two Model Rules including introduced Safe Harbour Rules. The
Group has identified that its effective tax rate is well above 15% in most of the jurisdictions it operates in,
however the group has identified some jurisdictions where the group expects to be subject to top-up tax.
The main jurisdictions impacted by a top-up tax are in Switzerland and Argentina and is due to the local
corporate tax rate being lower than 15% and hyperinflation, respectively. As such, these rules are not
expected to result in either materially increased tax payments or a change to the Group’s effective tax rate.
The Group’s tax losses amount to DKK 1.139 million (DKK 188 million at 30 September 2023). Of these tax
losses, the Group has recognised a tax asset of DKK 240 million at 30 September 2024 (DKK 27 million at
30 September 2023). Tax value of not recognised tax losses amount to DKK 9 million (DKK 16 million at 30.
September 2023). Tax losses expiring after more than five years amount to DKK 155 million at 30 Septem-
ber 2024 (DKK 188 million at 30 September 2023). Tax losses of DKK 926 million at 30 September 2024
(DKK 0 at 30 September 2023) can be carried forward infinitely.
The tax value of the Group’s tax credits amounts to DKK 203 million at 30 September 2024 (DKK 158 mil-
lion at 30 September 2023). This amount includes a recognised tax asset of DKK 54 million at 30 Septem-
ber 2024 (DKK 32 million at 30 September 2023). Tax credits of DKK 26 million expires after five years.
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 carry-
ing 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 or liability
are expected to be realised.
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 meas-
ured at expected net realisable values. The value of future tax deductions in relation to share option pro-
grammes is recognised as deferred tax, until they are exercised by the employees. Any estimated excess tax de-
duction compared to the costs realised in the income statement is charged to equity.
Coloplast is applying the temporary relief from accounting for deferred taxes arising from the implementation of
the Pillar Two rules issued by the OECD.
No provision is made for deferred tax regarding undistributed earnings in subsidiaries, as Coloplast controls the
release of the obligation.
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 in-
come. The assessment is made annually on the basis of budgets and business plans for the following years, in-
cluding 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.
The Financial Statements | Notes | Notes to the consolidated financial statements
98 Annual Report 2023/24
Note 14 | continued
DKK million 2023/24 2022/23 Deferred tax at 1 October, net -1,238-3,893Exchange adjustments 27 - Additions or adjustments from acquisitions - -660 Adjustment due to change in tax rate - 8 Prior-year adjustments 26 24 Changes in deferred tax – charged to income statement -676 3,343 Change in deferred tax - charged to equity 4 -60Deferred tax at 30 September, net -1,857-1,238
DKK million 2024 2023 Recognised in the balance sheet as follows Deferred tax assets 624 884 Deferred tax liabilities -2,481-2,122Deferred tax at 30 September, net -1,857-1,238Deferred tax relates to the following items Intangible assets -2,723-2,193Property, plant and equipment, and right-of-use assets -311-218Indirect production costs -14-13Unrealised gain from intra-group sale of goods 469501Trade receivables -74-42Provisions 140341Share options 14 8 Tax losses carried forward and tax credits 294 59 IFRS 16 liabilities 219167 Effect from hedge of cash flow and interest rates 84 91 Other 45 61 Deferred tax at 30 September, net -1,857-1,238
The Financial Statements | Notes | Notes to the consolidated financial statements
99 Annual Report 2023/24
Note 15
Inventories
DKK million 2024 2023 Raw materials and consumables 808 796 Work in progress 797 755 Manufactured goods 2,067 1,971 Inventories at 30 September 3,672 3,522 DKK million 2023/24 2022/23 Write-downs at 1 October 55 49 Write-downs realised during the year -20 -15 Write-downs reversed during the year -18 -16 Additional write-downs made during the year 37 37 Write-downs at 30 September 54 55
Production overheads was included in the carrying amount of inventories with DKK 911 million at
30 September 2024 (DKK 880 million at 30 September 2023).
Production costs include directly attributable production costs of DKK 5,634 million related to goods sold
(2022/23: DKK 5,039 million).
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 indi-
rect 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 pro-
duction 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.
The Financial Statements | Notes | Notes to the consolidated financial statements
100 Annual Report 2023/24
Note 16
Trade receivables and other receivables
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 28 million (DKK 39 mil-
lion at 30 September 2023).
DKK million 2024 2023 Ageing of trade receivables Not due 3,552 3,066 Due up to 30 days 474 379 Due between 30 and 90 days 246 285 Due more than 90 days 566 695 Trade receivables at 30 September, gross 4,838 4,425 Loss allowance at 30 September -163 -110 Trade receivables at 30 September, net 4,675 4,315 Loss allowance at 1 October -110 -108 Exchange adjustment 5 2 Adjustment to acquisitions previous years -31 - Allowances used during the year (realised losses) 22 3 Additional allowances recognised during the year -49 -7 Loss allowance at 30 September -163 -110
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 sim-
plified approach in accordance with IFRS 9 where loss allowances are based on lifetime expected credit losses.
The Financial Statements | Notes | Notes to the consolidated financial statements
101 Annual Report 2023/24
Note 17
Share options
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 2 million at 30 September
2024 (DKK 1 million at 30 September 2023), while the fair value of all option programmes at grant date
amounted to DKK 291 million at 30 September 2024 (DKK 156 million at 30 September 2023).
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 cal-
culated as monthly movements (period-end to period-end) over five years. Options are assumed to be exer-
cised on average one year into the exercise period.
DKK million 2023/24 2022/23 Share options have affected the profit or loss for the year as follows Staff costs, accounting value of cash and equity-settled programmes 70 58 Financial costs, fair value adjustment of cash-settled programmes - -1 Cost of share options recognised in profit or loss 70 57
2023 2022 The following assumptions were applied in determining the fair value of share options granted during the financial year Black-Scholes value, DKK 121.41 128.65 Share price, DKK 773.22 814.50 Exercise price, DKK 811.88 855.23 Expected dividend per share, DKK 1.50% 1.50% Expected duration, years 4.00 4.00 Volatility 22.12% 21.97% Risk-free interest 2.21% 2.34% Fair value at grant date, million DKK 76.45 68.60 2023/24 2022/23 Average Average Average Average No. of exercise share No. of exercise share options price price¹⁾ options price price¹⁾ Outstanding share options at 1 Oc-tober 2,129,562 871 2,231,521 892 Options awarded 629,716 812 536,131 881 Options awarded, repricing - - 439,639 916 Options forfeited, repricing - - -715,971 1,076 Options forfeited -36,992 862 -28,287 958 Options exercised -680,298 740 891 -333,471 557 862 Outstanding share options at 30 September 2,041,988 888 2,129,562 871 1)At the date of exercise.
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 recog-
nised as staff costs, whereas the fair value adjustment of granted options from previous periods is recognised un-
der financial items. The purchase and selling prices of treasury shares on exercise of share options are deducted
from or added to equity, as the case may be.
The Financial Statements | Notes | Notes to the consolidated financial statements
102 Annual Report 2023/24
Note 17 | continued
Not exer-No. of Share cised at 30 options is-options Options September Exercise Year of issue sued lapsed exercised 2024¹⁾ price²⁾³⁾ Exercise period Specification of outstanding share options 2019 403,750 -14,980 -325,167 63,603 843 31/12/22 - 31/12/24 2019 US 88,846 - -26,659 62,187 870 31/12/22 - 31/12/24 2020 535,152 -334,159 - 200,993 958 31/12/23 - 31/12/25 2020, repriced 241,296 -9,315 -29,840 202,141 906 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 - -3,816 61,381 920 31/12/23 - 31/12/25 2021 441,494 -287,303 - 154,191 1,191 31/12/24 - 31/12/26 2021, repriced 103,554 -4,066 - 99,488 918 31/12/24 - 31/12/26 2021 US 95,846 -78,266 - 17,580 1,213 31/12/24 - 31/12/26 2021 US, repriced 29,592 - - 29,592 915 31/12/24 - 31/12/26 2022 424,561 -16,644 - 407,917 841 31/12/25 - 31/12/27 2022 US 108,646 -885 - 107,761 855 31/12/25 - 31/12/27 2023 ⁴⁾ 514,397 -12,123 - 502,274 807 31/12/26 - 31/12/28 2023 US 115,319 -943 - 114,376 812 31/12/26 - 31/12/28 Total 3,277,550 -850,080 -385,482 2,041,988 ¹⁾ Exercisable options as per 30 September 2024 was 608,809. ²⁾ Average exercise price for options exercisable at the balance sheet date was DKK 916,49. ³⁾ The exercise prices are adjusted for payment of dividend. In 2023/24, the adjustment of the exercise price was DKK 9.63. ⁴⁾ Of which 141,526 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
Defined contribution plans
The Group offers pension plans to certain groups of employees in Denmark and abroad. Most of the pen-
sion 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 obliga-
tion towards current or former employees. Contributions to defined contribution plans are recognised in the
income statement when paid. In 2023/24, DKK 427 million (2022/23: DKK 410 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.
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 de-
fined 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 recog-
nised 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 comprehen-
sive income. In connection with a change in benefits regarding the employees’ 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.
The Financial Statements | Notes | Notes to the consolidated financial statements
103 Annual Report 2023/24
Note 18 | continued
Share of gross defined benefit obligations by country 2024 2023 France 22% 21% Germany 11% 11% UK 66% 67% 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 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. Coloplast have an unconditional right to any surplus in the scheme at the end of
the life of the scheme when all the liabilities have been run off. Any deficit in the Scheme is recovered by
additional contributions from the employer over a fixed period of time. 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 2024/25 (2023/24: DKK 7 million).
DKK million 2023/24 2022/23 Defined contribution plans 472 410 Defined benefit plans 13 12 Cost of pension plans recognised in profit or loss 485 422 Pension costs concerning current financial year 8 8 Net interest expenses 5 4 Cost of defined benefit plans recognised in profit or loss 13 12 Actuarial gains/losses on pension obligations -10 27 Actuarial gains/losses on plan assets 16-36Actuarial gains/losses on defined benefit plans recognised in other comprehensive income 6 -9Plan assets at 1 October 225 249 Exchange adjustments 8 4 Actual rate of interest 12 12 Actuarial gains/losses on plan assets 16 -36Paid by the Coloplast Group 7 12Benefit paid out -14-16Plan assets at 30 September 254 225 DKK million 2024 2023 Specification of plan assets Shares, listed 31 35 Bonds, listed 112 82 Investments funds, listed 109 107 Cash and similar assets 2 1 Plan assets at 30 September 254 225
The Financial Statements | Notes | Notes to the consolidated financial statements
104 Annual Report 2023/24
Note 18 | continued
DKK million 2023/24 2022/23 Specification of present value of defined benefit obligation Present value of defined benefit liability at 1 October 356 370 Exchange adjustments 10 5 Current service costs 8 8 Calculated interest on liability 17 16 Actuarial gains/losses, financial assumptions 10 -28Actuarial gains/losses, demographic assumptions 5 -Actuarial gains/losses, experience -51Benefit paid out -14-16Present value of defined benefit liability at 30 September 387 356 Fair value of plan assets at 30 September -254-225Net liability of defined benefit plans at 30 September 133 131 Net liability of defined benefit plans at 1 October 131 121 Expenditure for the year 13 12 Actuarial gains/losses on pension obligation 10 -27Exchange adjustment 1 1Actuarial gains/losses on plan assets -1536Payments received -7-12Net liability of defined benefit plans at 30 September 133 131 Actuarial assumptions applied at the balance sheet date (expressed as an average) Discount rate 3.6% 4.3% Future rate of salary increases 2.0% 1.9% Inflation 2.2% 2.3%
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.
2023/24 2022/23 +1%-point -1%-point +1%-point -1%-point Percentage increase/decrease in the gross liability resulting from a change in a single actuarial as-sumption Discount rate -13% 15% -12% 14% Future rate of salary increases 3% -2% 3% -2% Inflation 8% -8% 8% -7%
The Financial Statements | Notes | Notes to the consolidated financial statements
105 Annual Report 2023/24
Note 19
Other provisions
2023/24 2022/23 Legal Legal DKK million claims Other Total claims Other Total Provisions at 1 October 116 141 257 197 408 605 Exchange adjustment - 1 1 - -15 -15Provisions used during the year -97 - -97 -281 - -281 Unused provisions reversed during the year -6-92-98-8-291-299Additional provisions 336 208 39247Provisions at 30 September 16 53 69 116 141 257 Expected maturities Non-current liabilities 12 9 21 17 54 71 Current liabilities 4 44 48 99 87 186 Provisions at 30 September 16 53 69 116 141 257 Provisions charged to profit or loss during the year -3-89-92200 -252-52
Legal claims
The amounts are gross amounts relating to certain legal claims.
Coloplast is occasionally part in various legal proceedings with third parties. None of these proceedings are
expected to have a material effect on the financial position or future earnings.
Other
Other liabilities relate to provisions for expenses associated with restructuring, guarantees and other non-
legal claims.
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’s 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.
The Financial Statements | Notes | Notes to the consolidated financial statements
106 Annual Report 2023/24
Note 20
Credit institutions
DKK million 2024 2023 Maturity Term loan 5,000 - Matures in 2027 Other borrowings from credit institutions 5,085 2,268 Less than one year Borrowings from credit institutions at 30 September 10,085 2,268 Bonds 11,557 16,405 Matures in 2027 and 2030 Lease liability 987 894 See note 13 'Right-of-use assets' Other payables - 4 More than one year Bank balances -788 -911 Available for withdrawal Net interest-bearing debt at 30 September 21,841 18,660
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 na-
ture 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 pro-
gramme. The Notes are unconditionally and irrevocably guaranteed by Coloplast. COLOCB1 EUR 650 mil-
lion expired in 2023/24. COLOCB2 EUR 850 million carries a fixed coupon until maturity in 2027, and COL-
OCB3 EUR 700 million a fixed coupon until maturity in 2030. 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.
Refinancing of bond with committed term loan
The COLOCB1 EUR 650 million bond was at maturity refinanced with a committed term loan DKK 5 billion
carrying floating 3-month CIBOR interest rate. The term loan is granted by a club of four banks with a 3-
year commitment incl. two one-year extension options, and can be repaid in whole or partly during the life-
time.
The Coloplast Euro Medium Term Note programme was not extended at expiry.
Cur-Nom. amount, Less than one Within 1 to 5 More than 5 Short name rency million year, million years, million years, million Coupon, % COLOCB2 EUR 850 19 888 - 2.25 COLOCB3 EUR 700 19 77 719 2.75
Accounting policies
Borrowings from credit institutions are recognised at fair value less expenses incurred and subsequently at
amortised cost.
The Financial Statements | Notes | Notes to the consolidated financial statements
107 Annual Report 2023/24
Note 21
Financial instruments by category
Contingent Hedging in-consideration Fair value struments at at fair value through fair value through profit Amortised profit or loss through OCI or loss DKK million cost (level 1) (level 2) (level 3) Total 2024 Trade receivables 4,675 - - - 4,675 Other receivables 355 - 39 - 394 Cash and cash equivalents 788 - - - 788 Financial assets 5,818 - 39 - 5,857 Other credit institutions 10,085 - - - 10,085 Bonds¹⁾ 11,557 - - - 11,557 Trade payables 1,519 - - - 1,519 Other payables 2,353 - 73 - 2,426 Lease liability 987 - - - 987 Financial liabilities 26,501 - 73 - 26,574 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 Bonds¹⁾ 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 ¹⁾ The fair value of the bonds amounts to DKK 11,392 million (DKK 15,656 million 30 September 2023) calculated based on market prices (level 1).
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.
The Financial Statements | Notes | Notes to the consolidated financial statements
108 Annual Report 2023/24
Note 22
Financial risks
Risk management policy
Financial risks are managed centrally and, accordingly, all derivative instruments are managed and con-
trolled 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 signifi-
cant risk.
Foreign exchange risk
A number of the Group’s 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’s 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’s issue of bond as these are denominated 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 2024, an average of 61% of the following twelve months of expected net cash flows
were hedged (30 September 2023: 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 im-
pact 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.
2023/24 2022/23 DKK million USD GBP HUF EUR Other USD GBP HUF EUR Other Impact from a 2% increase in currencies Profit or loss 18 -6 11 -243 35 10 -1 16 -332 106 Other comprehensive income -32 -32 8 -9 -22 -18 -25 12 -8 -20 Total comprehensive income -14 -38 19 -252 13 -8 -26 28 -340 86 Impact from a 2% decrease in currencies Profit or loss -18 6 -11 243 -35 -10 1 -16 332 -106 Other comprehensive income 32 32 -8 9 22 18 25 -12 8 20 Total comprehensive income 14 38 -19 252 -13 8 26 -28 340 -86
The increase and decrease resulting from a 2% change are the same as all hedging instruments are for-
ward contracts.
Interest rate risk
55% of the Group's net interest-bearing debt is carrying fixed interest rate for 3-6 years, and 45% is at
floating interest rate. The duration as per balance sheet date was 2.3 years. An interest rate increase of 1%
on the floating part of the outstanding debt as per 30 September 2024 would impact the Interest charges
with an increase of DKK 101 million.
Liquidity risk
The exposure to liquidity risks is considered to be low. In addition to cash available for withdrawal and mar-
ketable securities, the Group’s cash reserves comprise a mix of committed and uncommitted credit facilities
to ensure an adequate level of funding for the Group’s activities, even in periods of operational uncertainty.
The Financial Statements | Notes | Notes to the consolidated financial statements
109 Annual Report 2023/24
Note 22 | continued
DKK million 2024 2023 Cash and cash equivalents 788 911 Liquid assets recorded on the balance sheet at 30 September 788 911 Committed credit facilities, unutilised (3 years term) 1,301 3,577 Uncommitted credit facilities, unutilised (short-term) 3,337 3,259 Financial reserves at 30 September 5,426 7,747
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 Meet-
ing and after the release of the half-year interim report. However, share buybacks and distribution of divi-
dend will always be made with due consideration for the Group’s 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 calcu-
lated in accordance with the guidelines issued by the Danish Society of Financial Analysts.
Credit risk
The Group’s 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’s 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 as well as (iii) derivative financial instru-
ments (forward exchange contracts) with a positive fair value at the balance sheet date.
The credit risk related to trade receivables and other receivables is diversified over a large number of cus-
tomers and other counterparties. For this reason, the credit risk is regarded as insignificant. See note 16 to
the financial statement.
The credit risk related to bank deposits is, pursuant to the Group’s counterparty policy, managed and miti-
gated 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.
The credit risk related to marketable securities is considered to be limited as investment is only made in se-
lected liquid bonds with a high credit rating.
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.
The Financial Statements | Notes | Notes to the consolidated financial statements
110 Annual Report 2023/24
Note 23
Derivative financial instruments
Pursuant to the Group’s 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 re-
garded as low due to the fixed exchange rate policy of the central bank of Denmark.
Accounting policies
At the initiation of derivative contracts, it is assessed whether they qualify for hedge accounting and the deriva-
tives 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 recognised in the other comprehensive income as reserve for hedging, until the hedged
interests will be recognised 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 re-
mains 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 ad-
justments of the value of the hedged asset that concern the hedged risk.
The Financial Statements | Notes | Notes to the consolidated financial statements
111 Annual Report 2023/24
Note 23 | continued
Specification of derivative financial instruments held at the balance sheet date.
Average exchange Contract Fair value rate per amount at of contract the hedg-year-at year-ing con-Expiry period of the DKK million end¹⁾²⁾ end³⁾ tracts contracts 2024 USD 1,768 29 672.07 Oct 24 - Sep 25 GBP 1,752 -53 858.66 Oct 24 - Sep 25 JPY 232 -6 4.64 Oct 24 - Sep 25 HUF -445 - 1.85 Oct 24 - Sep 25 Other currencies 974 -4 n/a Oct 24 - Sep 25 Forward exchange contracts at 30 September, cash flow hedges 4,281 -34 Power purchase agreement 57 -6 Sep 33 Power purchase agreement at 30 September, cash flow hedges 57 -6 HUF 279 1 1.86 Nov 24 - Aug 25 Forward exchange contracts at 30 September, fair value hedges 279 1 Deferred gain on settled interest swaps: EUR 2,982 68 May 27 EUR 5,592 276 May 30 Interest swaps at 30 September, to hedge future interest payments 8,574 344
Average exchange Contract Fair value rate per amount at of contract the hedg-year-at year-ing con-Expiry period of the DKK million end¹⁾²⁾ end³⁾ tracts 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 ¹⁾ 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. ²⁾ The fair value of contracts are offset per currency. The amounts is not necessarily the net positions as legal offsetting can be applied. ³⁾ 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.
The Financial Statements | Notes | Notes to the consolidated financial statements
112 Annual Report 2023/24
Note 24
Specifications of cash flow from operating
and financing activities
DKK million 2023/24 2022/23 Net gain/loss on divestment of non-current assets 23 3 Change in other provisions -182 -281 Other non-cash operating items 67 58 Adjustment for other non-cash operating items -92 -220 Inventories -290 -474 Trade receivables -506 -392 Other receivables, including amounts held in escrow -155 11 Trade and other payables etc. -81 -38 Changes in working capital -1,032 -893 2023/24 2022/23 Credit Credit DKK million Lease liability Bonds facilities Total Lease liability Bonds facilities Total Balance at 1 October 894 16,405 2,268 19,567 705 16,359 1,644 18,708 Addition from acquisitions - - - - 11 - - 11 Additions during the year 418 - 5,000 5,418 452 - - 452 Settlement of issued bonds - -4,848 - -4,848 - - - - Cash flow -268 - 2,818 2,550 -244 - 622 378 Exchange and other adjustments -57 - -1 -58 -30 46 2 18 Balance at 30 September 987 11,557 10,085 22,629 894 16,405 2,268 19,567
The Financial Statements | Notes | Notes to the consolidated financial statements
113 Annual Report 2023/24
Note 25
Cash and cash equivalents
DKK million 2024 2023 Bank deposits, short term 788 911 Cash and cash equivalents at 30 September 788 911
Note 26
Public grants
The Group has received DKK 5 million in public grants for research and development purposes (2022/23:
DKK 3 million) and DKK 2 million in public grants for investments (2022/23: DKK 1 million). An income of
DKK 2 million relating to investment grants has been recognised under production costs in the income
statement (2022/23: DKK 2 million).
Note 27
Contingent liabilities and guarantees
As part of the normal course of business, Coloplast is involved in pending litigations, claims and investiga-
tions. Provisions for probable losses have been made for those matters Management has assessed as
needed, but there are uncertainties associated with these estimates.
Coloplast does not expect any pending litigations, claims and investigations to materially influence the
Group’s future earnings, cash flows or financial position, neither individually nor in aggregate, in addition to
the amounts recognised as provisions.
Coloplast A/S, and Danish subsidiaries and Coloplast Finance BV are part of a Danish joint taxation scheme
with NPLH Holding ApS, according to which the Company partly has a joint and several liability and partly a
secondary liability with respect to corporate income taxes, corporate withholding taxes, etc.
The Financial Statements | Notes | Notes to the consolidated financial statements
114 Annual Report 2023/24
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 2023 and sets out the general guidelines for the remuneration of the Group’s management. The guide-
lines for the remuneration of the Board of Directors and Executive Management are available on the Group
website. Executive Management is defined as members registered with the Danish Business Authority.
In addition to the disclosures provided in this note, more details on the remuneration of Executive Manage-
ment and Directors are provided in the separate Remuneration report for the Coloplast Group, which is not
a part of the audited consolidated 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 amounts to DKK 6.9 million (2022/23: DKK 6.9 million) of the total staff costs (see
note 5 to the financial statements) and are specified as follows:
DKK million 2023/24 2022/23 Ordinary board member fee 5.3 5.3 Audit Committee 0.9 0.9 Nomination and Remuneration Committee 0.7 0.7 Fee to members of the Board of Directors 6.9 6.9
In addition, the accounting cost of not-yet-vested share options held by the Chairman amount to DKK 0.0
million in 2023/2024 (2022/23: DKK 0.1 million) of the total staff costs (see note 5 to the financial state-
ments). 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 63.5 million (2022/23: DKK 66.9 mil-
lion) of the total staff costs (see note 5 to the financial statements) and are specified as follows:
DKK million 2023/24 2022/23 Base salaries 35.6 34.4 Pension 5.1 5.0 Other benefits 1.4 1.7 Cash bonus 4.9 9.9 Remuneration of Executive Management, excluding value of share options and contin-gent salary items 47.0 51.0 Share options 16.5 15.9 Remuneration of Executive Management 63.5 66.9
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 com-
pensation corresponding to a maximum of two years’ 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 re-
port is available on the Group website.
The Financial Statements | Notes | Notes to the consolidated financial statements
115 Annual Report 2023/24
Note 29
Related party transactions
Related parties to the Coloplast Group include members of the Board of Directors and the Executive Man-
agement and main shareholders of Coloplast A/S. There were no major transactions with related parties
except from dividend payments. 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 2023/24 2022/23 Statutory audit 13 13 Assurance engagements other than audit 1 1 Tax advisory 1 3 Other services 1 2 Total fees 16 19
Fee for non-audit services provided to the Group by EY Godkendt Revisionspartnerselskab, Denmark,
amounted to DKK 2 million (2022/23: DKK 4 million to PricewaterhouseCoopers Statsautoriseret Revi-
sionspartnerselskab), relating to compliance services and other assurance assessments and opinions.
Certain of the Group's subsidiaries are not subject to an audit by EY.
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 2024 or require additional disclosers.
Note 32
Acquisitions
On 31 August 2023 Coloplast acquired all shares and voting rights of Kerecis hf. and its subsidiaries. At the
end of 2022/23, the initial accounting for goodwill, intellectual property rights, other intangible assets and
deferred tax assets and liabilities remained provisional and has been updated and finalised during 2023/24
to reflect new information obtained about facts and circumstances that existed on 31 August 2023. The
finalised purchase price allocation has resulted in a decrease to goodwill of DKK 466 million from DKK
6,184 million, primarily relating to contingent considerations. The contingent consideration based on the
performance of Kerecis in 2023/24 was assessed at a very high level in the provisional purchase price allo-
cation. During 2023/24, the assumptions were reassessed, and a reduction of the consideration was recog-
nised at a value of DKK 523 million. The reduction was offset by a corresponding amount to goodwill. The
remaining change to goodwill relates to changes in net working capital and has increased goodwill with
DKK 57 million. Currencies have negatively impacted the value of goodwill since acquisition date with DKK
128 million. The changes have been implemented without restating the purchase price allocation in the An-
nual Report 2022/23.
During the last quarter of 2023/24 the remaining consideration relating to a potential earn-out payment to
the previous shareholders of Kerecis has been reassessed and consequently derecognised. The impact of
DKK 123 million is recognised under special items in the statement of comprehensive income.
For further information regarding the acquisition and the provisional purchase price allocation please refer
to the note 32 in the Annual Report for 2022/23.
The Financial Statements | Notes | Notes to the consolidated financial statements
116 Annual Report 2023/24
Note 33
Company overview
Company Country Ownership Company Country Ownership Parent company Sales subsidiaries Coloplast A/S Denmark Coloplast Limited New Zealand 100% Coloplast Norge AS Norway 100% Sales subsidiaries Coloplast Sp. zo.o. Poland 100% Coloplast de Argentina SA Argentina 100% Coloplast II Portugal, Unipessoal Lda Portugal 100% Coloplast Pty Ltd Australia 100% Coloplast LLC Russia 100% Coloplast Ges.m.b.H. Austria 100% Coloplast Slovakia s.r.o. Slovakia 100% Coloplast Belgium NV/SA Belgium 100% Coloplast Productos Médicos S.A Spain 100% Coloplast do Brasil Ltda. Brazil 100% Coloplast AB Sweden 100% Coloplast Canada Corporation Canada 100% Coloplast AG Switzerland 100% Coloplast (China) Medical Devices Ltd. China 100% Coloplast Taiwan Co., Ltd. Taiwan 100% Coloplast (Hong Kong) Ltd. China 100% Coloplast Turkey Medikal Gereçler San. ve Tic. A.Ş. Turkey 100% Coloplast S.A.S Columbia 100% Charter Healthcare Limited UK 100% Coloplast Czech s.r.o. Czech Republic 100% Coloplast Limited UK 100% Coloplast Danmark A/S Denmark 100% Porges UK Limited UK 100% Coloplast Oy Finland 100% Affordable Medical LLC USA 100% Laboratoires Coloplast S.A.S. France 100% Coloplast Corp. USA 100% Lilial S.A.S. France 100% Comfort Medical, LLC USA 100% Coloplast GmbH Germany 100% Rocky Mountain Medical, LLC USA 100% Coloplast (India) Private Limited India 100% Zi-Med Supply Co., Inc. USA 100% Coloplast Israel Ltd. Israel 100% Coloplast S.p.A. Italy 100% Sales subsidiaries - Kerecis group Coloplast K.K. Japan 100% Kerecis GmbH Germany 100% Coloplast Korea Limited Korea 100% Kerecis hf. Iceland 100% Coloplast B.V. Netherlands 100% Kerecis AG Switzerland 100% Kerecis LLC USA 100%
The Financial Statements | Notes | Notes to the consolidated financial statements
117 Annual Report 2023/24
Note 33 | continued
Company Country Ownership Company Country Ownership Sales subsidiaries - Atos group Manufacturing subsidiaries Atos Medical Pty Ltd Australia 100% Coloplast Medical Limited UK 100% Atos Medical Austria GmbH Austria 100% Coloplast Manufacturing US, LLC USA 100% Atos Medical BVBA Belgium 100% Coloplast representative offices and branches Atos (Beijing) Medical Technology CO. Ltd China 100% Dubai Singapore Atos Medical ApS Denmark 100% Hungary South Africa Atos Medical SAS France 100% Saudi Arabia Ukraine Atos Medical GmbH Germany 100% Atos Medical Srl Italy 100% Other Atos Medical BV Netherlands 100% Coloplast Ejendomme A/S Denmark 100% Atos Medical AS Norway 100% Mercure Medical (société à responsabilité limité) France 100% Atos Medical S.L. Spain 100% iSKiA GmbH & Co KG Germany 100% Atos Medical UK Ltd. UK 100% iSKiA Verwaltungs-GmbH Germany 100% Kapitex Healthcare Ltd UK 100% Kerecis Services ehf Iceland 100% Atos Medical Inc. USA 100% Coloplast Finance B.V. Netherlands 100% Coloplast Business Centre Sp. zo.o. Poland 100% Manufacturing subsidiaries Atos Medical Holding Sweden 100% Coloplast (China) Ltd. China 100% XTR Holding Ltd. UK 100% Coloplast Volume Manufacturing Costa Rica S.A. Costa Rica 100% Francis Medical USA 13% Coloplast Manufacturing France S.A.S. France 100% Starling Medical, Inc USA 2% Coloplast Distribution GmbH Germany 100% TRACOE Medical GmbH Germany 100% Atos group representative offices and branches Coloplast Hungary Kft. Hungary 100% Bahrain Hungary Viruxal ehf Iceland 100% Czech Republic Portugal Coloplast Manufacturing Portugal, Unipessoal LDA Portugal 100% Finland Switzerland Atos Medical AB Sweden 100%
The Financial Statements | Notes | Notes to the consolidated financial statements
118 Annual Report 2023/24
Note 34
Definitions of key ratios
EBIT
Earnings before interest and tax
EBITDA
Earnings before interest, tax, depreciation and amortisation
Capital invested
Assets less cash, less marketable securities plus accumulated goodwill amortised before 1 October 2002
less non-interest bearing debt including provisions
Gearing ratio
Net interest bearing debt (NIBD) relative to EBITDA before special items
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)
The Sustainability Statements | Consolidated sustainability performance tables | Notes to the consolidated financial statements
119 Annual Report 2023/24
Consolidated
sustainability
performance tables
The Sustainability Statements
Consolidated sustainability performance tables
The Sustainability Statements | Consolidated sustainability performance tables | Basis of preparation | Environmental data
120 Annual Report 2023/24
Basis of preparation
General accounting policies
Scope
Unless otherwise stated, the data and reporting included in the performance tables cover the entire
Coloplast organisation, i.e., production sites, distribution centres, administration, sales and representative
offices. Kerecis data is not included in the non-financial reporting for 2023/24 but will be included from
2024/25 onwards.
For water, waste and energy, the reporting scope covers Coloplast’s headquarters, production sites and
global distribution centres. Coloplast has eleven production sites (Mørdrup, Tatabanya 1, Tatabanya 2, Nyí-
rbátor, Zhuhai, Mankato, Minneapolis, Sarlat, Cartago, Hörby and Nieder-Olm), the corporate headquarters
(Humlebæk) and three global distribution centres (Hamburg, Atlanta and Tatabanya).
Accounting policies and changes
The accounting policies have been consistently applied in the preparation of consolidated data for the years
presented. In 2023/24, we reassessed and enhanced Coloplast's greenhouse gas accounting methodology
and data, leveraging the improved quality of emissions data in accordance with the GHG Protocol.
The emissions baseline for Voice and Respiratory Care has been recalculated, impacting the Group as a
whole. This recalculation is grounded in procured activity data adhering to Coloplast’s established protocols.
We have transitioned from a revenue-based estimation approach to one centred on activity data, aligning
with contemporary practices.
Key changes include:
• Restatement of historic emissions data with exact figures rather than rounded figures.
• Baseline recalculation due to methodological changes and improved data quality.
• Correction of error in reported air travel emissions from 2022/23.
• Accounting methodology for raw material emissions updated and applied across previous years – sub-
sequent updates have been made to corresponding contract manufactured emissions.
Environmental data
Waste
(Part of EY’s limited assurance report 2023/24)
Tonnes
2023/24
2022/23
2021/22
2020/21
2019/20
Hazardous waste
587
603
522
512
608
Landfill
479
426
460
418
1,028
Incineration
2,812
2,898
3,348
5,295
7,219
Recycled
12,265
11,483
10,862
8,453
6,242
Total
16,143
15,410
15,192
14,678
15,097
Grams
2023/24
2022/23
2021/22
2020/21
2019/20
Waste generated per product
11.3
11.6
11.4
11.5
11.8
Basis of preparation | Environmental data
Accounting policies
Waste is based on invoiced, weighed and/or estimated amounts from the production sites, major distribution cen-
tres and corporate headquarters and is reported based on the waste generation registered. Waste splits pertain-
ing to disposal methods are reported based on data registered. Waste per product is calculated based on data
registered and number of Coloplast products registered in our master data.
Key accounting estimates and judgements
Waste volumes can vary significantly between months as collections are typically done on an ad hoc basis when
containers are full. Consequently, invoices are issued irregularly and may be delayed by several months, which
requires the use of estimates.
The Sustainability Statements | Consolidated sustainability performance tables | Water | Energy
121 Annual Report 2023/24
Water
(Part of EY’s limited assurance report 2023/24)
m3
2023/24
2022/23
2021/22
2020/21
2019/20
Total water use
281,198
261,925
259,439
266,521
248,709
Energy
(Part of EY’s limited assurance report 2023/24)
MWh
2023/24
2022/23
2021/22
2020/21
2019/20
Natural gas
28,146
37,440
45,473
55,767
52,836
Coal or fuel distilled from crude oil
70
100
10
105
5
Electricity
138,401
130,335
117,739
111,832
109,499
District heating and cooling
4,778
-
-
-
-
Total energy use
171,395
167,875
163,222
167,704
162,340
Percent
2023/24
2022/23
2021/22
2020/21
2019/20
Renewable energy as share of total
83
78
72
67
67
kWh
2023/24
2022/23
2021/22
2020/21
2019/20
Energy use per product
0.12
0.13
0.12
0.13
0.13
Water | Energy
Accounting policies
Total water use includes invoiced and/or metered amounts from production sites, major distribution centres,
corporate headquarters, and the office of Coloplast’s Swedish sales subsidiary and is based on registered
consumption.
Accounting policies
Data on energy consumption at production sites, major distribution centres, corporate headquarters and the office
of Coloplast’s Swedish sales subsidiary is obtained from meter readings, invoiced consumption from our utility pro-
viders or estimates. Energy per product is calculated as total energy consumption in kWh per number of Coloplast
products registered in our master data. Renewable energy as share of total is based on Coloplast’s purchased
electricity certificates. For district heating, the renewable energy share is based on supplier data. The amount is
disclosed as a percentage of total energy.
The Sustainability Statements | Consolidated sustainability performance tables | GHG emissions
122 Annual Report 2023/24
GHG emissions
(Part of EY’s limited assurance report 2023/24)
GHG emissions
Accounting policies
Scope 1 emissions cover direct GHG emissions from sources that are directly controlled by Coloplast. This covers
all Coloplast production sites (Mørdrup, Tatabanya 1 and 2, Nyírbátor, Zhuhai, Mankato, West River Road, Sarlat,
Cartago, Hörby and Nieder-Olm), the Coloplast headquarters and three major distribution centres (Germany, Hun-
gary and the US). Leased company cars cover emissions from all leased company cars submitted by local subsidi-
aries. Emissions are calculated using average CO2 emission factors multiplied by the average distance travelled
per car. To accommodate actual driving patterns, a correction factor is used. Consumption of fossil fuel volumes
and refrigerant leakages are multiplied by emission factors from the UK Department for Environment, Food and
Rural Affairs (DEFRA) and the IPCC.
Scope 2 emissions include the purchase of electricity and heating for production sites, offices and distribution cen-
tres under the control of Coloplast. Emissions are calculated using both the market-based approach (including the
purchase of Renewable Energy Certificates (RECs)) and the location-based approach. Location-based emissions
from electricity and district heating consumption are based on International Energy Agency (IEA) country-specific
GHG emission factors and district heating suppliers respectively. For market-based emissions, Coloplast purchases
certificates covering all emissions from electricity. For marked-based emissions from district heating, the supplier
specific emission factor is applied. Per-product and per-revenue emissions are measured as total emissions (scope
1 and 2) in tonnes CO2e divided by the total number of Coloplast products or revenue in million DKK, respectively.
Scope 3: GHG emissions reported are aligned with the Greenhouse Gas Protocol Accounting and Reporting
Standard and include categories considered material to Coloplast. Quantification is subject to inherent uncertainty
because of incomplete scientific knowledge used to determine emissions factors and the values needed to com-
bine emissions of different gases. As data quality for remaining scope 3 categories improves, we plan to expand
the assurance of our reporting.
C1 Purchased goods and services:
• Raw materials: Covers all incoming raw materials registered in Coloplast’s primary ERP production data man-
agement system and spend data registered in Atos Medical’s ERP system. Material volumes are multiplied by
Life Cycle Assessment (LCA) emission factors derived from Ecoinvent. The remaining raw materials based on
spend are then extrapolated based on the CO2e per spend to ensure completeness of data. Does not include
indirect purchased goods and services.
• Contract manufacturing: Covers GHG emissions from outsourced production, e.g. finished goods produced by
external suppliers under the Coloplast brand. Emissions from outsourced production are calculated using
Coloplast’s average CO2e scope 1 & 2, and emissions resulting from raw materials used.
C4 Transportation of goods:
• Upstream transportation: Based on supplier-provided data covering all transportation between Coloplast
sites, sterilisation sites and distributors in Emerging markets. Main suppliers included in the calculation ac-
count for approximately 98% of upstream transportation spending in 2023/24. Therefore, no extrapolation
based on emission factors was necessary.
C6 Business travels:
• Based on air travel data from supplier-specific flights and Coloplast's global travel agents. Data from global
travel agents accounted for 70% of total business air travel costs in 2023/24. The remaining data relating to
air travel costs were extrapolated based on the average amount of CO2e per spend to ensure the complete-
ness of the data.
C8 Leased assets (upstream):
• Energy consumption in sales offices, subsidiaries and local/regional warehouses where Coloplast has limited
to no control: Covers all sales offices, subsidiaries and regional warehouses, which are primarily leased. Emis-
sions are based on average emissions per FTEs per average square meter and are calculated using a conver-
sion factor from the UN Environment Programme Global Status Report for Buildings.
The Sustainability Statements | Consolidated sustainability performance tables | GHG emissions
123 Annual Report 2023/24
GHG emissions | continued
(Part of EY’s limited assurance report 2023/24)
Tonnes CO2e¹⁾
2023/24
2022/23
2021/22
Base year
2018/19²⁾
Scope 1: Direct emissions
Natural gas
5,066
7,638
9,331
10,824
VOCs and HFC gasses
857
324
331
508
Coal or fuel distilled from crude oil
19
25
3
2
Leased company cars³⁾
11,572
13,296
10,698
12,497
Total
17,514
21,282
20,363
23,830
Tonnes CO2e¹⁾
2023/24
2022/23
2021/22
Base year
2018/19²⁾
Scope 2: Indirect emissions
Market-based
83
-
-
173
Location-based
31,427
32,170
29,896
33,780
Total (market-based)³⁾
83
-
-
173
Total scope 1 and 2
17,597
21,282
20,363
24,003
2023/24
2022/23
2021/22
Base year
2018/19²⁾
Scope 1 and 2 emission intensity⁴⁾
Scope 1 and 2 emission intensity per product, grams CO2e
12
15
16
20
Scope 1 and 2 emission intensity per revenue, tonnes
CO2e/DKK million
0.7
0.9
0.9
1.3
Tonnes CO2e¹⁾⁵⁾
2023/24
2022/23
2021/22
Base year
2018/19
Scope 3: Other relevant indirect emissions
Purchased goods and services: Raw materials
143,145
137,296
127,116
110,991
Purchased goods and services: Contract
manufacturing
8,900
8,436
7,692
9,117
Purchased goods and services, total
152,045
145,732
134,808
120,108
Transportation of goods: Upstream
transportation
25,601
21,626
17,602
21,542
Business travel
6,841
8,270
5,640
13,743
Leased assets (upstream)
4,515
4,231
4,815
5,074
Total scope 3: Other relevant indirect
emissions
189,002
179,858
162,865
160,467
¹⁾ Figures have been restated with exact figures instead of rounded to nearest hundred.
²⁾ Base year emissions for scope 1 and 2 have been recalculated due to improved data quality. This resulted in an increase in total scope 1
and 2 emissions (market-based) of 503 tCO2e in 2018/19 (+2%) and a decrease of 490 tCO2e in 2018/19 (-1%) in scope 1 and 2 (location-
based).
³⁾ RECs purchased to cover 100% of electricity used in our own operations.
⁴⁾ The recalculation of base year emissions for scope 1 and 2 has resulted in changes in our scope 1 and 2 emissions intensity. This has led to
an increase in intensity per product from 19 grams CO2e to 20 grams CO2e in 2018/19 and an increase from 15 grams CO2e to 16 grams
CO2e in 2021/22. This has also led to an increase in intensity per revenue from 1,2 tCO2e/DKK million to 1,3 tCO2e/DKK million in 2018/19.
⁵⁾ In 2023/24, we have revised and enhanced key greenhouse gas accounting methodologies and improved data quality in accordance with
the GHG Protocol. This resulted in an increase in total scope 3 emissions of 16.567 tCO2e in 2018/19 (+12%), 17.865 tCO2e in 2021/22
(+12%) and 21.748 tCO2e in 2022/23 (14%).
The Sustainability Statements | Consolidated sustainability performance tables | GHG emissions
124 Annual Report 2023/24
GHG emissions | continued
(Not part of EY’s limited assurance report 2023/24)
Tonnes CO2e¹⁾
2023/24
2022/23
2021/22
Base year
2018/19²⁾
Scope 3: Other relevant indirect emissions
Purchased goods and services: Sterilisation
2,361
2,543
2,481
1,721
Fuel and energy-related activities
6,253
6,854
6,364
10,463
Transportation of goods: Downstream transportation
7,422
7,847
6,786
10,005
Waste generated in operations
670
734
684
854
Total Scope 3: Other relevant indirect emissions
16,706
17,977
16,314
23,043
Total scope 3
205,708
197,836
179,179
183,509
Total scope 1, 2 and 3
223,305
219,118
199,542
207,512
¹⁾ Figures have been restated with exact figures instead of rounded to nearest hundred.
²⁾ In 2023/24, we have revised and enhanced key greenhouse gas accounting methodologies and improved data quality in accordance with
the GHG Protocol. This resulted in an increase in total emissions of 443 tCO2e in 2018/19 (+2%).
Accounting policies
Scope 3: GHG emissions reported have been identified as material for Coloplast.
Purchased goods and services: Sterilisation includes emissions from external sterilisation of Coloplast products, and
the calculation is based on energy consumption at selected, representative sterilisation facilities. Emissions from
transportation of Coloplast products to/from sterilisation facilities are included in upstream transportation of
goods.
Fuel and energy-related activities (not included in scope 1 or 2) include (1) upstream emissions from natural gas
consumption, (2) upstream fuel emissions from electricity consumed, (3) trade-adjusted emissions from transmis-
sion and distribution of electricity, and (4) upstream emissions of fuels used in Coloplast leased car fleet. Emission
factors from Department for Environment, Food and Rural Affairs (DEFRA) are used.
Transportation of goods: Downstream transportation emissions reported by selected carriers are extrapolated to
the reporting periods using carrier-specific quantities.
Waste generated in operations: Emissions from waste management are based on actual waste amounts reported
to be sent to recycling, incineration or landfill, and emission factors from DEFRA.
The Sustainability Statements | Consolidated sustainability performance tables | Employees
125 Annual Report 2023/24
Employees
(Not part of EY’s limited assurance report 2023/24)
Number
2023/24
2022/23
2021/22
2020/21
2019/20
Employee headcount
Blue-collar
6,511
6,194
5,736
5,324
5,488
White-collar
9,736
9,169
7,951
7,501
7,080
Total
16,247
15,363
13,687
12,825
12,568
Regions
European markets
9,996
9,647
8,502
8,056
8,173
Other developed markets
4,313
1,846
1,520
1,501
1,351
Emerging markets
1,938
3,870
3,665
3,268
3,044
Total
16,247
15,363
13,687
12,825
12,568
Percentage
2023/24
2022/23
2021/22
2020/21
2019/20
Gender diversity
Female employees total
62
62
63
63
64
Female managers
47
47
45
46
43
Female senior leaders
28
26
21
24
24
Employee turnover
Voluntary turnover
9.1
10.1
10.6
10.1
8.3
Total turnover
13.9
15.0
14.3
13.3
13.1
2023/24
2022/23
2021/22
2020/21
2019/20
Employee engagement
Response rate, %
92
91
90
90
88
Engagement score, index¹⁾
8.1
8.1
8.2
8.2
7.9
Employee data does not include Kerecis employees. Kerecis employed 628 headcounts per 30 September 2024.
¹⁾ The current Peakon True Benchmark® for our industry is 7.8. Due to the introduction of a new engagement survey in 2021/22, en-
gagement scores reported before 2021/22 are not comparable with later scores.
Employees
Accounting policies
Employee headcount includes all active full-time and part-time contracts. European markets include: UK,
Germany, France, the Nordics, Benelux, Austria, Switzerland, Italy, Spain, Denmark and Hungary. Other developed
markets include: The US, Canada, Japan and Australia. Emerging markets include countries not listed in the other
categories for all remaining markets in Americas, Asia, Africa, Europe and Oceania plus production in China.
Female employees total, female managers and female senior leaders all include both active employees and
employees on leave of absence. Managers include all positions at or above Team Leader level. Senior leaders in-
clude the Executive Leadership Team, Senior Vice Presidents and Vice President positions.
Employee turnover indicates the share of employees who have left Coloplast within the last year out of an aver-
age employee headcount. The employee engagement score is based on a 0-10 scale, where 10 indicates the
highest engagement level.
The Sustainability Statements | Consolidated sustainability performance tables | Employees | Anti-corruption
126 Annual Report 2023/24
Employees | continued
(Part of EY’s limited assurance report 2023/24)
LTI frequency
2023/24
2022/23
2021/22
2020/21
2019/20
Occupational injuries and accidents
(all employees)
2.1
2.6
2.5
2.2
2.5
Anti-corruption
(Part of EY’s limited assurance report 2023/24)
Percent
2023/24
2022/23
2021/22
2020/21
2019/20
White-collar employees trained in Code of
Conduct
99
99
100
99
98
2023/24
2022/23
2021/22
2020/21
2019/20
Cases submitted to the Ethics Hotline, no.
86
75
70
61
78
Of which within scope, no.
49
42
48
32
63
Substantiation rate for cases closed, %
57
58
-
-
-
Employees | Anti-corruption
Accounting policies
Work-related lost time injury (LTI) frequency is calculated as the number of injuries per one million working hours.
A work-related lost time injury is defined as an incident resulting in the injured person not being able to work at the
next scheduled shift/workday, and where the incident has led to a minimum of one full workday of absence. The
first day of absence does not include the day on which the incident occurred.
At production and distribution sites, LTI-f includes all employees with a Coloplast contact and externally hired em-
ployees without a Coloplast contract and the workhours are actual reported workhours. This is also valid for our
site in Minneapolis and sales offices in the US and Canada. Workhours for other offices and sales subsidiaries in-
clude employees with a Coloplast contract and the workhours are calculated as number of active full-time em-
ployee multiplied with 130 workhours per month.
Accounting policies
White-collar employees trained in Code of Conduct indicates the percentage of active white-collar employees who
have completed an e-learning module and a test in our Code of Conduct at the end of the accounting year. Num-
bers are based on registrations in Coloplast’s learning management system. All white-collar employees employed
at the date of the campaign launch (excluding long-term leave such as maternity leave, long sick leave etc. and
excluding personnel not employed by Coloplast such as contractors or consultants) are included in the reporting.
Cases submitted to the Ethics Hotline include all cases reported either directly via the Ethics Hotline system, audits
or through line management. The scope of relevant cases for the Ethics Hotline includes violations of all topics
covered by Coloplast’s Code of Conduct, Coloplast BEST. Business Ethics & Compliance cases reported via the
Ethics Hotline are investigated via Coloplast’s standard global compliance investigations process. Substantiated
cases are defined as closed cases in which the investigation has validated the raised concern(s) and further correc-
tive measures are then taken. Not all cases are substantiated.
Management’s Statements and Auditor’s reports | Statments |
127 Annual Report 2023/24
Statements
Management’s Statements and Auditor’s reports
Statments
Management’s Statements and Auditor’s reports | Statement by the Board of Directors and the Executive Management |
128 Annual Report 2023/24
The Board of Directors and the Executive Manage-
ment have today considered and approved the An-
nual Report of Coloplast A/S for the financial year 1
October 2023 – 30 September 2024.
The consolidated financial statements have been
prepared in accordance with the IFRS as adopted by
the EU and further requirements set out in the Dan-
ish Financial Statements Act.
The parent company financial statements have been
prepared in accordance with the Danish Financial
Statements Act. In our opinion, the consolidated fi-
nancial statements and the parent company finan-
cial statements give a true and fair view of the
Group’s and the parent company’s assets, liabilities
and financial position at 30 September 2024 and of
the results of the Group’s and the parent company’s
operations and the cash flows for the Group for the
financial year 1 October 2023 – 30 September
2024.
In our opinion, the Management’s report includes a
fair account of the development and performance of
the Group and the parent company, the results for
the year and of the financial position of the Group
and the parent company, together with a description
of the principal risks and uncertainties that the
Group and the parent company face.
In our opinion, the Annual Report for the financial
year 1 October 2023 to 30 September 2024 with
the file name Coloplast-2024-09-30-en.zip is pre-
pared, in all material respects, in compliance with the
ESEF Regulation.
In our opinion, the Consolidated Sustainability Per-
formance Tables represent a reasonable, fair and
balanced representation of the Group's environmen-
tal, social and governance (ESG) performance and
are prepared in accordance with the stated account-
ing policies.
We recommend the Annual Report for adoption at
the Annual General Meeting.
Statements by the Board and the Executive Management
Humlebæk, 5 November 2024
Executive Management
Kristian Villumsen
Anders Lonning-Skovgaard
President, CEO
Executive Vice President, CFO
Board of Directors
Lars Rasmussen
Niels Peter Louis-Hansen
Carsten Hellmann
Chairman
Deputy Chairman
Annette Brüls
Jette Nygaard-Andersen
Marianne Wiinholt
Thomas Barfod
Roland V. Pedersen
Nikolaj Kyhe Gundersen
Elected by the employees
Elected by the employees
Elected by the employees
Management’s Statements and Auditor’s reports | Independent Auditor’s Reports |
129 Annual Report 2023/24
To the shareholders of Coloplast A/S
Report on the audit of the
Consolidated Financial
Statements and Parent
Company Financial Statements
Our opinion
We have audited the Consolidated financial state-
ments and the Parent Company financial statements
of Coloplast A/S for the financial year 1 October
2023 – 30 September 2024, which comprise state-
ment of comprehensive income, statement of cash
flows, balance sheet, statement of changes in equity
and notes, including material accounting policy infor-
mation for the Group and income statement, bal-
ance sheet, statement of changes in equity and
notes, including key accounting policy information
for the Parent Company. The Consolidated financial
statements are prepared in accordance with IFRS
Accounting Standards as adopted by the EU and ad-
ditional requirements of the Danish Financial State-
ments Act, and the parent company financial state-
ments are prepared in accordance with the Danish
Financial Statements Act.
In our opinion, the Consolidated financial statements
give a true and fair view of the financial position of
the Group at 30 September 2024 and of the results
of the Group's operations and cash flows for the fi-
nancial year 1 October 2023 – 30 September 2024
in accordance with IFRS Accounting Standards as
adopted by the EU and additional requirements of
the Danish Financial Statements Act.
Further, in our opinion the Parent Company financial
statements give a true and fair view of the financial
position of the Parent Company at 30 September
2024 and of the results of the Parent Company's op-
erations for the financial year 1 October 2023 – 30
September 2024 in accordance with the Danish Fi-
nancial Statements Act.
Our opinion is consistent with our long-form audit re-
port to the Audit Committee and the Board of Direc-
tors.
Basis for opinion
We conducted our audit in accordance with Interna-
tional Standards on Auditing (ISAs) and additional re-
quirements applicable in Denmark. Our responsibili-
ties under those standards and requirements are fur-
ther described in the "Auditor's responsibilities for
the audit of the Consolidated financial statements
and the Parent Company financial statements"
(hereinafter collectively referred to as "the financial
statements") section of our report. We believe that
the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with
the International Ethics Standards Board for Ac-
countants' International Code of Ethics for Profes-
sional Accountants (IESBA Code) and the additional
ethical requirements applicable in Denmark, and we
have fulfilled our other ethical responsibilities in ac-
cordance with these requirements and the IESBA
Code.
To the best of our knowledge, we have not provided
any prohibited non-audit services as described in ar-
ticle 5(1) of Regulation (EU) no. 537/2014.
Appointment of auditor
We were initially appointed as auditor of Coloplast
A/S at the general meeting held on 7 December
2023 for the financial year 2023/24.
Key audit matters
Key audit matters are those matters that, in our pro-
fessional judgement, were of most significance in our
audit of the financial statements for the financial
year 1 October 2023 – 30 September 2024. These
matters were addressed during our audit of the fi-
nancial statements as a whole and in forming our
opinion thereon. We do not provide a separate opin-
ion on these matters. For each matter below, our
description of how our audit addressed the matter is
provided in that context.
We have fulfilled our responsibilities described in the
"Auditor's responsibilities for the audit of the financial
statements" section, including in relation to the key
audit matters below. Accordingly, our audit included
the design and performance of procedures to re-
spond to our assessment of the risks of material mis-
statement of the financial statements. The results of
our audit procedures, including the procedures per-
formed to address the matters below, provide the
basis for our audit opinion on the financial state-
ments.
Revenue recognition
Recognition of the Group’s revenue is complex due
the nature of sales agreements entered into with
due considerations of territorial healthcare systems,
legislation, increased competition, growth strategies
Independent Auditor’s Reports
Independent Auditor’s Reports
Management’s Statements and Auditor’s reports | Independent Auditor’s Reports |
130 Annual Report 2023/24
and requirements relating to various tenders. A sig-
nificant part of Coloplast’s sales is carried out
through distributors who operate under diverse cir-
cumstances impacting the format of sales agree-
ments.
Furthermore, agreements with distributors include
rebates and discounts which fall under certain com-
mercial and government-mandated contacts and re-
imbursement agreements. These arrangements re-
sult in deductions from gross sales in arriving at net
sales and give rise to obligations for the Group to
provide rebates, discounts and allowances which, for
amounts unsettled at year end, are recognised as a
provision.
We have focused on these sales arrangements be-
cause they are complex and require significant esti-
mation by Management in establishing an appropri-
ate provision for the unsettled amounts. This in-
cludes estimation of sales volumes subject to the re-
bates, including estimation of applicable rebate
rates. We refer to notes 3 and 4 in the Consolidated
financial statements.
How we addressed the matter in our audit
• We have discussed revenue recognition principles
with Management, including sales agreements
and the related deductions from gross sales in
arriving at net sales (gross-to-net adjustments).
• We have performed risk assessment procedures
and obtained an understanding of the IT sys-
tems, business processes and relevant controls
for revenue recognition, including sales agree-
ment and gross-to-net provisions.
• We have assessed the design and on a sample
basis tested the operating effectiveness of se-
lected controls impacting revenue recognition.
• We have evaluated the appropriateness of meth-
ods for revenue recognition.
• We have on a sample basis performed substan-
tive testing of revenue recognition accruals and
tested assumptions applied for accruals for vol-
ume and product-dependent discounts including
test of data applied for the monitoring of sales at
product level to the individual distributors.
• We have on a sample basis performed analysis of
historical gross-to-net provisions and data for ac-
tual rebates and subsequent payments to evalu-
ate accuracy of the estimate and indications of
any potential management bias.
• We have performed sensitivity analysis and as-
sessed Management’s disclosures.
Acquisition accounting
Coloplast acquired on 31 August 2023, Kerecis, an
innovative, fast-growing company in the biologics
wound care segment, for up to DKK 8.9 billion, of
which DKK 8.2 billion is an upfront cash payment
and an earnout potential of maximum DKK 680 mil-
lion.
The fair value of acquired assets, including goodwill,
patents, trademarks, licenses and know-how, receiv-
ables and inventories, is associated with estimates.
During financial year 1 October 2023 – 30 Septem-
ber 2024, the company completed the purchase
price allocation and revisited contingent considera-
tions related to the earn-out.
We focused on this area because the final purchase
price allocation requires significant estimation by
Management in determining the fair value of identi-
fied assets and liabilities, which are sensitive to signif-
icant changes in those applied assumptions.
We refer to notes 3 and 32 in the Consolidated finan-
cial statements.
How we addressed the matter in our audit
• We have discussed purchase price allocation
principles with Management, including key meth-
ods and assumptions applied.
• We have inspected reports from Management’s
external expert on the final purchase price allo-
cation, including evidence of closing accounts
agreed between Coloplast and the selling party.
• We have performed risk assessment procedures
and obtained an understanding of Management’s
process and methodology for determining fair
values applied in the final purchase price alloca-
tion and tested significant assumptions, including
the expected useful life of customer relationships,
revenue growth, profitability, royalty rate and
discount rate applied.
• We have involved our in-house valuation experts
while evaluating the appropriateness of the valu-
ation techniques used in the final purchase price
allocation as well as in evaluating the applied fi-
nancial assumptions.
• We have performed detailed testing of adjust-
ments to the assets and liabilities recognised in
the final purchase price allocation, including
tested judgements and assumptions made by
Management in relation to the fair value of the
contingent consideration related to earn-out.
Impairment testing of non-current assets
The Group has recognized significant intangible as-
sets, including goodwill and acquired patents, trade-
marks and knowhow, etc. in connection with the his-
torical acquisitions of Kerecis, Atos Medical Group
and Nine Continents Medical.
The carrying amount of these intangible assets was
DKK 29,736 million as at 30 September 2024.
The carrying values could be materially affected by
significant changes in estimates and assumptions un-
derlying the calculation of the recoverable values of
each of the underlying operating segments; Chronic
Care, Interventional Urology, Voice and Respiratory
Care and Biologics.
We focused on this area, as the amounts involved
are material and there is a high level of subjectivity
Management’s Statements and Auditor’s reports | Independent Auditor’s Reports |
131 Annual Report 2023/24
exercised by Management in estimating future cash
flows, discount rate, revenue growth in terminal pe-
riod and tax rate.
We refer to note 11 in the Consolidated Financial
Statements.
How we addressed the matter in our audit
• As part of our risk assessment procedures we
have discussed the potential indications of im-
pairment with Management, including an update
on the performance of the different operating
segments.
• As part of our risk assessment procedures, we
have obtained an understanding of the business
processes and relevant controls related to the
assessment of the recoverable amount, including
key assumptions applied such as assumptions for
long-term strategy, discount rate, revenue
growth in terminal period and tax rate.
• We have involved our in-house valuation experts
while evaluating the appropriateness of the mod-
els used in the impairment tests as well as in
evaluating the applied financial assumptions.
• We have substantively tested Management’s im-
pairment models and performed reconciliation of
the cash flow projections applied when determin-
ing the recoverable amounts to Management
approved budget and management approved fi-
nancial assumptions. Furthermore, we have
tested other key assumptions applied by man-
agement, including discount rate, taxes rates,
growth rate in terminal period etc. Our proce-
dures have also included test of mathematical
accuracy of the models applied, including inter-
nal consistency and application of assumptions.
• We have performed sensitivity analysis and as-
sessed Management’s disclosures.
Statement on the Management's review
Management is responsible for the Management's
review.
Our opinion on the financial statements does not
cover the Management's review, and we do not ex-
press any assurance conclusion thereon.
In connection with our audit of the financial state-
ments, our responsibility is to read the Manage-
ment's review and, in doing so, consider whether the
Management's review is materially inconsistent with
the financial statements, or our knowledge obtained
during the audit, or otherwise appears to be materi-
ally misstated.
Moreover, it is our responsibility to consider whether
the Management's review provides the information
required by relevant law and regulations.
Based on our procedures, we conclude that the
Management's review is in accordance with the fi-
nancial statements and has been prepared in ac-
cordance with the requirements of relevant law and
regulations. We did not identify any material mis-
statement of the Management's review.
Management's responsibilities for the financial
statements
Management is responsible for the preparation of
consolidated financial statements that give a true
and fair view in accordance with IFRS Accounting
Standards as adopted by the EU and additional re-
quirements of the Danish Financial Statements Act
and for the preparation of Parent Company financial
statements that give a true and fair view in accord-
ance with the Danish Financial Statements Act.
Moreover, Management is responsible for such inter-
nal control as Management determines is necessary
to enable the preparation of financial statements
that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, Management
is responsible for assessing the Group's and the Par-
ent Company's ability to continue as a going con-
cern, disclosing, as applicable, matters related to go-
ing concern and using the going concern basis of ac-
counting in preparing the financial statements unless
Management either intends to liquidate the Group or
the Parent Company or to cease operations, or has
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the
financial statements
Our objectives are to obtain reasonable assurance
as to whether the financial statements as a whole
are free from material misstatement, whether due to
fraud or error, and to issue an auditor's report that
includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an au-
dit conducted in accordance with ISAs and additional
requirements applicable in Denmark will always de-
tect a material misstatement when it exists. Misstate-
ments can arise from fraud or error and are consid-
ered material if, individually or in the aggregate, they
could reasonably be expected to influence the eco-
nomic decisions of users taken on the basis of the fi-
nancial statements.
As part of an audit conducted in accordance with
ISAs and additional requirements applicable in Den-
mark, we exercise professional judgement and main-
tain professional scepticism throughout the audit. We
also:
• Identify and assess the risks of material misstate-
ment of the financial statements, whether due to
fraud or error, design and perform audit proce-
dures responsive to those risks and obtain audit
evidence that is sufficient and appropriate to pro-
vide a basis for our opinion. The risk of not de-
tecting a material misstatement resulting from
fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, inten-
tional omissions, misrepresentations or the over-
ride of internal control.
• Obtain an understanding of internal control rele-
vant to the audit in order to design audit proce-
dures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion
on the effectiveness of the Group's and the Par-
ent Company's internal control.
Management’s Statements and Auditor’s reports | Independent Auditor’s Reports |
132 Annual Report 2023/24
• Evaluate the appropriateness of accounting poli-
cies used and the reasonableness of accounting
estimates and related disclosures made by Man-
agement.
• Conclude on the appropriateness of Manage-
ment's use of the going concern basis of ac-
counting in preparing the financial statements
and, based on the audit evidence obtained,
whether a material uncertainty exists related to
events or conditions that may cast significant
doubt on the Group's and the Parent Company's
ability to continue as a going concern. If we con-
clude that a material uncertainty exists, we are
required to draw attention in our auditor's report
to the related disclosures in the financial state-
ments or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of
our auditor's report. However, future events or
conditions may cause the Group and the Parent
Company to cease to continue as a going con-
cern.
• Evaluate the overall presentation, structure and
contents of the financial statements, including
the note disclosures, and whether the financial
statements represent the underlying transactions
and events in a manner that gives a true and fair
view.
• Obtain sufficient appropriate audit evidence re-
garding the financial information of the entities
or business activities within the Group to express
an opinion on the Consolidated financial
statements. We are responsible for the direction,
supervision and performance of the group audit.
We remain solely responsible for our audit opin-
ion.
We communicate with those charged with govern-
ance regarding, among other matters, the planned
scope and timing of the audit and significant audit
findings, including any significant deficiencies in inter-
nal control that we identify during our audit.
We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and to
communicate with them all relationships and other
matters that may reasonably be thought to bear on
our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the Consoli-
dated financial statements and the Parent Company
financial statements of the current period and are
therefore the key audit matters. We describe these
matters in our auditor's report unless law or regula-
tion precludes public disclosure about the matter.
Report on compliance with the
ESEF Regulation
As part of our audit of the Consolidated Financial
Statements and Parent Company Financial State-
ments of Coloplast A/S, we performed procedures to
express an opinion on whether the annual report of
Coloplast A/S for the financial year 1 October 2023
– 30 September 2024 with the file name
Coloplast-2024-09-30-en.zip is prepared, in all ma-
terial respects, in compliance with the Commission
Delegated Regulation (EU) 2019/815 on the Euro-
pean Single Electronic Format (ESEF Regulation)
which includes requirements related to the prepara-
tion of the annual report in XHTML format and
iXBRL tagging of the Consolidated Financial State-
ments including notes.
Management is responsible for preparing an annual
report that complies with the ESEF Regulation. This
responsibility includes:
• The preparing of the annual report in XHTML
format;
• The selection and application of appropriate
iXBRL tags, including extensions to the ESEF tax-
onomy and the anchoring thereof to elements in
the taxonomy, for all financial information re-
quired to be tagged using judgement where nec-
essary;
• Ensuring consistency between iXBRL tagged
data and the Consolidated Financial Statements
presented in human readable format; and
• For such internal control as Management deter-
mines necessary to enable the preparation of an
annual report that is compliant with the ESEF
Regulation.
Our responsibility is to obtain reasonable assurance
on whether the annual report is prepared, in all ma-
terial respects, in compliance with the ESEF Regula-
tion based on the evidence we have obtained, and to
issue a report that includes our opinion. The nature,
timing and extent of procedures selected depend on
the auditor’s judgement, including the assessment of
the risks of material departures from the require-
ments set out in the ESEF Regulation, whether due
to fraud or error. The procedures include:
• Testing whether the annual report is prepared in
XHTML format;
• Obtaining an understanding of the company’s
iXBRL tagging process and of internal control
over the tagging process;
• Evaluating the completeness of the iXBRL tag-
ging of the Consolidated Financial Statements in-
cluding notes;
• Evaluating the appropriateness of the company’s
use of iXBRL elements selected from the ESEF
taxonomy and the creation of extension ele-
ments where no suitable element in the ESEF
taxonomy has been identified;
• Evaluating the use of anchoring of extension ele-
ments to elements in the ESEF taxonomy; and
Management’s Statements and Auditor’s reports | Independent Auditor’s Reports |
133 Annual Report 2023/24
• Reconciling the iXBRL tagged data with the au-
dited Consolidated Financial Statements.
In our opinion, the annual report of Coloplast A/S for
the financial year 1 October 2023 – 30 September
2024 with the file name
Coloplast-2024-09-30-en.zip is prepared, in all ma-
terial respects, in compliance with the ESEF Regula-
tion.
Copenhagen, 5 November 2024
EY Godkendt Revisionspartnerselskab
CVR no. 30 70 02 28
Henrik Kronborg Iversen
State Authorised Public Accountant
mne24687
Christian Schwenn Johansen
State Authorised Public Accountant
mne33234
Management’s Statements and Auditor’s reports | Independent auditor’s Assurance report |
134 Annual Report 2023/24
To the shareholders of Coloplast A/S
Independent auditor's Assur-
ance Report on selected con-
solidated Sustainability Perfor-
mance tables for 2023/24
As agreed, we have performed an examination with
a limited assurance, as defined by the International
Standards on Assurance Engagements, on Coloplast
A/S selected consolidated Sustainability Perfor-
mance tables on pages 119-126 in the Annual Re-
port of Coloplast A/S for the period 1 October 2023
- 30 September 2024.
Specifically, we conclude with limited assurance over
the following KPI’s referred to as “selected consoli-
dated Sustainability Performance table”:
• KPI’s in the table on Waste on page 120
• KPI’s in the table on Water on page 121
• KPI’s in the table on Energy on page 121
• KPI’s in the tables on GHG emissions on page
122-123
• LTI frequency in the table on Employees on page
126
• KPI’s in the table on Anti-corruption on page 126
In preparing the selected consolidated Sustainability
Performance tables, Coloplast A/S applied the ac-
counting policies described on pages 119-126. The
selected consolidated Sustainability Performance ta-
bles need to be read and understood together with
the accounting policies, which Management is solely
responsible for selecting and applying. The absence
of an established practice on which to derive, evalu-
ate, and measure the selected consolidated Sustain-
ability Performance tables allows for different, but
acceptable, measurement techniques and can affect
comparability between entities and over time.
Other than as described in the preceding paragraph,
which sets out the scope of our engagement, we did
not perform assurance procedures on the remaining
sustainability information included in the 2023/24
Annual Report, and accordingly, we do not express
an opinion on this information.
Management's responsibilities
Coloplast A/S' Management is responsible for select-
ing the accounting policies, and for presenting the
selected consolidated Sustainability Performance ta-
bles in accordance with the accounting policies, in all
material respects. This responsibility includes estab-
lishing and maintaining internal controls, maintaining
adequate records, and making estimates that are
relevant to the preparation of the selected
consolidated Sustainability Performance tables such
that it is free from material misstatement, whether
due to fraud or error.
Auditor's responsibilities
Our responsibility is to express a conclusion based on
our examinations on the presentation of the selected
consolidated Sustainability Performance tables in ac-
cordance with the scope defined above.
We conducted our examinations in accordance with
ISAE 3000 Assurance Engagements Other than Au-
dits or Reviews of Historical Financial Information
and additional requirements under Danish audit reg-
ulation to obtain limited assurance for the purposes
of our conclusion.
EY Godkendt Revisionspartnerselskab applies Inter-
national Standard on Quality Management 1, ISQM1,
which requires the firm to design, implement and op-
erate a system of quality management including pol-
icies or procedures regarding compliance with ethi-
cal requirements, professional standards and appli-
cable legal and regulatory requirements.
We have complied with the independence and other
ethical requirements of the International Ethics
Standards Board for Accountants' International
Code of Ethics for Professional Accountants (IESBA
Code), which is founded on fundamental principles of
integrity, objectivity, professional competence and
due care, confidentiality and professional behaviour
as well as ethical requirements applicable in Den-
mark.
Description of procedures performed
In obtaining limited assurance over the selected con-
solidated Sustainability Performance tables, our ob-
jective was to perform such procedures as to obtain
information and explanations which we consider
necessary in order to provide us with sufficient ap-
propriate evidence to express a conclusion with lim-
ited assurance.
The procedures performed in connection with our
examination are less than those performed in con-
nection with a reasonable assurance engagement.
Consequently, the degree of assurance for our con-
clusion is substantially less than the assurance which
would be obtained had we performed a reasonable
assurance engagement.
Independent auditor’s Assurance report
Independent auditor’s Assurance report
Management’s Statements and Auditor’s reports | Independent auditor’s Assurance report |
135 Annual Report 2023/24
As part of our examinations, we performed the be-
low procedures:
• Interviewed those in charge of selected consoli-
dated Sustainability Performance tables to de-
velop an understanding of the process for the
preparation of the selected consolidated Sustain-
ability Performance tables and for carrying out
internal control procedures.
• Performed analytical review of the data and
trends to identify areas of the selected consoli-
dated Sustainability Performance tables with a
significant risk of misleading or unbalanced infor-
mation or material misstatements and obtained
an understanding of any explanations provided
for significant variances.
• Based on inquiries we evaluated the appropriate-
ness of the accounting policies used, their con-
sistent application and related disclosures in the
selected consolidated Sustainability Performance
tables. This includes the reasonableness of esti-
mates made by management.
• Designed and performed further procedures re-
sponsive to those risks and obtained evidence
that is sufficient and appropriate to provide a ba-
sis for our conclusion.
• In connection with our procedures, we read the
other sustainability information in the selected
consolidated Sustainability Performance tables of
Coloplast A/S and, in doing so, considered
whether the other sustainability information is
materially inconsistent with the selected consoli-
dated Sustainability Performance tables, or our
knowledge obtained in the review or otherwise
appear to be materially misstated.
In our opinion, the examinations performed provide
a sufficient basis for our conclusion.
Conclusion
Based on our examinations and the evidence ob-
tained, nothing has come to our attention that
causes us to believe that the selected consolidated
Sustainability Performance tables in Coloplast A/S
Annual Report for the period from 1 October 2023 -
30 September 2024 have not been prepared, in all
material respects, in accordance with accounting
policies described on pages 119-126.
Copenhagen, 5 November 2024
EY Godkendt Revisionspartnerselskab
CVR no. 30 70 02 28
Christian Schwenn Johansen
State Authorised Public Accountant
Mne33234
Monica Mai Bak Larsen
Partner, Climate Change and Sustainability Services
The Financial Statements of the Parent Company | Parent company financial statements | Independent auditor’s Assurance report
136 Annual Report 2023/24
Parent company
financial statements
Coloplast A/S
Parent company financial statements
The Financial Statements of
the Parent Company
The Financial Statements of the Parent Company | Parent company financial statements | Income statement
137 Annual Report 2023/24
Income statement
1 October - 30 September
DKK million
Note
2023/24
2022/23
Revenue
3
16,032
15,410
Production costs
4
-9,479
-9,228
Gross profit
6,553
6,182
Distribution costs
4
-1,736
-1,721
Administrative expenses
4, 5
-135
-311
Research and development costs
4
-948
-888
Other operating income
17
13
Other operating expenses
-42
-114
Operating profit (EBIT)
3,709
3,161
Profit/loss after tax on investments in subsidiaries
10
688
301
Financial income
6
293
1,230
Financial expenses
6
-1,305
-1,132
Profit before tax
3,385
3,560
Tax on profit for the year
7
-698
-708
Net profit for the year
2
2,687
2,852
Income statement
The Financial Statements of the Parent Company | Parent company financial statements | Balance sheet
138 Annual Report 2023/24
Balance sheet
At 30 September
Balance sheet
DKK million
Note
2024
2023
Assets
Intangible assets
8
18,240
19,286
Property, plant and equipment
9
809
732
Financial assets
10
13,677
26,488
Non-current assets
32,726
46,506
Inventories
11
1,283
1,190
Trade receivables
495
491
Receivables from Group companies
3,262
3,218
Income tax
146
220
Other receivables
169
182
Prepayments
158
158
Receivables
4,230
4,269
Cash and cash equivalents
234
457
Current assets
5,747
5,916
Assets
38,473
52,422
DKK million
Note
2024
2023
Equity and liabilities
Share capital
228
228
Reserve for hedging
328
423
Proposed ordinary dividend for the year
3,831
3,595
Retained earnings
7,396
9,209
Equity
11,783
13,455
Provisions for pensions and similar liabilities
12
2
2
Provision for deferred tax
13
1,338
937
Other credit institutions
14
5,000
-
Payable to Group companies
11,556
16,405
Non-current liabilities
17,896
17,344
Other provisions
12
-
94
Other credit institutions
14
5,235
2,418
Trade payables
437
289
Payable to Group companies
2,668
17,593
Income tax
102
-
Other payables
352
1,229
Current liabilities
8,794
21,623
Liabilities
26,690
38,967
Equity and liabilities
38,473
52,422
Contingent items and other financial liabilities
15
The Financial Statements of the Parent Company | Parent company financial statements | Statement of changes in equity
139 Annual Report 2023/24
Statement of changes in equity
At 30 September
Share capital
A shares
B shares
Hedging
reserve
Proposed
dividend
Retained
earnings
Total
2022/23
Equity at 1 October
18
198
415
3,185
2,528
6,344
Net profit for the year
-
-
-
4,657
-1,805
2,852
Value adjustment of
hedging
-
-
145
-
-
145
Transferred to financial items
-
-
-114
-
-
-114
Tax effect of hedging
-
-
-23
-
-
-23
Currency adjustment of opening bal-
ances and other adjustments relating
to subsidiaries
-
-
-
-
-725
-725
Transactions with shareholders
Increase in share capital
-
12
-
-
9,088
9,100
Sale of treasury shares and loss on ex-
ercised options
-
-
-
-
73
73
Share-based payment
-
-
-
-
37
37
Tax on equity entries
-
-
-
-
13
13
Interim dividend paid out in respect of
2022/23
-
-
-
-1,062
-
-1,062
Dividend paid out in respect of 2021/22
-
-
-
-3,185
-
-3,185
Equity at 30 September
18
210
423
3,595
9,209
13,455
Statement of changes in equity
Share capital
DKK million
A shares
B shares
Hedging
reserve
Proposed
dividend
Retained
earnings
Total
2023/24
Equity at 1 October
18
210
423
3,595
9,209
13,455
Net profit for the year
-
-
-
4,956
-2,269
2,687
Value adjustment of hedging
-
-
-45
-
-
-45
Transferred to financial items
-
-
-75
-
-
-75
Tax effect of hedging
-
-
25
-
-
25
Currency adjustment of opening balances
and other adjustments relating
to subsidiaries
-
-
-
-
-224
-224
Transactions with shareholders
Acquisition of treasury shares
-
-
-
-
-
-
Increase in share capital
-
-
-
-
-
-
Sale of treasury shares and loss on exer-
cised options
-
-
-
-
523
523
Share-based payment
-
-
-
-
40
40
Tax on equity entries
-
-
-
-
117
117
Interim dividend paid out in respect of
2023/24
-
-
-
-1,125
-
-1,125
Dividend paid out in respect of 2022/23
-
-
-
-3,595
-
-3,595
Equity at 30 September
18
210
328
3,831
7,396
11,783
The Financial Statements of the Parent Company | Parent company financial statements | Notes
140 Annual Report 2023/24
Note 1
Accounting policies
Basis of preparation
The parent company’s financial statements are presented in accordance with the Danish Financial State-
ments Act for companies in reporting class D.
The accounting policies of the parent company are the same as those of the Group, but with the addition of
the policies described below. The Group’s accounting policies are set out in note 1, 2 and 3 to the consoli-
dated financial statements. Other than as set out hereinabove, there have been no changes to the account-
ing policies relative to last year.
Accounting for prior period material misstatements
During 2024, a material misstatement related to understated amortisation of trademarks for the financial
year 2022/23 has been corrected by restatement of the balance sheet comparatives and opening equity
figures in the financial statements for the year 2023/24.
The restatement impacted the comparatives and opening equity as follows:
• Shareholder’s equity at September 30, 2023 decreased by DKK 342 million
• Production expenses for the year ended September 30, 2023 increased by DKK 438 million
• Operating profit and profit before tax for the year ended September 30, 2023 decreased by DKK 438
million
• Provision for deferred tax at September 30, 2023 decreased by DKK 96 million
• Tax for the year ended September 30, 2023 decreased by DKK 96 million
• Intangible assets and total assets at September 30, 2023 decreased by DKK 438 million, while total lia-
bilities at September 30, 2023 decreased by DKK 438 million .
General information
No separate cash flow statement has been prepared for the parent company as per the exemption clause
of section 86(4) of the Danish Financial Statements Act. The consolidated cash flow statement is set out on
page 73.
Intangible assets
Goodwill is measured at cost less accumulated amortisation and impairment. Amortisation is calculated us-
ing the straight-line method over the expected useful life, estimated at 10 years. This estimate was made on
the basis of Management’s experience with the individual business areas as well as estimated useful lives of
the other assets acquired in the transaction.
Amortisation for IP rights, trademarks and other intangible assets is made on a straight-line basis over ex-
pected useful life of the assets, between 10 and 20 years.
Property, plant and equipment
Leases, under which substantially all risk and rewards or ownership of an asset are transferred, are classi-
fied as finance leases. Other leases are classified as operating leases. No finance leases have been recog-
nised in the parent company’s financial statements.
Financial assets
In the parent company’s financial statements, investments in subsidiaries and associates are recognised
according to the equity method. The share of the results of subsidiaries less unrealised intra-group gains is
recognised in the parent company’s income statement. Net revaluation of investments in subsidiaries and
associates exceeding the dividend declared by such companies is recognised in equity as reserve for net re-
valuation according to the equity method.
Financial instruments
The accounting policies and other information about derivative financial instruments are set out in note 23
to the consolidated financial statements.
Tax
Coloplast A/S and Danish subsidiaries are part of a Danish joint taxation scheme with NPLH Holding ApS,
according to which the Company partly has a joint and several liability and partly a secondary liability with
respect to corporate income taxes, corporate withholding taxes, etc. The jointly taxed Danish subsidiaries
are covered by the Danish on-account tax scheme. Current tax for jointly taxed companies is recognised in
each individual company. The parent company has applied the exception to recognise and disclose infor-
mation about deferred tax in the OECD/EU Pillar Two Model Rules and their local implementation.
Notes
The Financial Statements of the Parent Company | Parent company financial statements | Notes
141 Annual Report 2023/24
Note 2
Profit distribution
DKK million
2023/24
2022/23
Profit distribution
Retained earnings
-2,269
-1,805
Dividend paid during the year
1,125
1,062
Proposed dividend for the year
3,831
3,595
Total
2,687
2,852
Note 3
Revenue
DKK million
2023/24
2022/23
Business areas
Intimate healthcare
16,032
15,410
Total
16,032
15,410
Geographical markets
Europe
10,185
9,538
Americas
3,851
3,962
Rest of the world
1,996
1,910
Total
16,032
15,410
Note 4
Staff costs
See note 28 to the consolidated financial statements for information on the remuneration for the Board of
Directors and Executive Management.
Note 5
Fees to auditors appointed by the Annual General Meeting
DKK million
2023/24
2022/23
Statutory audit
6
6
Assurance engagements other than audit
1
1
Tax advisory
-
3
Other services
1
2
Total fees
8
12
Fee for non-audit services provided to the Parent Company by EY Godkendt Revisionspartnerselskab, Den-
mark, amounted to DKK 2 million (2022/23: DKK 4 million to PricewaterhouseCoopers Statsautoriseret Re-
visionspartnerselskab), relating to compliance services and other assurance assessments and opinions.
DKK million
2023/24
2022/23
Specification of staff costs recognised in the financial year
Salaries, wages and directors' remuneration
1,250
1,163
Pensions
110
103
Other social security costs
11
10
Total
1,371
1,276
Average number of employees, FTEs¹⁾
1,451
1,422
¹⁾ The FTE definition has been reassessed and the comparison figures has been adjusted.
The Financial Statements of the Parent Company | Parent company financial statements | Notes
142 Annual Report 2023/24
Note 6
Financial income and expenses
DKK million
2023/24
2022/23
Financial income
Interest income, etc.
10
51
Interest income from Group companies
208
403
Interest hedges
75
75
Net exchange adjustments
-
661
Fair value adjustments, forward contracts
-
40
Total
293
1,230
Financial expenses
Interest expenses, etc.
368
211
Interest expenses from Group companies
685
921
Fair value adjustments, forward contracts
252
-
Total
1,305
1,132
Note 7
Tax on profit for the year
DKK million
2023/24
2022/23
Current tax on profit for the year
237
15
Change in deferred tax on profit for the year
458
705
Adjustment of tax relating to prior years
3
-12
Tax on profit for the year
698
708
Tax on equity entries, income
142
-10
The Financial Statements of the Parent Company | Parent company financial statements | Notes
143 Annual Report 2023/24
Note 8
Intangible assets
Note 9
Property, plant and equipment
Total
DKK million
Plant and
machinery
Other fix-
tures and
fittings,
tools and
equipment
Prepay-
ments and
assets
under con-
struction
2023/24
2022/23
Cost at 1 October
618
931
273
1,822
1,828
Transfers
24
131
-155
-
-
Additions during the year
6
55
159
220
205
Disposals during the year
-7
-2
-
-9
-211
Cost at 30 September
641
1,115
277
2,033
1,822
Depreciations at 1 October
377
713
-
1,090
1,139
Depreciations for the year
32
102
-
134
122
Depreciations reversed on disposals during
the year
-
-
-
-
-171
Depreciations at 30 September
409
815
-
1,224
1,090
Carrying amount at 30 September
232
300
277
809
732
Total
DKK million
Acquired
patents,
trademarks
and know-
how etc.
Goodwill
Software
Prepay-
ments and
intangible
assets in
progress
2023/24
2022/23
Cost at 1 October
20,883
1,546
700
224
23,353
5,033
Transfers
-
-
127
-127
-
-
Additions and improvements during
the year
-
-
37
142
179
18,357
Disposals during the year
-
-
-
-
-
-37
Cost at 30 September
20,883
1,546
864
239
23,532
23,353
Amortisation at 1 October
2,439
1,217
411
-
4,067
2,912
Amortisation for the year
-
-
-
-
-
1,192
Amortisation reversed on disposals
during the year
1,018
96
111
-
1,225
-37
Amortisation at 30 September
3,457
1,313
522
-
5,292
4,067
Carrying amount at 30 September
17,426
233
342
239
18,240
19,286
The Financial Statements of the Parent Company | Parent company financial statements | Notes
144 Annual Report 2023/24
Note 10
Financial assets
See note 33 in the consolidated financial statements for an overview of subsidiaries.
Note 11
Inventories
DKK million
2024
2023
Raw materials and consumables
92
66
Work in progress
292
267
Manufactured goods
899
857
Inventories at 30 September
1,283
1,190
The company has not provided inventories as security for debt obligations.
Total
DKK million
Investments
in Group
companies
Receivables
from Group
companies
Other
securities and
investments
2023/24
2022/23
Cost at 1 October
24,858
6,213
58
31,129
20,693
Capital investments
-504
122
12
-370
10,301
Divestments
4
-5,477
-
-5,473
-15
Exchange adjustments
22
-24
-
-2
150
Cost at 30 September
24,380
834
70
25,284
31,129
Value adjustments at 1 October
-4,648
-
7
-4,641
-1,315
Profit after tax
688
-
-
688
301
Dividend received
-7,516
-
-
-7,516
-3,013
Exchange adjustments
-362
-
-3
-365
-610
Other adjustments
227
-
-
227
-4
Value adjustments at 30 September
-11,611
-
4
-11,607
-4,641
Carrying amount at 30 September
12,769
834
74
13,677
26,488
The Financial Statements of the Parent Company | Parent company financial statements | Notes
145 Annual Report 2023/24
Note 12
Provisions
Total
DKK million
Legal
claims
Pension
2023/24
2022/23
Provisions at 1 October
94
2
96
171
Exchange adjustments
-
-
-
-12
Provisions used during the year
-94
-
-94
-263
Additional provisions
-
-
-
200
Provisions at 30 September
-
2
2
96
Expected maturities
Non-current liabilities
-
2
2
2
Current liabilities
-
-
-
94
Provisions at 30 September
-
2
2
96
Note 13
Deferred tax
DKK million
2023/24
2022/23
Deferred tax at 1 October, net
937
200
Prior-year adjustments
-55
20
Other changes in deferred tax – charged to income statement
458
665
Change in deferred tax - charged to equity
-2
52
Deferred tax at 30 September, net
1,338
937
DKK million
2024
2023
Calculation of deferred tax is based on the following items
Intangible assets
1,577
1,039
Property, plant and equipment
77
33
Production overhead
14
12
Provisions
-20
-43
Tax loss carry forward
-204
-
Hedges
-84
-91
Other
-22
-13
Deferred tax at 30 September, net
1,338
937
The Financial Statements of the Parent Company | Parent company financial statements | Notes
146 Annual Report 2023/24
Note 14
Credit institutions
Note 15
Contingent items and other financial liabilities
2024
2023
DKK million
Rent
Other
operating
leases
Total
Rent
Other
operating
leases
Total
Falling due in
Less than one year
55
11
66
53
25
78
Within 1 to 5 years
-
5
5
-
8
8
After more than 5 years
-
-
-
-
-
-
Other financial liabilities
at 30 September
55
16
71
53
33
86
The parent company had provided guarantees for loans raised by Group companies amounting to DKK 644
million at 30 September 2024 (DKK 648 million at 30 September 2023).
The parent company has issued a letter of subordination to the benefit of other creditors of some subsidiar-
ies.
The parent company is involved in minor lawsuits, which, other than as described in note 19 to the consoli-
dated financial statements, are not expected to influence the parent company’s future earnings.
Coloplast A/S and Danish subsidiaries are part of a Danish joint taxation scheme with NPLH Holding ApS,
according to which the Company partly has a joint and several liability and partly a secondary liability with
respect to corporate income taxes, corporate withholding taxes, etc.
DKK million
2024
2023
Falling due in
Less than one year
5,235
2,418
Within 1 to 5 years
5,000
-
Total
10,235
2,418
Additional information | Shareholder information | Financial calendar, analysts following Coloplast and contact information
147 Annual Report 2023/24
Announcements 2023/24
2023
10/2023
Full-year 2023/24 Financial Guidance
11/2023
Full-year Financial Results 2022/23
12/2023
Annual Report 2022/23 and Remuneration Report 2022/23
13/2023
Notice of Annual General Meeting
14/2023
Decisions at the Annual General Meeting 2023
15/2023
Articles of Association
16/2023
Change of auditor
2024
01/2024
Interim Financial Report, Q1 2023/24
02/2024
Interim Financial Report, H1 2023/24
03/2024
Interim Financial Report, 9M 2023/24
04/2024
Financial Calendar 2024/25
Financial calendar 2024/25
2024
7 October
Silent period until 5 November 2024
23 October
Deadline for submission of agenda points for the Annual General Meeting
5 November
Financial Statements for the full year 2023/24 and Annual Report 2023/24
5 December
Annual General Meeting 2024
10 December
Dividends for 2023/24 at the disposal of shareholders
23 December
Silent period until 4 February 2025
2025
4 February
Interim Financial Statements for Q1 2024/25
7 April
Silent period until 6 May 2025
6 May
Interim Financial Statements for H1 2024/25
4 July
Silent period until 19 August 2025
19 August
Interim Financial Statements for 9M 2024/25
6 October
Silent period until 4 November 2025
22 October
Deadline for submission of agenda points for the Annual General Meeting
4 November
Financial Statements for the full year 2024/25 and Annual Report 2024/25
4 December
Annual General Meeting 2025
9 December
Dividends for 2024/25 at the disposal of shareholders
Shareholder information
Additional information
Financial calendar, analysts following Coloplast and contact information
Shareholder information
Additional information | Shareholder information | Financial calendar, analysts following Coloplast and contact information
148 Annual Report 2023/24
Banks and stockbroking companies following Coloplast
ABG Sundal Collier
AlphaValue
Barclays
Berenberg
Bernstein
BofA Securities
Carnegie
CFRA
Citi
Danske Bank
DNB
Equita
Goldman Sachs
Handelsbanken
HSBC
Jefferies
J.P. Morgan
Jyske Bank
Kepler Cheuvreux
Morgan Stanley
Morningstar Inc.
Nordea
Nykredit
ODDO BHF
RBC
Redburn
SEB
Sydbank
Investor Relations contacts
Aleksandra Dimovska
Vice President, Investor Relations
Tel. +45 49 11 24 58
Email: dkadim@coloplast.com
Kristine Husted Munk
Senior Manager, Investor Relations
Tel. +45 49 11 32 66
Email: dkkhu@coloplast.com
Additional information | Shareholder information | Financial calendar, analysts following Coloplast and contact information
149 Annual Report 2023/24
The Coloplast story begins back in 1954. Elise Sørensen is a nurse. Her sister Thora has just had an ostomy
operation and is afraid to go out in public, fearing that her stoma might leak. Listening to her sister’s prob-
lems, Elise conceives the idea of the world’s first adhesive ostomy bag.
Based on Elise’s idea, Aage Louis-Hansen, a civil engineer and plastics manufacturer, and his wife Johanne
Louis-Hansen, a trained nurse, created the ostomy bag. A bag that does not leak, giving Thora – and thou-
sands of people like her – the chance to live the life they want.
A simple solution that makes a difference.
Today, our business includes Ostomy Care, Continence Care, Advanced Wound Care, Interventional Urol-
ogy, and Voice and Respiratory Care. We operate globally and employ more than 16,500 employees.
The Coloplast logo is a registered trademark of Coloplast A/S. © 2024-11.
All rights reserved Coloplast A/S, 3050 Humlebaek, Denmark.
Coloplast A/S
Holtedam 1
3050 Humlebaek
Denmark
Company registration (CVR) No. 69 74 99 17
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