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"value": "1.1 General accounting policies The annual report of GN Store Nord has been prepared in accordance with IFRS Accounting Standards (IFRS) as adopted by the EU and the Danish disclosure requirements for annual reports of listed companies.Cash Flow Statement The cash flow statement is presented using the indirect method based on the operating profit (loss). The cash flow statement shows the cash flow from operating, investing and financing activities for the year and the year\u2019s changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisitions and disposals of enterprises is shown separately in cash flows from investing activities. Cash flow from acquired enter-prises is recognized in the cash flow statement from the acquisition date. Cash flow from disposed of enterprises is recognized up until the disposal date. Cash flow from operating activities comprises cash flow from the year\u2019s operations adjusted for non-cash operating items and changes in working capital. Working capital comprises current assets excluding items stated as cash and cash equivalents and excluding tax receivable, as well as current liabilities excluding bank loans, tax payable and pro-visions. Cash flow from investing activities comprises payments in connection with acquisitions and disposals of enterprises and activities, acquisi-tions and disposals of intangible assets, property, plant and equipment and other non-current assets and acquisitions and disposals of securi-ties that are not included in cash and cash equivalents. Cash flow from financing activities comprises changes in the size or composition of the share capital and related costs as well as the raising of loans, repayment of interest-bearing debt, payment of the principal portion of lease liabilities, acquisition and disposal of treasury shares and payment of dividends to shareholders. Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less and are subject to an insignificant risk of changes in value.",
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"s8_notesesefdkgaap__7__88-1": {
"value": "1.1 General accounting policies The annual report of GN Store Nord has been prepared in accordance with IFRS Accounting Standards (IFRS) as adopted by the EU and the Danish disclosure requirements for annual reports of listed companies. The annual report has been prepared in accordance with the historical cost convention, as modified by the revaluation of certain financial instruments (including derivative financial instruments) at fair value. The description of the accounting policies in the individual notes is part of the complete description of GN Store Nord\u2019s accounting policies. New standards, interpretations and amendments adopted by GN Store Nord As of January 1, 2023, GN Store Nord adopted all relevant new or revised International Financial Reporting Standards and IFRIC Interpre-tations with effective date January 1, 2023 or earlier. The new or re-vised standards and interpretations did not affect recognition and measurement materially nor did they result in any material changes to disclosures in the notes. Apart from this, the annual report is presented in accordance with the accounting policies applied in previous years\u2019 annual reports. Accounting standards not yet adopted A number of new standards, amendments to standards and interpreta-tions are effective for annual periods beginning after January 1, 2024 and have not been applied in preparing this annual report. None of these new standards, amendments to standards and interpretations are expected to have significant impact on the financial statements of GN Store Nord. GN Store Nord will adopt new standards and interpretations as of the effective dates. Consolidated Financial Statements The consolidated financial statements relate to the financial state-ments of the parent company, GN Store Nord, and its subsidiaries as of December 31, 2023. Control is achieved when the Group is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights re-sults in control. To support this presumption and when GN Store Nord has less than a majority of the voting or similar rights of an investee, GN Store Nord considers all relevant facts and circumstances in as-sessing whether it has power over an investee. Group companies are listed on pages 130-131. Enterprises that are not subsidiaries, but where GN Store Nord exercises significant influence, but where it does not have power to govern the financial and operating policies, are considered associates. When assessing whether GN Store Nord exercises control or significant influence, potential voting rights that are substantive and options on acquisition of additional ownership interests are taken into account. The consolidated financial statements are prepared as a consolidation of the financial statements of the parent company and those of the in-dividual subsidiaries, all of which are presented in accordance with the Group\u2019s accounting policies. Intra-group income and expenses, share-holdings, intra-group balances and dividends, and realized and unreal-ized gains and losses on intra-group transactions are eliminated. On consolidation, the carrying amount of shares held by the parent com-pany in subsidiaries is set off against the subsidiaries\u2019 equity. Foreign Currency Translation Functional Currency and Presentation Currency Financial statement items for each of the reporting enterprises in the Group are measured using the currency used in the primary financial environment in which the reporting enterprise operates. Transactions denominated in currencies other than the functional currency are con-sidered transactions denominated in foreign currencies. The consoli-dated financial statements are presented in Danish kroner (DKK), which is the functional currency and presentation currency of the par-ent company. Translation of Transactions and Balances On initial recognition, transactions denominated in foreign currencies are translated to the functional currency at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognized in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denomi-nated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and at the date at which the receivable or payable arose or was recognized in the latest annual report is recognized in the income statement as financial income or financial expense. Translation of Subsidiaries On recognition in the consolidated financial statements of foreign enti-ties with a functional currency other than GN Store Nord\u2019s presenta-tion currency, the income statements are translated at the exchange rates at the transaction date, and the balance sheet items are trans-lated at the exchange rates at the balance sheet date. An average ex-change rate for the month is used as the exchange rate at the transac-tion date to the extent that this does not significantly distort the presentation of the underlying transactions. Foreign exchange differ-ences arising on translation of the opening balance of equity of such enterprises at the exchange rates at the balance sheet date and on translation of the income statements from the exchange rates at the transaction date to the exchange rates at the balance sheet date are recognized in other comprehensive income. Foreign exchange adjustment of balances with foreign entities that are considered part of the investment in the entity is recognized in other comprehensive income in the consolidated financial statements under a separate translation reserve. Cash Flow Statement The cash flow statement is presented using the indirect method based on the operating profit (loss). The cash flow statement shows the cash flow from operating, investing and financing activities for the year and the year\u2019s changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisitions and disposals of enterprises is shown separately in cash flows from investing activities. Cash flow from acquired enter-prises is recognized in the cash flow statement from the acquisition date. Cash flow from disposed of enterprises is recognized up until the disposal date. Cash flow from operating activities comprises cash flow from the year\u2019s operations adjusted for non-cash operating items and changes in working capital. Working capital comprises current assets excluding items stated as cash and cash equivalents and excluding tax receivable, as well as current liabilities excluding bank loans, tax payable and pro-visions. Cash flow from investing activities comprises payments in connection with acquisitions and disposals of enterprises and activities, acquisi-tions and disposals of intangible assets, property, plant and equipment and other non-current assets and acquisitions and disposals of securi-ties that are not included in cash and cash equivalents. Cash flow from financing activities comprises changes in the size or composition of the share capital and related costs as well as the raising of loans, repayment of interest-bearing debt, payment of the principal portion of lease liabilities, acquisition and disposal of treasury shares and payment of dividends to shareholders. Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less and are subject to an insignificant risk of changes in value. IXBRL reporting GN is required to file its annual report in the European Single Elec-tronic Format (\u2018ESEF\u2019). The primary statements and notes in the con-solidated financial statements are tagged using inline eXtensible Busi-ness Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and devel-oped based on the IFRS taxonomy published by the IFRS Foundation.Accounting policies Segment InformationGN Store Nord\u2019s Management has identified GN Hearing and GN Audio as the reportable segments in the Group. GN Hearing is operating within the hearing instrument industry, primarily producing and selling hearing instruments and products related hereto. GN Audio is a leading supplier in the market foraudioand collaboration solutions including headsets, video cameras and speaker-phones for professional use and selected consumer products. Segment information is based on the Group\u2019s accounting policies. In the Group, segment performance is evaluated on the basis of EBITA as defined under key ratio definitions. Segment revenue and expense and segment as-sets and liabilities comprise items directly attributable to a segment and items that can be allocated to a segment on a reasonable basis.Other GN primarily reflects cost from Group Functions, including new busi-ness opportunities and research projects under the supervision of the GN Store Nord Strategy Committee, which are outside the reportable segments in the Group. Furthermore, unallocated balance sheet items are included in Other GN.Accounting policies RevenueRevenue from the sale of hearing aids and audio and collaboration solutions is recognized in the income statement when the customer obtains control of the goods. When considering at what point in time the customer obtains control of the goods, a number of indicators are considered, including whether: \u2022 GN Store Nord has a present right to payment for the goods \u2022 The customer has legal title to the goods \u2022 The customer has physical possession of the goods \u2022 The customer has the significant risks and rewards of ownership of the goods \u2022 The customer has accepted the goods In the majority of sales, the customer obtains control of the goods either upon shipment from a distribution hub or upon delivery to the customer. The amount of revenue recognized varies with discounts and rebates offered to customers. Discounts and rebates are estimated based on the expected amount to be provided to the customers and reduce revenues recognized. Revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur. Revenue from contracts in which GN Store Nord provides on-going access to research against a fee and in which the counterparty reasonably expects that GN Store Nord will continue to perform research is recognized over the access period. When goods are sold with a right of return, a refund liability and a right to the returned products are recognized as a provision and a current asset, respectively. The refund liability is deducted from revenue and the right to the returned products is offset in cost of sales. The portion of goods sold that is expected to be returned is estimated based on historical product returns data. The estimated amounts of both returns, discounts and rebates are reassessed at each reporting date. GN Store Nord typically provides warranties for general repairs of defects that existed at the time of sale, as required by law. These assurance-type warranties are accounted for as described in the accounting policies for warranty provisions.As part of a sales transaction, certain future services such as extended warranties may be included. In case such service-type warranties are sold, the transaction price is allocated to the promised goods and services based on stand-alone selling prices. Observable prices are as far as possible used to determine the stand-alone selling prices but if such are not available a cost plus a margin approach is used.Extended warranties are initially recognized as contract liabilities in the balance sheet and recognized in the income statement on a straight-line basis over the term of the extended warranty period.The typical payment terms for customers is between 30 and 60 days. GN Store Nord does not expect to have contracts with payment terms exceeding one year. As a consequence, the transaction prices are not adjusted for the time value of money. Revenue is measured excluding VAT, taxes and granted cash and quantity discounts in relation to the sale and expected returns of goods.Production CostsProduction costs comprise costs, including depreciation and salaries, incurred in generating the revenue for the year. Production costs include direct and in-direct costs for raw materials and consumables, wages and salaries, inventory write-downs, maintenance and depreciation and impairment of production plant and costs and expenses relating to the operation, administration and management of factories.Development Costs Development costs comprise costs, salaries, and depreciation of operating assets and equipment directly or indirectly attributable to the Group\u2019s development activities. Furthermore, amortization and write-down of capitalized development projects are included as part of development costs.Selling and Distribution CostsSelling and distribution costs comprise costs relating to the sale and distribution of products and services, including salaries, sales commissions, advertising and marketing costs, depreciation and impairment, expected losses on trade receivables etc.Management and Administrative ExpensesManagement and administrative expenses comprise expensesincurred for management and administration. Administrative expenses include office expenses, depreciation and impairment, etc.Other Operating Income and Costs, netOther operating income and costs comprise items secondary to the principal activities of the enterprises.Accounting policies Government grants Government grants are recognized when there is reasonable assurance that the grant will be received and that all attached conditions will be complied with. A grant relating to an expense item, is recognized on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Government grants are presented as a deduction from the relevant functional cost line items in the income statement. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognized in profit or loss in the period in which they become receivable.Accounting policiesTax on profit (loss) for the year The parent company is jointly taxed with all Danish subsidiaries. The cur-rent Danish corporation tax is allocated between the jointly taxed compa-nies in proportion to their taxable income. The jointly taxed companies are taxed under the on-account tax scheme. Tax for the year comprises current tax and changes in deferred tax for the year. The tax expense relating to the profit (loss) for the year is recognized in the income statement, and the tax expense relating to amounts recog-nized in other comprehensive income is recognized in other comprehensive income. Current tax payable is recognized in current liabilities and deferred tax is recognized in non-current liabilities. Tax receivable is recognized in current assets and deferred tax assets are recognized in non-current assets.Accounting policies Deferred Tax Deferred tax assets, including the tax base of tax loss carryforwards, are recognized at the expected value of their utilization, either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Deferred tax is not recognized on goodwill unless this is deductible for tax purposes. De-ferred tax is measured according to the tax rules and at the tax rates appli-cable in the respective countries at the balance sheet date when the de-ferred tax is expected to crystallize as current tax. The change in deferred tax as a result of changes in tax rates is recognized in the income state-ment. If a tax deduction on computation of the taxable income in Denmark or in foreign jurisdictions is obtained as a result of share-based payment programs, the tax benefit for the deduction is recognized directly in the balance sheet. Deferred tax assets are subject to annual impairment tests and are recognized only to the extent that it is probable that the assets will be utilized.Accounting policies GoodwillAt the acquisition date goodwill is recognized in the balance sheet at cost as described under Business combinations (note 5.1). Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least once a year. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the acquisition date. Identification of cash-generating units is based on how Management monitors the operation in the Management reporting.As a result of the integration of acquired enterprises in the existing group, Management assesses that the smallest cash-generating units to which the carrying amount of goodwill can be allocated are: GN Hearing and GN Audio.Development projects, Software, Patents, Licenses and Other Intangible AssetsIntangible assets are measured at cost less accumulated amortization and im-pairment. Amortization is provided on a straight-line basis over the expected useful lives of the assets. When changing the depreciation period, the effect on the depreciation is recognized prospectively as a change in accounting esti-mates. Amortization and impairment is recognized in the income statement as production costs, development costs, distribution costs and administrative expenses. The expected useful lives are as follows: Completed development projects1-5 years Software3-10 years Customer relationshipsup to 10 yearsPatents, licenses, trademarks and otherup to 20 yearsintellectual property rightsDevelopment projects that are clearly defined and identifiable, where the technical utilization degree, sufficient resources and a potential future marketor development opportunities in the Company is evidenced, and where GN Store Nord intends to produce, market or use the project, are recognized as intangible assets if it is probable that costs incurred will be covered by fu-ture earnings. The cost of such development projects includes direct wages, salaries, materials and other direct and indirect costs attributable to the de-velopment projects. Amortization and write-down of such capitalized devel-opment projects are started at the date of completion and are included in de-velopment costs. Other development costs are recognized in the income statement as incurred.Gains or losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amounat the disposal date, and are recognized in the income statement as other operating income or other operating costs, respectively. Impairment of Goodwill and in-progress development projects Goodwill is subject to at least one annual impairment test. Similarly, in-progress development projects are tested for impairment at least annually. An impairment test is also performed whenever there is an indication that an asset may be impaired.The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit to which the goodwill is allocated. Goodwill is written down to the recoverable amount if the carrying amount is higher than the computed recoverable amount. The recoverable amount is computed as the present value of the expected future net cash flows from the enterprises or activities to which the goodwill is allocated. Recognition of impairment losses in the income statementAn impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds the recoverable amount of the asset or the cash-generating unit. Impairment of goodwill is recognized in a separate line item in the income statement. Impairment of goodwill is not reversed. Accounting policies Property, plant and equipmentLand and buildings, plant and machinery and fixtures and fittings, other plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and costs of materials, components, suppliers, direct wages and salaries and indirect production costs until the date when the asset is available for use. Liabilities related to dismantling and removing the asset and restoring the site on which the asset is located are added to the cost. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.Depreciation is provided on a straight-line basis over the expected useful lives of property, plant and equipment. The expected useful lives are as follows: Buildings and installations (land is not depreciated)10-50 years Leasehold improvements5-20 years Plant and machinery1-7 years Operating assets and equipment2-7 years The basis of depreciation is calculated as the residual value of the asset less impairment losses. The residual value is determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. When changing the depreciation period or the residual value, the effect on the depreciation is recognized prospectively as a change in accounting estimates. Depreciation and impairment is recognized in the income statement as production costs, development costs, distribution costs and administrative expenses. Expenses for repairs and maintenance of property, plant and equipment are included in the income statement. Gains or losses on disposal or scrapping of an item of property, plant and equipment are determined as the difference between the sales price reduced by costs related to dismantling and removing the asset, selling costs and costs related to restoring the site on which the asset is located and the carrying amount. Gains or losses are recognized in the income statement as Other operating income or Other operating costs, respectively.Accounting policiesLeasesLeases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payment that are based on an index or a rate \u2022 amounts expected to be payable by the lessee under residual value guarantees \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases have a lease term of 12 months or less. Low-value assets comprise e.g. IT-equipment and small items of office furniture. Extension and termination optionsExtension and termination options are included in a number of leases across the group. These terms are used to maximize operational flexibility. Accounting policies Loans to dispensersLoans to dispensers and other receivables are measured at amortized cost less an allowance for expected credit losses. Both loans to dispensers and other receivables are held for collection of contractual cash flows and those cash flows represent solely payments of principal and interest. Ownership Interests and savings plansOwnership interests between 20% and 50% in unlisted enterprises in which the Group does not exercise significant influence on the financial and operat-ing policies are recognized under non-current assets at fair value. Gains and losses on such ownership interests are either recorded under financial items in the income statement or in other comprehensive income. This depends on the Group\u2019s irrevocable election at the time of initial recognition to account for the ownership interests at fair value through profit (loss) or other comprehen-sive income. Where the Group has elected to present fair value gains and losses on owner-ship interests in other comprehensive income, there is no subsequent reclassi-fication of fair value gains and losses to the income statement following the derecognition of the investment. Changes in the fair value of ownership inter-ests at fair value though profit or loss are recognized in financial items in the income statement.The savings plans RAP, SIP and DCP are measured at fair value through profit or loss. Impairment of dispenser loansLoss allowances on dispenser loans are measured equal to 12-month expected credit losses, if the credit risk has not increased significantly since initial recognition. If the credit risk has increased significantly, the loss allowance are measured at an amount equal to lifetime expected credit losses.The calculation of 12-month expected credit losses on dispenser loans are based on a weighted average of historical annual losses on customers. Payment plans are agreed with dispensers when issuing loans to these. The credit risk of loans to dispensers is considered to have increased significantly since initial recognition when actual loan balances differ from the agreed development in loan balances with more than 40%. At this point the loan is considered to be in default and credit impaired.The calculation of lifetime expected credit losses on dispenser loans is based on the difference between the development in the actual loan balances and the agreed development in loan balances. The allowances are increased in steps if the difference between the actual loan balance and the agreed devel-opment in loan balances increases.Indicators that there is no reasonable expectation of recovery of a dispenser loan include bankruptcy, change of control and change in the payment behavior or financial situation of the dispenser. In such cases a full or partial write-off of a dispenser loan will be recognized by derecognizing the asset. Where recoveries are made, these are recognized in the income statement. Impairment of Pre-paid discounts The carrying amount of Pre-paid discounts is subject to an annual test for indications of impairment. When there is an indication that assets may be impaired, the recoverable amount of the asset is determined. Recognition of impairment losses in the income statementImpairment losses are recognized in the income statement in the relevant functional line items. Impairment of dispenser loans are reversed only to the extent of changes in the assumptions and estimates underlying the impair-ment calculation.Accounting policiesInventories Inventories are measured at cost in accordance with the FIFO-principle. Inventories in GN Hearing are measured at cost using the standard cost method. Standard costs take into account normal levels of raw materials and consumables, staff costs, efficiency and capacity utilization. Standard costs are reviewed regularly and adjusted in accordance with the FIFO-principle. Raw materials and goods for resale are measured at cost, comprising pur-chase price plus delivery costs. Work in progress and finished goods are measured at cost, comprising the cost of direct materials, wages and salaries and indirect production over-heads. Indirect production overheads comprise indirect materials, wages and salaries, maintenance and depreciation of production machinery, buildings and equipment as well as factory administration and management. Where the net realizable value is lower than cost, inventories are written down to this lower value. The net realizable value of inventories is calcu-lated as the sales amount less costs of completion and costs necessary to make the sale.Accounting policies Measurement of trade receivables Trade receivables are measured at amortized cost less expected lifetime credit losses. The expected loss rates are based on days past due and whether a receivable concerns a GN Hearing or a GN Audio customer. Current expectations and estimates of expected credit losses are furthermore based on change in customer behavior and current economic conditions. Expected credit losses are based on an individual assessment of each receivable and at portfolio level.Accounting policies Provisions Warranty provisions are recognized as the underlying goods and services are sold based on warranty costs incurred in previous years and expecta-tions of future costs. Provisions are recognized when, as a result of events before or at the bal-ance sheet date, the Group has a legal or a constructive obligation and it is probable that there may be an outflow of resources embodying economic benefits to settle the obligation. On measurement of provisions, the costs required to settle the liability are discounted if the effect is material to the measurement of the liability. A provision for onerous contracts is recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable costs of meeting its obligations under the contract (onerous contracts). A provision for onerous contracts is recognized e.g. when the Company has entered a binding legal agreement for the purchase of components from suppliers that exceeds the benefits from the expected future use of the components and the Company can only sell the components at a loss.Accounting policies Earnings per Share and Diluted Earnings per ShareEarnings per share (EPS) is calculated by dividing the profit for the year after tax by the weighted average number of shares outstanding in the year. Diluted earnings per share is calculated by increasing the weighted average number of shares outstanding by the number of additional ordinary shares that would be outstanding if potentially dilutive shares were issued. The dilutive effect of outstanding share based payment is calculated using the Treasury Stock method.EquityDividendsThe expected dividend payment for the year is disclosed as a separate item in equity. Proposed dividends are recognized as a liability at the date they are adopted by the Annual General Meeting (declaration date).Hedging reserve The hedging reserve includes the accumulated net change in the fair value of hedging transactions qualifying for hedge accounting.Treasury Shares Treasury shares are recognized at cost. Gains and losses on disposal of own shares are calculated as the difference between the purchase price measured in accordance with the FIFO-principle and the selling price. Gains or losses are recognized directly in retained earnings. Dividends received from treasury shares are recognized directly in retained earnings. Capital reductions from the cancellation of treasury shares are deducted from the share capital at an amount corresponding to the nominal value of the shares. Foreign exchange adjustmentsThe translation reserve in the consolidated financial statements comprises foreign exchange differences arising on translation of financial statements of foreign subsidiaries from their functional currencies into the presentation currency used by GN Store Nord (DKK) and foreign exchange adjustments of balances considered to be part of the total net investment in foreign entities.Accounting policiesFinancial Liabilities Amounts owed to credit institutions and banks as well as the issued EMTN bonds are recognized at the date of borrowing at fair value of the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognized in the income statement over the term of the loan. Issued Bond-With-Warrant units are initially recognized at fair value less related transaction costs. The fair value of the bonds is estimated by calcu-lating the present value of all contractual future cash flows using an inter-est rate for a bond with similar credit risk and duration as the issued bonds, but without the attached warrants. The difference between the fair value and the proceeds is considered to be the value of the warrants and is rec-ognized in Equity. The equity component is not re-measured subsequently. After initial recognition the bonds are measured at amortized cost using the effective interest method. By applying the effective interest method a constant interest rate is used to increase the carrying amount of the bonds and the difference between the carrying amount and the principal amount is in this way recognized as an interest expense in Financial expenses over the remaining term to maturity. In case the bonds are redeemed before maturity, the difference between the carrying amount at amortized cost and the principal amount will be recognized as a loss in Financial expenses. Other liabilities, comprising trade payables, amounts owed to associates as well as other payables, are measured at amortized cost.Accounting policiesDerivative Financial Instruments Derivative financial instruments are initially and subsequently recognized in the balance sheet at fair value. Positive and negative fair values of derivative financial instruments are recognized as other receivables and payables, respectively. Fair values of derivative financial instruments are computed on the basis of market data and generally accepted valuation methods. Accounting policiesDerivative Financial Instruments (continued) Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognized asset or liability are recognized in the income statement together with changes in the value of the hedged asset or liability as far as the hedged portion is concerned. Changes in the portion of the fair value of derivative financial instruments designated as and qualifying as a cash flow hedge that is an effective hedge of changes in the value of the hedged item are recognized in other comprehensive income. If the hedged transaction re-sults in gains or losses, amounts previously recognized in other compre-hensive income are transferred from equity to the same item as the hedged item. When a hedging instrument expires, or is terminated, or when a hedge no longer meets the criteria for hedge accounting, any gains or losses previ-ously recognized in Other comprehensive income remains in Equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss that were reported in equity are immediately reclassified to the income statement. For derivative financial instruments, where hedge accounting is not applied (economic hedges), changes in fair value are recognized in the Income statement as either Other operating income and costs, net or Financial items. The effectiveness of hedges is assessed on the following criteria: \u2022 An economic relationship exists between the hedged item and hedging instrument: \u2022 The effect of credit risk does not dominate the fair value changes; and \u2022 The hedge ratio applied for hedge accounting purposes should be the same as the hedge ratio used for risk management purposes. No material ineffectiveness amounts were recognized in the Statement of Financial Performance during the year.Accounting policies Financial income and expenses Financial income and expenses comprise interest income and expense, costs of permanent loan facilities, gains and losses on securities, receiva-bles, payables and transactions denominated in foreign currencies, credit card fees, amortization and impairment of financial assets and liabilities, etc. Also included are realized and unrealized gains and losses on derivative financial instruments that are not designated as hedges. Borrowing costs that are directly attributable to the construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognized as an expense. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. Accounting policies Business CombinationsEnterprises acquired or formed during the year are recognized in the consoli-dated financial statements from the date of acquisition or formation. The ac-quisition date is the date when the parent company effectively obtains con-trol of the acquired enterprise. Enterprises dis-posed of are recognized in the consolidated income statement until the disposal date. The comparative fig-ures are not restated for acquisitions. For acquisitions of new enterprises in which the parent company is able to ex-ercise control over the acquired enterprise, the purchase method is used. The acquired enterprises\u2019 identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. Identifiable intangible as-sets are recognized if they are separable or arise from a contractual right. De-ferred tax on revaluations is recognized.Any excess of the cost over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognized as goodwill under intangible assets. Goodwill is not amortized but is tested at least annually for impair-ment. The first impairment test is performed within the end of the acquisition year. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the impairment test. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with another functional currency than the presentation currency used by GN Store Nord are treated as assets and liabilities belonging to the foreign entity and translated into the foreign entity\u2019s functional currency at the exchange rate at the transaction date. The cost of a business combination comprises the fair value of the considera-tion agreed upon. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the adjustment is probable and can be measured in a reliable manner. Subsequent changes to contingent considerations are recognized in the income state-ment. If uncertainties regarding measurement of identifiable assets, liabilities and contingent liabilities exist at the acquisition date, initial recognition will take place on the basis of preliminary fair values. If identifiable assets, liabili-ties and contingent liabilities are subsequently determined to have different fair value at the acquisition date than first assumed, goodwill is adjusted up until twelve months after the acquisition. The effect of the adjustments is rec-ognized in the opening balance of equity and the comparative figures are re-stated accordingly.When acquiring a controlling interest in steps, GN Store Nord assesses the fair value of the acquired net assets at the time control is obtained. At such time, interests acquired previously are also adjusted to fair value. The difference be-tween the fair value and the carrying amount is recognized in the income statement.Acquisition of additional equity interest after a business combination is not accounted for using the acquisition method, but rather as equity transactions. Disposals of equity interest while retaining control are also accounted for as equity transactions. Transactions resulting in a loss of control result in a gain or loss being recognized in the income statement.When acquiring less than 100% of the shares in a company, GN Store Nord recognizes the goodwill on a transaction-by-transaction basis or as a propor-tion of goodwill in accordance with GN Store Nord\u2019s ownership interest.In business combinations where put options have been issued regarding shares held by non-controlling interests the non-controlling interests are rec-ognized initially. As long as the put options remain unexercised the non-con-trolling interests are updated at the end of each reporting period, including its share of allocations of profit or loss. The non-controlling interests are thereaf-ter derecognized by recognizing a financial liability for the put options and the difference is included as an equity transaction. If the put options are exer-cised, the same treatment is applied up to the date of exercise. The amount recognized as the financial liability at that date, is extinguished by the pay-ment of the exercise price. If the put option expires unexercised, the position is unwound so the non-controlling interest is recognized at the amount it would have been, had the put options never been issued. The financial liability is derecognized in equity.Accounting policies Share-based incentive plans The Executive Management and a number of key employees are included in share-based incentive plans (equity-settled plans). For equity-settled pro-grams, the warrants and options are measured at the fair value at the grant date and recognized in the income statement as a staff cost of the respective functions over the vesting period. The counter item is recog-nized in equity. On initial recognition, an estimate is made of the number of warrants and options expected to vest. This estimate is subsequently re-vised for changes in the number of warrants and options expected to vest. Accordingly, recognition is based on the number of warrants and options that are ultimately vested. The fair value of granted warrants and options is estimated using the Black-Scholes option pricing model. Vesting condi-tions are taken into account when estimating the fair value of the warrants and options.Accounting policies Pensions Contributions to defined contribution plans are recognized in the income statement in the period to which they relate and any contributions outstanding are recognized in the balance sheet as other payables. Defined benefit plans are subject to an annual actuarial estimate of the present value of future benefits under the defined benefit plan. The present value is determined on the basis of assumptions about the future development in variables such as salary levels, interest rates, inflation and mortality. The present value is determined only for benefits earned by employees from their employment with the Group. The actuarial present value less the fair value of any plan assets is recognized in the balance sheet under pension obligations. Pension costs for the year are recognized in the income statement based on actuarial estimates and financial expectations at the beginning of the year. Any difference between the expected development in plan assets and the defined benefit obligation and actual amounts results in actuarial gains or losses. Actuarial gains or losses are recognized in other comprehensive income. Accounting policies Investments in Associates in the Consolidated Financial Statements On acquisition of investments in associates, the purchase method is used, cf. Business Combinations. In the consolidated financial statements investments in associates are rec-ognized according to the equity method. Investments in associates are measured at the proportionate share of the enterprises\u2019 net asset values calculated in accordance with the Group\u2019s accounting policies minus or plus the proportionate share of unrealized intra-group profits and losses and plus the carrying amount of goodwill. Profit (loss) from Investments in Associates The proportionate share of the profit (loss) after tax of the individual asso-ciates is recognized in the income statement of the Group after elimination of the proportionate share of intra-group profits (losses). ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s8_notesesefdkgaap__7__90": {
"value": "New standards, interpretations and amendments adopted by GN Store Nord As of January 1, 2023, GN Store Nord adopted all relevant new or revised International Financial Reporting Standards and IFRIC Interpre-tations with effective date January 1, 2023 or earlier. The new or re-vised standards and interpretations did not affect recognition and measurement materially nor did they result in any material changes to disclosures in the notes. Apart from this, the annual report is presented in accordance with the accounting policies applied in previous years\u2019 annual reports.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__91": {
"value": "Accounting standards not yet adopted A number of new standards, amendments to standards and interpreta-tions are effective for annual periods beginning after January 1, 2024 and have not been applied in preparing this annual report. None of these new standards, amendments to standards and interpretations are expected to have significant impact on the financial statements of GN Store Nord. GN Store Nord will adopt new standards and interpretations as of the effective dates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s8_notesesefdkgaap__7__92": {
"value": "Consolidated Financial Statements The consolidated financial statements relate to the financial state-ments of the parent company, GN Store Nord, and its subsidiaries as of December 31, 2023. Control is achieved when the Group is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights re-sults in control. To support this presumption and when GN Store Nord has less than a majority of the voting or similar rights of an investee, GN Store Nord considers all relevant facts and circumstances in as-sessing whether it has power over an investee. Group companies are listed on pages 130-131. Enterprises that are not subsidiaries, but where GN Store Nord exercises significant influence, but where it does not have power to govern the financial and operating policies, are considered associates. When assessing whether GN Store Nord exercises control or significant influence, potential voting rights that are substantive and options on acquisition of additional ownership interests are taken into account. The consolidated financial statements are prepared as a consolidation of the financial statements of the parent company and those of the in-dividual subsidiaries, all of which are presented in accordance with the Group\u2019s accounting policies. Intra-group income and expenses, share-holdings, intra-group balances and dividends, and realized and unreal-ized gains and losses on intra-group transactions are eliminated. On consolidation, the carrying amount of shares held by the parent com-pany in subsidiaries is set off against the subsidiaries\u2019 equity.",
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"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__94": {
"value": "Foreign Currency Translation Functional Currency and Presentation Currency Financial statement items for each of the reporting enterprises in the Group are measured using the currency used in the primary financial environment in which the reporting enterprise operates. Transactions denominated in currencies other than the functional currency are con-sidered transactions denominated in foreign currencies. The consoli-dated financial statements are presented in Danish kroner (DKK), which is the functional currency and presentation currency of the par-ent company. Translation of Transactions and Balances",
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"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__7__93-1": {
"value": "Foreign Currency Translation Functional Currency and Presentation Currency Financial statement items for each of the reporting enterprises in the Group are measured using the currency used in the primary financial environment in which the reporting enterprise operates. Transactions denominated in currencies other than the functional currency are con-sidered transactions denominated in foreign currencies. The consoli-dated financial statements are presented in Danish kroner (DKK), which is the functional currency and presentation currency of the par-ent company. Translation of Transactions and Balances On initial recognition, transactions denominated in foreign currencies are translated to the functional currency at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognized in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denomi-nated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and at the date at which the receivable or payable arose or was recognized in the latest annual report is recognized in the income statement as financial income or financial expense. Translation of Subsidiaries On recognition in the consolidated financial statements of foreign enti-ties with a functional currency other than GN Store Nord\u2019s presenta-tion currency, the income statements are translated at the exchange rates at the transaction date, and the balance sheet items are trans-lated at the exchange rates at the balance sheet date. An average ex-change rate for the month is used as the exchange rate at the transac-tion date to the extent that this does not significantly distort the presentation of the underlying transactions. Foreign exchange differ-ences arising on translation of the opening balance of equity of such enterprises at the exchange rates at the balance sheet date and on translation of the income statements from the exchange rates at the transaction date to the exchange rates at the balance sheet date are recognized in other comprehensive income. Foreign exchange adjustment of balances with foreign entities that are considered part of the investment in the entity is recognized in other comprehensive income in the consolidated financial statements under a separate translation reserve.Foreign exchange adjustmentsThe translation reserve in the consolidated financial statements comprises foreign exchange differences arising on translation of financial statements of foreign subsidiaries from their functional currencies into the presentation currency used by GN Store Nord (DKK) and foreign exchange adjustments of balances considered to be part of the total net investment in foreign entities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__87": {
"value": "Section 1 - Basis of preparation 1.1 General accounting policies The annual report of GN Store Nord has been prepared in accordance with IFRS Accounting Standards (IFRS) as adopted by the EU and the Danish disclosure requirements for annual reports of listed companies. The annual report has been prepared in accordance with the historical cost convention, as modified by the revaluation of certain financial instruments (including derivative financial instruments) at fair value. The description of the accounting policies in the individual notes is part of the complete description of GN Store Nord\u2019s accounting policies. New standards, interpretations and amendments adopted by GN Store Nord As of January 1, 2023, GN Store Nord adopted all relevant new or revised International Financial Reporting Standards and IFRIC Interpre-tations with effective date January 1, 2023 or earlier. The new or re-vised standards and interpretations did not affect recognition and measurement materially nor did they result in any material changes to disclosures in the notes. Apart from this, the annual report is presented in accordance with the accounting policies applied in previous years\u2019 annual reports. Accounting standards not yet adopted A number of new standards, amendments to standards and interpreta-tions are effective for annual periods beginning after January 1, 2024 and have not been applied in preparing this annual report. None of these new standards, amendments to standards and interpretations are expected to have significant impact on the financial statements of GN Store Nord. GN Store Nord will adopt new standards and interpretations as of the effective dates. Consolidated Financial Statements The consolidated financial statements relate to the financial state-ments of the parent company, GN Store Nord, and its subsidiaries as of December 31, 2023. Control is achieved when the Group is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights re-sults in control. To support this presumption and when GN Store Nord has less than a majority of the voting or similar rights of an investee, GN Store Nord considers all relevant facts and circumstances in as-sessing whether it has power over an investee. Group companies are listed on pages 130-131. Enterprises that are not subsidiaries, but where GN Store Nord exercises significant influence, but where it does not have power to govern the financial and operating policies, are considered associates. When assessing whether GN Store Nord exercises control or significant influence, potential voting rights that are substantive and options on acquisition of additional ownership interests are taken into account. The consolidated financial statements are prepared as a consolidation of the financial statements of the parent company and those of the in-dividual subsidiaries, all of which are presented in accordance with the Group\u2019s accounting policies. Intra-group income and expenses, share-holdings, intra-group balances and dividends, and realized and unreal-ized gains and losses on intra-group transactions are eliminated. On consolidation, the carrying amount of shares held by the parent com-pany in subsidiaries is set off against the subsidiaries\u2019 equity. Foreign Currency Translation Functional Currency and Presentation Currency Financial statement items for each of the reporting enterprises in the Group are measured using the currency used in the primary financial environment in which the reporting enterprise operates. Transactions denominated in currencies other than the functional currency are con-sidered transactions denominated in foreign currencies. The consoli-dated financial statements are presented in Danish kroner (DKK), which is the functional currency and presentation currency of the par-ent company. Translation of Transactions and Balances On initial recognition, transactions denominated in foreign currencies are translated to the functional currency at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognized in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denomi-nated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and at the date at which the receivable or payable arose or was recognized in the latest annual report is recognized in the income statement as financial income or financial expense. Translation of Subsidiaries On recognition in the consolidated financial statements of foreign enti-ties with a functional currency other than GN Store Nord\u2019s presenta-tion currency, the income statements are translated at the exchange rates at the transaction date, and the balance sheet items are trans-lated at the exchange rates at the balance sheet date. An average ex-change rate for the month is used as the exchange rate at the transac-tion date to the extent that this does not significantly distort the presentation of the underlying transactions. Foreign exchange differ-ences arising on translation of the opening balance of equity of such enterprises at the exchange rates at the balance sheet date and on translation of the income statements from the exchange rates at the transaction date to the exchange rates at the balance sheet date are recognized in other comprehensive income. Foreign exchange adjustment of balances with foreign entities that are considered part of the investment in the entity is recognized in other comprehensive income in the consolidated financial statements under a separate translation reserve. Cash Flow Statement The cash flow statement is presented using the indirect method based on the operating profit (loss). The cash flow statement shows the cash flow from operating, investing and financing activities for the year and the year\u2019s changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisitions and disposals of enterprises is shown separately in cash flows from investing activities. Cash flow from acquired enter-prises is recognized in the cash flow statement from the acquisition date. Cash flow from disposed of enterprises is recognized up until the disposal date. Cash flow from operating activities comprises cash flow from the year\u2019s operations adjusted for non-cash operating items and changes in working capital. Working capital comprises current assets excluding items stated as cash and cash equivalents and excluding tax receivable, as well as current liabilities excluding bank loans, tax payable and pro-visions. Cash flow from investing activities comprises payments in connection with acquisitions and disposals of enterprises and activities, acquisi-tions and disposals of intangible assets, property, plant and equipment and other non-current assets and acquisitions and disposals of securi-ties that are not included in cash and cash equivalents. Cash flow from financing activities comprises changes in the size or composition of the share capital and related costs as well as the raising of loans, repayment of interest-bearing debt, payment of the principal portion of lease liabilities, acquisition and disposal of treasury shares and payment of dividends to shareholders. Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less and are subject to an insignificant risk of changes in value. IXBRL reporting GN is required to file its annual report in the European Single Elec-tronic Format (\u2018ESEF\u2019). The primary statements and notes in the con-solidated financial statements are tagged using inline eXtensible Busi-ness Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and devel-oped based on the IFRS taxonomy published by the IFRS Foundation. 1.2 Significant accounting estimates and judgments The recognition of certain items of income and expenses and the deter-mination of the carrying amount of certain assets and liabilities implies making accounting estimates and judgments. Significant accounting estimates and judgments comprise revenue recognition, computation of amortization, depreciation and impairment, useful lives and remain-ing useful lives of non-current assets. Furthermore, recognition of pen-sion obligations and similar non-current obligations as well as provi-sions requires significant accounting estimates and judgments. The estimates used are based on assumptions, which by Management are deemed reliable, but by nature are associated with uncertainty. The assumptions may be incomplete or incorrect, and unexpected events or circumstances may arise. Accordingly, the Company is subject to risks and uncertainties that may lead to a situation where actual results differ from estimates. A description of significant accounting estimates and judgments is included in the relevant notes: Note Key accounting estimates Estimate/judgement and judgements 2.2 Revenue and geographical Revenue recognition Estimate information Judgement 2.5 Tax Measurement of deferred Estimate tax 3.1 Intangible assets Recognition and measure-Estimate ment of goodwill and devel-Judgementopment projects 3.5 Other non-current assets Ownership interest in Estimate dispensers 5.1 Acquisition and divest-Fair value of identifiable as-Estimate ment of companies and oper-sets and liabilities Judgementations1.3 Non-IFRS measures This Annual Report includes financial measures which are not defined by IFRS Accounting Standards. These measures are included because they are used by GN Store Nord\u2019s Management to analyze and manage the business and to provide stakeholders with useful information on the group\u2019s financial position, performance and development. Please refer to Key Ratio Definitions on page 132 for a definition of these measures.",
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"s8_notesesefdkgaap__7__95": {
"value": "Cash Flow Statement The cash flow statement is presented using the indirect method based on the operating profit (loss). The cash flow statement shows the cash flow from operating, investing and financing activities for the year and the year\u2019s changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisitions and disposals of enterprises is shown separately in cash flows from investing activities. Cash flow from acquired enter-prises is recognized in the cash flow statement from the acquisition date. Cash flow from disposed of enterprises is recognized up until the disposal date. Cash flow from operating activities comprises cash flow from the year\u2019s operations adjusted for non-cash operating items and changes in working capital. Working capital comprises current assets excluding items stated as cash and cash equivalents and excluding tax receivable, as well as current liabilities excluding bank loans, tax payable and pro-visions. Cash flow from investing activities comprises payments in connection with acquisitions and disposals of enterprises and activities, acquisi-tions and disposals of intangible assets, property, plant and equipment and other non-current assets and acquisitions and disposals of securi-ties that are not included in cash and cash equivalents. Cash flow from financing activities comprises changes in the size or composition of the share capital and related costs as well as the raising of loans, repayment of interest-bearing debt, payment of the principal portion of lease liabilities, acquisition and disposal of treasury shares and payment of dividends to shareholders. Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less and are subject to an insignificant risk of changes in value. IXBRL reporting GN is required to file its annual report in the European Single Elec-tronic Format (\u2018ESEF\u2019). The primary statements and notes in the con-solidated financial statements are tagged using inline eXtensible Busi-ness Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and devel-oped based on the IFRS taxonomy published by the IFRS Foundation.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
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},
"s8_notesesefdkgaap__7__97-1": {
"value": "1.2 Significant accounting estimates and judgments The recognition of certain items of income and expenses and the deter-mination of the carrying amount of certain assets and liabilities implies making accounting estimates and judgments. Significant accounting estimates and judgments comprise revenue recognition, computation of amortization, depreciation and impairment, useful lives and remain-ing useful lives of non-current assets. Furthermore, recognition of pen-sion obligations and similar non-current obligations as well as provi-sions requires significant accounting estimates and judgments. The estimates used are based on assumptions, which by Management are deemed reliable, but by nature are associated with uncertainty. The assumptions may be incomplete or incorrect, and unexpected events or circumstances may arise. Accordingly, the Company is subject to risks and uncertainties that may lead to a situation where actual results differ from estimates. A description of significant accounting estimates and judgments is included in the relevant notes: Note Key accounting estimates Estimate/judgement and judgements 2.2 Revenue and geographical Revenue recognition Estimate information Judgement 2.5 Tax Measurement of deferred Estimate tax 3.1 Intangible assets Recognition and measure-Estimate ment of goodwill and devel-Judgementopment projects 3.5 Other non-current assets Ownership interest in Estimate dispensers 5.1 Acquisition and divest-Fair value of identifiable as-Estimate ment of companies and oper-sets and liabilities JudgementationsSignificant accounting estimates and judgments Revenue recognition Certain contracts with customers include a right of return and volume re-bates that give rise to variable consideration. In estimating the variable consideration GN Store Nord is required to use either the expected value method or the most likely amount method based on which method better predicts the amount of consideration to which it will be entitled. Significant accounting estimates and judgments involve determining the portion of ex-pected returns of goods as well as the amount of discounts and rebates. The portion of goods sold that is expected to be returned is estimated based on historical product returns data. In sales, where the customer obtains control of the goods upon delivery to the customer, the significant judgments made in determining when the customer obtains control of promised goods involve determining when a customer has physical possession of the goods and when the customer has accepted the goods due to uncertainty in transportation time. Significant accounting estimates and judgments Deferred tax Management has made judgments in determining the Company\u2019s valuation of tax, deferred tax assets and deferred tax liabilities and the extent to which deferred tax assets are recognized. GN Store Nord recognizes de-ferred tax assets only to the extent that it is probable that taxable profit will be available against which the temporary differences and unused tax losses can be utilized.Significant accounting estimates and judgments Goodwill Determining whether goodwill is impaired requires a comparison of the recoverable amount with the carrying amount. The recoverable amount is determined as the net present value of the future cash flows expected to arise from the cash generating unit to which goodwill is allocated. Development projects Development projects are measured at cost less accumulated amortization and impairment. An impairment test is performed of the carrying amount of recognized development projects. The impairment test is based on assumptions regarding strategy, product life cycle, market conditions, discount rates and budgets, etc., after the project has been completed and production has commenced. If market-related assumptions etc., are changed, development projects may have to be written down. Management examines and assesses the underlying assumptions when determining whether or not the carrying amount should be written down. In addition, Management continuously assess the useful lives of its products to ensure that amortization of development projects reflects the useful lives. Significant accounting estimates and judgments Financial support arrangements GN Store Nord grants loans to dispensers and acquires ownership interests in dispensers. The agreements are typically comprehensive, complex and cover several aspects of the relationship between the parties. Management assesses the recognition and classification of income and expenses for each of these agreements, including whether the agreement represent a dis-count on future sales. Management also assesses whether current eco-nomic conditions and changes in customers' payment behavior could indi-cate impairment of the outstanding balances. Ownership Interests When considering whether or not GN Hearing exercises significant influ-ence in unlisted enterprises a number of judgments are made. These judg-ments include considering: \u2022 Representation on the board of directors \u2022 Participation in policy-making processes \u2022 Material transactions between the entity and GN \u2022 Interchange of managerial personnel \u2022 Provision of essential technical informationSignificant accounting estimates and judgmentsPurchase price allocation in business combinationsThe application of the acquisition method for business combinations involves the use of significant estimates as the identifiable net assets of the acquiree are recognized at their fair value for which observable market prices are typically not available. This is particularly relevant for intangible assets which require use of valuation techniques. Accordingly, management makes estimates of the fair value of acquired assets, liabilities and contingent liabilities. Depending on the nature of the item, the determined fair value of an item may be associated with uncertainty and possibly adjusted subsequently.",
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"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__7__98": {
"value": "2.1 Segment disclosures Income statement 2023 Consolidated DKK million GN Hearing GN Audio Other GN Eliminations total External revenue 6,802 11,318 - - 18,120 Internal revenue - - 738 -738 - Revenue 6,802 11,318 738 -738 18,120 Production costs -2,726 -6,449 - - -9,175 Gross profit 4,076 4,869 738 -738 8,945 Development costs -589 -894 -66 3 -1,546 Selling and distribution costs -2,202 -2,195 - - -4,397 Management and administrative expenses -740 -761 -1,047 738 -1,810 Other operating income and costs, net 9 -2 1 - 8 EBITA* 554 1,017 -374 3 1,200 Amortization and impairment of acquired intan-gible assets -56 -336 - - -392 Gain (loss) on divestment of operations etc. 62 -1 - - 61 Operating profit (loss) 560 680 -374 3 869 Share of profit (loss) in associates -18 -12 -34 - -64 Financial items -258 -287 83 - -462 Profit (loss) before tax 284 381 -325 3 343 Tax on profit (loss) -51 -39 14 -1 -77 Profit (loss) for the year 233 342 -311 2 266 Impairment losses and reversals regarding intan-gible assets and property, plant and equipment recognized in the income statement -60 -120 -135 - -315 Eliminations in the income statement primarily concern internal revenue, intersegment rent and management fee * Please refer to Key Ratio Definitions on page 132 for definition of EBITA Income statement 2022 Consolidated DKK million GN Hearing GN Audio Other GN Eliminations total External revenue 6,227 12,460 - - 18,687 Internal revenue - - 682 -682 - Revenue 6,227 12,460 682 -682 18,687 Production costs -2,320 -7,235 - - -9,555 Gross profit 3,907 5,225 682 -682 9,132 Development costs -550 -781 -80 6 -1,405 Selling and distribution costs -2,227 -2,336 - - -4,563 Management and administrative expenses -607 -866 -796 682 -1,587 Other operating income and costs, net -70 57 -4 - -17 0 EBITA* 453 1,299 -198 6 1,560 Amortization and impairment of acquired intan-gible assets -75 -365 - - -440 Gain (loss) on divestment of operations etc. -9 - - - -9 Operating profit (loss) 369 934 -198 6 1,111 Share of profit (loss) in associates 19 - - 19 Financial items -40 -71 -294 -405 Profit (loss) before tax 348 863 -492 6 725 Tax on profit (loss) -43 -112 1 -1 -155 Profit (loss) for the year 305 751 -491 5 570 Impairment losses and reversals regarding intan-gible assets and property, plant and equipment recognized in the income statement -3 -51 - - -54 Other segment disclosures 2023 Consolidated DKK million GN Hearing GN Audio Other GN Eliminations total Incurred development costs -627 -1.029 -66 - -1.722 Capitalized development costs 368 583 - - 951 Amortization, impairment and depreciation of -330 -448 3 - -775 development projects*** Expensed development costs -589 -894 -63 - -1.546 EBITDA** 711 1,198 -161 3 1,751 Depreciation and software amortization -157 -181 -213 - -551 EBITA* 554 1,017 -374 3 1,200 * Please refer to Key Ratio Definitions on page 145 for definition of EBITA ** Excluding gain (loss) on divestments of operations etc. but including amortization of development projects *** Does not include amortization and impairment of acquired intangible assets, as per definition of EBITA on page 132 Other segment disclosures 2022 Consolidated DKK million GN Hearing GN Audio Other GN Eliminations total Incurred development costs -624 -1,075 -80 - -1,779 Capitalized development costs 399 606 - - 1,005 Amortization, impairment and depreciation of development projects*** -325 -312 - 6 -631 Expensed development costs -550 -781 -80 6 -1,405 EBITDA** 615 1,493 -69 6 2,045 Depreciation and software amortization -162 -194 -129 - -485 EBITA* 453 1,299 -198 6 1,560 Balance sheet 2023 Consolidated DKK million GN Hearing GN Audio Other GN Eliminations total Assets Goodwill 4,329 6,825 - - 11,154 Development projects 1,168 1,130 3 -3 2,298 Other intangible assets 221 1,558 1,694 - 3,473 Property, plant and equipment 342 286 408 - 1,036 Investments in associates 276 - - - 276 Deferred tax assets 563 280 -63 -286 494 Loans to dispensers and ownership interests 1,149 - 4 - 1,153 Other financial assets 566 8 - - 574 Total non-current assets 8,614 10,087 2,046 -289 20,458 Inventories 790 1,867 - - 2,657 Trade receivables 1,489 2,953 - - 4,442 Receivables from group companies* - 162 2,897 -3,059 - Tax receivables 59 87 98 -175 69 Other receivables 331 203 371 -51 854 Cash and cash equivalents 151 284 1,727 - 2,162 Total current assets 2,820 5,556 5,093 -3,285 10,184 Total assets 11,434 15,643 7,139 -3,574 30,642 Consolidated DKK million GN Hearing GN Audio Other GN Eliminations total Equity and Liabilities Equity 5,665 10,677 -6,753 -2 9,587 Bank loans and issued bonds - 3 3,524 - 3.527 Lease liabilities, non-current 119 63 29 - 211 Pension obligations - 9 - - 9 Provisions, non-current 121 4 19 - 144 Deferred tax liabilities 302 640 89 -286 745 Other non-current liabilities 453 324 - - 777 Total non-current liabilities 995 1,043 3,661 -286 5,413 Bank loans - - 9,674 - 9,674 Lease liabilities, current 52 38 -3 - 87 Trade payables 363 1,211 145 - 1,719 Amounts owed to group companies* 2,897 - 162 -3,059 - Tax payables 125 270 10 -176 229 Provisions, current 167 140 33 - 340 Other current liabilities 1,170 2,264 210 -51 3,593 Total current liabilities 4,774 3,923 10,231 -3,286 15,642 Total equity and liabilities 11,434 15,643 7,139 -3,574 30,642 * Net amount Eliminations in the balance sheet primarily concern tax and intercompany balances Balance sheet 2022 Consolidated DKK million GN Hearing GN Audio Other GN Eliminations total Assets Goodwill 4,710 6,860 - - 11,570 Development projects 1,094 1,781 - -3 2,872 Other intangible assets 448 1,752 905 -1 3,104 Property, plant and equipment 416 386 453 - 1,255 Investments in associates 273 13 33 - 319 Deferred tax assets 426 158 -49 -44 491 Loans to dispensers and ownership interests 1,101 - - - 1,101 Other financial assets 503 8 - - 511 Total non-current assets 8,971 10,958 1,342 -48 21,223 Inventories 850 2,666 - - 3,516 Trade receivables 1,442 2,589 - - 4,031 Receivables from group companies* - - 10,750 -10,750 - Tax receivables 58 124 120 -195 107 Other receivables 381 256 298 -213 722 Cash and cash equivalents 270 314 406 - 990 Total current assets 3,001 5,949 11,574 -11,158 9,366 Total assets 11,972 16,907 12,916 -11,206 30,589 Consolidated DKK million GN Hearing GN Audio Other GN Eliminations total Equity and Liabilities Equity 5,528 4,735 -3,460 -3 6,800 Bank loans and issued bonds - 6 9,860 - 9,866 Lease liabilities, non-current 167 57 38 - 262 Pension obligations - 7 - - 7 Provisions, non-current 76 58 4 - 138 Deferred tax liabilities 345 611 4 -45 915 Other non-current liabilities 479 388 - - 867 Total non-current liabilities 1,067 1,127 9,906 -45 12,055 Bank loans 1 10 6,005 - 6,016 Lease liabilities, current 56 39 14 - 109 Trade payables 303 1,113 138 - 1,554 Amounts owed to group companies* 3,709 7,041 - -10,750 - Tax payables 114 305 2 -195 226 Provisions, current 147 76 - - 223 Other current liabilities 1,047 2,461 311 -213 3,606 Total current liabilities 5,377 11,045 6,470 -11,158 11,734 Total equity and liabilities 11,972 16,907 12,916 -11,206 30,589 * Net amount Eliminations in the balance sheet primarily concern tax and intercompany balances Accounting policies Segment InformationGN Store Nord\u2019s Management has identified GN Hearing and GN Audio as the reportable segments in the Group. GN Hearing is operating within the hearing instrument industry, primarily producing and selling hearing instruments and products related hereto. GN Audio is a leading supplier in the market foraudioand collaboration solutions including headsets, video cameras and speaker-phones for professional use and selected consumer products. Segment information is based on the Group\u2019s accounting policies. In the Group, segment performance is evaluated on the basis of EBITA as defined under key ratio definitions. Segment revenue and expense and segment as-sets and liabilities comprise items directly attributable to a segment and items that can be allocated to a segment on a reasonable basis.Other GN primarily reflects cost from Group Functions, including new busi-ness opportunities and research projects under the supervision of the GN Store Nord Strategy Committee, which are outside the reportable segments in the Group. Furthermore, unallocated balance sheet items are included in Other GN.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__7__99": {
"value": "Accounting policies Segment InformationGN Store Nord\u2019s Management has identified GN Hearing and GN Audio as the reportable segments in the Group. GN Hearing is operating within the hearing instrument industry, primarily producing and selling hearing instruments and products related hereto. GN Audio is a leading supplier in the market foraudioand collaboration solutions including headsets, video cameras and speaker-phones for professional use and selected consumer products. Segment information is based on the Group\u2019s accounting policies. In the Group, segment performance is evaluated on the basis of EBITA as defined under key ratio definitions. Segment revenue and expense and segment as-sets and liabilities comprise items directly attributable to a segment and items that can be allocated to a segment on a reasonable basis.Other GN primarily reflects cost from Group Functions, including new busi-ness opportunities and research projects under the supervision of the GN Store Nord Strategy Committee, which are outside the reportable segments in the Group. Furthermore, unallocated balance sheet items are included in Other GN.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__7__104": {
"value": "2.2 Revenue and geographical information Geographical information on assets Assets are attributed to countries based on the domicile location of the Intangible assets and property, Revenue from contracts with customers plant and equipment GN Hearing GN Audio Consolidated total Consolidated total DKK million 2023 2022 2023 2022 2023 2022 2023 2022 Denmark 64 92 214 240 278 332 12,106 12,205 Europe 1,823 1,702 5,259 5,696 7,082 7,398 381 862 North America 3,407 2,939 3,432 3,990 6,839 6,929 5,130 5,344 Rest of World 1,508 1,494 2,413 2,534 3,921 4,028 340 390 Total 6,802 6,227 11,318 12,460 18,120 18,687 17,957 18,801 GN Hearing GN Audio 2023 2022 2023 2022 GN Hear-Core busi-Emerging GN Hear-Core busi-Emerging GN Audio GN Audio DKK million ing ness business ing ness business GN Audio organic SteelSeries GN Audio organic SteelSeries Revenue 6,802 6,535 267 6,227 6,022 205 11,318 8,716 2,602 12,460 10,143 2,317 Revenue disaggregation Revenue is predominantly recognized at a point in time, and revenue recognized over time is not significant. Revenue is in all material respects related to sale of goods; hearing aid instruments, DKK 6,801 million (2022: DKK 6,227million) and audio and collaboration solutions, DKK 11,529 million (2022: DKK 12,460 million). Revenue is attributed to countries on the basis of the customer's location. Only the US represent a material single country and constitutes the vast majority of revenue in North America. One distributor in the Audio segment comprises more than 10% of the group's total revenue amounting to DKK 2,328 million (2022: DKK 2,811 million). asset. Apart from Denmark only the US represents a material single country and constitutes the vast majority of assets in North America. Contract liabilities GN Store Nord has recognized the following revenue-related contract liabilities: DKK million 2023 2022 Deferred revenue related to pre-paid extended war-ranties (Other current liabilities and Other non-current liabilities) 203 195 Accrued rights of return (Other current liabilities)* 193 162 Contract liabilities at December 31 396 357 Revenue recognized, included in contract liabilities at the beginning of the year 265 194 * In 2022 the estimated refund liability recognized for the goods that are expected to be re-turned were reclassified from Provisions to Other current liabilities Accounting policies RevenueRevenue from the sale of hearing aids and audio and collaboration solutions is recognized in the income statement when the customer obtains control of the goods. When considering at what point in time the customer obtains control of the goods, a number of indicators are considered, including whether: \u2022 GN Store Nord has a present right to payment for the goods \u2022 The customer has legal title to the goods \u2022 The customer has physical possession of the goods \u2022 The customer has the significant risks and rewards of ownership of the goods \u2022 The customer has accepted the goods In the majority of sales, the customer obtains control of the goods either upon shipment from a distribution hub or upon delivery to the customer. The amount of revenue recognized varies with discounts and rebates offered to customers. Discounts and rebates are estimated based on the expected amount to be provided to the customers and reduce revenues recognized. Revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur. Revenue from contracts in which GN Store Nord provides on-going access to research against a fee and in which the counterparty reasonably expects that GN Store Nord will continue to perform research is recognized over the access period. When goods are sold with a right of return, a refund liability and a right to the returned products are recognized as a provision and a current asset, respectively. The refund liability is deducted from revenue and the right to the returned products is offset in cost of sales. The portion of goods sold that is expected to be returned is estimated based on historical product returns data. The estimated amounts of both returns, discounts and rebates are reassessed at each reporting date. GN Store Nord typically provides warranties for general repairs of defects that existed at the time of sale, as required by law. These assurance-type warranties are accounted for as described in the accounting policies for warranty provisions.As part of a sales transaction, certain future services such as extended warranties may be included. In case such service-type warranties are sold, the transaction price is allocated to the promised goods and services based on stand-alone selling prices. Observable prices are as far as possible used to determine the stand-alone selling prices but if such are not available a cost plus a margin approach is used.Extended warranties are initially recognized as contract liabilities in the balance sheet and recognized in the income statement on a straight-line basis over the term of the extended warranty period.The typical payment terms for customers is between 30 and 60 days. GN Store Nord does not expect to have contracts with payment terms exceeding one year. As a consequence, the transaction prices are not adjusted for the time value of money. Revenue is measured excluding VAT, taxes and granted cash and quantity discounts in relation to the sale and expected returns of goods.Production CostsProduction costs comprise costs, including depreciation and salaries, incurred in generating the revenue for the year. Production costs include direct and in-direct costs for raw materials and consumables, wages and salaries, inventory write-downs, maintenance and depreciation and impairment of production plant and costs and expenses relating to the operation, administration and management of factories.Development Costs Development costs comprise costs, salaries, and depreciation of operating assets and equipment directly or indirectly attributable to the Group\u2019s development activities. Furthermore, amortization and write-down of capitalized development projects are included as part of development costs.Selling and Distribution CostsSelling and distribution costs comprise costs relating to the sale and distribution of products and services, including salaries, sales commissions, advertising and marketing costs, depreciation and impairment, expected losses on trade receivables etc.Management and Administrative ExpensesManagement and administrative expenses comprise expensesincurred for management and administration. Administrative expenses include office expenses, depreciation and impairment, etc.Other Operating Income and Costs, netOther operating income and costs comprise items secondary to the principal activities of the enterprises. Significant accounting estimates and judgments Revenue recognition Certain contracts with customers include a right of return and volume re-bates that give rise to variable consideration. In estimating the variable consideration GN Store Nord is required to use either the expected value method or the most likely amount method based on which method better predicts the amount of consideration to which it will be entitled. Significant accounting estimates and judgments involve determining the portion of ex-pected returns of goods as well as the amount of discounts and rebates. The portion of goods sold that is expected to be returned is estimated based on historical product returns data. In sales, where the customer obtains control of the goods upon delivery to the customer, the significant judgments made in determining when the customer obtains control of promised goods involve determining when a customer has physical possession of the goods and when the customer has accepted the goods due to uncertainty in transportation time. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
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},
"s8_notesesefdkgaap__7__103": {
"value": "2.2 Revenue and geographical information Geographical information on assets Assets are attributed to countries based on the domicile location of the Intangible assets and property, Revenue from contracts with customers plant and equipment GN Hearing GN Audio Consolidated total Consolidated total DKK million 2023 2022 2023 2022 2023 2022 2023 2022 Denmark 64 92 214 240 278 332 12,106 12,205 Europe 1,823 1,702 5,259 5,696 7,082 7,398 381 862 North America 3,407 2,939 3,432 3,990 6,839 6,929 5,130 5,344 Rest of World 1,508 1,494 2,413 2,534 3,921 4,028 340 390 Total 6,802 6,227 11,318 12,460 18,120 18,687 17,957 18,801 GN Hearing GN Audio 2023 2022 2023 2022 GN Hear-Core busi-Emerging GN Hear-Core busi-Emerging GN Audio GN Audio DKK million ing ness business ing ness business GN Audio organic SteelSeries GN Audio organic SteelSeries Revenue 6,802 6,535 267 6,227 6,022 205 11,318 8,716 2,602 12,460 10,143 2,317 Revenue disaggregation Revenue is predominantly recognized at a point in time, and revenue recognized over time is not significant. Revenue is in all material respects related to sale of goods; hearing aid instruments, DKK 6,801 million (2022: DKK 6,227million) and audio and collaboration solutions, DKK 11,529 million (2022: DKK 12,460 million). Revenue is attributed to countries on the basis of the customer's location. Only the US represent a material single country and constitutes the vast majority of revenue in North America. One distributor in the Audio segment comprises more than 10% of the group's total revenue amounting to DKK 2,328 million (2022: DKK 2,811 million). asset. Apart from Denmark only the US represents a material single country and constitutes the vast majority of assets in North America. Contract liabilities GN Store Nord has recognized the following revenue-related contract liabilities: DKK million 2023 2022 Deferred revenue related to pre-paid extended war-ranties (Other current liabilities and Other non-current liabilities) 203 195 Accrued rights of return (Other current liabilities)* 193 162 Contract liabilities at December 31 396 357 Revenue recognized, included in contract liabilities at the beginning of the year 265 194 * In 2022 the estimated refund liability recognized for the goods that are expected to be re-turned were reclassified from Provisions to Other current liabilities Accounting policies RevenueRevenue from the sale of hearing aids and audio and collaboration solutions is recognized in the income statement when the customer obtains control of the goods. When considering at what point in time the customer obtains control of the goods, a number of indicators are considered, including whether: \u2022 GN Store Nord has a present right to payment for the goods \u2022 The customer has legal title to the goods \u2022 The customer has physical possession of the goods \u2022 The customer has the significant risks and rewards of ownership of the goods \u2022 The customer has accepted the goods In the majority of sales, the customer obtains control of the goods either upon shipment from a distribution hub or upon delivery to the customer. The amount of revenue recognized varies with discounts and rebates offered to customers. Discounts and rebates are estimated based on the expected amount to be provided to the customers and reduce revenues recognized. Revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur. Revenue from contracts in which GN Store Nord provides on-going access to research against a fee and in which the counterparty reasonably expects that GN Store Nord will continue to perform research is recognized over the access period. When goods are sold with a right of return, a refund liability and a right to the returned products are recognized as a provision and a current asset, respectively. The refund liability is deducted from revenue and the right to the returned products is offset in cost of sales. The portion of goods sold that is expected to be returned is estimated based on historical product returns data. The estimated amounts of both returns, discounts and rebates are reassessed at each reporting date. GN Store Nord typically provides warranties for general repairs of defects that existed at the time of sale, as required by law. These assurance-type warranties are accounted for as described in the accounting policies for warranty provisions.As part of a sales transaction, certain future services such as extended warranties may be included. In case such service-type warranties are sold, the transaction price is allocated to the promised goods and services based on stand-alone selling prices. Observable prices are as far as possible used to determine the stand-alone selling prices but if such are not available a cost plus a margin approach is used.Extended warranties are initially recognized as contract liabilities in the balance sheet and recognized in the income statement on a straight-line basis over the term of the extended warranty period.The typical payment terms for customers is between 30 and 60 days. GN Store Nord does not expect to have contracts with payment terms exceeding one year. As a consequence, the transaction prices are not adjusted for the time value of money. Revenue is measured excluding VAT, taxes and granted cash and quantity discounts in relation to the sale and expected returns of goods.Production CostsProduction costs comprise costs, including depreciation and salaries, incurred in generating the revenue for the year. Production costs include direct and in-direct costs for raw materials and consumables, wages and salaries, inventory write-downs, maintenance and depreciation and impairment of production plant and costs and expenses relating to the operation, administration and management of factories.Development Costs Development costs comprise costs, salaries, and depreciation of operating assets and equipment directly or indirectly attributable to the Group\u2019s development activities. Furthermore, amortization and write-down of capitalized development projects are included as part of development costs.Selling and Distribution CostsSelling and distribution costs comprise costs relating to the sale and distribution of products and services, including salaries, sales commissions, advertising and marketing costs, depreciation and impairment, expected losses on trade receivables etc.Management and Administrative ExpensesManagement and administrative expenses comprise expensesincurred for management and administration. Administrative expenses include office expenses, depreciation and impairment, etc.Other Operating Income and Costs, netOther operating income and costs comprise items secondary to the principal activities of the enterprises. Significant accounting estimates and judgments Revenue recognition Certain contracts with customers include a right of return and volume re-bates that give rise to variable consideration. In estimating the variable consideration GN Store Nord is required to use either the expected value method or the most likely amount method based on which method better predicts the amount of consideration to which it will be entitled. Significant accounting estimates and judgments involve determining the portion of ex-pected returns of goods as well as the amount of discounts and rebates. The portion of goods sold that is expected to be returned is estimated based on historical product returns data. In sales, where the customer obtains control of the goods upon delivery to the customer, the significant judgments made in determining when the customer obtains control of promised goods involve determining when a customer has physical possession of the goods and when the customer has accepted the goods due to uncertainty in transportation time. ",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__7__105": {
"value": "Accounting policies RevenueRevenue from the sale of hearing aids and audio and collaboration solutions is recognized in the income statement when the customer obtains control of the goods. When considering at what point in time the customer obtains control of the goods, a number of indicators are considered, including whether: \u2022 GN Store Nord has a present right to payment for the goods \u2022 The customer has legal title to the goods \u2022 The customer has physical possession of the goods \u2022 The customer has the significant risks and rewards of ownership of the goods \u2022 The customer has accepted the goods In the majority of sales, the customer obtains control of the goods either upon shipment from a distribution hub or upon delivery to the customer. The amount of revenue recognized varies with discounts and rebates offered to customers. Discounts and rebates are estimated based on the expected amount to be provided to the customers and reduce revenues recognized. Revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur. Revenue from contracts in which GN Store Nord provides on-going access to research against a fee and in which the counterparty reasonably expects that GN Store Nord will continue to perform research is recognized over the access period. When goods are sold with a right of return, a refund liability and a right to the returned products are recognized as a provision and a current asset, respectively. The refund liability is deducted from revenue and the right to the returned products is offset in cost of sales. The portion of goods sold that is expected to be returned is estimated based on historical product returns data. The estimated amounts of both returns, discounts and rebates are reassessed at each reporting date. GN Store Nord typically provides warranties for general repairs of defects that existed at the time of sale, as required by law. These assurance-type warranties are accounted for as described in the accounting policies for warranty provisions.As part of a sales transaction, certain future services such as extended warranties may be included. In case such service-type warranties are sold, the transaction price is allocated to the promised goods and services based on stand-alone selling prices. Observable prices are as far as possible used to determine the stand-alone selling prices but if such are not available a cost plus a margin approach is used.Extended warranties are initially recognized as contract liabilities in the balance sheet and recognized in the income statement on a straight-line basis over the term of the extended warranty period.The typical payment terms for customers is between 30 and 60 days. GN Store Nord does not expect to have contracts with payment terms exceeding one year. As a consequence, the transaction prices are not adjusted for the time value of money. Revenue is measured excluding VAT, taxes and granted cash and quantity discounts in relation to the sale and expected returns of goods.",
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},
"s8_notesesefdkgaap__7__106": {
"value": "Production CostsProduction costs comprise costs, including depreciation and salaries, incurred in generating the revenue for the year. Production costs include direct and in-direct costs for raw materials and consumables, wages and salaries, inventory write-downs, maintenance and depreciation and impairment of production plant and costs and expenses relating to the operation, administration and management of factories.Development Costs Development costs comprise costs, salaries, and depreciation of operating assets and equipment directly or indirectly attributable to the Group\u2019s development activities. Furthermore, amortization and write-down of capitalized development projects are included as part of development costs.Selling and Distribution CostsSelling and distribution costs comprise costs relating to the sale and distribution of products and services, including salaries, sales commissions, advertising and marketing costs, depreciation and impairment, expected losses on trade receivables etc.Management and Administrative ExpensesManagement and administrative expenses comprise expensesincurred for management and administration. Administrative expenses include office expenses, depreciation and impairment, etc.Other Operating Income and Costs, netOther operating income and costs comprise items secondary to the principal activities of the enterprises.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__7__112": {
"value": "2.3 Staff Costs DKK million 2023 2022 Wages, salaries and remuneration 4,238 4,306 Pensions, defined benefit plans 2 5 Pensions, defined contribution plans 194 209 Other social security costs 438 449 Share-based incentives 22 111 Total 4,894 5,080 Included in: Production costs and change in payroll costs included 627 781 in inventories Development costs 676 981 Selling and distribution costs 2,630 2,461 Management and administrative expenses 961 857 Financial expenses - - Total 4,894 5,080 Average number of employees 7,435 7,871Number of employees, year-end 7,165 7,891 For information regarding remuneration of the Board of Directors and Executive Management, please refer to note 5.2 Remuneration of the Board of Directors and Executive Management",
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"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
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"s8_notesesefdkgaap__7__111": {
"value": "2.3 Staff Costs DKK million 2023 2022 Wages, salaries and remuneration 4,238 4,306 Pensions, defined benefit plans 2 5 Pensions, defined contribution plans 194 209 Other social security costs 438 449 Share-based incentives 22 111 Total 4,894 5,080 Included in: Production costs and change in payroll costs included 627 781 in inventories Development costs 676 981 Selling and distribution costs 2,630 2,461 Management and administrative expenses 961 857 Financial expenses - - Total 4,894 5,080 Average number of employees 7,435 7,871Number of employees, year-end 7,165 7,891 For information regarding remuneration of the Board of Directors and Executive Management, please refer to note 5.2 Remuneration of the Board of Directors and Executive Management",
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"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__110": {
"value": "2.3 Staff Costs DKK million 2023 2022 Wages, salaries and remuneration 4,238 4,306 Pensions, defined benefit plans 2 5 Pensions, defined contribution plans 194 209 Other social security costs 438 449 Share-based incentives 22 111 Total 4,894 5,080 Included in: Production costs and change in payroll costs included 627 781 in inventories Development costs 676 981 Selling and distribution costs 2,630 2,461 Management and administrative expenses 961 857 Financial expenses - - Total 4,894 5,080 Average number of employees 7,435 7,871Number of employees, year-end 7,165 7,891 For information regarding remuneration of the Board of Directors and Executive Management, please refer to note 5.2 Remuneration of the Board of Directors and Executive Management",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__109-1": {
"value": "2.3 Staff Costs DKK million 2023 2022 Wages, salaries and remuneration 4,238 4,306 Pensions, defined benefit plans 2 5 Pensions, defined contribution plans 194 209 Other social security costs 438 449 Share-based incentives 22 111 Total 4,894 5,080 Included in: Production costs and change in payroll costs included 627 781 in inventories Development costs 676 981 Selling and distribution costs 2,630 2,461 Management and administrative expenses 961 857 Financial expenses - - Total 4,894 5,080 Average number of employees 7,435 7,871Number of employees, year-end 7,165 7,891 For information regarding remuneration of the Board of Directors and Executive Management, please refer to note 5.2 Remuneration of the Board of Directors and Executive Management5.4 Pension obligations DKK million 2023 2022 Present value of defined benefit obligations 129 301 Fair value of plan assets -153 -321 Net obligations -24 -20 Of which is included in other non-current assets, refer to note 3.5 -33 -29 Of which is included in pension obligations 9 7 The present value of defined benefit obligations includes un-funded pension obligations not covered by payments to insur-ance companies of DKK 19 million (2021: DKK 19 million). Development in present value of defined benefit obligations Obligations at January 1 301 359 Foreign exchange adjustments -15 19 Costs for the year 3 4 Interest expense 13 8 Actuarial (gains) losses regarding demographic assumptions - - Actuarial (gains) losses regarding financial assumptions 2 -69 Pension payments -175 -20 Obligations at December 31 129 301 Maturity of pension obligations Less than one year 3 22 Between one and five years 16 89 More than five years 110 190 Total 129 301 Development in fair value of plan assets Plan assets at January 1 321 367 Foreign exchange adjustments -10 20 Interest income 14 9 Return on plan assets in excess of interest income - -62 Payment by GN Store Nord 2 2 Pension payments -174 -15 Plan assets at December 31 153 321 DKK million 2023 2022 Pension costs recognized in the income statement Costs for the year -3 -4 Interest expense -13 -10 Interest income from plan assets 14 9 Defined benefit plans total -2 -5 Defined contribution plans total -194 -209 Total pension costs recognized in the income statement -196 -214 The costs are recognized in the following income statement items: Production costs -14 -28 Development costs -56 -58 Selling and distribution costs -67 -64 Management and administrative expenses -60 -57 Financial expenses 1 -7 Total -196 -214 The following accumulated actuarial gains (losses) since Janu-ary 1, 2005 are recognized in the Statement of other Compre-hensive Income Accumulated actuarial gains (losses) -20 -22 Breakdown of plan assets Shares 0% 59% Bonds 46% 38% Cash and cash equivalents 54% 3% Total 100% 100% At the balance sheet date the actuarial calculations for the prevailing American defined benefit plan are based on a discount rate of 5.00% (2022: 2.75%). A 25 basis point decrease in the discount rate will result in a DKK 4 mil-lion increase in the defined benefit obligation and a 25 basis point in-crease will result in a DKK 4 million decrease in the defined benefit obli-gation. Defined contribution plans The Group has pension commitments regarding certain groups of em-ployees in Denmark and abroad. Pension plans are generally defined contribution plans. The pension plans are funded by current payments to independent pension funds and insurance companies, which are re-sponsible for payment of the pension benefits. When contributions to defined contribution plans have been paid, the Group has no further commitments to present or former employees. Contributions to defined contribution plans are recognized in the income statement when they are due. Defined benefit plans The Group has an American pension plan, which is not covered by pay-ments to insurance companies but is partly off-set by the fair value of re-served pension funds. At July 1, 2003, the pension plan was frozen, meaning that employees covered by the plan will continue to be entitled to the pension payments earned up to this date. However, employees will not earn further pension payments. Accounting policies Pensions Contributions to defined contribution plans are recognized in the income statement in the period to which they relate and any contributions outstanding are recognized in the balance sheet as other payables. Defined benefit plans are subject to an annual actuarial estimate of the present value of future benefits under the defined benefit plan. The present value is determined on the basis of assumptions about the future development in variables such as salary levels, interest rates, inflation and mortality. The present value is determined only for benefits earned by employees from their employment with the Group. The actuarial present value less the fair value of any plan assets is recognized in the balance sheet under pension obligations. Pension costs for the year are recognized in the income statement based on actuarial estimates and financial expectations at the beginning of the year. Any difference between the expected development in plan assets and the defined benefit obligation and actual amounts results in actuarial gains or losses. Actuarial gains or losses are recognized in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__113": {
"value": "2.4 Government grants DKK million 2023 2022 Production costs - - Development costs -1Selling and distribution costs -2Management and administrative expenses 4 7 Financial income - - Total 4 10 Most of the government grant mainly consist of returned tax dedicated to business and technology development purposes. Accounting policies Government grants Government grants are recognized when there is reasonable assurance that the grant will be received and that all attached conditions will be complied with. A grant relating to an expense item, is recognized on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Government grants are presented as a deduction from the relevant functional cost line items in the income statement. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognized in profit or loss in the period in which they become receivable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__114": {
"value": "Accounting policies Government grants Government grants are recognized when there is reasonable assurance that the grant will be received and that all attached conditions will be complied with. A grant relating to an expense item, is recognized on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Government grants are presented as a deduction from the relevant functional cost line items in the income statement. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognized in profit or loss in the period in which they become receivable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__117": {
"value": "2.5 Tax Tax on profit (loss) DKK million 2023 2022 Tax on profit (loss) Current tax for the year -219-199Deferred tax for the year 15837Effect of change in income tax rates 1 7 Withholding tax -15-4 Adjustment to current tax with respect to prior years -6 -8 Adjustment to deferred tax with respect to prior years 4 12 Total -77-155Reconciliation of effective tax rate Danish tax rate 22.0% 22.0% Effect of tax rates in foreign jurisdictions 1.0% 0.9% Non-taxable income -4.3%-4.1%Non-deductible expenses 3.3%6.8% Other, including provisions for uncertain tax positions* 0.4%-4.2%Effective tax rate 22.4% 21.4% Tax relating to other comprehensive income Actuarial gains (losses) -2 -2 Adjustment of cash flow hedges -1116 Total -1314 * Other primarily relates to tax subsidies relating to R&D countered by provisions for uncer-tain tax positions. Deferred Tax DKK million 2023 2022 Deferred tax, net Deferred tax at January 1, net -424 -13Adjustment with respect to prior years 4 12Effect of change in income tax rates 1 7Addition of deferred tax on acquisition of enterprises --495Deferred tax for the year recognized in profit (loss) for the year 158 37 Deferred tax for the year recognized in other comprehensive income -14for the year 14 Tax related to share-based incentive plans -14 - Foreign exchange adjustments 38 14 Deferred tax at December 31, net -251-424Deferred tax is recognized in the balance sheet as follows: Deferred tax assets 494 491 Deferred tax liabilities -745-915Deferred tax at December 31, net -251-424Deferred tax, net relates to: Intangible assets -999 -1,091Property, plant and equipment 28 30Other securities 6 - Current assets 179 122 Current liabilities 7 5 Intercompany liabilities -3 1 Tax loss carryforwards 138 177 Provisions 344 289 Other 49 43 Total -251 -424Tax value of unrecognized tax assets Tax loss carryforwards 64 46 Other tax assets 173 104 Unrecognized tax assets at December 31 237 150 Unrecognized tax assets are based on the Group's expectations to the future utilization of the tax assets. All tax losses carryforward have no expiry date. Deferred tax, net includes DKK 65 million expected to be utilized within 12 months (2022: DKK 42 million). Repatriation of retained earnings from certain foreign subsidiaries, however not planned or expected in the foreseeable future, may trigger withholding tax liabilities up to DKK 39 million (2022: DKK 39 million). Accounting policiesTax on profit (loss) for the year The parent company is jointly taxed with all Danish subsidiaries. The cur-rent Danish corporation tax is allocated between the jointly taxed compa-nies in proportion to their taxable income. The jointly taxed companies are taxed under the on-account tax scheme. Tax for the year comprises current tax and changes in deferred tax for the year. The tax expense relating to the profit (loss) for the year is recognized in the income statement, and the tax expense relating to amounts recog-nized in other comprehensive income is recognized in other comprehensive income. Current tax payable is recognized in current liabilities and deferred tax is recognized in non-current liabilities. Tax receivable is recognized in current assets and deferred tax assets are recognized in non-current assets. Approach to tax and taxes paid The tax GN pays is an important part of our wider economic and social impact and a key mechanism by which GN contributes to the develop-ment of the countries where we operate. GN is committed to paying tax responsibly, complying with tax regulations and acknowledges its responsibility to stakeholders to meet expectations of good tax prac-tices. The GN Tax Policy is reviewed annually and approved by the Board of Directors. Please refer to our tax policy on the GN website: www.gn.com/taxpolicy. We monitor and support the international initiatives building trust in multinationals tax management and payments. In acting responsibly, we disclose our main taxes paid on a regional level and for Denmark separately. For the financial year 2023, our estimated corporate tax payment amounts to DKK 175 million (2022: DKK 185 million). GN is subject to taxation in the countries in which we operate. The tax legislation and tax rates in these countries differ, impacting the tax we pay. The allocation of taxes paid is based on the \u201cprincipal model\u201d, which is in alignment with our operational and commercial activities and is recognized by OECD as an acceptable transfer pricing model to allocate taxable profits. The allocation is based on functions, assets, and risks in every entity. While acting responsibly, GN observes and complies with the applica-ble international tax initiatives regarding reporting and disclosure re-quirements. We continuously monitor the development to consider our response to the proposed international disclosure requirements. From 1 January 2024, GN will be subject to Global Minimum Tax (OECD BEPS Pillar 2 rules). The rules are not expected to have a mate-rial impact on the tax position of GN in 2024. Number of em-ployees, end of EBT IFRS (DKK Effective tax Tax paid (DKK Accrued tax Regions Nature of Activity period million) rate million) (DKK million) Denmark Principal 1,805 -12634.0% 36 16 Europe R&D, Production, distribution and sales 830 30532.0% 48 49 North America R&D, Production, distribution and sales 1,734 -13247.0% 9 19 Rest of World R&D, Production, distribution and sales 2,796 29628.0% 82 135 Total Total GN Group 7,165 343 22.4% 175 219 Eliminations and other adjust-ments - IFRS annual report 2023 Total GN Group 7,165 343 22.4% 175 219 Accounting policies Deferred Tax Deferred tax assets, including the tax base of tax loss carryforwards, are recognized at the expected value of their utilization, either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Deferred tax is not recognized on goodwill unless this is deductible for tax purposes. De-ferred tax is measured according to the tax rules and at the tax rates appli-cable in the respective countries at the balance sheet date when the de-ferred tax is expected to crystallize as current tax. The change in deferred tax as a result of changes in tax rates is recognized in the income state-ment. If a tax deduction on computation of the taxable income in Denmark or in foreign jurisdictions is obtained as a result of share-based payment programs, the tax benefit for the deduction is recognized directly in the balance sheet. Deferred tax assets are subject to annual impairment tests and are recognized only to the extent that it is probable that the assets will be utilized. Significant accounting estimates and judgments Deferred tax Management has made judgments in determining the Company\u2019s valuation of tax, deferred tax assets and deferred tax liabilities and the extent to which deferred tax assets are recognized. GN Store Nord recognizes de-ferred tax assets only to the extent that it is probable that taxable profit will be available against which the temporary differences and unused tax losses can be utilized.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__116": {
"value": "2.5 Tax Tax on profit (loss) DKK million 2023 2022 Tax on profit (loss) Current tax for the year -219-199Deferred tax for the year 15837Effect of change in income tax rates 1 7 Withholding tax -15-4 Adjustment to current tax with respect to prior years -6 -8 Adjustment to deferred tax with respect to prior years 4 12 Total -77-155Reconciliation of effective tax rate Danish tax rate 22.0% 22.0% Effect of tax rates in foreign jurisdictions 1.0% 0.9% Non-taxable income -4.3%-4.1%Non-deductible expenses 3.3%6.8% Other, including provisions for uncertain tax positions* 0.4%-4.2%Effective tax rate 22.4% 21.4% Tax relating to other comprehensive income Actuarial gains (losses) -2 -2 Adjustment of cash flow hedges -1116 Total -1314 * Other primarily relates to tax subsidies relating to R&D countered by provisions for uncer-tain tax positions. Deferred Tax DKK million 2023 2022 Deferred tax, net Deferred tax at January 1, net -424 -13Adjustment with respect to prior years 4 12Effect of change in income tax rates 1 7Addition of deferred tax on acquisition of enterprises --495Deferred tax for the year recognized in profit (loss) for the year 158 37 Deferred tax for the year recognized in other comprehensive income -14for the year 14 Tax related to share-based incentive plans -14 - Foreign exchange adjustments 38 14 Deferred tax at December 31, net -251-424Deferred tax is recognized in the balance sheet as follows: Deferred tax assets 494 491 Deferred tax liabilities -745-915Deferred tax at December 31, net -251-424Deferred tax, net relates to: Intangible assets -999 -1,091Property, plant and equipment 28 30Other securities 6 - Current assets 179 122 Current liabilities 7 5 Intercompany liabilities -3 1 Tax loss carryforwards 138 177 Provisions 344 289 Other 49 43 Total -251 -424Tax value of unrecognized tax assets Tax loss carryforwards 64 46 Other tax assets 173 104 Unrecognized tax assets at December 31 237 150 Unrecognized tax assets are based on the Group's expectations to the future utilization of the tax assets. All tax losses carryforward have no expiry date. Deferred tax, net includes DKK 65 million expected to be utilized within 12 months (2022: DKK 42 million). Repatriation of retained earnings from certain foreign subsidiaries, however not planned or expected in the foreseeable future, may trigger withholding tax liabilities up to DKK 39 million (2022: DKK 39 million). Accounting policiesTax on profit (loss) for the year The parent company is jointly taxed with all Danish subsidiaries. The cur-rent Danish corporation tax is allocated between the jointly taxed compa-nies in proportion to their taxable income. The jointly taxed companies are taxed under the on-account tax scheme. Tax for the year comprises current tax and changes in deferred tax for the year. The tax expense relating to the profit (loss) for the year is recognized in the income statement, and the tax expense relating to amounts recog-nized in other comprehensive income is recognized in other comprehensive income. Current tax payable is recognized in current liabilities and deferred tax is recognized in non-current liabilities. Tax receivable is recognized in current assets and deferred tax assets are recognized in non-current assets. Approach to tax and taxes paid The tax GN pays is an important part of our wider economic and social impact and a key mechanism by which GN contributes to the develop-ment of the countries where we operate. GN is committed to paying tax responsibly, complying with tax regulations and acknowledges its responsibility to stakeholders to meet expectations of good tax prac-tices. The GN Tax Policy is reviewed annually and approved by the Board of Directors. Please refer to our tax policy on the GN website: www.gn.com/taxpolicy. We monitor and support the international initiatives building trust in multinationals tax management and payments. In acting responsibly, we disclose our main taxes paid on a regional level and for Denmark separately. For the financial year 2023, our estimated corporate tax payment amounts to DKK 175 million (2022: DKK 185 million). GN is subject to taxation in the countries in which we operate. The tax legislation and tax rates in these countries differ, impacting the tax we pay. The allocation of taxes paid is based on the \u201cprincipal model\u201d, which is in alignment with our operational and commercial activities and is recognized by OECD as an acceptable transfer pricing model to allocate taxable profits. The allocation is based on functions, assets, and risks in every entity. While acting responsibly, GN observes and complies with the applica-ble international tax initiatives regarding reporting and disclosure re-quirements. We continuously monitor the development to consider our response to the proposed international disclosure requirements. From 1 January 2024, GN will be subject to Global Minimum Tax (OECD BEPS Pillar 2 rules). The rules are not expected to have a mate-rial impact on the tax position of GN in 2024. Number of em-ployees, end of EBT IFRS (DKK Effective tax Tax paid (DKK Accrued tax Regions Nature of Activity period million) rate million) (DKK million) Denmark Principal 1,805 -12634.0% 36 16 Europe R&D, Production, distribution and sales 830 30532.0% 48 49 North America R&D, Production, distribution and sales 1,734 -13247.0% 9 19 Rest of World R&D, Production, distribution and sales 2,796 29628.0% 82 135 Total Total GN Group 7,165 343 22.4% 175 219 Eliminations and other adjust-ments - IFRS annual report 2023 Total GN Group 7,165 343 22.4% 175 219 Accounting policies Deferred Tax Deferred tax assets, including the tax base of tax loss carryforwards, are recognized at the expected value of their utilization, either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Deferred tax is not recognized on goodwill unless this is deductible for tax purposes. De-ferred tax is measured according to the tax rules and at the tax rates appli-cable in the respective countries at the balance sheet date when the de-ferred tax is expected to crystallize as current tax. The change in deferred tax as a result of changes in tax rates is recognized in the income state-ment. If a tax deduction on computation of the taxable income in Denmark or in foreign jurisdictions is obtained as a result of share-based payment programs, the tax benefit for the deduction is recognized directly in the balance sheet. Deferred tax assets are subject to annual impairment tests and are recognized only to the extent that it is probable that the assets will be utilized. Significant accounting estimates and judgments Deferred tax Management has made judgments in determining the Company\u2019s valuation of tax, deferred tax assets and deferred tax liabilities and the extent to which deferred tax assets are recognized. GN Store Nord recognizes de-ferred tax assets only to the extent that it is probable that taxable profit will be available against which the temporary differences and unused tax losses can be utilized.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__119": {
"value": "Accounting policiesTax on profit (loss) for the year The parent company is jointly taxed with all Danish subsidiaries. The cur-rent Danish corporation tax is allocated between the jointly taxed compa-nies in proportion to their taxable income. The jointly taxed companies are taxed under the on-account tax scheme. Tax for the year comprises current tax and changes in deferred tax for the year. The tax expense relating to the profit (loss) for the year is recognized in the income statement, and the tax expense relating to amounts recog-nized in other comprehensive income is recognized in other comprehensive income. Current tax payable is recognized in current liabilities and deferred tax is recognized in non-current liabilities. Tax receivable is recognized in current assets and deferred tax assets are recognized in non-current assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__121": {
"value": "Accounting policies Deferred Tax Deferred tax assets, including the tax base of tax loss carryforwards, are recognized at the expected value of their utilization, either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Deferred tax is not recognized on goodwill unless this is deductible for tax purposes. De-ferred tax is measured according to the tax rules and at the tax rates appli-cable in the respective countries at the balance sheet date when the de-ferred tax is expected to crystallize as current tax. The change in deferred tax as a result of changes in tax rates is recognized in the income state-ment. If a tax deduction on computation of the taxable income in Denmark or in foreign jurisdictions is obtained as a result of share-based payment programs, the tax benefit for the deduction is recognized directly in the balance sheet. Deferred tax assets are subject to annual impairment tests and are recognized only to the extent that it is probable that the assets will be utilized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__125-1": {
"value": "2.6 Income statement classified by function The group presents the income statement based on a classification of costs by function. However, in order to present EBITA in the income statement, which is the measure of profit used by Management, amor-tization and impairment of acquired intangible assets are separated from the individual functions and presented as a separate line item. If amortization and impairment of acquired intangible assets are allo-cated to the individual line items by function, the income statement is presented as follows: DKK million 2023 2022 Revenue 18,120 18,687 Production costs -9,175 -9,555 Gross profit 8,945 9,132 Development costs -1,666 -1,633 Selling and distribution costs -4,613 -4,775 Management and administrative expenses -1,786 -1,587 Other operating income and costs, net -72 -17 Gain (loss) on divestment of operations etc. 61 -9 Operating profit (loss) 869 1,111 In the above income statement amortization and im-pairment of acquired intangible assets has been allo-cated to functions as follows: Development costs -176 -228 Selling and distribution costs -216 -212 Amortization and impairment of acquired intangible -392 -440 assets3.1 Intangible assets Acquired devel-In-house devel-opment pro-opment jects and soft-Customer rela-Patents and DKK million Goodwill projects ware tionships Software rights Other Total Cost at January 1 11,570 6,030 903 1,449 1,734 965 1,401 24,052 Additions on company acquisitions - - - - - - - - Additions - 951 - - 361 - 27 1,339 Disposals -246 - - -212 - - - -458 Foreign exchange adjustments -170 - - -14 -5 -7 -7 -203 Cost at December 31 11,154 6,981 903 1,223 2,090 958 1,421 24,730 Amortization and impairment at January 1 - -3,922 -139 -466 -774 -647 -558 -6,506 Amortization - -582 -87 -114 -80 -89 -102 -1,054 Disposals - - - 36 - - 36 Impairment - -180 - - -135 - - -315 Foreign exchange adjustments - - - 14 5 7 8 34 Amortization and impairment at December 31 - -4,684 -226 -530 -984 -729 -652 -7,805 Carrying amount at December 31, 2023 11,154 2,297 677 693 1,106 229 769 16,925 Cost at January 1 5,422 5,415 - 526 1,305 828 693 14,189 Additions on company acquisitions 5,886 - 903 958 - 128 763 8,638 Additions - 1,005 - - 429 - 24 1,458 Disposals -22 -390 - -67 -5 -3 -100 -587 Foreign exchange adjustments 284 - - 32 5 12 21 354 Cost at December 31 11,570 6,030 903 1,449 1,734 965 1,401 24,052 Amortization and impairment at January 1 - -3,702 - -372 -688 -552 -539 -5,853 Amortization - -583 -119 -123 -85 -89 -89 -1,088 Disposals - 390 - 52 5 3 86 536 Impairment - -27 -20 - - - - -47 Foreign exchange adjustments - - - -23 -6 -9 -16 -54 Amortization and impairment at December 31 - -3,922 -139 -466 -774 -647 -558 -6,506 Carrying amount at December 31, 2022 11,570 2,108 764 983 960 318 843 17,546 The carrying amount of In-house development projects and software include development in progress of DKK 316 million and DKK 651 mil-lion respectively (2022: DKK 565 million and DKK 735 million). Goodwill There were no additions during the year in GN Hearing (2022: DKK 306 million) nor GN Audio (2022: DKK 5,580 million) cf. note 5.1 Acquisi-tion and divestment of companies and operations. Management performs an annual impairment test of the carrying amount of goodwill. The impairment test covers the Group's cash- generating units (CGU) to which the carrying amount of goodwill is allocated. Carrying amount Pre-tax discount Weighted average of goodwill rate cost of capital DKK million % % 2023 2022 2023 2022 2023 2022 CGUs GN Hearing 4,329 4,710 8.7 8.5 8.3 8.1 GN Audio 6,825 6,860 9.3 9.2 8.8 8.8 Total 11,154 11,570 In the impairment test, the discounted future cash flows of each CGU (the value in use) were compared with the carrying amounts. Future cash flows are based on the budget for 2024, market forecasts for 2024 \u2013 2027, strategy plans, etc. approved by the Board of Directors. Budgets and strategy plans are based on specific assumptions for the individual CGU regarding sales, operating profit, working capital, in-vestments in non-current assets, etc. The calculations apply expected growth in the terminal period of 2.0% p.a. for both CGU\u2019s (2022: 2.0% p.a.) The long-term market growth in the Hearing Aid and Audio industries is driven by the following main factors: GN Hearing: \u2022 Shifting demographics with a growing elderly and more affluent population \u2022 Intensified noise pollution driving the increased prevalence of hear-ing loss \u2022 Increased penetration rates as more people with a hearing loss will use hearing aids in the future, and \u2022 Increased use of two hearing aids, which is relatively common to-day, instead of only one GN Audio: \u2022 A significant part of our future growth is expected to come from the increased penetration of professional headsets \u2022 UC technology has the potential to reduce travel cost and carbon footprint by the companies that adopt the technology \u2022 Continued transition from desk phones to Unified Communications \u2022 The fast-growing market for premium software-enabled gaming gear \u2022 Video playing an increasingly larger role in future experiences \u2022 Increasing flexibility requirements by office-workers, demands for productivity, focus on cloud-based solutions, and general technol-ogy improvements The expected revenue growth in the GN Hearing segment and GN Audio segment is based on the current differentiated product offer-ing with unique technology as well as future product launches. Based on the impairment test and related assumptions, Management has not identified any goodwill impairment at December 31, 2023. No likely change in the assumptions applied will result in an impairment. Development projects and software In-progress and completed development projects comprise develop-ment and design of hearing instruments and audio and collaboration solutions. Most development projects are expected to be completed in the coming years, after which product sales and marketing can be com-menced. Management performs at least one annual impairment test of the carrying amount of recognized development costs. The recovera-ble amount is assessed based on sales forecasts. During the year, im-pairments of DKK 180 million related to projects were recognized. In Management's assessments, the recoverable amount exceeds the car-rying amount at December 31, 2023. Software comprises development, design and test of production, plan-ning software and reporting systems, business intelligence etc. Implementation of these systems is expected to optimize internal pro-cedures and processes. During the year, impairments of DKK 135 mil-lion related to software were recognized. In 2023, Management as-sessed that the expected useful lives were reflected in the carrying amounts at December 31, 2023. The Group\u2019s move to one company geared towards capturing com-pany-wide synergies which will support and accelerate margin im-provements across the Group. In order to capture these synergies, the group has streamlined processes including refined product and soft-ware focus resulting in the aforementioned development projects and software impairments recognized in the 2023 financial year. Customer relationships Customer relationships primarily comprise acquired customer relation-ships. The most significant customer relationship relates to the acquisi-tion of SteelSeries, Audigy, BlueParrot, and US Beltone. Patents and rights Patents and rights primarily comprise acquired patents and rights. The most significant patents and rights relate to technologies for the de-velopment of new hearing instruments for GN Hearing and rights to the use of certain technologies for development of headsets and video communications solutions. Other The Group's other intangible assets comprise DKK 693 million (2022: DKK 768 million) related to trademarks, DKK 66 million (2022: DKK 47 million) related to supply agreements and DKK 2 million (2022: DKK 3 million) related to know-how. In Management's assessments, the re-coverable amount exceeds the carrying amount at December 31, 2023. Accounting policies GoodwillAt the acquisition date goodwill is recognized in the balance sheet at cost as described under Business combinations (note 5.1). Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least once a year. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the acquisition date. Identification of cash-generating units is based on how Management monitors the operation in the Management reporting.As a result of the integration of acquired enterprises in the existing group, Management assesses that the smallest cash-generating units to which the carrying amount of goodwill can be allocated are: GN Hearing and GN Audio.Development projects, Software, Patents, Licenses and Other Intangible AssetsIntangible assets are measured at cost less accumulated amortization and im-pairment. Amortization is provided on a straight-line basis over the expected useful lives of the assets. When changing the depreciation period, the effect on the depreciation is recognized prospectively as a change in accounting esti-mates. Amortization and impairment is recognized in the income statement as production costs, development costs, distribution costs and administrative expenses. The expected useful lives are as follows: Completed development projects1-5 years Software3-10 years Customer relationshipsup to 10 yearsPatents, licenses, trademarks and otherup to 20 yearsintellectual property rightsDevelopment projects that are clearly defined and identifiable, where the technical utilization degree, sufficient resources and a potential future marketor development opportunities in the Company is evidenced, and where GN Store Nord intends to produce, market or use the project, are recognized as intangible assets if it is probable that costs incurred will be covered by fu-ture earnings. The cost of such development projects includes direct wages, salaries, materials and other direct and indirect costs attributable to the de-velopment projects. Amortization and write-down of such capitalized devel-opment projects are started at the date of completion and are included in de-velopment costs. Other development costs are recognized in the income statement as incurred.Gains or losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amounat the disposal date, and are recognized in the income statement as other operating income or other operating costs, respectively. Impairment of Goodwill and in-progress development projects Goodwill is subject to at least one annual impairment test. Similarly, in-progress development projects are tested for impairment at least annually. An impairment test is also performed whenever there is an indication that an asset may be impaired.The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit to which the goodwill is allocated. Goodwill is written down to the recoverable amount if the carrying amount is higher than the computed recoverable amount. The recoverable amount is computed as the present value of the expected future net cash flows from the enterprises or activities to which the goodwill is allocated. Recognition of impairment losses in the income statementAn impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds the recoverable amount of the asset or the cash-generating unit. Impairment of goodwill is recognized in a separate line item in the income statement. Impairment of goodwill is not reversed. Significant accounting estimates and judgments Goodwill Determining whether goodwill is impaired requires a comparison of the recoverable amount with the carrying amount. The recoverable amount is determined as the net present value of the future cash flows expected to arise from the cash generating unit to which goodwill is allocated. Development projects Development projects are measured at cost less accumulated amortization and impairment. An impairment test is performed of the carrying amount of recognized development projects. The impairment test is based on assumptions regarding strategy, product life cycle, market conditions, discount rates and budgets, etc., after the project has been completed and production has commenced. If market-related assumptions etc., are changed, development projects may have to be written down. Management examines and assesses the underlying assumptions when determining whether or not the carrying amount should be written down. In addition, Management continuously assess the useful lives of its products to ensure that amortization of development projects reflects the useful lives. 3.2 Property, plant and equipment Factory Operating Assets and office Leasehold Plant and assets and under DKK million buildings improvements machinery equipment construction Total Cost at January 1 671 236 958 798 14 2,677 Additions on company acquisitions - - - - - - Additions 11 8 31 41 2 93 Disposals - -29 -48 -60 - -137 Transfers - - 2 - -2 - Foreign exchange adjustments -3 -5 -8 -6 - -22 Cost at December 31 679 210 935 773 14 2,611 Depreciation and impairment at January 1 -256 -170 -716 -636 - -1,778 Depreciation -27 -18 -115 -61 - -221 Impairment - - - - - - Disposals - 29 48 48 - 125 Transfers - - - - - - Foreign exchange adjustments 2 2 1 5 - 10 Depreciation and impairment at December 31 -281 -157 -782 -644 - -1,864 Carrying amount at December 31, 2023 398 53 153 129 14 747 Leased assets, c.f. note 3.3 272 17 289 Total carrying amount at December 31, 2023 670 53 153 146 14 1,036 Cost at January 1 636 202 923 712 18 2,491 Additions on company acquisitions 15 34 - 25 - 74 Additions 29 - 12 82 86 209 Disposals -8 -5 -70 -25 - -108 Transfers - - 90 -4 -90 -4 Foreign exchange adjustments -1 5 3 8 - 15 Cost at December 31 671 236 958 798 14 2,677 Depreciation and impairment at January 1 -240 -151 -649 -576 - -1,616 Depreciation -24 -19 -132 -66 - -241 Impairment -4 -4 Disposals 7 3 68 17 - 95 Transfers - - - - - - Foreign exchange adjustments 1 -3 -3 -7 - -12 Depreciation and impairment at December 31 -256 -170 -716 -636 - -1,778 Carrying amount at December 31, 2022 415 66 242 162 14 899 Leased assets, c.f. note 3.3 324 32 356 Total carrying amount at December 31, 2022 739 66 242 194 14 1,255 Accounting policies Property, plant and equipmentLand and buildings, plant and machinery and fixtures and fittings, other plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and costs of materials, components, suppliers, direct wages and salaries and indirect production costs until the date when the asset is available for use. Liabilities related to dismantling and removing the asset and restoring the site on which the asset is located are added to the cost. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.Depreciation is provided on a straight-line basis over the expected useful lives of property, plant and equipment. The expected useful lives are as follows: Buildings and installations (land is not depreciated)10-50 years Leasehold improvements5-20 years Plant and machinery1-7 years Operating assets and equipment2-7 years The basis of depreciation is calculated as the residual value of the asset less impairment losses. The residual value is determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. When changing the depreciation period or the residual value, the effect on the depreciation is recognized prospectively as a change in accounting estimates. Depreciation and impairment is recognized in the income statement as production costs, development costs, distribution costs and administrative expenses. Expenses for repairs and maintenance of property, plant and equipment are included in the income statement. Gains or losses on disposal or scrapping of an item of property, plant and equipment are determined as the difference between the sales price reduced by costs related to dismantling and removing the asset, selling costs and costs related to restoring the site on which the asset is located and the carrying amount. Gains or losses are recognized in the income statement as Other operating income or Other operating costs, respectively.3.4 Depreciation, amortization and impairment DKK million 2023 2022 Depreciation, amortization and impairment for the year of prop-erty, plant and equipment (incl. leased assets) and intangible as-sets are recognized in the income statement as follows: Production costs -154 -156 Development costs -776 -632 Selling and distribution costs -86 -103 Management and administrative expenses -321 -203 Amortization and impairment of acquired intangible assets -392 -440 Total -1.729 -1.534 Amortization of intangible assets is recognized in the income state-ment as follows: Production costs - - Development costs -584 -585 Selling and distribution costs -3 -2 Management and administrative expenses -78 -81 Amortization and impairment of acquired intangible assets -389 -420 Total -1.054 -1.088 Impairment of intangible assets is recognized in the income state-ment as follows: Development costs -180 -27 Management and administrative expenses -132 - Amortization and impairment of acquired intangible assets -3 -20 Total -315 -47",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__124-1": {
"value": "2.6 Income statement classified by function The group presents the income statement based on a classification of costs by function. However, in order to present EBITA in the income statement, which is the measure of profit used by Management, amor-tization and impairment of acquired intangible assets are separated from the individual functions and presented as a separate line item. If amortization and impairment of acquired intangible assets are allo-cated to the individual line items by function, the income statement is presented as follows: DKK million 2023 2022 Revenue 18,120 18,687 Production costs -9,175 -9,555 Gross profit 8,945 9,132 Development costs -1,666 -1,633 Selling and distribution costs -4,613 -4,775 Management and administrative expenses -1,786 -1,587 Other operating income and costs, net -72 -17 Gain (loss) on divestment of operations etc. 61 -9 Operating profit (loss) 869 1,111 In the above income statement amortization and im-pairment of acquired intangible assets has been allo-cated to functions as follows: Development costs -176 -228 Selling and distribution costs -216 -212 Amortization and impairment of acquired intangible -392 -440 assets3.4 Depreciation, amortization and impairment DKK million 2023 2022 Depreciation, amortization and impairment for the year of prop-erty, plant and equipment (incl. leased assets) and intangible as-sets are recognized in the income statement as follows: Production costs -154 -156 Development costs -776 -632 Selling and distribution costs -86 -103 Management and administrative expenses -321 -203 Amortization and impairment of acquired intangible assets -392 -440 Total -1.729 -1.534 Amortization of intangible assets is recognized in the income state-ment as follows: Production costs - - Development costs -584 -585 Selling and distribution costs -3 -2 Management and administrative expenses -78 -81 Amortization and impairment of acquired intangible assets -389 -420 Total -1.054 -1.088 Impairment of intangible assets is recognized in the income state-ment as follows: Development costs -180 -27 Management and administrative expenses -132 - Amortization and impairment of acquired intangible assets -3 -20 Total -315 -47",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__129": {
"value": "3.1 Intangible assets Acquired devel-In-house devel-opment pro-opment jects and soft-Customer rela-Patents and DKK million Goodwill projects ware tionships Software rights Other Total Cost at January 1 11,570 6,030 903 1,449 1,734 965 1,401 24,052 Additions on company acquisitions - - - - - - - - Additions - 951 - - 361 - 27 1,339 Disposals -246 - - -212 - - - -458 Foreign exchange adjustments -170 - - -14 -5 -7 -7 -203 Cost at December 31 11,154 6,981 903 1,223 2,090 958 1,421 24,730 Amortization and impairment at January 1 - -3,922 -139 -466 -774 -647 -558 -6,506 Amortization - -582 -87 -114 -80 -89 -102 -1,054 Disposals - - - 36 - - 36 Impairment - -180 - - -135 - - -315 Foreign exchange adjustments - - - 14 5 7 8 34 Amortization and impairment at December 31 - -4,684 -226 -530 -984 -729 -652 -7,805 Carrying amount at December 31, 2023 11,154 2,297 677 693 1,106 229 769 16,925 Cost at January 1 5,422 5,415 - 526 1,305 828 693 14,189 Additions on company acquisitions 5,886 - 903 958 - 128 763 8,638 Additions - 1,005 - - 429 - 24 1,458 Disposals -22 -390 - -67 -5 -3 -100 -587 Foreign exchange adjustments 284 - - 32 5 12 21 354 Cost at December 31 11,570 6,030 903 1,449 1,734 965 1,401 24,052 Amortization and impairment at January 1 - -3,702 - -372 -688 -552 -539 -5,853 Amortization - -583 -119 -123 -85 -89 -89 -1,088 Disposals - 390 - 52 5 3 86 536 Impairment - -27 -20 - - - - -47 Foreign exchange adjustments - - - -23 -6 -9 -16 -54 Amortization and impairment at December 31 - -3,922 -139 -466 -774 -647 -558 -6,506 Carrying amount at December 31, 2022 11,570 2,108 764 983 960 318 843 17,546 The carrying amount of In-house development projects and software include development in progress of DKK 316 million and DKK 651 mil-lion respectively (2022: DKK 565 million and DKK 735 million). Goodwill There were no additions during the year in GN Hearing (2022: DKK 306 million) nor GN Audio (2022: DKK 5,580 million) cf. note 5.1 Acquisi-tion and divestment of companies and operations. Management performs an annual impairment test of the carrying amount of goodwill. The impairment test covers the Group's cash- generating units (CGU) to which the carrying amount of goodwill is allocated. Carrying amount Pre-tax discount Weighted average of goodwill rate cost of capital DKK million % % 2023 2022 2023 2022 2023 2022 CGUs GN Hearing 4,329 4,710 8.7 8.5 8.3 8.1 GN Audio 6,825 6,860 9.3 9.2 8.8 8.8 Total 11,154 11,570 In the impairment test, the discounted future cash flows of each CGU (the value in use) were compared with the carrying amounts. Future cash flows are based on the budget for 2024, market forecasts for 2024 \u2013 2027, strategy plans, etc. approved by the Board of Directors. Budgets and strategy plans are based on specific assumptions for the individual CGU regarding sales, operating profit, working capital, in-vestments in non-current assets, etc. The calculations apply expected growth in the terminal period of 2.0% p.a. for both CGU\u2019s (2022: 2.0% p.a.) The long-term market growth in the Hearing Aid and Audio industries is driven by the following main factors: GN Hearing: \u2022 Shifting demographics with a growing elderly and more affluent population \u2022 Intensified noise pollution driving the increased prevalence of hear-ing loss \u2022 Increased penetration rates as more people with a hearing loss will use hearing aids in the future, and \u2022 Increased use of two hearing aids, which is relatively common to-day, instead of only one GN Audio: \u2022 A significant part of our future growth is expected to come from the increased penetration of professional headsets \u2022 UC technology has the potential to reduce travel cost and carbon footprint by the companies that adopt the technology \u2022 Continued transition from desk phones to Unified Communications \u2022 The fast-growing market for premium software-enabled gaming gear \u2022 Video playing an increasingly larger role in future experiences \u2022 Increasing flexibility requirements by office-workers, demands for productivity, focus on cloud-based solutions, and general technol-ogy improvements The expected revenue growth in the GN Hearing segment and GN Audio segment is based on the current differentiated product offer-ing with unique technology as well as future product launches. Based on the impairment test and related assumptions, Management has not identified any goodwill impairment at December 31, 2023. No likely change in the assumptions applied will result in an impairment. Development projects and software In-progress and completed development projects comprise develop-ment and design of hearing instruments and audio and collaboration solutions. Most development projects are expected to be completed in the coming years, after which product sales and marketing can be com-menced. Management performs at least one annual impairment test of the carrying amount of recognized development costs. The recovera-ble amount is assessed based on sales forecasts. During the year, im-pairments of DKK 180 million related to projects were recognized. In Management's assessments, the recoverable amount exceeds the car-rying amount at December 31, 2023. Software comprises development, design and test of production, plan-ning software and reporting systems, business intelligence etc. Implementation of these systems is expected to optimize internal pro-cedures and processes. During the year, impairments of DKK 135 mil-lion related to software were recognized. In 2023, Management as-sessed that the expected useful lives were reflected in the carrying amounts at December 31, 2023. The Group\u2019s move to one company geared towards capturing com-pany-wide synergies which will support and accelerate margin im-provements across the Group. In order to capture these synergies, the group has streamlined processes including refined product and soft-ware focus resulting in the aforementioned development projects and software impairments recognized in the 2023 financial year. Customer relationships Customer relationships primarily comprise acquired customer relation-ships. The most significant customer relationship relates to the acquisi-tion of SteelSeries, Audigy, BlueParrot, and US Beltone. Patents and rights Patents and rights primarily comprise acquired patents and rights. The most significant patents and rights relate to technologies for the de-velopment of new hearing instruments for GN Hearing and rights to the use of certain technologies for development of headsets and video communications solutions. Other The Group's other intangible assets comprise DKK 693 million (2022: DKK 768 million) related to trademarks, DKK 66 million (2022: DKK 47 million) related to supply agreements and DKK 2 million (2022: DKK 3 million) related to know-how. In Management's assessments, the re-coverable amount exceeds the carrying amount at December 31, 2023. Accounting policies GoodwillAt the acquisition date goodwill is recognized in the balance sheet at cost as described under Business combinations (note 5.1). Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least once a year. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the acquisition date. Identification of cash-generating units is based on how Management monitors the operation in the Management reporting.As a result of the integration of acquired enterprises in the existing group, Management assesses that the smallest cash-generating units to which the carrying amount of goodwill can be allocated are: GN Hearing and GN Audio.Development projects, Software, Patents, Licenses and Other Intangible AssetsIntangible assets are measured at cost less accumulated amortization and im-pairment. Amortization is provided on a straight-line basis over the expected useful lives of the assets. When changing the depreciation period, the effect on the depreciation is recognized prospectively as a change in accounting esti-mates. Amortization and impairment is recognized in the income statement as production costs, development costs, distribution costs and administrative expenses. The expected useful lives are as follows: Completed development projects1-5 years Software3-10 years Customer relationshipsup to 10 yearsPatents, licenses, trademarks and otherup to 20 yearsintellectual property rightsDevelopment projects that are clearly defined and identifiable, where the technical utilization degree, sufficient resources and a potential future marketor development opportunities in the Company is evidenced, and where GN Store Nord intends to produce, market or use the project, are recognized as intangible assets if it is probable that costs incurred will be covered by fu-ture earnings. The cost of such development projects includes direct wages, salaries, materials and other direct and indirect costs attributable to the de-velopment projects. Amortization and write-down of such capitalized devel-opment projects are started at the date of completion and are included in de-velopment costs. Other development costs are recognized in the income statement as incurred.Gains or losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amounat the disposal date, and are recognized in the income statement as other operating income or other operating costs, respectively. Impairment of Goodwill and in-progress development projects Goodwill is subject to at least one annual impairment test. Similarly, in-progress development projects are tested for impairment at least annually. An impairment test is also performed whenever there is an indication that an asset may be impaired.The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit to which the goodwill is allocated. Goodwill is written down to the recoverable amount if the carrying amount is higher than the computed recoverable amount. The recoverable amount is computed as the present value of the expected future net cash flows from the enterprises or activities to which the goodwill is allocated. Recognition of impairment losses in the income statementAn impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds the recoverable amount of the asset or the cash-generating unit. Impairment of goodwill is recognized in a separate line item in the income statement. Impairment of goodwill is not reversed. Significant accounting estimates and judgments Goodwill Determining whether goodwill is impaired requires a comparison of the recoverable amount with the carrying amount. The recoverable amount is determined as the net present value of the future cash flows expected to arise from the cash generating unit to which goodwill is allocated. Development projects Development projects are measured at cost less accumulated amortization and impairment. An impairment test is performed of the carrying amount of recognized development projects. The impairment test is based on assumptions regarding strategy, product life cycle, market conditions, discount rates and budgets, etc., after the project has been completed and production has commenced. If market-related assumptions etc., are changed, development projects may have to be written down. Management examines and assesses the underlying assumptions when determining whether or not the carrying amount should be written down. In addition, Management continuously assess the useful lives of its products to ensure that amortization of development projects reflects the useful lives. ",
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"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
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"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__7__128": {
"value": "3.1 Intangible assets Acquired devel-In-house devel-opment pro-opment jects and soft-Customer rela-Patents and DKK million Goodwill projects ware tionships Software rights Other Total Cost at January 1 11,570 6,030 903 1,449 1,734 965 1,401 24,052 Additions on company acquisitions - - - - - - - - Additions - 951 - - 361 - 27 1,339 Disposals -246 - - -212 - - - -458 Foreign exchange adjustments -170 - - -14 -5 -7 -7 -203 Cost at December 31 11,154 6,981 903 1,223 2,090 958 1,421 24,730 Amortization and impairment at January 1 - -3,922 -139 -466 -774 -647 -558 -6,506 Amortization - -582 -87 -114 -80 -89 -102 -1,054 Disposals - - - 36 - - 36 Impairment - -180 - - -135 - - -315 Foreign exchange adjustments - - - 14 5 7 8 34 Amortization and impairment at December 31 - -4,684 -226 -530 -984 -729 -652 -7,805 Carrying amount at December 31, 2023 11,154 2,297 677 693 1,106 229 769 16,925 Cost at January 1 5,422 5,415 - 526 1,305 828 693 14,189 Additions on company acquisitions 5,886 - 903 958 - 128 763 8,638 Additions - 1,005 - - 429 - 24 1,458 Disposals -22 -390 - -67 -5 -3 -100 -587 Foreign exchange adjustments 284 - - 32 5 12 21 354 Cost at December 31 11,570 6,030 903 1,449 1,734 965 1,401 24,052 Amortization and impairment at January 1 - -3,702 - -372 -688 -552 -539 -5,853 Amortization - -583 -119 -123 -85 -89 -89 -1,088 Disposals - 390 - 52 5 3 86 536 Impairment - -27 -20 - - - - -47 Foreign exchange adjustments - - - -23 -6 -9 -16 -54 Amortization and impairment at December 31 - -3,922 -139 -466 -774 -647 -558 -6,506 Carrying amount at December 31, 2022 11,570 2,108 764 983 960 318 843 17,546 The carrying amount of In-house development projects and software include development in progress of DKK 316 million and DKK 651 mil-lion respectively (2022: DKK 565 million and DKK 735 million). Goodwill There were no additions during the year in GN Hearing (2022: DKK 306 million) nor GN Audio (2022: DKK 5,580 million) cf. note 5.1 Acquisi-tion and divestment of companies and operations. Management performs an annual impairment test of the carrying amount of goodwill. The impairment test covers the Group's cash- generating units (CGU) to which the carrying amount of goodwill is allocated. Carrying amount Pre-tax discount Weighted average of goodwill rate cost of capital DKK million % % 2023 2022 2023 2022 2023 2022 CGUs GN Hearing 4,329 4,710 8.7 8.5 8.3 8.1 GN Audio 6,825 6,860 9.3 9.2 8.8 8.8 Total 11,154 11,570 In the impairment test, the discounted future cash flows of each CGU (the value in use) were compared with the carrying amounts. Future cash flows are based on the budget for 2024, market forecasts for 2024 \u2013 2027, strategy plans, etc. approved by the Board of Directors. Budgets and strategy plans are based on specific assumptions for the individual CGU regarding sales, operating profit, working capital, in-vestments in non-current assets, etc. The calculations apply expected growth in the terminal period of 2.0% p.a. for both CGU\u2019s (2022: 2.0% p.a.) The long-term market growth in the Hearing Aid and Audio industries is driven by the following main factors: GN Hearing: \u2022 Shifting demographics with a growing elderly and more affluent population \u2022 Intensified noise pollution driving the increased prevalence of hear-ing loss \u2022 Increased penetration rates as more people with a hearing loss will use hearing aids in the future, and \u2022 Increased use of two hearing aids, which is relatively common to-day, instead of only one GN Audio: \u2022 A significant part of our future growth is expected to come from the increased penetration of professional headsets \u2022 UC technology has the potential to reduce travel cost and carbon footprint by the companies that adopt the technology \u2022 Continued transition from desk phones to Unified Communications \u2022 The fast-growing market for premium software-enabled gaming gear \u2022 Video playing an increasingly larger role in future experiences \u2022 Increasing flexibility requirements by office-workers, demands for productivity, focus on cloud-based solutions, and general technol-ogy improvements The expected revenue growth in the GN Hearing segment and GN Audio segment is based on the current differentiated product offer-ing with unique technology as well as future product launches. Based on the impairment test and related assumptions, Management has not identified any goodwill impairment at December 31, 2023. No likely change in the assumptions applied will result in an impairment. Development projects and software In-progress and completed development projects comprise develop-ment and design of hearing instruments and audio and collaboration solutions. Most development projects are expected to be completed in the coming years, after which product sales and marketing can be com-menced. Management performs at least one annual impairment test of the carrying amount of recognized development costs. The recovera-ble amount is assessed based on sales forecasts. During the year, im-pairments of DKK 180 million related to projects were recognized. In Management's assessments, the recoverable amount exceeds the car-rying amount at December 31, 2023. Software comprises development, design and test of production, plan-ning software and reporting systems, business intelligence etc. Implementation of these systems is expected to optimize internal pro-cedures and processes. During the year, impairments of DKK 135 mil-lion related to software were recognized. In 2023, Management as-sessed that the expected useful lives were reflected in the carrying amounts at December 31, 2023. The Group\u2019s move to one company geared towards capturing com-pany-wide synergies which will support and accelerate margin im-provements across the Group. In order to capture these synergies, the group has streamlined processes including refined product and soft-ware focus resulting in the aforementioned development projects and software impairments recognized in the 2023 financial year. Customer relationships Customer relationships primarily comprise acquired customer relation-ships. The most significant customer relationship relates to the acquisi-tion of SteelSeries, Audigy, BlueParrot, and US Beltone. Patents and rights Patents and rights primarily comprise acquired patents and rights. The most significant patents and rights relate to technologies for the de-velopment of new hearing instruments for GN Hearing and rights to the use of certain technologies for development of headsets and video communications solutions. Other The Group's other intangible assets comprise DKK 693 million (2022: DKK 768 million) related to trademarks, DKK 66 million (2022: DKK 47 million) related to supply agreements and DKK 2 million (2022: DKK 3 million) related to know-how. In Management's assessments, the re-coverable amount exceeds the carrying amount at December 31, 2023. Accounting policies GoodwillAt the acquisition date goodwill is recognized in the balance sheet at cost as described under Business combinations (note 5.1). Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least once a year. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the acquisition date. Identification of cash-generating units is based on how Management monitors the operation in the Management reporting.As a result of the integration of acquired enterprises in the existing group, Management assesses that the smallest cash-generating units to which the carrying amount of goodwill can be allocated are: GN Hearing and GN Audio.Development projects, Software, Patents, Licenses and Other Intangible AssetsIntangible assets are measured at cost less accumulated amortization and im-pairment. Amortization is provided on a straight-line basis over the expected useful lives of the assets. When changing the depreciation period, the effect on the depreciation is recognized prospectively as a change in accounting esti-mates. Amortization and impairment is recognized in the income statement as production costs, development costs, distribution costs and administrative expenses. The expected useful lives are as follows: Completed development projects1-5 years Software3-10 years Customer relationshipsup to 10 yearsPatents, licenses, trademarks and otherup to 20 yearsintellectual property rightsDevelopment projects that are clearly defined and identifiable, where the technical utilization degree, sufficient resources and a potential future marketor development opportunities in the Company is evidenced, and where GN Store Nord intends to produce, market or use the project, are recognized as intangible assets if it is probable that costs incurred will be covered by fu-ture earnings. The cost of such development projects includes direct wages, salaries, materials and other direct and indirect costs attributable to the de-velopment projects. Amortization and write-down of such capitalized devel-opment projects are started at the date of completion and are included in de-velopment costs. Other development costs are recognized in the income statement as incurred.Gains or losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amounat the disposal date, and are recognized in the income statement as other operating income or other operating costs, respectively. Impairment of Goodwill and in-progress development projects Goodwill is subject to at least one annual impairment test. Similarly, in-progress development projects are tested for impairment at least annually. An impairment test is also performed whenever there is an indication that an asset may be impaired.The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit to which the goodwill is allocated. Goodwill is written down to the recoverable amount if the carrying amount is higher than the computed recoverable amount. The recoverable amount is computed as the present value of the expected future net cash flows from the enterprises or activities to which the goodwill is allocated. Recognition of impairment losses in the income statementAn impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds the recoverable amount of the asset or the cash-generating unit. Impairment of goodwill is recognized in a separate line item in the income statement. Impairment of goodwill is not reversed. Significant accounting estimates and judgments Goodwill Determining whether goodwill is impaired requires a comparison of the recoverable amount with the carrying amount. The recoverable amount is determined as the net present value of the future cash flows expected to arise from the cash generating unit to which goodwill is allocated. Development projects Development projects are measured at cost less accumulated amortization and impairment. An impairment test is performed of the carrying amount of recognized development projects. The impairment test is based on assumptions regarding strategy, product life cycle, market conditions, discount rates and budgets, etc., after the project has been completed and production has commenced. If market-related assumptions etc., are changed, development projects may have to be written down. Management examines and assesses the underlying assumptions when determining whether or not the carrying amount should be written down. In addition, Management continuously assess the useful lives of its products to ensure that amortization of development projects reflects the useful lives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__127": {
"value": "3.1 Intangible assets Acquired devel-In-house devel-opment pro-opment jects and soft-Customer rela-Patents and DKK million Goodwill projects ware tionships Software rights Other Total Cost at January 1 11,570 6,030 903 1,449 1,734 965 1,401 24,052 Additions on company acquisitions - - - - - - - - Additions - 951 - - 361 - 27 1,339 Disposals -246 - - -212 - - - -458 Foreign exchange adjustments -170 - - -14 -5 -7 -7 -203 Cost at December 31 11,154 6,981 903 1,223 2,090 958 1,421 24,730 Amortization and impairment at January 1 - -3,922 -139 -466 -774 -647 -558 -6,506 Amortization - -582 -87 -114 -80 -89 -102 -1,054 Disposals - - - 36 - - 36 Impairment - -180 - - -135 - - -315 Foreign exchange adjustments - - - 14 5 7 8 34 Amortization and impairment at December 31 - -4,684 -226 -530 -984 -729 -652 -7,805 Carrying amount at December 31, 2023 11,154 2,297 677 693 1,106 229 769 16,925 Cost at January 1 5,422 5,415 - 526 1,305 828 693 14,189 Additions on company acquisitions 5,886 - 903 958 - 128 763 8,638 Additions - 1,005 - - 429 - 24 1,458 Disposals -22 -390 - -67 -5 -3 -100 -587 Foreign exchange adjustments 284 - - 32 5 12 21 354 Cost at December 31 11,570 6,030 903 1,449 1,734 965 1,401 24,052 Amortization and impairment at January 1 - -3,702 - -372 -688 -552 -539 -5,853 Amortization - -583 -119 -123 -85 -89 -89 -1,088 Disposals - 390 - 52 5 3 86 536 Impairment - -27 -20 - - - - -47 Foreign exchange adjustments - - - -23 -6 -9 -16 -54 Amortization and impairment at December 31 - -3,922 -139 -466 -774 -647 -558 -6,506 Carrying amount at December 31, 2022 11,570 2,108 764 983 960 318 843 17,546 The carrying amount of In-house development projects and software include development in progress of DKK 316 million and DKK 651 mil-lion respectively (2022: DKK 565 million and DKK 735 million). Goodwill There were no additions during the year in GN Hearing (2022: DKK 306 million) nor GN Audio (2022: DKK 5,580 million) cf. note 5.1 Acquisi-tion and divestment of companies and operations. Management performs an annual impairment test of the carrying amount of goodwill. The impairment test covers the Group's cash- generating units (CGU) to which the carrying amount of goodwill is allocated. Carrying amount Pre-tax discount Weighted average of goodwill rate cost of capital DKK million % % 2023 2022 2023 2022 2023 2022 CGUs GN Hearing 4,329 4,710 8.7 8.5 8.3 8.1 GN Audio 6,825 6,860 9.3 9.2 8.8 8.8 Total 11,154 11,570 In the impairment test, the discounted future cash flows of each CGU (the value in use) were compared with the carrying amounts. Future cash flows are based on the budget for 2024, market forecasts for 2024 \u2013 2027, strategy plans, etc. approved by the Board of Directors. Budgets and strategy plans are based on specific assumptions for the individual CGU regarding sales, operating profit, working capital, in-vestments in non-current assets, etc. The calculations apply expected growth in the terminal period of 2.0% p.a. for both CGU\u2019s (2022: 2.0% p.a.) The long-term market growth in the Hearing Aid and Audio industries is driven by the following main factors: GN Hearing: \u2022 Shifting demographics with a growing elderly and more affluent population \u2022 Intensified noise pollution driving the increased prevalence of hear-ing loss \u2022 Increased penetration rates as more people with a hearing loss will use hearing aids in the future, and \u2022 Increased use of two hearing aids, which is relatively common to-day, instead of only one GN Audio: \u2022 A significant part of our future growth is expected to come from the increased penetration of professional headsets \u2022 UC technology has the potential to reduce travel cost and carbon footprint by the companies that adopt the technology \u2022 Continued transition from desk phones to Unified Communications \u2022 The fast-growing market for premium software-enabled gaming gear \u2022 Video playing an increasingly larger role in future experiences \u2022 Increasing flexibility requirements by office-workers, demands for productivity, focus on cloud-based solutions, and general technol-ogy improvements The expected revenue growth in the GN Hearing segment and GN Audio segment is based on the current differentiated product offer-ing with unique technology as well as future product launches. Based on the impairment test and related assumptions, Management has not identified any goodwill impairment at December 31, 2023. No likely change in the assumptions applied will result in an impairment. Development projects and software In-progress and completed development projects comprise develop-ment and design of hearing instruments and audio and collaboration solutions. Most development projects are expected to be completed in the coming years, after which product sales and marketing can be com-menced. Management performs at least one annual impairment test of the carrying amount of recognized development costs. The recovera-ble amount is assessed based on sales forecasts. During the year, im-pairments of DKK 180 million related to projects were recognized. In Management's assessments, the recoverable amount exceeds the car-rying amount at December 31, 2023. Software comprises development, design and test of production, plan-ning software and reporting systems, business intelligence etc. Implementation of these systems is expected to optimize internal pro-cedures and processes. During the year, impairments of DKK 135 mil-lion related to software were recognized. In 2023, Management as-sessed that the expected useful lives were reflected in the carrying amounts at December 31, 2023. The Group\u2019s move to one company geared towards capturing com-pany-wide synergies which will support and accelerate margin im-provements across the Group. In order to capture these synergies, the group has streamlined processes including refined product and soft-ware focus resulting in the aforementioned development projects and software impairments recognized in the 2023 financial year. Customer relationships Customer relationships primarily comprise acquired customer relation-ships. The most significant customer relationship relates to the acquisi-tion of SteelSeries, Audigy, BlueParrot, and US Beltone. Patents and rights Patents and rights primarily comprise acquired patents and rights. The most significant patents and rights relate to technologies for the de-velopment of new hearing instruments for GN Hearing and rights to the use of certain technologies for development of headsets and video communications solutions. Other The Group's other intangible assets comprise DKK 693 million (2022: DKK 768 million) related to trademarks, DKK 66 million (2022: DKK 47 million) related to supply agreements and DKK 2 million (2022: DKK 3 million) related to know-how. In Management's assessments, the re-coverable amount exceeds the carrying amount at December 31, 2023. Accounting policies GoodwillAt the acquisition date goodwill is recognized in the balance sheet at cost as described under Business combinations (note 5.1). Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least once a year. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the acquisition date. Identification of cash-generating units is based on how Management monitors the operation in the Management reporting.As a result of the integration of acquired enterprises in the existing group, Management assesses that the smallest cash-generating units to which the carrying amount of goodwill can be allocated are: GN Hearing and GN Audio.Development projects, Software, Patents, Licenses and Other Intangible AssetsIntangible assets are measured at cost less accumulated amortization and im-pairment. Amortization is provided on a straight-line basis over the expected useful lives of the assets. When changing the depreciation period, the effect on the depreciation is recognized prospectively as a change in accounting esti-mates. Amortization and impairment is recognized in the income statement as production costs, development costs, distribution costs and administrative expenses. The expected useful lives are as follows: Completed development projects1-5 years Software3-10 years Customer relationshipsup to 10 yearsPatents, licenses, trademarks and otherup to 20 yearsintellectual property rightsDevelopment projects that are clearly defined and identifiable, where the technical utilization degree, sufficient resources and a potential future marketor development opportunities in the Company is evidenced, and where GN Store Nord intends to produce, market or use the project, are recognized as intangible assets if it is probable that costs incurred will be covered by fu-ture earnings. The cost of such development projects includes direct wages, salaries, materials and other direct and indirect costs attributable to the de-velopment projects. Amortization and write-down of such capitalized devel-opment projects are started at the date of completion and are included in de-velopment costs. Other development costs are recognized in the income statement as incurred.Gains or losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amounat the disposal date, and are recognized in the income statement as other operating income or other operating costs, respectively. Impairment of Goodwill and in-progress development projects Goodwill is subject to at least one annual impairment test. Similarly, in-progress development projects are tested for impairment at least annually. An impairment test is also performed whenever there is an indication that an asset may be impaired.The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit to which the goodwill is allocated. Goodwill is written down to the recoverable amount if the carrying amount is higher than the computed recoverable amount. The recoverable amount is computed as the present value of the expected future net cash flows from the enterprises or activities to which the goodwill is allocated. Recognition of impairment losses in the income statementAn impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds the recoverable amount of the asset or the cash-generating unit. Impairment of goodwill is recognized in a separate line item in the income statement. Impairment of goodwill is not reversed. Significant accounting estimates and judgments Goodwill Determining whether goodwill is impaired requires a comparison of the recoverable amount with the carrying amount. The recoverable amount is determined as the net present value of the future cash flows expected to arise from the cash generating unit to which goodwill is allocated. Development projects Development projects are measured at cost less accumulated amortization and impairment. An impairment test is performed of the carrying amount of recognized development projects. The impairment test is based on assumptions regarding strategy, product life cycle, market conditions, discount rates and budgets, etc., after the project has been completed and production has commenced. If market-related assumptions etc., are changed, development projects may have to be written down. Management examines and assesses the underlying assumptions when determining whether or not the carrying amount should be written down. In addition, Management continuously assess the useful lives of its products to ensure that amortization of development projects reflects the useful lives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__131": {
"value": "Accounting policies GoodwillAt the acquisition date goodwill is recognized in the balance sheet at cost as described under Business combinations (note 5.1). Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least once a year. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the acquisition date. Identification of cash-generating units is based on how Management monitors the operation in the Management reporting.As a result of the integration of acquired enterprises in the existing group, Management assesses that the smallest cash-generating units to which the carrying amount of goodwill can be allocated are: GN Hearing and GN Audio.Development projects, Software, Patents, Licenses and Other Intangible AssetsIntangible assets are measured at cost less accumulated amortization and im-pairment. Amortization is provided on a straight-line basis over the expected useful lives of the assets. When changing the depreciation period, the effect on the depreciation is recognized prospectively as a change in accounting esti-mates. Amortization and impairment is recognized in the income statement as production costs, development costs, distribution costs and administrative expenses. The expected useful lives are as follows: Completed development projects1-5 years Software3-10 years Customer relationshipsup to 10 yearsPatents, licenses, trademarks and otherup to 20 yearsintellectual property rightsDevelopment projects that are clearly defined and identifiable, where the technical utilization degree, sufficient resources and a potential future marketor development opportunities in the Company is evidenced, and where GN Store Nord intends to produce, market or use the project, are recognized as intangible assets if it is probable that costs incurred will be covered by fu-ture earnings. The cost of such development projects includes direct wages, salaries, materials and other direct and indirect costs attributable to the de-velopment projects. Amortization and write-down of such capitalized devel-opment projects are started at the date of completion and are included in de-velopment costs. Other development costs are recognized in the income statement as incurred.Gains or losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amounat the disposal date, and are recognized in the income statement as other operating income or other operating costs, respectively. Impairment of Goodwill and in-progress development projects Goodwill is subject to at least one annual impairment test. Similarly, in-progress development projects are tested for impairment at least annually. An impairment test is also performed whenever there is an indication that an asset may be impaired.The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit to which the goodwill is allocated. Goodwill is written down to the recoverable amount if the carrying amount is higher than the computed recoverable amount. The recoverable amount is computed as the present value of the expected future net cash flows from the enterprises or activities to which the goodwill is allocated. Recognition of impairment losses in the income statementAn impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds the recoverable amount of the asset or the cash-generating unit. Impairment of goodwill is recognized in a separate line item in the income statement. Impairment of goodwill is not reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__130": {
"value": "Accounting policies GoodwillAt the acquisition date goodwill is recognized in the balance sheet at cost as described under Business combinations (note 5.1). Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least once a year. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the acquisition date. Identification of cash-generating units is based on how Management monitors the operation in the Management reporting.As a result of the integration of acquired enterprises in the existing group, Management assesses that the smallest cash-generating units to which the carrying amount of goodwill can be allocated are: GN Hearing and GN Audio.Development projects, Software, Patents, Licenses and Other Intangible AssetsIntangible assets are measured at cost less accumulated amortization and im-pairment. Amortization is provided on a straight-line basis over the expected useful lives of the assets. When changing the depreciation period, the effect on the depreciation is recognized prospectively as a change in accounting esti-mates. Amortization and impairment is recognized in the income statement as production costs, development costs, distribution costs and administrative expenses. The expected useful lives are as follows: Completed development projects1-5 years Software3-10 years Customer relationshipsup to 10 yearsPatents, licenses, trademarks and otherup to 20 yearsintellectual property rightsDevelopment projects that are clearly defined and identifiable, where the technical utilization degree, sufficient resources and a potential future marketor development opportunities in the Company is evidenced, and where GN Store Nord intends to produce, market or use the project, are recognized as intangible assets if it is probable that costs incurred will be covered by fu-ture earnings. The cost of such development projects includes direct wages, salaries, materials and other direct and indirect costs attributable to the de-velopment projects. Amortization and write-down of such capitalized devel-opment projects are started at the date of completion and are included in de-velopment costs. Other development costs are recognized in the income statement as incurred.Gains or losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amounat the disposal date, and are recognized in the income statement as other operating income or other operating costs, respectively. Impairment of Goodwill and in-progress development projects Goodwill is subject to at least one annual impairment test. Similarly, in-progress development projects are tested for impairment at least annually. An impairment test is also performed whenever there is an indication that an asset may be impaired.The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit to which the goodwill is allocated. Goodwill is written down to the recoverable amount if the carrying amount is higher than the computed recoverable amount. The recoverable amount is computed as the present value of the expected future net cash flows from the enterprises or activities to which the goodwill is allocated. Recognition of impairment losses in the income statementAn impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds the recoverable amount of the asset or the cash-generating unit. Impairment of goodwill is recognized in a separate line item in the income statement. Impairment of goodwill is not reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__135": {
"value": "3.2 Property, plant and equipment Factory Operating Assets and office Leasehold Plant and assets and under DKK million buildings improvements machinery equipment construction Total Cost at January 1 671 236 958 798 14 2,677 Additions on company acquisitions - - - - - - Additions 11 8 31 41 2 93 Disposals - -29 -48 -60 - -137 Transfers - - 2 - -2 - Foreign exchange adjustments -3 -5 -8 -6 - -22 Cost at December 31 679 210 935 773 14 2,611 Depreciation and impairment at January 1 -256 -170 -716 -636 - -1,778 Depreciation -27 -18 -115 -61 - -221 Impairment - - - - - - Disposals - 29 48 48 - 125 Transfers - - - - - - Foreign exchange adjustments 2 2 1 5 - 10 Depreciation and impairment at December 31 -281 -157 -782 -644 - -1,864 Carrying amount at December 31, 2023 398 53 153 129 14 747 Leased assets, c.f. note 3.3 272 17 289 Total carrying amount at December 31, 2023 670 53 153 146 14 1,036 Cost at January 1 636 202 923 712 18 2,491 Additions on company acquisitions 15 34 - 25 - 74 Additions 29 - 12 82 86 209 Disposals -8 -5 -70 -25 - -108 Transfers - - 90 -4 -90 -4 Foreign exchange adjustments -1 5 3 8 - 15 Cost at December 31 671 236 958 798 14 2,677 Depreciation and impairment at January 1 -240 -151 -649 -576 - -1,616 Depreciation -24 -19 -132 -66 - -241 Impairment -4 -4 Disposals 7 3 68 17 - 95 Transfers - - - - - - Foreign exchange adjustments 1 -3 -3 -7 - -12 Depreciation and impairment at December 31 -256 -170 -716 -636 - -1,778 Carrying amount at December 31, 2022 415 66 242 162 14 899 Leased assets, c.f. note 3.3 324 32 356 Total carrying amount at December 31, 2022 739 66 242 194 14 1,255 Accounting policies Property, plant and equipmentLand and buildings, plant and machinery and fixtures and fittings, other plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and costs of materials, components, suppliers, direct wages and salaries and indirect production costs until the date when the asset is available for use. Liabilities related to dismantling and removing the asset and restoring the site on which the asset is located are added to the cost. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.Depreciation is provided on a straight-line basis over the expected useful lives of property, plant and equipment. The expected useful lives are as follows: Buildings and installations (land is not depreciated)10-50 years Leasehold improvements5-20 years Plant and machinery1-7 years Operating assets and equipment2-7 years The basis of depreciation is calculated as the residual value of the asset less impairment losses. The residual value is determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. When changing the depreciation period or the residual value, the effect on the depreciation is recognized prospectively as a change in accounting estimates. Depreciation and impairment is recognized in the income statement as production costs, development costs, distribution costs and administrative expenses. Expenses for repairs and maintenance of property, plant and equipment are included in the income statement. Gains or losses on disposal or scrapping of an item of property, plant and equipment are determined as the difference between the sales price reduced by costs related to dismantling and removing the asset, selling costs and costs related to restoring the site on which the asset is located and the carrying amount. Gains or losses are recognized in the income statement as Other operating income or Other operating costs, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__136": {
"value": "Accounting policies Property, plant and equipmentLand and buildings, plant and machinery and fixtures and fittings, other plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and costs of materials, components, suppliers, direct wages and salaries and indirect production costs until the date when the asset is available for use. Liabilities related to dismantling and removing the asset and restoring the site on which the asset is located are added to the cost. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.Depreciation is provided on a straight-line basis over the expected useful lives of property, plant and equipment. The expected useful lives are as follows: Buildings and installations (land is not depreciated)10-50 years Leasehold improvements5-20 years Plant and machinery1-7 years Operating assets and equipment2-7 years The basis of depreciation is calculated as the residual value of the asset less impairment losses. The residual value is determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. When changing the depreciation period or the residual value, the effect on the depreciation is recognized prospectively as a change in accounting estimates. Depreciation and impairment is recognized in the income statement as production costs, development costs, distribution costs and administrative expenses. Expenses for repairs and maintenance of property, plant and equipment are included in the income statement. Gains or losses on disposal or scrapping of an item of property, plant and equipment are determined as the difference between the sales price reduced by costs related to dismantling and removing the asset, selling costs and costs related to restoring the site on which the asset is located and the carrying amount. Gains or losses are recognized in the income statement as Other operating income or Other operating costs, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__138": {
"value": "3.3 Leases Right-of-use assets from leases included in property, plant and equipment 2023 2022 Factory Operating Factory Operating and office assets and and office assets and DKK million buildings equipment Total buildings equipment Total Carrying amount at January 1 324 32 356 385 40 425 Additions on company acquisitions - - - 56 - 56 Additions 51 45 96 18 21 39 Remeasurements 14 -30 -16 -16 - -16 Depreciation -103 -30 -133 -122 -29 -151 Impairment -6 - -6 -3 - -3 Foreign exchange adjustments -8 - -8 6 - 6 Carrying amount at December 31 272 17 289 324 32 356 GN Store Nord\u2019s leases mainly consist of property leases of e.g. offices but also include cars and office equipment. Rental contracts are typi-cally made for fixed periods but may have extension options. Contracts may contain both lease and non-lease components. In such cases the consideration in the contract is allocated to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Lease liabilities DKK million 2023 2022 Contractual maturity analysis of lease liabilities: Less than one year 112 130 Between one and three years 140 164 More than three years 69 94 Total 321 388 The maturity analysis is based on non-discounted cash flows. Amounts expensed in the income statement and total cash outflow DKK million 2023 2022 Interest expense on lease liabilities 8 6 Expenses for low-value assets and short-term leases 7 10 Cash outflow re. lease liabilities 144 153 Accounting policiesLeasesLeases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payment that are based on an index or a rate \u2022 amounts expected to be payable by the lessee under residual value guarantees \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases have a lease term of 12 months or less. Low-value assets comprise e.g. IT-equipment and small items of office furniture. Extension and termination optionsExtension and termination options are included in a number of leases across the group. These terms are used to maximize operational flexibility. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__139": {
"value": "Accounting policiesLeasesLeases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payment that are based on an index or a rate \u2022 amounts expected to be payable by the lessee under residual value guarantees \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases have a lease term of 12 months or less. Low-value assets comprise e.g. IT-equipment and small items of office furniture. Extension and termination optionsExtension and termination options are included in a number of leases across the group. These terms are used to maximize operational flexibility. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__7__146-1": {
"value": "3.5 Other non-current assets DKK million 2023 2022 Loans to dispensers of GN Hearing products 770 702 Pre-paid discounts 246 262 Ownership interests 136 137 RAP, SIP and DCP 349 325 Pension assets 33 29 Other 193 157 Total 1,727 1,612 RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases made. DCP (Deferred Compensation Plan) is a program in which Man-agement in certain foreign subsidiaries may choose to defer compensa-tion. The amounts invested by the Group on behalf of customers and Management are recognized in Other non-current assets. The Group\u2019s liabilities related to the programs are recognized in Other non-current liabilities at DKK 265 million (2022: DKK 255 million). All ownership interests are accounted for at fair value through profit or loss. Dispenser loans are provided to dispensers of GN Hearing products in order to support their future growth. The majority of dispenser loans is related to dispensers in the US. GN Hearing's assessment of credit risk associated with non-current loans to dispensers depends primarily on change in payment behavior and current economic conditions. Before aloan is extended, the creditworthiness of the individual dispenser is an-alyzed. Calculating the expected credit loss rates, GN Store Nord con-siders historical loss rates for each category of dispensers, and providesfor credit losses against loans to customers by comparing the develop-ment in the actual loan balance to the agreed development in the loan balance. The table below illustrates how the 12-month and lifetime expected credit loss are calculated for dispenser loans and how the credit risk ex-posure on dispenser loans are grouped by GN Store Nord\u2019s internal credit rating: 2023 2022 Estimated gross Estimated gross carrying Carrying carrying Carrying Expected credit amount at amount (net of Expected credit amount at amount (net of loss rate default loss allowance) loss rate default loss allowance) GN Store Nord internal credit rating % DKK million DKK million % DKK million DKK million Performing 12-month expected credit loss 2% 782 770 1% 712 702 Underperforming Lifetime expected credit losses 100% 204 - 100% 216 - Write-off Assets derecognized through the income statement 100% 12 - 100% 24 - Total dispenser loans at December 31 998 770 952 702 The 12-month and lifetime expected credit losses have developed as follows: Performing Underperforming DKK million (12 month ECL) (lifetime ECL) Total Opening loss allowance as at January 1, 2023 -10 -216 -226 Transferred to underperforming (lifetime ECL) - 3 3 New dispenser loans, net -3 - -3 Write-off - 12 12 Changes in model/risk parameters - - - Foreign exchange adjustments and other changes 1 -3 -2 Closing loss allowance as at December 31, 2023 -12 -204 -216 Opening loss allowance as at January 1, 2022 -16 -143 -159 Transferred to underperforming (lifetime ECL) 3 -92 -89 New dispenser loans 3 - 3 Write-off - 24 24 Changes in model/risk parameters - - - Foreign exchange adjustments and other changes - -5 -5 Closing loss allowance as at December 31, 2022 -10 -216 -226 Accounting policies Loans to dispensersLoans to dispensers and other receivables are measured at amortized cost less an allowance for expected credit losses. Both loans to dispensers and other receivables are held for collection of contractual cash flows and those cash flows represent solely payments of principal and interest. Ownership Interests and savings plansOwnership interests between 20% and 50% in unlisted enterprises in which the Group does not exercise significant influence on the financial and operat-ing policies are recognized under non-current assets at fair value. Gains and losses on such ownership interests are either recorded under financial items in the income statement or in other comprehensive income. This depends on the Group\u2019s irrevocable election at the time of initial recognition to account for the ownership interests at fair value through profit (loss) or other comprehen-sive income. Where the Group has elected to present fair value gains and losses on owner-ship interests in other comprehensive income, there is no subsequent reclassi-fication of fair value gains and losses to the income statement following the derecognition of the investment. Changes in the fair value of ownership inter-ests at fair value though profit or loss are recognized in financial items in the income statement.The savings plans RAP, SIP and DCP are measured at fair value through profit or loss. Impairment of dispenser loansLoss allowances on dispenser loans are measured equal to 12-month expected credit losses, if the credit risk has not increased significantly since initial recognition. If the credit risk has increased significantly, the loss allowance are measured at an amount equal to lifetime expected credit losses.The calculation of 12-month expected credit losses on dispenser loans are based on a weighted average of historical annual losses on customers. Payment plans are agreed with dispensers when issuing loans to these. The credit risk of loans to dispensers is considered to have increased significantly since initial recognition when actual loan balances differ from the agreed development in loan balances with more than 40%. At this point the loan is considered to be in default and credit impaired.The calculation of lifetime expected credit losses on dispenser loans is based on the difference between the development in the actual loan balances and the agreed development in loan balances. The allowances are increased in steps if the difference between the actual loan balance and the agreed devel-opment in loan balances increases.Indicators that there is no reasonable expectation of recovery of a dispenser loan include bankruptcy, change of control and change in the payment behavior or financial situation of the dispenser. In such cases a full or partial write-off of a dispenser loan will be recognized by derecognizing the asset. Where recoveries are made, these are recognized in the income statement. Impairment of Pre-paid discounts The carrying amount of Pre-paid discounts is subject to an annual test for indications of impairment. When there is an indication that assets may be impaired, the recoverable amount of the asset is determined. Recognition of impairment losses in the income statementImpairment losses are recognized in the income statement in the relevant functional line items. Impairment of dispenser loans are reversed only to the extent of changes in the assumptions and estimates underlying the impair-ment calculation.Significant accounting estimates and judgments Financial support arrangements GN Store Nord grants loans to dispensers and acquires ownership interests in dispensers. The agreements are typically comprehensive, complex and cover several aspects of the relationship between the parties. Management assesses the recognition and classification of income and expenses for each of these agreements, including whether the agreement represent a dis-count on future sales. Management also assesses whether current eco-nomic conditions and changes in customers' payment behavior could indi-cate impairment of the outstanding balances. Ownership Interests When considering whether or not GN Hearing exercises significant influ-ence in unlisted enterprises a number of judgments are made. These judg-ments include considering: \u2022 Representation on the board of directors \u2022 Participation in policy-making processes \u2022 Material transactions between the entity and GN \u2022 Interchange of managerial personnel \u2022 Provision of essential technical informationGN Store Nord's assessment of credit risk associated with individual receivables de-pends primarily on aging, change in customer payment behavior, cur-rent economic conditions etc. as described in significant accounting es-timates.Financial risk Exposure Risk Management Policy Mitigating actions Based on the current revenue and cost composition, the anticipated pri-All hedging is conducted at Group level. GN has hedged a substantial part of the expected net EBITA in foreign Foreign currency risk mary foreign exchange exposures for the Group in 2023 (excluding currencies to secure the EBITA contribution of the material trading cur-EUR) mainly arise from USD and GBP, whereas other currencies on a A minimum of 75% and not more than 100% of the Net currency expo-rencies for the next 12 months across both GN Hearing and GN Audio. stand-alone basis would not have a material impact. sure in each operating business to maintain this hedging level at any GN is also monitoring the combined impact of minor trading currencies point in time.and hedges those on a case-by-case basis. EUR denominated financing carries FX revaluation risk.EUR denominated financing is hedged, through EUR denominated as-sets or through foreign exchange derivatives.GN\u2019s non-current debt have fixed and floating interest rates as of De-At least 50% of all Interest-Bearing Debt should be fixed in 50% of Interest-Bearing Debt carried fixed interest rates as of Decem-Interest rate risk cember 31, 2023.interest, either through fixed rate agreements or through derivative in-ber 31, 2023. GN will consider entering into interest rate derivatives to struments.swap part of the floating debt into fixed-rate, if needed to mitigate the cash-flow risk from rising interest rates. GN\u2019s net interest-bearing debt decreased during 2023 to DKK 10,567 GN\u2019s cash flow, liquid funds and debt are coordinated centrally to en-To mitigate potential liquidity or refinancing risks, GN has increased its Liquidity risk, million (2022: DKK 14,561 million). As a result, the net interest-bearing sure the solvency and liquidity of the Group. current Revolving Credit Facility to EUR 520 million from EUR 350 mil-funding, and capital debt to EBITDA ratio ended at 6.0x (2022: 7.1x) driven by the execution lion with maturity in 2027. On December 31, 2023 the Revolving Credit structureof the group\u2019s capital plan and strong cash flow generation. GN has a long-term capital structure target of a net interest-bearing Facilities were unutilized.debt to EBITDA ratio between one and two.GN\u2019s loans and bonds are primarily long-term with maturities extended To mitigate potential short to mid-term refinancing risk, GN has re-until 2036 with mostly fixed interest rates.placed the existing EUR 520 million term loan maturing in 2025 with a new EUR 800 million term loan facility maturing in Q3 2026. Further in 2023, GN has executed a sale and leaseback of the com-pany\u2019s headquarter, which generated net proceeds of around DKK 500 million on December 15, 2023. GN\u2019s exposure to credit risk arises primarily from trade and other receiv-GN has established policies for credit risk management related to cus-GN has decentralized the credit risk management relating to customer Financial credit risk ables. tomers including the use of credit rating agencies.including the use of credit rating agencies to the divisions (GN Hearing and GN Audio).Foreign currency risk GN Store Nord has exposure towards foreign currencies exchange rate risk, mainly arising from the fluctuations of USD, in connection with commercial transactions. The general policy is to minimize GN Store Nord's currency exposure through natural matching of in- and out-flows to mitigate the impact of exchange rate fluctuations on earnings and cash flow, thereby increasing the predictability of the financial re-sults. Additionally, the Group uses approved hedging instruments, in-cluding currency derivatives such as FX Spot, FX Forward, FX Swaps and FX Option contracts, to hedge the Group\u2019s EBITA and Free Cash Flow from adverse currency movements by determining the aggregate of the expected net cash flow 12 months forward and monetary bal-ance sheet items. Sensitivity analysis for foreign currency risk The below sensitivity analysis illustrates the potential change in GN Store Nord\u2019s profit or loss and equity in response to a weakening / strengthening of the currencies of which GN Store Nord has significant exposure to at the balance sheet date. This analysis assumes that all other variables, in particular interest rates, remain constant. At year-end an increase of 10% in the USD exchange rate and 5% in the GBP exchange rate would affect the Income statement and Equity as out-lined in the table below: USD GBP DKK million 2023 2022 2023 2022 Profit or loss before tax -43 -18 2 12 Other Comprehensive Income before tax 113 146 -26 -31 The exposure at year-end is not necessarily representative of the past or future exposure of the Group. The sensitivity analysis comprises cash and cash equivalents, current receivables, trade payables, current and non-current loans, intercom-pany balances and derivative exchange rate instruments as of Decem-ber 31. The effects of a change in foreign exchange rates related to these items would be included in the Income statement. A change in the value of derivative exchange rate instruments used for hedging would be included in Other comprehensive income if hedge accounting is applied. Interest rate risk GN Store Nord\u2019s non-current debt have fixed and floating interest rates: listed instruments of EUR 50 million private placement with fixed coupon of 1.97% per annum and GBP 40 million private place-ment with fixed coupon of 3.2% per annum as well as bilateral R&D loans with fixed interest rates, EUR 120 million Term loan drawdown with variable interest rates. GN Store Nord\u2019s short-term debt consists of EUR 330 million Bond-with-Warrant-Units 0% and notes issued under the EMTN program in-cluding EUR 600 million notes with fixed coupon of 0.875% per annum, An increase of variable interest rates of 1 percentage point would re-sult in a net increase in the annual interest expenses of DKK 8.9 million (2022: DKK 0 million). Specification of net interest-bearing debt DKK million 2023 2022 Loans to dispensers 770 702 Cash and cash equivalents 2,162 990 Bank loans and issued bonds, non-current liabilities -9,957 -9,866 Bank loans and issued bonds, current liabilities -3,243 -6,016 Lease liabilities -299 -371 Total -10,567 -14,561 Included in the DKK 2,162 million cash and cash equivalents on the Consolidated statement of financial position is DKK 528 million which is restricted to be used for coming debt repayments and other related costs in accordance with the capital plan. This amount includes the proceeds received from the sale of BelAudi\u00e7\u00e3o. Funding, liquidity and capital structure The Group\u2019s capital structure includes interest bearing long-term debt with maturities between 2026 and 2036, including bank loans, convert-ible bonds, notes under the Euro Medium Term Note (EMTN) program, and two drawing rights attached to a EUR 520 million committed re-volving credit facility and a EUR 800 million committed term loan facil-ity. EUR 520 million committed revolving credit facility was unutilized on December 31, 2023, and EUR 120 million out of the EUR 800 million committed term loan facility was utilized as of December 31, 2023. (2022: EUR 350 million committed revolving credit facility and a EUR 520 million committed term loan facility, unutilized). In addition, the Group has EUR 442 million short-term, uncommitted Money Market lines and Overdraft facilities from its main relationship banks to diversify its borrowing instruments and manage its net work-ing capital movement. Money Market lines and Overdraft facilities was utilized EUR 214 million on December 31, 2023 (2022: utilized at EUR 251 million).. Moreover, GN has a short-term, uncommitted Euro Commercial Paper program of up to EUR 250 million. The Euro Commercial Paper pro-gram was utilized at EUR 32 million on December 31, 2023 (2022: uti-lized at EUR 35 million). Interest-bearing debt additions during the year On May 24, GN announced a new capital plan to prepare for repay-ment of approximately DKK 7 billion debt that matures in 2024 and ef-fectively pushes all material debt maturities to 2026. Execution of the four pillars of the plan continues to progress well. The pillars are: \u2022 Equity: An accelerated bookbuild of a directed issue and private placing of 17 million new shares and existing treasury shares exe-cuted on May 24, 2023, which generated DKK 2.6 billion net pro-ceeds \u2022 Debt refinancing: New DKK 6.0 billion (EUR 800 million) term loan facility maturing in 2026 replaced existing DKK 3.9 billion (EUR 520 million) term loan. The new loan was signed and finalized on Sep-tember 27, 2023 \u2022 Disposals: DKK 1.0 \u2013 2.0 billion to be generated by disposals of se-lected assets. Disposal of BelAudi\u00e7\u00e3o announced on June 28 gener-ated DKK ~500 million in Q3 2023. Moreover, GN has executed a sale and leaseback of the company\u2019s headquarter, which generated net proceeds of DKK ~500 million on December 15, 2023 \u2022 Operational measures: Cash at hand and positive free cash flow excl. M&A for 2023 and 2024 at Group level; DKK 1.1 billion cash flow excl. M&A generated in 2023. In addition, GN has executed an increase of its current undrawn revolv-ing credit facility. The new facility has been increased to EUR 520 mil-lion from EUR 350 million with maturity in 2027. The credit facility agreement was signed and finalized on September 27, 2023. GN\u2019s over-all financial target is to deliver a competitive shareholder return through a combination of dividend payments and share price apprecia-tion. Financial credit risk Credit risk is defined as an unexpected loss in cash and earnings if the customer is unable to pay its obligation in due time. GN may incur losses if the credit quality of its customers deteriorates or if they de-fault on their payment obligations to GN. GN\u2019s exposure to credit risk arises primarily from trade and other receivables. Such credit risk is managed decentralized through the divisions (GN Hearing and GN Au-dio). Assessment of credit risks related to customers is further de-scribed in note 3.7 Trade receivables and note 3.5 Other non-current assets. Surplus cash positions in GN Store Nord\u2019s subsidiaries are centralized through Group Treasury if feasible, and cash is mainly held in current accounts or as short-term money market deposits. Cash positions are primarily held with financial institutions through which GN Store Nord conducts its day-to-day banking transactions and which are highly rated with Moody\u2019s and Standard & Poor\u2019s.4.3 Financial instruments Categories of financial assets and liabilities The financial assets and liabilities presented in the balance sheet can be grouped in the following categories: DKK million 2023 2022 Financial assets Trade receivables 4,442 4,031 Other receivables 744 672 Other non-current assets 1,233 1,141 Financial assets at amortized cost 6,419 5,844 Derivative financial instruments included in Other receivables 117 34 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 494 471 Financial assets at fair value through profit or loss 611 505 Derivative financial instruments included in Other receivables 11 16 Financial assets at fair value through Other comprehensive income 11 16 Financial liabilities Issued bonds (bond-with-warrant units), non-current 3,189 2,401 Issued EMTN bonds, non-current 335 5,147 Bank loans, non-current 3 2,318 Bank loans and issued bonds, current 9,674 6,016 Lease liabilities 299 371 Other non-current liabilities 4 4 Trade payables 1,719 1,554 Financial liabilities at amortized cost 15,223 17,811 Derivative financial instruments included in Other liabilities 65 17 RAP, SIP and DCP included in Other non-current liabilities 265 256 Contingent consideration included in Other liabilities 90 131 Financial liabilities at fair value through profit or loss 420 404 Derivative financial instruments included in Other liabilities 26 105 Financial liabilities at fair value through Other comprehensive income 26 105 Accounting policiesFinancial Liabilities Amounts owed to credit institutions and banks as well as the issued EMTN bonds are recognized at the date of borrowing at fair value of the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognized in the income statement over the term of the loan. Issued Bond-With-Warrant units are initially recognized at fair value less related transaction costs. The fair value of the bonds is estimated by calcu-lating the present value of all contractual future cash flows using an inter-est rate for a bond with similar credit risk and duration as the issued bonds, but without the attached warrants. The difference between the fair value and the proceeds is considered to be the value of the warrants and is rec-ognized in Equity. The equity component is not re-measured subsequently. After initial recognition the bonds are measured at amortized cost using the effective interest method. By applying the effective interest method a constant interest rate is used to increase the carrying amount of the bonds and the difference between the carrying amount and the principal amount is in this way recognized as an interest expense in Financial expenses over the remaining term to maturity. In case the bonds are redeemed before maturity, the difference between the carrying amount at amortized cost and the principal amount will be recognized as a loss in Financial expenses. Other liabilities, comprising trade payables, amounts owed to associates as well as other payables, are measured at amortized cost. Contractual maturity analysis for financial liabilities Between one and More than three DKK million Less than one year three years years Total 2023 Issued bonds 7,053 37 892 7,982 Bank loans 2,048 452 2,529 5,029 Lease liabilities 112 140 69 321 Other liabilities - 54 215 269 Trade payables 1,719 - - 1,719 Contingent consideration 35 55 - 90 Total non-derivative financial liabilities 10,967 738 3,705 15,410 Derivative financial liabilities 91 - - 91 Total 11,058 738 3,705 15,501 2022 Issued bonds 1,716 6,987 899 9,602 Bank loans 4,428 454 2,063 6,945 Lease liabilities 130 164 94 388 Other liabilities - 56 204 260 Trade payables 1,554 - - 1,554 Contingent consideration 39 41 51 131 Total non-derivative financial liabilities 7,867 7,702 3,311 18,880 Derivative financial liabilities 122 - - 122 Total 7,989 7,702 3,311 19,002 The maturity analysis is based on non-discounted cash flows. Derivative financial instruments Exchange rate instruments2023 2022 Average rate Contract Fair value, Fair value, Average rate Contract Fair value, Fair value, DKK million (DKK) amount, net* assets liabilities (DKK) amount, net* assets liabilities USD / DKK 686 -1,445 56 75 729 -1,531 - 86 USD / EUR 689 2,860 65 - 695 2,581 8 - GBP** 854 169 - 6 848 114 8 14 INR / DKK 8 255 4 1 9 349 18 - Other currency pairs -6,974 2 9 -9,367 16 22 Total 127 91 50 122 * Positive contract amounts indicate sale of currencies vs. DKK or EUR ** Includes exchange rate instruments vs. DKK and EUR Fair value adjustments of cash flow hedges DKK million 2023 2022 Fair value adjustment for the year recognized in Other comprehen-sive income -27 -52 Reclassified from equity to revenue during the year -58 -1 Reclassified from equity to production costs during the year 136 -20 Adjustment of cash flow hedges in Other comprehensive income 51 -73 Fair value adjustment of non-designated hedges recognized in Other operating income and costs, net - -14 Fair value adjustment of non-designated hedges recognized in fi-nancial items 96 -356 All exchange rate instruments mature within 12 months from the bal-ance sheet date. The gains and losses on cash flow hedges recognized in Other compre-hensive income as of December 31, 2023 will be recognized in the In-come statement in the period during which the hedged forecasted transaction affects the Income statement.Accounting policiesDerivative Financial Instruments Derivative financial instruments are initially and subsequently recognized in the balance sheet at fair value. Positive and negative fair values of derivative financial instruments are recognized as other receivables and payables, respectively. Fair values of derivative financial instruments are computed on the basis of market data and generally accepted valuation methods. Accounting policiesDerivative Financial Instruments (continued) Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognized asset or liability are recognized in the income statement together with changes in the value of the hedged asset or liability as far as the hedged portion is concerned. Changes in the portion of the fair value of derivative financial instruments designated as and qualifying as a cash flow hedge that is an effective hedge of changes in the value of the hedged item are recognized in other comprehensive income. If the hedged transaction re-sults in gains or losses, amounts previously recognized in other compre-hensive income are transferred from equity to the same item as the hedged item. When a hedging instrument expires, or is terminated, or when a hedge no longer meets the criteria for hedge accounting, any gains or losses previ-ously recognized in Other comprehensive income remains in Equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss that were reported in equity are immediately reclassified to the income statement. For derivative financial instruments, where hedge accounting is not applied (economic hedges), changes in fair value are recognized in the Income statement as either Other operating income and costs, net or Financial items. The effectiveness of hedges is assessed on the following criteria: \u2022 An economic relationship exists between the hedged item and hedging instrument: \u2022 The effect of credit risk does not dominate the fair value changes; and \u2022 The hedge ratio applied for hedge accounting purposes should be the same as the hedge ratio used for risk management purposes. No material ineffectiveness amounts were recognized in the Statement of Financial Performance during the year. 2023 2022 Observable Unobservable Observable Unobservable Quoted prices input input Quoted prices input input DKK million (level 1) (level 2) (level 3) Total (level 1) (level 2) (level 3) Total Financial assets Derivative financial instruments included in Other receivables - 117 - 117 - 34 - 34 RAP, SIP, DCP included in Other non-current assets - 349 - 349 - 325 - 325 Ownership interests, etc. included in Other non-current assets - - 145 145 - - 146 146 Financial assets at fair value through profit or loss - 466 145 611 - 359 146 505 Derivative financial instruments included in Other receivables - 11 - 11 - 16 - 16 Financial assets at fair value through Other comprehensive income - 11 - 11 - 16 - 16 Financial liabilities Derivative financial instruments included in Other liabilities - 65 - 65 - 17 - 17 RAP, SIP and DCP included in Other non-current liabilities - 265 - 265 - 256 - 256 Contingent consideration included in Other liabilities - - 90 90 - - 131 131 Financial liabilities at fair value through profit or loss - 330 90 420 - 273 131 404 Derivative financial instruments included in Other liabilities - 26 - 26 - 105 - 105 Financial liabilities at fair value through Other comprehensive income - 26 - 26 - 105 - 105 In addition to the above, Other non-current liabilities include a liability of DKK 322 million (2022: DKK 387 million) related to put options is-sued on shares held by non-controlling shareholders which is measured at fair value (fair value hierarchy level 3). Adjustments to the fair value are accounted for as other equity transactions. DKK million 2023 2022 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 13 -21 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 1 141 Net fair value gains (losses) on contingent consideration 7 -15 Exchange rate instruments and interests rate swaps The fair value of the exchange rate instruments and interest rate swaps are determined using quoted forward exchange rates and for-ward interest rates, respectively at the balance sheet date and can be categorized as level 2 (observable inputs) in the fair value hierarchy. Ownership interests The fair value of the ownership interests is based on a market approach model. The key input is market observations of sales prices of compa-rable retail entities, combined with internal GN data such as number of sold hearing aids and the financial statements in which GN holds an in-terest. In the model, the ownership interests are divided into four groups of revenue multiple, according to the relative size and profita-bility of the dispensers. Since most of the data is based on non-observ-able data, the model is categorized as level 3 in the fair value hierarchy. The model is updated on a quarterly basis and any changes are re-flected in the Income statement or in Other comprehensive income as applicable. The fair value models are sensitive to the dispenser\u2019s finan-cial performance for the last 24 months rolling on a quarterly basis. Derivative financial instruments related to ownership interests Derivative financial instruments related to ownership interests in dis-pensers of GN Hearing products, are recognized in the balance sheet at fair value. The fair value model is based on a market approach model, using market observations of sales prices of comparable retail entities. The key inputs used are the number of hearing aid units sold by cus-tomer, average selling prices, and the estimated probability that the in-struments will be exercised. The fair value model is categorized as level 3 in the fair value hierarchy, and is updated on a quarterly basis, and any material changes are reflected in the income statement. The fair value models are sensitive to the customers financial performance the last twelve months of any quarter and the probability of the instru-ments being exercised. RAP, SIP and DCP programs RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases made. DCP (Deferred Compensation Plan) is a program in which Man-agement in certain foreign subsidiaries may choose to defer compensa-tion. The asset value is based on the fair value of the mutual fund in-vestments, and the liability is based on the value generated by partici-pant contributions, participant distributions, forfeitures, and invest-ment earnings or losses. Both asset and liabilities are categorized as level 2 in the fair value hierarchy. Each quarter GN receive a report re-garding the fair value of the assets from a third-party contractor, and will update the financial statements according to this report. Contingent consideration Contingent consideration, resulting from business combinations or di-vestments, is valued at fair value at the acquisition or divestment date as part of the transaction. The fair value is based on discounted cash flows and contractual terms of the contingent considerations and on non-observable inputs, such as the financial performance of the ac-quired enterprises. The key assumptions take into consideration the probability of meeting each performance target and the discount fac-tor. Contingent considerations are categorized as level 3 (unobservable inputs) in the fair value hierarchy. The models are updated on a quar-terly basis and any changes are reflected in the income statement. The fair value models are sensitive to the financial performance of the ac-quired enterprises, the probabilities of meeting the agreed objectives and the discount factor. Fair value disclosures re. financial instruments at amortized cost Based on observable inputs (fair value hierarchy level 2) the fair value of issued bonds (zero coupon) amounted to DKK 2,403 million at De-cember 31, 2023 (2022: DKK 2,222 million), and the fair value of EMTN bonds amounted to DKK 4,726 million (2022: DKK 5,918 million). For other financial assets and liabilities, the fair value is approximately equal to the carrying amount.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__145": {
"value": "3.5 Other non-current assets DKK million 2023 2022 Loans to dispensers of GN Hearing products 770 702 Pre-paid discounts 246 262 Ownership interests 136 137 RAP, SIP and DCP 349 325 Pension assets 33 29 Other 193 157 Total 1,727 1,612 RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases made. DCP (Deferred Compensation Plan) is a program in which Man-agement in certain foreign subsidiaries may choose to defer compensa-tion. The amounts invested by the Group on behalf of customers and Management are recognized in Other non-current assets. The Group\u2019s liabilities related to the programs are recognized in Other non-current liabilities at DKK 265 million (2022: DKK 255 million). All ownership interests are accounted for at fair value through profit or loss. Dispenser loans are provided to dispensers of GN Hearing products in order to support their future growth. The majority of dispenser loans is related to dispensers in the US. GN Hearing's assessment of credit risk associated with non-current loans to dispensers depends primarily on change in payment behavior and current economic conditions. Before aloan is extended, the creditworthiness of the individual dispenser is an-alyzed. Calculating the expected credit loss rates, GN Store Nord con-siders historical loss rates for each category of dispensers, and providesfor credit losses against loans to customers by comparing the develop-ment in the actual loan balance to the agreed development in the loan balance. The table below illustrates how the 12-month and lifetime expected credit loss are calculated for dispenser loans and how the credit risk ex-posure on dispenser loans are grouped by GN Store Nord\u2019s internal credit rating: 2023 2022 Estimated gross Estimated gross carrying Carrying carrying Carrying Expected credit amount at amount (net of Expected credit amount at amount (net of loss rate default loss allowance) loss rate default loss allowance) GN Store Nord internal credit rating % DKK million DKK million % DKK million DKK million Performing 12-month expected credit loss 2% 782 770 1% 712 702 Underperforming Lifetime expected credit losses 100% 204 - 100% 216 - Write-off Assets derecognized through the income statement 100% 12 - 100% 24 - Total dispenser loans at December 31 998 770 952 702 The 12-month and lifetime expected credit losses have developed as follows: Performing Underperforming DKK million (12 month ECL) (lifetime ECL) Total Opening loss allowance as at January 1, 2023 -10 -216 -226 Transferred to underperforming (lifetime ECL) - 3 3 New dispenser loans, net -3 - -3 Write-off - 12 12 Changes in model/risk parameters - - - Foreign exchange adjustments and other changes 1 -3 -2 Closing loss allowance as at December 31, 2023 -12 -204 -216 Opening loss allowance as at January 1, 2022 -16 -143 -159 Transferred to underperforming (lifetime ECL) 3 -92 -89 New dispenser loans 3 - 3 Write-off - 24 24 Changes in model/risk parameters - - - Foreign exchange adjustments and other changes - -5 -5 Closing loss allowance as at December 31, 2022 -10 -216 -226 Accounting policies Loans to dispensersLoans to dispensers and other receivables are measured at amortized cost less an allowance for expected credit losses. Both loans to dispensers and other receivables are held for collection of contractual cash flows and those cash flows represent solely payments of principal and interest. Ownership Interests and savings plansOwnership interests between 20% and 50% in unlisted enterprises in which the Group does not exercise significant influence on the financial and operat-ing policies are recognized under non-current assets at fair value. Gains and losses on such ownership interests are either recorded under financial items in the income statement or in other comprehensive income. This depends on the Group\u2019s irrevocable election at the time of initial recognition to account for the ownership interests at fair value through profit (loss) or other comprehen-sive income. Where the Group has elected to present fair value gains and losses on owner-ship interests in other comprehensive income, there is no subsequent reclassi-fication of fair value gains and losses to the income statement following the derecognition of the investment. Changes in the fair value of ownership inter-ests at fair value though profit or loss are recognized in financial items in the income statement.The savings plans RAP, SIP and DCP are measured at fair value through profit or loss. Impairment of dispenser loansLoss allowances on dispenser loans are measured equal to 12-month expected credit losses, if the credit risk has not increased significantly since initial recognition. If the credit risk has increased significantly, the loss allowance are measured at an amount equal to lifetime expected credit losses.The calculation of 12-month expected credit losses on dispenser loans are based on a weighted average of historical annual losses on customers. Payment plans are agreed with dispensers when issuing loans to these. The credit risk of loans to dispensers is considered to have increased significantly since initial recognition when actual loan balances differ from the agreed development in loan balances with more than 40%. At this point the loan is considered to be in default and credit impaired.The calculation of lifetime expected credit losses on dispenser loans is based on the difference between the development in the actual loan balances and the agreed development in loan balances. The allowances are increased in steps if the difference between the actual loan balance and the agreed devel-opment in loan balances increases.Indicators that there is no reasonable expectation of recovery of a dispenser loan include bankruptcy, change of control and change in the payment behavior or financial situation of the dispenser. In such cases a full or partial write-off of a dispenser loan will be recognized by derecognizing the asset. Where recoveries are made, these are recognized in the income statement. Impairment of Pre-paid discounts The carrying amount of Pre-paid discounts is subject to an annual test for indications of impairment. When there is an indication that assets may be impaired, the recoverable amount of the asset is determined. Recognition of impairment losses in the income statementImpairment losses are recognized in the income statement in the relevant functional line items. Impairment of dispenser loans are reversed only to the extent of changes in the assumptions and estimates underlying the impair-ment calculation.Significant accounting estimates and judgments Financial support arrangements GN Store Nord grants loans to dispensers and acquires ownership interests in dispensers. The agreements are typically comprehensive, complex and cover several aspects of the relationship between the parties. Management assesses the recognition and classification of income and expenses for each of these agreements, including whether the agreement represent a dis-count on future sales. Management also assesses whether current eco-nomic conditions and changes in customers' payment behavior could indi-cate impairment of the outstanding balances. Ownership Interests When considering whether or not GN Hearing exercises significant influ-ence in unlisted enterprises a number of judgments are made. These judg-ments include considering: \u2022 Representation on the board of directors \u2022 Participation in policy-making processes \u2022 Material transactions between the entity and GN \u2022 Interchange of managerial personnel \u2022 Provision of essential technical information",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__144-1": {
"value": "3.5 Other non-current assets DKK million 2023 2022 Loans to dispensers of GN Hearing products 770 702 Pre-paid discounts 246 262 Ownership interests 136 137 RAP, SIP and DCP 349 325 Pension assets 33 29 Other 193 157 Total 1,727 1,612 RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases made. DCP (Deferred Compensation Plan) is a program in which Man-agement in certain foreign subsidiaries may choose to defer compensa-tion. The amounts invested by the Group on behalf of customers and Management are recognized in Other non-current assets. The Group\u2019s liabilities related to the programs are recognized in Other non-current liabilities at DKK 265 million (2022: DKK 255 million). All ownership interests are accounted for at fair value through profit or loss. Dispenser loans are provided to dispensers of GN Hearing products in order to support their future growth. The majority of dispenser loans is related to dispensers in the US. GN Hearing's assessment of credit risk associated with non-current loans to dispensers depends primarily on change in payment behavior and current economic conditions. Before aloan is extended, the creditworthiness of the individual dispenser is an-alyzed. Calculating the expected credit loss rates, GN Store Nord con-siders historical loss rates for each category of dispensers, and providesfor credit losses against loans to customers by comparing the develop-ment in the actual loan balance to the agreed development in the loan balance. The table below illustrates how the 12-month and lifetime expected credit loss are calculated for dispenser loans and how the credit risk ex-posure on dispenser loans are grouped by GN Store Nord\u2019s internal credit rating: 2023 2022 Estimated gross Estimated gross carrying Carrying carrying Carrying Expected credit amount at amount (net of Expected credit amount at amount (net of loss rate default loss allowance) loss rate default loss allowance) GN Store Nord internal credit rating % DKK million DKK million % DKK million DKK million Performing 12-month expected credit loss 2% 782 770 1% 712 702 Underperforming Lifetime expected credit losses 100% 204 - 100% 216 - Write-off Assets derecognized through the income statement 100% 12 - 100% 24 - Total dispenser loans at December 31 998 770 952 702 The 12-month and lifetime expected credit losses have developed as follows: Performing Underperforming DKK million (12 month ECL) (lifetime ECL) Total Opening loss allowance as at January 1, 2023 -10 -216 -226 Transferred to underperforming (lifetime ECL) - 3 3 New dispenser loans, net -3 - -3 Write-off - 12 12 Changes in model/risk parameters - - - Foreign exchange adjustments and other changes 1 -3 -2 Closing loss allowance as at December 31, 2023 -12 -204 -216 Opening loss allowance as at January 1, 2022 -16 -143 -159 Transferred to underperforming (lifetime ECL) 3 -92 -89 New dispenser loans 3 - 3 Write-off - 24 24 Changes in model/risk parameters - - - Foreign exchange adjustments and other changes - -5 -5 Closing loss allowance as at December 31, 2022 -10 -216 -226 Accounting policies Loans to dispensersLoans to dispensers and other receivables are measured at amortized cost less an allowance for expected credit losses. Both loans to dispensers and other receivables are held for collection of contractual cash flows and those cash flows represent solely payments of principal and interest. Ownership Interests and savings plansOwnership interests between 20% and 50% in unlisted enterprises in which the Group does not exercise significant influence on the financial and operat-ing policies are recognized under non-current assets at fair value. Gains and losses on such ownership interests are either recorded under financial items in the income statement or in other comprehensive income. This depends on the Group\u2019s irrevocable election at the time of initial recognition to account for the ownership interests at fair value through profit (loss) or other comprehen-sive income. Where the Group has elected to present fair value gains and losses on owner-ship interests in other comprehensive income, there is no subsequent reclassi-fication of fair value gains and losses to the income statement following the derecognition of the investment. Changes in the fair value of ownership inter-ests at fair value though profit or loss are recognized in financial items in the income statement.The savings plans RAP, SIP and DCP are measured at fair value through profit or loss. Impairment of dispenser loansLoss allowances on dispenser loans are measured equal to 12-month expected credit losses, if the credit risk has not increased significantly since initial recognition. If the credit risk has increased significantly, the loss allowance are measured at an amount equal to lifetime expected credit losses.The calculation of 12-month expected credit losses on dispenser loans are based on a weighted average of historical annual losses on customers. Payment plans are agreed with dispensers when issuing loans to these. The credit risk of loans to dispensers is considered to have increased significantly since initial recognition when actual loan balances differ from the agreed development in loan balances with more than 40%. At this point the loan is considered to be in default and credit impaired.The calculation of lifetime expected credit losses on dispenser loans is based on the difference between the development in the actual loan balances and the agreed development in loan balances. The allowances are increased in steps if the difference between the actual loan balance and the agreed devel-opment in loan balances increases.Indicators that there is no reasonable expectation of recovery of a dispenser loan include bankruptcy, change of control and change in the payment behavior or financial situation of the dispenser. In such cases a full or partial write-off of a dispenser loan will be recognized by derecognizing the asset. Where recoveries are made, these are recognized in the income statement. Impairment of Pre-paid discounts The carrying amount of Pre-paid discounts is subject to an annual test for indications of impairment. When there is an indication that assets may be impaired, the recoverable amount of the asset is determined. Recognition of impairment losses in the income statementImpairment losses are recognized in the income statement in the relevant functional line items. Impairment of dispenser loans are reversed only to the extent of changes in the assumptions and estimates underlying the impair-ment calculation.Significant accounting estimates and judgments Financial support arrangements GN Store Nord grants loans to dispensers and acquires ownership interests in dispensers. The agreements are typically comprehensive, complex and cover several aspects of the relationship between the parties. Management assesses the recognition and classification of income and expenses for each of these agreements, including whether the agreement represent a dis-count on future sales. Management also assesses whether current eco-nomic conditions and changes in customers' payment behavior could indi-cate impairment of the outstanding balances. Ownership Interests When considering whether or not GN Hearing exercises significant influ-ence in unlisted enterprises a number of judgments are made. These judg-ments include considering: \u2022 Representation on the board of directors \u2022 Participation in policy-making processes \u2022 Material transactions between the entity and GN \u2022 Interchange of managerial personnel \u2022 Provision of essential technical information3.7 Trade receivables 1-60 days past 61-90 days past 91-120 days 121-180 days More than 181 DKK million Current due due past due past due days past due Total Gross carrying amount - Trade receivables 3.797 479 64 37 58 189 4.624 Loss allowance at December 31 -8 -1 -8 -3 -8 -154 -182 Trade receivables at December 31, 2023 3.789 478 56 34 50 35 4.442 Expected loss rate 0% 0% 13% 8% 14% 81% 4% Gross carrying amount - Trade receivables 3.340 476 57 34 62 236 4.205 Loss allowance at December 31 -13 -4 -1 -3 -16 -137 -174 Trade receivables at December 31, 2022 3.327 472 56 31 46 99 4.031 Expected loss rate 0% 1% 2% 9% 26% 58% 4% The loss allowance included in total trade receivables, based on the above aging profile and expected loss rates, have developed as follows: DKK million 2023 2022 Loss allowance at January 1 -174 -181 Increase in loss allowance during the year -38 -20 Trade receivables written off as uncollectible 10 6 Reversal of unused loss allowance 16 26 Foreign exchange adjustments 1 -5 Loss allowance at December 31 -185 -174 The total loss allowance of DKK 185 million is included in trade receiv-ables at December 31, 2023 (2022: DKK 174 million). GN Store Nord's assessment of credit risk associated with individual receivables de-pends primarily on aging, change in customer payment behavior, cur-rent economic conditions etc. as described in significant accounting es-timates. No security has been pledged to GN Store Nord for trade receivables. Accounting policies Measurement of trade receivables Trade receivables are measured at amortized cost less expected lifetime credit losses. The expected loss rates are based on days past due and whether a receivable concerns a GN Hearing or a GN Audio customer. Current expectations and estimates of expected credit losses are furthermore based on change in customer behavior and current economic conditions. Expected credit losses are based on an individual assessment of each receivable and at portfolio level.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__143": {
"value": "3.5 Other non-current assets DKK million 2023 2022 Loans to dispensers of GN Hearing products 770 702 Pre-paid discounts 246 262 Ownership interests 136 137 RAP, SIP and DCP 349 325 Pension assets 33 29 Other 193 157 Total 1,727 1,612 RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases made. DCP (Deferred Compensation Plan) is a program in which Man-agement in certain foreign subsidiaries may choose to defer compensa-tion. The amounts invested by the Group on behalf of customers and Management are recognized in Other non-current assets. The Group\u2019s liabilities related to the programs are recognized in Other non-current liabilities at DKK 265 million (2022: DKK 255 million). All ownership interests are accounted for at fair value through profit or loss. Dispenser loans are provided to dispensers of GN Hearing products in order to support their future growth. The majority of dispenser loans is related to dispensers in the US. GN Hearing's assessment of credit risk associated with non-current loans to dispensers depends primarily on change in payment behavior and current economic conditions. Before aloan is extended, the creditworthiness of the individual dispenser is an-alyzed. Calculating the expected credit loss rates, GN Store Nord con-siders historical loss rates for each category of dispensers, and providesfor credit losses against loans to customers by comparing the develop-ment in the actual loan balance to the agreed development in the loan balance. The table below illustrates how the 12-month and lifetime expected credit loss are calculated for dispenser loans and how the credit risk ex-posure on dispenser loans are grouped by GN Store Nord\u2019s internal credit rating: 2023 2022 Estimated gross Estimated gross carrying Carrying carrying Carrying Expected credit amount at amount (net of Expected credit amount at amount (net of loss rate default loss allowance) loss rate default loss allowance) GN Store Nord internal credit rating % DKK million DKK million % DKK million DKK million Performing 12-month expected credit loss 2% 782 770 1% 712 702 Underperforming Lifetime expected credit losses 100% 204 - 100% 216 - Write-off Assets derecognized through the income statement 100% 12 - 100% 24 - Total dispenser loans at December 31 998 770 952 702 The 12-month and lifetime expected credit losses have developed as follows: Performing Underperforming DKK million (12 month ECL) (lifetime ECL) Total Opening loss allowance as at January 1, 2023 -10 -216 -226 Transferred to underperforming (lifetime ECL) - 3 3 New dispenser loans, net -3 - -3 Write-off - 12 12 Changes in model/risk parameters - - - Foreign exchange adjustments and other changes 1 -3 -2 Closing loss allowance as at December 31, 2023 -12 -204 -216 Opening loss allowance as at January 1, 2022 -16 -143 -159 Transferred to underperforming (lifetime ECL) 3 -92 -89 New dispenser loans 3 - 3 Write-off - 24 24 Changes in model/risk parameters - - - Foreign exchange adjustments and other changes - -5 -5 Closing loss allowance as at December 31, 2022 -10 -216 -226 Accounting policies Loans to dispensersLoans to dispensers and other receivables are measured at amortized cost less an allowance for expected credit losses. Both loans to dispensers and other receivables are held for collection of contractual cash flows and those cash flows represent solely payments of principal and interest. Ownership Interests and savings plansOwnership interests between 20% and 50% in unlisted enterprises in which the Group does not exercise significant influence on the financial and operat-ing policies are recognized under non-current assets at fair value. Gains and losses on such ownership interests are either recorded under financial items in the income statement or in other comprehensive income. This depends on the Group\u2019s irrevocable election at the time of initial recognition to account for the ownership interests at fair value through profit (loss) or other comprehen-sive income. Where the Group has elected to present fair value gains and losses on owner-ship interests in other comprehensive income, there is no subsequent reclassi-fication of fair value gains and losses to the income statement following the derecognition of the investment. Changes in the fair value of ownership inter-ests at fair value though profit or loss are recognized in financial items in the income statement.The savings plans RAP, SIP and DCP are measured at fair value through profit or loss. Impairment of dispenser loansLoss allowances on dispenser loans are measured equal to 12-month expected credit losses, if the credit risk has not increased significantly since initial recognition. If the credit risk has increased significantly, the loss allowance are measured at an amount equal to lifetime expected credit losses.The calculation of 12-month expected credit losses on dispenser loans are based on a weighted average of historical annual losses on customers. Payment plans are agreed with dispensers when issuing loans to these. The credit risk of loans to dispensers is considered to have increased significantly since initial recognition when actual loan balances differ from the agreed development in loan balances with more than 40%. At this point the loan is considered to be in default and credit impaired.The calculation of lifetime expected credit losses on dispenser loans is based on the difference between the development in the actual loan balances and the agreed development in loan balances. The allowances are increased in steps if the difference between the actual loan balance and the agreed devel-opment in loan balances increases.Indicators that there is no reasonable expectation of recovery of a dispenser loan include bankruptcy, change of control and change in the payment behavior or financial situation of the dispenser. In such cases a full or partial write-off of a dispenser loan will be recognized by derecognizing the asset. Where recoveries are made, these are recognized in the income statement. Impairment of Pre-paid discounts The carrying amount of Pre-paid discounts is subject to an annual test for indications of impairment. When there is an indication that assets may be impaired, the recoverable amount of the asset is determined. Recognition of impairment losses in the income statementImpairment losses are recognized in the income statement in the relevant functional line items. Impairment of dispenser loans are reversed only to the extent of changes in the assumptions and estimates underlying the impair-ment calculation.Significant accounting estimates and judgments Financial support arrangements GN Store Nord grants loans to dispensers and acquires ownership interests in dispensers. The agreements are typically comprehensive, complex and cover several aspects of the relationship between the parties. Management assesses the recognition and classification of income and expenses for each of these agreements, including whether the agreement represent a dis-count on future sales. Management also assesses whether current eco-nomic conditions and changes in customers' payment behavior could indi-cate impairment of the outstanding balances. Ownership Interests When considering whether or not GN Hearing exercises significant influ-ence in unlisted enterprises a number of judgments are made. These judg-ments include considering: \u2022 Representation on the board of directors \u2022 Participation in policy-making processes \u2022 Material transactions between the entity and GN \u2022 Interchange of managerial personnel \u2022 Provision of essential technical information",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__147": {
"value": "Accounting policies Loans to dispensersLoans to dispensers and other receivables are measured at amortized cost less an allowance for expected credit losses. Both loans to dispensers and other receivables are held for collection of contractual cash flows and those cash flows represent solely payments of principal and interest. Ownership Interests and savings plansOwnership interests between 20% and 50% in unlisted enterprises in which the Group does not exercise significant influence on the financial and operat-ing policies are recognized under non-current assets at fair value. Gains and losses on such ownership interests are either recorded under financial items in the income statement or in other comprehensive income. This depends on the Group\u2019s irrevocable election at the time of initial recognition to account for the ownership interests at fair value through profit (loss) or other comprehen-sive income. Where the Group has elected to present fair value gains and losses on owner-ship interests in other comprehensive income, there is no subsequent reclassi-fication of fair value gains and losses to the income statement following the derecognition of the investment. Changes in the fair value of ownership inter-ests at fair value though profit or loss are recognized in financial items in the income statement.The savings plans RAP, SIP and DCP are measured at fair value through profit or loss. Impairment of dispenser loansLoss allowances on dispenser loans are measured equal to 12-month expected credit losses, if the credit risk has not increased significantly since initial recognition. If the credit risk has increased significantly, the loss allowance are measured at an amount equal to lifetime expected credit losses.The calculation of 12-month expected credit losses on dispenser loans are based on a weighted average of historical annual losses on customers. Payment plans are agreed with dispensers when issuing loans to these. The credit risk of loans to dispensers is considered to have increased significantly since initial recognition when actual loan balances differ from the agreed development in loan balances with more than 40%. At this point the loan is considered to be in default and credit impaired.The calculation of lifetime expected credit losses on dispenser loans is based on the difference between the development in the actual loan balances and the agreed development in loan balances. The allowances are increased in steps if the difference between the actual loan balance and the agreed devel-opment in loan balances increases.Indicators that there is no reasonable expectation of recovery of a dispenser loan include bankruptcy, change of control and change in the payment behavior or financial situation of the dispenser. In such cases a full or partial write-off of a dispenser loan will be recognized by derecognizing the asset. Where recoveries are made, these are recognized in the income statement. Impairment of Pre-paid discounts The carrying amount of Pre-paid discounts is subject to an annual test for indications of impairment. When there is an indication that assets may be impaired, the recoverable amount of the asset is determined. Recognition of impairment losses in the income statementImpairment losses are recognized in the income statement in the relevant functional line items. Impairment of dispenser loans are reversed only to the extent of changes in the assumptions and estimates underlying the impair-ment calculation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__150": {
"value": "3.6 Inventories DKK million 2023 2022 Raw materials and consumables 622 735 Work in progress 27 27 Finished goods and merchandise 2,008 2,754 Total 2,657 3,516 The above includes write-downs amounting to -295 -230 Costs of goods sold included in Production Costs -8,519 -8,934 Accounting policiesInventories Inventories are measured at cost in accordance with the FIFO-principle. Inventories in GN Hearing are measured at cost using the standard cost method. Standard costs take into account normal levels of raw materials and consumables, staff costs, efficiency and capacity utilization. Standard costs are reviewed regularly and adjusted in accordance with the FIFO-principle. Raw materials and goods for resale are measured at cost, comprising pur-chase price plus delivery costs. Work in progress and finished goods are measured at cost, comprising the cost of direct materials, wages and salaries and indirect production over-heads. Indirect production overheads comprise indirect materials, wages and salaries, maintenance and depreciation of production machinery, buildings and equipment as well as factory administration and management. Where the net realizable value is lower than cost, inventories are written down to this lower value. The net realizable value of inventories is calcu-lated as the sales amount less costs of completion and costs necessary to make the sale.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__151": {
"value": "Accounting policiesInventories Inventories are measured at cost in accordance with the FIFO-principle. Inventories in GN Hearing are measured at cost using the standard cost method. Standard costs take into account normal levels of raw materials and consumables, staff costs, efficiency and capacity utilization. Standard costs are reviewed regularly and adjusted in accordance with the FIFO-principle. Raw materials and goods for resale are measured at cost, comprising pur-chase price plus delivery costs. Work in progress and finished goods are measured at cost, comprising the cost of direct materials, wages and salaries and indirect production over-heads. Indirect production overheads comprise indirect materials, wages and salaries, maintenance and depreciation of production machinery, buildings and equipment as well as factory administration and management. Where the net realizable value is lower than cost, inventories are written down to this lower value. The net realizable value of inventories is calcu-lated as the sales amount less costs of completion and costs necessary to make the sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__154": {
"value": "3.7 Trade receivables 1-60 days past 61-90 days past 91-120 days 121-180 days More than 181 DKK million Current due due past due past due days past due Total Gross carrying amount - Trade receivables 3.797 479 64 37 58 189 4.624 Loss allowance at December 31 -8 -1 -8 -3 -8 -154 -182 Trade receivables at December 31, 2023 3.789 478 56 34 50 35 4.442 Expected loss rate 0% 0% 13% 8% 14% 81% 4% Gross carrying amount - Trade receivables 3.340 476 57 34 62 236 4.205 Loss allowance at December 31 -13 -4 -1 -3 -16 -137 -174 Trade receivables at December 31, 2022 3.327 472 56 31 46 99 4.031 Expected loss rate 0% 1% 2% 9% 26% 58% 4% The loss allowance included in total trade receivables, based on the above aging profile and expected loss rates, have developed as follows: DKK million 2023 2022 Loss allowance at January 1 -174 -181 Increase in loss allowance during the year -38 -20 Trade receivables written off as uncollectible 10 6 Reversal of unused loss allowance 16 26 Foreign exchange adjustments 1 -5 Loss allowance at December 31 -185 -174 The total loss allowance of DKK 185 million is included in trade receiv-ables at December 31, 2023 (2022: DKK 174 million). GN Store Nord's assessment of credit risk associated with individual receivables de-pends primarily on aging, change in customer payment behavior, cur-rent economic conditions etc. as described in significant accounting es-timates. No security has been pledged to GN Store Nord for trade receivables. Accounting policies Measurement of trade receivables Trade receivables are measured at amortized cost less expected lifetime credit losses. The expected loss rates are based on days past due and whether a receivable concerns a GN Hearing or a GN Audio customer. Current expectations and estimates of expected credit losses are furthermore based on change in customer behavior and current economic conditions. Expected credit losses are based on an individual assessment of each receivable and at portfolio level.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__156": {
"value": "Accounting policies Measurement of trade receivables Trade receivables are measured at amortized cost less expected lifetime credit losses. The expected loss rates are based on days past due and whether a receivable concerns a GN Hearing or a GN Audio customer. Current expectations and estimates of expected credit losses are furthermore based on change in customer behavior and current economic conditions. Expected credit losses are based on an individual assessment of each receivable and at portfolio level.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__158": {
"value": "3.8 Provisions Warranty Other DKK million provisions provisions Total Provisions at January 1 244 117 361 Additions 365 43 408 Consumed -256 -5 -261 Reversed -14 -1 -15 Foreign exchange adjustments -8 -1 -9 Provisions at December 31, 2023 331 153 484 Which is presented in the consolidated balance sheet as: Non-current liabilities 140 4 144 Current liabilities 191 149 340 Provisions at December 31, 2023 331 153 484 Warranty provisions concern products sold. The warranty provision covers any defects in design, materials and workmanship for a period of 1-4 years from delivery and completion. Other provisions primarily consist of provisions for legal disputes, obligations regarding onerous contracts and property leases. In 2022 it was decided to reclassify the estimated refund liability recog-nized for the goods that are expected to be returned from Provisions to Other current liabilities as this is considered to be more in line with the nature of the refund liabilities. Accounting policies Provisions Warranty provisions are recognized as the underlying goods and services are sold based on warranty costs incurred in previous years and expecta-tions of future costs. Provisions are recognized when, as a result of events before or at the bal-ance sheet date, the Group has a legal or a constructive obligation and it is probable that there may be an outflow of resources embodying economic benefits to settle the obligation. On measurement of provisions, the costs required to settle the liability are discounted if the effect is material to the measurement of the liability. A provision for onerous contracts is recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable costs of meeting its obligations under the contract (onerous contracts). A provision for onerous contracts is recognized e.g. when the Company has entered a binding legal agreement for the purchase of components from suppliers that exceeds the benefits from the expected future use of the components and the Company can only sell the components at a loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__159": {
"value": "Accounting policies Provisions Warranty provisions are recognized as the underlying goods and services are sold based on warranty costs incurred in previous years and expecta-tions of future costs. Provisions are recognized when, as a result of events before or at the bal-ance sheet date, the Group has a legal or a constructive obligation and it is probable that there may be an outflow of resources embodying economic benefits to settle the obligation. On measurement of provisions, the costs required to settle the liability are discounted if the effect is material to the measurement of the liability. A provision for onerous contracts is recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable costs of meeting its obligations under the contract (onerous contracts). A provision for onerous contracts is recognized e.g. when the Company has entered a binding legal agreement for the purchase of components from suppliers that exceeds the benefits from the expected future use of the components and the Company can only sell the components at a loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__163": {
"value": "4.1 Outstanding shares and treasury shares Nominal value Nominal value Nominal value Treasury shares Outstanding Total number of of outstanding of treasury of total shares as a percentage Thousands shares Treasury shares shares shares (DKK) shares (DKK) (DKK) of share capital Number/value of shares at January 1, 2023 127,973 9,220 137,193 511,892 36,882 548,774 6.7% Purchase of ownership interest in subsidiaries 320 - 1,280-1,280 - Share capital increase 17,320 -3,600 13,720 69,278-14,400 54,878 Number/value of shares at December 31, 2023 145,613 5,300 150,913 582,450 21,202 603,652 3.5% All shares are fully issued and paid up. The nominal value of each share is DKK 4 and no shares carry any special rights.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__7__162": {
"value": "4.1 Outstanding shares and treasury shares Nominal value Nominal value Nominal value Treasury shares Outstanding Total number of of outstanding of treasury of total shares as a percentage Thousands shares Treasury shares shares shares (DKK) shares (DKK) (DKK) of share capital Number/value of shares at January 1, 2023 127,973 9,220 137,193 511,892 36,882 548,774 6.7% Purchase of ownership interest in subsidiaries 320 - 1,280-1,280 - Share capital increase 17,320 -3,600 13,720 69,278-14,400 54,878 Number/value of shares at December 31, 2023 145,613 5,300 150,913 582,450 21,202 603,652 3.5% All shares are fully issued and paid up. The nominal value of each share is DKK 4 and no shares carry any special rights. The treasury shares had a market value of DKK 911 million at Decem-ber 31, 2023 (2022: DKK 1,473 million). An accelerated bookbuild of a directed issue and private placing of 17 million new shares and 3.6 mil-lion existing treasury shares was executed on May 24, 2023, which gen-erated DKK 2.6 billion net of costs. Treasury shares have been acquired under the share buyback program in order to reduce the share capital, hedge the option- and warrant-based long-term incentive programs as well as the obligation under the convertible bond issued in 2019. Weighted average number of shares Shares, thousands 2023 2022 Weighted average number of outstanding shares 138,883 127,823 Dilutive effect of share-based payment with positive 108 303 intrinsic value \u2013 average for the period Diluted weighted average number of shares 138,991 128,126 Result used for calculating EPS DKK million 2023 2022 Profit (loss) for the year attributable to shareholders in GN Store Nord A/S used for the calculation of earn-ings per share 228 511Cash distributions DKK million 2023 2022 Dividend paid related to prior years -214Share repurchase during the year - -Total -214Proposed dividend for the year - DKK per share Dividend paid related to prior years - 1.55Proposed dividend for the year - -Accounting policies Earnings per Share and Diluted Earnings per ShareEarnings per share (EPS) is calculated by dividing the profit for the year after tax by the weighted average number of shares outstanding in the year. Diluted earnings per share is calculated by increasing the weighted average number of shares outstanding by the number of additional ordinary shares that would be outstanding if potentially dilutive shares were issued. The dilutive effect of outstanding share based payment is calculated using the Treasury Stock method.EquityDividendsThe expected dividend payment for the year is disclosed as a separate item in equity. Proposed dividends are recognized as a liability at the date they are adopted by the Annual General Meeting (declaration date).Hedging reserve The hedging reserve includes the accumulated net change in the fair value of hedging transactions qualifying for hedge accounting.Treasury Shares Treasury shares are recognized at cost. Gains and losses on disposal of own shares are calculated as the difference between the purchase price measured in accordance with the FIFO-principle and the selling price. Gains or losses are recognized directly in retained earnings. Dividends received from treasury shares are recognized directly in retained earnings. Capital reductions from the cancellation of treasury shares are deducted from the share capital at an amount corresponding to the nominal value of the shares. Foreign exchange adjustmentsThe translation reserve in the consolidated financial statements comprises foreign exchange differences arising on translation of financial statements of foreign subsidiaries from their functional currencies into the presentation currency used by GN Store Nord (DKK) and foreign exchange adjustments of balances considered to be part of the total net investment in foreign entities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__164": {
"value": "The treasury shares had a market value of DKK 911 million at Decem-ber 31, 2023 (2022: DKK 1,473 million). An accelerated bookbuild of a directed issue and private placing of 17 million new shares and 3.6 mil-lion existing treasury shares was executed on May 24, 2023, which gen-erated DKK 2.6 billion net of costs. Treasury shares have been acquired under the share buyback program in order to reduce the share capital, hedge the option- and warrant-based long-term incentive programs as well as the obligation under the convertible bond issued in 2019. Weighted average number of shares Shares, thousands 2023 2022 Weighted average number of outstanding shares 138,883 127,823 Dilutive effect of share-based payment with positive 108 303 intrinsic value \u2013 average for the period Diluted weighted average number of shares 138,991 128,126 Result used for calculating EPS DKK million 2023 2022 Profit (loss) for the year attributable to shareholders in GN Store Nord A/S used for the calculation of earn-ings per share 228 511",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__165": {
"value": "Cash distributions DKK million 2023 2022 Dividend paid related to prior years -214Share repurchase during the year - -Total -214Proposed dividend for the year - DKK per share Dividend paid related to prior years - 1.55Proposed dividend for the year - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__161": {
"value": "1.55",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s8_notesesefdkgaap__7__172": {
"value": "4.2 Financial risks GN Store Nord is exposed to several financial risks arising from its op-erating, investing and financing activities, comprising currency risk, in-terest rate risk, liquidity risk and credit risk. Financial risks are man-aged centrally by Group Treasury, except for commercial credit risk which is managed decentralized by the Group\u2019s operating businesses. The Group\u2019s Treasury Policy has been reviewed by the Audit Commit-tee and approved by the Board of Directors. Cash flow, liquid funds and debt are coordinated centrally to ensure the solvency and liquidity of the Group. Material financial risks are identified, managed and reported adequately. Financial transactions are entered into only to mitigate risks from business activities or financing of the Group. The areas exposed to financial risks are mainly cash and cash equiva-lents, loans and other financial indebtedness. GN\u2019s objectives, policies and process for measuring and managing the risk exposure to these items are summarized in the table and further explained in the notes below. Financial risk Exposure Risk Management Policy Mitigating actions Based on the current revenue and cost composition, the anticipated pri-All hedging is conducted at Group level. GN has hedged a substantial part of the expected net EBITA in foreign Foreign currency risk mary foreign exchange exposures for the Group in 2023 (excluding currencies to secure the EBITA contribution of the material trading cur-EUR) mainly arise from USD and GBP, whereas other currencies on a A minimum of 75% and not more than 100% of the Net currency expo-rencies for the next 12 months across both GN Hearing and GN Audio. stand-alone basis would not have a material impact. sure in each operating business to maintain this hedging level at any GN is also monitoring the combined impact of minor trading currencies point in time.and hedges those on a case-by-case basis. EUR denominated financing carries FX revaluation risk.EUR denominated financing is hedged, through EUR denominated as-sets or through foreign exchange derivatives.GN\u2019s non-current debt have fixed and floating interest rates as of De-At least 50% of all Interest-Bearing Debt should be fixed in 50% of Interest-Bearing Debt carried fixed interest rates as of Decem-Interest rate risk cember 31, 2023.interest, either through fixed rate agreements or through derivative in-ber 31, 2023. GN will consider entering into interest rate derivatives to struments.swap part of the floating debt into fixed-rate, if needed to mitigate the cash-flow risk from rising interest rates. GN\u2019s net interest-bearing debt decreased during 2023 to DKK 10,567 GN\u2019s cash flow, liquid funds and debt are coordinated centrally to en-To mitigate potential liquidity or refinancing risks, GN has increased its Liquidity risk, million (2022: DKK 14,561 million). As a result, the net interest-bearing sure the solvency and liquidity of the Group. current Revolving Credit Facility to EUR 520 million from EUR 350 mil-funding, and capital debt to EBITDA ratio ended at 6.0x (2022: 7.1x) driven by the execution lion with maturity in 2027. On December 31, 2023 the Revolving Credit structureof the group\u2019s capital plan and strong cash flow generation. GN has a long-term capital structure target of a net interest-bearing Facilities were unutilized.debt to EBITDA ratio between one and two.GN\u2019s loans and bonds are primarily long-term with maturities extended To mitigate potential short to mid-term refinancing risk, GN has re-until 2036 with mostly fixed interest rates.placed the existing EUR 520 million term loan maturing in 2025 with a new EUR 800 million term loan facility maturing in Q3 2026. Further in 2023, GN has executed a sale and leaseback of the com-pany\u2019s headquarter, which generated net proceeds of around DKK 500 million on December 15, 2023. GN\u2019s exposure to credit risk arises primarily from trade and other receiv-GN has established policies for credit risk management related to cus-GN has decentralized the credit risk management relating to customer Financial credit risk ables. tomers including the use of credit rating agencies.including the use of credit rating agencies to the divisions (GN Hearing and GN Audio).Foreign currency risk GN Store Nord has exposure towards foreign currencies exchange rate risk, mainly arising from the fluctuations of USD, in connection with commercial transactions. The general policy is to minimize GN Store Nord's currency exposure through natural matching of in- and out-flows to mitigate the impact of exchange rate fluctuations on earnings and cash flow, thereby increasing the predictability of the financial re-sults. Additionally, the Group uses approved hedging instruments, in-cluding currency derivatives such as FX Spot, FX Forward, FX Swaps and FX Option contracts, to hedge the Group\u2019s EBITA and Free Cash Flow from adverse currency movements by determining the aggregate of the expected net cash flow 12 months forward and monetary bal-ance sheet items. Sensitivity analysis for foreign currency risk The below sensitivity analysis illustrates the potential change in GN Store Nord\u2019s profit or loss and equity in response to a weakening / strengthening of the currencies of which GN Store Nord has significant exposure to at the balance sheet date. This analysis assumes that all other variables, in particular interest rates, remain constant. At year-end an increase of 10% in the USD exchange rate and 5% in the GBP exchange rate would affect the Income statement and Equity as out-lined in the table below: USD GBP DKK million 2023 2022 2023 2022 Profit or loss before tax -43 -18 2 12 Other Comprehensive Income before tax 113 146 -26 -31 The exposure at year-end is not necessarily representative of the past or future exposure of the Group. The sensitivity analysis comprises cash and cash equivalents, current receivables, trade payables, current and non-current loans, intercom-pany balances and derivative exchange rate instruments as of Decem-ber 31. The effects of a change in foreign exchange rates related to these items would be included in the Income statement. A change in the value of derivative exchange rate instruments used for hedging would be included in Other comprehensive income if hedge accounting is applied. Interest rate risk GN Store Nord\u2019s non-current debt have fixed and floating interest rates: listed instruments of EUR 50 million private placement with fixed coupon of 1.97% per annum and GBP 40 million private place-ment with fixed coupon of 3.2% per annum as well as bilateral R&D loans with fixed interest rates, EUR 120 million Term loan drawdown with variable interest rates. GN Store Nord\u2019s short-term debt consists of EUR 330 million Bond-with-Warrant-Units 0% and notes issued under the EMTN program in-cluding EUR 600 million notes with fixed coupon of 0.875% per annum, An increase of variable interest rates of 1 percentage point would re-sult in a net increase in the annual interest expenses of DKK 8.9 million (2022: DKK 0 million). Specification of net interest-bearing debt DKK million 2023 2022 Loans to dispensers 770 702 Cash and cash equivalents 2,162 990 Bank loans and issued bonds, non-current liabilities -9,957 -9,866 Bank loans and issued bonds, current liabilities -3,243 -6,016 Lease liabilities -299 -371 Total -10,567 -14,561 Included in the DKK 2,162 million cash and cash equivalents on the Consolidated statement of financial position is DKK 528 million which is restricted to be used for coming debt repayments and other related costs in accordance with the capital plan. This amount includes the proceeds received from the sale of BelAudi\u00e7\u00e3o. Funding, liquidity and capital structure The Group\u2019s capital structure includes interest bearing long-term debt with maturities between 2026 and 2036, including bank loans, convert-ible bonds, notes under the Euro Medium Term Note (EMTN) program, and two drawing rights attached to a EUR 520 million committed re-volving credit facility and a EUR 800 million committed term loan facil-ity. EUR 520 million committed revolving credit facility was unutilized on December 31, 2023, and EUR 120 million out of the EUR 800 million committed term loan facility was utilized as of December 31, 2023. (2022: EUR 350 million committed revolving credit facility and a EUR 520 million committed term loan facility, unutilized). In addition, the Group has EUR 442 million short-term, uncommitted Money Market lines and Overdraft facilities from its main relationship banks to diversify its borrowing instruments and manage its net work-ing capital movement. Money Market lines and Overdraft facilities was utilized EUR 214 million on December 31, 2023 (2022: utilized at EUR 251 million).. Moreover, GN has a short-term, uncommitted Euro Commercial Paper program of up to EUR 250 million. The Euro Commercial Paper pro-gram was utilized at EUR 32 million on December 31, 2023 (2022: uti-lized at EUR 35 million). Interest-bearing debt additions during the year On May 24, GN announced a new capital plan to prepare for repay-ment of approximately DKK 7 billion debt that matures in 2024 and ef-fectively pushes all material debt maturities to 2026. Execution of the four pillars of the plan continues to progress well. The pillars are: \u2022 Equity: An accelerated bookbuild of a directed issue and private placing of 17 million new shares and existing treasury shares exe-cuted on May 24, 2023, which generated DKK 2.6 billion net pro-ceeds \u2022 Debt refinancing: New DKK 6.0 billion (EUR 800 million) term loan facility maturing in 2026 replaced existing DKK 3.9 billion (EUR 520 million) term loan. The new loan was signed and finalized on Sep-tember 27, 2023 \u2022 Disposals: DKK 1.0 \u2013 2.0 billion to be generated by disposals of se-lected assets. Disposal of BelAudi\u00e7\u00e3o announced on June 28 gener-ated DKK ~500 million in Q3 2023. Moreover, GN has executed a sale and leaseback of the company\u2019s headquarter, which generated net proceeds of DKK ~500 million on December 15, 2023 \u2022 Operational measures: Cash at hand and positive free cash flow excl. M&A for 2023 and 2024 at Group level; DKK 1.1 billion cash flow excl. M&A generated in 2023. In addition, GN has executed an increase of its current undrawn revolv-ing credit facility. The new facility has been increased to EUR 520 mil-lion from EUR 350 million with maturity in 2027. The credit facility agreement was signed and finalized on September 27, 2023. GN\u2019s over-all financial target is to deliver a competitive shareholder return through a combination of dividend payments and share price apprecia-tion. Financial credit risk Credit risk is defined as an unexpected loss in cash and earnings if the customer is unable to pay its obligation in due time. GN may incur losses if the credit quality of its customers deteriorates or if they de-fault on their payment obligations to GN. GN\u2019s exposure to credit risk arises primarily from trade and other receivables. Such credit risk is managed decentralized through the divisions (GN Hearing and GN Au-dio). Assessment of credit risks related to customers is further de-scribed in note 3.7 Trade receivables and note 3.5 Other non-current assets. Surplus cash positions in GN Store Nord\u2019s subsidiaries are centralized through Group Treasury if feasible, and cash is mainly held in current accounts or as short-term money market deposits. Cash positions are primarily held with financial institutions through which GN Store Nord conducts its day-to-day banking transactions and which are highly rated with Moody\u2019s and Standard & Poor\u2019s.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__167": {
"value": "Accounting policies Earnings per Share and Diluted Earnings per ShareEarnings per share (EPS) is calculated by dividing the profit for the year after tax by the weighted average number of shares outstanding in the year. Diluted earnings per share is calculated by increasing the weighted average number of shares outstanding by the number of additional ordinary shares that would be outstanding if potentially dilutive shares were issued. The dilutive effect of outstanding share based payment is calculated using the Treasury Stock method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__168": {
"value": "EquityDividendsThe expected dividend payment for the year is disclosed as a separate item in equity. Proposed dividends are recognized as a liability at the date they are adopted by the Annual General Meeting (declaration date).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__169": {
"value": "Hedging reserve The hedging reserve includes the accumulated net change in the fair value of hedging transactions qualifying for hedge accounting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__170": {
"value": "Treasury Shares Treasury shares are recognized at cost. Gains and losses on disposal of own shares are calculated as the difference between the purchase price measured in accordance with the FIFO-principle and the selling price. Gains or losses are recognized directly in retained earnings. Dividends received from treasury shares are recognized directly in retained earnings. Capital reductions from the cancellation of treasury shares are deducted from the share capital at an amount corresponding to the nominal value of the shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__173-1": {
"value": "Foreign currency risk GN Store Nord has exposure towards foreign currencies exchange rate risk, mainly arising from the fluctuations of USD, in connection with commercial transactions. The general policy is to minimize GN Store Nord's currency exposure through natural matching of in- and out-flows to mitigate the impact of exchange rate fluctuations on earnings and cash flow, thereby increasing the predictability of the financial re-sults. Additionally, the Group uses approved hedging instruments, in-cluding currency derivatives such as FX Spot, FX Forward, FX Swaps and FX Option contracts, to hedge the Group\u2019s EBITA and Free Cash Flow from adverse currency movements by determining the aggregate of the expected net cash flow 12 months forward and monetary bal-ance sheet items. Sensitivity analysis for foreign currency risk The below sensitivity analysis illustrates the potential change in GN Store Nord\u2019s profit or loss and equity in response to a weakening / strengthening of the currencies of which GN Store Nord has significant exposure to at the balance sheet date. This analysis assumes that all other variables, in particular interest rates, remain constant. At year-end an increase of 10% in the USD exchange rate and 5% in the GBP exchange rate would affect the Income statement and Equity as out-lined in the table below: USD GBP DKK million 2023 2022 2023 2022 Profit or loss before tax -43 -18 2 12 Other Comprehensive Income before tax 113 146 -26 -31 The exposure at year-end is not necessarily representative of the past or future exposure of the Group. The sensitivity analysis comprises cash and cash equivalents, current receivables, trade payables, current and non-current loans, intercom-pany balances and derivative exchange rate instruments as of Decem-ber 31. The effects of a change in foreign exchange rates related to these items would be included in the Income statement. A change in the value of derivative exchange rate instruments used for hedging would be included in Other comprehensive income if hedge accounting is applied.4.3 Financial instruments Categories of financial assets and liabilities The financial assets and liabilities presented in the balance sheet can be grouped in the following categories: DKK million 2023 2022 Financial assets Trade receivables 4,442 4,031 Other receivables 744 672 Other non-current assets 1,233 1,141 Financial assets at amortized cost 6,419 5,844 Derivative financial instruments included in Other receivables 117 34 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 494 471 Financial assets at fair value through profit or loss 611 505 Derivative financial instruments included in Other receivables 11 16 Financial assets at fair value through Other comprehensive income 11 16 Financial liabilities Issued bonds (bond-with-warrant units), non-current 3,189 2,401 Issued EMTN bonds, non-current 335 5,147 Bank loans, non-current 3 2,318 Bank loans and issued bonds, current 9,674 6,016 Lease liabilities 299 371 Other non-current liabilities 4 4 Trade payables 1,719 1,554 Financial liabilities at amortized cost 15,223 17,811 Derivative financial instruments included in Other liabilities 65 17 RAP, SIP and DCP included in Other non-current liabilities 265 256 Contingent consideration included in Other liabilities 90 131 Financial liabilities at fair value through profit or loss 420 404 Derivative financial instruments included in Other liabilities 26 105 Financial liabilities at fair value through Other comprehensive income 26 105 Accounting policiesFinancial Liabilities Amounts owed to credit institutions and banks as well as the issued EMTN bonds are recognized at the date of borrowing at fair value of the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognized in the income statement over the term of the loan. Issued Bond-With-Warrant units are initially recognized at fair value less related transaction costs. The fair value of the bonds is estimated by calcu-lating the present value of all contractual future cash flows using an inter-est rate for a bond with similar credit risk and duration as the issued bonds, but without the attached warrants. The difference between the fair value and the proceeds is considered to be the value of the warrants and is rec-ognized in Equity. The equity component is not re-measured subsequently. After initial recognition the bonds are measured at amortized cost using the effective interest method. By applying the effective interest method a constant interest rate is used to increase the carrying amount of the bonds and the difference between the carrying amount and the principal amount is in this way recognized as an interest expense in Financial expenses over the remaining term to maturity. In case the bonds are redeemed before maturity, the difference between the carrying amount at amortized cost and the principal amount will be recognized as a loss in Financial expenses. Other liabilities, comprising trade payables, amounts owed to associates as well as other payables, are measured at amortized cost. Contractual maturity analysis for financial liabilities Between one and More than three DKK million Less than one year three years years Total 2023 Issued bonds 7,053 37 892 7,982 Bank loans 2,048 452 2,529 5,029 Lease liabilities 112 140 69 321 Other liabilities - 54 215 269 Trade payables 1,719 - - 1,719 Contingent consideration 35 55 - 90 Total non-derivative financial liabilities 10,967 738 3,705 15,410 Derivative financial liabilities 91 - - 91 Total 11,058 738 3,705 15,501 2022 Issued bonds 1,716 6,987 899 9,602 Bank loans 4,428 454 2,063 6,945 Lease liabilities 130 164 94 388 Other liabilities - 56 204 260 Trade payables 1,554 - - 1,554 Contingent consideration 39 41 51 131 Total non-derivative financial liabilities 7,867 7,702 3,311 18,880 Derivative financial liabilities 122 - - 122 Total 7,989 7,702 3,311 19,002 The maturity analysis is based on non-discounted cash flows. Derivative financial instruments Exchange rate instruments2023 2022 Average rate Contract Fair value, Fair value, Average rate Contract Fair value, Fair value, DKK million (DKK) amount, net* assets liabilities (DKK) amount, net* assets liabilities USD / DKK 686 -1,445 56 75 729 -1,531 - 86 USD / EUR 689 2,860 65 - 695 2,581 8 - GBP** 854 169 - 6 848 114 8 14 INR / DKK 8 255 4 1 9 349 18 - Other currency pairs -6,974 2 9 -9,367 16 22 Total 127 91 50 122 * Positive contract amounts indicate sale of currencies vs. DKK or EUR ** Includes exchange rate instruments vs. DKK and EUR Fair value adjustments of cash flow hedges DKK million 2023 2022 Fair value adjustment for the year recognized in Other comprehen-sive income -27 -52 Reclassified from equity to revenue during the year -58 -1 Reclassified from equity to production costs during the year 136 -20 Adjustment of cash flow hedges in Other comprehensive income 51 -73 Fair value adjustment of non-designated hedges recognized in Other operating income and costs, net - -14 Fair value adjustment of non-designated hedges recognized in fi-nancial items 96 -356 All exchange rate instruments mature within 12 months from the bal-ance sheet date. The gains and losses on cash flow hedges recognized in Other compre-hensive income as of December 31, 2023 will be recognized in the In-come statement in the period during which the hedged forecasted transaction affects the Income statement.Accounting policiesDerivative Financial Instruments Derivative financial instruments are initially and subsequently recognized in the balance sheet at fair value. Positive and negative fair values of derivative financial instruments are recognized as other receivables and payables, respectively. Fair values of derivative financial instruments are computed on the basis of market data and generally accepted valuation methods. Accounting policiesDerivative Financial Instruments (continued) Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognized asset or liability are recognized in the income statement together with changes in the value of the hedged asset or liability as far as the hedged portion is concerned. Changes in the portion of the fair value of derivative financial instruments designated as and qualifying as a cash flow hedge that is an effective hedge of changes in the value of the hedged item are recognized in other comprehensive income. If the hedged transaction re-sults in gains or losses, amounts previously recognized in other compre-hensive income are transferred from equity to the same item as the hedged item. When a hedging instrument expires, or is terminated, or when a hedge no longer meets the criteria for hedge accounting, any gains or losses previ-ously recognized in Other comprehensive income remains in Equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss that were reported in equity are immediately reclassified to the income statement. For derivative financial instruments, where hedge accounting is not applied (economic hedges), changes in fair value are recognized in the Income statement as either Other operating income and costs, net or Financial items. The effectiveness of hedges is assessed on the following criteria: \u2022 An economic relationship exists between the hedged item and hedging instrument: \u2022 The effect of credit risk does not dominate the fair value changes; and \u2022 The hedge ratio applied for hedge accounting purposes should be the same as the hedge ratio used for risk management purposes. No material ineffectiveness amounts were recognized in the Statement of Financial Performance during the year. 2023 2022 Observable Unobservable Observable Unobservable Quoted prices input input Quoted prices input input DKK million (level 1) (level 2) (level 3) Total (level 1) (level 2) (level 3) Total Financial assets Derivative financial instruments included in Other receivables - 117 - 117 - 34 - 34 RAP, SIP, DCP included in Other non-current assets - 349 - 349 - 325 - 325 Ownership interests, etc. included in Other non-current assets - - 145 145 - - 146 146 Financial assets at fair value through profit or loss - 466 145 611 - 359 146 505 Derivative financial instruments included in Other receivables - 11 - 11 - 16 - 16 Financial assets at fair value through Other comprehensive income - 11 - 11 - 16 - 16 Financial liabilities Derivative financial instruments included in Other liabilities - 65 - 65 - 17 - 17 RAP, SIP and DCP included in Other non-current liabilities - 265 - 265 - 256 - 256 Contingent consideration included in Other liabilities - - 90 90 - - 131 131 Financial liabilities at fair value through profit or loss - 330 90 420 - 273 131 404 Derivative financial instruments included in Other liabilities - 26 - 26 - 105 - 105 Financial liabilities at fair value through Other comprehensive income - 26 - 26 - 105 - 105 In addition to the above, Other non-current liabilities include a liability of DKK 322 million (2022: DKK 387 million) related to put options is-sued on shares held by non-controlling shareholders which is measured at fair value (fair value hierarchy level 3). Adjustments to the fair value are accounted for as other equity transactions. DKK million 2023 2022 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 13 -21 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 1 141 Net fair value gains (losses) on contingent consideration 7 -15 Exchange rate instruments and interests rate swaps The fair value of the exchange rate instruments and interest rate swaps are determined using quoted forward exchange rates and for-ward interest rates, respectively at the balance sheet date and can be categorized as level 2 (observable inputs) in the fair value hierarchy. Ownership interests The fair value of the ownership interests is based on a market approach model. The key input is market observations of sales prices of compa-rable retail entities, combined with internal GN data such as number of sold hearing aids and the financial statements in which GN holds an in-terest. In the model, the ownership interests are divided into four groups of revenue multiple, according to the relative size and profita-bility of the dispensers. Since most of the data is based on non-observ-able data, the model is categorized as level 3 in the fair value hierarchy. The model is updated on a quarterly basis and any changes are re-flected in the Income statement or in Other comprehensive income as applicable. The fair value models are sensitive to the dispenser\u2019s finan-cial performance for the last 24 months rolling on a quarterly basis. Derivative financial instruments related to ownership interests Derivative financial instruments related to ownership interests in dis-pensers of GN Hearing products, are recognized in the balance sheet at fair value. The fair value model is based on a market approach model, using market observations of sales prices of comparable retail entities. The key inputs used are the number of hearing aid units sold by cus-tomer, average selling prices, and the estimated probability that the in-struments will be exercised. The fair value model is categorized as level 3 in the fair value hierarchy, and is updated on a quarterly basis, and any material changes are reflected in the income statement. The fair value models are sensitive to the customers financial performance the last twelve months of any quarter and the probability of the instru-ments being exercised. RAP, SIP and DCP programs RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases made. DCP (Deferred Compensation Plan) is a program in which Man-agement in certain foreign subsidiaries may choose to defer compensa-tion. The asset value is based on the fair value of the mutual fund in-vestments, and the liability is based on the value generated by partici-pant contributions, participant distributions, forfeitures, and invest-ment earnings or losses. Both asset and liabilities are categorized as level 2 in the fair value hierarchy. Each quarter GN receive a report re-garding the fair value of the assets from a third-party contractor, and will update the financial statements according to this report. Contingent consideration Contingent consideration, resulting from business combinations or di-vestments, is valued at fair value at the acquisition or divestment date as part of the transaction. The fair value is based on discounted cash flows and contractual terms of the contingent considerations and on non-observable inputs, such as the financial performance of the ac-quired enterprises. The key assumptions take into consideration the probability of meeting each performance target and the discount fac-tor. Contingent considerations are categorized as level 3 (unobservable inputs) in the fair value hierarchy. The models are updated on a quar-terly basis and any changes are reflected in the income statement. The fair value models are sensitive to the financial performance of the ac-quired enterprises, the probabilities of meeting the agreed objectives and the discount factor. Fair value disclosures re. financial instruments at amortized cost Based on observable inputs (fair value hierarchy level 2) the fair value of issued bonds (zero coupon) amounted to DKK 2,403 million at De-cember 31, 2023 (2022: DKK 2,222 million), and the fair value of EMTN bonds amounted to DKK 4,726 million (2022: DKK 5,918 million). For other financial assets and liabilities, the fair value is approximately equal to the carrying amount.",
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"s8_notesesefdkgaap__7__174-1": {
"value": "Interest rate risk GN Store Nord\u2019s non-current debt have fixed and floating interest rates: listed instruments of EUR 50 million private placement with fixed coupon of 1.97% per annum and GBP 40 million private place-ment with fixed coupon of 3.2% per annum as well as bilateral R&D loans with fixed interest rates, EUR 120 million Term loan drawdown with variable interest rates. GN Store Nord\u2019s short-term debt consists of EUR 330 million Bond-with-Warrant-Units 0% and notes issued under the EMTN program in-cluding EUR 600 million notes with fixed coupon of 0.875% per annum, An increase of variable interest rates of 1 percentage point would re-sult in a net increase in the annual interest expenses of DKK 8.9 million (2022: DKK 0 million). Specification of net interest-bearing debt DKK million 2023 2022 Loans to dispensers 770 702 Cash and cash equivalents 2,162 990 Bank loans and issued bonds, non-current liabilities -9,957 -9,866 Bank loans and issued bonds, current liabilities -3,243 -6,016 Lease liabilities -299 -371 Total -10,567 -14,561 Included in the DKK 2,162 million cash and cash equivalents on the Consolidated statement of financial position is DKK 528 million which is restricted to be used for coming debt repayments and other related costs in accordance with the capital plan. This amount includes the proceeds received from the sale of BelAudi\u00e7\u00e3o. 4.3 Financial instruments Categories of financial assets and liabilities The financial assets and liabilities presented in the balance sheet can be grouped in the following categories: DKK million 2023 2022 Financial assets Trade receivables 4,442 4,031 Other receivables 744 672 Other non-current assets 1,233 1,141 Financial assets at amortized cost 6,419 5,844 Derivative financial instruments included in Other receivables 117 34 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 494 471 Financial assets at fair value through profit or loss 611 505 Derivative financial instruments included in Other receivables 11 16 Financial assets at fair value through Other comprehensive income 11 16 Financial liabilities Issued bonds (bond-with-warrant units), non-current 3,189 2,401 Issued EMTN bonds, non-current 335 5,147 Bank loans, non-current 3 2,318 Bank loans and issued bonds, current 9,674 6,016 Lease liabilities 299 371 Other non-current liabilities 4 4 Trade payables 1,719 1,554 Financial liabilities at amortized cost 15,223 17,811 Derivative financial instruments included in Other liabilities 65 17 RAP, SIP and DCP included in Other non-current liabilities 265 256 Contingent consideration included in Other liabilities 90 131 Financial liabilities at fair value through profit or loss 420 404 Derivative financial instruments included in Other liabilities 26 105 Financial liabilities at fair value through Other comprehensive income 26 105 Accounting policiesFinancial Liabilities Amounts owed to credit institutions and banks as well as the issued EMTN bonds are recognized at the date of borrowing at fair value of the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognized in the income statement over the term of the loan. Issued Bond-With-Warrant units are initially recognized at fair value less related transaction costs. The fair value of the bonds is estimated by calcu-lating the present value of all contractual future cash flows using an inter-est rate for a bond with similar credit risk and duration as the issued bonds, but without the attached warrants. The difference between the fair value and the proceeds is considered to be the value of the warrants and is rec-ognized in Equity. The equity component is not re-measured subsequently. After initial recognition the bonds are measured at amortized cost using the effective interest method. By applying the effective interest method a constant interest rate is used to increase the carrying amount of the bonds and the difference between the carrying amount and the principal amount is in this way recognized as an interest expense in Financial expenses over the remaining term to maturity. In case the bonds are redeemed before maturity, the difference between the carrying amount at amortized cost and the principal amount will be recognized as a loss in Financial expenses. Other liabilities, comprising trade payables, amounts owed to associates as well as other payables, are measured at amortized cost. Contractual maturity analysis for financial liabilities Between one and More than three DKK million Less than one year three years years Total 2023 Issued bonds 7,053 37 892 7,982 Bank loans 2,048 452 2,529 5,029 Lease liabilities 112 140 69 321 Other liabilities - 54 215 269 Trade payables 1,719 - - 1,719 Contingent consideration 35 55 - 90 Total non-derivative financial liabilities 10,967 738 3,705 15,410 Derivative financial liabilities 91 - - 91 Total 11,058 738 3,705 15,501 2022 Issued bonds 1,716 6,987 899 9,602 Bank loans 4,428 454 2,063 6,945 Lease liabilities 130 164 94 388 Other liabilities - 56 204 260 Trade payables 1,554 - - 1,554 Contingent consideration 39 41 51 131 Total non-derivative financial liabilities 7,867 7,702 3,311 18,880 Derivative financial liabilities 122 - - 122 Total 7,989 7,702 3,311 19,002 The maturity analysis is based on non-discounted cash flows. Derivative financial instruments Exchange rate instruments2023 2022 Average rate Contract Fair value, Fair value, Average rate Contract Fair value, Fair value, DKK million (DKK) amount, net* assets liabilities (DKK) amount, net* assets liabilities USD / DKK 686 -1,445 56 75 729 -1,531 - 86 USD / EUR 689 2,860 65 - 695 2,581 8 - GBP** 854 169 - 6 848 114 8 14 INR / DKK 8 255 4 1 9 349 18 - Other currency pairs -6,974 2 9 -9,367 16 22 Total 127 91 50 122 * Positive contract amounts indicate sale of currencies vs. DKK or EUR ** Includes exchange rate instruments vs. DKK and EUR Fair value adjustments of cash flow hedges DKK million 2023 2022 Fair value adjustment for the year recognized in Other comprehen-sive income -27 -52 Reclassified from equity to revenue during the year -58 -1 Reclassified from equity to production costs during the year 136 -20 Adjustment of cash flow hedges in Other comprehensive income 51 -73 Fair value adjustment of non-designated hedges recognized in Other operating income and costs, net - -14 Fair value adjustment of non-designated hedges recognized in fi-nancial items 96 -356 All exchange rate instruments mature within 12 months from the bal-ance sheet date. The gains and losses on cash flow hedges recognized in Other compre-hensive income as of December 31, 2023 will be recognized in the In-come statement in the period during which the hedged forecasted transaction affects the Income statement.Accounting policiesDerivative Financial Instruments Derivative financial instruments are initially and subsequently recognized in the balance sheet at fair value. Positive and negative fair values of derivative financial instruments are recognized as other receivables and payables, respectively. Fair values of derivative financial instruments are computed on the basis of market data and generally accepted valuation methods. Accounting policiesDerivative Financial Instruments (continued) Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognized asset or liability are recognized in the income statement together with changes in the value of the hedged asset or liability as far as the hedged portion is concerned. Changes in the portion of the fair value of derivative financial instruments designated as and qualifying as a cash flow hedge that is an effective hedge of changes in the value of the hedged item are recognized in other comprehensive income. If the hedged transaction re-sults in gains or losses, amounts previously recognized in other compre-hensive income are transferred from equity to the same item as the hedged item. When a hedging instrument expires, or is terminated, or when a hedge no longer meets the criteria for hedge accounting, any gains or losses previ-ously recognized in Other comprehensive income remains in Equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss that were reported in equity are immediately reclassified to the income statement. For derivative financial instruments, where hedge accounting is not applied (economic hedges), changes in fair value are recognized in the Income statement as either Other operating income and costs, net or Financial items. The effectiveness of hedges is assessed on the following criteria: \u2022 An economic relationship exists between the hedged item and hedging instrument: \u2022 The effect of credit risk does not dominate the fair value changes; and \u2022 The hedge ratio applied for hedge accounting purposes should be the same as the hedge ratio used for risk management purposes. No material ineffectiveness amounts were recognized in the Statement of Financial Performance during the year. 2023 2022 Observable Unobservable Observable Unobservable Quoted prices input input Quoted prices input input DKK million (level 1) (level 2) (level 3) Total (level 1) (level 2) (level 3) Total Financial assets Derivative financial instruments included in Other receivables - 117 - 117 - 34 - 34 RAP, SIP, DCP included in Other non-current assets - 349 - 349 - 325 - 325 Ownership interests, etc. included in Other non-current assets - - 145 145 - - 146 146 Financial assets at fair value through profit or loss - 466 145 611 - 359 146 505 Derivative financial instruments included in Other receivables - 11 - 11 - 16 - 16 Financial assets at fair value through Other comprehensive income - 11 - 11 - 16 - 16 Financial liabilities Derivative financial instruments included in Other liabilities - 65 - 65 - 17 - 17 RAP, SIP and DCP included in Other non-current liabilities - 265 - 265 - 256 - 256 Contingent consideration included in Other liabilities - - 90 90 - - 131 131 Financial liabilities at fair value through profit or loss - 330 90 420 - 273 131 404 Derivative financial instruments included in Other liabilities - 26 - 26 - 105 - 105 Financial liabilities at fair value through Other comprehensive income - 26 - 26 - 105 - 105 In addition to the above, Other non-current liabilities include a liability of DKK 322 million (2022: DKK 387 million) related to put options is-sued on shares held by non-controlling shareholders which is measured at fair value (fair value hierarchy level 3). Adjustments to the fair value are accounted for as other equity transactions. DKK million 2023 2022 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 13 -21 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 1 141 Net fair value gains (losses) on contingent consideration 7 -15 Exchange rate instruments and interests rate swaps The fair value of the exchange rate instruments and interest rate swaps are determined using quoted forward exchange rates and for-ward interest rates, respectively at the balance sheet date and can be categorized as level 2 (observable inputs) in the fair value hierarchy. Ownership interests The fair value of the ownership interests is based on a market approach model. The key input is market observations of sales prices of compa-rable retail entities, combined with internal GN data such as number of sold hearing aids and the financial statements in which GN holds an in-terest. In the model, the ownership interests are divided into four groups of revenue multiple, according to the relative size and profita-bility of the dispensers. Since most of the data is based on non-observ-able data, the model is categorized as level 3 in the fair value hierarchy. The model is updated on a quarterly basis and any changes are re-flected in the Income statement or in Other comprehensive income as applicable. The fair value models are sensitive to the dispenser\u2019s finan-cial performance for the last 24 months rolling on a quarterly basis. Derivative financial instruments related to ownership interests Derivative financial instruments related to ownership interests in dis-pensers of GN Hearing products, are recognized in the balance sheet at fair value. The fair value model is based on a market approach model, using market observations of sales prices of comparable retail entities. The key inputs used are the number of hearing aid units sold by cus-tomer, average selling prices, and the estimated probability that the in-struments will be exercised. The fair value model is categorized as level 3 in the fair value hierarchy, and is updated on a quarterly basis, and any material changes are reflected in the income statement. The fair value models are sensitive to the customers financial performance the last twelve months of any quarter and the probability of the instru-ments being exercised. RAP, SIP and DCP programs RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases made. DCP (Deferred Compensation Plan) is a program in which Man-agement in certain foreign subsidiaries may choose to defer compensa-tion. The asset value is based on the fair value of the mutual fund in-vestments, and the liability is based on the value generated by partici-pant contributions, participant distributions, forfeitures, and invest-ment earnings or losses. Both asset and liabilities are categorized as level 2 in the fair value hierarchy. Each quarter GN receive a report re-garding the fair value of the assets from a third-party contractor, and will update the financial statements according to this report. Contingent consideration Contingent consideration, resulting from business combinations or di-vestments, is valued at fair value at the acquisition or divestment date as part of the transaction. The fair value is based on discounted cash flows and contractual terms of the contingent considerations and on non-observable inputs, such as the financial performance of the ac-quired enterprises. The key assumptions take into consideration the probability of meeting each performance target and the discount fac-tor. Contingent considerations are categorized as level 3 (unobservable inputs) in the fair value hierarchy. The models are updated on a quar-terly basis and any changes are reflected in the income statement. The fair value models are sensitive to the financial performance of the ac-quired enterprises, the probabilities of meeting the agreed objectives and the discount factor. Fair value disclosures re. financial instruments at amortized cost Based on observable inputs (fair value hierarchy level 2) the fair value of issued bonds (zero coupon) amounted to DKK 2,403 million at De-cember 31, 2023 (2022: DKK 2,222 million), and the fair value of EMTN bonds amounted to DKK 4,726 million (2022: DKK 5,918 million). For other financial assets and liabilities, the fair value is approximately equal to the carrying amount.",
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"s8_notesesefdkgaap__7__175": {
"value": "Funding, liquidity and capital structure The Group\u2019s capital structure includes interest bearing long-term debt with maturities between 2026 and 2036, including bank loans, convert-ible bonds, notes under the Euro Medium Term Note (EMTN) program, and two drawing rights attached to a EUR 520 million committed re-volving credit facility and a EUR 800 million committed term loan facil-ity. EUR 520 million committed revolving credit facility was unutilized on December 31, 2023, and EUR 120 million out of the EUR 800 million committed term loan facility was utilized as of December 31, 2023. (2022: EUR 350 million committed revolving credit facility and a EUR 520 million committed term loan facility, unutilized). In addition, the Group has EUR 442 million short-term, uncommitted Money Market lines and Overdraft facilities from its main relationship banks to diversify its borrowing instruments and manage its net work-ing capital movement. Money Market lines and Overdraft facilities was utilized EUR 214 million on December 31, 2023 (2022: utilized at EUR 251 million).. Moreover, GN has a short-term, uncommitted Euro Commercial Paper program of up to EUR 250 million. The Euro Commercial Paper pro-gram was utilized at EUR 32 million on December 31, 2023 (2022: uti-lized at EUR 35 million). Interest-bearing debt additions during the year On May 24, GN announced a new capital plan to prepare for repay-ment of approximately DKK 7 billion debt that matures in 2024 and ef-fectively pushes all material debt maturities to 2026. Execution of the four pillars of the plan continues to progress well. The pillars are: \u2022 Equity: An accelerated bookbuild of a directed issue and private placing of 17 million new shares and existing treasury shares exe-cuted on May 24, 2023, which generated DKK 2.6 billion net pro-ceeds \u2022 Debt refinancing: New DKK 6.0 billion (EUR 800 million) term loan facility maturing in 2026 replaced existing DKK 3.9 billion (EUR 520 million) term loan. The new loan was signed and finalized on Sep-tember 27, 2023 \u2022 Disposals: DKK 1.0 \u2013 2.0 billion to be generated by disposals of se-lected assets. Disposal of BelAudi\u00e7\u00e3o announced on June 28 gener-ated DKK ~500 million in Q3 2023. Moreover, GN has executed a sale and leaseback of the company\u2019s headquarter, which generated net proceeds of DKK ~500 million on December 15, 2023 \u2022 Operational measures: Cash at hand and positive free cash flow excl. M&A for 2023 and 2024 at Group level; DKK 1.1 billion cash flow excl. M&A generated in 2023. In addition, GN has executed an increase of its current undrawn revolv-ing credit facility. The new facility has been increased to EUR 520 mil-lion from EUR 350 million with maturity in 2027. The credit facility agreement was signed and finalized on September 27, 2023. GN\u2019s over-all financial target is to deliver a competitive shareholder return through a combination of dividend payments and share price apprecia-tion.",
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"s8_notesesefdkgaap__7__184": {
"value": "4.3 Financial instruments Categories of financial assets and liabilities The financial assets and liabilities presented in the balance sheet can be grouped in the following categories: DKK million 2023 2022 Financial assets Trade receivables 4,442 4,031 Other receivables 744 672 Other non-current assets 1,233 1,141 Financial assets at amortized cost 6,419 5,844 Derivative financial instruments included in Other receivables 117 34 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 494 471 Financial assets at fair value through profit or loss 611 505 Derivative financial instruments included in Other receivables 11 16 Financial assets at fair value through Other comprehensive income 11 16 Financial liabilities Issued bonds (bond-with-warrant units), non-current 3,189 2,401 Issued EMTN bonds, non-current 335 5,147 Bank loans, non-current 3 2,318 Bank loans and issued bonds, current 9,674 6,016 Lease liabilities 299 371 Other non-current liabilities 4 4 Trade payables 1,719 1,554 Financial liabilities at amortized cost 15,223 17,811 Derivative financial instruments included in Other liabilities 65 17 RAP, SIP and DCP included in Other non-current liabilities 265 256 Contingent consideration included in Other liabilities 90 131 Financial liabilities at fair value through profit or loss 420 404 Derivative financial instruments included in Other liabilities 26 105 Financial liabilities at fair value through Other comprehensive income 26 105 Accounting policiesFinancial Liabilities Amounts owed to credit institutions and banks as well as the issued EMTN bonds are recognized at the date of borrowing at fair value of the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognized in the income statement over the term of the loan. Issued Bond-With-Warrant units are initially recognized at fair value less related transaction costs. The fair value of the bonds is estimated by calcu-lating the present value of all contractual future cash flows using an inter-est rate for a bond with similar credit risk and duration as the issued bonds, but without the attached warrants. The difference between the fair value and the proceeds is considered to be the value of the warrants and is rec-ognized in Equity. The equity component is not re-measured subsequently. After initial recognition the bonds are measured at amortized cost using the effective interest method. By applying the effective interest method a constant interest rate is used to increase the carrying amount of the bonds and the difference between the carrying amount and the principal amount is in this way recognized as an interest expense in Financial expenses over the remaining term to maturity. In case the bonds are redeemed before maturity, the difference between the carrying amount at amortized cost and the principal amount will be recognized as a loss in Financial expenses. Other liabilities, comprising trade payables, amounts owed to associates as well as other payables, are measured at amortized cost. Contractual maturity analysis for financial liabilities Between one and More than three DKK million Less than one year three years years Total 2023 Issued bonds 7,053 37 892 7,982 Bank loans 2,048 452 2,529 5,029 Lease liabilities 112 140 69 321 Other liabilities - 54 215 269 Trade payables 1,719 - - 1,719 Contingent consideration 35 55 - 90 Total non-derivative financial liabilities 10,967 738 3,705 15,410 Derivative financial liabilities 91 - - 91 Total 11,058 738 3,705 15,501 2022 Issued bonds 1,716 6,987 899 9,602 Bank loans 4,428 454 2,063 6,945 Lease liabilities 130 164 94 388 Other liabilities - 56 204 260 Trade payables 1,554 - - 1,554 Contingent consideration 39 41 51 131 Total non-derivative financial liabilities 7,867 7,702 3,311 18,880 Derivative financial liabilities 122 - - 122 Total 7,989 7,702 3,311 19,002 The maturity analysis is based on non-discounted cash flows. Derivative financial instruments Exchange rate instruments2023 2022 Average rate Contract Fair value, Fair value, Average rate Contract Fair value, Fair value, DKK million (DKK) amount, net* assets liabilities (DKK) amount, net* assets liabilities USD / DKK 686 -1,445 56 75 729 -1,531 - 86 USD / EUR 689 2,860 65 - 695 2,581 8 - GBP** 854 169 - 6 848 114 8 14 INR / DKK 8 255 4 1 9 349 18 - Other currency pairs -6,974 2 9 -9,367 16 22 Total 127 91 50 122 * Positive contract amounts indicate sale of currencies vs. DKK or EUR ** Includes exchange rate instruments vs. DKK and EUR Fair value adjustments of cash flow hedges DKK million 2023 2022 Fair value adjustment for the year recognized in Other comprehen-sive income -27 -52 Reclassified from equity to revenue during the year -58 -1 Reclassified from equity to production costs during the year 136 -20 Adjustment of cash flow hedges in Other comprehensive income 51 -73 Fair value adjustment of non-designated hedges recognized in Other operating income and costs, net - -14 Fair value adjustment of non-designated hedges recognized in fi-nancial items 96 -356 All exchange rate instruments mature within 12 months from the bal-ance sheet date. The gains and losses on cash flow hedges recognized in Other compre-hensive income as of December 31, 2023 will be recognized in the In-come statement in the period during which the hedged forecasted transaction affects the Income statement.Accounting policiesDerivative Financial Instruments Derivative financial instruments are initially and subsequently recognized in the balance sheet at fair value. Positive and negative fair values of derivative financial instruments are recognized as other receivables and payables, respectively. Fair values of derivative financial instruments are computed on the basis of market data and generally accepted valuation methods. Accounting policiesDerivative Financial Instruments (continued) Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognized asset or liability are recognized in the income statement together with changes in the value of the hedged asset or liability as far as the hedged portion is concerned. Changes in the portion of the fair value of derivative financial instruments designated as and qualifying as a cash flow hedge that is an effective hedge of changes in the value of the hedged item are recognized in other comprehensive income. If the hedged transaction re-sults in gains or losses, amounts previously recognized in other compre-hensive income are transferred from equity to the same item as the hedged item. When a hedging instrument expires, or is terminated, or when a hedge no longer meets the criteria for hedge accounting, any gains or losses previ-ously recognized in Other comprehensive income remains in Equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss that were reported in equity are immediately reclassified to the income statement. For derivative financial instruments, where hedge accounting is not applied (economic hedges), changes in fair value are recognized in the Income statement as either Other operating income and costs, net or Financial items. The effectiveness of hedges is assessed on the following criteria: \u2022 An economic relationship exists between the hedged item and hedging instrument: \u2022 The effect of credit risk does not dominate the fair value changes; and \u2022 The hedge ratio applied for hedge accounting purposes should be the same as the hedge ratio used for risk management purposes. No material ineffectiveness amounts were recognized in the Statement of Financial Performance during the year. 2023 2022 Observable Unobservable Observable Unobservable Quoted prices input input Quoted prices input input DKK million (level 1) (level 2) (level 3) Total (level 1) (level 2) (level 3) Total Financial assets Derivative financial instruments included in Other receivables - 117 - 117 - 34 - 34 RAP, SIP, DCP included in Other non-current assets - 349 - 349 - 325 - 325 Ownership interests, etc. included in Other non-current assets - - 145 145 - - 146 146 Financial assets at fair value through profit or loss - 466 145 611 - 359 146 505 Derivative financial instruments included in Other receivables - 11 - 11 - 16 - 16 Financial assets at fair value through Other comprehensive income - 11 - 11 - 16 - 16 Financial liabilities Derivative financial instruments included in Other liabilities - 65 - 65 - 17 - 17 RAP, SIP and DCP included in Other non-current liabilities - 265 - 265 - 256 - 256 Contingent consideration included in Other liabilities - - 90 90 - - 131 131 Financial liabilities at fair value through profit or loss - 330 90 420 - 273 131 404 Derivative financial instruments included in Other liabilities - 26 - 26 - 105 - 105 Financial liabilities at fair value through Other comprehensive income - 26 - 26 - 105 - 105 In addition to the above, Other non-current liabilities include a liability of DKK 322 million (2022: DKK 387 million) related to put options is-sued on shares held by non-controlling shareholders which is measured at fair value (fair value hierarchy level 3). Adjustments to the fair value are accounted for as other equity transactions. DKK million 2023 2022 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 13 -21 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 1 141 Net fair value gains (losses) on contingent consideration 7 -15 Exchange rate instruments and interests rate swaps The fair value of the exchange rate instruments and interest rate swaps are determined using quoted forward exchange rates and for-ward interest rates, respectively at the balance sheet date and can be categorized as level 2 (observable inputs) in the fair value hierarchy. Ownership interests The fair value of the ownership interests is based on a market approach model. The key input is market observations of sales prices of compa-rable retail entities, combined with internal GN data such as number of sold hearing aids and the financial statements in which GN holds an in-terest. In the model, the ownership interests are divided into four groups of revenue multiple, according to the relative size and profita-bility of the dispensers. Since most of the data is based on non-observ-able data, the model is categorized as level 3 in the fair value hierarchy. The model is updated on a quarterly basis and any changes are re-flected in the Income statement or in Other comprehensive income as applicable. The fair value models are sensitive to the dispenser\u2019s finan-cial performance for the last 24 months rolling on a quarterly basis. Derivative financial instruments related to ownership interests Derivative financial instruments related to ownership interests in dis-pensers of GN Hearing products, are recognized in the balance sheet at fair value. The fair value model is based on a market approach model, using market observations of sales prices of comparable retail entities. The key inputs used are the number of hearing aid units sold by cus-tomer, average selling prices, and the estimated probability that the in-struments will be exercised. The fair value model is categorized as level 3 in the fair value hierarchy, and is updated on a quarterly basis, and any material changes are reflected in the income statement. The fair value models are sensitive to the customers financial performance the last twelve months of any quarter and the probability of the instru-ments being exercised. RAP, SIP and DCP programs RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases made. DCP (Deferred Compensation Plan) is a program in which Man-agement in certain foreign subsidiaries may choose to defer compensa-tion. The asset value is based on the fair value of the mutual fund in-vestments, and the liability is based on the value generated by partici-pant contributions, participant distributions, forfeitures, and invest-ment earnings or losses. Both asset and liabilities are categorized as level 2 in the fair value hierarchy. Each quarter GN receive a report re-garding the fair value of the assets from a third-party contractor, and will update the financial statements according to this report. Contingent consideration Contingent consideration, resulting from business combinations or di-vestments, is valued at fair value at the acquisition or divestment date as part of the transaction. The fair value is based on discounted cash flows and contractual terms of the contingent considerations and on non-observable inputs, such as the financial performance of the ac-quired enterprises. The key assumptions take into consideration the probability of meeting each performance target and the discount fac-tor. Contingent considerations are categorized as level 3 (unobservable inputs) in the fair value hierarchy. The models are updated on a quar-terly basis and any changes are reflected in the income statement. The fair value models are sensitive to the financial performance of the ac-quired enterprises, the probabilities of meeting the agreed objectives and the discount factor. Fair value disclosures re. financial instruments at amortized cost Based on observable inputs (fair value hierarchy level 2) the fair value of issued bonds (zero coupon) amounted to DKK 2,403 million at De-cember 31, 2023 (2022: DKK 2,222 million), and the fair value of EMTN bonds amounted to DKK 4,726 million (2022: DKK 5,918 million). For other financial assets and liabilities, the fair value is approximately equal to the carrying amount.",
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"s8_notesesefdkgaap__7__183": {
"value": "4.3 Financial instruments Categories of financial assets and liabilities The financial assets and liabilities presented in the balance sheet can be grouped in the following categories: DKK million 2023 2022 Financial assets Trade receivables 4,442 4,031 Other receivables 744 672 Other non-current assets 1,233 1,141 Financial assets at amortized cost 6,419 5,844 Derivative financial instruments included in Other receivables 117 34 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 494 471 Financial assets at fair value through profit or loss 611 505 Derivative financial instruments included in Other receivables 11 16 Financial assets at fair value through Other comprehensive income 11 16 Financial liabilities Issued bonds (bond-with-warrant units), non-current 3,189 2,401 Issued EMTN bonds, non-current 335 5,147 Bank loans, non-current 3 2,318 Bank loans and issued bonds, current 9,674 6,016 Lease liabilities 299 371 Other non-current liabilities 4 4 Trade payables 1,719 1,554 Financial liabilities at amortized cost 15,223 17,811 Derivative financial instruments included in Other liabilities 65 17 RAP, SIP and DCP included in Other non-current liabilities 265 256 Contingent consideration included in Other liabilities 90 131 Financial liabilities at fair value through profit or loss 420 404 Derivative financial instruments included in Other liabilities 26 105 Financial liabilities at fair value through Other comprehensive income 26 105 Accounting policiesFinancial Liabilities Amounts owed to credit institutions and banks as well as the issued EMTN bonds are recognized at the date of borrowing at fair value of the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognized in the income statement over the term of the loan. Issued Bond-With-Warrant units are initially recognized at fair value less related transaction costs. The fair value of the bonds is estimated by calcu-lating the present value of all contractual future cash flows using an inter-est rate for a bond with similar credit risk and duration as the issued bonds, but without the attached warrants. The difference between the fair value and the proceeds is considered to be the value of the warrants and is rec-ognized in Equity. The equity component is not re-measured subsequently. After initial recognition the bonds are measured at amortized cost using the effective interest method. By applying the effective interest method a constant interest rate is used to increase the carrying amount of the bonds and the difference between the carrying amount and the principal amount is in this way recognized as an interest expense in Financial expenses over the remaining term to maturity. In case the bonds are redeemed before maturity, the difference between the carrying amount at amortized cost and the principal amount will be recognized as a loss in Financial expenses. Other liabilities, comprising trade payables, amounts owed to associates as well as other payables, are measured at amortized cost. Contractual maturity analysis for financial liabilities Between one and More than three DKK million Less than one year three years years Total 2023 Issued bonds 7,053 37 892 7,982 Bank loans 2,048 452 2,529 5,029 Lease liabilities 112 140 69 321 Other liabilities - 54 215 269 Trade payables 1,719 - - 1,719 Contingent consideration 35 55 - 90 Total non-derivative financial liabilities 10,967 738 3,705 15,410 Derivative financial liabilities 91 - - 91 Total 11,058 738 3,705 15,501 2022 Issued bonds 1,716 6,987 899 9,602 Bank loans 4,428 454 2,063 6,945 Lease liabilities 130 164 94 388 Other liabilities - 56 204 260 Trade payables 1,554 - - 1,554 Contingent consideration 39 41 51 131 Total non-derivative financial liabilities 7,867 7,702 3,311 18,880 Derivative financial liabilities 122 - - 122 Total 7,989 7,702 3,311 19,002 The maturity analysis is based on non-discounted cash flows. Derivative financial instruments Exchange rate instruments2023 2022 Average rate Contract Fair value, Fair value, Average rate Contract Fair value, Fair value, DKK million (DKK) amount, net* assets liabilities (DKK) amount, net* assets liabilities USD / DKK 686 -1,445 56 75 729 -1,531 - 86 USD / EUR 689 2,860 65 - 695 2,581 8 - GBP** 854 169 - 6 848 114 8 14 INR / DKK 8 255 4 1 9 349 18 - Other currency pairs -6,974 2 9 -9,367 16 22 Total 127 91 50 122 * Positive contract amounts indicate sale of currencies vs. DKK or EUR ** Includes exchange rate instruments vs. DKK and EUR Fair value adjustments of cash flow hedges DKK million 2023 2022 Fair value adjustment for the year recognized in Other comprehen-sive income -27 -52 Reclassified from equity to revenue during the year -58 -1 Reclassified from equity to production costs during the year 136 -20 Adjustment of cash flow hedges in Other comprehensive income 51 -73 Fair value adjustment of non-designated hedges recognized in Other operating income and costs, net - -14 Fair value adjustment of non-designated hedges recognized in fi-nancial items 96 -356 All exchange rate instruments mature within 12 months from the bal-ance sheet date. The gains and losses on cash flow hedges recognized in Other compre-hensive income as of December 31, 2023 will be recognized in the In-come statement in the period during which the hedged forecasted transaction affects the Income statement.Accounting policiesDerivative Financial Instruments Derivative financial instruments are initially and subsequently recognized in the balance sheet at fair value. Positive and negative fair values of derivative financial instruments are recognized as other receivables and payables, respectively. Fair values of derivative financial instruments are computed on the basis of market data and generally accepted valuation methods. Accounting policiesDerivative Financial Instruments (continued) Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognized asset or liability are recognized in the income statement together with changes in the value of the hedged asset or liability as far as the hedged portion is concerned. Changes in the portion of the fair value of derivative financial instruments designated as and qualifying as a cash flow hedge that is an effective hedge of changes in the value of the hedged item are recognized in other comprehensive income. If the hedged transaction re-sults in gains or losses, amounts previously recognized in other compre-hensive income are transferred from equity to the same item as the hedged item. When a hedging instrument expires, or is terminated, or when a hedge no longer meets the criteria for hedge accounting, any gains or losses previ-ously recognized in Other comprehensive income remains in Equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss that were reported in equity are immediately reclassified to the income statement. For derivative financial instruments, where hedge accounting is not applied (economic hedges), changes in fair value are recognized in the Income statement as either Other operating income and costs, net or Financial items. The effectiveness of hedges is assessed on the following criteria: \u2022 An economic relationship exists between the hedged item and hedging instrument: \u2022 The effect of credit risk does not dominate the fair value changes; and \u2022 The hedge ratio applied for hedge accounting purposes should be the same as the hedge ratio used for risk management purposes. No material ineffectiveness amounts were recognized in the Statement of Financial Performance during the year. 2023 2022 Observable Unobservable Observable Unobservable Quoted prices input input Quoted prices input input DKK million (level 1) (level 2) (level 3) Total (level 1) (level 2) (level 3) Total Financial assets Derivative financial instruments included in Other receivables - 117 - 117 - 34 - 34 RAP, SIP, DCP included in Other non-current assets - 349 - 349 - 325 - 325 Ownership interests, etc. included in Other non-current assets - - 145 145 - - 146 146 Financial assets at fair value through profit or loss - 466 145 611 - 359 146 505 Derivative financial instruments included in Other receivables - 11 - 11 - 16 - 16 Financial assets at fair value through Other comprehensive income - 11 - 11 - 16 - 16 Financial liabilities Derivative financial instruments included in Other liabilities - 65 - 65 - 17 - 17 RAP, SIP and DCP included in Other non-current liabilities - 265 - 265 - 256 - 256 Contingent consideration included in Other liabilities - - 90 90 - - 131 131 Financial liabilities at fair value through profit or loss - 330 90 420 - 273 131 404 Derivative financial instruments included in Other liabilities - 26 - 26 - 105 - 105 Financial liabilities at fair value through Other comprehensive income - 26 - 26 - 105 - 105 In addition to the above, Other non-current liabilities include a liability of DKK 322 million (2022: DKK 387 million) related to put options is-sued on shares held by non-controlling shareholders which is measured at fair value (fair value hierarchy level 3). Adjustments to the fair value are accounted for as other equity transactions. DKK million 2023 2022 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 13 -21 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 1 141 Net fair value gains (losses) on contingent consideration 7 -15 Exchange rate instruments and interests rate swaps The fair value of the exchange rate instruments and interest rate swaps are determined using quoted forward exchange rates and for-ward interest rates, respectively at the balance sheet date and can be categorized as level 2 (observable inputs) in the fair value hierarchy. Ownership interests The fair value of the ownership interests is based on a market approach model. The key input is market observations of sales prices of compa-rable retail entities, combined with internal GN data such as number of sold hearing aids and the financial statements in which GN holds an in-terest. In the model, the ownership interests are divided into four groups of revenue multiple, according to the relative size and profita-bility of the dispensers. Since most of the data is based on non-observ-able data, the model is categorized as level 3 in the fair value hierarchy. The model is updated on a quarterly basis and any changes are re-flected in the Income statement or in Other comprehensive income as applicable. The fair value models are sensitive to the dispenser\u2019s finan-cial performance for the last 24 months rolling on a quarterly basis. Derivative financial instruments related to ownership interests Derivative financial instruments related to ownership interests in dis-pensers of GN Hearing products, are recognized in the balance sheet at fair value. The fair value model is based on a market approach model, using market observations of sales prices of comparable retail entities. The key inputs used are the number of hearing aid units sold by cus-tomer, average selling prices, and the estimated probability that the in-struments will be exercised. The fair value model is categorized as level 3 in the fair value hierarchy, and is updated on a quarterly basis, and any material changes are reflected in the income statement. The fair value models are sensitive to the customers financial performance the last twelve months of any quarter and the probability of the instru-ments being exercised. RAP, SIP and DCP programs RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases made. DCP (Deferred Compensation Plan) is a program in which Man-agement in certain foreign subsidiaries may choose to defer compensa-tion. The asset value is based on the fair value of the mutual fund in-vestments, and the liability is based on the value generated by partici-pant contributions, participant distributions, forfeitures, and invest-ment earnings or losses. Both asset and liabilities are categorized as level 2 in the fair value hierarchy. Each quarter GN receive a report re-garding the fair value of the assets from a third-party contractor, and will update the financial statements according to this report. Contingent consideration Contingent consideration, resulting from business combinations or di-vestments, is valued at fair value at the acquisition or divestment date as part of the transaction. The fair value is based on discounted cash flows and contractual terms of the contingent considerations and on non-observable inputs, such as the financial performance of the ac-quired enterprises. The key assumptions take into consideration the probability of meeting each performance target and the discount fac-tor. Contingent considerations are categorized as level 3 (unobservable inputs) in the fair value hierarchy. The models are updated on a quar-terly basis and any changes are reflected in the income statement. The fair value models are sensitive to the financial performance of the ac-quired enterprises, the probabilities of meeting the agreed objectives and the discount factor. Fair value disclosures re. financial instruments at amortized cost Based on observable inputs (fair value hierarchy level 2) the fair value of issued bonds (zero coupon) amounted to DKK 2,403 million at De-cember 31, 2023 (2022: DKK 2,222 million), and the fair value of EMTN bonds amounted to DKK 4,726 million (2022: DKK 5,918 million). For other financial assets and liabilities, the fair value is approximately equal to the carrying amount.",
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"s8_notesesefdkgaap__7__182": {
"value": "4.3 Financial instruments Categories of financial assets and liabilities The financial assets and liabilities presented in the balance sheet can be grouped in the following categories: DKK million 2023 2022 Financial assets Trade receivables 4,442 4,031 Other receivables 744 672 Other non-current assets 1,233 1,141 Financial assets at amortized cost 6,419 5,844 Derivative financial instruments included in Other receivables 117 34 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 494 471 Financial assets at fair value through profit or loss 611 505 Derivative financial instruments included in Other receivables 11 16 Financial assets at fair value through Other comprehensive income 11 16 Financial liabilities Issued bonds (bond-with-warrant units), non-current 3,189 2,401 Issued EMTN bonds, non-current 335 5,147 Bank loans, non-current 3 2,318 Bank loans and issued bonds, current 9,674 6,016 Lease liabilities 299 371 Other non-current liabilities 4 4 Trade payables 1,719 1,554 Financial liabilities at amortized cost 15,223 17,811 Derivative financial instruments included in Other liabilities 65 17 RAP, SIP and DCP included in Other non-current liabilities 265 256 Contingent consideration included in Other liabilities 90 131 Financial liabilities at fair value through profit or loss 420 404 Derivative financial instruments included in Other liabilities 26 105 Financial liabilities at fair value through Other comprehensive income 26 105 Accounting policiesFinancial Liabilities Amounts owed to credit institutions and banks as well as the issued EMTN bonds are recognized at the date of borrowing at fair value of the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognized in the income statement over the term of the loan. Issued Bond-With-Warrant units are initially recognized at fair value less related transaction costs. The fair value of the bonds is estimated by calcu-lating the present value of all contractual future cash flows using an inter-est rate for a bond with similar credit risk and duration as the issued bonds, but without the attached warrants. The difference between the fair value and the proceeds is considered to be the value of the warrants and is rec-ognized in Equity. The equity component is not re-measured subsequently. After initial recognition the bonds are measured at amortized cost using the effective interest method. By applying the effective interest method a constant interest rate is used to increase the carrying amount of the bonds and the difference between the carrying amount and the principal amount is in this way recognized as an interest expense in Financial expenses over the remaining term to maturity. In case the bonds are redeemed before maturity, the difference between the carrying amount at amortized cost and the principal amount will be recognized as a loss in Financial expenses. Other liabilities, comprising trade payables, amounts owed to associates as well as other payables, are measured at amortized cost. Contractual maturity analysis for financial liabilities Between one and More than three DKK million Less than one year three years years Total 2023 Issued bonds 7,053 37 892 7,982 Bank loans 2,048 452 2,529 5,029 Lease liabilities 112 140 69 321 Other liabilities - 54 215 269 Trade payables 1,719 - - 1,719 Contingent consideration 35 55 - 90 Total non-derivative financial liabilities 10,967 738 3,705 15,410 Derivative financial liabilities 91 - - 91 Total 11,058 738 3,705 15,501 2022 Issued bonds 1,716 6,987 899 9,602 Bank loans 4,428 454 2,063 6,945 Lease liabilities 130 164 94 388 Other liabilities - 56 204 260 Trade payables 1,554 - - 1,554 Contingent consideration 39 41 51 131 Total non-derivative financial liabilities 7,867 7,702 3,311 18,880 Derivative financial liabilities 122 - - 122 Total 7,989 7,702 3,311 19,002 The maturity analysis is based on non-discounted cash flows. Derivative financial instruments Exchange rate instruments2023 2022 Average rate Contract Fair value, Fair value, Average rate Contract Fair value, Fair value, DKK million (DKK) amount, net* assets liabilities (DKK) amount, net* assets liabilities USD / DKK 686 -1,445 56 75 729 -1,531 - 86 USD / EUR 689 2,860 65 - 695 2,581 8 - GBP** 854 169 - 6 848 114 8 14 INR / DKK 8 255 4 1 9 349 18 - Other currency pairs -6,974 2 9 -9,367 16 22 Total 127 91 50 122 * Positive contract amounts indicate sale of currencies vs. DKK or EUR ** Includes exchange rate instruments vs. DKK and EUR Fair value adjustments of cash flow hedges DKK million 2023 2022 Fair value adjustment for the year recognized in Other comprehen-sive income -27 -52 Reclassified from equity to revenue during the year -58 -1 Reclassified from equity to production costs during the year 136 -20 Adjustment of cash flow hedges in Other comprehensive income 51 -73 Fair value adjustment of non-designated hedges recognized in Other operating income and costs, net - -14 Fair value adjustment of non-designated hedges recognized in fi-nancial items 96 -356 All exchange rate instruments mature within 12 months from the bal-ance sheet date. The gains and losses on cash flow hedges recognized in Other compre-hensive income as of December 31, 2023 will be recognized in the In-come statement in the period during which the hedged forecasted transaction affects the Income statement.Accounting policiesDerivative Financial Instruments Derivative financial instruments are initially and subsequently recognized in the balance sheet at fair value. Positive and negative fair values of derivative financial instruments are recognized as other receivables and payables, respectively. Fair values of derivative financial instruments are computed on the basis of market data and generally accepted valuation methods. Accounting policiesDerivative Financial Instruments (continued) Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognized asset or liability are recognized in the income statement together with changes in the value of the hedged asset or liability as far as the hedged portion is concerned. Changes in the portion of the fair value of derivative financial instruments designated as and qualifying as a cash flow hedge that is an effective hedge of changes in the value of the hedged item are recognized in other comprehensive income. If the hedged transaction re-sults in gains or losses, amounts previously recognized in other compre-hensive income are transferred from equity to the same item as the hedged item. When a hedging instrument expires, or is terminated, or when a hedge no longer meets the criteria for hedge accounting, any gains or losses previ-ously recognized in Other comprehensive income remains in Equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss that were reported in equity are immediately reclassified to the income statement. For derivative financial instruments, where hedge accounting is not applied (economic hedges), changes in fair value are recognized in the Income statement as either Other operating income and costs, net or Financial items. The effectiveness of hedges is assessed on the following criteria: \u2022 An economic relationship exists between the hedged item and hedging instrument: \u2022 The effect of credit risk does not dominate the fair value changes; and \u2022 The hedge ratio applied for hedge accounting purposes should be the same as the hedge ratio used for risk management purposes. No material ineffectiveness amounts were recognized in the Statement of Financial Performance during the year. 2023 2022 Observable Unobservable Observable Unobservable Quoted prices input input Quoted prices input input DKK million (level 1) (level 2) (level 3) Total (level 1) (level 2) (level 3) Total Financial assets Derivative financial instruments included in Other receivables - 117 - 117 - 34 - 34 RAP, SIP, DCP included in Other non-current assets - 349 - 349 - 325 - 325 Ownership interests, etc. included in Other non-current assets - - 145 145 - - 146 146 Financial assets at fair value through profit or loss - 466 145 611 - 359 146 505 Derivative financial instruments included in Other receivables - 11 - 11 - 16 - 16 Financial assets at fair value through Other comprehensive income - 11 - 11 - 16 - 16 Financial liabilities Derivative financial instruments included in Other liabilities - 65 - 65 - 17 - 17 RAP, SIP and DCP included in Other non-current liabilities - 265 - 265 - 256 - 256 Contingent consideration included in Other liabilities - - 90 90 - - 131 131 Financial liabilities at fair value through profit or loss - 330 90 420 - 273 131 404 Derivative financial instruments included in Other liabilities - 26 - 26 - 105 - 105 Financial liabilities at fair value through Other comprehensive income - 26 - 26 - 105 - 105 In addition to the above, Other non-current liabilities include a liability of DKK 322 million (2022: DKK 387 million) related to put options is-sued on shares held by non-controlling shareholders which is measured at fair value (fair value hierarchy level 3). Adjustments to the fair value are accounted for as other equity transactions. DKK million 2023 2022 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 13 -21 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 1 141 Net fair value gains (losses) on contingent consideration 7 -15 Exchange rate instruments and interests rate swaps The fair value of the exchange rate instruments and interest rate swaps are determined using quoted forward exchange rates and for-ward interest rates, respectively at the balance sheet date and can be categorized as level 2 (observable inputs) in the fair value hierarchy. Ownership interests The fair value of the ownership interests is based on a market approach model. The key input is market observations of sales prices of compa-rable retail entities, combined with internal GN data such as number of sold hearing aids and the financial statements in which GN holds an in-terest. In the model, the ownership interests are divided into four groups of revenue multiple, according to the relative size and profita-bility of the dispensers. Since most of the data is based on non-observ-able data, the model is categorized as level 3 in the fair value hierarchy. The model is updated on a quarterly basis and any changes are re-flected in the Income statement or in Other comprehensive income as applicable. The fair value models are sensitive to the dispenser\u2019s finan-cial performance for the last 24 months rolling on a quarterly basis. Derivative financial instruments related to ownership interests Derivative financial instruments related to ownership interests in dis-pensers of GN Hearing products, are recognized in the balance sheet at fair value. The fair value model is based on a market approach model, using market observations of sales prices of comparable retail entities. The key inputs used are the number of hearing aid units sold by cus-tomer, average selling prices, and the estimated probability that the in-struments will be exercised. The fair value model is categorized as level 3 in the fair value hierarchy, and is updated on a quarterly basis, and any material changes are reflected in the income statement. The fair value models are sensitive to the customers financial performance the last twelve months of any quarter and the probability of the instru-ments being exercised. RAP, SIP and DCP programs RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases made. DCP (Deferred Compensation Plan) is a program in which Man-agement in certain foreign subsidiaries may choose to defer compensa-tion. The asset value is based on the fair value of the mutual fund in-vestments, and the liability is based on the value generated by partici-pant contributions, participant distributions, forfeitures, and invest-ment earnings or losses. Both asset and liabilities are categorized as level 2 in the fair value hierarchy. Each quarter GN receive a report re-garding the fair value of the assets from a third-party contractor, and will update the financial statements according to this report. Contingent consideration Contingent consideration, resulting from business combinations or di-vestments, is valued at fair value at the acquisition or divestment date as part of the transaction. The fair value is based on discounted cash flows and contractual terms of the contingent considerations and on non-observable inputs, such as the financial performance of the ac-quired enterprises. The key assumptions take into consideration the probability of meeting each performance target and the discount fac-tor. Contingent considerations are categorized as level 3 (unobservable inputs) in the fair value hierarchy. The models are updated on a quar-terly basis and any changes are reflected in the income statement. The fair value models are sensitive to the financial performance of the ac-quired enterprises, the probabilities of meeting the agreed objectives and the discount factor. Fair value disclosures re. financial instruments at amortized cost Based on observable inputs (fair value hierarchy level 2) the fair value of issued bonds (zero coupon) amounted to DKK 2,403 million at De-cember 31, 2023 (2022: DKK 2,222 million), and the fair value of EMTN bonds amounted to DKK 4,726 million (2022: DKK 5,918 million). For other financial assets and liabilities, the fair value is approximately equal to the carrying amount.",
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"s8_notesesefdkgaap__7__178": {
"value": "4.3 Financial instruments Categories of financial assets and liabilities The financial assets and liabilities presented in the balance sheet can be grouped in the following categories: DKK million 2023 2022 Financial assets Trade receivables 4,442 4,031 Other receivables 744 672 Other non-current assets 1,233 1,141 Financial assets at amortized cost 6,419 5,844 Derivative financial instruments included in Other receivables 117 34 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 494 471 Financial assets at fair value through profit or loss 611 505 Derivative financial instruments included in Other receivables 11 16 Financial assets at fair value through Other comprehensive income 11 16 Financial liabilities Issued bonds (bond-with-warrant units), non-current 3,189 2,401 Issued EMTN bonds, non-current 335 5,147 Bank loans, non-current 3 2,318 Bank loans and issued bonds, current 9,674 6,016 Lease liabilities 299 371 Other non-current liabilities 4 4 Trade payables 1,719 1,554 Financial liabilities at amortized cost 15,223 17,811 Derivative financial instruments included in Other liabilities 65 17 RAP, SIP and DCP included in Other non-current liabilities 265 256 Contingent consideration included in Other liabilities 90 131 Financial liabilities at fair value through profit or loss 420 404 Derivative financial instruments included in Other liabilities 26 105 Financial liabilities at fair value through Other comprehensive income 26 105 Accounting policiesFinancial Liabilities Amounts owed to credit institutions and banks as well as the issued EMTN bonds are recognized at the date of borrowing at fair value of the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognized in the income statement over the term of the loan. Issued Bond-With-Warrant units are initially recognized at fair value less related transaction costs. The fair value of the bonds is estimated by calcu-lating the present value of all contractual future cash flows using an inter-est rate for a bond with similar credit risk and duration as the issued bonds, but without the attached warrants. The difference between the fair value and the proceeds is considered to be the value of the warrants and is rec-ognized in Equity. The equity component is not re-measured subsequently. After initial recognition the bonds are measured at amortized cost using the effective interest method. By applying the effective interest method a constant interest rate is used to increase the carrying amount of the bonds and the difference between the carrying amount and the principal amount is in this way recognized as an interest expense in Financial expenses over the remaining term to maturity. In case the bonds are redeemed before maturity, the difference between the carrying amount at amortized cost and the principal amount will be recognized as a loss in Financial expenses. Other liabilities, comprising trade payables, amounts owed to associates as well as other payables, are measured at amortized cost. Contractual maturity analysis for financial liabilities Between one and More than three DKK million Less than one year three years years Total 2023 Issued bonds 7,053 37 892 7,982 Bank loans 2,048 452 2,529 5,029 Lease liabilities 112 140 69 321 Other liabilities - 54 215 269 Trade payables 1,719 - - 1,719 Contingent consideration 35 55 - 90 Total non-derivative financial liabilities 10,967 738 3,705 15,410 Derivative financial liabilities 91 - - 91 Total 11,058 738 3,705 15,501 2022 Issued bonds 1,716 6,987 899 9,602 Bank loans 4,428 454 2,063 6,945 Lease liabilities 130 164 94 388 Other liabilities - 56 204 260 Trade payables 1,554 - - 1,554 Contingent consideration 39 41 51 131 Total non-derivative financial liabilities 7,867 7,702 3,311 18,880 Derivative financial liabilities 122 - - 122 Total 7,989 7,702 3,311 19,002 The maturity analysis is based on non-discounted cash flows. Derivative financial instruments Exchange rate instruments2023 2022 Average rate Contract Fair value, Fair value, Average rate Contract Fair value, Fair value, DKK million (DKK) amount, net* assets liabilities (DKK) amount, net* assets liabilities USD / DKK 686 -1,445 56 75 729 -1,531 - 86 USD / EUR 689 2,860 65 - 695 2,581 8 - GBP** 854 169 - 6 848 114 8 14 INR / DKK 8 255 4 1 9 349 18 - Other currency pairs -6,974 2 9 -9,367 16 22 Total 127 91 50 122 * Positive contract amounts indicate sale of currencies vs. DKK or EUR ** Includes exchange rate instruments vs. DKK and EUR Fair value adjustments of cash flow hedges DKK million 2023 2022 Fair value adjustment for the year recognized in Other comprehen-sive income -27 -52 Reclassified from equity to revenue during the year -58 -1 Reclassified from equity to production costs during the year 136 -20 Adjustment of cash flow hedges in Other comprehensive income 51 -73 Fair value adjustment of non-designated hedges recognized in Other operating income and costs, net - -14 Fair value adjustment of non-designated hedges recognized in fi-nancial items 96 -356 All exchange rate instruments mature within 12 months from the bal-ance sheet date. The gains and losses on cash flow hedges recognized in Other compre-hensive income as of December 31, 2023 will be recognized in the In-come statement in the period during which the hedged forecasted transaction affects the Income statement.Accounting policiesDerivative Financial Instruments Derivative financial instruments are initially and subsequently recognized in the balance sheet at fair value. Positive and negative fair values of derivative financial instruments are recognized as other receivables and payables, respectively. Fair values of derivative financial instruments are computed on the basis of market data and generally accepted valuation methods. Accounting policiesDerivative Financial Instruments (continued) Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognized asset or liability are recognized in the income statement together with changes in the value of the hedged asset or liability as far as the hedged portion is concerned. Changes in the portion of the fair value of derivative financial instruments designated as and qualifying as a cash flow hedge that is an effective hedge of changes in the value of the hedged item are recognized in other comprehensive income. If the hedged transaction re-sults in gains or losses, amounts previously recognized in other compre-hensive income are transferred from equity to the same item as the hedged item. When a hedging instrument expires, or is terminated, or when a hedge no longer meets the criteria for hedge accounting, any gains or losses previ-ously recognized in Other comprehensive income remains in Equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss that were reported in equity are immediately reclassified to the income statement. For derivative financial instruments, where hedge accounting is not applied (economic hedges), changes in fair value are recognized in the Income statement as either Other operating income and costs, net or Financial items. The effectiveness of hedges is assessed on the following criteria: \u2022 An economic relationship exists between the hedged item and hedging instrument: \u2022 The effect of credit risk does not dominate the fair value changes; and \u2022 The hedge ratio applied for hedge accounting purposes should be the same as the hedge ratio used for risk management purposes. No material ineffectiveness amounts were recognized in the Statement of Financial Performance during the year. 2023 2022 Observable Unobservable Observable Unobservable Quoted prices input input Quoted prices input input DKK million (level 1) (level 2) (level 3) Total (level 1) (level 2) (level 3) Total Financial assets Derivative financial instruments included in Other receivables - 117 - 117 - 34 - 34 RAP, SIP, DCP included in Other non-current assets - 349 - 349 - 325 - 325 Ownership interests, etc. included in Other non-current assets - - 145 145 - - 146 146 Financial assets at fair value through profit or loss - 466 145 611 - 359 146 505 Derivative financial instruments included in Other receivables - 11 - 11 - 16 - 16 Financial assets at fair value through Other comprehensive income - 11 - 11 - 16 - 16 Financial liabilities Derivative financial instruments included in Other liabilities - 65 - 65 - 17 - 17 RAP, SIP and DCP included in Other non-current liabilities - 265 - 265 - 256 - 256 Contingent consideration included in Other liabilities - - 90 90 - - 131 131 Financial liabilities at fair value through profit or loss - 330 90 420 - 273 131 404 Derivative financial instruments included in Other liabilities - 26 - 26 - 105 - 105 Financial liabilities at fair value through Other comprehensive income - 26 - 26 - 105 - 105 In addition to the above, Other non-current liabilities include a liability of DKK 322 million (2022: DKK 387 million) related to put options is-sued on shares held by non-controlling shareholders which is measured at fair value (fair value hierarchy level 3). Adjustments to the fair value are accounted for as other equity transactions. DKK million 2023 2022 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 13 -21 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 1 141 Net fair value gains (losses) on contingent consideration 7 -15 Exchange rate instruments and interests rate swaps The fair value of the exchange rate instruments and interest rate swaps are determined using quoted forward exchange rates and for-ward interest rates, respectively at the balance sheet date and can be categorized as level 2 (observable inputs) in the fair value hierarchy. Ownership interests The fair value of the ownership interests is based on a market approach model. The key input is market observations of sales prices of compa-rable retail entities, combined with internal GN data such as number of sold hearing aids and the financial statements in which GN holds an in-terest. In the model, the ownership interests are divided into four groups of revenue multiple, according to the relative size and profita-bility of the dispensers. Since most of the data is based on non-observ-able data, the model is categorized as level 3 in the fair value hierarchy. The model is updated on a quarterly basis and any changes are re-flected in the Income statement or in Other comprehensive income as applicable. The fair value models are sensitive to the dispenser\u2019s finan-cial performance for the last 24 months rolling on a quarterly basis. Derivative financial instruments related to ownership interests Derivative financial instruments related to ownership interests in dis-pensers of GN Hearing products, are recognized in the balance sheet at fair value. The fair value model is based on a market approach model, using market observations of sales prices of comparable retail entities. The key inputs used are the number of hearing aid units sold by cus-tomer, average selling prices, and the estimated probability that the in-struments will be exercised. The fair value model is categorized as level 3 in the fair value hierarchy, and is updated on a quarterly basis, and any material changes are reflected in the income statement. The fair value models are sensitive to the customers financial performance the last twelve months of any quarter and the probability of the instru-ments being exercised. RAP, SIP and DCP programs RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases made. DCP (Deferred Compensation Plan) is a program in which Man-agement in certain foreign subsidiaries may choose to defer compensa-tion. The asset value is based on the fair value of the mutual fund in-vestments, and the liability is based on the value generated by partici-pant contributions, participant distributions, forfeitures, and invest-ment earnings or losses. Both asset and liabilities are categorized as level 2 in the fair value hierarchy. Each quarter GN receive a report re-garding the fair value of the assets from a third-party contractor, and will update the financial statements according to this report. Contingent consideration Contingent consideration, resulting from business combinations or di-vestments, is valued at fair value at the acquisition or divestment date as part of the transaction. The fair value is based on discounted cash flows and contractual terms of the contingent considerations and on non-observable inputs, such as the financial performance of the ac-quired enterprises. The key assumptions take into consideration the probability of meeting each performance target and the discount fac-tor. Contingent considerations are categorized as level 3 (unobservable inputs) in the fair value hierarchy. The models are updated on a quar-terly basis and any changes are reflected in the income statement. The fair value models are sensitive to the financial performance of the ac-quired enterprises, the probabilities of meeting the agreed objectives and the discount factor. Fair value disclosures re. financial instruments at amortized cost Based on observable inputs (fair value hierarchy level 2) the fair value of issued bonds (zero coupon) amounted to DKK 2,403 million at De-cember 31, 2023 (2022: DKK 2,222 million), and the fair value of EMTN bonds amounted to DKK 4,726 million (2022: DKK 5,918 million). For other financial assets and liabilities, the fair value is approximately equal to the carrying amount.",
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"s8_notesesefdkgaap__7__177-1": {
"value": "4.3 Financial instruments Categories of financial assets and liabilities The financial assets and liabilities presented in the balance sheet can be grouped in the following categories: DKK million 2023 2022 Financial assets Trade receivables 4,442 4,031 Other receivables 744 672 Other non-current assets 1,233 1,141 Financial assets at amortized cost 6,419 5,844 Derivative financial instruments included in Other receivables 117 34 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 494 471 Financial assets at fair value through profit or loss 611 505 Derivative financial instruments included in Other receivables 11 16 Financial assets at fair value through Other comprehensive income 11 16 Financial liabilities Issued bonds (bond-with-warrant units), non-current 3,189 2,401 Issued EMTN bonds, non-current 335 5,147 Bank loans, non-current 3 2,318 Bank loans and issued bonds, current 9,674 6,016 Lease liabilities 299 371 Other non-current liabilities 4 4 Trade payables 1,719 1,554 Financial liabilities at amortized cost 15,223 17,811 Derivative financial instruments included in Other liabilities 65 17 RAP, SIP and DCP included in Other non-current liabilities 265 256 Contingent consideration included in Other liabilities 90 131 Financial liabilities at fair value through profit or loss 420 404 Derivative financial instruments included in Other liabilities 26 105 Financial liabilities at fair value through Other comprehensive income 26 105 Accounting policiesFinancial Liabilities Amounts owed to credit institutions and banks as well as the issued EMTN bonds are recognized at the date of borrowing at fair value of the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognized in the income statement over the term of the loan. Issued Bond-With-Warrant units are initially recognized at fair value less related transaction costs. The fair value of the bonds is estimated by calcu-lating the present value of all contractual future cash flows using an inter-est rate for a bond with similar credit risk and duration as the issued bonds, but without the attached warrants. The difference between the fair value and the proceeds is considered to be the value of the warrants and is rec-ognized in Equity. The equity component is not re-measured subsequently. After initial recognition the bonds are measured at amortized cost using the effective interest method. By applying the effective interest method a constant interest rate is used to increase the carrying amount of the bonds and the difference between the carrying amount and the principal amount is in this way recognized as an interest expense in Financial expenses over the remaining term to maturity. In case the bonds are redeemed before maturity, the difference between the carrying amount at amortized cost and the principal amount will be recognized as a loss in Financial expenses. Other liabilities, comprising trade payables, amounts owed to associates as well as other payables, are measured at amortized cost. Contractual maturity analysis for financial liabilities Between one and More than three DKK million Less than one year three years years Total 2023 Issued bonds 7,053 37 892 7,982 Bank loans 2,048 452 2,529 5,029 Lease liabilities 112 140 69 321 Other liabilities - 54 215 269 Trade payables 1,719 - - 1,719 Contingent consideration 35 55 - 90 Total non-derivative financial liabilities 10,967 738 3,705 15,410 Derivative financial liabilities 91 - - 91 Total 11,058 738 3,705 15,501 2022 Issued bonds 1,716 6,987 899 9,602 Bank loans 4,428 454 2,063 6,945 Lease liabilities 130 164 94 388 Other liabilities - 56 204 260 Trade payables 1,554 - - 1,554 Contingent consideration 39 41 51 131 Total non-derivative financial liabilities 7,867 7,702 3,311 18,880 Derivative financial liabilities 122 - - 122 Total 7,989 7,702 3,311 19,002 The maturity analysis is based on non-discounted cash flows. Derivative financial instruments Exchange rate instruments2023 2022 Average rate Contract Fair value, Fair value, Average rate Contract Fair value, Fair value, DKK million (DKK) amount, net* assets liabilities (DKK) amount, net* assets liabilities USD / DKK 686 -1,445 56 75 729 -1,531 - 86 USD / EUR 689 2,860 65 - 695 2,581 8 - GBP** 854 169 - 6 848 114 8 14 INR / DKK 8 255 4 1 9 349 18 - Other currency pairs -6,974 2 9 -9,367 16 22 Total 127 91 50 122 * Positive contract amounts indicate sale of currencies vs. DKK or EUR ** Includes exchange rate instruments vs. DKK and EUR Fair value adjustments of cash flow hedges DKK million 2023 2022 Fair value adjustment for the year recognized in Other comprehen-sive income -27 -52 Reclassified from equity to revenue during the year -58 -1 Reclassified from equity to production costs during the year 136 -20 Adjustment of cash flow hedges in Other comprehensive income 51 -73 Fair value adjustment of non-designated hedges recognized in Other operating income and costs, net - -14 Fair value adjustment of non-designated hedges recognized in fi-nancial items 96 -356 All exchange rate instruments mature within 12 months from the bal-ance sheet date. The gains and losses on cash flow hedges recognized in Other compre-hensive income as of December 31, 2023 will be recognized in the In-come statement in the period during which the hedged forecasted transaction affects the Income statement.Accounting policiesDerivative Financial Instruments Derivative financial instruments are initially and subsequently recognized in the balance sheet at fair value. Positive and negative fair values of derivative financial instruments are recognized as other receivables and payables, respectively. Fair values of derivative financial instruments are computed on the basis of market data and generally accepted valuation methods. Accounting policiesDerivative Financial Instruments (continued) Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognized asset or liability are recognized in the income statement together with changes in the value of the hedged asset or liability as far as the hedged portion is concerned. Changes in the portion of the fair value of derivative financial instruments designated as and qualifying as a cash flow hedge that is an effective hedge of changes in the value of the hedged item are recognized in other comprehensive income. If the hedged transaction re-sults in gains or losses, amounts previously recognized in other compre-hensive income are transferred from equity to the same item as the hedged item. When a hedging instrument expires, or is terminated, or when a hedge no longer meets the criteria for hedge accounting, any gains or losses previ-ously recognized in Other comprehensive income remains in Equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss that were reported in equity are immediately reclassified to the income statement. For derivative financial instruments, where hedge accounting is not applied (economic hedges), changes in fair value are recognized in the Income statement as either Other operating income and costs, net or Financial items. The effectiveness of hedges is assessed on the following criteria: \u2022 An economic relationship exists between the hedged item and hedging instrument: \u2022 The effect of credit risk does not dominate the fair value changes; and \u2022 The hedge ratio applied for hedge accounting purposes should be the same as the hedge ratio used for risk management purposes. No material ineffectiveness amounts were recognized in the Statement of Financial Performance during the year. 2023 2022 Observable Unobservable Observable Unobservable Quoted prices input input Quoted prices input input DKK million (level 1) (level 2) (level 3) Total (level 1) (level 2) (level 3) Total Financial assets Derivative financial instruments included in Other receivables - 117 - 117 - 34 - 34 RAP, SIP, DCP included in Other non-current assets - 349 - 349 - 325 - 325 Ownership interests, etc. included in Other non-current assets - - 145 145 - - 146 146 Financial assets at fair value through profit or loss - 466 145 611 - 359 146 505 Derivative financial instruments included in Other receivables - 11 - 11 - 16 - 16 Financial assets at fair value through Other comprehensive income - 11 - 11 - 16 - 16 Financial liabilities Derivative financial instruments included in Other liabilities - 65 - 65 - 17 - 17 RAP, SIP and DCP included in Other non-current liabilities - 265 - 265 - 256 - 256 Contingent consideration included in Other liabilities - - 90 90 - - 131 131 Financial liabilities at fair value through profit or loss - 330 90 420 - 273 131 404 Derivative financial instruments included in Other liabilities - 26 - 26 - 105 - 105 Financial liabilities at fair value through Other comprehensive income - 26 - 26 - 105 - 105 In addition to the above, Other non-current liabilities include a liability of DKK 322 million (2022: DKK 387 million) related to put options is-sued on shares held by non-controlling shareholders which is measured at fair value (fair value hierarchy level 3). Adjustments to the fair value are accounted for as other equity transactions. DKK million 2023 2022 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 13 -21 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 1 141 Net fair value gains (losses) on contingent consideration 7 -15 Exchange rate instruments and interests rate swaps The fair value of the exchange rate instruments and interest rate swaps are determined using quoted forward exchange rates and for-ward interest rates, respectively at the balance sheet date and can be categorized as level 2 (observable inputs) in the fair value hierarchy. Ownership interests The fair value of the ownership interests is based on a market approach model. The key input is market observations of sales prices of compa-rable retail entities, combined with internal GN data such as number of sold hearing aids and the financial statements in which GN holds an in-terest. In the model, the ownership interests are divided into four groups of revenue multiple, according to the relative size and profita-bility of the dispensers. Since most of the data is based on non-observ-able data, the model is categorized as level 3 in the fair value hierarchy. The model is updated on a quarterly basis and any changes are re-flected in the Income statement or in Other comprehensive income as applicable. The fair value models are sensitive to the dispenser\u2019s finan-cial performance for the last 24 months rolling on a quarterly basis. Derivative financial instruments related to ownership interests Derivative financial instruments related to ownership interests in dis-pensers of GN Hearing products, are recognized in the balance sheet at fair value. The fair value model is based on a market approach model, using market observations of sales prices of comparable retail entities. The key inputs used are the number of hearing aid units sold by cus-tomer, average selling prices, and the estimated probability that the in-struments will be exercised. The fair value model is categorized as level 3 in the fair value hierarchy, and is updated on a quarterly basis, and any material changes are reflected in the income statement. The fair value models are sensitive to the customers financial performance the last twelve months of any quarter and the probability of the instru-ments being exercised. RAP, SIP and DCP programs RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases made. DCP (Deferred Compensation Plan) is a program in which Man-agement in certain foreign subsidiaries may choose to defer compensa-tion. The asset value is based on the fair value of the mutual fund in-vestments, and the liability is based on the value generated by partici-pant contributions, participant distributions, forfeitures, and invest-ment earnings or losses. Both asset and liabilities are categorized as level 2 in the fair value hierarchy. Each quarter GN receive a report re-garding the fair value of the assets from a third-party contractor, and will update the financial statements according to this report. Contingent consideration Contingent consideration, resulting from business combinations or di-vestments, is valued at fair value at the acquisition or divestment date as part of the transaction. The fair value is based on discounted cash flows and contractual terms of the contingent considerations and on non-observable inputs, such as the financial performance of the ac-quired enterprises. The key assumptions take into consideration the probability of meeting each performance target and the discount fac-tor. Contingent considerations are categorized as level 3 (unobservable inputs) in the fair value hierarchy. The models are updated on a quar-terly basis and any changes are reflected in the income statement. The fair value models are sensitive to the financial performance of the ac-quired enterprises, the probabilities of meeting the agreed objectives and the discount factor. Fair value disclosures re. financial instruments at amortized cost Based on observable inputs (fair value hierarchy level 2) the fair value of issued bonds (zero coupon) amounted to DKK 2,403 million at De-cember 31, 2023 (2022: DKK 2,222 million), and the fair value of EMTN bonds amounted to DKK 4,726 million (2022: DKK 5,918 million). For other financial assets and liabilities, the fair value is approximately equal to the carrying amount.4.4 Liabilities from financing activities Other non-Bank loans Bank loans, Issued bonds, current and issued DKK million non-current non-current liabilities Lease liabilities bonds, current Total Liabilities at January 1 2,318 7,548 867 371 6,016 17,120 Cash flows -1,834 2,290 -98 -104 -3,273 -3,019 Foreign exchange adjustments -2 29 28 -7 - 48 New leases - - - 38 - 38 Non-cash interest expenses - 30 - - - 30 Additions on company acquisitions - - - - - - Bonds reclassified to current - -6,931 - - 6,931 - Other non-cash adjustments 21 58 -20 - - 59 Liabilities at December 31, 2023 503 3,024 777 298 9,674 14,276 Liabilities at January 1 372 9,141 727 438 1,615 12,293 Cash flows 1,935 - 53 -153 1,725 3,560 Foreign exchange adjustments -1 -19 19 5 2 6 New leases - - - 25 - 25 Non-cash interest expenses - 60 - - - 60 Additions on company acquisitions 6 - - 56 1,040 1,102 Bonds reclassified to current - -1,634 - - 1,634 - Other non-cash adjustments 6 - 68 - - 74 Liabilities at December 31, 2022 2,318 7,548 867 371 6,016 17,120",
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"s8_notesesefdkgaap__7__185": {
"value": "Accounting policiesFinancial Liabilities Amounts owed to credit institutions and banks as well as the issued EMTN bonds are recognized at the date of borrowing at fair value of the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognized in the income statement over the term of the loan. Issued Bond-With-Warrant units are initially recognized at fair value less related transaction costs. The fair value of the bonds is estimated by calcu-lating the present value of all contractual future cash flows using an inter-est rate for a bond with similar credit risk and duration as the issued bonds, but without the attached warrants. The difference between the fair value and the proceeds is considered to be the value of the warrants and is rec-ognized in Equity. The equity component is not re-measured subsequently. After initial recognition the bonds are measured at amortized cost using the effective interest method. By applying the effective interest method a constant interest rate is used to increase the carrying amount of the bonds and the difference between the carrying amount and the principal amount is in this way recognized as an interest expense in Financial expenses over the remaining term to maturity. In case the bonds are redeemed before maturity, the difference between the carrying amount at amortized cost and the principal amount will be recognized as a loss in Financial expenses. Other liabilities, comprising trade payables, amounts owed to associates as well as other payables, are measured at amortized cost.",
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"s8_notesesefdkgaap__7__187": {
"value": "Accounting policiesDerivative Financial Instruments Derivative financial instruments are initially and subsequently recognized in the balance sheet at fair value. Positive and negative fair values of derivative financial instruments are recognized as other receivables and payables, respectively. Fair values of derivative financial instruments are computed on the basis of market data and generally accepted valuation methods. Accounting policiesDerivative Financial Instruments (continued) Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognized asset or liability are recognized in the income statement together with changes in the value of the hedged asset or liability as far as the hedged portion is concerned. Changes in the portion of the fair value of derivative financial instruments designated as and qualifying as a cash flow hedge that is an effective hedge of changes in the value of the hedged item are recognized in other comprehensive income. If the hedged transaction re-sults in gains or losses, amounts previously recognized in other compre-hensive income are transferred from equity to the same item as the hedged item. When a hedging instrument expires, or is terminated, or when a hedge no longer meets the criteria for hedge accounting, any gains or losses previ-ously recognized in Other comprehensive income remains in Equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss that were reported in equity are immediately reclassified to the income statement. For derivative financial instruments, where hedge accounting is not applied (economic hedges), changes in fair value are recognized in the Income statement as either Other operating income and costs, net or Financial items. The effectiveness of hedges is assessed on the following criteria: \u2022 An economic relationship exists between the hedged item and hedging instrument: \u2022 The effect of credit risk does not dominate the fair value changes; and \u2022 The hedge ratio applied for hedge accounting purposes should be the same as the hedge ratio used for risk management purposes. No material ineffectiveness amounts were recognized in the Statement of Financial Performance during the year.",
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"s8_notesesefdkgaap__7__191-1": {
"value": "4.4 Liabilities from financing activities Other non-Bank loans Bank loans, Issued bonds, current and issued DKK million non-current non-current liabilities Lease liabilities bonds, current Total Liabilities at January 1 2,318 7,548 867 371 6,016 17,120 Cash flows -1,834 2,290 -98 -104 -3,273 -3,019 Foreign exchange adjustments -2 29 28 -7 - 48 New leases - - - 38 - 38 Non-cash interest expenses - 30 - - - 30 Additions on company acquisitions - - - - - - Bonds reclassified to current - -6,931 - - 6,931 - Other non-cash adjustments 21 58 -20 - - 59 Liabilities at December 31, 2023 503 3,024 777 298 9,674 14,276 Liabilities at January 1 372 9,141 727 438 1,615 12,293 Cash flows 1,935 - 53 -153 1,725 3,560 Foreign exchange adjustments -1 -19 19 5 2 6 New leases - - - 25 - 25 Non-cash interest expenses - 60 - - - 60 Additions on company acquisitions 6 - - 56 1,040 1,102 Bonds reclassified to current - -1,634 - - 1,634 - Other non-cash adjustments 6 - 68 - - 74 Liabilities at December 31, 2022 2,318 7,548 867 371 6,016 17,1205.7 Other non-cash adjustments DKK million 2023 2022 Share-based payment (granted) -67 111 (Gain) loss on divestment of operations - -9 Loss allowance on trade receivables, inventory write- 154 downs, etc. 40 Adjustment of provisions 123 -84 Total 210 58 ",
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},
"s8_notesesefdkgaap__7__189": {
"value": "4.4 Liabilities from financing activities Other non-Bank loans Bank loans, Issued bonds, current and issued DKK million non-current non-current liabilities Lease liabilities bonds, current Total Liabilities at January 1 2,318 7,548 867 371 6,016 17,120 Cash flows -1,834 2,290 -98 -104 -3,273 -3,019 Foreign exchange adjustments -2 29 28 -7 - 48 New leases - - - 38 - 38 Non-cash interest expenses - 30 - - - 30 Additions on company acquisitions - - - - - - Bonds reclassified to current - -6,931 - - 6,931 - Other non-cash adjustments 21 58 -20 - - 59 Liabilities at December 31, 2023 503 3,024 777 298 9,674 14,276 Liabilities at January 1 372 9,141 727 438 1,615 12,293 Cash flows 1,935 - 53 -153 1,725 3,560 Foreign exchange adjustments -1 -19 19 5 2 6 New leases - - - 25 - 25 Non-cash interest expenses - 60 - - - 60 Additions on company acquisitions 6 - - 56 1,040 1,102 Bonds reclassified to current - -1,634 - - 1,634 - Other non-cash adjustments 6 - 68 - - 74 Liabilities at December 31, 2022 2,318 7,548 867 371 6,016 17,120",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__7__197": {
"value": "4.5 Financial income and expenses DKK million 2023 2022 Financial income Gains and fair value adjustments on ownership interests 1 141 Interest income* 63 7 Financial income, other 4 15 Fair value adjustments of derivative financial instruments 96 - Foreign exchange gain - 89 Reversal of impairment on loan dispensers - 4 Total 164 256 Financial expenses Interest expenses* -326 -186 Interest rate swap - -194 Financial expenses, other -166 -119 Fair value adjustments of derivative financial - -162 instruments Foreign exchange loss -100 - Impairments on loans to dispensers -34 - Total -626 -661 * Interest income and expenses from financial assets and liabilities at amortized cost Accounting policies Financial income and expenses Financial income and expenses comprise interest income and expense, costs of permanent loan facilities, gains and losses on securities, receiva-bles, payables and transactions denominated in foreign currencies, credit card fees, amortization and impairment of financial assets and liabilities, etc. Also included are realized and unrealized gains and losses on derivative financial instruments that are not designated as hedges. Borrowing costs that are directly attributable to the construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognized as an expense. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__196": {
"value": "4.5 Financial income and expenses DKK million 2023 2022 Financial income Gains and fair value adjustments on ownership interests 1 141 Interest income* 63 7 Financial income, other 4 15 Fair value adjustments of derivative financial instruments 96 - Foreign exchange gain - 89 Reversal of impairment on loan dispensers - 4 Total 164 256 Financial expenses Interest expenses* -326 -186 Interest rate swap - -194 Financial expenses, other -166 -119 Fair value adjustments of derivative financial - -162 instruments Foreign exchange loss -100 - Impairments on loans to dispensers -34 - Total -626 -661 * Interest income and expenses from financial assets and liabilities at amortized cost Accounting policies Financial income and expenses Financial income and expenses comprise interest income and expense, costs of permanent loan facilities, gains and losses on securities, receiva-bles, payables and transactions denominated in foreign currencies, credit card fees, amortization and impairment of financial assets and liabilities, etc. Also included are realized and unrealized gains and losses on derivative financial instruments that are not designated as hedges. Borrowing costs that are directly attributable to the construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognized as an expense. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__195": {
"value": "4.5 Financial income and expenses DKK million 2023 2022 Financial income Gains and fair value adjustments on ownership interests 1 141 Interest income* 63 7 Financial income, other 4 15 Fair value adjustments of derivative financial instruments 96 - Foreign exchange gain - 89 Reversal of impairment on loan dispensers - 4 Total 164 256 Financial expenses Interest expenses* -326 -186 Interest rate swap - -194 Financial expenses, other -166 -119 Fair value adjustments of derivative financial - -162 instruments Foreign exchange loss -100 - Impairments on loans to dispensers -34 - Total -626 -661 * Interest income and expenses from financial assets and liabilities at amortized cost Accounting policies Financial income and expenses Financial income and expenses comprise interest income and expense, costs of permanent loan facilities, gains and losses on securities, receiva-bles, payables and transactions denominated in foreign currencies, credit card fees, amortization and impairment of financial assets and liabilities, etc. Also included are realized and unrealized gains and losses on derivative financial instruments that are not designated as hedges. Borrowing costs that are directly attributable to the construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognized as an expense. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. ",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__7__194": {
"value": "4.5 Financial income and expenses DKK million 2023 2022 Financial income Gains and fair value adjustments on ownership interests 1 141 Interest income* 63 7 Financial income, other 4 15 Fair value adjustments of derivative financial instruments 96 - Foreign exchange gain - 89 Reversal of impairment on loan dispensers - 4 Total 164 256 Financial expenses Interest expenses* -326 -186 Interest rate swap - -194 Financial expenses, other -166 -119 Fair value adjustments of derivative financial - -162 instruments Foreign exchange loss -100 - Impairments on loans to dispensers -34 - Total -626 -661 * Interest income and expenses from financial assets and liabilities at amortized cost Accounting policies Financial income and expenses Financial income and expenses comprise interest income and expense, costs of permanent loan facilities, gains and losses on securities, receiva-bles, payables and transactions denominated in foreign currencies, credit card fees, amortization and impairment of financial assets and liabilities, etc. Also included are realized and unrealized gains and losses on derivative financial instruments that are not designated as hedges. Borrowing costs that are directly attributable to the construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognized as an expense. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__7__193": {
"value": "4.5 Financial income and expenses DKK million 2023 2022 Financial income Gains and fair value adjustments on ownership interests 1 141 Interest income* 63 7 Financial income, other 4 15 Fair value adjustments of derivative financial instruments 96 - Foreign exchange gain - 89 Reversal of impairment on loan dispensers - 4 Total 164 256 Financial expenses Interest expenses* -326 -186 Interest rate swap - -194 Financial expenses, other -166 -119 Fair value adjustments of derivative financial - -162 instruments Foreign exchange loss -100 - Impairments on loans to dispensers -34 - Total -626 -661 * Interest income and expenses from financial assets and liabilities at amortized cost Accounting policies Financial income and expenses Financial income and expenses comprise interest income and expense, costs of permanent loan facilities, gains and losses on securities, receiva-bles, payables and transactions denominated in foreign currencies, credit card fees, amortization and impairment of financial assets and liabilities, etc. Also included are realized and unrealized gains and losses on derivative financial instruments that are not designated as hedges. Borrowing costs that are directly attributable to the construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognized as an expense. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__7__192": {
"value": "4.5 Financial income and expenses DKK million 2023 2022 Financial income Gains and fair value adjustments on ownership interests 1 141 Interest income* 63 7 Financial income, other 4 15 Fair value adjustments of derivative financial instruments 96 - Foreign exchange gain - 89 Reversal of impairment on loan dispensers - 4 Total 164 256 Financial expenses Interest expenses* -326 -186 Interest rate swap - -194 Financial expenses, other -166 -119 Fair value adjustments of derivative financial - -162 instruments Foreign exchange loss -100 - Impairments on loans to dispensers -34 - Total -626 -661 * Interest income and expenses from financial assets and liabilities at amortized cost Accounting policies Financial income and expenses Financial income and expenses comprise interest income and expense, costs of permanent loan facilities, gains and losses on securities, receiva-bles, payables and transactions denominated in foreign currencies, credit card fees, amortization and impairment of financial assets and liabilities, etc. Also included are realized and unrealized gains and losses on derivative financial instruments that are not designated as hedges. Borrowing costs that are directly attributable to the construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognized as an expense. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__7__201": {
"value": "Accounting policies Financial income and expenses Financial income and expenses comprise interest income and expense, costs of permanent loan facilities, gains and losses on securities, receiva-bles, payables and transactions denominated in foreign currencies, credit card fees, amortization and impairment of financial assets and liabilities, etc. Also included are realized and unrealized gains and losses on derivative financial instruments that are not designated as hedges. Borrowing costs that are directly attributable to the construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognized as an expense. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__200": {
"value": "Accounting policies Financial income and expenses Financial income and expenses comprise interest income and expense, costs of permanent loan facilities, gains and losses on securities, receiva-bles, payables and transactions denominated in foreign currencies, credit card fees, amortization and impairment of financial assets and liabilities, etc. Also included are realized and unrealized gains and losses on derivative financial instruments that are not designated as hedges. Borrowing costs that are directly attributable to the construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognized as an expense. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__7__199": {
"value": "Accounting policies Financial income and expenses Financial income and expenses comprise interest income and expense, costs of permanent loan facilities, gains and losses on securities, receiva-bles, payables and transactions denominated in foreign currencies, credit card fees, amortization and impairment of financial assets and liabilities, etc. Also included are realized and unrealized gains and losses on derivative financial instruments that are not designated as hedges. Borrowing costs that are directly attributable to the construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognized as an expense. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__7__203-1": {
"value": "5.1 Acquisition and divestment of companies and operations Acquisitions During 2023, there were no material business acquisitions nor further adjustments made relating to acquisi-tions made in 2022. On January 12, 2022, GN Audio acquired 100% of the Danish based company SteelSeries Group A/S, a global pioneer in premium software-enabled gaming gear. SteelSeries, with its attractive growth profile and margin structure, presents an attractive new growth opportunity for GN. The acquisition of SteelSeries will bring complementary engineering competencies, commercial capabilities, differentiated brands, a large customer base and an innovative high-growth product offering, adding further technical expertise and IP to GN. SteelSeries will benefit from GN\u2018s commercial and operational excellence, and financial strength, allowing SteelSeries to continue its strong growth trajectory and take share in the fast-growing market for premium software-enabled gaming gear. Based on GN\u2019s successful track-record of integrating acquired assets, it is anticipated that the combination will produce significant scaling opportunities and revenue synergies when combining SteelSeries with GN\u2019s extensive global distribution footprint. Goodwill comprises the expected synergies as well as the value of SteelSeries highly skilled workforce. On April 21, 2022, GN Hearing acquired 56% of BelAudi\u00e7\u00e3o Lda, as a business combination achieved in stages, after which GN owns 100% of the company. The acquisition, which is an ownership in transition, will strengthen GN Hearing\u2019s sales and distribution. Goodwill comprises expected synergies as well as the value of the highly skilled workforce of BelAudi\u00e7\u00e3o. The acquisition resulted in a fair value gain of DKK 137 million that is included in financial income (note 4.5). The goodwill of DKK 5,580 million relating to SteelSeries is allocated to the cash-generating unit GN Audio, and the goodwill of DKK 237 million relating to BelAudi\u00e7\u00e3o is allocated to the cash-generating unit GN Hearing. The goodwill is not tax deductible. Fair value at acquisition date DKK million SteelSeries BelAudi\u00e7\u00e3o Other 2022 Identifiable assets acquired, liabilities as-sumed and consideration transferred Patents, trademarks and other intangibles 891 - - 891 Development projects 887 - 16 903 Customer relationships 749 203 6 958 Other intangible assets - - - - Property plant and equipment 77 53 - 130 Investments in associates 13 - - 13 Deferred tax asset - - - - Other receivables 193 4 - 197 Inventory 577 23 - 600 Trade receivables 329 11 - 340 Tax receivables 29 - - 29 Cash 238 31 - 269 Bank debts and non-current liabilities -1,059 -33 - -1,092 Deferred tax liability -447 -46 -2 -495 Trade payables -297 -8 - -305 Taxes payables -123 - - -123 Other current liabilities -397 -34 -4 -435 Current liabilities - - -2 -2 Fair value of identified net assets 1,660 204 14 1,878 Goodwill 5,580 237 69 5,886 Consideration transferred 7,240 441 83 7,764 Fair value of existing ownership interest - -194 - -194 Payable consideration - - -2 -2 Contingent consideration - -62 -62 Acquired cash and cash equivalents -238 -31 - -269 Cash consideration paid 7,002 216 19 7,237 DKK million SteelSeries BelAudi\u00e7\u00e3o Other 2022 The share of revenue and profit (loss) for the year from the acquisition date can be specified as follows: Revenue 2,317 154 11 2,482 Profit (loss) for the year -203 1 1 -201 Estimated impact of acquired operations if they had been owned throughout the year: Revenue 2,352 230 11 2,593 Profit (loss) for the year -208 1 1 -206 Divestments etc. On September 14, 2023 , GN hearing disposed BelAudi\u00e7\u00e3o Lda. The transaction demonstrates GN Hearing\u2019s commitment to its successful strategy of not owning retail and instead focusing on being a key supplier to strong independent hearing aid dispensers. GN finalized the ac-quisition of BelAudi\u00e7\u00e3o \u2013 a long-time GN Hearing customer \u2013 in 2022 to facilitate a generational transition. GN Hearing has, therefore, carefully considered potential buyers to back the next phase of BelAudi\u00e7\u00e3o\u2019s im-pressive growth journey while securing that GN Hearing remains a key supplier of hearing aids to the busi-ness. DKK million 2023 2022 Non-current assets -461 -39 Current assets -101 -13 Non-current liabilities 67 - Current liabilities 41 - Disposed net assets -454 -52 Directly attributable cost -7 Fair value of assets received 37 66 Fair value of liabilities assumed - -14 Cash consideration received 485 Gain (loss) on divestment of operations 61 - Other adjustments - -9 Gain (loss) on divestment of operations etc. 61 -9 Moreover, in 2023, GN Hearing divested a minor hearing instrument distributor primarily in the US. In 2022, GN Hearing divested 59 hearing instrument distributors in the US. Accounting policies Business CombinationsEnterprises acquired or formed during the year are recognized in the consoli-dated financial statements from the date of acquisition or formation. The ac-quisition date is the date when the parent company effectively obtains con-trol of the acquired enterprise. Enterprises dis-posed of are recognized in the consolidated income statement until the disposal date. The comparative fig-ures are not restated for acquisitions. For acquisitions of new enterprises in which the parent company is able to ex-ercise control over the acquired enterprise, the purchase method is used. The acquired enterprises\u2019 identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. Identifiable intangible as-sets are recognized if they are separable or arise from a contractual right. De-ferred tax on revaluations is recognized.Any excess of the cost over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognized as goodwill under intangible assets. Goodwill is not amortized but is tested at least annually for impair-ment. The first impairment test is performed within the end of the acquisition year. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the impairment test. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with another functional currency than the presentation currency used by GN Store Nord are treated as assets and liabilities belonging to the foreign entity and translated into the foreign entity\u2019s functional currency at the exchange rate at the transaction date. The cost of a business combination comprises the fair value of the considera-tion agreed upon. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the adjustment is probable and can be measured in a reliable manner. Subsequent changes to contingent considerations are recognized in the income state-ment. If uncertainties regarding measurement of identifiable assets, liabilities and contingent liabilities exist at the acquisition date, initial recognition will take place on the basis of preliminary fair values. If identifiable assets, liabili-ties and contingent liabilities are subsequently determined to have different fair value at the acquisition date than first assumed, goodwill is adjusted up until twelve months after the acquisition. The effect of the adjustments is rec-ognized in the opening balance of equity and the comparative figures are re-stated accordingly.When acquiring a controlling interest in steps, GN Store Nord assesses the fair value of the acquired net assets at the time control is obtained. At such time, interests acquired previously are also adjusted to fair value. The difference be-tween the fair value and the carrying amount is recognized in the income statement.Acquisition of additional equity interest after a business combination is not accounted for using the acquisition method, but rather as equity transactions. Disposals of equity interest while retaining control are also accounted for as equity transactions. Transactions resulting in a loss of control result in a gain or loss being recognized in the income statement.When acquiring less than 100% of the shares in a company, GN Store Nord recognizes the goodwill on a transaction-by-transaction basis or as a propor-tion of goodwill in accordance with GN Store Nord\u2019s ownership interest.In business combinations where put options have been issued regarding shares held by non-controlling interests the non-controlling interests are rec-ognized initially. As long as the put options remain unexercised the non-con-trolling interests are updated at the end of each reporting period, including its share of allocations of profit or loss. The non-controlling interests are thereaf-ter derecognized by recognizing a financial liability for the put options and the difference is included as an equity transaction. If the put options are exer-cised, the same treatment is applied up to the date of exercise. The amount recognized as the financial liability at that date, is extinguished by the pay-ment of the exercise price. If the put option expires unexercised, the position is unwound so the non-controlling interest is recognized at the amount it would have been, had the put options never been issued. The financial liability is derecognized in equity. Significant accounting estimates and judgmentsPurchase price allocation in business combinationsThe application of the acquisition method for business combinations involves the use of significant estimates as the identifiable net assets of the acquiree are recognized at their fair value for which observable market prices are typically not available. This is particularly relevant for intangible assets which require use of valuation techniques. Accordingly, management makes estimates of the fair value of acquired assets, liabilities and contingent liabilities. Depending on the nature of the item, the determined fair value of an item may be associated with uncertainty and possibly adjusted subsequently.5.6 Investments in associates DKK million 2023 2022 Aggregated financial information for associates: Total share of profit (loss) in associates, including impairments -64 19 Total share of net assets in associates 276 319 Carrying amount of associates 276 319 Transactions with associates comprise sale of goods of DKK 101 million(2022: DKK 229 million) and purchase of services, licenses and other assets of DKK 0 million (2022: DKK 13million) . At year end GN has DKK 43million (2022: DKK 119million) in receivables from associates. Accounting policies Investments in Associates in the Consolidated Financial Statements On acquisition of investments in associates, the purchase method is used, cf. Business Combinations. In the consolidated financial statements investments in associates are rec-ognized according to the equity method. Investments in associates are measured at the proportionate share of the enterprises\u2019 net asset values calculated in accordance with the Group\u2019s accounting policies minus or plus the proportionate share of unrealized intra-group profits and losses and plus the carrying amount of goodwill. Profit (loss) from Investments in Associates The proportionate share of the profit (loss) after tax of the individual asso-ciates is recognized in the income statement of the Group after elimination of the proportionate share of intra-group profits (losses). Companies in GN Group Domicile Currency Ownership % Share capital GN Store Nord A/S Denmark DKK 603,650,860 GN Ejendomme A/S Denmark DKK 100 115,625,000 GN Financing A/S Denmark DKK 100 400,000 GN Audio A/S Denmark DKK 100 35,252,000 Falcom A/S Denmark DKK 100 88,503,000 GN Audio DK Sales A/S Denmark DKK 100 400,000 GN Audio Australia Pty Ltd. Australia AUD 100 2,500,000 GN \u00c1udio Brasil Importac\u00e3o & Com\u00e9rcio Ltda. Brazil BRL 100 407,821 GN Audio Canada Inc. Canada CAD 100 409,800 GN Audio (China) Ltd. China CNY 100 65,252,600 GN Audio (Shanghai) Co., Ltd. China CNY 100 15,481,000 GN Audio Logistic (Xiamen) Ltd. China CNY 100 4,133,738 GN Audio France SA France EUR 100 80,000 GN Audio Germany GmbH Germany EUR 100 51,100 GN Audio Hong Kong Limited Hong Kong HKD 100 33,500,000 GN Audio India Private Limited India INR 100 40,000,000 Jabra Connect India Private Limited India INR 51 20,000,000 GN Audio Italy s.r.l. Italy EUR 100 10,200 GN Audio Japan Ltd. Japan JPY 100 10,000,000 GN Audio Benelux B.V.** Netherlands EUR 100 18,000 GN Audio Philippines, Inc. Philippines PHP 100 10,000,000 GN Audio Poland Sp. Z.o.o. Poland PLN 100 50,000 GN Audio Singapore Pte. Ltd. Singapore SGD 100 700,000 Jabra Connect Singapore Pte.Ltd. Singapore USD 51 12,000 GN Audio Spain, S.A. Spain EUR 100 66,111 GN Audio Sweden AB Sweden SEK 100 5,100,000 GN Audio UK Ltd.*** United Kingdom GBP 100 100,000 GN Audio USA Inc. USA USD 100 82,500,000 Falcom US, LLC* USA USD 100 - SteelSeries APS Denmark DKK 100 160,000 SteelSeries France S.A.S France EUR 100 2,363,600 Nahimic Singapore SGD 100 341,001 GN Audio Finland Oy/Ab Finland EUR 100 - GN Audio Norway AS Norway NOK 100 30,000 3D Aim Trainer BV Belgium EUR 100 2,079,502 Domicile Currency Ownership % Share Capital GN Hearing A/S Denmark DKK 100 65,252,600 GN Hearing 2 A/S Denmark DKK 100 500,000 GN Financing 2 A/S Denmark DKK 100 400,000 GN Hearing Australia Pty. Ltd. Australia AUD 100 4,000,002 GN Hearing Austria GmbH Austria EUR 100 482,500 GN ReSound Produtos M\u00e9dicos Ltda. Brazil BRL 100 1,019,327 GN Hearing Care Canada Ltd. Canada CAD 100 8,435,000 GN Hearing Shanghai Ltd. China CNY 100 20,491,300 GN ReSound China Ltd. China CNY 100 34,000,000 GN Hearing Czech Republic spol. s r.o. Czech Republic CZK 100 102,000 Audigy Group International A/S Denmark DKK 100 400,000 Dansk H\u00f8recenter ApS Denmark DKK 100 165,657,000 GN Hearing Finland Oy/Ab Finland EUR 100 55,502 GN Hearing SAS France EUR 100 2,300,000 GN Hearing GmbH Germany EUR 100 296,549 GN ReSound GmbH H\u00f6rtechnologie Germany EUR 100 2,162,253 GN Hearing India Private Limited India INR 100 20,983,210 GN Hearing S.r.l. Italy EUR 100 181,190 GN Hearing Japan K.K. Japan JPY 100 499,000,000 GN Hearing Korea Co., Ltd. Korea KRW 100 136,700,000 GN Hearing (Malaysia) Sdn Bhd Malaysia MYR 100 2,500,000 GN Hearing Benelux B.V. Netherlands EUR 100 680,670 GN Hearing New Zealand Limited New Zealand NZD 100 2,000,000 GN Hearing Norway AS Norway NOK 100 2,000,000 GN Hearing Care S.A. Spain EUR 100 66,110 GN Hearing Sverige AB Sweden SEK 100 100,000 GN Hearing Switzerland AG Switzerland CHF 100 500,000 GN Hearing UK Ltd. United Kingdom GBP 100 7,376,000 GN Consumer Hearing Cooperation USA USD 91 32,061,457 GN US Holdings Inc. USA USD 100 36,000,000 Great Hearing Benefits, LLC* USA USD 100 - Beltone Holdings US, LLC USA USD 100 3,000 Beltone Hearing Care Foundation* USA USD 100 - GN Hearing Care Corporation USA USD 100 190,000 Domicile Currency Ownership % Share capital GN Hearing A/S continued: Audigy Group, LLC* USA USD 100 - Audigy Venture, LLC* USA USD 100 - Associates Audio Nova S.R.L. Romania ROL 49 1,000 Himpp A/S Denmark DKK 11 1,600,000 Hearing Instrument Manufactures Software Association A/S Denmark DKK 25 1,000,000 HIMSA II A/S Denmark DKK 17 500,000 Himsa II K/S Denmark DKK 15 3,250,000 K/S Himpp Denmark USD 9 19,950,000 Progetto Udire S.R.L. Italy EUR 35 838,700 Hearing Center of the East Bay, LLC USA USD 50 25,000 BelMart LLC USA USD 30 3,556,822 Bold North Beltone, LLC* USA USD 30 - AXE Audiology, LLC* USA USD 30 - Statewide Hearing, LLC* USA USD 30 - Beltopia LLC USA USD 25 1,734,500 HearX Group (pty) LTD South Africa USD 27 31,000,000 Louqe AB Corporation Sweden SEK 26 - * Without par value ** GN Audio Benelux B.V. (registration number 20113074) and GN Hearing Benelux B.V. (registration number 09033081) applies the group exemption of article 2:403 of the Dutch Civil Code and does not prepare individual financial statements. Note: Minor companies have been omitted from the list.In this annual report the following financial terms (non-IFRS measures) are used: Operating profit (loss) Profit (loss) before tax and financial items. EBITDA Operating profit (loss) before depreciation and impairment of property, plant and equipment, amor-tization and impairment of intangible assets, except development projects, impairment of goodwill and gains (losses) on divestment of operations etc.. EBITDA therefore include amortization of development projects. EBITA Operating profit (loss) before amortization and impairment of acquired intangible assets, impair-ment of goodwill and gains (losses) on divestment of operations etc. EBITA therefore include amor-tization of development projects and software developed in-house. Free cash flow Cash flow from operating and investing activities Convertible bond EUR 330 million senior unsecured zero coupon bonds due 2024 with detachable unsecured warrant units expiring 2024 (refer to note 4.2 Financial risks). Key Ratio Definitions Organic growth=Absolute organic revenue growth Revenue in comparative period Organic growth is a measure of growth excluding the impact of acquisitions, divestments and for-eign exchange adjustments from year-on-year comparisons. Net working capital (NWC) = Inventories + receivables + other operating current assets - trade payables - other operating current liabilities Net interest bearing debt (NIBD) = Bank loans and issued bonds + Lease liabilities - Cash and cash equivalents - Loans to dispensers Dividend payout ratio = Total dividend Profit (loss) for the year Gross margin = Gross profit Revenue EBITA margin = EBITA Revenue ROIC (Return on invested =EBITA capital including goodwill) Average invested capital including goodwill Invested capital = NWC + property, plant and equipment and intangible assets + loans to dispensers of GN Hearing products + pre-paid discounts + ownership interests \u2013 provisions Cash conversion = Free cash flow excl. company acquisitions and divestments EBITA Return on equity (ROE)=Profit (loss) for the year Average equity of the Group Equity ratio = Equity of the Group Total assets Earnings per share, basic (EPS) = Profit (loss) for the year attributable to shareholders in GN Store Nord A/S Average number of shares outstanding Earnings per share, fully diluted = Profit (loss) for the year attributable to shareholders in GN Store Nord A/S (EPS diluted)Average number of shares outstanding, fully diluted Market capitalization Number of shares outstanding x share price at the end of the period Outstanding shares Number of shares listed - treasury shares ",
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"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__202": {
"value": "5.1 Acquisition and divestment of companies and operations Acquisitions During 2023, there were no material business acquisitions nor further adjustments made relating to acquisi-tions made in 2022. On January 12, 2022, GN Audio acquired 100% of the Danish based company SteelSeries Group A/S, a global pioneer in premium software-enabled gaming gear. SteelSeries, with its attractive growth profile and margin structure, presents an attractive new growth opportunity for GN. The acquisition of SteelSeries will bring complementary engineering competencies, commercial capabilities, differentiated brands, a large customer base and an innovative high-growth product offering, adding further technical expertise and IP to GN. SteelSeries will benefit from GN\u2018s commercial and operational excellence, and financial strength, allowing SteelSeries to continue its strong growth trajectory and take share in the fast-growing market for premium software-enabled gaming gear. Based on GN\u2019s successful track-record of integrating acquired assets, it is anticipated that the combination will produce significant scaling opportunities and revenue synergies when combining SteelSeries with GN\u2019s extensive global distribution footprint. Goodwill comprises the expected synergies as well as the value of SteelSeries highly skilled workforce. On April 21, 2022, GN Hearing acquired 56% of BelAudi\u00e7\u00e3o Lda, as a business combination achieved in stages, after which GN owns 100% of the company. The acquisition, which is an ownership in transition, will strengthen GN Hearing\u2019s sales and distribution. Goodwill comprises expected synergies as well as the value of the highly skilled workforce of BelAudi\u00e7\u00e3o. The acquisition resulted in a fair value gain of DKK 137 million that is included in financial income (note 4.5). The goodwill of DKK 5,580 million relating to SteelSeries is allocated to the cash-generating unit GN Audio, and the goodwill of DKK 237 million relating to BelAudi\u00e7\u00e3o is allocated to the cash-generating unit GN Hearing. The goodwill is not tax deductible. Fair value at acquisition date DKK million SteelSeries BelAudi\u00e7\u00e3o Other 2022 Identifiable assets acquired, liabilities as-sumed and consideration transferred Patents, trademarks and other intangibles 891 - - 891 Development projects 887 - 16 903 Customer relationships 749 203 6 958 Other intangible assets - - - - Property plant and equipment 77 53 - 130 Investments in associates 13 - - 13 Deferred tax asset - - - - Other receivables 193 4 - 197 Inventory 577 23 - 600 Trade receivables 329 11 - 340 Tax receivables 29 - - 29 Cash 238 31 - 269 Bank debts and non-current liabilities -1,059 -33 - -1,092 Deferred tax liability -447 -46 -2 -495 Trade payables -297 -8 - -305 Taxes payables -123 - - -123 Other current liabilities -397 -34 -4 -435 Current liabilities - - -2 -2 Fair value of identified net assets 1,660 204 14 1,878 Goodwill 5,580 237 69 5,886 Consideration transferred 7,240 441 83 7,764 Fair value of existing ownership interest - -194 - -194 Payable consideration - - -2 -2 Contingent consideration - -62 -62 Acquired cash and cash equivalents -238 -31 - -269 Cash consideration paid 7,002 216 19 7,237 DKK million SteelSeries BelAudi\u00e7\u00e3o Other 2022 The share of revenue and profit (loss) for the year from the acquisition date can be specified as follows: Revenue 2,317 154 11 2,482 Profit (loss) for the year -203 1 1 -201 Estimated impact of acquired operations if they had been owned throughout the year: Revenue 2,352 230 11 2,593 Profit (loss) for the year -208 1 1 -206 Divestments etc. On September 14, 2023 , GN hearing disposed BelAudi\u00e7\u00e3o Lda. The transaction demonstrates GN Hearing\u2019s commitment to its successful strategy of not owning retail and instead focusing on being a key supplier to strong independent hearing aid dispensers. GN finalized the ac-quisition of BelAudi\u00e7\u00e3o \u2013 a long-time GN Hearing customer \u2013 in 2022 to facilitate a generational transition. GN Hearing has, therefore, carefully considered potential buyers to back the next phase of BelAudi\u00e7\u00e3o\u2019s im-pressive growth journey while securing that GN Hearing remains a key supplier of hearing aids to the busi-ness. DKK million 2023 2022 Non-current assets -461 -39 Current assets -101 -13 Non-current liabilities 67 - Current liabilities 41 - Disposed net assets -454 -52 Directly attributable cost -7 Fair value of assets received 37 66 Fair value of liabilities assumed - -14 Cash consideration received 485 Gain (loss) on divestment of operations 61 - Other adjustments - -9 Gain (loss) on divestment of operations etc. 61 -9 Moreover, in 2023, GN Hearing divested a minor hearing instrument distributor primarily in the US. In 2022, GN Hearing divested 59 hearing instrument distributors in the US. Accounting policies Business CombinationsEnterprises acquired or formed during the year are recognized in the consoli-dated financial statements from the date of acquisition or formation. The ac-quisition date is the date when the parent company effectively obtains con-trol of the acquired enterprise. Enterprises dis-posed of are recognized in the consolidated income statement until the disposal date. The comparative fig-ures are not restated for acquisitions. For acquisitions of new enterprises in which the parent company is able to ex-ercise control over the acquired enterprise, the purchase method is used. The acquired enterprises\u2019 identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. Identifiable intangible as-sets are recognized if they are separable or arise from a contractual right. De-ferred tax on revaluations is recognized.Any excess of the cost over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognized as goodwill under intangible assets. Goodwill is not amortized but is tested at least annually for impair-ment. The first impairment test is performed within the end of the acquisition year. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the impairment test. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with another functional currency than the presentation currency used by GN Store Nord are treated as assets and liabilities belonging to the foreign entity and translated into the foreign entity\u2019s functional currency at the exchange rate at the transaction date. The cost of a business combination comprises the fair value of the considera-tion agreed upon. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the adjustment is probable and can be measured in a reliable manner. Subsequent changes to contingent considerations are recognized in the income state-ment. If uncertainties regarding measurement of identifiable assets, liabilities and contingent liabilities exist at the acquisition date, initial recognition will take place on the basis of preliminary fair values. If identifiable assets, liabili-ties and contingent liabilities are subsequently determined to have different fair value at the acquisition date than first assumed, goodwill is adjusted up until twelve months after the acquisition. The effect of the adjustments is rec-ognized in the opening balance of equity and the comparative figures are re-stated accordingly.When acquiring a controlling interest in steps, GN Store Nord assesses the fair value of the acquired net assets at the time control is obtained. At such time, interests acquired previously are also adjusted to fair value. The difference be-tween the fair value and the carrying amount is recognized in the income statement.Acquisition of additional equity interest after a business combination is not accounted for using the acquisition method, but rather as equity transactions. Disposals of equity interest while retaining control are also accounted for as equity transactions. Transactions resulting in a loss of control result in a gain or loss being recognized in the income statement.When acquiring less than 100% of the shares in a company, GN Store Nord recognizes the goodwill on a transaction-by-transaction basis or as a propor-tion of goodwill in accordance with GN Store Nord\u2019s ownership interest.In business combinations where put options have been issued regarding shares held by non-controlling interests the non-controlling interests are rec-ognized initially. As long as the put options remain unexercised the non-con-trolling interests are updated at the end of each reporting period, including its share of allocations of profit or loss. The non-controlling interests are thereaf-ter derecognized by recognizing a financial liability for the put options and the difference is included as an equity transaction. If the put options are exer-cised, the same treatment is applied up to the date of exercise. The amount recognized as the financial liability at that date, is extinguished by the pay-ment of the exercise price. If the put option expires unexercised, the position is unwound so the non-controlling interest is recognized at the amount it would have been, had the put options never been issued. The financial liability is derecognized in equity. Significant accounting estimates and judgmentsPurchase price allocation in business combinationsThe application of the acquisition method for business combinations involves the use of significant estimates as the identifiable net assets of the acquiree are recognized at their fair value for which observable market prices are typically not available. This is particularly relevant for intangible assets which require use of valuation techniques. Accordingly, management makes estimates of the fair value of acquired assets, liabilities and contingent liabilities. Depending on the nature of the item, the determined fair value of an item may be associated with uncertainty and possibly adjusted subsequently.",
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},
"s8_notesesefdkgaap__7__204": {
"value": "Accounting policies Business CombinationsEnterprises acquired or formed during the year are recognized in the consoli-dated financial statements from the date of acquisition or formation. The ac-quisition date is the date when the parent company effectively obtains con-trol of the acquired enterprise. Enterprises dis-posed of are recognized in the consolidated income statement until the disposal date. The comparative fig-ures are not restated for acquisitions. For acquisitions of new enterprises in which the parent company is able to ex-ercise control over the acquired enterprise, the purchase method is used. The acquired enterprises\u2019 identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. Identifiable intangible as-sets are recognized if they are separable or arise from a contractual right. De-ferred tax on revaluations is recognized.Any excess of the cost over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognized as goodwill under intangible assets. Goodwill is not amortized but is tested at least annually for impair-ment. The first impairment test is performed within the end of the acquisition year. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the impairment test. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with another functional currency than the presentation currency used by GN Store Nord are treated as assets and liabilities belonging to the foreign entity and translated into the foreign entity\u2019s functional currency at the exchange rate at the transaction date. The cost of a business combination comprises the fair value of the considera-tion agreed upon. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the adjustment is probable and can be measured in a reliable manner. Subsequent changes to contingent considerations are recognized in the income state-ment. If uncertainties regarding measurement of identifiable assets, liabilities and contingent liabilities exist at the acquisition date, initial recognition will take place on the basis of preliminary fair values. If identifiable assets, liabili-ties and contingent liabilities are subsequently determined to have different fair value at the acquisition date than first assumed, goodwill is adjusted up until twelve months after the acquisition. The effect of the adjustments is rec-ognized in the opening balance of equity and the comparative figures are re-stated accordingly.When acquiring a controlling interest in steps, GN Store Nord assesses the fair value of the acquired net assets at the time control is obtained. At such time, interests acquired previously are also adjusted to fair value. The difference be-tween the fair value and the carrying amount is recognized in the income statement.Acquisition of additional equity interest after a business combination is not accounted for using the acquisition method, but rather as equity transactions. Disposals of equity interest while retaining control are also accounted for as equity transactions. Transactions resulting in a loss of control result in a gain or loss being recognized in the income statement.When acquiring less than 100% of the shares in a company, GN Store Nord recognizes the goodwill on a transaction-by-transaction basis or as a propor-tion of goodwill in accordance with GN Store Nord\u2019s ownership interest.In business combinations where put options have been issued regarding shares held by non-controlling interests the non-controlling interests are rec-ognized initially. As long as the put options remain unexercised the non-con-trolling interests are updated at the end of each reporting period, including its share of allocations of profit or loss. The non-controlling interests are thereaf-ter derecognized by recognizing a financial liability for the put options and the difference is included as an equity transaction. If the put options are exer-cised, the same treatment is applied up to the date of exercise. The amount recognized as the financial liability at that date, is extinguished by the pay-ment of the exercise price. If the put option expires unexercised, the position is unwound so the non-controlling interest is recognized at the amount it would have been, had the put options never been issued. The financial liability is derecognized in equity.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__7__208-1": {
"value": "5.2 Remuneration of the Board of Directors and Executive Management Remuneration to Executive Management and Board of Directors can be specified as follows: 2023 2022 Short-Share-Short-Share-Fixed term in-based Fixed term in-based DKK million pay* centives incentives Total pay* centives incentives Total Peter Karlstromer, CEO of GN Store Nord from January 2, 2023 8.3 8.8 1.8 18.9 - - - - S\u00f8ren Jelert, CFO of GN Store Nord from June 1, 2023 2.8 2.3 1.3 6.4 - - - - Gitte Pugholm Aabo, CEO, GN Hearing until October 1, 2023 8.1 6.9 -3.1 11.9 7.8 6.2 3.9 17.9 Ren\u00e9 Svendsen-Tune, CEO, GN Store Nord & GN Audio until January 2, 2023 9.4 4.6 -8.8 5.2 9.1 3.6 4.3 17.0 Peter la Cour Gormsen, CFO, GN Store Nord & GN Audio until June 1, 2023 4.1 2.1 -3.4 2.8 4.0 1.1 2.2 7.3 Total Executive Management remuneration 32.7 24.7 -12.2 45.2 20.9 10.9 10.4 42.2 Separation agreements expensed in 2023 re. Executive Management - - - 9.5 - - - 37.2 Board of Directors remuneration 9.1 - - 9.1 10.0 - - 10.0 Total remuneration to Executive Management and Board of Directors 41.8 24.7 -12.2 63.8 30.9 10.9 10.4 89.4 * Fixed pay include Base salary and Other benefits. Other benefits include car allowances, company paid telephone and internet cost. For the Board of Directors Other benefits include travel allowance and social security costs Share-based incentive plans The Group's long-term equity-settled incentive program is speci-fied and described in note 5.3 share-based incentive plans. Executive Management and Board of Directors Remuneration The total remuneration of the Executive Management is based on the \u201cGeneral Guidelines for Incentive Pay to Management\u201d, as adopted at GN\u00b4s Annual General Meeting. The remuneration of the Executive Management is based on a fixed base salary and participation in GN Store Nord\u2019s option- and warrant-based long-term incentive programs. Furthermore, the remuneration includes a yearly bonus plan (Short-term incentives) with a target bonus of 50% of the base salary with a potential to underperform or outperform the target leading to an effective po-tential bonus range between 0 - 100% of the base salary. The cur-rent Executive Management\u00b4s bonus is based on three parameters in light of the Group's focus areas: \u2022 Peter Karlstromer\u2019s bonus is subject to the performance of GN Audio\u2019s EBITA, revenue, cash flow, and individual performance targets from January to September 2023. From October, his bonus is subject to GN Store Nord\u2019s EBITA, revenue, cash flow, and indi-vidual performance targets. \u2022 S\u00f8ren Jelert\u2019s bonus is subject to the performance of GN Store Nord\u2019s EBITA, revenue, cash flow, and individual perfor-mance targets.The Group does not make pension contributions for members of the Ex-ecutive Management. Executive Management has usual severance agreements and change-of-control agreements. Members of the Board of Directors receive a fixed remuneration as approved by the shareholders at the Annual General Meeting on March 13, 2024. The base fee for the Board of Directors did not change from 2022 to 2023. The fixed remuneration is based on GN Store Nord\u00b4s cor-porate governance structure in which an audit committee, a strategy committee, a remuneration committee and a nomination committee have been established. Further, the appointed board members of GN Store Nord also serve on the Board of Directors of GN Hearing A/S and GN Audio A/S. The full-year remuneration of the Board of Directors is as follows (DKK thousand): GN Store Nord A/S GN Hearing A/S Chair 915 Chair 300 Deputy Chair 610 Deputy Chair 210 Other Board members 305 Other Board members 120 Remuneration Committee Chair 370 Remuneration Committee, other members 185 Audit Committee Chair 370 Audit Committee, other members 185 Strategy Committee Chair 370 GN Audio A/S Strategy Committee other members 185 Chair 300 Nomination Committee Chair 180 Deputy Chair 210 Nomination Committee other members 90 Other Board members 120 In addition to the remuneration, members of the Board of Directors who are not Danish residents are entitled to a fixed travel allowance in con-nection with participation in board meetings in Denmark. For European-based board members the allowance amounts to EUR 3,000 (DKK 22,500) per meeting and for Non-European based board members the allowance amounts to EUR 6,000 (DKK 45,000) per meeting. DKK thousand 2023 2022 Board of Directors Jukka Pertola (Chair from Q2 2023, Deputy Chair from Q2 2020) 2,061 1,696 Per Wold-Olsen (Chair until Q1 2023) 540 2,183 Klaus Holse (Deputy Chair from Q2 2023) 1,118 - H\u00e9l\u00e8ne Barnekow 1,165 774 Ronica Wang (until Q4 2023) 869 730 Montserrat Pascual (from Q2 2020 until Q1 2023) 229 915 Anette Weber (from Q2 2020) 983 915 Leo Larsen* 444 305 Cathrin Inge Hansen (from Q2 2022)* 305 259 Claus Holmbeck-Madsen (from Q2 2022)* 305 229 Wolfgang Reim (until Q1 2022) - 275 Morten Andersen (until Q1 2022)* - 76 Marcus Stuhr Perathoner (until Q1 2022)* - 76 Total Board of Directors remuneration 8,019 8,433 * Employee elected members DKK thousand 2023 2022 Fixed travel allowance & social security Per Wold-Olsen (until Q1 2023) 68 158 H\u00e9l\u00e8ne Barnekow 392 434 Ronica Wang 315 315 Montserrat Pascual (until Q1 2023) 99 476 Anette Weber 158 113 Wolfgang Reim - 45 Total Board of Directors travel allowance and social security 1,032 1,5415.3 Share-based incentive plans Option and warrant programs GN Store Nord has an option-based and a warrant-based long-term equity-settled incentive program whereby the Executive Management and other employees in key positions are granted options and warrants linked to shares in GN Store Nord A/S, GN Hearing A/S and GN Audio A/S. For members of Executive Management the grant size can vary be-tween 50-100% of their base salary. Warrants and options are granted at no consideration. Calculation of share price for GN Hearing A/S and GN Audio A/S The 2019-2023 option programs are based on GN Store Nord A/S shares,whereas the warrant programs for 2015-2018 are based on GN Hearing A/S and GN Audio A/S shares. On a quarterly basis the share price for GNHearing A/S and GN Audio A/S is calculated, using a top-down approach based on analysis of external broker reports for the allocation of GN Store Nord A/S\u2019 share price into GN Hearing, GN Audio and Other. This calculation is also the basis for the Black-Scholes valuation as stated be-low regarding valuation of warrants. Vesting conditions and exercise of warrants The 2015-2018 warrant programs are incentive programs with a three-year vesting period from the grant date. Warrants vest when a set of cri-teria are met: The share price of GN Store Nord has increased and the share price of GN Hearing A/S and GN Audio A/S has outperformed a peer group index of competitors and industry indices, as defined by the Board of Directors of GN Hearing and GN Audio, respectively. Vested warrants may be exercised during a four-week exercise window opening each quarter for a three-year period after vesting. The quarterly four-week exercise window will open following the release of an external Val-uation Report concerning the value of the shares of GN Hearing A/S and GN Audio A/S. Vesting conditions and exercise of options The 2019-2023 programs are long-term incentive programs with a three-year vesting period from the grant date. The programs include a perfor-mance multiplier, based on revenue growth and EBITDA improvement relative to a broad peer group of comparable companies. This means, that after the three-year vesting period, the initial share option grant can either increase, decrease or stay the same, depending on GN\u2019s per-formance relative to a peer group. The maximum effect of the perfor-mance multiplier is to decrease the number of options to 0 or increase the number of options by a factor of 2. For executive management the gross return on each annual grant is capped at a value equal to four times the annual base salary at the time of grant. Vested options may beexercised at any time outside black-out periods for a three-year period after vesting. Valuation model and assumptions The fair value of the warrants and options are calculated using the prin-ciples of the Black-Scholes option pricing model. For the 2015-2018 war-rants the model has taken the overperformance criteria into account us-ing Monte Carlo simulation. The fair values of options granted during the year are based on the underlying market prices at the grant dates. The exercise price for the annual ordinary grant of options is based on the average share price for GN Store Nord A/S in the five days following the release of the annual report in the year in which the options are awarded. The following assumptions were applied for the calculation of the fair value at the grant date of GN Store Nord A/S options: Executive Management Other employees 2023 2022 2023 2022 Number of options awarded in the year 296,139 145,500 1,514,675 815,593 Share price of GN Store Nord A/S at ordinary grant date 167 351 167 351 Vesting period 3 years 3 years 3 years 3 years Life of option 6 years 6 years 6 years 6 years Volatility* 43% 34% 42% 35% Expected dividend 0.4% 0.3% 0.5% 0.4% Risk-free interest rate** 2.52% 0.12% 2.72% 0.35% Fair Value per option at ordinary grant (DKK)*** 46 81 61 100 Total market value at grant (DKK million) 17 12 93 77 Amortization period of the program 2023 - 2026 2022 - 2025 2023 - 2026 2022 - 2025 * Volatility is estimated by external experts, and is calculated based on data from a historical period matching the expected time to expiry of the options ** Risk-free interest rate is estimated by external experts and based on the zero yield curve derived from Danish government bonds with maturity equal to the expiry of the options *** The fair value assumes a performance multiplier of 1 GN Store Nord A/S GN Hearing A/S GN Audio A/S DKK Number of options* DKK Number of warrants DKK Number of warrants Average Executive Average Executive Average Executive exercise Manage-Other exercise Manage-Other exercise Manage-Other price ment employees Total price ment employees Total price ment employees Total Outstanding at January 1, 2022 395 448,726 1,421,458 1,870,184 32,632 - 1,474 1,474 31,777 1,150 336 1,486 Granted during the year 325 145,500 815,593 961,093 - - - - - - - - Option increase from multiplier at vesting 313 130,261 401,300 531,561 Exercised during the year 313 - -11,076 -11,076 N/A - - - 29,227 -494 -132 -626 Forfeited during the year 343 - -298,535 -298,535 33,352 - -652 -652 28,794 - -47 -47 Outstanding at December 31, 2022 366 724,487 2,328,740 3,053,227 32,062 - 822 822 33,913 656 157 813 Granted during the year 164 296,139 1,514,675 1,810,814 - - - - - - - - Exercised during the year N/A - - - N/A - - - 33,913 -656 -148 -804 Forfeited during the year 362 -168,762 -650,421 -819,183 32,062 - -822 -822 33,913 - -9 -9 Outstanding at December 31, 2023 279 851,864 3,192,994 4,044,858 - - - - - - - - Weighted average term to maturity (Years) 3.3 3.9 3.8 N/A N/A N/A N/A N/A N/A Exercisable at December 31, 2022 313,725 737,222 1,050,947 - 822 822 656 157 813 Exercisable at December 31, 2023 313,725 701,869 1,015,594 - - - - - - * Recognition of expenses on options granted are accelerated for participants not forfeiting the vesting conditions in connection with terminations (good leavers) unless a service is provided in the remaining vesting period. The recognized expenses in 2023 include acceleration of 188,750 and 24,093 options granted to Executive Management and Other employees, respectively, of GN Hearing A/S, 140,401 options granted to Other employees of GN Audio A/S, and 27,537 options granted to Other employees of GN Store Nord A/S. Exercise of warrants When employees exercise their warrants they are exchanged with shares in GN Store Nord A/S based on the relationship between the value of the warrant and the value of the GN Store Nord A/S share at the time of ex-ercise. Hereafter the employee is free to keep the GN Store Nord A/S shares or sell them in the open market. Average share price at exercise for GN Store Nord and GN Audio is DKK 33,913. Outstanding warrants and options at December 31, 2023 by grant date are shown below: GN Store Nord A/S DKK Number of options* Exercise Executive Other Grant date price Management employees Total 313 237,812 692,870 930,682 April 2019** 325 - 8,999 8,999 June 2019** 282 75,913 - 75,913 September 2019** 550 96,500 310,826 407,326 February 2021 495 - 3,595 3,595 May 2021 409 - 6,851 6,851 January 2022 368 145,500 478,970 624,470 February 2022 307 - 36,121 36,121 March 2022 224 - 211,064 211,064 May 2022 209 - 8,855 8,855 September 2022 164 94,000 1,426,241 1,520,241 February 2023 151 97,300 - 97,300 March 2023 149 - 4,215 4,215 April 2023 170 104,839 - 104,839 June 2023 125 - 4,387 4,387 October 2023Outstanding at December 31 851,864 3,192,994 4,044,858 * The performance multiplier can decrease the number of non-vested options to 0 or as maximum effect increase the number by a factor of two. ** For the 2019 program, number of options have increased by final multiplier of 1.71Accounting policies Share-based incentive plans The Executive Management and a number of key employees are included in share-based incentive plans (equity-settled plans). For equity-settled pro-grams, the warrants and options are measured at the fair value at the grant date and recognized in the income statement as a staff cost of the respective functions over the vesting period. The counter item is recog-nized in equity. On initial recognition, an estimate is made of the number of warrants and options expected to vest. This estimate is subsequently re-vised for changes in the number of warrants and options expected to vest. Accordingly, recognition is based on the number of warrants and options that are ultimately vested. The fair value of granted warrants and options is estimated using the Black-Scholes option pricing model. Vesting condi-tions are taken into account when estimating the fair value of the warrants and options.5.9 Related parties No single entity or person has control or exercises significant influence over the GN Group as a whole. Key Management personnel and associ-ated companies are the sole related parties of the Group. Transactions with Key Management personnel constitute remuneration, as disclosed in note 5.2 Remuneration of the Board of Directors and Executive Man-agement and 5.3 Share-based incentive plans, and transactions with as-sociates are disclosed in note 5.6 Investments in associates.",
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"s8_notesesefdkgaap__7__207-1": {
"value": "5.2 Remuneration of the Board of Directors and Executive Management Remuneration to Executive Management and Board of Directors can be specified as follows: 2023 2022 Short-Share-Short-Share-Fixed term in-based Fixed term in-based DKK million pay* centives incentives Total pay* centives incentives Total Peter Karlstromer, CEO of GN Store Nord from January 2, 2023 8.3 8.8 1.8 18.9 - - - - S\u00f8ren Jelert, CFO of GN Store Nord from June 1, 2023 2.8 2.3 1.3 6.4 - - - - Gitte Pugholm Aabo, CEO, GN Hearing until October 1, 2023 8.1 6.9 -3.1 11.9 7.8 6.2 3.9 17.9 Ren\u00e9 Svendsen-Tune, CEO, GN Store Nord & GN Audio until January 2, 2023 9.4 4.6 -8.8 5.2 9.1 3.6 4.3 17.0 Peter la Cour Gormsen, CFO, GN Store Nord & GN Audio until June 1, 2023 4.1 2.1 -3.4 2.8 4.0 1.1 2.2 7.3 Total Executive Management remuneration 32.7 24.7 -12.2 45.2 20.9 10.9 10.4 42.2 Separation agreements expensed in 2023 re. Executive Management - - - 9.5 - - - 37.2 Board of Directors remuneration 9.1 - - 9.1 10.0 - - 10.0 Total remuneration to Executive Management and Board of Directors 41.8 24.7 -12.2 63.8 30.9 10.9 10.4 89.4 * Fixed pay include Base salary and Other benefits. Other benefits include car allowances, company paid telephone and internet cost. For the Board of Directors Other benefits include travel allowance and social security costs Share-based incentive plans The Group's long-term equity-settled incentive program is speci-fied and described in note 5.3 share-based incentive plans. Executive Management and Board of Directors Remuneration The total remuneration of the Executive Management is based on the \u201cGeneral Guidelines for Incentive Pay to Management\u201d, as adopted at GN\u00b4s Annual General Meeting. The remuneration of the Executive Management is based on a fixed base salary and participation in GN Store Nord\u2019s option- and warrant-based long-term incentive programs. Furthermore, the remuneration includes a yearly bonus plan (Short-term incentives) with a target bonus of 50% of the base salary with a potential to underperform or outperform the target leading to an effective po-tential bonus range between 0 - 100% of the base salary. The cur-rent Executive Management\u00b4s bonus is based on three parameters in light of the Group's focus areas: \u2022 Peter Karlstromer\u2019s bonus is subject to the performance of GN Audio\u2019s EBITA, revenue, cash flow, and individual performance targets from January to September 2023. From October, his bonus is subject to GN Store Nord\u2019s EBITA, revenue, cash flow, and indi-vidual performance targets. \u2022 S\u00f8ren Jelert\u2019s bonus is subject to the performance of GN Store Nord\u2019s EBITA, revenue, cash flow, and individual perfor-mance targets.The Group does not make pension contributions for members of the Ex-ecutive Management. Executive Management has usual severance agreements and change-of-control agreements. Members of the Board of Directors receive a fixed remuneration as approved by the shareholders at the Annual General Meeting on March 13, 2024. The base fee for the Board of Directors did not change from 2022 to 2023. The fixed remuneration is based on GN Store Nord\u00b4s cor-porate governance structure in which an audit committee, a strategy committee, a remuneration committee and a nomination committee have been established. Further, the appointed board members of GN Store Nord also serve on the Board of Directors of GN Hearing A/S and GN Audio A/S. The full-year remuneration of the Board of Directors is as follows (DKK thousand): GN Store Nord A/S GN Hearing A/S Chair 915 Chair 300 Deputy Chair 610 Deputy Chair 210 Other Board members 305 Other Board members 120 Remuneration Committee Chair 370 Remuneration Committee, other members 185 Audit Committee Chair 370 Audit Committee, other members 185 Strategy Committee Chair 370 GN Audio A/S Strategy Committee other members 185 Chair 300 Nomination Committee Chair 180 Deputy Chair 210 Nomination Committee other members 90 Other Board members 120 In addition to the remuneration, members of the Board of Directors who are not Danish residents are entitled to a fixed travel allowance in con-nection with participation in board meetings in Denmark. For European-based board members the allowance amounts to EUR 3,000 (DKK 22,500) per meeting and for Non-European based board members the allowance amounts to EUR 6,000 (DKK 45,000) per meeting. DKK thousand 2023 2022 Board of Directors Jukka Pertola (Chair from Q2 2023, Deputy Chair from Q2 2020) 2,061 1,696 Per Wold-Olsen (Chair until Q1 2023) 540 2,183 Klaus Holse (Deputy Chair from Q2 2023) 1,118 - H\u00e9l\u00e8ne Barnekow 1,165 774 Ronica Wang (until Q4 2023) 869 730 Montserrat Pascual (from Q2 2020 until Q1 2023) 229 915 Anette Weber (from Q2 2020) 983 915 Leo Larsen* 444 305 Cathrin Inge Hansen (from Q2 2022)* 305 259 Claus Holmbeck-Madsen (from Q2 2022)* 305 229 Wolfgang Reim (until Q1 2022) - 275 Morten Andersen (until Q1 2022)* - 76 Marcus Stuhr Perathoner (until Q1 2022)* - 76 Total Board of Directors remuneration 8,019 8,433 * Employee elected members DKK thousand 2023 2022 Fixed travel allowance & social security Per Wold-Olsen (until Q1 2023) 68 158 H\u00e9l\u00e8ne Barnekow 392 434 Ronica Wang 315 315 Montserrat Pascual (until Q1 2023) 99 476 Anette Weber 158 113 Wolfgang Reim - 45 Total Board of Directors travel allowance and social security 1,032 1,5415.3 Share-based incentive plans Option and warrant programs GN Store Nord has an option-based and a warrant-based long-term equity-settled incentive program whereby the Executive Management and other employees in key positions are granted options and warrants linked to shares in GN Store Nord A/S, GN Hearing A/S and GN Audio A/S. For members of Executive Management the grant size can vary be-tween 50-100% of their base salary. Warrants and options are granted at no consideration. Calculation of share price for GN Hearing A/S and GN Audio A/S The 2019-2023 option programs are based on GN Store Nord A/S shares,whereas the warrant programs for 2015-2018 are based on GN Hearing A/S and GN Audio A/S shares. On a quarterly basis the share price for GNHearing A/S and GN Audio A/S is calculated, using a top-down approach based on analysis of external broker reports for the allocation of GN Store Nord A/S\u2019 share price into GN Hearing, GN Audio and Other. This calculation is also the basis for the Black-Scholes valuation as stated be-low regarding valuation of warrants. Vesting conditions and exercise of warrants The 2015-2018 warrant programs are incentive programs with a three-year vesting period from the grant date. Warrants vest when a set of cri-teria are met: The share price of GN Store Nord has increased and the share price of GN Hearing A/S and GN Audio A/S has outperformed a peer group index of competitors and industry indices, as defined by the Board of Directors of GN Hearing and GN Audio, respectively. Vested warrants may be exercised during a four-week exercise window opening each quarter for a three-year period after vesting. The quarterly four-week exercise window will open following the release of an external Val-uation Report concerning the value of the shares of GN Hearing A/S and GN Audio A/S. Vesting conditions and exercise of options The 2019-2023 programs are long-term incentive programs with a three-year vesting period from the grant date. The programs include a perfor-mance multiplier, based on revenue growth and EBITDA improvement relative to a broad peer group of comparable companies. This means, that after the three-year vesting period, the initial share option grant can either increase, decrease or stay the same, depending on GN\u2019s per-formance relative to a peer group. The maximum effect of the perfor-mance multiplier is to decrease the number of options to 0 or increase the number of options by a factor of 2. For executive management the gross return on each annual grant is capped at a value equal to four times the annual base salary at the time of grant. Vested options may beexercised at any time outside black-out periods for a three-year period after vesting. Valuation model and assumptions The fair value of the warrants and options are calculated using the prin-ciples of the Black-Scholes option pricing model. For the 2015-2018 war-rants the model has taken the overperformance criteria into account us-ing Monte Carlo simulation. The fair values of options granted during the year are based on the underlying market prices at the grant dates. The exercise price for the annual ordinary grant of options is based on the average share price for GN Store Nord A/S in the five days following the release of the annual report in the year in which the options are awarded. The following assumptions were applied for the calculation of the fair value at the grant date of GN Store Nord A/S options: Executive Management Other employees 2023 2022 2023 2022 Number of options awarded in the year 296,139 145,500 1,514,675 815,593 Share price of GN Store Nord A/S at ordinary grant date 167 351 167 351 Vesting period 3 years 3 years 3 years 3 years Life of option 6 years 6 years 6 years 6 years Volatility* 43% 34% 42% 35% Expected dividend 0.4% 0.3% 0.5% 0.4% Risk-free interest rate** 2.52% 0.12% 2.72% 0.35% Fair Value per option at ordinary grant (DKK)*** 46 81 61 100 Total market value at grant (DKK million) 17 12 93 77 Amortization period of the program 2023 - 2026 2022 - 2025 2023 - 2026 2022 - 2025 * Volatility is estimated by external experts, and is calculated based on data from a historical period matching the expected time to expiry of the options ** Risk-free interest rate is estimated by external experts and based on the zero yield curve derived from Danish government bonds with maturity equal to the expiry of the options *** The fair value assumes a performance multiplier of 1 GN Store Nord A/S GN Hearing A/S GN Audio A/S DKK Number of options* DKK Number of warrants DKK Number of warrants Average Executive Average Executive Average Executive exercise Manage-Other exercise Manage-Other exercise Manage-Other price ment employees Total price ment employees Total price ment employees Total Outstanding at January 1, 2022 395 448,726 1,421,458 1,870,184 32,632 - 1,474 1,474 31,777 1,150 336 1,486 Granted during the year 325 145,500 815,593 961,093 - - - - - - - - Option increase from multiplier at vesting 313 130,261 401,300 531,561 Exercised during the year 313 - -11,076 -11,076 N/A - - - 29,227 -494 -132 -626 Forfeited during the year 343 - -298,535 -298,535 33,352 - -652 -652 28,794 - -47 -47 Outstanding at December 31, 2022 366 724,487 2,328,740 3,053,227 32,062 - 822 822 33,913 656 157 813 Granted during the year 164 296,139 1,514,675 1,810,814 - - - - - - - - Exercised during the year N/A - - - N/A - - - 33,913 -656 -148 -804 Forfeited during the year 362 -168,762 -650,421 -819,183 32,062 - -822 -822 33,913 - -9 -9 Outstanding at December 31, 2023 279 851,864 3,192,994 4,044,858 - - - - - - - - Weighted average term to maturity (Years) 3.3 3.9 3.8 N/A N/A N/A N/A N/A N/A Exercisable at December 31, 2022 313,725 737,222 1,050,947 - 822 822 656 157 813 Exercisable at December 31, 2023 313,725 701,869 1,015,594 - - - - - - * Recognition of expenses on options granted are accelerated for participants not forfeiting the vesting conditions in connection with terminations (good leavers) unless a service is provided in the remaining vesting period. The recognized expenses in 2023 include acceleration of 188,750 and 24,093 options granted to Executive Management and Other employees, respectively, of GN Hearing A/S, 140,401 options granted to Other employees of GN Audio A/S, and 27,537 options granted to Other employees of GN Store Nord A/S. Exercise of warrants When employees exercise their warrants they are exchanged with shares in GN Store Nord A/S based on the relationship between the value of the warrant and the value of the GN Store Nord A/S share at the time of ex-ercise. Hereafter the employee is free to keep the GN Store Nord A/S shares or sell them in the open market. Average share price at exercise for GN Store Nord and GN Audio is DKK 33,913. Outstanding warrants and options at December 31, 2023 by grant date are shown below: GN Store Nord A/S DKK Number of options* Exercise Executive Other Grant date price Management employees Total 313 237,812 692,870 930,682 April 2019** 325 - 8,999 8,999 June 2019** 282 75,913 - 75,913 September 2019** 550 96,500 310,826 407,326 February 2021 495 - 3,595 3,595 May 2021 409 - 6,851 6,851 January 2022 368 145,500 478,970 624,470 February 2022 307 - 36,121 36,121 March 2022 224 - 211,064 211,064 May 2022 209 - 8,855 8,855 September 2022 164 94,000 1,426,241 1,520,241 February 2023 151 97,300 - 97,300 March 2023 149 - 4,215 4,215 April 2023 170 104,839 - 104,839 June 2023 125 - 4,387 4,387 October 2023Outstanding at December 31 851,864 3,192,994 4,044,858 * The performance multiplier can decrease the number of non-vested options to 0 or as maximum effect increase the number by a factor of two. ** For the 2019 program, number of options have increased by final multiplier of 1.71Accounting policies Share-based incentive plans The Executive Management and a number of key employees are included in share-based incentive plans (equity-settled plans). For equity-settled pro-grams, the warrants and options are measured at the fair value at the grant date and recognized in the income statement as a staff cost of the respective functions over the vesting period. The counter item is recog-nized in equity. On initial recognition, an estimate is made of the number of warrants and options expected to vest. This estimate is subsequently re-vised for changes in the number of warrants and options expected to vest. Accordingly, recognition is based on the number of warrants and options that are ultimately vested. The fair value of granted warrants and options is estimated using the Black-Scholes option pricing model. Vesting condi-tions are taken into account when estimating the fair value of the warrants and options.",
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"s8_notesesefdkgaap__7__211": {
"value": "5.3 Share-based incentive plans Option and warrant programs GN Store Nord has an option-based and a warrant-based long-term equity-settled incentive program whereby the Executive Management and other employees in key positions are granted options and warrants linked to shares in GN Store Nord A/S, GN Hearing A/S and GN Audio A/S. For members of Executive Management the grant size can vary be-tween 50-100% of their base salary. Warrants and options are granted at no consideration. Calculation of share price for GN Hearing A/S and GN Audio A/S The 2019-2023 option programs are based on GN Store Nord A/S shares,whereas the warrant programs for 2015-2018 are based on GN Hearing A/S and GN Audio A/S shares. On a quarterly basis the share price for GNHearing A/S and GN Audio A/S is calculated, using a top-down approach based on analysis of external broker reports for the allocation of GN Store Nord A/S\u2019 share price into GN Hearing, GN Audio and Other. This calculation is also the basis for the Black-Scholes valuation as stated be-low regarding valuation of warrants. Vesting conditions and exercise of warrants The 2015-2018 warrant programs are incentive programs with a three-year vesting period from the grant date. Warrants vest when a set of cri-teria are met: The share price of GN Store Nord has increased and the share price of GN Hearing A/S and GN Audio A/S has outperformed a peer group index of competitors and industry indices, as defined by the Board of Directors of GN Hearing and GN Audio, respectively. Vested warrants may be exercised during a four-week exercise window opening each quarter for a three-year period after vesting. The quarterly four-week exercise window will open following the release of an external Val-uation Report concerning the value of the shares of GN Hearing A/S and GN Audio A/S. Vesting conditions and exercise of options The 2019-2023 programs are long-term incentive programs with a three-year vesting period from the grant date. The programs include a perfor-mance multiplier, based on revenue growth and EBITDA improvement relative to a broad peer group of comparable companies. This means, that after the three-year vesting period, the initial share option grant can either increase, decrease or stay the same, depending on GN\u2019s per-formance relative to a peer group. The maximum effect of the perfor-mance multiplier is to decrease the number of options to 0 or increase the number of options by a factor of 2. For executive management the gross return on each annual grant is capped at a value equal to four times the annual base salary at the time of grant. Vested options may beexercised at any time outside black-out periods for a three-year period after vesting. Valuation model and assumptions The fair value of the warrants and options are calculated using the prin-ciples of the Black-Scholes option pricing model. For the 2015-2018 war-rants the model has taken the overperformance criteria into account us-ing Monte Carlo simulation. The fair values of options granted during the year are based on the underlying market prices at the grant dates. The exercise price for the annual ordinary grant of options is based on the average share price for GN Store Nord A/S in the five days following the release of the annual report in the year in which the options are awarded. The following assumptions were applied for the calculation of the fair value at the grant date of GN Store Nord A/S options: Executive Management Other employees 2023 2022 2023 2022 Number of options awarded in the year 296,139 145,500 1,514,675 815,593 Share price of GN Store Nord A/S at ordinary grant date 167 351 167 351 Vesting period 3 years 3 years 3 years 3 years Life of option 6 years 6 years 6 years 6 years Volatility* 43% 34% 42% 35% Expected dividend 0.4% 0.3% 0.5% 0.4% Risk-free interest rate** 2.52% 0.12% 2.72% 0.35% Fair Value per option at ordinary grant (DKK)*** 46 81 61 100 Total market value at grant (DKK million) 17 12 93 77 Amortization period of the program 2023 - 2026 2022 - 2025 2023 - 2026 2022 - 2025 * Volatility is estimated by external experts, and is calculated based on data from a historical period matching the expected time to expiry of the options ** Risk-free interest rate is estimated by external experts and based on the zero yield curve derived from Danish government bonds with maturity equal to the expiry of the options *** The fair value assumes a performance multiplier of 1 GN Store Nord A/S GN Hearing A/S GN Audio A/S DKK Number of options* DKK Number of warrants DKK Number of warrants Average Executive Average Executive Average Executive exercise Manage-Other exercise Manage-Other exercise Manage-Other price ment employees Total price ment employees Total price ment employees Total Outstanding at January 1, 2022 395 448,726 1,421,458 1,870,184 32,632 - 1,474 1,474 31,777 1,150 336 1,486 Granted during the year 325 145,500 815,593 961,093 - - - - - - - - Option increase from multiplier at vesting 313 130,261 401,300 531,561 Exercised during the year 313 - -11,076 -11,076 N/A - - - 29,227 -494 -132 -626 Forfeited during the year 343 - -298,535 -298,535 33,352 - -652 -652 28,794 - -47 -47 Outstanding at December 31, 2022 366 724,487 2,328,740 3,053,227 32,062 - 822 822 33,913 656 157 813 Granted during the year 164 296,139 1,514,675 1,810,814 - - - - - - - - Exercised during the year N/A - - - N/A - - - 33,913 -656 -148 -804 Forfeited during the year 362 -168,762 -650,421 -819,183 32,062 - -822 -822 33,913 - -9 -9 Outstanding at December 31, 2023 279 851,864 3,192,994 4,044,858 - - - - - - - - Weighted average term to maturity (Years) 3.3 3.9 3.8 N/A N/A N/A N/A N/A N/A Exercisable at December 31, 2022 313,725 737,222 1,050,947 - 822 822 656 157 813 Exercisable at December 31, 2023 313,725 701,869 1,015,594 - - - - - - * Recognition of expenses on options granted are accelerated for participants not forfeiting the vesting conditions in connection with terminations (good leavers) unless a service is provided in the remaining vesting period. The recognized expenses in 2023 include acceleration of 188,750 and 24,093 options granted to Executive Management and Other employees, respectively, of GN Hearing A/S, 140,401 options granted to Other employees of GN Audio A/S, and 27,537 options granted to Other employees of GN Store Nord A/S. Exercise of warrants When employees exercise their warrants they are exchanged with shares in GN Store Nord A/S based on the relationship between the value of the warrant and the value of the GN Store Nord A/S share at the time of ex-ercise. Hereafter the employee is free to keep the GN Store Nord A/S shares or sell them in the open market. Average share price at exercise for GN Store Nord and GN Audio is DKK 33,913. Outstanding warrants and options at December 31, 2023 by grant date are shown below: GN Store Nord A/S DKK Number of options* Exercise Executive Other Grant date price Management employees Total 313 237,812 692,870 930,682 April 2019** 325 - 8,999 8,999 June 2019** 282 75,913 - 75,913 September 2019** 550 96,500 310,826 407,326 February 2021 495 - 3,595 3,595 May 2021 409 - 6,851 6,851 January 2022 368 145,500 478,970 624,470 February 2022 307 - 36,121 36,121 March 2022 224 - 211,064 211,064 May 2022 209 - 8,855 8,855 September 2022 164 94,000 1,426,241 1,520,241 February 2023 151 97,300 - 97,300 March 2023 149 - 4,215 4,215 April 2023 170 104,839 - 104,839 June 2023 125 - 4,387 4,387 October 2023Outstanding at December 31 851,864 3,192,994 4,044,858 * The performance multiplier can decrease the number of non-vested options to 0 or as maximum effect increase the number by a factor of two. ** For the 2019 program, number of options have increased by final multiplier of 1.71Accounting policies Share-based incentive plans The Executive Management and a number of key employees are included in share-based incentive plans (equity-settled plans). For equity-settled pro-grams, the warrants and options are measured at the fair value at the grant date and recognized in the income statement as a staff cost of the respective functions over the vesting period. The counter item is recog-nized in equity. On initial recognition, an estimate is made of the number of warrants and options expected to vest. This estimate is subsequently re-vised for changes in the number of warrants and options expected to vest. Accordingly, recognition is based on the number of warrants and options that are ultimately vested. The fair value of granted warrants and options is estimated using the Black-Scholes option pricing model. Vesting condi-tions are taken into account when estimating the fair value of the warrants and options.",
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"s8_notesesefdkgaap__7__214": {
"value": "Accounting policies Share-based incentive plans The Executive Management and a number of key employees are included in share-based incentive plans (equity-settled plans). For equity-settled pro-grams, the warrants and options are measured at the fair value at the grant date and recognized in the income statement as a staff cost of the respective functions over the vesting period. The counter item is recog-nized in equity. On initial recognition, an estimate is made of the number of warrants and options expected to vest. This estimate is subsequently re-vised for changes in the number of warrants and options expected to vest. Accordingly, recognition is based on the number of warrants and options that are ultimately vested. The fair value of granted warrants and options is estimated using the Black-Scholes option pricing model. Vesting condi-tions are taken into account when estimating the fair value of the warrants and options.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__7__212": {
"value": "Accounting policies Share-based incentive plans The Executive Management and a number of key employees are included in share-based incentive plans (equity-settled plans). For equity-settled pro-grams, the warrants and options are measured at the fair value at the grant date and recognized in the income statement as a staff cost of the respective functions over the vesting period. The counter item is recog-nized in equity. On initial recognition, an estimate is made of the number of warrants and options expected to vest. This estimate is subsequently re-vised for changes in the number of warrants and options expected to vest. Accordingly, recognition is based on the number of warrants and options that are ultimately vested. The fair value of granted warrants and options is estimated using the Black-Scholes option pricing model. Vesting condi-tions are taken into account when estimating the fair value of the warrants and options.",
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"language": "en",
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"s8_notesesefdkgaap__7__218": {
"value": "5.5 Contingent liabilities DKK million 2023 2022 Guarantees - 4 Guarantees The majority of guarantees are related to performance guarantees. Security The Group has not pledged any assets as security in the present or prior financial years. Purchase obligations GN Store Nord has agreed with a number of suppliers that the suppliers will purchase components for the production of hearing instruments andheadsets based on sales estimates prepared by GN Store Nord. To the extent that GN Store Nord's sales estimates exceed actual purchases from suppliers, GN Store Nord is under an obligation topurchase any remaining components from the suppliers. Management assesses sales estimates on an ongoing basis. To the extent that component inventories at suppliers exceed the volumes expected to be used, GN Store Nord recognizes a provision for onerous purchase contracts. Pending litigations and disputes GN Store Nord and its subsidiaries are parties to pending litigations, claims and disputes arising out of the normal conduct of their business including various cases involving patent infringements. While provisions that management deems to be reasonable and appropriate have been made for probable losses, there are uncertainties connected with these estimates. GN Store Nord does not expect the pending litigations and claims to have a material impact on GN Store Nord\u2019s financial position, operating profit or cash flows in addition to the amounts recognized as provisions for legal disputes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__216": {
"value": "Accounting policies Pensions Contributions to defined contribution plans are recognized in the income statement in the period to which they relate and any contributions outstanding are recognized in the balance sheet as other payables. Defined benefit plans are subject to an annual actuarial estimate of the present value of future benefits under the defined benefit plan. The present value is determined on the basis of assumptions about the future development in variables such as salary levels, interest rates, inflation and mortality. The present value is determined only for benefits earned by employees from their employment with the Group. The actuarial present value less the fair value of any plan assets is recognized in the balance sheet under pension obligations. Pension costs for the year are recognized in the income statement based on actuarial estimates and financial expectations at the beginning of the year. Any difference between the expected development in plan assets and the defined benefit obligation and actual amounts results in actuarial gains or losses. Actuarial gains or losses are recognized in other comprehensive income. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__7__223": {
"value": "5.8 Fees to statutory auditors DKK million 2023 2022 Statutory audit -11 -11 Tax advice services -1 -1 Other services -5 -5 Total -17 -17 Note: PwC's global non-audit service fees amount to 49% when considering decimals. Fees for services other than statutory audit of the financial statements amounts to DKK 6 million (2022: DKK 6 million). Services other than statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PricewaterhouseCoopers Denmark) mainly consist of tax related advicetransaction/project support, project support in connection with capital raise, technical accounting advisory services, other advisory services andother assurance assessments and opinions.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__225": {
"value": "5.10 Events after the reporting period No material subsequent events have occurred.",
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"s8_notesesefdkgaap__7__220": {
"value": "Accounting policies Investments in Associates in the Consolidated Financial Statements On acquisition of investments in associates, the purchase method is used, cf. Business Combinations. In the consolidated financial statements investments in associates are rec-ognized according to the equity method. Investments in associates are measured at the proportionate share of the enterprises\u2019 net asset values calculated in accordance with the Group\u2019s accounting policies minus or plus the proportionate share of unrealized intra-group profits and losses and plus the carrying amount of goodwill. Profit (loss) from Investments in Associates The proportionate share of the profit (loss) after tax of the individual asso-ciates is recognized in the income statement of the Group after elimination of the proportionate share of intra-group profits (losses). ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__7__228": {
"value": "Companies in GN Group Domicile Currency Ownership % Share capital GN Store Nord A/S Denmark DKK 603,650,860 GN Ejendomme A/S Denmark DKK 100 115,625,000 GN Financing A/S Denmark DKK 100 400,000 GN Audio A/S Denmark DKK 100 35,252,000 Falcom A/S Denmark DKK 100 88,503,000 GN Audio DK Sales A/S Denmark DKK 100 400,000 GN Audio Australia Pty Ltd. Australia AUD 100 2,500,000 GN \u00c1udio Brasil Importac\u00e3o & Com\u00e9rcio Ltda. Brazil BRL 100 407,821 GN Audio Canada Inc. Canada CAD 100 409,800 GN Audio (China) Ltd. China CNY 100 65,252,600 GN Audio (Shanghai) Co., Ltd. China CNY 100 15,481,000 GN Audio Logistic (Xiamen) Ltd. China CNY 100 4,133,738 GN Audio France SA France EUR 100 80,000 GN Audio Germany GmbH Germany EUR 100 51,100 GN Audio Hong Kong Limited Hong Kong HKD 100 33,500,000 GN Audio India Private Limited India INR 100 40,000,000 Jabra Connect India Private Limited India INR 51 20,000,000 GN Audio Italy s.r.l. Italy EUR 100 10,200 GN Audio Japan Ltd. Japan JPY 100 10,000,000 GN Audio Benelux B.V.** Netherlands EUR 100 18,000 GN Audio Philippines, Inc. Philippines PHP 100 10,000,000 GN Audio Poland Sp. Z.o.o. Poland PLN 100 50,000 GN Audio Singapore Pte. Ltd. Singapore SGD 100 700,000 Jabra Connect Singapore Pte.Ltd. Singapore USD 51 12,000 GN Audio Spain, S.A. Spain EUR 100 66,111 GN Audio Sweden AB Sweden SEK 100 5,100,000 GN Audio UK Ltd.*** United Kingdom GBP 100 100,000 GN Audio USA Inc. USA USD 100 82,500,000 Falcom US, LLC* USA USD 100 - SteelSeries APS Denmark DKK 100 160,000 SteelSeries France S.A.S France EUR 100 2,363,600 Nahimic Singapore SGD 100 341,001 GN Audio Finland Oy/Ab Finland EUR 100 - GN Audio Norway AS Norway NOK 100 30,000 3D Aim Trainer BV Belgium EUR 100 2,079,502 Domicile Currency Ownership % Share Capital GN Hearing A/S Denmark DKK 100 65,252,600 GN Hearing 2 A/S Denmark DKK 100 500,000 GN Financing 2 A/S Denmark DKK 100 400,000 GN Hearing Australia Pty. Ltd. Australia AUD 100 4,000,002 GN Hearing Austria GmbH Austria EUR 100 482,500 GN ReSound Produtos M\u00e9dicos Ltda. Brazil BRL 100 1,019,327 GN Hearing Care Canada Ltd. Canada CAD 100 8,435,000 GN Hearing Shanghai Ltd. China CNY 100 20,491,300 GN ReSound China Ltd. China CNY 100 34,000,000 GN Hearing Czech Republic spol. s r.o. Czech Republic CZK 100 102,000 Audigy Group International A/S Denmark DKK 100 400,000 Dansk H\u00f8recenter ApS Denmark DKK 100 165,657,000 GN Hearing Finland Oy/Ab Finland EUR 100 55,502 GN Hearing SAS France EUR 100 2,300,000 GN Hearing GmbH Germany EUR 100 296,549 GN ReSound GmbH H\u00f6rtechnologie Germany EUR 100 2,162,253 GN Hearing India Private Limited India INR 100 20,983,210 GN Hearing S.r.l. Italy EUR 100 181,190 GN Hearing Japan K.K. Japan JPY 100 499,000,000 GN Hearing Korea Co., Ltd. Korea KRW 100 136,700,000 GN Hearing (Malaysia) Sdn Bhd Malaysia MYR 100 2,500,000 GN Hearing Benelux B.V. Netherlands EUR 100 680,670 GN Hearing New Zealand Limited New Zealand NZD 100 2,000,000 GN Hearing Norway AS Norway NOK 100 2,000,000 GN Hearing Care S.A. Spain EUR 100 66,110 GN Hearing Sverige AB Sweden SEK 100 100,000 GN Hearing Switzerland AG Switzerland CHF 100 500,000 GN Hearing UK Ltd. United Kingdom GBP 100 7,376,000 GN Consumer Hearing Cooperation USA USD 91 32,061,457 GN US Holdings Inc. USA USD 100 36,000,000 Great Hearing Benefits, LLC* USA USD 100 - Beltone Holdings US, LLC USA USD 100 3,000 Beltone Hearing Care Foundation* USA USD 100 - GN Hearing Care Corporation USA USD 100 190,000 Domicile Currency Ownership % Share capital GN Hearing A/S continued: Audigy Group, LLC* USA USD 100 - Audigy Venture, LLC* USA USD 100 - Associates Audio Nova S.R.L. Romania ROL 49 1,000 Himpp A/S Denmark DKK 11 1,600,000 Hearing Instrument Manufactures Software Association A/S Denmark DKK 25 1,000,000 HIMSA II A/S Denmark DKK 17 500,000 Himsa II K/S Denmark DKK 15 3,250,000 K/S Himpp Denmark USD 9 19,950,000 Progetto Udire S.R.L. Italy EUR 35 838,700 Hearing Center of the East Bay, LLC USA USD 50 25,000 BelMart LLC USA USD 30 3,556,822 Bold North Beltone, LLC* USA USD 30 - AXE Audiology, LLC* USA USD 30 - Statewide Hearing, LLC* USA USD 30 - Beltopia LLC USA USD 25 1,734,500 HearX Group (pty) LTD South Africa USD 27 31,000,000 Louqe AB Corporation Sweden SEK 26 - * Without par value ** GN Audio Benelux B.V. (registration number 20113074) and GN Hearing Benelux B.V. (registration number 09033081) applies the group exemption of article 2:403 of the Dutch Civil Code and does not prepare individual financial statements. Note: Minor companies have been omitted from the list.",
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"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__7__226": {
"value": "Companies in GN Group Domicile Currency Ownership % Share capital GN Store Nord A/S Denmark DKK 603,650,860 GN Ejendomme A/S Denmark DKK 100 115,625,000 GN Financing A/S Denmark DKK 100 400,000 GN Audio A/S Denmark DKK 100 35,252,000 Falcom A/S Denmark DKK 100 88,503,000 GN Audio DK Sales A/S Denmark DKK 100 400,000 GN Audio Australia Pty Ltd. Australia AUD 100 2,500,000 GN \u00c1udio Brasil Importac\u00e3o & Com\u00e9rcio Ltda. Brazil BRL 100 407,821 GN Audio Canada Inc. Canada CAD 100 409,800 GN Audio (China) Ltd. China CNY 100 65,252,600 GN Audio (Shanghai) Co., Ltd. China CNY 100 15,481,000 GN Audio Logistic (Xiamen) Ltd. China CNY 100 4,133,738 GN Audio France SA France EUR 100 80,000 GN Audio Germany GmbH Germany EUR 100 51,100 GN Audio Hong Kong Limited Hong Kong HKD 100 33,500,000 GN Audio India Private Limited India INR 100 40,000,000 Jabra Connect India Private Limited India INR 51 20,000,000 GN Audio Italy s.r.l. Italy EUR 100 10,200 GN Audio Japan Ltd. Japan JPY 100 10,000,000 GN Audio Benelux B.V.** Netherlands EUR 100 18,000 GN Audio Philippines, Inc. Philippines PHP 100 10,000,000 GN Audio Poland Sp. Z.o.o. Poland PLN 100 50,000 GN Audio Singapore Pte. Ltd. Singapore SGD 100 700,000 Jabra Connect Singapore Pte.Ltd. Singapore USD 51 12,000 GN Audio Spain, S.A. Spain EUR 100 66,111 GN Audio Sweden AB Sweden SEK 100 5,100,000 GN Audio UK Ltd.*** United Kingdom GBP 100 100,000 GN Audio USA Inc. USA USD 100 82,500,000 Falcom US, LLC* USA USD 100 - SteelSeries APS Denmark DKK 100 160,000 SteelSeries France S.A.S France EUR 100 2,363,600 Nahimic Singapore SGD 100 341,001 GN Audio Finland Oy/Ab Finland EUR 100 - GN Audio Norway AS Norway NOK 100 30,000 3D Aim Trainer BV Belgium EUR 100 2,079,502 Domicile Currency Ownership % Share Capital GN Hearing A/S Denmark DKK 100 65,252,600 GN Hearing 2 A/S Denmark DKK 100 500,000 GN Financing 2 A/S Denmark DKK 100 400,000 GN Hearing Australia Pty. Ltd. Australia AUD 100 4,000,002 GN Hearing Austria GmbH Austria EUR 100 482,500 GN ReSound Produtos M\u00e9dicos Ltda. Brazil BRL 100 1,019,327 GN Hearing Care Canada Ltd. Canada CAD 100 8,435,000 GN Hearing Shanghai Ltd. China CNY 100 20,491,300 GN ReSound China Ltd. China CNY 100 34,000,000 GN Hearing Czech Republic spol. s r.o. Czech Republic CZK 100 102,000 Audigy Group International A/S Denmark DKK 100 400,000 Dansk H\u00f8recenter ApS Denmark DKK 100 165,657,000 GN Hearing Finland Oy/Ab Finland EUR 100 55,502 GN Hearing SAS France EUR 100 2,300,000 GN Hearing GmbH Germany EUR 100 296,549 GN ReSound GmbH H\u00f6rtechnologie Germany EUR 100 2,162,253 GN Hearing India Private Limited India INR 100 20,983,210 GN Hearing S.r.l. Italy EUR 100 181,190 GN Hearing Japan K.K. Japan JPY 100 499,000,000 GN Hearing Korea Co., Ltd. Korea KRW 100 136,700,000 GN Hearing (Malaysia) Sdn Bhd Malaysia MYR 100 2,500,000 GN Hearing Benelux B.V. Netherlands EUR 100 680,670 GN Hearing New Zealand Limited New Zealand NZD 100 2,000,000 GN Hearing Norway AS Norway NOK 100 2,000,000 GN Hearing Care S.A. Spain EUR 100 66,110 GN Hearing Sverige AB Sweden SEK 100 100,000 GN Hearing Switzerland AG Switzerland CHF 100 500,000 GN Hearing UK Ltd. United Kingdom GBP 100 7,376,000 GN Consumer Hearing Cooperation USA USD 91 32,061,457 GN US Holdings Inc. USA USD 100 36,000,000 Great Hearing Benefits, LLC* USA USD 100 - Beltone Holdings US, LLC USA USD 100 3,000 Beltone Hearing Care Foundation* USA USD 100 - GN Hearing Care Corporation USA USD 100 190,000 Domicile Currency Ownership % Share capital GN Hearing A/S continued: Audigy Group, LLC* USA USD 100 - Audigy Venture, LLC* USA USD 100 - Associates Audio Nova S.R.L. Romania ROL 49 1,000 Himpp A/S Denmark DKK 11 1,600,000 Hearing Instrument Manufactures Software Association A/S Denmark DKK 25 1,000,000 HIMSA II A/S Denmark DKK 17 500,000 Himsa II K/S Denmark DKK 15 3,250,000 K/S Himpp Denmark USD 9 19,950,000 Progetto Udire S.R.L. Italy EUR 35 838,700 Hearing Center of the East Bay, LLC USA USD 50 25,000 BelMart LLC USA USD 30 3,556,822 Bold North Beltone, LLC* USA USD 30 - AXE Audiology, LLC* USA USD 30 - Statewide Hearing, LLC* USA USD 30 - Beltopia LLC USA USD 25 1,734,500 HearX Group (pty) LTD South Africa USD 27 31,000,000 Louqe AB Corporation Sweden SEK 26 - * Without par value ** GN Audio Benelux B.V. (registration number 20113074) and GN Hearing Benelux B.V. (registration number 09033081) applies the group exemption of article 2:403 of the Dutch Civil Code and does not prepare individual financial statements. Note: Minor companies have been omitted from the list.In this annual report the following financial terms (non-IFRS measures) are used: Operating profit (loss) Profit (loss) before tax and financial items. EBITDA Operating profit (loss) before depreciation and impairment of property, plant and equipment, amor-tization and impairment of intangible assets, except development projects, impairment of goodwill and gains (losses) on divestment of operations etc.. EBITDA therefore include amortization of development projects. EBITA Operating profit (loss) before amortization and impairment of acquired intangible assets, impair-ment of goodwill and gains (losses) on divestment of operations etc. EBITA therefore include amor-tization of development projects and software developed in-house. Free cash flow Cash flow from operating and investing activities Convertible bond EUR 330 million senior unsecured zero coupon bonds due 2024 with detachable unsecured warrant units expiring 2024 (refer to note 4.2 Financial risks). Key Ratio Definitions Organic growth=Absolute organic revenue growth Revenue in comparative period Organic growth is a measure of growth excluding the impact of acquisitions, divestments and for-eign exchange adjustments from year-on-year comparisons. Net working capital (NWC) = Inventories + receivables + other operating current assets - trade payables - other operating current liabilities Net interest bearing debt (NIBD) = Bank loans and issued bonds + Lease liabilities - Cash and cash equivalents - Loans to dispensers Dividend payout ratio = Total dividend Profit (loss) for the year Gross margin = Gross profit Revenue EBITA margin = EBITA Revenue ROIC (Return on invested =EBITA capital including goodwill) Average invested capital including goodwill Invested capital = NWC + property, plant and equipment and intangible assets + loans to dispensers of GN Hearing products + pre-paid discounts + ownership interests \u2013 provisions Cash conversion = Free cash flow excl. company acquisitions and divestments EBITA Return on equity (ROE)=Profit (loss) for the year Average equity of the Group Equity ratio = Equity of the Group Total assets Earnings per share, basic (EPS) = Profit (loss) for the year attributable to shareholders in GN Store Nord A/S Average number of shares outstanding Earnings per share, fully diluted = Profit (loss) for the year attributable to shareholders in GN Store Nord A/S (EPS diluted)Average number of shares outstanding, fully diluted Market capitalization Number of shares outstanding x share price at the end of the period Outstanding shares Number of shares listed - treasury shares ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "GN Store Nord",
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"value": "A/S",
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"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__7__67": {
"value": "Lautrupbjerg 72750 BallerupDenmark",
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"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Denmark",
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"concept": "ifrs-full:DomicileOfEntity",
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"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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