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"value": "1.1 Material accounting policies The annual report of GN has been prepared in accordance with IFRS Accounting Standards (IFRS) as adopted by the EU and the Danish dis-closure 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 raisingof 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 in-significant risk of changes in value.IFRS 18, Presentation and Disclosure in Financial Statements IFRS 18 includes requirements for the presentation and disclosure of information in financial statements. The Statement of Profit or Loss will be presented into five categories, operating, investing, financing, income tax and discontinued operations categories based on an assessment of GN\u2019s business activities. The standard also includes requirements related to aggregation and dis-aggregation of information in the primary financial statements and notes. Further, IFRS 18 requires GN to identify its management-de-fined performance measures as detailed disclosures need to be in-cluded in the notes for them. This should enable user of financial state-ments to understand the aspect of financial performance that in man-agement\u2019s view is communicated by a MPM and how the MPM com-pares with measures defined by IFRS Accounting Standards. The Group is assessing the impact of IFRS 18. None of the other new standards, amendments to standards and inter-pretations are expected to have material impact on the financial state-ments of GN.",
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"value": "1.1 Material accounting policies The annual report of GN has been prepared in accordance with IFRS Accounting Standards (IFRS) as adopted by the EU and the Danish dis-closure requirements for annual reports of listed companies. The notes to the annual report have been updated compared to prior year in certain instances to provide a more accurate representation. In such cases, comparative figures have been adjusted accordingly. 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 partof the complete description of GN\u2019s accounting policies. Defining materiality The annual report is based on the concept of materiality, to ensure that the content is material and relevant to the users. GN provides the specific disclosures required by IFRS unless the information is consid-ered immaterial. Consolidated Financial Statements The consolidated financial statements comprise the financial state-ments of the parent company, GN Store Nord A/S, and its controlled subsidiaries in accordance with the Group\u2019s accounting policies. Intra-group transactions, -shareholdings, -balances, -dividends, and realized and unrealized gains and losses on intra-group transactions are elimi-nated. Control is achieved when GN is exposed or has rights to variable re-turns 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 results in con-trol. To support this presumption and when GN has less than a major-ity of the voting or similar rights of an investee, GN considers all rele-vant facts and circumstances in assessing whether it has power over an investee. Group companies are listed on pages 165-166. Enterprises that are not subsidiaries, but where GN exercises significant influence, but where it does not have power to govern the financial and operating policies, are considered associates. When assessing whether GN exercises control or significant influence, potential voting rights that are substantive and options on acquisition of additional ownership interests are taken into account. Foreign Currency Translation Functional Currency and Presentation Currency The consolidated financial statements are presented in Danish kroner (DKK), which is the functional currency and presentation currency of the parent company. Translation of Transactions and Balances Transactions denominated in foreign currencies are translated to the functional currency at the exchange rates at the transaction date. For-eign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognized in the in-come statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The dif-ference 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 fi-nancial income or financial expense. Translation of Subsidiaries On recognition in the consolidated financial statements of foreign enti-ties with a functional currency other than the Group\u2019s presentation currency, the income statements are translated at the exchange rates at the transaction date, and the balance sheet items are translated at the exchange rates at the balance sheet date. An average exchange rate for the month is used as the exchange rate at the transaction date to the extent that this does not significantly distort the presentation of the underlying transactions. Foreign exchange differences 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 in-come 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 raisingof 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 in-significant 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. Where a financial statement line item is not defined in the ESEF taxon-omy, an extension to the taxonomy has been created. The annual report submitted to the Danish Financial Supervisory Au-thority consists of the XHTML document together with certain tech-nical files, all included in a file named GNStoreNord-2024-12-31-en.zip. New standards, interpretations and amendments adopted by GN GN has adopted all relevant new or revised International Financial Re-porting Standards and IFRIC Interpretations with effective date Janu-ary 1, 2024, with the following being the most relevant for GN: Presentation of Financial Statements \u2013 amendments to IAS 1 The new or revised standards and interpretations did not affect recog-nition 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 pre-vious 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, 2025 and have not been applied in preparing this annual report. GN will adopt new standards and interpretations as of the effective dates: The Effects of Changes in Foreign Exchange Rates \u2013 amendments to IAS 21 (effective date January 1, 2025) Amendments to the Classification and Measurement of Financial In-struments \u2013 amendments to IFRS 9 and IFRS 7 (effective January 1, 2026) Annual Improvements Volume 11 (effective January 1, 2026) IFRS 18, Presentation and Disclosure in Financial Statements (effective January 1, 2027) IFRS 18, Presentation and Disclosure in Financial Statements IFRS 18 includes requirements for the presentation and disclosure of information in financial statements. The Statement of Profit or Loss will be presented into five categories, operating, investing, financing, income tax and discontinued operations categories based on an assessment of GN\u2019s business activities. The standard also includes requirements related to aggregation and dis-aggregation of information in the primary financial statements and notes. Further, IFRS 18 requires GN to identify its management-de-fined performance measures as detailed disclosures need to be in-cluded in the notes for them. This should enable user of financial state-ments to understand the aspect of financial performance that in man-agement\u2019s view is communicated by a MPM and how the MPM com-pares with measures defined by IFRS Accounting Standards. The Group is assessing the impact of IFRS 18. None of the other new standards, amendments to standards and inter-pretations are expected to have material impact on the financial state-ments of GN.Accounting policies Segment Information GN Store Nord\u2019s Management has identified Hearing, Enterprise and Gaming & Consumer as the reportable segments in the Group. Hearing is operating within the hearing instrument industry, primarily producing and selling hearing instruments and products related hereto. Enterprise is a leading supplier in the market for audio and video devices for professional use. Gaming & Consumer is operating to produce gaming devices, peripherals and consumer audio devices. Segment information is based on the Group\u2019s accounting policies. In the Group, segment performance is evaluated on the basis of gross profit and divisional profit. Segment revenue and expense comprise items directly attributable to a segment and items that can be allocated to a segment on a reasonable basis. Non-attributable costs are not allocated. 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 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 other current liabilities 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 CostsDevelopment 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 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: Hearing, Enterprise and Gaming & Consumer. 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 market or 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 amount at 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 When determining the useful lives impact of climate-related risks have been assessed. Such risks include new climate-related legislation restricting or changing the use of certain assets.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 leasepayment 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 recorded under financial items in the income statement. Changes in the fair value of ownership interests 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.f the Consumer busAccounting policiesInventories Inventories are measured at cost in accordance with the FIFO-principle 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 Hearing , Enterprise, or Gaming & Consumer 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 Share Earnings 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 policiesDerivative Financial Instruments Derivative financial instruments are initially and subsequently recognized in the balance sheet at fair value. Positive and negative fair values of deriv-ative financial instruments are recognized as other receivables and paya-bles, respectively. Fair values of derivative financial instruments are com-puted on the basis of market data and generally accepted valuation meth-ods. 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.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 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 fairvalue 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 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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"s8__7__122": {
"value": "Consolidated Financial Statements The consolidated financial statements comprise the financial state-ments of the parent company, GN Store Nord A/S, and its controlled subsidiaries in accordance with the Group\u2019s accounting policies. Intra-group transactions, -shareholdings, -balances, -dividends, and realized and unrealized gains and losses on intra-group transactions are elimi-nated. Control is achieved when GN is exposed or has rights to variable re-turns 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 results in con-trol. To support this presumption and when GN has less than a major-ity of the voting or similar rights of an investee, GN considers all rele-vant facts and circumstances in assessing whether it has power over an investee. Group companies are listed on pages 165-166. Enterprises that are not subsidiaries, but where GN exercises significant influence, but where it does not have power to govern the financial and operating policies, are considered associates. When assessing whether GN exercises control or significant influence, potential voting rights that are substantive and options on acquisition of additional ownership interests are taken into account.",
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"value": "Foreign Currency Translation Functional Currency and Presentation Currency The consolidated financial statements are presented in Danish kroner (DKK), which is the functional currency and presentation currency of the parent company.",
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"s8__7__123-1": {
"value": "Foreign Currency Translation Functional Currency and Presentation Currency The consolidated financial statements are presented in Danish kroner (DKK), which is the functional currency and presentation currency of the parent company. Translation of Transactions and Balances Transactions denominated in foreign currencies are translated to the functional currency at the exchange rates at the transaction date. For-eign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognized in the in-come statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The dif-ference 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 fi-nancial income or financial expense. Translation of Subsidiaries On recognition in the consolidated financial statements of foreign enti-ties with a functional currency other than the Group\u2019s presentation currency, the income statements are translated at the exchange rates at the transaction date, and the balance sheet items are translated at the exchange rates at the balance sheet date. An average exchange rate for the month is used as the exchange rate at the transaction date to the extent that this does not significantly distort the presentation of the underlying transactions. Foreign exchange differences 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 in-come 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.",
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"s8__7__125": {
"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 raisingof 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 in-significant risk of changes in value.",
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"s8__7__118": {
"value": "Section 1 - Basis of preparation 1.1 Material accounting policies The annual report of GN has been prepared in accordance with IFRS Accounting Standards (IFRS) as adopted by the EU and the Danish dis-closure requirements for annual reports of listed companies. The notes to the annual report have been updated compared to prior year in certain instances to provide a more accurate representation. In such cases, comparative figures have been adjusted accordingly. 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 partof the complete description of GN\u2019s accounting policies. Defining materiality The annual report is based on the concept of materiality, to ensure that the content is material and relevant to the users. GN provides the specific disclosures required by IFRS unless the information is consid-ered immaterial. Consolidated Financial Statements The consolidated financial statements comprise the financial state-ments of the parent company, GN Store Nord A/S, and its controlled subsidiaries in accordance with the Group\u2019s accounting policies. Intra-group transactions, -shareholdings, -balances, -dividends, and realized and unrealized gains and losses on intra-group transactions are elimi-nated. Control is achieved when GN is exposed or has rights to variable re-turns 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 results in con-trol. To support this presumption and when GN has less than a major-ity of the voting or similar rights of an investee, GN considers all rele-vant facts and circumstances in assessing whether it has power over an investee. Group companies are listed on pages 165-166. Enterprises that are not subsidiaries, but where GN exercises significant influence, but where it does not have power to govern the financial and operating policies, are considered associates. When assessing whether GN exercises control or significant influence, potential voting rights that are substantive and options on acquisition of additional ownership interests are taken into account. Foreign Currency Translation Functional Currency and Presentation Currency The consolidated financial statements are presented in Danish kroner (DKK), which is the functional currency and presentation currency of the parent company. Translation of Transactions and Balances Transactions denominated in foreign currencies are translated to the functional currency at the exchange rates at the transaction date. For-eign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognized in the in-come statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The dif-ference 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 fi-nancial income or financial expense. Translation of Subsidiaries On recognition in the consolidated financial statements of foreign enti-ties with a functional currency other than the Group\u2019s presentation currency, the income statements are translated at the exchange rates at the transaction date, and the balance sheet items are translated at the exchange rates at the balance sheet date. An average exchange rate for the month is used as the exchange rate at the transaction date to the extent that this does not significantly distort the presentation of the underlying transactions. Foreign exchange differences 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 in-come 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 raisingof 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 in-significant 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. Where a financial statement line item is not defined in the ESEF taxon-omy, an extension to the taxonomy has been created. The annual report submitted to the Danish Financial Supervisory Au-thority consists of the XHTML document together with certain tech-nical files, all included in a file named GNStoreNord-2024-12-31-en.zip. New standards, interpretations and amendments adopted by GN GN has adopted all relevant new or revised International Financial Re-porting Standards and IFRIC Interpretations with effective date Janu-ary 1, 2024, with the following being the most relevant for GN: Presentation of Financial Statements \u2013 amendments to IAS 1 The new or revised standards and interpretations did not affect recog-nition 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 pre-vious 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, 2025 and have not been applied in preparing this annual report. GN will adopt new standards and interpretations as of the effective dates: The Effects of Changes in Foreign Exchange Rates \u2013 amendments to IAS 21 (effective date January 1, 2025) Amendments to the Classification and Measurement of Financial In-struments \u2013 amendments to IFRS 9 and IFRS 7 (effective January 1, 2026) Annual Improvements Volume 11 (effective January 1, 2026) IFRS 18, Presentation and Disclosure in Financial Statements (effective January 1, 2027) IFRS 18, Presentation and Disclosure in Financial Statements IFRS 18 includes requirements for the presentation and disclosure of information in financial statements. The Statement of Profit or Loss will be presented into five categories, operating, investing, financing, income tax and discontinued operations categories based on an assessment of GN\u2019s business activities. The standard also includes requirements related to aggregation and dis-aggregation of information in the primary financial statements and notes. Further, IFRS 18 requires GN to identify its management-de-fined performance measures as detailed disclosures need to be in-cluded in the notes for them. This should enable user of financial state-ments to understand the aspect of financial performance that in man-agement\u2019s view is communicated by a MPM and how the MPM com-pares with measures defined by IFRS Accounting Standards. The Group is assessing the impact of IFRS 18. None of the other new standards, amendments to standards and inter-pretations are expected to have material impact on the financial state-ments of GN. 1.2 Key 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. Key accounting estimate The estimates used are based on assumptions, which by Management are deemed reliable, but by nature are associated with uncertainty. Theassumptions may be incomplete or incorrect, and unexpected events or circumstances may arise. Accordingly, the Group is subject to risks and uncertainties that may lead to a situation where actual results dif-fer from estimates. We believe that our estimates are the most likely outcome of future events. Key accounting judgement Key accounting judgements are made when applying accounting poli-cies. The application of the Group\u2019s accounting policies may require Management to make judgements that can have a significant impact on the amounts recognized in the consolidated financial statements. The impact assessment is based on a combination of quantitative and qualitative measures, such as outcome expectations, complexity and subjectivity to indicating the impact to the consolidated financial state-ments. No new areas have been categorized as key accounting estimates and judgements, compared to last year, but a few areas are no longer con-sidered key accounting estimates and judgements. A description of key 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 2.5 Tax Deferred tax assets Judgement valuation 3.1 Intangible assets Recognition and measure-Estimate ment of goodwill and devel-opment projects 3.5 Other non-current assets Ownership interest in Judgementdispensers 5.1 Acquisition and divest-Fair value of identifiable as-Estimate ment of companies and oper-sets and liabilities in busi-ations ness combinations1.3 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\u2019s Management to analyze and manage the busi-ness and to provide stakeholders with useful information on the group\u2019s financial position, performance and development. Please refer to Key Ratio Definitions on page 167 for a definition of these measures. ",
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"value": "New standards, interpretations and amendments adopted by GN GN has adopted all relevant new or revised International Financial Re-porting Standards and IFRIC Interpretations with effective date Janu-ary 1, 2024, with the following being the most relevant for GN: Presentation of Financial Statements \u2013 amendments to IAS 1 The new or revised standards and interpretations did not affect recog-nition 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 pre-vious years\u2019 annual reports.",
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"s8__7__129": {
"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, 2025 and have not been applied in preparing this annual report. GN will adopt new standards and interpretations as of the effective dates: The Effects of Changes in Foreign Exchange Rates \u2013 amendments to IAS 21 (effective date January 1, 2025) Amendments to the Classification and Measurement of Financial In-struments \u2013 amendments to IFRS 9 and IFRS 7 (effective January 1, 2026) Annual Improvements Volume 11 (effective January 1, 2026) IFRS 18, Presentation and Disclosure in Financial Statements (effective January 1, 2027)",
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"s8__7__131": {
"value": "1.2 Key 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. Key accounting estimate The estimates used are based on assumptions, which by Management are deemed reliable, but by nature are associated with uncertainty. Theassumptions may be incomplete or incorrect, and unexpected events or circumstances may arise. Accordingly, the Group is subject to risks and uncertainties that may lead to a situation where actual results dif-fer from estimates. We believe that our estimates are the most likely outcome of future events. Key accounting judgement Key accounting judgements are made when applying accounting poli-cies. The application of the Group\u2019s accounting policies may require Management to make judgements that can have a significant impact on the amounts recognized in the consolidated financial statements. The impact assessment is based on a combination of quantitative and qualitative measures, such as outcome expectations, complexity and subjectivity to indicating the impact to the consolidated financial state-ments. No new areas have been categorized as key accounting estimates and judgements, compared to last year, but a few areas are no longer con-sidered key accounting estimates and judgements. A description of key 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 2.5 Tax Deferred tax assets Judgement valuation 3.1 Intangible assets Recognition and measure-Estimate ment of goodwill and devel-opment projects 3.5 Other non-current assets Ownership interest in Judgementdispensers 5.1 Acquisition and divest-Fair value of identifiable as-Estimate ment of companies and oper-sets and liabilities in busi-ations ness combinationsKey accounting estimates Estimating variable consideration 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. . Key accounting judgement Deferred tax assets valuation Management has made judgments in determining the extent to which de-ferred tax assets are recognized. GN recognizes deferred 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.Key accounting estimates Valuation of intangible assets - 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. Key accounting estimates Valuation of intangible assets - 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.Key accounting 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 Hearing exercises significant influence in unlisted enterprises a number of judgments are made. These judgments in-clude 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 informationKey accounting estimates Purchase 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__7__132": {
"value": "2.1 Segment disclosures The segments are aligned with the internal reporting structure of the Group. Effective January 1, 2024, the Group\u2019s segment reporting will now oc-cur on the following three divisions: \u2022 Hearing; \u2022 Enterprise; and \u2022 Gaming & Consumer Management has identified Hearing, Enterprise, and Gaming & Con-sumer as key markets and therefore the reportable segments in the Group, as this reflects the management of activities, results and the use of resources. Prior to January 1, 2024, GN Hearing and GN Audio were the reporta-ble segments in the Group. The comparative segment results have been restated for comparison purposes as required by IFRS 8 Operat-ing Segments. Segment performance is now evaluated on Divisional profit. Divisional profit is calculated as gross profit less selling and dis-tribution costs. Accounting policies Segment Information GN Store Nord\u2019s Management has identified Hearing, Enterprise and Gaming & Consumer as the reportable segments in the Group. Hearing is operating within the hearing instrument industry, primarily producing and selling hearing instruments and products related hereto. Enterprise is a leading supplier in the market for audio and video devices for professional use. Gaming & Consumer is operating to produce gaming devices, peripherals and consumer audio devices. Segment information is based on the Group\u2019s accounting policies. In the Group, segment performance is evaluated on the basis of gross profit and divisional profit. Segment revenue and expense comprise items directly attributable to a segment and items that can be allocated to a segment on a reasonable basis. Non-attributable costs are not allocated. Income statement Hearing Enterprise Gaming & Consumer Group (DKK million) 2024 2023 2024 2023 2024 2023 2024 2023 Revenue 7,104 6,802 7,205 7,463 3,676 3,855 17,985 18,120 Production costs -2,646 -2,726 -3,195 -3,562 -2,580 -2,887 -8,421 -9,175 Gross profit 4,458 4,076 4,010 3,901 1,096 968 9,564 8,945 Selling and distribution costs -1,994 -2,202 -1,466 -1,459 -897 -736 -4,357 -4,397 Divisional profit 2,464 1,874 2,544 2,442 199 232 5,207 4,548 Development costs -1,491 -1,546 Management and administrative expenses -1,543 -1,810 Other operating income and costs, net -20 8 EBITA* 2,153 1,200 Amortization and impairment of acquired intangible assets -365 -392 Gain (loss) on divestment of operations etc. 72 61 Operating profit (loss) 1,860 869 Share of profit (loss) in associates -7 -64 Financial items -492 -462 Profit (loss) before tax 1,361 343 Tax on profit (loss) -302 -77 Profit (loss) for the period 1,059 266",
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"value": "Accounting policies Segment Information GN Store Nord\u2019s Management has identified Hearing, Enterprise and Gaming & Consumer as the reportable segments in the Group. Hearing is operating within the hearing instrument industry, primarily producing and selling hearing instruments and products related hereto. Enterprise is a leading supplier in the market for audio and video devices for professional use. Gaming & Consumer is operating to produce gaming devices, peripherals and consumer audio devices. Segment information is based on the Group\u2019s accounting policies. In the Group, segment performance is evaluated on the basis of gross profit and divisional profit. Segment revenue and expense comprise items directly attributable to a segment and items that can be allocated to a segment on a reasonable basis. Non-attributable costs are not allocated. ",
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"s8__7__134": {
"value": "2.2 Revenue and geographical information 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 7,104 million (2023: DKK 6,802 million), audio and collaboration solutions, DKK 7,205 million (2023: DKK 7,463 million), and gaming gear and consumer products, DKK 3,676 million (2023: 3,855 million). Revenue is attributed to countries on the basis of the customer's location. The US represent a material single country and constitutes the vast majority of revenue in North America. Germany, also represent a material single country. One distributor, mainly in Enterprise, Geographical information on assets Assets are attributed to countries based on the domicile location of the asset. Apart from Denmark only the US represents a material single country and constitutes the vast majority of assets in North America. Intangible assets and property, plant and Revenue from contracts with customers equipment Hearing Enterprise Gaming & Consumer Consolidated total Consolidated total DKK million 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Europe 1,847 1,887 3,938 4,167 1,292 1,430 7,077 7,484 12,491 12,487 North America 3,616 3,407 1,648 1,679 1,846 1,753 7,110 6,839 5,492 5,130 Rest of World 1,641 1,508 1,619 1,617 538 672 3,798 3,797 423 344 Total 7,104 6,802 7,205 7,463 3,676 3,855 17,985 18,120 18,406 17,961 comprises more than 10% of the group's total revenue amounting to DKK 2,485 million (2023: DKK 2,328 million). Contract liabilities GN has recognized the following revenue-related contract liabilities: DKK million 2024 2023 Deferred revenue related to pre-paid extended warranties (Other current liabilities and Other non-current liabilities) 256 203 Accrued rights of return (Other current liabilities) 124 193 Contract liabilities at December 31 380 396 Revenue recognized, included in contract liabilities at the begin-ning of the year 295 265 As of December 31, 2024, customer rebates amounted to DKK 1,032 million (2023: DKK 965 million). Key accounting estimates Estimating variable consideration 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. . 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 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 other current liabilities 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 CostsDevelopment 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.",
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"s8__7__135": {
"value": "2.2 Revenue and geographical information 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 7,104 million (2023: DKK 6,802 million), audio and collaboration solutions, DKK 7,205 million (2023: DKK 7,463 million), and gaming gear and consumer products, DKK 3,676 million (2023: 3,855 million). Revenue is attributed to countries on the basis of the customer's location. The US represent a material single country and constitutes the vast majority of revenue in North America. Germany, also represent a material single country. One distributor, mainly in Enterprise, Geographical information on assets Assets are attributed to countries based on the domicile location of the asset. Apart from Denmark only the US represents a material single country and constitutes the vast majority of assets in North America. Intangible assets and property, plant and Revenue from contracts with customers equipment Hearing Enterprise Gaming & Consumer Consolidated total Consolidated total DKK million 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Europe 1,847 1,887 3,938 4,167 1,292 1,430 7,077 7,484 12,491 12,487 North America 3,616 3,407 1,648 1,679 1,846 1,753 7,110 6,839 5,492 5,130 Rest of World 1,641 1,508 1,619 1,617 538 672 3,798 3,797 423 344 Total 7,104 6,802 7,205 7,463 3,676 3,855 17,985 18,120 18,406 17,961 comprises more than 10% of the group's total revenue amounting to DKK 2,485 million (2023: DKK 2,328 million). Contract liabilities GN has recognized the following revenue-related contract liabilities: DKK million 2024 2023 Deferred revenue related to pre-paid extended warranties (Other current liabilities and Other non-current liabilities) 256 203 Accrued rights of return (Other current liabilities) 124 193 Contract liabilities at December 31 380 396 Revenue recognized, included in contract liabilities at the begin-ning of the year 295 265 As of December 31, 2024, customer rebates amounted to DKK 1,032 million (2023: DKK 965 million). Key accounting estimates Estimating variable consideration 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. . 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 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 other current liabilities 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 CostsDevelopment 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.",
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"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 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 other current liabilities 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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"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 CostsDevelopment 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.",
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"value": "2.3 Staff costs and management remuneration Staff costs DKK million 2024 2023 Wages, salaries and remuneration 3,665 4,238 Pensions, defined benefit plans - 2 Pensions, defined contribution plans 213 194 Other social security costs 419 438 Share-based incentives -35 22 Total 4,262 4,894 Included in: Production costs and change in payroll costs included in inventories 269 627 Development costs 683 676 Selling and distribution costs 2,567 2,630 Management and administrative expenses 743 961 Total 4,262 4,894 Average number of FTEs 7,201 7,435 Number of FTEs, year-end 7,347 7,165 Share-based incentive plans The Group's long-term equity-settled incentive program is specified and described in note 5.2 share-based incentive plans. Remuneration of the Board of Directors and Executive Management DKK million 2024 2023 Fixed pay* 15 33 Short-term incentives 12 25 Share-based incentives 7 -13 Total Executive Management remuneration 34 45 Executive Management termination benefits 4 10 Board of Directors remuneration 10 9 Total remuneration to Executive Management and Board of Directors 48 64 * 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 in-clude travel allowance and social security costs. 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\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 potential bonus range between 0 - 100% of the base salary. The Group does not make pension contributions for members of the Executive 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 2023 to 2024. The fixed remuneration is based on GN\u00b4s corporate gov-ernance structure in which an audit committee, a strategy committee, a remuneration committee and a nomination committee have been es-tablished. Further, the appointed board members of GN also serve on the Board of Directors of GN Hearing A/S. In addition to the remuneration, members of the Board of Directors who are not Danish residents are entitled to a fixed travel allowance in connection with participation in board meetings in Denmark. For details related to the remuneration of the Board of Directors and Executive Management, refer to the Remuneration Report 2024.5.2 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. The warrant program, which was granted from 2015-2018, was struc-tured around the previous segments of the Group. It involved calculatingthe allocation of GN Store Nord A/S\u2019s share price among GN Hearing, GN Audio, and Other. All vested warrants from this program expired in 2023. In contrast, the option programs granted from 2019-2024 are based on shares of GN Store Nord A/S. Calculation of share price for GN Hearing A/S and GN Audio A/S for the warrant program The old warrant program was based on a quarterly calculation of the share price for GN Hearing A/S and GN Audio A/S, using a top-down ap-proach 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 below 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 2019-2024 programs are long-term incentive programs with a threeyear 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. In 2024, the 2021 grant did not vest as the vesting criteria related to EBITDA improvement in the period 2021-2024 was not met. 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 2024 2023 2024 2023 Number of options granted in the year 200,360 296,139 1,333,958 1,514,675 Share price of GN Store Nord A/S at ordinary grant date 183 167 183 167 Vesting period 3 years 3 years 3 years 3 years Life of option 6 years 6 years 6 years 6 years Volatility* 45% 43% 45% 42% Expected dividend 0.4% 0.4% 0.4% 0.5% Risk-free interest rate** 2.37% 2.52% 2.37% 2.72% Fair value per option at ordinary grant (DKK)*** 45**** 46 70 61 Total fair value at grant (DKK million) 9 17 93 93 Amortization period of the program 2024 - 2027 2023 - 2026 2024 - 2027 2023 - 2026 * 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**** Weighted average of the fair value of options granted to executive management adjusted for the cap. 160/193 GN Store Nord A/S GN Hearing A/S** DKK Number of options* DKK Number of warrants Average Executive Average Executive exercise Manage-Other exercise Manage-Other price ment employees Total price ment employees Total Outstanding at January 1, 2023 366 724,487 2,328,740 3,053,227 32,982 656 979 1,635 - Granted during the year 164 296,139 1,514,675 1,810,814 33,913 -656 -148 -804 Exercised during the year - - - - 32,082 - -831 -831 Forfeited during the year 362 -168,762 -650,421 -819,183 Outstanding at December 31, 2023 279 851,864 3,192,994 4,044,858 - - - - 179 200,360 1,333,958 1,534,318 Granted during the year - - - - - - - - Exercised during the year - - - - 507 -96,500 -379,297 -475,797 Forfeited during the year - - - - Outstanding at December 31, 2024 225 955,724 4,147,655 5,103,379 - - - - 2.9 3.7 3.5 Weighted average term to maturity (Years) - - - Exercisable at December 31, 2023 313,725 701,869 1,015,594 - - - Exercisable at December 31, 2024 313,725 687,352 1,001,077 - - - * 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 recognised expenses in 2024 include acceleration of 164,654 options granted to Other employees of the Group. ** In 2024, GN Audio A/S was legally merged with GN Hearing A/S as part of the OneGN transformation initiative. The reconciliation of the outstanding number of warrants for 2023 reflects the combined totals for both entities. Exercise of warrants and options In 2023, the average exercise price for the remaining vested warrants that were exercised was DKK 33,913. This price was determined based on the allocated share price of GN Audio A/S on the date of exercise. When employees choose to exercise their warrants, these are converted into shares of GN Store Nord A/S, based on the relationship between the value of the warrant and the share price of GN Store Nord A/S at the time of exercise. Hereafter, employees have the option to either retain the GN Store Nord A/S shares or sell them on the open market. In 2024, there has been no exercise of vested share options. Outstanding warrants and options at December 31, 2024 by grant date are shown below: GN Store Nord A/S DKK Number of options* Exercise Executive Other Grant date price Management employees Total April 2019** 313 237,812 678,353 916,165 June 2019** 325 - 8,999 8,999 September 2019** 282 75,913 - 75,913 February 2022 368 145,500 476,447 621,947 March 2022 307 - 36,121 36,121 May 2022 224 - 208,861 208,861 September 2022 209 - 8,855 8,855 February 2023 164 94,000 1,394,008 1,488,008 March 2023 151 97,300 - 97,300 April 2023 149 - 4,215 4,215 June 2023 170 104,839 - 104,839 October 2023 125 - 4,387 4,387 February 2024 179 200,360 1,315,461 1,515,821 April 2024 184 - 4,754 4,754 August 2024 176 - 7,194 7,194 Outstanding at December 31 955,724 4,147,655 5,103,379 * 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 1.71 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.5.7 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 2.3 Staff costs and management remuneration and 5.2 Share-based incentive plans, and transactions with associates are disclosed in note 5.4 Investments in associates.",
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"s8__7__144-1": {
"value": "2.3 Staff costs and management remuneration Staff costs DKK million 2024 2023 Wages, salaries and remuneration 3,665 4,238 Pensions, defined benefit plans - 2 Pensions, defined contribution plans 213 194 Other social security costs 419 438 Share-based incentives -35 22 Total 4,262 4,894 Included in: Production costs and change in payroll costs included in inventories 269 627 Development costs 683 676 Selling and distribution costs 2,567 2,630 Management and administrative expenses 743 961 Total 4,262 4,894 Average number of FTEs 7,201 7,435 Number of FTEs, year-end 7,347 7,165 Share-based incentive plans The Group's long-term equity-settled incentive program is specified and described in note 5.2 share-based incentive plans. Remuneration of the Board of Directors and Executive Management DKK million 2024 2023 Fixed pay* 15 33 Short-term incentives 12 25 Share-based incentives 7 -13 Total Executive Management remuneration 34 45 Executive Management termination benefits 4 10 Board of Directors remuneration 10 9 Total remuneration to Executive Management and Board of Directors 48 64 * 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 in-clude travel allowance and social security costs. 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\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 potential bonus range between 0 - 100% of the base salary. The Group does not make pension contributions for members of the Executive 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 2023 to 2024. The fixed remuneration is based on GN\u00b4s corporate gov-ernance structure in which an audit committee, a strategy committee, a remuneration committee and a nomination committee have been es-tablished. Further, the appointed board members of GN also serve on the Board of Directors of GN Hearing A/S. In addition to the remuneration, members of the Board of Directors who are not Danish residents are entitled to a fixed travel allowance in connection with participation in board meetings in Denmark. For details related to the remuneration of the Board of Directors and Executive Management, refer to the Remuneration Report 2024.5.2 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. The warrant program, which was granted from 2015-2018, was struc-tured around the previous segments of the Group. It involved calculatingthe allocation of GN Store Nord A/S\u2019s share price among GN Hearing, GN Audio, and Other. All vested warrants from this program expired in 2023. In contrast, the option programs granted from 2019-2024 are based on shares of GN Store Nord A/S. Calculation of share price for GN Hearing A/S and GN Audio A/S for the warrant program The old warrant program was based on a quarterly calculation of the share price for GN Hearing A/S and GN Audio A/S, using a top-down ap-proach 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 below 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 2019-2024 programs are long-term incentive programs with a threeyear 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. In 2024, the 2021 grant did not vest as the vesting criteria related to EBITDA improvement in the period 2021-2024 was not met. 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 2024 2023 2024 2023 Number of options granted in the year 200,360 296,139 1,333,958 1,514,675 Share price of GN Store Nord A/S at ordinary grant date 183 167 183 167 Vesting period 3 years 3 years 3 years 3 years Life of option 6 years 6 years 6 years 6 years Volatility* 45% 43% 45% 42% Expected dividend 0.4% 0.4% 0.4% 0.5% Risk-free interest rate** 2.37% 2.52% 2.37% 2.72% Fair value per option at ordinary grant (DKK)*** 45**** 46 70 61 Total fair value at grant (DKK million) 9 17 93 93 Amortization period of the program 2024 - 2027 2023 - 2026 2024 - 2027 2023 - 2026 * 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**** Weighted average of the fair value of options granted to executive management adjusted for the cap. 160/193 GN Store Nord A/S GN Hearing A/S** DKK Number of options* DKK Number of warrants Average Executive Average Executive exercise Manage-Other exercise Manage-Other price ment employees Total price ment employees Total Outstanding at January 1, 2023 366 724,487 2,328,740 3,053,227 32,982 656 979 1,635 - Granted during the year 164 296,139 1,514,675 1,810,814 33,913 -656 -148 -804 Exercised during the year - - - - 32,082 - -831 -831 Forfeited during the year 362 -168,762 -650,421 -819,183 Outstanding at December 31, 2023 279 851,864 3,192,994 4,044,858 - - - - 179 200,360 1,333,958 1,534,318 Granted during the year - - - - - - - - Exercised during the year - - - - 507 -96,500 -379,297 -475,797 Forfeited during the year - - - - Outstanding at December 31, 2024 225 955,724 4,147,655 5,103,379 - - - - 2.9 3.7 3.5 Weighted average term to maturity (Years) - - - Exercisable at December 31, 2023 313,725 701,869 1,015,594 - - - Exercisable at December 31, 2024 313,725 687,352 1,001,077 - - - * 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 recognised expenses in 2024 include acceleration of 164,654 options granted to Other employees of the Group. ** In 2024, GN Audio A/S was legally merged with GN Hearing A/S as part of the OneGN transformation initiative. The reconciliation of the outstanding number of warrants for 2023 reflects the combined totals for both entities. Exercise of warrants and options In 2023, the average exercise price for the remaining vested warrants that were exercised was DKK 33,913. This price was determined based on the allocated share price of GN Audio A/S on the date of exercise. When employees choose to exercise their warrants, these are converted into shares of GN Store Nord A/S, based on the relationship between the value of the warrant and the share price of GN Store Nord A/S at the time of exercise. Hereafter, employees have the option to either retain the GN Store Nord A/S shares or sell them on the open market. In 2024, there has been no exercise of vested share options. Outstanding warrants and options at December 31, 2024 by grant date are shown below: GN Store Nord A/S DKK Number of options* Exercise Executive Other Grant date price Management employees Total April 2019** 313 237,812 678,353 916,165 June 2019** 325 - 8,999 8,999 September 2019** 282 75,913 - 75,913 February 2022 368 145,500 476,447 621,947 March 2022 307 - 36,121 36,121 May 2022 224 - 208,861 208,861 September 2022 209 - 8,855 8,855 February 2023 164 94,000 1,394,008 1,488,008 March 2023 151 97,300 - 97,300 April 2023 149 - 4,215 4,215 June 2023 170 104,839 - 104,839 October 2023 125 - 4,387 4,387 February 2024 179 200,360 1,315,461 1,515,821 April 2024 184 - 4,754 4,754 August 2024 176 - 7,194 7,194 Outstanding at December 31 955,724 4,147,655 5,103,379 * 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 1.71 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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"value": "2.3 Staff costs and management remuneration Staff costs DKK million 2024 2023 Wages, salaries and remuneration 3,665 4,238 Pensions, defined benefit plans - 2 Pensions, defined contribution plans 213 194 Other social security costs 419 438 Share-based incentives -35 22 Total 4,262 4,894 Included in: Production costs and change in payroll costs included in inventories 269 627 Development costs 683 676 Selling and distribution costs 2,567 2,630 Management and administrative expenses 743 961 Total 4,262 4,894 Average number of FTEs 7,201 7,435 Number of FTEs, year-end 7,347 7,165 Share-based incentive plans The Group's long-term equity-settled incentive program is specified and described in note 5.2 share-based incentive plans. Remuneration of the Board of Directors and Executive Management DKK million 2024 2023 Fixed pay* 15 33 Short-term incentives 12 25 Share-based incentives 7 -13 Total Executive Management remuneration 34 45 Executive Management termination benefits 4 10 Board of Directors remuneration 10 9 Total remuneration to Executive Management and Board of Directors 48 64 * 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 in-clude travel allowance and social security costs. 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\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 potential bonus range between 0 - 100% of the base salary. The Group does not make pension contributions for members of the Executive 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 2023 to 2024. The fixed remuneration is based on GN\u00b4s corporate gov-ernance structure in which an audit committee, a strategy committee, a remuneration committee and a nomination committee have been es-tablished. Further, the appointed board members of GN also serve on the Board of Directors of GN Hearing A/S. In addition to the remuneration, members of the Board of Directors who are not Danish residents are entitled to a fixed travel allowance in connection with participation in board meetings in Denmark. For details related to the remuneration of the Board of Directors and Executive Management, refer to the Remuneration Report 2024.",
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"value": "2.3 Staff costs and management remuneration Staff costs DKK million 2024 2023 Wages, salaries and remuneration 3,665 4,238 Pensions, defined benefit plans - 2 Pensions, defined contribution plans 213 194 Other social security costs 419 438 Share-based incentives -35 22 Total 4,262 4,894 Included in: Production costs and change in payroll costs included in inventories 269 627 Development costs 683 676 Selling and distribution costs 2,567 2,630 Management and administrative expenses 743 961 Total 4,262 4,894 Average number of FTEs 7,201 7,435 Number of FTEs, year-end 7,347 7,165 Share-based incentive plans The Group's long-term equity-settled incentive program is specified and described in note 5.2 share-based incentive plans. Remuneration of the Board of Directors and Executive Management DKK million 2024 2023 Fixed pay* 15 33 Short-term incentives 12 25 Share-based incentives 7 -13 Total Executive Management remuneration 34 45 Executive Management termination benefits 4 10 Board of Directors remuneration 10 9 Total remuneration to Executive Management and Board of Directors 48 64 * 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 in-clude travel allowance and social security costs. 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\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 potential bonus range between 0 - 100% of the base salary. The Group does not make pension contributions for members of the Executive 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 2023 to 2024. The fixed remuneration is based on GN\u00b4s corporate gov-ernance structure in which an audit committee, a strategy committee, a remuneration committee and a nomination committee have been es-tablished. Further, the appointed board members of GN also serve on the Board of Directors of GN Hearing A/S. In addition to the remuneration, members of the Board of Directors who are not Danish residents are entitled to a fixed travel allowance in connection with participation in board meetings in Denmark. For details related to the remuneration of the Board of Directors and Executive Management, refer to the Remuneration Report 2024.",
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"value": "2.3 Staff costs and management remuneration Staff costs DKK million 2024 2023 Wages, salaries and remuneration 3,665 4,238 Pensions, defined benefit plans - 2 Pensions, defined contribution plans 213 194 Other social security costs 419 438 Share-based incentives -35 22 Total 4,262 4,894 Included in: Production costs and change in payroll costs included in inventories 269 627 Development costs 683 676 Selling and distribution costs 2,567 2,630 Management and administrative expenses 743 961 Total 4,262 4,894 Average number of FTEs 7,201 7,435 Number of FTEs, year-end 7,347 7,165 Share-based incentive plans The Group's long-term equity-settled incentive program is specified and described in note 5.2 share-based incentive plans. Remuneration of the Board of Directors and Executive Management DKK million 2024 2023 Fixed pay* 15 33 Short-term incentives 12 25 Share-based incentives 7 -13 Total Executive Management remuneration 34 45 Executive Management termination benefits 4 10 Board of Directors remuneration 10 9 Total remuneration to Executive Management and Board of Directors 48 64 * 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 in-clude travel allowance and social security costs. 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\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 potential bonus range between 0 - 100% of the base salary. The Group does not make pension contributions for members of the Executive 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 2023 to 2024. The fixed remuneration is based on GN\u00b4s corporate gov-ernance structure in which an audit committee, a strategy committee, a remuneration committee and a nomination committee have been es-tablished. Further, the appointed board members of GN also serve on the Board of Directors of GN Hearing A/S. In addition to the remuneration, members of the Board of Directors who are not Danish residents are entitled to a fixed travel allowance in connection with participation in board meetings in Denmark. For details related to the remuneration of the Board of Directors and Executive Management, refer to the Remuneration Report 2024.",
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"value": "2.3 Staff costs and management remuneration Staff costs DKK million 2024 2023 Wages, salaries and remuneration 3,665 4,238 Pensions, defined benefit plans - 2 Pensions, defined contribution plans 213 194 Other social security costs 419 438 Share-based incentives -35 22 Total 4,262 4,894 Included in: Production costs and change in payroll costs included in inventories 269 627 Development costs 683 676 Selling and distribution costs 2,567 2,630 Management and administrative expenses 743 961 Total 4,262 4,894 Average number of FTEs 7,201 7,435 Number of FTEs, year-end 7,347 7,165 Share-based incentive plans The Group's long-term equity-settled incentive program is specified and described in note 5.2 share-based incentive plans. Remuneration of the Board of Directors and Executive Management DKK million 2024 2023 Fixed pay* 15 33 Short-term incentives 12 25 Share-based incentives 7 -13 Total Executive Management remuneration 34 45 Executive Management termination benefits 4 10 Board of Directors remuneration 10 9 Total remuneration to Executive Management and Board of Directors 48 64 * 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 in-clude travel allowance and social security costs. 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\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 potential bonus range between 0 - 100% of the base salary. The Group does not make pension contributions for members of the Executive 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 2023 to 2024. The fixed remuneration is based on GN\u00b4s corporate gov-ernance structure in which an audit committee, a strategy committee, a remuneration committee and a nomination committee have been es-tablished. Further, the appointed board members of GN also serve on the Board of Directors of GN Hearing A/S. In addition to the remuneration, members of the Board of Directors who are not Danish residents are entitled to a fixed travel allowance in connection with participation in board meetings in Denmark. For details related to the remuneration of the Board of Directors and Executive Management, refer to the Remuneration Report 2024.",
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"s8__7__147": {
"value": "2.4 Tax Tax on profit (loss) DKK million 2024 2023 Tax on profit (loss) Current tax for the year -106 -219 Deferred tax for the year -221 158 Effect of change in income tax rates -1 1 Withholding tax -1 -15 Adjustment to current tax with respect to prior years 42 -6 Adjustment to deferred tax with respect to prior years -15 4 Total -302 -77 Reconciliation of effective tax rate Danish tax rate 22.0% 22.0% Effect of tax rates in foreign jurisdictions 1.1% 1.0% Non-taxable income -1.0% -4.3% Non-deductible expenses 3.2% 3.3% Other, including provisions for uncertain tax positions* -3.1% 0.4% Effective tax rate 22.2% 22.4% Tax relating to other comprehensive income Actuarial gains (losses) 13 -2 Adjustment of cash flow hedges -23 -11 Total -10 -13 *Other primarily relates to tax subsidies relating to R&D countered by provisions for uncer-tain tax positions. Deferred Tax DKK million 2024 2023 Deferred tax, net Deferred tax at January 1, net -251 -424 Adjustment with respect to prior years -16 4 Effect of change in income tax rates -1 1 Deferred tax for the year recognized in profit (loss) for the year -221 158 Deferred tax for the year recognized in other comprehensive income 10 for the year -14 Tax related to share-based incentive plans 13 -14 Foreign exchange adjustments -4 38 Deferred tax at December 31, net -470 -251 Deferred tax is recognized in the balance sheet as follows: Deferred tax assets 566 494 Deferred tax liabilities -1,036 -745 Deferred tax at December 31, net -470 -251 Deferred tax, net relates to: Intangible assets -1,150 -999 Property, plant and equipment 23 28 Other securities 5 6 Current assets 175 179 Current liabilities 4 7 Intercompany liabilities -2 -3 Tax loss carryforwards 96 138 Provisions 339 344 Other 40 49 Total -470 -251 Tax value of unrecognized tax assets Tax loss carryforwards 137 64 Other tax assets 83 173 Unrecognized tax assets at December 31 220 237 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 62 million expected to be utilized within 12 months (2023: DKK 65 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 2024, our estimated corporate tax payment amounts to DKK 235 million (2023: DKK 175 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. GN is subject to the Pillar Two rules and has had no material top-up tax in 2024. GN has applied the mandatory exception and has therefore not recognized any Pillar Two related deferred taxes 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 1,740 541 21.0% 85 41 Europe R&D, Production, distribution and sales 887 269 29.0% 48 20 North America R&D, Production, distribution and sales 1,785 276 16.0% 30 18 Rest of World R&D, Production, distribution and sales 2,935 275 24.0% 72 27 Total Total GN Group 7,347 1,361 22.2% 235 106 Eliminations and other adjust-ments IFRS annual report 2024 Total GN Group 7,347 1,361 22.2% 235 106 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. Key accounting judgement Deferred tax assets valuation Management has made judgments in determining the extent to which de-ferred tax assets are recognized. GN recognizes deferred 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.",
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"s8__7__146": {
"value": "2.4 Tax Tax on profit (loss) DKK million 2024 2023 Tax on profit (loss) Current tax for the year -106 -219 Deferred tax for the year -221 158 Effect of change in income tax rates -1 1 Withholding tax -1 -15 Adjustment to current tax with respect to prior years 42 -6 Adjustment to deferred tax with respect to prior years -15 4 Total -302 -77 Reconciliation of effective tax rate Danish tax rate 22.0% 22.0% Effect of tax rates in foreign jurisdictions 1.1% 1.0% Non-taxable income -1.0% -4.3% Non-deductible expenses 3.2% 3.3% Other, including provisions for uncertain tax positions* -3.1% 0.4% Effective tax rate 22.2% 22.4% Tax relating to other comprehensive income Actuarial gains (losses) 13 -2 Adjustment of cash flow hedges -23 -11 Total -10 -13 *Other primarily relates to tax subsidies relating to R&D countered by provisions for uncer-tain tax positions. Deferred Tax DKK million 2024 2023 Deferred tax, net Deferred tax at January 1, net -251 -424 Adjustment with respect to prior years -16 4 Effect of change in income tax rates -1 1 Deferred tax for the year recognized in profit (loss) for the year -221 158 Deferred tax for the year recognized in other comprehensive income 10 for the year -14 Tax related to share-based incentive plans 13 -14 Foreign exchange adjustments -4 38 Deferred tax at December 31, net -470 -251 Deferred tax is recognized in the balance sheet as follows: Deferred tax assets 566 494 Deferred tax liabilities -1,036 -745 Deferred tax at December 31, net -470 -251 Deferred tax, net relates to: Intangible assets -1,150 -999 Property, plant and equipment 23 28 Other securities 5 6 Current assets 175 179 Current liabilities 4 7 Intercompany liabilities -2 -3 Tax loss carryforwards 96 138 Provisions 339 344 Other 40 49 Total -470 -251 Tax value of unrecognized tax assets Tax loss carryforwards 137 64 Other tax assets 83 173 Unrecognized tax assets at December 31 220 237 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 62 million expected to be utilized within 12 months (2023: DKK 65 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 2024, our estimated corporate tax payment amounts to DKK 235 million (2023: DKK 175 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. GN is subject to the Pillar Two rules and has had no material top-up tax in 2024. GN has applied the mandatory exception and has therefore not recognized any Pillar Two related deferred taxes 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 1,740 541 21.0% 85 41 Europe R&D, Production, distribution and sales 887 269 29.0% 48 20 North America R&D, Production, distribution and sales 1,785 276 16.0% 30 18 Rest of World R&D, Production, distribution and sales 2,935 275 24.0% 72 27 Total Total GN Group 7,347 1,361 22.2% 235 106 Eliminations and other adjust-ments IFRS annual report 2024 Total GN Group 7,347 1,361 22.2% 235 106 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. Key accounting judgement Deferred tax assets valuation Management has made judgments in determining the extent to which de-ferred tax assets are recognized. GN recognizes deferred 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.",
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"s8__7__148": {
"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.",
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"s8__7__149": {
"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.",
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"value": "2.5 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 2024 2023 Revenue 17,985 18,120 Production costs -8,421 -9,175 Gross profit 9,564 8,945 Development costs -1,634 -1,666 Selling and distribution costs -4,579 -4,613 Management and administrative expenses -1,543 -1,786 Other operating income and costs, net -20 -72 Gain (loss) on divestment of operations etc. 72 61 Operating profit (loss) 1,860 869 In the above income statement amortization and im-pairment of acquired intangible assets has been allo-cated to functions as follows: Development costs -143 -176 Selling and distribution costs -222 -216 Amortization and impairment of acquired intangible assets -365 -3923.4 Depreciation, amortization and impairment DKK million 2024 2023 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 -113 -154 Development costs -682 -776 Selling and distribution costs -89 -86 Management and administrative expenses -130 -321 Amortization and impairment of acquired intangible assets -365 -392 Total -1,379 -1,729 Depreciation and impairment of property, plant and equipment (inc. leased assets) are recognized in the income statement as fol-lows: Production costs -113 -154 Development costs -21 -12 Selling and distribution costs -59 -83 Management and administrative expenses -108 -111 Total -301 -360 Amortization of intangible assets is recognized in the income state-ment as follows: Production costs - - Development costs -558 -584 Selling and distribution costs -30 -3 Management and administrative expenses -21 -78 Amortization and impairment of acquired intangible assets -365 -389 Total -974 -1,054 Impairment of intangible assets is recognized in the income state-ment as follows: Development costs -104 -180 Management and administrative expenses - -132 Amortization and impairment of acquired intangible assets - -3 Total -104 -315",
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"s8__7__151-1": {
"value": "2.5 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 2024 2023 Revenue 17,985 18,120 Production costs -8,421 -9,175 Gross profit 9,564 8,945 Development costs -1,634 -1,666 Selling and distribution costs -4,579 -4,613 Management and administrative expenses -1,543 -1,786 Other operating income and costs, net -20 -72 Gain (loss) on divestment of operations etc. 72 61 Operating profit (loss) 1,860 869 In the above income statement amortization and im-pairment of acquired intangible assets has been allo-cated to functions as follows: Development costs -143 -176 Selling and distribution costs -222 -216 Amortization and impairment of acquired intangible assets -365 -3923.1 Intangible assets Acquired devel-In-house devel-opment pro-opment pro-jects and soft-Customer rela-Patents and DKK million Goodwill jects ware tionships Software rights Other Total Cost at January 1 11,154 6,981 903 1,223 2,090 958 1,421 24,730 Additions - 1,015 - - 269 - - 1,284 Disposals -11 -1 - -50 -58 - - -120 Disposal on company divestments -40 - - -32 - - -5 -77 Transfers - - - - - - - - Foreign exchange adjustments 241 - - - 1 - 1 243 Cost at December 31 11,344 7,995 903 1,141 2,302 958 1,417 26,060 Amortization and impairment at January 1 - -4,684 -226 -530 -984 -729 -652 -7,805 Amortization - -597 -41 -82 -95 -83 -76 -974 Disposals 11 - 10 50 31 - - 102 Disposal on company divestments 3 - - 32 - - 4 39 Impairment - -104 - - - - - -104 Transfers - - - - - - - - Foreign exchange adjustments - - - - - - - - Amortization and impairment at December 31 14 -5,385 -257 -530 -1,048 -812 -724 -8,742 Carrying amount at December 31, 2024 11,358 2,610 646 611 1,254 146 693 17,318 Cost at January 1 11,570 6,030 903 1,449 1,734 965 1,401 24,052 Additions - 951 - - 361 - 27 1,339 Disposals -246 - - -212 - - - -458 Transfers - - - - - - - - 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 Transfers - - - - - - - - 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 The carrying amount of In-house development projects and software include development in progress of DKK 1,503 million and DKK 721 million respectively (2023: DKK 1,322 million and DKK 641 million). Goodwill Goodwill arising from business acquisitions is recognised in the consoli-dated financial statements. There were no additions during the year (2023: no additions). 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. During 2024, the Group reorganized its operations, resulting in the cre-ation of three new divisions: Hearing, Enterprise, and Gaming & Con-sumer. Consequently, GN Audio's goodwill of DKK 6,825 million on 31 December 2023 was reallocated to the new divisions \u2013 Enterprise, and Gaming & Consumer, based on their relative values as of the reorgani-zation date. Hearing was not included in the reallocation as the division remain unchanged. Goodwill at 31 December 2024 with restated 2023 comparatives are as follows: Carrying amount of Pre-tax discount Weighted average goodwill rate cost of capital DKK million % % 2024 2023 2024 2023 2024 2023 CGUs Hearing 4,483 4,329 7.8 8.7 7.5 8.3 Enterprise 4,503 4,453 8.0 9.3 7.8 8.8 Gaming & Consumer 2,372 2,372 8.2 9.3 8.0 8.8 Total 11,358 11,154 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 2025, market forecasts for 2025 \u2013 2028, strategy financial models, etc. approved by the Board of Directors. Budgets and strategy financial models are based on specific assumptions for the individual CGU regarding sales, operating profit, working capital, investments in non-current assets, etc. The calcula-tions apply expected growth in the terminal period of 2.0% p.a. for all CGUs (2023: 2.0% p.a.). Assumptions regarding sales and operating profit is based on marked assumption and growth, the WACC is based on peers, working capital and investments in non-current assets is based on historical data and strategy plan. The long-term market growth in the Hearing Aid, Enterprise, and Gam-ing industries is driven by the following main factors: Hearing: \u2022 Shifting demographics with a growing elderly and more affluent population \u2022 Intensified noise pollution driving the increased prevalence of hearing 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 Enterprise: \u2022 Increased penetration rates as more people with a hearing loss will use hearing aids in the future, and \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 Communica-tions \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 Gaming & Consumer: \u2022 Continued growth in gaming, time spent and players \u2022 Growing appetite for premium features, driving higher ASPs The expected revenue growth across the three divisions is based on the current differentiated product offering 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, 2024. 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 104 million (2023: DKK 180 million) related to pro-jects were recognized, mainly attributable to the wind-down of the Elite and Talk product lines. In Management's assessments, the recov-erable amount exceeds the carrying amount at December 31, 2024. 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 0 million (2023: DKK 135 million) related to software were recognized. In 2024, Management assessed that the expected useful lives were reflected in the carrying amounts at December 31, 2024. 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 stream-lined processes including refined product and soft-ware focus resulting in the aforementioned development projects im-pairments recognized in the 2024 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 Hearing and rights to the use of certain technologies for development of headsets and video communications solutions. Other The Group's other intangible assets mainly comprise of DKK 627 mil-lion (2023: DKK 693 million) related to trademarks, DKK 21 million (2023: DKK 66 million) related to supply agreements and DKK 0 million (2023: DKK 2 million) related to know-how. In Management's assess-ments, the recoverable amount exceeds the carrying amount at De-cember 31, 2024. 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: Hearing, Enterprise and Gaming & Consumer. 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 market or 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 amount at 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. Key accounting estimates Valuation of intangible assets - 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. Key accounting estimates Valuation of intangible assets - 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.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 1 679 210 935 773 14 2,611 Reclassification -4 -15 -7 26 - - Additions 28 39 30 13 10 120 Disposals - -13 -2 -18 - -33 Disposals on company divestments - -12 - -17 - -29 Foreign exchange adjustments - - - -9 - -9 Cost at December 31 703 209 956 768 24 2,660 Depreciation and impairment at January 1 -281 -157 -782 -644 - -1,864 Depreciation -27 -18 -66 -74 - -185 Impairment - - -6 - - -6 Disposals - 13 1 16 - 30 Disposals on company divestments - 12 - 16 - 28 Transfers -13 3 -15 25 - - Foreign exchange adjustments 1 -2 -2 -1 - -4 Depreciation and impairment at December 31 -320 -149 -870 -662 - -2,001 Carrying amount at December 31, 2024 383 60 86 106 24 659 Leased assets, c.f. note 3.3 383 - - 46 - 429 Total carrying amount at December 31, 2024 766 60 86 152 24 1,088 Cost at January 1 671 236 958 798 14 2,677 Additions 11 8 31 41 2 93 Disposals - -29 -48 -60 - -137 Reclassification - - 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 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 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 When determining the useful lives impact of climate-related risks have been assessed. Such risks include new climate-related legislation restricting or changing the use of certain assets.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 2024 2023 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 -113 -154 Development costs -682 -776 Selling and distribution costs -89 -86 Management and administrative expenses -130 -321 Amortization and impairment of acquired intangible assets -365 -392 Total -1,379 -1,729 Depreciation and impairment of property, plant and equipment (inc. leased assets) are recognized in the income statement as fol-lows: Production costs -113 -154 Development costs -21 -12 Selling and distribution costs -59 -83 Management and administrative expenses -108 -111 Total -301 -360 Amortization of intangible assets is recognized in the income state-ment as follows: Production costs - - Development costs -558 -584 Selling and distribution costs -30 -3 Management and administrative expenses -21 -78 Amortization and impairment of acquired intangible assets -365 -389 Total -974 -1,054 Impairment of intangible assets is recognized in the income state-ment as follows: Development costs -104 -180 Management and administrative expenses - -132 Amortization and impairment of acquired intangible assets - -3 Total -104 -315",
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"s8__7__155": {
"value": "3.1 Intangible assets Acquired devel-In-house devel-opment pro-opment pro-jects and soft-Customer rela-Patents and DKK million Goodwill jects ware tionships Software rights Other Total Cost at January 1 11,154 6,981 903 1,223 2,090 958 1,421 24,730 Additions - 1,015 - - 269 - - 1,284 Disposals -11 -1 - -50 -58 - - -120 Disposal on company divestments -40 - - -32 - - -5 -77 Transfers - - - - - - - - Foreign exchange adjustments 241 - - - 1 - 1 243 Cost at December 31 11,344 7,995 903 1,141 2,302 958 1,417 26,060 Amortization and impairment at January 1 - -4,684 -226 -530 -984 -729 -652 -7,805 Amortization - -597 -41 -82 -95 -83 -76 -974 Disposals 11 - 10 50 31 - - 102 Disposal on company divestments 3 - - 32 - - 4 39 Impairment - -104 - - - - - -104 Transfers - - - - - - - - Foreign exchange adjustments - - - - - - - - Amortization and impairment at December 31 14 -5,385 -257 -530 -1,048 -812 -724 -8,742 Carrying amount at December 31, 2024 11,358 2,610 646 611 1,254 146 693 17,318 Cost at January 1 11,570 6,030 903 1,449 1,734 965 1,401 24,052 Additions - 951 - - 361 - 27 1,339 Disposals -246 - - -212 - - - -458 Transfers - - - - - - - - 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 Transfers - - - - - - - - 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 The carrying amount of In-house development projects and software include development in progress of DKK 1,503 million and DKK 721 million respectively (2023: DKK 1,322 million and DKK 641 million). Goodwill Goodwill arising from business acquisitions is recognised in the consoli-dated financial statements. There were no additions during the year (2023: no additions). 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. During 2024, the Group reorganized its operations, resulting in the cre-ation of three new divisions: Hearing, Enterprise, and Gaming & Con-sumer. Consequently, GN Audio's goodwill of DKK 6,825 million on 31 December 2023 was reallocated to the new divisions \u2013 Enterprise, and Gaming & Consumer, based on their relative values as of the reorgani-zation date. Hearing was not included in the reallocation as the division remain unchanged. Goodwill at 31 December 2024 with restated 2023 comparatives are as follows: Carrying amount of Pre-tax discount Weighted average goodwill rate cost of capital DKK million % % 2024 2023 2024 2023 2024 2023 CGUs Hearing 4,483 4,329 7.8 8.7 7.5 8.3 Enterprise 4,503 4,453 8.0 9.3 7.8 8.8 Gaming & Consumer 2,372 2,372 8.2 9.3 8.0 8.8 Total 11,358 11,154 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 2025, market forecasts for 2025 \u2013 2028, strategy financial models, etc. approved by the Board of Directors. Budgets and strategy financial models are based on specific assumptions for the individual CGU regarding sales, operating profit, working capital, investments in non-current assets, etc. The calcula-tions apply expected growth in the terminal period of 2.0% p.a. for all CGUs (2023: 2.0% p.a.). Assumptions regarding sales and operating profit is based on marked assumption and growth, the WACC is based on peers, working capital and investments in non-current assets is based on historical data and strategy plan. The long-term market growth in the Hearing Aid, Enterprise, and Gam-ing industries is driven by the following main factors: Hearing: \u2022 Shifting demographics with a growing elderly and more affluent population \u2022 Intensified noise pollution driving the increased prevalence of hearing 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 Enterprise: \u2022 Increased penetration rates as more people with a hearing loss will use hearing aids in the future, and \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 Communica-tions \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 Gaming & Consumer: \u2022 Continued growth in gaming, time spent and players \u2022 Growing appetite for premium features, driving higher ASPs The expected revenue growth across the three divisions is based on the current differentiated product offering 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, 2024. 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 104 million (2023: DKK 180 million) related to pro-jects were recognized, mainly attributable to the wind-down of the Elite and Talk product lines. In Management's assessments, the recov-erable amount exceeds the carrying amount at December 31, 2024. 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 0 million (2023: DKK 135 million) related to software were recognized. In 2024, Management assessed that the expected useful lives were reflected in the carrying amounts at December 31, 2024. 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 stream-lined processes including refined product and soft-ware focus resulting in the aforementioned development projects im-pairments recognized in the 2024 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 Hearing and rights to the use of certain technologies for development of headsets and video communications solutions. Other The Group's other intangible assets mainly comprise of DKK 627 mil-lion (2023: DKK 693 million) related to trademarks, DKK 21 million (2023: DKK 66 million) related to supply agreements and DKK 0 million (2023: DKK 2 million) related to know-how. In Management's assess-ments, the recoverable amount exceeds the carrying amount at De-cember 31, 2024. 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: Hearing, Enterprise and Gaming & Consumer. 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 market or 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 amount at 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. Key accounting estimates Valuation of intangible assets - 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. Key accounting estimates Valuation of intangible assets - 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__154": {
"value": "3.1 Intangible assets Acquired devel-In-house devel-opment pro-opment pro-jects and soft-Customer rela-Patents and DKK million Goodwill jects ware tionships Software rights Other Total Cost at January 1 11,154 6,981 903 1,223 2,090 958 1,421 24,730 Additions - 1,015 - - 269 - - 1,284 Disposals -11 -1 - -50 -58 - - -120 Disposal on company divestments -40 - - -32 - - -5 -77 Transfers - - - - - - - - Foreign exchange adjustments 241 - - - 1 - 1 243 Cost at December 31 11,344 7,995 903 1,141 2,302 958 1,417 26,060 Amortization and impairment at January 1 - -4,684 -226 -530 -984 -729 -652 -7,805 Amortization - -597 -41 -82 -95 -83 -76 -974 Disposals 11 - 10 50 31 - - 102 Disposal on company divestments 3 - - 32 - - 4 39 Impairment - -104 - - - - - -104 Transfers - - - - - - - - Foreign exchange adjustments - - - - - - - - Amortization and impairment at December 31 14 -5,385 -257 -530 -1,048 -812 -724 -8,742 Carrying amount at December 31, 2024 11,358 2,610 646 611 1,254 146 693 17,318 Cost at January 1 11,570 6,030 903 1,449 1,734 965 1,401 24,052 Additions - 951 - - 361 - 27 1,339 Disposals -246 - - -212 - - - -458 Transfers - - - - - - - - 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 Transfers - - - - - - - - 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 The carrying amount of In-house development projects and software include development in progress of DKK 1,503 million and DKK 721 million respectively (2023: DKK 1,322 million and DKK 641 million). Goodwill Goodwill arising from business acquisitions is recognised in the consoli-dated financial statements. There were no additions during the year (2023: no additions). 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. During 2024, the Group reorganized its operations, resulting in the cre-ation of three new divisions: Hearing, Enterprise, and Gaming & Con-sumer. Consequently, GN Audio's goodwill of DKK 6,825 million on 31 December 2023 was reallocated to the new divisions \u2013 Enterprise, and Gaming & Consumer, based on their relative values as of the reorgani-zation date. Hearing was not included in the reallocation as the division remain unchanged. Goodwill at 31 December 2024 with restated 2023 comparatives are as follows: Carrying amount of Pre-tax discount Weighted average goodwill rate cost of capital DKK million % % 2024 2023 2024 2023 2024 2023 CGUs Hearing 4,483 4,329 7.8 8.7 7.5 8.3 Enterprise 4,503 4,453 8.0 9.3 7.8 8.8 Gaming & Consumer 2,372 2,372 8.2 9.3 8.0 8.8 Total 11,358 11,154 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 2025, market forecasts for 2025 \u2013 2028, strategy financial models, etc. approved by the Board of Directors. Budgets and strategy financial models are based on specific assumptions for the individual CGU regarding sales, operating profit, working capital, investments in non-current assets, etc. The calcula-tions apply expected growth in the terminal period of 2.0% p.a. for all CGUs (2023: 2.0% p.a.). Assumptions regarding sales and operating profit is based on marked assumption and growth, the WACC is based on peers, working capital and investments in non-current assets is based on historical data and strategy plan. The long-term market growth in the Hearing Aid, Enterprise, and Gam-ing industries is driven by the following main factors: Hearing: \u2022 Shifting demographics with a growing elderly and more affluent population \u2022 Intensified noise pollution driving the increased prevalence of hearing 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 Enterprise: \u2022 Increased penetration rates as more people with a hearing loss will use hearing aids in the future, and \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 Communica-tions \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 Gaming & Consumer: \u2022 Continued growth in gaming, time spent and players \u2022 Growing appetite for premium features, driving higher ASPs The expected revenue growth across the three divisions is based on the current differentiated product offering 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, 2024. 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 104 million (2023: DKK 180 million) related to pro-jects were recognized, mainly attributable to the wind-down of the Elite and Talk product lines. In Management's assessments, the recov-erable amount exceeds the carrying amount at December 31, 2024. 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 0 million (2023: DKK 135 million) related to software were recognized. In 2024, Management assessed that the expected useful lives were reflected in the carrying amounts at December 31, 2024. 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 stream-lined processes including refined product and soft-ware focus resulting in the aforementioned development projects im-pairments recognized in the 2024 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 Hearing and rights to the use of certain technologies for development of headsets and video communications solutions. Other The Group's other intangible assets mainly comprise of DKK 627 mil-lion (2023: DKK 693 million) related to trademarks, DKK 21 million (2023: DKK 66 million) related to supply agreements and DKK 0 million (2023: DKK 2 million) related to know-how. In Management's assess-ments, the recoverable amount exceeds the carrying amount at De-cember 31, 2024. 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: Hearing, Enterprise and Gaming & Consumer. 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 market or 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 amount at 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. Key accounting estimates Valuation of intangible assets - 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. Key accounting estimates Valuation of intangible assets - 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__153": {
"value": "3.1 Intangible assets Acquired devel-In-house devel-opment pro-opment pro-jects and soft-Customer rela-Patents and DKK million Goodwill jects ware tionships Software rights Other Total Cost at January 1 11,154 6,981 903 1,223 2,090 958 1,421 24,730 Additions - 1,015 - - 269 - - 1,284 Disposals -11 -1 - -50 -58 - - -120 Disposal on company divestments -40 - - -32 - - -5 -77 Transfers - - - - - - - - Foreign exchange adjustments 241 - - - 1 - 1 243 Cost at December 31 11,344 7,995 903 1,141 2,302 958 1,417 26,060 Amortization and impairment at January 1 - -4,684 -226 -530 -984 -729 -652 -7,805 Amortization - -597 -41 -82 -95 -83 -76 -974 Disposals 11 - 10 50 31 - - 102 Disposal on company divestments 3 - - 32 - - 4 39 Impairment - -104 - - - - - -104 Transfers - - - - - - - - Foreign exchange adjustments - - - - - - - - Amortization and impairment at December 31 14 -5,385 -257 -530 -1,048 -812 -724 -8,742 Carrying amount at December 31, 2024 11,358 2,610 646 611 1,254 146 693 17,318 Cost at January 1 11,570 6,030 903 1,449 1,734 965 1,401 24,052 Additions - 951 - - 361 - 27 1,339 Disposals -246 - - -212 - - - -458 Transfers - - - - - - - - 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 Transfers - - - - - - - - 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 The carrying amount of In-house development projects and software include development in progress of DKK 1,503 million and DKK 721 million respectively (2023: DKK 1,322 million and DKK 641 million). Goodwill Goodwill arising from business acquisitions is recognised in the consoli-dated financial statements. There were no additions during the year (2023: no additions). 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. During 2024, the Group reorganized its operations, resulting in the cre-ation of three new divisions: Hearing, Enterprise, and Gaming & Con-sumer. Consequently, GN Audio's goodwill of DKK 6,825 million on 31 December 2023 was reallocated to the new divisions \u2013 Enterprise, and Gaming & Consumer, based on their relative values as of the reorgani-zation date. Hearing was not included in the reallocation as the division remain unchanged. Goodwill at 31 December 2024 with restated 2023 comparatives are as follows: Carrying amount of Pre-tax discount Weighted average goodwill rate cost of capital DKK million % % 2024 2023 2024 2023 2024 2023 CGUs Hearing 4,483 4,329 7.8 8.7 7.5 8.3 Enterprise 4,503 4,453 8.0 9.3 7.8 8.8 Gaming & Consumer 2,372 2,372 8.2 9.3 8.0 8.8 Total 11,358 11,154 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 2025, market forecasts for 2025 \u2013 2028, strategy financial models, etc. approved by the Board of Directors. Budgets and strategy financial models are based on specific assumptions for the individual CGU regarding sales, operating profit, working capital, investments in non-current assets, etc. The calcula-tions apply expected growth in the terminal period of 2.0% p.a. for all CGUs (2023: 2.0% p.a.). Assumptions regarding sales and operating profit is based on marked assumption and growth, the WACC is based on peers, working capital and investments in non-current assets is based on historical data and strategy plan. The long-term market growth in the Hearing Aid, Enterprise, and Gam-ing industries is driven by the following main factors: Hearing: \u2022 Shifting demographics with a growing elderly and more affluent population \u2022 Intensified noise pollution driving the increased prevalence of hearing 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 Enterprise: \u2022 Increased penetration rates as more people with a hearing loss will use hearing aids in the future, and \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 Communica-tions \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 Gaming & Consumer: \u2022 Continued growth in gaming, time spent and players \u2022 Growing appetite for premium features, driving higher ASPs The expected revenue growth across the three divisions is based on the current differentiated product offering 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, 2024. 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 104 million (2023: DKK 180 million) related to pro-jects were recognized, mainly attributable to the wind-down of the Elite and Talk product lines. In Management's assessments, the recov-erable amount exceeds the carrying amount at December 31, 2024. 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 0 million (2023: DKK 135 million) related to software were recognized. In 2024, Management assessed that the expected useful lives were reflected in the carrying amounts at December 31, 2024. 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 stream-lined processes including refined product and soft-ware focus resulting in the aforementioned development projects im-pairments recognized in the 2024 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 Hearing and rights to the use of certain technologies for development of headsets and video communications solutions. Other The Group's other intangible assets mainly comprise of DKK 627 mil-lion (2023: DKK 693 million) related to trademarks, DKK 21 million (2023: DKK 66 million) related to supply agreements and DKK 0 million (2023: DKK 2 million) related to know-how. In Management's assess-ments, the recoverable amount exceeds the carrying amount at De-cember 31, 2024. 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: Hearing, Enterprise and Gaming & Consumer. 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 market or 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 amount at 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. Key accounting estimates Valuation of intangible assets - 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. Key accounting estimates Valuation of intangible assets - 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__157": {
"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: Hearing, Enterprise and Gaming & Consumer. 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 market or 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 amount at 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__156": {
"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: Hearing, Enterprise and Gaming & Consumer. 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 market or 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 amount at 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__159": {
"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 1 679 210 935 773 14 2,611 Reclassification -4 -15 -7 26 - - Additions 28 39 30 13 10 120 Disposals - -13 -2 -18 - -33 Disposals on company divestments - -12 - -17 - -29 Foreign exchange adjustments - - - -9 - -9 Cost at December 31 703 209 956 768 24 2,660 Depreciation and impairment at January 1 -281 -157 -782 -644 - -1,864 Depreciation -27 -18 -66 -74 - -185 Impairment - - -6 - - -6 Disposals - 13 1 16 - 30 Disposals on company divestments - 12 - 16 - 28 Transfers -13 3 -15 25 - - Foreign exchange adjustments 1 -2 -2 -1 - -4 Depreciation and impairment at December 31 -320 -149 -870 -662 - -2,001 Carrying amount at December 31, 2024 383 60 86 106 24 659 Leased assets, c.f. note 3.3 383 - - 46 - 429 Total carrying amount at December 31, 2024 766 60 86 152 24 1,088 Cost at January 1 671 236 958 798 14 2,677 Additions 11 8 31 41 2 93 Disposals - -29 -48 -60 - -137 Reclassification - - 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 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 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 When determining the useful lives impact of climate-related risks have been assessed. Such risks include new climate-related legislation restricting or changing the use of certain assets.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__160": {
"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 When determining the useful lives impact of climate-related risks have been assessed. Such risks include new climate-related legislation restricting or changing the use of certain assets.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__161": {
"value": "3.3 Leases Right-of-use assets from leases included in property, plant and equipment 2024 2023 Factory Operating Factory Operating and office assets and and office assets and DKK million buildings equipment Total buildings equipment Total Carrying amount at January 1 272 17 289 324 32 356 Reclassification -33 33 - - - - Additions 250 28 278 51 45 96 Disposals -32 -1 -33 - - - Remeasurements 8 - 8 14 -30 -16 Depreciation -84 -26 -110 -103 -30 -133 Impairment - - - -6 - -6 Foreign exchange adjustments 2 -5 -3 -8 - -8 Carrying amount at December 31 383 46 429 272 17 289 GN\u2019s leases mainly consist of property leases of e.g. offices but also in-clude cars and office equipment. Rental contracts are typically made for fixed periods but may have extension options. Contracts may con-tain both lease and non-lease components. In such cases the considera-tion 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. In 2023, GN entered into a sale and leaseback transaction for the headquarters building which based upon the terms and condi-tions of the agreement was deemed to be a failed sale. Consequently, such transaction is treated similar to a financing transaction from ex-ternal bank (i.e., no derecognition of assets and no recognition of lease liabilities.) For information regarding contractual maturity analysis for lease liabil-ities please refer to note 4.4 Financial instruments. Lease liabilities DKK million 2024 2023 Contractual maturity analysis of lease liabilities: Less than one year 113 112 Between one and three years 153 140 More than three years 301 69 Total 567 321 The maturity analysis is based on non-discounted cash flows. Amounts expensed in the income statement and total cash outflow DKK million 2024 2023 Interest expense on lease liabilities 10 8 Expenses for low-value assets and short-term leases 53 7 Total cash outflow re. lease liabilities 99 144 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 leasepayment 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__162": {
"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 leasepayment 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:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__168-1": {
"value": "3.5 Other non-current assets DKK million 2024 2023 Loans to dispensers of Hearing products 808 770 Pre-paid discounts 316 246 Ownership interests 157 136 RAP, SIP and DCP 473 349 Pension assets - 33 Other 50 25 Total 1,804 1,559 RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases. DCP (Deferred Compensation Plan) is a program in which Management in certain foreign subsidiaries may choose to defer compensation. The amounts invested by the Group on behalf of customers and Manage-ment are recognized in Other non-current assets. The Group\u2019s liabilities related to the programs are recognized in Other non-current liabilities at DKK 346 million (2023: DKK 265 million). All ownership interests are accounted for at fair value through profit or loss. Dispenser loans are provided to dispensers of Hearing products in or-der to support their future growth. The majority of dispenser loans is related to dispensers in the US. Hearing's assessment of credit risk as-sociated with non-current loans to dispensers depends primarily on change in payment behavior and current economic conditions. Before a loan is extended, the creditworthiness of the individual dispenser is an-alyzed. Calculating the expected credit loss rates, GN considers histori-cal loss rates for each category of dispensers, and provides for credit losses against loans to customers by comparing the development 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\u2019s internal credit rating. 2024 2023 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 3% 830 808 2% 782 770 Underperforming Lifetime expected credit losses 100% 107 - 100% 204 - Write-off Assets derecognized through the income statement 100% 23 - 100% 12 - Total dispenser loans at December 31 960 808 998 770 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, 2024 -20 -112 -132 Transferred to underperforming (lifetime ECL) - - New dispenser loans, net -1 -19 -20 Write-off - 23 23 Changes in model/risk parameters - - - Foreign exchange adjustments and other changes - 1 1 Closing loss allowance as at December 31, 2024 -21 -107 -128 Opening loss allowance as at January 1, 2023 -18 -124 -142 Transferred to underperforming (lifetime ECL) 3 3 New dispenser loans -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 -20 -112 -132 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 recorded under financial items in the income statement. Changes in the fair value of ownership interests 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.Key accounting 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 Hearing exercises significant influence in unlisted enterprises a number of judgments are made. These judgments in-clude 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's assessment of credit risk associated with individual receivables depends primarily on aging, change in customer payment behavior, current economic conditions etc. as described in significant accounting estimates.Credit risk Credit risk arises from the possibility that transactional counterparties may default on their obligations, causing financial losses for the Group. Credit loss refers to the impairment of financial assets due to credit losses. When financial assets are impaired by credit losses, the GN dis-closes a reconciliation of changes in that account during the period for each class of financial assets, such as bad debt provisions. GN\u2019s exposure to various risks associated with the financial instru-ments is discussed in Note 4.4. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned below. Trade receivables and other non-current assets GN may incur losses if the credit quality of its customers deteriorates or if they default 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 (Hearing, Enter-prise and Gaming & Consumer). Assessment of credit risks related to customers is further described in note 3.7 Trade receivables and note 3.5 Other non-current assets. Financial instruments and cash deposits Surplus cash positions in GN is mainly held in current accounts or as short-term money market deposits. Cash positions are primarily held with financial institutions through which GN conducts its day-to-day banking transactions and which are highly rated with Moody\u2019s and Standard & Poor\u2019s. It's GN Treasury policy that counterparties for all financial transactions (whether on-balance sheet or derivatives) must be highly rated finan-cial institutions (i.e. banks with at least an external investment grade rating by Moody\u2019s or S&P). No bank accounts may be opened without prior approval by Group Treasury. GN has entered into ISDA agreements with all financial institution counterparties used for trading derivative financial instruments under which GN has a right to set-off should certain credit event occur, which means that GN\u2019s actual credit risk is limited to the net assets per coun-terparty.4.4 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 2024 2023 Financial assets Trade receivables 4,673 4,442 Other receivables 751 744 Receivables from associates 211 168 Other non-current assets 1,174 1,065 Financial assets at amortized cost 6,809 6,419 Derivative financial instruments included in Other receivables 4 117 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 630 494 Financial assets at fair value through profit or loss 634 611 Derivative financial instruments included in Other receivables 46 11 Financial assets at fair value through Other comprehensive income 46 11 Financial liabilities Issued bonds (bond-with-warrant units), non-current 8,199 3,189 Issued EMTN bonds, non-current 371 335 Bank loans, non-current 466 3 Bank loans and issued bonds, current 1,746 9,674 Overdraft facilities 258 - Lease liabilities 447 299 Other non-current liabilities - 4 Trade payables 1,627 1,719 Financial liabilities at amortized cost 13,114 15,223 Derivative financial instruments included in Other liabilities 56 65 RAP, SIP and DCP included in Other non-current liabilities 346 265 Contingent consideration included in Other liabilities 59 90 Financial liabilities at fair value through profit or loss 461 420 Derivative financial instruments included in Other liabilities 16 26 Financial liabilities at fair value through Other comprehensive income 16 26 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 2024 2023 Between one and More than three Between one and More than three DKK million Less than one year three years years Total Less than one year three years years Total Issued bonds 26 38 895 959 7,053 37 892 7,982 Bank loans 1,862 6,039 1,850 9,751 2,048 452 2,529 5,029 Lease liabilities 113 153 301 567 112 140 69 321 Other liabilities - 346 1 347 - 54 215 269 Trade payables 1,627 - - 1,627 1,719 - - 1,719 Contingent consideration - 36 23 59 35 55 - 90 Total non-derivative financial liabilities 3,628 6,612 3,070 13,310 10,967 738 3,705 15,410 Derivative financial liabilities 72 - - 72 91 - - 91 Total 3,700 6,612 3,070 13,382 11,058 738 3,705 15,501 The maturity analysis is based on non-discounted cash flows. 2024 2023 Quoted prices Observable input Unobservable input Quoted prices Observable input Unobservable 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 - 4 - 4 - 117 - 117 RAP, SIP, DCP included in Other non-current assets - 473 - 473 - 349 - 349 Ownership interests etc. included in Other non-current assets - - 157 157 - - 145 145 Financial assets at fair value through profit or loss - 477 157 634 - 466 145 611 Derivative financial instruments included in Other receivables - 46 - 46 - 11 - 11 Financial assets at fair value through Other comprehensive income - 46 - 46 - 11 - 11 Financial liabilities Derivative financial instruments included in Other liabilities - 56 - 56 - 65 - 65 RAP, SIP and DCP included in Other non-current liabilities - 346 - 346 - 265 - 265 Contingent consideration included in Other liabilities - - 59 59 - - 90 90 Financial liabilities at fair value through profit or loss - 402 59 461 - 330 90 420 Derivative financial instruments included in Other liabilities - 16 - 16 - 26 - 26 Financial liabilities at fair value through Other comprehensive income - 16 - 16 - 26 - 26 DKK million 2024 2023 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 35 13 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 14 1 Net fair value gains (losses) on contingent consideration -1 7 Fair value hierarchy Financial instruments measured at fair value are categorized into the following levels of the fair value hierarchy. Level 1: Observable market prices for identical instruments. Level 2: Generally accepted valuation techniques primarily based on observable data or traded prices for compa-rable instruments. Derivatives are not traded in an ac-tive market and fair value is determined using market-based data input. Level 3: Valuation techniques primarily based on unobservable prices. 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 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 customer, average selling prices, and the estimated probability that the instru-ments 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 instruments 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 investments, and the liability is based on the value generated by partic-ipant 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 EMTN bonds amounted to DKK 546 million (2023: DKK 4,726 mil-lion). For other financial assets and liabilities, the fair value is approxi-mately equal to the carrying amount.",
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"s8__7__167": {
"value": "3.5 Other non-current assets DKK million 2024 2023 Loans to dispensers of Hearing products 808 770 Pre-paid discounts 316 246 Ownership interests 157 136 RAP, SIP and DCP 473 349 Pension assets - 33 Other 50 25 Total 1,804 1,559 RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases. DCP (Deferred Compensation Plan) is a program in which Management in certain foreign subsidiaries may choose to defer compensation. The amounts invested by the Group on behalf of customers and Manage-ment are recognized in Other non-current assets. The Group\u2019s liabilities related to the programs are recognized in Other non-current liabilities at DKK 346 million (2023: DKK 265 million). All ownership interests are accounted for at fair value through profit or loss. Dispenser loans are provided to dispensers of Hearing products in or-der to support their future growth. The majority of dispenser loans is related to dispensers in the US. Hearing's assessment of credit risk as-sociated with non-current loans to dispensers depends primarily on change in payment behavior and current economic conditions. Before a loan is extended, the creditworthiness of the individual dispenser is an-alyzed. Calculating the expected credit loss rates, GN considers histori-cal loss rates for each category of dispensers, and provides for credit losses against loans to customers by comparing the development 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\u2019s internal credit rating. 2024 2023 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 3% 830 808 2% 782 770 Underperforming Lifetime expected credit losses 100% 107 - 100% 204 - Write-off Assets derecognized through the income statement 100% 23 - 100% 12 - Total dispenser loans at December 31 960 808 998 770 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, 2024 -20 -112 -132 Transferred to underperforming (lifetime ECL) - - New dispenser loans, net -1 -19 -20 Write-off - 23 23 Changes in model/risk parameters - - - Foreign exchange adjustments and other changes - 1 1 Closing loss allowance as at December 31, 2024 -21 -107 -128 Opening loss allowance as at January 1, 2023 -18 -124 -142 Transferred to underperforming (lifetime ECL) 3 3 New dispenser loans -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 -20 -112 -132 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 recorded under financial items in the income statement. Changes in the fair value of ownership interests 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.Key accounting 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 Hearing exercises significant influence in unlisted enterprises a number of judgments are made. These judgments in-clude 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",
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"s8__7__166-1": {
"value": "3.5 Other non-current assets DKK million 2024 2023 Loans to dispensers of Hearing products 808 770 Pre-paid discounts 316 246 Ownership interests 157 136 RAP, SIP and DCP 473 349 Pension assets - 33 Other 50 25 Total 1,804 1,559 RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases. DCP (Deferred Compensation Plan) is a program in which Management in certain foreign subsidiaries may choose to defer compensation. The amounts invested by the Group on behalf of customers and Manage-ment are recognized in Other non-current assets. The Group\u2019s liabilities related to the programs are recognized in Other non-current liabilities at DKK 346 million (2023: DKK 265 million). All ownership interests are accounted for at fair value through profit or loss. Dispenser loans are provided to dispensers of Hearing products in or-der to support their future growth. The majority of dispenser loans is related to dispensers in the US. Hearing's assessment of credit risk as-sociated with non-current loans to dispensers depends primarily on change in payment behavior and current economic conditions. Before a loan is extended, the creditworthiness of the individual dispenser is an-alyzed. Calculating the expected credit loss rates, GN considers histori-cal loss rates for each category of dispensers, and provides for credit losses against loans to customers by comparing the development 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\u2019s internal credit rating. 2024 2023 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 3% 830 808 2% 782 770 Underperforming Lifetime expected credit losses 100% 107 - 100% 204 - Write-off Assets derecognized through the income statement 100% 23 - 100% 12 - Total dispenser loans at December 31 960 808 998 770 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, 2024 -20 -112 -132 Transferred to underperforming (lifetime ECL) - - New dispenser loans, net -1 -19 -20 Write-off - 23 23 Changes in model/risk parameters - - - Foreign exchange adjustments and other changes - 1 1 Closing loss allowance as at December 31, 2024 -21 -107 -128 Opening loss allowance as at January 1, 2023 -18 -124 -142 Transferred to underperforming (lifetime ECL) 3 3 New dispenser loans -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 -20 -112 -132 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 recorded under financial items in the income statement. Changes in the fair value of ownership interests 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.Key accounting 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 Hearing exercises significant influence in unlisted enterprises a number of judgments are made. These judgments in-clude 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 4,008 406 90 75 63 217 4,859 Loss allowance at December 31 -14 -6 -4 -6 -14 -142 -186 Trade receivables at December 31, 2024 3,994 400 86 69 49 75 4,673 Expected loss rate 0% 1% 4% 8% 22% 65% 4% 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% The loss allowance included in total trade receivables, based on the above aging profile and expected loss rates, have developed as follows: DKK million 2024 2023 Loss allowance at January 1 -185 -174 Increase in loss allowance during the year -34 -38 Trade receivables written off as uncollectible 12 10 Reversal of unused loss allowance 20 16 Disposal on company divestments 1 - Foreign exchange adjustments - 1 Loss allowance at December 31 -186 -185 The total loss allowance of DKK 186 million is included in trade receiv-ables at December 31, 2024 (2023: DKK 185 million). GN's assessment of credit risk associated with individual receivables depends primarily on aging, change in customer payment behavior, current economic conditions etc. as described in significant accounting estimates. No security has been pledged to GN 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 Hearing , Enterprise, or Gaming & Consumer 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. ",
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"s8__7__165": {
"value": "3.5 Other non-current assets DKK million 2024 2023 Loans to dispensers of Hearing products 808 770 Pre-paid discounts 316 246 Ownership interests 157 136 RAP, SIP and DCP 473 349 Pension assets - 33 Other 50 25 Total 1,804 1,559 RAP (Retirement Advantage Plan) and SIP (Savings and Investment Plan) are programs in which customers earn funds based on purchases. DCP (Deferred Compensation Plan) is a program in which Management in certain foreign subsidiaries may choose to defer compensation. The amounts invested by the Group on behalf of customers and Manage-ment are recognized in Other non-current assets. The Group\u2019s liabilities related to the programs are recognized in Other non-current liabilities at DKK 346 million (2023: DKK 265 million). All ownership interests are accounted for at fair value through profit or loss. Dispenser loans are provided to dispensers of Hearing products in or-der to support their future growth. The majority of dispenser loans is related to dispensers in the US. Hearing's assessment of credit risk as-sociated with non-current loans to dispensers depends primarily on change in payment behavior and current economic conditions. Before a loan is extended, the creditworthiness of the individual dispenser is an-alyzed. Calculating the expected credit loss rates, GN considers histori-cal loss rates for each category of dispensers, and provides for credit losses against loans to customers by comparing the development 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\u2019s internal credit rating. 2024 2023 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 3% 830 808 2% 782 770 Underperforming Lifetime expected credit losses 100% 107 - 100% 204 - Write-off Assets derecognized through the income statement 100% 23 - 100% 12 - Total dispenser loans at December 31 960 808 998 770 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, 2024 -20 -112 -132 Transferred to underperforming (lifetime ECL) - - New dispenser loans, net -1 -19 -20 Write-off - 23 23 Changes in model/risk parameters - - - Foreign exchange adjustments and other changes - 1 1 Closing loss allowance as at December 31, 2024 -21 -107 -128 Opening loss allowance as at January 1, 2023 -18 -124 -142 Transferred to underperforming (lifetime ECL) 3 3 New dispenser loans -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 -20 -112 -132 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 recorded under financial items in the income statement. Changes in the fair value of ownership interests 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.Key accounting 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 Hearing exercises significant influence in unlisted enterprises a number of judgments are made. These judgments in-clude 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",
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},
"s8__7__169": {
"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 recorded under financial items in the income statement. Changes in the fair value of ownership interests 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__170": {
"value": "3.6 Inventories DKK million 2024 2023 Raw materials and consumables 561 622 Work in progress 24 27 Finished goods and merchandise 2,000 2,008 Total 2,585 2,657 The above includes write-downs amounting to -281 -295 Costs of goods sold included in Production Costs -8,155 -8,519 The write-down of inventories were amongst others related to the wind-down of the Elite and Talk product lines. The write-down of inventories were amongst others related to the clos-ing f the Consumer busAccounting policiesInventories Inventories are measured at cost in accordance with the FIFO-principle 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__171": {
"value": "f the Consumer busAccounting policiesInventories Inventories are measured at cost in accordance with the FIFO-principle 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__173": {
"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 4,008 406 90 75 63 217 4,859 Loss allowance at December 31 -14 -6 -4 -6 -14 -142 -186 Trade receivables at December 31, 2024 3,994 400 86 69 49 75 4,673 Expected loss rate 0% 1% 4% 8% 22% 65% 4% 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% The loss allowance included in total trade receivables, based on the above aging profile and expected loss rates, have developed as follows: DKK million 2024 2023 Loss allowance at January 1 -185 -174 Increase in loss allowance during the year -34 -38 Trade receivables written off as uncollectible 12 10 Reversal of unused loss allowance 20 16 Disposal on company divestments 1 - Foreign exchange adjustments - 1 Loss allowance at December 31 -186 -185 The total loss allowance of DKK 186 million is included in trade receiv-ables at December 31, 2024 (2023: DKK 185 million). GN's assessment of credit risk associated with individual receivables depends primarily on aging, change in customer payment behavior, current economic conditions etc. as described in significant accounting estimates. No security has been pledged to GN 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 Hearing , Enterprise, or Gaming & Consumer 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__175": {
"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 Hearing , Enterprise, or Gaming & Consumer 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__176": {
"value": "3.8 Provisions Warranty Other DKK million provisions provisions Total Provisions at January 1 331 153 484 Additions 41 39 80 Consumed -3 -6 -9 Reversed -6 -36 -42 Disposal on company divestments -1 -3 -4 Foreign exchange adjustments 11 3 14 Provisions at December 31, 2024 373 150 523 Which is presented in the consolidated balance sheet as: Non-current liabilities 156 62 218 Current liabilities 217 88 305 Provisions at December 31, 2024 373 150 523 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"s8__7__177": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__180": {
"value": "4.1 Share capital and capital structure Capital structure The Board of Directors regularly assess the capital structure. GN\u2019s cur-rent capital structure is as follows: Adjusted leverage 3.5x NIBD/EBITDA Dividend payout of 15-25% of the annual net profit GN\u2019s overall target is to deliver a competitive shareholder return through a combination of dividend payments and share price apprecia-tion. GN aims to distribute any excess cash to shareholders through share buyback programs, subject to amongst others, requirements to support the ongoing operations, strategic opportunities, and the capi-tal structure. GN remain focused on delivering shareholder value and will consider doing shareholder distribution again, once the leverage is closer to the long-term target of 2.0x. Cash distributions For the years ended December 31, 2024 and 2023, there has been no dividend paid related to prior years nor there has been proposed divi-dend for the year. Share capital 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__179": {
"value": "4.1 Share capital and capital structure Capital structure The Board of Directors regularly assess the capital structure. GN\u2019s cur-rent capital structure is as follows: Adjusted leverage 3.5x NIBD/EBITDA Dividend payout of 15-25% of the annual net profit GN\u2019s overall target is to deliver a competitive shareholder return through a combination of dividend payments and share price apprecia-tion. GN aims to distribute any excess cash to shareholders through share buyback programs, subject to amongst others, requirements to support the ongoing operations, strategic opportunities, and the capi-tal structure. GN remain focused on delivering shareholder value and will consider doing shareholder distribution again, once the leverage is closer to the long-term target of 2.0x. Cash distributions For the years ended December 31, 2024 and 2023, there has been no dividend paid related to prior years nor there has been proposed divi-dend for the year. Share capital All shares are fully issued and paid up. The nominal value of each share is DKK 4 and no shares carry any special rights. Treasury shares The treasury shares had a market value of DKK 709 million at December 31, 2024 (2023: DKK 911 million). In 2023, an accelerated bookbuild of a directed issue and private placing of 17 million new shares and 3.6 million existing treasury shares was executed on May 24, 2023, which generated 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 2024 2023 Weighted average number of outstanding shares 145,613 138,883 Dilutive effect of share-based payment with positive intrinsic value \u2013 average for the period 99 108 Diluted weighted average number of shares 145,712 138,991 Result used for calculating EPS DKK million 2024 2023 Profit (loss) for the year attributable to shareholders in GN Store Nord A/S used for the calculation of earn-ings per share 988 228 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, 2024 145,613 5,300 150,913 582,450 21,202 603,652 3.5% Purchase of ownership interest in subsidiaries - - - - - - Share capital increase - - - - - - Number/value of shares at December 31, 2024 145,613 5,300 150,913 582,450 21,202 603,652 3.5% 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 -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% Accounting policies Earnings per Share and Diluted Earnings per Share Earnings 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__178": {
"value": "4.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
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"s8__8__178": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s8__7__182": {
"value": "Cash distributions For the years ended December 31, 2024 and 2023, there has been no dividend paid related to prior years nor there has been proposed divi-dend for the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__181": {
"value": "Treasury shares The treasury shares had a market value of DKK 709 million at December 31, 2024 (2023: DKK 911 million). In 2023, an accelerated bookbuild of a directed issue and private placing of 17 million new shares and 3.6 million existing treasury shares was executed on May 24, 2023, which generated DKK 2.6 billion net of costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__188": {
"value": "4.2 Financial risks GN is exposed to several financial risks arising from its operating, in-vesting and financing activities, comprising foreign currency risk, inter-est rate risk, liquidity risk and credit risk. Financial risks are to the ex-tent possible managed centrally by Group Treasury. Commercial credit risk, arising primarily from trade and other receivables, is managed de-centralized through the divisions (Hearing, Enterprise and Gaming & Consumer). The Treasury Policy is revised on a continuous basis to adapt to the changing financial risk situation, and the Treasury Policy has been re-viewed by the Audit Committee and approved by the Board of Direc-tors. The Treasury Policy, including the Limits of Authority for Group Treas-ury, sets the overall requirements and limits for the treasury activities within the Group including GN\u2019s hedging policy. It is GN\u2019s policy only to enter into financial transactions to mitigate risks arising from business activities, thus no transactions are made purely on speculative basis. GN\u2019s objectives, policies and process for measuring and managing the risk exposure related to foreign currency risk, interest rate risk, liquidityrisk and credit risk is summarized in the table and further explained in the notes below. Financial riskExposureRisk Management PolicyMitigating actionsEntities within the Group transact in currencies other than their functional cur-The Treasury Policy aims to minimize the foreign currency exposure on operating GN has hedged a substantial part of the expected net EBITA in foreign currencies Foreign currency riskrency, thus are exposed to fluctuations in foreign currencies. profit, net income and free cash flow. The general policy is to manage currency to secure the EBITA contribution of the material trading currencies for the next 12 risks through natural matching of inflows and outflows or through hedging activi-months. The hedges have been designated with revenue and production cost, re-The foreign currency exposures arise primarily from purchases of materials, sales ties using commonly used derivatives such as FX spots and FX forwards. spectively as the hedged items. of products, and loans. Based on the current revenue, cost and loan composition, the primary foreign currency exposures for the Group in 2024 arise from USD and The Treasury Policy sets forth thresholds and requirements for the hedging strat-GBP. egy to be applied; a minimum of 75% and not more than 100% of the net currency exposure on EBITA level in each operating business to maintain this hedging level The EUR foreign currency risk is regarded as low in Danish entities due to Den-at any point in time. All hedging is conducted at Group level. mark\u2019s fixed exchange rate policy towards EUR. Interest rate risks arise from interest-bearing assets and liabilities. Interest-bearing The Treasury Policy aims to minimize the interest rate exposure on operating Due to the interest rate risk composition up until November 2024, GN has, in ac-Interest rate riskitems consist primarily of cash and cash equivalents and bank loans and issued profit, net income and free cash flow. At least 50% of all interest-bearing debt cordance with the Treasury Policy, not been required to hedge the interest rate bonds.should be fixed-rate, either through fixed-rate agreements or through derivatives, risk position.such as interest forwards or interest swaps. Following the redemption of EMTN bond due in November 2024, the Group has exceeded the 50% floating interest rate exposure. The deviation to the Treasury Policy has been waived and approved by the Board of Directors. GN\u2019s loans and EMTN notes are primarily long-term with maturities extended until The Treasury Policy aims to ensure that sufficient funding is available to enable To mitigate potential liquidity or refinancing risks, GN has EUR 520 million Revolv-Liquidity risk2036 with mixture of fixed and floating interest rates.GN to fulfil its financial obligations at any point in time for the next 12 months. ing Credit Facility with maturity in 2027. On December 31, 2024, the Revolving Main funding arrangements are managed or approved by Group Treasury, struc-Credit Facilities were unutilized.turing the funding facilities with committed and uncommitted facilities mainly with a group of relationship banks. Liquidity is managed centrally through cash pools and cash- and working capital management practice. GN\u2019s exposure to credit risk arises primarily from trade receivables, other receiva-GN has established policies for credit risk management related to customers in-GN has decentralized the credit risk management relating to customer including Credit riskbles, dispenser loans and cash and cash equivalents. cluding the use of credit rating agencies. the use of credit rating agencies to the divisions (Hearing, Enterprise and Gaming & Consumer).The financial institutes applied by GN must be highly rated by Moody\u2019s or S&P. Foreign currency risk GN has exposure towards foreign currencies, mainly arising from the fluctuations in USD and GBP. The general policy is to minimize GN'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 results. Foreign currency risk is reduced by hedging the foreign currency expo-sures in accordance with the Treasury Policy. Foreign currency expo-sures are hedged through FX forwards and FX Swaps. GN\u2019s hedging setup aims to centralize foreign currency exposure in GN Store Nord A/S through internal contracts and trade the net foreign currency ex-posures in the market. The Group has in 2024 discontinued the practice of hedging long-term loans denominated in EUR due to the EUR exchange rate risk is re-garded as low in Danish entities due to Denmark\u2019s fixed exchange rate policy towards EUR. Sensitivity analysis for foreign currency risk The below sensitivity analyses illustrates the potential change in GN\u2019s profit or loss and equity in a response to a weakening / strengthening of the currencies of which GN has significant exposure to at the bal-ance sheet date. This analysis assumes that all other variables in partic-ular 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 outlined in the following table: USD GBP DKK million 2024 2023 2024 2023 Profit or loss after tax 225 -33 -1 2 Equity after tax 51 88 -23 -20 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 derivatives as of December 31. The effects of a change in foreign exchange rates related to these items would be in-cluded in the Income statement. A change in the value of derivatives used for hedging would be included in Other comprehensive income if hedge accounting is applied. Interest rate risk GN\u2019s non-current debt have fixed and floating interest rates: listed in-struments of EUR 50 million private placement with fixed coupon of 1.97% per annum and GBP 40 million private placement with fixed cou-pon of 3.2% per annum as well as bilateral R&D loans with fixed inter-est rates, EUR 800 million Term loan drawdown with floating interest rates. GN has in 2024 successfully redeemed its EUR 330 million Bond-with-Warrant-Units 0% and notes issued under the EMTN program includ-ing EUR 600 million notes with fixed coupon of 0.875% per annum. An increase of floating interest rates of 1 percentage point would re-sult in a decrease in the annual profit of DKK 60 million (2023: DKK 9 million). Liquidity risks The Group\u2019s capital structure includes interest bearing long-term debt with maturities between 2026 and 2036, including bank loans, notes under the Euro Medium Term Note (EMTN) program, and two drawing rights attached to a EUR 520 million committed revolving credit facil-ity and a EUR 800 million committed term loan facility. EUR 520 mil-lion committed revolving credit facility was unutilized on December 31, 2024, and EUR 800 million committed term loan facility was fully uti-lized as of December 31, 2024. (2023: EUR 520 million committed re-volving credit facility unutilized and EUR 120 million utilization out of a EUR 800 million committed term loan facility). 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 169 million on December 31, 2024 (2023: EUR 214 million utilized). 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 47 million on December 31, 2024 (2023: EUR 32 million utilized). Maturity profile DKKm5,9523,8691,350741722369 369 3693194652025 2026 2027 2028 2029 2036 2037R&D loanDrawn term loanEMTN notesCommercial paper and MM loanUndrawn RCFHQ financingGN do not operate in restricted countries, thus the group do not have restricted cash constraints.Covenants The Group\u2019s loan portfolio is subject to financial covenants that are common and expected for a company the size of GN Store Nord. The Group regularly monitors that compliance with the covenants is met. Credit risk Credit risk arises from the possibility that transactional counterparties may default on their obligations, causing financial losses for the Group. Credit loss refers to the impairment of financial assets due to credit losses. When financial assets are impaired by credit losses, the GN dis-closes a reconciliation of changes in that account during the period for each class of financial assets, such as bad debt provisions. GN\u2019s exposure to various risks associated with the financial instru-ments is discussed in Note 4.4. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned below. Trade receivables and other non-current assets GN may incur losses if the credit quality of its customers deteriorates or if they default 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 (Hearing, Enter-prise and Gaming & Consumer). Assessment of credit risks related to customers is further described in note 3.7 Trade receivables and note 3.5 Other non-current assets. Financial instruments and cash deposits Surplus cash positions in GN is mainly held in current accounts or as short-term money market deposits. Cash positions are primarily held with financial institutions through which GN conducts its day-to-day banking transactions and which are highly rated with Moody\u2019s and Standard & Poor\u2019s. It's GN Treasury policy that counterparties for all financial transactions (whether on-balance sheet or derivatives) must be highly rated finan-cial institutions (i.e. banks with at least an external investment grade rating by Moody\u2019s or S&P). No bank accounts may be opened without prior approval by Group Treasury. GN has entered into ISDA agreements with all financial institution counterparties used for trading derivative financial instruments under which GN has a right to set-off should certain credit event occur, which means that GN\u2019s actual credit risk is limited to the net assets per coun-terparty.",
"dimensions": {
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"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__183": {
"value": "Accounting policies Earnings per Share and Diluted Earnings per Share Earnings 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__184": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s8__7__185": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__186": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__189-1": {
"value": "Foreign currency risk GN has exposure towards foreign currencies, mainly arising from the fluctuations in USD and GBP. The general policy is to minimize GN'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 results. Foreign currency risk is reduced by hedging the foreign currency expo-sures in accordance with the Treasury Policy. Foreign currency expo-sures are hedged through FX forwards and FX Swaps. GN\u2019s hedging setup aims to centralize foreign currency exposure in GN Store Nord A/S through internal contracts and trade the net foreign currency ex-posures in the market. The Group has in 2024 discontinued the practice of hedging long-term loans denominated in EUR due to the EUR exchange rate risk is re-garded as low in Danish entities due to Denmark\u2019s fixed exchange rate policy towards EUR. Sensitivity analysis for foreign currency risk The below sensitivity analyses illustrates the potential change in GN\u2019s profit or loss and equity in a response to a weakening / strengthening of the currencies of which GN has significant exposure to at the bal-ance sheet date. This analysis assumes that all other variables in partic-ular 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 outlined in the following table: USD GBP DKK million 2024 2023 2024 2023 Profit or loss after tax 225 -33 -1 2 Equity after tax 51 88 -23 -20 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 derivatives as of December 31. The effects of a change in foreign exchange rates related to these items would be in-cluded in the Income statement. A change in the value of derivatives used for hedging would be included in Other comprehensive income if hedge accounting is applied.4.4 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 2024 2023 Financial assets Trade receivables 4,673 4,442 Other receivables 751 744 Receivables from associates 211 168 Other non-current assets 1,174 1,065 Financial assets at amortized cost 6,809 6,419 Derivative financial instruments included in Other receivables 4 117 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 630 494 Financial assets at fair value through profit or loss 634 611 Derivative financial instruments included in Other receivables 46 11 Financial assets at fair value through Other comprehensive income 46 11 Financial liabilities Issued bonds (bond-with-warrant units), non-current 8,199 3,189 Issued EMTN bonds, non-current 371 335 Bank loans, non-current 466 3 Bank loans and issued bonds, current 1,746 9,674 Overdraft facilities 258 - Lease liabilities 447 299 Other non-current liabilities - 4 Trade payables 1,627 1,719 Financial liabilities at amortized cost 13,114 15,223 Derivative financial instruments included in Other liabilities 56 65 RAP, SIP and DCP included in Other non-current liabilities 346 265 Contingent consideration included in Other liabilities 59 90 Financial liabilities at fair value through profit or loss 461 420 Derivative financial instruments included in Other liabilities 16 26 Financial liabilities at fair value through Other comprehensive income 16 26 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 2024 2023 Between one and More than three Between one and More than three DKK million Less than one year three years years Total Less than one year three years years Total Issued bonds 26 38 895 959 7,053 37 892 7,982 Bank loans 1,862 6,039 1,850 9,751 2,048 452 2,529 5,029 Lease liabilities 113 153 301 567 112 140 69 321 Other liabilities - 346 1 347 - 54 215 269 Trade payables 1,627 - - 1,627 1,719 - - 1,719 Contingent consideration - 36 23 59 35 55 - 90 Total non-derivative financial liabilities 3,628 6,612 3,070 13,310 10,967 738 3,705 15,410 Derivative financial liabilities 72 - - 72 91 - - 91 Total 3,700 6,612 3,070 13,382 11,058 738 3,705 15,501 The maturity analysis is based on non-discounted cash flows. 2024 2023 Quoted prices Observable input Unobservable input Quoted prices Observable input Unobservable 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 - 4 - 4 - 117 - 117 RAP, SIP, DCP included in Other non-current assets - 473 - 473 - 349 - 349 Ownership interests etc. included in Other non-current assets - - 157 157 - - 145 145 Financial assets at fair value through profit or loss - 477 157 634 - 466 145 611 Derivative financial instruments included in Other receivables - 46 - 46 - 11 - 11 Financial assets at fair value through Other comprehensive income - 46 - 46 - 11 - 11 Financial liabilities Derivative financial instruments included in Other liabilities - 56 - 56 - 65 - 65 RAP, SIP and DCP included in Other non-current liabilities - 346 - 346 - 265 - 265 Contingent consideration included in Other liabilities - - 59 59 - - 90 90 Financial liabilities at fair value through profit or loss - 402 59 461 - 330 90 420 Derivative financial instruments included in Other liabilities - 16 - 16 - 26 - 26 Financial liabilities at fair value through Other comprehensive income - 16 - 16 - 26 - 26 DKK million 2024 2023 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 35 13 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 14 1 Net fair value gains (losses) on contingent consideration -1 7 Fair value hierarchy Financial instruments measured at fair value are categorized into the following levels of the fair value hierarchy. Level 1: Observable market prices for identical instruments. Level 2: Generally accepted valuation techniques primarily based on observable data or traded prices for compa-rable instruments. Derivatives are not traded in an ac-tive market and fair value is determined using market-based data input. Level 3: Valuation techniques primarily based on unobservable prices. 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 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 customer, average selling prices, and the estimated probability that the instru-ments 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 instruments 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 investments, and the liability is based on the value generated by partic-ipant 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 EMTN bonds amounted to DKK 546 million (2023: DKK 4,726 mil-lion). For other financial assets and liabilities, the fair value is approxi-mately equal to the carrying amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__190-1": {
"value": "Interest rate risk GN\u2019s non-current debt have fixed and floating interest rates: listed in-struments of EUR 50 million private placement with fixed coupon of 1.97% per annum and GBP 40 million private placement with fixed cou-pon of 3.2% per annum as well as bilateral R&D loans with fixed inter-est rates, EUR 800 million Term loan drawdown with floating interest rates. GN has in 2024 successfully redeemed its EUR 330 million Bond-with-Warrant-Units 0% and notes issued under the EMTN program includ-ing EUR 600 million notes with fixed coupon of 0.875% per annum. An increase of floating interest rates of 1 percentage point would re-sult in a decrease in the annual profit of DKK 60 million (2023: DKK 9 million).4.4 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 2024 2023 Financial assets Trade receivables 4,673 4,442 Other receivables 751 744 Receivables from associates 211 168 Other non-current assets 1,174 1,065 Financial assets at amortized cost 6,809 6,419 Derivative financial instruments included in Other receivables 4 117 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 630 494 Financial assets at fair value through profit or loss 634 611 Derivative financial instruments included in Other receivables 46 11 Financial assets at fair value through Other comprehensive income 46 11 Financial liabilities Issued bonds (bond-with-warrant units), non-current 8,199 3,189 Issued EMTN bonds, non-current 371 335 Bank loans, non-current 466 3 Bank loans and issued bonds, current 1,746 9,674 Overdraft facilities 258 - Lease liabilities 447 299 Other non-current liabilities - 4 Trade payables 1,627 1,719 Financial liabilities at amortized cost 13,114 15,223 Derivative financial instruments included in Other liabilities 56 65 RAP, SIP and DCP included in Other non-current liabilities 346 265 Contingent consideration included in Other liabilities 59 90 Financial liabilities at fair value through profit or loss 461 420 Derivative financial instruments included in Other liabilities 16 26 Financial liabilities at fair value through Other comprehensive income 16 26 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 2024 2023 Between one and More than three Between one and More than three DKK million Less than one year three years years Total Less than one year three years years Total Issued bonds 26 38 895 959 7,053 37 892 7,982 Bank loans 1,862 6,039 1,850 9,751 2,048 452 2,529 5,029 Lease liabilities 113 153 301 567 112 140 69 321 Other liabilities - 346 1 347 - 54 215 269 Trade payables 1,627 - - 1,627 1,719 - - 1,719 Contingent consideration - 36 23 59 35 55 - 90 Total non-derivative financial liabilities 3,628 6,612 3,070 13,310 10,967 738 3,705 15,410 Derivative financial liabilities 72 - - 72 91 - - 91 Total 3,700 6,612 3,070 13,382 11,058 738 3,705 15,501 The maturity analysis is based on non-discounted cash flows. 2024 2023 Quoted prices Observable input Unobservable input Quoted prices Observable input Unobservable 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 - 4 - 4 - 117 - 117 RAP, SIP, DCP included in Other non-current assets - 473 - 473 - 349 - 349 Ownership interests etc. included in Other non-current assets - - 157 157 - - 145 145 Financial assets at fair value through profit or loss - 477 157 634 - 466 145 611 Derivative financial instruments included in Other receivables - 46 - 46 - 11 - 11 Financial assets at fair value through Other comprehensive income - 46 - 46 - 11 - 11 Financial liabilities Derivative financial instruments included in Other liabilities - 56 - 56 - 65 - 65 RAP, SIP and DCP included in Other non-current liabilities - 346 - 346 - 265 - 265 Contingent consideration included in Other liabilities - - 59 59 - - 90 90 Financial liabilities at fair value through profit or loss - 402 59 461 - 330 90 420 Derivative financial instruments included in Other liabilities - 16 - 16 - 26 - 26 Financial liabilities at fair value through Other comprehensive income - 16 - 16 - 26 - 26 DKK million 2024 2023 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 35 13 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 14 1 Net fair value gains (losses) on contingent consideration -1 7 Fair value hierarchy Financial instruments measured at fair value are categorized into the following levels of the fair value hierarchy. Level 1: Observable market prices for identical instruments. Level 2: Generally accepted valuation techniques primarily based on observable data or traded prices for compa-rable instruments. Derivatives are not traded in an ac-tive market and fair value is determined using market-based data input. Level 3: Valuation techniques primarily based on unobservable prices. 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 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 customer, average selling prices, and the estimated probability that the instru-ments 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 instruments 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 investments, and the liability is based on the value generated by partic-ipant 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 EMTN bonds amounted to DKK 546 million (2023: DKK 4,726 mil-lion). For other financial assets and liabilities, the fair value is approxi-mately equal to the carrying amount.",
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"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__191": {
"value": "Liquidity risks The Group\u2019s capital structure includes interest bearing long-term debt with maturities between 2026 and 2036, including bank loans, notes under the Euro Medium Term Note (EMTN) program, and two drawing rights attached to a EUR 520 million committed revolving credit facil-ity and a EUR 800 million committed term loan facility. EUR 520 mil-lion committed revolving credit facility was unutilized on December 31, 2024, and EUR 800 million committed term loan facility was fully uti-lized as of December 31, 2024. (2023: EUR 520 million committed re-volving credit facility unutilized and EUR 120 million utilization out of a EUR 800 million committed term loan facility). 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 169 million on December 31, 2024 (2023: EUR 214 million utilized). 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 47 million on December 31, 2024 (2023: EUR 32 million utilized). Maturity profile DKKm5,9523,8691,350741722369 369 3693194652025 2026 2027 2028 2029 2036 2037R&D loanDrawn term loanEMTN notesCommercial paper and MM loanUndrawn RCFHQ financingGN do not operate in restricted countries, thus the group do not have restricted cash constraints.Covenants The Group\u2019s loan portfolio is subject to financial covenants that are common and expected for a company the size of GN Store Nord. The Group regularly monitors that compliance with the covenants is met.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__200": {
"value": "4.3 Derivatives Foreign currency risk The risk relating to purchase and sales in foreign currencies are hedged using FX forwards and FX spots related to highly probable forecasted sales and purchase transactions and are designated as cash flow hedges. Derivatives used to hedge other than highly probable fore-casted transactions are considered economic hedges. The primary sources of ineffectiveness are changes to planned pur-chases, sales or payments. No material ineffectiveness was detected during the year (2023: No material ineffectiveness). Fair value adjustments of cash flow and economic hedges DKK million 2024 2023 Fair value adjustment for the year recognized in Other comprehen-sive income 100 -27 Reclassified from equity to revenue during the year 15 -58 Reclassified from equity to production costs during the year -21 136 Adjustment of cash flow hedges in Other comprehensive income 94 51 Fair value adjustment of economic hedges recognized in Other op-erating income and costs, net 2 - Fair value adjustment of economic hedges recognized in financial items -123 96 All exchange rate instruments mature within 12 months from the bal-ance sheet date. Exchange rate instruments 2024 2023 Average rate Contract Fair value, as-Fair value, liabil-Average rate Contract Fair value, as-Fair value, liabil-DKK million (DKK) amount, net* sets ities (DKK) amount, net* sets ities Cash flow hedges AUD / DKK 450 323 7 - 449 211 - -3 GBP** 869 568 - -11 846 515 - -2 INR / DKK 8 81 - -3 8 255 4 -1 USD / DKK 675 -621 30 - 676 -1,136 2 -15 Other currency pairs 199 9 -1 230 5 -5 Total 46 -15 11 -26 Economic hedges USD / DKK 710 -391 4 - 688 -309 54 -60 USD / EUR 704 -3,109 - -56 689 -2,860 65 - Other currency pairs -359 - - -7,761 -3 -5 Total 4 -56 116 -65 * Positive contract amounts indicate sale of currencies vs. DKK or EUR ** Includes exchange rate instruments vs. DKK and EUR 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 deriv-ative financial instruments are recognized as other receivables and paya-bles, respectively. Fair values of derivative financial instruments are com-puted on the basis of market data and generally accepted valuation meth-ods. 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__201": {
"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 deriv-ative financial instruments are recognized as other receivables and paya-bles, respectively. Fair values of derivative financial instruments are com-puted on the basis of market data and generally accepted valuation meth-ods. 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s8__7__199": {
"value": "4.4 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 2024 2023 Financial assets Trade receivables 4,673 4,442 Other receivables 751 744 Receivables from associates 211 168 Other non-current assets 1,174 1,065 Financial assets at amortized cost 6,809 6,419 Derivative financial instruments included in Other receivables 4 117 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 630 494 Financial assets at fair value through profit or loss 634 611 Derivative financial instruments included in Other receivables 46 11 Financial assets at fair value through Other comprehensive income 46 11 Financial liabilities Issued bonds (bond-with-warrant units), non-current 8,199 3,189 Issued EMTN bonds, non-current 371 335 Bank loans, non-current 466 3 Bank loans and issued bonds, current 1,746 9,674 Overdraft facilities 258 - Lease liabilities 447 299 Other non-current liabilities - 4 Trade payables 1,627 1,719 Financial liabilities at amortized cost 13,114 15,223 Derivative financial instruments included in Other liabilities 56 65 RAP, SIP and DCP included in Other non-current liabilities 346 265 Contingent consideration included in Other liabilities 59 90 Financial liabilities at fair value through profit or loss 461 420 Derivative financial instruments included in Other liabilities 16 26 Financial liabilities at fair value through Other comprehensive income 16 26 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 2024 2023 Between one and More than three Between one and More than three DKK million Less than one year three years years Total Less than one year three years years Total Issued bonds 26 38 895 959 7,053 37 892 7,982 Bank loans 1,862 6,039 1,850 9,751 2,048 452 2,529 5,029 Lease liabilities 113 153 301 567 112 140 69 321 Other liabilities - 346 1 347 - 54 215 269 Trade payables 1,627 - - 1,627 1,719 - - 1,719 Contingent consideration - 36 23 59 35 55 - 90 Total non-derivative financial liabilities 3,628 6,612 3,070 13,310 10,967 738 3,705 15,410 Derivative financial liabilities 72 - - 72 91 - - 91 Total 3,700 6,612 3,070 13,382 11,058 738 3,705 15,501 The maturity analysis is based on non-discounted cash flows. 2024 2023 Quoted prices Observable input Unobservable input Quoted prices Observable input Unobservable 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 - 4 - 4 - 117 - 117 RAP, SIP, DCP included in Other non-current assets - 473 - 473 - 349 - 349 Ownership interests etc. included in Other non-current assets - - 157 157 - - 145 145 Financial assets at fair value through profit or loss - 477 157 634 - 466 145 611 Derivative financial instruments included in Other receivables - 46 - 46 - 11 - 11 Financial assets at fair value through Other comprehensive income - 46 - 46 - 11 - 11 Financial liabilities Derivative financial instruments included in Other liabilities - 56 - 56 - 65 - 65 RAP, SIP and DCP included in Other non-current liabilities - 346 - 346 - 265 - 265 Contingent consideration included in Other liabilities - - 59 59 - - 90 90 Financial liabilities at fair value through profit or loss - 402 59 461 - 330 90 420 Derivative financial instruments included in Other liabilities - 16 - 16 - 26 - 26 Financial liabilities at fair value through Other comprehensive income - 16 - 16 - 26 - 26 DKK million 2024 2023 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 35 13 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 14 1 Net fair value gains (losses) on contingent consideration -1 7 Fair value hierarchy Financial instruments measured at fair value are categorized into the following levels of the fair value hierarchy. Level 1: Observable market prices for identical instruments. Level 2: Generally accepted valuation techniques primarily based on observable data or traded prices for compa-rable instruments. Derivatives are not traded in an ac-tive market and fair value is determined using market-based data input. Level 3: Valuation techniques primarily based on unobservable prices. 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 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 customer, average selling prices, and the estimated probability that the instru-ments 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 instruments 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 investments, and the liability is based on the value generated by partic-ipant 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 EMTN bonds amounted to DKK 546 million (2023: DKK 4,726 mil-lion). For other financial assets and liabilities, the fair value is approxi-mately equal to the carrying amount.",
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"s8__7__198": {
"value": "4.4 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 2024 2023 Financial assets Trade receivables 4,673 4,442 Other receivables 751 744 Receivables from associates 211 168 Other non-current assets 1,174 1,065 Financial assets at amortized cost 6,809 6,419 Derivative financial instruments included in Other receivables 4 117 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 630 494 Financial assets at fair value through profit or loss 634 611 Derivative financial instruments included in Other receivables 46 11 Financial assets at fair value through Other comprehensive income 46 11 Financial liabilities Issued bonds (bond-with-warrant units), non-current 8,199 3,189 Issued EMTN bonds, non-current 371 335 Bank loans, non-current 466 3 Bank loans and issued bonds, current 1,746 9,674 Overdraft facilities 258 - Lease liabilities 447 299 Other non-current liabilities - 4 Trade payables 1,627 1,719 Financial liabilities at amortized cost 13,114 15,223 Derivative financial instruments included in Other liabilities 56 65 RAP, SIP and DCP included in Other non-current liabilities 346 265 Contingent consideration included in Other liabilities 59 90 Financial liabilities at fair value through profit or loss 461 420 Derivative financial instruments included in Other liabilities 16 26 Financial liabilities at fair value through Other comprehensive income 16 26 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 2024 2023 Between one and More than three Between one and More than three DKK million Less than one year three years years Total Less than one year three years years Total Issued bonds 26 38 895 959 7,053 37 892 7,982 Bank loans 1,862 6,039 1,850 9,751 2,048 452 2,529 5,029 Lease liabilities 113 153 301 567 112 140 69 321 Other liabilities - 346 1 347 - 54 215 269 Trade payables 1,627 - - 1,627 1,719 - - 1,719 Contingent consideration - 36 23 59 35 55 - 90 Total non-derivative financial liabilities 3,628 6,612 3,070 13,310 10,967 738 3,705 15,410 Derivative financial liabilities 72 - - 72 91 - - 91 Total 3,700 6,612 3,070 13,382 11,058 738 3,705 15,501 The maturity analysis is based on non-discounted cash flows. 2024 2023 Quoted prices Observable input Unobservable input Quoted prices Observable input Unobservable 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 - 4 - 4 - 117 - 117 RAP, SIP, DCP included in Other non-current assets - 473 - 473 - 349 - 349 Ownership interests etc. included in Other non-current assets - - 157 157 - - 145 145 Financial assets at fair value through profit or loss - 477 157 634 - 466 145 611 Derivative financial instruments included in Other receivables - 46 - 46 - 11 - 11 Financial assets at fair value through Other comprehensive income - 46 - 46 - 11 - 11 Financial liabilities Derivative financial instruments included in Other liabilities - 56 - 56 - 65 - 65 RAP, SIP and DCP included in Other non-current liabilities - 346 - 346 - 265 - 265 Contingent consideration included in Other liabilities - - 59 59 - - 90 90 Financial liabilities at fair value through profit or loss - 402 59 461 - 330 90 420 Derivative financial instruments included in Other liabilities - 16 - 16 - 26 - 26 Financial liabilities at fair value through Other comprehensive income - 16 - 16 - 26 - 26 DKK million 2024 2023 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 35 13 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 14 1 Net fair value gains (losses) on contingent consideration -1 7 Fair value hierarchy Financial instruments measured at fair value are categorized into the following levels of the fair value hierarchy. Level 1: Observable market prices for identical instruments. Level 2: Generally accepted valuation techniques primarily based on observable data or traded prices for compa-rable instruments. Derivatives are not traded in an ac-tive market and fair value is determined using market-based data input. Level 3: Valuation techniques primarily based on unobservable prices. 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 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 customer, average selling prices, and the estimated probability that the instru-ments 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 instruments 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 investments, and the liability is based on the value generated by partic-ipant 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 EMTN bonds amounted to DKK 546 million (2023: DKK 4,726 mil-lion). For other financial assets and liabilities, the fair value is approxi-mately equal to the carrying amount.",
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"s8__7__194": {
"value": "4.4 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 2024 2023 Financial assets Trade receivables 4,673 4,442 Other receivables 751 744 Receivables from associates 211 168 Other non-current assets 1,174 1,065 Financial assets at amortized cost 6,809 6,419 Derivative financial instruments included in Other receivables 4 117 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 630 494 Financial assets at fair value through profit or loss 634 611 Derivative financial instruments included in Other receivables 46 11 Financial assets at fair value through Other comprehensive income 46 11 Financial liabilities Issued bonds (bond-with-warrant units), non-current 8,199 3,189 Issued EMTN bonds, non-current 371 335 Bank loans, non-current 466 3 Bank loans and issued bonds, current 1,746 9,674 Overdraft facilities 258 - Lease liabilities 447 299 Other non-current liabilities - 4 Trade payables 1,627 1,719 Financial liabilities at amortized cost 13,114 15,223 Derivative financial instruments included in Other liabilities 56 65 RAP, SIP and DCP included in Other non-current liabilities 346 265 Contingent consideration included in Other liabilities 59 90 Financial liabilities at fair value through profit or loss 461 420 Derivative financial instruments included in Other liabilities 16 26 Financial liabilities at fair value through Other comprehensive income 16 26 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 2024 2023 Between one and More than three Between one and More than three DKK million Less than one year three years years Total Less than one year three years years Total Issued bonds 26 38 895 959 7,053 37 892 7,982 Bank loans 1,862 6,039 1,850 9,751 2,048 452 2,529 5,029 Lease liabilities 113 153 301 567 112 140 69 321 Other liabilities - 346 1 347 - 54 215 269 Trade payables 1,627 - - 1,627 1,719 - - 1,719 Contingent consideration - 36 23 59 35 55 - 90 Total non-derivative financial liabilities 3,628 6,612 3,070 13,310 10,967 738 3,705 15,410 Derivative financial liabilities 72 - - 72 91 - - 91 Total 3,700 6,612 3,070 13,382 11,058 738 3,705 15,501 The maturity analysis is based on non-discounted cash flows. 2024 2023 Quoted prices Observable input Unobservable input Quoted prices Observable input Unobservable 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 - 4 - 4 - 117 - 117 RAP, SIP, DCP included in Other non-current assets - 473 - 473 - 349 - 349 Ownership interests etc. included in Other non-current assets - - 157 157 - - 145 145 Financial assets at fair value through profit or loss - 477 157 634 - 466 145 611 Derivative financial instruments included in Other receivables - 46 - 46 - 11 - 11 Financial assets at fair value through Other comprehensive income - 46 - 46 - 11 - 11 Financial liabilities Derivative financial instruments included in Other liabilities - 56 - 56 - 65 - 65 RAP, SIP and DCP included in Other non-current liabilities - 346 - 346 - 265 - 265 Contingent consideration included in Other liabilities - - 59 59 - - 90 90 Financial liabilities at fair value through profit or loss - 402 59 461 - 330 90 420 Derivative financial instruments included in Other liabilities - 16 - 16 - 26 - 26 Financial liabilities at fair value through Other comprehensive income - 16 - 16 - 26 - 26 DKK million 2024 2023 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 35 13 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 14 1 Net fair value gains (losses) on contingent consideration -1 7 Fair value hierarchy Financial instruments measured at fair value are categorized into the following levels of the fair value hierarchy. Level 1: Observable market prices for identical instruments. Level 2: Generally accepted valuation techniques primarily based on observable data or traded prices for compa-rable instruments. Derivatives are not traded in an ac-tive market and fair value is determined using market-based data input. Level 3: Valuation techniques primarily based on unobservable prices. 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 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 customer, average selling prices, and the estimated probability that the instru-ments 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 instruments 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 investments, and the liability is based on the value generated by partic-ipant 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 EMTN bonds amounted to DKK 546 million (2023: DKK 4,726 mil-lion). For other financial assets and liabilities, the fair value is approxi-mately equal to the carrying amount.",
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"s8__7__193-1": {
"value": "4.4 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 2024 2023 Financial assets Trade receivables 4,673 4,442 Other receivables 751 744 Receivables from associates 211 168 Other non-current assets 1,174 1,065 Financial assets at amortized cost 6,809 6,419 Derivative financial instruments included in Other receivables 4 117 RAP, SIP, DCP and Ownership interests, etc. included in Other non-current assets 630 494 Financial assets at fair value through profit or loss 634 611 Derivative financial instruments included in Other receivables 46 11 Financial assets at fair value through Other comprehensive income 46 11 Financial liabilities Issued bonds (bond-with-warrant units), non-current 8,199 3,189 Issued EMTN bonds, non-current 371 335 Bank loans, non-current 466 3 Bank loans and issued bonds, current 1,746 9,674 Overdraft facilities 258 - Lease liabilities 447 299 Other non-current liabilities - 4 Trade payables 1,627 1,719 Financial liabilities at amortized cost 13,114 15,223 Derivative financial instruments included in Other liabilities 56 65 RAP, SIP and DCP included in Other non-current liabilities 346 265 Contingent consideration included in Other liabilities 59 90 Financial liabilities at fair value through profit or loss 461 420 Derivative financial instruments included in Other liabilities 16 26 Financial liabilities at fair value through Other comprehensive income 16 26 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 2024 2023 Between one and More than three Between one and More than three DKK million Less than one year three years years Total Less than one year three years years Total Issued bonds 26 38 895 959 7,053 37 892 7,982 Bank loans 1,862 6,039 1,850 9,751 2,048 452 2,529 5,029 Lease liabilities 113 153 301 567 112 140 69 321 Other liabilities - 346 1 347 - 54 215 269 Trade payables 1,627 - - 1,627 1,719 - - 1,719 Contingent consideration - 36 23 59 35 55 - 90 Total non-derivative financial liabilities 3,628 6,612 3,070 13,310 10,967 738 3,705 15,410 Derivative financial liabilities 72 - - 72 91 - - 91 Total 3,700 6,612 3,070 13,382 11,058 738 3,705 15,501 The maturity analysis is based on non-discounted cash flows. 2024 2023 Quoted prices Observable input Unobservable input Quoted prices Observable input Unobservable 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 - 4 - 4 - 117 - 117 RAP, SIP, DCP included in Other non-current assets - 473 - 473 - 349 - 349 Ownership interests etc. included in Other non-current assets - - 157 157 - - 145 145 Financial assets at fair value through profit or loss - 477 157 634 - 466 145 611 Derivative financial instruments included in Other receivables - 46 - 46 - 11 - 11 Financial assets at fair value through Other comprehensive income - 46 - 46 - 11 - 11 Financial liabilities Derivative financial instruments included in Other liabilities - 56 - 56 - 65 - 65 RAP, SIP and DCP included in Other non-current liabilities - 346 - 346 - 265 - 265 Contingent consideration included in Other liabilities - - 59 59 - - 90 90 Financial liabilities at fair value through profit or loss - 402 59 461 - 330 90 420 Derivative financial instruments included in Other liabilities - 16 - 16 - 26 - 26 Financial liabilities at fair value through Other comprehensive income - 16 - 16 - 26 - 26 DKK million 2024 2023 Fair value net gains (losses) recognized in the income statement: Net fair value gains (losses) on RAP, SIP and DCP 35 13 Net fair value gains (losses) on ownership interests and derivatives re. ownership interests 14 1 Net fair value gains (losses) on contingent consideration -1 7 Fair value hierarchy Financial instruments measured at fair value are categorized into the following levels of the fair value hierarchy. Level 1: Observable market prices for identical instruments. Level 2: Generally accepted valuation techniques primarily based on observable data or traded prices for compa-rable instruments. Derivatives are not traded in an ac-tive market and fair value is determined using market-based data input. Level 3: Valuation techniques primarily based on unobservable prices. 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 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 customer, average selling prices, and the estimated probability that the instru-ments 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 instruments 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 investments, and the liability is based on the value generated by partic-ipant 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 EMTN bonds amounted to DKK 546 million (2023: DKK 4,726 mil-lion). For other financial assets and liabilities, the fair value is approxi-mately equal to the carrying amount.4.5 Liabilities from financing activities 2024 2023 Bank loans and Bank loans and Bank loans, Issued bonds, Other non-cur-issued bonds, Overdraft Bank loans, Issued bonds, Other non-cur-issued bonds, DKK million non-current non-current rent liabilities Lease liabilities current facilities Total non-current non-current rent liabilities Lease liabilities current Total Liabilities at January 1 503 3,024 777 298 9,674 - 14,276 2,318 7,548 867 371 6,016 17,120 Cash flows -18 -1,406 -32 -99 -1,068 258 -2,365 -1,834 2,290 -98 -104 -3,273 -3,019 Foreign exchange adjustments - - 18 2 - - 20 -2 29 28 -7 - 48 New leases - - - 268 - - 268 - - - 38 - 38 Non-cash interest expenses - - - 10 - - 10 - 30 - - - 30 Disposal on companies sold - - - -16 - - -16 - - - - - - Disposal, leases - - - -9 - - -9 - - - - - - Reclassification to current -20 6,931 - - -6,911 - - - -6,931 - - 6,931 - Reclassification to working capital - - -168 - - - -168 - - - - - - Other non-cash adjustments - 22 172 -7 51 - 238 21 58 -20 - - 59 Liabilities at December 31 465 8,571 767 447 1,746 258 12,254 503 3,024 777 298 9,674 14,276",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__202": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__205-1": {
"value": "4.5 Liabilities from financing activities 2024 2023 Bank loans and Bank loans and Bank loans, Issued bonds, Other non-cur-issued bonds, Overdraft Bank loans, Issued bonds, Other non-cur-issued bonds, DKK million non-current non-current rent liabilities Lease liabilities current facilities Total non-current non-current rent liabilities Lease liabilities current Total Liabilities at January 1 503 3,024 777 298 9,674 - 14,276 2,318 7,548 867 371 6,016 17,120 Cash flows -18 -1,406 -32 -99 -1,068 258 -2,365 -1,834 2,290 -98 -104 -3,273 -3,019 Foreign exchange adjustments - - 18 2 - - 20 -2 29 28 -7 - 48 New leases - - - 268 - - 268 - - - 38 - 38 Non-cash interest expenses - - - 10 - - 10 - 30 - - - 30 Disposal on companies sold - - - -16 - - -16 - - - - - - Disposal, leases - - - -9 - - -9 - - - - - - Reclassification to current -20 6,931 - - -6,911 - - - -6,931 - - 6,931 - Reclassification to working capital - - -168 - - - -168 - - - - - - Other non-cash adjustments - 22 172 -7 51 - 238 21 58 -20 - - 59 Liabilities at December 31 465 8,571 767 447 1,746 258 12,254 503 3,024 777 298 9,674 14,2765.5 Other non-cash adjustments DKK million 2024 2023 Share-based payment (granted) -36 18 (Gain) loss on divestment of operations -72 -61 Loss allowance on trade receivables, inventory write-downs, etc. -20 80 (Gain) or loss on sale of fixed assets 9 -5 Adjustment of provisions 38 92 Other adjustments -32 - Total -113 124",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__203": {
"value": "4.5 Liabilities from financing activities 2024 2023 Bank loans and Bank loans and Bank loans, Issued bonds, Other non-cur-issued bonds, Overdraft Bank loans, Issued bonds, Other non-cur-issued bonds, DKK million non-current non-current rent liabilities Lease liabilities current facilities Total non-current non-current rent liabilities Lease liabilities current Total Liabilities at January 1 503 3,024 777 298 9,674 - 14,276 2,318 7,548 867 371 6,016 17,120 Cash flows -18 -1,406 -32 -99 -1,068 258 -2,365 -1,834 2,290 -98 -104 -3,273 -3,019 Foreign exchange adjustments - - 18 2 - - 20 -2 29 28 -7 - 48 New leases - - - 268 - - 268 - - - 38 - 38 Non-cash interest expenses - - - 10 - - 10 - 30 - - - 30 Disposal on companies sold - - - -16 - - -16 - - - - - - Disposal, leases - - - -9 - - -9 - - - - - - Reclassification to current -20 6,931 - - -6,911 - - - -6,931 - - 6,931 - Reclassification to working capital - - -168 - - - -168 - - - - - - Other non-cash adjustments - 22 172 -7 51 - 238 21 58 -20 - - 59 Liabilities at December 31 465 8,571 767 447 1,746 258 12,254 503 3,024 777 298 9,674 14,276",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__211": {
"value": "4.6 Financial income and expenses DKK million 2024 2023 Financial income Gains and fair value adjustments on ownership interests 14 1 Interest income* 92 63 Financial income, other 156 4 Fair value adjustments of derivative financial instruments, net - 96 Foreign exchange gain, net 96 - Total 358 164 Financial expenses Interest expenses* -379 -326 Financial expenses, other -326 -166 Fair value adjustments of derivative financial instruments, net -106 - Foreign exchange loss, net - -100 Impairments on loans to dispensers -39 -34 Total -850 -626 *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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__210": {
"value": "4.6 Financial income and expenses DKK million 2024 2023 Financial income Gains and fair value adjustments on ownership interests 14 1 Interest income* 92 63 Financial income, other 156 4 Fair value adjustments of derivative financial instruments, net - 96 Foreign exchange gain, net 96 - Total 358 164 Financial expenses Interest expenses* -379 -326 Financial expenses, other -326 -166 Fair value adjustments of derivative financial instruments, net -106 - Foreign exchange loss, net - -100 Impairments on loans to dispensers -39 -34 Total -850 -626 *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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__209": {
"value": "4.6 Financial income and expenses DKK million 2024 2023 Financial income Gains and fair value adjustments on ownership interests 14 1 Interest income* 92 63 Financial income, other 156 4 Fair value adjustments of derivative financial instruments, net - 96 Foreign exchange gain, net 96 - Total 358 164 Financial expenses Interest expenses* -379 -326 Financial expenses, other -326 -166 Fair value adjustments of derivative financial instruments, net -106 - Foreign exchange loss, net - -100 Impairments on loans to dispensers -39 -34 Total -850 -626 *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:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493008U3H3W0NKPFL10",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__208": {
"value": "4.6 Financial income and expenses DKK million 2024 2023 Financial income Gains and fair value adjustments on ownership interests 14 1 Interest income* 92 63 Financial income, other 156 4 Fair value adjustments of derivative financial instruments, net - 96 Foreign exchange gain, net 96 - Total 358 164 Financial expenses Interest expenses* -379 -326 Financial expenses, other -326 -166 Fair value adjustments of derivative financial instruments, net -106 - Foreign exchange loss, net - -100 Impairments on loans to dispensers -39 -34 Total -850 -626 *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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__207": {
"value": "4.6 Financial income and expenses DKK million 2024 2023 Financial income Gains and fair value adjustments on ownership interests 14 1 Interest income* 92 63 Financial income, other 156 4 Fair value adjustments of derivative financial instruments, net - 96 Foreign exchange gain, net 96 - Total 358 164 Financial expenses Interest expenses* -379 -326 Financial expenses, other -326 -166 Fair value adjustments of derivative financial instruments, net -106 - Foreign exchange loss, net - -100 Impairments on loans to dispensers -39 -34 Total -850 -626 *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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__206": {
"value": "4.6 Financial income and expenses DKK million 2024 2023 Financial income Gains and fair value adjustments on ownership interests 14 1 Interest income* 92 63 Financial income, other 156 4 Fair value adjustments of derivative financial instruments, net - 96 Foreign exchange gain, net 96 - Total 358 164 Financial expenses Interest expenses* -379 -326 Financial expenses, other -326 -166 Fair value adjustments of derivative financial instruments, net -106 - Foreign exchange loss, net - -100 Impairments on loans to dispensers -39 -34 Total -850 -626 *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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__214": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__213": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__212": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__216-1": {
"value": "5.1 Acquisition and divestment of companies and operation Acquisitions During 2024, there were no material business acquisitions except for the purchase of remaining shares in Lively now GN Consumer Hearing Coop-eration. (2023: no material business acquisitions). Divestments etc. GN has entered into an agreement to divest Dansk H\u00f8reCenter (DHC) to Demant. DHC was acquired by GN\u2019s Hearing division in 2013 in connec-tion with a generational transition and is a well-reputed hearing aid retaichain operating 36 stores across Denmark. In 2023, DHC\u2019s retail revenue accounted for approximately 1% of the Hearing division\u2019s revenue, whilethe wholesale value for GN was insignificant. The transaction was completed on September 2, 2024, and demon-strates GN\u2019s commitment to its successful strategy of not owning retail and focus on being a key partner to strong independent hearing aid dis-pensers. In line with this, GN has over the past couple of years divested the vast majority of its retail stores to focus its investments on syner-getic assets that are accretive to growth and margins. Moreover, in 2024, Hearing made minor divestments in the US. On September 14, 2023, Hearing disposed BelAudi\u00e7\u00e3o Lda. Moreover, in 2023, Hearing divested a minor hearing instrument distributor primarily in the US. DKK million 2024 2023 Non-current assets -55 -461 Current assets -28 -101 Non-current liabilities 14 67 Current liabilities 6 41 Disposed net assets -63 -454 Cash consideration received 138 485 Directly attributable cost -3 -7 Fair value of assets received - 37 Net proceeds 135 515 Gain on divestment of operations etc. 72 61 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 fairvalue 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. Key accounting estimates Purchase 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.5.4 Investments in associates DKK million 2024 2023 Aggregated financial information for associates: Total share of profit (loss) in associates, including im- -7 -64 pairments Total share of net assets in associates 296 276 Carrying amount of associates 296 276 Transactions with associates comprise sale of goods of DKK 138 million (2023: DKK 101 million). At year end GN has DKK 211 million (2023: DKK 168 million) in receivables from associates and DKK 43 million (2023: DKK 41 million) of payables to associates. There were no profit ofdividend received in excess of carrying value of the associates to be in-cluded in Share of profit (loss) in associates in 2024 and 2023. 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 Financing A/S Denmark DKK 100 400,001 Falcom A/S Denmark DKK 100 88,504,000 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 SDC 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 Falcom US, LLC* USA USD 100 - 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 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 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 100 35,232,370 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 Audigy Group, LLC* USA USD 100 - Audigy Venture, LLC* USA USD 100 - Domicile Currency Ownership % Share capital Associates Audio Nova S.R.L. Romania ROL 49 1,000 Himpp A/S Denmark DKK 9 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 Note: Minor companies have been omitted from the list. In this annual report the following financial terms and 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 assets - trade payables - other operating liabilities Net interest bearing debt (NIBD) = Bank loans and issued bonds + Overdraft facilities + 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 Hearing prod-ucts + 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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"value": "5.1 Acquisition and divestment of companies and operation Acquisitions During 2024, there were no material business acquisitions except for the purchase of remaining shares in Lively now GN Consumer Hearing Coop-eration. (2023: no material business acquisitions). Divestments etc. GN has entered into an agreement to divest Dansk H\u00f8reCenter (DHC) to Demant. DHC was acquired by GN\u2019s Hearing division in 2013 in connec-tion with a generational transition and is a well-reputed hearing aid retaichain operating 36 stores across Denmark. In 2023, DHC\u2019s retail revenue accounted for approximately 1% of the Hearing division\u2019s revenue, whilethe wholesale value for GN was insignificant. The transaction was completed on September 2, 2024, and demon-strates GN\u2019s commitment to its successful strategy of not owning retail and focus on being a key partner to strong independent hearing aid dis-pensers. In line with this, GN has over the past couple of years divested the vast majority of its retail stores to focus its investments on syner-getic assets that are accretive to growth and margins. Moreover, in 2024, Hearing made minor divestments in the US. On September 14, 2023, Hearing disposed BelAudi\u00e7\u00e3o Lda. Moreover, in 2023, Hearing divested a minor hearing instrument distributor primarily in the US. DKK million 2024 2023 Non-current assets -55 -461 Current assets -28 -101 Non-current liabilities 14 67 Current liabilities 6 41 Disposed net assets -63 -454 Cash consideration received 138 485 Directly attributable cost -3 -7 Fair value of assets received - 37 Net proceeds 135 515 Gain on divestment of operations etc. 72 61 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 fairvalue 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. Key accounting estimates Purchase 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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"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 fairvalue 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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"value": "5.2 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. The warrant program, which was granted from 2015-2018, was struc-tured around the previous segments of the Group. It involved calculatingthe allocation of GN Store Nord A/S\u2019s share price among GN Hearing, GN Audio, and Other. All vested warrants from this program expired in 2023. In contrast, the option programs granted from 2019-2024 are based on shares of GN Store Nord A/S. Calculation of share price for GN Hearing A/S and GN Audio A/S for the warrant program The old warrant program was based on a quarterly calculation of the share price for GN Hearing A/S and GN Audio A/S, using a top-down ap-proach 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 below 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 2019-2024 programs are long-term incentive programs with a threeyear 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. In 2024, the 2021 grant did not vest as the vesting criteria related to EBITDA improvement in the period 2021-2024 was not met. 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 2024 2023 2024 2023 Number of options granted in the year 200,360 296,139 1,333,958 1,514,675 Share price of GN Store Nord A/S at ordinary grant date 183 167 183 167 Vesting period 3 years 3 years 3 years 3 years Life of option 6 years 6 years 6 years 6 years Volatility* 45% 43% 45% 42% Expected dividend 0.4% 0.4% 0.4% 0.5% Risk-free interest rate** 2.37% 2.52% 2.37% 2.72% Fair value per option at ordinary grant (DKK)*** 45**** 46 70 61 Total fair value at grant (DKK million) 9 17 93 93 Amortization period of the program 2024 - 2027 2023 - 2026 2024 - 2027 2023 - 2026 * 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**** Weighted average of the fair value of options granted to executive management adjusted for the cap. 160/193 GN Store Nord A/S GN Hearing A/S** DKK Number of options* DKK Number of warrants Average Executive Average Executive exercise Manage-Other exercise Manage-Other price ment employees Total price ment employees Total Outstanding at January 1, 2023 366 724,487 2,328,740 3,053,227 32,982 656 979 1,635 - Granted during the year 164 296,139 1,514,675 1,810,814 33,913 -656 -148 -804 Exercised during the year - - - - 32,082 - -831 -831 Forfeited during the year 362 -168,762 -650,421 -819,183 Outstanding at December 31, 2023 279 851,864 3,192,994 4,044,858 - - - - 179 200,360 1,333,958 1,534,318 Granted during the year - - - - - - - - Exercised during the year - - - - 507 -96,500 -379,297 -475,797 Forfeited during the year - - - - Outstanding at December 31, 2024 225 955,724 4,147,655 5,103,379 - - - - 2.9 3.7 3.5 Weighted average term to maturity (Years) - - - Exercisable at December 31, 2023 313,725 701,869 1,015,594 - - - Exercisable at December 31, 2024 313,725 687,352 1,001,077 - - - * 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 recognised expenses in 2024 include acceleration of 164,654 options granted to Other employees of the Group. ** In 2024, GN Audio A/S was legally merged with GN Hearing A/S as part of the OneGN transformation initiative. The reconciliation of the outstanding number of warrants for 2023 reflects the combined totals for both entities. Exercise of warrants and options In 2023, the average exercise price for the remaining vested warrants that were exercised was DKK 33,913. This price was determined based on the allocated share price of GN Audio A/S on the date of exercise. When employees choose to exercise their warrants, these are converted into shares of GN Store Nord A/S, based on the relationship between the value of the warrant and the share price of GN Store Nord A/S at the time of exercise. Hereafter, employees have the option to either retain the GN Store Nord A/S shares or sell them on the open market. In 2024, there has been no exercise of vested share options. Outstanding warrants and options at December 31, 2024 by grant date are shown below: GN Store Nord A/S DKK Number of options* Exercise Executive Other Grant date price Management employees Total April 2019** 313 237,812 678,353 916,165 June 2019** 325 - 8,999 8,999 September 2019** 282 75,913 - 75,913 February 2022 368 145,500 476,447 621,947 March 2022 307 - 36,121 36,121 May 2022 224 - 208,861 208,861 September 2022 209 - 8,855 8,855 February 2023 164 94,000 1,394,008 1,488,008 March 2023 151 97,300 - 97,300 April 2023 149 - 4,215 4,215 June 2023 170 104,839 - 104,839 October 2023 125 - 4,387 4,387 February 2024 179 200,360 1,315,461 1,515,821 April 2024 184 - 4,754 4,754 August 2024 176 - 7,194 7,194 Outstanding at December 31 955,724 4,147,655 5,103,379 * 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 1.71 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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"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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"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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"value": "5.3 Contingent liabilities 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 has agreed with a number of suppliers that the suppliers will pur-chase components for the production of hearing instruments and head-sets based on sales estimates prepared by GN. To the extent that GN's sales estimates exceed actual purchases from suppliers, GN is under an obligation to purchase 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 recognizes a provision for onerous purchase contracts. Pending litigations and disputes The GN Group is party to pending litigations, claims and disputes arising out of the normal conduct of their business including various cases in-volving patent infringements. While provisions that management deemsto be reasonable and appropriate have been made for probable losses, there are uncertainties connected with these estimates. GN does not ex-pect the pending litigations and claims to have a material impact on GN\u2019s financial position, operating profit or cash flows in addition to the amounts recognized as provisions for legal disputes.",
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"value": "5.6 Fees to statutory auditors DKK million 2024 2023 Statutory audit -11 -11 Tax advice services -1 -1 Other assurance engagements -3 - Other services -3 -5 Total -18 -17 Note: PwC's global non-audit service fees amount to 22% when considering decimals. Fees for services other than statutory audit of the financial statements and other assurance engagements amounts to DKK 4 million (2023: DKK 6 million). Services other than statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PricewaterhouseCoopers Denmark) mainly consist of tax related advice,transaction/project support, technical accounting advisory services, other advisory services and other assurance assessments and opinions.",
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"value": "5.8 Events after the reporting period No material subsequent events have occurred.",
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"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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"value": "Companies in GN Group Domicile Currency Ownership % Share capital GN Store Nord A/S Denmark DKK 603,650,860 GN Financing A/S Denmark DKK 100 400,001 Falcom A/S Denmark DKK 100 88,504,000 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 SDC 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 Falcom US, LLC* USA USD 100 - 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 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 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 100 35,232,370 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 Audigy Group, LLC* USA USD 100 - Audigy Venture, LLC* USA USD 100 - Domicile Currency Ownership % Share capital Associates Audio Nova S.R.L. Romania ROL 49 1,000 Himpp A/S Denmark DKK 9 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 Note: Minor companies have been omitted from the list.",
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"value": "Companies in GN Group Domicile Currency Ownership % Share capital GN Store Nord A/S Denmark DKK 603,650,860 GN Financing A/S Denmark DKK 100 400,001 Falcom A/S Denmark DKK 100 88,504,000 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 SDC 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 Falcom US, LLC* USA USD 100 - 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 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 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 100 35,232,370 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 Audigy Group, LLC* USA USD 100 - Audigy Venture, LLC* USA USD 100 - Domicile Currency Ownership % Share capital Associates Audio Nova S.R.L. Romania ROL 49 1,000 Himpp A/S Denmark DKK 9 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 Note: Minor companies have been omitted from the list. In this annual report the following financial terms and 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 assets - trade payables - other operating liabilities Net interest bearing debt (NIBD) = Bank loans and issued bonds + Overdraft facilities + 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 Hearing prod-ucts + 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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