WS Audiology A/S
WS Audiology A/S
(formerly Widex A/S)
ANNUAL REPORT
2024/25
The annual report was approved at the Company's ordinary general meeting held on
10 March 2026.
Chairman of the meeting:
_________________________________________
WS Audiology A/S, Nymøllevej 6, 3540 Lynge, CVR no.: 15771100
WS Audiology A/S
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Contents
MANAGEMENT COMMENTARY ................................................................................................................................................. 3
5-year key figures and financial ratios ....................................................................................................................... 3
Principal activities .......................................................................................................................................................... 4
Financial review ............................................................................................................................................................. 4
Events after reporting period ....................................................................................................................................... 5
Statutory report on corporate social responsibility .................................................................................................. 6
INDEPENDENT AUDITOR'S REPORT .......................................................................................................................................... 8
FINANCIAL STATEMENTS........................................................................................................................................................ 11
Statement of Comprehensive Income ....................................................................................................................... 11
Statement of Financial Position As at 30 September 2025 ................................................................................... 12
Statement of Changes in Equity ................................................................................................................................. 13
Statement of Cash Flows ............................................................................................................................................. 14
NOTES TO THE FINANCIAL STATEMENTS .................................................................................................................................. 16
1 BASIS OF PREPARATION ...................................................................................................................................................... 16
1.1 General accounting policies ................................................................................................................................. 16
1.2 Significant accounting estimates and judgments ............................................................................................. 17
1.2 Significant accounting estimates and judgments (cont’d) ............................................................................... 18
1.3 Prior period error .................................................................................................................................................. 19
1.3 Prior period error (cont’d) .................................................................................................................................... 20
1.4 Adoption of new and amended IFRS ................................................................................................................... 21
2 RESULTS OF THE YEAR ......................................................................................................................................................... 22
2.1 Revenue .................................................................................................................................................................. 22
2.2 Staff costs ............................................................................................................................................................... 24
2.3 Income taxes .......................................................................................................................................................... 25
3 OPERATING ASSETS AND LIABILITIES ................................................................................................................................... 29
3.1 Other intangible assets ........................................................................................................................................ 29
3.2 Property, plant and equipment ........................................................................................................................... 31
3.3 Depreciation, amortization and impairment .................................................................................................... 32
3.4 Right-of-use assets/Lease liabilities .................................................................................................................... 34
3.5 Other assets ........................................................................................................................................................... 37
3.6 Inventories ............................................................................................................................................................. 39
3.7 Trade receivables .................................................................................................................................................. 40
3.8 Other liabilities ...................................................................................................................................................... 41
3.9 Provisions ............................................................................................................................................................... 42
4 CAPITAL STRUCTURE AND FINANCING ITEMS ........................................................................................................................ 43
4.1 Outstanding shares............................................................................................................................................... 43
4.2 Financial risks and financial instruments .......................................................................................................... 44
4.3 Liabilities from financing activities ..................................................................................................................... 50
4.4 Financial income and expenses ........................................................................................................................... 51
5 OTHER DISCLOSURES ......................................................................................................................................................... 52
5.1 Remuneration of Key Management and Executive Management Personnel ................................................ 52
5.2 Share-Based payments ......................................................................................................................................... 53
5.3 Contingent assets and liabilities ......................................................................................................................... 55
5.4 Investment in associates ...................................................................................................................................... 56
5.5 Fees to auditors appointed at the annual general meeting ............................................................................ 57
5.6 Related parties ....................................................................................................................................................... 58
5.7 Investment in subsidiaries ................................................................................................................................... 60
5.8 Significant events after reporting date............................................................................................................... 66
5.9 Dividends ................................................................................................................................................................ 66
5.10 Group conditions................................................................................................................................................. 66
WS Audiology A/S
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Entity Information
The Company WS Audiol ogy A/S (formerly Widex A/S)
Phone: 44 35 56 00
CVR no: 15 77 1 1 00
Financial year: 1 October 2024 – 30 September 2025
Board of Directors Marianne Wiinholt (Chair)
Jan Christian Makela
Hea Vinskov
Annemarie Johanna Van Neck
Gro Andreasen Samson
Executive Management Jan Christian Makela
Auditors PRICEWATERHOUS ECOOPERS STATSAUTOR ISERET
WS Audiology A/S
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Management Commentary
5-year key figures and financial ratios
DKKm
2024/25
Restated*
2023/24
Restated*
2022/23
Restated*
2021/22
Restated*
2020/21
Statement of comprehensive income
Revenue
1,803
1,893
2,105
2,017
1,820
Gross profit
1,119
755
1,094
1,014
929
R&D expenses
(799)
(1,124)
(1,439)
(1,743)
(1,238)
Operating (loss)/profit
129
(370)
(541)
(828)
(777)
EBITDA
104
(1,764)
(505)
(743)
(671)
EBITDA before special items**
272
(120)
(505)
–
–
EBITDA, Normalized
–
–
(437)
80
134
Depreciation and amortization
(144)
(103)
(83)
(87)
(106)
EBIT
(39)
(1,867)
(588)
(830)
(777)
Net financial items
616
(2,060)
(367)
74
(127)
(Loss)/Profit before tax
578
(3,927)
(500)
18
(130)
(Loss)/Profit for the year
745
(3,709)
(381)
51
(48)
Statement of financial position
Assets
29,510
28,354
35,895
6,199
6,211
Equity
4,509
2,241
4,772
(54)
(105)
Financial ratios (%)
Gross profit margin
62
40
52
50
51
EBITDA margin
6
(93)
(24)
(37)
(37)
EBITDA margin before special items
15
(6)
(24)
−
−
EBITDA margin, Normalized
−
−
(21)
4
(7)
EBIT margin
(2)
(99)
(28)
(41)
(43)
Return on equity
22
(88)
(16)
(64)
59
Equity ratio
15
8
13
(1)
(2)
Other key figures
Investment in property, plant and equip-
ment
30
72
83
48
69
Free cash flow
(17)
20
(695)
(939)
(966)
Average number of employees
882
943
922
912
899
* The comparative Financial Statements have been restated as development costs previously capitalized have been retrospectively ex-
pensed. Please refer to Note 1.3 of the Financial Statements for further information.
** In Q1 2024, the Company introduced a new structure for reporting on EBITDA metric; EBITDA before special items. EBITDA before
special items is adjusted for costs that are exceptional in nature while Normalized EBITDA adjusts for merger-related costs.
Key figures/ financial ratios definitions
EBITDA = Earnings before interest, tax, depreciation, amortization
EBIT = Earnings before interest and tax
Net financial items = Interest income, interest expenses and other financials net
Gross profit margin = Gross profit/(loss) x 100/revenue
EBITDA margin = EBITDA x 100/revenue
EBITDA margin before special items = EBITDA before special items x100/revenue
EBITDA margin, normalized = EBITDA, normalized x 100/revenue
EBIT margin = EBIT x 100/revenue
Return on equity = Profit/(loss) for the year x 100/average equity
Equity ratio = Total equity/total assets x 100
Free cash flow = Operating cash flow - net capex
WS Audiology A/S
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Principal activities
The Company’s primary activity is development, production and sale of hearing aids to its sub-
sidiaries.
The Company supports its subsidiaries with a strong supply of leading technology hearing aids
and is investing heavily in developing technology and in building capabilities, to continuously re-
alize optimizations and drive a global sustainable growth. The Company’s revenue is derived pri-
marily from sales to subsidiaries which are geographically located in proximity of end users. Sales
are largely related to sale of hearing aids, and to a lesser extent from accessories and spare parts.
Financial review
Following a comprehensive review of the Group’s financial practices, we have reviewed how we
account for R&D costs. R&D projects are only capitalized when the products are assessed to be
commercially feasible. Due to the fast changing product requirements, feasibility is mostly
demonstrated when the product is almost ready for sale. All prior year figures have therefore
been restated to account for the change and improve comparability. For more details, refer to
Note 1.3 of the Financial Statements.
Revenue
Revenue amounted to DKK 1,803 million (2023/24: DKK 1,893 million) showing a small decrease
compared to 2023/24. The operating model has changed during 2024/25 and the Company
mainly distributes their products in the EMEA region.
Gross Profit and margin
Gross profit amounted to DKK 1,119 million (2023/24: DKK 755 million). Gross margin increased
from 40% to 62%, impacted by one-off effects in 2023/24 and a decrease in the warranty provi-
sions due to the change in the operating model from manufacturing to distribution.
Research and development expenses (R&D)
WS Audiology A/S had invested DKK 799 million (2023/24, restated: DKK 1,124 million) in R&D
activities in the financial year. The R&D spend was 44% of revenue (2023/24, restated: 71%), due
to lower R&D cost in the Company.
Selling and general administrative expenses (SG&A)
Total selling and general administrative expenses decreased to DKK 765 million (2023/24: DKK
839 million) and the percentage of revenue decreased to 42% (2023/24: 44%) driven by a one-off
payment in 2024/2023 of management incentive programs awarded as part of the WSA merger.
WS Audiology A/S
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Effects of special items
Special items are non-recurring expenses and income which are not incurred in the normal
course of business. They may include restructuring costs, impairment of other intangible assets
and impairment losses on investments in subsidiaries. The total special items in 2024/25
amounted to DKK 168 million (2023/24: DKK 2,056 million) driven by impairment losses on invest-
ments in subsidiaries.
EBITDA
EBITDA presented of DKK 104 million (2023/24, restated: DKK -1,764 million) and EBITDA margin
increased to 6% (2023/24, restated: -93%), mainly driven by high impairment loss in 2023/24 to-
gether with lower cost for, Cost of goods sold, R&D expenses and general administrative ex-
penses.
Adjusting for the special items related to impairment losses on investments in subsidiaries, the
EBITDA before special items for the financial year 2024/25 ends at DKK 272 million (2023/24, re-
stated: DKK -120 million).
Financial items
Financial items have an overall positive effect on the net result with an income of DKK 616 million
(2023/24: DKK -2,060 million) mainly due to dividend income of DKK 1,937 million (2023/24: DKK
7 million).
Net income/loss
Net income amounted to DKK 745 million (2023/24, restated: Net loss of DKK 3,709 million) mainly
driven by lower cost and a high dividend income of DKK 1,937 million, compared to a high impair-
ment loss on investments in subsidiaries and other one-offs in 2023/24.
Financial outlook
The expected profit before financial items in financial year 2025/26 is expected to be in line with
financial year 2024/25. The Company will continue to sell products to its subsidiaries in the EMEA
region and continue to support its entities with a strong supply of leading technology hearing
aids and is expected to invest heavily in building capabilities.
Events after reporting period
There have been no adjusting or non-adjusting events after the reporting date that would be
expected to influence the economic decisions that users make on the basis of these financial
statements.
WS Audiology A/S
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Statutory report on corporate social responsibility
Information regarding corporate social responsibility is included in the annual report for the par-
ent WSA A/S, CVR no. 40296638. In accordance with section 99b of the Danish Financial State-
ments Act, refer to page 11 for business model, pages 54-65 for climate-related matters, pages
66-84 for social and employee matters, pages 74-82 and pages 75-80 for human rights matters,
and pages 92 on anti-corruption. We refer to page 53 for the Group’s policies, and pages 54-73
for ESG performance and accounting policies.
The consolidated financial statements including sustainability statement for WSA A/S can be ac-
quired from the company’s website at https://www.wsa.com/investors/reports/
Statutory report on data ethics
In accordance with section 99d of the Danish Financial Statements Act, refer to page 91 of the
annual report for the parent WSA A/S, CVR no. 40296638 for reporting on Data Ethics.
The consolidated financial statements including sustainability statement for WSA A/S can be ac-
quired from the company’s website at https://www.wsa.com/investors/reports/
Risk management
Financial risk management
The Company is exposed to various financial risks, including foreign currency exchange risk,
credit risk, liquidity risk and interest rate risk.
These risks derive from fluctuations in foreign currencies due to our international operations;
customers’ potential inability to pay their obligations in due time; our potential inability to meet
financial liabilities towards suppliers and financial institutions; and the Company’s exposure to
interest rate fluctuations.
Please refer to notes 4.2 Financial risks and financial instruments in the Financial Statements for
detailed information.
WS Audiology A/S
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Executive Management
Board of Directors
WS Audiology A/S
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WS Audiology A/S
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WS Audiology A/S
10
CVR No 33 77 12 31
mne33251
WS Audiology A/S
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Financial Statements
Statement of Comprehensive Income
For the financial year ended 30 September 2025
Restated
DKKm
Note
2024/25
2023/24
Revenue
2.1
Cost of goods sold
(684 )
(1,138 )
Gross profit
Research and development expenses
(799 )
(1,124 )
Selling and general administrative expenses
(765 )
(839 )
Other operating income, net
Operating profit/(loss)
(370 )
Interest income
4.4
Interest expenses
4.4
(2,076 )
(2,094 )
Other financial income/expenses, net
4.4
(304 )
Impairment loss on investments in subsidiaries
5.7
(168 )
(1,500 )
Share of profit in associates
5.4
Profit/(loss) before tax
(3,927 )
Income taxes
2.3
Profit/(loss) for the year
(3,709 )
Other comprehensive income for the year, net of
tax
Total comprehensive profit/(loss) for the year
(3,709 )
WS Audiology A/S
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Statement of Financial Position
As at 30 September 2025
DKKm
Note
2024/25
Restated
2023/24
Restated
1 Oct 2023
Assets
Other intangible assets
3.1
Property, plant and equipment
3.2
Right-of-use assets
3.4
Investments in associates
5.4
Investments in subsidiaries
5.7
Deferred tax assets
2.3
Other assets
3.5
Prepayments
Total non-current assets
Inventories
3.6
Trade receivables
3.7
Intragroup receivables
Current income tax receivables
Prepayments
Other assets
3.5
Cash and cash equivalents
Total current assets
Total assets
Equity and Liabilities
Share capital
4.1
Other reserves
Foreign exchange adjustments
(2 )
(2 )
(2 )
Accumulated earnings
Proposed dividend
Total equity
Long-term debts
4.2
Intragroup debt
4.2
Lease liabilities
3.4
Provisions
3.9
Other liabilities
3.8
Total non-current liabilities
Bank debt
4.2
Intragroup debt
4.2
Lease liabilities
3.4
Trade payables
Intragroup payables
4.2
Provisions
3.9
Other liabilities
3.8
Total current liabilities
Total equity and liabilities
WS Audiology A/S
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Statement of Changes in Equity
For the financial year ended 30 September 2025
DKKm
Share
capital
Other
reserves
Foreign
exchange
adjustments
Accumulated
earnings
Proposed
dividend
Total
equity
Equity at 30 Sept. 2024
Restated
(2 )
Profit/(loss) for the year
(193 )
Total comprehensive in-
come for the year
(2 )
Share-based payments
Proposed dividend
Transaction with par-
ent company*
Equity at 30 Sept. 2025
(2 )
DKKm
Share
capital
Reserve for
development
cost
Foreign
exchange
adjustments
Accumulated
earnings
Proposed
dividend
Total
equity
At 1 October 2023, as
previously stated
(2 )
Impact of prior period
error
(1,418 )
(1,418 )
At 1 October 2023, as
restated
(2 )
Profit/(loss) for the year
(3,709 )
(3,709 )
Total comprehensive in-
come for the year
(3,709 )
(3,709 )
Proposed dividend
(193 )
Transaction with par-
ent company**
Equity at 30 Sept. 2024,
restated
(2 )
* In 2024/25, a shareholder contribution of assets consisting of shares in entities controlled by the parent company
amounting to DKK 1,664 million equal to the cost price of the shares from the contributing entity. In addition, an
amount due to parent company amounting to DKK 15 million was converted into equity
** In 2023/24, amount due to parent company amounting to EUR 158 million (equivalent to DKK 1,178 million) was con-
verted into equity.
WS Audiology A/S
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Statement of Cash Flows
For the financial year ended 30 September 2025
DKKm
Note
2024/25
Restated
2023/24
Operating activities
Profit/(loss) for the year
(3,709 )
Depreciation, amortization and impairment on
fixed assets
3.3
Impairment loss on investments in subsidiaries
5.7
Income taxes, net
2.3
(167 )
(218 )
Financial expenses, net
4.4
(616 )
Share of profit in associates
5.4
(1 )
(3 )
Other non-cash adjustments
Cash flow from operating activities before
changes in working capital
(264 )
Change in inventories
Change in trade and other receivables
(249 )
Change in trade and other payables
(507 )
Change in other assets
(116 )
Change in other liabilities
Change in provisions
(208 )
Cash flow from operating activities before financial
items and tax
Income taxes received, net
Cash flow from operating activities
Investing activities
Investments in associates and subsidiaries, net
5.4, 5.7
(2,634 )
Investments in other intangible assets and
property, plant and equipment
3.1, 3.2
(112 )
Loans to related companies, net
(32 )
(1,742 )
Dividend from subsidiaries
4.4
Proceeds from disposal of other intangible assets
and property, plant and equipment
Cash flow used in investing activities
(727 )
Cash flow from operating and investing activities
WS Audiology A/S
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Statement of Cash Flows (cont’d)
For the financial year ended 30 September 2025
DKKm
Note
2024/25
Restated
2023/24
Financing activities
Intragroup debt
4.3
(21,701 )
(5,472 )
(Repayment)/Proceeds from bank debt, net
4.3
(11 )
Financial expenses paid
(1,331 )
(1,801 )
Cash flows relating to lease liabilities
4.3
(106 )
(64 )
Capital injections
Dividend paid
(193 )
Change in other long-term debt and other financ-
ing activities
4.3
Cash flow used in financing activities
(596 )
(7,015 )
Net cash flow
(17 )
Cash and cash equivalents, beginning of year
Adjustment for foreign currency, cash and cash
equivalents
(3 )
Cash and cash equivalents, end of year
WS Audiology A/S
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Notes to the financial statements
For the financial year ended 30 September 2025
1 Basis of preparation
The Financial Statements have been prepared in accordance with IFRS Accounting Standards as
adopted by the EU and further requirements in the Danish Financial Statements Act.
The financial statements are presented in Danske Kroner (DKK) which is the functional currency of the
Company. All values are rounded to the nearest million (DKK), except where indicated otherwise.
The Company’s general accounting policies are described in Note 1.1 General accounting policies be-
low. In addition to this, specific accounting policies are described in each of the individual notes to the
financial statements. The accounting policies set out below and, in each note, have been used consist-
ently in respect of the financial year and the comparative figures.
1.1 General accounting policies
Basis of consolidation
The exemption from preparing consolidated financial statements has been used, and the financial
statements presented are separate financial statements (ÅRL § 112). The Company is a wholly owned
subsidiary of WSA A/S (“Group”).
The parent company, WSA A/S (CVR.no: 40296638), Lynge, prepares publicly available consolidated
financial statements. The consolidated financial statements of WSA A/S can be acquired from the Com-
pany’s website at https://www.wsa.com/investors/reports/
Translation of foreign currency
The functional currency is the primary currency used for the reporting entity’s operations. Transac-
tions denominated in other than the functional currency are translated into the functional currency at
the exchange rates at the transaction date. Foreign exchange differences between the exchange rate
at the transaction date and at the date of payment are recognized in other financial income/expenses,
net.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional
currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are meas-
ured at fair value in a foreign currency are translated into the functional currency at the exchange rate
when the fair value was determined. Non-monetary items that are measured based on historical cost
in a foreign currency are translated at the exchange rate at the transaction date.
Foreign exchange differences are generally recognized in other financial income/expenses, net in
the income statement.
WS Audiology A/S
17
1.2 Significant accounting estimates and judgments
In preparation of the financial statements, Management makes various accounting estimates and
judgments that form the basis of presentation, recognition and measurement of the Company’s as-
sets, liabilities, income and expenses. The key accounting estimates identified are those that have a
significant risk of resulting in a material adjustment to the carrying amounts of assets or liabilities
within the next financial year.
The application of the Company’s accounting policies may require Management to make judgments
that can have a significant effect on the amounts recognized in the financial statements. Management
judgment is required in particular when assessing the substance of transactions that have a compli-
cated structure or legal form.
The accounting estimates and judgments made are based on historical experience and other factors
that Management assesses to be reliable, but that, by nature, are associated with uncertainty and
unpredictability and may therefore prove incomplete or incorrect.
Specific accounting estimates and judgments are described in each of the following individual notes
to the financial statements:
Description
Nature
Note
Estimate of recoverable amount of investment in
subsidiaries
Estimate
5.7 Investments in subsidiaries
Recognition of deferred tax asset for carried-for-
ward tax losses
Estimate
2.3 Income taxes
Determination of possible outcomes of uncertain
tax positions
Estimate &
Judgement
2.3 Income taxes
Capitalization of development costs
Judgement
3.3 Depreciation, amortization
and impairment
Recognition of share-based remuneration
Estimate
5.2 Share-based payments
Impairment of investment in subsidiaries
The recoverable amount of an investment in subsidiary is estimated using the fair value approach or
value in use. The estimation of fair value is dependent on market performance of comparable peer
group and is subject to uncertainties in macroeconomic developments which can affect market per-
formance. The estimation of value in use involves key assumptions regarding the future cash flows,
discount rate, terminal value growth rate.
WS Audiology A/S
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1.2 Significant accounting estimates and judgments (cont’d)
Deferred tax assets and uncertain tax positions
The recoverability of deferred tax assets is dependent on the availability of future taxable profits. Es-
timate of future taxable profits is made based on annual budgets and business plans which is subject
to uncertainty arising from economic and market developments. Management assessed it is probable
the Company will realize the benefits of these deductible differences based on the level of historical
taxable income and projections for future taxable income over the periods in which the deferred tax
assets are deductible.
The final tax outcome of uncertain tax positions is subject to different interpretation of local tax law
by the relevant tax authority. Judgment is applied to assess the probable outcome of uncertain tax
treatment.
Development costs
Product development costs are expensed in the periods incurred. Management views it challenging
to distinguish between incremental improvements and new developments as the Group's software-
driven product development follows an inherently iterative process. Further, the adaptive nature of
the product development necessitated by the rapidly evolving technological landscape makes it diffi-
cult to sufficiently demonstrate the technological feasibility criteria required under IAS 38.
Share-based payments
For the share-based payment programs, Management estimates the likelihood of vesting conditions
being met. Vesting is contingent upon participants remaining employed until the end of the vesting
period. These estimates are used to determine the fair value of the share-based programs and are
reviewed at each reporting date to reflect any changes in expectations.
For further description of judgments and estimates, please refer to the individual notes.
WS Audiology A/S
19
1.3 Prior period error
During the year, Management conducted a comprehensive analysis of the Company‘s financial prac-
tices against industry peers. From the analysis, it was noted that some peers do not capitalize devel-
opment costs. This triggered an internal review of the Company’s treatment of development costs
and resulted in the identification of a prior period error requiring correction in accordance with IAS 8.
Previously, the Company capitalized development costs based on internally defined milestones across
various product development phases. The Company had applied judgment to adapt the criteria as
required by IAS 38 within its work processes, establishing specific milestones to guide capitalization
decisions.
The Company operates in an industry characterized by rapidly evolving technology where product
development is software-driven and development teams are continuously adapting to the changing
markets. The iterative nature of software development, where each innovation is built incrementally
on existing technological foundations, makes it difficult to distinguish between incremental improve-
ments and new developments. Management is of the view that it is difficult to identify separate intan-
gible assets meeting the capitalization criteria as required by IAS 38.
The pace of technological advancement also creates significant uncertainty throughout the develop-
ment process as the development team must anticipate market trends, respond to competitors’ inno-
vations and adapt designs accordingly. This dynamic environment means that initial product concepts
rarely reach commercialization in their original form, and it is increasingly difficult to demonstrate
technical feasibility at any point in the development process.
Hence, Management determined that development activities did not sufficiently demonstrate tech-
nical feasibility as required by IAS 38 until the projects are near completion. Consequently, develop-
ment costs previously capitalized have been retrospectively expensed in the periods incurred.
The table below summarizes the impact of the error correction on the Company’s financial statements
of financial position, profit or loss and cash flows:
As at 1 October 2023
DKKm
1 Oct 2023
(As previously
reported)
Adjustments
1 Oct 2023
(As restated)
Statement of financial position
Other intangible assets
1,844
(1,817)
27
Deferred tax assets
–
321
321
Deferred tax liabilities
78
(78)
–
Reserve for development cost (Equity)
1,418
(1,418)
–
WS Audiology A/S
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1.3 Prior period error (cont’d)
As at 30 September 2024
DKKm
30 Sept 2024
(As previously
reported)
Adjustments
30 Sept 2024
(As restated)
Statement of financial position
Other intangible assets
1,658
(1,598)
60
Deferred tax assets
139
352
491
Reserve for development cost (Equity)
3,266
(1,246)
2,020
Statement of profit or loss
Research and development costs, of which:
(1,343)
219
(1,124)
- Amortization costs
826
- Development costs expensed
(607)
Operating loss
(589)
219
(370)
Loss before tax
(4,146)
219
(3,927)
Income taxes
265
(47)
218
Loss for the year
(3,881)
172
(3,709)
Statement of cash flows
Operating activities
Loss for the year
(3,881)
172
(3,709)
Depreciation, amortization and impairment
929
(826)
103
Income taxes
(265)
47
(218)
Cash flow from operating activities
1,305
(607)
698
Investing activities
Investments in other intangible assets and
property, plant and equipment
(719)
607
(112)
Cash flow used in investing activities
5,701
607
6,308
WS Audiology A/S
21
1.4 Adoption of new and amended IFRS
In the current year, the Company has applied the amendments to IFRS standards and Interpretations
issued by the IASB and IFRSs endorsed by the European Union effective for annual periods beginning
on or after 1 October 2024. The adoption has not had any material impact on the disclosures or on the
amounts reported in these financial statements. Furthermore, Management does not anticipate any
significant impact on future periods from the adoption of these amendments.
Management has assessed the impact of new or amended accounting standards and interpretations
(IFRSs) issued by the IASB that has not yet become effective. At the date of authorization of these
financial statements, the Company has not applied these new and revised IFRS Accounting Standards
that have been issued but are not yet effective and Management does not expect that the adoption of
the standards will have a material impact on the financial statements of the Company in future peri-
ods, except for IFRS 18 Presentation and Disclosures in Financial Statements.
IFRS 18 Presentation and Disclosures in Financial Statements
IFRS 18 replaces IAS 1 Presentation of Financial Statements and introduces new requirements to:
• Present specified categories and defined subtotals in the statement of profit or loss
• Provide disclosures on management-defined performance measures (MPMs) in the notes to the
financial statements
• Improve aggregation and disaggregation.
IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, with earlier
application permitted. IFRS 18 requires retrospective application with specific transition provisions.
The Company is currently assessing the potential impact of IFRS 18 on its financial statements and
expects to adopt the new requirements as it becomes mandatory.
WS Audiology A/S
22
2 Results of the year
2.1 Revenue
DKKm
2024/25
2023/24
Revenue by geographic region:
EMEA
1,188
844
Americas
410
586
APAC
205
463
Total
1,803
1,893
Revenue is predominantly recognized at a point in time, and revenue recognized over time is not sig-
nificant. Revenues are attributed to countries on the basis of the customer's location. The Region
“EMEA” consists of Europe, the Middle East and Africa. The Region “Americas” is the United States,
Canada and Latin-America. The Region “APAC” consists of Asia, Australia and the Pacific region.
Revenue mainly derives from sale of goods. No individual customer accounts for 10% or more of the
total revenue except for one subsidiary of the WS Audiology Group.
Accounting policies
Revenue from sale of products is recognized when the Company has transferred control of products
sold to the buyer and it is probable that the Company will collect the consideration to which it is enti-
tled for transferring the products. Control of the products is transferred at a point in time, typically on
delivery.
Revenue is measured at the fair value of the consideration received or receivable net of discounts, VAT
and other duties.
Contracts with customers sometimes include multiple promises that constitute separate performance
obligations, and to which a portion of the transaction price needs to be allocated. The total transaction
price in the contract is allocated to separate performance obligation based on the relative stand-alone
selling prices of each such performance obligation. Each separate performance obligation is recog-
nized when control is transferred to the customer.
When products are sold with a right of return, a refund liability and a corresponding adjustment to
revenue is recognized for those products expected to be returned. In such cases, the expected returns
are estimated based on an analysis of historical experience adjusted for any known factors impacting
expectations for future return rates. To the extent that the Company will be able to recover the cost
of returned products, when the customers exercise their right to return, a separate right to returned
products asset and a reduction in cost of sales is recognized.
The standard warranty period for hearing aids varies across territories, typically between 24 and 60
months. The Company does not offer extended warranties. Payment terms vary significantly across
territories.
WS Audiology A/S
23
2.1 Revenue (cont’d)
Accounting policies (cont’d)
Discounts, rebates, and sales incentives to customers
The Company pays various discounts, rebates and sales incentives to customers including trade dis-
counts and volume rebates. Furthermore, customer discounts include the difference between the pre-
sent value and the nominal amount of loans to customers at below market interest rates.
Discounts, rebates, and sales incentives to customers are deducted from revenue and are measured
using either the expected value method or the most likely amount method depending on which
method better predicts the amount of consideration to which the Company will be entitled net of dis-
counts, rebates and sales incentives.
Estimates of the number of returns of products under customers right of return are based on the right
of return policies and practices, accumulated historical experience, sales trends and the timing of re-
turns from the original transaction date when applicable. Where new products are sold or products
are sold to new markets, for which sufficient historical experience does not exist, refund liability and
revenue to be recognized are based on estimated demand and acceptance rate for well-established
products with similar market characteristics. If such similar product or market characteristics do not
exist, recognition of revenue is postponed until there is evidence of consumption of the products by
the customer, or when the right of return has expired.
Discounts, rebates and sales incentives are estimated and accrued when the related revenue is recog-
nized. To make such estimates require use of judgment, as all conditions are not known at the time of
the sale, e.g., the number of units sold to a given customer or the expected utilization of loyalty pro-
grammes. Liabilities in respect of sales discounts, rebates and loyalty programmes are adjusted, as
the Company gain better information on the likelihood that they will be realized and the value at which
they are expected to be realized.
The accrual against revenue of discounts from issuance of customer loans at off-market terms is based
on the customer’s total committed purchases of products throughout the term of the customer loan
and is recognized as a discount for each product sold.
WS Audiology A/S
24
2.2 Staff costs
DKKm
2024/25
2023/24
Wages, salaries and remuneration
769
988
Statutory social welfare contributions
10
9
Expenses relating to pension plans and long-term
employee benefits
108
68
Total
887
1,065
Average number of full-time employees
For information regarding remuneration of the Board of Directors, Executive Management and other
Key Management Personnel, please refer to Note 5.1 Remuneration of Key Management Personnel.
Accounting policies
Wages, salaries, social security contributions, annual leave and sick leave, bonuses and non-monetary
benefits are recognized in the year in which the associated services are rendered by employees of the
Company. Where the Company provides long-term employee benefits, the costs are accrued to match
the rendering of the services by the employees concerned.
WS Audiology A/S
25
2.3 Income taxes
Income taxes consists of the following:
Restated
DKKm
2024/25
2023/24
Current tax for the year
63
28
Change in deferred tax for the year
50
165
Prior-year adjustments, current tax
9
20
Prior-year adjustments, deferred tax
45
5
Total
167
218
Tax for the year is composed of:
Restated
DKKm
2024/25
2023/24
Tax benefit on profit/loss for the year
167
218
Total
167
218
Income tax benefit/loss differs from the amounts computed by applying the statutory income tax
rate of 22% (2023/24: 22%) as follows:
Restated
DKKm
2024/25
2023/24
Expected income tax benefit/loss
(127)
864
Non-deductible expenses
(215)
(706)
Non-taxable income
435
1
Adjustment of tax with respect to prior years
54
25
Tax incentives
20
34
Total
167
218
Deferred Tax
Restated
DKKm
2024/25
2023/24
Opening deferred tax, net
491
321
Changes in deferred tax assets/(liabilities), net
50
165
Adjustment of deferred tax, prior years
45
5
Closing deferred tax, net
586
491
Deferred tax recognized in the statement of financial position
Deferred tax asset
586
491
Deferred tax, net
586
491
WS Audiology A/S
26
2.3 Income taxes (cont’d)
Breakdown of the Company’s temporary differences and changes
DKKm
Tax effect of
temporary
differences at
1 Oct. 2024
Adjustment to
prior year
Recognized
in profit for
the year
Tax effect of
temporary
differences at
30 Sept. 2025
Financial assets
1
(1)
−
−
Other intangible assets
138
(2)
(51)
85
Tangible assets
3
3
(3)
3
Right-of-use assets / lease liabilities
20
1
3
24
Liabilities
65
2
(61)
6
Tax loss and credit carry-forward
264
42
162
468
Total
491
45
50
586
DKKm
Tax effect of
temporary
differences at
1 Oct. 2023
Adjustment to
prior year
Recognized
in loss for
the year
Tax effect of
temporary
differences at
30 Sept. 2024
Financial assets
1
−
−
1
Other intangible assets
231
−
(93)
138
Tangible assets
7
−
(4)
3
Right-of-use assets / lease liabilities
17
−
3
20
Liabilities
10
−
55
65
Tax loss and credit carry-forward
55
5
204
264
Total
321
5
165
491
Unrecognized deferred tax assets
Unrecognized deferred tax assets are based on Management’s expectation about future taxable prof-
its during the periods in which those temporary differences and tax loss carry forwards become de-
ductible. Management considers the expected reversal of deferred tax liabilities and projected future
taxable income in making this assessment. Based upon the level of historical taxable income and pro-
jections for future taxable income over the periods in which the deferred tax assets are deductible, it
is not probable that the Group will realize the benefits of these deductible differences.
Except as outlined below, there were no unrecognized deferred tax assets in the current and previous
financial year.
Due to the interest limitation rules in the Danish Corporate tax act para 11 B, the Danish Joint Taxation
Group has a net loss carry forward balance on debt and financial contracts of approx. DKK 94 million
(2023/24: DKK 102 million). The carry forward balance is limited to three years in para 10 B, section 10.
Hence, and because the Danish Joint Taxation Group does not expect to be able to offset the carry
forward net losses in net gains on debt and financial contracts in that period, no deferred tax asset
has been recognized.
The jointly taxed companies utilized a tax asset of DKK 38 million in the income year 23/24 for the
Company, which will be settled November 2025. Management expects that the jointly taxed compa-
nies will utilize current year’s tax asset of DKK 63 million in the income year 24/25, with settlement in
November 2026.
WS Audiology A/S
27
2.3 Income taxes (cont’d)
Unrecognized deferred tax liabilities
Due to the interest limitation rules in the Danish Corporate tax act para 11 B, the Danish Joint Taxation
Group has a net loss carry forward balance on receivables of approx. DKK 239 million (2023/24: DKK
93 million). A carry forward balance for net loss on receivables, that have not been subject to limitation,
must be maintained and offset against future net gain on receivables and net interest income. The
balance is carried forward without any time limitation. It is not expected that the Danish Joint Taxation
Group will have sufficient gains on receivables within the foreseeable future, and hence the balance
has not been recognized.
OECD Pillar II
Pillar II regulation has been enacted in Denmark and are applicable to WS Audiology A/S for the cur-
rent financial year. The Ultimate Parent Entity is T&W Medical A/S.
Pursuant to the Pillar II regulation, a multinational group is liable to pay a top-up tax for the difference
between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. However, the regula-
tion provides for a Transitional Safe Harbor (“TSH”). The TSH applies for the first three financial years
(2024/25 – 2026/27). It relies on a number of simplified calculations that are mainly based on data
extracted from the Group’s Country-by-Country Reporting prepared under BEPS Action 13. When the
TSH test is met for a jurisdiction, no top-up tax arises.
Following analysis of current year financial data, Denmark qualifies for the TSH. No top up tax for this
company.
Accounting policies
Income tax comprises current tax and changes in deferred tax for the year, including changes as a
result of changes in tax rates. The tax expense for the year is recognized in profit or loss except to the
extent that it relates to items recognized directly in other comprehensive income or directly in equity.
The Company is jointly taxed with its Parent Company T&W Medical A/S, and any Danish subsidiaries
of the parent entity. The current 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.
Current tax liabilities or assets are measured using the tax rates and tax laws that have been enacted
or substantively enacted in each jurisdiction by the end of the reporting period.
WS Audiology A/S
28
2.3 Income taxes (cont’d)
Accounting policies (cont’d)
Deferred tax is measured using the balance sheet liability method and comprises all temporary differ-
ences between the carrying amount and tax base of assets and liabilities. Deferred tax is not recog-
nized for taxable or deductible temporary differences:
• Arising from the initial recognition of goodwill
• Associated with investments in subsidiaries, branches, associates and joint arrangements to
the extent that the Group is able to control the timing of the reversal of the temporary differ-
ences and it is probable that the temporary differences will not reverse in the foreseeable
future.
If amortization of goodwill is deductible for tax purposes, a deferred tax liability is recognized on tem-
porary differences arising after initial recognition of goodwill.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences
when they reverse, using tax rates enacted or substantially enacted at the reporting date.
Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset
current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets or
to realise the assets and settle the liabilities simultaneously.
In accordance with the IASB’s amendment to IAS 12 – Income Taxes, the Group has applied the man-
datory temporary exception from recognizing or disclosing deferred taxes related to Pillar II. As a
result, there is no impact on the consolidated financial statements
Significant judgments and accounting estimates
Tax legislation can be highly complex and subject to interpretation. Significant judgment and esti-
mates are required in determining the accrual for income taxes, deferred tax assets and liabilities and
uncertain tax positions.
Deferred tax assets are recognized to the extent that it is probable that future taxable income will be
available against which the deductible temporary differences, unused tax losses and unused tax cred-
its can be utilised. This judgment is made annually and based on budgets and business plans, includ-
ing planned commercial initiatives, for the coming five years unless a longer period in certain situa-
tions (e.g. for start-up businesses) is warranted.
In the course of conducting business globally, tax and transfer pricing disputes with tax authorities
may occur. Management judgment is applied to assess the possible outcome of such disputes. The
“most probable outcome” method is used when determining whether to recognize any amounts re-
lated to such uncertain tax position. Management also makes an estimation of the potential financial
impact of uncertain tax positions, based on all relevant facts, historical experience, and external advice
where appropriate. Estimates are reviewed periodically and adjusted as necessary when new infor-
mation becomes available. If it is probable that a tax adjustment will be required, the amount of such
adjustment is measured at the most likely amount or the expected value, whichever method better
predict the resolution of the uncertain tax position.
WS Audiology A/S
29
3 Operating assets and liabilities
3.1 Other intangible assets
DKKm
Trademarks,
patents, and
similar rights
Software
Software
under
development
Total
Cost at 1 October 2024, restated
125
69
29
223
Additions
–
1
26
27
Disposals
(99)
(61)
–
(160)
Transfers
–
30
(33)
(3)
Cost at 30 September 2025
26
39
22
87
Accumulated amortization and
impairment at 1 October 2024
(99)
(64)
–
(163)
Amortization
(9)
(10)
–
(19)
Disposals
99
61
–
160
Accumulated amortization and
impairment at 30 September 2025
(9)
(13)
–
(22)
Carrying amount at 30 September 2025
17
26
22
65
DKKm
Trademarks,
patents, and
similar rights
Software
Software
under
development
Total
Cost at 1 October 2023, restated
100
69
14
183
Additions
25
–
15
40
Disposals
–
–
–
–
Transfers
–
–
–
–
Cost at 30 September 2024
125
69
29
223
Accumulated amortization and
impairment at 1 October 2023
(97)
(59)
–
(156)
Amortization
(2)
(5)
–
(7)
Accumulated amortization and
impairment at 30 September 2024
(99)
(64)
–
(163)
Carrying amount at 30 September 2024
26
5
29
60
WS Audiology A/S
30
3.1 Other intangible assets (cont’d)
Accounting policies
Other intangible assets
Other intangible assets include acquired intellectual property, trademarks, patents and licenses, acquired
customer contracts and relationships, and software.
Other intangible assets are measured at cost less accumulated amortization and impairment losses.
Amortization is provided on a straight-line basis over the expected useful lives of the assets to their esti-
mate residual value if any.
Software under development refers to internal IT systems which are under development. Software under
development is measured at cost, which includes direct staff costs, external consultant fees and other
costs directly attributable to the development of the IT systems. Software under development is not
amortized as they are not available for use.
Significant accounting estimates and judgments
Development costs
Product development costs are expensed in the periods incurred. Management views it challenging to
distinguish between incremental improvements and new developments as the Group's software-driven
product development follows an inherently iterative process. Further, the adaptive nature of the product
development necessitated by the rapidly evolving technological landscape makes it difficult to sufficiently
demonstrate the technological feasibility criteria required under IAS 38.
WS Audiology A/S
31
3.2 Property, plant and equipment
DKKm
Plant and
machinery
Other plant,
fixtures and
operating
equipment
Leasehold
improve-
ments
Assets under
construction
Total
Cost at 1 October 2024
411
46
11
67
535
Additions
6
6
1
17
30
Disposals
(157)
(16)
−
−
(173)
Transfers
49
3
−
(49)
3
Cost at 30 September 2025
309
39
12
35
395
Accumulated depreciation at
1 October 2024
(272)
(26)
(5)
−
(303)
Depreciations
(32)
(9)
(2)
−
(43)
Disposals
147
15
−
−
162
Accumulated depreciation at
30 September 2025
(157)
(20)
(7)
−
(184)
Carrying amount at
30 September 2025
152
19
5
35
211
DKKm
Plant and
machinery
Other plant,
fixtures and
operating
equipment
Leasehold
improve-
ments
Assets under
construction
Total
Cost at 1 October 2023
356
44
10
55
465
Additions
25
2
1
44
72
Disposals
(2)
−
−
−
(2)
Transfers
32
−
−
(32)
−
Cost at 30 September 2024
411
46
11
67
535
Accumulated depreciation at
1 October 2023
(226)
(17)
(3)
−
(246)
Depreciations
(46)
(9)
(2)
−
(57)
Accumulated depreciation at
30 September 2024
(272)
(26)
(5)
−
(303)
Carrying amount at
30 September 2024
139
20
6
67
232
Accounting policies
Property, plant and equipment are measured at cost less accumulated depreciation and impairment
losses. Cost comprises the purchase price and costs directly attributable to bringing the asset to its loca-
tion and condition necessary for its intended use. In addition, the initial estimate of the costs related to
dismantling and removing the asset and restoring the site on which the asset is located are added to the
cost, if relevant. Where individual components of an item of property, plant and equipment, that is ma-
terial, have different useful lives, they are accounted for as separate items, and depreciated separately.
WS Audiology A/S
32
3.3 Depreciation, amortization and impairment
DKKm
2024/25
Restated
2023/24
Amortization of other intangible assets
19
7
Depreciation of property, plant and equipment
43
57
Depreciation of right-of-use assets*
82
39
Total
144
103
Amortization & depreciation of other intangible assets and property
plant and equipment, net of reversal of property plant and equipment
is recognized in the income statement as follows:
Cost of goods sold
28
61
Research and development expenses
11
16
Selling and general administrative expenses
105
26
Total
144
103
* In the financial year 2024/25 a reassessment of the IBR resulted in a negative adjustment of DKK 50 million.
Accounting policies
Depreciation
Depreciation is recognized on a straight-line basis over the expected useful lives of property, plant and
equipment, taking into account the expected residual value after the end of the useful life.
The estimated useful lives are as follows:
Leasehold improvements 5 – 20 years
Technical machinery & equipment 4 – 10 years
Other fixtures and fittings, tools and equipment, furniture etc 3 – 5 years
Estimated useful lives and residual values are reassessed annually. If the residual value exceeds the car-
rying amount, depreciation is discontinued. When changing the expected useful lives or the expected
residual value, the effect on the depreciation is recognized prospectively as a change in accounting esti-
mates.
Depreciation is recognized in the income statement as cost of goods sold, research and development
expenses and selling and general administrative expenses.
WS Audiology A/S
33
3.3 Depreciation, amortization and impairment (cont’d)
Accounting policies (cont’d)
Amortization
Amortization is recognized on a straight-line basis over the expected useful lives of other intangible as-
sets.
For patents, licenses, acquired intellectual property and other intangible assets arising from contractual
or other legal rights, the useful life is the shorter of the period of the contractual or legal rights and the
economic useful life.
The estimated useful lives are as follows:
Patents, licenses and other similar rights 3 – 10 years
Trademarks 20 years
Acquired intellectual property 5 years
Software 3 – 10 years
The estimated useful life and amortization method are reviewed at the end of each reporting period, with
the effect of any changes in estimate being accounted for on a prospective basis.
Amortization is recognized in the income statement as cost of goods sold, research and development
expenses and selling and general administrative expenses.
Impairment
Other intangible assets not yet available for use, e.g. software under development, are not subject to
amortization, but are tested for impairment at least annually, irrespective of whether there is any indica-
tion that they may be impaired.
Other intangible assets, which are subject to amortization, and property, plant and equipment are re-
viewed for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. If assets do not generate cash flows that are largely independent of those from
other assets or Company’s of assets, the impairment test is performed at the level of the CGU to which
the asset belong.
Recoverability of assets is measured by comparing the carrying amount of the asset or CGU with the
recoverable amount, which is the higher of the asset’s or CGU’s value in use and its fair value less costs
to sell.
If the carrying amount of an asset, or of the CGU to which the asset belong, is higher than its recoverable
amount, the carrying amount is reduced to the recoverable amount, and an impairment loss is recog-
nized in the income statement.
Impairment of other intangible assets, and impairment of property, plant and equipment is reversed only
to the extent of changes in the assumptions and estimates underlying the impairment calculation. Im-
pairment is only reversed to the extent that the asset’s new carrying amount does not exceed the carry-
ing amount of the asset after amortization had the asset not been impaired.
WS Audiology A/S
34
3.4 Right-of-use assets/Lease liabilities
Right-of-use assets:
DKKm
Buildings
and retail
shops
Vehicle fleet
Total
At 1 October 2024
461
2
463
Disposals during the year
(24)
−
(24)
Depreciations for the year
(31)
(1)
(32)
Remeasurement*
(50)
−
(50)
At 30 September 2025
356
1
357
DKKm
Buildings
and retail
shops
Vehicle fleet
Total
At 1 October 2023
422
3
425
Additions during the year
439
3
442
Disposals during the year
(413)
(2)
(415)
Depreciations for the year
(37)
(2)
(39)
Remeasurement
50
−
50
At 30 September 2024
461
2
463
* In the financial year 2024/25 a reassessment of the IBR resulted in an adjustment of DKK 50 million
Other disclosures relating to lease liabilities:
DKKm
2024/25
2023/24
Interest expense on lease liabilities
10
(35)
Lease expense not capitalized in lease liabilities:
Lease expense – short-term leases and low value assets
(6)
(1)
Total cash outflow for all leases
(58)
(64)
The maturity analysis of the lease liabilities is included in Note 4.2 Financial risks and financial instruments.
WS Audiology A/S
35
3.4 Right-of-use assets/Lease liabilities (cont’d)
Accounting policies
When the Company is the lessee:
At the inception of the contract, the Company assesses if the contract contains a lease. A contract con-
tains a lease if the contract conveys the right to control the use of an identified asset for a period of time
in exchange for consideration. Reassessment is only required when the terms and conditions of the con-
tract are changed.
Right-of-use assets
The Company recognized a right-of-use asset and lease liability at the date which the underlying asset is
available for use. Right-of-use assets are measured at cost which comprises the initial measurement of
lease liabilities adjusted for any lease payments made at or before the commencement date and lease
incentive received. Any initial direct costs that would not have been incurred if the lease had not been
obtained are added to the carrying amount of the right-of-use assets.
These right-of-use assets are subsequently depreciated using the straight-line method from the com-
mencement date to the earlier of the end of the useful life of the right-of-use assets or the end of the
lease term.
Lease liabilities
The initial measurement of lease liability is measured at the present value of the lease payments dis-
counted using the implicit rate in the lease if the rate can be readily determined. If that rate cannot be
readily determined, the incremental borrowing rate is used.
Lease payments include the following:
• Fixed payment (including in-substance fixed payments), less any lease incentives receivables;
• Variable lease payment that are based on an index or rate, initially measured using the index or rate
at the commencement date;
• Amount expected to be payable under residual value guarantees;
• The exercise price of a purchase option if it is reasonably certain to exercise the option; and
• Payment of penalties for terminating the lease, if the lease term reflects the Company exercising that
option.
For contracts that contain both lease and non-lease components, the Company allocates the considera-
tion to each lease component on the basis of the relative stand-alone price of the lease and non-lease
component. The Company has elected to not separate lease and non-lease component for property
leases and account for these as one single lease component.
WS Audiology A/S
36
3.4 Right-of-use assets/Lease liabilities (cont’d)
Accounting policies (cont’d)
Lease liabilities (cont’d)
Lease liability is measured at amortized cost using the effective interest method. Lease liability is remeas-
ured when:
• There is a change in future lease payments arising from changes in an index or rate;
• There is a change in the Company’s assessment of whether it will exercise an extension option; or
• There is a modification in the scope or the consideration of the lease that was not part of the original
term.
Lease liability is remeasured with a corresponding adjustment to the right-of-use asset, or is recorded in
profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
Short-term and low value leases
The Company has elected to not recognize right-of-use assets and lease liabilities for short-term leases
that have lease terms of 12 months or less and low value leases, except for leased asset subject to sub-
lease arrangements. Lease payments relating to these leases are expensed to profit or loss on a straight-
line basis over the lease term.
Judgments and accounting estimates
The lessee's incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow
over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value
to the right-of-use asset in a similar economic environment. That is, the rate specific to:
• The lessee – i.e. it is a company specific rate that reflects the credit worthiness of the Company
• The term of the arrangement
• The amount of the funds “borrowed”
• The “security”- i.e. the nature and quality of the underlying asset; and
• The economic environment, encompassing the jurisdiction, the currency and the date at which the
lease entered into.
WS Audiology A/S
37
3.5 Other assets
Other non-current assets are as follows:
DKKm
2024/25
2023/24
Loans to subsidiaries
1,787
2,996
Customer loans
64
95
Derivative financial instruments
195
−
Others
−
1
Total
2,046
3,092
Other current assets are as follows:
DKKm
2024/25
2023/24
Loans to subsidiaries
1,177
−
Receivables from associates
28
1
VAT receivables
30
35
Others
7
13
Total
1,242
49
The Group has assessed the expected credit losses on intercompany loans and customer loans in accord-
ance with IFRS 9 Financial Instruments and determined them to be non-significant.
Loans to subsidiaries and customers loans have been evaluated individually for impairment and provi-
sions for write-down. Management has not identified any indications of impairment in the current and
previous financial year.
Accounting policies
Customers loans
Customer loans are initially recognized at fair value less transaction costs and subsequently measured at
amortized cost less loss allowance or impairment losses. Any difference between the nominal value and
the fair value of the loans at initial recognition is treated as a prepaid discount on future sales to the
customer, and is recognized in the income statement as a reduction of revenue as and when the cus-
tomer purchases goods from the Company.
The fair value of customer loans at initial recognition is measured at the present value of future repay-
ments of the loan discounted at a market interest rate corresponding to the money market rate based
on the expected maturity of the loan with the addition of a risk premium. The effective interest on cus-
tomer loans is recognized as interest income in the income statement over the term of the loans.
A loss allowance is recognized at initial recognition and subsequently based on 12-months expected
credit losses, unless a significant increase has arisen since the initial recognition of the loan, in which
case the loss allowance is based on lifetime expected credit losses.
Customer loans are written off when all possible options have been exhausted and there is no reasonable
expectation of recovery.
WS Audiology A/S
38
3.5 Other assets (cont’d)
Accounting policies (cont’d)
Derivative financial instruments
The Company holds derivative financial instruments to hedge its interest rate risk exposures arising
from operational and financing activities. Embedded derivatives are separated from the host contract
and accounted for separately if the economic characteristics and risks of the host contract and the em-
bedded derivative are not closely related, a separate instrument with the same terms as the embedded
derivative would meet the definition of a derivative, and the combined instrument is not measured at
fair value through profit or loss.
Derivatives are recognised initially at fair value; any attributable transaction costs are recognized in profit
or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value and changes
are recognized immediately in the profit or loss.
Other non-derivative financial assets
Other non-derivative financial assets including other loans and receivables are recognized initially at fair
value less directly attributable transactions costs. Subsequently, they are measured at amortized cost
using the effective interest method less impairment. A loss allowance is recognized at initial recognition
and subsequently based on 12-months expected credit losses, unless a significant increase has arisen
since the initial recognition of the loans and receivables, in which case the loss allowance is based on
lifetime expected credit losses.
WS Audiology A/S
39
3.6 Inventories
DKKm
2024/25
2023/24
Raw materials and purchased components
−
168
Work in progress
−
49
Finished goods and goods for resale
115
115
Total
115
332
Write-downs, provisions for obsolescence etc. included in the
above
−
(59)
Included in the income statement under production costs:
DKKm
2024/25
2023/24
Write-downs of inventories for the year
(59)
30
Cost of goods sold during the year
743
1,108
Total
684
1,138
Accounting policies
Inventories are measured at the lower of cost and net realizable value, cost being generally determined
on the basis of a weighted average method. Cost comprises raw materials, consumables, direct labour
and indirect production overheads. Indirect production overheads comprise indirect supplies, wages,
and salaries, amortization of brands and software, as well as maintenance and depreciation of machinery,
plant and equipment used for production.
Net realizable value is the estimated selling price in the ordinary course of business, less the estimated
costs of completion and selling expenses.
WS Audiology A/S
40
3.7 Trade receivables
DKKm
Current
not due
1-30 days
past due
31-60
days past
due
61-90
days past
due
91-180
days past
due
More
than 181
days past
due
Total
30 September 2025
Gross carrying amount
– Trade receivables
49
3
5
1
3
25
86
Loss allowance
(4)
(1)
(1)
−
−
(8)
(14)
Trade receivables at
30 September 2025
45
2
4
1
3
17
72
30 September 2024
Gross carrying amount
– Trade receivables
78
16
4
1
3
63
165
Loss allowance
(3)
(1)
(2)
−
−
(42)
(48)
Trade receivables at
30 September 2024
75
15
2
1
3
21
117
The below table shows the movement in lifetime expected credit losses that has been recognized for
trade receivables:
DKKm
2024/25
2023/24
Opening loss allowance
(48)
(53)
Net remeasurement of allowance
1
−
Amounts written off
33
(2)
Provisions recovered
−
7
Closing loss allowance
(14)
(48)
Accounting policies
Trade receivables and contract assets are measured at amortized cost less allowance for lifetime ex-
pected credit losses.
To measure the expected credit losses, trade receivables and contract assets have been grouped based
on shared credit risk characteristics and the days past due. For trade receivables and contract assets that
are considered credit impaired, the expected credit loss is determined individually.
Loss allowance is calculated using a provision matrix that incorporates an ageing factor, geographical
risk and specific customer knowledge. The provision matrix is based on historical credit losses incurred
within relevant time bands of days past due adjusted for a forward-looking element.
Trade receivables and contract assets are written off when all possible options have been exhausted and
there is no reasonable expectation of recovery.
WS Audiology A/S
41
3.8 Other liabilities
Other non-current liabilities are as follows:
DKKm
2024/25
2023/24
Derivative financial instruments
367
322
Other liabilities
55
−
Total
422
322
Other current liabilities are as follows:
DKKm
2024/25
2023/24
Accrued interests
361
−
Employee costs payable
46
99
Payroll and social security taxes
10
−
Bonus obligations
34
73
Other liabilities
17
56
Total
468
228
Accounting policies
Derivative financial instruments
For accounting policies on derivative financial instruments, please refer to Note 3.5.
Financial liabilities
Financial liabilities, other than derivatives, are initially recognized at fair value less transaction costs, and
subsequently measured at amortized cost using the effective interest method.
Other liabilities are measured at amortized cost.
WS Audiology A/S
42
3.9 Provisions
DKKm
Warranties
Earnout
Provision
Employee
benefits
Total
Provisions at 1 October 2024
103
9
96
208
Additions
−
−
−
−
Usage
−
(9)
−
(9)
Reversals
(103)*
−
(96)**
(199)
Provisions at 30 September 2025
−
−
−
−
Which is presented in the statement of financial posi-
tion as
Non-current liabilities
−
−
−
−
Current liabilities
−
−
−
−
Provisions at 30 September 2025
−
−
−
−
* From 2024/25 all warranties are covered under one company in the Group, and the provision has been reversed
out from WS Audiology A/S.
** The employee benefits are from 2024/25 considered under Share-based payments and Note 5.2
Earn-out provisions
Earnout provision from business combinations relates to components of the purchase price for which
the payments depend on the achievement of defined performance measures.
Accounting policies
A provision is recognized in the statement of financial position when the Company has a present legal or
constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits
will be required to settle the obligation, and a reliable estimate can be made of the amount of the obli-
gation.
If the effect is material, provisions are measured at present value by discounting the expected future
cash flows expected to settle the liability at a pre-tax rate that reflects current market assessment of the
time value of money.
WS Audiology A/S
43
4 Capital structure and financing items
4.1 Outstanding shares
Outstanding
shares (mil)
Total
number of
shares (mil)
Nominal value
of outstanding
shares DKKm
Number/value of shares at 30 September 2024
30
30
30
Issuance of shares
−
−
−
Number/value of shares at 30 September 2025
30
30
30
*Amount less than DKK 1 million
All shares are fully issued and paid up. The Company’s share capital of DKK 30,000,100 is divided into a
corresponding number of 30,000,100 shares with equal voting and dividend rights (2023/24: DKK
30,000,100 divided into a corresponding number of 30,000,100). There are no restrictions on the negotia-
bility or voting rights of the shares.
Capital structure
The Company’s ambition is to maintain a strong capital base and with a high degree of investor, creditor
and market confidence to support the strategic development of the Company. The Company has retained
its earnings that have been accumulated to strengthen its equity.
The capital structure of the Company consists of net debt (short-term and long-term borrowings dis-
closed in Note 4.2 after deducting cash and cash equivalents) and equity of the Company (comprising
issued capital, reserves, retained earnings).
In financial year 2024/25 the Company took over external loan facilities from its parent. The senior se-
cured term loans are secured by a pledge of the shares of major subsidiaries as well as pledge of assets
of major subsidiaries and are subject to a loan covenant stating that the Company’s Secured Net Lever-
age Ratio cannot exceed the stipulated threshold of 9.17:1. The Secured Net Leverage Ratio is the ratio
of the aggregate outstanding Senior Secured Indebtedness, less cash and cash equivalents, to the ag-
gregate amount of EBITDA (as per definition set out in the Senior Facilities Agreement) for the period of
the four most recent fiscal quarters. The Company has complied with the loan covenant of the Senior
Facilities Agreement and expects to comply with the covenant for at least 12 months after the reporting
date. Accordingly, the loans are classified as non-current liabilities as at 30 September 2025. Any breach
of the covenant may result in the loans becoming payable on demand.
WS Audiology A/S
44
4.2 Financial risks and financial instruments
Financial risk management
The Company is exposed to financial risks arising from its operating, investing and financial activities,
including foreign exchange risk, interest rate risk, liquidity risk and credit risk.
Liquidity risk, foreign exchange risk and interest rate risk are managed centrally by Group Treasury while
customer credit risk is managed by the business unit. The Company uses financial instruments only to
mitigate interest rate risk. The objective, policies and processes for managing the risk exposure to these
items are further explained in the following sections.
Credit risk
Credit risk is defined as an unexpected loss in cash and earnings if the customer is unable to pay its
obligations in due time. The Company may incur losses if the credit quality of its customers deteriorates
or if they default on their payment obligations to the Company. The Company’s exposure to credit risk
arises primarily from trade and other receivables including loans to customers.
The Company has exposure to customer credit risk and the credit risk is monitored on an ongoing basis.
This includes the review of individual receivables and of individual customer creditworthiness on a case-
by-case basis as the analysis of individual customer payment performance and historical bad debts and
the consideration of country credit ratings. Credit evaluations are performed on all customers annually
and on an ongoing basis. The Company does not require collateral in respect of financial assets. However,
the Company has credit enhancements such as personal guarantees and share pledges related to cus-
tomer loan. Assessment of the credit risk related to customers is further described in Note 3.7 Trade
receivables.
There were no significant concentrations of credit risk at 30 September 2025 and 30 September 2024.
The maximum exposure to credit risk of financial assets is represented by their carrying amount. Con-
cerning trade receivables and other receivables, as well as loans or receivables included in other assets
that are neither impaired nor past due, there were no indications as of 30 September 2025 and 30 Sep-
tember 2024 that defaults in payment obligations will occur.
Liquidity risk
Liquidity risk results from the Company’s potential inability to meet its financial liabilities. In financial
year 2024/25 the Company took over external loan facilities from its parent.
The Company uses a centralised approach to cash management through participation in the in-house
banking and cash pool setup managed by Group Treasury. The Company’s cash and funding are primar-
ily pooled directly with Group Treasury through cash pool clearing accounts.
The Company finances itself from its operating cash flow and utilizing the Group Treasury’s cash pooling
and cash management systems, in which excess liquid funds are deposited at Group Treasury’s in-house
bank.
The Company had cash and cash equivalents of DKK 33 million as of 30 September 2025 (2023/24: DKK
50 million). With its strong operating cash flow, the Company expects to be able to meet all of its present
and future obligations arising from operational cash needs.
WS Audiology A/S
45
4.2 Financial risks and financial instruments (cont’d)
Liquidity risk (cont’d)
The Company's liquidity position, together with expected operating cash flows, is sufficient to meet its
present and foreseeable obligations arising from operational and financing activities. The Company also
expects to have the ability to refinance its existing debt facilities as they approach maturity, which in-
cludes the intragroup debt and intragroup payables for which the term can be amended including ma-
turity date of the payable amount.
The following table reflects all contractually fixed payoffs for settlement, repayments and interest result-
ing from recognized financial liabilities. It includes expected net cash outflows from derivative financial
liabilities that were in place at 30 September 2025 and 30 September 2024. Such expected net cash out-
flows are undiscounted net cash outflows for the respective upcoming fiscal years, based on the earliest
date on which the Company could be required to pay. Cash outflows for financial liabilities (including
interest) without fixed amount or timing are based on the conditions existing at 30 September 2025 and
30 September 2024.
DKKm
Less than
Between
More than
Total
1 year
1-5 years
5 years
30 September 2025
Interest-bearing debt
−
21,067
−
21,067
Bank debt
479
−
−
479
Intragroup debt
1,014
−
−
1,014
Lease liabilities
62
255
390
707
Trade payables
102
−
−
102
Intragroup payables
985
−
−
985
Total non-derivative financial liabilities
2,642
21,322
390
24,354
30 September 2024
Bank debt
490
−
−
490
Intragroup debt
1,928
23,277
230
25,435
Lease liabilities
66
274
456
796
Trade payables
199
−
−
199
Intragroup payables
1,395
−
−
1,395
Total non-derivative financial liabilities
4,078
23,551
686
28,315
The risk implied from the values in the table above reflects the one-sided scenario of cash outflows only.
Obligations under trade payables and other financial liabilities mainly originate from the financing of
assets used in the Company’s ongoing operations such as property, plant and equipment, and invest-
ments in working capital such as inventories and trade receivables.
WS Audiology A/S
46
4.2 Financial risks and financial instruments (cont’d)
Foreign currency risk
The Company has cash flow in foreign currencies due to its international operations and USD denomi-
nated debt with external lenders which exposes the Company to fluctuations in exchange rates vs re-
porting currency DKK. Foreign currency exchange rate fluctuations may create unwanted and unpredict-
able earnings and cash flow volatility. The Company sell most of its products to its regional affiliates and
as a general principle invoiced in the currency of the buying entities.
The majority of the Company’s sales are in USD and EUR. The cash flow exposure in USD and EUR is
reduced by material costs which are largely denominated in USD and EUR and interest expenses in USD.
The exchange rate risk in EUR is regarded as low because of DKK’s fixed exchange rate against EUR.
The foreign currency risk is centrally managed by Group Treasury. It is the Company’s policy not to un-
dertake any financial transactions in foreign currencies of a speculative nature.
Sensitivity analysis for foreign currency risk
The following table demonstrates the approximate effect from the Company’s cash, trade receivables,
derivative financial instrument, trade payables and loans and receivables on the Company’s income
statement (financial items) in response to fluctuation of the significant currencies other than the Com-
pany’s reporting currency DKK. This analysis assumes that all other variables, in particular interest rates,
remain constant.
DKKm
Profit/(Loss)
30 September 2025
USD +5%
(281)
EUR +1%
(150)
30 September 2024
USD +5%
(414)
EUR +1%
(158)
WS Audiology A/S
47
4.2 Financial risks and financial instruments (cont’d)
Interest rate risk
Interest rate risk is centrally managed by Group Treasury. The Group’s policy is to maintain between 35%
to 90% of all interest-bearing debt at fixed-rate through fixed rate agreements or derivatives in the next
24 months.
At 30 September 2025, the Company’s debt consists of; intragroup debt of DKK 1,014 million (2023/24:
DKK 22,715 million), with floating interest rates and external loan facilities amounting to DKK 21,067 mil-
lion, with a floating interest rate and 69% hedged to fixed rate.
Specification of interest-bearing assets & debt
DKKm
2024/25
2023/24
Cash and cash equivalents
33
50
Intragroup receivables
424
1,636
Financial assets
3,028
3,092
Total interest-bearing assets
3,485
4,778
Intragroup debt
(1,014)
(22,715)
Intragroup payables
(985)
(1,395)
Bank debt, current
(479)
(490)
Bank debt, non-current
(21,067)
−
Total interest-bearing debt
(23,545)
(24,600)
Interest rate sensitivity analysis
The Company is exposed to change in interest rates primarily from EURIBOR and Term SOFR. The sensi-
tivity analysis has been determined based on the exposure to interest rates at the reporting date. For
floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding (after hedg-
ing) at the reporting date was outstanding for the whole year. A 1 percentage point increase or decrease
is used when reporting interest rate risk and represents management’s assessment of the reasonably
possible change in interest rates.
At 30 September 2025, if interest rates had been 1 percentage point higher and all other variables were
held constant, the Company’s annual interest expense would increase by DKK 235 million (2023/24: DKK
85 million). This is mainly attributable to the Company’s exposure to interest rates on its variable rate
borrowings.
Categories of financial assets and financial liabilities and fair value hierarchy
The below table shows the categories of financial assets and financial liabilities, their carrying amounts
and their levels in the fair value hierarchy. It does not include fair value information for financial assets
and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation
of fair value.
WS Audiology A/S (formerly Widex A/S)
48
4.2 Financial risks and financial instruments (cont’d)
DKKm
Fair value
30 September 2025
Carrying
amount
Level 1
Level 2
Level 3
Total
Trade receivables**
72
−
−
−
−
Intragroup
receivables**
424
−
−
−
−
Other assets*
3,093
−
−
−
−
Cash and cash equivalents**
33
−
−
−
−
Income tax receivables**
114
−
−
−
−
Financial assets measured at amortized cost
3,736
−
−
−
−
Derivative financial instruments
195
−
195
−
195
Financial assets measured at fair value through
P&L
195
−
195
−
195
Bank debt**
(479)
−
−
−
−
Loans under Senior Facility Agreements
(21,067)
−
(21,067)
−
(21,067)
Intragroup debt**
(1,014)
−
−
−
−
Lease liabilities**
(464)
−
−
−
−
Intragroup payables**
(985)
−
−
−
−
Trade payables**
(102)
−
−
−
−
Other financial liabilities*
(890)
−
−
−
−
Financial liabilities measured at amortized cost
(25,001)
−
(21,067)
−
(21,067)
Derivative financial instruments
(367)
−
(367)
−
(367)
Financial liabilities measured at fair value
through P&L
(367)
−
(367)
−
(367)
DKKm
Fair value
30 September 2024
Carrying
amount
Level 1
Level 2
Level 3
Total
Trade receivables**
117
−
−
−
−
Intragroup
receivables**
1,636
−
−
−
−
Other assets*
3,141
−
−
−
−
Cash and cash equivalents**
50
−
−
−
−
Income tax receivables**
55
−
−
−
−
Financial assets measured at amortized cost
4,999
−
−
−
−
Derivative financial instruments
(322)
−
(322)
−
(322)
Financial liabilities measured at fair value
through P&L
(322)
−
(322)
−
(322)
Bank debt**
(490)
−
−
−
−
Intragroup debt**
(22,715)
−
−
−
−
Lease liabilities**
(556)
−
−
−
−
Intragroup payables**
(1,395)
−
−
−
−
Trade payables**
(199)
−
−
−
−
Other financial liabilities*
(228)
−
−
−
−
Financial liabilities measured at amortized cost
(25,583)
−
−
−
−
*Excluding derivative financial instruments
** The Company has not disclosed the fair values for financial instruments such as short-term trade receivables and payables,
because their carrying amounts are a reasonable approximation of fair value.
WS Audiology A/S (formerly Widex A/S)
49
49
4.2 Financial risks and financial instruments (cont’d)
Categories of financial assets and financial liabilities and fair value hierarchy (cont’d)
The fair values of cash and cash equivalents, trade and other receivables and trade payables with a re-
maining term of up to twelve months, other current financial liabilities and borrowings under revolving
credit facilities are approximately equal to their carrying amount, mainly due to the short-term maturities
of these instruments.
The levels of the fair value hierarchy and its application to financial assets and financial liabilities are
described below:
Level 1:
Quoted prices in active markets for identical assets or liabilities;
Level 2:
Inputs other than quoted prices that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3:
Valuations methods, with significant inputs not being based on observable market data.
Valuation techniques and significant observable inputs
Type
Valuation technique
Significant
unobservable
inputs
Sensitivity of fair value
to significant
unobservable inputs
Interest rate
swap
The fair value of the interest rate swap is deter-
mined using discounted cash flows of fixed leg
and net present value of floating leg based
on forward rate curve, and can be categorized as
level 2 (observable inputs) in the fair value hier-
archy.
Not applicable
Not applicable
FX contracts
The fair value of the exchange rate contracts is
based on forward exchange rates (level 2)
Not applicable
Not applicable
Borrowings
The fair value of senior secured debt is estimated
using quoted prices from Bloomberg reflecting
recent transactions executed by the facility agent
bank (level 2).
Not applicable
Not applicable
Interest rate
floors*
The fair value of interest rate floors is based on
discounted cash flows or floorlets for intrinsic
and option pricing models with implied volatility
for time value component (level 3).
Implied
volatility
Higher implied volatility
will lead to higher fair
value and vice versa.
Change in implied vola-
tility will not result in
significant financial im-
pact
Loan repay-
ment
call option*
Backward induction method where total remain-
ing cash flows are calculated at each prepayment
date. The prepayment gain is then calculated
based on the probability of a credit rating im-
proved at future repayment date (level 3).
1-year migra-
tion matrix
The higher the proba-
bility of an increase in
credit quality, the
higher the value of pre-
payment option
*The Level 3 fair value measurements of the loan repayment call option and interest rate floors are less than DKK 1 million.
WS Audiology A/S (formerly Widex A/S)
50
4.3 Liabilities from financing activities
DKKm
Bank debt
Lease
liabilities
Intragroup
debt
Loans
Total
Liabilities at 1 October 2024
490
556
22,715
−
23,761
Changes from financing cash
flows
(11)
(106)
(21,701)
21,067
(751)
Non-cash transactions
−
14
−
−
14
Liabilities at 30 September
2025
479
464
1,014
21,067
23,024
DKKm
Bank debt
Lease
liabilities
Intragroup
debt
Loans
Total
Liabilities at 1 October 2023
168
508
29,134
−
29,810
Changes from financing cash
flows
322
(64)
(5,241)
−
(4,983)
Non-cash transactions
−
112
(1,178)
−
(1,066)
Liabilities at 30 September
2024
490
556
22,715
−
23,761
Accounting policies
Financial liabilities, other than derivatives, are initially recognized at fair value less transaction costs, and
subsequently measured at amortized cost using the effective interest method. Accordingly, the differ-
ence between the proceeds and the nominal value is recognized in the statement of profit or loss over
the term of the liability.
WS Audiology A/S
51
4.4 Financial income and expenses
DKKm
2024/25
2023/24
Interest income
747
338
Total interest income
747
338
Interest expenses
(2,076)
(2,094)
Total interest expenses
(2,076)
(2,094)
Other financial income/(expenses), net
Foreign exchange differences
92
344
Fair value change on derivative financial asset
(55)
(424)
Transaction costs
(29)
(231)
Dividends and other income from subsidiaries
1,937
7
Total other financial income/(expenses), net
1,945
(304)
Interest income and interest expense includes those generated from financial assets/financial liabilities
not measured at fair value through profit or loss.
Accounting policies
Financial income and expenses comprise interest income and expenses, gains and losses on securities,
exchange rate adjustments on receivables, payables and transactions denominated in foreign currencies,
credit card fees, amortization and impairment of financial assets other than trade receivables and con-
tract assets and liabilities, gains and losses on derivative financial instruments not designated as hedging
instruments etc. Financial income includes recycled amount from hedge accounting.
Interest income and expenses on financial assets and liabilities measured at amortized cost is recog-
nized using the effective interest method. Other financial income and expenses are recognized on an
accrual basis in the period to which they relate.
WS Audiology A/S
52
5 Other disclosures
5.1 Remuneration of Key Management and Executive Management Personnel
DKKm
Short-term
benefits
Termination
benefits
Share-based
payment
Total
1 October 2024 – 30 September 2025
Management
8
−
25
33
Board of Directors*
−
−
−
−
Total
8
−
25
33
1 October 2023 – 30 September 2024
Management**
94
23
21
138
Board of Directors*
−
−
−
−
Total
94
23
21
138
* The Board of Directors are not remunerated for their director roles in the Company.
** The Executive Management held ordinary and preference shares in NH Lux ManCo SCSp (“NHSCSp”) as part of
the WSA Management Participation Program (“MPP”) where certain members of management may acquire a
minority partnership interest in NHSCSp which is controlled by North Harbour Lux TopCo S.a.r.l. (“TopCo”), a
holding entity that is fully consolidated within WS Audiology A/S, therefore indirectly having an ownership interest
in the intermediate Group. The MPP was unwinded in FY2023/24 and the share-based payment relates to the
payout from the settlement of the program.
WS Audiology A/S
53
5.2 Share-Based payments
In 2023/24, the ultimate parent of the Company – WSA A/S introduced the Value Creation Program
(“VCP”) and Long-Term Incentive Program ("LTI") to incentivize selected employees critical to increasing
the equity value of the WSA Group. VCP is a one-time, cash-settled program, with cash payouts deter-
mined based on a multiplier linked to the equity value of WSA and triggered by an exit event. The LTI
program is a cash-settled share-based award granting Performance Share Units ("PSU"), Restricted
Share Units ("RSU") and Shadow Shares to selected members of the management. Eligibility for payouts
under both program is contingent upon continued employment with WSA. The obligation to settle the
share-based payment transactions lies with the ultimate parent, WSA A/S.
Value Creation Program (“VCP”)
The fair value of the VCP is remeasured at each reporting date based on the estimated future payout,
which is determined using a multiplier linked to the development of the WSA Group’s equity value and
taking into account expected non-vesting due to resignations. As of 2024/25, the Company recognized
costs of DKK 21 million in the profit or loss in connection with the VCP program.
Long-Term Incentive Program (“LTI”)
The share options for PSU and RSU were first granted on 14 January 2024 and 14 April 2024 respectively.
These PSU and RSU grants fully vests on 15 January 2026 and 15 January 2027 respectively. Subsequent
PSU, RSU and shadow shares grants vest over 3 years.
Performance Share Units (“PSU”)
The PSU is subject to non-market performance conditions based on key performance targets related to
cumulative organic growth over a two-year period. In 2024/25, the Company recognized costs of DKK 6
million in the profit or loss in connection with the PSU program. The fair value of the shares is measured
once a year when a new grant is issued. The costs are recognized on a straight-line basis over the vesting
period, as the related service is rendered.
Restricted Share Units (“RSU”)
In 2024/25, the Company recognized costs of DKK 10 million in the profit or loss in connection with the
RSU program. The fair value of the shares is measured once a year when a new grant is issued. The costs
are recognized on a straight-line basis over the vesting period, as the related service is rendered.
WS Audiology A/S
54
5.2 Share-Based payments (cont’d)
Accounting policies
Cash-settled share-based payments are measured based on fair value of goods and services received,
with a corresponding liability recognised. Under group arrangements, the cost of the share based pay-
ment is borne by the entity receiving the goods and services. Until the liability is settled, the Group re-
measures the fair value of the liability at the end of each reporting period and at the date of settlement,
with any changes in fair value recognised in profit or loss for the period.
Subsidiaries who received the services of employees who are part of the share-based payment programs
shall recognize the transaction as an equity-settled share-based payment, as an increase in capital re-
serve from the entity issuing the share based program, as they do not have the obligation to settle the
share-based payment transaction.
Significant accounting estimates and judgments
Vesting conditions and fair value
For the share-based payment programs, Management estimates the likelihood of vesting conditions be-
ing met. Vesting is contingent upon participants remaining employed until the end of the vesting period.
These estimates are used to determine the fair value of the share-based programs and are reviewed at
each reporting date to reflect any changes in expectations.
The fair value of the shares granted under the LTI program is determined by computing the estimated
equity value of the WSA Group divided by total number of diluted shares. The equity value was estimated
as of 30 September 2025 by applying the adjusted average Next Twelve Months (“NTM”) EV/EBITDA mul-
tiple of comparable peer groups to WSA’s consensus EBITDA and then adjusting for net debt. In using
the market-based EV/EBITDA multiple, the WSA Group has applied relevant illiquidity discount and con-
trol premium to reflect the difference in ownership structure between WSA and the comparable compa-
nies. The adjusted consensus EBITDA is based on Management’s best estimates and most recent finan-
cial budgets for the coming year as approved by the WSA Board.
WS Audiology A/S
55
5.3 Contingent assets and liabilities
Guarantees
The Company has contingent obligation to indemnify the issuing Banks for Bankers Guarantees for an
amount of up to DKK 2 million (2023/24: DKK 2 million) at 30 September 2025. None of the outstanding
guarantees are likely to be drawn, hence no provisions have been made.
Outstanding lawsuits and disputes
The Company is, from time to time, subject to legal disputes in connection with its business activities. In
the light of the number of legal disputes and proceedings in which the Company is involved, it cannot be
ruled out that some of these proceedings could result in rulings against the Company. Although the
Company maintains liability insurance in its non-amounts the Company considers consistent with indus-
try practice, it may not be fully insured against all potential damages that may arise out of any claims to
which the Company may be party in the ordinary course of the Company’s business. At this time, however
the Company does not expect any significant negative effects on the Company’s financial position or
finance and earnings situation resulting from legal disputes.
The Company seeks to make adequate provisions for any legal disputes and proceedings and assesses
the likely outcome in which the Company is involved.
WS Audiology A/S
56
5.4 Investment in associates
DKKm
Investments
in
associates
Receivables
from
associates
Balance at 30 September 2024
29
1
Additions
−
36
Repayments
−
(9)
Share of profit in associates
1
−
Carrying amount at 30 September 2025
30
28
Balance at 30 September 2023
23
22
Additions
3
−
Repayments
−
(21)
Share of profit in associates
3
−
Carrying amount at 30 September 2024
29
1
The Company’s investments in associates are not individually material.
Equity interest %
Company
Country
2024/25
2023/24
Other equity investments
Hearing Instrument Manufacturers Software
Association A/S
Denmark
25
25
HIMSA II A/S
Denmark
20
20
HIMSA II K/S
Denmark
15
17
HIMPP A/S
Denmark
13
13
K/S HIMPP
Denmark
9
9
D Med Hearing Center Ltd.
Thailand
38
38
Widex Colombia SAS
Columbia
30
30
Widex Servicios Technico S.A.
Spain
30
30
Widex Audifonos S.A.
Spain
30
30
Instituto Auditivo Widex C.A.
Venezuela
−
30
Odio Tech Pty Ltd
Australia
32
30
Accounting policies
Associates are those entities in which the Company has significant influence but not control or joint con-
trol over the financial and operating policies. A joint venture is an arrangement in which the Company
has joint control over the financial and operating policies, and where the Company has rights to the net
assets of the arrangement, rather than rights to its assets and obligations for its liabilities.
Investments in associates and joint ventures are accounted for using the equity method. This entails that
the investments are initially recognized at cost and adjusted thereafter to recognize the Company’s share
of the profit or loss and other comprehensive income of the associate or joint venture calculated in ac-
cordance with the Company’s accounting policies. When the Company’s share of losses of an associate
or joint venture exceeds the Company’s interest in such associate or joint venture, the Company discon-
tinues recognizing its share of future losses. Additional losses are recognized only to the extent that the
Company has incurred legal or constructive obligations or made payments on behalf of the associate or
joint venture.
WS Audiology A/S
57
5.5 Fees to auditors appointed at the annual general meeting
DKKm
2024/25
2023/24
1 October 2024 - 30 September 2025
Audit fees
1
1
Other assurance related services
2
−
Tax services
1
−
Other services
4
1
Total
8
2
In 2024/25, PricewaterhouseCoopers was appointed as the Group's auditor, preceding by Deloitte who
served as the Group’s auditor for the previous financial year.
WS Audiology A/S
58
5.6 Related parties
T&W Medical A/S is the ultimate parent entity. Other related parties include those entities controlled by
T&W Medical A/S excluding WS Audiology A/S’ subsidiaries and associated companies.
Other related parties in the summary below include those entities controlled by T&W Medical A/S.
Transactions with related parties
In addition to the related party disclosure that is disclosed elsewhere in the financial statements, the
following significant transactions between the Company and its related parties took place at terms
agreed during the fiscal year:
DKKm
2024/25
2023/24
Transactions with Parent companies
- Loans from related parties
(3)
(1,065)
- Interest on loans
(1,322)
(1,862)
- Interest received, net
116
(346)
- Dividends
(193)
−
- Capital Injection
1,679
−
- Sale of goods and services
−
1
- Purchase of goods and services
15
−
Transactions with subsidiaries
- Sales of goods and services
1,476
1,682
- Purchase of goods and services
(582)
(918)
- Other income
634
1,199
- Interest received, net
134
80
- Dividends
1,937
7
Transactions with associated entities
- Sales of goods and services
36
40
Other related parties
- Sales of goods and services
2
3
- Purchase of goods and services
(64)
(63)
Total transactions with related parties
3,865
(1,242)
WS Audiology A/S
59
5.6 Related parties (cont’d)
Outstanding balances with related parties
DKKm
2024/25
2023/24
Parent Companies
- Receivables
22
102
- Payables
40
22,466
Subsidiaries
- Receivables
3,386
4,528
- Payables
1,999
1,330
Associates
- Receivables
28
1
Other related parties
- Receivables
2
1
- Payables
21
95
- Lease liabilities
462
482
The Company had entered into a 20-year term lease agreement for a building with a related party. The
right-of-use asset and lease liabilities and the corresponding depreciation and interest expenses have
been recognized in the financial statements.
The receivables against the Company’s subsidiaries includes trade balances and long-term loan receiv-
able. Payables against the Company’s subsidiaries includes both trade balances and short-term debt,
which are payable within 12 months.
Transactions with related individuals
The Company's Executive Management is defined as those persons, who are responsible for the Compa-
ny's worldwide operating business, based on their function within the Company or the interests of WSA
A/S and registered directors in the Company.
During the current and previous financial year, there were no significant, material or major transactions
between the Company and members of the Executive Management and Board of Directors, other than
their remuneration and transactions towards the participation program.
For information about remuneration to Executive Management and Board of Directors refer to Note 5.1.
WS Audiology A/S
60
5.7 Investment in subsidiaries
DKKm
2024/25
2023/24
Cost at 1 October
23,272
31,428
Additions for the year
2,696
8,007
Reductions for the year
(62)
(16,163)
Cost at 30 September
25,906
23,272
Impairment at 1 October
(1,551)
(51)
Impairment for the year
(168)
(1,500)
Impairment at 30 September
(1,719)
(1,551)
Carrying amount at 30 September
24,187
21,721
During the financial year, as part of WSA Group internal reorganization exercise, a shareholder contri-
bution was made contributing 100% interest in Hear.com at book value of DKK 1,664 million. The con-
sideration was made as a shareholder contribution from Auris Lux III.
Accounting policies
A subsidiary is an enterprise in which the Company has control. Control is achieved when the Company:
- has power over the investee;
- is exposed, or has rights, to variable returns from its involvement with the investee; and
- has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control listed above.
Investments in subsidiaries are carried at cost less any impairment in net recoverable value that has
been recognized in the income statement. Investments in subsidiaries are assessed for impairment at
each reporting date.
In determining whether investments in subsidiaries are impaired, the Company evaluates the market
and economic environment in which each subsidiary operates and its economic performance to deter-
mine if indicators of impairment exist. Where such indicator exists, the subsidiary’s recoverable amount
is estimated in order to determine the extent of impairment loss, if any. Recoverable amount is defined
as the higher of fair value less cost to sell and its value-in-use.
WS Audiology A/S
61
5.7 Investments in subsidiaries (cont’d)
Significant judgments and accounting estimates
The recoverable amount of the CGU to which the subsidiary belong was tested on the basis of fair value
less costs to sell. The fair value less costs to sell was determined mainly by computing the Enterprise
Value (“EV”).
The EV was estimated by taking the market capitalization of a comparable peer group, adjusted for the
net interest-bearing debt. The estimated EV was then compared with the consensus EBITDA to derive an
EV/EBITDA multiple, taking into account an illiquidity discount to reflect the ownership structure of the
Company. The Company applied the EV/EBITDA multiple to the adjusted consensus EBITDA of the CGU
and recognized impairment loss where carrying amount exceeds recoverable amount.
The Company applied the EV/EBITDA multiple to the adjusted consensus EBITDA of each CGU and recog-
nized impairment loss where carrying amount exceeds recoverable amount.
Key assumptions used in the determination of the fair value less costs to sell are consensus EBITDA for
the comparable companies as well as for the CGU. The adjusted consensus EBITDA is based on manage-
ment’s best estimates for the coming year. All the above inputs are level 3 input factors according to the
fair value hierarchy.
The Company assessed the carrying amount of its investments in subsidiaries for indicators of impair-
ment. Based on the assessment, the Company recognised a net impairment loss of DKK 168 million
(2023/24: DKK 1,500 million) on its investments in 2 fully owned subsidiaries, following a decline in their
financial position. The recoverable amounts of the subsidiaries were estimated taking into consideration
the EV of the subsidiaries. The fair value measurement was categorised as level 3 in the fair value hierar-
chy based on the inputs in the valuation techniques used.
WS Audiology A/S
62
5.7 Investments in subsidiaries (cont’d)
List of WS Audiology A/S’ subsidiaries:
Company
Country
2024/25
Equity Interest %
2023/24
Equity Interest %
Subsidiaries of WS Audiology A/S
EMEA
WSAUD A/S
Denmark
100
100
Widex DK A/S
Denmark
100
100
Sivantos A/S
2
Denmark
100
−
WS Audiology Benelux BV
Netherlands
100
100
Hear.com N.V.
1
Netherlands
100
−
Clermont Distribution SAS
France
100
100
Widex S.A.S
France
100
100
Signia S.A.S
2
France
100
−
Biotone Technologie SAS
2
France
100
−
Bloom Hearing Specialists Ltd.
UK
100
100
Bonavox Limited
Ireland
100
100
Bloom Hörakustik AG
3
Switzerland
−
100
WS Audiology Switzerland AG
Switzerland
100
100
WS Audiology Germany GmbH
13
Germany
100
100
Sivantos GmbH
13
Germany
100
100
Widex Hörgeräte GmbH
13
Germany
100
100
WS Audiology Sweden AB (formerly Widex AB)
Sweden
100
100
Widex OOO LLC (dormant)
Russia
100
100
Widex Norge AS
Norway
100
100
Sivantos AS
Norway
100
100
Widex-Reabilitacão Auditiva Lda.
Portugal
100
100
WSA Portugal S.A.
Portugal
100
100
WSA RUS LLC
Russia
100
100
Widex Akustik OY
3
Finland
−
100
WS Audiology CZ s.r.o.
Czech Republic
100
100
Widex Tibbi ve Teknik Cihazlar San.ve Tic. AŞ
Türkiye
100
100
Widex Trading d.o.o Ljubljana
Slovenia
60
60
Slušni Aparati d.o.o. Widex Ljubljana
Slovenia
84
84
WS Audiology-H Kft
Hungary
100
100
Audiofon Kft
Hungary
100
100
WS Audiology Italia S.r.l.
Italy
100
100
WS Audiology Slovakia s.r.o
Slovakia
100
100
Widex Slušni Aparati d.o.o.
Bosnia
60
60
ReOton Ltd
Ukraine
100
100
Koalys Technologies Ltd
Israel
100
100
Shoebox France SARL
France
100
100
Koalys Poland Sp z.o.o
Poland
100
100
Widex Poland Sp. Z.o.o
3
Poland
−
60
WS Audiology Austria GmbH
Austria
100
100
WS Audiology A/S
63
5.7 Investments in subsidiaries (cont’d)
Company
Country
2024/25
Equity Interest %
2023/24
Equity Interest %
Subsidiaries of WS Audiology A/S (cont’d)
Americas
Helix Hearing Inc.
Canada
100
100
WS Audiology USA, Inc.
USA
46
46
WS Audiology USA II LLC
USA
100
−
WS Audiology Chile SpA
Chile
100
100
Widex Uruguay
Uruguay
51
51
COW-Audición en Alta Definición S.A. de C.V
Mexico
100
100
Widex Argentina S.A
Argentina
51
51
Centro Auditivo Widex Brasitom Ltda
6
Brazil
−
100
Communicare Aparelhos Auditivos Ltda
Brazil
−
100
WS Audiology Solucuoes Auditiva Ltd.
Brazil
100
100
Qualiaudio Comercio e Distribuicao Ltda
6
Brazil
−
100
Communicare Aparelhos Auditivos Ltda
Brazil
100
−
APAC
Sivantos Holding Singapore Pte. Ltd.
Singapore
100
100
Sivantos Pte. Ltd.
Singapore
100
100
Widex Singapore Pte Ltd
Singapore
100
100
Widex Hearing Aid Sdn Bhd
Malaysia
100
100
Bloom Hearing Co. Ltd.
Japan
100
100
Widex Co. Ltd.
7
Japan
−
100
WS Audiology Japan K.K. (formerly Sivantos K.K.)
7
Japan
100
−
Hearing Express K.K.
Japan
100
−
WS Audiology (Shanghai) Co., Ltd
China
100
100
Suzhou FenBei Medical Equipment Co. Ltd.
China
51
51
Hangzhou V Hearing Medical Equipment Co. Ltd.
China
51
51
Zhejiang Longkang Medical Equipment Co. Ltd.
China
51
51
Hangzhou Miaoyin Medical Equipment Co. Ltd
China
51
51
Widex India Private Ltd.
India
100
100
Widex Australia Pty. Ltd. (in the progress of being deregistered)
Australia
100
100
Active Hearing Pty. Ltd.9
Australia
−
100
Hearclear Audiology Pty. Ltd.
10
Australia
−
100
Hutchinson Audiology Clinics Pty Ltd
Australia
−
100
Bloom Hearing Ltd.
New Zealand
−
100
Active Hearing Pty. Ltd.9
Australia
100
−
Hutchinson Audiology Clinics Pty Ltd
Australia
100
−
Bloom Hearing Ltd.
New Zealand
100
−
Widex Hong Kong Hearing & Speech Centre Ltd.
Hong Kong
100
100
Starry Hearing & Speech Centre Ltd.
Hong Kong
65
65
Subsidiaries of Sivantos GmbH
EMEA
AS-AUDIO SERVICE GmbH13
Germany
100
100
Signia GmbH13
Germany
100
100
WS Audiology Poland Sp. Z.o.o. (formerly Sivantos Sp. z o.o.)
Poland
100
100
Signia S.A.S.1
France
−
100
WS Audiology Limited10
UK
100
100
Widex UK Ltd.10
UK
−
100
WS Audiology A/S
64
5.7 Investments in subsidiaries (cont’d)
Company
Country
2024/25
Equity Interest %
2023/24
Equity Interest %
Subsidiaries of Sivantos GmbH (cont’d)
Americas
WS Audiology USA, Inc.
USA
54
54
Lifestyle Hearing Corporation (USA), Inc.
14
USA
−
100
Helix Hearing Care (California) Inc.
USA
−
100
My Hearing Centers LLC
USA
−
100
Helix Hearing Care Naples LLC
5
USA
−
60
The Hearing Center of ENTA LLC
USA
−
60
Medical Hearing Systems LLC
USA
−
70
Widex USA Inc.
15
USA
−
100
Audiology Distribution, LLC
USA
100
100
HearUSA IPA, Inc.
USA
100
100
HearX West, LLC
USA
50
50
HearX West, Inc.
USA
50
50
Helix Hearing Care (California) Inc.
USA
100
−
My Hearing Centers LLC
USA
100
−
Medical Hearing Systems LLC
USA
70
−
The Hearing Center of ENTA LLC
USA
60
−
TruHearing, Inc.
USA
100
100
TruHearing IPA LLC
USA
100
100
TruTPA LLC
USA
100
−
Hearing Care Solutions, Inc
USA
100
100
HCS NY IPA, LLC
USA
100
−
Hear in America LLC
12
USA
−
100
WS Audiology Canada Inc
12
Canada
100
100
Shoebox Ltd
12
Canada
−
100
WS Audiology South Africa Pty Ltd
South-Africa
100
100
APAC
WS Audiology (Suzhou) Co.,Ltd.
(formerly Sivantos (Suzhou) Co., Ltd.)
China
100
100
Sivantos India Pvt. Ltd
India
100
100
WS Audiology ANZ Pty Ltd
Australia
100
100
Subsidiaries of Sivantos Pte. Ltd.
EMEA
Sivantos A/S
1
Denmark
−
100
Oorwerk B.V.
Netherlands
100
100
Oorwerk den Haag B.V.4
Netherlands
–
100
Hoortechnish Centrum Schagen B.V
2
Netherlands
–
100
Sivantos Isitme Cihazlari Sanayi Ve Ticaret A.S.
Türkiye
100
100
Sivantos Europe GmbH (under liquidation)
13
Germany
100
100
Bloom Hörakustik GmbH
Austria
100
100
WS Audiology Spain S.A.
Spain
100
100
Sivantos (RUS) LLC (under liquidation)
Russia
100
100
Biotone Technologie SAS
2
France
–
100
WS Audiology A/S
65
5.7 Investments in subsidiaries (cont’d)
Company
Country
2024/25
Equity Interest %
2023/24
Equity Interest %
Subsidiaries of Sivantos Pte. Ltd. (cont’d)
Americas
WS Audiology Mexico S.A. de C.V.
Mexico
100
100
APAC
WS Audiology Japan K.K. (formerly Sivantos K.K.)
7
Japan
–
100
Hearing Express K.K.
Japan
–
100
WS Audiology Korea Limited
Korea
100
100
WS Audiology Philippines Corp.
Philippines
100
100
WS Audiology SEA Pte. Ltd.
Singapore
100
100
Subsidiaries of Hear.com N.V.
Hear.com Korea Limited
Korea
100
100
Soundrise Hearing Solutions Private Limited
India
100
100
hear.com USA Parent LLC
USA
100
100
hear.com, LLC
USA
100
100
audibene GmbH
13
Germany
100
100
audibene GmbH
Switzerland
100
100
audibene B.V.
Netherlands
100
100
Audiocare Hearing Experts Malaysia Sdn. Bhd.
(under liquidation)
Malaysia
100
100
Ihre Hörgeräte Beratung GmbH
13
Germany
100
100
Hear.com - Simply Good Hearing Inc (dormant)
Canada
100
100
hear.com (Pty) Ltd.
South Africa
100
100
1
Hear.com N.V. was transferred to WS Audiology A/S during 2024/25.
2
Sivantos A/S, Signia S.A.S. and Biotone Technologie SAS were transferred to WS Audiology A/S during 2024/25.
3
Bloom Hörakustik AG, Oorwerk den Haag B.V. and Hoortechnish Centrum Schagen B.V were liquidated during 2024/25.
4
Widex Akustik OY, Widex Poland Sp. Z.o.o, Kanto Hochouki Co., Ltd. and Instituto Auditivo Widex C.A. were disposed during 2024/25.
5
Helix Hearing Care Naples LLC was dissolved during 2024/25.
6
Centro Auditivo Widex Brasitom Ltda and Qualiaudio Comercio e Distribuicao Ltda were merged into WS Audiology Solucuoes Auditiva Ltd. and subse-
quently Communicare Aparelhos Auditivos Ltda. were also transferred to WS Audiology Solucuoes Auditiva Ltd. during 2024/25.
7
Widex Co., Ltd. was merged into WS Audiology Japan K.K and subsequently WS Audiology Japan K.K was transferred to WS Audiology A/S during
2024/25.
8
Active Hearing Pty. Ltd. and its subsidiaries were transferred to WS Audiology A/S during 2024/25.
9
Hearclear Audiology Pty. Ltd. was deregistered during 2024/25.
10
Widex UK Ltd. was merged into WS Audiology Limited during 2024/25.
11
Hear in America LLC was wound up during 2024/25.
12
Shoebox Ltd was merged into WS Audiology Canada Inc during 2024/25.
13
With reference to Section 264 (3) of the German Commercial Code (HGB), WS Audiology A/S will guarantee for any commitment made by its German
subsidiaries for the financial year 2024/25.
14
Lifestyle Hearing Corporation (USA), Inc. was merged into Audiology Distribution, LLC and all its subsidiaries were subsequently transferred to Audiol-
ogy Distribution, LLC during 2024/25.
15
Widex USA Inc. was merged into WS Audiology USA, Inc. during 2024/25.
WS Audiology A/S
66
5.8 Significant events after reporting date
There have been no adjusting or non-adjusting events after the reporting date that would be expected
to influence the economic decisions that users make on the basis of these financial statements.
5.9 Dividends
For the financial year ended 30 September 2025, the Board of Directors proposes a dividend to the share-
holder of DKK 0 (2023/24: DKK 193 million).
5.10 Group conditions
Name and residents of the parent company, who prepares the consolidated financial statements for
the smallest group:
Company
Address
Country
CVR no.
WSA A/S
Nymøllevej 6, 3540 Lynge
Denmark
40296638
Name and residents of the parent company, who prepares the consolidated financial statements for
the largest group:
Company
Address
Country
CVR no.
T&W Medical A/S
Nymøllevej 6, 3540 Lynge
Denmark
28511809