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XML: INVALID
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The full data:
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scheme="http://www.dcca.dk/cvr">71186911</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2017-01-01</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="instant_LY_only_start"><xbrli:entity><xbrli:identifier scheme="http://www.dcca.dk/cvr">71186911</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2016-01-01</xbrli:instant></xbrli:period></xbrli:context><cmn:TypeOfAuditorAssistance contextRef="duration_CY_only">RevisionspÃ¥tegning</cmn:TypeOfAuditorAssistance><gsd:InformationOnTypeOfSubmittedReport contextRef="duration_CY_only">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport><gsd:IdentificationNumberCvrOfReportingEntity contextRef="duration_CY_only">71186911</gsd:IdentificationNumberCvrOfReportingEntity><gsd:NameOfReportingEntity contextRef="duration_CY_only">William Demant Holding A/S</gsd:NameOfReportingEntity><gsd:AddressOfReportingEntityStreetName contextRef="duration_CY_only">Kongebakken</gsd:AddressOfReportingEntityStreetName><gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="duration_CY_only">9</gsd:AddressOfReportingEntityStreetBuildingIdentifier><gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="duration_CY_only">DK-2765</gsd:AddressOfReportingEntityPostCodeIdentifier><gsd:AddressOfReportingEntityDistrictName contextRef="duration_CY_only">Smørum</gsd:AddressOfReportingEntityDistrictName><gsd:AddressOfReportingEntityCountry contextRef="duration_CY_only">Denmark</gsd:AddressOfReportingEntityCountry><gsd:TelephoneNumberOfReportingEntity contextRef="duration_CY_only">+45 3917 7300</gsd:TelephoneNumberOfReportingEntity><gsd:FaxNumberOfReportingEntity contextRef="duration_CY_only">+45 3927 8900</gsd:FaxNumberOfReportingEntity><gsd:HomepageOfReportingEntity contextRef="duration_CY_only">www.demant.com</gsd:HomepageOfReportingEntity><gsd:EmailOfReportingEntity contextRef="duration_CY_only">william@demant.com</gsd:EmailOfReportingEntity><gsd:ReportingPeriodStartDate contextRef="duration_CY_only">2017-01-01</gsd:ReportingPeriodStartDate><gsd:ReportingPeriodEndDate contextRef="duration_CY_only">2017-12-31</gsd:ReportingPeriodEndDate><gsd:PrecedingReportingPeriodStartDate contextRef="duration_CY_only">2016-01-01</gsd:PrecedingReportingPeriodStartDate><gsd:PredingReportingPeriodEndDate contextRef="duration_CY_only">2016-12-31</gsd:PredingReportingPeriodEndDate><gsd:DateOfGeneralMeeting contextRef="duration_CY_only">2018-03-22</gsd:DateOfGeneralMeeting><gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="duration_CY_only">Jesper Schultz Larsen</gsd:NameAndSurnameOfChairmanOfGeneralMeeting><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_1">Søren Nielsen</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_2">René Schneider</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:TitleOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_1">President & CEO</cmn:TitleOfMemberOfExecutiveBoard><cmn:TitleOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_2">CFO</cmn:TitleOfMemberOfExecutiveBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_1">Niels B. Christiansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_2">Niels Jacobsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_3">Thomas Duer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_4">Peter Foss</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_5">Benedikte Leroy</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_6">Ole Lundsgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_7">Jørgen Møller Nielsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_8">Lars Rasmussen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_1">Chairman</cmn:TitleOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_2">Deputy Chairman</cmn:TitleOfMemberOfSupervisoryBoard><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">33963556</cmn:IdentificationNumberCvrOfAuditFirm><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">33963556</cmn:IdentificationNumberCvrOfAuditFirm><cmn:NameOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm><cmn:NameOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm><gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="duration_CY_only">71186911</gsd:IdentificationNumberCvrOfSubmittingEnterprise><gsd:NameOfSubmittingEnterprise contextRef="duration_CY_only">William Demant Holding A/S</gsd:NameOfSubmittingEnterprise><gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="duration_CY_only">Kongebakken 9</gsd:AddressOfSubmittingEnterpriseStreetAndNumber><gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="duration_CY_only">DK-2765 Smørum</gsd:AddressOfSubmittingEnterprisePostcodeAndTown><arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">To the shareholders of William Demant Holding A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements><arr:OpinionOnAuditedFinancialStatements contextRef="duration_CY_only">We have audited the consolidated financial statements<br/>and the parent financial statements of William Demant<br/>Holding A/S for the financial year 1 January to 31 December<br/>2017, which comprise the income statement, balance<br/>sheet, statement of changes in equity and notes, including<br/>a summary of significant accounting policies, for the Group<br/>as well as the Parent, and the statement of comprehensive<br/>income and the cash flow statement of the Group. The<br/>consolidated financial statements are prepared in accordance<br/>with International Financial Reporting Standards as<br/>adopted by the EU and additional requirements of the<br/>Danish Financial Statements Act, and the parent financial<br/>statements are prepared in accordance with the Danish<br/>Financial Statements Act.<br/>In our opinion, the consolidated financial statements give<br/>a true and fair view of the Groupâs financial position as of<br/>31 December 2017, and of the results of its operations and<br/>cash flows for the financial year 1 January 2017 to 31 December<br/>2017 in accordance with International Financial<br/>Reporting Standards as adopted by the EU and additional<br/>requirements under the Danish Financial Statements Act.<br/>Further, in our opinion, the parent financial statements<br/>give a true and fair view of the Parentâs financial position<br/>as of 31 December 2017, and of the results of its operations<br/>for the financial year 1 January 2017 to 31 December<br/>2017 in accordance with the Danish Financial Statements<br/>Act.<br/>Our opinion is consistent with our audit book comments<br/>issued to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements><arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="duration_CY_only">We conducted our audit in accordance with International<br/>Standards on Auditing (ISAs) and the additional requirements<br/>applicable in Denmark. Our responsibilities under<br/>those standards and requirements are further described<br/>in the Auditorâs responsibilities for the audit of the consolidated<br/>financial statements and the parent financial<br/>statements section of this auditorâs report. We are independent<br/>of the Group in accordance with the International<br/>Ethics Standards Board of Accountantsâ Code of Ethics for<br/>Professional Accountants (IESBA Code) and the additional<br/>requirements applicable in Denmark, and we have fulfilled<br/>our other ethical responsibilities in accordance with these<br/>requirements. We believe that the audit evidence we have<br/>obtained is sufficient and appropriate to provide a basis<br/>for our opinion.<br/>To the best of our knowledge and belief, we have not<br/>provided any prohibited non-audit services as referred<br/>to in Article 5(1) of Regulation (EU) No 537/2014.<br/>After William Demant Holding A/S was listed on Nasdaq<br/>OMX Copenhagen, we were appointed auditors for the first<br/>time on 29 April 1996 for the financial year 1996. We have<br/>been reappointed annually by decision of the general meeting<br/>for a total contiguous engagement period of 21 years<br/>up to and including the financial year 2017.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements><arr:KeyAuditMattersAudit contextRef="duration_CY_only">Key audit matters are those matters that, in our professional<br/>judgement, were of most significance in our audit of the<br/>consolidated financial statements and the parent financial<br/>statements for the financial year 1 January to 31 December<br/>2017. These matters were addressed in the context of our<br/>audit of the consolidated financial statements and the<br/>parent financial statements as a whole, and in forming<br/>our opinion thereon, and we do not provide a separate<br/>opinion on these matters.<br/>Accounting for business combinations<br/>Refer to note 6.1 in the consolidated financial statements.<br/>The Group completed individually immaterial business<br/>combinations for a total purchase price of DKK 475 million,<br/>resulting in the recognition of goodwill of DKK 437 million<br/>and intangible assets of DKK 27 million.<br/>The allocation of the purchase price in business combinations<br/>to other intangible assets acquired relies on assumptions<br/>and judgements made by Management. Management<br/>has performed fair value calculations which include judgements<br/>and estimates, including the future cash flow anticipated<br/>from the acquired customer base and the discount<br/>rate applied.<br/>We have tested internal controls that address the accounting<br/>for business combinations and tested the reasonableness<br/>of the key assumptions, including market potential,<br/>revenue and cash flow growth and discount rates. We<br/>assessed and challenged Managementâs assumptions<br/>used in its fair value models for identifying and measuring<br/>customer bases and for other intangible assets, including:<br/>⢠The future cash flow projections by discussing with<br/>Management and key employees.<br/>⢠Consulted with subject matter experts regarding the<br/>valuation methodologies applied.<br/>⢠Obtained supporting documentation of Managementâs<br/>estimates and key assumptions and corroborated certain<br/>information â including the applied discount rates â with<br/>third party sources.<br/>⢠Tested the mathematical accuracy of the calculations in<br/>the models.<br/>⢠Considered the impact of reasonably possible changes in<br/>key assumptions and performed sensitivity calculations<br/>to quantify the impact of potential downside changes to<br/>Managementâs models.</arr:KeyAuditMattersAudit><arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">Management is responsible for the management commentary.<br/>Our opinion on the consolidated financial statements and<br/>the parent financial statements does not cover the management<br/>commentary, and we do not express any form<br/>of assurance conclusion thereon.<br/>In connection with our audit of the consolidated financial<br/>statements and the parent financial statements, our responsibility<br/>is to read the management commentary and,<br/>in doing so, consider whether the management commentary<br/>is materially inconsistent with the consolidated financial<br/>statements and the parent financial statements or our<br/>knowledge obtained in the audit or otherwise appears to<br/>be materially misstated.<br/>Moreover, it is our responsibility to consider whether<br/>the management commentary provides the information<br/>required under the Danish Financial Statements Act.<br/>Based on the work we have performed, we conclude that<br/>the management commentary is in accordance with the<br/>consolidated financial statements and the parent financial<br/>statements and has been prepared in accordance with the<br/>requirements of the Danish Financial Statements Act. We<br/>did not identify any material misstatement of the management<br/>commentary.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements><arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="duration_CY_only">Management is responsible for the preparation of consolidated<br/>financial statements that give a true and fair<br/>view in accordance with International Financial Reporting<br/>Standards as adopted by the EU and additional requirements<br/>of the Danish Financial Statements Act as well as<br/>the preparation of parent financial statements that give a<br/>true and fair view in accordance with the Danish Financial<br/>Statements Act, and for such internal control as Management<br/>determines is necessary to enable the preparation<br/>of consolidated financial statements and parent financial<br/>statements that are free from material misstatement,<br/>whether due to fraud or error.<br/>In preparing the consolidated financial statements and<br/>the parent financial statements, Management is responsible<br/>for assessing the Groupâs and the Parentâs ability to<br/>continue as a going concern, for disclosing, as applicable,<br/>matters related to going concern, and for using the going<br/>con-cern basis of accounting in preparing the consolidated<br/>financial statements and the parent financial statements<br/>unless Management either intends to liquidate the Group<br/>or the Entity or to cease operations, or has no realistic<br/>alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements><arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="duration_CY_only">Our objectives are to obtain reasonable assurance about<br/>whether the consolidated financial statements and the<br/>parent financial statements as a whole are free from material<br/>misstatement, whether due to fraud or error, and<br/>to issue an auditorâs report that includes our opinion.<br/>Reasonable assurance is a high level of assurance, but<br/>is not a guarantee that an audit conducted in accordance<br/>with ISAs and the additional requirements applicable in<br/>Denmark will always detect a material misstatement when<br/>it exists. Misstatements can arise from fraud or error and<br/>are considered material if, individually or in the aggregate,<br/>they could reasonably be expected to influence the economic<br/>decisions of users taken on the basis of these consolidated<br/>financial statements and these parent financial<br/>statements.<br/>As part of an audit conducted in accordance with ISAs and<br/>the additional requirements applicable in Denmark, we exercise<br/>professional judgement and maintain professional<br/>scepticism throughout the audit. We also:<br/>⢠Identify and assess the risks of material misstatement<br/>of the consolidated financial statements and the parent<br/>financial statements, whether due to fraud or error, design<br/>and perform audit procedures responsive to those<br/>risks, and obtain audit evidence that is sufficient and<br/>appropriate to provide a basis for our opinion. The risk<br/>of not detecting a material misstatement resulting from<br/>fraud is higher than for one resulting from error, as fraud<br/>may involve collusion, forgery, intentional omissions,<br/>misrepresentations, or the override of internal control.<br/>⢠Obtain an understanding of internal control relevant to<br/>the audit in order to design audit procedures that are<br/>appropriate in the circumstances, but not for the purpose<br/>of expressing an opinion on the effectiveness<br/>of the Groupâs and the Parentâs internal control.<br/>⢠Evaluate the appropriateness of accounting policies<br/>used and the reasonableness of accounting estimates<br/>and related disclosures made by Management.<br/>⢠Conclude on the appropriateness of Managementâs use<br/>of the going concern basis of accounting in preparing the<br/>consolidated financial statements and the parent financial<br/>statements, and, based on the audit evidence obtained,<br/>whether a material uncertainty exists related to<br/>events or conditions that may cast significant doubt on<br/>the Groupâs and the Parentâs ability to continue as a<br/>going concern. If we conclude that a material uncertainty<br/>exists, we are required to draw attention in our auditorâs<br/>report to the related disclosures in the consolidated financial<br/>statements and the parent financial statements<br/>or, if such disclosures are inadequate, to modify our<br/>opinion. Our conclusions are based on the audit evidence<br/>obtained up to the date of our auditorâs report.<br/>However, future events or conditions may cause the<br/>Group and the Entity to cease to continue as a going<br/>concern.<br/>⢠Evaluate the overall presentation, structure and content<br/>of the consolidated financial statements and the parent<br/>financial statements, including the disclosures in the<br/>notes, and whether the consolidated financial statements<br/>and the parent financial statements represent<br/>the underlying transactions and events in a manner<br/>that gives a true and fair view.<br/>⢠Obtain sufficient appropriate audit evidence regarding<br/>the financial information of the entities or business activities<br/>within the Group to express an opinion on the<br/>consolidated financial statements. We are responsible<br/>for the direction, supervision and performance of the<br/>group audit. We remain solely responsible for our audit<br/>opinion.<br/>We communicate with those charged with governance<br/>regarding, among other matters, the planned scope and<br/>timing of the audit and significant audit findings, including<br/>any significant deficiencies in internal control that we<br/>identify during our audit.<br/>We also provide those charged with governance with a<br/>statement that we have complied with relevant ethical<br/>requirements regarding independence, and to communicate<br/>with them all relationships and other matters that<br/>may reasonably be thought to bear on our independence,<br/>and where applicable, related safeguards.<br/>From the matters communicated with those charged with<br/>governance, we determine those matters that were of most<br/>significance in the audit of the consolidated financial statements<br/>and the parent financial statements of the current<br/>period and are therefore the key audit matters. We describe<br/>these matters in our auditorâs report unless law or<br/>regulation precludes public disclosure about the matter<br/>or when, in extremely rare circumstances, we determine<br/>that a matter should not be communicated in our report<br/>because the adverse consequences of doing so would<br/>reasonably be expected to outweigh the public interest<br/>benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed><arr:SignatureOfAuditorsPlace contextRef="duration_CY_only">Copenhagen</arr:SignatureOfAuditorsPlace><arr:SignatureOfAuditorsDate contextRef="duration_CY_only">2018-02-22</arr:SignatureOfAuditorsDate><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Anders Vad Dons</cmn:NameAndSurnameOfAuditor><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">KÃ¥re Valtersdorf</cmn:NameAndSurnameOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">State-Authorised Public Accountant</cmn:DescriptionOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">State-Authorised Public Accountant </cmn:DescriptionOfAuditor><arr:IdentificationNumberOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">mne25299</arr:IdentificationNumberOfAuditor><arr:IdentificationNumberOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">mne34490</arr:IdentificationNumberOfAuditor><mrv:StatementOfCorporateSocialResponsibility contextRef="duration_CY_only">Every year, we prepare a corporate social responsibility<br/>(CSR) report, which describes the commitment of William<br/>Demantâs Management to ensure that the Group acts in<br/>accordance with corporate governance rules and business<br/>ethics and that it meets its social and environmental<br/>responsibilities.<br/>The report also serves as the William Demant Groupâs<br/>Communication on Progress (COP) report to the UN Global<br/>Compact and as our statement on the UK Modern Slavery<br/>Act. In addition, the report serves as the statutory report to<br/>be presented under section 99a and 99b of the Danish<br/>Financial Statements Act. The full report is available on our<br/>website, www.demant.com/media/#media-documents.</mrv:StatementOfCorporateSocialResponsibility><mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="duration_CY_only">www.demant.com/media/#media-documents</mrv:LinkToStatementOfCorporateSocialResponsibility><mrv:CorporateGovernanceReport contextRef="duration_CY_only">Recommendations on corporate governance<br/>Recommendations issued by the Danish Committee on<br/>Corporate Governance and adopted by Nasdaq Copenhagen<br/>are best-practice guidelines for the management of companies<br/>admitted to trading on a regulated market in Denmark.<br/>The recommendations should be viewed together with the<br/>statutory requirements, including not least the Danish<br/>Companies Act and the Danish Financial Statements Act,<br/>but also European Union company law.<br/>The work on corporate governance is an ongoing process<br/>for our Board of Directors and Executive Board, which determines<br/>the extent to which the Company should comply with<br/>the recommendations and regularly assess whether the recommendations<br/>give rise to amendments to our rules of procedure<br/>or managerial processes. When reporting on corporate<br/>governance, we follow the âcomply or explainâ principle.<br/>The few cases where we have chosen to deviate from a<br/>recommendation are well-founded, and we explain what we<br/>do instead. To further increase transparency, we provide<br/>supplementary and relevant information, even when we<br/>follow the recommendations.<br/>A complete schematic presentation of the recommendations<br/>and how we comply, Statutory report on corporate governance,<br/>cf. section 107 b of the Danish Financial Statements<br/>Act, is available on our website,<br/>www.demant.com/about/responsibility/#governance.<br/>Board of Directors<br/>Tasks and responsibilities of the Board of Directors<br/>The Board of Directors is responsible for the overall strategic<br/>management and for the financial and managerial<br/>supervision of the Company, the ultimate goal being to<br/>ensure that the Company creates value. On an ongoing<br/>basis, the Board of Directors evaluates the work of the<br/>Executive Board as for instance reflected in the annual<br/>plan and budget prepared for the Board of Directors. The<br/>Boardâs duties and responsibilities are set out in its rules<br/>of procedure, and the Executive Boardâs duties and responsibilities<br/>are provided in a set of instructions. The rules of<br/>procedure and instructions are reviewed annually by the<br/>Board of Directors and updated as deemed necessary.<br/>Composition and organisation of the Board of Directors<br/>The Board has eight members: five members elected by<br/>the shareholders at the annual general meeting and three<br/>members elected by staff in Denmark. Following the annual<br/>general meeting in 2017, Niels B. Christiansen was appointed<br/>new Chairman of the Board. Shareholders elect Board<br/>members for a term of one year, and staff elect Board members<br/>for a term of four years. Staff-elected members are<br/>elected in accordance with the provisions of the Danish<br/>Companies Act.<br/>Although the Board members elected by the general meeting<br/>are up for election every year, the individual Board<br/>members are traditionally re-elected and sit on the Board<br/>for an extended number of years. This ensures consistency<br/>and maximum insight into the conditions prevailing in the<br/>Company and the industry. Such consistency and in-sight<br/>are considered extremely important in order for the Board<br/>members to bring value to the Company. Presently, three<br/>of the Board members elected by shareholders at the annual<br/>general meeting are independent.<br/>The Board is composed to ensure the right combination<br/>of competencies and experience, with extensive international<br/>managerial experience and board experience from<br/>major listed companies carrying particular weight. This<br/>also applies when new Board candidates are selected.<br/>On our website, www.demant.com/about/management/,<br/>we describe the competencies and qualifications that the<br/>Board of Directors deems necessary to have at its overall<br/>disposal in order for the Board to be able to perform its<br/>tasks for the Company.<br/>Board committees<br/>The Companyâs Board of Directors has set up an audit committee.<br/>The Board of Directors appoints the chairman of the<br/>audit committee, who must be independent and who must<br/>not be Chairman of the Board of Directors.<br/>The Companyâs Board of Directors has also set up a nomination<br/>committee. The members are the Chairman and the<br/>Deputy Chairman of the Companyâs Board of Directors, the<br/>Chairman and the Deputy Chairman of the Companyâs major<br/>shareholder, the Oticon Foundation, and the President &<br/>CEO of the Company. The Chairman of the Board also chairs<br/>the nomination committee.<br/>The Companyâs Board of Directors has also set up a remuneration<br/>committee. The members are the Chairman and<br/>the Deputy Chairman of the Companyâs Board of Directors.<br/>The Chairman of the Board also chairs the remuneration<br/>committee.<br/>The terms of reference and the composition of the audit,<br/>nomination and remuneration committees can be found<br/>on our website.<br/>Evaluation of the performance of the Board of Directors<br/>Once a year, the Chairman of the Board performs an evaluation<br/>of the Boardâs work. Every other year, such evaluation<br/>is performed through personal, individual interviews with<br/>the Board members by the Chairman of the Board, and<br/>every other year, the evaluation is carried out by means<br/>of a questionnaire to be filled in by the individual Board<br/>members. In both instances, the results of the evaluation<br/>are presented and discussed at the subsequent Board<br/>meeting, and any improvement proposals are considered.<br/>Board of Directorsâ and Executive Boardâs remuneration<br/>At the annual general meeting in 2016, new guidelines for<br/>incentive pay were adopted, allowing agreements on incentive<br/>pay for the Executive Board. In addition to their<br/>fixed remuneration, members of the Executive Board are<br/>allowed to join a cash-settled, share-based remuneration<br/>programme, the purposes of which are to provide further<br/>incentive for members of the Executive Board to continue<br/>their services to the Company and to align the interests of<br/>the Executive Board with the interests of the shareholders<br/>of the Company. The share-based programme has vesting<br/>conditions under which the members of the Executive Board<br/>must remain employed for three years to receive the remuneration.<br/>Board membersâ fees consist of a basic fee of DKK 350,000.<br/>The Chairman receives three times the basic fee, and the<br/>Deputy Chairman receives twice the basic fee.<br/>The members of the audit committee receive a basic fee of<br/>DKK 50,000, and the chairman of the committee receives<br/>three times the basic fee. Nomination and remuneration<br/>committee members do not receive additional remuneration<br/>for their work on the committee.<br/>Meetings in 2017<br/>In 2017, the Board of Directors convened on five occasions.<br/>The audit committee held three meetings in connection with<br/>ordinary Board meetings. In 2017, the nomination committee<br/>held one meeting, and the remuneration committee<br/>held one meeting.</mrv:CorporateGovernanceReport><mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_only">In terms of corporate governance, diversity at management<br/>level addresses age, international experience and gender.<br/>We have defined a diversity policy and taken specific initiatives<br/>to increase the share of female managers in the<br/>Group. Since we started recording these numbers in 2009,<br/>the male/female manager ratio in our Danish companies<br/>has improved from 89/11 in 2009 to 77/23 in 2017. In<br/>middle and first-line management, the ratio has increased<br/>from 84/16 in 2009 to 76/24 in 2017.<br/>We will continue to take concrete initiatives to support the<br/>diversity policy, ranging from communication to recruitment<br/>and onboarding. Furthermore, in the next couple<br/>of years, we will take concrete steps to also record these<br/>numbers in William Demant companies of a considerable<br/>size in other countries and to update our local policies<br/>in this area. The diversity policy and a description of the<br/>developments made are available in our CSR report and<br/>on our website, www.demant.com/about/responsibility.<br/>In terms of gender equality, the Board set a new target<br/>in February 2016: Before the end of 2020, the Board of<br/>Directors aims to have at least two female members. Today,<br/>the Board has one female member.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender><mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_only">www.demant.com/about/responsibility</mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender><ifrs-full:Revenue contextRef="duration_CY_only" decimals="-6" unitRef="DKK">13189000000</ifrs-full:Revenue><ifrs-full:Revenue contextRef="duration_LY_only" decimals="-6" unitRef="DKK">12002000000</ifrs-full:Revenue><ifrs-dk:ProductionCost contextRef="duration_CY_only" decimals="-6" unitRef="DKK">3163000000</ifrs-dk:ProductionCost><ifrs-dk:ProductionCost contextRef="duration_LY_only" decimals="-6" unitRef="DKK">2972000000</ifrs-dk:ProductionCost><ifrs-full:GrossProfit contextRef="duration_CY_only" decimals="-6" unitRef="DKK">10026000000</ifrs-full:GrossProfit><ifrs-full:GrossProfit contextRef="duration_LY_only" decimals="-6" 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decimals="-6" unitRef="DKK">148000000</ifrs-full:CurrentTaxLiabilitiesCurrent><PP:PP_584AECFB_53EE_4B49_B3C5_79B73F27B12F contextRef="instant_CY_only" decimals="-6" unitRef="DKK">3000000</PP:PP_584AECFB_53EE_4B49_B3C5_79B73F27B12F><PP:PP_584AECFB_53EE_4B49_B3C5_79B73F27B12F contextRef="instant_LY_only" decimals="-6" unitRef="DKK">46000000</PP:PP_584AECFB_53EE_4B49_B3C5_79B73F27B12F><ifrs-full:CurrentLiabilities contextRef="instant_CY_only" decimals="-6" unitRef="DKK">5703000000</ifrs-full:CurrentLiabilities><ifrs-full:CurrentLiabilities contextRef="instant_LY_only" decimals="-6" unitRef="DKK">5834000000</ifrs-full:CurrentLiabilities><ifrs-full:OtherCurrentLiabilities contextRef="instant_CY_only" decimals="-6" unitRef="DKK">1544000000</ifrs-full:OtherCurrentLiabilities><ifrs-full:OtherCurrentLiabilities contextRef="instant_LY_only" decimals="-6" unitRef="DKK">1244000000</ifrs-full:OtherCurrentLiabilities><ifrs-full:Liabilities contextRef="instant_CY_only" decimals="-6" unitRef="DKK">8789000000</ifrs-full:Liabilities><ifrs-full:Liabilities contextRef="instant_LY_only" decimals="-6" unitRef="DKK">8582000000</ifrs-full:Liabilities><ifrs-full:EquityAndLiabilities contextRef="instant_CY_only" decimals="-6" unitRef="DKK">16222000000</ifrs-full:EquityAndLiabilities><ifrs-full:EquityAndLiabilities contextRef="instant_LY_only" decimals="-6" unitRef="DKK">15548000000</ifrs-full:EquityAndLiabilities><ifrs-full:AdjustmentsForProvisions contextRef="duration_CY_only" decimals="-6" unitRef="DKK">-53000000</ifrs-full:AdjustmentsForProvisions><ifrs-full:AdjustmentsForProvisions contextRef="duration_LY_only" decimals="-6" unitRef="DKK">10000000</ifrs-full:AdjustmentsForProvisions><ifrs-full:OtherAdjustmentsForNoncashItems contextRef="duration_CY_only" decimals="-6" unitRef="DKK">428000000</ifrs-full:OtherAdjustmentsForNoncashItems><ifrs-full:OtherAdjustmentsForNoncashItems contextRef="duration_LY_only" decimals="-6" unitRef="DKK">374000000</ifrs-full:OtherAdjustmentsForNoncashItems><ifrs-dk:DecreaseIncreaseInInventories contextRef="duration_CY_only" decimals="-6" unitRef="DKK">89000000</ifrs-dk:DecreaseIncreaseInInventories><ifrs-dk:DecreaseIncreaseInInventories contextRef="duration_LY_only" decimals="-6" unitRef="DKK">-40000000</ifrs-dk:DecreaseIncreaseInInventories><ifrs-dk:DecreaseIncreaseInReceivables contextRef="duration_CY_only" decimals="-6" unitRef="DKK">-386000000</ifrs-dk:DecreaseIncreaseInReceivables><ifrs-dk:DecreaseIncreaseInReceivables contextRef="duration_LY_only" decimals="-6" unitRef="DKK">-293000000</ifrs-dk:DecreaseIncreaseInReceivables><ifrs-dk:DecreaseIncreaseInTradePayables contextRef="duration_CY_only" decimals="-6" unitRef="DKK">-188000000</ifrs-dk:DecreaseIncreaseInTradePayables><ifrs-dk:DecreaseIncreaseInTradePayables contextRef="duration_LY_only" decimals="-6" unitRef="DKK">-136000000</ifrs-dk:DecreaseIncreaseInTradePayables><ifrs-full:CashFlowsFromUsedInOperations 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unitRef="DKK">137000000</ifrs-full:InterestPaidClassifiedAsOperatingActivities><ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">39000000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities><ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">31000000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities><ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">488000000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities><ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">426000000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1">Realised foreign currency translation adjustments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1">Realised foreign currency translation adjustments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1" decimals="-6" unitRef="DKK">-2000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1" decimals="-6" unitRef="DKK">-7000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities><ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">1872000000</ifrs-full:CashFlowsFromUsedInOperatingActivities><ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">1679000000</ifrs-full:CashFlowsFromUsedInOperatingActivities><ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">0</ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities><ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">-27000000</ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities><ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">656000000</ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities><ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">363000000</ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities><ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">20000000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">20000000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">312000000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">319000000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Investments in and disposal of intangible assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Investments in and disposal of intangible assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22">Investments in other non-current assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22">Investments in other non-current assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_23">Disposal of other non-current assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_23">Disposal of other non-current assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-6" unitRef="DKK">-126000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-6" unitRef="DKK">-152000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22" decimals="-6" unitRef="DKK">-319000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities 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unitRef="DKK">-1141000000</ifrs-full:CashFlowsFromUsedInInvestingActivities><ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">-792000000</ifrs-full:CashFlowsFromUsedInInvestingActivities><ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="duration_CY_only" decimals="-6" unitRef="DKK">1031000000</ifrs-dk:PurchaseSaleOfTreasuryAssets><ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="duration_LY_only" decimals="-6" unitRef="DKK">1050000000</ifrs-dk:PurchaseSaleOfTreasuryAssets><ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">1132000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities><ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">774000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities><ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">1156000000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities><ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">350000000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities><ifrs-dk:DividensDistributedToNonControllingInterests contextRef="duration_CY_only" decimals="-6" unitRef="DKK">3000000</ifrs-dk:DividensDistributedToNonControllingInterests><ifrs-dk:DividensDistributedToNonControllingInterests contextRef="duration_LY_only" decimals="-6" unitRef="DKK">3000000</ifrs-dk:DividensDistributedToNonControllingInterests><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41">Change in short-term bank 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