Assets
| Type | Time | Amount | Unit |
|---|
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: INVALID
Separator
The full data:
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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">info@demant.com</gsd:EmailOfReportingEntity><gsd:ReportingPeriodStartDate contextRef="duration_CY_only">2018-01-01</gsd:ReportingPeriodStartDate><gsd:ReportingPeriodEndDate contextRef="duration_CY_only">2018-12-31</gsd:ReportingPeriodEndDate><gsd:PrecedingReportingPeriodStartDate contextRef="duration_CY_only">2017-01-01</gsd:PrecedingReportingPeriodStartDate><gsd:PredingReportingPeriodEndDate contextRef="duration_CY_only">2017-12-31</gsd:PredingReportingPeriodEndDate><gsd:DateOfGeneralMeeting contextRef="duration_CY_only">2019-03-19</gsd:DateOfGeneralMeeting><gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="duration_CY_only">Jesper Schultz Larsen 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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:AddressOfAuditorStreetName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Weidekampsgade</gsd:AddressOfAuditorStreetName><gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">6</gsd:AddressOfAuditorStreetBuildingIdentifier><gsd:AddressOfAuditorPostCodeIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">2300</gsd:AddressOfAuditorPostCodeIdentifier><gsd:AddressOfAuditorDistrictName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Copenhagen S</gsd:AddressOfAuditorDistrictName><gsd:AddressOfAuditorCountry contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Denmark</gsd:AddressOfAuditorCountry><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">2765 Smørum</gsd:AddressOfSubmittingEnterprisePostcodeAndTown><arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">To the shareholders of William Demant Holding A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements><arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="duration_CY_only">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements><arr:OpinionOnAuditedFinancialStatements contextRef="duration_CY_only">We have audited the consolidated financial statements<br/>and the parent financial statements of William<br/>Demant Holding A/S for the financial year 1 January<br/>to 31 December 2018, which comprise the income<br/>statement, balance sheet, statement of changes in<br/>equity and notes, including a summary of significant<br/>accounting policies, for the Group as well as the Parent,<br/>and the statement of comprehensive income and the<br/>cash flow statement of the Group. The consolidated<br/>financial statements are prepared in accordance with<br/>International Financial Reporting Standards as adopted<br/>by the EU and additional requirements of the Danish<br/>Financial Statements Act, and the parent financial<br/>statements are prepared in accordance with the<br/>Danish Financial Statements Act.<br/>In our opinion, the consolidated financial statements give<br/>a true and fair view of the Groupâs financial position as<br/>of 31 December 2018, and of the results of its operations<br/>and cash flows for the financial year 1 January 2018<br/>to 31 December 2018 in accordance with International<br/>Financial Reporting Standards as adopted by the EU<br/>and additional requirements under the Danish Financial<br/>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 2018, and of the results of its<br/>opera-tions for the financial year 1 January 2018 to 31<br/>December 2018 in accordance with the Danish Financial<br/>Statements 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:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="duration_CY_only">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements><arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="duration_CY_only">We conducted our audit in accordance with International<br/>Standards on Auditing (ISAs) and the additional<br/>requirements applicable in Denmark. Our responsibilities<br/>under those standards and requirements are further<br/>described in the Auditorâs responsibilities for the audit<br/>of the consolidated financial statements and the parent<br/>financial statements section of this auditorâs report. We<br/>are independent of the Group in accordance with the<br/>International Ethics Standards Board of Accountantsâ<br/>Code of Ethics for Professional Accountants (IESBA<br/>Code) and the additional requirements applicable in<br/>Denmark, and we have fulfilled our other ethical responsibilities<br/>in accordance with these requirements. We<br/>believe that the audit evidence we have obtained is sufficient<br/>and appropriate to provide a basis for our opinion.<br/>To the best of our knowledge and belief, we have not<br/>provided any prohibited non-audit services as referred to<br/>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<br/>first time on 29 April 1996 for the financial year 1996.<br/>We have been reappointed annually by decision of the<br/>general meeting for a total contiguous engagement<br/>period of 22 years up to and including the financial<br/>year 2018.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements><arr:KeyAuditMattersAudit contextRef="duration_CY_only">Key audit matters<br/>Key audit matters are those matters that, in our professional<br/>judgement, were of most significance in our audit<br/>of the consolidated financial statements and the parent<br/>financial statements for the financial year 1 January to<br/>31 December 2018. These matters were addressed in<br/>the context of our audit of the consolidated financial<br/>statements and the parent financial statements as a<br/>whole, and in forming our opinion thereon, and we do<br/>not provide a separate opinion on these matters.<br/>Accounting for business combinations<br/>Refer to Note 6.1 in the consolidated financial<br/>statements.<br/>With regard to the purchase of the remaining shareholding<br/>in AccuQuest Hearing Center LLC (âAccuQuestâ),<br/>Management has performed a fair value calculation of<br/>AccuQuest in order to determine the fair value of the<br/>previously held ownership. These calculations include<br/>material judgements and estimates. The Group furthermore<br/>completed additional individually immaterial business<br/>combinations for a total purchase price of DKK 228<br/>million, resulting in the recognition of goodwill of DKK<br/>204 million and intangible assets of DKK 16 million.<br/>The allocation of the purchase price in business combinations<br/>to other intangible assets acquired relies on<br/>assumptions and judgements made by Management.<br/>Management has performed fair value calculations<br/>which include judgements and estimates, including the<br/>future cash flow anticipated from the acquired customer<br/>base and the discount rate applied.<br/><br/>We have tested internal controls that address the<br/>accounting for business combinations and tested<br/>the reasonableness of the key assumptions, including<br/>market potential, revenue and cash ï¬ow growth<br/>and discount rates. We assessed and challenged<br/>Managementâs assumptions used in its fair value<br/>models for identifying and measuring customer bases<br/>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<br/>â with third party sources.<br/>⢠Tested the mathematical accuracy of the calculations<br/>in the models.<br/>⢠Considered the impact of reasonably possible changes<br/>in key assumptions and performed sensitivity calculations<br/>to quantify the impact of potential downside<br/>changes to Managementâs models.</arr:KeyAuditMattersAudit><arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">Management is responsible for the management<br/>commentary.<br/>Our opinion on the consolidated financial statements<br/>and the parent financial statements does not cover the<br/>management commentary, and we do not express any<br/>form of assurance conclusion thereon.<br/>In connection with our audit of the consolidated financial<br/>statements and the parent financial statements, our<br/>responsibility is to read the management commentary<br/>and, in doing so, consider whether the management<br/>commentary is materially inconsistent with the consolidated<br/>financial statements and the parent financial<br/>statements or our knowledge obtained in the audit or<br/>otherwise appears to 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<br/>that the management commentary is in accordance<br/>with the consolidated financial statements and the<br/>parent financial statements and has been prepared<br/>in accordance with the requirements of the Danish<br/>Financial Statements Act. We did not identify any<br/>material misstatement of the management commentary.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements><arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="duration_CY_only">Management is responsible for the preparation of<br/>consolidated financial statements that give a true and<br/>fair view in accordance with International Financial<br/>Reporting Standards as adopted by the EU and additional<br/>requirements of the Danish Financial Statements<br/>Act as well as the preparation of parent financial statements<br/>that give a true and fair view in accordance with<br/>the Danish Financial Statements Act, and for such internal<br/>control as Management determines is necessary to<br/>enable the preparation of consolidated financial statements<br/>and parent financial statements that are free from<br/>material misstatement, whether due to fraud or error.<br/>In preparing the consolidated financial statements<br/>and the parent financial statements, Management is<br/>responsible for assessing the Groupâs and the Parentâs<br/>ability to continue as a going concern, for disclosing, as<br/>applicable, matters related to going concern, and for<br/>using the going concern basis of accounting in preparing<br/>the consolidated financial statements and the parent<br/>financial statements unless Management either intends<br/>to liquidate the Group or the Parent or to cease operations,<br/>or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements><arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="duration_CY_only">Our objectives are to obtain reasonable assurance<br/>about whether the consolidated financial statements<br/>and the parent financial statements as a whole are free<br/>from material misstatement, whether due to fraud or<br/>error, and to issue an auditorâs report that includes our<br/>opinion. Reasonable assurance is a high level of assurance<br/>but is not a guarantee that an audit conducted in<br/>accordance with ISAs and the additional requirements<br/>applicable in Denmark will always detect a material misstatement<br/>when it exists. Misstatements can arise from<br/>fraud or error and are considered material if, individually<br/>or in the aggregate, they could reasonably be expected<br/>to influence the economic decisions of users taken on<br/>the basis of these consolidated financial statements<br/>and these parent financial statements.<br/><br/>As part of an audit conducted in accordance with ISAs<br/>and the additional requirements applicable in Denmark,<br/>we exercise professional judgement and maintain professional<br/>skepticism 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,<br/>design and perform audit procedures responsive to<br/>those risks, and obtain audit evidence that is sufficient<br/>and appropriate to provide a basis for our opinion. The<br/>risk of not detecting a material misstatement resulting<br/>from fraud is higher than for one resulting from error,<br/>as fraud may involve collusion, forgery, intentional<br/>omissions, misrepresentations, or the override of<br/>internal control.<br/>⢠Obtain an understanding of internal control relevant<br/>to the audit in order to design audit procedures that<br/>are appropriate in the circumstances, but not for the<br/>purpose 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<br/>the consolidated financial statements and the parent<br/>financial statements, and, based on the audit evidence<br/>obtained, whether a material uncertainty exists related<br/>to events or conditions that may cast significant doubt<br/>on the Groupâs and the Parentâs ability to continue as<br/>a going concern. If we conclude that a material uncertainty<br/>exists, we are required to draw attention in our<br/>auditorâs report to the related disclosures in the consolidated<br/>financial statements and the parent financial<br/>statements or, if such disclosures are inadequate, to<br/>modify our opinion. Our conclusions are based on the<br/>audit evidence obtained up to the date of our auditorâs<br/>report. However, future events or conditions may<br/>cause the Group and the Parent to cease to continue<br/>as a going concern.<br/>⢠Evaluate the overall presentation, structure and content<br/>of the consolidated financial statements and the<br/>parent financial statements, including the disclosures<br/>in the notes, and whether the consolidated financial<br/>statements and the parent financial statements represent<br/>the underlying transactions and events in<br/>a manner that gives a true and fair view.<br/>⢠Obtain sufficient appropriate audit evidence regarding<br/>the financial information of the entities or business<br/>activities within the Group to express an opinion on<br/>the consolidated financial statements. We are responsible<br/>for the direction, supervision and performance of<br/>the group audit. We remain solely responsible for our<br/>audit 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<br/>we identify during our audit.<br/>We also provide those charged with governance with<br/>a 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<br/>with governance, we determine those matters that<br/>were of most significance in the audit of the consolidated<br/>financial statements and the parent financial<br/>statements of the current period and are therefore the<br/>key audit matters. We describe these matters in our<br/>auditorâs report unless law or regulation precludes public<br/>disclosure about the matter or when, in extremely rare<br/>circumstances, we determine that a matter should not<br/>be communicated in our report because the adverse<br/>consequences of doing so would reasonably be expected<br/>to outweigh the public interest benefits of such<br/>communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed><arr:SignatureOfAuditorsPlace contextRef="duration_CY_only">Copenhagen</arr:SignatureOfAuditorsPlace><arr:SignatureOfAuditorsDate contextRef="duration_CY_only">2019-02-19</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">Reporting on responsibility<br/>Every year, we prepare a corporate social responsibility<br/>(CSR) report, which describes the commitment of<br/>Demantâs Management to ensure that the Group meets<br/>its social and environmental responsibilities and that it<br/>acts in accordance with business ethics and corporate<br/>governance rules. The report also serves as Demantâs<br/>Communication on Progress report to the UN Global<br/>Compact and as our statement on the UK Modern<br/>Slavery Act. In addition, the report serves as the statutory<br/>report to be presented under section 99a and 99b<br/>of the Danish Financial Statements Act. The full report<br/>is available on our website,<br/>www.demant.com/media/#documentlibrary<br/>Donations by William Demant Foundation<br/>In 2018, William Demant Foundation donated over<br/>DKK 111.5 million to projects in areas such as research,<br/>education, culture and general healthcare and to projects<br/>aiming at alleviating hearing loss all over the world.<br/>A few examples of our philanthropic activities are our<br/>financial support to the Danish Deaf Sports Federation<br/>and the Mary Foundation. Supporting institutions and<br/>research projects in the field of audiology has also been<br/>an important part of the Foundationâs activities in 2018.<br/>Demantâs philanthropic activities extend beyond the<br/>donations made by William Demant Foundation, as<br/>our global offices lead local initiatives to make positive<br/>changes to and inspire the world around them.</mrv:StatementOfCorporateSocialResponsibility><mrv:CorporateGovernanceReport contextRef="duration_CY_only">Working with corporate governance<br/>The work on corporate governance is an ongoing<br/>process for the Board of Directors and Executive Board.<br/>Once a year, the Board of Directors and Executive Board<br/>review the Companyâs corporate governance principles.<br/>In that context, we consider the corporate governance<br/>principles that derive from legislation, recommendations<br/>and good practices.<br/>Recommendations issued by the Danish Committee<br/>on Corporate Governance and adopted by Nasdaq<br/>Copenhagen are best-practice guidelines for the governance<br/>of companies admitted to trading on a regulated<br/>market in Denmark. When reviewing our corporate<br/>governance structures, we determine the extent to which<br/>the Company complies with the recommendations and<br/>regularly assess whether the recommendations give rise<br/>to amendments to our rules of procedure or managerial<br/>processes.<br/>When reporting on corporate governance, we follow<br/>the âcomply or explainâ principle. The few cases where<br/>we have chosen to deviate from a recommendation are<br/>well-founded, and we explain what we do instead. To<br/>further increase transparency, we provide supplementary<br/>and relevant information, even when we follow the<br/>recommendations.<br/>A complete presentation of the recommendations and<br/>how we comply, the statutory report on corporate<br/>governance, is available on our website,<br/>www.demant.com/about/responsibility/#governance.<br/>This overview as well as the financial reporting process<br/>and internal control described in the Risk management<br/>activities section in this Annual Report constitute<br/>Demantâs report on corporate governance, cf. section<br/>107b of the Danish Financial Statements Act.<br/>Board of Directors<br/>Tasks and responsibilities of the Board of Directors<br/>The Board of Directors is responsible for the overall<br/>strategic management and for the financial and managerial<br/>supervision of the Company, the ultimate goal<br/>being to ensure that the Company creates value. On<br/>an ongoing basis, the Board of Directors evaluates the<br/>work of the Executive Board as for instance reflected<br/>in the annual plan and budget prepared for the Board<br/>of Directors. The Board of Directorsâ duties and responsibilities<br/>are set out in its rules of procedure, and<br/>the Executive Boardâs duties and responsibilities are<br/>provided in a set of instructions. The rules of procedure<br/>and instructions are reviewed annually by the Board of<br/>Directors and updated as deemed necessary.<br/>Composition and organisation of the Board of Directors<br/>The Board of Directors has eight members: five members<br/>elected by the shareholders at the annual general<br/>meeting and three members elected by staff in Denmark.<br/>Niels B. Christiansen has been the Chairman of the<br/>Board since 2017. Shareholders elect Board members<br/>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, and the next staff election will take<br/>place in 2019.<br/>Although the Board members elected by the general<br/>meeting are up for election every year, the individual<br/>Board members are traditionally re-elected and sit<br/>on the Board for an extended number of years. This<br/>ensures consistency and maximum insight into the<br/>conditions prevailing in the Company and the industry.<br/>Such consistency and insight are considered extremely<br/>important in order for the Board members to bring value<br/>to the Company. Presently, three of the Board members<br/>elected by shareholders at the annual general meeting<br/>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<br/>the Board of Directors deems necessary to have at its<br/>overall disposal in order for the Board to be able to<br/>perform its tasks for the Company.<br/>Board committees<br/>The Companyâs Board of Directors has set up an audit<br/>committee. The Board of Directors appoints the chairman<br/>of the audit committee, who must be independent<br/>and who must not be Chairman of the Board of<br/>Directors.<br/>The Companyâs Board of Directors has also set up a<br/>nomination committee. The members are the Chairman<br/>and the Deputy Chairman of the Companyâs Board of<br/>Directors, the Chairman and the Deputy Chairman of<br/>the Companyâs major shareholder, William Demant<br/>Foundation, and the President & CEO of the Company.<br/>The Chairman of the Board also chairs the nomination<br/>committee.<br />The Companyâs Board of Directors has also set up a remuneration<br/>committee. The members are the Chairman<br/>and the Deputy Chairman of the Companyâs Board of<br/>Directors. The Chairman of the Board also chairs the<br/>remuneration 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 of Directors<br/>performs an evaluation of the Boardâs work. Every<br/>other year, such evaluation is performed through personal,<br/>individual interviews with the Board members<br/>by the Chairman of the Board, and every other year, the<br/>evaluation is carried out by means of a questionnaire<br/>to be filled in by the individual Board members. In both<br/>instances, the findings of the evaluation are presented<br/>and discussed at the subsequent Board meeting, and<br/>any improvement proposals are considered. The evaluation<br/>in 2018 did not lead to any significant changes<br/>in the way the Board works. The Board is content with<br/>the manner in which the Board works, emphasising the<br/>constructive working climate in the Board.<br/>Board of Directorsâ and Executive Boardâs remuneration<br/>The Company has a remuneration policy, which also<br/>includes the general guidelines for incentive pay to<br/>members of the Executive Board. The policy and guidelines<br/>were adopted at the annual general meeting in<br/>2016, allowing agreements on incentive pay for the<br/>Executive Board. In addition to their fixed remuneration,<br/>members of the Executive Board receive a variable cash<br/>remuneration component based on shadow shares. The<br/>purpose of the programme is to provide further incentive<br/>for members of the Executive Board to continue their<br/>services to the Company and to align the interests of the<br/>Executive Board and the interests of the shareholders.<br/>The share-based programme has vesting conditions<br/>under which the members of the Executive Board<br/>must remain employed for three years to receive the<br/>remuneration.<br/>Board membersâ fees consist of a basic fee of DKK<br/>350,000. The Chairman receives three times the basic<br/>fee, and the Deputy Chairman receives twice the<br/>basic fee.<br/>The members of the audit committee receive a basic<br/>fee of DKK 50,000, and the chairman of the committee<br/>receives three times the basic fee. Nomination and remuneration<br/>committee members do not receive additional<br/>remuneration for their work on the committee.<br/>A remuneration report for 2018 is available on our<br/>website,<br/>www.demant.com/about/responsibility/#governance.<br/>Meetings in 2018<br/>In 2018, the Board of Directors convened on five<br/>occasions. The audit committee held three meetings<br/>in connection with ordinary Board meetings. In 2018,<br/>the remuneration committee held two meetings. The<br/>Board members participated in all Board and committee<br/>meetings in 2018, except Lars Rasmussen who was excused<br/>from one Board meeting and one audit committee<br/>meeting.</mrv:CorporateGovernanceReport><mrv:LinkToCorporateGovernanceReport contextRef="duration_CY_only">www.demant.com/about/responsibility/#governance</mrv:LinkToCorporateGovernanceReport><mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_only">Diversity and gender equality<br/>In terms of corporate governance, diversity at management<br/>level addresses age, international experience and<br/>gender. We have a diversity policy and continue our<br/>initiatives to increase the share of female managers<br/>in the Group.<br/>Since we started tracking these numbers in 2009, the<br/>male/female manager ratio in our Danish companies has<br/>improved from 89/11 in 2009 to 72/28 in 2018. In middle<br/>and first-line management, the ratio has increased from<br/>84/16 in 2009 to 71/29 in 2018. We are pleased with<br/>this progress, but we also appreciate the importance<br/>of constant focus on the topic. Hence, we have in 2018<br/>dedicated resources to conduct internal and external<br/>research in diversity, inclusion and best practices. We<br/>will in 2019 see more findings of this research and will<br/>also give further attention to diversity and inclusion.<br/>Our diversity policy and a description of the development<br/>made are available in our CSR report and on our website,<br/>www.demant.com/about/responsibility. In terms of<br/>gender equality, the Board set a new target in February<br/>2016: Before the end of 2020, the Board of Directors<br/>aims to have at least two female members. Today,<br/>the Board has one female member.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender><ifrs-full:Revenue contextRef="duration_CY_only" decimals="-6" unitRef="DKK">13937000000</ifrs-full:Revenue><ifrs-full:Revenue contextRef="duration_LY_only" decimals="-6" unitRef="DKK">13189000000</ifrs-full:Revenue><ifrs-dk:ProductionCost contextRef="duration_CY_only" decimals="-6" unitRef="DKK">3153000000</ifrs-dk:ProductionCost><ifrs-dk:ProductionCost contextRef="duration_LY_only" decimals="-6" unitRef="DKK">3163000000</ifrs-dk:ProductionCost><ifrs-full:GrossProfit contextRef="duration_CY_only" decimals="-6" unitRef="DKK">10784000000</ifrs-full:GrossProfit><ifrs-full:GrossProfit contextRef="duration_LY_only" decimals="-6" unitRef="DKK">10026000000</ifrs-full:GrossProfit><ifrs-full:ResearchAndDevelopmentExpense contextRef="duration_CY_only" decimals="-6" unitRef="DKK">1009000000</ifrs-full:ResearchAndDevelopmentExpense><ifrs-full:ResearchAndDevelopmentExpense 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unitRef="DKK">28000000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities><ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">39000000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities><ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">546000000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities><ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">488000000</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">-1000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1" decimals="-6" unitRef="DKK">-2000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities><ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">1683000000</ifrs-full:CashFlowsFromUsedInOperatingActivities><ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">1872000000</ifrs-full:CashFlowsFromUsedInOperatingActivities><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">429000000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">312000000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Acquisition of enterprises, participating interests and activities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Acquisition of enterprises, participating interests and activities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22">Investments in and disposal of intangible assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22">Investments in and disposal of intangible assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_23">Investments in other non-current assets 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unitRef="DKK">-189000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22" decimals="-6" unitRef="DKK">-126000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_23" decimals="-6" unitRef="DKK">-397000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_23" decimals="-6" 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