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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rsrapport</gsd:InformationOnTypeOfSubmittedReport><gsd:IdentificationNumberCvrOfReportingEntity contextRef="duration_CY_only">71186911</gsd:IdentificationNumberCvrOfReportingEntity><gsd:NameOfReportingEntity contextRef="duration_CY_only">Demant 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">2765</gsd:AddressOfReportingEntityPostCodeIdentifier><gsd:AddressOfReportingEntityDistrictName contextRef="duration_CY_only">Smørum</gsd:AddressOfReportingEntityDistrictName><gsd:AddressOfReportingEntityCountryIdentificationCode contextRef="duration_CY_only">DK</gsd:AddressOfReportingEntityCountryIdentificationCode><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">info@demant.com</gsd:EmailOfReportingEntity><gsd:ReportingPeriodStartDate contextRef="duration_CY_only">2019-01-01</gsd:ReportingPeriodStartDate><gsd:ReportingPeriodEndDate contextRef="duration_CY_only">2019-12-31</gsd:ReportingPeriodEndDate><gsd:PrecedingReportingPeriodStartDate contextRef="duration_CY_only">2018-01-01</gsd:PrecedingReportingPeriodStartDate><gsd:PredingReportingPeriodEndDate contextRef="duration_CY_only">2018-12-31</gsd:PredingReportingPeriodEndDate><gsd:DateOfGeneralMeeting contextRef="duration_CY_only">2020-03-10</gsd:DateOfGeneralMeeting><gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="duration_CY_only">Advokat 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 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Foss</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_5">Benedikte Christina Bredsgaard Leroy</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_6">Casper Jensen</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 Søren 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: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">Demant 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 Demant 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 and<br/>the parent financial statements of Demant A/S for the financial<br/>year 1 January to 31 December 2019, which comprise the<br/>income statement, balance sheet, statement of changes in equity<br/>and notes, including a summary of significant accounting<br/>policies, for the Group as well as the Parent, and the statement<br/>of comprehensive income and the cash flow statement of the<br/>Group. The consolidated financial statements are prepared in<br/>accordance with International Financial Reporting Standards<br/>as 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 a<br/>true and fair view of the Groupâs financial position as of 31<br/>December 2019, and of the results of its operations and cash<br/>flows for the financial year 1 January 2019 to 31 December<br/>2019 in accordance with International Financial Reporting<br/>Standards as adopted by the EU and additional requirements<br/>under the Danish Financial Statements Act.<br/>Further, in our opinion, the parent financial statements give<br/>a true and fair view of the Parentâs financial position as of 31<br/>December 2019, and of the results of its operations for the<br/>financial year 1 January 2019 to 31 December 2019 in accordance<br/>with the Danish Financial Statements Act.<br/>Our opinion is consistent with our audit book comments issued<br/>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 requirements<br/>applicable in Denmark. Our responsibilities under those<br/>standards and requirements are further described in the<br/>Auditorâs responsibilities for the audit of the consolidated<br/>financial statements and the parent financial statements<br/>section of this auditorâs report. We are independent of the<br/>Group in accordance with the International Ethics Standards<br/>Board of Accountantsâ Code of Ethics for Professional<br/>Accountants (IESBA Code) and the additional requirements<br/>applicable in Denmark, and we have fulfilled our other ethical<br/>responsibilities 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 provided<br/>any prohibited non-audit services as referred to in Article 5(1)<br/>of Regulation (EU) No 537/2014.<br/>After Demant A/S was listed on Nasdaq OMX Copenhagen, we<br/>were appointed auditors for the first time on 29 April 1996 for<br/>the financial year 1996. We have been reappointed annually<br/>by decision of the general meeting for a total contiguous engagement<br/>period of 23 years up to and including the financial<br/>year 2019.</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 consolidated<br/>financial statements and the parent financial statements<br/>for the financial year 1 January to 31 December 2019.<br/>These matters were addressed in the context of our audit of<br/>the consolidated financial statements and the parent financial<br/>statements as a whole, and in forming our opinion thereon, and<br/>we do not provide a separate opinion on these matters.<br/>Accounting for business combinations<br/>Refer to note 6.1 in the consolidated financial statements.<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 has<br/>performed fair value calculations which include judgements<br/>and estimates, including the future cash flow anticipated from<br/>the acquired customer base and the discount 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, revenue<br/>and cash ï¬ow growth and discount rates. We assessed and<br/>challenged Managementâs assumptions used in its fair value<br/>models for identifying and measuring customer bases and for<br/>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 the<br/>parent financial statements does not cover the management<br/>commentary, and we do not express any form of assurance<br/>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, in doing so,<br/>consider whether the management commentary is materially<br/>inconsistent with the consolidated financial statements and<br/>the parent financial statements or our knowledge obtained in<br/>the audit or otherwise appears to be materially misstated.<br/>Moreover, it is our responsibility to consider whether the<br/>management commentary provides the information required<br/>under the Danish Financial Statements Act.<br/>Based on the work we have performed, we conclude that the<br/>management commentary is in accordance with the consolidated<br/>financial statements and the parent financial statements<br/>and has been prepared in accordance with the requirements of<br/>the Danish 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 consolidated<br/>financial statements that give a true and fair view in accordance<br/>with International Financial Reporting Standards as<br/>adopted by the EU and additional requirements of the Danish<br/>Financial Statements Act as well as the preparation of parent<br/>financial statements that give a true and fair view in accordance<br/>with the Danish Financial Statements Act, and for such<br/>internal control as Management determines is necessary to<br/>enable the preparation of consolidated financial statements<br/>and parent financial statements that are free from material<br/>misstatement, whether due to fraud or error.<br/>In preparing the consolidated financial statements and the<br/>parent financial statements, Management is responsible for<br/>assessing the Groupâs and the Parentâs ability to continue as<br/>a going concern, for disclosing, as applicable, matters related<br/>to going concern, and for using the going concern basis of<br/>accounting in preparing the consolidated financial statements<br/>and the parent financial statements unless Management either<br/>intends to liquidate the Group or the Entity 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 about<br/>whether the consolidated financial statements and the parent<br/>financial statements as a whole are free from material<br/>misstatement, whether due to fraud or error, and to issue an<br/>auditorâs report that includes our opinion. Reasonable assurance<br/>is a high level of assurance but is not a guarantee that<br/>an audit conducted in accordance with ISAs and the additional<br/>requirements applicable in Denmark will always detect a<br/>material misstatement when it exists. Misstatements can arise<br/>from fraud or error and are considered material if, individually<br/>or in the aggregate, they could reasonably be expected to<br/>influence the economic decisions of users taken on the basis<br/>of these consolidated financial statements and these parent<br/>financial statements.<br/>As part of an audit conducted in accordance with ISAs and the<br/>additional requirements applicable in Denmark, we exercise<br/>professional judgement and maintain professional skepticism<br/>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 risks, and<br/>obtain audit evidence that is sufficient and appropriate to<br/>provide a basis for our opinion. The risk of not detecting a<br/>material misstatement resulting from fraud is higher than<br/>for one resulting from error, as fraud may involve collusion,<br/>forgery, intentional omissions, misrepresentations, or the<br/>override of internal control.<br/>⢠Obtain an understanding of internal control relevant to the<br/>audit in order to design audit procedures that are appropriate<br/>in the circumstances, but not for the purpose of expressing<br/>an opinion on the effectiveness of the Groupâs and the<br/>Parentâs internal control.<br/>⢠Evaluate the appropriateness of accounting policies used<br/>and the reasonableness of accounting estimates and<br/>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 events or<br/>conditions that may cast significant doubt on the Groupâs<br/>and the Parentâs ability to continue as a going concern.<br/>If we conclude that a material uncertainty exists, we are<br/>required to draw attention in our auditorâs report to the<br/>related disclosures in the consolidated financial statements<br/>and the parent financial statements or, if such disclosures<br/>are inadequate, to modify our opinion. Our conclusions are<br/>based on the audit evidence obtained up to the date of our<br/>auditorâs report. However, future events or conditions may<br/>cause the Group and the Entity to cease to continue as a<br/>going concern.<br/>⢠Evaluate the overall presentation, structure and content of<br/>the consolidated financial statements and the parent financial<br/>statements, including the disclosures in the notes, and<br/>whether the consolidated financial statements and the parent<br/>financial statements represent the underlying transactions<br/>and events in a manner that gives a true and fair view.<br/>⢠Obtain sufficient appropriate audit evidence regarding the<br/>financial information of the entities or business activities<br/>within the Group to express an opinion on the consolidated<br/>financial statements. We are responsible for the direction,<br/>supervision and performance of the group audit. We remain<br/>solely responsible for our audit opinion.<br/>We communicate with those charged with governance regarding,<br/>among other matters, the planned scope and timing of the<br/>audit and significant audit findings, including any significant<br/>deficiencies in internal control that we identify during our audit.<br/>We also provide those charged with governance with a statement<br/>that we have complied with relevant ethical requirements<br/>regarding independence, and to communicate with them all relationships<br/>and other matters that may reasonably be thought<br/>to bear on our independence, and where applicable, related<br/>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 period and<br/>are therefore the key audit matters. We de-scribe these matters<br/>in our auditorâs report unless law or regulation precludes<br/>public disclosure about the matter or when, in extremely rare<br/>circumstances, we determine that a matter should not be<br/>communicated in our report because the adverse consequences<br/>of doing so would reasonably be expected to outweigh the<br/>public interest benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed><arr:SignatureOfAuditorsPlace contextRef="duration_CY_only">Copenhagen</arr:SignatureOfAuditorsPlace><arr:SignatureOfAuditorsDate contextRef="duration_CY_only">2020-02-04</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 Corporate Social Responsibility<br/><br/>We report on our work within the field of Corporate Social<br/>Responsibility (CSR) on an annual basis, resulting in Demantâs<br/>CSR report, which describes the Demant Managementâs<br/>commitment to ensure that the Group meets its social and<br/>environmental responsibilities and that it acts in accordance<br/>with business ethics and corporate governance rules. The<br/>report also serves as Demantâs Communication on Progress<br/>report to the UN Global Compact and as our statement on the<br/>UK Modern Slavery Act. In addition, the report serves as the<br/>statutory report to be presented under section 99a and 99b<br/>of the Danish Financial Statements Act. On the following<br/>pages, we highlight the CSR achievements of the year, but<br/>the full report is available on our website:<br/>www.demant.com/media#documentlibrary<br/>Our framework<br/>The Demant Group continues to grow and transform and so<br/>does the world around us. Within the Group, we all share a<br/>strong purpose of contributing with life-changing hearing<br/>health, and as the parent company of a large and complex<br/>Group, we have found it necessary to update and frame a<br/>one-company approach to our broader corporate responsibility<br/>and sustainability work. Consequently, we have conducted<br/>a materiality assessment â a process of identifying potential<br/>social, environmental and ethical topics, which could affect our<br/>business in the future, to define around 40 relevant CSR topics.<br/>With focus on our internal practices in the field of CSR and<br/>based on a wish to optimise resources and refine the way we<br/>define our targets, we will define an updated framework for<br/>the Demant Group for 2020-2022.<br/>For many years, Demantâs CSR work has been focused on<br/>four main themes, which also guided the reporting for 2019:<br/>corporate governance, people & society, environmental protection<br/>and business ethics. It is evident that people & society are<br/>our core contributions to a sustainable future for all. Our contribution<br/>to a healthier world has always been and will continue<br/>to be part of our DNA. But this year, we have increased our<br/>focus on the environment and business ethics as reflected in<br/>many new projects and initiatives.</mrv:StatementOfCorporateSocialResponsibility><mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="duration_CY_only">www.demant.com/media#documentlibrary</mrv:LinkToStatementOfCorporateSocialResponsibility><mrv:CorporateGovernanceReport contextRef="duration_CY_only">Working with corporate governance<br/>The work on corporate governance is an ongoing process for<br/>the Board of Directors and Executive Board. Once a year, the<br/>Board of Directors and Executive Board review the companyâs<br/>corporate governance principles. In that context, we consider<br/>the corporate governance principles that derive from legislation,<br/>recommendations and good practices.<br/>Recommendations issued by the Danish Committee on<br/>Corporate Governance and adopted by Nasdaq Copenhagen<br/>are best-practice guidelines for the governance of companies<br/>admitted to trading on a regulated market in Denmark. When<br/>reviewing our corporate governance structures, we determine<br/>the extent to which the company complies with the recommendations<br/>and regularly assess whether the recommendations<br/>give rise to amendments to our rules of procedure or managerial<br/>processes.<br/>When reporting on corporate governance, we follow the<br/>âcomply or explainâ principle. The few cases where we have<br/>chosen to deviate from a recommendation are well-founded,<br/>and we explain what we do instead. To further increase transparency,<br/>we provide supplementary and relevant information,<br/>even when we follow the recommendations.<br/>A complete presentation of the recommendations and how<br/>we comply, the statutory report on corporate governance, is<br/>available on our website, www.demant.com/about/responsibility/#<br/>governance. This overview as well as the financial reporting<br/>process and internal control described in Risk management<br/>activities in this Annual Report constitute Demantâs report on<br/>corporate governance, cf. section 107b of the Danish Financial<br/>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 strategic<br/>management and for the financial and managerial supervision<br/>of the company, the ultimate goal being to ensure that<br/>the company creates value. On an ongoing basis, the Board<br/>of Directors evaluates the work of the Executive Board as for<br/>instance reflected in the annual plan prepared for the Board<br/>of Directors. The Board of Directorsâ duties and responsibilities<br/>are set out in its rules of procedure, and the Executive Boardâs<br/>duties and responsibilities are provided in a set of instructions.<br/>The rules of procedure and instructions are reviewed annually<br/>by the Board of 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 meeting<br/>and three members elected by staff in Denmark. Niels B.<br/>Christiansen has been Chairman of the Board since 2017.<br/>Shareholders elect Board members for a term of one year,<br/>and staff elect Board members for a term of four years.<br/>Staff-elected members are elected in accordance with the<br/>provisions of the Danish Companies Act.<br/>Although the Board members elected by the annual general<br/>meeting are up for election every year, the individual Board<br/>members are traditionally re-elected and sit on the Board for<br/>an extended number of years. This ensures consistency and<br/>maximum insight into the conditions prevailing in the company<br/>and the industry. Such consistency and insight are considered<br/>important in order for the Board members to bring value to the<br/>company.<br/>Of the five Board members presently elected by the shareholders<br/>at the annual general meeting, Benedikte Leroy and Lars<br/>Rasmussen are considered independent, Niels B. Christiansen<br/>and Niels Jacobsen are not considered independent as they are<br/>associated with William Demant Foundation, and Peter Foss is<br/>not considered independent as he has been a Board member<br/>for more than 12 years.<br/>Niels B. Christiansen, Niels Jacobsen, Benedikte Leroy and Lars<br/>Rasmussen stand for re-election at the annual general meeting<br/>in March 2020. Peter Foss does not stand for re-election. The<br/>Board proposes that Anja Madsen be elected new member of<br/>the Board. If adopted, the changes mean that at least half of<br/>the members of the Board of Directors will be independent.<br/>Additionally, the changes will mean that the Board of Directors<br/>will reach the target of at least two female members by the<br/>end of 2020.<br/>The Board is composed to ensure the right combination of<br/>competencies and experience, with extensive international<br/>managerial experience and board experience from major listed<br/>companies carrying particular weight. This also applies when<br/>new Board candidates are selected.<br/>On our website, www.demant.com/about/management/, we<br/>describe the competencies and qualifications that the Board<br/>of Directors deems necessary to have at its overall disposal<br/>in order for the Board to be able to perform its tasks for the<br/>company.<br/><br/>Board committees<br/>The companyâs Board of Directors has set up an audit<br/>committee. The Board of Directors appoints the chairman of<br/>the audit committee, who must be independent and must not<br/>be Chairman of the Board of Directors. Lars Rasmussen has<br/>been Chairman since 2017.<br/>The companyâs Board of Directors has also set up a nomination<br/>committee. The members are the Chairman and the Deputy<br/>Chairman of the companyâs Board of Directors, the Chairman<br/>and the Deputy Chairman of the companyâs major shareholder,<br/>William Demant Foundation, and the President & CEO of the<br/>company. The Chairman of the Board also chairs the nomination<br/>committee.<br/>A remuneration committee, consisting of the Chairman and<br/>the Deputy Chairman of the companyâs Board of Directors,<br/>has also been set up. Additionally, the Board of Directors set<br/>up an IT security committee in 2019 whose members are the<br/>Chairman and the Deputy Chairman of the companyâs Board<br/>of Directors and the chairman of the audit committee.<br/>Meetings in 2019 and attendance<br/>In 2019, the Board of Directors convened on seven occasions.<br/>The audit committee held three meetings in connection with<br/>ordinary Board meetings. The nomination committee held three<br/>meetings, the remuneration committee held two meetings and<br/>the IT security committee held one meeting. All members<br/>attended all meetings, except Peter Foss, who was excused<br/>from one Board meeting.<br/>Evaluation of the performance of the Board of Directors<br/>Once a year, the Chairman of the Board of Directors performs<br/>an evaluation of the Boardâs work. Every other year, such<br/>evaluation is performed through personal, individual interviews<br/>with the Board members by the Chairman of the Board, and<br/>every other year, the evaluation is carried out by means of a<br/>questionnaire to be filled out by the individual Board members.<br/>In both instances, the findings of the evaluation are presented<br/>and discussed at the subsequent Board meeting. In connection<br/>with the evaluation in 2019, the Board members expressed<br/>great satisfaction with the manner in which the Board works,<br/>emphasising the constructive working climate in the Board<br/>where trust and openness are key elements. As a result of the<br/>2019 evaluation, the Board has decided to include external<br/>assistance when the next evaluation is due.<br/>Board of Directorsâ and Executive Boardâs remuneration<br/>Demant has a remuneration policy and publishes a remuneration<br/>report. Following an amendment to Section 139 and the<br/>adoption of a new Section 139(a) of the Danish Companies<br/>Act, an updated remuneration policy will be submitted for<br/>approval at the annual general meeting to be held on 10 March<br/>2020. The remuneration report is available on our website<br/>www.demant.com.</mrv:CorporateGovernanceReport><mrv:LinkToCorporateGovernanceReport contextRef="duration_CY_only">www.demant.com/about/responsibility/#governance</mrv:LinkToCorporateGovernanceReport><mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_only">Diversity and inclusion<br/><br/>With an organisational culture characterised by care and<br/>respect for others and with an increasing need to attract talent<br/>across borders, culture and background, the areas of diversity<br/>and inclusion are important drivers. During 2019, we have<br/>analysed our work culture with the aim of identifying enablers<br/>and barriers for creating an inclusive culture. The analysis<br/>will lead to concrete efforts on how to address and handle<br/>unconscious biases and other factors that influence the<br/>Demant work culture.<br/>We want to be able to attract talents from all parts of the<br/>world and across genders. We wish to be an open and inclusive<br/>organisation, and we know that diversity is an important<br/>driver for innovation. We strive for diversity on the candidate<br/>short lists for any vacancy as we want to be sure that we tap<br/>into the full talent pool. In 2020, we will revisit our diversity<br/>policy to ensure that it is updated and reflects any updated<br/>objectives within this field.<br/>We have a clear ambition of continuously growing the share<br/>of female managers in the organisation. Continuously expanding<br/>our scope of reporting, we currently report on the basis of<br/>input from 13 countries and a total of 8,414 employees (out of<br/>a total of 15,837 employees). Over the last six years, we have<br/>been able to grow the share of female managers in the Group<br/>by 8%. However, from 2018 till 2019 the number stayed stable<br/>and hence in 2020, we will make an additional effort to continue<br/>growth from previous years.<br/>For the Demant Board of Directors, we are obligated to set a<br/>time frame target for representation of the under-represented<br/>gender in the Board of Directors. Our target is to have at least<br/>two female members of the Board before the end of 2020.<br/>At the annual general meeting in 2019, the Board proposed<br/>election of the candidates, as the Board assessed that the<br/>competencies and qualifications of the members met the<br/>needs of the company. Hence, the composition of the Board<br/>did not change. 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unitRef="DKK">10000000</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">571000000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">429000000</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 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unitRef="DKK">1751000000</ifrs-dk:PurchaseSaleOfTreasuryAssets><ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">1647000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities><ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">189000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities><ifrs-full:RepaymentsOfCurrentBorrowings contextRef="duration_CY_only" decimals="-6" unitRef="DKK">352000000</ifrs-full:RepaymentsOfCurrentBorrowings><ifrs-full:RepaymentsOfCurrentBorrowings contextRef="duration_LY_only" decimals="-6" unitRef="DKK">-1258000000</ifrs-full:RepaymentsOfCurrentBorrowings><ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="duration_CY_only" decimals="-6" 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