Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2022-12-31 | 29857000000 | dkk |
| ifrs-full:Assets | 2021-12-31 | 24860000000 | dkk |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2022-01-01 | 2022-12-31 | 19705000000 | dkk |
| ifrs-full:Revenue | 2021-01-01 | 2021-12-31 | 17905000000 | dkk |
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<mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="ctx-1" id="s10_notes__8__6" xml:lang="en">https://www.demant.com/reports-2022/sustainability-report-2022</mrv:LinkToStatementOfCorporateSocialResponsibility>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="s10_notes__8__5" xml:lang="en">https://www.demant.com/reports-2022/corporate-governance-report-2022</mrv:LinkToCorporateGovernanceReport>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="pp-value-4-1" xml:lang="en">Demant publishes a separate Sustainabil-ity Report that serves as the statutory re-port to be presented under sections 99a, 99b, 99d and 107d of the Danish Financial Statements Act. It also includes the disclo-sure requirements of the EU taxonomy for sustainable activities.</mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="s10_notes__8__9" xml:lang="en">Diversity, equ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ity and inclu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sion (DE&amp;I) is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> a<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls25 ws31">top</span> <span class="ls23 ws15">priority in Deman</span>t, </span>and our approach is guided b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y our new<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="lsf ws2">D<span class="_ _0"/>E&amp;I <span class="lsa wse">policy</span></span> <span class="ls23 ws14">intr<span class="_ _0"/><span class="ls2 ws4">od</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" class="wsd">uced<span class="ls0 ws0"> </span></span>in 2022. <span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>The <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">policy<span class="ls0 ws0"> </span></span>establish<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">s <span class="ls10 ws12">new tar-</span></span>gets for g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ender distribu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion in top<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsa wsd">level management</span> and i<span class="ls32 ws11">n </span></span>management <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws15">teams.</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">It al<span class="_ _0"/>so in-</span>troduce<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">s </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12">new short<span class="ls0 ws0">-<span class="lsa wsd">term activi-</span></span></span>ties to further<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _0"/><span class="ws3">address potential<span class="lsa wse">ly</span></span> </span>unconscious bi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ases and same-ness thinking<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls21 ws33">and <span class="ls9 ws15">to <span class="_ _0"/><span class="ls2 ws4">promote </span></span></span> </span>an inclusive cult<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ure.</mrv:StatementOfTheDiversityPolicies>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="s10_notes__8__10" xml:lang="en">In addition, Demant is entrusted with per-sonal data on employees, customers, users and business partners, which must be col-lected and processed in accordance with applicable laws and regulations. As our business continues to grow, the complexity of managing customersâ data increases. We remain committed to protecting per-sonal data, and failure to do so could have serious consequences for the people whose data we possess as well as for the Group.</mrv:StatementOfPolicyForDataEthics>
<mrv:CorporateGovernanceReport contextRef="ctx-1" id="s10_notes__8__11" xml:lang="en">The work on corporate gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernance is an ongoing process for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Board of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors and Executive Boa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rd. Once a <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">year,<span class="_ _1"/> the </span>Board of Directors an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d Executive Board re-view the comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anyâs corporate governance principles. 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We focus on develop-ing<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ws3">and maintaining a transpar<span class="_ _1"/>ent corpo-</span></span>rate govern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance structure that pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>motes responsible bus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iness behavio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ur and long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>term value creat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Recommendations iss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ued by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Danish Committee on Corporate Gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernance and adopted by Nasdaq Copenhagen are best<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>practice gu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>idelines for the go<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vernance of companies admitted to trading on a regu-lated market in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Denmark. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hen <span xmlns="http://www.w3.org/1999/xhtml" class="wse">reviewing </span>our corporate govern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance structures, wedetermine the extent to which the company<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>complies with the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> recommen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dations and regularly ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ess whether the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>recommen-dations giv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rise to amendments to o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ur rules of procedure or ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nagerial processes<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. </span>When reporting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> on corporate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> governance,we follow the âco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mply or ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>plainâ p<span xmlns="http://www.w3.org/1999/xhtml" class="wse">rinc<span class="_ _1"/>iple. </span>Demant follows 38 of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the 40 recommen-dations.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The few cas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es (two) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>where we have chosen to deviate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> from a recommen-dation are well<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>founded, and w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e explain what we do in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>stead. To further increase<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> transparency, we provide supplementaryand relevant in<span xmlns="http://www.w3.org/1999/xhtml" class="wsd">formation, eve<span class="_ _1"/>n when we </span>follow the recommenda<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tions.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>A complete presentation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of the recommen-dations and how we comply <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">with them<span class="lsd">, </span></span>the statutory re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>port on corpora<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>te govern-ance, is available<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> on our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> website,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> www.demant.com.<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">The rep<span class="_ _0"/>ort as well as </span>the financial repor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ting proces<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s and internal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> control describe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d in <span xmlns="http://www.w3.org/1999/xhtml" class="ff9 ls0 ws3">Risk man<span class="_ _1"/>agement ac-</span>tivities<span xmlns="http://www.w3.org/1999/xhtml" class="ff2 ls0 ws0"> <span class="lsa wsd">in this A<span class="_ _1"/>nnual Report <span class="_ _1"/><span class="ls0 ws0">2022 <span class="ls9 ws15">consti-</span></span></span></span>tute Demantâs<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _0"/></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws43">statement <span class="_ _0"/>on corporate </span>governance, cf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. section 107b <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>of the Danis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Statements Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Tasks and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esponsibilities o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the Boa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rd of Direc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tors<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In accordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e with Danish le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gislation,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Demant ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s a two<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>tier managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t sys-tem<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">, <span class="ls2 ws2">comprising the Board of <span class="_ _1"/>Direc<span class="ls9 wsc">tors and </span></span></span>the Executive Boa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rd<span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws10">. N<span class="lsa wsd">o indiv<span class="_ _1"/>idual <span class="wse">is<span class="ls0 ws0"> a </span></span></span></span>member of both<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> Boards<span class="lsa wsd">. The<span class="_ _1"/> division of r<span class="_ _1"/>e-</span></span>sponsibilities bet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ween the Bo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ard of Direc-tors and the Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecutive Board <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is clearly out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-lined and desc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ribed in the Ru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>les of Proc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e-dure for the Board of Directors an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d in the Instructions for th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Executive Bo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ard.The Board o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f Directors is responsi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ble forthe overall <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws15">strategic<span class="ls0 ws0"> <span class="ws3">management and for </span></span></span>the financial and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> managerial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>supervisionof the company, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he ultimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e goal being<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to ensure long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erm value creati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>on. On an o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n-going ba<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">si<span class="_ _0"/>s, the Board of Di<span class="_ _0"/>rectors evalu-</span>ates the work<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of the Executive Board asfor instance r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eflected in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he annual plan prepared for the Bo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ard of Directors.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Compositio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n and organ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>isation<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Board o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f Directors has eight membe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rs:five members e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lected by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>share<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">holders </span>at the annual gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al meetin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g and threemembers elect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed by st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aff in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Denmark. Sharehold<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers elect Board members fora term of one year, and st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aff elect Boardmember<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s for a term of four years. S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>taff-elected members<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> are elec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in accord-ance with the prov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>isions of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he DanishCompanie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s Act.Although<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Board memb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ers elect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed by the annual general<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> meeting a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>re up forelection every year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, the indiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>idua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l Board members are traditionally re<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>elected andsit on the Board for an exten<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ded numberof years.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _0"/><span class="ls9 wsc">This e<span class="lsa wsd">nsures consist<span class="_ _1"/>ency and </span></span></span>maximum insight<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> into the con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ditions pre-vailing in the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ompany and th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e industr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y. Such consistenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y and insight<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> are cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>id-ered importan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t in order for the Boardmembers to bring value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to the company.Three o<span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws10">f the five Board </span>members pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esentlyelected by the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> shareholders a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t the annualgeneral meeting<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ws3">are<span class="_ _1"/> considered independ-</span></span>ent<span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws15">. The fiv<span class="_ _1"/>e Board m<span class="_ _1"/>embers <span class="_ _1"/><span class="ls9">stand <span class="ls10 ws12">for re<span class="ls0 ws0">-</span></span></span></span>election at the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> annual genera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l meeting in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> March 202<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">3<span class="lsd wsd">. </span> </span>The Board i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s composed to ensure the ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ghtcombination of comp<span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws15">etenci<span class="_ _1"/>es and </span>experience, with ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tensive int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernationalmanagerial experience,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ws3">board experience </span>from major listed compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ies <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">and <span class="lsa wse">diversity </span></span>traits<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls10 ws12">carryin<span class="_ _0"/>g particular weight</span>. </span>On our web<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>site,www.demant.com/about/management-and-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">governance<span class="ff3 fc1">, <span class="ff2 ls22 ws15">we d<span class="_ _1"/>escribe the c<span class="_ _1"/>ompe-</span></span></span>tencies and qualif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ications tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t the Boardof Directors d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eems necessar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y to have at itsoverall disposal in order to be able to p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er-form its tasks fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r the <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">company. </span>The Board of Directors a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ims <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">to have<span class="ls0 ws0"> at<span class="_ _1"/> </span></span>least 40%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of the under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>repres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ented gender amongst the Board members elected bythe shareh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olders as this constitute<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s aneven distributio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n in terms of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> gender.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> As of now<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">, <span class="lsa wsd">there is an<span class="_ _1"/> even distribu<span class="_ _1"/>tion in terms </span></span>of gende<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r of 40% women an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d 60% men.<span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>As part of our ambi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tions to ensure <span xmlns="http://www.w3.org/1999/xhtml" class="ls23 ws14">diversity </span>and inclusion in the Group, we launched a Diversity, equit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y and inclus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion policy<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>in2022<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">, which <span class="wse">includes<span class="_ _1"/> <span class="lsd wsd">target<span class="ls9 ws43">s to <span class="_ _0"/>increase<span class="ls0 ws0"> </span></span></span></span></span>diversity <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">and </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsd">inclusion<span class="_ _1"/> in the <span class="_ _1"/><span class="ls2 ws4">Demant<span class="ls0 ws0"> </span></span></span>Group.Demant is p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>resent in all parts of the wo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rldand employ<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">s <span class="lsa wsd">people with dif<span class="_ _1"/>ferent ethnic </span></span>background,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> personality, nat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ionality, age,gender and education. We en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>courage re-spect for div<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ersity<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">, </span>and we strive<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> to treatall employees fa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>irly and equa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lly<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. </span>Evalu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of the pe<span xmlns="http://www.w3.org/1999/xhtml" class="ls13 ws18">r<span class="_ _0"/>formance<span class="ls0 ws0"> </span></span>of the Board of DirectorsOnce a year, the Board of Directors per-forms an evaluat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion of the B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oardâs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> work. The evaluation is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> performed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>either throu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gh personal, individu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al interview<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s with theBoard members or by<span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>means of a ques-tionnaire to be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> filled out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> by the individu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al Board memb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers. In both instances, th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>efindings of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he evaluation a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>re present<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed and discussed at the subsequent Boardmeeting. At leas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t every thir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d year, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he evaluation is perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormed wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h external <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>assistance.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In 2022, t<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">he evaluatio<span class="ls32 ws7b">n was <span class="ls10 ws13">performed</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>through<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa">individual interviews with t<span class="_ _1"/>he </span>Chair. In 2020<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">, <span class="lsa wsd">the evaluat<span class="_ _1"/>ion <span class="ls9 ws15">was <span class="ls10 ws13">per-</span></span></span></span>formed<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls9 ws15">with</span> <span class="ls9 wsc">exter<span class="_ _0"/>nal assistance.</span> <span class="_ _0"/><span class="lsa wse">Overall, </span></span>the evaluation conf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>irmed that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Board is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> satisfied with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> its governanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e structures and <span xmlns="http://www.w3.org/1999/xhtml" class="ls10 ws13">furthermore <span class="lsa wsd">confirmed that the in<span class="ls9 ws15">ter-</span></span></span>action between the Board members <span xmlns="http://www.w3.org/1999/xhtml" class="ls10 ws13">works </span>well. The Board o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f Directors is keen <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws15">to<span class="ls0 ws0"> </span></span>keep focus on and allocat<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">e <span class="ls9 wsc">time to the </span></span>long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls9 wsc">term strategic dev<span class="_ _0"/>elopment of the </span></span>company to continu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ously ensu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>re that the potential of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ompany is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>exploited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to the fulle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>st. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws3">The Board decided to allocate </span>more time to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>visit the compa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ny to under-stand the bus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iness needs an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d challenges b<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws15">etter.</span> The collaboration between the Board of Directors and the E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xecutive Board works well, and there <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is an open a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nd trus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tful working atmosph<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ere. The work performedby the Boa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rd takes its starting poi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt in theannual wheel, which<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is <span xmlns="http://www.w3.org/1999/xhtml" class="lsd">regularly<span class="ls0 ws0"> </span></span>refinedand updated and ensures the Boardâscommitment and imm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ersion int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o relevantareas.As a<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="lsd wsd">result<span class="_ _0"/></span> <span class="lsa wsd">of evaluation<span class="_ _1"/> discuss<span class="_ _1"/>ions, the </span></span>Board has decided to separate audit com-mittee me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>etings from <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">ordinary <span class="ls0 ws0">Board </span></span>meeting<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">s <span class="ls2 ws2">to ensure more<span class="_ _1"/> <span class="lsa wse">in<span class="ls0 ws0">-<span class="ls21 ws33">dept<span class="_ _0"/>h</span> <span class="ls9 ws15">discus-</span></span></span></span></span>sions on audit and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> financial t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>opics.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls9 ws15">This </span></span>will be implemented<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in 2023.Board committees <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The companyâs Board <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">of Directors has set </span>up four comm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ittees: <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">an </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsd">aud<span class="_ _0"/>it, <span class="ls0 ws0">a <span class="lsa wse">nomina-</span></span></span>tion, <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">a </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsd">remuneration and<span class="_ _1"/> <span class="ls0 ws0">an <span class="ls9 wsc">IT security </span></span></span>committee.T<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws15">he</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws2">nom<span class="lse ws11">in<span class="_ _0"/>ation com<span class="_ _0"/>mittee</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2"> <span class="ls5e ws92">ha</span>s <span class="ls22 ws15">been en-</span></span>gaged in activit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ies in <span xmlns="http://www.w3.org/1999/xhtml" class="wse">relat<span class="_ _1"/>ion<span class="ls0 ws0"> <span class="ls9 wsc">to its normal </span></span></span>tasks pursuant to th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e committee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> charte<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">r<span class="lsd wsd">. </span> </span>In March<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> 2022</span>, the Exe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cutive Board was extended from two to f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>our members asa natural cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>equence of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>development<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. </span>The audi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t commit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tee<span xmlns="http://www.w3.org/1999/xhtml" class="ff2 ls0 ws0"> <span class="ws3">has been engaged </span> </span>in <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws15">transitio<span class="_ _0"/>n</span>ing<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ws3">to new auditors and <span class="ls31 ws7c">a new </span></span></span>audit company.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Additionally, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the commit-tee has <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">made prepar</span>ation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s to<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> separate </span>audit commi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ttee <span xmlns="http://www.w3.org/1999/xhtml" class="ws15">meetin<span class="_ _0"/>gs <span class="ls32 ws11">from <span class="_ _0"/><span class="ls10 ws13">ordinary<span class="ls0 ws0"> </span></span></span></span>Board meetings<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">, <span class="_ _1"/><span class="ls23 ws15">which will be implemented<span class="ls0 ws0"> </span></span></span>in 2023<span xmlns="http://www.w3.org/1999/xhtml" class="lsd wsd">. </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">T<span class="ls9 wsc">he audit c<span class="_ _0"/>ommittee </span></span>has als<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">o <span class="lsd wsd">fo-</span></span>cused on ensur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing and drivin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> f</span><span xmlns="http://www.w3.org/1999/xhtml" class="wse">inancial </span>compliance<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls10 ws13">forward<span class="lsd wsd">. </span></span> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws15">he <span class="lse ws11">remune<span class="_ _0"/>ratio<span class="_ _0"/>n commit<span class="_ _0"/>tee</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2"> <span class="ws3">has been </span></span>engaged in impl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ementing the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> revised <span xmlns="http://www.w3.org/1999/xhtml" class="ls10 ws13">re-</span>muneration<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> structure <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws3">and policy<span class="ws0">, <span class="lsa wse">which </span></span></span>was adopted at the <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">a<span class="lsa wse">nnual </span>g<span class="_ _1"/><span class="ls22 ws15">eneral meet-</span></span>ing in March<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> 2022<span class="lsd wsd">. </span> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">he IT <span class="lse ws11">secu<span class="_ _0"/>rity commi<span class="_ _0"/>ttee</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2"> <span class="lsd ws10">has fo<span class="_ _0"/>cused on </span></span>follow<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">ing<span class="ls0 ws0"> <span class="lsd wsd">up </span></span></span>on <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">and ensur<span class="wse">ing<span class="ls0 ws0"> <span class="ls9 wsc">progress in </span></span></span></span>the <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws3">plans made. <span class="ws76">Once a year<span class="lsd wsd">, <span class="_ _0"/><span class="ls2 ws2">the commit-</span></span></span></span>tee<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls10 ws13">revi<span class="_ _0"/>ews</span> a </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsc">maturity assessme<span class="_ _0"/>nt based </span>on the Cybersecu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rity Framew<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ork of theNational<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Institute of Standa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rds and Tech-nology (NIST)<span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws10">, the purpo<span class="lsa wsd">se of which is <span class="ls9 ws15">to </span></span></span>ensure that a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lso in future, <span xmlns="http://www.w3.org/1999/xhtml" class="ls10 ws13">we<span class="ls0 ws0"> <span class="lsa wsd">continue to</span> </span></span>focus<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ws3">on relevan<span class="_ _0"/>t parameters<span class="_ _1"/><span class="ws0">. </span></span></span>Board of Director<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sâ an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ve Boa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rdâsremunera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tionDemant has a <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">R<span class="lsa wse">emunerat<span class="_ _1"/>ion <span class="ls0 ws0">P</span><span class="wsd">olicy and </span></span></span>publishes a <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">R<span class="ls2 ws4">emuneration </span>R<span class="ls23 ws14">eport.<span class="_ _0"/></span> <span class="lsc ws45">A new</span> </span>policy was approved at the <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">annu<span class="_ _1"/>al<span class="ls0 ws0"> </span>general </span>meeting in Mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ch 202<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">2. </span>The <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">R<span class="ws3">eport will be submitted for advisory </span></span>vote at the an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nual general <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>meeting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="lsa wse">in </span></span>March 2023<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">. </span>Members of Board committeesNom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion Remune<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rationRole Audit c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommittee committe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e committe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e IT sec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>urity committe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eNiels<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> B. Christia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nsen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Chair Member Chair Chair ChairNiels<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Jacobse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n Vice <span xmlns="http://www.w3.org/1999/xhtml" class="ls1c ws2d">Ch<span class="_ _0"/>air<span class="_ _0"/></span> Member Member Member MemberThom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>uer MemberCasper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Jensen MemberAnja M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ads<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>en Member MemberJørgen Møl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ler Nielsen MemberSiss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Fje<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lste<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>asmu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ssen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Member Chair MemberKristia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n Vill<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>umsen Member MemberLars N<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ørby<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Joh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ansen Chair of the Board of MemberDirector<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s of WilliamDemant FoundationSøren N<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ielsen Presid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent &amp; CEO Member</mrv:CorporateGovernanceReport>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-1" id="s10_notes__8__12" xml:lang="en">The Board of Directors aims to have at least 40% of the underrepresented gender amongst the Board members elected bythe shareholders as this constitutes aneven distribution in terms of gender. As of now, there is an even distribution in terms of gender of 40% women and 60% men.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="s10_notes__8__14" xml:lang="en">The Board of Dire<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ctors and Executive Board have today reviewed and approved the Annual Report 2022 of Demant A/S forthe financial year 1 January t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o 31 Decem-ber 202<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">2. </span>The consolidated f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>atements are prepared and presented in accordance with Internat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ional Financial R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eporting Standards as adopted by the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> EU and addi-tional requirement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s in the Da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nish FinancialStatements Act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. The Parent fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nancial statements are prepared and<span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> <span class="ls22 ws30">present<span class="_ _1"/>ed<span class="ls0 ws0"> </span></span></span>in accordance wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h the Danis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h Financial Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts Act. Further, the Ann<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ual Re-port<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> 2022 <span class="ws3">has been prepared in accord-</span></span>ance with Danish<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e requirements for listed comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>anies.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In our opinion, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed financia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l statements an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d the Parent finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cial state-ments give a tru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e and fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> presentat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion of the Groupâs an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d the Parentâs asse<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">ts, liabili-</span>ties and financial position at 31 December 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">, of the results o<span class="_ _0"/>f the Groupâs and the </span>Parentâs ope<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rations and of the G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>roupâscash flows f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> year 1 Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ary to 31 December 202<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">2<span class="lsd wsd">. </span> </span>In our opinion, Ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nagementâs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> commentary includes a tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ue and fair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>view of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he devel-opment in the op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erations and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> financial cir-cumstances<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of the Group and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Parent,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of the result<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s for the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the finan-cial position of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Group and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Parent as well as a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> description of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the most s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ignifi-cant risks an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d uncertainties f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>acing t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Group and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In our opinion, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Annual Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>port 202<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">2 </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsd">for </span>Demant A/S with t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he file nam<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e DEMANT<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>2022-12-31-en.zip for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he financial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> 1 January to 31 December 202<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">2 <span class="lsd ws10">for the </span></span>Group and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent is prep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ared in com-pliance with the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> ESEF regu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lation.We recommend that the Annual Report2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ws3">be adopted at the annual general </span>meeting on 8 <span xmlns="http://www.w3.org/1999/xhtml" class="ws3">March 202</span>3.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> </sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="s10_notes__8__15" xml:lang="en">Smørum</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="s10_notes__8__16">2023-02-07</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-37" id="s10_notes__8__17" xml:lang="en">Søren Nielsen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-37" id="s10_notes__8__18" xml:lang="en">President<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> &amp; CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-43" id="s10_notes__8__27" xml:lang="en">Arne Boye Nielsen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-43" id="s10_notes__8__28" xml:lang="en">President Diagnostics and Communications</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-46" id="s10_notes__8__31" xml:lang="en">Niels Wagner</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-46" id="s10_notes__8__32" xml:lang="en">President Hearing Care</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-38" id="s10_notes__8__19" xml:lang="en">Niels B. Christiansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-38" id="s10_notes__8__20" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-41" id="s10_notes__8__24" xml:lang="en">Niels Jacobsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-41" id="s10_notes__8__25" xml:lang="en">Deputy Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="s10_notes__8__29" xml:lang="en">Thomas Duer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-47" id="s10_notes__8__33" xml:lang="en">Casper Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-39" id="s10_notes__8__21" xml:lang="en">Anja Madsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-42" id="s10_notes__8__26" xml:lang="en">Jørgen Møller Nielsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="s10_notes__8__30" xml:lang="en">Sisse Fjelsted Rasmussen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-48" id="s10_notes__8__34" xml:lang="en">Kristian Villumsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notes__8__36" xml:lang="en">To the shareholders of Demant A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notes__8__37" xml:lang="en">Our opinionIn our opinion, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">f</span><span xmlns="http://www.w3.org/1999/xhtml" class="wse">inancial </span>s<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">tatements g<span class="_ _1"/>ive a true and fa<span class="_ _1"/>ir view of t<span class="_ _1"/>he </span>Groupâs f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial position at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>31<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls22 ws30">December </span></span>2022 and of the results of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Groupâs op-erations and cas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h flows for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he financial year 1 January to 31 Decemb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er 2022 in accordance wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h International F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancialReporting Standards as adopted by the E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Uand further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> requirements in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Danish Fi-nan<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">cial State<span class="_ _0"/>ments Act.</span> Moreover, in ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r opinion, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Parent <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">f<span class="_ _1"/><span class="lsa wse">inan-</span></span>cial <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">s</span>tatements g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ive a tru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e and fair view<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of the Parent Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al position at31 December 2022 and of the results<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> ofthe Parent Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ions for thefinancial year 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> January t<span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws15">o<span class="_ _1"/> 31 Dec<span class="_ _1"/>ember </span>2022 in accordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e with the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Danish Fi-nancial S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatements Act.Our opinion is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> consistent w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ith our A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>uditorâs Long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls2 ws2">form Report t<span class="_ _1"/>o the Audit C<span class="_ _1"/>ommittee </span></span>and the Board of Directors.What we hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e audite<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Consolidated f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>atements and the Paren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t financial stateme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nts of Demant A/S for the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial year 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Januar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y to 31 December 2022 comprise income state-ment, balan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ce sheet, statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent of c<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">hanges </span>in equity and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> notes, including<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> summar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y of significant a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ccounting polic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ies for the Group as well as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> for the Pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rent Comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>any and statement of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> comprehens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ive income and cash flow s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tatement for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Group.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Collectively referr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed to as t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he âFinancial Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tsâ.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="s10_notes__8__38" xml:lang="en">Basis for opin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>We conducted our audit in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cordancewith Internat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ional Standards <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>on Auditing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> (ISAs) and the additional requirements ap-plicable in Denmar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>k. Our r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esponsibilitiesunder those standards and requirementsare further described<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in the Auditorâs re-sponsibilities f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the audit of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts section of our re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>port.We believe that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the audit e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vidence wehave obtained is sufficient and appropriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eto provide a basis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> for our opinion.Independenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>We are independ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent of the G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>roup in ac-cordance with t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Internation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al EthicsStandards Board for Accountantsâ I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nterna-tional Code of Et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hics for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Professional Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-countants (IESBA Code) and the additionalethical requirement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s applicab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>le in Den-mark. We have<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> also fulfilled o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ur other et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hi-cal responsibilities in acco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rdance wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h these requ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>irements and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he IESB<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A Code.To the be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>st of our knowle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dge and belief,prohibited non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls10 ws12">audit services referred to in </span></span>Article 5(1) o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f Regu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lation (EU<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>) No 537/2014 were not provided.AppointmentWe were appointed au<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws7a">ditors of Demant </span>A/S for the first time on 10 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>March 2022 forthe financial year 2022.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="s10_notes__8__39" xml:lang="en">Key audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ersKey audit matters are those matters th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at, in our pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>fessional<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> judgement, were<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> ofmost signif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>icance in our audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of the F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inan-cial State<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ments for 2022. These m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atterswere addre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssed in the context of our audi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tof the Financial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Statements a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s a whole,and in forming our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> opinion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> thereon, andwe do not provide a separate opinion onthese matte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rs<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. </span>Key au<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dit matter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc6 ls0 ws0"> </span>Acquisit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ionsAcquisitions are co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mplex transac-tions, which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e subject to s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ignifi-cant estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es, including t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he identification and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> valuation o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f as-sets, liabilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ies and contingentconsideration<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> etc. In order to de-termine the fair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>value of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> sepa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-rately id<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entified asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">and li<span class="_ _1"/>abili-</span>ties in a business<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> combinat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion, the valuation method<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ologies <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>re-quire input based on assumptions about the future and applied dis-counted cash fl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ow forecasts, in-cluding market d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>evelopment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and WACC.We focu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sed on this ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ea becau<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>se of the signific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">ce to the <span class="ls0 ws0">F</span></span>inancialStatemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts, the inhere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt com-plexity and h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>igh degree of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> esti-mation in the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ccounting fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r ac-quisitions,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> as well as the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> potentia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l inherent risk r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elated to the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> controlenvironment. Our main f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocus ofthe area was o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the acquisition ofSheng <span xmlns="http://www.w3.org/1999/xhtml" class="lsd wsd">Wang. <span class="ls0 ws0"> </span></span>Reference is m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ade to <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws43">section 6.1<span class="ls0 ws0"> </span></span>âAcquisition of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> enterprises an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dactivitiesâ in the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed fi-nancial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tements.How our au<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dit addres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sed th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e key audi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t matter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc6 ls0 ws0"> </span>Our audit procedures included assessing the ap-propriateness<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of the account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing policies f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or ac-quisitions applied by Management an<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">d assessing </span>compliance with I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>FRS.We involved ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r internal s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>pecialist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s in the assess-ment of the va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>luation method<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ologies and WA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>CC applied by Management and the valuation of fairvalue of the acqu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ired ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ets and liabilities.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> We challenged Ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nagementâs s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ignificant as-sumptions u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sed to determine <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the fair value of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the acquired ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ets and liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>quisitions,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including the fa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ir value of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the intang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ible assets. Finally<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, we assessed the adequacy of di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sclosuresrelating to t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he acquisitions.Key au<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dit matter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Revenue recognitionRecognition of revenu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e is in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>her-ently complex due<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to the ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tent of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> different<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> revenue str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eams, se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>veralperformance obligations and pre<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>paid discount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s, which are su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>bjectto interpretat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion, including t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he point in time of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> satisfac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he performance obligat<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">ions and </span>recognition of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elated defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>red in-come in respec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t of e.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g. exten<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ded warranties, afte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r sales service<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s, etc.We focu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sed on this ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ea becau<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>se of the signific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ance to the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> FinancialStatemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts, as well as the com-plexity and h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>igh degree of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> esti-mation related to e.g.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> prepaid dis-counts, p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rovision for sales r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eturns<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and extended warranties and de-ferred income. I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n addition, we<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> fo-cused on this a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rea as revenu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecomprises a sub<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>stantial numbe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r of transac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tions, with dif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ferent characteris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tics depending on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the busines<span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws15">s s<span class="_ _1"/>egment the reven<span class="_ _1"/>ue re-</span>lates to. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Reference is m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ade to s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ection <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsd wsd">1.2<span class="ls0 ws0"> </span></span>âRevenueâ in the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onsolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed fi-nancial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tements. <span xmlns="http://www.w3.org/1999/xhtml" class="fcc ls0 ws0"> </span>How our au<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dit addres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sedthe key au<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dit matterOur audit pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocedures inclu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ded considering theappropriateness<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of the accou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nting policies<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> for revenue recognition a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>pplied b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y Management<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls21 ws33">and </span></span>assessing c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ompliance with IF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>RS.We performed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> risk assessment proce<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dures to un-derstand the inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormation pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cessing act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ivities in relation to reve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nue recognitio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n and evalu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ated whether the inform<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ation syst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ems appropriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ely support r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>evenue recognition <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls22 ws15">measurement<span class="_ _1"/> in </span></span>accordance wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h the accounti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ng policies.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> We identified cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rols addres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sing risk of ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>terial misstatemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts determine<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d to be significant ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>skand evaluated the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> design of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he controls<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and de-termined whether t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he control<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s have been imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>le-mented.We discussed the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> accounting estim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates relatedto the recognit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion, and cla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ssification of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> revenue with Management.Further, we performed subst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>antive proced<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ures re-garding invoicing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, significant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>acts, cut<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsd ws10">off at </span></span>year-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">end and provis<span class="_ _1"/>ion for e.g<span class="_ _1"/>. sales retu<span class="_ _1"/><span class="ls0 ws3">rns and </span></span>extended<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> warranties in order to assess th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e ac-counting tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eatment and princ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iples applied.We applied data ana<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lysis in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esting of se-lected revenue str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eams in ord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er to identif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y trans-actions out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>side the ordinary<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> transact<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion flow, in-cluding journa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">entry testi<span class="_ _0"/>ng. <span class="ls0 ws0"> </span></span>Finally<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, we assessed the adequacy of di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sclosuresrelating to revenu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e recognit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notes__8__40" xml:lang="en">Stateme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt on Manage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mentâs Commen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>taryManagement is responsible for Manage-mentâs <span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws4">Commentary<span class="ls0 ws0">. </span></span>Our opinion on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Financial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Statements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> does not cover Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s Commen-tary, and we do not express <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>any form ofassurance c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onclusion thereon.In connection wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h our audit <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>of the Finan-cial Statements,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our responsi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>bility is <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws15">to </span>read Managementâs Commentary and, indoing so, cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ider whether <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s Commentary is mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erially inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onsistentwith the Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Statement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s or ourknowledge obtained<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>udit, or o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ther-wise appears to be materially misstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed.Moreover, we<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> consid<span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws15">ered wh<span class="_ _1"/>ether Man-</span>agementâs C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ommentary includes t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he dis-closures req<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>uired by the Da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nish Financia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts Act.Based on the wor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>k we have <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>performed,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in our view, Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ementâs Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mmentary is in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> accordance wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h the Consolid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ated finan-cial stateme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nts and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">ent financial </span>statements and has been prepared in ac-cordance with t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he requirement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s of the Danish Financial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Act. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e did not identify any<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> material m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>isstatement in Managementâs Commentary.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="s10_notes__8__41" xml:lang="en">Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s respon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sibilities for the F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>inancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Statements<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Management is responsible for the prepa-ration of <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">C<span class="lsa wsd">onsolidat<span class="_ _1"/>ed financial s<span class="_ _1"/>tate-</span></span>ments that g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ive a true a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nd fair view in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> ac-cordance with I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nternational F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial Re-porting Standards as adopted by the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> EUand further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> requirements in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Danish Fi-nancial Statement<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws3">s A<span class="_ _1"/>ct and for the prepa-</span>ration of <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">P<span class="ls9 wsc">arent financi<span class="_ _0"/>al statements that </span></span>give a true and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> fair view <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in acco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rdance with the Danish Fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ncial Sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tements Act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, and for suc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h internal control<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> as Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e-ment determin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es is nec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>essar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y to enabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e the preparation of <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">F<span class="lsa wse">inancial </span>S<span class="_ _1"/><span class="ls9 ws15">tatements </span></span>that are free<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> from material misstateme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt, whether due to fraud or e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rror.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In preparing t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>atements,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Manageme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt is responsi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ble for assessing the Groupâs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and the Parent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Companyâs ability to continu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e as a going<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> concern,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> dis-closing, as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> ap<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws3">plicable, matters related to </span>going concern and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> using the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> going c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oncern basis of acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ounting unless<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Management either intends to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> liquidate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Group or t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Parent Company or to cease operations,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> or has no real<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>istic alterna<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tive but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="s10_notes__8__42" xml:lang="en">Auditorâs resp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on<span xmlns="http://www.w3.org/1999/xhtml" class="ls12 ws44">sibilit<span class="_ _1"/>ies for<span class="_ _1"/> <span class="ls0 ws0"> </span></span>the aud<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>it of the Financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al State-mentsOur objectives are to obtain reasonableassurance a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>bout whether the F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancialStatemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts as a whole are free from ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-terial mi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sstatement, wheth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er due to fraudor error, and to issue an auditorâs rep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ortt<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">hat includes ou<span class="_ _1"/>r opinion. R<span class="_ _1"/>easonable as-</span>surance is a hig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h level of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> assurance,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> but is not a guarantee that an audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> conducted inaccordance with ISAs and the additionalrequirements ap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>plicable in D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>enmark willalways dete<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ct a material misstatemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>twhen it exi<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">sts. Misstatements can<span class="_ _0"/> arise </span>from fraud or error and are consi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dered ma-terial if, individu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ally or in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the ag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gregate, they could reasonably be expected to in-fluence the econom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ic decisio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ns of users<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> taken on the bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is of these<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Financial Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>As part of a<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">n audit in accord<span class="_ _1"/>ance with </span>ISAs and the additional requirements ap-plicable in Den<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mark, we exercise profes-sional judgement a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nd mainta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in profes-sional scepticis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m throughou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t the audit. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e also: <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 ls9 wsc">Identify<span class="_ _0"/> and assess the risk<span class="_ _0"/>s of material</span>misstatemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t of the Fin<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws3">ancial State-</span>ments, whether due to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> fraud or error,design and perform audit proceduresresponsive to thos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e risks,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and obtainaudit evidence that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>fficient and ap-propriate to provide a ba<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">sis for our</span>opinion. The ris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>k of not d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>etecting a ma-terial mi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sstatem<span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws10">ent resul<span class="_ _0"/>ting from fraud</span>is higher than for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> one result<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>om er-ror, as fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aud may involve c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ollusion,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> for-gery, intentiona<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l omissions, m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>isrepre-sentations,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> or the override<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of interna<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lcontrol.â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lsa wsd">Obtain an understa<span class="_ _1"/>nding of int<span class="_ _1"/>ernal</span>control relevant t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o the audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls10 ws12">in order to</span></span>design audit procedures that are appro-priate in th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e circumstances, but not fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rthe purpose of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> expressing an <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>opinion onthe effectiveness<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">â<span class="ls9 wsc">s and the</span></span>Parent Company<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">âs <span class="lsa wsd">internal cont<span class="_ _1"/>rol.</span></span>â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 ws3">Evaluate the appropriateness of <span class="ls10 ws13">ac-</span></span>counting policies<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> used and th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e reasona-bleness o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f accounting estim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates and re-lated disclosures made by Manage-ment.â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 ws3">Conclude on the appropriateness of</span>Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws10">s use of the<span class="_ _0"/> going concern</span>basis of accounting and based on theaudit evidence obtained, whether a ma-terial unce<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rtainty exists re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lated toevents or conditions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> that ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y cast s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ig-nificant doubt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> on the Grou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>p<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">â<span class="ls9 wsc">s and the </span></span>Parent Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s ability to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> continue a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s a going concern.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> If we conclu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>de that a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> material uncertai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nty exists, we are re-quired to draw atte<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">ntion in<span class="_ _1"/> our au<span class="_ _1"/>ditorâs </span>report to the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> related disclosures i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n theFinancial Statement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s or, if su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ch disclo-sures are i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nadequate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, to modify ouropinion. Our conc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lusions are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> based onthe audit evidence<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> obtained<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> up to thedate of our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> auditorâs repo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rt. However,fu<span xmlns="http://www.w3.org/1999/xhtml" class="lsa">ture events or c<span class="_ _1"/>onditions ma<span class="_ _1"/>y cause </span>the Group or the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Parent Com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>pany tocease to continu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e as a going<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> concern.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lsa wsd">Evaluate the overall<span class="_ _1"/> presenta<span class="_ _1"/>tion, stru<span class="_ _1"/>c-</span>ture and cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent of the F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e-ments, includ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing the disclosu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>res, andwhether the Financia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l Statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">ts rep-</span>resent the under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lying transac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tions andevents in a manner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> that g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ives a tru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eand fair view.â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 ws3">Obtain sufficient appropriate audit evi-</span>dence regarding t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> infor-mation of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>entities or bu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>siness ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tivi-ties within the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Group to exp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ress anopinion on the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onsolidated <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">f<span class="_ _1"/><span class="lsa wse">inancial</span></span>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">tatements. We are<span class="_ _0"/> responsible<span class="_ _0"/> for the</span>direction, su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>pervision and<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> p<span class="ls10 ws13">erformance</span></span>of the group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> audit. We rema<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>in solely re-sponsible <span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws10">for our audit op<span class="_ _0"/>inion<span class="ls0 ws0">.</span></span>We communicat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e with those <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>charged withgovernance regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ding, amon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g other mat-ters, the pla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nned scope and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iming of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he audit and sig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nificant audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> findings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, includ-ing any signific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ant deficienc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ies in interna<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l control that w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e identify du<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ring our au<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dit. We also provide<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> those charg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed with gov-ernance with a st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>atement t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hat we havecomplied with rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>evant ethica<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l require-ments regarding independence, and to communicate wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h them all re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="wse">lationships<span class="_ _1"/> </span>and other matters that may reasonably be thought t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o bear on our ind<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ependence and,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> where applicable, a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ctions ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ken to el<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>imi-nate threats or safeguards applied.<span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>From the matte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rs communicated with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> those charged with go<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vernance, we deter-mine those m<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">atters that were of most sig-</span>nificance in the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> audit of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ncial Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts of the current pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>riod and are therefore th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e key audit matters. We de-scribe these<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> matters in our auditorâs re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>port unless law or r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>egulation precl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>udes pub<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lic disclosure ab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>out the m<span xmlns="http://www.w3.org/1999/xhtml" class="ws15">atter.<span class="ls0 ws0"> </span></span></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="s10_notes__8__43" xml:lang="en">Repor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t on complianc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with the ESEF <span xmlns="http://www.w3.org/1999/xhtml" class="lsd wsd">Regu<span class="_ _0"/>lation<span class="ls0 ws0"> </span></span>As part of our audit of the Financial State-ments we performe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d procedures to ex-press an opinion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> on whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the annualreport of Demant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> A/S for the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial year 1 January to 31 December 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>22 with thefilename <span xmlns="http://www.w3.org/1999/xhtml" class="lsc wsf">DEMANT<span class="ls0 ws0">-2022-12-31-</span></span>en.zip<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls9 ws15">is </span></span>prepared, in all mater<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">ial resp<span class="_ _1"/>ects, in co<span class="_ _1"/>m-</span>pliance with the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Commission <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>DelegatedRegulation (EU) 2019/815 on the Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>opeanSingle Electronic F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormat (ESE<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>F Regula<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion) which includes req<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>uirements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>related to thepreparation of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he annual rep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ort in XH<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>TML format and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> iXBRL taggi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng of t<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">he Consoli-</span>dated Financial Sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tements i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ncludingnotes.Management is responsible for preparingan annual report t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hat compl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ies with t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he ESEF Regulat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion. This respon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sibility in-cludes:â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lsa wsd">The preparing of t<span class="_ _1"/>he annual r<span class="_ _1"/>eport in</span>XHTML format;â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 ws3">The selection and application of appro-</span>priate iXBRL tag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s, including<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> extensionsto the ESEF tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onomy and the anchor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-ing thereof to el<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onomy,for all financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> information r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>equired t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>obe tagged<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> using jud<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>where nec-essary;â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lsa wsd">Ensuring consis<span class="_ _1"/>tency between iXBRL</span>tagged data and the Consolidated <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">f<span class="lsa wse">i-</span></span>nancial <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">s<span class="ls9 wsc">tatements prese<span class="_ _0"/>nted in hu-</span></span>man-<span xmlns="http://www.w3.org/1999/xhtml" class="ws3">readable format; and</span>â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lsa wsd">For such internal c<span class="_ _1"/>ontrol as <span class="_ _1"/>Manage-</span>ment determin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es necess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ary to enablethe preparation of an annual report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> thatis compliant wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h the ESEF R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>egul<span xmlns="http://www.w3.org/1999/xhtml" class="wse">atio<span class="_ _1"/>n.</span>Our responsibilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y is to ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tain <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">reasonable </span>assurance on w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hether the an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nual report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is prepared, in all material respects,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in com-pliance with the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> ESEF Regula<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion based on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the evidence we ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ve obtain<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed, and to is-sue a report t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hat includes ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r opinion. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he nature, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iming and extent of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>proced<span xmlns="http://www.w3.org/1999/xhtml" class="lsd">ures </span>selected depend on the auditorâs judg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e-ment, incl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uding the assessment of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e risks of material dep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>artures from the require-ments set out i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the ESEF Regulation,whether due to fraud or e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rror. The proce-dures include:â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lsa wsd">Testing whether t<span class="_ _1"/>he annual repo<span class="_ _1"/>rt is</span>prepared in XHTML format;â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lsa wsd">Obtaining an underst<span class="_ _1"/>anding of<span class="_ _1"/> the com-</span>panyâ<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wsd">s iXBRL tagg<span class="_ _1"/>ing process and of<span class="_ _1"/> in-</span>ternal control over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the tag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ging pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocess;â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lsa wsd">Evaluating the comp<span class="_ _1"/>leteness of<span class="_ _1"/> the</span>iXBRL tagging<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of the C<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">onsolidated Fi-</span>nancial Statements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>notes;â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lsa wsd">Evaluating the app<span class="_ _1"/>ropriatenes<span class="_ _1"/>s of the</span>companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsc">s use of iXBRL<span class="_ _0"/> elements se-</span>lected from the E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>SEF tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onomy and thecreation of ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ension element<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s whereno suitable elem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent in the ES<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>EF taxon-omy has been ide<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ntified;â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lsa wsd">Evaluating the us<span class="_ _1"/>e of anchori<span class="_ _1"/>ng of ex-</span>tension element<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s to elements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in theESEF taxonomy; andâ¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lsa wsd">Reconciling the iXB<span class="_ _1"/>RL tagged dat<span class="_ _1"/>a with</span>the audited Consolidated financials<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws15">tatements.</span>In our opinion, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he annual rep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ort of De-mant A/S for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he financial ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ar 1 Januaryto 31 December 2022 with the file nam<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eDEMANT<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-2022-12-31-<span class="lsa wse">en.zip</span> <span class="ws3">is prepared, </span></span>in all materia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l respects, in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ompliance wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h the ESEF Regula<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="s10_notes__8__44" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="s10_notes__8__45">2023-02-07</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-49" id="s10_notes__8__46" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-50" id="s10_notes__8__48" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-49" id="s10_notes__8__47" xml:lang="en">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-50" id="s10_notes__8__49" xml:lang="en">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-49" id="s10_notes__8__50" xml:lang="en">Mogens Nørgaard Mogensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-49" id="s10_notes__8__51" xml:lang="en">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-49" id="s10_notes__8__52" xml:lang="en">mne21404</cmn:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-50" id="s10_notes__8__53" xml:lang="en">Rasmus Friis Jørgensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-50" id="s10_notes__8__54" xml:lang="en">State-AuthorisedPublic Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-50" id="s10_notes__8__55" xml:lang="en">mne28705</cmn:IdentificationNumberOfAuditor>
<fsa:AverageNumberOfEmployees contextRef="ctx-1" decimals="0" unitRef="pure">19239</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-51" decimals="0" unitRef="pure">16866</fsa:AverageNumberOfEmployees>
<gsd:NameOfSubmittingEnterprise contextRef="ctx-1" id="s10_notes__8__248" xml:lang="en">Demant A/S</gsd:NameOfSubmittingEnterprise>
<gsd:NameOfReportingEntity contextRef="ctx-1" id="s10_notes__8__237" xml:lang="en">Demant A/S</gsd:NameOfReportingEntity>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx-1" id="s10_notes__8__239" xml:lang="en">Kongebakken</gsd:AddressOfReportingEntityStreetName>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-1" id="s10_notes__8__249" xml:lang="en">Kongebakken 9</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx-1" id="s10_notes__8__240" xml:lang="en">9</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
<gsd:AddressOfReportingEntityCountryIdentificationCode contextRef="ctx-1" id="s10_notes__8__242" xml:lang="en">DK</gsd:AddressOfReportingEntityCountryIdentificationCode>
<gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx-1" id="s10_notes__8__243" xml:lang="en">2765</gsd:AddressOfReportingEntityPostCodeIdentifier>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-1" id="s10_notes__8__250" xml:lang="en">2765 Smørum</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:AddressOfReportingEntityDistrictName contextRef="ctx-1" id="s10_notes__8__244" xml:lang="en">Smørum</gsd:AddressOfReportingEntityDistrictName>
<gsd:AddressOfReportingEntityCountry contextRef="ctx-1" id="s10_notes__8__246" xml:lang="en">Denmark</gsd:AddressOfReportingEntityCountry>
<gsd:TelephoneNumberOfReportingEntity contextRef="ctx-1" id="s10_notes__8__238" xml:lang="en">+45 3917 7300</gsd:TelephoneNumberOfReportingEntity>
<gsd:EmailOfReportingEntity contextRef="ctx-1" id="s10_notes__8__241" xml:lang="en">info@demant.com</gsd:EmailOfReportingEntity>
<gsd:HomepageOfReportingEntity contextRef="ctx-1" id="s10_notes__8__245" xml:lang="en">www.demant.com</gsd:HomepageOfReportingEntity>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx-1" id="s10_notes__8__247" xml:lang="en">71186911</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx-1" id="s10_notes__8__251" xml:lang="en">71186911</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<cmn:TypeOfAuditorAssistance contextRef="ctx-1" xml:lang="en">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
<gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx-1" xml:lang="en">ParsePort XBRL Converter</gsd:ToolForPreparingTheXBRLInstanceDocument>
<gsd:ReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2022-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-1" xml:lang="en">2022-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2021-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-1" xml:lang="en">2021-12-31</gsd:PredingReportingPeriodEndDate>
<gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx-1" xml:lang="en">213800RM6L9LN78BVA56</gsd:LegalEntityIdentifierOfReportingEntity>
<fsa:ClassOfReportingEntity contextRef="ctx-1" xml:lang="en">Reporting class D</fsa:ClassOfReportingEntity>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-40" xml:lang="en">René Schneider</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-40" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
</xbrli:xbrl>