Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2023-12-31 | 30546000000 | dkk |
| ifrs-full:Assets | 2022-12-31 | 29857000000 | dkk |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2023-01-01 | 2023-12-31 | 22443000000 | dkk |
| ifrs-full:Revenue | 2022-01-01 | 2022-12-31 | 19705000000 | dkk |
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<mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="s10_notesesefdkgaap__7__11" xml:lang="en">Diversity The Board of Directors aims to have at least 40% of the underrepresented gender amongst the Board members elected by the shareholders, as this constitutes an even distribution in terms of gender. As of now, there is an even distribution in terms of gender of 40% women and 60% men. As part of our ambitions to ensure diver-sity and inclusion in the Group, we launched a Diversity, equity and inclusion policy in 2022, which includes targets to increase diversity and inclusion in the De-mant Group. Demant is present in all parts of the world and employs people with different ethnic background, personality, nationality, age, gender and education. We encourage re-spect for diversity, and we strive to treat all employees fairly. Applicable to the legal entity Demant A/S, new Danish legislation on underrepre-sented gender in management took effect from 2023, cf. section 99b of the Danish Financial Statements Act and section 139c of the Danish Companies Act. In 2023, fewer people than 50 were em-ployed in the legal entity Demant A/S and an even distribution of gender was achieved for both the Board of Directors and other levels of management. Hence Demant A/S is not required to define a specific target and policy. However, there is a requirement to disclose the distribution of genders for the Board of Directors and other levels of management in the legal entity. Evaluation of the performance of the Board of Directors Once a year, the Board of Directors per-forms an evaluation of the Boardâs work. The evaluation is performed either through personal, individual interviews with the Board members or by means of a ques-tionnaire to be filled out by the individual Board members. In both instances, the findings of the evaluation are presented and discussed at the subsequent Board meeting. At least every third year, the evaluation is performed with external assistance. In 2023, the evaluation was performed with external assistance. Overall, the eval-uation confirmed that the Board is satis-fied with its governance structures and furthermore confirmed that the interaction between the Board members works well. The Board of Directors is keen to keep fo-cus on and allocate time to the long-term strategic development of the company to continuously ensure that the potential of the company is exploited to the fullest. In 2023, audit committee meetings have been separated from ordinary Board meet-ings. This has led not only to more in-depth discussions on audit and financial topics, but also allowed the members of the Board of Directors to focus more on the strategic development of the company. The collaboration between the Board of Directors and the Executive Board works well, and there is an open and trustful working atmosphere. The work performed by the Board of Direc-tors takes its starting point in the annual wheel, which is regularly refined and up-dated and ensures the Boardâs commit-ment and immersion into relevant areas. Board of Directors 2023 Total number of share-5 holder elected members Women 40% Men 60% Other levels of Management* 2023 Total number of members 7* Women 43% Men 57% *Executive Board incl. direct reports employed in the legal entity Demant A/S.</mrv:StatementOfTheDiversityPolicies>
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<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="s10_notesesefdkgaap__7__28">2024-02-06</sob:DateOfApprovalOfAnnualReport>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="s10_notesesefdkgaap__7__26" xml:lang="en">Management statementThe Board of Directors and Executive Board have today reviewed and approved the Annual Report 2023 of Demant A/S for the financial year 1 January to 31 Decem-ber 2023. The consolidated financial statements are prepared and presented in accordance with IFRS Accounting Standards as adopted by the EU and additional require-ments in the Danish Financial Statements Act. The Parent financial statements are prepared and presented in accordance with the Danish Financial Statements Act. Further, the Annual Re-port 2023 has been prepared in accord-ance with Danish disclosure requirements for listed companies. In our opinion, the consolidated financial statements and the Parent financial state-ments give a true and fair view of the Groupâs and the Parentâs assets, liabilities and financial position at 31 December 2023, of the results of the Groupâs and the Parentâs operations and of the Groupâs cash flows for the financial year 1 January to 31 December 2023. In our opinion, Managementâs commentary includes a true and fair view of the devel-opment in the operations and financial cir-cumstances of the Group and the Parent, of the results for the year and of the finan-cial position of the Group and the Parent as well as a description of the most signifi-cant risks and uncertainties facing the Group and the Parent. Management's Commentary has been pre-pared in accordance with the Danish Fi- nancial Statements Act and Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation). In our opinion, the Annual Report 2023 for Demant A/S with the file name DEMANT-2023-12-31-en.zip for the financial year 1 January to 31 December 2023 is prepared in compliance with the ESEF regulation. We recommend that the Annual Report 2023 be adopted at the annual general meeting on 6 March 2024.</sob:StatementByExecutiveAndSupervisoryBoards>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-42" id="s10_notesesefdkgaap__7__37" xml:lang="en">Niels Jacobsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-42" id="s10_notesesefdkgaap__7__38" xml:lang="en">Vice Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-43" id="s10_notesesefdkgaap__7__39" xml:lang="en">Thomas Duer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="s10_notesesefdkgaap__7__40" xml:lang="en">Charlotte Hedegaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="s10_notesesefdkgaap__7__41" xml:lang="en">Heidir Hørby</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-46" id="s10_notesesefdkgaap__7__42" xml:lang="en">Anja Madsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-47" id="s10_notesesefdkgaap__7__43" xml:lang="en">Sisse Fjelsted Rasmussen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-48" id="s10_notesesefdkgaap__7__44" xml:lang="en">Kristian Villumsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__46" xml:lang="en">To the shareholders of Demant A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__47" xml:lang="en">Our opinion In our opinion, the Consolidated financial statements give a true and fair view of the Groupâs financial position at 31 December 2023 and of the results of the Groupâs op-erations and cash flows for the financial year 1 January to 31 December 2023 in accordance with IFRS Accounting Stand-ards as adopted by the EU and further re-quirements in the Danish Financial State-ments Act. Moreover, in our opinion, the Parent finan-cial statements give a true and fair view of the Parent Companyâs financial position at 31 December 2023 and of the results of the Parent Companyâs operations for the financial year 1 January to 31 December 2023 in accordance with the Danish Fi-nancial Statements Act. Our opinion is consistent with our Auditorâs Long-form Report to the Audit Committee and the Board of Directors. What we have audited The Consolidated financial statements and the Parent financial statements of Demant A/S for the financial year 1 January to 31 December 2023 comprise income state-ment, balance sheet, statement of changes in equity and notes, including material ac-counting policy information for the Group as well as for the Parent Company and statement of comprehensive income and cash flow statement for the Group. Collec-tively referred to as the âFinancial State-mentsâ.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__48" xml:lang="en">Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements ap-plicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditorâs re-sponsibilities for the audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in ac-cordance with the International Ethics Standards Board for Accountantsâ Interna-tional Code of Ethics for Professional Ac-countants (IESBA Code) and the additional ethical requirements applicable in Den-mark. We have also fulfilled our other ethi-cal responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided. Appointment We were first appointed auditors of De-mant A/S on 10 March 2022 for the finan-cial year 2022. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of two years including the financial year 2023.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="s10_notesesefdkgaap__7__49" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Finan-cial Statements for 2023. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter Acquisitions Acquisitions are complex transac-tions, which are subject to signifi-cant estimates, including the iden-tification and valuation of assets, liabilities and contingent consider-ation etc. In order to determine the fair value of the separately identi-fied assets and liabilities in a busi-ness combination, the valuation methodologies require input based on assumptions about the future and applied discounted cash flow forecasts, including market devel-opment and WACC. We focused on this area because of the significance to the Financial Statements, the inherent complex-ity and high degree of estimation in the accounting for acquisitions, as well as the potential inherent risk related to the control environment. Our main focus of the area was on the acquisitions of Mr. Optik Group and Flemming & Klingbeil Group, the hearing aid related activities of Goed Hulpmiddelen CV and Virtu-alis Group. Reference is made to section 6.1 âAcquisition of enterprises and ac-tivitiesâ in the Consolidated finan-cial statements. How our audit addressed the key audit matter Our audit procedures included assessing the ap-propriateness of the accounting policies for ac-quisitions applied by Management and assessing compliance with IFRS Accounting Standards. We involved our internal specialists in the assess-ment of the valuation methodologies applied by Management and we challenged Managementâs significant assumptions used to determine the fair value of the acquired assets and liabilities in the acquisitions, including the fair value of the intan-gible assets. Finally, we assessed the adequacy of disclosures relating to the acquisitions. Key audit matter Revenue recognition Recognition of revenue is inher-ently complex due to the extent of different revenue streams, several performance obligations, trial peri-ods and prepaid discounts, which are subject to interpretation, in-cluding the point in time of satis-faction of the performance obliga-tions and recognition of related de-ferred income in respect of e.g. ex-tended warranties, after sales ser-vices, etc. We focused on this area because of the significance to the Financial Statements, as well as the com-plexity and high degree of estima-tion related to e.g. prepaid dis-counts, provision for sales returns and extended warranties and de-ferred income. In addition, we fo-cused on this area as revenue comprises a substantial number of transactions, with different charac-teristics depending on the business segment the revenue relates to. Reference is made to section 1.2 âRevenueâ in the Consolidated fi-nancial statements. How our audit addressed the key audit matter Our audit procedures included considering the appropriateness of the accounting policies for revenue recognition applied by Management and assessing compliance with IFRS Accounting Standards. We performed risk assessment procedures to un-derstand the information processing activities in relation to revenue recognition and evaluated whether the information systems appropriately support revenue recognition and measurement in accordance with the accounting policies. We identified controls addressing risk of material misstatements determined to be significant risk and evaluated the design of the controls and de-termined whether the controls have been imple-mented. We discussed the accounting estimates related to the recognition, and classification of revenue with Management. Further, we performed substantive procedures re-garding invoicing, significant contracts, cut-off at year-end and provision for e.g. sales returns and extended warranties in order to assess the ac-counting treatment and principles applied. We applied data analysis in our testing of se-lected revenue streams in order to identify trans-actions outside the ordinary transaction flow, in-cluding journal entry testing. Finally, we assessed the adequacy of disclosures relating to revenue recognition</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__50" xml:lang="en">Statement on Managementâs Commentary Management is responsible for Manage-mentâs Commentary. Our opinion on the Financial Statements does not cover Managementâs Commen-tary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Finan-cial Statements, our responsibility is to read Managementâs Commentary and, in doing so, consider whether Managementâs Commentary is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or other-wise appears to be materially misstated. Moreover, we considered whether Man-agementâs Commentary includes the dis-closures required by the Danish Financial Statements Act and Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation). Based on the work we have performed, in our view, Managementâs Commentary is in accordance with the Consolidated finan-cial statements and the Parent financial statements and has been prepared in ac-cordance with the requirements of the Danish Financial Statements Act and the disclosure requirements of Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation). We did not identify any mate-rial misstatement in Managementâs Com-mentary.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__51" xml:lang="en">Managementâs responsibilities for the Financial Statements Management is responsible for the prepa-ration of Consolidated financial state-ments that give a true and fair view in ac-cordance with IFRS Accounting Standards as adopted by the EU and further require-ments in the Danish Financial Statements Act and for the preparation of Parent fi-nancial statements that give a true and fair view in accordance with the Danish Fi-nancial Statements Act, and for such inter-nal control as Management determines is necessary to enable the preparation of Fi-nancial Statements that are free from ma-terial misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Groupâs and the Parent Companyâs ability to continue as a going concern, dis-closing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="s10_notesesefdkgaap__7__52" xml:lang="en">Auditorâs responsibilities for the audit of the Financial State-ments Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from ma-terial misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable as-surance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered ma-terial if, individually or in the aggregate, they could reasonably be expected to in-fluence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit in accordance with ISAs and the additional requirements ap-plicable in Denmark, we exercise profes-sional judgement and maintain profes-sional scepticism throughout the audit. We also: ⢠Identify and assess the risks of material misstatement of the Financial State-ments, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and ap-propriate to provide a basis for our opinion. The risk of not detecting a ma-terial misstatement resulting from fraud is higher than for one resulting from er-ror, as fraud may involve collusion, for-gery, intentional omissions, misrepre-sentations, or the override of internal control. ⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appro-priate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control. ⢠Evaluate the appropriateness of ac-counting policies used and the reasonableness of accounting estimates and related disclosures made by Man-agement. ⢠Conclude on the appropriateness of Managementâs use of the going concern basis of accounting and based on the audit evidence obtained, whether a ma-terial uncertainty exists related to events or conditions that may cast sig-nificant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are re-quired to draw attention in our auditorâs report to the related disclosures in the Financial Statements or, if such disclo-sures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern. ⢠Evaluate the overall presentation, struc-ture and content of the Financial State-ments, including the disclosures, and whether the Financial Statements rep-resent the underlying transactions and events in a manner that gives a true and fair view. ⢠Obtain sufficient appropriate audit evi-dence regarding the financial infor-mation of the entities or business activi-ties within the Group to express an opinion on the Consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely re-sponsible for our audit opinion. We communicate with those charged with governance regarding, among other mat-ters, the planned scope and timing of the audit and significant audit findings, includ-ing any significant deficiencies in internal control that we identify during our audit. We also provide those charged with gov-ernance with a statement that we have complied with relevant ethical require-ments regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to elimi-nate threats or safeguards applied. From the matters communicated with those charged with governance, we deter-mine those matters that were of most sig-nificance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We de-scribe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="s10_notesesefdkgaap__7__53" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Financial State-ments we performed procedures to ex-press an opinion on whether the annual report of Demant A/S for the financial year 1 January to 31 December 2023 with the filename DEMANT-2023-12-31-en.zip is prepared, in all material respects, in com-pliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consoli-dated Financial Statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility in-cludes: ⢠The preparing of the annual report in XHTML format; ⢠The selection and application of appro-priate iXBRL tags, including extensions to the ESEF taxonomy and the anchor-ing thereof to elements in the taxonomy,for all financial information required to be tagged using judgement where nec-essary; ⢠Ensuring consistency between iXBRL tagged data and the Consolidated fi-nancial statements presented in hu-man-readable format; and ⢠For such internal control as Manage-ment determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in com-pliance with the ESEF Regulation based on the evidence we have obtained, and to is-sue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judge-ment, including the assessment of the risks of material departures from the require-ments set out in the ESEF Regulation, whether due to fraud or error. The proce-dures include: ⢠Testing whether the annual report is prepared in XHTML format; ⢠Obtaining an understanding of the com-panyâs iXBRL tagging process and of in-ternal control over the tagging process; ⢠Evaluating the completeness of the iXBRL tagging of the Consolidated Fi-nancial Statements including notes; ⢠Evaluating the appropriateness of the companyâs use of iXBRL elements se-lected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxon-omy has been identified; ⢠Evaluating the use of anchoring of ex-tension elements to elements in the ESEF taxonomy; and ⢠Reconciling the iXBRL tagged data withthe audited Consolidated financial statements. In our opinion, the annual report of De-mant A/S for the financial year 1 January to 31 December 2023 with the file name DEMANT-2023-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="s10_notesesefdkgaap__7__54" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="s10_notesesefdkgaap__7__55">2024-02-06</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-49" id="s10_notesesefdkgaap__7__56" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-49" id="s10_notesesefdkgaap__7__57" xml:lang="en">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-49" id="s10_notesesefdkgaap__7__58" xml:lang="en">Mogens Nørgaard Mogensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-49" id="s10_notesesefdkgaap__7__59" xml:lang="en">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-49" id="s10_notesesefdkgaap__7__60" xml:lang="en">mne21404</cmn:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-50" id="s10_notesesefdkgaap__7__61" xml:lang="en">Rasmus Friis Jørgensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-50" id="s10_notesesefdkgaap__7__62" xml:lang="en">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-50" id="s10_notesesefdkgaap__7__63" xml:lang="en">mne28705</cmn:IdentificationNumberOfAuditor>
<gsd:NameOfReportingEntity contextRef="ctx-1" id="s10_notesesefdkgaap__7__275" xml:lang="en">Demant A/S</gsd:NameOfReportingEntity>
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<gsd:TelephoneNumberOfReportingEntity contextRef="ctx-1" id="s10_notesesefdkgaap__7__276" xml:lang="en">+45 3917 7300</gsd:TelephoneNumberOfReportingEntity>
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<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>
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<gsd:ReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2023-01-01</gsd:ReportingPeriodStartDate>
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