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Hear More, Do More, Be More GN Group – Annual Report 2017 GN Store Nord A/S Hear More, Do More, Be More GN Group – Annual Report 2017 2 Management's report ⋅ Contents Contents Contents Our investment case Management’s report Through relentless execution of 2017 at a glance 3 our 2017 – 2019 strategy “Hear Global reach, local presence 4 More, Do More, Be More”, we Business model and strategy 5 Business areas and brands 6 create shareholder value by Chairman's foreword 7 commercializing our core Consolidated financial highlights 9 Group performance 2017 10 competencies within sound Financial outlook 12 processing in attractive markets. GN Hearing 15 GN Audio 22 GN accolades and awards 29 GN Hearing Corporate responsibility 30 Risk management 32 Leader in customer-driven innovation in hearing aids Shareholder information 37 based on unique sound processing systems and Corporate governance 39 leading-edge wireless 2.4 GHz technology Board of Directors 43 Executive Management 45 • Focused business model – dedicated wholesale manufacturer, refraining from vertical integration Additional financial information 46 • Attractive market growth driven by sustainable Q4 financial highlights 47 megatrends in a consolidated industry with Quarterly financial highlights 48 attractive profit margins Quarterly reporting by segment 49 Q4 segment disclosures 50 • Profitability in line with the best manufacturers in the industry GN Audio Financial statements Consolidated - Financial statements 2017 51 The world’s leading supplier of Unified Parent company - Financial statements 2017 101 Communications headsets driven by customer- Statement by the Executive Management and focused commercialization of a state-of-the-art the Board of Directors 113 product portfolio Independent auditors’ report 114 • Double digit mid- to long-term Call Center & Of- fice (CC&O) market growth driven by sustainable market trends • The core business operates in a consolidated industry with high barriers to entry • Attractive operating margin and return on Front page: invested capital Via an app on their smartphone, users of ReSound LiNX 3D™ hearing aids can request assistance for remote fine-tuning of their hearing aid settings as they experience a hearing difficulty – wherever they are. GN Group – Annual Report 2017 3 Management's report ⋅ 2017 at a glance Contents 2017 at a glance Revenue of DKK EBITA of DKK 9.6bn 1.7bn +11% vs 2016 +10% vs 2016 Cash conversion Share buybacks and dividends DKK 65% 1.4bn In line with industry peers +6% vs 2016 Revenue split by region EPS development (DKK) 9.0 18% 34% 8.07 8.0 7.34 7.0 6.0 Europe 4.79 5.0 4.61 North America 4.15 4.0 Rest of World 3.0 2.0 1.0 48% 0.0 2013 2014 2015 2016 2017 GN Group – Annual Report 2017 4 Management's report ⋅ Global reach, local presence Contents Global reach, local presence The GN Group develops and manufactures innovative and intelligent audio solutions that are marketed and sold in around 100 countries across the world Research & Development Manufacturing Sales and distribution GN has R&D centers GN has its central GN’s hearing aids are in Denmark, the manufacturing sites sold in around 100 United States, the for hearing aids in countries across the Netherlands and China, Malaysia and world. GN has its own China. Denmark. Regional organization in 30 manufacturing centers are located countries and operates via partners The Group commands a unique blend in the United States, Great Britain and distributors in another 70 coun- of leading expertise in the human and Malaysia. tries. ear, sound and speech, wireless tech- nologies, user-friendly software and GN’s headsets are produced by care- GN’s headsets are sold via distributors miniaturization. fully selected manufacturers in and retailers in some 80 countries China, and most components are around the world. One global GN annually invests more than 8% of sourced from suppliers in Asia. GN distribution partner is responsible for its revenue in research and develop- Audio works with a small number of optimizing lead-time to the final ment. tier-one manufacturers supported customer, delivering from three by more than 100 sub-suppliers. regional warehouses in the United States, the Netherlands and Hong Kong. GN Group – Annual Report 2017 5 Management's report ⋅ Business model and strategy Contents Business model and strategy The GN Group’s lean and agile business model – along with its strategic focus on Innovation, Commercial and People Excellence – positions the Group strongly to seize the multiple business opportunities driven by global megatrends Attractive megatrends Making Life Sound Better Strategic agility - attractive shareholder returns A growing and aging world GN is a global leader in intelligent population as well as personal audio solutions that let you hear A lean business model, with no communication trends offer more, do more and be more than owned retail, ensures a strong opportunities for intelligent audio you ever thought possible – with position in relation to future solutions in industries with unique R&D competencies within distribution trends. Resilient cash currently low penetration rates. medical, professional and generation driving attractive consumer audio solutions. shareholder returns. 2017 – 2019 Strategy HEAR DO BE Synergistic M&A MORE MORE MORE Strong partnerships Merger and acquisition activities Strong track record of strategic to support channel access, partnerships with leading commercial excellence and channels, customers and technology leadership as well as adjacent industry leaders. to streamline activities. Innovation Excellence Commercial Excellence People Excellence GN’s sound technologies and ex- Commercial execution is A series of programs strengthens perience are directed at consist- continuously improved by strategy execution, leadership ently developing unmatched user expanding in the open market, and people development across benefits. This strict innovation fo- strengthening partnerships, GN. cus has ensured multiple industry sharing best practices, going firsts by GN. digital and engaging users. GN Group – Annual Report 2017 6 Management's report ⋅ Business areas and brands Contents Business areas and brands The GN Group has a unique portfolio of hearing aids and headset solutions. The expertise behind our current range of innovative products gives GN multiple opportunities to develop new attractive intelligent audio solutions for many uses Medical grade hearing devices Professional and consumer and solutions audio solutions GN’s history of producing industry-first sound solutions GN’s professional headsets and speakerphone solutions and pioneering advancements in technology include: 5th are engineered to help businesses to be even more generation 2.4 GHz technology in hearing aids for direct productive and to deliver supreme sound and great connectivity; 3rd generation Binaural Directionality for battery life to users for whom calls, music and media leading natural sound; the world’s first Made for iPhone consumption are important. GN Audio created the hearing aids with direct stereo sound streaming; the world’s leading headset solution for office businesses, world’s first cloud-based remote fine-tuning solution; the world’s first active-noise-cancelling microphone, the award winning apps providing optimal user experience world’s first Bluetooth headset and the world’s first and satisfaction. wireless sports headphones with integrated heart-rate monitor, to name a few. ReSound is the most innovative pre- Jabra provides the most technically ad- mium hearing solution on the market, vanced headset and speakerphone so- combining innovative design, user ex- lutions, based on unique sound capabil- perience and leading technology – all ities, engineered to fit the purpose for based on deep audiological insight and which they will be used. understanding of hearing aid users. Beltone provides high-quality personal- VXi and Blueparrott are best-in-class ized hearing care along with technically headset solutions delivering value, ex- optimal hearing aids and solutions. cellence and innovation to contact cen- ters, offices and mobile professionals. Interton delivers essential solutions de- signed to provide people with hearing impairment with a value based, afford- able hearing aid that is easy to use. Audigy Group offers best-in-class business and performance manage- ment solutions to hearing care practices. GN’s technology is founded in world -leading expertise in the human ear, sound, wireless tech- nology and miniaturization, linking deep insight and knowledge from the hearing aid and the headset industries – all under one roof. GN’s R&D spans a wide range of disciplines, including acoustics, signal processing, neurosci- ence, human-computer interaction, artificial intelligence, audiology, and engineering. GN Group – Annual Report 2017 Chairman's7 Management's report ⋅Chairman's foreword foreword Contents Leading major technology shifts GN Hearing: Another industry-first with remote fine-tuning in hearing aids GN Audio: Jabra Evolve series is the world’s no. 1 in professional headsets Technology is rapidly changing our world, our businesses, and are to continue our leadership in innovation, to propel the our everyday lives. The smartphone only just turned ten and company into being a leader in commercial excellence, and to life without one is already unthinkable to millions of people. excel in growing a winning organization. Every fourth online search is now voice initiated. Over 30 mil- lion Americans have voice-activated speakers in their homes. Innovation Excellence:
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