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Annual Report 2017

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Annual Report 2017 ANNUAL REPORT 2017 About the front cover Bone anchored hearing systems (BAHS) like Ponto are designed to use your body’s natural ability to transfer sound through bone conduction. The implanted part is discreetly placed through the skin on the scull bone and lets you snap on the sound processor. The powerful sound processor is worn behind the ear and converts sound into vibrations, which are then sent through the skull bone directly to your inner ear. Since its launch, many users and professionals have experienced the difference of Ponto 3 SuperPower, recognising that this product is a game changer. All users of bone anchored hearing systems benefit from a sound processor with the highest pos- sible maximum output. As the most powerful abutment-level sound processor in the market, Ponto 3 SuperPower provides premium sound quality and a unique option for the majority of users of bone anchored hearing systems. “The Ponto has increased my capabilities, my gifts and passions” Camilla Gilbert was born with a hearing loss. She is a BAHS user and has witnessed the benefits of Oticon Medical’s Ponto first-hand. Listen to her story. Read more: demant.com CONTENTS INSIGHTS AND HIGHLIGHTS Key figures and financial ratios 4 CEO letter 8 At a glance 10 Financial review 14 Outlook 20 OUR BUSINESS Hearing Devices 22 Hearing Implants 26 Diagnostic Instruments 28 Personal Communication 30 Strategic Group initiatives 32 SHAREHOLDER INFORMATION AND CORPORATE GOVERNANCE Shareholder information 34 Risk management activities 37 Corporate social responsibility 40 Corporate governance 41 Executive Board and Board of Directors 43 FINANCIAL REPORT Management statement 47 Independent auditor’s report 48 Consolidated financial statements 51 Notes to consolidated financial statements 59 Parent financial statements 114 Notes to Parent financial statements 119 Subsidiaries, associates and joint ventures 128 WILLIAM DEMANT ANNUAL REPORT 2017 CONTENTS 3 KEY FIGURES AND FINANCIAL RATIOS – DKK 2017 2016 2015 2014 2013 INCOME STATEMENT, DKK MILLION Revenue 13,189 12,002 10,665 9,346 8,959 Gross profit 10,026 9,030 7,895 6,813 6,518 Gross profit – adjusted 10,064 9,102 7,895 - - R&D costs 919 839 763 680 634 EBITDA 2,742 2,346 2,203 2,055 2,028 Amortisation and depreciation etc. 404 404 325 294 292 Operating profit (EBIT) 2,338 1,942 1,878 1,761 1,736 Operating profit (EBIT) – adjusted 2,504 2,130 1,902 - - Net financial items -111 -101 -69 -70 -72 Profit before tax 2,227 1,841 1,809 1,691 1,664 Profit for the year 1,759 1,464 1,439 1,327 1,286 BALANCE SHEET, DKK MILLION Net interest-bearing debt 4,030 4,036 3,703 2,405 2,284 Assets 16,222 15,548 14,390 11,219 10,318 Equity 7,433 6,966 6,500 5,584 5,056 OTHER KEY FIGURES, DKK MILLION Investment in property, plant and equipment, net 292 299 375 354 391 Cash flow from operating activities (CFFO) 1,872 1,679 1,592 1,495 1,282 Cash flow from operating activities (CFFO) – adjusted 2,023 1,756 1,602 - - Free cash flow 1,387 1,223 1,129 1,044 819 Average number of employees 13,280 12,339 10,803 9,799 9,063 FINANCIAL RATIOS Gross profit margin 76.0% 75.2% 74.0% 72.9% 72.8% Gross profit margin – adjusted 76.3% 75.8% 74.0% - - EBITDA margin 20.8% 19.5% 20.7% 22.0% 22.6% Profit margin (EBIT margin) 17.7% 16.2% 17.6% 18.8% 19.4% Profit margin (EBIT margin) – adjusted 19.0% 17.7% 17.8% - - Return on equity 24.0% 21.5% 23.7% 24.7% 28.0% Equity ratio 45.8% 44.8% 45.2% 49.8% 49.0% Earnings per share (EPS), DKK* 6.84 5.53 5.30 4.80 4.50 Cash flow per share (CFPS), DKK* 7.30 6.37 5.89 5.38 4.53 Free cash flow per share, DKK* 5.41 4.64 4.18 3.75 2.89 Dividend per share, DKK* 0 0 0 0 0 Equity value per share, DKK* 28.9 26.4 24.1 20.1 17.9 Price earnings (P/E) 25.4 22.2 25.0 20.0 23.0 Share price, DKK* 173.5 122.8 131.4 93.6 105.4 Market cap. adjusted for treasury shares, DKK million 43,864 31,829 35,126 25,545 29,754 Average number of shares outstanding, million* 256.56 263.75 270.13 278.13 283.11 Financial ratios are calculated in accordance with “Recommendations and Financial Ratios 2015” from the Danish Society of Financial Analysts. The free cash flow is calculated as the sum of cash flow from operating activities (CFFO) and investing activities (CFFI) before acquisitions and disposals of enterprises, participating interests and activities. On computation of the return on equity, average equity is calculated, duly considering the buy-back of shares. Half-yearly key figures have not been audited. * Per share of nominally DKK 0.20. 4 KEY FIGURES AND FINANCIAL RATIOS – DKK WILLIAM DEMANT ANNUAL REPORT 2017 KEY FIGURES AND FINANCIAL RATIOS – DKK 2017 2017 2016 2016 2015 2015 H2 H1 H2 H1 H2 H1 INCOME STATEMENT, DKK MILLION Revenue 6,684 6,505 6,192 5,810 5,622 5,043 Gross profit 5,087 4,939 4,681 4,349 4,152 3,743 Gross profit – adjusted 5,108 4,956 4,733 4,369 4,152 3,743 R&D costs 461 458 435 404 394 369 EBITDA 1,486 1,256 1,322 1,024 1,167 1,036 Amortisation and depreciation etc. 207 197 220 184 169 156 Operating profit (EBIT) 1,279 1,059 1,102 840 998 880 Operating profit (EBIT) – adjusted 1,362 1,142 1,238 892 1,011 891 Net financial items -56 -55 -58 -43 -36 -33 Profit before tax 1,223 1,004 1,044 797 962 847 Profit for the year 961 798 830 634 770 669 BALANCE SHEET, DKK MILLION Net interest-bearing debt 4,030 4,081 4,036 3,914 3,703 2,381 Assets 16,222 16,082 15,548 14,946 14,390 12,099 Equity 7,433 7,248 6,966 6,704 6,500 6,088 OTHER KEY FIGURES, DKK MILLION Investment in property, plant and 168 124 153 146 186 189 equipment, net Cash flow from operating activities (CFFO) 986 886 951 728 837 755 Cash flow from operating activities (CFFO) – adjusted 1,054 969 988 768 842 760 Free cash flow 727 660 719 504 586 543 Average number of employees 13,514 13,047 12,483 12,194 11,247 10,360 FINANCIAL RATIOS Gross profit margin 76.1% 75.9% 75.6% 74.9% 73.9% 74.2% Gross profit margin – adjusted 76.4% 76.2% 76.4% 75.2% 73.9% 74.2% EBITDA margin 22.2% 19.3% 21.4% 17.6% 20.8% 20.5% Profit margin (EBIT margin) 19.1% 16.3% 17.8% 14.5% 17.8% 17.4% Profit margin (EBIT margin) – adjusted 20.4% 17.6% 20.0% 15.4% 18.0% 17.7% Return on equity 25.7% 22.3% 24.1% 19.0% 24.5% 22.6% Equity ratio 45.8% 45.1% 44.8% 44.9% 45.2% 50.3% Earnings per share (EPS), DKK* 3.75 3.10 3.16 2.40 2.86 2.46 Cash flow per share (CFPS), DKK* 3.86 3.43 3.63 2.74 3.12 2.78 Free cash flow per share, DKK* 2.85 2.56 2.75 1.90 2.18 2.00 Dividend per share, DKK* 0 0 0 0 0 0 Equity value per share, DKK* 28.9 28.1 26.4 25.2 24.1 22.4 Price earnings (P/E) 25.4 27.3 22.2 27.4 25.0 20.0 Share price, DKK* 173.5 168.5 122.8 130.0 131.4 102.2 Market cap. adjusted for treasury shares, DKK million 43,864 43,222 31,829 34,309 35,126 27,551 Average number of shares outstanding, million* 255.18 257.94 261.68 265.82 268.52 271.74 * Per share of nominally DKK 0.20. WILLIAM DEMANT ANNUAL REPORT 2017 KEY FIGURES AND FINANCIAL RATIOS – DKK 5 KEY FIGURES AND FINANCIAL RATIOS – EUR** 2017 2016 2015 2014 2013 INCOME STATEMENT, EUR MILLION Revenue 1,773 1,613 1,434 1,256 1,204 Operating profit (EBIT) – adjusted 337 286 256 - - Profit for the year 236 197 193 178 173 Equity 998 936 873 750 679 Cash flow from operating activities (CFFO) – adjusted 272 236 215 - - Market cap. adjusted for treasury shares 5,892 4,275 4,718 3,431 3,997 2017 2017 2016 2016 2015 2015 H2 H1 H2 H1 H2 H1 KEY FIGURES, EUR MILLION Revenue 899 874 832 781 756 678 Operating profit (EBIT) – adjusted 183 154 166 120 136 120 Profit for the year 129 107 112 85 104 90 Equity 998 974 936 900 873 818 Cash flow from operating activities (CFFO) – adjusted 142 130 133 103 113 102 Market cap. adjusted for treasury shares 5,892 5,806 4,275 4,608 4,718 3,701 ** On translation of key figures and financial ratios from Danish kroner to euro, Danmarks Nationalbank’s rate of exchange as of 29 December 2017 of 744.49 has been used for balance sheet items, and the average rate of exchange of 743.86 has been used for the income statement and cash flow items.
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