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Innovation Inspired by People GN Store Nord A/S • Annual Report 2019

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Innovation Inspired by People GN Store Nord A/S • Annual Report 2019 Innovation inspired by people GN Store Nord A/S • Annual Report 2019 2 Management's report ⋅ Contents Contents Contents Our investment case Management’s report Focused innovation within sound processing that can benefit users in select important market Group development 2019 2 Innovation inspired by people 3 segments Chairman's foreword 3 2019 highlights 5 Consolidated financial highlights 6 Market leading positions in Group performance 2019 7 attractive markets with high entry GN Hearing performance 2019 9 GN Audio performance 2019 14 barriers 2017 – 2019 in review 19 2017 – 2019 highlights 20 Focused growth model, 2017 - 2019 strategy review 21 dedicated innovator, developer, GN strategy 2020 and beyond 24 manufacturer and distributor, Financial outlook 2020 29 refraining from vertical GN Group - who we are integration Serving attractive markets 32 Global reach, local presence 33 Business areas and brands 34 Clear strategy underpinned by Business model 35 deep technology expertise and Sustainability - ESG 36 Risk management 37 strategic global partnerships Shareholder information 43 Corporate governance 45 Board of Directors 50 Profitability aligned with or Executive Management 52 better than peers Additional financial information (unaudited) 53 Strong cash conversion and Q4 financial highlights 54 asset light business model Financial statements Consolidated - Financial statements 2019 58 Parent company - Financial statements 2019 116 Statement by the Executive Management and the Board of Directors 130 Independent Auditors’ Report 131 GN Store Nord A/S Annual Report 2019 Chairman's3 Management's report ⋅ Chairman's foreword foreword Contents Innovation inspired by people GN has successfully delivered on its 2017 – 2019 strategy. Our strategy for 2020 and beyond continues to utilize GN’s core strengths to help people Hear More, Do More and Be More. We now stand ready to further leverage our market access and cutting-edge audio and hearing technology for targeted segments Strategy review 2017 – 2019 GN has transformed its product portfolio to the large and Over the past three years GN has delivered exceptional fast growing true-wireless segment with the award-winning financial results. The group has grown by 45%, helping Jabra Elite series. This has helped propel the Jabra brand into millions of people better communicate and connect with our world-wide recognition among professionals and consumers, innovative audio and hearing products and solutions. Our and with exceptional revenue growth rates. relentless focus on commercializing cutting-edge audio and hearing innovation, our lean business model and our Focused M&A supported the strategy dedicated partnership philosophy have delivered significant In line with our strategy, GN made several important M&A shareholder returns over these three years: DKK 4 billion transactions. In GN Hearing, we acquired the Audigy Group delivered to our owners in dividend and share buy-back and leveraged this across our global commercial hearing programs and a share price increase from DKK 146 at the organization to refine its support of hearing care beginning of 2017 to DKK 313 by year-end 2019. professionals. We divested Otometrics to further strengthen GN Hearing’s focus as a dedicated hearing instrument These results were driven by our execution power and strate- company. gic focus on innovation, commercial and people excellence, which continue to be the DNA of our strategy. In GN Audio, we acquired VXi along with the BlueParrott brand, strengthening GN Audio’s North American footprint Setting new standards in hearing solutions and adding unique technology for communication in high In this period, GN launched two comprehensive hearing noise environments. Another important technology solution platforms that set new benchmarks in helping investment was audEERING, a German innovation leader in people with hearing loss communicate and connect with the AI-based sound-scape and voice analyses. In 2019, we world around them. In 2017, ReSound LiNX 3D broke new acquired Altia Systems, the PanaCast premium video barriers in providing natural sound and seamless connectivity, communications technology. In June 2019, the first Jabra including a new hearing care solution with remote fine- PanaCast was launched globally, providing companies with tuning. In 2018, ReSound LiNX Quattro offered another step the world’s first AI-enabled Panoramic-4K Plug-and-Play up in sound quality and connectivity, and we introduced the video solution. world’s most advanced rechargeable product solution. GN’s new technology paved the way for a partnership with Google, These transactions expanded GN’s portfolio and strength- ensuring direct streaming also from Android devices – equal ened the foundation for future growth by broadening and to what GN’s hearing aids have been able to do with Apple deepening our market and channel access, and by supporting devices since 2014. Further, GN and Cochlear, the global our innovation and commercial capabilities. leader in implantable hearing solutions, entered into a new agreement to significantly expand our Smart Hearing GN’s updated strategy builds on our solid foundation Alliance, including joint research and development, shared GN’s results in recent years are a testament to the successful technology and strengthened global commercial transformation to an innovative high-growth company in at- collaboration. tractive segments with high entry barriers. The turn-around years are well behind us and the company will continue with Solidifying global leadership in audio its strategic focus on commercializing innovation based on The innovation and commercial drive in GN’s audio division our core digital sound and visual processing competencies. has been impressive throughout the strategy period. We have developed world-class and highly relevant product families Going forward, we will further expand the reach of our com- for businesses and individual consumers alike. In the enter- petencies, utilizing our unique channel and market access and prise segment, GN has solidified its position as the undisputed our proven growth model. We see exciting opportunities in global leader in Unified Communications headset and further leveraging our combined audio and hearing technol- speaker solutions with the Jabra Evolve and Speak series. In ogy expertise to the benefit of even more people around the the call-center segment, the Jabra Engage family set new world, allowing the to Hear More, Do More and Be More. standards for call quality, security, and the number of staff who can simultaneously use them. In the consumer space, GN Store Nord A/S Annual Report 2019 4 Management's report ⋅ Chairman's foreword Contents Going forward, GN Hearing sees much unmet need where we Focusing on our core business areas – and reaching new audi- can help more people. In recent years, GN’s innovative tech- ences and growth areas, where we can be successful with nology has brought hearing instruments far with our leader- commercialization of cutting-edge innovation – is what will ship in connectivity and sound. However, we still see a gen- enable GN to continue to deliver attractive growth in the eral industry concern that too many hearing aids end up in years ahead. people’s drawers and not on their ears. As has been emphasized in connection with GN’s 150-year New individualized hearing solutions will aim at reaching peo- anniversary, GN has prospered through many political, tech- ple who otherwise would not consider buying a hearing aid. nological and other disruptions since our inauguration in Only one in five people who could benefit from hearing im- 1869. The world will continue to be unpredictable and disrup- provement actually wears hearing aids. New studies have tive. Currently, many are concerned about Brexit, tariff and linked untreated hearing loss to diminished psychological and trade wars, climate change, industry disruption and more. GN overall health, reduced job performance, and even increased will, as in the past 150 years, navigate successfully through risk of dementia. We have an obligation to utilize our technol- any troubled waters. ogy and insights in user-experience to battle the low adoption rate and reach many more people around the world. Such We see a future where consumers will value empowerment new solutions could benefit not only people with hearing loss, and individualized user experiences. Consumers will seek out but anybody who struggles with communication in noisy en- products that help them undergo positive transformations, vironments in our increasingly urban lifestyle. acquire new skills, adapt, be resilient, and be more produc- tive. In the “No Age Society”, consumers will look for brands Over the past ten years, we as consumers have grown that will help them stay active, engaged, and in the workforce accustomed to being able to easily adopt new consumer for longer. Digitalization, advanced analytics, artificial intelli- technology. Apple has been a front runner in making user gence and other advanced technologies will allow GN to ad- manuals redundant. We see great opportunities in making dress those demands in new and as yet unknown ways. hearing aids more individualized and easier to use. Going Therefore, at GN, we will excel in innovation inspired by peo- forward, we will utilize consumer insights, artificial ple with the aim to deliver truly new user experiences. intelligence and other technologies to harness the strength of the human brain and integrate the best technology
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