90024110_Annual Report 2008_UK

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William Demant Holding A/S Kongebakken 9 2765 Smørum Telefon 3917 7100 Telefax 3927 8900 www.demant.dk william@demant.dk as 10% in terms of volume, and in which the available private market fell by 2-3%. That the Group managed to boost its market share in the private part of the market is considered quite satisfactory. The favourable development was achieved despite a significant drop in the sale of Oticon Delta, which was highly successful on the US market until early 2008. Market shares were won particularly in the fourth quarter, following the launches of Oticon Dual and the Power RITE solutions. Sales in North America account for 33% of total corporate sales. In Europe, revenues in local currencies fell by 1% in 2008. In many European countries where Oticon and Bernafon have substantial market shares, compensating fully <a title="90024110_Annual Report 2008_UK_Z.pdf page 15" href="http://viewer.zmags.com/publication/79ef3b66?page=15">as 10% in terms of volume, and in which the avail</a> as 10% in terms of volume, and in which the avail<a title="90024110_Annual Report 2008_UK_Z.pdf page 17" href="http://viewer.zmags.com/publication/79ef3b66?page=17">cash flows are hedged with a horizon of up to 24 </a> cash flows are hedged with a horizon of up to 24 <a title="90024110_Annual Report 2008_UK_Z.pdf page 67" href="http://viewer.zmags.com/publication/79ef3b66?page=67">Note 24 – Acquisitions (DKK million) </a> Note 24 – Acquisitions (DKK million) <a title="90024110_Annual Report 2008_UK_Z.pdf page 62" href="http://viewer.zmags.com/publication/79ef3b66?page=62">Note 17 – Financial assets and liabilities as def</a> Note 17 – Financial assets and liabilities as def<a title="90024110_Annual Report 2008_UK_Z.pdf page 44" href="http://viewer.zmags.com/publication/79ef3b66?page=44">p Recognised income and expensesGROUP </a> p Recognised income and expensesGROUP <a title="90024110_Annual Report 2008_UK_Z.pdf page 50" href="http://viewer.zmags.com/publication/79ef3b66?page=50">Note 8 – Intangible assets (DKK million) </a> Note 8 – Intangible assets (DKK million) <a title="90024110_Annual Report 2008_UK_Z.pdf page 70" href="http://viewer.zmags.com/publication/79ef3b66?page=70">William Demant Holding A/SKongebakken 92765 Smø</a> William Demant Holding A/SKongebakken 92765 Smø<a title="90024110_Annual Report 2008_UK_Z.pdf page 35" href="http://viewer.zmags.com/publication/79ef3b66?page=35">changes in tax rates is reflected in tax on the y</a> changes in tax rates is reflected in tax on the y<a title="90024110_Annual Report 2008_UK_Z.pdf page 48" href="http://viewer.zmags.com/publication/79ef3b66?page=48">PARENT Note 4 – Auditors</a> PARENT Note 4 – Auditors<a title="90024110_Annual Report 2008_UK_Z.pdf page 64" href="http://viewer.zmags.com/publication/79ef3b66?page=64">PARENT Note 19 – Operati</a> PARENT Note 19 – Operati<a title="90024110_Annual Report 2008_UK_Z.pdf page 34" href="http://viewer.zmags.com/publication/79ef3b66?page=34">any changes in the fair value of the hedged asset</a> any changes in the fair value of the hedged asset<a title="90024110_Annual Report 2008_UK_Z.pdf page 63" href="http://viewer.zmags.com/publication/79ef3b66?page=63">Note 18 – Derivative financial instruments (DKK m</a> Note 18 – Derivative financial instruments (DKK m<a title="90024110_Annual Report 2008_UK_Z.pdf page 25" href="http://viewer.zmags.com/publication/79ef3b66?page=25">The table below shows the impact on equity in cas</a> The table below shows the impact on equity in cas<a title="90024110_Annual Report 2008_UK_Z.pdf page 2" href="http://viewer.zmags.com/publication/79ef3b66?page=2"></a> <a title="90024110_Annual Report 2008_UK_Z.pdf page 10" href="http://viewer.zmags.com/publication/79ef3b66?page=10">p ReviewMarket conditions and business tren</a> p ReviewMarket conditions and business tren<a title="90024110_Annual Report 2008_UK_Z.pdf page 11" href="http://viewer.zmags.com/publication/79ef3b66?page=11">hearing care professionals and health authorities</a> hearing care professionals and health authorities<a title="90024110_Annual Report 2008_UK_Z.pdf page 46" href="http://viewer.zmags.com/publication/79ef3b66?page=46">p NotesNote 1 – Geographical segment inform</a> p NotesNote 1 – Geographical segment inform<a title="90024110_Annual Report 2008_UK_Z.pdf page 54" href="http://viewer.zmags.com/publication/79ef3b66?page=54">Note 9 – Property, plant and equipment – continue</a> Note 9 – Property, plant and equipment – continue<a title="90024110_Annual Report 2008_UK_Z.pdf page 51" href="http://viewer.zmags.com/publication/79ef3b66?page=51">Note 8 – Intangible assets – continued (DKK milli</a> Note 8 – Intangible assets – continued (DKK milli<a title="90024110_Annual Report 2008_UK_Z.pdf page 3" href="http://viewer.zmags.com/publication/79ef3b66?page=3">Good results in a challenging year </a> Good results in a challenging year <a title="90024110_Annual Report 2008_UK_Z.pdf page 68" href="http://viewer.zmags.com/publication/79ef3b66?page=68">Note 24 – Acquisitions – continued (DKK million) </a> Note 24 – Acquisitions – continued (DKK million) <a title="90024110_Annual Report 2008_UK_Z.pdf page 52" href="http://viewer.zmags.com/publication/79ef3b66?page=52">PARENT Note 9 – Property</a> PARENT Note 9 – Property<a title="90024110_Annual Report 2008_UK_Z.pdf page 24" href="http://viewer.zmags.com/publication/79ef3b66?page=24">p Risk management activitiesRisk management</a> p Risk management activitiesRisk management<a title="90024110_Annual Report 2008_UK_Z.pdf page 45" href="http://viewer.zmags.com/publication/79ef3b66?page=45">Statement of changes in equity pGROUP </a> Statement of changes in equity pGROUP <a title="90024110_Annual Report 2008_UK_Z.pdf page 42" href="http://viewer.zmags.com/publication/79ef3b66?page=42">p Cash flow statement(DKK million) </a> p Cash flow statement(DKK million) <a title="90024110_Annual Report 2008_UK_Z.pdf page 14" href="http://viewer.zmags.com/publication/79ef3b66?page=14">Again in 2008, Diagnostic Instruments introduced </a> Again in 2008, Diagnostic Instruments introduced <a title="90024110_Annual Report 2008_UK_Z.pdf page 40" href="http://viewer.zmags.com/publication/79ef3b66?page=40">p Balance sheet at 31 DecemberPARENT </a> p Balance sheet at 31 DecemberPARENT <a title="90024110_Annual Report 2008_UK_Z.pdf page 20" href="http://viewer.zmags.com/publication/79ef3b66?page=20">Outlook for 2009The current financial crisis and</a> Outlook for 2009The current financial crisis and<a title="90024110_Annual Report 2008_UK_Z.pdf page 32" href="http://viewer.zmags.com/publication/79ef3b66?page=32">p Accounting policiesGeneralThe consolidat</a> p Accounting policiesGeneralThe consolidat<a title="90024110_Annual Report 2008_UK_Z.pdf page 58" href="http://viewer.zmags.com/publication/79ef3b66?page=58">Note 14 – Provisions (DKK million) </a> Note 14 – Provisions (DKK million) <a title="90024110_Annual Report 2008_UK_Z.pdf page 6" href="http://viewer.zmags.com/publication/79ef3b66?page=6">p 2008 at a glanceA challenging yearDespit</a> p 2008 at a glanceA challenging yearDespit<a title="90024110_Annual Report 2008_UK_Z.pdf page 43" href="http://viewer.zmags.com/publication/79ef3b66?page=43">Statement of changes in equity pPARENT </a> Statement of changes in equity pPARENT <a title="90024110_Annual Report 2008_UK_Z.pdf page 16" href="http://viewer.zmags.com/publication/79ef3b66?page=16">The restructuring of our production capacity and </a> The restructuring of our production capacity and <a title="90024110_Annual Report 2008_UK_Z.pdf page 56" href="http://viewer.zmags.com/publication/79ef3b66?page=56">PARENT Note 11 – Deferre</a> PARENT Note 11 – Deferre<a title="90024110_Annual Report 2008_UK_Z.pdf page 22" href="http://viewer.zmags.com/publication/79ef3b66?page=22">p Shareholder informationCapitalAt 31 Dece</a> p Shareholder informationCapitalAt 31 Dece<a title="90024110_Annual Report 2008_UK_Z.pdf page 41" href="http://viewer.zmags.com/publication/79ef3b66?page=41">Balance sheet at 31 December pPARENT </a> Balance sheet at 31 December pPARENT <a title="90024110_Annual Report 2008_UK_Z.pdf page 33" href="http://viewer.zmags.com/publication/79ef3b66?page=33">Business combinationsOn acquiring new entities, </a> Business combinationsOn acquiring new entities, <a title="90024110_Annual Report 2008_UK_Z.pdf page 4" href="http://viewer.zmags.com/publication/79ef3b66?page=4">“ Amlathrkoeutgihs 2co0n0c9edrnoeds,lwooekncohnae</a> “ Amlathrkoeutgihs 2co0n0c9edrnoeds,lwooekncohnae<a title="90024110_Annual Report 2008_UK_Z.pdf page 31" href="http://viewer.zmags.com/publication/79ef3b66?page=31">Niels Jacobsen Lars Nørby Johansen </a> Niels Jacobsen Lars Nørby Johansen <a title="90024110_Annual Report 2008_UK_Z.pdf page 9" href="http://viewer.zmags.com/publication/79ef3b66?page=9">Key figures and financial ratios — EUR** p</a> Key figures and financial ratios — EUR** p<a title="90024110_Annual Report 2008_UK_Z.pdf page 38" href="http://viewer.zmags.com/publication/79ef3b66?page=38">Lease payments concerning operational lease agree</a> Lease payments concerning operational lease agree<a title="90024110_Annual Report 2008_UK_Z.pdf page 53" href="http://viewer.zmags.com/publication/79ef3b66?page=53">Note 9 – Property, plant and equipment – continue</a> Note 9 – Property, plant and equipment – continue<a title="90024110_Annual Report 2008_UK_Z.pdf page 1" href="http://viewer.zmags.com/publication/79ef3b66?page=1"></a> <a title="90024110_Annual Report 2008_UK_Z.pdf page 12" href="http://viewer.zmags.com/publication/79ef3b66?page=12">Dual was released for sale on the main markets to</a> Dual was released for sale on the main markets to<a title="90024110_Annual Report 2008_UK_Z.pdf page 36" href="http://viewer.zmags.com/publication/79ef3b66?page=36">exceeds the carrying amount, depreciation will be</a> exceeds the carrying amount, depreciation will be<a title="90024110_Annual Report 2008_UK_Z.pdf page 55" href="http://viewer.zmags.com/publication/79ef3b66?page=55">PARENT Note 10 – Other l</a> PARENT Note 10 – Other l<a title="90024110_Annual Report 2008_UK_Z.pdf page 19" href="http://viewer.zmags.com/publication/79ef3b66?page=19">are subsequently held on trust for five years. Th</a> are subsequently held on trust for five years. Th<a title="90024110_Annual Report 2008_UK_Z.pdf page 5" href="http://viewer.zmags.com/publication/79ef3b66?page=5">Good results in a challenging year pDear r</a> Good results in a challenging year pDear r<a title="90024110_Annual Report 2008_UK_Z.pdf page 23" href="http://viewer.zmags.com/publication/79ef3b66?page=23">also obliged to inform the Company of their trans</a> also obliged to inform the Company of their trans<a title="90024110_Annual Report 2008_UK_Z.pdf page 69" href="http://viewer.zmags.com/publication/79ef3b66?page=69">Subsidiaries and associates pCompany </a> Subsidiaries and associates pCompany <a title="90024110_Annual Report 2008_UK_Z.pdf page 21" href="http://viewer.zmags.com/publication/79ef3b66?page=21">For 2009, total consolidated investment in proper</a> For 2009, total consolidated investment in proper<a title="90024110_Annual Report 2008_UK_Z.pdf page 29" href="http://viewer.zmags.com/publication/79ef3b66?page=29">Independent auditor’s report pTo the shareh</a> Independent auditor’s report pTo the shareh<a title="90024110_Annual Report 2008_UK_Z.pdf page 60" href="http://viewer.zmags.com/publication/79ef3b66?page=60">Note 15 – Interest-bearing items (DKK million) </a> Note 15 – Interest-bearing items (DKK million) <a title="90024110_Annual Report 2008_UK_Z.pdf page 27" href="http://viewer.zmags.com/publication/79ef3b66?page=27">Corporate governance pCorporate governance</a> Corporate governance pCorporate governance<a title="90024110_Annual Report 2008_UK_Z.pdf page 59" href="http://viewer.zmags.com/publication/79ef3b66?page=59">Note 14 – Provisions – continued (DKK million) </a> Note 14 – Provisions – continued (DKK million) <a title="90024110_Annual Report 2008_UK_Z.pdf page 28" href="http://viewer.zmags.com/publication/79ef3b66?page=28">by staff in Denmark. The majority of the Director</a> by staff in Denmark. The majority of the Director<a title="90024110_Annual Report 2008_UK_Z.pdf page 30" href="http://viewer.zmags.com/publication/79ef3b66?page=30">p SignaturesOle Lundsgaard I</a> p SignaturesOle Lundsgaard I<a title="90024110_Annual Report 2008_UK_Z.pdf page 65" href="http://viewer.zmags.com/publication/79ef3b66?page=65">PARENT Note 21 – Related</a> PARENT Note 21 – Related<a title="90024110_Annual Report 2008_UK_Z.pdf page 39" href="http://viewer.zmags.com/publication/79ef3b66?page=39">Income statement pPARENT </a> Income statement pPARENT <a title="90024110_Annual Report 2008_UK_Z.pdf page 13" href="http://viewer.zmags.com/publication/79ef3b66?page=13">year, but also with the same period in 2007. In B</a> year, but also with the same period in 2007. In B<a title="90024110_Annual Report 2008_UK_Z.pdf page 8" href="http://viewer.zmags.com/publication/79ef3b66?page=8">p Key figures and financial ratios — DKKIN</a> p Key figures and financial ratios — DKKIN<a title="90024110_Annual Report 2008_UK_Z.pdf page 37" href="http://viewer.zmags.com/publication/79ef3b66?page=37">Inventories are measured at the lower of cost on </a> Inventories are measured at the lower of cost on <a title="90024110_Annual Report 2008_UK_Z.pdf page 61" href="http://viewer.zmags.com/publication/79ef3b66?page=61">Note 15 – Interest-bearing items – continued (DKK</a> Note 15 – Interest-bearing items – continued (DKK<a title="90024110_Annual Report 2008_UK_Z.pdf page 57" href="http://viewer.zmags.com/publication/79ef3b66?page=57">Note 12 – Inventories (DKK million) </a> Note 12 – Inventories (DKK million) <a title="90024110_Annual Report 2008_UK_Z.pdf page 26" href="http://viewer.zmags.com/publication/79ef3b66?page=26">p Corporate responsibilityCorporate respons</a> p Corporate responsibilityCorporate respons<a title="90024110_Annual Report 2008_UK_Z.pdf page 18" href="http://viewer.zmags.com/publication/79ef3b66?page=18">Free cash flows amounted to DKK 588 million, or a</a> Free cash flows amounted to DKK 588 million, or a<a title="90024110_Annual Report 2008_UK_Z.pdf page 7" href="http://viewer.zmags.com/publication/79ef3b66?page=7">• Our Diagnostic Instruments business area once m</a> • Our Diagnostic Instruments business area once m<a title="90024110_Annual Report 2008_UK_Z.pdf page 49" href="http://viewer.zmags.com/publication/79ef3b66?page=49">PARENT Note 6 – Tax (DKK</a> PARENT Note 6 – Tax (DKK<a title="90024110_Annual Report 2008_UK_Z.pdf page 47" href="http://viewer.zmags.com/publication/79ef3b66?page=47">PARENT Note 2 – Employee</a> PARENT Note 2 – Employee<a title="90024110_Annual Report 2008_UK_Z.pdf page 66" href="http://viewer.zmags.com/publication/79ef3b66?page=66">Note 22 – Government grants </a> Note 22 – Government grants