CONTENT LETTER FROM THE CEO ABOUT WILLIAM DEMANT INVEST GROUP STRUCTURE AND CORPORATE GOVERNANCE MANAGEMENT REVIEW PRO FORMA CONSOLIDATION DEMANT ÖSSUR VISION RT VITROLIFE CELLAVISION REVENIO JEUDAN 4 BORKUM RIFFGRUND 1 30 5 FINANCIAL REVIEW 32 BOARD OF DIRECTORS 36 6 MANAGEMENT 39 7 KEY FIGURES AND FINANCIAL RATIOS 42 10 MANAGEMENT STATEMENT 43 14 INDEPENDENT AUDITOR’S REPORT 44 18 CONSOLIDATED FINANCIAL STATEMENTS 48 20 NOTES TO CONSOLIDATED FINANCIAL 22 STATEMENTS 55 24 PARENT FINANCIAL STATEMENTS 111 26 NOTES TO PARENT FINANCIAL STATEMENTS 116 28 SUBSIDIARIES AND ASSOCIATES 121 EVERGREEN INVESTOR We are a long-term investor with keen focus on MedTech companies with sustainable business models and favourable growth prospects. We believe in ownership longevity as a means of fostering the right conditions for long-term value creation. In short, we are in it for the long haul. 2
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