Content Letter from the CEO 4 About William Demant Invest 6 At a glance 8 Pro forma consolidation 10 The William Demant Invest companies 12 Demant 14 Össur 16 Vision RT 18 Vitrolife 20 CellaVision 22 Revenio 24 Jeudan 26 Borkum Riffgrund 1 28 Board of Directors 30 Management 32 Environmental, Social and Governance policy 34 Financial report 36 Financial review 38 Key figures and financial ratios 40 Management statement 41 Independent auditor’s report 42 Consolidated financial statements 44 Notes to consolidated financial statements 51 Parent financial statements 106 Notes to parent financial statements 111 Subsidiaries and associates 116 3
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