Demant A/s · OMXCOP:DEMANT

Demant A/s — William Demant Holding — Shareholder Meeting (March 2004)

14 slides from Demant A/s's shareholder meeting presentation, Mar 25, 2004

  1. Slide 1: General Meeting 2004

    General Meeting 2004 William Demant Holding A/S General Meeting 2004 25 March 2004

  2. Slide 2: Agenda

    General Meeting 2004 Agenda 1. Directors’ report 2. Submission of audited annual report 3. Resolution on grant of discharge 4. Resolution on appropriation of profits 5. Election of Directors 6. Election of auditor 7. Proposals, if any, from the Board of Directors 8. Any other business

  3. Slide 3: Revenues and Earnings per share

    General Meeting 2004 Revenues Earnings per share DKK million 3924 3870 DKK 8,8 3506 7,9 2960 6,5 5,8 1884 3,5 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 • Organic growth of 8% • Increase in gross profit ratio to 65.2% • EBIT of DKK 856 million • Profit margin grew to 22.1% • Free cash flows w

  4. Slide 4: Market development

    General Meeting 2004 Market development • The market for hearing aids developed flatly in the first half • Positive development in the second half • Growth in Germany, Holland, France and the USA • Continued expectation of a medium-term to long-term growth of 3-5%

  5. Slide 5: Research & Development

    General Meeting 2004 Research & Development DKK million 7% wth: 1 gro 295 u al A nn 272 253 198 159 1999 2000 2001 2002 2003

  6. Slide 6: New products 2002 - 2004

    General Meeting 2004 New products 2002 - 2004 New high- end product

  7. Slide 7: General Meeting 2004

    William Demant / Holding ETING 2004

  8. Slide 8: Other business areas

    General Meeting 2004 Other business areas • Diagnostic Instruments sensitive to economic cycles – decrease in revenues • Positive signs for Diagnostic Instruments in the 4th quarter and during start of 2004 • 4% growth for Personal Communication • Introduction of Lexis and 3 headset series will fuel

  9. Slide 9: Expectations of 2004

    General Meeting 2004 Expectations of 2004 • Organic growth of 7-10% • Revenues of about DKK 4 billion • Stronger growth for core business than for other activities • Growth in EBIT to DKK 875 million • Considerable free cash flows, which will be spent buying back own shares • Launch of Oticon’s next

  10. Slide 10: The Oticon Foundation

    General Meeting 2004 The Oticon Foundation • The Oticon Foundation owns 61% of William Demant Holding • The Oticon Foundation wishes to keep its ownership below 65% in order to secure good liquidity in the shares of the company • William Demant Holding assists the Oticon Foundation in the managing o

  11. Slide 11: Accounts

    General Meeting 2004 Accounts

  12. Slide 12: Profit and loss account

    General Meeting 2004 Profit and loss account % change in local DKK million 2002 2003 % change currency Net revenue 3,924 3,870 -1% 8% Gross profit 2,505 2,521 1% 7% Gross profit ratio 63.9% 65.2% Research and development costs -272 -295 8% 11% Distribution costs -1,160 -1,130 -3% 7% Administrative e

  13. Slide 13: Balance sheet

    General Meeting 2004 Balance sheet DKK million 2002 2003 2002 2003 Assets Liabilities Intangible 11 13 Shareholders' equity 428 522 Tangible 430 439 Provisions 43 65 Financial 78 99 Long-term creditors 711 541 Total fixed assets 519 551 Short-term creditors 810 887 Inventories 614 573 Total creditor

  14. Slide 14: Cash flow

    General Meeting 2004 Cash flow Operating profits (EBIT) 810 856 6% Depreciation and amortization 108 117 8% Change of cash flow 5 17 249% Cash flow from operating profits 923 990 7% Net financial items and tax -254 -236 -7% Cash flow from operating activities (CFFO) 669 754 13% Cash flow from invest

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