Share & Ownership

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Quote & Trades

Facts

Share information*)	2018	2017	2016	2015	2014
Highest share price, DKK	318.6	188.9	145.0	138.0	107.6
Lowest share price, DKK	167.4	122.3	105.6	91.4	82.0
Share price, year-end, DKK	184.9	173.5	122.8	131.4	93.6
Market capitalisation, DKK million**)	45,308	43,864	31,829	35,126	25,545
Average trading turnover, DKK million**)	128.6	69.3	63.1	68.5	50.5
Average number of shares, million**)	249.14	256.56	263.75	270.13	278.13
Number of shares at 31.12., million**)	245.22	252.82	259.19	267.30	272.80
Number of treasury shares at 31.12., million	7.1	6.1	6.9	4.8	10.5

*) In 2016, the nominal value of all shares outstanding was changed from DKK 1.00 to DKK 0.20, and comparative figures for 2013-2015 have been adjusted accordingly.

**) Excluding treasury shares.

Calculator & historic look up

As of 31 December 2018, the Company's total share capital and total number of voting rights amount to:
Share capital (nominal): DKK 50,473,595
Number of voting rights: 252,367,975

Demant’s nominal share capital is divided into 252,367,975 shares of DKK 0.20 each. All shares are the same class and carry one vote each.

At the annual general meeting on 19 March 2019 it was decided to reduce the Company’s share capital by nominally DKK 1,416,188. After execution of the capital reduction, the Company’s total share capital is DKK 49,057,407. The number of voting rights is 245,287,035.

William Demant Foundation holds the majority of shares in Demant and has previously communicated its intention to maintain an ownership interest of 55-60% of William Demant Holding’s share capital. Any sale of shares by the Foundation is independent of any purchase of shares by the Company. At 31 December 2018, William Demant Foundation held – either directly or indirectly – approximately 56% of the share capital.

In addition to William Demant Foundation's shareholding, the following shareholder has flagged an ownership interest of 5% or more:

Canada Pension Plan Investment Board: Ownership of 20,352,691 shares or 7.86% as per company announcement no 2017-08 dated 27 July 2017

As of 31 December 2018, the Company held 7,148,143 treasury shares, corresponding to 2.83% of the share capital.

The Board of Directors has been authorised by the annual general meeting to increase the Company’s share capital by a nominal value of up to DKK 6,664,384. Furthermore, the Board of Directors has been authorised to increase the share capital by an additional nominal value of up to DKK 2,500,000 in connection with the issued shares being offered to employees. Both authorisations are valid until 1 April 2021.

Insider Register

The Group’s insider rules and procedures comply with the provisions of the Market Abuse Directive under which members of the Executive Board and the Board of Directors and their closely related parties are obliged to inform the market of their transactions with Demant shares with a view to subsequent reporting to the Danish FSA. Such announcements appear from the Company’s website under Investor Relations, Announcements.

As part of its insider rules, the Company maintains a list of permanent insiders, containing mainly senior executives, who – through their involvement in the Company – have access to price-affecting knowledge of the Group’s internal affairs, also known as inside information. Persons entered in the permanent insider list may not trade in the Company’s shares from the first day of each quarter and until the day of publication of the annual report, interim report or interim management statements.

Dividend policy

The Company will primarily use its substantial cash flow from operating activities for investments and acquisitions. Any excess liquidity will, as a rule, be used for the continuous buy-back of shares.

Until the next annual general meeting, the Board of Directors has been authorised to allow the Company to buy back shares at a nominal value of up to 10% of the share capital. The purchase price may, however, not deviate by more than 10% from the price listed on Nasdaq Copenhagen.

Analysts

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Consensus

Full year, 2019 (DKK million)	Total sales	Organic growth %	EBIT	EBIT margin %
High	15,425	7.4%	2,762	17.9%
Consensus	15,238	6.4%	2,704	17.7%
Low	15,086	5.6%	2,665	17.7%

Full year, 2020 (DKK million)
Consensus	17,411	5.9%	3,055	17.5%

(26 August 2019, based on estimates from 16 analysts)

Find full consensus estimates here

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About Demant

Listed on the Nasdaq Copenhagen stock exchange as one of the 25 most traded shares in terms of free floated market capitalisation, also known as the C25 index, Demant is the parent company behind the commercial successes of such world-renowned brands as Oticon, Bernafon, Sonic, Audika, Oticon Medical, MAICO, Interacoustics, Amplivox, Grason-Stadler, MedRx and Sennheiser Communications. William Demant Invest A/S, a company wholly owned by William Demant Foundation, holds the majority of shares in Demant A/S, providing stability and strength for the long haul.

The Demant Group operates in a global market with companies in more than 30 countries, employs more than 14,000 people and generates annual revenue of DKK 14 billion. Our products are sold in more than 130 countries where we create life-changing differences through hearing health.

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