Share and ownership

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Facts

Share information*)	2019	2018	2017	2016	2015
Highest share price, DKK	237.2	318.6	188.9	145.0	138.0
Lowest share price, DKK	160.5	167.4	122.3	105.6	91.4
Share price, year-end, DKK	209.8	184.9	173.5	122.8	131.4
Market capitalisation, DKK million**)	50,470	45,308	43,864	31,829	35,126
Average trading turnover, DKK million**)	112.4	128.6	69.3	63.1	68.5
Average number of shares, million**)	243.55	249.14	256.56	263.75	270.13
Number of shares at 31.12., million**)	240.56	245.22	252.82	259.19	267.30
Number of treasury shares at 31.12., million	4.7	7.1	6.1	6.9	4.8

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

**) Excluding treasury shares.

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As of 31 December 2019, the Company's total share capital and total number of voting rights amount to:
Share capital (nominal): DKK 49,057,407
Number of voting rights: 245,287,035

As of 31 December 2019, Demant's nominal share capital was DKK 245,287,035 divided into shares of DKK 0.20 each. All shares are the same class and carry one vote each.

At the annual general meeting on 10 March 2020 it is proposed to reduce the Company’s share capital by nominally DKK 919,173. After execution of the capital reduction, the Company’s total share capital will be DKK 48,138,234.

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 Demant’s share capital. Any sale of shares by the Foundation is independent of any purchase of shares by the Company. At 31 December 2019, William Demant Foundation held – either directly or indirectly – approximately 57% 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 2019, the Company held 4,725,862 treasury shares, corresponding to 1.93% 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.

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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.

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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.

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