Annual general meeting

DENMARK


Company announcement no 2013-04                                          9 April 2013

Annual general meeting

 

 

Today, William Demant Holding A/S held its annual general meeting at the Company's premises, Kongebakken 9, 2765 Smørum, Denmark. The Board's proposals were approved in full by the ge­neral meeting, implying among others the following decisions:

 

  • The year's profits, DKK 1,029 million, will be transferred to the Company's reserves.
  • Mr Lars Nørby Johansen, Mr Peter Foss, Mr Niels B. Christiansen and Mr Thomas Hofman-Bang were re-elected Directors of the Board.
  • The Company's auditors, Deloitte Statsautoriseret Revisionspartnerselskab, were re-elected.
  • The Board was authorised to reduce the Company's share capital by DKK 1,688,237 nominal value, corresponding to the Company's holding of treasury shares. The Company's holding of treasury shares was acquired in connection with the Company's share buy-back programme in 2011 and 2012. As a result of the capital reduction, article 4.1 of the articles of association will be amended four weeks after expiry of the time limit for the filing of claims by creditors.
  • Until the next ordinary general meeting, the Board was authorised to let the Company acquire
    treasury shares with a nominal value of up to 10% of the share capital.

 

At the general meeting, the Chairman of the Board, Mr Lars Nørby Johansen, gave an account of the Group's development in 2012, among other topics. He said:

 

"Viewed in isolation, consolidated revenue and net profit trends in 2012 were modest compared with previous years. However, this is perhaps not very surprising, especially considering that in the past two years, i.e. in 2010 and 2011, our three hearing aid brands combined generated wholesale unit growth of almost 30% – and in a market that grew by a mere 3-4% annually in the same period."

 

"The decisive development is that in January 2013, Oticon launched a brand new technological platform and the Premium family, Oticon Alta, and has started its next product cycle and thus a period of revitalised growth. After the first few months on the market, the feedback from customers and end-users alike is very positive, and internal as well as external tests have confirmed Oticon Alta's audiological qualities and features."

 

After the general meeting, the Board of Directors elected Mr Lars Nørby Johansen Chairman and
Mr Peter Foss Deputy Chairman of the Board.

 

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Further information:

Niels Jacobsen, President & CEO

Phone +45-39 17 71 00

www.demant.com


Attachments

2013-04 Annual general meeting.pdf