William Demant Holding website
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Management report

Signatures and
auditors' report

Accounting policies

Key figures and ratios

Profit and loss account

Balance sheet

Cash flow statement

Shareholders' equity

Notes

Group companies

  

Shareholders' equity

GROUP (DKK - in thousands) 
  Share capital    Retained earnings Total share-holders' equity
     
    Foreign currency translation reserve

Hedging reserve

 Other reserves  
Shareholders' equity at 1.1.2004 70,294 -73,317 - 525,184 522,161
IFRS-related changes in accounting policies - - - -6,020 -6,020
Reclassification - -73,317 163,128 -236,445 -
Adjusted shareholders' equity at 1.1.2004 70,294 - 163,128 282,719 516,141
  -        
Net profit for the year - - - 716,905 716,905
Exchange rate adjustments, foreign undertakings - 25,202 - - 25,202
Exchange rate adjustment, subordinated loan capital etc. - -38,991 - - -38,991
Value adjustment of hedging instruments in the period - - 51,188 - 51,188
Reclassification of hedging instruments for the profit and loss account - - -34,208 - -34,208
Tax related to changes in shareholders' equity - 9,251 -1,889 -1,607 5,755
Total earnings for the year - -4,538 15,091 715,298 725,851
           
Proceeds from sale of own shares to employees - - - 15,049 15,049
Reduction of share capital through cancellation of own shares -2,779 - - 2,779 -
Buy-back on shares - - - -611,468 -611,468
Shareholders' equity at 31.12.2004 67,515 -4,538 178,219 404,377 645,573
           
Net profit for the year - - - 790,586 790,586
Exchange rate adjustments, foreign undertakings - -84,275 - - -84,275
Exchange rate adjustment, subordinated loan capital etc. - 59,049 - - 59,049
Value adjustment of hedging instruments in the period - - -6,806 - -6,806
Reclassification of hedging instruments for the profit and loss account - - -41,906 - -41,906
Reversal of reserve recognised in goodwill for prior years - - - 88,537 88,537
Tax related to changes in shareholders' equity - -7,144 7,526 - 382
Total earnings for the year - -32,370 -41,186 879,123 805,567
           
Reduction of share capital through cancellation of own shares -1,946 - - 1,946 -
Buy-back on shares - - - -694,671 -694,671
Shareholders' equity at 31.12.2005 65,569 -36,908 137,033 590,775 756,469

PARENT COMPANY (DKK - in thousands) 
  Share capital Net revaluation under the equity method Retained earnings Total share-holders' equity
   
      Foreign currency translation reserve

Hedging reserve

 Other reserves  
Shareholders' equity at 1.1.2004 70,294 - -73,317 - 525,184 522,161
Changes in accounting policies - - - - -6,020 -6,020
Reclassification - - - -708 708 -
Adjusted shareholders' equity at 1.1.2004 70,294 - -73,317 -708 519,872 516,141
  -          
Net profit for the year - - - - 716,399 716,399
Foreign-currency translation of investments in subsidiary undertakings etc. - - -13,751 - - -13,751
Other movements in shareholders' equity in subsidiary undertakings - - - - 15,050 15,050
Value adjustment of hedging instruments in the period - - - 59 - 59
Tax related to changes in shareholders' equity - - 9,251 -18 -1,607 7,626
Proceeds from sale of own shares to employees   - - - 15,049 15,049
Reduction of share capital through cancellation of own shares -2,779 - - - 2,779 -
Buy-back on shares - - - - -611,468 -611,468
Shareholders' equity at 31.12.2004 67,515 - -77,817 -667 656,074 645,105
             
Net profit for the year - 27,498 - - 760,922 778,420
Foreign-currency translation of investments in subsidiary undertakings etc. - - -25,291 - - -25,291
Other movements in shareholders' equity in subsidiary undertakings - - - - 52,759 52,759
Value adjustment of hedging instruments in the period - - - 522 - 522
Tax related to changes in shareholders' equity - - -12,928 -146 - -13,074
Reduction of share capital through cancellation of own shares -1,946 - - - 1,946 -
Buy-back on shares - - - - -694,671 -694,671
Shareholders' equity at 31.12.2005 65,569 27,498 -116,036 -291 777,030 753,770


           
Specifications of movements in share capital (DKK - in thousands)
             
    2001 2002 2003 2004 2005
Share capital at 1.1.   74,713 74,713 74,713 70,294 67,515
Increase of share capital   0 0 0 0 0
Reduction of share capital   0 0 -4,419 -2,779 -1,946
Share capital at 31.12.   74,713 74,713 70,294 67,515 65,569

Holding of shares Shares/share capital (1,000 pcs.) Own shares
(1,000 pcs.)		 Percentage of share capital
Shares at 1.1.2005 67,515 1,409 2.1%
Buy-back of shares 0 2,319 -
Reduction of share capital -1,946 -1,946 -
Shares at 31.12.2005 65,569 1,782 2.7%

After the reduction in share capital in 2005, the share capital of nominally DKK 65,568,804
is now divided into the corresponding number of shares of DKK 1 or multiples thereof. At year-end 2005, the number of shares on the market was 63.8 million, the Company’s holding of own shares being 1,781,900. Own shares are not included in key figures and ratios for the period, in which such shares have been held by the Company.

On buy-back or sale of own shares, the acquisition cost or divestment sum, respectively, is recognised direct under shareholders’ equity, Other reserves.

The Company’s share buy-back programme continued in 2005. The Company acquired a total of 2,319,000 own shares (2,715,247 own shares in 2004) at an amount of DKK 695 million (DKK 611 million in 2004).
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