Sonova Audiological Care Denmark Aps

Development in activities and financial mattersThe revenue for the year is DKK 200,089 thousand against DKK 174,970 thousand last year. The results after tax are DKK -29,724 thousand against DKK -26,441 thousand last year. Although strong growth vs PY, the negative result is seen as not satisfying as expectation for the year was a profit in the range of DKK 0-3,000 thousand. The negative result versus the expectations for the year is solely driven by less sales than budgeted for and is primarily driven by a challenging Q1 with less sales than budgetted and to a less degree the combination of inflation and decreasing consumer confidence due the Ukraine war, inflation etc.thorughout the full FY. Furthermore the restructuring impacted both sales and costs as described below.During the fiscal year the company completed a restructuring plan leading to closure of 20 non-profitable clinics around the country as well as minor reorganization in the backoffice organization. One-off costs related to the restructuring project has impacted the result for the year negatively with DKK 4,738 thousand.In March 2023 the shareholder of the company made a share capital increase of 1 share by cash contribution, a total of DKK 30,000 thousand incl premium.The private market for Hearing aid products and -service has grown, but entry of new market players and regained growth plans from main competition, including the public sector and local Ear, Nose & Throat Doctors, has increased competition. However during the last 3 quarters of the fiscal year the company’s market share has increased again and are for the full year satisfying with a significant growth in total market shares.StrategySonova Audiological Care Denmark ApS offers a complete range of digital hearing instruments, wireless FM systems and personal hearing protection.The development and manufacture of hearing instruments take place primarily in Stäfä, (Switzerland) where the Sonova Group has its headquarters and in Kitchener (Ontario, Canada), whereas wireless communication systems are manufactured in Murten (Switzerland).Product innovation, customer focus and cost management are the three pillars in the strategy.