INVESTMENTS

William Demant Invest A/S is the holding company for William Demant Foundation’s investment activities. Both entities have identical Boards of Directors although voting rights and decisions to buy or sell Demant A/S shares are exercised and made by William Demant Foundation. William Demant Foundation has communicated a 55-60% ownership interval in Demant A/S.

The wholly-owned relationship between William Demant Foundation and William Demant Invest A/S as well as the identical Boards of Directors ensure that investments are carried out in respect of the charter of William Demant Foundation along with the investment strategy outlined in William Demant Invest A/S.

Demant A/S

Demant A/S is a leading global company that develops, manufactures and sells hearing instruments, hearing implants, diagnostic instruments and personal communication devices, and the company is behind the commercial successes of such world-renowned brands as Oticon, Bernafon, Sonic, Oticon Medical, Maico, Interacoustics, Grason-Stadler and Sennheiser Communications. The Group operates in a global market with companies in more than 30 countries, has almost 16,000 employees and generates annual revenues of around DKK 15 billion. Their products are sold in more than 130 countries. Demant A/S was listed on Nasdaq Copenhagen in 1995.

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Össur hf.

Össur is a global leader in non-invasive orthopedics, focused on delivering innovative solutions in the prosthetics and bracing and supports market. The company was founded in 1971, is headquartered in Iceland and operates with 3,500 employees in 26 countries. In 2019, Össur generated revenue of USD 686 million with an EBITDA margin of 22%. Össur has been listed on the Icelandic Stock Exchange since 1999 and on Nasdaq Copenhagen since 2009.

William Demant Invest started investing in Össur in 2004 and has continually bought up Össur shares. Today, William Demant Invest is the largest shareholder with approx. 52% ownership.

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Vision RT Ltd.

Vision RT is a UK-based pioneer and leading manufacturer of surface guided radiation therapy (SGRT). The company, which was founded in 2001 by three visionary scientific academics, has pioneered the market of SGRT and is currently the undisputed market leader. The company develops and manufactures camera systems that improve the efficiency, efficacy and patient comfort during radiation therapy cancer treatment. The company has seen very strong growth over the last couple of years, increasing the number of employees to more than 200 in 2019, while still maintaining a very attractive double-digit EBITDA margin.

William Demant Invest acquired approximately 89% of the shares in Vision RT in 2018.

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Vitrolife AB

Vitrolife was founded in 1994 and was one of the first companies to deal with IVF treatment. Today, Vitrolife is an international medical device Group for assisted reproduction. The Fertility product area develops, produces and markets medical devices for assisted reproduction. Work is also carried out to enable the use and handling of stem cells for therapeutic purposes. Vitrolife has approx. 400 employees and the company’s products are sold in about 110 markets. The company is headquartered in Gothenburg, Sweden, and in 2019, the company’s revenue arrived at SEK 1,480 million with an EBITDA margin of 40%.

William Demant Invest started investing in Vitrolife in 2014, selling its ownership of FertiliTech shares to Vitrolife. Today William Demant Invest owns approx. 26% of the company.

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CellaVision AB

CellaVision is a global leader of digital solutions for medical microscopy in the field of hematology, replacing conventional microscopes by innovative digital and automated solutions. The company develops analysers, software and applications that make it easier, faster and more efficient to carry out blood cell analysis, ranging from among others pre-classification of white-blood cell types to morphological characteristics of red-blood cells.

Today, CellaVision is the only serious provider of a commercial viable solution in the hematology market, with an estimated market penetration rate of around 18%. In 2019, CellaVision’s revenue amounted to SEK 462 million with an EBITDA margin of 32%.

William Demant Invest started investing in CellaVision in 2017, and has continually bought up CellaVision shares. With an ownership of 14%, William Demant Invest is the majority shareholder in the company.

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REVENIO OYJ

Revenio Group is a Finnish medtech company operating within development and manufacturing of diagnostic screening devices for eye diseases. Revenio's business operations include patient-driven screening, diagnostics and follow-up monitoring of ophthalmologic diseases. The company focus on developing efficient and easily adopted methods for the early-stage detection of globally prevailing eye diseases, including glaucoma, diabetic retinopathy, macular degeneration and cataract as well as the monitoring of these during the treatment process. In addition, Revenio also, albeit at an early stage of commercialisation, develops systems that support the diagnosis of skin cancer and asthma in small children and planning their treatment.

Revenio is headquartered in Helsinki, Finland, and has approx. 120 employees. In 2019, the company’s net sales totaled EUR 49 million with an adjusted EBITDA margin of 35%. Revenio Group is listed on Nasdaq OMX Helsinki.

William Demant Invest started investing in Revenio in 2018 and is today the largest shareholder with approx. 9% ownership.

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Jeudan A/S

The Jeudan group is Denmark’s largest publicly listed real estate and service company. The group’s activities consist of investment in and operation of commercial and residential properties, mainly in Copenhagen, and a complete offering of advisory services and building within real estate – through Jeudan Servicepartner. In 2019, Jeudan’s revenue arrived at DKK 1,566 million, powered by a portfolio of almost 200 properties with a book value of DKK 26 billion. The company has approx. 600 employees.

The group’s strategy aims at continued growth and profitability based on the values “Orderly, Competent and Accessible”. William Demant Invest started investing in Jeudan in 2004 and has continually bought up Jeudan shares. Today, William Demant Invest is, with approx. 42% of the ownership, one of the two largest shareholders.

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Borkum Riffgrund 1

In 2012, William Demant Invest A/S entered into a joint operation with KIRKBI and DONG Energy (now Ørsted) to construct a wind farm in the North Sea at the German coast. The wind farm consists of 78 Siemens 4.0 MW turbines with a total capacity of 312 MW and is capable of providing green energy to 320,000 German households.

The 50% ownership in Borkum Riffgrund 1 is held by Boston Holding A/S, where William Demant Invest A/S owns 37% and KIRKBI the remaining 63%. Ørsted owns the other 50% of Borkum Riffgrund 1.