xbrli:pureiso4217:DKK200415872021-10-012022-09-30200415872021-10-012022-09-301200415872021-10-012022-09-301200415872021-10-012022-09-301200415872021-10-012022-09-302200415872021-10-012022-09-303200415872021-10-012022-09-302200415872021-10-012022-09-30200415872020-10-012021-09-30200415872021-10-012022-09-30fsa:ProposedDividendRecognisedInEquityMember200415872020-10-012021-09-30fsa:ProposedDividendRecognisedInEquityMember200415872021-10-012022-09-30fsa:RetainedEarningsMember200415872020-10-012021-09-30fsa:RetainedEarningsMember200415872021-10-012022-09-30fsa:RetainedEarningsMember200415872021-10-012022-09-30fsa:ProposedDividendRecognisedInEquityMember200415872022-09-30200415872021-09-30200415872021-10-01fsa:ContributedCapitalMember200415872021-10-01fsa:RetainedEarningsMember200415872021-10-01fsa:ProposedDividendRecognisedInEquityMember200415872021-10-01200415872022-09-30fsa:ContributedCapitalMember200415872022-09-30fsa:RetainedEarningsMember200415872022-09-30fsa:ProposedDividendRecognisedInEquityMemberGrundlag for konklusionKonklusiontrue2020-10-012021-09-3033963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabAllerødLynge3540Regnskabsklasse BRevisionspåtegning2022-09-302021-10-01<br /><br />6NymøllevejSivantos A/S20041587339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Sivantos A/S for the financial year 01.10.2021 - 30.09.2022.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statement give a true and fair view of the Entity’s financial position at 30.09.2022 and of the results of its operations for the financial year 01.10.2021 - 30.09.2022.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.Lynge2023-03-13Jan-Peter ReklingAnnemarie Johanna Van NeckChristian ThuenJan-Peter ReklingTo the shareholder of Sivantos A/SWe have audited the financial statement of Sivantos A/S for the financial year 01.10.2021 - 30.09.2022, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statement are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the financial statement give a true and fair view of the Entity’s financial position at 30.09.2022 and of the results of its operations for the financial year 01.10.2021 - 30.09.2022 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Management is responsible for the preparation of financial statement that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statement that are free from material misstatement, whether due to fraud or error. In preparing the financial statement, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statement as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statement. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the financial statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. <br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control. <br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. <br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statement, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern. <br />Evaluate the overall presentation, structure and content of the financial statement, including the disclosures in the notes, and whether the financial statement represent the underlying transactions and events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Management is responsible for the management commentary. Our opinion on the financial statement does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statement, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statement or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. <br />Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statement and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary.Copenhagen2023-03-13Nikolaj ThomsenKasper Ørtoftmne33276mne49073State Authorised Public AccountantState Authorised Public AccountantPrimary activitiesThe company's main activities are sale and service of hearing aids, which primarily are sold to the healthcare sector in Denmark and Sweden. Furthermore, Sivantos A/S markets individually manufactured hearing protection for the prevention of hearing impediments as a result of noise. Development in activities and financesGross profit for the year amounts to DKK 4,822 thousand compared to DKK 18,905 thousand last year. The loss after tax amounts to DKK 1.424 thousand compared to a profit of DKK 2,166 thousand last year. Equity at 30 September 2022 amounts to 3,076 thousand.Foreign branchesSivantos A/S owns a branch in Sweden ¨Sivantos A/S, Svensk Filial AB¨. This financial statement contains consolidated numbers from both the Danish entity Sivantos A/S and the Swedish branch Sivantos A/S, Svensk Filial AB. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 4821643189053931403959148701904830518767452934633315845879917290878041172611285762-38345627814761040841615671-1424297216580502165805-14242970-1424297029840119132252591646350282431765482178050017805001780500178050020629312545982334168931279103341689312791011303833122141728786189431216809147632419269872787322015692760152203922810515085245367196108492541484951061105554725104108850000050000025759504000247021658053075950666605250000040002472165805666605250000025759500603980071157376039800711573712159927288201686911121599195979322771742199210099101957771978980852312877911336602221483104875174868540826271013181233529950610143972237259299110555472510410880-2165805-21658051 Staff costs2021/22 DKK2020/21 DKKWages and salaries1,149,90113,775,477Pension costs131,9951,475,952Other social security costs122,063(381,239)1,403,95914,870,190Average number of full-time employees2242242 Other financial income 2021/22 DKK2020/21 DKKFinancial income from group enterprises22,2335,393Other interest income50,1180Exchange rate adjustments726,821903,387799,172908,7803 Other financial expenses2021/22 DKK2020/21 DKKFinancial expenses from group enterprises2,234,8411,090,698Other interest expenses15,26731,462Exchange rate adjustments1,867,153163,6024,117,2611,285,762<br />2021/22 DKK2020/21 DKKFinancial expenses from group enterprises2,234,8411,090,698Other interest expenses15,26731,462Exchange rate adjustments1,867,153163,6024,117,2611,285,7624 Tax on profit/loss for the year2021/22 DKK2020/21 DKKCurrent tax199,6180Change in deferred tax614,684615,671Adjustment concerning previous years(388,145)0Refund in joint taxation arrangement614,68401,040,841615,6715 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKK Leased assets DKKCost beginning of year2,799,4371,830,229Cost end of year2,799,4371,830,229Depreciation and impairment losses beginning of year(2,680,305)(1,183,879)Depreciation for the year(89,292)(393,759)Depreciation and impairment losses end of year(2,769,597)(1,577,638)Carrying amount end of year29,840252,5916 Financial assetsOther investments DKKCost beginning of year1,780,500Cost end of year1,780,500Carrying amount end of year1,780,5007 Non-current liabilities other than provisionsDue after more than 12 months 2021/22 DKKLease liabilities121,599121,599No non-current liabilities are due after 5 years. 8 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where T&W Medical A/S serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.9 Group relationsName and registered office of the Parent preparing consolidated financial statement for the largest group: T&W Medical A/S, Nymøllevej 6, 3450 Lynge, DenmarkThis annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to this financial statement is consistent with those applied last year.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expensesGross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own work capitalised, other operating income, cost of raw materials and consumables and external expenses.RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of intangible assets and property, plant and equipment.Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Company is jointly taxed with other Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. For self-constructed assets, cost comprises direct and indirect costs of materials, components, subsuppliers and labour costs. For assets held under finance leases, cost is the lower of the asset’s fair value and present value of future lease payments. Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible assets and depreciation of property, plant and equipment used in the development process are recognised in cost based on time spent on each asset. Interest expenses on loans for the financing of the manufacture of property, plant and equipment are included in cost if they relate to the manufacturing period. All other finance costs are recognised in the income statement. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3-5 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed the contract period. Estimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.Other investmentsOther investments comprise unlisted equity investments measured at the lower of cost and net realisable value.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists of costs of raw materials, consumables, direct labour costs and indirect production costs. Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation of machinery, factory buildings and equipment used in the manufacturing process, and costs of factory administration and management. Finance costs are not included in cost. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss.Other provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on contract work in progress, decided and published restructuring, etc. Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value. Non-recourse guarantee commitments comprise commitments to remedy defects and deficiencies within the guarantee period. On acquisition of enterprises and investments in group enterprises, provisions are made for costs relating to restructuring in the acquired enterprise that were decided and published at the acquisition date at the latest. Once it is probable that total costs will exceed total income from a contract in progress, provision is made for the total loss estimated to result from the relevant contract.Lease liabilitiesLease liabilities relating to assets held under finance leases are recognized in the balance sheet as liabilities other ​than provisions, and, at the time of inception of the lease, measured at the present value of future lease payments. Subsequent to initial recognition, lease liabilities are measured at amortised cost. The difference between present value and nominal amount of the lease payments is recognized in the income statement as a financial expense over the term of the leases. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.2023-03-13Annemarie Johanna Van Neck