200415872023-10-012024-09-30200415872023-10-012024-09-301200415872023-10-012024-09-301200415872023-10-012024-09-302200415872023-10-012024-09-303200415872023-10-012024-09-301200415872023-10-012024-09-302200415872024-09-30200415872023-09-30fsa:ContributedCapitalMember200415872023-09-30fsa:RetainedEarningsMember200415872023-09-30200415872023-10-012024-09-30fsa:RetainedEarningsMember200415872024-09-30fsa:ContributedCapitalMember200415872024-09-30fsa:RetainedEarningsMember200415872022-10-012023-09-30iso4217:DKKxbrli:pureThe Board of Directors and the Executive Board have today considered and approved the annual report of Sivantos A/S for the financial year 01.10.2023 - 30.09.2024.68489555742249The annual report is presented in accordance with the Danish Financial Statements Act.23543942482411In our opinion, the financial statement give a true and fair view of the Entity’s financial position at 30.09.2024 and of the results of its operations for the financial year 01.10.2023 - 30.09.2024.71775281342We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.44227862978496We recommend the annual report for adoption at the Annual General Meeting.19150392034293Lynge136474458126032025-02-284973081-799814Michelle Reyneke1159450-887267Managing Director381363187453Annemarie Johanna Van Neck381363187453Christian ThuenMichelle Reyneke179103149728To the shareholder of Sivantos A/S179103149728We have audited the financial statement of Sivantos A/S for the financial year 01.10.2023 -
30.09.2024, 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 30.09.2024 and of the results of its operations for the financial year 01.10.2023 - 30.09.2024 in accordance
with the Danish Financial Statements Act.17805001780500We 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.377006981641Management 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.21575062762141Our 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: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.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.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
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.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.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.2336609291186921460233423693Management 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.
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.214602334236931809183619632661Copenhagen7307636152448052025-02-281017904624500Yassir Iqbal3504551572297mne451038715041421872State Authorised Public Accountant2763933538496135Niels Bøgh Laursen2978535841919828mne510853212196744831697State Authorised Public Accountant500000500000Primary 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. 4097752284121Development in activities and financesIncome for the year amounts to DKK 3,814 thousand compared to a income of DKK 87 thousand last year.
Equity at 30 September 2024 amounts to DKK 4,598 thousand.
Due to a strategic decision by the WS Audiology Group, the warranty provision is now accounted for centrally by a different entity within the group, resulting in a decrease in the company's provisions.4597752784121Foreign 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. 99300010736914Events 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. 99300010736914This 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 these financial statements are consistent with those applied last year.14179236586Recognition 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.14179236586Foreign 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 expenses13616239099Gross 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.46719739361RevenueRevenue 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.1936670030875304Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities.18518190Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal
inventory writedowns.51105691420312Other 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.2638942333274076Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc
for entity staff.2653121533310662Depreciation, 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.3212196744831697Other financial incomeOther financial income comprises interest income, including
interest income on receivables from group enterprises, payables
and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish
Tax Prepayment Scheme etc.5000003Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, payables and transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.284121Tax 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.
For 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.3813631ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Other investmentsOther investments comprise unlisted equity investments measured at the lower of cost and net realisable value.500000InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs. The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.4097752Deferred 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.
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.1 Staff costs2023/24
DKK2022/23
DKKWages and salaries2,148,9882,079,111Pension costs185,465187,156Other social security costs19,941216,1442,354,3942,482,411Average number of full-time employees33Other 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
balancesheet 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 contract3Lease 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.
2 Other financial income
2023/24
DKK2022/23
DKKFinancial income from group enterprises1,416,9521,108,245Other interest income0565Exchange rate adjustments498,087925,4831,915,0392,034,2933 Other financial expenses2023/24
DKK2022/23
DKKFinancial expenses from group enterprises516,5173,692,246Other interest expenses33,03712,176Exchange rate adjustments815,1902,108,1811,364,7445,812,603true4 Tax on profit/loss for the year2023/24
DKK2022/23
DKKCurrent tax1,550,246(98,529)Change in deferred tax(390,796)(851,824)Adjustment concerning previous years063,0861,159,450(887,267)Grundlag for konklusion5 Property, plant and equipment
LeasedassetsDKKCost beginning of year1,324,888Additions101,150Disposals(1,036,846)Cost end of year389,192Depreciation and impairment losses beginning of year(1,175,160)Depreciation for the year(71,775)Reversal regarding disposals1,036,846Depreciation and impairment losses end of year(210,089)Carrying amount end of year179,103Konklusion6 Financial assetsOther investments
DKKOther
receivables
DKKCost beginning of year1,780,500981,641Disposals0(604,635)Cost end of year1,780,500377,006Carrying amount end of year1,780,500377,006true7 Other provisionsDue to a strategic decision by the WS Audiology Group, the warranty provision is now accounted for centrally by a
different entity within the group, resulting in a decrease in the company's provisions.2022-10-018 Non-current liabilities other than provisionsDue after more than 12 months
2023/24
DKKLease liabilities141,792141,792No non-current liabilities are due after 5 years. 2023-09-309 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.3396355610 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, DenmarkName and registered office of the Parent preparing consolidated financial statements for the smallest group:WS Audiology A/S, Nymøllevej 6, 3450 Lynge, DenmarkKøbenhavn S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabAllerødLynge3540Regnskabsklasse BRevisionspåtegning2024-09-302023-10-016NymøllevejSivantos A/S20041587339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapport2025-02-28Annemarie Johanna Van Neck