14.8.2024 18:32:57 CEST | Demant A/S |
Intern viden
Selskabsmeddelelse nr. 2024-11 14. august 2024
Igangsættelse af restruktureringsplan for at opnå lønsomhed i EPOS og indsatsen for at sælge forretningen fortsætter
Demant har afsluttet evalueringen af de strategiske muligheder for Communications-forretningsområdet, der opererer under EPOS-brandet. Formålet med evalueringen var at undersøge, om en anden ejer ville være bedre i stand til at accelerere væksten og give EPOS mulighed for at realisere sit fulde potentiale på markederne for premium audio- og videoløsninger til virksomheder.
EPOS-forretningen har god eksponering i markedet og tilbyder førende teknologi, en solid go-to-market-strategi og et stærkt brand, men det faktum, at forretningen p.t. er tabsgivende, har været en barriere for at indgå aftaler med potentielle købere. Vi har derfor besluttet at igangsætte en væsentlig omstruktureringsplan for EPOS-forretningen, som indebærer en intention om at tilpasse størrelsen af organisationen og at skabe en mere fokuseret forretning. Processen påbegyndes med det samme, og efter omstruktureringen påtænker vi at fortsætte med frasalget af EPOS.
“Formålet med vores evaluering af de strategiske muligheder for Communications-forretningsområdet var at sikre EPOS-forretningens succes, men det faktum, at forretningen er tabsgivende, har gjort det svært at indgå en endelig aftale med en ny ejer, og derfor påtænker vi at igangsætte en omstruktureringsproces for at skabe lønsomhed i forretningen. I mellemtiden er vi fortsat fuldt ud dedikeret til at drive forretningen og servicere vores kunder og partnere på tværs af alle eksisterende produktsegmenter, og jeg takker vores medarbejdere, hvis fortsatte bidrag til at drive forretningen er af afgørende betydning,” siger Søren Nielsen, koncernchef & adm. direktør for Demant.
Omstruktureringsplanen vil medføre en betydelig reduktion af vores driftsudgifter til et niveau på omkring DKK 250 mio. årligt, hvilket er en reduktion på mere end 50 % i forhold til 2023. Med disse tilpasninger forventer vi, at Communications vil være lønsom på EBIT-niveau allerede i Q4 2024.
Forventet økonomisk effekt af omstruktureringen på nettoresultat for ophørende aktiviteter
Den planlagte omstrukturering af EPOS-forretningen forventes at medføre engangsomkostninger på DKK 400 mio., som vil blive indregnet under nettounderskud for ophørende aktiviteter i H2 2024. Heraf udgør ca. DKK 325 mio. ikkekontante omkostninger, der vedrører værdiforringelse af en del af goodwill samt nedskrivning af dele af varebeholdningen. De resterende DKK 75 mio., der vedrører tilpasning af virksomhedens størrelse samt diverse andre betalingsforpligtelser, vil have en effekt på pengestrømme.
Kombineret med en svagere udvikling end forventet i H1 forventer vi nu, at nettounderskuddet i Communications vil blive omkring DKK 500 mio. (tidligere DKK 100-150 mio.) for 2024. Af regnskabsmæssige årsager vil Communications fortsat blive indregnet som en del af vores ophørende aktiviteter.
Yderligere information:
Søren Nielsen, koncernchef & adm. direktør
Telefon +45 3917 7300
www.demant.com
Øvrige kontaktpersoner:
René Schneider, CFO
Peter Pudselykke, Head of Investor Relations
Henrik Axel Lynge Buchter, Manager of External Communication
Kontakter
Henrik Axel Lynge Buchter, External Communication Manager, Corporate Communication & Sustainability, +45 2264 9982, heey@demant.com
Om Demant A/S
Demant is a world-leading hearing healthcare group that offers solutions and services to help people with hearing loss connect with the world around them. In every aspect, from hearing devices, hearing implants, diagnostics to audio and video solutions and hearing care all over the world, Demant is active and engaged. Our innovative technologies and know-how help improve people’s health and hear-ing. We create life-changing differences through hearing health.
Vedhæftninger
2024-11 Igangsættelse af restruktureringsplan i EPOS.pdf
14.8.2024 18:32:57 CEST | Demant A/S |
Inside information
Company announcement no 2024-11 14 August 2024
Initiation of restructuring plan for EPOS to obtain profitabilityand continuous commitment to divest the business
Demant has concluded on the review of strategic options for its Communications business area operating under the EPOS brand. The purpose of the review was to explore whether a different owner would be better positioned to accelerate growth and allow EPOS to realise its full potential in the markets for premium enterprise audio and video solutions.
The EPOS business has good exposure in the market, offering leading technology, a robust go-to-market set-up and a strong brand, but the current loss-making financial condition has been a barrier for reaching an agreement with a potential buyer. Consequently, we have decided to initiate a significant restructuring plan for the EPOS business, which entails an intention to rightsize the organisation and create a more focused business. The process will commence immediately, and following the restructuring, we intend to carry on with the divestment of EPOS.
“With our review of the strategic options for the Communications business area, the aim was to ensure the success of the EPOS business, but its loss-making financial condition has made it difficult to reach an agreement with a new owner, and therefore we intend to initiate a restructuring process to obtain profitability. In the meantime, we remain fully committed to running the business and serving our customers and partners across all existing product segments, and I thank our employees whose continuous contribution to running the business is crucial,” says Søren Nielsen, President & CEO of Demant.
The restructuring plan will result in a significant reduction of our operating expenses to a level of around DKK 250 million annually, which is a reduction of more than 50% compared to 2023. With these adjustments, we expect the Communications business area to become profitable at EBIT level already in Q4 2024.
Expected financial impact of the restructuring on net profit from discontinued operations
The intended restructuring of EPOS is expected to result in one-off costs of DKK 400 million, which will be recognised in H2 2024 under net loss for discontinued operations. Of this amount, around DKK 325 million consists of non-cash charges and relates to the impairment of a part of goodwill and write-down of parts of the inventory. The remaining DKK 75 million, which relates to the adjustment of the size of the business and to various other payment liabilities, will have a cash flow effect.
Combined with a weaker-than-expected performance in H1, we now expect the net loss in Communications to be around DKK 500 million (previously DKK 100-150 million) for 2024. For accounting purposes, the Communications business will continue to be recognised as part of our discontinued operations.
Further information:
Søren Nielsen, President & CEO
Phone +45 3917 7300
www.demant.com
Other contacts:
René Schneider, CFO
Peter Pudselykke, Head of Investor Relations
Henrik Axel Lynge Buchter, Manager of External Communication
Contacts
Henrik Axel Lynge Buchter, External Communication Manager, Corporate Communication & Sustainability, +45 2264 9982, heey@demant.com
About Demant A/S
Demant is a world-leading hearing healthcare group that offers solutions and services to help people with hearing loss connect with the world around them. In every aspect, from hearing devices, hearing implants, diagnostics to audio and video solutions and hearing care all over the world, Demant is active and engaged. Our innovative technologies and know-how help improve people’s health and hear-ing. We create life-changing differences through hearing health.
Attachments
2024-11 Initiation of restructuring plan in EPOS.pdf
